[10-Q] BlackRock, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

BlackRock, Inc. reported Q3 2025 results with total revenue of $6,509 million versus $5,197 million a year ago, driven by higher investment advisory, administration and securities lending revenue of $5,046 million and technology services and subscription revenue of $515 million. Operating income was $1,955 million compared with $2,006 million in the prior‑year quarter.

Net income attributable to BlackRock was $1,323 million versus $1,631 million, and diluted EPS was $8.43 versus $10.90. The Company completed the HPS Investment Partners acquisition on July 1, 2025, largely paid in Subco Units, which lifted goodwill to $35,356 million from $25,949 million and intangible assets to $28,162 million from $20,743 million. Contingent consideration liabilities increased to $7,978 million, and redeemable noncontrolling interests related to Subco were $2,904 million.

Cash and cash equivalents were $9,979 million and investments were $13,669 million as of September 30, 2025. Shares outstanding were 155,150,909 as of October 31, 2025; fully diluted shares were 163,138,922, including 7,988,013 exchangeable Subco Units.

Insights

Asset management analyst

Revenue rose, EPS fell amid higher costs and HPS integration.

BlackRock posted stronger top-line with Q3 revenue at $6,509 million versus $5,197 million, supported by core advisory and growing technology services at $515 million. Operating income dipped to $1,955 million as compensation and G&A increased alongside higher amortization.

Diluted EPS of $8.43 declined from $10.90, reflecting expense growth and post‑deal noncontrolling interests. The HPS closing on July 1, 2025 reshaped the mix, adding scale in private credit while elevating intangibles and contingent consideration.

Watch subsequent quarters for run-rate expense trends and contribution from technology services and performance fees. Actual impact on margins will depend on realized synergies and fee capture disclosed in later periods.

Accounting and valuation specialist

HPS deal boosts intangibles and NCI; cash used for acquisitions.

Post‑HPS, goodwill rose to $35,356 million and intangibles to $28,162 million, with amortization/impairment at $253 million in Q3. Contingent consideration liabilities increased to $7,978 million, and redeemable NCI–Subco was $2,904 million, shaping future earnings attribution.

Year-to-date operating cash flow was $1,650 million; investing cash flow reflected $(3,496) million for acquisitions. Fully diluted shares were 163,138,922 as of October 31, 2025, including 7,988,013 exchangeable Subco Units. Subsequent filings may detail fair value adjustments and amortization cadence.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

Commission file number 001-42297

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

Delaware		99-1116001
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

50 Hudson Yards, New York, NY 10001

(Address of Principal Executive Offices) (Zip Code)

(212) 810-5800

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 par value		BLK		New York Stock Exchange
3.750% Notes due 2035		BLK 35		New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

As of October 31, 2025, there were 155,150,909 shares of the registrant’s common stock outstanding (163,138,922 on a fully diluted basis, including 7,988,013 Class B-2 common units of a consolidated subsidiary, BlackRock Saturn Subco, LLC, which are exchangeable on a one-for-one basis into common stock of the registrant).

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

		Page
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Financial Condition	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Equity	4
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76
Item 4.	Controls and Procedures	77

PART II

OTHER INFORMATION

Item 1.	Legal Proceedings	78
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 6.	Exhibits	81

Signatures 82

i

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

		September 30,				December 31,
(in millions, except shares and per share data)		2025				2024
Assets
Cash and cash equivalents(1)		$	9,979			$	12,762
Accounts receivable			4,796				4,304
Investments(1)			13,669				9,769
Separate account assets			53,572				52,811
Separate account collateral held under securities lending agreements			6,236				6,059
Property and equipment (net of accumulated depreciation and amortization of $1,768 and    $1,553 at September 30, 2025 and December 31, 2024, respectively)			1,227				1,103
Intangible assets (net of accumulated amortization of $1,214 and $782 at    September 30, 2025 and December 31, 2024, respectively)			28,162				20,743
Goodwill			35,356				25,949
Operating lease right-of-use assets			1,909				1,519
Other assets(1)			7,776				3,596
Total assets		$	162,682			$	138,615
Liabilities
Accrued compensation and benefits		$	2,785			$	2,964
Accounts payable and accrued liabilities			1,646				1,536
Borrowings			12,766				12,314
Separate account liabilities			53,572				52,811
Separate account collateral liabilities under securities lending agreements			6,236				6,059
Contingent consideration liabilities			7,978				4,302
Deferred income tax liabilities			4,997				3,334
Operating lease liabilities			2,277				1,908
Other liabilities(1)			8,570				4,032
Total liabilities			100,827				89,260
Commitments and contingencies (Note 15)
Temporary equity
Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment    products ("CIPs")			3,216				1,691
Redeemable NCI - Subco			2,904				—
Permanent equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;			2				2
Shares authorized: 500,000,000 at September 30, 2025 and December 31, 2024;    Shares issued: 156,276,289 and 155,318,170 at September 30, 2025 and       December 31, 2024, respectively;    Shares outstanding: 155,124,267 and 154,947,813 at September 30, 2025 and       December 31, 2024, respectively
Additional paid-in capital			19,649				13,446
Retained earnings			37,581				35,611
Accumulated other comprehensive loss			(558	)			(1,178	)
Treasury stock, common, at cost (1,152,022 and 370,357 shares held at September 30, 2025    and December 31, 2024, respectively)			(1,155	)			(386	)
Total BlackRock, Inc. stockholders’ equity			55,519				47,495
Nonredeemable NCI - CIPs			216				169
Total permanent equity			55,735				47,664
Total liabilities, temporary equity and permanent equity		$	162,682			$	138,615

(1)At September 30, 2025, cash and cash equivalents, investments, other assets and other liabilities include $163 million, $8.4 billion, $196 million and $3.6 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.

See accompanying notes to condensed consolidated financial statements.

1

BlackRock, Inc.

Condensed Consolidated Statements of Income

(unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in millions, except per share data)		2025				2024				2025				2024
Revenue
Investment advisory, administration fees   and securities lending revenue:
Investment advisory and administration fees		$	4,843			$	3,881			$	13,370			$	11,229
Securities lending revenue			203				149				531				454
Total investment advisory, administration fees    and securities lending revenue			5,046				4,030				13,901				11,683
Investment advisory performance fees			516				388				670				756
Technology services and subscription revenue			515				403				1,450				1,175
Distribution fees			355				323				996				951
Advisory and other revenue			77				53				191				165
Total revenue			6,509				5,197				17,208				14,730
Expense
Employee compensation and benefits			2,357				1,578				5,862				4,661
Sales, asset and account expense:
Distribution and servicing costs			638				549				1,784				1,606
Direct fund expense			464				379				1,297				1,075
Sub-advisory and other			60				34				153				98
Total sales, asset and account expense			1,162				962				3,234				2,779
General and administration expense			782				562				2,182				1,625
Restructuring charge			—				—				39				—
Amortization and impairment of intangible assets			253				89				507				166
Total expense			4,554				3,191				11,824				9,231
Operating income			1,955				2,006				5,384				5,499
Nonoperating income (expense)
Net gain (loss) on investments			64				177				672				510
Interest and dividend income			113				236				430				555
Interest expense			(135	)			(154	)			(474	)			(372	)
Net interest income (expense)			(22	)			82				(44	)			183
Total nonoperating income (expense)			42				259				628				693
Income before income taxes			1,997				2,265				6,012				6,192
Income tax expense			470				574				1,305				1,341
Net income			1,527				1,691				4,707				4,851
Less:
Net income (loss) attributable to NCI - CIPs			134				60				211				152
Net income (loss) attributable to NCI - Subco			70				—				70				—
Net income attributable to BlackRock, Inc.		$	1,323			$	1,631			$	4,426			$	4,699
Earnings per share attributable to BlackRock, Inc.    common stockholders:
Basic		$	8.54			$	11.02			$	28.57			$	31.67
Diluted		$	8.43			$	10.90			$	28.21			$	31.37
Weighted-average common shares outstanding:
Basic			154.9				148.0				154.9				148.4
Diluted			165.2				149.6				159.4				149.8

See accompanying notes to condensed consolidated financial statements.

2

BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in millions)		2025				2024				2025				2024
Net income		$	1,527			$	1,691			$	4,707			$	4,851
Other comprehensive income (loss):
Foreign currency translation adjustments(1)			(43	)			346				620				208
Comprehensive income (loss)			1,484				2,037				5,327				5,059
Less:
Comprehensive income (loss) attributable to     NCI - CIPs			134				60				211				152
Comprehensive income (loss) attributable to     NCI - Subco			70				—				70				—
Comprehensive income attributable to      BlackRock, Inc.		$	1,280			$	1,977			$	5,046			$	4,907

(1)Amount for the three months ended September 30, 2024 included losses from a net investment hedge of $24 million (net of tax benefit of $7 million). Amounts for the nine months ended September 30, 2025 and 2024 include losses from a net investment hedge of $103 million (net of tax benefit of $24 million) and $6 million (net of tax benefit of $2 million), respectively.

See accompanying notes to condensed consolidated financial statements.

3

BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

For the Nine Months Ended September 30, 2025

(in millions, except per share data)	Additional Paid-in Capital(1)				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock Common				Total BlackRock Stockholders’ Equity				Nonredeemable Noncontrolling Interests - CIPs				Total Permanent Equity				Redeemable Noncontrolling Interests / Temporary Equity - CIPs				Redeemable Noncontrolling Interests / Temporary Equity - Subco
December 31, 2024	$	13,448			$	35,611			$	(1,178	)		$	(386	)		$	47,495			$	169			$	47,664			$	1,691			$	—
Net income		—				4,426				—				—				4,426				—				4,426				211				70
Dividends/distributions declared    ($15.63 per share)		—				(2,456	)			—				—				(2,456	)			—				(2,456	)			—				(41	)
Stock-based compensation		886				—				—				—				886				—				886				—				—
Issuance of common shares related to    employee stock transactions		(119	)			—				—				293				174				—				174				—				—
Employee tax withholdings related to    employee stock transactions		—				—				—				(312	)			(312	)			—				(312	)			—				—
Issuance of Subco Units/common    shares in connection with    acquisitions		5,734				—				—				—				5,734				—				5,734				—				2,981
Shares/Subco Units repurchased		(257	)			—				—				(750	)			(1,007	)			—				(1,007	)			—				(118	)
Subscriptions (redemptions/distributions)     — noncontrolling interest holders		—				—				—				—				—				2				2				2,998				—
Net consolidations (deconsolidations)    of sponsored investment funds		—				—				—				—				—				45				45				(1,684	)			—
Other comprehensive income (loss)		—				—				620				—				620				—				620				—				—
Other		(41	)			—				—				—				(41	)			—				(41	)			—				12
September 30, 2025	$	19,651			$	37,581			$	(558	)		$	(1,155	)		$	55,519			$	216			$	55,735			$	3,216			$	2,904

(1)Amounts include $2 million of common stock at both September 30, 2025 and December 31, 2024.

For the Three Months Ended September 30, 2025

(in millions, except per share data)	Additional Paid-in Capital(1)				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock Common				Total BlackRock Stockholders’ Equity				Nonredeemable Noncontrolling Interests - CIPs				Total Permanent Equity				Redeemable Noncontrolling Interests / Temporary Equity - CIPs				Redeemable Noncontrolling Interests / Temporary Equity - Subco
June 30, 2025	$	13,873			$	37,068			$	(515	)		$	(1,285	)		$	49,141			$	165			$	49,306			$	2,296			$	—
Net income		—				1,323				—				—				1,323				2				1,325				132				70
Dividends/distributions declared    ($5.21 per share)		—				(810	)			—				—				(810	)			—				(810	)			—				(41	)
Stock-based compensation		419				—				—				—				419				—				419				—				—
Issuance of common shares related to    employee stock transactions		(77	)			—				—				139				62				—				62				—				—
Employee tax withholdings related to    employee stock transactions		—				—				—				(9	)			(9	)			—				(9	)			—				—
Issuance of Subco Units/common    shares in connection with    acquisitions		5,734				—				—				—				5,734				—				5,734				—				2,981
Shares/Subco Units repurchased		(257	)			—				—				—				(257	)			—				(257	)			—				(118	)
Subscriptions (redemptions/distributions)     — noncontrolling interest holders		—				—				—				—				—				4				4				1,280				—
Net consolidations (deconsolidations)    of sponsored investment funds		—				—				—				—				—				45				45				(492	)			—
Other comprehensive income (loss)		—				—				(43	)			—				(43	)			—				(43	)			—				—
Other		(41	)			—				—				—				(41	)			—				(41	)			—				12
September 30, 2025	$	19,651			$	37,581			$	(558	)		$	(1,155	)		$	55,519			$	216			$	55,735			$	3,216			$	2,904

(1)Amounts include $2 million of common stock at both September 30, 2025 and June 30, 2025.

See accompanying notes to condensed consolidated financial statements.

4

BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

For the Nine Months Ended September 30, 2024

(in millions, except per share data)	Additional Paid-in Capital(1)				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock Common				Total BlackRock Stockholders’ Equity				Nonredeemable Noncontrolling Interests				Total Permanent Equity				Redeemable Noncontrolling Interests / Temporary Equity
December 31, 2023	$	19,835			$	32,343			$	(840	)		$	(11,991	)		$	39,347			$	153			$	39,500			$	1,740
Net income		—				4,699				—				—				4,699				(16	)			4,683				168
Dividends declared ($15.30 per share)		—				(2,310	)			—				—				(2,310	)			—				(2,310	)			—
Stock-based compensation		511				—				—				—				511				—				511				—
Issuance of common shares related to    employee stock transactions		(439	)			—				—				706				267				—				267				—
Employee tax withholdings related to    employee stock transactions		—				—				—				(294	)			(294	)			—				(294	)			—
Shares repurchased		—				—				—				(1,250	)			(1,250	)			—				(1,250	)			—
Subscriptions (redemptions/distributions)     — noncontrolling interest holders		—				—				—				—				—				35				35				1,956
Net consolidations (deconsolidations)    of sponsored investment funds		—				—				—				—				—				—				—				(1,590	)
Other comprehensive income (loss)		—				—				208				—				208				—				208				—
September 30, 2024	$	19,907			$	34,732			$	(632	)		$	(12,829	)		$	41,178			$	172			$	41,350			$	2,274

(1)Amounts include $2 million of common stock at both September 30, 2024 and December 31, 2023.

For the Three Months Ended September 30, 2024

(in millions, except per share data)	Additional Paid-in Capital(1)				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock Common				Total BlackRock Stockholders’ Equity				Nonredeemable Noncontrolling Interests				Total Permanent Equity				Redeemable Noncontrolling Interests / Temporary Equity
June 30, 2024	$	19,773			$	33,858			$	(978	)		$	(12,551	)		$	40,102			$	169			$	40,271			$	1,968
Net income		—				1,631				—				—				1,631				(9	)			1,622				69
Dividends declared ($5.10 per share)		—				(757	)			—				—				(757	)			—				(757	)			—
Stock-based compensation		156				—				—				—				156				—				156				—
Issuance of common shares related to    employee stock transactions		(22	)			—				—				113				91				—				91				—
Employee tax withholdings related to    employee stock transactions		—				—				—				(16	)			(16	)			—				(16	)			—
Shares repurchased		—				—				—				(375	)			(375	)			—				(375	)			—
Subscriptions (redemptions/distributions)     — noncontrolling interest holders		—				—				—				—				—				12				12				1,024
Net consolidations (deconsolidations)    of sponsored investment funds		—				—				—				—				—				—				—				(787	)
Other comprehensive income (loss)		—				—				346				—				346				—				346				—
September 30, 2024	$	19,907			$	34,732			$	(632	)		$	(12,829	)		$	41,178			$	172			$	41,350			$	2,274

(1)Amounts include $2 million of common stock at both September 30, 2024 and June 30, 2024.

See accompanying notes to condensed consolidated financial statements.

5

BlackRock, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

		Nine Months Ended
		September 30,
(in millions)		2025				2024
Operating activities
Net income		$	4,707			$	4,851
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization			757				329
Impairment of intangible assets			—				50
Noncash lease expense			104				96
Stock-based compensation			886				511
Deferred income tax expense (benefit)			(238	)			(95	)
Contingent consideration fair value adjustments			265				(8	)
Other investment (gains)			(360	)			(128	)
Net (gains) losses within CIPs			(419	)			(325	)
Net (purchases) proceeds within CIPs			(3,344	)			(2,276	)
(Earnings) losses from equity method investees			(48	)			(119	)
Distributions of earnings from equity method investees			155				41
Changes in operating assets and liabilities:
Accounts receivable			(265	)			(410	)
Investments, trading			139				(34	)
Other assets			(2,666	)			(561	)
Accrued compensation and benefits			(391	)			(297	)
Accounts payable and accrued liabilities			(21	)			225
Other liabilities			2,389				488
Net cash provided by/(used in) operating activities			1,650				2,338
Investing activities
Purchases of investments			(1,144	)			(586	)
Proceeds from sales and maturities of investments			467				646
Distributions of capital from equity method investees			297				344
Net consolidations (deconsolidations) of sponsored investment funds			(85	)			(98	)
Acquisitions, net of cash acquired			(3,496	)			(74	)
Purchases of property and equipment			(245	)			(165	)
Net cash provided by/(used in) investing activities			(4,206	)			67
Financing activities
Repayments of long-term borrowings			(796	)			(1,000	)
Proceeds from long-term borrowings			1,080				5,474
Dividends/Subco distributions paid			(2,497	)			(2,310	)
Proceeds from stock options exercised			153				247
Shares/Subco Units repurchased			(1,437	)			(1,544	)
Net proceeds from (repayments of) borrowings by CIPs			(44	)			(25	)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders			3,000				1,991
Other financing activities			2				(19	)
Net cash provided by/(used in) financing activities			(539	)			2,814
Effect of exchange rate changes on cash, cash equivalents and restricted cash			317				82
Net increase/(decrease) in cash, cash equivalents and restricted cash			(2,778	)			5,301
Cash, cash equivalents and restricted cash, beginning of period			12,779				8,753
Cash, cash equivalents and restricted cash, end of period		$	10,001			$	14,054
Supplemental schedule of noncash investing and financing transactions:
Issuance of common shares related to employee stock transactions		$	119			$	439
Issuance of Subco Units/common shares in connection with acquisitions		$	8,715			$	—
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of    sponsored investment funds		$	(1,639	)		$	(1,590	)
Established contingent consideration liabilities in connection with acquisitions		$	3,413			$	—

See accompanying notes to condensed consolidated financial statements.

6

BlackRock, Inc.

Notes to the Condensed Consolidated Financial Statements

(unaudited)

1. Business Overview

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm providing a broad range of investment management and technology services to institutional and retail clients worldwide. On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS Investment Partners (the "HPS Transaction" or "HPS"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company. Concurrently with the acquisition, BlackRock Finance, Inc., Global Infrastructure Management, LLC ("GIP"), HPS, and their respective subsidiaries became wholly owned subsidiaries of Subco. See Note 3, Acquisitions, for information on the HPS Transaction.

BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront®, Preqin and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.

2. Significant Accounting Policies

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. NCI on the condensed consolidated statements of financial condition represent the portion of CIPs and a consolidated affiliate in which the Company does not have direct equity ownership. In addition, as of July 1, 2025, and subsequent to the HPS Transaction, NCI also represent Subco Units that are held by former equityholders of HPS. Intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025 (“2024 Form 10-K”).

The interim financial information at September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.

Recent Accounting Pronouncements Not Yet Adopted

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances annual income tax disclosures. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The Company will include the required ASU 2023-09 disclosures within BlackRock's 2025 Annual Report on Form 10-K.

7

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2024-03 to have a material impact on the condensed consolidated financial statements.

Fair Value Measurements

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 Inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

•Level 1 assets may include listed mutual funds, ETFs, listed equities, commodities and certain exchange-traded derivatives.

Level 2 Inputs:

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

•Level 2 assets may include debt securities, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data.

Level 3 Inputs:

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

•Level 3 assets may include direct private equity investments, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.

•Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued using the income approach based on unobservable market data, or other valuation techniques.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity, debt securities, and loans held within CLOs and CIPs are sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

8

Investments Measured at Net Asset Value. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO equal to the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO.

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. In addition, certain CIPs also utilize derivatives as a part of their investment strategies.

In addition, the Company uses derivatives and makes investments to economically hedge market valuation changes on certain deferred cash compensation plans, for which the final value of the deferred amount distributed to employees in cash upon vesting is determined based on the returns of specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense). See Note 5, Investments, and Note 9, Derivatives and Hedging, for further information on the Company’s investments and derivatives, respectively, used to economically hedge these deferred cash compensation plans.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated or hedged assets or liabilities, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

9

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company obtains either (1) the legal title, or (2) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At September 30, 2025 and December 31, 2024, the fair value of loaned securities held by separate accounts was approximately $10.9 billion and $9.9 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.8 billion and $10.6 billion, respectively, of which approximately $6.2 billion as of September 30, 2025 and $6.1 billion as of December 31, 2024 was recognized on the condensed consolidated statements of financial condition. During the nine months ended September 30, 2025 and 2024, the Company had not resold or repledged any of the collateral obtained under these arrangements.

Goodwill and Intangible Assets. Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. The Company performs an impairment assessment of its goodwill at least annually, as of July 31. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company as well as other qualitative factors. See Note 10, Goodwill, for further information on the Company's goodwill.

Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived investor/customer relationships, technology-related assets, and management contracts, which relate to acquired separate accounts and funds, that are expected to contribute to the future cash flows of the Company for a specified period of time, are amortized over their estimated useful lives. On a quarterly basis, the Company considers whether the indefinite-lived and finite-lived classifications are still appropriate.

The Company performs assessments to determine if any intangible assets are potentially impaired at least annually, as of July 31. The carrying value of finite-lived assets and their remaining useful lives are reviewed to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period.

In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant quantitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs. See Note 11, Intangible Assets, for further information on the Company’s intangible assets.

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For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the excess of the carrying value of the asset over its fair value would be recognized as an expense in the period in which the impairment occurs.

Noncontrolling Interests. Prior to July 1, 2025, NCI consisted of third-party ownership interests in the Company’s CIPs (“NCI – CIPs”). Beginning on July 1, 2025, in connection with the HPS Transaction, NCI (redeemable) also represents Subco Units that were issued to former equityholders of HPS and will be exchangeable on a one-for-one basis into BlackRock common stock at the option of the holders when exchange rights begin. NCI - Subco is measured based on the Class B-2 common units' proportionate ownership in Subco.

NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value or carrying value if it is not probable that they will become redeemable. Nonredeemable NCI are classified as a component of permanent equity in the condensed consolidated statements of financial condition. The Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders within net income (loss) attributable to NCI in the condensed consolidated statements of income.

