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8-K

BlackRock, Inc. (BLK)

8-K 2025-01-15 For: 2025-01-15
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 15, 2025

BLACKROCK, INC.
(Exact name of registrant as specified in its charter)
delaware<br><br>(State or other jurisdiction<br><br>of incorporation) 001-42297<br><br>(Commission<br><br>File Number) 99-1116001<br><br>(IRS Employer<br><br>Identification No.)
--- --- ---
50 Hudson Yards, New York, New York 10001
--- ---
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 810-5800

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br><br>Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value BLK New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On January 15, 2025, BlackRock, Inc. (the “Company”) reported results of operations for the three months and year ended December 31, 2024. A copy of the earnings release issued by the Company is attached as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On January 15, 2025, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three months and year ended December 31, 2024. A copy of supplemental materials used during the conference call and webcast is furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Earnings release dated January 15, 2025 issued by the Company
99.2 Fourth Quarter 2024 Earnings – Earnings Release Supplement
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BlackRock, Inc.
(Registrant)
Date: January 15, 2025 By: /s/ Martin S. Small
Martin S. Small
Senior Managing Director and
Chief Financial Officer

EX-99.1

Exhibit 99.1

INVESTOR RELATIONS:Caroline Rodda 212.810.3442
BlackRock Reports Full Year 2024 Diluted EPS of 42.01, or 43.61 as adjustedFourth Quarter 2024 Diluted EPS of 10.63, or 11.93 as adjusted
New York, January 15, 2025 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2024.

All values are in US Dollars.

$11.6 trillion in AUM following a record $641 billion of full year net inflows, including $281 billion in the fourth quarter<br><br>14% increase in full year revenue driven by the positive impact of markets on average AUM, organic base fee growth, and fees on AUM acquired in the GIP Transaction, as well as higher performance fees and technology service revenue<br><br>21% increase in full year operating income (23% as adjusted)<br><br>15% increase in full year diluted EPS also reflects lower nonoperating income and a higher effective tax rate in the current year<br><br>$4.7 billion returned to shareholders in 2024, including $1.6 billion of share repurchases<br><br>Previously announced agreement to acquire HPS Investment Partners to create an integrated private credit franchise with approximately $220 billion in pro-forma client assets Laurence D. Fink, Chairman and CEO:<br><br>“Clients entrusted BlackRock with a record $641 billion of net inflows in 2024, including $281 billion in the fourth quarter for two consecutive record flows quarters. 2024 was also a milestone year for strategic acquisitions grounded in client service, technology and scale. Our closing of GIP and planned acquisitions of HPS and Preqin are expected to significantly scale and enhance our private markets investment and data capabilities.<br><br>“For many companies, periods of M&A contribute to a pause in client engagement. At BlackRock, clients are instead embracing and rewarding our strategy. Client activity accelerated into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth. Our operating model delivered exceptional performance in a year of meaningful change. We crossed $20 billion of annual revenue, up 14% from 2023. As adjusted operating income grew by 23%, and our industry-leading margin of 44.5% was up 280 basis points.<br><br>“Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin. And we’ve steadily made organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead.<br><br>“BlackRock’s world-class talent is central to our significant growth and sustained performance. We have a longstanding, deliberate strategy of systematically elevating our strongest leaders around the world. We’re excited to again have a number of them taking on expanded roles this year. BlackRock’s leadership team alongside top talent from GIP, HPS and Preqin position us to serve our clients with excellence and seize the opportunities ahead of us.<br><br>“In the 25 years since our IPO, BlackRock has delivered a 21% compounded annual total return for our shareholders, compared to 8% in the S&P 500. BlackRock enters 2025 with more growth and upside potential than ever. This is just the beginning.”
FINANCIAL RESULTS NET FLOW HIGHLIGHTS(1)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, Q4 Q4 Full Year Q4 Full Year
except per share data) 2024 2023 2024 2023 (in billions) 2024 2024
AUM $ 11,551,251 $ 10,008,995 $ 11,551,251 $ 10,008,995 Long-term net flows: $ 201 $ 489
% change 15 % 15 %
Average AUM $ 11,555,434 $ 9,384,929 $ 10,804,007 $ 9,220,700 By region:
% change 23 % 17 % Americas $ 116 $ 317
Total net flows $ 281,416 $ 95,647 $ 641,351 $ 288,695 EMEA 74 149
APAC 11 23
GAAP basis:
Revenue $ 5,677 $ 4,631 $ 20,407 $ 17,859 By client type:
% change 23 % 14 %
Operating income $ 2,075 $ 1,585 $ 7,574 $ 6,275 Retail: $ 5 $ 24
% change 31 % 21 % US 3 19
Operating margin 36.6 % 34.2 % 37.1 % 35.1 % International 2 5
Net income(1) $ 1,670 $ 1,375 $ 6,369 $ 5,502
% change 21 % 16 % ETFs: $ 143 $ 390
Diluted EPS $ 10.63 $ 9.15 $ 42.01 $ 36.51 Core equity 75 175
% change 16 % 15 % Strategic 18 113
Weighted-average Cryptocurrency 18 41
diluted shares 157.0 150.2 151.6 150.7 Other precision 32 61
% change 5 % 1 %
Institutional: $ 53 $ 74
As Adjusted(2): Active 25 64
Operating income $ 2,326 $ 1,716 $ 8,110 $ 6,593 Index 28 9
% change 36 % 23 %
Operating margin 45.5 % 41.6 % 44.5 % 41.7 %
Net income(1) $ 1,874 $ 1,451 $ 6,612 $ 5,692 Cash management net flows $ 81 $ 153
% change 29 % 16 %
Diluted EPS $ 11.93 $ 9.66 $ 43.61 $ 37.77
% change 23 % 15 % Total net flows $ 281 $ 641
_________________________ _________________________
(1)   Net income represents net income attributable to BlackRock, Inc.<br>(2)   See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the <br>      condensed consolidated statements of income and supplemental information for more <br>      information on as adjusted items. (1)   Totals may not add due to rounding.

