Additionally, we invest in qualified affordable housing and renewable energy projects, which are designed to generate a return primarily through the realization of tax credits. The projects, which are structured as limited partnerships and limited liability companies, are also VIEs, but are not consolidated.

The following table presents the incremental assets and liabilities included in the consolidated balance sheet as of Sept. 30, 2021 and Dec. 31, 2020. The net assets of any consolidated VIE are solely available to settle the liabilities of the VIE and to settle any investors’ ownership liquidation requests, including any seed capital we invested in the VIE.


Consolidated investments	Sept. 30, 2021							Dec. 31, 2020
(in millions)	Investment Management funds			Securitization		Total consolidated investments		Investment Management funds			Securitization		Total consolidated investments
Trading assets	$	487		$	400	$	887	$	482		$	400	$	882
Other assets	18			—		18		5			—		5
Total assets	$	505	(a)	$	400	$	905	$	487	(b)	$	400	$	887

Other liabilities	$	5		$	400	$	405	$	3		$	400	$	403
Total liabilities	$	5	(a)	$	400	$	405	$	3	(b)	$	400	$	403
Nonredeemable noncontrolling interests	$	273	(a)	$	—	$	273	$	143	(b)	$	—	$	143

(a) Includes voting model entities (“VMEs”) with assets of $185 million, liabilities of $1 million and nonredeemable noncontrolling interests of $48 million.

(b) Includes VMEs with assets of $314 million, liabilities of $3 million and nonredeemable noncontrolling interests of $76 million.

We have not provided financial or other support that was not otherwise contractually required to be provided to our VIEs. Additionally, creditors of any consolidated VIEs do not have any recourse to the general credit of BNY Mellon.

Non-consolidated VIEs

As of Sept. 30, 2021 and Dec. 31, 2020, the following assets and liabilities related to the VIEs where we are

not the primary beneficiary were included in our consolidated balance sheets and primarily related to accounting for our investments in qualified affordable housing and renewable energy projects.

The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to, the VIEs.


Non-consolidated VIEs	Sept. 30, 2021						Dec. 31, 2020
(in millions)	Assets		Liabilities		Maximum loss exposure		Assets		Liabilities		Maximum loss exposure
Securities – Available-for-sale (a)	$	208	$	—	$	208	$	217	$	—	$	217
Other	2,380		480		2,882		2,565		514		3,096

(a) Includes investments in the Company’s sponsored CLOs.