BlackRock Dividend Achievers Trust
Annual Report 2024

2024 Annual Report
Connecting
more and more people to the 
growth of the capital markets

Powering 
connectivity to the 
long-term growth 
of the capital 
markets
2024 record net inflows of $641B
We founded BlackRock based on our belief in 
the long-term growth of the capital markets, 
and the importance of being invested in them. 
$38B  
Cryptocurrencies, 
commodities &  
liquid alternatives
$52B 
Multi-asset
$153B  
Cash
$225B 
Equities
$164B  
Fixed income
$9B  
Private markets
BlackRock has grown as the 
capital markets have become a 
bigger and bigger part of the 
global economy. We deliver access 
across public and private markets, 
equity and debt, and in the way 
that best serves each client — from 
broad-based ETFs to customized 
whole portfolio solutions. And we 
provide our Aladdin technology  
to support integrated public-
private portfolios. 
Clients have entrusted BlackRock 
with more than $2 trillion of net 
inflows over the last five years. 
In that time, these new “units of 
trust,” alongside capital markets 
appreciation, have grown our 
assets under management (AUM) 
by nearly 60% to $11.6 trillion at 
year-end 2024.
BlackRock continues to create 
more access and connections 
between long-term investors and 
capital markets — both in the U.S. 
and around the world. 
For example, our expanded private 
markets platform will connect 
private capital to fuel global 
investments in infrastructure  
and provide financing to  
start-ups, as well as small  
and mid-size businesses. 
We power connectivity to markets, 
enabling capital flows that 
contribute to economic growth 
and drive better outcomes for our 
clients — and differentiated returns 
for our shareholders.
Evolving BlackRock’s platform 
for the future:
BlackRock has a compelling track record of 
executing strategic transactions, integrating 
them well, and earning a strong return on 
shareholder capital. In 2024, we announced 
the acquisitions of:
Global Infrastructure Partners (GIP) —
creates a leading infrastructure private 
markets manager across equity, debt  
and solutions
Preqin — adds private markets data 
capabilities and extends our work in building 
the whole portfolio of the future, from 
investments, to technology, to data
HPS Investment Partners — expected to 
accelerate private credit capabilities and 
scale, increasing private credit client assets 
to ~$220B1
1. BlackRock and HPS client assets as of September 30, 2024. 
BlackRock 2024 Annual Report    1

Clients are our 
compass
Everything we do is for the benefit of our clients — from 
global institutions to first-time investors. The strength 
of our client relationships is unlocking record results 
across our franchise.
BlackRock’s success and our 
momentum today have come 
from anticipating what our clients 
will need as they pursue long-
term outcomes like retirement 
and financial security. We are 
constantly innovating, evolving 
and reimagining ourselves to 
deliver across the full breadth of 
our clients’ needs. 
BlackRock has spent decades 
building our global network of 
relationships, data and analytics, 
and integrated technology.  
These are key differentiators in 
deepening relationships with 
clients, and in accessing unique 
investment opportunities  
and partnerships.
Clients increasingly see the value 
in the BlackRock model: a single, 
unified platform designed for 
clients, unmatched in breadth, 
powered by Aladdin and built on 
trust. And it goes beyond clients 
simply wanting to work with 
BlackRock — they’re looking for  
a partner that works hand-in-hand 
to help them grow.
All around the world, clients  
are choosing to do more with 
BlackRock. 2024 net inflows were  
a record $641 billion, and we 
believe our relationships have  
never been stronger. Our focus 
remains on delivering BlackRock’s 
platform to serve our clients’ needs 
comprehensively — through access 
to differentiated opportunities, 
leading product expertise and 
world-class client service.
$7.4T 
U.S.
$1.9T 
U.K. &  
Ireland
$1.0T 
Continental 
Europe &  
Middle East
$0.9T  
Asia-Pacific
$0.4T  
Other 
Americas
AUM by  
Region1
1. AUM as of December 31, 2024 and based on client domicile.
$390B
of industry-leading ETF net 
inflows in 2024 
$440B+
of scaled outsourcing mandates 
in the last three years
Expanding access to 
digital assets
We continue to innovate  
across our platform to offer  
our clients the largest and 
most diverse range of  
products in the industry. 
In 2024, we launched two 
cryptocurrency exchange-
traded products (ETPs) to 
provide more convenient 
and cost-effective access to 
Bitcoin and Ethereum for our 
investors. Our Bitcoin ETP, 
IBIT, was the fastest-growing 
exchange-traded product  
in history, surpassing  
$50 billion of AUM2 in less 
than a year. And our Ethereum 
ETP, ETHA, has grown to nearly 
$4 billion in AUM2 since its 
launch in July.
2.  AUM as of December 31, 2024.
BlackRock 2024 Annual Report    3
2     BlackRock 2024 Annual Report

Seamlessly 
integrated across 
public and private 
markets
In conversations with clients 
around the world, we hear about 
how they want to put their 
money to work. But they want 
to do it differently than they did 
in the past — they want their 
portfolios to be more holistic, 
blending public and private 
markets, using active and index. 
They want their portfolios to be 
nimble, customized and tech-
enabled. They want to work with 
fewer providers, or even just one 
provider. They are increasingly 
choosing to partner with 
BlackRock, and we are becoming 
the capital and technology 
provider of choice across both 
public and private markets. 
Growing public deficits are only 
expanding the role of private 
markets in financing the  
economy and powering its growth. 
Throughout BlackRock’s history, 
we’ve never shied away from 
making big moves to better serve 
our clients. As we did when we 
created Aladdin, unlocked new 
markets through ETFs and built 
whole portfolio solutions, we’re 
taking deliberate action to 
generate long-term financial 
benefits for our clients. Through 
coordinated investments, we are 
bringing meaningful private 
markets opportunities to our 
clients. The planned combination 
of BlackRock, GIP and HPS is 
expected to grow our alternatives 
client assets to approximately 
$600 billion,1 with infrastructure 
and private credit as the 
cornerstones of our platform. And 
we are well-positioned to meet the 
growing demand for technology, 
data and transparency across 
public and private markets with 
Aladdin, eFront and Preqin.
AUM by investment style2
$3.5T 
Non-ETF index
$4.3T 
ETFs
$2.9T 
Active
$0.9T 
Cash 
management
Innovation in  
infrastructure 
The combination of BlackRock’s 
infrastructure platform with  
GIP is already unlocking 
meaningful opportunities for  
our clients. We recently 
announced the AI Infrastructure 
Partnership alongside Microsoft, 
MGX, NVIDIA and xAI, with the 
aim to unlock $30 billion of 
private equity capital over time.  
It will make investments in new 
and expanded data centers,  
as well as related energy 
infrastructure, to meet growing 
demand for computing power. 
The mobilization of private  
capital to support these critical 
investments also contributes  
to economic growth and job 
creation while generating 
long-term investment benefits 
for clients.
~$600B
in pro-forma alternatives 
client assets, including 
scaled franchises in 
infrastructure and  
private credit1
$9B
of private markets net 
inflows in 2024
$62B 
of active net inflows  
in 2024
1. Includes client assets associated with the planned acquisition of HPS Investment Partners. 
BlackRock and HPS client assets as of September 30, 2024. 
2. AUM as of December 31, 2024.
BlackRock 2024 Annual Report    5
4     BlackRock 2024 Annual Report

Technology services revenue
Powering end-to-
end technology 
solutions
BlackRock first built Aladdin as a risk management 
enabler, empowering investors to better understand 
their portfolios through technology. Today, it is much 
more than that. 
And Aladdin’s integrated  
offerings continue to resonate, 
with the majority of our sales this 
year spanning multiple products. 
As market complexity and 
opportunity grow, clients 
need scale enablers like 
Aladdin. Clients use Aladdin to 
consolidate a patchwork of legacy 
technologies, resulting in greater 
business agility and resilience. 
It combines risk management, 
the investment book of record, 
performance, accounting 
and data — all in one place. 
By bringing together investments, 
tech and data across public and 
private markets, BlackRock has  
the opportunity to drive better 
portfolio outcomes for investors 
and open up diversified, higher-
multiple earnings streams for  
our shareholders.
Our clients leverage Aladdin as 
a whole-enterprise operating 
system, connecting multiple asset 
classes, data and technology 
partners on a single platform. 
Our recently closed acquisition 
of Preqin is another step in the 
evolution of our technology and 
data capabilities. As private 
markets grow, data and analytics 
will be increasingly important. 
The combination of Preqin with 
Aladdin and eFront presents an 
opportunity to define a “common 
language” for private markets, 
powering the next generation of 
whole portfolios.
Our steadfast partnership with 
clients drove record technology 
services revenue of $1.6 billion  
in 2024. 
2019 
$1.0B
2018 
$0.8B
2020 
$1.1B
2021 
$1.3B
2022 
$1.4B
2023 
$1.5B
2024 
$1.6B
$1.6B
in 2024 revenue
12%
annual contract value (ACV) 
growth in 2024
50%+
of 2024 Aladdin sales were 
across multiple products
BlackRock 2024 Annual Report    7
6     BlackRock 2024 Annual Report

2006
Merrill Lynch 
Investment Managers 
acquisition extends 
retail distribution and 
international presence 
25 years of 
progress for our 
shareholders 
21%
compounded annual total 
return for shareholders since 
IPO, compared to 8% for the 
S&P 5001
$4.7B
returned to shareholders 
through a combination 
of dividends and share 
repurchases after investing for 
growth in 2024
28M
shares repurchased over last  
10 years, delivering a 15%+ 
IRR for shareholders
1.  Total return is reflective of October 1, 1999 to 
December 31, 2024 and assumes reinvestment of 
dividends. Graph includes BlackRock (orange), S&P 
500 (pink) and S&P 500 Financials (yellow). Past 
performance is not indicative of future results. 
2009
Barclays Global 
Investors 
acquisition brings 
iShares ETFs 
and systematic 
investing 
capabilities to 
BlackRock’s 
platform
2012
BlackRock launches the 
iShares Core series to provide 
investors with broad stock and 
bond market exposure as the 
foundation of their portfolios
2016
BlackRock crosses 
$5 trillion in AUM
2019
eFront acquisition 
brings private 
markets to Aladdin
2024
Announced acquisitions of Global 
Infrastructure Partners, Preqin 
and HPS Investment Partners 
to expand capabilities in private 
markets investing and data
1999
BlackRock begins to offer 
its proprietary technology, 
Aladdin, to external clients 
1999
BlackRock IPOs on the New 
York Stock Exchange at $14 
a share
BlackRock 2024 Annual Report    9
8     BlackRock 2024 Annual Report

