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Variable Interest Entities (Tables)
12 Months Ended
Dec. 31, 2025
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At December 31, 2025 and 2024, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs in which it held a variable interest, but for which it was not the PB, was as follows:

(in millions)

 

Investments

 

 

Advisory
Fee
Receivables

 

 

Other Net
Assets
(Liabilities)

 

 

Maximum
Risk of Loss
(1)

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,325

 

 

$

101

 

 

$

(12

)

 

$

2,443

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,330

 

 

$

158

 

 

$

(11

)

 

$

2,505

 

At both December 31, 2025 and 2024, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.