BUSINESS RESULTS

Q4 2024
Q4 2024 Base fees(1)
Base fees(1) December 31, 2024 and securities
Q4 2024 December 31, 2024 and securities AUM lending revenue
(in millions), (unaudited) Net flows AUM lending revenue % of Total % of Total
RESULTS BY CLIENT TYPE
Retail $ 4,650 $ 1,015,827 $ 1,105 9 % 25 %
ETFs 142,641 4,230,375 1,815 37 % 41 %
Institutional:
Active 25,126 2,136,749 962 18 % 22 %
Index 28,251 3,247,637 242 28 % 5 %
Total institutional 53,377 5,384,386 1,204 46 % 27 %
Long-term 200,668 10,630,588 4,124 92 % 93 %
Cash management 80,748 920,663 293 8 % 7 %
Total $ 281,416 $ 11,551,251 $ 4,417 100 % 100 %
RESULTS BY INVESTMENT STYLE
Active $ 22,830 $ 2,870,656 $ 1,991 25 % 45 %
Index and ETFs 177,838 7,759,932 2,133 67 % 48 %
Long-term 200,668 10,630,588 4,124 92 % 93 %
Cash management 80,748 920,663 293 8 % 7 %
Total $ 281,416 $ 11,551,251 $ 4,417 100 % 100 %
RESULTS BY PRODUCT TYPE
Equity $ 126,566 $ 6,310,191 $ 2,142 55 % 48 %
Fixed income 23,784 2,905,669 950 25 % 22 %
Multi-asset 24,307 992,921 326 8 % 7 %
Alternatives:
Private markets 4,730 211,974 480 2 % 11 %
Liquid alternatives 1,165 76,390 146 1 % 3 %
Currency and commodities(2) 20,116 133,443 80 1 % 2 %
Total alternatives 26,011 421,807 706 4 % 16 %
Long-term 200,668 10,630,588 4,124 92 % 93 %
Cash management 80,748 920,663 293 8 % 7 %
Total $ 281,416 $ 11,551,251 $ 4,417 100 % 100 %
  • Base fees include investment advisory and administration fees.
  • Amounts include cryptocurrency and commodity ETFs and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT December 31, 2024(1)

One-year period Three-year period Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable 69% 79% 82%
Tax-exempt 69% 42% 45%
Index AUM within or above applicable tolerance 97% 99% 98%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental 47% 44% 64%
Systematic 93% 89% 93%
Index AUM within or above applicable tolerance 94% 99% 100%
  • Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Wednesday, January 15, 2025 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (866) 409-1555, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 6231688). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Wednesday, January 15, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

Three Months
Three Months Ended Ended
December 31, September 30,
2024 2023 Change 2024 Change
Revenue
Investment advisory, administration fees and <br>   securities lending revenue:
Investment advisory and administration fees $ 4,256 $ 3,448 $ 808 $ 3,881 $ 375
Securities lending revenue 161 157 4 149 12
Total investment advisory, administration fees <br>   and securities lending revenue 4,417 3,605 812 4,030 387
Investment advisory performance fees 451 311 140 388 63
Technology services revenue 428 379 49 403 25
Distribution fees 322 303 19 323 (1 )
Advisory and other revenue 59 33 26 53 6
Total revenue 5,677 4,631 1,046 5,197 480
Expense
Employee compensation and benefits 1,885 1,503 382 1,578 307
Sales, asset and account expense:
Distribution and servicing costs 565 502 63 549 16
Direct fund expense 389 318 71 379 10
Sub-advisory and other 42 35 7 34 8
Total sales, asset and account expense 996 855 141 962 34
General and administration expense 596 589 7 562 34
Restructuring charge - 61 (61 ) - -
Amortization and impairment of intangible assets 125 38 87 89 36
Total expense 3,602 3,046 556 3,191 411
Operating income 2,075 1,585 490 2,006 69
Nonoperating income (expense)
Net gain (loss) on investments (18 ) 265 (283 ) 177 (195 )
Interest and dividend income 212 159 53 236 (24 )
Interest expense (166 ) (82 ) (84 ) (154 ) (12 )
Total nonoperating income (expense) 28 342 (314 ) 259 (231 )
Income before income taxes 2,103 1,927 176 2,265 (162 )
Income tax expense 442 438 4 574 (132 )
Net income 1,661 1,489 172 1,691 (30 )
Less:
Net income (loss) attributable to noncontrolling <br>   interests (9 ) 114 (123 ) 60 (69 )
Net income attributable to BlackRock, Inc. $ 1,670 $ 1,375 $ 295 $ 1,631 $ 39
Weighted-average common shares outstanding
Basic 155.0 148.7 6.3 148.0 6.9
Diluted 157.0 150.2 6.8 149.6 7.4
Earnings per share attributable to BlackRock, Inc. <br>   common stockholders
Basic $ 10.78 $ 9.25 $ 1.53 $ 11.02 $ (0.24 )
Diluted $ 10.63 $ 9.15 $ 1.48 $ 10.90 $ (0.27 )
Cash dividends declared and paid per share $ 5.10 $ 5.00 $ 0.10 $ 5.10 $ -
Supplemental information:
AUM (end of period) $ 11,551,251 $ 10,008,995 $ 1,542,256 $ 11,475,362 $ 75,889
Shares outstanding (end of period) 154.9 148.5 6.4 148.0 7.0
GAAP:
Operating margin 36.6 % 34.2 % 240 bps 38.6 % (200 ) bps
Effective tax rate 20.9 % 24.2 % (330 ) bps 26.0 % (510 ) bps
As adjusted:
Operating income (1) $ 2,326 $ 1,716 $ 610 $ 2,128 $ 198
Operating margin (1) 45.5 % 41.6 % 390 bps 45.8 % (30 ) bps
Nonoperating income (expense), less net income <br>   (loss) attributable to noncontrolling <br>   interests (2) $ 39 $ 199 $ (160 ) $ 190 $ (151 )
Net income attributable to BlackRock, Inc. (3) $ 1,874 $ 1,451 $ 423 $ 1,715 $ 159
Diluted earnings attributable to BlackRock, Inc. <br>   common stockholders per share (3) $ 11.93 $ 9.66 $ 2.27 $ 11.46 $ 0.47
Effective tax rate 20.8 % 24.2 % (340 ) bps 26.0 % (520 ) bps

