EX-99.1 2 blk-ex99_1.htm EX-99.1

Exhibit 99.1

INVESTOR RELATIONS: Caroline Rodda 212.810.3442 | MEDIA RELATIONS: Patrick Scanlan 212.810.3622
BlackRock Reports Third Quarter 2025 Diluted EPS of $8.43, or $11.55 as adjusted
New York, October 14, 2025 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2025.

$205 billion of quarterly total net inflows led by a record quarter for iShares® ETFs, alongside private markets and cash net inflows 10% annualized organic base fee growth in the quarter reflects broad-based strength across iShares ETFs, systematic active equities, private markets, outsourcing and cash 25% increase in revenue year-over-year reflects the positive impact of markets, 8% organic base fee growth over the last twelve months, fees related to the GIP and HPS Transactions, and higher technology services and subscription revenue 3% decrease in year-over-year GAAP operating income and 23% decrease in GAAP diluted EPS impacted by noncash acquisition-related expenses, which have been excluded from as-adjusted results 23% increase in year-over-year as adjusted operating income 1% increase in year-over-year as adjusted diluted EPS also reflects lower nonoperating income and a higher diluted share count, partially offset by a lower effective tax rate in the current quarter $375 million worth of share repurchases in the current quarter Closed acquisition of HPS Investment Partners ("HPS") on July 1st, adding $165 billion of client AUM and $118 billion of fee-paying AUM |  | Laurence D. Fink, Chairman and CEO: “BlackRock delivered one of our strongest quarterly flows results, with net inflows of $205 billion, powering 10% organic base fee growth in the third quarter and 8% over the last twelve months. That growth is even more notable in its diversification. Top organic base fee growth contributors included our systematic franchise, private markets, digital assets, outsourcing, cash and iShares ETFs, which saw record demand. BlackRock’s multiple sources of growth differentiate us and are resonating through accelerating client activity across our platform. We believe our results are a powerful validation of our hyper-local client engagement model and forward-looking investments. “BlackRock is always preparing for the future, investing ahead of client needs and in support of deepening capital markets. Technology and data analytics, ETFs, private markets, and digital assets are just a few examples where we invested and built leading positions. We’ve brought together the strengths of GIP, HPS, and Preqin, and together we’re already driving landmark fundraising and deal flow, accelerating client engagement, and double-digit organic revenue growth over the last year. “Clients around the world are coming to BlackRock for deeper, more dynamic partnerships across public and private asset classes. AUM reached a new high of $13.5 trillion, and our iShares and cash franchises surpassed new AUM milestones of $5 trillion and $1 trillion, respectively. “We’re executing on some of the largest and most multifaceted mandates in our history, as clients choose BlackRock for portfolio management and technology across the full range of capital markets. “We’re entering our seasonally strongest fourth quarter with building momentum and a fully unified platform. One that’s anchored by a public-private investment model, backed by Aladdin technology, and united by a shared culture of performance and client service. I believe the scale of the opportunity ahead for BlackRock, our clients and shareholders far exceeds what we’ve ever seen before.”

FINANCIAL RESULTS |  |  | NET FLOW HIGHLIGHTS(1) |
| Q3 |  |  | Q3 |  |  |  |  |  | Q3 |  |  | YTD |
(in millions, except per share data) | 2025 |  |  | 2024 |  |  | (in billions) | 2025 |  |  | 2025 |
AUM | $ | 13,463,625 |  |  | $ | 11,475,362 |  |  | Long-term net flows: | $ | 171 |  |  | $ | 300 |
% change |  | 17 | % |  |  |  |  |  |  |  |  |  |  |  |
Average AUM | $ | 12,960,773 |  |  | $ | 11,070,964 |  |  |  |  |  |  |  |  |  |
% change |  | 17 | % |  |  |  |  | By region: |  |  |  |  |
Total net flows | $ | 204,642 |  |  | $ | 221,180 |  |  |  | Americas | $ | 110 |  |  | $ | 229 |
|  |  |  |  |  |  |  | EMEA |  | 64 |  |  |  | 129 |
GAAP basis: |  |  |  |  |  |  |  | APAC |  | (3 | ) |  |  | (58 | )
Revenue | $ | 6,509 |  |  | $ | 5,197 |  |  |  |  |  |  |  |  |  |
% change |  | 25 | % |  |  |  |  |  |  |  |  |  |  |  |
Operating income | $ | 1,955 |  |  | $ | 2,006 |  |  | By client type: |  |  |  |  |
% change |  | (3 | )% |  |  |  |  |  |  |  |  |  |  |  |
Operating margin |  | 30.0 | % |  |  | 38.6 | % |  |  | Retail: | $ | 10 |  |  | $ | 25 |
Net income(1) | $ | 1,323 |  |  | $ | 1,631 |  |  |  |  | US |  | 4 |  |  |  | 10 |
% change |  | (19 | )% |  |  |  |  |  |  | International |  | 6 |  |  |  | 15 |
Diluted EPS | $ | 8.43 |  |  | $ | 10.90 |  |  |  |  |  |  |  |  |  |
% change |  | (23 | )% |  |  |  |  |  | ETFs: | $ | 153 |  |  | $ | 345 |
Weighted-average diluted |  |  |  |  |  |  |  |  | Active |  | 21 |  |  |  | 41 |
common shares |  | 156.9 |  |  |  | 149.6 |  |  |  |  | Core equity |  | 53 |  |  |  | 98 |
% change |  | 5 | % |  |  |  |  |  |  | Digital assets |  | 17 |  |  |  | 34 |
|  |  |  |  |  |  |  |  | Fixed income |  | 41 |  |  |  | 111 |
As Adjusted(2): |  |  |  |  |  |  |  |  | Precision & other |  | 21 |  |  |  | 61 |
Operating income | $ | 2,621 |  |  | $ | 2,128 |  |  |  |  |  |  |  |  |  |
% change |  | 23 | % |  |  |  |  |  | Institutional: | $ | 8 |  |  | $ | (70 | )
Operating margin |  | 44.6 | % |  |  | 45.8 | % |  |  |  | Active |  | 22 |  |  |  | 37 |
Net income(3) | $ | 1,907 |  |  | $ | 1,715 |  |  |  |  | Index |  | (14 | ) |  |  | (108 | )
% change |  | 11 | % |  |  |  |  |  |  |  |  |  |  |  |
Diluted EPS(3) | $ | 11.55 |  |  | $ | 11.46 |  |  |  |  |  |  |  |  |  |
% change |  | 1 | % |  |  |  |  | Cash management net flows | $ | 34 |  |  | $ | 57 |
Weighted-average diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |
common shares(3) |  | 165.2 |  |  |  | 149.6 |  |  |  |  |  |  |  |  |  |
% change |  | 10 | % |  |  |  |  | Total net flows | $ | 205 |  |  | $ | 357 |
_________________________ |  |  | _________________________ |
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 14 through 16 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. (3) Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes all outstanding Class B-2 common units of BlackRock Saturn Subco, LLC ("Subco Units"), a consolidated subsidiary of BlackRock, have been exchanged 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. |  |  | (1) Totals may not add due to rounding. |