3. Acquisitions

HPS Investment Partners

On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS, a leading global credit investment manager, with substantially all consideration paid in Subco Units. The HPS Transaction, which added $165 billion of client AUM and $118 billion of fee-paying AUM, positions the Company to provide an integrated private credit platform with both public and private income solutions for clients across their whole portfolios. At close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin. Such Subco Units are exchangeable on a one-for-one basis into BlackRock common stock (accordingly, the value of each unit delivered was based on the price of a share of BlackRock’s common stock and the specific terms of the Subco Units). Subco Units are also eligible to receive distributions at an amount equal to the dividend amount paid on each share of BlackRock common stock.

In addition, as part of the purchase consideration, a contingent consideration payment, all in Subco Units, may be due subject to the achievement of certain post-closing conditions and financial performance milestones. The contingent consideration, if any, ranges from approximately 2.8 million to 4.4 million Subco Units and is expected to be payable approximately five years following the closing of the HPS Transaction. The fair value of the contingent consideration payment, which was determined by using the income approach with the assistance of a third-party valuation specialist, was $3.4 billion at close, and was recorded within contingent consideration liabilities in the condensed consolidated statements of financial condition. Certain significant inputs were used to determine the fair value, including assumptions on discount rates as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and stock price performance (Level 3 inputs). The contingent consideration was classified as a liability as the value of the consideration to be delivered in Subco Units is predominately based on achieving certain performance targets or certain settlement provisions of the Subco Units. See Note 8, Fair Value Disclosures and Note 15, Commitments and Contingencies for additional information on the contingent consideration related to HPS.

In addition, at the time of close, the Company granted incentive retention awards to certain employees of approximately 680,000 RSUs that vest in increasing yearly increments over five years valued at $675 million and approximately 270,000 RSUs valued at $260 million that cliff vest 100% after six months. See Note 17, Stock-Based Compensation, for additional information on the incentive retention awards issued in connection with the HPS Transaction.

In general, if (i) the maximum amount of contingent consideration is achieved, (ii) all Subco Units are exchanged for shares of the Company’s common stock (including those issued on the closing date), and (iii) all RSUs vest and are settled in the form of shares of the Company’s common stock, the Company does not expect to issue more than approximately 13.8 million shares of common stock in the aggregate.

The HPS Transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price of the HPS Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is non-deductible for tax purposes and includes future benefits for BlackRock as a result of scale and anticipated synergies from combining the Company's and HPS's capabilities by creating one integrated private financing solutions platform.

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The following table summarizes the consideration paid for HPS and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)		Fair Value Estimate
Investments		$	1,972
Finite-lived intangible assets:
Management contracts(1)			2,660
Investor relationships(1)			965
Indefinite-lived intangible assets - management contracts(2)			3,000
Goodwill			6,841
Operating lease right-of-use ("ROU") assets			178
Other assets			644
Accrued compensation and benefits			(262	)
Accounts payable and accrued liabilities			(162	)
Operating lease liabilities			(150	)
Deferred income tax liabilities			(1,585	)
Other liabilities assumed(3)			(1,880	)
Total consideration, net of cash acquired		$	12,221
Summary of consideration, net of cash acquired:
Closing consideration at fair value - Subco Units(4)		$	8,452
Cash acquired			(244	)
Deferred consideration at fair value - Subco Units(4)			3,400
Debt repayment			613
Total consideration, net of cash acquired		$	12,221

(1)The fair value for finite-lived management contracts and investor relationships was determined using the excess earnings method (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 12 years, respectively, and are amortized based on the straight-line method.

(2)The fair value for indefinite-lived management contracts was determined using the excess earnings method (Level 3 inputs).

(3)Other liabilities assumed primarily included deferred carried interest.

(4)The fair value for the closing consideration was determined based on approximately 8.5 million of Subco Units, which were delivered to former equityholders of HPS. The fair value of the deferred consideration was determined based on approximately 2.8 million to 4.4 million of Subco Units, which may be due subject to the achievement of certain post-closing conditions and financial performance milestones.

Transaction and integration costs incurred in connection with the HPS Transaction were approximately $253 million in the nine months ended September 30, 2025. These costs were primarily comprised of $204 million of compensation expense, mostly for nonrecurring retention-related deferred compensation and $49 million of other acquisition-related transaction costs, largely related to advisory fees, legal fees and consulting expenses, recorded in general and administration expense.

At this time, the Company does not expect material changes to the value of the assets acquired or liabilities assumed in conjunction with the HPS Transaction.

Finite-lived intangible assets are amortized over their estimated useful lives, which range from 3 to 12 years. Amortization expense related to the finite-lived intangible assets was $117 million for the three months ended September 30, 2025. The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows:

(in millions)
Year		Amount
2025 (excluding the nine months ended September 30, 2025)		$	117
2026			467
2027			467
2028			442
2029			368
2030			318
Thereafter			1,329
Total		$	3,508

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Preqin Holding Limited

On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited (the "Preqin Transaction" or "Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash.

The purchase price for the Preqin Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is non-deductible for tax purposes and includes anticipated synergies from incorporating Preqin data, insight and analytics into BlackRock’s investment technology, presenting an opportunity for Aladdin to bridge a transparency gap between public and private markets.

The following table summarizes the consideration paid for Preqin and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)		Fair Value Estimate
Finite-lived intangible assets:
Customer relationships(1)		$	1,050
Technology-related(2)			125
Trade name			7
Goodwill			2,377
Other assets(3)			59
Deferred revenue(3)			(104	)
Deferred income tax liabilities			(298	)
Other liabilities assumed(3)			(93	)
Total consideration, net of cash acquired		$	3,123
Summary of consideration, net of cash acquired:
Cash paid		$	3,219
Cash acquired			(96	)
Total consideration, net of cash acquired		$	3,123

(1)The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 8 years and is amortized based on its expected pattern of economic benefit.

(2)The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.

(3)Acquired deferred revenue was determined based on revenue guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.

At this time, the Company does not expect material changes to the value of the assets acquired or liabilities assumed in conjunction with the Preqin Transaction.

Finite-lived intangible assets are amortized over their estimated useful lives, which range from 5 to 10 years. Amortization expense related to the finite-lived intangible assets was $28 million and $66 million for the three and nine months ended September 30, 2025, respectively. The finite-lived intangible assets had a weighted-average remaining useful life of approximately eight years with remaining amortization expense as follows:

(in millions)
Year		Amount
2025 (excluding the nine months ended September 30, 2025)		$	29
2026			136
2027			143
2028			154
2029			163
2030			146
Thereafter			345
Total		$	1,116

See Note 10, Goodwill, Note 11, Intangible Assets, and Note 16, Revenue for further information regarding goodwill, intangible assets, and deferred revenue acquired, respectively.

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Global Infrastructure Management, LLC

On October 1, 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of GIP (the "GIP Transaction"), a leading infrastructure fund manager. BlackRock expects the combination of GIP with BlackRock’s complementary infrastructure offerings will create a broad global infrastructure franchise with differentiated origination and asset management capabilities. Consideration at close included approximately $3 billion in cash, funded through the issuance of long-term notes in March 2024 (See Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s borrowings), and 6.9 million of unregistered shares of BlackRock common stock. The shares were valued at $5.9 billion at close, based on the price of BlackRock's common stock on September 30, 2024 of approximately $950, discounted for security-specific registration restrictions for two years after closing, resulting in a value of approximately $855 per share. In addition, as part of the purchase consideration, a contingent consideration payment, all in stock, may be due subject to achieving certain performance targets. The contingent consideration payment, if any, ranges from 4.0 million to 5.2 million shares, and will ultimately be valued based on the price of BlackRock's common stock at the time the contingency is resolved. The payment is expected to be payable no later than December 31, 2028 and is based on the achievement of the agreed upon performance targets. The fair value of the contingent consideration payment, which was determined by using the income approach with the assistance of a third-party fair value specialist, was $4.2 billion at close, and was recorded within contingent consideration liabilities in the consolidated statements of financial condition. Certain significant inputs were used to determine the fair value, including assumptions on discount rates as well as estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). The contingent consideration payment was classified as a liability as the value of the consideration to be delivered in shares is predominately based on achieving certain performance targets. See Note 8, Fair Value Disclosures and Note 15, Commitments and Contingencies for additional information on the contingent consideration related to GIP.

The GIP Transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition includes future benefits for BlackRock as a result of scale and anticipated synergies from a combined global infrastructure franchise. The amount of goodwill expected to be deductible for tax purposes is approximately $180 million.

The following table summarizes the consideration paid for GIP and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)		Fair Value Estimate
Finite-lived intangible assets:
Management contracts(1)		$	1,840
Investor relationships(1)			820
Trade name(2)			80
Goodwill			10,278
Operating lease ROU assets(3)			75
Other assets(3)			116
Accrued compensation and benefits(3)			(154	)
Operating lease liabilities(3)			(96	)
Other liabilities assumed(3)			(10	)
Total consideration, net of cash acquired		$	12,949
Summary of consideration, net of cash acquired:
Cash paid		$	2,913
Cash acquired			(68	)
Closing stock consideration at fair value			5,904
Deferred stock consideration at fair value			4,200
Total consideration, net of cash acquired		$	12,949

(1)The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their expected pattern of economic benefit.

(2)The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its expected pattern of economic benefit.

(3)Acquired operating lease ROU assets and operating lease liabilities were determined based on lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.

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At this time, the Company does not expect material changes to the value of the assets acquired or liabilities assumed in conjunction with the GIP Transaction.

ElmTree Funds

On September 2, 2025, BlackRock completed the acquisition of 100% of the equity interests in ElmTree Funds (the "ElmTree Transaction" or “ElmTree”), a net-lease real estate investment firm, with consideration paid primarily in BlackRock common stock. The acquisition of ElmTree positions the Company to scale its real estate-related offerings, while expanding into new markets as an owner-operator. See Note 10, Goodwill and Note 11, Intangible Assets for additional information on the goodwill and intangible assets related to ElmTree.

Unaudited Pro Forma Information

The following unaudited pro forma information presents combined results of operations of the Company as if the GIP Transaction and HPS Transaction had occurred on January 1, 2023 and January 1, 2024, respectively. The unaudited pro forma financial information is not indicative of the actual results of operations that would have been achieved nor is it indicative of future results of operations of the combined Company. The pro forma combined provision for income taxes may not represent the amount that would have resulted had BlackRock, GIP and HPS filed consolidated tax returns during the years presented.

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(Unaudited) (in millions)		2024				2025(1)				2024
Total revenue		$	5,810			$	17,976			$	16,410
Net income attributable to BlackRock, Inc.		$	1,414			$	4,353			$	3,917

(1)Subsequent to the closing of the HPS Transaction on July 1, 2025, HPS contributed approximately $500 million of revenue and $120 million of net income.

Pro forma adjustments related to GIP include compensation expense for retention-related deferred compensation awards, amortization of finite-lived intangible assets, interest expense for the $3.0 billion of notes, which were issued in March 2024 in connection with the GIP Transaction, acquisition-related transaction costs and related tax effects. See Note 3, Acquisitions, and Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s pro forma adjustments and borrowings, respectively.

HPS's results are included in the Company’s condensed consolidated financial statements from the acquisition date on July 1, 2025, through September 30, 2025. Accordingly, the following pro forma adjustments and related tax effects have been included as if the HPS Transaction had occurred on January 1, 2024 and include adjustments through June 30, 2025 (unaudited).

•Compensation expense included retention-related deferred compensation awards of approximately $60 million and $450 million for the three and nine months ended September 30, 2024, respectively. In addition, 2025 compensation expense included a $70 million pro forma reduction adjustment through June 30, 2025 (see HPS acquisition above and Note 17, Stock-Based Compensation, for further information on retention related deferred compensation issued in connection with the HPS Transaction);

•Acquisition-related transaction costs of approximately $35 million and $50 million, which were recorded in the three and nine months ended September 30, 2025, respectively, were included in the three and nine months ended September 30, 2024 results, and removed from the 2025 results;

•Amortization of finite-lived intangible assets of approximately $117 million and $350 million for the three and nine months ended September 30, 2024, respectively. 2025 amortization expense included an additional $230 million of amortization for the six months ended June 30, 2025;

•Adjustments to reflect the tax effects of the HPS Transaction, as if HPS had been included in the Company's results as of January 1, 2024; and

•Adjustments for the allocation of net income to NCI - Subco, based on the unit holders pro rata ownership percentage for the respective periods.

Pro forma financial information for ElmTree and Preqin has not been presented, as the effects were not material to net income attributable to BlackRock, Inc.

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4. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows.

		September 30,				December 31,
(in millions)		2025				2024
Cash and cash equivalents		$	9,979			$	12,762
Restricted cash included in other assets			22				17
Total cash, cash equivalents and restricted cash		$	10,001			$	12,779

5. Investments

A summary of the carrying value of total investments is as follows:

	September 30,				December 31,
(in millions)	2025				2024
Debt securities:
Trading securities (including $2,612 and $1,743 held by CIPs at    September 30, 2025 and December 31, 2024, respectively)	$	2,619			$	1,751
Held-to-maturity investments		532				547
Total debt securities		3,151				2,298
Equity securities at FVTNI (including $1,804 and $1,556 held by CIPs at    September 30, 2025 and December 31, 2024, respectively)(1)		2,273				1,950
Equity method investments:
Equity method investments(2)		2,173				2,610
Investments related to deferred cash compensation plans(1)		294				173
Total equity method investments		2,467				2,783
Loans held by CIPs		—				145
CLOs held at fair value		552				72
Federal Reserve Bank stock(3)		94				93
Carried interest(4)		3,490				1,983
Other investments(5)		1,642				445
Total investments	$	13,669			$	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 fair value recorded through net income ("FVTNI") comprised $36 million and $12 million at September 30, 2025 and December 31, 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 nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and 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 September 30, 2025, $25 million of these investments mature between one and five years, $345 million mature between five and ten years and $162 million mature after ten years.

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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:

	September 30, 2025								December 31, 2024
(in millions)	Cost				Carrying Value				Cost				Carrying Value
Trading debt securities:
Corporate debt	$	1,285			$	1,332			$	957			$	989
Government debt		405				402				578				557
Asset/mortgage-backed debt		902				885				222				205
Total trading debt securities	$	2,592			$	2,619			$	1,757			$	1,751
Equity securities at FVTNI:
Equity securities/mutual funds	$	2,049			$	2,273			$	1,843			$	1,950

6. Consolidated Sponsored Investment Products

In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIEs or voting rights entities ("VREs"). The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities issued by vehicles or enter into derivatives or loan arrangements with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company.

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

		September 30, 2025												December 31, 2024
(in millions)		VIEs				VREs				Total				VIEs				VREs				Total
Cash and cash equivalents(1)		$	163			$	42			$	205			$	125			$	44			$	169
Investments:
Trading debt securities			2,237				375				2,612				1,497				246				1,743
Equity securities at FVTNI			1,404				400				1,804				1,179				377				1,556
Loans			—				—				—				141				4				145
Other investments			1,395				68				1,463				370				33				403
Carried interest			3,404				—				3,404				1,905				—				1,905
Total investments			8,440				843				9,283				5,092				660				5,752
Other assets			196				34				230				45				31				76
Other liabilities(2)			(3,639	)			(73	)			(3,712	)			(2,130	)			(93	)			(2,223	)
Noncontrolling interest - CIPs			(3,120	)			(211	)			(3,331	)			(1,672	)			(130	)			(1,802	)
BlackRock's net interest in CIPs		$	2,040			$	635			$	2,675			$	1,460			$	512			$	1,972

(1)The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.

(2)At both September 30, 2025 and December 31, 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

17

BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock.

Net gain (loss) related to consolidated VIEs is presented in the following table:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in millions)		2025				2024				2025				2024
Nonoperating net gain (loss) on consolidated VIEs		$	202			$	114			$	358			$	251
Net income (loss) attributable to NCI on consolidated VIEs		$	126			$	54			$	205			$	139

7. Variable Interest Entities

Nonconsolidated VIEs. At September 30, 2025 and December 31, 2024, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs in which it held a variable interest, but for which it was not the primary beneficiary, was as follows:

					Advisory Fee				Other Net Assets				Maximum
(in millions)	Investments				Receivables				(Liabilities)				Risk of Loss(1)
September 30, 2025
Sponsored investment    products	$	2,208			$	152			$	(12	)		$	2,376
December 31, 2024
Sponsored investment    products	$	2,330			$	158			$	(11	)		$	2,505

(1)At both September 30, 2025 and December 31, 2024, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.

The net assets of sponsored investment products that are nonconsolidated VIEs approximated $72 billion and $46 billion at September 30, 2025 and December 31, 2024, respectively.

18

8. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

September 30, 2025 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Investments Measured at NAV(1)				Other(2)				September 30,  2025
Assets:
Investments
Debt securities:
Trading securities	$	—			$	2,612			$	7			$	—			$	—			$	2,619
Held-to-maturity investments		—				—				—				—				532				532
Total debt securities		—				2,612				7				—				532				3,151
Equity securities at FVTNI:
Equity securities/mutual funds		2,273				—				—				—				—				2,273
Equity method:
Equity, fixed income, and    multi-asset mutual funds		205				147				—				—				—				352
Hedge funds/funds of hedge    funds/other		—				—				—				469				—				469
Private equity funds		—				—				—				784				—				784
Real assets funds		—				—				—				568				—				568
Investments related to deferred    cash compensation plans		—				—				—				294				—				294
Total equity method		205				147				—				2,115				—				2,467
Loans held by CIPs		—				—				—				—				—				—
CLOs held at fair value		—				463				89				—				—				552
Federal Reserve Bank stock		—				—				—				—				94				94
Carried interest		—				—				—				—				3,490				3,490
Other investments(3)		574				—				—				910				158				1,642
Total investments		3,052				3,222				96				3,025				4,274				13,669
Other assets(4)		342				2				150				—				—				494
Separate account assets		32,980				20,252				—				—				340				53,572
Separate account collateral held under securities lending agreements:
Equity securities		2,472				—				—				—				—				2,472
Debt securities		—				3,764				—				—				—				3,764
Total separate account collateral held    under securities lending agreements		2,472				3,764				—				—				—				6,236
Total	$	38,846			$	27,240			$	246			$	3,025			$	4,614			$	73,971
Liabilities:
Separate account collateral    liabilities under securities    lending agreements	$	2,472			$	3,764			$	—			$	—			$	—			$	6,236
Contingent consideration liabilities		—				—				7,978				—				—				7,978
Other liabilities(5)		—				26				81				—				—				107
Total	$	2,472			$	3,790			$	8,059			$	—			$	—			$	14,321

(1)Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2)Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.

(3)Level 1 amount primarily includes approximately 5,100 Bitcoin held by a CIP. The fair value and cost basis of the Bitcoin at September 30, 2025 was $574 million and $516 million, respectively.

(4)Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.

(5)Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

19

December 31, 2024 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Investments Measured at NAV(1)				Other(2)				December 31, 2024
Assets:
Investments
Debt securities:
Trading securities	$	—			$	1,744			$	7			$	—			$	—			$	1,751
Held-to-maturity investments		—				—				—				—				547				547
Total debt securities		—				1,744				7				—				547				2,298
Equity securities at FVTNI:
Equity securities/mutual funds		1,950				—				—				—				—				1,950
Equity method:
Equity, fixed income, and    multi-asset mutual funds		347				131				—				—				—				478
Hedge funds/funds of hedge    funds/other		—				—				—				552				—				552
Private equity funds		—				—				—				1,060				—				1,060
Real assets funds		—				—				—				520				—				520
Investments related to deferred    cash compensation plans		—				—				—				173				—				173
Total equity method		347				131				—				2,305				—				2,783
Loans held by CIPs		—				10				135				—				—				145
CLOs held at fair value		—				—				72				—				—				72
Federal Reserve Bank stock		—				—				—				—				93				93
Carried interest		—				—				—				—				1,983				1,983
Other investments		18				—				—				274				153				445
Total investments		2,315				1,885				214				2,579				2,776				9,769
Other assets(3)		—				7				149				—				—				156
Separate account assets		32,933				19,346				—				—				532				52,811
Separate account collateral held under securities lending agreements:
Equity securities		2,719				—				—				—				—				2,719
Debt securities		—				3,340				—				—				—				3,340
Total separate account collateral held    under securities lending agreements		2,719				3,340				—				—				—				6,059
Total	$	37,967			$	24,578			$	363			$	2,579			$	3,308			$	68,795
Liabilities:
Separate account collateral    liabilities under securities    lending agreements	$	2,719			$	3,340			$	—			$	—			$	—			$	6,059
Contingent consideration liabilities		—				—				4,302				—				—				4,302
Other liabilities(4)		—				46				129				—				—				175
Total	$	2,719			$	3,386			$	4,431			$	—			$	—			$	10,536

(1)Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2)Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.

(3)Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.

(4)Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

Level 3 Assets. Level 3 assets predominantly include investments in nonconsolidated CLOs, loans of consolidated CIPs, and corporate minority private debt investments. Investments in CLOs and loans were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were primarily valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cashflow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of September 30, 2025 and December 31, 2024.

Level 3 Liabilities. Level 3 liabilities primarily include borrowings of a consolidated CLO, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO, as well as contingent consideration liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs or other valuation techniques.

20

At September 30, 2025 and December 31, 2024, the contingent consideration liability related to the GIP Transaction was estimated using the income approach, with certain significant inputs including risk-free discount rates of approximately 3.6% and 4.3%, respectively, as well as current estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). At September 30, 2025, the contingent consideration liability related to the HPS Transaction was estimated using the income approach, with certain significant inputs including a risk-free discount rate of approximately 3.7%, as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and stock price performance (Level 3 inputs). Accordingly, changes in key inputs and assumptions described will impact the amount of contingent consideration expense recorded in a reporting period until the contingency is resolved. Changes in fair value are recorded within general and administration expense of the condensed consolidated statements of income.

