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Fair Value Disclosures | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Disclosures | 8. Fair Value Disclosures Fair Value Hierarchy Assets and liabilities measured at fair value on a recurring basis
December 31, 2025 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Investments Measured at NAV(1) |  |  | Other(2) |  |  | December 31, 2025 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities | $ | — |  |  | $ | 2,782 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,789 |
Held-to-maturity investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 507 |  |  |  | 507 |
Total debt securities |  | — |  |  |  | 2,782 |  |  |  | 7 |  |  |  | — |  |  |  | 507 |  |  |  | 3,296 |
Equity securities at FVTNI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities/mutual funds |  | 2,146 |  |  |  | — |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | 2,282 |
Equity method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity, fixed income, and multi-asset mutual funds |  | 205 |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 353 |
Hedge funds/funds of hedge funds/other |  | — |  |  |  | — |  |  |  | — |  |  |  | 446 |  |  |  | — |  |  |  | 446 |
Private equity funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 510 |  |  |  | — |  |  |  | 510 |
Real assets funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 524 |  |  |  | — |  |  |  | 524 |
Investments related to deferred cash compensation plans |  | — |  |  |  | — |  |  |  | — |  |  |  | 300 |  |  |  | — |  |  |  | 300 |
Total equity method |  | 205 |  |  |  | 148 |  |  |  | — |  |  |  | 1,780 |  |  |  | — |  |  |  | 2,133 |
Loans held by CIPs |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
CLOs held at fair value |  | — |  |  |  | 495 |  |  |  | 73 |  |  |  | — |  |  |  | — |  |  |  | 568 |
Federal Reserve Bank stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 87 |  |  |  | 87 |
Carried interest |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,710 |  |  |  | 3,710 |
Other investments |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,078 |  |  |  | 117 |  |  |  | 1,195 |
Total investments |  | 2,351 |  |  |  | 3,425 |  |  |  | 216 |  |  |  | 2,858 |  |  |  | 4,421 |  |  |  | 13,271 |
Other assets(3) |  | 113 |  |  |  | 10 |  |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 274 |
Separate account assets |  | 38,688 |  |  |  | 20,895 |  |  |  | — |  |  |  | — |  |  |  | 515 |  |  |  | 60,098 |
Separate account collateral held under securities lending agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 4,194 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,194 |
Debt securities |  | — |  |  |  | 3,728 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,728 |
Total separate account collateral held under securities lending agreements |  | 4,194 |  |  |  | 3,728 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,922 |
Total | $ | 45,346 |  |  | $ | 28,058 |  |  | $ | 367 |  |  | $ | 2,858 |  |  | $ | 4,936 |  |  | $ | 81,565 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Separate account collateral liabilities under securities lending agreements | $ | 4,194 |  |  | $ | 3,728 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,922 |
Contingent consideration liabilities |  | — |  |  |  | — |  |  |  | 8,429 |  |  |  | — |  |  |  | — |  |  |  | 8,429 |
Other liabilities(4) |  | — |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13 |
Total | $ | 4,194 |  |  | $ | 3,741 |  |  | $ | 8,429 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,364 |
(1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest. (3) Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax. (4) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information).