1

# BUSINESS RESULTS

|  |  |  |  |  |  |  |  | Q3 2025 |
|  |  |  |  | Q3 2025 |  |  |  | Base fees(1) |
|  |  |  |  | Base fees(1) |  | September 30, 2025 |  | and securities |
| Q3 2025 |  | September 30, 2025 |  | and securities |  | AUM |  | lending revenue |
(in millions), (unaudited) | Net flows |  | AUM |  | lending revenue |  | % of Total |  | % of Total |
RESULTS BY PRODUCT TYPE |  |  |  |  |  |  |  |  |  |
Equity | $ | 45,978 |  | $ | 7,459,075 |  | $ | 2,408 |  |  | 55 | % |  | 48 | %
Fixed income |  | 47,554 |  |  | 3,178,965 |  |  | 998 |  |  | 24 | % |  | 20 | %
Multi-asset |  | 33,598 |  |  | 1,161,957 |  |  | 353 |  |  | 9 | % |  | 6 | %
Alternatives: |  |  |  |  |  |  |  |  |  |
Private markets |  | 13,163 |  |  | 320,886 |  |  | 653 |  |  | 2 | % |  | 13 | %
Liquid alternatives |  | 3,178 |  |  | 97,448 |  |  | 178 |  |  | 1 | % |  | 4 | %
Alternatives subtotal |  | 16,341 |  |  | 418,334 |  |  | 831 |  |  | 3 | % |  | 17 | %
Digital assets |  | 16,691 |  |  | 103,965 |  |  | 61 |  |  | 1 | % |  | 1 | %
Currency and commodities(2) |  | 10,384 |  |  | 136,600 |  |  | 77 |  |  | 1 | % |  | 2 | %
Long-term |  | 170,546 |  |  | 12,458,896 |  |  | 4,728 |  |  | 93 | % |  | 94 | %
Cash management |  | 34,096 |  |  | 1,004,729 |  |  | 318 |  |  | 7 | % |  | 6 | %
Total | $ | 204,642 |  | $ | 13,463,625 |  | $ | 5,046 |  |  | 100 | % |  | 100 | %
RESULTS BY CLIENT TYPE |  |  |  |  |  |  |  |  |  |
Retail | $ | 9,724 |  | $ | 1,173,568 |  | $ | 1,177 |  |  | 9 | % |  | 23 | %
ETFs |  | 152,956 |  |  | 5,193,314 |  |  | 2,130 |  |  | 39 | % |  | 42 | %
Institutional: |  |  |  |  |  |  |  |  |  |
Active |  | 22,267 |  |  | 2,475,614 |  |  | 1,149 |  |  | 18 | % |  | 23 | %
Index |  | (14,401 | ) |  | 3,616,400 |  |  | 272 |  |  | 27 | % |  | 6 | %
Institutional subtotal |  | 7,866 |  |  | 6,092,014 |  |  | 1,421 |  |  | 45 | % |  | 29 | %
Long-term |  | 170,546 |  |  | 12,458,896 |  |  | 4,728 |  |  | 93 | % |  | 94 | %
Cash management |  | 34,096 |  |  | 1,004,729 |  |  | 318 |  |  | 7 | % |  | 6 | %
Total | $ | 204,642 |  | $ | 13,463,625 |  | $ | 5,046 |  |  | 100 | % |  | 100 | %
RESULTS BY INVESTMENT STYLE |  |  |  |  |  |  |  |  |  |
Active | $ | 26,640 |  | $ | 3,294,619 |  | $ | 2,245 |  |  | 24 | % |  | 44 | %
ETFs |  | 152,956 |  |  | 5,193,314 |  |  | 2,130 |  |  | 39 | % |  | 42 | %
Non-ETF index |  | (9,050 | ) |  | 3,970,963 |  |  | 353 |  |  | 30 | % |  | 8 | %
Long-term |  | 170,546 |  |  | 12,458,896 |  |  | 4,728 |  |  | 93 | % |  | 94 | %
Cash management |  | 34,096 |  |  | 1,004,729 |  |  | 318 |  |  | 7 | % |  | 6 | %
Total | $ | 204,642 |  | $ | 13,463,625 |  | $ | 5,046 |  |  | 100 | % |  | 100 | %

(1)
Base fees include investment advisory and administration fees.
(2)
Amounts include commodity exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

# INVESTMENT PERFORMANCE AT September 30, 2025(1)

| One-year period | Three-year period | Five-year period
Fixed income: |  |  |
Actively managed AUM above benchmark or peer median |  |  |
Taxable | 80% | 86% | 84%
Tax-exempt | 47% | 67% | 61%
Index AUM within or above applicable tolerance | 97% | 99% | 100%
Equity: |  |  |
Actively managed AUM above benchmark or peer median |  |  |
Fundamental | 48% | 64% | 50%
Systematic | 90% | 96% | 94%
Index AUM within or above applicable tolerance | 93% | 98% | 99%

(1)
Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 18 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Tuesday, October 14, 2025 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (877) 502-9276, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 9613205). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Tuesday, October 14, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

# ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

2

# CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

|  |  |  |  |  |  |  | Three Months |  |  |  |  |
| Three Months Ended |  |  |  |  |  |  | Ended |  |  |  |  |
| September 30, |  |  |  |  |  |  | June 30, |  |  |  |  |
| 2025 |  |  | 2024 |  |  | Change |  |  |  | 2025 |  |  | Change |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory, administration fees and securities lending revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory and administration fees | $ | 4,843 |  |  | $ | 3,881 |  |  | $ | 962 |  |  |  | $ | 4,283 |  |  | $ | 560 |  |
Securities lending revenue |  | 203 |  |  |  | 149 |  |  |  | 54 |  |  |  |  | 171 |  |  |  | 32 |  |
Total investment advisory, administration fees and securities lending revenue |  | 5,046 |  |  |  | 4,030 |  |  |  | 1,016 |  |  |  |  | 4,454 |  |  |  | 592 |  |
Investment advisory performance fees |  | 516 |  |  |  | 388 |  |  |  | 128 |  |  |  |  | 94 |  |  |  | 422 |  |
Technology services and subscription revenue |  | 515 |  |  |  | 403 |  |  |  | 112 |  |  |  |  | 499 |  |  |  | 16 |  |
Distribution fees |  | 355 |  |  |  | 323 |  |  |  | 32 |  |  |  |  | 320 |  |  |  | 35 |  |
Advisory and other revenue |  | 77 |  |  |  | 53 |  |  |  | 24 |  |  |  |  | 56 |  |  |  | 21 |  |
Total revenue |  | 6,509 |  |  |  | 5,197 |  |  |  | 1,312 |  |  |  |  | 5,423 |  |  |  | 1,086 |  |
Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 2,357 |  |  |  | 1,578 |  |  |  | 779 |  |  |  |  | 1,764 |  |  |  | 593 |  |
Sales, asset and account expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution and servicing costs |  | 638 |  |  |  | 549 |  |  |  | 89 |  |  |  |  | 576 |  |  |  | 62 |  |
Direct fund expense |  | 464 |  |  |  | 379 |  |  |  | 85 |  |  |  |  | 441 |  |  |  | 23 |  |
Sub-advisory and other |  | 60 |  |  |  | 34 |  |  |  | 26 |  |  |  |  | 46 |  |  |  | 14 |  |
Total sales, asset and account expense |  | 1,162 |  |  |  | 962 |  |  |  | 200 |  |  |  |  | 1,063 |  |  |  | 99 |  |
General and administration expense |  | 782 |  |  |  | 562 |  |  |  | 220 |  |  |  |  | 689 |  |  |  | 93 |  |
Restructuring charge |  | - |  |  |  | - |  |  |  | - |  |  |  |  | 39 |  |  |  | (39 | ) |
Amortization and impairment of intangible assets |  | 253 |  |  |  | 89 |  |  |  | 164 |  |  |  |  | 137 |  |  |  | 116 |  |
Total expense |  | 4,554 |  |  |  | 3,191 |  |  |  | 1,363 |  |  |  |  | 3,692 |  |  |  | 862 |  |
Operating income |  | 1,955 |  |  |  | 2,006 |  |  |  | (51 | ) |  |  |  | 1,731 |  |  |  | 224 |  |
Nonoperating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) on investments |  | 64 |  |  |  | 177 |  |  |  | (113 | ) |  |  |  | 550 |  |  |  | (486 | ) |
Net interest income (expense) |  | (22 | ) |  |  | 82 |  |  |  | (104 | ) |  |  |  | (29 | ) |  |  | 7 |  |
Total nonoperating income (expense) |  | 42 |  |  |  | 259 |  |  |  | (217 | ) |  |  |  | 521 |  |  |  | (479 | ) |
Income before income taxes |  | 1,997 |  |  |  | 2,265 |  |  |  | (268 | ) |  |  |  | 2,252 |  |  |  | (255 | ) |
Income tax expense |  | 470 |  |  |  | 574 |  |  |  | (104 | ) |  |  |  | 587 |  |  |  | (117 | ) |
Net income |  | 1,527 |  |  |  | 1,691 |  |  |  | (164 | ) |  |  |  | 1,665 |  |  |  | (138 | ) |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs") |  | 134 |  |  |  | 60 |  |  |  | 74 |  |  |  |  | 72 |  |  |  | 62 |  |
Net income (loss) attributable to NCI - Subco Units |  | 70 |  |  |  | - |  |  |  | 70 |  |  |  |  | - |  |  |  | 70 |  |
Net income attributable to BlackRock, Inc. | $ | 1,323 |  |  | $ | 1,631 |  |  | $ | (308 | ) |  |  | $ | 1,593 |  |  | $ | (270 | ) |
Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 154.9 |  |  |  | 148.0 |  |  |  | 6.9 |  |  |  |  | 154.9 |  |  |  | 0.1 |  |
Diluted |  | 156.9 |  |  |  | 149.6 |  |  |  | 7.3 |  |  |  |  | 156.3 |  |  |  | 0.7 |  |
Earnings per share attributable to BlackRock, Inc. common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 8.54 |  |  | $ | 11.02 |  |  | $ | (2.48 | ) |  |  | $ | 10.29 |  |  | $ | (1.75 | ) |
Diluted | $ | 8.43 |  |  | $ | 10.90 |  |  | $ | (2.47 | ) |  |  | $ | 10.19 |  |  | $ | (1.76 | ) |
Cash dividends declared and paid per share | $ | 5.21 |  |  | $ | 5.10 |  |  | $ | 0.11 |  |  |  | $ | 5.21 |  |  | $ | - |  |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AUM (end of period) | $ | 13,463,625 |  |  | $ | 11,475,362 |  |  | $ | 1,988,263 |  |  |  | $ | 12,527,590 |  |  | $ | 936,035 |  |
Shares outstanding including Subco Units |  | 163.2 |  |  |  | 148.0 |  |  |  | 15.3 |  |  |  |  | 154.8 |  |  |  | 8.5 |  |
GAAP: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating margin |  | 30.0 | % |  |  | 38.6 | % |  |  | (860 | ) | bps |  |  | 31.9 | % |  |  | (190 | ) | bps
Effective tax rate |  | 25.2 | % |  |  | 26.0 | % |  |  | (80 | ) | bps |  |  | 26.9 | % |  |  | (170 | ) | bps
As adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating income (1) | $ | 2,621 |  |  | $ | 2,128 |  |  | $ | 493 |  |  |  | $ | 2,099 |  |  | $ | 522 |  |
Operating margin (1) |  | 44.6 | % |  |  | 45.8 | % |  |  | (120 | ) | bps |  |  | 43.3 | % |  |  | 130 |  | bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2) | $ | (106 | ) |  | $ | 190 |  |  | $ | (296 | ) |  |  | $ | 404 |  |  | $ | (510 | ) |
Net income attributable to BlackRock, Inc. (3) | $ | 1,907 |  |  | $ | 1,715 |  |  | $ | 192 |  |  |  | $ | 1,883 |  |  | $ | 24 |  |
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) | $ | 11.55 |  |  | $ | 11.46 |  |  | $ | 0.09 |  |  |  | $ | 12.05 |  |  | $ | (0.50 | ) |
Diluted weighted-average common shares outstanding (3) |  | 165.2 |  |  |  | 149.6 |  |  |  | 15.6 |  |  |  |  | 156.3 |  |  |  | 8.9 |  |
Effective tax rate |  | 24.2 | % |  |  | 26.0 | % |  |  | (180 | ) | bps |  |  | 24.8 | % |  |  | (60 | ) | bps

See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes 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. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