Nonrecurring Fair Value Measurements. During the nine months ended September 30, 2024, the Company assessed its intangible assets for impairment during the annual impairment assessment as of July 31, 2024 and concluded that an impairment charge was required for indefinite-lived intangible assets related to certain open-end management contracts, which reduced the carrying value of these management contracts to a fair value of $87 million. See Note 11, Intangible Assets, for more information. The fair value of these contracts was determined using a discounted cash flow analysis. The most sensitive assumptions used to determine present value were growth expectations, revenue basis points, revenue forecast, and the discount rate applied to the cash flow forecast, which are considered Level 3 inputs in the valuation hierarchy.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2025

(in millions)		June 30,  2025				Realized and Unrealized Gains (Losses)				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30,  2025				Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities		$	7			$	—			$	—			$	—			$	—			$	—			$	—			$	7			$	—
Loans			96				1				—				(96	)			—				—				(1	)			—				—
CLOs held at fair value			68				(1	)			1				—				21				—				—				89				(1	)
Total investments			171				—				1				(96	)			21				—				(1	)			96				(1	)
Other assets			164				2				—				—				—				—				(16	)			150				2
Total assets		$	335			$	2			$	1			$	(96	)		$	21			$	—			$	(17	)		$	246			$	1
(in millions)		June 30,  2025				Realized and Unrealized (Gains) Losses				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30,  2025				Total Net Unrealized (Gains) Losses Included in Earnings(2)
Liabilities:
Contingent consideration     liabilities		$	4,472			$	93			$	—			$	—			$	3,413			$	—			$	—			$	7,978			$	93
Other liabilities			97				(1	)			—				—				(15	)			—				—				81				(1	)
Total liabilities		$	4,569			$	92			$	—			$	—			$	3,398			$	—			$	—			$	8,059			$	92

(1)Issuances and other settlements amounts include acquired CLOs and a contingent liability primarily related to the HPS Transaction. In addition, issuances and other settlements include repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

21

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2025

(in millions)		December 31, 2024				Realized and Unrealized Gains (Losses)				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30, 2025				Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities		$	7			$	—			$	—			$	—			$	—			$	—			$	—			$	7			$	—
Loans			135				(8	)			15				(142	)			—				—				—				—				—
CLOs held at fair value			72				(6	)			6				(3	)			21				—				(1	)			89				(6	)
Total investments			214				(14	)			21				(145	)			21				—				(1	)			96				(6	)
Other assets			149				17				—				—				—				—				(16	)			150				17
Total assets		$	363			$	3			$	21			$	(145	)		$	21			$	—			$	(17	)		$	246			$	11
(in millions)		December 31, 2024				Realized and Unrealized (Gains) Losses				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30, 2025				Total Net Unrealized (Gains) Losses Included in Earnings(2)
Liabilities:
Contingent consideration     liabilities		$	4,302			$	274			$	—			$	—			$	3,402			$	—			$	—			$	7,978			$	274
Other liabilities			129				(4	)			—				—				(44	)			—				—				81				(4	)
Total liabilities		$	4,431			$	270			$	—			$	—			$	3,358			$	—			$	—			$	8,059			$	270

(1)Issuances and other settlements amounts include acquired CLOs and a contingent liability primarily related to the HPS Transaction, a contingent liability payment related to a previous acquisition, and repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2024

(in millions)		June 30, 2024				Realized and Unrealized Gains (Losses)				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30, 2024				Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities		$	82			$	(2	)		$	—			$	(1	)		$	—			$	—			$	—			$	79			$	(2	)
Loans			225				1				4				(87	)			—				2				(4	)			141				1
Total investments			307				(1	)			4				(88	)			—				2				(4	)			220				(1	)
Other assets			150				7				—				—				—				—				—				157				7
Total assets		$	457			$	6			$	4			$	(88	)		$	—			$	2			$	(4	)		$	377			$	6
(in millions)		June 30, 2024				Realized and Unrealized (Gains) Losses				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30, 2024				Total Net Unrealized (Gains) Losses Included in Earnings(2)
Liabilities:
Other liabilities		$	298			$	(16	)		$	—			$	—			$	(3	)		$	—			$	—			$	279			$	(16	)

(1)Amounts include repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

22

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2024

(in millions)		December 31, 2023				Realized and Unrealized Gains (Losses)				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30, 2024				Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities		$	42			$	2			$	36			$	(1	)		$	—			$	—			$	—			$	79			$	2
Loans			175				1				402				(441	)			—				11				(7	)			141				1
Total investments			217				3				438				(442	)			—				11				(7	)			220				3
Other assets			120				—				37				—				—				—				—				157				—
Total assets		$	337			$	3			$	475			$	(442	)		$	—			$	11			$	(7	)		$	377			$	3
(in millions)		December 31, 2023				Realized and Unrealized (Gains) Losses				Purchases				Sales and Maturities				Issuances and Other Settlements(1)				Transfers into Level 3				Transfers out of Level 3				September 30, 2024				Total Net Unrealized (Gains) Losses Included in Earnings(2)
Liabilities:
Other liabilities		$	279			$	(19	)		$	—			$	—			$	19			$	—			$	—			$	279			$	(19	)

(1)Issuances and other settlements amount include a contingent liability in connection with the acquisition of the remaining equity interest in SpiderRock Advisors ("SRA") in May 2024 (the "SpiderRock Transaction"), partially offset by repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI - CIPs to reflect net income (loss) not attributable to the Company.

Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At September 30, 2025 and December 31, 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

	September 30, 2025								December 31, 2024
(in millions)	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value				Fair Value Hierarchy
Financial assets(1):
Cash and cash equivalents	$	9,979			$	9,979			$	12,762			$	12,762			Level 1	(2)(3)
Other assets	$	117			$	117			$	86			$	86			Level 1	(2)(4)
Financial liabilities:
Long-term borrowings	$	12,766			$	12,572			$	12,314			$	11,680			Level 2	(5)
Other liabilities	$	393			$	393			$	—			$	—			Level 2	(6)

(1)See Note 5, Investments, for further information on investments not held at fair value.

(2)Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.

(3)At September 30, 2025 and December 31, 2024, approximately $4.2 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.

(4)At September 30, 2025 and December 31, 2024, other assets included cash collateral of approximately $95 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $22 million and $17 million of restricted cash at September 30, 2025 and December 31, 2024, respectively.

(5)Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of September 2025 and December 2024, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.

(6)Other liabilities include repurchase agreements related to CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates ranging from 2032 to 2039.

23

Investments in Certain Entities that Calculate NAV Per Share

As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

September 30, 2025

(in millions)

Ref

Fair Value

Total Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Equity method(1):

Hedge funds/funds of hedge   funds/other

(a)

$

469

$

158

Daily/Monthly (2%) Quarterly (10%) N/R (88%)

1 – 90 days

Private equity funds

(b)

784

235

N/R

N/R

Real assets funds

(c)

568

703

Quarterly (6%) N/R (94%)

60 days

Investments related to deferred    cash compensation plan

(d)

294

—

Monthly

1 – 90 days

Other investments:

Private credit fund

(a)

138

—

Quarterly

30 days

Consolidated sponsored    investment products:

Real assets funds

(c)

201

30

N/R

N/R

Private equity funds

(e)

135

37

N/R

N/R

Hedge funds/other

(a)

436

54

Quarterly (92%) N/R (8%)

60 – 90 days

Total

$

3,025

$

1,217

December 31, 2024

(in millions)

Ref

Fair Value

Total Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Equity method(1):

Hedge funds/funds of hedge   funds/other

(a)

$

552

$

138

Daily/Monthly (2%) Quarterly (10%) N/R (88%)

1 – 90 days

Private equity funds

(b)

1,060

227

N/R

N/R

Real assets funds

(c)

520

710

Quarterly (7%) N/R (93%)

60 days

Investments related to deferred    cash compensation plan

(d)

173

—

Monthly

1 – 90 days

Consolidated sponsored    investment products:

Real assets funds

(c)

175

40

N/R

N/R

Private equity funds

(e)

7

42

N/R

N/R

Hedge funds/other

(a)

92

58

Quarterly (64%) N/R (36%)

90 days

Total

$

2,579

$

1,215

N/R – Not Redeemable

(1)Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.

(a)This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both September 30, 2025 and December 31, 2024.

(b)This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both September 30, 2025 and December 31, 2024.

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(c)This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both September 30, 2025 and December 31, 2024. The total remaining unfunded commitments were $733 million and $750 million at September 30, 2025 and December 31, 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $724 million and $736 million at September 30, 2025 and December 31, 2024, respectively.

(d)This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.

(e)This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.

Fair Value Option

At September 30, 2025 and December 31, 2024, the Company elected the fair value option for certain investments in CLOs of approximately $551 million and $72 million, respectively, reported within investments.

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at September 30, 2025 and December 31, 2024:

		September 30,				December 31,
(in millions)		2025				2024
CLO loans:
Aggregate principal amounts outstanding		$	—			$	156
Fair value			—				141
Aggregate unpaid principal balance in excess of (less than) fair value		$	—			$	15
CLO borrowings:
Aggregate principal amounts outstanding		$	110			$	146
Fair value			81				129
Aggregate unpaid principal balance in excess of (less than) fair value		$	29			$	17

At September 30, 2025, the principal amounts outstanding of the borrowings issued by the consolidated CLO mature in 2030, and may be repaid prior to maturity at any time.

During the three and nine months ended September 30, 2025 and 2024, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.

9. Derivatives and Hedging

The Company maintains a program to enter into exchange traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.7 billion and $1.8 billion at September 30, 2025 and December 31, 2024, with expiration dates during the fourth and first quarter of 2025, respectively.

In addition, the Company enters into exchange traded futures to economically hedge the exposure to market movements on certain deferred cash compensation plans. At September 30, 2025 and December 31, 2024, the Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $237 million and $197 million, with expiration dates during the fourth and first quarter of 2025, respectively.

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Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represent settlements of profit/loss, are generally received or made daily, and are reflected in other assets and other liabilities on the condensed consolidated statements of financial condition. These amounts were not material as of September 30, 2025 and December 31, 2024.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At September 30, 2025 and December 31, 2024, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2.7 billion and $3.6 billion, with expiration dates during the fourth quarter and first quarter of 2025, respectively.

At both September 30, 2025 and December 31, 2024, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at September 30, 2025 and December 31, 2024:

Assets

Liabilities

(in millions)

Statement of Financial Condition Classification

September 30, 2025

December 31, 2024

Statement of Financial Condition Classification

September 30, 2025

December 31, 2024

Derivative instruments

Forward foreign currency    exchange contracts

Other assets

$

2

$

7

Other liabilities

$

14

$

35

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

				Three Months Ended								Nine Months Ended
				September 30,								September 30,
		Statement of Income		2025				2024				2025				2024
(in millions)		Classification		Gains (Losses)								Gains (Losses)
Derivative instruments
Exchange traded futures(1)		Net gain (loss) on investments		$	(68	)		$	(69	)		$	(170	)		$	(104	)
Forward foreign currency    exchange contracts		General and administration expense			(34	)			116				74				120
Total gain (loss) from derivative    instruments				$	(102	)		$	47			$	(96	)		$	16

(1)Amounts for the three months ended September 30, 2025 and 2024 include $81 million and $78 million of losses on futures used in a macro hedging strategy of seed investments, respectively, and $13 million and $9 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively. Amounts for the nine months ended September 30, 2025 and 2024 include $196 million and $127 million of losses on futures used in a macro hedging strategy of seed investments, respectively, and $26 million and $23 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.

The Company's CIPs may utilize derivative instruments as a part of the funds' investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three and nine months ended September 30, 2025 and 2024.

See Note 14, Borrowings in this filing and Note 15, Borrowings, in the 2024 Form 10-K, for more information on the Company’s net investment hedge.

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10. Goodwill

Goodwill activity during the nine months ended September 30, 2025 was as follows:

(in millions)
December 31, 2024	$	25,949
Acquisitions(1)		9,413
Other		(6	)
September 30, 2025	$	35,356

(1)Amount represents goodwill of $6.8 billion, $2.4 billion and $195 million in connection with the HPS, Preqin and ElmTree Transactions, respectively. See Note 3, Acquisitions, for further information.

BlackRock assessed its goodwill for impairment as of July 31, 2025 and considered such factors as the book value and the market capitalization of the Company. The impairment assessment indicated no impairment charges were required.

11. Intangible Assets

The carrying amounts of identifiable intangible assets are summarized as follows:

(in millions)	Indefinite-lived				Finite-lived				Total
December 31, 2024	$	17,528			$	3,215			$	20,743
Acquisitions(1)		3,000				4,922				7,922
Amortization expense		—				(507	)			(507	)
Other		—				4				4
September 30, 2025	$	20,528			$	7,634			$	28,162

(1)Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $965 million of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.

During the nine months ended September 30, 2025, the Company assessed its intangible assets for impairment as of July 31, 2025 and concluded that no impairment charges were required.

During the nine months ended September 30, 2024, the Company assessed its intangible assets for impairment as of July 31, 2024 and concluded that an impairment charge was required for indefinite-lived intangible assets related to certain acquired open-end management contracts, primarily driven by quantitative factors, such as reduced growth expectations, a decrease in revenue basis points and net client outflows. As a result, the Company recorded a noncash impairment charge of $50 million, which is included within amortization and impairment of intangible assets expense on the condensed consolidated statements of income for the three and nine months ended September 30, 2024. No impairment charges were required for any other intangible assets.

12. Leases

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Lease cost:
Operating lease cost(1)	$	59			$	45			$	164			$	136
Variable lease cost(2)		18				16				51				43
Total lease cost	$	77			$	61			$	215			$	179

(1)Amounts include short-term leases, which are immaterial for the three and nine months ended September 30, 2025 and 2024.

(2)Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of ROU assets and operating lease liabilities.

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Supplemental information related to operating leases is summarized below:

		Nine Months Ended
		September 30,
(in millions)		2025				2024
Supplemental cash flow information:
Operating cash flows from operating leases included in the measurement    of operating lease liabilities		$	150			$	136
Supplemental noncash information:
ROU assets in exchange for operating lease liabilities(1)		$	478			$	104

(1)Amount for the nine months ended September 30, 2025 includes $178 million of ROU assets obtained in connection with the HPS Transaction. See Note 3, Acquisitions, for further information.

	September 30,					December 31,
	2025					2024
Lease term and discount rate:
Weighted-average remaining lease term		13		years			14		years
Weighted-average discount rate		3		%			3		%

13. Other Assets

The Company records certain corporate investments, which exclude seed and co-investments in the Company's sponsored investment products, within other assets on the condensed consolidated statements of financial condition.

At September 30, 2025 and December 31, 2024, the Company had $1.5 billion and $888 million, respectively, of corporate equity method investments, recorded within other assets. At September 30, 2025 and December 31, 2024, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 22%, and 24%, respectively, and the carrying value of the Company's interest was $710 million and $652 million, respectively. In accordance with GAAP, certain equity method investees, including iCapital, do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

At September 30, 2025 and December 31, 2024, the Company had $914 million and $438 million, respectively, of other nonequity method corporate minority investments recorded within other assets. These investments include equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities, and corporate minority private debt investments measured at fair value. Changes in value of the equity securities are recorded in nonoperating income (expense) and changes in value of the debt securities are recorded in AOCI, net of tax. See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2024 Form 10-K for further information.

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14. Borrowings

Short-Term Borrowings

2025 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2025 Credit Facility”). In April 2025, the 2025 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $500 million to $5.9 billion, (2) extend the maturity date to March 2030 for lenders (other than one non-extending lender) pursuant to the Company's option to request extensions of the maturity date available under the 2025 Credit Facility (with the commitment of the non-extending lender maturing in March 2028) and (3) change the threshold for the maximum consolidated leverage ratio covenant to 3.5 to 1. The amended 2025 Credit Facility permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $7.3 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2025 Credit Facility requires the Company not to exceed a maximum consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1, which was satisfied with a ratio of less than 1 to 1 at September 30, 2025. At September 30, 2025, the Company had no amount outstanding under the 2025 Credit Facility.

Commercial Paper Program. The Company may issue short-term unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $5 billion. The payments of the CP Notes have been unconditionally guaranteed by BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) ("Old BlackRock") (the "CP Notes Guarantee"). The CP Notes will rank equal in right of payment with all of BlackRock's other unsubordinated indebtedness, and the obligations of Old BlackRock under the CP Notes Guarantee will rank equal in right of payment with all of Old BlackRock's other unsubordinated indebtedness. Net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. The commercial paper program is currently supported by the 2025 Credit Facility. At September 30, 2025, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, maintains a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $34 million based on the GBP/USD foreign exchange rate at September 30, 2025) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At September 30, 2025, there was no amount outstanding.

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Long-Term Borrowings

2035 Notes. In April 2025, the Company issued €1.0 billion (or approximately $1.2 billion based on the EUR/USD foreign exchange rate at September 30, 2025) in aggregate principal amount of 3.75% senior unsecured and unsubordinated notes maturing July 18, 2035 (the "2035 Notes"). The 2035 Notes are listed on the New York Stock Exchange. Net proceeds are being used for general corporate purposes, which included the repayment of the €700 million (or approximately $823 million based on the EUR/USD foreign exchange rate at September 30, 2025) 1.25% Notes in May 2025 at maturity. Interest of approximately €38 million (or approximately $44 million based on the EUR/USD foreign exchange rate at September 30, 2025) per year is payable annually on July 18 of each year which commenced on July 18, 2025. The 2035 Notes are fully and unconditionally guaranteed (the "Guarantee") on a senior unsecured basis by Old BlackRock. The 2035 Notes and the Guarantee rank equally in right of payment with all of the Company and Old BlackRock's other unsubordinated indebtedness, respectively. The 2035 Notes may be redeemed at the option of the Company, in whole or in part, at any time prior to April 18, 2035 at a "make-whole" redemption price, or thereafter at 100% of the principal amount of the 2035 Notes, in each case plus accrued but unpaid interest. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2035 Notes. The Company designated a portion of the 2035 Notes as a net investment hedge to offset the currency exposure related to its net investment in certain euro functional currency operations. Gain (loss) associated with the net investment hedge is recognized on the condensed consolidated statements of comprehensive income. No hedge ineffectiveness was recognized during the three and nine months ended September 30, 2025.

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at September 30, 2025 included the following:

(in millions)	Maturity Amount				Unamortized Discount and Debt Issuance Costs(1)				Carrying Value				Fair Value
3.20% Notes due 2027(2)	$	700			$	(1	)		$	699			$	694
4.60% Notes due 2027		800				(2	)			798				811
4.70% Notes due 2029		500				(3	)			497				511
3.25% Notes due 2029(2)		1,000				(5	)			995				978
2.40% Notes due 2030(2)		1,000				(3	)			997				930
1.90% Notes due 2031(2)		1,250				(6	)			1,244				1,113
2.10% Notes due 2032(2)		1,000				(10	)			990				876
4.75% Notes due 2033(2)		1,250				(16	)			1,234				1,275
5.00% Notes due 2034		1,000				(6	)			994				1,029
4.90% Notes due 2035		500				(5	)			495				511
3.75% Notes due 2035		1,175				(8	)			1,167				1,201
5.25% Notes due 2054		1,500				(30	)			1,470				1,459
5.35% Notes due 2055		1,200				(14	)			1,186				1,184
Total long-term borrowings	$	12,875			$	(109	)		$	12,766			$	12,572

(1)The unamortized discount and debt issuance costs are amortized over the term of the notes.

(2)Issued by Old BlackRock and guaranteed by BlackRock, Inc.

Long-term borrowings at December 31, 2024 had a carrying value of $12.3 billion and a fair value of $11.7 billion, determined using market prices at the end of December 31, 2024.

See Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s borrowings.

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15. Commitments and Contingencies

Investment Commitments. At September 30, 2025, the Company had $1.2 billion of various capital commitments to fund sponsored investment products, including CIPs. These products include various private market products, including private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

Contingencies

Contingent Consideration Liabilities. In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the achievement of specified performance targets or satisfaction of certain post-closing events. The fair value of any contingent consideration is estimated at the time of acquisition closing and is included in contingent consideration liabilities on the condensed consolidated statements of financial condition. The fair value of the remaining aggregate contingent payments at September 30, 2025 totaled $8.0 billion, including $4.4 billion and $3.4 billion related to the GIP and HPS Transactions, respectively. The contingent payments related to the GIP Transaction, if any, will be settled all in stock, for a number of shares ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. The contingent payments related to the HPS Transaction, if any, will be delivered all in Subco Units of approximately 2.8 million to 4.4 million, subject to achieving certain post-closing conditions and financial performance milestones. See Note 3, Acquisitions, for more information.

Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. In 2023, BlackRock responded to requests from the SEC in connection with a publicly reported, industry-wide investigation of investment advisers’ compliance with record retention requirements relating to certain types of electronic communications.

The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages.

Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.

Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition.

In connection with securities lending transactions, BlackRock has agreed to indemnify certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. The amount of securities on loan as of September 30, 2025 and subject to this type of indemnification was approximately $318 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $340 billion were held as collateral for indemnified securities on loan at September 30, 2025. The fair value of these indemnifications was not material at September 30, 2025.

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16. Revenue

The table below presents detail of revenue for the three and nine months ended September 30, 2025 and 2024 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Revenue
Investment advisory, administration fees and    securities lending revenue(1):
Equity:
Active	$	557			$	553			$	1,582			$	1,608
ETFs		1,597				1,309				4,347				3,749
Equity subtotal		2,154				1,862				5,929				5,357
Fixed income:
Active		513				493				1,492				1,458
ETFs		393				354				1,111				1,007
Fixed income subtotal		906				847				2,603				2,465
Active multi-asset		344				318				969				929
Alternatives:
Private markets		653				235				1,687				716
Liquid alternatives		178				143				485				422
Alternatives subtotal		831				378				2,172				1,138
Non-ETF index		353				298				973				871
Digital assets, commodities and multi-asset ETFs(2)		140				63				340				167
Long-term		4,728				3,766				12,986				10,927
Cash management		318				264				915				756
Total investment advisory, administration fees    and securities lending revenue(3)		5,046				4,030				13,901				11,683
Investment advisory performance fees:
Equity		14				13				36				49
Fixed income		—				3				14				12
Multi-asset		2				1				12				14
Alternatives:
Private markets		298				7				361				200
Liquid alternatives		202				364				247				481
Alternatives subtotal		500				371				608				681
Total investment advisory performance fees		516				388				670				756
Technology services and subscription revenue		515				403				1,450				1,175
Distribution fees		355				323				996				951
Advisory and other revenue:
Advisory		12				11				39				35
Other		65				42				152				130
Total advisory and other revenue		77				53				191				165
Total revenue	$	6,509			$	5,197			$	17,208			$	14,730

(1)Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

(2)Amounts include commodity ETFs and exchange-traded products ("ETPs").

(3)Amounts include securities lending revenue of $203 million and $149 million for the three months ended September 30, 2025 and 2024, respectively, and $531 million and $454 million for the nine months ended September 30, 2025 and 2024, respectively.

