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Consolidated Sponsored Investment Products | 12 Months Ended
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Dec. 31, 2025
Statement of Financial Position [Abstract] |
Consolidated Sponsored Investment Products | 6. Consolidated Sponsored Investment Products In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIEs or VREs. The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities issued by vehicles or enter into derivatives or loan arrangements with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company. 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. BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock. 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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