December 31, 2024 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Investments Measured at NAV(1) |  |  | Other(2) |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities | $ | — |  |  | $ | 1,744 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,751 |
Held-to-maturity investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 547 |  |  |  | 547 |
Total debt securities |  | — |  |  |  | 1,744 |  |  |  | 7 |  |  |  | — |  |  |  | 547 |  |  |  | 2,298 |
Equity securities at FVTNI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities/mutual funds |  | 1,950 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,950 |
Equity method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity, fixed income, and multi-asset mutual funds |  | 347 |  |  |  | 131 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 478 |
Hedge funds/funds of hedge funds/other |  | — |  |  |  | — |  |  |  | — |  |  |  | 552 |  |  |  | — |  |  |  | 552 |
Private equity funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,060 |  |  |  | — |  |  |  | 1,060 |
Real assets funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 520 |  |  |  | — |  |  |  | 520 |
Investments related to deferred cash compensation plans |  | — |  |  |  | — |  |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | 173 |
Total equity method |  | 347 |  |  |  | 131 |  |  |  | — |  |  |  | 2,305 |  |  |  | — |  |  |  | 2,783 |
Loans held by CIPs |  | — |  |  |  | 10 |  |  |  | 135 |  |  |  | — |  |  |  | — |  |  |  | 145 |
CLOs held at fair value |  | — |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | — |  |  |  | 72 |
Federal Reserve Bank stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 93 |  |  |  | 93 |
Carried interest |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,983 |  |  |  | 1,983 |
Other investments |  | 18 |  |  |  | — |  |  |  | — |  |  |  | 274 |  |  |  | 153 |  |  |  | 445 |
Total investments |  | 2,315 |  |  |  | 1,885 |  |  |  | 214 |  |  |  | 2,579 |  |  |  | 2,776 |  |  |  | 9,769 |
Other assets(3) |  | — |  |  |  | 7 |  |  |  | 149 |  |  |  | — |  |  |  | — |  |  |  | 156 |
Separate account assets |  | 32,933 |  |  |  | 19,346 |  |  |  | — |  |  |  | — |  |  |  | 532 |  |  |  | 52,811 |
Separate account collateral held under securities lending agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 2,719 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,719 |
Debt securities |  | — |  |  |  | 3,340 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,340 |
Total separate account collateral held under securities lending agreements |  | 2,719 |  |  |  | 3,340 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,059 |
Total | $ | 37,967 |  |  | $ | 24,578 |  |  | $ | 363 |  |  | $ | 2,579 |  |  | $ | 3,308 |  |  | $ | 68,795 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Separate account collateral liabilities under securities lending agreements | $ | 2,719 |  |  | $ | 3,340 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,059 |
Contingent consideration liabilities |  | — |  |  |  | — |  |  |  | 4,302 |  |  |  | — |  |  |  | — |  |  |  | 4,302 |
Other liabilities(4) |  | — |  |  |  | 46 |  |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | 175 |
Total | $ | 2,719 |  |  | $ | 3,386 |  |  | $ | 4,431 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,536 |
(1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest. (3) Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax. (4) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets. Level 3 Assets. Level 3 assets predominantly include investments in nonconsolidated CLOs, loans of consolidated CIPs, and corporate minority private debt investments. Investments in CLOs and loans were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were primarily valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cashflow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of December 31, 2025 and 2024. Level 3 Liabilities. Level 3 liabilities primarily include borrowings of a consolidated CLO, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO, as well as contingent consideration liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs or other valuation techniques. At December 31, 2025 and 2024, the contingent consideration liability related to the GIP Transaction was estimated using the income approach, with certain significant inputs including risk-free discount rates of approximately 3.5% and 4.3%, respectively, as well as current estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). At December 31, 2025, the contingent consideration liability related to the HPS Transaction was estimated using the income approach, with certain significant inputs including a risk-free discount rate of approximately 3.7%, as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and future stock price performance (Level 3 inputs). Accordingly, changes in key inputs and assumptions described will impact the amount of contingent consideration expense recorded in a reporting period until the contingency is resolved. Nonrecurring Fair Value Measurements. During the year ended 2024, the Company assessed its intangible assets for impairment during the annual impairment assessment as of July 31, 2024 and concluded that an impairment charge was required for indefinite-lived intangible assets related to certain open-end management contracts, which reduced the carrying value of these management contracts to a fair value of $87 million. See Note 12, Intangible Assets, for more information. The fair value of these contracts was determined using a discounted cash flow analysis. The most sensitive assumptions used to determine present value were growth expectations, revenue basis points, revenue forecast, and the discount rate applied to the cash flow forecast, which are considered Level 3 inputs in the valuation hierarchy. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2025
