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Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Summary of Carrying Value of Total Investments | A summary of the carrying value of total investments is as follows:
(in millions) |  | December 31, 2025 |  |  | December 31, 2024 |
Debt securities: |  |  |  |  |  |
Trading securities (including $2,782 and $1,743 held by CIPs at December 31, 2025 and December 31, 2024, respectively) |  | $ | 2,789 |  |  | $ | 1,751 |
Held-to-maturity investments |  |  | 507 |  |  |  | 547 |
Total debt securities |  |  | 3,296 |  |  |  | 2,298 |
Equity securities at FVTNI (including $1,681 and $1,556 held by CIPs at December 31, 2025 and December 31, 2024, respectively)(1) |  |  | 2,282 |  |  |  | 1,950 |
Equity method investments: |  |  |  |  |  |
Equity method investments(2) |  |  | 1,833 |  |  |  | 2,610 |
Investments related to deferred cash compensation plans(1) |  |  | 300 |  |  |  | 173 |
Total equity method investments |  |  | 2,133 |  |  |  | 2,783 |
Loans held by CIPs |  |  | — |  |  |  | 145 |
CLOs held at fair value |  |  | 568 |  |  |  | 72 |
Federal Reserve Bank stock(3) |  |  | 87 |  |  |  | 93 |
Carried interest(4) |  |  | 3,710 |  |  |  | 1,983 |
Other investments(5) |  |  | 1,195 |  |  |  | 445 |
Total investments |  | $ | 13,271 |  |  | $ | 9,769 |
(1) Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within equity securities held at FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively. (2) Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds. (3) Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale. (4) Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds. (5) Other investments include BlackRock’s investments in private equity, private credit, real asset, commodity, and digital asset investments held by CIPs, which are measured at fair value.
Summary of Cost and Carrying Value of Equity and Trading Debt Securities | A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:
|  | December 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | Cost |  |  | Carrying Value |  |  | Cost |  |  | Carrying Value |
Trading debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 1,153 |  |  | $ | 1,185 |  |  | $ | 957 |  |  | $ | 989 |
Government debt |  |  | 430 |  |  |  | 430 |  |  |  | 578 |  |  |  | 557 |
Asset/mortgage-backed debt |  |  | 1,185 |  |  |  | 1,174 |  |  |  | 222 |  |  |  | 205 |
Total trading debt securities |  | $ | 2,768 |  |  | $ | 2,789 |  |  | $ | 1,757 |  |  | $ | 1,751 |
Equity securities at FVTNI: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities/mutual funds |  | $ | 2,049 |  |  | $ | 2,282 |  |  | $ | 1,843 |  |  | $ | 1,950 |

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- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
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