See pages 10 through 12 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

Year Ended
December 31,
2024 2023 Change
Revenue
Investment advisory, administration fees and <br>   securities lending revenue:
Investment advisory and administration fees $ 15,485 $ 13,724 $ 1,761
Securities lending revenue 615 675 (60 )
Total investment advisory, administration fees <br>   and securities lending revenue 16,100 14,399 1,701
Investment advisory performance fees 1,207 554 653
Technology services revenue 1,603 1,485 118
Distribution fees 1,273 1,262 11
Advisory and other revenue 224 159 65
Total revenue 20,407 17,859 2,548
Expense
Employee compensation and benefits 6,546 5,779 767
Sales, asset and account expense:
Distribution and servicing costs 2,171 2,051 120
Direct fund expense 1,464 1,331 133
Sub-advisory and other 140 116 24
Total sales, asset and account expense 3,775 3,498 277
General and administration expense 2,221 2,095 126
Restructuring charge - 61 (61 )
Amortization and impairment of intangible assets 291 151 140
Total expense 12,833 11,584 1,249
Operating income 7,574 6,275 1,299
Nonoperating income (expense)
Net gain (loss) on investments 492 699 (207 )
Interest and dividend income 767 473 294
Interest expense (538 ) (292 ) (246 )
Total nonoperating income (expense) 721 880 (159 )
Income before income taxes 8,295 7,155 1,140
Income tax expense 1,783 1,479 304
Net income 6,512 5,676 836
Less:
Net income (loss) attributable to noncontrolling <br>   interests 143 174 (31 )
Net income attributable to BlackRock, Inc. $ 6,369 $ 5,502 $ 867
Weighted-average common shares outstanding
Basic 150.0 149.3 0.7
Diluted 151.6 150.7 0.9
Earnings per share attributable to BlackRock, Inc. <br>   common stockholders
Basic $ 42.45 $ 36.85 $ 5.60
Diluted $ 42.01 $ 36.51 $ 5.50
Cash dividends declared and paid per share $ 20.40 $ 20.00 $ 0.40
Supplemental information:
AUM (end of period) $ 11,551,251 $ 10,008,995 $ 1,542,256
Shares outstanding (end of period) 154.9 148.5 6.4
GAAP:
Operating margin 37.1 % 35.1 % 200 bps
Effective tax rate 21.9 % 21.2 % 70 bps
As adjusted:
Operating income (1) $ 8,110 $ 6,593 $ 1,517
Operating margin (1) 44.5 % 41.7 % 280 bps
Nonoperating income (expense), less net income <br>   (loss) attributable to noncontrolling <br>   interests (2) $ 533 $ 648 $ (115 )
Net income attributable to BlackRock, Inc. (3) $ 6,612 $ 5,692 $ 920
Diluted earnings attributable to BlackRock, Inc. <br>   common stockholders per share (3) $ 43.61 $ 37.77 $ 5.84
Effective tax rate 23.5 % 21.4 % 210 bps