3

# CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

| Nine Months Ended |  |  |  |  |
| September 30, |  |  |  |  |
| 2025 |  |  | 2024 |  |  | Change |  |
Revenue |  |  |  |  |  |  |  |  |
Investment advisory, administration fees and securities lending revenue: |  |  |  |  |  |  |  |  |
Investment advisory and administration fees | $ | 13,370 |  |  | $ | 11,229 |  |  | $ | 2,141 |  |
Securities lending revenue |  | 531 |  |  |  | 454 |  |  |  | 77 |  |
Total investment advisory, administration fees and securities lending revenue |  | 13,901 |  |  |  | 11,683 |  |  |  | 2,218 |  |
Investment advisory performance fees |  | 670 |  |  |  | 756 |  |  |  | (86 | ) |
Technology services and subscription revenue |  | 1,450 |  |  |  | 1,175 |  |  |  | 275 |  |
Distribution fees |  | 996 |  |  |  | 951 |  |  |  | 45 |  |
Advisory and other revenue |  | 191 |  |  |  | 165 |  |  |  | 26 |  |
Total revenue |  | 17,208 |  |  |  | 14,730 |  |  |  | 2,478 |  |
Expense |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 5,862 |  |  |  | 4,661 |  |  |  | 1,201 |  |
Sales, asset and account expense: |  |  |  |  |  |  |  |  |
Distribution and servicing costs |  | 1,784 |  |  |  | 1,606 |  |  |  | 178 |  |
Direct fund expense |  | 1,297 |  |  |  | 1,075 |  |  |  | 222 |  |
Sub-advisory and other |  | 153 |  |  |  | 98 |  |  |  | 55 |  |
Total sales, asset and account expense |  | 3,234 |  |  |  | 2,779 |  |  |  | 455 |  |
General and administration expense |  | 2,182 |  |  |  | 1,625 |  |  |  | 557 |  |
Restructuring charge |  | 39 |  |  |  | - |  |  |  | 39 |  |
Amortization and impairment of intangible assets |  | 507 |  |  |  | 166 |  |  |  | 341 |  |
Total expense |  | 11,824 |  |  |  | 9,231 |  |  |  | 2,593 |  |
Operating income |  | 5,384 |  |  |  | 5,499 |  |  |  | (115 | ) |
Nonoperating income (expense) |  |  |  |  |  |  |  |  |
Net gain (loss) on investments |  | 672 |  |  |  | 510 |  |  |  | 162 |  |
Net interest income (expense) |  | (44 | ) |  |  | 183 |  |  |  | (227 | ) |
Total nonoperating income (expense) |  | 628 |  |  |  | 693 |  |  |  | (65 | ) |
Income before income taxes |  | 6,012 |  |  |  | 6,192 |  |  |  | (180 | ) |
Income tax expense |  | 1,305 |  |  |  | 1,341 |  |  |  | (36 | ) |
Net income |  | 4,707 |  |  |  | 4,851 |  |  |  | (144 | ) |
Less: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to NCI - CIPs |  | 211 |  |  |  | 152 |  |  |  | 59 |  |
Net income (loss) attributable to NCI - Subco Units |  | 70 |  |  |  | - |  |  |  | 70 |  |
Net income attributable to BlackRock, Inc. | $ | 4,426 |  |  | $ | 4,699 |  |  | $ | (273 | ) |
Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |
Basic |  | 154.9 |  |  |  | 148.4 |  |  |  | 6.6 |  |
Diluted |  | 156.6 |  |  |  | 149.8 |  |  |  | 6.8 |  |
Earnings per share attributable to BlackRock, Inc. common stockholders |  |  |  |  |  |  |  |  |
Basic | $ | 28.57 |  |  | $ | 31.67 |  |  | $ | (3.10 | ) |
Diluted | $ | 28.21 |  |  | $ | 31.37 |  |  | $ | (3.16 | ) |
Cash dividends declared and paid per share | $ | 15.63 |  |  | $ | 15.30 |  |  | $ | 0.33 |  |
Supplemental information: |  |  |  |  |  |  |  |  |
AUM (end of period) | $ | 13,463,625 |  |  | $ | 11,475,362 |  |  | $ | 1,988,263 |  |
Shares outstanding including Subco Units |  | 163.2 |  |  |  | 148.0 |  |  |  | 15.3 |  |
GAAP: |  |  |  |  |  |  |  |  |
Operating margin |  | 31.3 | % |  |  | 37.3 | % |  |  | (600 | ) | bps
Effective tax rate |  | 22.5 | % |  |  | 22.2 | % |  |  | 30 |  | bps
As adjusted: |  |  |  |  |  |  |  |  |
Operating income (1) | $ | 6,752 |  |  | $ | 5,784 |  |  | $ | 968 |  |
Operating margin (1) |  | 43.8 | % |  |  | 44.1 | % |  |  | (30 | ) | bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2) | $ | 373 |  |  | $ | 494 |  |  | $ | (121 | ) |
Net income attributable to BlackRock, Inc. (3) | $ | 5,560 |  |  | $ | 4,738 |  |  | $ | 822 |  |
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) | $ | 34.89 |  |  | $ | 31.63 |  |  | $ | 3.26 |  |
Diluted weighted-average common shares outstanding (3) |  | 159.4 |  |  |  | 149.8 |  |  |  | 9.6 |  |
Effective tax rate |  | 22.0 | % |  |  | 24.5 | % |  |  | (250 | ) | bps

See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes 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. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

4

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Product Type |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |
Current Quarter Component Changes by Client Type and Product Type (Long-Term) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |

(1)
Realizations represent return of capital/return on investments.
(2)
Amounts include AUM attributable to the acquisitions of HPS in July 2025 (the "HPS Transaction") and ElmTree Funds ("ElmTree") in September 2025 (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.
(5)
Amounts include commodity ETFs and ETPs.

5

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Investment Style and Product Type (Long-Term) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |
Current Quarter Component Changes by Private Markets Product Type (Long-Term) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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.

6

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-to-Date Component Changes by Product Type(1) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |
Year-to-Date Component Changes by Client Type and Product Type (Long-Term)(1) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |

(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.

7

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-to-Date Component Changes by Investment Style and Product Type (Long-Term)(1) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |
Year-to-Date Component Changes by Private Markets Product Type (Long-Term) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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.

8

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Product Type(1) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |
Year-over-Year Component Changes by Client Type and Product Type (Long-Term)(1) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |

(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 acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (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.

9

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)(1) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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 |
Year-over-Year Component Changes by Private Markets Product Type (Long-Term) |
|  |  |  | Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, |  |  | inflows |  |  |  |  |  |  |  |  | Market |  |  | FX |  |  | September 30, |  |  | Average |
| 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.

