XML 48 R33.htm IDEA: XBRL DOCUMENT v3.25.4
Net Capital Requirements
 12 Months Ended
Dec. 31, 2025
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net Capital Requirements

21. Net Capital Requirements

The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

Bank Regulatory Requirements. BlackRock Institutional Trust Company, N.A. ("BTC") is a consolidated subsidiary of the Company that is chartered as a national bank whose operations are limited to trust and other fiduciary activities and is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency ("OCC"). The OCC would be required to take certain actions and permitted to take certain actions in the event of BTC’s failure to meet minimum capital requirements that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements.

Quantitative measures established by federal banking regulators to ensure capital adequacy require BTC to maintain a minimum Common Equity Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios. Based on BTC’s calculations as of December 31, 2025 and 2024, it exceeded the applicable capital adequacy requirements.

 

 

Actual

 

 

For Capital
Adequacy
Purposes

 

 

To Be Well
Capitalized
Under Prompt
Corrective Action
Provisions

 

(in millions)

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

851

 

 

 

114.6

%

 

$

59

 

 

 

8.0

%

 

$

74

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

846

 

 

 

114.0

%

 

$

33

 

 

 

4.5

%

 

$

48

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

846

 

 

 

114.0

%

 

$

45

 

 

 

6.0

%

 

$

59

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

846

 

 

 

67.6

%

 

$

50

 

 

 

4.0

%

 

$

63

 

 

 

5.0

%

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

961

 

 

 

153.2

%

 

$

50

 

 

 

8.0

%

 

$

63

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

953

 

 

 

151.9

%

 

$

28

 

 

 

4.5

%

 

$

41

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

953

 

 

 

151.9

%

 

$

38

 

 

 

6.0

%

 

$

50

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

953

 

 

 

71.3

%

 

$

53

 

 

 

4.0

%

 

$

67

 

 

 

5.0

%

 

Broker-dealers. BlackRock Investments, LLC and BlackRock Execution Services are registered broker-dealers and wholly owned subsidiaries of BlackRock that are subject to the Uniform Net Capital requirements under the Securities Exchange Act of 1934, which requires maintenance of certain minimum net capital levels.

Capital Requirements. At December 31, 2025 and 2024, the Company was required to maintain approximately $2.2 billion and $1.8 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.