Image courtesy of Jerry Goldberg and 
BlackRock.
Artwork © Jennifer Guidi, 2023,  
all rights reserved by artist.
The democratization 
of investing
I hear it from nearly every client, 
nearly every leader — nearly every 
person — I talk to: They’re more 
anxious about the economy than 
any time in recent memory. I 
understand why. But we have lived 
through moments like this before. 
And somehow, in the long run, we 
figure things out. 
Humans are smart, resilient 
creatures, and we build systems 
that reflect our own image —  
systems that take the confusion 
around us, make sense of it, and 
produce surprisingly good 
outcomes. Computers handle 
complex data (and now language) 
on our behalf. Cities enable 
millions of people to live side  
by side, usually peacefully,  
mostly productively. 
But of all the systems we’ve 
created, among the most 
powerful — and uniquely suited 
to moments like ours — began 
over 400 years ago. It’s the 
system we invented specifically 
to overcome contradictions 
like scarcity amid abundance, 
and anxiety amid prosperity. 
We call this system the capital 
markets.
When the world’s first stock 
exchange opened in Amsterdam 
in 1602, investing became a more 
democratic enterprise. Until then, 
investing was mostly reserved 
for wealthy merchants. And 
indeed, about 90% of the original 
1,143 investors at Amsterdam’s 
exchange were wealthy. But the 
remaining investors were ordinary 
people. They included 53 artisans, 
eight shopkeepers, six silk weavers, 
four soap makers — and at least 
two maids who each invested 50 
guilders, about enough to rent a 
modest cottage for a year.1
Even when the capital markets 
crossed the channel into England, 
with its rigid class system, the 
London Stock Exchange didn’t 
start in a palace. Instead, it began 
in Jonathan’s Coffee House in 
“Change Alley.” Bishops and 
bookkeepers invested alongside 
farmers who arrived straight from 
the cattle market, with mud still 
on their boots. Some came to 
speculate, but many were there to 
invest in new ventures — including 
an especially promising one: The 
Bank of England. For the first 
time, ordinary people didn’t just 
watch the economy grow around 
them. They owned a share of that 
growth — a real, tradable share.2
Four centuries on, our markets 
have dramatically evolved from 
an alleyway coffee shop. But they 
fundamentally still work the same 
way — as a prosperity flywheel: 
people invest their savings, 
markets channel those funds 
into companies and industries, 
and any success flows back to 
investors — helping them afford 
retirement, college, and homes. 
And the wheel keeps turning.
Market participation has exploded 
in our lifetimes. During the first 
half of the 20th century, the 
percentage of Americans owning 
stocks crept up from just 1% 
to 4%.3 But since 1976, when 
I showed up for my first Wall 
Street job — sporting long hair, 
turquoise jewelry, and the world’s 
ugliest brown suit — investing has 
become far more fashionable (and, 
thankfully, so have I). By 1989, just 
under a third of American families 
had money in the markets; today, 
it’s roughly 60%.4 
Expanding prosperity in more 
places, for more people
1. My thanks to Dr. Lodewijk Petram, author of The World’s First Stock Exchange (Columbia University Press, 2014), for his invaluable 
assistance unpacking the history of early stock markets — including locating the original Dutch text listing the professions of Amsterdam’s 
first investors: Het oudste aandeelhoudersregister van de Kamer Amsterdam der Oost-Indische Compagnie, edited by J.G. van Dillen (The 
Hague: Nijhoff, 1958)
2. R. C. Michie, The London Stock Exchange: A History, (Oxford: Oxford University Press, 1999)
3. The First Measured Century: An Illustrated Guide to Trends in America, 1900-2000, Chapter 14
4. The Federal Reserve, Survey of Consumer Finances, 1989-2022, (2022). Note: Includes direct and indirect stock ownership
Of all the systems we’ve created, 
among the most powerful — and 
uniquely suited to moments like 
ours — began over 400 years ago... 
We call this system the capital 
markets.
BlackRock 2024 Annual Report    11
10     BlackRock 2024 Annual Report

$0
$20
$40
$60
$80
$100
$120
$140
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
1988
1993
1998
2003
2008
2013
2018
2023
Global GDP ($T)
S&P 500
 S&P 500 (11% annualized total return)
 Global GDP Growth (5% annualized growth)
The performance graph is not necessarily indicative of future investment performance.
S&P 500 and global GDP growth5
5. Figure 1.1. Source: FactSet, World Bank. Data as of December 31, 2023. S&P 500 return assumes reinvestment of all dividends. The 
performance graph is not necessarily indicative of future investment performance  
6. Our World in Data, Data compiled from multiple sources by World Bank (2025); Bold and van Zanden — Maddison Project Database 2023; 
Maddison Database 2010 
to the New York Stock Exchange, 
most financing has come from 
banks, corporations, and 
governments — not the  
capital markets. 
Why banks, corporations, and 
governments? Because that’s 
where people put their money. 
They parked their savings in bank 
accounts, drove corporate growth 
through consumption, and paid 
taxes that fund public spending.
But when my partners and I 
founded BlackRock in 1988, we 
believed the world was changing. 
The capital markets wouldn’t just 
supplement banks, corporations, 
and governments — they’d stand 
alongside them as a coequal 
source of capital. 
The logic was simple: Markets 
delivered better returns than the 
other three. Better returns would 
attract more investors. More 
investors would deepen markets. 
And deeper markets meant more 
capital. Plus, asset managers 
could accelerate this shift through 
innovation. For BlackRock, that 
meant first developing better 
technology to manage risk, then 
expanding choice and lowering 
fees through products like 
exchange-traded funds (ETFs).
We’ve been fortunate these past 
37 years. Our logic panned out. But 
what’s striking now is how early 
we still are in the story of market 
expansion. The real payoff is only 
just beginning.
As we enter our century’s second 
quarter, there’s a growing 
mismatch between the demand 
for investment and the capital 
available from traditional sources. 
Governments can’t fund 
infrastructure through deficits. 
The deficits can’t get much higher. 
Instead, they’ll turn to  
private investors. 
Meanwhile, companies won’t  
rely solely on banks for credit. 
Bank lending is constrained. 
Instead, businesses will go to  
the markets.
The money is already there. In fact, 
more capital is sitting idle today 
than at any point in my career. In 
the U.S. alone, roughly $25 trillion 
is parked in banks and money 
market funds.7
But we’re repeating a mistake 
from the earliest days of finance: 
Abundant capital. Deployed too 
narrowly. As one historian wrote, 
Amsterdam’s first stock exchange 
“could have made a much greater 
contribution to the economy” if 
investors had more companies to 
invest in. The same is true today.8 
Assets that will define the 
future — data centers, ports, power 
grids, the world’s fastest-growing 
private companies — aren’t 
available to most investors. They’re 
in private markets, locked behind 
high walls, with gates that open 
only for the wealthiest or largest 
market participants.
The reason for the exclusivity 
has always been risk. Illiquidity. 
Complexity. That’s why only 
certain investors are allowed in. 
But nothing in finance is 
immutable. Private markets 
don’t have to be as risky. Or 
opaque. Or out of reach. Not 
if the investment industry is 
willing to innovate — and that’s 
exactly what we’ve spent the 
past year doing at BlackRock.
BlackRock has always had a foot 
in private markets. But we’ve 
been — first and foremost — a 
traditional asset manager. That’s 
who we were at the start of 2024. 
But it’s not who we are anymore.
In the past 14 months, we’ve 
announced the acquisition of two 
of the top firms in the fastest-
growing areas of private markets: 
infrastructure and private credit. 
We bought another firm to get 
better data and analytics, so we 
can better measure risk, spot 
opportunities, and unlock access 
to private markets.
We’ve transformed our company. 
The next section details why we  
did it, how we did it, and why  
it matters.
The $68 trillion  
investment boom:  
Who will own it? 
Throughout history, infrastructure 
has driven a surprising amount 
of economic growth. Between 
1860 and 1890, just building 
railroads boosted U.S. GDP by 
roughly 25%.9 A century later, 
highways did something similar: 
These investors have benefited 
from the greatest period of wealth 
creation in human history. Over 
the past 40 years, global gross 
domestic product (GDP) has 
grown more than in the previous 
two thousand combined.6 This 
extraordinary growth — partly 
propelled, it must be noted, by 
historically low interest rates  
— has driven exceptional long-
term returns. But of course, not 
everyone has shared in this wealth.
This extraordinary era of market 
expansion has coincided with —  
and was largely fueled by —  
globalization. And while a flatter 
world lifted 1 billion people out 
of $1-a-day poverty, it also held 
back millions in wealthier nations 
striving for a better life. 
Today, many countries have 
twin, inverted economies: one 
where wealth builds on wealth; 
another where hardship builds on 
hardship. The divide has reshaped 
our politics, our policies, even 
our sense of what’s possible. 
Protectionism has returned with 
force. The unspoken assumption is 
that capitalism didn’t work and it’s 
time to try something new. 
But there’s another way to look 
at it: Capitalism did work — just 
for too few people. 
Markets, like everything humans 
build, aren’t perfect. They reflect 
us — unfinished, sometimes 
flawed, but always improvable. The 
solution isn’t to abandon markets; 
it’s to expand them, to finish the 
market democratization that 
began 400 years ago and let more 
people own a meaningful stake in 
the growth happening around them. 
In the pages (or pixels) ahead, I’ll 
offer some thoughts on how we 
can further democratize investing 
in two broad ways:
1. By helping current investors 
access parts of the market they’ve 
previously been restricted from.
2. By enabling more people  
to become investors in the  
first place.
I’ll begin with BlackRock’s work, 
but both of these efforts extend 
beyond asset management, 
touching broader issues like 
retirement policy, energy, and 
tokenization. 
More investment. More 
investors. That’s the answer. 
Given that BlackRock is a fiduciary 
and the largest asset manager 
in the world, some readers might 
contend I’m talking my own book. 
Fair enough. But it’s also the book 
we intentionally chose — long 
before it was a bestseller. From 
the start, we believed that when 
people can invest better, they 
can live better — and that’s exactly 
why we built BlackRock. 
Unlocking 
private markets
BlackRock’s past 14 
months — and the future
Economies run on capital. Whether 
you’re assembling 17th-century 
trading fleets or 21st-century data 
centers, the money has to come 
from somewhere. But historically, 
it hasn’t been investors. Despite 
400 years of financial innovation, 
from Amsterdam to Change Alley 
7. Source: ICI and The Federal Reserve. Cash in Money Market Funds and Commercial Bank Deposits, as of March 5, 2025 
8. Lodewijk Petram, The World’s First Stock Exchange, (Columbia University Press, 2014)
9. National Bureau of Economic Research, Railroads, Reallocation, and the Rise of American Manufacturing, (2019), pg. 2. Note: The study 
estimates that U.S. aggregate productivity would have been 25% lower in 1890 in the absence of railroads, with an associated annual loss of 
$3 billion or 25% of GDP
BlackRock has always had a foot 
in private markets. But we’ve 
been — first and foremost — a 
traditional asset manager. That’s 
who we were at the start of 2024. 
But it’s not who we are anymore.
We believed the world was 
changing. The capital markets 
wouldn’t just supplement banks, 
corporations, and governments 
— they’d stand alongside them as 
a coequal source of capital.
BlackRock 2024 Annual Report    13
12     BlackRock 2024 Annual Report