10

# SUMMARY OF REVENUE

| Three Months |  |  |  |  |  | Three Months |  |  |  |  |  | Nine Months |  |  |  |
| Ended |  |  |  |  |  | Ended |  |  |  |  |  | Ended |  |  |  |
| September 30, |  |  |  |  |  | June 30, |  |  |  |  |  | September 30, |  |  |  |
(in millions), (unaudited) | 2025 |  |  | 2024 |  |  | Change |  |  | 2025 |  |  | Change |  |  | 2025 |  |  | 2024 |  |  | Change |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory, administration fees and securities lending revenue(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Active | $ | 557 |  |  | $ | 553 |  |  | $ | 4 |  |  | $ | 507 |  |  | $ | 50 |  |  | $ | 1,582 |  |  | $ | 1,608 |  |  | $ | (26 | )
ETFs |  | 1,597 |  |  |  | 1,309 |  |  |  | 288 |  |  |  | 1,401 |  |  |  | 196 |  |  |  | 4,347 |  |  |  | 3,749 |  |  |  | 598 |
Equity subtotal |  | 2,154 |  |  |  | 1,862 |  |  |  | 292 |  |  |  | 1,908 |  |  |  | 246 |  |  |  | 5,929 |  |  |  | 5,357 |  |  |  | 572 |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Active |  | 513 |  |  |  | 493 |  |  |  | 20 |  |  |  | 487 |  |  |  | 26 |  |  |  | 1,492 |  |  |  | 1,458 |  |  |  | 34 |
ETFs |  | 393 |  |  |  | 354 |  |  |  | 39 |  |  |  | 366 |  |  |  | 27 |  |  |  | 1,111 |  |  |  | 1,007 |  |  |  | 104 |
Fixed income subtotal |  | 906 |  |  |  | 847 |  |  |  | 59 |  |  |  | 853 |  |  |  | 53 |  |  |  | 2,603 |  |  |  | 2,465 |  |  |  | 138 |
Active multi-asset |  | 344 |  |  |  | 318 |  |  |  | 26 |  |  |  | 312 |  |  |  | 32 |  |  |  | 969 |  |  |  | 929 |  |  |  | 40 |
Alternatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private markets |  | 653 |  |  |  | 235 |  |  |  | 418 |  |  |  | 499 |  |  |  | 154 |  |  |  | 1,687 |  |  |  | 716 |  |  |  | 971 |
Liquid alternatives |  | 178 |  |  |  | 143 |  |  |  | 35 |  |  |  | 157 |  |  |  | 21 |  |  |  | 485 |  |  |  | 422 |  |  |  | 63 |
Alternatives subtotal |  | 831 |  |  |  | 378 |  |  |  | 453 |  |  |  | 656 |  |  |  | 175 |  |  |  | 2,172 |  |  |  | 1,138 |  |  |  | 1,034 |
Non-ETF index |  | 353 |  |  |  | 298 |  |  |  | 55 |  |  |  | 313 |  |  |  | 40 |  |  |  | 973 |  |  |  | 871 |  |  |  | 102 |
Digital assets, commodities and multi-asset ETFs(2) |  | 140 |  |  |  | 63 |  |  |  | 77 |  |  |  | 108 |  |  |  | 32 |  |  |  | 340 |  |  |  | 167 |  |  |  | 173 |
Long-term |  | 4,728 |  |  |  | 3,766 |  |  |  | 962 |  |  |  | 4,150 |  |  |  | 578 |  |  |  | 12,986 |  |  |  | 10,927 |  |  |  | 2,059 |
Cash management |  | 318 |  |  |  | 264 |  |  |  | 54 |  |  |  | 304 |  |  |  | 14 |  |  |  | 915 |  |  |  | 756 |  |  |  | 159 |
Total investment advisory, administration fees and securities lending revenue |  | 5,046 |  |  |  | 4,030 |  |  |  | 1,016 |  |  |  | 4,454 |  |  |  | 592 |  |  |  | 13,901 |  |  |  | 11,683 |  |  |  | 2,218 |
Investment advisory performance fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | 14 |  |  |  | 13 |  |  |  | 1 |  |  |  | 12 |  |  |  | 2 |  |  |  | 36 |  |  |  | 49 |  |  |  | (13 | )
Fixed income |  | - |  |  |  | 3 |  |  |  | (3 | ) |  |  | 2 |  |  |  | (2 | ) |  |  | 14 |  |  |  | 12 |  |  |  | 2 |
Multi-asset |  | 2 |  |  |  | 1 |  |  |  | 1 |  |  |  | 6 |  |  |  | (4 | ) |  |  | 12 |  |  |  | 14 |  |  |  | (2 | )
Alternatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private markets |  | 298 |  |  |  | 7 |  |  |  | 291 |  |  |  | 39 |  |  |  | 259 |  |  |  | 361 |  |  |  | 200 |  |  |  | 161 |
Liquid alternatives |  | 202 |  |  |  | 364 |  |  |  | (162 | ) |  |  | 35 |  |  |  | 167 |  |  |  | 247 |  |  |  | 481 |  |  |  | (234 | )
Alternatives subtotal |  | 500 |  |  |  | 371 |  |  |  | 129 |  |  |  | 74 |  |  |  | 426 |  |  |  | 608 |  |  |  | 681 |  |  |  | (73 | )
Total investment advisory performance fees |  | 516 |  |  |  | 388 |  |  |  | 128 |  |  |  | 94 |  |  |  | 422 |  |  |  | 670 |  |  |  | 756 |  |  |  | (86 | )
Technology services and subscription revenue |  | 515 |  |  |  | 403 |  |  |  | 112 |  |  |  | 499 |  |  |  | 16 |  |  |  | 1,450 |  |  |  | 1,175 |  |  |  | 275 |
Distribution fees |  | 355 |  |  |  | 323 |  |  |  | 32 |  |  |  | 320 |  |  |  | 35 |  |  |  | 996 |  |  |  | 951 |  |  |  | 45 |
Advisory and other revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advisory |  | 12 |  |  |  | 11 |  |  |  | 1 |  |  |  | 13 |  |  |  | (1 | ) |  |  | 39 |  |  |  | 35 |  |  |  | 4 |
Other |  | 65 |  |  |  | 42 |  |  |  | 23 |  |  |  | 43 |  |  |  | 22 |  |  |  | 152 |  |  |  | 130 |  |  |  | 22 |
Total advisory and other revenue |  | 77 |  |  |  | 53 |  |  |  | 24 |  |  |  | 56 |  |  |  | 21 |  |  |  | 191 |  |  |  | 165 |  |  |  | 26 |
Total revenue | $ | 6,509 |  |  | $ | 5,197 |  |  | $ | 1,312 |  |  | $ | 5,423 |  |  | $ | 1,086 |  |  | $ | 17,208 |  |  | $ | 14,730 |  |  | $ | 2,478 |

(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.

Highlights

•
Investment advisory, administration fees and securities lending revenue increased $1.0 billion from the third quarter of 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 in the third quarter of 2024, primarily reflecting higher spreads and average balances of securities on loan.

Investment advisory, administration fees and securities lending revenue increased $592 million from the second quarter of 2025, primarily driven by organic base fee growth, the impact of market beta on average AUM, approximately $225 million of fees related to the HPS Transaction and the effect of one additional day in the quarter. Securities lending revenue of $203 million increased from $171 million in the second quarter of 2025, primarily reflecting higher spreads.

•
Performance fees increased $128 million from the third quarter of 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 of 2024 with an annual performance measurement period that ends in the third quarter.

Performance fees increased $422 million from the second quarter of 2025, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction, and higher revenue from liquid alternative products.

•
Technology services and subscription revenue increased $112 million from the third quarter of 2024 and $16 million from the second quarter of 2025, reflecting the sustained demand for Aladdin® technology offerings and revenue from the acquisition of Preqin Holding Limited ("Preqin") in March 2025 (the "Preqin Transaction"), which added approximately $65 million to third quarter revenue. Technology services and subscription annual contract value (“ACV”)(1) increased 29% from the third quarter of 2024 including ACV related to Preqin, and increased 13% excluding ACV related to Preqin.

(1)
See note (4) to the condensed consolidated statements of income and supplemental information on page 16 for more information on ACV.