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The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
By client type(1):
Retail	$	1,177			$	1,085			$	3,291			$	3,179
ETFs		2,130				1,726				5,798				4,923
Institutional:
Active		1,149				720				3,146				2,127
Index		272				235				751				698
Institutional subtotal		1,421				955				3,897				2,825
Long-term		4,728				3,766				12,986				10,927
Cash management		318				264				915				756
Total	$	5,046			$	4,030			$	13,901			$	11,683
By investment style(1):
Active	$	2,245			$	1,742			$	6,215			$	5,133
ETFs		2,130				1,726				5,798				4,923
Non-ETF index		353				298				973				871
Long-term		4,728				3,766				12,986				10,927
Cash management		318				264				915				756
Total	$	5,046			$	4,030			$	13,901			$	11,683

(1)Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

Investment Advisory and Administration Fees – Remaining Performance Obligation

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2025 and 2024:

September 30, 2025

	Remainder of
(in millions)	2025				2026				2027				2028				Thereafter				Total
Investment advisory and    administration fees:
Alternatives(1)(2)	$	133			$	488			$	458			$	229			$	43			$	1,351

September 30, 2024

	Remainder of
(in millions)	2024				2025				2026				2027				Thereafter				Total
Investment advisory and    administration fees:
Alternatives(1)(2)	$	52			$	191			$	172			$	128			$	48			$	591

(1)Investment advisory and administration fees include management fees related to certain private markets products, which are determined based on known contractual committed capital outstanding at September 30, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g. post-investment period) and actual amounts could differ from amounts disclosed in the table above.

(2)The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

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Change in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Beginning balance	$	2,100			$	1,886			$	1,860			$	1,783
Acquisition(1)		1,441				—				1,441				—
Net increase (decrease) in unrealized allocations		92				79				400				351
Performance fee revenue recognized		(193	)			(5	)			(261	)			(174	)
Ending balance	$	3,440			$	1,960			$	3,440			$	1,960

(1)Amount for 2025 includes deferred carried interest acquired in connection with the HPS Transaction. See Note 3, Acquisitions, for information on the HPS Transaction.

Technology Services and Subscription Revenue – Remaining Performance Obligation

The tables below present estimated technology services and subscription revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2025 and 2024:

September 30, 2025

	Remainder of
(in millions)	2025				2026				2027				2028				Thereafter				Total
Technology services and    subscription revenue(1)(2)	$	64			$	167			$	94			$	52			$	73			$	450

September 30, 2024

	Remainder of
(in millions)	2024				2025				2026				2027				Thereafter				Total
Technology services and    subscription revenue(1)(2)	$	44			$	101			$	72			$	42			$	47			$	306

(1)Technology services and subscription revenue includes upfront payments from customers, which the Company recognizes as services are performed. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.

(2)The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

In addition to amounts disclosed in the tables above, certain technology services and subscription contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of September 30, 2025, the estimated fixed minimum fees for the remainder of the year approximated $310 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

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The table below presents changes in the technology services and subscription deferred revenue liability for the three and nine months ended September 30, 2025 and 2024, which is included in other liabilities on the condensed consolidated statements of financial condition:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Beginning balance	$	242			$	120			$	124			$	133
Acquisition(1)		—				—				19				—
Additions(2)		67				22				156				53
Revenue recognized that was included    in the beginning balance		(77	)			(28	)			(67	)			(72	)
Ending balance	$	232			$	114			$	232			$	114

(1)Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized. See Note 3, Acquisitions, for information on the Preqin Transaction.

(2)Amounts are net of revenue recognized.

17. Stock-Based Compensation

Restricted Stock Units ("RSUs")

Time-Based RSUs

RSU activity for the nine months ended September 30, 2025 is summarized below.

Outstanding at	RSUs				Weighted- Average Grant Date Fair Value
December 31, 2024		2,297,665			$	793.08
Granted		1,674,894			$	988.11
Converted		(630,616	)		$	795.22
Forfeited		(122,332	)		$	845.13
September 30, 2025		3,219,611			$	892.14

In January 2025, pursuant to the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan (the "Award Plan"), the Company granted as part of the 2024 annual incentive compensation approximately 332,000 RSUs to employees that vest ratably over three years from the grant date and approximately 216,000 RSUs to employees that cliff vest 100% on January 31, 2028. In July 2025, in connection with the HPS Transaction, the Company granted incentive retention awards of approximately 680,000 RSUs that vest in increasing yearly increments over five years and approximately 270,000 RSUs that cliff vest 100% after six months. The weighted-average grant date fair value of these awards were $991.52 and $957.42, respectively. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. For certain incentive retention RSUs, which were granted in connection with the HPS Transaction in July 2025, and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability. For certain incentive retention RSUs, which were granted in connection with the GIP Transaction in October of 2024, and which are not entitled to participate in dividends until they vest, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The grant-date fair market value of RSUs granted to employees during the nine months ended September 30, 2025 was $1.7 billion.

At September 30, 2025, the intrinsic value of outstanding RSUs was $3.8 billion, reflecting a closing stock price of $1,166.

At September 30, 2025, total unrecognized stock-based compensation expense related to unvested RSUs was $1.8 billion. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.1 years.

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Performance-Based RSUs

Performance-based RSU activity for the nine months ended September 30, 2025 is summarized below.

Outstanding at	Performance- Based RSUs				Weighted- Average Grant Date Fair Value				Performance- Based RSUs in Connection with the GIP Transaction				Weighted- Average Grant Date Fair Value				Total Performance- Based RSUs				Weighted- Average Grant Date Fair Value
December 31, 2024		451,042			$	788.61				210,505			$	845.48				661,547			$	806.71
Granted		167,962			$	991.38				769			$	952.02				168,731			$	991.20
Reduction of shares due to    performance measures		(71,866	)		$	832.07				—			$	—				(71,866	)		$	832.07
Converted		(54,212	)		$	832.07				—			$	—				(54,212	)		$	832.07
Forfeited		(13,744	)		$	791.95				(11,530	)		$	845.48				(25,274	)		$	816.37
September 30, 2025		479,182			$	848.15				199,744			$	845.89				678,926			$	847.49

In January 2025, the Company granted approximately 136,000 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2028. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January 2025, the Company reduced the number of original shares granted in 2022 by 71,866 RSUs based on the level of attainment of Company performance measures during the performance period.

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The incentive retention performance-based RSUs granted in connection with the GIP Transaction in October 2024 mentioned above, are not entitled to participate in dividends until they vest, hence the grant-date fair value of the awards are reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during the nine months ended September 30, 2025 was $107 million.

At September 30, 2025, the intrinsic value of outstanding performance-based RSUs was $792 million, reflecting a closing stock price of $1,166.

At September 30, 2025, total unrecognized stock-based compensation expense related to unvested performance-based awards was $312 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.1 years.

Stock Options

Stock option activity and ending balance for the nine months ended September 30, 2025 is summarized below.

	2017 Performance-based Options								2023 Performance-based Options								2023 Time-based Options
	Shares Under Option				Weighted Average Exercise Price				Shares Under Option				Weighted Average Exercise Price				Shares Under Option				Weighted Average Exercise Price
Outstanding at December 31, 2024		625,825			$	513.50				766,970			$	673.58				299,686			$	673.58
Exercised		(298,146	)		$	513.50				—			$	—				—			$	—
Forfeited		—			$	—				(88,238	)		$	673.58				(18,309	)		$	673.58
Outstanding at September 30, 2025		327,679			$	513.50				678,732			$	673.58				281,377			$	673.58

		Options Outstanding																Options Exercisable
Option Type		Exercise Prices				Options Outstanding				Weighted Average Remaining Life (years)				Aggregate Intrinsic Value (in millions)				Exercise Prices				Options Exercisable				Weighted Average Remaining Life (years)				Aggregate Intrinsic Value (in millions)
2017 Performance-based		$	513.50				327,679				1.2			$	214			$	513.50				327,679				1.2			$	214
2023 Performance-based		$	673.58				678,732				6.7				334			$	673.58				—				—				—
2023 Time-based		$	673.58				281,377				6.7				139			$	673.58				—				—				—
							1,287,788				5.3			$	687								327,679				1.2			$	214

At September 30, 2025, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $79 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.9 years.

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Performance-Based Stock Options

In 2017, pursuant to the Award Plan, the Company awarded performance-based stock option grants to certain employees ("2017 Performance-based Options"). Vesting of 2017 Performance-based Options was contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. Both hurdles have been achieved, and each of the three tranches of the awards vested in equal installments at the end of 2022, 2023 and 2024, respectively. Vested 2017 Performance-based Options are exercisable for up to nine years following the grant date. The expense for each tranche has been amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the nine months ended September 30, 2025 was $153 million.

On May 30, 2023, pursuant to the Award Plan, the Company awarded performance-based options to purchase 814,482 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Performance-based Options"). Vesting of 2023 Performance-based Options is contingent upon the achievement of obtaining 130% of grant-date stock price over 60 calendar days within four years from the grant date and attainment of a predetermined Company performance measure during the three-year performance period. As of September 30, 2025, the price hurdle was achieved and the Company assumes that the performance measure will be achieved. Accordingly, the awards are expected to vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Performance-based Options are exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

Time-Based Stock Options

On May 30, 2023, pursuant to the Award Plan, the Company awarded time-based stock options to purchase 326,391 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Time-based Options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense is amortized over the respective requisite service period.

See Note 18, Stock-Based Compensation, in the 2024 Form 10-K for more information on RSUs, performance-based RSUs and stock options.

18. Related Party Transactions

The Company derives a significant portion of its investment advisory, administration fees and investment advisory performance fees from investment products that it manages. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee. As a result, a substantial majority of BlackRock's investment advisory, administration fees and investment advisory performance fees as well as accounts receivable related to such revenue are from related parties.

Due from Related Parties

Due from related parties, which is included within other assets on the condensed consolidated statements of financial condition, was $351 million and $245 million at September 30, 2025 and December 31, 2024, respectively, and represented receivables from certain investment products managed by BlackRock.

19. Net Capital Requirements

The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

At September 30, 2025, the Company was required to maintain approximately $2.2 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company, which is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.

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20. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Beginning balance	$	(515	)		$	(978	)		$	(1,178	)		$	(840	)
Foreign currency translation adjustments(1)		(43	)			346				620				208
Ending balance	$	(558	)		$	(632	)		$	(558	)		$	(632	)

(1)Amount for the three months ended September 30, 2024 included losses from a net investment hedge of $24 million (net of tax benefit of $7 million). Amounts for the nine months ended September 30, 2025 and 2024 include losses from a net investment hedge of $103 million (net of tax benefit of $24 million) and $6 million (net of tax benefit of $2 million), respectively.

21. Capital Stock

The HPS Transaction. On July 1, 2025, as part of the closing of the HPS Transaction, the Company issued approximately 8.5 million Subco Units to former equity holders of HPS. The Subco Units are exchangeable on a one-for-one basis into BlackRock's common stock. See Note 1, Business Overview, Note 2, Significant Accounting Policies, and Note 3, Acquisitions, for additional information. As of September 30, 2025, there were approximately 8.1 million Subco Units outstanding.

Share Repurchases. During the nine months ended September 30, 2025, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 1.1 million shares and share equivalents for approximately $1.1 billion. At September 30, 2025, there were approximately 2.7 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.

22. Restructuring Charge

A restructuring charge of $39 million ($29 million after-tax), comprised of $27 million of severance and $12 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in the second quarter of 2025 in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities.

The table below presents a rollforward of the Company's restructuring liability for the nine months ended September 30, 2025, which is included in other liabilities on the condensed consolidated statements of financial condition.

(in millions)	September 30, 2025
Liability as of December 31, 2024	$	—
Additions		39
Accelerated amortization expense of equity-based awards		(12	)
Cash payments		(21	)
Liability as of September 30, 2025	$	6

23. Income Taxes

Income tax expense for the nine months ended September 30, 2025 includes a $149 million discrete tax benefit related to the realization of capital losses from changes in the Company's organizational structure and a $62 million discrete tax benefit related to stock-based compensation awards that vested in 2025.

Income tax expense for the nine months ended September 30, 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. In addition, for the nine months ended September 30, 2024 income tax expense included $13 million of discrete tax benefits, including a benefit related to stock-based compensation awards that vested in 2024.

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24. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions, except shares and per share data)	2025				2024				2025				2024
Basic net income attributable to    BlackRock, Inc.	$	1,323			$	1,631			$	4,426			$	4,699
Add: Incremental net income from dilutive    securities - NCI - Subco		70				—				70				—
Diluted net income attributable to    BlackRock, Inc.	$	1,393			$	1,631			$	4,496			$	4,699
Basic weighted-average shares outstanding		154,922,231				148,049,700				154,942,905				148,392,684
Dilutive effect of:
Nonparticipating RSUs		1,501,068				1,008,145				1,199,724				915,630
Stock options		499,459				550,730				459,823				487,644
Subco Units		8,254,724				—				2,751,575				—
Total diluted weighted-average shares    outstanding		165,177,482				149,608,575				159,354,027				149,795,958
Basic earnings per share	$	8.54			$	11.02			$	28.57			$	31.67
Diluted earnings per share	$	8.43			$	10.90			$	28.21			$	31.37

The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.

There were no anti-dilutive shares related to RSUs and an immaterial amount of anti-dilutive shares related to RSUs for the three and nine months ended September 30, 2025, respectively. There were no anti-dilutive shares and an immaterial amount of anti-dilutive shares for the three and nine months ended September 30, 2024, respectively. Certain performance-based awards were excluded from the diluted EPS calculation because the designated contingencies were not met.

25. Segment Information

The Company’s management directs BlackRock’s operations as one business, the asset management business. As such, the Company operates in one asset management operating segment. The Company's chief operating decision maker ("CODM") is its Chairman and Chief Executive Officer, who reviews financial information presented, including significant expenses on a consolidated basis, as presented in the condensed consolidated statements of income. The CODM utilizes a consolidated approach to assess performance and allocates resources using key financial metrics including total revenue, operating income and net income attributable to BlackRock, Inc. These financial metrics are used by the CODM to make key operating decisions, including capital allocation, determining annual and long-term compensation and managing costs in relation to revenue. Furthermore, these financial metrics are used to evaluate financial performance based on consolidated specific business objectives, contributions to the total firm operating margin and to evaluate the Company's relative performance against industry peers. See the condensed consolidated financial statements for key financial metrics used by the CODM and for more financial information regarding the Company’s operating segment. The measure of segment assets is reported on the balance sheet as total consolidated assets.

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The following table illustrates total revenue for the three and nine months ended September 30, 2025 and 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides, or affiliated services are provided.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in millions)		2025				2024				2025				2024
Revenue
Americas		$	4,181			$	3,206			$	11,221			$	9,559
Europe			2,065				1,788				5,226				4,555
Asia-Pacific			263				203				761				616
Total revenue		$	6,509			$	5,197			$	17,208			$	14,730

See Note 16, Revenue, for further information on the Company’s sources of revenue.

The following table illustrates long-lived assets that consist of goodwill and property and equipment at September 30, 2025 and December 31, 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

		September 30,				December 31,
(in millions)		2025				2024
Long-lived Assets
Americas		$	32,564			$	25,515
Europe			3,902				1,437
Asia-Pacific			117				100
Total long-lived assets		$	36,583			$	27,052

Americas is primarily comprised of the US, and also includes Latin America and Canada. Europe is primarily comprised of the UK, Luxembourg and the Netherlands, and also includes Switzerland, Ireland and France. Asia-Pacific is primarily comprised of Hong Kong, Japan, Singapore and Australia.

26. Subsequent Events

The Company conducted a review for subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

This report, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission reports. These risk factors and those identified elsewhere in this report, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management (“AUM”); (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of Global Infrastructure Management, LLC (“GIP” or the “GIP Transaction”), Preqin Holding Limited (“Preqin” or the “Preqin Transaction”) and HPS Investment Partners (“HPS” or the “HPS Transaction” and together with the GIP Transaction and the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including the Middle East conflicts, wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (23) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (26) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds (“ETFs”) platform; (27) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.

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OVERVIEW

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $13.5 trillion of AUM at September 30, 2025. With approximately 24,600 employees in more than 30 countries, BlackRock provides a broad range of investment management and technology services to institutional and retail clients in more than 100 countries across the globe.

BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® ETFs, separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront®, Preqin and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients. The Company is highly regulated and manages its clients’ assets as a fiduciary. The Company does not engage in proprietary trading activities that could conflict with the interests of its clients.

BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.

BlackRock maintains a significant global sales and marketing presence that is focused on establishing and maintaining retail and institutional investment management and technology service relationships by marketing its services to investors directly and through third-party distribution relationships, including financial professionals and pension consultants.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.

Acquisitions

On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS, a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company. The HPS Transaction, which added $165 billion of client AUM and $118 billion of fee-paying AUM, positions the Company to provide an integrated private credit platform with both public and private income solutions for clients across their whole portfolios. At close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin. Such Subco Units are exchangeable on a one-for-one basis into BlackRock common stock (accordingly, the value of each unit delivered was based on the price of a share of BlackRock’s common stock and the specific terms of the Subco Units). In addition, at the time of close, the Company granted incentive retention awards to certain employees of approximately 680,000 RSUs that vest in increasing yearly increments over five years valued at $675 million and approximately 270,000 RSUs valued at $260 million that cliff vest 100% after six months. Furthermore, deferred consideration, which is to be delivered all in Subco Units of approximately 2.8 million to 4.4 million, and initially valued at $3.4 billion at close, may be paid in approximately five years, subject to achievement of certain post-closing conditions and financial performance milestones. In general, if (i) the maximum amount of contingent consideration is achieved, (ii) all Subco Units are exchanged for shares of the Company’s common stock (including those issued on the closing date), and (iii) all RSUs vest and are settled in the form of shares of the Company’s common stock, the Company does not expect to issue more than approximately 13.8 million shares of common stock in the aggregate.

On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin, a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash. The Company believes bringing together Preqin's data and research tools with the complementary workflows of Aladdin and eFront in a unified platform will create a preeminent private markets technology and data provider.

On September 2, 2025, BlackRock completed the acquisition of 100% of the equity interests in ElmTree Funds (the "ElmTree Transaction" or “ElmTree”), a net-lease real estate investment firm, with consideration paid primarily in BlackRock common stock. The acquisition of ElmTree positions the Company to scale its real estate-related offerings, while expanding into new markets as an owner-operator.

42

For additional information see Note 1, Business Overview, Note 2, Significant Accounting Policies and Note 3, Acquisitions, in the notes to the condensed consolidated financial statements.

EXECUTIVE SUMMARY

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions, except per share data)	2025				2024				2025				2024
GAAP basis(1):
Total revenue	$	6,509			$	5,197			$	17,208			$	14,730
Total expense		4,554				3,191				11,824				9,231
Operating income	$	1,955			$	2,006			$	5,384			$	5,499
Operating margin		30.0	%			38.6	%			31.3	%			37.3	%
Nonoperating income (expense), less net income    (loss) attributable to noncontrolling interests    ("NCI") - consolidated sponsored investment    products ("CIPs")		(92	)			199				417				541
Income tax expense		470				574				1,305				1,341
Less: Net income (loss) attributable to NCI -    Subco		70				—				70				—
Net income attributable to BlackRock	$	1,323			$	1,631			$	4,426			$	4,699
Diluted earnings per common share	$	8.43			$	10.90			$	28.21			$	31.37
Effective tax rate		25.2	%			26.0	%			22.5	%			22.2	%
As adjusted(2):
Operating income	$	2,621			$	2,128			$	6,752			$	5,784
Operating margin		44.6	%			45.8	%			43.8	%			44.1	%
Nonoperating income (expense), less net income    (loss) attributable to NCI - CIPs	$	(106	)		$	190			$	373			$	494
Net income attributable to BlackRock(3)	$	1,907			$	1,715			$	5,560			$	4,738
Diluted earnings per common share(3)	$	11.55			$	11.46			$	34.89			$	31.63
Effective tax rate		24.2	%			26.0	%			22.0	%			24.5	%
Other:
Assets under management (end of period)	$	13,463,625			$	11,475,362			$	13,463,625			$	11,475,362
Diluted weighted-average common shares    outstanding		165.2				149.6				159.4				149.8
Shares outstanding including Subco Units(4)		163.2				148.0				163.2				148.0
Book value per share(5)	$	357.90			$	278.32			$	357.90			$	278.32
Cash dividends declared and paid per share	$	5.21			$	5.10			$	15.63			$	15.30

(1)Accounting principles generally accepted in the United States (“GAAP”).

(2)As adjusted items are described in more detail in Non-GAAP Financial Measures.

(3)Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. See Non-GAAP Financial Measures for further information.

(4)As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

(5)Total BlackRock stockholders’ equity divided by total shares of common stock outstanding at September 30 of the respective period-end.

Three Months Ended September 30, 2025 Compared with Three Months Ended September 30, 2024

GAAP. Operating income of $2.0 billion decreased $51 million and operating margin of 30.0% decreased 860 bps from the three months ended September 30, 2024. Operating income and operating margin reflected higher revenue, driven by organic base fee growth, positive impact of markets, and fees related to the HPS and GIP Transactions, and higher technology services and subscription revenue. Decreases in GAAP operating income and operating margin were driven by noncash acquisition-related expenses in connection with the HPS, GIP and Preqin Transactions. Operating income and operating margin for the three months ended September 30, 2024 also included the impact of a $50 million noncash impairment charge related to certain indefinite-lived open-end management contracts.

Nonoperating income (expense), net of NCI - CIPs decreased $291 million from the three months ended September 30, 2024, driven primarily by a $115 million noncash mark-to-market loss related to Circle Internet Group, Inc. ("Circle") and lower net interest income (expense).

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Earnings per diluted common share decreased $2.47, or 23%, from the three months ended September 30, 2024, reflecting lower operating income, driven by higher noncash acquisition-related costs, lower nonoperating results, and a higher diluted share count in connection with HPS and GIP Transactions, partially offset by a lower effective tax rate in the current quarter.

As Adjusted. Operating income of $2.6 billion increased $493 million and operating margin of 44.6% decreased 120 bps from the three months ended September 30, 2024. The acquisition-related expenses and noncash impairment charge described above have been excluded from as adjusted results. Earnings per diluted common share increased $0.09, or 1%, from the three months ended September 30, 2024, primarily reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating income and a higher diluted share count in the current quarter.

Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024

GAAP. Operating income of $5.4 billion decreased $115 million and operating margin of 31.3% decreased 600 bps from the nine months ended September 30, 2024. Operating income and operating margin reflected higher revenue, driven by organic base fee growth, positive impact of markets and fees related to the HPS and GIP Transactions, as well as higher technology services and subscription revenue, partially offset by lower performance fees. Decreases in GAAP operating income and operating margin were driven by noncash acquisition-related expenses in connection with the HPS, GIP and Preqin Transactions. Operating income and operating margin for the nine months ended September 30, 2025 included the impact of a $39 million restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities. In addition, operating income and operating margin for the nine months ended September 30, 2024 included the impact of the previously described $50 million noncash impairment charge.