Annualized returns (%)
9.8 
 
     
       9.3 
 
 
       8.8 
 
 
        8.3
7.9
8.2
8.5
8.8
Portfolio volatility
60/40 
model
portfolio
60/40 
model
portfolio
+ infra
Pension 
portfolio
Pension 
portfolio
+ infra
Past performance is not indicative of current or future results.
High
Low
The infrastructure bump17
Allocating infrastructure to a portfolio has meant less volatility 
and enhanced returns
$4T 
Water
$2T 
Airport
$2T 
Ports
$25T
Roads
 
$68T
$21T
Energy
 
$8T
Rail
 
$6T
Telecom
 
 Total infrastructure 
 investment need10
 By sector between 2024-2040
total infrastructure 
investment needed
0
20
40
60
80
100
United
States
European
Union
United
Kingdom
Most companies in the
U.S., EU, and U.K. are private16 
Share of total (%)
Distribution of public vs. private companies with revenue 
greater than or equal to $100 million in each region
 Private
 Public
10. Figure 2:1. Source: Global Infrastructure Hub, as of 2024 
11. Federal Reserve Bank of Richmond, When Interstates Paved the Way, (2021) Note: According to research by the Federal Highway 
Administration (FHWA)
12. Global Infrastructure Hub (gihub.org), Deloitte. Infrastructure needs defined as new investment, replacement investment and spending 
on maintenance where the investment will substantially extend the lifetime of an asset but excluding land purchases. Needs determined 
on the basis that countries match the performance of their best performing peers in terms of the resources they dedicate to infrastructure 
investment. Investment need calculated from 2024-2040 
13. This calculation is based on approximate historical cost estimates adjusted for real terms. The total cost of the U.S. Interstate Highway 
System is estimated at approximately $500 billion, according to the American Society of Civil Engineers. The cost of the Transcontinental 
Railroad, adjusted for today’s dollars, is estimated at approximately $1.2 billion according to History.com. The combined cost of these 
two projects, approximately $501.2 billion, would need to be replicated 135.67 times over the next 15 years to match the estimated global 
infrastructure investment needs. Given that there are 780 weeks in 15 years, this equates to completing one such project approximately every 
six weeks. These figures are approximations based on historical data and serve to illustrate the scale of global infrastructure demands rather 
than precise investment requirements 
14. BlackRock Investment Institute, Thunder Said Energy. November 2024. The estimated costs are across three components for data 
centers. Data center infrastructure relates to the full infrastructure build, excluding the cost of chips and servers. Power supply costs relate 
to the building of facilities needed to power data center
15. BlackRock estimates for private credit AUM and BDC AUM based on analysis from Preqin and Cliffwater, as of June 2024 
16. Figure 2.2. Source: S&P Capital IQ, BlackRock. As of February 24, 2025. Reproduction of any information, data or material, including 
ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and 
suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are 
not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such 
Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost 
profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any 
observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, 
does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements 
of opinions and are not statements of fact
17. Figure 2.3. Morningstar & Preqin based on data from 10/2008 to 09/2024. Preqin Index returns data un-smoothed by BlackRock. Past 
performance is not indicative of current or future returns
By one measure, investments in 
the interstate system accounted 
for about a quarter of productivity 
gains between 1950 and 1989.11 
Today, we’re standing at the 
edge of an opportunity so vast 
it’s almost hard to grasp. By 
2040, the global demand for new 
infrastructure investment is $68 
trillion.12 To put that price-tag 
in perspective, it’s roughly the 
equivalent of building the entire 
Interstate Highway System 
and the Transcontinental 
Railroad, start to finish, every six 
weeks — for the next 15 years.13 
Over the past year, I’ve argued that 
governments — already weighed 
down by historic deficits — cannot 
rely solely on taxpayers to shoulder 
the staggering costs of new 
infrastructure without risking 
a debt spiral. But governments 
aren’t alone in facing constraints. 
Even the world’s largest tech 
companies, despite their billions in 
free cash flow, aren’t equipped for 
this scale of investment. A single  
AI data center can cost between 
$40 billion and $50 billion.14
When I talk to tech leaders, they 
often tell me their companies want 
to stay focused on what they do 
best — inventing groundbreaking 
technology, not on financing the 
massive infrastructure needed to 
deploy it.
The markets are eager to step 
in where governments and 
corporations are stepping out. 
Investors are already voting 
with their dollars — making 
infrastructure one of the world’s 
fastest-growing market segments. 
This investment, however, is being 
throttled because of the way our 
capital markets are structured. 
Private markets  
are private
Most of us associate “markets” 
with public markets — stocks, 
bonds, commodities. But you 
generally cannot buy shares in 
a new high-speed rail line or a 
next-generation power grid on 
the London or New York Stock 
Exchange. Instead, infrastructure 
projects are typically investable 
only through private markets. 
Private markets are, as their name 
suggests, private. For individual 
investors, they often require higher 
minimum investments. And even 
when the minimums are lower, 
investing is often limited to people 
with a certain income or net worth. 
The same hurdles apply to most 
of the world’s companies. Only a 
tiny fraction are publicly traded, 
and that fraction is shrinking: The 
path BlackRock took 25 years 
ago — raising money through an 
IPO — is becoming rarer. Instead, 
81% of U.S. companies with 
over $100 million in revenue are 
privately held. The percentage is 
higher in the EU, and even higher  
in the U.K.
Yet these companies still need 
money to innovate and grow. For 
decades, they turned to banks, 
much like families turn to lenders 
for home mortgages. But that era 
is rapidly fading. Today, banks by 
themselves cannot meet the capital 
demands of growing companies. 
The private credit industry is 
stepping in to help fill that gap. 
In fact, private credit assets are 
projected to more than double 
by the end of this decade.15 Yet, 
as with infrastructure, many 
individual investors aren’t able to 
participate in the growth. Even 
some larger institutional investors 
have trouble building a portfolio 
that allocates these assets the way 
they want. 
From 60/40 to 50/30/20
The beauty of investing in private 
markets isn’t about owning a 
particular bridge, tunnel, or mid-
sized company. It’s how these 
assets complement your stocks 
and bonds — diversification. 
Diversification has been called 
the “only free lunch.” It was the 
motivating idea that led Nobel 
Prize-winning economists like 
Harry Markowitz and Bill Sharpe to 
develop Modern Portfolio Theory, 
which became the foundation for 
the standard portfolio of roughly 
60% stocks and 40% bonds. 
Generations of investors have 
done well following this approach, 
owning a mix of the entire market 
rather than individual securities. 
But as the global financial system 
continues to evolve, the classic 
60/40 portfolio may no longer 
fully represent true diversification.
The future standard portfolio 
may look more like 50/30/20 —
stocks, bonds, and private assets 
like real estate, infrastructure, 
and private credit.
BlackRock 2024 Annual Report    15
14     BlackRock 2024 Annual Report

