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Consolidated Sponsored Investment Products (Tables) | 12 Months Ended
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Dec. 31, 2025
Statement of Financial Position [Abstract] |
Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition | The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these products:
|  | December 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | VIEs |  |  | VREs |  |  | Total |  |  | VIEs |  |  | VREs |  |  | Total |
Cash and cash equivalents(1) |  | $ | 428 |  |  | $ | 33 |  |  | $ | 461 |  |  | $ | 125 |  |  | $ | 44 |  |  | $ | 169 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities |  |  | 2,350 |  |  |  | 432 |  |  |  | 2,782 |  |  |  | 1,497 |  |  |  | 246 |  |  |  | 1,743 |
Equity securities at FVTNI |  |  | 1,537 |  |  |  | 144 |  |  |  | 1,681 |  |  |  | 1,179 |  |  |  | 377 |  |  |  | 1,556 |
Loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 141 |  |  |  | 4 |  |  |  | 145 |
Other investments |  |  | 946 |  |  |  | 68 |  |  |  | 1,014 |  |  |  | 370 |  |  |  | 33 |  |  |  | 403 |
Carried interest |  |  | 3,654 |  |  |  | — |  |  |  | 3,654 |  |  |  | 1,905 |  |  |  | — |  |  |  | 1,905 |
Total investments |  |  | 8,487 |  |  |  | 644 |  |  |  | 9,131 |  |  |  | 5,092 |  |  |  | 660 |  |  |  | 5,752 |
Other assets |  |  | 76 |  |  |  | 111 |  |  |  | 187 |  |  |  | 45 |  |  |  | 31 |  |  |  | 76 |
Other liabilities(2) |  |  | (4,052 | ) |  |  | (60 | ) |  |  | (4,112 | ) |  |  | (2,130 | ) |  |  | (93 | ) |  |  | (2,223 | )
Noncontrolling interest - CIPs |  |  | (2,521 | ) |  |  | (236 | ) |  |  | (2,757 | ) |  |  | (1,672 | ) |  |  | (130 | ) |  |  | (1,802 | )
BlackRock's net interest in CIPs |  | $ | 2,418 |  |  | $ | 492 |  |  | $ | 2,910 |  |  | $ | 1,460 |  |  | $ | 512 |  |  | $ | 1,972 |
(1) The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities. (2) At both December 31, 2025 and 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
Schedule of Nonoperating Gains (Loss) Related to Consolidated Variable Interest Entity | Net gain (loss) related to consolidated VIEs is presented in the following table:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Nonoperating net gain (loss) on consolidated VIEs |  | $ | 399 |  |  | $ | 234 |  |  | $ | 310 |
Net income (loss) attributable to NCI on consolidated VIEs |  | $ | 248 |  |  | $ | 132 |  |  | $ | 174 |

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