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Consolidated Sponsored Investment Products (Tables)

12 Months Ended

Dec. 31, 2025

Statement of Financial Position [Abstract]

Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition

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.

Schedule of Nonoperating Gains (Loss) Related to Consolidated Variable Interest Entity

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