See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type
Net
September 30, inflows Market December 31,
2024 (outflows) Acquisition(1) change FX impact(2) 2024 Average AUM(3)
Retail:
Equity $ 521,270 $ (127 ) $ - $ (7,209 ) $ (8,816 ) $ 505,118 $ 514,867
Fixed income 324,245 4,155 - (4,823 ) (4,936 ) 318,641 321,799
Multi-asset 154,078 (424 ) - (1,909 ) (767 ) 150,978 152,157
Alternatives 41,608 1,046 - (1,009 ) (555 ) 41,090 41,243
Retail subtotal 1,041,201 4,650 - (14,950 ) (15,074 ) 1,015,827 1,030,066
ETFs:
Equity 3,061,840 110,601 - (43,614 ) (22,429 ) 3,106,398 3,090,667
Fixed income 1,019,176 11,834 - (34,956 ) (10,402 ) 985,652 1,005,156
Multi-asset 10,036 1,070 - (153 ) (219 ) 10,734 10,281
Alternatives 97,283 19,136 - 11,332 (160 ) 127,591 115,012
ETFs subtotal 4,188,335 142,641 - (67,391 ) (33,210 ) 4,230,375 4,221,116
Institutional:
Active:
Equity 225,361 (2,050 ) - 2,432 (6,895 ) 218,848 222,045
Fixed income 873,385 (1,509 ) - (18,258 ) (13,290 ) 840,328 851,910
Multi-asset 833,975 23,844 - (8,141 ) (21,639 ) 828,039 835,579
Alternatives 178,223 4,841 69,875 448 (3,853 ) 249,534 230,800
Active subtotal 2,110,944 25,126 69,875 (23,519 ) (45,677 ) 2,136,749 2,140,334
Index:
Equity 2,472,528 18,142 - 46,933 (57,776 ) 2,479,827 2,493,289
Fixed income 806,888 9,304 - (14,389 ) (40,755 ) 761,048 780,330
Multi-asset 3,426 (183 ) - (1 ) (72 ) 3,170 3,325
Alternatives 2,653 988 - 19 (68 ) 3,592 3,149
Index subtotal 3,285,495 28,251 - 32,562 (98,671 ) 3,247,637 3,280,093
Institutional subtotal 5,396,439 53,377 69,875 9,043 (144,348 ) 5,384,386 5,420,427
Long-term 10,625,975 200,668 69,875 (73,298 ) (192,632 ) 10,630,588 10,671,609
Cash management 849,387 80,748 - 2,521 (11,993 ) 920,663 883,825
Total $ 11,475,362 $ 281,416 $ 69,875 $ (70,777 ) $ (204,625 ) $ 11,551,251 $ 11,555,434
Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
Net
September 30, inflows Market December 31,
2024 (outflows) Acquisition(1) change FX impact(2) 2024 Average AUM(3)
Active:
Equity $ 492,193 $ (8,057 ) $ - $ (6,198 ) $ (10,775 ) $ 467,163 $ 480,255
Fixed income 1,171,739 1,580 - (22,623 ) (16,822 ) 1,133,874 1,148,283
Multi-asset 988,035 23,420 - (10,050 ) (22,404 ) 979,001 987,720
Alternatives 219,824 5,887 69,875 (560 ) (4,408 ) 290,618 272,039
Active subtotal 2,871,791 22,830 69,875 (39,431 ) (54,409 ) 2,870,656 2,888,297
Index and ETFs:
ETFs:
Equity 3,061,840 110,601 - (43,614 ) (22,429 ) 3,106,398 3,090,667
Fixed income 1,019,176 11,834 - (34,956 ) (10,402 ) 985,652 1,005,156
Multi-asset 10,036 1,070 - (153 ) (219 ) 10,734 10,281
Alternatives 97,283 19,136 - 11,332 (160 ) 127,591 115,012
ETFs subtotal 4,188,335 142,641 - (67,391 ) (33,210 ) 4,230,375 4,221,116
Non-ETF index:
Equity 2,726,966 24,022 - 48,354 (62,712 ) 2,736,630 2,749,946
Fixed income 832,779 10,370 - (14,847 ) (42,159 ) 786,143 805,756
Multi-asset 3,444 (183 ) - (1 ) (74 ) 3,186 3,341
Alternatives 2,660 988 - 18 (68 ) 3,598 3,153
Non-ETF index subtotal 3,565,849 35,197 - 33,524 (105,013 ) 3,529,557 3,562,196
Index and ETFs subtotal 7,754,184 177,838 - (33,867 ) (138,223 ) 7,759,932 7,783,312
Long-term $ 10,625,975 $ 200,668 $ 69,875 $ (73,298 ) $ (192,632 ) $ 10,630,588 $ 10,671,609
Current Quarter Component Changes by Product Type (Long-Term)
Net
September 30, inflows Market December 31,
2024 (outflows) Acquisition(1) change FX impact(2) 2024 Average AUM(3)
Equity $ 6,280,999 $ 126,566 $ - $ (1,458 ) $ (95,916 ) $ 6,310,191 $ 6,320,868
Fixed income 3,023,694 23,784 - (72,426 ) (69,383 ) 2,905,669 2,959,195
Multi-asset 1,001,515 24,307 - (10,204 ) (22,697 ) 992,921 1,001,342
Alternatives:
Private markets 141,409 4,730 69,875 (746 ) (3,294 ) 211,974 193,493
Liquid alternatives 75,990 1,165 - 240 (1,005 ) 76,390 76,211
Currency and commodities(4) 102,368 20,116 - 11,296 (337 ) 133,443 120,500
Alternatives subtotal 319,767 26,011 69,875 10,790 (4,636 ) 421,807 390,204
Long-term $ 10,625,975 $ 200,668 $ 69,875 $ (73,298 ) $ (192,632 ) $ 10,630,588 $ 10,671,609
  • Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction").
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
  • Amounts include cryptocurrency and commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Client Type and Product Type
Net
December 31, inflows Market December 31,
2023 (outflows) Acquisition(1) change FX impact(2) 2024 Average AUM(3)
Retail:
Equity $ 435,734 $ 15,285 $ 4,074 $ 54,257 $ (4,232 ) $ 505,118 $ 485,161
Fixed income 312,799 11,671 - 1,483 (7,312 ) 318,641 316,520
Multi-asset 139,537 (2,328 ) - 14,420 (651 ) 150,978 147,169
Alternatives 41,627 (261 ) - 69 (345 ) 41,090 41,087
Retail subtotal 929,697 24,367 4,074 70,229 (12,540 ) 1,015,827 989,937
ETFs:
Equity 2,532,631 236,357 - 359,322 (21,912 ) 3,106,398 2,845,456
Fixed income 898,403 112,341 - (16,291 ) (8,801 ) 985,652 948,250
Multi-asset 9,140 1,025 - 841 (272 ) 10,734 9,451
Alternatives 59,125 40,710 - 27,919 (163 ) 127,591 89,331
ETFs subtotal 3,499,299 390,433 - 371,791 (31,148 ) 4,230,375 3,892,488
Institutional:
Active:
Equity 186,688 5,380 - 30,876 (4,096 ) 218,848 207,929
Fixed income 836,823 (2,843 ) - 16,885 (10,537 ) 840,328 841,830
Multi-asset 717,182 54,887 - 72,798 (16,828 ) 828,039 774,210
Alternatives 171,980 7,023 69,875 3,618 (2,962 ) 249,534 191,190
Active subtotal 1,912,673 64,447 69,875 124,177 (34,423 ) 2,136,749 2,015,159
Index:
Equity 2,138,291 (31,454 ) - 420,860 (47,870 ) 2,479,827 2,333,824
Fixed income 756,001 42,500 - (5,068 ) (32,385 ) 761,048 759,871
Multi-asset 4,945 (1,906 ) - 204 (73 ) 3,170 3,693
Alternatives 3,252 234 - 165 (59 ) 3,592 2,912
Index subtotal 2,902,489 9,374 - 416,161 (80,387 ) 3,247,637 3,100,300
Institutional subtotal 4,815,162 73,821 69,875 540,338 (114,810 ) 5,384,386 5,115,459
Long-term 9,244,158 488,621 73,949 982,358 (158,498 ) 10,630,588 9,997,884
Cash management 764,837 152,730 - 10,606 (7,510 ) 920,663 806,123
Total $ 10,008,995 $ 641,351 $ 73,949 $ 992,964 $ (166,008 ) $ 11,551,251 $ 10,804,007
Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)
Net
December 31, inflows Market December 31,
2023 (outflows) Acquisition(1) change FX impact(2) 2024 Average AUM(3)
Active:
Equity $ 427,448 $ (6,333 ) $ 4,074 $ 48,479 $ (6,505 ) $ 467,163 $ 461,583
Fixed income 1,123,422 9,184 - 18,516 (17,248 ) 1,133,874 1,133,152
Multi-asset 856,705 52,553 - 87,221 (17,478 ) 979,001 921,364
Alternatives 213,603 6,760 69,875 3,687 (3,307 ) 290,618 232,274
Active subtotal 2,621,178 62,164 73,949 157,903 (44,538 ) 2,870,656 2,748,373
Index and ETFs:
ETFs:
Equity 2,532,631 236,357 - 359,322 (21,912 ) 3,106,398 2,845,456
Fixed income 898,403 112,341 - (16,291 ) (8,801 ) 985,652 948,250
Multi-asset 9,140 1,025 - 841 (272 ) 10,734 9,451
Alternatives 59,125 40,710 - 27,919 (163 ) 127,591 89,331
ETFs subtotal 3,499,299 390,433 - 371,791 (31,148 ) 4,230,375 3,892,488
Non-ETF index:
Equity 2,333,265 (4,456 ) - 457,514 (49,693 ) 2,736,630 2,565,331
Fixed income 782,201 42,144 - (5,216 ) (32,986 ) 786,143 785,069
Multi-asset 4,959 (1,900 ) - 201 (74 ) 3,186 3,708
Alternatives 3,256 236 - 165 (59 ) 3,598 2,915
Non-ETF index subtotal 3,123,681 36,024 - 452,664 (82,812 ) 3,529,557 3,357,023
Index and ETFs subtotal 6,622,980 426,457 - 824,455 (113,960 ) 7,759,932 7,249,511
Long-term $ 9,244,158 $ 488,621 $ 73,949 $ 982,358 $ (158,498 ) $ 10,630,588 $ 9,997,884
Year-over-Year Component Changes by Product Type (Long-Term)
Net
December 31, inflows Market December 31,
2023 (outflows) Acquisition(1) change FX impact(2) 2024 Average AUM(3)
Equity $ 5,293,344 $ 225,568 $ 4,074 $ 865,315 $ (78,110 ) $ 6,310,191 $ 5,872,370
Fixed income 2,804,026 163,669 - (2,991 ) (59,035 ) 2,905,669 2,866,471
Multi-asset 870,804 51,678 - 88,263 (17,824 ) 992,921 934,523
Alternatives:
Private markets 136,909 9,457 69,875 (1,803 ) (2,464 ) 211,974 154,597
Liquid alternatives 74,233 (2,609 ) - 5,482 (716 ) 76,390 75,402
Currency and commodities(4) 64,842 40,858 - 28,092 (349 ) 133,443 94,521
Alternatives subtotal 275,984 47,706 69,875 31,771 (3,529 ) 421,807 324,520
Long-term $ 9,244,158 $ 488,621 $ 73,949 $ 982,358 $ (158,498 ) $ 10,630,588 $ 9,997,884
  • Amounts include AUM attributable to the GIP Transaction and the acquisition of SpiderRock Advisors, LLC in May 2024 (the "SpiderRock Transaction").
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
  • Amounts include cryptocurrency and commodity ETFs and ETPs.