11

# SUMMARY OF OPERATING EXPENSE

| Three Months |  |  |  |  |  | Three Months |  |  |  |  |  | Nine Months |  |  |  |
| Ended |  |  |  |  |  | Ended |  |  |  |  |  | Ended |  |  |  |
| September 30, |  |  |  |  |  | June 30, |  |  |  |  |  | September 30, |  |  |  |
(in millions), (unaudited) | 2025 |  |  | 2024 |  |  | Change |  |  | 2025 |  |  | Change |  |  | 2025 |  |  | 2024 |  |  | Change |
Operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits | $ | 2,357 |  |  | $ | 1,578 |  |  | $ | 779 |  |  | $ | 1,764 |  |  | $ | 593 |  |  | $ | 5,862 |  |  | $ | 4,661 |  |  | $ | 1,201 |
Sales, asset and account expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution and servicing costs |  | 638 |  |  |  | 549 |  |  |  | 89 |  |  |  | 576 |  |  |  | 62 |  |  |  | 1,784 |  |  |  | 1,606 |  |  |  | 178 |
Direct fund expense |  | 464 |  |  |  | 379 |  |  |  | 85 |  |  |  | 441 |  |  |  | 23 |  |  |  | 1,297 |  |  |  | 1,075 |  |  |  | 222 |
Sub-advisory and other |  | 60 |  |  |  | 34 |  |  |  | 26 |  |  |  | 46 |  |  |  | 14 |  |  |  | 153 |  |  |  | 98 |  |  |  | 55 |
Total sales, asset and account expense |  | 1,162 |  |  |  | 962 |  |  |  | 200 |  |  |  | 1,063 |  |  |  | 99 |  |  |  | 3,234 |  |  |  | 2,779 |  |  |  | 455 |
General and administration expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketing and promotional |  | 82 |  |  |  | 64 |  |  |  | 18 |  |  |  | 93 |  |  |  | (11 | ) |  |  | 272 |  |  |  | 222 |  |  |  | 50 |
Occupancy and office related |  | 137 |  |  |  | 105 |  |  |  | 32 |  |  |  | 120 |  |  |  | 17 |  |  |  | 371 |  |  |  | 308 |  |  |  | 63 |
Portfolio services |  | 69 |  |  |  | 65 |  |  |  | 4 |  |  |  | 62 |  |  |  | 7 |  |  |  | 195 |  |  |  | 194 |  |  |  | 1 |
Technology |  | 213 |  |  |  | 175 |  |  |  | 38 |  |  |  | 198 |  |  |  | 15 |  |  |  | 600 |  |  |  | 492 |  |  |  | 108 |
Professional services |  | 104 |  |  |  | 67 |  |  |  | 37 |  |  |  | 51 |  |  |  | 53 |  |  |  | 228 |  |  |  | 189 |  |  |  | 39 |
Communications |  | 12 |  |  |  | 10 |  |  |  | 2 |  |  |  | 11 |  |  |  | 1 |  |  |  | 33 |  |  |  | 29 |  |  |  | 4 |
Foreign exchange remeasurement |  | (3 | ) |  |  | 3 |  |  |  | (6 | ) |  |  | 4 |  |  |  | (7 | ) |  |  | (7 | ) |  |  | 7 |  |  |  | (14 | )
Contingent consideration fair value adjustments |  | 93 |  |  |  | (2 | ) |  |  | 95 |  |  |  | 76 |  |  |  | 17 |  |  |  | 265 |  |  |  | (8 | ) |  |  | 273 |
Other general and administration |  | 75 |  |  |  | 75 |  |  |  | - |  |  |  | 74 |  |  |  | 1 |  |  |  | 225 |  |  |  | 192 |  |  |  | 33 |
Total general and administration expense |  | 782 |  |  |  | 562 |  |  |  | 220 |  |  |  | 689 |  |  |  | 93 |  |  |  | 2,182 |  |  |  | 1,625 |  |  |  | 557 |
Restructuring charge |  | - |  |  |  | - |  |  |  | - |  |  |  | 39 |  |  |  | (39 | ) |  |  | 39 |  |  |  | - |  |  |  | 39 |
Amortization and impairment of intangible assets |  | 253 |  |  |  | 89 |  |  |  | 164 |  |  |  | 137 |  |  |  | 116 |  |  |  | 507 |  |  |  | 166 |  |  |  | 341 |
Total operating expense | $ | 4,554 |  |  | $ | 3,191 |  |  | $ | 1,363 |  |  | $ | 3,692 |  |  | $ | 862 |  |  | $ | 11,824 |  |  | $ | 9,231 |  |  | $ | 2,593 |

#

Highlights

•
Employee compensation and benefits expense increased $779 million from the third quarter of 2024 and $593 million from the second quarter of 2025, primarily reflecting the impact of the GIP and HPS Transactions, including nonrecurring retention-related deferred compensation expense(1) and the impact of higher operating income and performance fees.
•
Sales, asset and account expense increased $200 million from the third quarter of 2024 and $99 million from the second quarter of 2025, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.
•
General and administration expense increased $220 million from the third quarter of 2024 and $93 million from the second quarter of 2025, 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 expense, as well as higher technology expense, and occupancy and office related expense.
•
Amortization and impairment of intangible assets(1) increased $164 million from the third quarter of 2024 and $116 million from the second quarter of 2025, primarily reflecting amortization of intangible assets acquired in the HPS, GIP and Preqin Transactions. In addition, amortization and impairment of intangible assets in the third quarter of 2024 included the impact of a $50 million noncash impairment charge related to certain of the Company's indefinite-lived management contracts.
•
In the second quarter of 2025, a restructuring charge(1) of $39 million, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities.

(1)
These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs and a restructuring charge, as applicable. See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

