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Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Carrying Value of Total Investments

A summary of the carrying value of total investments is as follows:

(in millions)		December 31,  2025				December 31,  2024
Debt securities:
Trading securities (including $2,782 and $1,743 held by CIPs at December 31, 2025    and December 31, 2024, respectively)		$	2,789			$	1,751
Held-to-maturity investments			507				547
Total debt securities			3,296				2,298
Equity securities at FVTNI (including $1,681 and $1,556 held by CIPs at December 31,    2025 and December 31, 2024, respectively)(1)			2,282				1,950
Equity method investments:
Equity method investments(2)			1,833				2,610
Investments related to deferred cash compensation plans(1)			300				173
Total equity method investments			2,133				2,783
Loans held by CIPs			—				145
CLOs held at fair value			568				72
Federal Reserve Bank stock(3)			87				93
Carried interest(4)			3,710				1,983
Other investments(5)			1,195				445
Total investments		$	13,271			$	9,769

(1)Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within equity securities held at FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.

(2)Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.

(3)Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.

(4)Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.

(5)Other investments include BlackRock’s investments in private equity, private credit, real asset, commodity, and digital asset investments held by CIPs, which are measured at fair value.

Summary of Cost and Carrying Value of Equity and Trading Debt Securities

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:

		December 31, 2025								December 31, 2024
(in millions)		Cost				Carrying Value				Cost				Carrying Value
Trading debt securities:
Corporate debt		$	1,153			$	1,185			$	957			$	989
Government debt			430				430				578				557
Asset/mortgage-backed debt			1,185				1,174				222				205
Total trading debt securities		$	2,768			$	2,789			$	1,757			$	1,751
Equity securities at FVTNI:
Equity securities/mutual funds		$	2,049			$	2,282			$	1,843			$	1,950

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- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

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- References

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X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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