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Variable Interest Entities | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | 7. Variable Interest Entities Nonconsolidated VIEs. At December 31, 2025 and 2024, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs in which it held a variable interest, but for which it was not the PB, was as follows:
(in millions) |  | Investments |  |  | Advisory Fee Receivables |  |  | Other Net Assets (Liabilities) |  |  | Maximum Risk of Loss(1) |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Sponsored investment products |  | $ | 2,325 |  |  | $ | 101 |  |  | $ | (12 | ) |  | $ | 2,443 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Sponsored investment products |  | $ | 2,330 |  |  | $ | 158 |  |  | $ | (11 | ) |  | $ | 2,505 |
(1) At both December 31, 2025 and 2024, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables. The net assets of sponsored investment products that are nonconsolidated VIEs approximated $53 billion and $46 billion at December 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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