(in millions) | December 31, 2024 |  |  | Realized and Unrealized Gains (Losses) |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2025 |  |  | Total Net Unrealized Gains (Losses) Included in Earnings(2) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Equity securities/mutual funds |  | — |  |  |  | — |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 136 |  |  |  | — |
Loans |  | 135 |  |  |  | (8 | ) |  |  | 15 |  |  |  | (142 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
CLOs held at fair value |  | 72 |  |  |  | (11 | ) |  |  | 10 |  |  |  | (3 | ) |  |  | 21 |  |  |  | — |  |  |  | (16 | ) |  |  | 73 |  |  |  | (10 | )
Total investments |  | 214 |  |  |  | (19 | ) |  |  | 161 |  |  |  | (145 | ) |  |  | 21 |  |  |  | — |  |  |  | (16 | ) |  |  | 216 |  |  |  | (10 | )
Other assets |  | 149 |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 151 |  |  |  | 18 |
Total assets | $ | 363 |  |  | $ | (1 | ) |  | $ | 161 |  |  | $ | (145 | ) |  | $ | 21 |  |  | $ | — |  |  | $ | (32 | ) |  | $ | 367 |  |  | $ | 8 |
(in millions) | December 31, 2024 |  |  | Realized and Unrealized (Gains) Losses(3) |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2025 |  |  | Total Net Unrealized (Gains) Losses Included in Earnings(2)(3) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liabilities | $ | 4,302 |  |  | $ | 729 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,398 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,429 |  |  | $ | 729 |
Other liabilities |  | 129 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | (112 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total liabilities | $ | 4,431 |  |  | $ | 712 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,429 |  |  | $ | 729 |
(1) Issuances and other settlements amounts include acquired CLOs and a contingent liability primarily related to the HPS Transaction, and repayments of borrowings of a consolidated CLO. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (3) Amount includes changes in fair value of contingent consideration recorded within expense on the consolidated statements of income. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2024
(in millions) | December 31, 2023 |  |  | Realized and Unrealized Gains (Losses) |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2024 |  |  | Total Net Unrealized Gains (Losses) Included in Earnings(2) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities | $ | 42 |  |  | $ | 3 |  |  | $ | 35 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79 |  |  | $ | 3 |
Loans |  | 175 |  |  |  | 7 |  |  |  | 402 |  |  |  | (455 | ) |  |  | — |  |  |  | 12 |  |  |  | (6 | ) |  |  | 135 |  |  |  | 7 |
Total investments |  | 217 |  |  |  | 10 |  |  |  | 437 |  |  |  | (456 | ) |  |  | — |  |  |  | 12 |  |  |  | (6 | ) |  |  | 214 |  |  |  | 10 |
Other assets |  | 120 |  |  |  | (8 | ) |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 149 |  |  |  | (8 | )
Total assets | $ | 337 |  |  | $ | 2 |  |  | $ | 474 |  |  | $ | (456 | ) |  | $ | — |  |  | $ | 12 |  |  | $ | (6 | ) |  | $ | 363 |  |  | $ | 2 |
(in millions) | December 31, 2023 |  |  | Realized and Unrealized (Gains) Losses |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2024 |  |  | Total Net Unrealized (Gains) Losses Included in Earnings(2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liabilities | $ | 99 |  |  | $ | (42 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,302 |  |  | $ | (42 | )
Other liabilities |  | 180 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | (58 | ) |  |  | — |  |  |  | — |  |  |  | 129 |  |  |  | 7 |
Total liabilities | $ | 279 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,431 |  |  | $ | (35 | )
(1) Issuances and other settlements amounts include contingent consideration liabilities related to the SpiderRock and GIP Transactions and repayments of borrowings of a consolidated CLO. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI - CIPs to reflect net income (loss) not attributable to the Company. Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable. Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At December 31, 2025 and 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:
|  | December 31, 2025 |  |  | December 31, 2024 |  |  |  |
(in millions) |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Fair Value Hierarchy |
Financial assets(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 11,468 |  |  | $ | 11,468 |  |  | $ | 12,762 |  |  | $ | 12,762 |  |  | Level 1 | (2)(3)
Other assets |  |  | 103 |  |  |  | 103 |  |  |  | 86 |  |  |  | 86 |  |  | Level 1 | (2)(4)
