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Investments | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 5. Investments A summary of the carrying value of total investments is as follows:
(in millions) |  | December 31, 2025 |  |  | December 31, 2024 |
Debt securities: |  |  |  |  |  |
Trading securities (including $2,782 and $1,743 held by CIPs at December 31, 2025 and December 31, 2024, respectively) |  | $ | 2,789 |  |  | $ | 1,751 |
Held-to-maturity investments |  |  | 507 |  |  |  | 547 |
Total debt securities |  |  | 3,296 |  |  |  | 2,298 |
Equity securities at FVTNI (including $1,681 and $1,556 held by CIPs at December 31, 2025 and December 31, 2024, respectively)(1) |  |  | 2,282 |  |  |  | 1,950 |
Equity method investments: |  |  |  |  |  |
Equity method investments(2) |  |  | 1,833 |  |  |  | 2,610 |
Investments related to deferred cash compensation plans(1) |  |  | 300 |  |  |  | 173 |
Total equity method investments |  |  | 2,133 |  |  |  | 2,783 |
Loans held by CIPs |  |  | — |  |  |  | 145 |
CLOs held at fair value |  |  | 568 |  |  |  | 72 |
Federal Reserve Bank stock(3) |  |  | 87 |  |  |  | 93 |
Carried interest(4) |  |  | 3,710 |  |  |  | 1,983 |
Other investments(5) |  |  | 1,195 |  |  |  | 445 |
Total investments |  | $ | 13,271 |  |  | $ | 9,769 |
(1) Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within equity securities held at FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively. (2) Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds. (3) Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale. (4) Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds. (5) Other investments include BlackRock’s investments in private equity, private credit, real asset, commodity, and digital asset investments held by CIPs, which are measured at fair value. Held-to-Maturity Investments Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At December 31, 2025, $13 million mature between one and five years, $316 million mature between five and ten years and $178 million mature after ten years. Trading Debt Securities and Equity Securities at FVTNI A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:
|  | December 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | Cost |  |  | Carrying Value |  |  | Cost |  |  | Carrying Value |
Trading debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 1,153 |  |  | $ | 1,185 |  |  | $ | 957 |  |  | $ | 989 |
Government debt |  |  | 430 |  |  |  | 430 |  |  |  | 578 |  |  |  | 557 |
Asset/mortgage-backed debt |  |  | 1,185 |  |  |  | 1,174 |  |  |  | 222 |  |  |  | 205 |
Total trading debt securities |  | $ | 2,768 |  |  | $ | 2,789 |  |  | $ | 1,757 |  |  | $ | 1,751 |
Equity securities at FVTNI: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities/mutual funds |  | $ | 2,049 |  |  | $ | 2,282 |  |  | $ | 1,843 |  |  | $ | 1,950 |

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