SUMMARY OF REVENUE

Three Months Three Months
Ended Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 Change 2024 Change 2024 2023 Change
Revenue
Investment advisory, administration fees and<br>  securities lending revenue:
Equity:
Active $ 558 $ 484 $ 74 $ 553 $ 5 $ 2,166 $ 2,000 $ 166
ETFs 1,375 1,102 273 1,309 66 5,124 4,418 706
Non-ETF index 209 183 26 198 11 784 743 41
Equity subtotal 2,142 1,769 373 2,060 82 8,074 7,161 913
Fixed income:
Active 494 468 26 493 1 1,952 1,897 55
ETFs 360 311 49 354 6 1,367 1,230 137
Non-ETF index 96 85 11 93 3 369 353 16
Fixed income subtotal 950 864 86 940 10 3,688 3,480 208
Multi-asset 326 299 27 325 1 1,278 1,203 75
Alternatives:
Private markets 480 251 229 235 245 1,196 889 307
Liquid alternatives 146 138 8 143 3 568 572 (4 )
Currency and commodities(1) 80 44 36 63 17 247 185 62
Alternatives subtotal 706 433 273 441 265 2,011 1,646 365
Long-term 4,124 3,365 759 3,766 358 15,051 13,490 1,561
Cash management 293 240 53 264 29 1,049 909 140
Total investment advisory, administration <br>  fees and securities lending revenue 4,417 3,605 812 4,030 387 16,100 14,399 1,701
Investment advisory performance fees:
Equity 112 61 51 13 99 161 99 62
Fixed income 22 2 20 3 19 34 4 30
Multi-asset 10 5 5 1 9 24 28 (4 )
Alternatives:
Private markets 108 149 (41 ) 7 101 308 273 35
Liquid alternatives 199 94 105 364 (165 ) 680 150 530
Alternatives subtotal 307 243 64 371 (64 ) 988 423 565
Total investment advisory performance fees 451 311 140 388 63 1,207 554 653
Technology services revenue 428 379 49 403 25 1,603 1,485 118
Distribution fees 322 303 19 323 (1 ) 1,273 1,262 11
Advisory and other revenue:
Advisory 14 15 (1 ) 11 3 49 81 (32 )
Other 45 18 27 42 3 175 78 97
Total advisory and other revenue 59 33 26 53 6 224 159 65
Total revenue $ 5,677 $ 4,631 $ 1,046 $ 5,197 $ 480 $ 20,407 $ 17,859 $ 2,548
  • Amounts include cryptocurrency and commodity ETFs and ETPs.

Highlights

  • Investment advisory, administration fees and securities lending revenue increased $812 million from the fourth quarter of 2023 and $387 million from the third quarter of 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM and approximately $230 million of fees related to AUM acquired in the GIP Transaction.

Securities lending revenue of $161 million increased from $157 million in the fourth quarter of 2023 and $149 million in the third quarter of 2024.

  • Performance fees increased $140 million from the fourth quarter of 2023, reflecting higher revenue from liquid alternative and long-only products, partially offset by lower revenue from private markets products.

Performance fees increased $63 million from the third quarter of 2024, primarily driven by higher revenue from private markets and long-only products, partially offset by strong performance from a single hedge fund with an annual performance measurement period that ends in the third quarter.

  • Technology services revenue increased $49 million from the fourth quarter of 2023 and $25 million from the third quarter of 2024, reflecting the successful onboarding of a number of new clients. Technology services annual contract value (“ACV”)(1) increased 12% from the fourth quarter of 2023, driven by strong demand for a full range of Aladdin technology offerings.

  • See note (4) to the condensed consolidated statements of income and supplemental information on page 12 for more information on ACV.

SUMMARY OF OPERATING EXPENSE

Three Months Three Months
Ended Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 Change 2024 Change 2024 2023 Change
Operating expense
Employee compensation and benefits $ 1,885 $ 1,503 $ 382 $ 1,578 $ 307 $ 6,546 $ 5,779 $ 767
Sales, asset and account expense(1):
Distribution and servicing costs 565 502 63 549 16 2,171 2,051 120
Direct fund expense 389 318 71 379 10 1,464 1,331 133
Sub-advisory and other 42 35 7 34 8 140 116 24
Total sales, asset and account expense 996 855 141 962 34 3,775 3,498 277
General and administration expense:
Marketing and promotional 92 87 5 64 28 314 309 5
Occupancy and office related 113 105 8 105 8 421 418 3
Portfolio services 68 68 - 65 3 262 270 (8 )
Technology 182 186 (4 ) 175 7 674 607 67
Professional services 88 67 21 67 21 277 195 82
Communications 10 11 (1 ) 10 - 39 47 (8 )
Foreign exchange remeasurement (7 ) (4 ) (3 ) 3 (10 ) - (6 ) 6
Contingent consideration fair value <br>   adjustments (28 ) 2 (30 ) (2 ) (26 ) (36 ) 3 (39 )
Other general and administration 78 67 11 75 3 270 252 18
Total general and administration expense 596 589 7 562 34 2,221 2,095 126
Restructuring charge - 61 (61 ) - - - 61 (61 )
Amortization and impairment of <br>   intangible assets 125 38 87 89 36 291 151 140
Total operating expense $ 3,602 $ 3,046 $ 556 $ 3,191 $ 411 $ 12,833 $ 11,584 $ 1,249
  • Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

Highlights

  • Employee compensation and benefits expense increased $382 million from the fourth quarter of 2023 and $307 million from the third quarter of 2024, primarily reflecting higher incentive compensation as a result of higher performance fees and operating income. Fourth quarter 2024 employee compensation and benefit expense was also impacted by the GIP Transaction, including nonrecurring retention-related deferred compensation expense(1).

  • Sales, asset and account expense increased $141 million from the fourth quarter of 2023 and $34 million from the third quarter of 2024, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

  • General and administration expense increased $7 million from the fourth quarter of 2023 and $34 million from the third quarter of 2024, primarily associated with the acquisition-related costs(1) in connection with the GIP Transaction, including transaction costs recorded in professional services expense, partially offset by lower contingent consideration fair value adjustments. The general and administration expense increase from the third quarter of 2024 also included higher seasonal marketing and promotional expense.

  • Amortization and impairment of intangible assets(1) increased $87 million from the fourth quarter of 2023 and $36 million from the third quarter of 2024, primarily reflecting amortization of intangible assets acquired in the GIP Transaction. In addition, third quarter 2024 amortization and impairment of intangible assets included the impact of a $50 million noncash impairment charge related to certain of the Company's indefinite-lived management contracts.