Nonoperating income (expense) net of NCI - CIPs decreased $124 million from the nine months ended September 30, 2024, driven by lower net interest income (expense), partially offset by higher noncash mark-to-market gains on revaluation of investments, including the impact of a $215 million noncash pre-tax gain related to Circle.

Income tax expense for the nine months ended September 30, 2025, included a $149 million discrete tax benefit related to the realization of capital losses from changes in the Company's organizational structure and a $62 million discrete tax benefit related to stock-based compensation awards that vested in 2025. Income tax expense for the nine months ended September 30, 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure.

Earnings per diluted common share decreased $3.16, or 10%, from the nine months ended September 30, 2024, reflecting lower operating income, driven by higher noncash acquisition-related costs, lower nonoperating results and a higher diluted share count.

As Adjusted. Operating income of $6.8 billion increased $968 million, while operating margin of 43.8% decreased 30 bps from the nine months ended September 30, 2024. The acquisition-related expenses, restructuring charge and noncash impairment charge previously described have been excluded from as adjusted results. Earnings per diluted common share increased $3.26, or 10%, from the nine months ended September 30, 2024, reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating results and a higher diluted share count in the current period. Income tax expense, as adjusted, for the nine months ended September 30, 2024 excluded the $137 million of benefit described above.

See Non-GAAP Financial Measures for further information on as adjusted items and the reconciliation to GAAP. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted.

For further discussion of BlackRock’s revenue, expense, nonoperating results and income tax expense, see Discussion of Financial Results herein.

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NON-GAAP FINANCIAL MEASURES

BlackRock reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow. Management reviews non-GAAP financial measures, in addition to GAAP financial measures, to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance comparability for the reporting periods presented. Non-GAAP financial measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Computations and reconciliations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as adjusted:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Operating income, GAAP basis	$	1,955			$	2,006			$	5,384			$	5,499
Non-GAAP expense adjustments:
Compensation expense related to appreciation   (depreciation) on deferred cash compensation plans (a)		14				7				41				43
Amortization and impairment of intangible assets (b)		253				89				507				166
Acquisition-related compensation costs (b)		262				11				423				32
Acquisition-related transaction costs (b)(1)		44				17				93				52
Contingent consideration fair value adjustments (b)		93				(2	)			265				(8	)
Restructuring charge (c)		—				—				39				—
Operating income, as adjusted	$	2,621			$	2,128			$	6,752			$	5,784
Revenue, GAAP basis	$	6,509			$	5,197			$	17,208			$	14,730
Non-GAAP adjustments:
Distribution fees		(355	)			(323	)			(996	)			(951	)
Investment advisory fees		(283	)			(226	)			(788	)			(655	)
Revenue used for operating margin measurement	$	5,871			$	4,648			$	15,424			$	13,124
Operating margin, GAAP basis		30.0	%			38.6	%			31.3	%			37.3	%
Operating margin, as adjusted		44.6	%			45.8	%			43.8	%			44.1	%

(1)Amounts included within general and administration expense.

(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Nonoperating income (expense), GAAP basis	$	42			$	259			$	628			$	693
Less: Net income (loss) attributable to NCI - CIPs		134				60				211				152
Nonoperating income (expense), net of NCI - CIPs		(92	)			199				417				541
Less: Hedge gain (loss) on deferred cash compensation    plans (a)		14				9				44				47
Nonoperating income (expense), less net income (loss)    attributable to NCI - CIPs, as adjusted	$	(106	)		$	190			$	373			$	494

45

(3) Net income attributable to BlackRock, Inc., as adjusted:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions, except per share data)	2025				2024				2025				2024
Net income attributable to BlackRock, Inc., GAAP basis	$	1,323			$	1,631			$	4,426			$	4,699
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		—				(2	)			(2	)			(3	)
Amortization and impairment of intangible assets (b)		189				67				378				124
Acquisition-related compensation costs (b)		198				8				318				23
Acquisition-related transaction costs (b)		33				13				71				38
Contingent consideration fair value adjustments (b)		94				(2	)			263				(6	)
Restructuring charge (c)		—				—				29				—
Income tax matters		—				—				7				(137	)
Noncontrolling interest - Subco		70				—				70				—
Net income attributable to BlackRock, Inc., as adjusted	$	1,907			$	1,715			$	5,560			$	4,738
Diluted weighted-average common shares outstanding		165.2				149.6				159.4				149.8
Diluted earnings per common share, GAAP basis	$	8.43			$	10.90			$	28.21			$	31.37
Diluted earnings per common share, as adjusted	$	11.55			$	11.46			$	34.89			$	31.63

(1)Non-GAAP adjustments, excluding income tax matters, are net of tax.

(1) Operating income, as adjusted, and operating margin, as adjusted: Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance, to determine the long-term and annual compensation of the Company’s senior-level employees and to evaluate the Company’s relative performance against industry peers. Furthermore, this metric eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.

•Operating income, as adjusted, includes the following non-GAAP expense adjustments:

(a)Compensation expense related to appreciation (depreciation) on deferred cash compensation plans. The Company excludes compensation expense related to the market valuation changes on certain deferred cash compensation plans, which the Company hedges economically. For these deferred cash compensation plans, the final value of the deferred amount to be distributed to employees in cash upon vesting is determined based on the returns on specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the net gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense), which creates a timing difference impacting net income. This timing difference will reverse and offset to zero over the life of the award at the end of the multi-year vesting period. Management believes excluding market valuation changes related to the deferred cash compensation plans in the calculation of operating income, as adjusted, provides useful disclosure to both management and investors of the Company’s financial performance over time as these amounts are economically hedged, while also increasing comparability with other companies.

(b)Acquisition-related costs. Acquisition-related costs include adjustments related to amortization and noncash impairment of intangible assets, contingent consideration fair value adjustments (primarily associated with noncash contingent consideration) incurred in connection with certain acquisitions and other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation and general and administration expense primarily related to professional services. Management believes excluding the impact of these expenses when calculating operating income, as adjusted, provides a helpful indication of the Company’s financial performance over time, thereby providing helpful information for both management and investors while also increasing comparability with other companies.

(c)Restructuring charge. In the second quarter of 2025, the Company recorded a restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities. Management believes excluding the impact of this restructuring charge when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

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•Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company’s distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

(2) Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, excludes the gain (loss) on the economic hedge of certain deferred cash compensation plans. As the gain (loss) on investments and derivatives used to hedge these compensation plans over time substantially offsets the compensation expense related to the market valuation changes on these deferred cash compensation plans, which is included in operating income, GAAP basis, management believes excluding the gain (loss) on the economic hedge of the deferred cash compensation plans when calculating nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, provides a useful measure for both management and investors of BlackRock’s nonoperating results that impact book value.

(3) Net income attributable to BlackRock, Inc., as adjusted:

•Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. In addition, the non-GAAP adjustment in 2025 related to contingent consideration fair value adjustments includes a tax impact associated with the deductibility of contingent consideration. In addition, the amount for income tax matters in 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the intellectual property reorganization.

•In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with the terms on a one-for-one basis into common stock of BlackRock, as Subco Units will be exchangeable at the option of the holder when exchange rights begin. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these updated non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

•Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted, divided by diluted weighted-average common shares outstanding.

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ASSETS UNDER MANAGEMENT

AUM for reporting purposes generally is based upon how investment advisory and administration fees are calculated for each portfolio. Net asset values, total assets, committed assets or other measures may be used to determine portfolio AUM.

AUM and Net Inflows (Outflows) by Product Type(1)
	AUM																Net inflows (outflows)
	September 30,				June 30,				December 31,				September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025				2025				2024				2024				2025				2025				2025
Equity	$	7,459,075			$	6,905,438			$	6,310,191			$	6,280,999			$	45,978			$	94,072			$	220,638
Fixed income		3,178,965				3,087,297				2,905,669				3,023,694				47,554				80,628				104,412
Multi-asset		1,161,957				1,076,709				992,921				1,001,515				33,598				35,401				59,707
Alternatives:
Private markets		320,886				215,244				211,974				141,409				13,163				27,126				31,856
Liquid alternatives		97,448				86,670				76,390				75,990				3,178				8,281				9,446
Alternatives subtotal		418,334				301,914				288,364				217,399				16,341				35,407				41,302
Digital assets		103,965				79,551				55,306				24,238				16,691				34,185				52,317
Currency and    commodities(2)		136,600				106,980				78,137				78,130				10,384				19,996				21,981
Long-term		12,458,896				11,557,889				10,630,588				10,625,975				170,546				299,689				500,357
Cash management		1,004,729				969,701				920,663				849,387				34,096				56,861				137,610
Total	$	13,463,625			$	12,527,590			$	11,551,251			$	11,475,362			$	204,642			$	356,550			$	637,967
AUM and Net Inflows (Outflows) by Client Type and Product Type(1)
	AUM																Net inflows (outflows)
	September 30,				June 30,				December 31,				September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025				2025				2024				2024				2025				2025				2025
Retail	$	1,173,568			$	1,100,997			$	1,015,221			$	1,040,547			$	9,724			$	24,799			$	29,453
ETFs		5,193,314				4,748,768				4,230,375				4,188,335				152,956				345,228				487,870
Institutional:
Active		2,475,614				2,277,877				2,135,095				2,109,166				22,267				37,365				62,494
Index		3,616,400				3,430,247				3,249,897				3,287,927				(14,401	)			(107,703	)			(79,460	)
Institutional subtotal		6,092,014				5,708,124				5,384,992				5,397,093				7,866				(70,338	)			(16,966	)
Long-term		12,458,896				11,557,889				10,630,588				10,625,975				170,546				299,689				500,357
Cash management		1,004,729				969,701				920,663				849,387				34,096				56,861				137,610
Total	$	13,463,625			$	12,527,590			$	11,551,251			$	11,475,362			$	204,642			$	356,550			$	637,967
AUM and Net Inflows (Outflows) by Investment Style and Product Type(1)
	AUM																Net inflows (outflows)
	September 30,				June 30,				December 31,				September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Twelve Months Ended September 30,
(in millions)	2025				2025				2024				2024				2025				2025				2025
Active	$	3,294,619			$	3,051,873			$	2,868,402			$	2,869,366			$	26,640			$	38,362			$	61,199
ETFs		5,193,314				4,748,768				4,230,375				4,188,335				152,956				345,228				487,870
Non-ETF index		3,970,963				3,757,248				3,531,811				3,568,274				(9,050	)			(83,901	)			(48,712	)
Long-term		12,458,896				11,557,889				10,630,588				10,625,975				170,546				299,689				500,357
Cash management		1,004,729				969,701				920,663				849,387				34,096				56,861				137,610
Total	$	13,463,625			$	12,527,590			$	11,551,251			$	11,475,362			$	204,642			$	356,550			$	637,967

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)Amounts include commodity ETFs and exchange-traded products ("ETPs").

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Component Changes in AUM for the Three Months Ended September 30, 2025

The following table presents the component changes in AUM by product type for the three months ended September 30, 2025.

	June 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2025				(outflows)				Realizations(1)				Acquisitions(2)				change				impact(3)				2025				AUM(4)
Equity	$	6,905,438			$	45,978			$	—			$	—			$	519,260			$	(11,601	)		$	7,459,075			$	7,135,969
Fixed income		3,087,297				47,554				(1,265	)			13,567				40,100				(8,288	)			3,178,965				3,122,878
Multi-asset		1,076,709				33,598				—				—				55,276				(3,626	)			1,161,957				1,119,948
Alternatives:
Private markets		215,244				13,163				(5,996	)			101,017				(2,364	)			(178	)			320,886				291,901
Liquid alternatives		86,670				3,178				(30	)			6,377				1,237				16				97,448				93,382
Alternatives subtotal		301,914				16,341				(6,026	)			107,394				(1,127	)			(162	)			418,334				385,283
Digital assets		79,551				16,691				—				—				7,728				(5	)			103,965				94,980
Currency and    commodities(5)		106,980				10,384				—				—				19,323				(87	)			136,600				117,115
Long-term		11,557,889				170,546				(7,291	)			120,961				640,560				(23,769	)			12,458,896				11,976,173
Cash management		969,701				34,096				—				—				2,266				(1,334	)			1,004,729				984,600
Total	$	12,527,590			$	204,642			$	(7,291	)		$	120,961			$	642,826			$	(25,103	)		$	13,463,625			$	12,960,773

The following table presents the component changes in AUM by client type and product type for the three months ended September 30, 2025.

	June 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2025				(outflows)				Realizations(1)				Acquisitions(2)				change				impact(3)				2025				AUM(4)
Retail:
Equity	$	557,833			$	2,094			$	—			$	—			$	38,693			$	(1,358	)		$	597,262			$	573,760
Fixed income		333,624				5,588				—				—				4,845				594				344,651				338,726
Multi-asset		162,852				(2,386	)			—				—				8,435				(18	)			168,883				165,225
Private markets		16,823				1,521				(163	)			11,674				(60	)			(25	)			29,770				26,274
Liquid alternatives		29,865				2,907				(3	)			—				265				(32	)			33,002				31,358
Retail subtotal		1,100,997				9,724				(166	)			11,674				52,178				(839	)			1,173,568				1,135,343
ETFs:
Equity		3,455,117				79,429				—				—				255,812				(1,927	)			3,788,431				3,593,742
Fixed income		1,101,224				46,018				—				—				10,926				(586	)			1,157,582				1,122,763
Multi-asset		11,926				599				—				—				673				(87	)			13,111				12,432
Digital assets		79,551				16,691				—				—				7,728				(5	)			103,965				94,980
Commodities		100,950				10,219				—				—				19,096				(40	)			130,225				111,087
ETFs subtotal		4,748,768				152,956				—				—				294,235				(2,645	)			5,193,314				4,935,004
Institutional:
Active:
Equity		242,098				(17,995	)			—				—				18,938				(1,039	)			242,002				238,071
Fixed income		881,932				(6,984	)			(1,265	)			13,567				15,914				(1,588	)			901,576				892,490
Multi-asset		898,621				35,333				—				—				46,033				(3,513	)			976,474				938,905
Private markets		198,421				11,642				(5,833	)			89,343				(2,304	)			(153	)			291,116				265,627
Liquid alternatives		56,805				271				(27	)			6,377				972				48				64,446				62,024
Active subtotal		2,277,877				22,267				(7,125	)			109,287				79,553				(6,245	)			2,475,614				2,397,117
Index		3,430,247				(14,401	)			—				—				214,594				(14,040	)			3,616,400				3,508,709
Institutional subtotal		5,708,124				7,866				(7,125	)			109,287				294,147				(20,285	)			6,092,014				5,905,826
Long-term		11,557,889				170,546				(7,291	)			120,961				640,560				(23,769	)			12,458,896				11,976,173
Cash management		969,701				34,096				—				—				2,266				(1,334	)			1,004,729				984,600
Total	$	12,527,590			$	204,642			$	(7,291	)		$	120,961			$	642,826			$	(25,103	)		$	13,463,625			$	12,960,773

(1)Realizations represent return of capital/return on investments.

(2)Amounts include AUM attributable to the HPS Transaction and the ElmTree Transaction.

(3)Foreign exchange reflects the impact of translating non-US dollar denominated AUM into United States ("US") dollars for reporting purposes.

(4)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(5)Amounts include commodity ETFs and ETPs.

49

The following table presents the component changes in AUM by investment style and product type for the three months ended September 30, 2025.

	June 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2025				(outflows)				Realizations(1)				Acquisitions(2)				change				impact(3)				2025				AUM(4)
Active:
Equity	$	504,554			$	(20,463	)		$	—			$	—			$	34,462			$	(1,377	)		$	517,176			$	504,575
Fixed income		1,183,948				(2,184	)			(1,265	)			13,567				20,430				(725	)			1,213,771				1,199,173
Multi-asset		1,061,457				32,946				—				—				54,468				(3,533	)			1,145,338				1,104,113
Private markets		215,244				13,163				(5,996	)			101,017				(2,364	)			(178	)			320,886				291,901
Liquid alternatives		86,670				3,178				(30	)			6,377				1,237				16				97,448				93,382
Active subtotal		3,051,873				26,640				(7,291	)			120,961				108,233				(5,797	)			3,294,619				3,193,144
ETFs:
Equity		3,455,117				79,429				—				—				255,812				(1,927	)			3,788,431				3,593,742
Fixed income		1,101,224				46,018				—				—				10,926				(586	)			1,157,582				1,122,763
Multi-asset		11,926				599				—				—				673				(87	)			13,111				12,432
Digital assets		79,551				16,691				—				—				7,728				(5	)			103,965				94,980
Commodities		100,950				10,219				—				—				19,096				(40	)			130,225				111,087
ETFs subtotal		4,748,768				152,956				—				—				294,235				(2,645	)			5,193,314				4,935,004
Non-ETF index		3,757,248				(9,050	)			—				—				238,092				(15,327	)			3,970,963				3,848,025
Long-term		11,557,889				170,546				(7,291	)			120,961				640,560				(23,769	)			12,458,896				11,976,173
Cash management		969,701				34,096				—				—				2,266				(1,334	)			1,004,729				984,600
Total	$	12,527,590			$	204,642			$	(7,291	)		$	120,961			$	642,826			$	(25,103	)		$	13,463,625			$	12,960,773

The following table presents the component changes in AUM by private markets product type for the three months ended September 30, 2025.

	June 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2025				(outflows)				Realizations(1)				Acquisitions(2)				change				impact(3)				2025				AUM(4)
Private markets:
Infrastructure	$	112,323			$	2,884			$	(2,337	)		$	—			$	(2,718	)		$	(51	)		$	110,101			$	111,319
Private equity		33,743				583				(610	)			—				313				4				34,033				33,889
Private credit		35,985				7,851				(2,588	)			101,017				(276	)			(15	)			141,974				112,505
Real estate		25,276				341				(275	)			—				272				(89	)			25,525				25,326
Multi-alternatives		7,917				1,504				(186	)			—				45				(27	)			9,253				8,862
Total private markets	$	215,244			$	13,163			$	(5,996	)		$	101,017			$	(2,364	)		$	(178	)		$	320,886			$	291,901

(1)Realizations represent return of capital/return on investments.

(2)Amounts include AUM attributable to the HPS Transaction and the ElmTree Transaction.

(3)Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(4)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

50

AUM increased $936 billion to $13.5 trillion at September 30, 2025 from $12.5 trillion at June 30, 2025, driven by market appreciation, net inflows and AUM added from the HPS and ElmTree Transactions, partially offset by the negative impact of foreign exchange movements.

Long-term net inflows of $171 billion were comprised of net inflows of $153 billion, $10 billion and $8 billion from ETFs, retail and institutional clients, respectively. Net flows in long-term products are described below.

•ETFs net inflows of $153 billion were led by equity and fixed income ETFs net inflows of $79 billion and $46 billion, respectively. Active ETFs contributed $21 billion of net inflows and digital asset ETPs generated $17 billion of net inflows.

•Retail net inflows of $10 billion reflected client demand for BlackRock's active fixed income strategies, systematic liquid alternatives funds and Aperio.

•Institutional active net inflows of $22 billion were driven by multi-asset net inflows, which included the impact of a large outsourcing mandate, and private markets net inflows, partially offset by equity and fixed income net outflows, including a single-client transfer to institutional index equity. Private markets net inflows were led by infrastructure and credit.

•Institutional index net outflows of $14 billion were concentrated in low fee equity offerings, and included the previously mentioned transfer above.

Cash management net inflows of $34 billion were primarily due to net inflows into US government, international and prime money market funds.

Net market appreciation of $643 billion was primarily driven by US and global equity market appreciation.

AUM decreased $25 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the British pound and the Japanese yen.

51

Component Changes in AUM for the Nine Months Ended September 30, 2025

The following table presents the component changes in AUM by product type for the nine months ended September 30, 2025(1).

	December 31,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Equity	$	6,310,191			$	94,072			$	—			$	—			$	944,792			$	110,020			$	7,459,075			$	6,688,463
Fixed income		2,905,669				80,628				(2,526	)			13,567				104,153				77,474				3,178,965				3,035,408
Multi-asset		992,921				35,401				—				—				108,659				24,976				1,161,957				1,056,211
Alternatives:
Private markets		211,974				27,126				(19,472	)			101,017				(4,844	)			5,085				320,886				243,925
Liquid alternatives		76,390				8,281				(58	)			6,377				5,604				854				97,448				85,226
Alternatives subtotal		288,364				35,407				(19,530	)			107,394				760				5,939				418,334				329,151
Digital assets		55,306				34,185				—				—				14,473				1				103,965				73,321
Currency and    commodities(6)		78,137				19,996				—				—				38,055				412				136,600				101,863
Long-term		10,630,588				299,689				(22,056	)			120,961				1,210,892				218,822				12,458,896				11,284,417
Cash management		920,663				56,861				—				—				7,808				19,397				1,004,729				954,223
Total	$	11,551,251			$	356,550			$	(22,056	)		$	120,961			$	1,218,700			$	238,219			$	13,463,625			$	12,238,640

The following table presents the component changes in AUM by client type and product type for the nine months ended September 30, 2025(1).

	December 31,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Retail:
Equity	$	505,118			$	10,236			$	—			$	—			$	70,090			$	11,818			$	597,262			$	539,347
Fixed income		318,641				6,947				—				—				10,572				8,491				344,651				329,805
Multi-asset		150,978				(1,381	)			—				—				18,105				1,181				168,883				158,518
Private markets		15,749				2,615				(818	)			11,674				(13	)			563				29,770				20,194
Liquid alternatives		24,735				6,382				(3	)			—				1,646				242				33,002				28,655
Retail subtotal		1,015,221				24,799				(821	)			11,674				100,400				22,295				1,173,568				1,076,519
ETFs:
Equity		3,106,398				166,494				—				—				485,902				29,637				3,788,431				3,341,638
Fixed income		985,652				123,408				—				—				33,357				15,165				1,157,582				1,067,883
Multi-asset		10,734				908				—				—				1,335				134				13,111				11,455
Digital assets		55,306				34,185				—				—				14,473				1				103,965				73,321
Commodities		72,285				20,233				—				—				37,486				221				130,225				95,876
ETFs subtotal		4,230,375				345,228				—				—				572,553				45,158				5,193,314				4,590,173
Institutional:
Active:
Equity		218,848				(16,317	)			—				—				32,428				7,043				242,002				229,587
Fixed income		840,328				(8,546	)			(2,526	)			13,567				43,400				15,353				901,576				869,568
Multi-asset		828,039				35,818				—				—				88,995				23,622				976,474				882,968
Private markets		196,225				24,511				(18,654	)			89,343				(4,831	)			4,522				291,116				223,731
Liquid alternatives		51,655				1,899				(55	)			6,377				3,958				612				64,446				56,571
Active subtotal		2,135,095				37,365				(21,235	)			109,287				163,950				51,152				2,475,614				2,262,425
Index		3,249,897				(107,703	)			—				—				373,989				100,217				3,616,400				3,355,300
Institutional subtotal		5,384,992				(70,338	)			(21,235	)			109,287				537,939				151,369				6,092,014				5,617,725
Long-term		10,630,588				299,689				(22,056	)			120,961				1,210,892				218,822				12,458,896				11,284,417
Cash management		920,663				56,861				—				—				7,808				19,397				1,004,729				954,223
Total	$	11,551,251			$	356,550			$	(22,056	)		$	120,961			$	1,218,700			$	238,219			$	13,463,625			$	12,238,640

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)Realizations represent return of capital/return on investments.

