blackrock information related to our equity investment in blackrock follows: .
[['', '2009', '2008'], ['business segment earnings ( in millions ) ( a )', '$ 207', '$ 207'], ['pnc 2019s share of blackrock earnings ( b )', '23% ( 23 % )', '33% ( 33 % )'], ['carrying value of pnc 2019s investment in blackrock ( in billions ) ( b )', '$ 5.8', '$ 4.2']]
carrying value of pnc 2019s investment in blackrock ( in billions ) ( b ) $ 5.8 $ 4.2 ( a ) includes pnc 2019s share of blackrock 2019s reported gaap earnings and additional income taxes on those earnings incurred by pnc .( b ) at december 31 .blackrock/barclays global investors transaction on december 1 , 2009 , blackrock acquired bgi from barclays bank plc in exchange for approximately $ 6.65 billion in cash and 37566771 shares of blackrock common and participating preferred stock .in connection with the bgi transaction , blackrock entered into amendments to stockholder agreements with pnc and its other major shareholder .these amendments , which changed certain shareholder rights , including composition of the blackrock board of directors and share transfer restrictions , became effective upon closing of the bgi transaction .also in connection with the bgi transaction , blackrock entered into a stock purchase agreement with pnc in which we purchased 3556188 shares of blackrock 2019s series d preferred stock at a price of $ 140.60 per share , or $ 500 million , to partially finance the transaction .on january 31 , 2010 , the series d preferred stock was converted to series b preferred stock .upon closing of the bgi transaction , the carrying value of our investment in blackrock increased significantly , reflecting our portion of the increase in blackrock 2019s equity resulting from the value of blackrock shares issued in connection with their acquisition of bgi .pnc recognized this increase in value as a $ 1.076 billion pretax gain in the fourth quarter of 2009 .at december 31 , 2009 , our percentage ownership of blackrock common stock was approximately 35% ( 35 % ) .blackrock ltip programs and exchange agreements pnc 2019s noninterest income included pretax gains of $ 98 million in 2009 and $ 243 million in 2008 related to our blackrock ltip shares obligation .these gains represented the mark-to-market adjustment related to our remaining blackrock ltip common shares obligation and resulted from the decrease in the market value of blackrock common shares in those periods .as previously reported , pnc entered into an exchange agreement with blackrock on december 26 , 2008 .the transactions that resulted from this agreement restructured pnc 2019s ownership of blackrock equity without altering , to any meaningful extent , pnc 2019s economic interest in blackrock .pnc continues to be subject to the limitations on its voting rights in its existing agreements with blackrock .also on december 26 , 2008 , blackrock entered into an exchange agreement with merrill lynch in anticipation of the consummation of the merger of bank of america corporation and merrill lynch that occurred on january 1 , 2009 .the pnc and merrill lynch exchange agreements restructured pnc 2019s and merrill lynch 2019s respective ownership of blackrock common and preferred equity .the exchange contemplated by these agreements was completed on february 27 , 2009 .on that date , pnc 2019s obligation to deliver blackrock common shares was replaced with an obligation to deliver shares of blackrock 2019s new series c preferred stock .pnc acquired 2.9 million shares of series c preferred stock from blackrock in exchange for common shares on that same date .pnc accounts for these preferred shares at fair value , which offsets the impact of marking-to-market the obligation to deliver these shares to blackrock as we aligned the fair value marks on this asset and liability .the fair value of the blackrock series c preferred stock is included on our consolidated balance sheet in other assets .additional information regarding the valuation of the blackrock series c preferred stock is included in note 8 fair value in the notes to consolidated financial statements included in item 8 of this report .pnc accounts for its remaining investment in blackrock under the equity method of accounting , with its share of blackrock 2019s earnings reduced primarily due to the exchange of blackrock common stock for blackrock series c preferred stock .the series c preferred stock is not taken into consideration in determining pnc 2019s share of blackrock earnings under the equity method .pnc 2019s percentage ownership of blackrock common stock increased as a result of the substantial exchange of merrill lynch 2019s blackrock common stock for blackrock preferred stock .as a result of the blackrock preferred stock held by merrill lynch and the new blackrock preferred stock issued to merrill lynch and pnc under the exchange agreements , pnc 2019s share of blackrock common stock is higher than its overall share of blackrock 2019s equity and earnings .the transactions related to the exchange agreements do not affect our right to receive dividends declared by blackrock. .

Question: the recognized increase in value as a pretax gain in the fourth quarter of 2009 equaled what percent of the total carrying value of pnc 2019s investment in blackrock?
Answer: 21.5%