  • In the fourth quarter of 2023, a restructuring charge(1) of $61 million, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with initiatives to reorganize specific platforms, primarily Aladdin and private markets.

  • These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs and restructuring charge, as applicable. See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests

Three Months Three Months
Ended Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 Change 2024 Change 2024 2023 Change
Nonoperating income (expense), GAAP basis $ 28 $ 342 $ (314 ) $ 259 $ (231 ) $ 721 $ 880 $ (159 )
Less: Net income (loss) attributable to <br>  noncontrolling interests ("NCI") (9 ) 114 (123 ) 60 (69 ) 143 174 (31 )
Nonoperating income (expense), net of NCI 37 228 (191 ) 199 (162 ) 578 706 (128 )
Less: Hedge gain (loss) on deferred cash <br>  compensation plans(1) (2 ) 29 (31 ) 9 (11 ) 45 58 (13 )
Nonoperating income (expense), net of NCI, as <br>  adjusted(2) $ 39 $ 199 $ (160 ) $ 190 $ (151 ) $ 533 $ 648 $ (115 )
Three Months Three Months
Ended Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 Change 2024 Change 2024 2023 Change
Net gain (loss) on investments, net of NCI
Private equity $ (42 ) $ 68 $ (110 ) $ 9 $ (51 ) $ (10 ) $ 349 $ (359 )
Real assets (5 ) 2 (7 ) 13 (18 ) 14 13 1
Other alternatives(3) 8 17 (9 ) 9 (1 ) 41 49 (8 )
Other investments(4) 42 15 27 20 22 127 66 61
Hedge gain (loss) on deferred cash <br>  compensation plans(1) (2 ) 29 (31 ) 9 (11 ) 45 58 (13 )
Subtotal 1 131 (130 ) 60 (59 ) 217 535 (318 )
Other income/gain (expense/loss)(5) (10 ) 20 (30 ) 57 (67 ) 132 (10 ) 142
Total net gain (loss) on investments, net of NCI (9 ) 151 (160 ) 117 (126 ) 349 525 (176 )
Interest and dividend income 212 159 53 236 (24 ) 767 473 294
Interest expense (166 ) (82 ) (84 ) (154 ) (12 ) (538 ) (292 ) (246 )
Net interest income (expense) 46 77 (31 ) 82 (36 ) 229 181 48
Nonoperating income (expense), net of NCI 37 228 (191 ) 199 (162 ) 578 706 (128 )
Less: Hedge gain (loss) on deferred cash <br>  compensation plans(1) (2 ) 29 (31 ) 9 (11 ) 45 58 (13 )
Nonoperating income (expense), net of NCI, as <br>  adjusted(2) $ 39 $ 199 $ (160 ) $ 190 $ (151 ) $ 533 $ 648 $ (115 )
  • Amounts relate to the gains (losses) from economically hedging certain BlackRock deferred cash compensation plans.
  • Management believes nonoperating income (expense), net of NCI, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. For more information on as adjusted items and the reconciliation to GAAP, see notes to the condensed consolidated statements of income and supplemental information on pages 10 through 12.
  • Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.
  • Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.
  • Amounts for the three months and year ended December 31, 2024, include earnings (losses) from certain equity method minority investments, which the Company recorded within nonoperating income (expense) beginning in the first quarter of 2024 and noncash pre-tax gains (losses) related to the revaluation of certain minority investments. In addition, amount for the year ended December 31, 2024 includes a pre-tax gain of approximately $66 million in connection with a transaction related to a minority investment in EquiLend Holdings, LLC and a noncash pre-tax gain in connection with the SpiderRock Transaction of approximately $19 million.

summary of INCOME TAX EXPENSE

Three Months Three Months
Ended Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 Change 2024 Change 2024 2023 Change
Income tax expense $ 442 $ 438 $ 4 $ 574 $ (132 ) $ 1,783 $ 1,479 $ 304
Effective tax rate 20.9 % 24.2 % (330) bps 26.0 % (510) bps 21.9 % 21.2 % 70 bps

Highlights

  • Fourth quarter 2024 income tax expense includes $63 million of discrete tax benefits related to the realization of capital losses from changes in the Company’s organizational tax structure. In addition, fourth quarter 2024 income tax expense includes a $14 million net noncash tax expense related to the revaluation of certain deferred income tax liabilities.
  • Third quarter 2023 income tax expense included approximately $223 million of discrete tax benefits related to the resolution of certain outstanding tax matters.
RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
Three Months Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 2024 2024 2023
Operating income, GAAP basis $ 2,075 $ 1,585 $ 2,006 $ 7,574 $ 6,275
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) <br>  on deferred cash compensation plans (a) - 28 7 43 57
Amortization and impairment of intangible assets (b) 125 38 89 291 151
Acquisition-related compensation costs (b) 116 2 11 148 17
Acquisition-related transaction costs (b)(1) 38 - 17 90 7
Contingent consideration fair value adjustments (b) (28 ) 2 (2 ) (36 ) 3
Lease costs - New York (c) - - - - 14
Restructuring charge (d) - 61 - - 61
Reduction of indemnification asset (e)(1) - - - - 8
Operating income, as adjusted (1) $ 2,326 $ 1,716 $ 2,128 $ 8,110 $ 6,593
Revenue, GAAP basis $ 5,677 $ 4,631 $ 5,197 $ 20,407 $ 17,859
Non-GAAP adjustments:
Distribution fees (322 ) (303 ) (323 ) (1,273 ) (1,262 )
Investment advisory fees (243 ) (199 ) (226 ) (898 ) (789 )
Revenue used for operating margin measurement $ 5,112 $ 4,129 $ 4,648 $ 18,236 $ 15,808
Operating margin, GAAP basis 36.6 % 34.2 % 38.6 % 37.1 % 35.1 %
Operating margin, as adjusted (1) 45.5 % 41.6 % 45.8 % 44.5 % 41.7 %
  • Amounts included within general and administration expense.

See note (1) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items.

RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI, AS ADJUSTED
Three Months Ended Year Ended
December 31, September 30, December 31,
(in millions), (unaudited) 2024 2023 2024 2024 2023
Nonoperating income (expense), GAAP basis $ 28 $ 342 $ 259 $ 721 $ 880
Less: Net income (loss) attributable to NCI (9 ) 114 60 143 174
Nonoperating income (expense), net of NCI 37 228 199 578 706
Less: Hedge gain (loss) on deferred cash compensation <br>  plans (a) (2 ) 29 9 45 58
Nonoperating income (expense), less net income (loss) <br>  attributable to NCI, as adjusted (2) $ 39 $ 199 $ 190 $ 533 $ 648

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items.