Global Executive 
Committee
Laurence D.  
Fink
Chairman and  
Chief Executive 
Officer
Robert S.  
Kapito
President
Joud Abdel  
Majeid
Global Head of  
BlackRock 
Investment 
Stewardship
Susan  
Chan
Head of Asia Pacific
Tarek 
Chouman
Global Head of 
Aladdin Client 
Business
Rachel  
Lord
Head of 
International
Chris  
Meade
Chief Legal Officer
Manish  
Mehta
Head of BlackRock 
Global Markets and 
Index Investments
Sudhir  
Nair
Global Head of 
Aladdin
Adebayo “Bayo” 
Ogunlesi
Chairman and Chief 
Executive Officer of 
Global Infrastructure 
Partners
Raj 
Rao
President and 
Chief Operating 
Officer of Global 
Infrastructure 
Partners
Rick 
Rieder
Chief Investment 
Officer of Global 
Fixed Income
Raffaele  
Savi
Global Head 
of BlackRock 
Systematic
Martin  
Small
Chief Financial 
Officer
Derek  
Stein
Global Head of  
Technology & 
Operations
Samara  
Cohen
Chief Investment 
Officer of ETF and 
Index Investments
Stephen  
Cohen
Chief Product 
Officer
Joe 
DeVico
Head of the 
Americas Client 
Business
Ed 
Fishwick
Chief Risk Officer 
& Head of the Risk 
and Quantitative 
Analysis Group
Rob L.  
Goldstein
Chief Operating 
Officer
Charles  
Hatami
Global Head of the  
Financial and 
Strategic Investors 
Group 
Caroline  
Heller
Global Head of 
Human Resources
Philipp  
Hildebrand
Vice Chairman 
John  
Kelly
Global Head of  
Corporate Affairs
J. Richard  
Kushel
Head of the 
Portfolio 
Management 
Group
The future standard portfolio  
may look more like 50/30/20 —  
stocks, bonds, and private assets 
like real estate, infrastructure,  
and private credit. 
The appeal is clear. While 
these private assets may carry 
greater risk, they also provide 
great benefits. For example, 
infrastructure offers:
Inflation protection —  
The revenue 
infrastructure 
generates —  such 
as tolls and utility 
payments — typically 
rises along with 
inflation. 
Stability — Unlike 
public markets, 
infrastructure returns 
tend to be far less 
volatile.18
Returns — Historically, 
even allocating just 
10% of a portfolio to 
infrastructure boosts 
overall returns.19
But the challenge is this: The 
industry isn’t structured for 
a 50/30/20 world. It’s largely 
split between traditional asset 
managers focused strictly on the 
50/30 (stocks and bonds) and 
specialized private market firms 
dominating the 20 (private assets).
Bridging the divide between 
the 50/30 and the 20 is almost 
impossible for most individuals. 
Even those who can afford it face 
another diversification problem 
within that 20%. Often, they 
barely have enough capital to meet 
the minimum for just one private 
fund — and having 20% of your 
portfolio locked up in a single fund 
isn’t really diversified.
We can help investors get to 
a better outcome. The divide 
between public and private 
markets is a tough problem — but 
it’s solvable. In fact, BlackRock 
has solved market challenges 
like this before.
Before public vs. private, 
there was index vs. active 
In 2009, BlackRock acquired 
Barclays Global Investors (BGI). 
They had created iShares, the 
leading ETF business in the 
world.20 Back then, most people 
thought our acquisition was just 
a bet on ETFs. But it was actually 
much bigger than that. 
At the time, the investment world 
was split in a different way:
1. On one side were index 
funds, like the ETFs that BGI 
offered — low-cost, rules-based 
portfolios simply tracking indices 
like the S&P 500. 
2. On the other side were active 
investments, managed by 
portfolio managers trying to beat 
the market. 
The industry acted as if you had 
to pick a side — as though these 
two approaches were mutually 
exclusive. Our BGI acquisition was 
rooted in a belief that they weren’t. 
We realized every investing 
decision is active, even if you’re 
just picking an index fund. After 
all, there’s an index for large cap 
value, large cap growth, total stock 
market, emerging markets, energy 
stocks, financials, small cap 
Brazilian stocks — and everything 
in between. Choosing among 
them requires making important 
decisions — like the right mix of 
investments, the amount of risk 
you’re comfortable taking, and how 
you manage that risk.
When we combined active and 
index strategies under one roof, we 
gave investors something they’d 
never had before: the freedom to 
blend strategies seamlessly. ETFs 
stopped being purely passive. 
Instead, they became essential 
building blocks for creating 
any type of portfolio — active, 
index, or a combination of both. 
Diversification became easier. 
Fees got lower. In fact, since 
2015, our ETFs have saved our 
clients $642 million in fees.21 
Most importantly, investors 
finally had more control over 
their money — whether they were 
individuals saving for retirement or 
big institutions managing billions. 
Now, we see an opportunity 
to do for the public-private 
market divide what we did for 
index vs. active. In October, 
BlackRock completed the first 
of three acquisitions — Global 
Infrastructure Partners (GIP) —  
to erase the boundary holding 
investment back.
Now, we see an opportunity to 
do for the public-private market 
divide what we did for index vs. 
active.
1
18. Morningstar & Preqin based on data from 10/2008 to 09/2024. Preqin Index returns data un-smoothed by BlackRock. Past performance 
is not indicative of current or future returns
19. Morningstar & Preqin based on data from 10/2008 to 09/2024. Preqin Index returns data un-smoothed by BlackRock. Past performance 
is not indicative of current or future returns
20. BlackRock, BlackRock Agrees to Acquire Barclays Global Investors, Including its Market-Leading iShares Business, (2009)
21. BlackRock as of December 31, 2024. Cumulative cost-savings figure is calculated by taking the difference between the previous fund 
expense ratio and the new fund expense ratio from 2015 through December 31, 2024, multiplied by the fund assets under management at the 
time of the fund reduction. Methodology does not account for compounding savings over time
2
3
BlackRock 2024 Annual Report    17
16     BlackRock 2024 Annual Report

Aladdin’s inventor, Charles “Charlie” 
Hallac (1964-2015)
GIP and the infrastructure 
opportunity
GIP owns some of the world’s most 
important infrastructure assets 
on behalf of our clients — London’s 
Gatwick Airport, key energy 
pipelines, and over 40 global 
data centers. They’re experts at 
finding the world’s most attractive 
infrastructure investments, and 
channeling capital to build or 
improve them. GIP, put another 
way, is itself a pipeline —
connecting BlackRock’s clients 
directly to the world’s $68 
trillion infrastructure boom, 
including data centers.
As NVIDIA CEO Jensen Huang 
recently emphasized, “Right 
now, we are $150 billion of AI 
infrastructure into trillions of 
dollars we have to go build — and 
so we have partnerships with 
BlackRock.”22 That partnership 
also includes xAI, Microsoft, 
MGX — and most importantly, 
BlackRock’s clients.23 It’s 
their capital that will fuel the 
rise of this century’s defining 
technology — and reap its  
returns. All of that is made  
possible through GIP.
So was our landmark ports 
announcement this month. The 
agreement in principle covers 
a network of 43 ports across 
23 countries. One in every 20 
shipping containers moving 
around the world passes through 
these ports each year.24
Our partners include one of 
the world’s leaders in shipping 
and logistics — Mediterranean 
Shipping Company (MSC) — and 
one of the world’s largest 
global container terminal 
operators — Terminal Investment 
Limited (TiL). Upon closing of this 
deal, our consortium will have a 
portfolio of approximately 100 
ports around the world. Together, 
we know how to invest in, own, and 
operate these assets. In fact, GIP is 
an expert at making infrastructure 
more efficient. When they bought 
Gatwick Airport, they managed 
to cut security screening times 
by more than half — partly 
through simple solutions like 
oversized luggage trays. This 
gave travelers more time to shop 
and eat, boosting the airport’s 
profitability. In other words, we’re 
not just giving our clients access 
to more infrastructure, but good 
infrastructure that we make better.25 
HPS, Preqin, and why 
private markets don’t have 
to be opaque markets
At the same time we were finalizing 
the GIP deal, BlackRock was also 
busy with two other significant 
acquisitions. We began the 
summer of 2024 by announcing 
our planned purchase of Preqin, 
one of the world’s leading data 
firms in private markets. Then, 
we ended the year by announcing 
our planned acquisition of HPS 
Investment Partners, a premier 
manager of private credit. 
These acquisitions will give 
our clients more direct access 
to private markets — the kind 
that finance global businesses 
and keep consumer economies 
running. But there’s also deeper, 
long-term strategic thinking  
at play.
For decades, private markets have 
been among the most opaque 
corners of finance. Investors 
know these assets hold long-term 
value — but exactly how much 
value? That’s not always easy  
to determine.
A good analogy is real estate. If 
you’re buying a home, you want 
to know if you’re paying a fair 
price, and there are ways to do 
that. You can check neighborhood 
benchmarks, recent sales, or 
historical appreciation trends; 
companies like Zillow have made 
this simple. But today, investing 
in private markets feels a bit like 
buying a house in an unfamiliar 
neighborhood before Zillow 
existed, where finding accurate 
prices was difficult or impossible. 
This lack of transparency 
discourages investment. 
With clearer, more timely data, 
it becomes possible to index 
private markets just like we do 
now with the S&P 500. Once that 
happens, private markets will be 
accessible, simple markets. Easy 
to buy. Easy to track.
22. CNBC Television, NVIDIA CEO Huang: Our Country Should Invest in AI and Apply Regulations Where It Makes Sense, interview by Jim 
Cramer, Mad Money, CNBC, (2025)
23. BlackRock, BlackRock, Global Infrastructure Partners, Microsoft, and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership to 
drive investment in data centers and enabling infrastructure, (2025)
24. Market share based on gross throughput across all 43 terminals and an estimated global container throughput of 865.4 million TEU. 
Source: Drewry (2023)
25. Financial Times, How Abebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up, (2024)
Our acquisitions are designed to 
change that. For instance, Preqin 
provides the industry’s most 
comprehensive private markets 
data set. The company tracks 
over 190,000 funds and 60,000 
managers. This rich data set 
provides clarity on performance 
across managers and funds, and it 
also offers comparable valuations 
for the assets they own. In other 
words, Preqin effectively does 
for private markets what Zillow 
did for housing. Or, if you prefer a 
financial sector comparison, what 
Bloomberg terminals did for stocks 
and bonds.
But the vision goes even further. 
With clearer, more timely data, 
it becomes possible to index 
private markets just like we do 
now with the S&P 500. Once that 
happens, private markets will 
be accessible, simple markets. 
Easy to buy. Easy to track. And 
that means capital will flow more 
freely throughout the economy. 
The prosperity flywheel will 
spin faster, generating more 
growth — not just for the global 
economy or large institutional 
investors, but for investors of 
all sizes around the world. 
A new era  
for investing
In some ways, this moment feels 
like a bookend to how BlackRock 
started. 
Back in 1988, our first employee —  
the late and dearly missed Charles 
Hallac — bought a single computer. 
It cost $25,000 and was roughly 
the size of a washing machine. 
Charlie wedged it between our 
refrigerator and the coffee maker, 
and on that one machine started 
to build Aladdin. The software gave 
investors something they’d never 
had before: a clear, unified view 
of portfolio risk. It fundamentally 
changed the way investing worked. 
Looking back over 37 years, 
BlackRock’s founding didn’t just 
launch a company; it transformed 
an entire industry. Decades from 
now, we might reflect on 2025 as 
another pivotal moment, when  
the financial landscape shifted 
once again.
But this future won’t be shaped by 
asset managers alone. Markets 
never exist in isolation. The 
economic rules we choose, the 
investment policies we adopt, 
and the ways countries attract 
and deploy capital will determine 
who benefits — and how broadly 
prosperity spreads.
That’s the challenge I’ll tackle 
next. And the best place to 
start is where most of us hope 
to finish: with a comfortable, 
financially secure retirement.
From retirement 
to tokenization
How all of us can 
democratize investing
On September 30, 1933, during the 
depths of the Great Depression, 
a small California newspaper, The 
Long Beach Telegram, published a 
letter from Francis Townsend. He 
was a local doctor who’d written 
his letter in a burst of anger 
after witnessing elderly women 
scavenging for food in the street. 
His proposal — $200 per month for 
every American over 60 — touched 
off the movement that led to Social 
Security in the U.S.26 
According to the U.S. Census 
Bureau, Social Security keeps 
nearly 30 million Americans from 
sliding into poverty each year —  
an extraordinary achievement.27 
And yet, projections show Social 
Security’s retirement and disability 
funds will run out by 2035. After 
that, people would get only 83% of 
their promised benefits, and that 
percentage will drop over time.28 
But even if we shore up Social 
Security, it’s not enough. The 
system was designed to do exactly 
what Francis Townsend had in 
mind: keep older people out of 
poverty. But escaping poverty 
26. Edwin Amenta, When Movements Matter: The Townsend Plan and the Rise of Social Security, (Princeton University Press, 2008) 
27. U.S. Census Bureau, Poverty in the United States: 2022, (2023) 
28. Social Security, The 2024 OASDI Trustees Report, (2024)
of Americans 
have no 
retirement 
savings
33%
by more than half — partly 
through simple solutions like 
oversized luggage trays. This 
gave travelers more time to shop 
and eat, boosting the airport’s 
profitability. In other words, we’re 
not just giving our clients access
BlackRock 2024 Annual Report    19
18     BlackRock 2024 Annual Report

