Cash Dividends for Common Shares / RSUs. During 2025, 2024 and 2023, the Company paid cash dividends of $20.84 per share (or $3.3 billion), $20.40 per share (or $3.1 billion) and $20.00 per share (or $3.0 billion), respectively.

The HPS Transaction. On July 1, 2025, as part of the closing of the HPS Transaction, the Company issued approximately 8.5 million Subco Units to former equity holders of HPS. See Note 1, Business Overview, Note 2, Significant Accounting Policies, and Note 3, Acquisitions, for additional information. As of December 31, 2025, there were approximately 7.7 million Subco Units outstanding.

Share Repurchases. During 2025, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 1.6 million shares and share equivalents for approximately $1.6 billion. At December 31, 2025, there were approximately 2.2 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.

In January 2026, the Company announced that the Board of Directors authorized the repurchase of an additional seven million shares under
the Company's existing share repurchase program for a total of up to approximately 9.2 million shares of BlackRock common stock.

The Company’s common shares issued and outstanding and related activity consist of the following:


	Shares Issued									Shares Outstanding
	Common Shares			Treasury Common Shares			Subco Units			Common Shares			Subco Units
December 31, 2022		172,075,373			(22,318,881	)		—			149,756,492			—
Shares repurchased		—			(2,176,538	)		—			(2,176,538	)		—
Net issuance of common shares related to employee stock transactions		—			920,120			—			920,120			—
December 31, 2023		172,075,373			(23,575,299	)		—			148,500,074			—
Shares repurchased		—			(1,909,964	)		—			(1,909,964	)		—
Net issuance of common shares related to employee stock transactions		456,182			993,105			—			1,449,287			—
Issuance of common shares in connection with the GIP Transaction		6,908,416			—			—			6,908,416			—
Cancellation of treasury stock, common in connection with the GIP Transaction		(24,121,801	)		24,121,801			—			—			—
December 31, 2024		155,318,170			(370,357	)		—			154,947,813			—
Issuance of Subco Units/common shares in connection with acquisitions		244,240			—			8,448,427			244,240			8,448,427
Shares/Subco Units repurchased		—			(872,569	)		(705,118	)		(872,569	)		(705,118	)
Net issuance of common shares related to employee stock transactions		713,879			35,808			—			749,687			—
December 31, 2025		156,276,289			(1,207,118	)		7,743,309			155,069,171			7,743,309