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
Three Months Ended Year Ended
December 31, September 30, December 31,
(in millions, except per share data), (unaudited) 2024 2023 2024 2024 2023
Net income attributable to BlackRock, Inc., GAAP basis $ 1,670 $ 1,375 $ 1,631 $ 6,369 $ 5,502
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a) 2 (1 ) (2 ) (1 ) (1 )
Amortization and impairment of intangible assets (b) 94 28 67 218 114
Acquisition-related compensation costs (b) 87 1 8 110 12
Acquisition-related transaction costs (b) 28 - 13 66 5
Contingent consideration fair value adjustments (b) (21 ) 2 (2 ) (27 ) 3
Lease costs - New York (c) - - - - 11
Restructuring charge (d) - 46 - - 46
Income tax matters 14 - - (123 ) -
Net income attributable to BlackRock, Inc., as adjusted (3) $ 1,874 $ 1,451 $ 1,715 $ 6,612 $ 5,692
Diluted weighted-average common shares outstanding 157.0 150.2 149.6 151.6 150.7
Diluted earnings per common share, GAAP basis $ 10.63 $ 9.15 $ 10.90 $ 42.01 $ 36.51
Diluted earnings per common share, as adjusted (3) $ 11.93 $ 9.66 $ 11.46 $ 43.61 $ 37.77
  • Non-GAAP adjustments, excluding income tax matters, are net of tax.

See note (3) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (unaudited)

BlackRock reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow. Management reviews non-GAAP financial measures, in addition to GAAP financial measures, to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance comparability for the reporting periods presented. Non-GAAP financial measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Computations and reconciliations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as adjusted: Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance, to determine the long-term and annual compensation of the Company’s senior-level employees and to evaluate the Company’s relative performance against industry peers. Furthermore, this metric eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.

  • Operating income, as adjusted, includes the following non-GAAP expense adjustments:

  • Compensation expense related to appreciation (depreciation) on deferred cash compensation plans. The Company excludes compensation expense related to the market valuation changes on certain deferred cash compensation plans, which the Company hedges economically. For these deferred cash compensation plans, the final value of the deferred amount to be distributed to employees in cash upon vesting is determined based on the returns on specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the net gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense), which creates a timing difference impacting net income. This timing difference will reverse and offset to zero over the life of the award at the end of the multi-year vesting period. Management believes excluding market valuation changes related to the deferred cash compensation plans in the calculation of operating income, as adjusted, provides useful disclosure to both management and investors of the Company’s financial performance over time as these amounts are economically hedged, while also increasing comparability with other companies.

  • Acquisition-related costs. Acquisition related costs include adjustments related to amortization and noncash impairment of intangible assets, other acquisition-related costs, including professional services expense and compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions. Management believes excluding the impact of these expenses when calculating operating income, as adjusted, provides a helpful indication of the Company’s financial performance over time, thereby providing helpful information for both management and investors while also increasing comparability with other companies.

  • Lease costs – New York. In 2023, the Company continued to recognize lease expense within general and administration expense for both its current headquarters located at 50 Hudson Yards in New York and prior headquarters until the Company's lease on its prior headquarters expired in April 2023. The Company began lease payments related to its current headquarters in May 2023, but began recording lease expense in August 2021 when it obtained access to the building to begin its tenant improvements. Prior to the Company’s move to its current headquarters in February 2023, the impact of lease costs related to 50 Hudson Yards was excluded from operating income, as adjusted. In February 2023, the Company completed the majority of its move to 50 Hudson Yards and no longer excluded the impact of these lease costs. Subsequently, from February 2023 through April 2023, the Company excluded the impact of lease costs related to the Company's prior headquarters. Management believes excluding the impact of these respective New York lease costs (“Lease costs – New York”) when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

  • Restructuring charge. In the fourth quarter of 2023, the Company recorded a restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with initiatives to reorganize specific platforms, primarily Aladdin and private markets. Management believes excluding the impact of these restructuring charges when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

  • Reduction of indemnification asset. In connection with a previous acquisition, BlackRock recorded an $8 million indemnification asset. Due to the resolution of certain tax matters in the third quarter of 2023, BlackRock recorded $8 million of general and administration expense to reflect the reduction of the indemnification asset and an offsetting $8 million tax benefit. The $8 million general and administrative expense and $8 million tax benefit have been excluded from as adjusted results as there was no impact on BlackRock’s book value.

  • Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company’s distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, excludes the gain (loss) on the economic hedge of certain deferred cash compensation plans. As the gain (loss) on investments and derivatives used to hedge these compensation plans over time substantially offsets the compensation expense related to the market valuation changes on these deferred cash compensation plans, which is included in operating income, GAAP basis, management believes excluding the gain (loss) on the economic hedge of the deferred cash compensation plans when calculating nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure for both management and investors of BlackRock’s nonoperating results that impact book value.

(3) Net income attributable to BlackRock, Inc., as adjusted: Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. Amounts for income tax matters in 2024 include a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the intellectual property reorganization. In addition, amounts for 2024 include a net noncash expense of $14 million associated with the revaluation of deferred tax liabilities related to intangible assets and goodwill as a result of tax rate changes. This discrete tax expense has been excluded from the as adjusted results as it does not have a cash flow impact as well as to ensure comparability among periods presented.

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted, divided by diluted weighted-average common shares outstanding.

(4) ACV: Management believes ACV is an effective metric for reviewing BlackRock’s technology services’ ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock’s growth in technology services revenue over time, as it is linked to the net new business in technology services. ACV represents forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed, unless we have received a notice of termination, even though such notice may not be effective until a later date. ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and excludes nonrecurring fees such as implementation and consulting fees.

