Goodwill activity during 2025 and 2024 was as follows:


(in millions)	2025			2024
Beginning of year balance	$	25,949		$	15,524
Acquisitions(1)		9,343			10,428
Other		(9	)		(3	)
End of year balance	$	35,283		$	25,949

(1)

2025 amount primarily includes goodwill of $6.8 billion and $2.4 billion and $0.2 billion in connection with the HPS, Preqin and ElmTree Transactions, respectively. 2024 amount represents goodwill of $10.3 billion related to the GIP Transaction and $0.1 billion related to the SpiderRock Transaction. See Note 3, Acquisitions, for further information.

BlackRock assessed its goodwill for impairment as of July 31, 2025, 2024 and 2023 and considered such factors as the book value and the market capitalization of the Company. The impairment assessment indicated no impairment charges were required. The Company continues to monitor its book value per share compared with closing prices of its common stock as well as qualitative factors for potential indicators of impairment. At December 31, 2025, the Company’s common stock closed at a market price of $1,070, which exceeded its book value of $360 per share.