(3)Amounts include AUM attributable to the HPS Transaction and the ElmTree Transaction.

(4)Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing ten months.

(6)Amounts include commodity ETFs and ETPs.

52

The following table presents the component changes in AUM by investment style and product type for the nine months ended September 30, 2025(1).

	December 31,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Active:
Equity	$	467,163			$	(25,421	)		$	—			$	—			$	62,859			$	12,575			$	517,176			$	485,644
Fixed income		1,133,874				(6,060	)			(2,526	)			13,567				53,070				21,846				1,213,771				1,170,209
Multi-asset		979,001				34,436				—				—				107,100				24,801				1,145,338				1,041,470
Private markets		211,974				27,126				(19,472	)			101,017				(4,844	)			5,085				320,886				243,925
Liquid alternatives		76,390				8,281				(58	)			6,377				5,604				854				97,448				85,226
Active subtotal		2,868,402				38,362				(22,056	)			120,961				223,789				65,161				3,294,619				3,026,474
ETFs:
Equity		3,106,398				166,494				—				—				485,902				29,637				3,788,431				3,341,638
Fixed income		985,652				123,408				—				—				33,357				15,165				1,157,582				1,067,883
Multi-asset		10,734				908				—				—				1,335				134				13,111				11,455
Digital assets		55,306				34,185				—				—				14,473				1				103,965				73,321
Commodities		72,285				20,233				—				—				37,486				221				130,225				95,876
ETFs subtotal		4,230,375				345,228				—				—				572,553				45,158				5,193,314				4,590,173
Non-ETF index		3,531,811				(83,901	)			—				—				414,550				108,503				3,970,963				3,667,770
Long-term		10,630,588				299,689				(22,056	)			120,961				1,210,892				218,822				12,458,896				11,284,417
Cash management		920,663				56,861				—				—				7,808				19,397				1,004,729				954,223
Total	$	11,551,251			$	356,550			$	(22,056	)		$	120,961			$	1,218,700			$	238,219			$	13,463,625			$	12,238,640

The following table presents the component changes in AUM by private markets product type for the nine months ended September 30, 2025.

	December 31,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Private markets:
Infrastructure	$	109,606			$	10,771			$	(8,978	)		$	-			$	(3,145	)		$	1,847			$	110,101			$	109,550
Private equity		36,327				2,552				(4,967	)			-				(204	)			325				34,033				35,499
Private credit		32,425				11,433				(4,145	)			101,017				(440	)			1,684				141,974				65,074
Real estate		26,147				312				(926	)			-				(1,069	)			1,061				25,525				25,690
Multi-alternatives		7,469				2,058				(456	)			-				14				168				9,253				8,112
Total private markets	$	211,974			$	27,126			$	(19,472	)		$	101,017			$	(4,844	)		$	5,085			$	320,886			$	243,925

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)Realizations represent return of capital/return on investments.

(3)Amounts include AUM attributable to the HPS Transaction and the ElmTree Transaction.

(4)Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing ten months.

53

AUM increased $1.9 trillion to $13.5 trillion at September 30, 2025 from $11.6 trillion at December 31, 2024, driven by market appreciation, net inflows, the positive impact of foreign exchange movements and AUM added from the HPS and ElmTree Transactions.

Long-term net inflows of $300 billion were comprised of net inflows of $345 billion and $25 billion from ETFs and retail clients, respectively, partially offset by net outflows of $70 billion from institutional clients. Net flows in long-term products are described below.

•ETFs net inflows of $345 billion were led by equity and fixed income ETFs net inflows of $166 billion and $123 billion, respectively. Active ETFs contributed $41 billion of net inflows and digital asset ETPs generated $34 billion of net inflows.

•Retail net inflows of $25 billion were driven by net inflows into equity products, reflecting demand for Aperio, systematic liquid alternatives funds and fixed income strategies.

•Institutional active net inflows of $37 billion were driven by multi-asset and private markets, partially offset by net outflows from equity and fixed income, including a single-client transfer to institutional index equity. Multi-asset net inflows included the impact of several large outsourcing mandates and continued growth of the Company's LifePath® target-date strategies. Private markets net inflows were led by infrastructure and credit.

•Institutional index net outflows of $108 billion were concentrated in low-fee index equity and fixed income offerings and included the impact of a single client's $52 billion partial redemption in the second quarter.

Cash management net inflows of $57 billion were led by net inflows into US government, international and prime money market funds.

Net market appreciation of $1.2 trillion was primarily driven by US and global equity market appreciation.

AUM increased $238 billion due to the impact of foreign exchange movements, primarily due to the weakening of the US dollar, largely against the euro, the British pound and the Japanese yen.

54

Component Changes in AUM for the Twelve Months Ended September 30, 2025

The following table presents the component changes in AUM by product type for the twelve months ended September 30, 2025(1).

	September 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)(2)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Equity	$	6,280,999			$	220,638			$	—			$	—			$	943,333			$	14,105			$	7,459,075			$	6,604,454
Fixed income		3,023,694				104,412				(2,526	)			13,567				31,728				8,090				3,178,965				3,021,938
Multi-asset		1,001,515				59,707				—				—				98,455				2,280				1,161,957				1,044,197
Alternatives:
Private markets		141,409				31,856				(19,472	)			170,892				(5,590	)			1,791				320,886				230,865
Liquid alternatives		75,990				9,446				(58	)			6,377				5,844				(151	)			97,448				83,133
Alternatives subtotal		217,399				41,302				(19,530	)			177,269				254				1,640				418,334				313,998
Digital assets		24,238				52,317				—				—				27,408				2				103,965				64,622
Currency and    commodities(6)		78,130				21,981				—				—				36,415				74				136,600				96,947
Long-term		10,625,975				500,357				(22,056	)			190,836				1,137,593				26,191				12,458,896				11,146,156
Cash management		849,387				137,610				—				—				10,329				7,403				1,004,729				935,144
Total	$	11,475,362			$	637,967			$	(22,056	)		$	190,836			$	1,147,922			$	33,594			$	13,463,625			$	12,081,300

The following table presents the component changes in AUM by client type and product type for the twelve months ended September 30, 2025(1).

	September 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)(2)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Retail:
Equity	$	521,270			$	10,107			$	—			$	—			$	62,880			$	3,005			$	597,262			$	534,448
Fixed income		324,245				11,100				—				—				5,750				3,556				344,651				328,200
Multi-asset		154,078				(1,804	)			—				—				16,196				413				168,883				157,141
Private markets		16,216				2,787				(818	)			11,674				(293	)			204				29,770				19,234
Liquid alternatives		24,738				7,263				(3	)			—				959				45				33,002				27,724
Retail subtotal		1,040,547				29,453				(821	)			11,674				85,492				7,223				1,173,568				1,066,747
ETFs:
Equity		3,061,840				277,095				—				—				442,288				7,208				3,788,431				3,282,511
Fixed income		1,019,176				135,243				—				—				(1,599	)			4,762				1,157,582				1,054,908
Multi-asset		10,036				1,978				—				—				1,181				(84	)			13,111				11,149
Digital assets		24,238				52,317				—				—				27,408				2				103,965				64,622
Commodities		73,045				21,237				—				—				35,882				61				130,225				91,103
ETFs subtotal		4,188,335				487,870				—				—				505,160				11,949				5,193,314				4,504,293
Institutional:
Active:
Equity		225,361				(18,366	)			—				—				34,860				147				242,002				228,092
Fixed income		873,385				(10,054	)			(2,526	)			13,567				25,142				2,062				901,576				866,384
Multi-asset		833,975				59,662				—				—				80,854				1,983				976,474				872,612
Private markets		125,193				29,069				(18,654	)			159,218				(5,297	)			1,587				291,116				211,631
Liquid alternatives		51,252				2,183				(55	)			6,377				4,885				(196	)			64,446				55,409
Active subtotal		2,109,166				62,494				(21,235	)			179,162				140,444				5,583				2,475,614				2,234,128
Index		3,287,927				(79,460	)			—				—				406,497				1,436				3,616,400				3,340,988
Institutional subtotal		5,397,093				(16,966	)			(21,235	)			179,162				546,941				7,019				6,092,014				5,575,116
Long-term		10,625,975				500,357				(22,056	)			190,836				1,137,593				26,191				12,458,896				11,146,156
Cash management		849,387				137,610				—				—				10,329				7,403				1,004,729				935,144
Total	$	11,475,362			$	637,967			$	(22,056	)		$	190,836			$	1,147,922			$	33,594			$	13,463,625			$	12,081,300

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)Beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations in 2024 have not been recast.

(3)Amounts include AUM attributable to the HPS Transaction, the ElmTree Transaction and the GIP Transaction.

(4)Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

(6)Amounts include commodity ETFs and ETPs.

55

The following table presents the component changes in AUM by investment style and product type for the twelve months ended September 30, 2025(1).

	September 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)(2)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Active:
Equity	$	492,193			$	(33,478	)		$	—			$	—			$	56,661			$	1,800			$	517,176			$	485,407
Fixed income		1,171,739				(4,481	)			(2,526	)			13,567				30,448				5,024				1,213,771				1,166,258
Multi-asset		988,035				57,856				—				—				97,050				2,397				1,145,338				1,029,737
Private markets		141,409				31,856				(19,472	)			170,892				(5,590	)			1,791				320,886				230,865
Liquid alternatives		75,990				9,446				(58	)			6,377				5,844				(151	)			97,448				83,133
Active subtotal		2,869,366				61,199				(22,056	)			190,836				184,413				10,861				3,294,619				2,995,400
ETFs:
Equity		3,061,840				277,095				—				—				442,288				7,208				3,788,431				3,282,511
Fixed income		1,019,176				135,243				—				—				(1,599	)			4,762				1,157,582				1,054,908
Multi-asset		10,036				1,978				—				—				1,181				(84	)			13,111				11,149
Digital assets		24,238				52,317				—				—				27,408				2				103,965				64,622
Commodities		73,045				21,237				—				—				35,882				61				130,225				91,103
ETFs subtotal		4,188,335				487,870				—				—				505,160				11,949				5,193,314				4,504,293
Non-ETF index		3,568,274				(48,712	)			—				—				448,020				3,381				3,970,963				3,646,463
Long-term		10,625,975				500,357				(22,056	)			190,836				1,137,593				26,191				12,458,896				11,146,156
Cash management		849,387				137,610				—				—				10,329				7,403				1,004,729				935,144
Total	$	11,475,362			$	637,967			$	(22,056	)		$	190,836			$	1,147,922			$	33,594			$	13,463,625			$	12,081,300

The following table presents the component changes in AUM by private markets product type for the twelve months ended September 30, 2025.

	September 30,				Net inflows												Market				FX				September 30,				Average
(in millions)	2024				(outflows)(2)				Realizations(2)				Acquisitions(3)				change				impact(4)				2025				AUM(5)
Private markets:
Infrastructure	$	38,871			$	13,359			$	(8,978	)		$	69,875			$	(3,676	)		$	650			$	110,101			$	103,931
Private equity		35,807				3,207				(4,967	)			—				(161	)			147				34,033				35,586
Private credit		32,222				12,615				(4,145	)			101,017				(487	)			752				141,974				57,499
Real estate		27,033				498				(926	)			—				(1,296	)			216				25,525				25,897
Multi-alternatives		7,476				2,177				(456	)			—				30				26				9,253				7,952
Total private markets	$	141,409			$	31,856			$	(19,472	)		$	170,892			$	(5,590	)		$	1,791			$	320,886			$	230,865

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)Beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations in 2024 have not been recast.

(3)Amounts include AUM attributable to the HPS Transaction, the ElmTree Transaction and the GIP Transaction.

(4)Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

56

AUM increased $2.0 trillion to $13.5 trillion at September 30, 2025 from $11.5 trillion at September 30, 2024, driven by net market appreciation, net inflows, AUM added from the GIP, HPS and ElmTree Transactions and the positive impact of foreign exchange movements.

Long-term net inflows of $500 billion were comprised of net inflows of $488 billion and $29 billion from ETFs, and retail clients, respectively, partially offset by net outflows of $17 billion from institutional clients. Net flows in long-term products are described below.

•ETFs net inflows of $488 billion were led by equity and fixed income ETFs, which saw $277 billion and $135 billion of net inflows, respectively. Digital assets ETPs generated $52 billion of net inflows and Active ETFs contributed $45 billion of net inflows.

•Retail net inflows of $29 billion were led by net inflows into fixed income strategies, equity products, reflecting demand for Aperio, and systematic liquid alternatives funds.

•Institutional active net inflows of $62 billion were led by multi-asset and private markets net inflows, partially offset by net outflows from equity and fixed income, including a single-client transfer to institutional index equity. Multi-asset net inflows included the impact of several large outsourcing mandates and continued growth of the Company's LifePath target-date strategies. Private markets net inflows were led by infrastructure and credit.

•Institutional index net outflows of $79 billion were concentrated in low-fee index equity and fixed income offerings and included the impact of a single client's $52 billion partial redemption in the second quarter of 2025.

Cash management net inflows of $138 billion were primarily due to net inflows into US government, international and prime money market funds.

Net market appreciation of $1.1 trillion was primarily driven by US and global equity market appreciation.

AUM increased $34 billion due to the impact of foreign exchange movements, primarily resulting from the weakening of the US dollar, largely against the euro, partially offset by the strengthening of the US dollar, primarily against the Japanese yen.

57

DISCUSSION OF FINANCIAL RESULTS

The Company’s results of operations for the three and nine months ended September 30, 2025 and 2024 are discussed below. For a further description of the Company’s revenue and expense, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 25, 2025 ("2024 Form 10-K").

Revenue

The table below presents detail of revenue for the three and nine months ended September 30, 2025 and 2024 and includes the product type mix of base fees and securities lending revenue and performance fees.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Revenue
Investment advisory, administration fees and    securities lending revenue(1):
Equity:
Active	$	557			$	553			$	1,582			$	1,608
ETFs		1,597				1,309				4,347				3,749
Equity subtotal		2,154				1,862				5,929				5,357
Fixed income:
Active		513				493				1,492				1,458
ETFs		393				354				1,111				1,007
Fixed income subtotal		906				847				2,603				2,465
Active multi-asset		344				318				969				929
Alternatives:
Private markets		653				235				1,687				716
Liquid alternatives		178				143				485				422
Alternatives subtotal		831				378				2,172				1,138
Non-ETF index		353				298				973				871
Digital assets, commodities and multi-asset ETFs(2)		140				63				340				167
Long-term		4,728				3,766				12,986				10,927
Cash management		318				264				915				756
Total investment advisory, administration fees    and securities lending revenue(3)		5,046				4,030				13,901				11,683
Investment advisory performance fees:
Equity		14				13				36				49
Fixed income		—				3				14				12
Multi-asset		2				1				12				14
Alternatives:
Private markets		298				7				361				200
Liquid alternatives		202				364				247				481
Alternatives subtotal		500				371				608				681
Total investment advisory performance fees		516				388				670				756
Technology services and subscription revenue		515				403				1,450				1,175
Distribution fees		355				323				996				951
Advisory and other revenue:
Advisory		12				11				39				35
Other		65				42				152				130
Total advisory and other revenue		77				53				191				165
Total revenue	$	6,509			$	5,197			$	17,208			$	14,730

(1)Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

(2)Amounts include commodity ETFs and ETPs.

(3)Amounts include securities lending revenue of $203 million and $149 million for the three months ended September 30, 2025 and 2024, respectively, and $531 million and $454 million for the nine months ended September 30, 2025 and 2024, respectively.

58

The table below lists a percentage breakdown of base fees and securities lending revenue and average AUM by product type:

	Three Months Ended September 30,																	Nine Months Ended September 30,
	Percentage of Base Fees and Securities Lending Revenue(1)									Percentage of Average AUM by Product Type(1)(2)								Percentage of Base Fees and Securities Lending Revenue(1)									Percentage of Average AUM by Product Type(1)(3)
	2025				2024					2025				2024				2025				2024					2025				2024
Equity:
Active		10	%			14	%				4	%			4	%			11	%			14	%				4	%			4	%
ETFs		31	%			32	%				27	%			27	%			32	%			32	%				27	%			26	%
Equity subtotal		41	%			46	%				31	%			31	%			43	%			46	%				31	%			30	%
Fixed income:
Active		10	%			12	%				9	%			10	%			11	%			12	%				9	%			11	%
ETFs		8	%			9	%				9	%			9	%			8	%			9	%				9	%			9	%
Fixed income subtotal		18	%			21	%				18	%			19	%			19	%			21	%				18	%			20	%
Active multi-asset		7	%			8	%				9	%			9	%			7	%			8	%				9	%			9	%
Alternatives:
Private markets		13	%			6	%				2	%			1	%			12	%			6	%				2	%			1	%
Liquid alternatives		4	%			3	%				1	%			1	%			3	%			4	%				1	%			1	%
Alternatives subtotal		17	%			9	%				3	%			2	%			15	%			10	%				3	%			2	%
Non-ETF index		8	%			7	%				30	%			31	%			7	%			7	%				30	%			31	%
Digital assets, commodities    and multi-asset ETFs(4)		3	%			2	%				1	%			1	%			2	%			1	%				1	%			1	%
Long-term		94	%			93	%				92	%			93	%			93	%			93	%				92	%			93	%
Cash management		6	%			7	%				8	%			7	%			7	%			7	%				8	%			7	%
Total AUM		100	%			100	%				100	%			100	%			100	%			100	%				100	%			100	%

(1)Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

(2)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(3)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing ten months.

(4)Amounts include commodity ETFs and ETPs.

Three Months Ended September 30, 2025 Compared with Three Months Ended September 30, 2024

Revenue increased $1.3 billion, or 25%, from the three months ended September 30, 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM, fees related to the GIP and HPS Transactions, and higher technology services and subscription revenue, including the impact of the Preqin Transaction.

Investment advisory, administration fees (collectively "base fees") and securities lending revenue of $5.0 billion increased $1.0 billion from $4.0 billion for the three months ended September 30, 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM, and approximately $215 million and $225 million of fees related to the GIP and HPS Transactions, respectively. Securities lending revenue of $203 million increased from $149 million for the three months ended September 30, 2024, primarily reflecting higher spreads and average balances of securities on loan.

Investment advisory performance fees of $516 million increased $128 million from $388 million for the three months ended September 30, 2024, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction, partially offset by lower revenue from liquid alternative products, largely related to the strong performance from a single hedge fund in the third quarter 2024 with an annual performance measurement period that ends in the third quarter.

Technology services and subscription revenue of $515 million increased $112 million from $403 million for the three months ended September 30, 2024, reflecting the sustained demand for Aladdin technology offerings and approximately $65 million of revenue related to the Preqin Transaction.

59

Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024

Revenue increased $2.5 billion, or 17%, from the nine months ended September 30, 2024, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, fees related to the GIP and HPS Transactions and higher technology services and subscription revenue, including the impact of the Preqin Transaction, partially offset by lower performance fees.

Investment advisory, administration fees and securities lending revenue of $13.9 billion increased $2.2 billion from $11.7 billion for the nine months ended September 30, 2024, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM and approximately $740 million and $225 million of fees related to the GIP and HPS Transactions, respectively. Securities lending revenue of $531 million increased from $454 million for the nine months ended September 30, 2024, primarily reflecting higher average balances of securities on loan.

Investment advisory performance fees of $670 million decreased $86 million from $756 million for the nine months ended September 30, 2024, primarily reflecting lower revenue from liquid alternative products, largely related to the strong performance from a single hedge fund in the third quarter 2024 with an annual performance measurement period that ends in the third quarter, partially offset by higher revenue from private markets, including the impact of the HPS Transaction.

Technology services and subscription revenue of $1.5 billion increased $275 million from $1.2 billion for the nine months ended September 30, 2024, reflecting the sustained demand for Aladdin technology offerings and approximately $145 million of revenue related to the Preqin Transaction.

Expense

The following table presents expense for the three and nine months ended September 30, 2025 and 2024.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Expense
Employee compensation and benefits	$	2,357			$	1,578			$	5,862			$	4,661
Sales, asset and account expense:
Distribution and servicing costs		638				549				1,784				1,606
Direct fund expense		464				379				1,297				1,075
Sub-advisory and other		60				34				153				98
Total sales, asset and account expense		1,162				962				3,234				2,779
General and administration expense:
Marketing and promotional		82				64				272				222
Occupancy and office related		137				105				371				308
Portfolio services		69				65				195				194
Technology		213				175				600				492
Professional services		104				67				228				189
Communications		12				10				33				29
Foreign exchange remeasurement		(3	)			3				(7	)			7
Contingent consideration fair value adjustments		93				(2	)			265				(8	)
Other general and administration		75				75				225				192
Total general and administration expense		782				562				2,182				1,625
Restructuring charge		—				—				39				—
Amortization and impairment of intangible assets		253				89				507				166
Total expense	$	4,554			$	3,191			$	11,824			$	9,231

60

Three Months Ended September 30, 2025 Compared with Three Months Ended September 30, 2024

Expense increased $1.4 billion, or 43%, from the three months ended September 30, 2024, reflecting higher employee compensation and benefits expense, general and administration expense, sales, asset and account expense and amortization of intangible assets. Expense for the three months ended September 30, 2025 was impacted by the previously described acquisition-related expenses incurred in connection with the GIP, HPS and Preqin Transactions(1). Expense for the three months ended September 30, 2024 also included the previously described noncash impairment charge of $50 million.

Employee compensation and benefits expense of $2.4 billion increased $779 million from $1.6 billion for the three months ended September 30, 2024, primarily reflecting the impact of the GIP and HPS Transactions, including nonrecurring retention-related deferred compensation expense(1) and the impact of higher performance fees.