FORWARD-LOOKING STATEMENTS

This earnings release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of HPS (the “HPS Transaction”), Preqin (the “Preqin Transaction”) and the GIP Transaction (together with the HPS Transaction and the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) risks related to the HPS Transaction and the Preqin Transaction, including delays in the expected closing date of the HPS Transaction or the Preqin Transaction, the possibility that either or both of the HPS Transaction or the Preqin Transaction does not close, including, but not limited to, due to the failure to satisfy the closing conditions; the possibility that expected synergies and value creation from the HPS Transaction or the Preqin Transaction will not be realized, or will not be realized within the expected time period; and the risk of impacts to business and operational relationships related to disruptions from the HPS Transaction or the Preqin Transaction; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (12) the failure to effectively manage the development and use of artificial intelligence; (13) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (14) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any failure to effectively manage conflicts of interest; (17) damage to BlackRock’s reputation; (18) increasing focus from stakeholders regarding environmental, social and governance matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (20) climate-related risks to BlackRock’s business, products, operations and clients; (21) the ability to attract, train and retain highly qualified and diverse professionals; (22) fluctuations in the carrying value of BlackRock’s economic investments; (23) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (24) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (25) the failure by key third-party providers of BlackRock to fulfill their obligations to BlackRock; (26) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (27) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds platform; (28) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (29) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of December 31, 2024 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of November 30, 2024. The performance data does not include accounts terminated prior to December 31, 2024 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares® funds globally using an index strategy. AUM information is based on AUM available as of December 31, 2024 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

Slide 1

Q4 2024 Earnings Exhibit 99.2 January 15, 2025 Earnings Release Supplement

Slide 2

A broadly diversified business across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile. 1 Client Type Style Product Type Region Assets Under Management of $11.6 trillion at December 31, 2024 Q4 2024 Base Fees and Securities Lending Revenue of $4.4 billion

Slide 3

Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term LTM organic asset growth rate (%) LTM organic base fee growth rate (%) LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding. 2 2% Institutional Active Institutional Index (3)% (2)% (1)% 0% 0% 1% ETFs 11% 7% 6% 7% 7% 6% 8% 8% 11% 4% 4% 3% 3% 3% 5% 4% 0% 1% 1% 1% 1% 3% Long-term Cash Advisory 3% 3% 0% 0% 3% 5% 5% 3% 1% (1)% (2)% 0% 4% 6% (2)% (2)%

Slide 4

Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 14 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted Operating Income and Margin, as adjusted Net Income and EPS, as adjusted 3

Slide 5

Capital management (amounts in millions, except per share data) (1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of consideration for the acquisition of Global Infrastructure Management, LLC (“GIP”) in October 2024 (the “GIP Transaction”). (2) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Share repurchases and weighted-average diluted shares Share repurchases(2) Weighted-average diluted shares 4 Dividends per share (1)

Slide 6

Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock’s equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock’s investment performance, and is not indicative of past or future results. 5

Slide 7

Quarterly revenue ($ in millions) $1,046 $480 Q4 2024 compared to Q4 2023 Q4 2024 compared to Q3 2024 6               Percentage Change Year-over-Year Sequential Base fees 23 % 10 % Securities lending revenue 3 % 8 % Performance fees 45 % 16 % Technology services revenue 13 % 6 % Distribution fees 6 % - % Advisory and other revenue 79 % 11 % Total 23 %   9 %

Slide 8

$812 $387 Q4 2024 compared to Q4 2023 Q4 2024 compared to Q3 2024 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7 (1) Includes approximately $230 million of fees related to AUM acquired in the GIP Transaction. (1) (1)

Slide 9

Quarterly expense, as adjusted ($ in millions) $436 $282 Q4 2024 compared to Q4 2023 Q4 2024 compared to Q3 2024 8               Percentage Change Year-over-Year Sequential Employee comp. & benefits 20 % 13 % Sales, asset & account 16 % 4 % General & administration - % 7 % Total 15 %   9 %   Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform with the new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024. For information and reconciliations of as adjusted items to GAAP, see page 14 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Slide 10

$2,548 2024 compared to 2023 9         Percentage Change Year-over-Year Base fees 13 % Securities lending revenue (9) % Performance fees 118 % Technology services revenue 8 % Distribution fees 1 % Advisory and other revenue 41 % Total 14 %   Full year revenue ($ in millions)

Slide 11

Full year investment advisory, administration fees and securities lending revenue ($ in millions) $1,701 2024 compared to 2023 10 (1) Includes approximately $230 million of fees related to AUM acquired in the GIP Transaction. (1)

Slide 12

Full year expense, as adjusted ($ in millions) $1,031 2024 compared to 2023 11         Percentage Change Year-over-Year Employee comp. & benefits 11 % Sales, asset & account 8 % General & administration 5 % Total 9 %   Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform with the new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024. For information and reconciliations of as adjusted items to GAAP, see page 14 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Slide 13

Alternatives at BlackRock (in $ billions) Q4 2023 Q4 2024 Client Assets Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Fee-Paying AUM Q4 2023 Q4 2024 Liquid alternatives Liquid credit Definitions: Client Assets: Alternative assets at BlackRock across reported AUM and non-fee-paying committed capital, co-investments and market related gains on invested assets. Fee-Paying AUM: Assets reported in BlackRock’s AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage. Private Credit: Primarily represents Direct Lending, Opportunistic and Venture Debt strategies. It does not include private credit assets across infrastructure and real estate debt, as well as assets in private placements and multi-strategy credit funds, which are reported within fixed income and multi-asset. Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds). Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM. Totals may not add due to rounding.

Slide 14

Private markets fee-paying AUM component changes (in $ billions) (1) Private Credit primarily represents Direct Lending, Opportunistic and Venture Debt strategies. It does not include private credit assets across infrastructure and real estate debt, as well as assets in private placements and multi-strategies funds, which are reported within fixed income and multi-asset. (2) Realizations represent return of capital/return on investments included in net flows. (3) Amounts include AUM attributable to the GIP Transaction. Totals may not add due to rounding.

Slide 15

Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization and impairment of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related transaction costs, (v) contingent consideration fair value adjustments, (vi) Lease costs – New York, (vii) net income (loss) attributable to noncontrolling interests, (viii) a reduction of indemnification asset, (ix) restructuring charges and (x) income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted items, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Slide 16

Important notes This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of HPS (the “HPS Transaction”), Preqin (the “Preqin Transaction”) and the GIP Transaction (together with the HPS Transaction and the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) risks related to the HPS Transaction and the Preqin Transaction, including delays in the expected closing date of the HPS Transaction or the Preqin Transaction, the possibility that either or both of the HPS Transaction or the Preqin Transaction does not close, including, but not limited to, due to the failure to satisfy the closing conditions; the possibility that expected synergies and value creation from the HPS Transaction or the Preqin Transaction will not be realized, or will not be realized within the expected time period; and the risk of impacts to business and operational relationships related to disruptions from the HPS Transaction or the Preqin Transaction; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (12) the failure to effectively manage the development and use of artificial intelligence; (13) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (14) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any failure to effectively manage conflicts of interest; (17) damage to BlackRock’s reputation; (18) increasing focus from stakeholders regarding environmental, social and governance matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (20) climate-related risks to BlackRock's business, products, operations and clients; (21) the ability to attract, train and retain highly qualified and diverse professionals; (22) fluctuations in the carrying value of BlackRock’s economic investments; (23) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (24) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (25) the failure by key third-party providers of BlackRock to fulfill their obligations to BlackRock; (26) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (27) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds platform; (28) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (29) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 14 of this earnings release supplement, our current earnings release dated January 15, 2025, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.

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