12

# SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests - Consolidated sponsored investment products

| Three Months |  |  |  |  |  | Three Months |  |  |  |  |  | Nine Months |  |  |  |
| Ended |  |  |  |  |  | Ended |  |  |  |  |  | Ended |  |  |  |
| September 30, |  |  |  |  |  | June 30, |  |  |  |  |  | September 30, |  |  |  |
(in millions), (unaudited) | 2025 |  |  | 2024 |  |  | Change |  |  | 2025 |  |  | Change |  |  | 2025 |  |  | 2024 |  |  | Change |
Nonoperating income (expense), GAAP basis | $ | 42 |  |  | $ | 259 |  |  | $ | (217 | ) |  | $ | 521 |  |  | $ | (479 | ) |  | $ | 628 |  |  | $ | 693 |  |  | $ | (65 | )
Less: Net income (loss) attributable to NCI - CIPs |  | 134 |  |  |  | 60 |  |  |  | 74 |  |  |  | 72 |  |  |  | 62 |  |  |  | 211 |  |  |  | 152 |  |  |  | 59 |
Nonoperating income (expense), net of NCI - CIPs |  | (92 | ) |  |  | 199 |  |  |  | (291 | ) |  |  | 449 |  |  |  | (541 | ) |  |  | 417 |  |  |  | 541 |  |  |  | (124 | )
Less: Hedge gain (loss) on deferred cash compensation plans(1) |  | 14 |  |  |  | 9 |  |  |  | 5 |  |  |  | 45 |  |  |  | (31 | ) |  |  | 44 |  |  |  | 47 |  |  |  | (3 | )
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2) | $ | (106 | ) |  | $ | 190 |  |  | $ | (296 | ) |  | $ | 404 |  |  | $ | (510 | ) |  | $ | 373 |  |  | $ | 494 |  |  | $ | (121 | )
| Three Months |  |  |  |  |  | Three Months |  |  |  |  |  | Nine Months |  |  |  |
| Ended |  |  |  |  |  | Ended |  |  |  |  |  | Ended |  |  |  |
| September 30, |  |  |  |  |  | June 30, |  |  |  |  |  | September 30, |  |  |  |
(in millions), (unaudited) | 2025 |  |  | 2024 |  |  | Change |  |  | 2025 |  |  | Change |  |  | 2025 |  |  | 2024 |  |  | Change |
Net gain (loss) on investments, net of NCI - CIPs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private equity | $ | (14 | ) |  | $ | 9 |  |  | $ | (23 | ) |  | $ | 25 |  |  | $ | (39 | ) |  | $ | 59 |  |  | $ | 32 |  |  | $ | 27 |
Real assets |  | 3 |  |  |  | 13 |  |  |  | (10 | ) |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 19 |  |  |  | (17 | )
Other alternatives(3) |  | 8 |  |  |  | 9 |  |  |  | (1 | ) |  |  | 3 |  |  |  | 5 |  |  |  | 20 |  |  |  | 33 |  |  |  | (13 | )
Other investments(4) |  | 26 |  |  |  | 20 |  |  |  | 6 |  |  |  | 11 |  |  |  | 15 |  |  |  | 27 |  |  |  | 85 |  |  |  | (58 | )
Hedge gain (loss) on deferred cash compensation plans(1) |  | 14 |  |  |  | 9 |  |  |  | 5 |  |  |  | 45 |  |  |  | (31 | ) |  |  | 44 |  |  |  | 47 |  |  |  | (3 | )
Subtotal |  | 37 |  |  |  | 60 |  |  |  | (23 | ) |  |  | 85 |  |  |  | (48 | ) |  |  | 152 |  |  |  | 216 |  |  |  | (64 | )
Other income/gain (expense/loss)(5) |  | (107 | ) |  |  | 57 |  |  |  | (164 | ) |  |  | 393 |  |  |  | (500 | ) |  |  | 309 |  |  |  | 142 |  |  |  | 167 |
Total net gain (loss) on investments, net of NCI - CIPs |  | (70 | ) |  |  | 117 |  |  |  | (187 | ) |  |  | 478 |  |  |  | (548 | ) |  |  | 461 |  |  |  | 358 |  |  |  | 103 |
Interest and dividend income |  | 113 |  |  |  | 236 |  |  |  | (123 | ) |  |  | 144 |  |  |  | (31 | ) |  |  | 430 |  |  |  | 555 |  |  |  | (125 | )
Interest expense |  | (135 | ) |  |  | (154 | ) |  |  | 19 |  |  |  | (173 | ) |  |  | 38 |  |  |  | (474 | ) |  |  | (372 | ) |  |  | (102 | )
Net interest income (expense) |  | (22 | ) |  |  | 82 |  |  |  | (104 | ) |  |  | (29 | ) |  |  | 7 |  |  |  | (44 | ) |  |  | 183 |  |  |  | (227 | )
Nonoperating income (expense), net of NCI - CIPs |  | (92 | ) |  |  | 199 |  |  |  | (291 | ) |  |  | 449 |  |  |  | (541 | ) |  |  | 417 |  |  |  | 541 |  |  |  | (124 | )
Less: Hedge gain (loss) on deferred cash compensation plans(1) |  | 14 |  |  |  | 9 |  |  |  | 5 |  |  |  | 45 |  |  |  | (31 | ) |  |  | 44 |  |  |  | 47 |  |  |  | (3 | )
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2) | $ | (106 | ) |  | $ | 190 |  |  | $ | (296 | ) |  | $ | 404 |  |  | $ | (510 | ) |  | $ | 373 |  |  | $ | 494 |  |  | $ | (121 | )

(1)
Amounts relate to the gains (losses) from economically hedging certain BlackRock 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. For more information on as adjusted items and the reconciliation to GAAP, see notes to the condensed consolidated statements of income and supplemental information on pages 14 through 16.
(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 Internet Group, Inc. (“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. The amounts for the three and nine months ended September 30, 2024 included a pre-tax gain of approximately $66 million in connection with a transaction related to a minority investment in EquiLend Holdings, LLC. 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.

# summary of INCOME TAX EXPENSE

| Three Months |  |  |  |  | Three Months |  |  |  |  |  | Nine Months |  |  |  |
| Ended |  |  |  |  | Ended |  |  |  |  |  | Ended |  |  |  |
| September 30, |  |  |  |  | June 30, |  |  |  |  |  | September 30, |  |  |  |
(in millions), (unaudited) | 2025 |  |  | 2024 |  |  | Change |  | 2025 |  |  | Change |  |  | 2025 |  |  | 2024 |  |  | Change |
Income tax expense | $ | 470 |  |  | $ | 574 |  |  | $ | (104 | ) |  | $ | 587 |  |  | $ | (117 | ) |  | $ | 1,305 |  |  | $ | 1,341 |  |  | $ | (36 | )
Effective tax rate |  | 25.2 | % |  |  | 26.0 | % |  | (80) bps |  |  |  | 26.9 | % |  | (170) bps |  |  |  | 22.5 | % |  |  | 22.2 | % |  | 30 bps |