Left to right: Sen. Cory Booker (D-NJ), Sen. Todd Young (R-IN), Shai Akabas 
(Bipartisan Policy Center)
Left to right: James Slevin (NY Fire Department, 1st District VP, International 
Association of Fire Fighters), Michelle Crowley (Former Biloxi Fire Department), 
Shebah Carfagna (Owner, Panache Wellness and Fitness), Nate Wilkins (Founder, 
Ageless Workout Method), and Gayle King (Moderator, Co-Host of CBS Mornings & 
Editor-at-Large, Oprah Daily)
29. Redefining retirement – it’s all of our work, BlackRock 2025 survey 
30. BlackRock estimates based on AUM as of December 31, 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based 
on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates include assets 
defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). 
Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash 
31. Equable Institute’s Annual Report, State of Pensions 2024, (2024)
32. Redefining retirement – it’s all of our work, BlackRock 2025 survey
33. Social Security, When to Start Receiving Retirement Benefits, (2024), p.2 
doesn’t equal financial security. 
That’s why today, even with the 
promise of Social Security, more 
than half of Americans still fear 
outliving their savings more than 
death itself.29
A good retirement system provides 
a safety net to catch people when 
they fall. But a great system 
also offers a ladder — a way to 
grow savings, compounding 
wealth year after year. That’s 
where the U.S. falls short. Right 
now, the country focuses 
heavily on preventing people 
from hitting the floor, as we 
should. But the U.S. needs to 
put just as much effort into 
helping people climb to the 
ceiling — through investing. 
More than half the money 
BlackRock manages is retirement 
money.30 It’s our core business, 
which makes sense: For most 
people, retirement accounts 
are their first — and often their 
only — experience with investing. 
So, if we really want to democratize 
investing, retirement is where the 
conversation has to start.
While BlackRock helps people 
invest for retirement all over the 
world, I want to focus on the U.S. in 
this section. Because the situation 
is dire. Public pensions are facing 
huge shortfalls. Nationwide, 
the data shows they’re only 
about 80% funded — and that’s 
probably an overly optimistic 
number.31 Meanwhile, a third of 
the country has no retirement 
savings at all. No pensions, no 
401(k) — nothing.32
As money runs shorter, lives are 
getting longer. Today, if you’re 
married and both of you reach 65, 
there’s a 50/50 chance at least 
one of you lives until 90.33 And 
with biomedical breakthroughs like 
GLP-1 drugs, many more chronic 
diseases might soon become 
curable. That’s an incredible 
blessing — but it also underscores 
something frustrating: we’re great 
at extending people’s lives, yet we 
hardly spend any effort helping 
them afford those extra years.
It’s the problems we don’t talk 
about that should worry us most. 
And, by that measure, I’m less 
worried about the U.S. retirement 
crisis than I was a month ago. 
A good retirement system 
provides a safety net to catch 
people when they fall. But a great 
system also offers a ladder — a way 
to grow savings, compounding 
wealth year after year.
are more 
worried about 
outliving their 
savings than of 
death itself
51%
34. Redefining retirement – it’s all of our work, BlackRock 2025 survey 
35. BlackRock, Emergency Savings Initiative: Impact and Learnings Report, (2019-2022), p.2
36. Commonwealth, Emergency Savings Features That Work for Employees Earning Low to Moderate Incomes, (2022), p.7 
37. Bipartisan Policy Center, Workplace Emergency Savings Policy: Where We Are and What Comes Next, (2024)
38. U.S. Small Business Administration Office of Advocacy, 2023 Small Business Economic Profile, (2023). Note: 61.6 million small business 
employees, accounting for 45.9% of U.S. employees; Bureau of Labor Statistics, Employee Benefits in the United States – March 2024, (2024) 
In March, BlackRock hosted a 
retirement summit in Washington, 
D.C., bringing together 
Republicans and Democrats, 
asset managers and pension 
funds, small business owners, 
firefighters, teachers, union 
members, and farmers. It was 
an eclectic group, and that was 
the point. Good ideas can come 
from unexpected places. After all, 
the most important retirement 
program in U.S. history started as 
an op-ed from an unknown doctor 
in a tiny newspaper. 
That same dynamic played out  
at the summit: We saw consensus 
around practical ideas to help more 
Americans start investing, grow 
their savings to hit their retirement 
goals, and confidently spend 
down what they’ve earned — so 
that Americans don’t have to fear 
running out of money, certainly 
not more than death itself.
Where do we start? 
At the summit, one panel featured 
a firefighter who recalled how, as 
a rookie, he’d enrolled in a pension 
without even knowing it. A veteran 
fireman gave him a form — and an 
order: “Just sign it. You’ll thank me 
in 25 years.” And he did. 
Every American deserves to start 
investing that easily. But for 
millions, investing still isn’t even 
an option. 
There are three ways we can start 
addressing this.
First, 
expand emergency savings. No 
one invests for retirement if they’re 
worried about paying for a flat tire 
or ER visit tomorrow. Yet that’s the 
reality for one-third of U.S. voters 
who say they couldn’t handle an 
unexpected $500 expense.34 
What’s a solution? BlackRock’s 
philanthropic foundation has 
worked with a group of nonprofits 
to establish an Emergency Savings 
Initiative, helping mostly low-
income Americans put away  
$2 billion in “emergency savings 
accounts.”35 We’ve found that 
people with these dedicated rainy-
day funds are much more likely to 
invest for retirement — 70% more 
likely according to one study.36 
Congress scaled this idea 
nationwide in 2022 with the 
SECURE 2.0 Act. The law allows 
workers to save up to $2,500 
in emergency accounts linked 
to retirement plans, including 
employer matching and easy 
withdrawals.37 But it’s just a start. 
We can simplify the rules further, 
raise contribution limits, and 
enable automatic enrollment in 
standalone emergency accounts.
Second, 
close the small business 401(k) 
gap. Half of Americans work 
for small businesses, yet nearly 
half those businesses offer no 
retirement plan.38 This is fixable. 
States experimenting with 
incentives have driven up 401(k) 
adoption and employee savings. 
Policymakers can lean in more here, 
helping small businesses offer 
plans and auto-enroll workers.
would have a 
hard time paying 
an unexpected 
$500 bill
1/3
BlackRock 2024 Annual Report    21
20     BlackRock 2024 Annual Report