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term borrowings |  | $ | 12,768 |  |  | $ | 12,546 |  |  | $ | 12,314 |  |  | $ | 11,680 |  |  | Level 2 | (5)
Other liabilities |  |  | 302 |  |  |  | 302 |  |  |  | — |  |  |  | — |  |  | Level 2 | (6)
(1) See Note 5, Investments, for further information on investments not held at fair value. (2) Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. (3) At December 31, 2025 and 2024, approximately $5.3 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. (4) At December 31, 2025 and 2024, other assets included cash collateral of approximately $81 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $22 million and $17 million of restricted cash at December 31, 2025 and 2024, respectively. (5) Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of December 2025 and 2024, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-term borrowings. (6) Other liabilities include repurchase agreements related to CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates ranging from 2034 to 2039. Investments in Certain Entities that Calculate NAV Per Share As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). December 31, 2025
(in millions) | Ref |  | Fair Value |  |  | Total Unfunded Commitments |  |  | Redemption Frequency |  | Redemption Notice Period
Equity method(1): |  |  |  |  |  |  |  |  |  |  |
Hedge funds/funds of hedge funds/other | (a) |  | $ | 446 |  |  | $ | 150 |  |  | Quarterly (12%) N/R (88%) |  | 1 – 90 days
Private equity funds | (b) |  |  | 510 |  |  |  | 225 |  |  | N/R |  | N/R
Real assets funds | (c) |  |  | 524 |  |  |  | 1,870 |  |  | Quarterly (7%) N/R (93%) |  | 60 days
Investments related to deferred cash compensation plan | (d) |  |  | 300 |  |  |  | — |  |  | Monthly |  | 1 – 90 days
Other investments: |  |  |  |  |  |  |  |  |  |  |
Private credit fund | (a) |  |  | 140 |  |  |  | — |  |  | Quarterly |  | 30 days
Consolidated sponsored investment products: |  |  |  |  |  |  |  |  |  |  |
Real assets funds | (c) |  |  | 372 |  |  |  | 29 |  |  | N/R |  | N/R
Private equity funds | (e) |  |  | 181 |  |  |  | 34 |  |  | N/R |  | N/R
Hedge funds/other | (a) |  |  | 385 |  |  |  | 48 |  |  | Quarterly (89%) N/R (11%) |  | 60 – 90 days
Total |  |  | $ | 2,858 |  |  | $ | 2,356 |  |  |  |  |
December 31, 2024
(in millions) |  | Ref |  | Fair Value |  |  | Total Unfunded Commitments |  |  | Redemption Frequency |  | Redemption Notice Period
Equity method(1): |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds/funds of hedge funds/other |  | (a) |  | $ | 552 |  |  | $ | 138 |  |  | Daily/Monthly (2%) Quarterly (10%) N/R (88%) |  | 1 – 90 days
Private equity funds |  | (b) |  |  | 1,060 |  |  |  | 227 |  |  | N/R |  | N/R
Real assets funds |  | (c) |  |  | 520 |  |  |  | 710 |  |  | Quarterly (7%) N/R (93%) |  | 60 days
Investments related to deferred cash compensation plan |  | (d) |  |  | 173 |  |  |  | — |  |  | Monthly |  | 1 – 90 days
Consolidated sponsored investment products: |  |  |  |  |  |  |  |  |  |  |  |
Real assets funds |  | (c) |  |  | 175 |  |  |  | 40 |  |  | N/R |  | N/R
Private equity funds |  | (e) |  |  | 7 |  |  |  | 42 |  |  | N/R |  | N/R
Hedge funds/other |  | (a) |  |  | 92 |  |  |  | 58 |  |  | Quarterly (64%) N/R (36%) |  | 90 days
Total |  |  |  | $ | 2,579 |  |  | $ | 1,215 |  |  |  |  |
N/R – Not Redeemable (1) Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value. (a) This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both December 31, 2025 and 2024. (b) This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both December 31, 2025 and 2024. (c) This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both December 31, 2025 and 2024. The total remaining unfunded commitments were $1.9 billion and $750 million at December 31, 2025 and 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $1.9 billion and $736 million at December 31, 2025 and 2024, respectively. (d) This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities. (e) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown. Fair Value Option At December 31, 2025 and 2024, the Company elected the fair value option for certain investments in CLOs of approximately $568 million and $72 million, respectively, reported within investments. In addition, the Company had elected the fair value option for the bank loans and borrowings of a previously consolidated CLO, which was recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at December 31, 2025 and 2024:
|  | December 31, |  |  | December 31, |
(in millions) |  | 2025 |  |  | 2024 |
CLO loans: |  |  |  |  |  |
Aggregate principal amounts outstanding |  | $ | — |  |  | $ | 156 |
Fair value |  |  | — |  |  |  | 141 |
Aggregate unpaid principal balance in excess of (less than) fair value |  | $ | — |  |  | $ | 15 |
CLO borrowings: |  |  |  |  |  |
Aggregate principal amounts outstanding |  | $ | — |  |  | $ | 146 |
Fair value |  |  | — |  |  |  | 129 |
Aggregate unpaid principal balance in excess of (less than) fair value |  | $ | — |  |  | $ | 17 |
During the year ended December 31, 2025 and 2024, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the previously consolidated CLO were not material and were recorded in net gain (loss) on the consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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