#

13

RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
|  | Three Months Ended |  |  | Nine Months Ended |  |
|  | September 30, |  |  | June 30, |  |  | September 30, |  |
(in millions), (unaudited) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2025 |  |  | 2024 |  |
Operating income, GAAP basis |  | $ | 1,955 |  |  | $ | 2,006 |  |  | $ | 1,731 |  |  | $ | 5,384 |  |  | $ | 5,499 |  |
Non-GAAP expense adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a) |  |  | 14 |  |  |  | 7 |  |  |  | 30 |  |  |  | 41 |  |  |  | 43 |  |
Amortization and impairment of intangible assets (b) |  |  | 253 |  |  |  | 89 |  |  |  | 137 |  |  |  | 507 |  |  |  | 166 |  |
Acquisition-related compensation costs (b) |  |  | 262 |  |  |  | 11 |  |  |  | 76 |  |  |  | 423 |  |  |  | 32 |  |
Acquisition-related transaction costs (b)(1) |  |  | 44 |  |  |  | 17 |  |  |  | 10 |  |  |  | 93 |  |  |  | 52 |  |
Contingent consideration fair value adjustments (b) |  |  | 93 |  |  |  | (2 | ) |  |  | 76 |  |  |  | 265 |  |  |  | (8 | ) |
Restructuring charge (c) |  |  | - |  |  |  | - |  |  |  | 39 |  |  |  | 39 |  |  |  | - |  |
Operating income, as adjusted (1) |  | $ | 2,621 |  |  | $ | 2,128 |  |  | $ | 2,099 |  |  | $ | 6,752 |  |  | $ | 5,784 |  |
Revenue, GAAP basis |  | $ | 6,509 |  |  | $ | 5,197 |  |  | $ | 5,423 |  |  | $ | 17,208 |  |  | $ | 14,730 |  |
Non-GAAP adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution fees |  |  | (355 | ) |  |  | (323 | ) |  |  | (320 | ) |  |  | (996 | ) |  |  | (951 | ) |
Investment advisory fees |  |  | (283 | ) |  |  | (226 | ) |  |  | (256 | ) |  |  | (788 | ) |  |  | (655 | ) |
Revenue used for operating margin measurement |  | $ | 5,871 |  |  | $ | 4,648 |  |  | $ | 4,847 |  |  | $ | 15,424 |  |  | $ | 13,124 |  |
Operating margin, GAAP basis |  |  | 30.0 | % |  |  | 38.6 | % |  |  | 31.9 | % |  |  | 31.3 | % |  |  | 37.3 | % |
Operating margin, as adjusted (1) |  |  | 44.6 | % |  |  | 45.8 | % |  |  | 43.3 | % |  |  | 43.8 | % |  |  | 44.1 | % |

(1)
Amounts included within general and administration expense.

See note (1) to the condensed consolidated statements of income and supplemental information on page 15 for more information on as adjusted items.

RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI - CIPs, AS ADJUSTED
|  | Three Months Ended |  |  | Nine Months Ended |  |
|  | September 30, |  |  | June 30, |  |  | September 30, |  |
(in millions), (unaudited) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2025 |  |  | 2024 |  |
Nonoperating income (expense), GAAP basis |  | $ | 42 |  |  | $ | 259 |  |  | $ | 521 |  |  | $ | 628 |  |  | $ | 693 |  |
Less: Net income (loss) attributable to NCI - CIPs |  |  | 134 |  |  |  | 60 |  |  |  | 72 |  |  |  | 211 |  |  |  | 152 |  |
Nonoperating income (expense), net of NCI - CIPs |  |  | (92 | ) |  |  | 199 |  |  |  | 449 |  |  |  | 417 |  |  |  | 541 |  |
Less: Hedge gain (loss) on deferred cash compensation plans (a) |  |  | 14 |  |  |  | 9 |  |  |  | 45 |  |  |  | 44 |  |  |  | 47 |  |
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted (2) |  | $ | (106 | ) |  | $ | 190 |  |  | $ | 404 |  |  | $ | 373 |  |  | $ | 494 |  |

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 15 and 16 for more information on as adjusted items.

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
|  | Three Months Ended |  |  | Nine Months Ended |  |
|  | September 30, |  |  | June 30, |  |  | September 30, |  |
(in millions, except per share data), (unaudited) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2025 |  |  | 2024 |  |
Net income attributable to BlackRock, Inc., GAAP basis |  | $ | 1,323 |  |  | $ | 1,631 |  |  | $ | 1,593 |  |  | $ | 4,426 |  |  | $ | 4,699 |  |
Non-GAAP adjustments(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net impact of hedged deferred cash compensation plans (a) |  |  | - |  |  |  | (2 | ) |  |  | (11 | ) |  |  | (2 | ) |  |  | (3 | ) |
Amortization and impairment of intangible assets (b) |  |  | 189 |  |  |  | 67 |  |  |  | 102 |  |  |  | 378 |  |  |  | 124 |  |
Acquisition-related compensation costs (b) |  |  | 198 |  |  |  | 8 |  |  |  | 57 |  |  |  | 318 |  |  |  | 23 |  |
Acquisition-related transaction costs (b) |  |  | 33 |  |  |  | 13 |  |  |  | 9 |  |  |  | 71 |  |  |  | 38 |  |
Contingent consideration fair value adjustments (b) |  |  | 94 |  |  |  | (2 | ) |  |  | 97 |  |  |  | 263 |  |  |  | (6 | ) |
Restructuring charge (c) |  |  | - |  |  |  | - |  |  |  | 29 |  |  |  | 29 |  |  |  | - |  |
Income tax matters |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | 7 |  |  |  | (137 | ) |
Noncontrolling interest - Subco Units |  |  | 70 |  |  |  | - |  |  |  | - |  |  |  | 70 |  |  |  | - |  |
Net income attributable to BlackRock, Inc., as adjusted (3) |  | $ | 1,907 |  |  | $ | 1,715 |  |  | $ | 1,883 |  |  | $ | 5,560 |  |  | $ | 4,738 |  |
Diluted weighted-average common shares outstanding |  |  | 156.9 |  |  |  | 149.6 |  |  |  | 156.3 |  |  |  | 156.6 |  |  |  | 149.8 |  |
Weighted-average Subco Units |  |  | 8.3 |  |  |  | - |  |  |  | - |  |  |  | 2.8 |  |  |  | - |  |
Diluted weighted-average common shares outstanding, as adjusted (3) |  |  | 165.2 |  |  |  | 149.6 |  |  |  | 156.3 |  |  |  | 159.4 |  |  |  | 149.8 |  |
Diluted earnings per common share, GAAP basis |  | $ | 8.43 |  |  | $ | 10.90 |  |  | $ | 10.19 |  |  | $ | 28.21 |  |  | $ | 31.37 |  |
Diluted earnings per common share, as adjusted (3) |  | $ | 11.55 |  |  | $ | 11.46 |  |  | $ | 12.05 |  |  | $ | 34.89 |  |  | $ | 31.63 |  |

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

See note (3) to the condensed consolidated statements of income and supplemental information on page 16 for more information on as adjusted items.

14

NOTES TO THE CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (unaudited)

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: 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 our 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.
•
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.

15

(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 the second quarter of 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, diluted earnings per common share, as adjusted, and diluted weighted-average common shares outstanding, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with their 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, as adjusted.

(4) ACV: Management believes ACV is an effective metric for reviewing BlackRock’s technology services and subscription's ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock’s growth in technology services and subscription revenue over time, as it is linked to the net new business in technology and subscription services. ACV represents forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed, unless we have received a notice of termination, even though such notice may not be effective until a later date. ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and excludes nonrecurring fees such as implementation and consulting fees.

16

# FORWARD-LOOKING STATEMENTS

This earnings release, 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 (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, 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; (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 GIP, Preqin and HPS (collectively, 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 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.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.

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# PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of September 30, 2025 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of August 31, 2025. The performance data does not include accounts terminated prior to September 30, 2025 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of September 30, 2025 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

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