BLK insider sells 18,036 shares after option exercise worth ~$20M

On 25 Jul 2025, BlackRock (BLK) Senior Managing Director Rachel Lord filed a Form 4 disclosing a cashless exercise and sale of employee stock options.

Rhea-AI Filing Summary

On 25 Jul 2025, BlackRock (BLK) Senior Managing Director Rachel Lord filed a Form 4 disclosing a cashless exercise and sale of employee stock options. She exercised 18,036 options at a strike price of $513.50 (Code M) and immediately sold the same number of common shares in seven open-market transactions (Code S) at weighted-average prices ranging from $1,123.35 to $1,129.61. Gross sale value is roughly $20 million, while no derivative securities remain outstanding from the grant that fully vested between 2022-2024.

Following the transactions, Lord’s direct beneficial ownership fell from 37,241 to 19,205 shares, a reduction of 18,036 shares (≈0.01 % of BLK shares outstanding). The remaining holding includes restricted stock units that will vest over the next one to three years. No Rule 10b5-1 trading plan or purchase activity was disclosed.

Positive

• None.

Negative

• 18,036 shares sold by a senior executive may be interpreted as a modest bearish signal, although the amount is immaterial to BLK’s float.

Insights

Securities Analyst

TL;DR: Insider exercised options and sold 18k shares, modest size vs. float; neutral-to-slightly bearish signal.

The filing shows a classic option exercise-and-sell: Lord paid $513.50 to acquire 18,036 shares, then liquidated them at ≈$1,125, realizing a spread of ~$611 per share. Although the dollar amount (~$20 m) is notable for the individual, it represents only 0.01 % of BlackRock’s 152 m share base and should have negligible effect on supply-demand dynamics. Because no concurrent purchases were reported, the market may view the action as routine diversification rather than a positive commitment. Impact: neutral.

Corporate Governance Expert

TL;DR: Routine Section 16 disposition; no policy red flags, limited governance impact.

This Form 4 follows standard Section 16 reporting, signed by an attorney-in-fact. The exercise fully closes out a 2019 option grant that had already vested. Lord retains >19 k shares plus RSUs, preserving alignment with shareholders. The absence of a disclosed 10b5-1 plan means trades were discretionary, yet volume is too small to signal strategic shifts. Governance risk is minimal.

Insider Trade Summary

Exercise and Sale: 18,036 shares ($11.04M approx. pre-tax spread)

Exercise and Sale 9 txns

Insider Lord Rachel

Role Senior Managing Director

Sold 18,036 shs ($20.30M)

Approx. gross sale proceeds $20.30M

Approx. exercise cost $9.26M

Approx. pre-tax spread $11.04M

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	18,036	$0.00	$0.00
Exercise	Common Stock	18,036	$513.50	$9.26M
Sale	Common Stock	6,437	$1,123.3479	$7.23M
Sale	Common Stock	2,476	$1,124.5604	$2.78M
Sale	Common Stock	900	$1,125.5294	$1.01M
Sale	Common Stock	2,407	$1,126.8217	$2.71M
Sale	Common Stock	4,041	$1,127.5537	$4.56M
Sale	Common Stock	946	$1,128.7149	$1.07M
Sale	Common Stock	829	$1,129.6128	$936K

Holdings After Transaction: Employee Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 19,205 shares (Direct)

Footnotes (9)

1. F1. Includes Common Stock as well as Restricted Stock Units that will vest over a period of 1 to 3 years. Each Restricted Stock Unit is payable solely by delivery of an equal number of shares of Common Stock.
2. F2. This transaction was executed in multiple trades at prices ranging from $1,122.96 to $1,123.95. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
3. F3. This transaction was executed in multiple trades at prices ranging from $1,124.00 to $1,125.00. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
4. F4. This transaction was executed in multiple trades at prices ranging from $1,125.01 to $1,126.01. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
5. F5. This transaction was executed in multiple trades at prices ranging from $1,126.22 to $1,127.21. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
6. F6. This transaction was executed in multiple trades at prices ranging from $1,127.23 to $1,128.15. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
7. F7. This transaction was executed in multiple trades at prices ranging from $1,128.27 to $1,129.25. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
8. F8. This transaction was executed in multiple trades at prices ranging from $1,129.38 to $1,129.83. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
9. F9. These options vested in equal installments on December 4, 2022, December 4, 2023 and December 4, 2024.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BlackRock shares did Rachel Lord sell on 25 Jul 2025?

She sold 18,036 shares in seven separate open-market transactions.

What was the exercise price of the options exercised by the BlackRock insider?

The options were exercised at $513.50 per share.

At what prices were BlackRock shares sold?

Weighted-average sale prices ranged from $1,123.35 to $1,129.61 per share.

How many BlackRock shares does the insider still own after the transactions?

Rachel Lord now holds 19,205 shares, including unvested RSUs.

Did the filing mention a Rule 10b5-1 trading plan?

No, the Form 4 does not reference any 10b5-1 plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 07/25/2025 - 08:38 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lord Rachel

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock, Inc. [ BLK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Managing Director

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/25/2025		M		18,036	A	$513.5	37,241(1)	D
Common Stock	07/25/2025		S		6,437	D	$1,123.3479(2)	30,804(1)	D
Common Stock	07/25/2025		S		2,476	D	$1,124.5604(3)	28,328(1)	D
Common Stock	07/25/2025		S		900	D	$1,125.5294(4)	27,428(1)	D
Common Stock	07/25/2025		S		2,407	D	$1,126.8217(5)	25,021(1)	D
Common Stock	07/25/2025		S		4,041	D	$1,127.5537(6)	20,980(1)	D
Common Stock	07/25/2025		S		946	D	$1,128.7149(7)	20,034(1)	D
Common Stock	07/25/2025		S		829	D	$1,129.6128(8)	19,205(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$513.5	07/25/2025		M			18,036	(9)	12/04/2026	Common Stock	18,036	$0	0	D

Explanation of Responses:

1. Includes Common Stock as well as Restricted Stock Units that will vest over a period of 1 to 3 years. Each Restricted Stock Unit is payable solely by delivery of an equal number of shares of Common Stock.

2. This transaction was executed in multiple trades at prices ranging from $1,122.96 to $1,123.95. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

3. This transaction was executed in multiple trades at prices ranging from $1,124.00 to $1,125.00. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

4. This transaction was executed in multiple trades at prices ranging from $1,125.01 to $1,126.01. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

5. This transaction was executed in multiple trades at prices ranging from $1,126.22 to $1,127.21. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

6. This transaction was executed in multiple trades at prices ranging from $1,127.23 to $1,128.15. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

7. This transaction was executed in multiple trades at prices ranging from $1,128.27 to $1,129.25. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

8. This transaction was executed in multiple trades at prices ranging from $1,129.38 to $1,129.83. The price reported represents the weighted average sale price of these trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.

9. These options vested in equal installments on December 4, 2022, December 4, 2023 and December 4, 2024.

	/s/ R. Andrew Dickson III as Attorney-in-Fact for Rachel Lord	07/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.