39. Redefining retirement – it’s all of our work, BlackRock 2025 survey
40. BlackRock, Alternative investments in target date funds, (2022)
41. The “nine additional years” claim is derived using BlackRock’s LifePath spending algorithm, based on the following assumptions: an 
individual begins saving at age 25, contributes consistently at a rate of 9% of a dynamically increasing salary over a 40-year accumulation 
period, and invests in a simplified two-asset portfolio (equities and fixed income). By applying an incremental net-of-fee outperformance 
(alpha) of 50 basis points (0.50%) per annum over this entire period, the portfolio accumulates approximately 14.5% more wealth by 
retirement age (65), compared to a similar portfolio without this incremental alpha. Using LifePath’s spending calculation — which assumes a 
conservative retirement portfolio allocation of 40% equities and 60% fixed income — this increased wealth accumulation translates directly 
into the capacity for an estimated nine additional years of retirement spending at the individual’s retirement year salary level, all else equal 
Third, 
help people start investing 
earlier. At our retirement summit, 
Senators Cory Booker (D-NJ) and 
Todd Young (R-IN) talked about 
a market-based spin on “baby 
bonds.” The idea would be to open 
an investment account for every 
American child on the day they’re 
born. Senator Booker mentioned 
it could be seeded by redirecting a 
fraction of existing tax breaks that 
mostly benefit the wealthy. It’s an 
interesting concept. Even a small 
amount could compound into a 
very large portfolio over a lifetime. 
Many state and federal 
policymakers have proposed 
versions of this plan over the 
years. And I think it’s an idea worth 
revisiting. The real payoff isn’t 
just financial — it’s foundational. 
When people own a piece of the 
economy, they don’t just benefit 
from growth; they believe in it. 
Ownership creates connection.  
It turns passive observers  
into participants. 
Imagine a child born today whose 
personal wealth grows in step 
with America’s. That’s what an 
economic democracy could look 
like: a country where everybody 
has a new avenue — investing —  
to pursue happiness and  
financial freedom. 
How do you reach 
$2,089,000? 
Once people start investing for 
retirement, the goal is simple: 
make their money grow — as 
much as possible, as fast  
as possible.
In January, BlackRock surveyed 
Americans, asking how much 
money they’d need to retire 
comfortably. When we took the 
average of those responses, it was 
just over $2 million — $2,089,000, 
to be exact. That’s a lot. More than 
I was expecting. And almost no 
one is close. Even Gen-Xers, the 
oldest of whom will start retiring 
in five years, are falling short. In 
fact, 62% have saved less than 
$150,000.39
We’re going to need better ways to 
boost portfolios. As I wrote earlier, 
private assets like real estate and 
infrastructure can lift returns 
and protect investors during 
market downturns. Pension funds 
have invested in these assets for 
decades, but 401(k)s haven’t. It’s 
one reason why pensions typically 
outperform 401(k)s by about 0.5% 
each year.40
Half a percent doesn’t sound huge, 
but it adds up over time. BlackRock 
estimates that over 40 years, 
an extra 0.5% in annual returns 
results in 14.5% more money in 
your 401(k). It’s enough to fund 
nine more years of retirement, 
helping you stop working on your 
own terms. Or, put another way, 
private assets just bought you 
nine extra years hanging out 
with your grandkids.41 
If private assets perform so well, 
why aren’t they in your 401(k)? One 
major reason is that it’s unfamiliar 
territory for the 401(k) providers 
who select the investments offered 
in your plan. 
When you invest in private 
assets — like a bridge, for 
example — the values of those 
assets aren’t updated daily, and 
you can’t withdraw your money 
whenever you want. It’s a bridge, 
after all — not a stock. While 
BlackRock, as I’ve previously 
written, is working to make the 
markets for these assets more 
price-transparent and liquid, 
many 401(k) providers haven’t 
yet adapted to this evolving 
financial landscape. Indeed, 
including assets like real estate 
or infrastructure in a 401(k) has 
become practical only within the 
past five to ten years. 
This is complex stuff. It requires 
clarification. Asset managers, 
private-market specialists, 
consultants, and advisors all 
play a role in guiding 401(k) 
providers. That’s part of the reason 
I’m writing this letter — to cut 
through the fog. We need to make 
it clear: Private assets are legal 
in retirement accounts. They’re 
beneficial. And they’re becoming 
increasingly transparent.
Target date funds are a great 
place to start. People love their 
simplicity: You just pick the 
year you plan to retire — 2040, 
2055, 2060 — and let the fund 
do the rest. That simplicity 
makes target date funds ideal 
for introducing private assets. 
The usual barriers for 401(k) 
providers — like daily valuations 
or immediate liquidity — matter 
far less when you’re investing 
over several decades.
How can we help people 
spend what they’ve saved? 
Building a nest egg is only 
half the challenge. The other 
half — especially for 401(k) 
savers — is knowing how to  
spend it.
Most pension holders don’t 
worry about this. Their income 
arrives each month, like a steady 
paycheck. But a 401(k) doesn’t 
come with instructions. When you 
retire, you’re handed a lump sum 
and asked to make it last for the 
rest of your life — without knowing 
how long that will be. 
The result? Even retirees who’ve 
saved well often spend too little, 
gripped by fear that they’ll run out. 
They downsize dreams and delay 
joy. The economist Bill Sharpe 
called this problem the “nastiest, 
hardest problem in finance.” Hard, 
but solvable.
Last year, BlackRock introduced 
LifePath Paycheck® to tackle this 
fear. It gives people the option 
to convert 401(k) retirement 
savings into a steady, reliable 
monthly income. In just 12 months, 
LifePath Paycheck® has already 
attracted six plan sponsor clients 
representing 200,000 individual 
retirement savers. 
But no one is declaring victory. 
The problem will only get harder 
and nastier as the oldest Gen-Xers 
start to retire. They’re the first 
generation primarily dependent 
on 401(k)s. And the 401(k) trend is 
growing with Millennials and Gen 
Z. Their employers need to offer 
solutions that turn their savings 
into predictable income. This 
way, every American can retire  
with confidence.
We can’t democratize 
investing if it takes 13 
years to build a power line.
In the U.S., retirement investing 
accounts for about 30% of the 
money flowing through the 
stock market.42 It’s the biggest 
opportunity we have to help more 
people grow alongside the wider 
economy. But just as retirement 
isn’t the whole market, it’s not the 
whole solution.
For example, giving retirement 
investors access to infrastructure 
matters less if the infrastructure 
never gets built. That’s often the 
case today. 
In both the U.S. and the EU, it 
usually takes longer to permit 
infrastructure projects than to 
construct them. A high-voltage 
power line can take 13 years to 
get approved — something China 
does in a quarter of the time.43 
Ezra Klein and Derek Thompson 
expertly illustrate this permitting 
nightmare in their new book, 
Abundance. One particularly 
vivid passage places California’s 
stalled bullet train project 
in historical context:
“California... built all but a few 
hundred miles of the western 
portion of the Transcontinental 
Railroad in the 1860s. The 
project spanned nearly 1,800 
miles. It took just six years to 
finish. These days, six years 
is roughly the amount of time 
it takes California to realize 
that its bullet train needs to be 
pushed back by another decade. 
In the time California has spent 
failing to complete its 500-mile 
high-speed rail system, China 
has built more than 23,000 miles 
of high-speed rail.”
But it’s delays in energy 
infrastructure, they write, that 
“could be chaotic at best, and 
catastrophic at worst.”44
Global electricity demand is 
surging, driven in part by the rise 
of AI. A single data center can 
draw 1 gigawatt of electricity. 
That’s enough to power the entire 
city of Honolulu on the hottest 
day of the year.45 In Utah, Ohio, 
and Texas, utilities have already 
warned that AI-driven electricity 
demand will push their grids 
past capacity. Even Silicon Valley 
Power has stopped accepting 
new data center requests.46
Without massive investments 
in energy generation and 
transmission — and the 
electricians and engineers to 
build them — we’re going to face 
an unacceptable tradeoff: Who 
gets the electricity — people 
or machines? And a society 
that chooses to cool its servers 
while its citizens swelter — or 
freeze — has fundamentally 
misplaced its priorities. 
We need energy pragmatism. 
That starts with fixing the slow, 
broken permitting processes in 
the U.S. and Europe. But it also 
means being clear-eyed about our 
energy mix. 
Most new infrastructure 
investments have been flowing 
into renewables. But without 
major breakthroughs in storage, 
wind and solar alone can’t 
reliably keep the lights on. In the 
near term, more than half the 
electricity powering data centers 
must come from dispatchable 
sources. Otherwise, the air 
conditioning will shut off, the 
servers will overheat, and the 
data centers will shut down.47
Where does dispatchable power 
come from? One source is nuclear. 
But it’s increasingly rare. Over the 
past 55 years, the United States 
has shut down more nuclear 
plants than it’s built. As Klein and 
Thompson write, “That is not a 
failure of the private market to 
responsibly bear risk but of the 
federal government to properly 
weigh risk.”48 
After all, today’s nuclear isn’t 
the old model of massive plants 
42. New York University School of Law, “Who’s Left to Tax? US Taxation of Corporations and Their Shareholders,” Steve Rosenthal and Theo 
Burke, Urban-Brookings Tax Policy Center, (2020)
43. Citi Research, Overcoming Gridlock: Powering Our Future, (2024), p.32
44. Ezra Klein and Derek Thompson, Abundance, (Avid Reader Press, 2025)
45. Hawaii Public Utilities Commission, 2023 Adequacy of Supply Report Summary, (2023)
46. The Wall Street Journal, ’Three New York Cities’ Worth of Power: AI Is Stressing the Grid, (2024) 
47. Goldman Sachs, Generational growth: AI, data centers and the coming US power demand surge, (2024)
48. Ezra Klein and Derek Thompson, Abundance, (Avid Reader Press, 2025)
BlackRock 2024 Annual Report    23
22     BlackRock 2024 Annual Report