Sales, asset and account expense of $1.2 billion increased $200 million from $962 million for the three months ended September 30, 2024, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

General and administration expense of $782 million increased $220 million from $562 million for the three months ended September 30, 2024, primarily associated with the impact of the GIP and HPS Transactions, including higher noncash contingent consideration fair value adjustments(1) and higher acquisition-related transaction costs(1) recorded in professional services, as well as higher technology expense, and occupancy and office related expense.

Amortization and impairment of intangible assets(1) of $253 million increased $164 million from $89 million for the three months ended September 30, 2024, primarily reflecting amortization of intangible assets acquired in the HPS, GIP and Preqin Transactions, partially offset by a $50 million previously described noncash impairment charge recorded for the three months ended September 30, 2024.

Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024

Expense increased $2.6 billion, or 28%, from the nine months ended September 30, 2024, reflecting higher employee compensation and benefits expense, general and administration expense, sales, asset and account expense and amortization of intangible assets. Expense for the nine months ended September 30, 2025 was impacted by the previously described acquisition-related expenses incurred in connection with the GIP, Preqin and HPS Transactions(1) and a restructuring charge(1) of $39 million. Expense for the nine months ended September 30, 2024 also included the previously mentioned noncash impairment charge of $50 million.

Employee compensation and benefits expense of $5.9 billion increased $1.2 billion from $4.7 billion for the nine months ended September 30, 2024, primarily reflecting the impact of the GIP, HPS and Preqin Transactions, including nonrecurring retention-related deferred compensation expense(1), partially offset by the impact of lower performance fees.

Sales, asset and account expense of $3.2 billion increased $455 million from $2.8 billion for the nine months ended September 30, 2024, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.

General and administration expense of $2.2 billion increased $557 million from $1.6 billion for the nine months ended September 30, 2024, primarily associated with the impact of the GIP, HPS and Preqin Transactions, including higher noncash contingent consideration fair value adjustments(1) and higher acquisition-related transaction costs(1) recorded in professional services, as well as higher technology expense, higher occupancy and office related expense and marketing and promotional expense, including the impact from higher travel and entertainment expense.

Amortization and impairment of intangible assets(1) of $507 million increased $341 million from $166 million for the nine months ended September 30, 2024, primarily reflecting amortization of intangible assets acquired in the GIP, HPS and Preqin Transactions, partially offset by a $50 million previously described noncash impairment charge recorded for the nine months ended September 30, 2024.

(1)These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustment for acquisition-related costs and a restructuring charge, as applicable. See Non-GAAP Financial Measures for further information on as adjusted items.

61

Nonoperating Results

The summary of nonoperating income (expense), less net income (loss) attributable to NCI - CIPs for the three and nine months ended September 30, 2025 and 2024 was as follows:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Nonoperating income (expense), GAAP basis	$	42			$	259			$	628			$	693
Less: Net income (loss) attributable to NCI - CIPs		134				60				211				152
Nonoperating income (expense), net of NCI - CIPs		(92	)			199				417				541
Less: Hedge gain (loss) on deferred cash    compensation plans(1)		14				9				44				47
Nonoperating income (expense), net of NCI - CIPs, as    adjusted(2)	$	(106	)		$	190			$	373			$	494

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in millions)	2025				2024				2025				2024
Net gain (loss) on investments, net of NCI - CIPs
Private equity	$	(14	)		$	9			$	59			$	32
Real assets		3				13				2				19
Other alternatives(3)		8				9				20				33
Other investments(4)		26				20				27				85
Hedge gain (loss) on deferred cash    compensation plans(1)		14				9				44				47
Subtotal		37				60				152				216
Other income/gain (expense/loss)(5)		(107	)			57				309				142
Total net gain (loss) on investments, net of NCI - CIPs		(70	)			117				461				358
Interest and dividend income		113				236				430				555
Interest expense		(135	)			(154	)			(474	)			(372	)
Net interest income (expense)		(22	)			82				(44	)			183
Nonoperating income (expense), net of NCI - CIPs		(92	)			199				417				541
Less: Hedge gain (loss) on deferred cash    compensation plans(1)		14				9				44				47
Nonoperating income (expense), net of NCI - CIPs, as    adjusted(2)	$	(106	)		$	190			$	373			$	494

(1)Amount relates to the gain (loss) from economically hedging BlackRock's deferred cash compensation plans.

(2)Management believes nonoperating income (expense), net of NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. See Non-GAAP Financial Measures for further information on other non-GAAP financial measures.

(3)Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.

(4)Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.

(5)Amounts for the three months ended September 30, 2025, include nonoperating noncash pre-tax loss in connection with the Company’s minority investment in Circle of approximately $115 million and nonoperating noncash pre-tax gain in connection with the Company’s minority investment in iCapital Network, Inc. (“iCapital”) of approximately $24 million. Amounts for the nine months ended September 30, 2025, include nonoperating noncash pre-tax gains in connection with the Company’s minority investments in Circle of approximately $215 million, iCapital of approximately $89 million and Scalable Capital Limited of approximately $32 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

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Income Tax Expense

	GAAP																As Adjusted(1)
	Three Months Ended								Nine Months Ended								Three Months Ended								Nine Months Ended
	September 30,								September 30,								September 30,								September 30,
(in millions)	2025				2024				2025				2024				2025				2024				2025				2024
Operating income	$	1,955			$	2,006			$	5,384			$	5,499			$	2,621			$	2,128			$	6,752			$	5,784
Total nonoperating    income (expense)(2)	$	(92	)		$	199			$	417			$	541			$	(106	)		$	190			$	373			$	494
Income before income    taxes(2)	$	1,863			$	2,205			$	5,801			$	6,040			$	2,515			$	2,318			$	7,125			$	6,278
Income tax expense	$	470			$	574			$	1,305			$	1,341			$	608			$	603			$	1,565			$	1,540
Effective tax rate		25.2	%			26.0	%			22.5	%			22.2	%			24.2	%			26.0	%			22.0	%			24.5	%

(1)As adjusted items are described in more detail in Non-GAAP Financial Measures.

(2)Net of net income (loss) attributable to NCI - CIPs.

2025. Income tax expense for the nine months ended September 30, 2025 includes a $149 million discrete tax benefit related to the realization of capital losses from changes in the Company's organizational structure and a $62 million discrete tax benefit related to stock-based compensation awards that vested in 2025.

On July 4, 2025, the One Big Beautiful Bill Act was enacted into law, which includes permanently extending key tax provisions from the Tax Cuts and Jobs Act and modifications to the international tax framework. The Company is evaluating the impact of these provisions on the Company's condensed consolidated financial statements.

2024. Income tax expense for the nine months ended September 30, 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the reorganization. In addition, for the nine months ended September 30, 2024 income tax expense included $13 million of discrete tax benefits, including a benefit related to stock-based compensation awards that vested in 2024.

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STATEMENT OF FINANCIAL CONDITION OVERVIEW

As Adjusted Statement of Financial Condition

The following table presents a reconciliation of the condensed consolidated statement of financial condition presented on a GAAP basis to the condensed consolidated statement of financial condition, excluding the impact of separate account assets and separate account collateral held under securities lending agreements (directly related to lending separate account securities) and separate account liabilities and separate account collateral liabilities under securities lending agreements and CIPs.

The Company presents the as adjusted statement of financial condition as additional information to enable investors to exclude certain assets that have equal and offsetting liabilities or NCI - CIPs that ultimately do not have an impact on stockholders’ equity or cash flows. Management views the as adjusted statement of financial condition, which contains non-GAAP financial measures, as an economic presentation of the Company’s total assets and liabilities; however, it does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Separate Account Assets and Liabilities and Separate Account Collateral Held under Securities Lending Agreements

Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company that is a registered life insurance company in the UK, and represent segregated assets held for purposes of funding individual and group pension contracts. The Company records equal and offsetting separate account liabilities. The separate account assets are not available to creditors of the Company and the holders of the pension contracts have no recourse to the Company’s assets. The net investment income attributable to separate account assets accrues directly to the contract owners and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these assets or liabilities, BlackRock earns an investment advisory fee for the service of managing these assets on behalf of its clients.

In addition, the Company records on its condensed consolidated statements of financial condition the separate account collateral obtained under BlackRock Life Limited securities lending arrangements for which it has legal title as its own asset in addition to an equal and offsetting separate account collateral liability for the obligation to return the collateral. The collateral is not available to creditors of the Company, and the borrowers under the securities lending arrangements have no recourse to the Company’s assets.

Consolidated Sponsored Investment Products

The Company consolidates certain sponsored investment products accounted for as variable interest entities (“VIEs”) and voting rights entities (“VREs”). See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2024 Form 10-K for more information on the Company’s consolidation policy.

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The Company cannot readily access cash and cash equivalents, or other assets held by CIPs to use in its operating activities. In addition, the Company cannot readily sell investments held by CIPs in order to obtain cash for use in the Company’s operations.

		September 30, 2025
(in millions)		GAAP Basis				Separate Account Assets/ Collateral(1)				CIPs(2)				As Adjusted
Assets
Cash and cash equivalents		$	9,979			$	—			$	205			$	9,774
Accounts receivable			4,796				—				—				4,796
Investments			13,669				—				3,204				10,465
Separate account assets and collateral held    under securities lending agreements			59,808				59,808				—				—
Operating lease right-of-use assets			1,909				—				—				1,909
Other assets(3)			9,003				—				230				8,773
Subtotal			99,164				59,808				3,639				35,717
Goodwill and intangible assets, net			63,518				—				—				63,518
Total assets		$	162,682			$	59,808			$	3,639			$	99,235
Liabilities
Accrued compensation and benefits		$	2,785			$	—			$	—			$	2,785
Accounts payable and accrued liabilities			1,646				—				—				1,646
Borrowings			12,766				—				—				12,766
Separate account liabilities and collateral    liabilities under securities lending agreements			59,808				59,808				—				—
Contingent consideration liabilities			7,978				—				—				7,978
Deferred income tax liabilities(4)			4,997				—				—				4,997
Operating lease liabilities			2,277				—				—				2,277
Other liabilities			8,570				—				308				8,262
Total liabilities			100,827				59,808				308				40,711
Equity
Total BlackRock, Inc. stockholders’ equity			55,519				—				—				55,519
Noncontrolling interests			6,336				—				3,331				3,005
Total equity			61,855				—				3,331				58,524
Total liabilities and equity		$	162,682			$	59,808			$	3,639			$	99,235

(1)Amounts represent segregated client assets and related liabilities, in which BlackRock has no economic interest. BlackRock earns an investment advisory fee for the service of managing these assets on behalf of its clients.

(2)Amounts represent the impact of consolidating CIPs.

(3)Amount includes property and equipment and other assets.

(4)Amount includes approximately $6.0 billion of deferred income tax liabilities related to goodwill and intangibles.

The following discussion summarizes the significant changes in assets and liabilities on a GAAP basis. Please see the condensed consolidated statements of financial condition as of September 30, 2025 and December 31, 2024 contained in Part I, Item 1 of this filing. The discussion does not include changes related to assets and liabilities that are equal and offsetting and have no impact on BlackRock’s stockholders’ equity.

Assets. Cash and cash equivalents at September 30, 2025 included $205 million of cash held by CIPs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during the nine months ended September 30, 2025). Accounts receivable at September 30, 2025 increased $492 million from December 31, 2024, primarily due to higher base fee and technology services receivables. Investments at September 30, 2025 increased $3.9 billion from December 31, 2024 (for more information see Investments herein). Goodwill and intangible assets at September 30, 2025 increased $16.8 billion from December 31, 2024, primarily due to the Preqin, HPS and ElmTree Transactions, partially offset by amortization of intangible assets. Operating lease right-of-use ("ROU") assets at September 30, 2025 increased $390 million from December 31, 2024 (substantially offset by an increase in operating lease liabilities), primarily related to the HPS Transaction. Other assets at September 30, 2025 increased $4.3 billion from December 31, 2024, primarily related to an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within other liabilities) and an increase in certain minority investments.

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Liabilities. Accrued compensation and benefits at September 30, 2025 decreased $179 million from December 31, 2024, primarily due to 2024 incentive compensation cash payments in the first quarter of 2025, partially offset by 2025 incentive compensation accruals. Contingent consideration liabilities at September 30, 2025 increased $3.7 billion from December 31, 2024, primarily due to the contingent consideration liabilities in connection with the HPS Transaction and a contingent consideration fair value adjustment in connection with the GIP Transaction, largely related to changes in discount rate and passage of time. Operating lease liabilities at September 30, 2025 increased $369 million from December 31, 2024 (substantially offset by an increase in ROU assets), primarily related to the HPS Transaction. Other liabilities at September 30, 2025 increased $4.5 billion from December 31, 2024, primarily due to higher unit trust payables (substantially offset by an increase in unit trust receivables recorded within other assets) and an increase in the deferred carried interest liability, including the deferred carried interest acquired in connection with the HPS Transaction. Net deferred income tax liabilities at September 30, 2025 increased $1.7 billion from December 31, 2024, primarily due to the effects of temporary differences associated with the Preqin, HPS, and ElmTree Transactions, partially offset by the stock-based compensation and realization of capital losses from changes in the Company's organizational structure.

Investments

The Company’s investments were $13.7 billion and $9.8 billion at September 30, 2025 and December 31, 2024, respectively. Investments include CIPs accounted for as VIEs and VREs. Management reviews BlackRock’s investments on an “economic” basis, which eliminates the NCI - CIPS portion of investments that does not impact BlackRock’s book value or net income attributable to BlackRock. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

The Company presents investments, as adjusted, to enable investors to understand the economic portion of investments that is owned by the Company as a gauge to measure the impact of changes in net nonoperating income (expense) on investments to net income (loss) attributable to BlackRock.

The Company further presents net “economic” investment exposure, net of deferred cash compensation investments and hedged exposures, to reflect another helpful measure for investors. The economic impact of investments held pursuant to deferred cash compensation plans is substantially offset by a change in associated compensation expense, and the impact of the portfolio of seed investments is mitigated by futures entered into as part of the Company's macro hedging strategy. Carried interest capital allocations are excluded as there is no impact to BlackRock’s stockholders’ equity until such amounts are realized as performance fees. Finally, the Company’s regulatory investment in Federal Reserve Bank stock, which is not subject to market or interest rate risk, is excluded from the Company’s net economic investment exposure.

		September 30,				December 31,
(in millions)		2025				2024
Investments, GAAP		$	13,669			$	9,769
Investments held by CIPs			(9,283	)			(5,752	)
Net interest in CIPs(1)			6,079				3,877
Investments, as adjusted			10,465				7,894
Investments related to deferred cash compensation plans			(330	)			(185	)
Hedged exposures			(1,686	)			(1,757	)
Federal Reserve Bank stock			(94	)			(93	)
Carried interest			(3,490	)			(1,983	)
Total “economic” investment exposure(2)		$	4,865			$	3,876

(1)Amounts include $3.4 billion and $1.9 billion of carried interest (VIEs) at September 30, 2025 and December 31, 2024, respectively, which has no impact on the Company’s “economic” investment exposure.

(2)Amounts do not include investments in corporate minority investments included in other assets on the condensed consolidated statements of financial condition.

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The following table represents the carrying value of the Company’s economic investment exposure, by asset type, at September 30, 2025 and December 31, 2024:

		September 30,				December 31,
(in millions)		2025				2024
Equity/Fixed income/Multi-asset(1)		$	3,859			$	3,025
Alternatives:
Private equity			1,031				1,199
Real assets			686				629
Other alternatives(2)			975				780
Alternatives subtotal			2,692				2,608
Hedged exposures			(1,686	)			(1,757	)
Total “economic” investment exposure		$	4,865			$	3,876

(1)Amounts include seed investments in equity, fixed income, and multi-asset ETFs/mutual funds/strategies.

(2)Other alternatives primarily include co-investments in credit funds, direct hedge fund strategies, and hedge fund solutions.

As adjusted investment activity for the nine months ended September 30, 2025 was as follows:

(in millions)	Nine Months Ended September 30,
Investments, as adjusted, beginning balance	$	7,894
Acquisition(1)		1,972
Purchases/capital contributions		1,649
Sales/maturities		(1,082	)
Distributions(2)		(485	)
Market appreciation(depreciation)/earnings from equity method investments		302
Carried interest capital allocations/(distributions)		66
Other(3)		149
Investments, as adjusted, ending balance	$	10,465

(1)Amount represents investments acquired in connection with the HPS Transaction. See Note 3, Acquisitions, for further information.

(2)Amount includes distributions representing return of capital and return on investments.

(3)Amount includes the impact of foreign exchange movements.

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LIQUIDITY AND CAPITAL RESOURCES

BlackRock Cash Flows Excluding the Impact of CIPs

The condensed consolidated statements of cash flows include the cash flows of the CIPs. The Company uses an adjusted cash flow statement, which excludes the impact of CIPs, as a supplemental non-GAAP measure to assess liquidity and capital requirements. The Company believes that its cash flows, excluding the impact of the CIPs, provide investors with useful information on the cash flows of BlackRock relating to its ability to fund additional operating, investing and financing activities. BlackRock’s management does not advocate that investors consider such non-GAAP measures in isolation from, or as a substitute for, its cash flows presented in accordance with GAAP.

The following table presents a reconciliation of the condensed consolidated statements of cash flows presented on a GAAP basis to the condensed consolidated statements of cash flows, excluding the impact of the cash flows of CIPs:

(in millions)	GAAP Basis				Impact on Cash Flows of CIPs				Cash Flows Excluding Impact of CIPs
Cash, cash equivalents and restricted cash, December 31, 2024	$	12,779			$	169			$	12,610
Net cash provided by/(used in) operating activities		1,650				(3,037	)			4,687
Net cash provided by/(used in) investing activities		(4,206	)			117				(4,323	)
Net cash provided by/(used in) financing activities		(539	)			2,956				(3,495	)
Effect of exchange rate changes on cash, cash equivalents    and restricted cash		317				—				317
Net increase/(decrease) in cash, cash equivalents and restricted    cash		(2,778	)			36				(2,814	)
Cash, cash equivalents and restricted cash, September 30, 2025	$	10,001			$	205			$	9,796

Sources of BlackRock’s operating cash primarily include base fees and securities lending revenue, performance fees, technology services and subscription revenue, advisory and other revenue and distribution fees. BlackRock uses its cash to pay all operating expenses, interest and principal on borrowings, income taxes, dividends/Subco distributions and repurchases of shares and share equivalents, acquisitions, capital expenditures and purchases of co-investments and seed investments.

For details of the Company’s GAAP cash flows from operating, investing and financing activities, see the condensed consolidated statements of cash flows contained in Part I, Item 1 of this filing.

Cash flows provided by/(used in) operating activities, excluding the impact of CIPs, primarily include the receipt of base fees, securities lending revenue, performance fees and technology services and subscription revenue, offset by the payment of operating expenses incurred in the normal course of business, including year-end incentive and deferred cash compensation accrued during prior years, and income tax payments.

Cash flows used in investing activities, excluding the impact of CIPs, for the nine months ended September 30, 2025 were $4.3 billion, primarily reflecting $3.1 billion related to the Preqin Transaction, $369 million related to the HPS Transaction, $879 million of net purchases of investments and $245 million of purchases of property and equipment, partially offset by $297 million of distributions of capital from equity method investees.

Cash flows used in financing activities, excluding the impact of CIPs, for the nine months ended September 30, 2025 were $3.5 billion, primarily resulting from $2.5 billion of dividends/Subco distributions, $1.4 billion worth of share and share equivalents repurchases, including $312 million of employee tax withholdings related to employee stock transactions, and repayment of $796 million of long-term borrowings, partially offset by $1.1 billion of proceeds from long-term borrowings and $153 million from stock options exercised.

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The Company manages its financial condition and funding to maintain appropriate liquidity for the business. Management believes that the Company’s liquid assets, continuing cash flows from operations, borrowing capacity under the Company’s existing revolving credit facility and uncommitted commercial paper private placement program, provide sufficient resources to meet the Company’s short-term and long-term cash needs, including operating, debt and other obligations as they come due and anticipated future capital requirements. Liquidity resources at September 30, 2025 and December 31, 2024 were as follows:

	September 30,				December 31,
(in millions)	2025				2024
Cash and cash equivalents(1)	$	9,979			$	12,762
Cash and cash equivalents held by CIPs(2)		(205	)			(169	)
Subtotal(3)		9,774				12,593
Credit facility – undrawn		5,900				5,400
Total liquidity resources	$	15,674			$	17,993

(1)Amounts exclude restricted cash.

(2)The Company cannot readily access such cash and cash equivalents to use in its operating activities.

(3)The percentage of cash and cash equivalents held by the Company’s US subsidiaries was approximately 50% and 65% at September 30, 2025 and December 31, 2024, respectively. See Net Capital Requirements herein for more information on net capital requirements in certain regulated subsidiaries.

Total liquidity resources decreased $2.3 billion during the nine months ended September 30, 2025, primarily reflecting $3.1 billion related to the Preqin Transaction, dividends/distributions of $2.5 billion, share and share equivalent repurchases of $1.4 billion, $879 million of net purchases of investments, and $369 million related to the HPS Transaction, partially offset by a $500 million increase in the aggregate commitment amount under the credit facility, approximately $285 million of net proceeds from long-term borrowings, and cash flows from operating activities.

A significant portion of the Company’s $10.5 billion of investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.

Share Repurchases. During the nine months ended September 30, 2025, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 1.1 million shares and share equivalents for approximately $1.1 billion. At September 30, 2025, there were approximately 2.7 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.

Net Capital Requirements. The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

BlackRock Institutional Trust Company, N.A. (“BTC”) is chartered as a national bank that does not accept deposits or make commercial loans and whose powers are limited to trust and other fiduciary activities. BTC provides investment management and other fiduciary services, including investment advisory and securities lending agency services, to institutional clients. BTC is subject to regulatory capital and liquid asset requirements administered by the US Office of the Comptroller of the Currency.

At September 30, 2025 and December 31, 2024, the Company was required to maintain approximately $2.2 billion and $1.8 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.

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Short-Term Borrowings

2025 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2025 Credit Facility”). In April 2025, the 2025 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $500 million to $5.9 billion, (2) extend the maturity date to March 2030 for lenders (other than one non-extending lender) pursuant to the Company's option to request extensions of the maturity date available under the 2025 Credit Facility (with the commitment of the non-extending lender maturing in March 2028) and (3) change the threshold for the maximum consolidated leverage ratio covenant to 3.5 to 1. The amended 2025 Credit Facility permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $7.3 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2025 Credit Facility requires the Company not to exceed a maximum consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1, which was satisfied with a ratio of less than 1 to 1 at September 30, 2025. At September 30, 2025, the Company had no amount outstanding under the 2025 Credit Facility.

Commercial Paper Program. The Company may issue short-term unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $5 billion. The payments of the CP Notes have been unconditionally guaranteed by BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) ("Old BlackRock") (the "CP Notes Guarantee"). The CP Notes will rank equal in right of payment with all of BlackRock's other unsubordinated indebtedness, and the obligations of Old BlackRock under the CP Notes Guarantee will rank equal in right of payment with all of Old BlackRock's other unsubordinated indebtedness. Net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. The commercial paper program is currently supported by the 2025 Credit Facility. At September 30, 2025, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, maintains a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $34 million based on the GBP/USD foreign exchange rate at September 30, 2025) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At September 30, 2025, there was no amount outstanding.

Long-Term Borrowings

2035 Notes. In April 2025, the Company issued €1.0 billion (or approximately $1.2 billion based on the EUR/USD foreign exchange rate at September 30, 2025) in aggregate principal amount of 3.75% senior unsecured and unsubordinated notes maturing July 18, 2035 (the "2035 Notes"). The 2035 Notes are listed on the New York Stock Exchange. Net proceeds are being used for general corporate purposes, which included the repayment of the €700 million (or approximately $823 million based on the EUR/USD foreign exchange rate at September 30, 2025) 1.25% Notes in May 2025 at maturity. Interest of approximately €38 million (or approximately $44 million based on the EUR/USD foreign exchange rate at September 30, 2025) per year is payable annually on July 18 of each year which commenced on July 18, 2025. The 2035 Notes are fully and unconditionally guaranteed (the "Guarantee") on a senior unsecured basis by Old BlackRock. The 2035 Notes and the Guarantee rank equally in right of payment with all of the Company and Old BlackRock's other unsubordinated indebtedness, respectively. The 2035 Notes may be redeemed at the option of the Company, in whole or in part, at any time prior to April 18, 2035 at a "make-whole" redemption price, or thereafter at 100% of the principal amount of the 2035 Notes, in each case plus accrued but unpaid interest. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2035 Notes.

At September 30, 2025, the principal amount of long-term notes outstanding was $12.9 billion. See Note 15, Borrowings, in the 2024 Form 10-K for more information on overall borrowings outstanding as of December 31, 2024.

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During the nine months ended September 30, 2025, the Company paid approximately $421 million of interest on long-term notes. Future principal repayments and interest requirements at September 30, 2025 were as follows:

(in millions)
Year		Principal				Interest(1)				Total Payments
Remainder of 2025		$	—			$	58			$	58
2026			—				505				505
2027			1,500				494				1,994
2028			—				446				446
2029			1,500				418				1,918
2030			1,000				378				1,378
Thereafter(1)			8,875				4,122				12,997
Total		$	12,875			$	6,421			$	19,296

(1)The amounts related to the 2035 Notes are calculated using the EUR/USD foreign exchange rate as of September 30, 2025.

Supplemental Guarantor Information

BlackRock, Inc. (“New BlackRock”) is the issuer of 4.6% Notes due 2027, 4.7% Notes due 2029, 5.0% Notes due 2034, 4.9% Notes due 2035, 3.75% Notes due 2035, 5.25% Notes due 2054 and 5.35% Notes due 2055 (collectively the "New BlackRock Notes"), which are fully and unconditionally guaranteed on a senior unsecured basis by Old BlackRock ("Notes Guarantees"). The New BlackRock Notes and the Notes Guarantees rank equally in right of payment with all of BlackRock's and Old BlackRock's other unsubordinated indebtedness, respectively. No other subsidiary of New BlackRock or Old BlackRock guarantees the New BlackRock Notes. The Notes Guarantees will be automatically and unconditionally released and discharged, and Old BlackRock will be released from all obligations under the indenture in its capacity as guarantor, in certain circumstances as described in the separate indentures governing the New BlackRock Notes. See Note 14, Borrowings, in the notes to the condensed consolidated financial statements and Note 15, Borrowings, in the 2024 Form 10-K for further information on New BlackRock Notes.

In October 2024, in connection with the closing of the GIP Transaction, New BlackRock also entered into a guarantee (the “New BlackRock Guarantee”) pursuant to which New BlackRock fully and unconditionally guaranteed, on a senior unsecured basis, the remaining obligations of Old BlackRock with respect to its previously issued senior unsecured notes. The New BlackRock Guarantee ranks equally in right of payment with all of New BlackRock's other unsubordinated indebtedness. In certain circumstances as described in the New BlackRock Guarantee, the New BlackRock Guarantee will be automatically and unconditionally released and discharged, and New BlackRock will be released from all obligations under the New BlackRock Guarantee.

The following presents unaudited summarized financial information of New BlackRock and Old BlackRock (together with New BlackRock, the "Obligor Group") on a combined basis as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025. Intercompany balances and transactions between New BlackRock and Old BlackRock have been eliminated, and balances and transactions with subsidiaries, which are not part of the Obligor Group, have been separately presented, and investments in and equity in earnings related to subsidiaries of New BlackRock and Old BlackRock, which are not members of the Obligor Group, have been excluded.

Summarized Balance Sheet (unaudited)

	September 30,				December 31,
(in millions)	2025				2024
Assets
Receivables from non-guarantor subsidiaries	$	3,195			$	7,681
Goodwill and intangible assets		27,349				27,273
Other assets		428				362
Total assets	$	30,972			$	35,316
Liabilities
Borrowings	$	12,766			$	12,314
Payable to non-guarantor subsidiaries		4,797				10,206
Other liabilities		3,090				3,278
Total liabilities	$	20,653			$	25,798

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Summarized Income Statement (unaudited)

For the three months ended September 30, 2025, net loss of the Obligor Group was $272 million, primarily comprised of $72 million amortization expense, a loss of $52 million primarily related to a contingent consideration fair value adjustment, and $131 million of interest expense, partially offset by a tax benefit. Revenue during this period was not material.

For the nine months ended September 30, 2025, net loss of the Obligor Group was $738 million, primarily comprised of $213 million amortization expense, a loss of $219 million primarily related to a contingent consideration fair value adjustment, and $383 million of interest expense, partially offset by a tax benefit. Revenue during this period was not material.

Commitments and Contingencies

Contingent Consideration Liabilities. In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the achievement of specified performance targets or satisfaction of certain post-closing events. The fair value of any contingent consideration is estimated at the time of acquisition closing and is included in contingent consideration liabilities on the condensed consolidated statements of financial condition. The fair value of the remaining aggregate contingent payments at September 30, 2025 totaled $8.0 billion, including $4.4 billion and $3.4 billion related to the GIP and HPS Transactions, respectively. The contingent payments related to the GIP Transaction, if any, will be settled all in stock, for a number of shares ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. The contingent payments related to the HPS Transaction, if any, will be delivered all in Subco Units of approximately 2.8 million to 4.4 million, subject to achieving certain post-closing conditions and financial performance milestones. See Note 3, Acquisitions, in the notes to the condensed consolidated financial statements for more information.

Investment Commitments. At September 30, 2025, the Company had $1.2 billion of various capital commitments to fund sponsored investment products, including CIPs. These products include various private market products, including private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

Critical Accounting Policies and Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ significantly from those estimates. These estimates, judgments and assumptions are affected by the Company’s application of accounting policies. Management considers the following accounting policies and estimates critical to understanding the condensed consolidated financial statements. These policies and estimates are considered critical because they had a material impact, or are reasonably likely to have a material impact on the Company’s condensed consolidated financial statements and because they require management to make significant judgments, assumptions or estimates. For a summary of these and additional accounting policies as well as recent accounting developments, see Note 2, Significant Accounting Policies, in the notes to the condensed consolidated financial statements. In addition, see Critical Accounting Policies and Estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2, Significant Accounting Policies, in the 2024 Form 10-K for further information.

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Consolidation. The Company consolidates entities in which the Company has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the VRE or is a primary beneficiary (“PB”) of a VIE. Assessing whether an entity is a VIE or a VRE involves judgment and analysis on a structure-by-structure basis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure, the rights of equity investment holders, the Company’s contractual involvement with and economic interest in the entity and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VREs are consolidated if the Company can exert absolute control over the financial and operating policies of the investee, which generally exists if there is greater than 50% voting interest. Entities that are determined to be VIEs are consolidated if the Company is the PB of the entity. BlackRock is deemed to be the PB of a VIE if it (1) has the power to direct the activities that most significantly impact the entities’ economic performance and (2) has the obligation to absorb losses or the right to receive benefits that potentially could be significant to the VIE. There is judgment involved in assessing whether the Company is the PB of a VIE. In addition, the Company’s ownership interest in VIEs is subject to variability and is impacted by actions of other investors such as ongoing redemptions and contributions. The Company generally consolidates VIEs in which it holds an economic interest of 10% or greater and deconsolidates such VIEs once its economic interest falls below 10%. As of September 30, 2025, the Company was deemed to be the PB of approximately 120 VIEs, which are BlackRock sponsored investment products. See Note 6, Consolidated Sponsored Investment Products, in the notes to the condensed consolidated financial statements for more information.

Fair Value Measurements. The Company’s assessment of the significance of a particular input to the fair value measurement according to the fair value hierarchy (i.e., Level 1, 2 and 3 inputs, as defined) in its entirety requires judgment and considers factors specific to the financial instrument. See Note 2, Significant Accounting Policies, and Note 8, Fair Value Disclosures, in the notes to the condensed consolidated financial statements for more information on fair value measurements.

Goodwill and Intangible Assets. The Company accounts for business combinations using the acquisition method of accounting, where the purchase price is allocated to the assets acquired and liabilities assumed based on their fair values at the date of the transaction. Any excess purchase consideration over the fair value of net assets acquired is recorded as goodwill.

The Company determines fair value of identifiable intangible assets acquired using the best available information which incorporates various estimates and assumptions, including, but not limited to, future expected cash flows, fundraising assumptions, useful lives, and discount rates. These estimates are based on historical data, internal estimates, or external sources. Unanticipated events may affect these assumptions. During the nine months ended September 30, 2025, BlackRock recorded approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $965 million of finite-lived investor relationships in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets in connection with the Preqin Transaction.

The acquisition date fair value of the indefinite and finite-lived management contracts as well as finite-lived investor relationships recorded in connection with the HPS Transaction were determined using an income approach. The assumptions used in the income approach primarily included discount rates ranging from 8.0%-12.0%, as well as estimated revenue projections, synergies, investor attrition, operating profits and tax rates.

The acquisition date fair value of customer relationships and technology-related intangible assets recorded in connection with the Preqin Transaction were determined using an income approach and a replacement cost approach, respectively. The assumptions used in the income approach primarily included discount rates ranging from 11.0%-11.5%, as well as estimated revenue projections, operating profits and tax rates. The assumptions used in the replacement cost approach primarily included a discount rate of 10.5% as well as estimated reproduction costs and third-party developer's profit and opportunity cost of capital invested.

Both the income and the replacement cost approaches include certain significant assumptions, which are inherently uncertain and unpredictable. While the Company believes these assumptions to be reasonable and appropriate, changes in these estimates could produce different fair value amounts.

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During the nine months ended September 30, 2025 and 2024, the Company assessed its intangible assets for impairment as of July 31, 2025 and 2024, respectively. During the nine months ended September 30, 2025, the Company determined that no impairment charges were required and that the classification of indefinite-lived versus finite-lived intangibles was still appropriate and no changes were required to the expected lives of the finite-lived intangibles. During the nine months ended September 30, 2024, the Company determined that the indefinite-lived intangible assets related to certain acquired open-end management contracts were impaired, and as a result, recorded a noncash impairment charge of $50 million, included within amortization and impairment of intangible assets expense on the condensed consolidated statements of income. The impairment was primarily the result of a decrease in certain quantitative factors, including reduced growth expectation, lower revenue basis points and net client outflows, which caused the fair value to decline below its carrying value. While the Company believes all assumptions utilized in the analysis are reasonable and appropriate, changes in these estimates could produce different fair value amounts, which could drive additional impairment in future periods. In addition, the Company determined, that no impairment charges were required for any other intangible assets, and that the classification of indefinite-lived versus finite-lived intangibles was still appropriate and no changes were required to the expected lives of the finite-lived intangibles. The Company continuously monitors various factors, including AUM, for potential indicators of impairment.

Contingent Consideration Liabilities. In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the achievement of specified performance targets or satisfaction of certain post-closing events. The fair value of this contingent consideration is estimated at the time of acquisition closing and is included in contingent consideration liabilities on the condensed consolidated statements of financial condition. The fair value of the remaining aggregate contingent payments at September 30, 2025 totaled $8.0 billion, including $4.4 billion and $3.4 billion related to the GIP and HPS Transactions, respectively.

The contingent payments related to the GIP Transaction, if any, will be settled all in stock, ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. The fair value of the GIP Transaction contingent consideration is estimated using the income approach, which included certain significant inputs such as a risk-free discount rate of approximately 3.6% as well as current estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs).

The payments related to the HPS Transaction, if any, will be delivered all in Subco Units of approximately 2.8 million to 4.4 million, subject to achieving certain post-closing conditions and financial performance milestones. The fair value of the HPS Transaction contingent consideration is estimated using the income approach, which included certain significant inputs such as a risk-free discount rate of approximately 3.7%, as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and stock price performance (Level 3 inputs).

Subsequent changes of estimated fair value of contingent consideration are recorded within general and administration expense of the condensed consolidated statements of income until the contingency is resolved. Accordingly, changes in the key inputs and assumptions described will impact the amount of contingent consideration expense recorded in a reporting period.

Investment Advisory Performance Fees / Carried Interest. The Company receives investment advisory performance fees, including incentive allocations (carried interest) from certain actively managed investment funds and certain separately managed accounts ("SMAs"). These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds, which vary by product or account, and include monthly, quarterly, annual or longer measurement periods.

Performance fees, including carried interest, are generated on certain management contracts when performance hurdles are achieved. Such performance fees are recognized when the contractual performance criteria have been met and when it is determined that they are no longer probable of significant reversal. Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgment is involved in making such determination. Performance fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees the Company recognizes may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating performance fees to be recognized, including carried interest. These factors include but are not limited to whether: (1) the amounts are dependent on the financial markets and, thus, are highly susceptible to factors outside the Company’s influence; (2) the ultimate payments have a large number and a broad range of possible amounts; and (3) the funds or SMAs have the ability to (a) invest or reinvest their sales proceeds or (b) distribute their sales proceeds and determine the timing of such distributions.

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The Company is allocated/distributed carried interest from certain alternative investment products upon exceeding performance thresholds. The Company may be required to reverse/return all, or part, of such carried interest allocations/distributions depending upon future performance of these products. Carried interest subject to such clawback provisions is recorded in investments or cash and cash equivalents to the extent that it is distributed, on its condensed consolidated statements of financial condition. The Company records a liability for deferred carried interest to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. At September 30, 2025 and December 31, 2024, the Company had $3.4 billion and $1.9 billion, respectfully, of deferred carried interest recorded in other liabilities on the condensed consolidated statements of financial condition. A portion of the deferred carried interest may also be paid to certain employees and other third parties. The ultimate timing of the recognition of performance fee revenue and related compensation expense, if any, is unknown. See Note 16, Revenue, in the notes to the condensed consolidated financial statements for detailed changes in the deferred carried interest liability balance for the three and nine months ended September 30, 2025 and 2024.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

AUM Market Price Risk. BlackRock’s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of AUM and, in some cases, performance fees expressed as a percentage of the returns realized on AUM. At September 30, 2025, the majority of the Company’s investment advisory and administration fees were based on average or period end AUM of the applicable investment funds or separate accounts. Movements in equity market prices, interest rates/credit spreads, foreign exchange rates or all three could cause the value of AUM to decline, which would result in lower investment advisory and administration fees.

Corporate Investments Portfolio Risks. As a leading investment management firm, BlackRock devotes significant resources across all of its operations to identifying, measuring, monitoring, managing and analyzing market and operating risks, including the management and oversight of its own investment portfolio. The Board of Directors of the Company has adopted guidelines for the review of investments (or commitments to invest) to be made by the Company, requiring, among other things, that certain investments be referred to the Board of Directors, depending on the circumstances, for notification or approval.

In the normal course of its business, BlackRock is exposed to equity market price risk, interest rate/credit spread risk and foreign exchange rate risk associated with its corporate investments.

BlackRock has investments primarily in sponsored investment products that invest in a variety of asset classes, including real assets, private equity and hedge funds. Investments generally are made for co-investment purposes, to establish a performance track record, to hedge exposure to certain deferred cash compensation plans or for regulatory purposes. The Company has a seed capital hedging program in which it enters into futures to hedge market and interest rate exposure with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding futures related to its seed capital hedging program with an aggregate notional value of approximately $1.7 billion and $1.8 billion at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025, approximately $9.3 billion of investments relate to consolidated sponsored investment products accounted for as variable interest entities or voting rights entities. Excluding the impact of the Federal Reserve Bank stock, carried interest, investments made to hedge exposure to certain deferred cash compensation plans and certain investments that are hedged via the seed capital hedging program, the Company’s economic exposure to its investment portfolio is $4.9 billion. See Statement of Financial Condition Overview-Investments in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information on the Company’s investments.

Equity Market Price Risk. At September 30, 2025, the Company’s net exposure to equity market price risk in its investment portfolio was approximately $1.4 billion of the Company’s total economic investment exposure. Investments subject to market price risk include public and private equity and real assets investments, hedge funds and funds of funds as well as mutual funds. The Company estimates that a hypothetical exposure to a 10% adverse change in market prices would result in a decrease of approximately $136 million in the carrying value of such investments.

Interest Rate/Credit Spread Risk. At September 30, 2025, the Company was exposed to interest rate risk and credit spread risk as a result of approximately $3.5 billion of investments in debt securities and sponsored investment products that invest primarily in debt securities. Management considered a hypothetical exposure to an adverse 100 basis point fluctuation in interest rates or credit spreads and estimates that the impact of such a fluctuation on these investments, in the aggregate, would result in a decrease, or increase, of approximately $83 million in the carrying value of such investments.

Foreign Exchange Rate Risk. As discussed above, the Company invests in sponsored investment products that invest in a variety of asset classes. The carrying value of the total economic investment exposure denominated in foreign currencies, primarily based in the British pound and euro, was approximately $1.6 billion at September 30, 2025. A hypothetical exposure to a 10% adverse change in the applicable foreign exchange rates would result in approximately a $160 million decline in the carrying value of such investments.

Other Market Risks. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange risk movements. At September 30, 2025, the Company had outstanding forward foreign currency exchange contracts with an aggregate notional value of approximately $2.7 billion, with expiration dates primarily during the fourth quarter of 2025. In addition, the Company entered into futures to hedge economically the exposure to market movements on certain deferred cash compensation plans. At September 30, 2025, the Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $237 million, with expiration dates during the fourth quarter of 2025.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures. Under the direction of BlackRock’s Chief Executive Officer and Chief Financial Officer, BlackRock evaluated the effectiveness of its disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, BlackRock’s Chief Executive Officer and Chief Financial Officer have concluded that BlackRock’s disclosure controls and procedures were effective.

Internal Control over Financial Reporting. We review our internal controls over financial reporting on an ongoing basis and make changes intended to ensure the quality of our financial reporting. The evaluation of the changes to processes, information technology systems and other components of internal control over financial reporting related to the HPS acquisition is ongoing. Otherwise, there were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

For a discussion of the Company’s legal proceedings, see Note 15, Commitments and Contingencies, in the notes to the condensed consolidated financial statements of this Form 10-Q.

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Item 1A. Risk Factors

In addition to the other information set forth in this report, the risks discussed in BlackRock's Annual Report on Form 10-K for the year ended December 31, 2024 could materially affect our business, financial condition, operating results and nonoperating results.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended September 30, 2025, the Company made the following purchases of its common stock, which is registered pursuant to Section 12(b) of the Exchange Act, and Class B-2 Common Units ("Subco Units") of a consolidated subsidiary, BlackRock Saturn Subco, LLC.

		Total Number of Shares Purchased(1)				Total Number of Subco Units Purchased(1)(2)				Average Price Paid per Share and Subco Unit				Total Number of Shares and Subco Units Purchased as Part of Publicly Announced Plans or Programs				Maximum Number of Shares or Subco Units that May Yet Be Purchased Under the Plans or Programs(1)
July 1, 2025 through July 31, 2025			4,745				115,949			$	1,106.42				115,949				2,929,526
August 1, 2025 through August 31, 2025			2,844				199,203			$	1,129.23				199,203				2,730,323
September 1, 2025 through September 30, 2025			1,750				19,408			$	1,105.98				19,408				2,710,915
Total			9,339				334,560			$	1,119.79				334,560

(1)Consists of purchases of common stock made by the Company primarily to satisfy income tax withholding obligations of employees and members of the Company’s Board of Directors related to the vesting of certain restricted stock unit awards and purchases of common stock and/or Subco Units made by the Company pursuant to the share repurchase plan. The Company announced its share repurchase plan in July 2010, which initially authorized the repurchase of 5.1 million shares with no stated expiration. In January 2023, the Company announced that the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock.

(2)The Subco Units repurchased by the Company during the three months ended September 30, 2025 were exchangeable into an equal number of shares of the Company’s common stock.

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Item 6. Exhibits

Exhibit No.		Description
31.1		Section 302 Certification of Chief Executive Officer
31.2		Section 302 Certification of Chief Financial Officer
32.1		Section 906 Certification of Chief Executive Officer and Chief Financial Officer
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BLACKROCK, INC.
		(Registrant)
		By:	/s/ Martin S. Small
Date: November 5, 2025			Martin S. Small
			Senior Managing Director & Chief Financial Officer (Principal Financial Officer)

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FAQ

How did BlackRock (BLK) perform in Q3 2025 versus last year?

Revenue was $6,509 million versus $5,197 million. Net income attributable to BlackRock was $1,323 million versus $1,631 million, and diluted EPS was $8.43 versus $10.90.

What drove BlackRock’s revenue mix in Q3 2025?

Investment advisory, administration and securities lending revenue totaled $5,046 million, technology services and subscription revenue was $515 million, and performance fees were $516 million.

What is the status and impact of the HPS acquisition on BlackRock (BLK)?

The HPS acquisition closed on July 1, 2025, primarily paid in Subco Units, increasing goodwill to $35,356 million and intangible assets to $28,162 million.

How did expenses affect BlackRock’s Q3 2025 results?

Total expense was $4,554 million, including $2,357 million in compensation and $782 million in G&A, contributing to lower operating income versus last year.

What were BlackRock’s cash and investments at quarter end?

As of September 30, 2025, cash and cash equivalents were $9,979 million and investments were $13,669 million.

How many BlackRock shares were outstanding and fully diluted?

As of October 31, 2025, shares outstanding were 155,150,909. Fully diluted shares were 163,138,922, including 7,988,013 exchangeable Subco Units.