GDP per capita  (international-$ in 2021 prices)
Per capita energy consumption (kilowatt-hours)
1,000 kWh
10,000 kWh
100,000 kWh
Energy use per person vs. GDP per capita49
United Arab Emirates
Canada
United States
Japan
France
Italy
United Kingdom
India
Germany
  Africa
  South America
  Asia
  Europe
  North America
Oceania
$1,000
$10,000
$100,000
$2,000
$5,000
$20,000
$50,000
0
50,000
2024
2034
2044
2054
2064
2074
2084
2094
2104
100,000
150,000
200,000
250,000
Population age 15-64, both sexes combined (thousands)
  Germany
  Poland
  France
  Italy
  Spain
  Netherlands
Working-age population: 
The EU’s top 10 economies58
  Austria
Sweden
  Belgium
  Ireland
with the ominous cooling towers. 
Small modular reactors (SMRs) 
are everything old nuclear 
wasn’t — cheaper to build,  
safer to run, and you can build 
them anywhere.
China isn’t waiting. They’re 
building 100 gigawatts of nuclear, 
which — when completed — will 
mean they supply half the planet’s 
nuclear power. Why is China so 
bullish on nuclear? They see 
decarbonization as a way to own 
the future of industry.50
Consider BYD. The Chinese 
automaker sells more electric 
vehicles (EVs) than any other 
company in the world. Next year, 
they plan to add full autonomous 
capabilities to their cars — at the 
same price as last year’s models.51 
They already sell EVs for just 
$10,000 — a price no U.S. or 
European automaker can match. 
Within five years, China may have 
completely phased out internal 
combustion engines — not just 
for environmental reasons, but 
also to corner the global market 
on driverless, battery-powered 
vehicles — cars that don’t require 
gas and cost a third as much as 
their foreign competitors. 
There’s a fascinating relationship 
between a country’s wealth and 
its energy consumption. The 
correlation is nearly perfect: more 
energy, more wealth. At some 
point, though, this relationship is 
supposed to break down. 
As economies grow richer, they 
typically keep growing with less 
incremental energy, thanks 
to efficiency gains. But you 
could argue that’s not the case 
anymore. Even in the richest 
nations, prosperity is once again 
defined by our ability — and our 
willingness — to produce and 
consume more energy.
Should we be bullish about 
Europe again? 
BlackRock was born in America, 
and our first clients were in 
Japan — but it was Europe that 
made us truly global. 
Our 2006 acquisition of Merrill 
Lynch’s asset management 
business, anchored in London, 
set us on the path to becoming 
the largest asset manager in 
the world. Today, we manage 
$2.7 trillion for our European 
clients, including approximately 
500 pension schemes 
supporting millions of people. 
For the past decade, Europe’s 
economic outlook has been 
persistently pessimistic. Slow 
growth, stagnant markets, and 
cumbersome regulation have 
dominated the headlines. Mario 
Draghi, former Italian Prime 
Minister and head of the European 
Central Bank, recently pointed 
out that Europe has lowered trade 
barriers with countries outside the 
continent — but it hasn’t done the 
same internally among EU nations. 
Draghi highlighted an analysis by 
the International Monetary Fund 
(IMF), which paints a striking 
picture: For a German company, 
it may now be more attractive 
to do business in China than in 
neighboring France.52
49. Figure 3.1. Source: Our World in Data, U.S. Energy Information Administration (2023), Energy Institute – Statistical Review of World 
Energy (2024), Population based on various sources (2023) 
50. Forbes, China To Build The First Small Modular Nuclear Reactor – Of Course, (2021)
51. CNN Business, A Chinese EV giant is now offering free driver assistance tech on cars under $10,000, (2025) 
52. Mario Draghi, Financial Times, Forget the US — Europe has successfully put tariffs on itself, (2025). Note: As Draghi wrote, “The IMF 
estimates that Europe’s internal barriers are equivalent to a tariff of 45 per cent for manufacturing and 110 per cent for services. These 
effectively shrink the market in which European companies operate: trade across EU countries is less than half the level of trade across U.S. 
states. And as activity shifts more towards services, their overall drag on growth becomes worse”
But I think Europe is waking up. 
The policymakers I talk to — and 
I talk to a lot — now see that the 
regulatory roadblocks aren’t going 
to remove themselves. They need 
to be addressed. And the upside is 
enormous. According to the IMF, 
reducing intra-EU trade barriers  
to the level between U.S. states 
could boost productivity by 
nearly 7%, adding an astounding 
$1.3 trillion to its economy — the 
equivalent of creating another 
Ireland and Sweden.53
Even better, artificial 
intelligence may be able to 
defuse Europe’s demographic 
time bomb. 
The continent’s biggest looming 
economic challenge is its aging 
workforce. In 22 of the 27 EU 
member states, the working-age 
population is already shrinking.54 
And because economic growth 
depends heavily on the size of 
a country’s labor force, Europe 
faces the risk of prolonged 
economic decline. The European 
Commission itself recently 
sounded the alarm: Sustained 
growth is only possible if Europe’s 
workforce either expands, 
becomes more productive,  
or both.55
This is precisely where AI 
might play a crucial role. In 
economies heavily dependent 
on manufacturing and manual 
labor, AI has less impact. But 
in service-based economies, 
where AI can effectively 
automate tasks, productivity 
gains can be substantial. 
There’s a worry that AI might 
eliminate jobs. It’s a valid  
concern. But in aging, wealthy 
societies facing inevitable labor 
shortages, AI may be less a threat 
than a lifeline. 
Can Bitcoin eat away at the 
U.S. dollar’s reserve status? 
The U.S. has benefited from 
the dollar serving as the world’s 
reserve currency for decades.  
But that’s not guaranteed to  
last forever. 
The national debt has grown 
at three times the pace of GDP 
since Times Square’s debt clock 
started ticking in 1989.56 This 
year, interest payments will 
surpass $952 billion — exceeding 
defense spending. By 2030, 
mandatory government spending 
and debt service will consume 
all federal revenue, creating 
a permanent deficit.57
If the U.S. doesn’t get its debt 
under control, if deficits keep 
ballooning, America risks losing 
that position to digital assets  
like Bitcoin. 
To be clear, I’m obviously not 
anti-digital assets (far from it; 
see the next section). But two 
things can be true at the same 
time: Decentralized finance is 
an extraordinary innovation. It 
makes markets faster, cheaper, 
and more transparent. Yet that 
same innovation could undermine 
America’s economic advantage if 
investors begin seeing Bitcoin as a 
safer bet than the dollar.
Tokenization is 
democratization
The world’s money moves through 
plumbing built when trading 
floors still shouted orders and fax 
machines felt revolutionary.
Take the Society for 
Worldwide Interbank Financial 
Telecommunication (SWIFT). 
It’s the system that underpins 
trillions of dollars in global 
transactions every day, and it 
works much like a relay race: 
Banks hand off instructions one 
by one, meticulously checking 
details at each step. That relay 
approach made sense in the 
53. International Monetary Fund, Regional Economic Outlook: Europe’s Declining Productivity Growth: Diagnoses and Remedies, (2024), p.8. 
Note: The IMF estimates that reducing intra-EU trade barriers to the level seen between U.S. states could boost European productivity by 
nearly 7%. Assuming a 1:1 relationship between productivity gains and GDP growth, a 7% increase applied to the EU’s 2023 GDP of  
$18.59 trillion (World Bank) would result in approximately $1.3 trillion in additional economic output. For context, the combined GDP of 
Ireland ($551 billion) and Sweden ($585 billion) totaled $1.136 trillion in 2023 (World Bank), making the $1.3 trillion gain roughly equivalent 
to adding both economies to the EU 
54. United Nations Department of Economic and Social Affairs, 2024 Revision of World Population Prospects, (2024)
55. European Commission, 2024 Ageing Report: Economic & Budgetary Projections for the EU Member States, (2022-2070), p.4 
56. U.S. Bureau of Economic Analysis, Gross Domestic Product, retrieved from FRED, Federal Reserve Bank of St. Louis, (2025), U.S. 
Department of the Treasury. Fiscal Service, Federal Debt Held by the Public, retrieved from FRED, Federal Reserve Bank of St. Louis, (2025)
57. Congressional Budget Office, The Budget and Economic Outlook: 2025 to 2035, (2025) 
58. Figure 3.2. Source: United Nations, Department of Economic and Social Affairs, Population Division (2024)
BlackRock 2024 Annual Report    25
24     BlackRock 2024 Annual Report

0%
20%
40%
60%
80%
100%
1988
2001
2014
2025
U.S. federal debt held by the public59
As a % of GDP
1970s, an analog era when the 
markets were much smaller and 
daily transactions were much 
fewer. But today, relying on 
SWIFT feels like routing emails 
through the postal office.
Tokenization changes all that. 
If SWIFT is the postal service, 
tokenization is email itself — assets 
move directly and instantly, 
sidestepping intermediaries.
What exactly is tokenization? It’s 
turning real-world assets — stocks, 
bonds, real estate — into digital 
tokens tradable online. Each 
token certifies your ownership of a 
specific asset, much like a digital 
deed. Unlike traditional paper 
certificates, these tokens live 
securely on a blockchain, enabling 
instant buying, selling, and 
transferring without cumbersome 
paperwork or waiting periods.
Every stock, every bond, 
every fund — every asset — can 
be tokenized. If they are, it 
will revolutionize investing. 
Markets wouldn’t need to close. 
Transactions that currently take 
days would clear in seconds. 
And billions of dollars currently 
immobilized by settlement delays 
could be reinvested immediately 
back into the economy, generating 
more growth. 
Perhaps most importantly, 
tokenization makes investing 
much more democratic. 
It can democratize access. 
Tokenization allows for 
fractional ownership. That 
means assets could be sliced 
into infinitely small pieces. This 
lowers one of the barriers to 
investing in valuable, previously 
inaccessible assets like private 
real estate and private equity. 
It can democratize shareholder 
voting. When you own a stock, 
you have a right to vote on the 
company’s shareholder proposals. 
Tokenization makes that easier 
because your ownership and 
voting rights are digitally tracked, 
allowing you to vote seamlessly 
and securely from anywhere. 
It can democratize yield. Some 
investments produce much 
higher returns than others, but 
only big investors can get into 
them. One reason? Friction. 
Legal, operational, bureaucratic. 
Tokenization strips that away, 
allowing more people access to 
potentially higher returns.
One day, I expect tokenized 
funds will become as familiar 
to investors as ETFs — provided 
we crack one critical problem: 
identity verification.
Financial transactions demand 
rigorous identity checks. Apple Pay 
and credit cards handle identity 
verification effortlessly, billions 
of times a day. Trade venues like 
NYSE and MarketAxess manage to 
do the same for buying and selling 
securities. But tokenized assets 
won’t run through those traditional 
channels, meaning we need a new 
digital identity verification system. 
It sounds complex, but India, the 
world’s most populous country, 
has already done it. Today, over 
90% of Indians can securely verify 
transactions directly from their 
smartphones.60
The takeaway is clear. If we’re 
serious about building an efficient 
and accessible financial system, 
championing tokenization alone 
59. Figure 3.3. Source: Congressional Budget Office, 2025 
60. Andreessen Horowitz, Why India Leads in Digital payments, (2023) 
won’t suffice. We must solve digital 
verification, too.
Something worth 
expanding
In 1761, about 80 years after 
Jonathan’s Coffee House became 
the heartbeat of London’s financial 
life, a group of 150 wealthy traders 
tried to close the gates. 
They offered Jonathan’s owner 
£1,200 per year — about 10 
years of wages for the average 
worker — for exclusive use of the 
space during key trading hours. In 
essence, they wanted to create a 
private market.
But London’s broader community 
of investors wasn’t having it. 
They protested, they argued 
their case in the courts, and 
after two years, they won. The 
markets had to remain open. 
Everybody could invest.61 
From our vantage point today, 
the history of finance can look 
like a long, steady march toward 
greater democracy — more 
investors, broader participation, 
and expanded prosperity. And 
to a large extent, that’s been the 
case. But this democratization was 
never guaranteed. It still isn’t. 
Markets don’t naturally evolve 
to serve everyone equally. 
They require relentless effort, 
conscious choices, and constant 
vigilance — from those coffee-
house protests centuries ago to 
today’s complex debates over 
retirement policy, tokenization, 
infrastructure investment, and 
artificial intelligence.
It’s demanding work, but at 
BlackRock we’ve been doing it 
for 37 years as fiduciaries to our 
clients. And not a single day has 
passed when it hasn’t felt worth 
every bit of effort. Because no 
system human beings have ever 
devised has done more to generate 
wealth for more people than the 
capital markets. 
People invest their savings — 
whether it’s 50 guilders or 
$50,000 — and those investments 
become roads and schools, 
businesses and breakthrough 
technologies — the things that 
power our economies, sending 
wealth rippling back to millions, 
allowing them to worry less about 
kitchen-table finances and spend 
more time simply enjoying life with 
their families.
I’ve always said investing is an act 
of hope — that no one invests for 
the long term unless they believe 
the future will be better than the 
present. But that’s not quite right. 
Investing isn’t just an act of hope; 
investing is what makes our hopes, 
our reality. 
That’s something worth 
protecting. 
That’s something worth 
expanding. 
That’s something worth 
democratizing.
BlackRock’s 
performance
2024–2025
Last fall, we celebrated the  
25th anniversary of BlackRock’s 
initial public offering (IPO). When 
we went public, we had just 650 
employees and our stock was  
listed at $14 a share. We managed  
$165 billion of primarily fixed 
income-based assets for our 
clients, and we had just started 
selling Aladdin’s technology 
externally. 
Today, we manage $11.6 trillion for 
our clients, and Aladdin generates 
more than $1.6 billion in annual 
revenue. Our employee base is now 
almost 23,000 strong, with offices 
in more than 30 countries. Our 
stock ended 2024 at over $1,000 
per share. But even 25 years since 
our IPO and 37 since our founding, 
this is in many ways just the 
beginning of the BlackRock story. 
2024 was a milestone year for 
BlackRock. Clients entrusted us 
with a record $641 billion of net 
inflows. We added $1.5 trillion 
to AUM, and delivered record 
revenue and operating income, 
alongside a 29% total return for 
our shareholders. 
In a dynamic investing and 
re-risking environment, clients 
wanted to step back into the 
markets more actively. They did 
it with BlackRock. We closed the 
year with back-to-back record net 
inflow quarters, ending the year 
with $281 billion of net inflows in 
the fourth quarter for 7% organic 
base fee growth. Importantly, 
that organic growth was broad-
based across institutional, wealth 
and regions. Clients want to 
consolidate more of their portfolios 
with a partner that is with them for 
the long term as they work toward 
their own commercial ambitions 
and portfolio goals. They want 
portfolios that are seamlessly 
integrated across public and 
private markets, that are dynamic, 
and that are underpinned by data, 
risk management and technology. 
This historic client activity took 
place as we executed on the most 
significant acquisitions we’ve done 
since BGI more than 15 years ago. 
Our closings of GIP and Preqin 
and planned acquisition of HPS 
later this year are expected to scale 
and enhance our private markets 
investment and data capabilities.
Clients have always been at the 
center of our strategy, and we’ve 
intentionally invested to serve 
the full breadth of their needs. We 
have built a differentiated asset 
management and fintech platform 
that is fully integrated across both 
public and private markets. 
Following our planned acquisition 
of HPS, we expect BlackRock’s 
alternatives platform to become 
61. R. C. Michie, The London Stock Exchange: A History, (Oxford University Press, 1999)
BlackRock 2024 Annual Report    27
26     BlackRock 2024 Annual Report

Total compounded annual total return since BlackRock’s IPO 
through December 31, 2024
21%
6%
8%
Oct 1, 1999
Dec 31, 2024
BLK
S&P 500
S&P 500 Financials
Source: S&P Global as of December 31, 2024. The performance graph is not necessarily indicative of future investment performance.
a top five provider for clients, with 
$600 billion in client assets and 
over $3 billion in annual revenue. 
That will be integrated with 
BlackRock’s platform that already 
houses the world’s #1 global 
ETF franchise, $3 trillion in fixed 
income, a $700 billion insurance 
asset management practice, 
advisory services and our proven 
Aladdin technology. 
Aladdin is powering a whole 
portfolio ecosystem across public 
and private markets with eFront 
and our recent acquisition of 
Preqin. This growing platform 
changes the complexion of 
BlackRock — one that we feel 
delivers for client needs and 
results in over 20% of our 
revenue base in long-dated, less 
market-sensitive products and 
services. Our revenue mix will 
continue to shift organically as 
private markets, technology and 
customized solutions experience 
higher secular growth. We believe 
this will translate to higher and 
more durable organic growth, 
greater resilience through 
market cycles and long-term 
value for shareholders.
Clients have embraced our 
strategy. Our track record of 
successful acquisitions and 
integrations is deepening 
our clients’ relationships with 
BlackRock. Our ETF franchise 
delivered record net inflows of 
$390 billion, which again led the 
industry. Since our acquisition 
of iShares, BlackRock has 
led in expanding the market 
for ETFs by delivering new 
asset classes like bonds or 
cryptocurrencies, alongside 
innovative investment products 
like active strategies in a more 
liquid and transparent vehicle.
Approximately a quarter of our 
ETF net inflows were into products 
launched in the last five years.  
Our active ETFs delivered  
$22 billion in net inflows in 
2024, while BlackRock’s U.S.-
based Bitcoin exchange-traded 
product (ETP) was the largest 
ETP launch in history, growing 
to over $50 billion of AUM in 
less than a year. And it was the 
third-highest asset gatherer in 
the entire ETF industry, behind 
only S&P 500 index funds. We’re 
innovating at the product and 
portfolio level and accelerating 
our distribution capabilities 
to deliver differentiated 
investment solutions.
Client needs are driving industry 
consolidation, and investors 
increasingly prefer to work 
with BlackRock because of our 
capabilities as a scaled, multi-
asset provider. We see this in the 
wealth channel, where managed 
model portfolios are the main way 
in which wealth managers are 
looking to grow their practices 
and better serve their clients. 
BlackRock has a leading models 
business, backed by our multi-
asset, multi-product capabilities. 
We’re also working across our 
wealth platform to provide 
increasingly personalized offerings 
to our financial advisor partners 
and their clients, including through 
customized separately managed 
accounts (SMAs). We offer index 
SMAs through Aperio, which had 
its fourth consecutive record year 
in 2024 with $14 billion of net 
inflows. And last year, we acquired 
SpiderRock Advisors, which offers 
tax-advantaged option overlay 
strategies, to grow our suite of 
customized offerings in the  
wealth channel.
These clients include the world’s 
largest asset owners, pension 
plans and corporates who are 
deepening ties to BlackRock. Many 
of these corporate partners see 
positive network effects to their 
core business, and to their own 
shareholders, by extending their 
relationships with BlackRock. Last 
year our clients entrusted us with 
more than $120 billion of scaled 
outsourcing mandates. 
The differentiated advice and 
alpha generation potential of 
our actively managed strategies 
continue to resonate with clients, 
driving more than $60 billion of 
active net inflows in 2024. Active 
flows were led by our LifePath 
target date franchise, outsourcing 
mandates, and our tech and data-
driven systematic active equity 
strategies. We’re delivering long-
term investment performance, 
and we think active strategies 
can provide an advantage in an 
environment that requires a more 
dynamic approach to allocations.
In fixed income, clients are 
turning to BlackRock to navigate 
a transitional rate environment, 
driving $164 billion of net inflows 
last year. We see a significant 
reallocation opportunity for the 
record $10 trillion of cash held on 
the sidelines, as many investors 
will need yields beyond the 4% 
currently earned in a money-
market account in order to meet 
long-term goals like retirement.
Our clients continue to increase 
their allocations to private markets 
as a source of diversification and 
uncorrelated alpha generation 
potential. Private markets net 
inflows of $9 billion included 
strong demand for infrastructure 
and private credit strategies. Client 
feedback surrounding the recent 
and planned acquisitions of GIP 
and HPS has exceeded even our 
own high expectations, and we 
expect these to drive significant 
future net inflows and revenue 
growth in 2025 and beyond.
We’ve delivered our Aladdin 
technology to clients for a little 
over 25 years now, and it only 
started following robust internal 
debate over whether to even offer 
it externally. It was a good decision 
for BlackRock and our clients. 
What we initially pioneered as our 
own internal risk-management tool 
is now the most comprehensive, 
fully integrated operating system 
in the industry.
We signed some of our most 
significant mandates in Aladdin’s 
history in 2024, and more than 
half of Aladdin sales included 
multiple products. Our acquisition 
of Preqin, which closed earlier 
this year, will add private markets 
data capabilities to our offering, 
with an aim to enable more 
transparency, and ultimately 
greater investability, within  
private markets. 
Our connectivity with clients is 
driving record results, and we’re 
working across our platform to 
offer an even more comprehensive 
experience. Our structural growth 
businesses — ETFs, Aladdin, 
whole portfolio outsourcing, 
fixed income — are our strong 
foundations to serve clients and 
deliver on our through-the-cycle 
5% organic base fee growth 
objectives. And in combination 
with our strategic moves in 
private markets and data, 
we’ve positioned our business 
ahead of market opportunities 
that we think will define the 
future of asset management. 
Driving our next phase  
of growth
As part of our ongoing work to 
assess our growth strategy, our 
management team and Board 
spends time throughout the year 
assessing what our industry and 
client opportunities will look 
like in the future. For example, 
five years from now, in 2030, 
what opportunities will drive 
differentiated growth? How will 
clients approach allocations and 
alpha generation in the portfolio of 
the future? 
We think the future of investing will 
include more integration across 
asset classes, and increasingly 
digital enablement. Our clients 
are already doing this. They’re 
blending public and private 
investments, active and index, and 
they’re looking to wrap all of that 
with leading data and analytics to 
better understand their portfolios. 
We’re expanding our product and 
technology capability set across 
the whole portfolio to effectively 
serve our clients in the new 
and changing frontiers of asset 
management. 
When we acquired BGI 15 years 
ago, our move to blend active and 
index was a first for the industry; 
today, the combination of broad 
market exposures with outcome-
oriented portfolios is an industry 
standard. Our inorganic moves 
last year aim to do the same by 
connecting public and private 
investments for our clients. 
Through GIP and soon, HPS, we’ll 
combine scaled franchises in 
infrastructure and private credit 
with the global capabilities of our 
public markets platform. And the 
recent closing and integration of 
Preqin with Aladdin and eFront 
will better enable clients with more 
standardized and transparent data 
on the private markets. 
ETFs are a proven technology 
facilitating investment access, 
from retail investors making their 
first foray into the stock market, to 
the world’s largest asset owners. 
The recent launch of our Bitcoin 
ETP is only the latest example, 
offering cryptocurrency exposure 
alongside the efficiency and price 
discovery features of an exchange-
traded product wrapper. This is 
also expanding our presence with 
more investors. More than half of 
demand for our Bitcoin ETP has 
been from retail investors, and 
three-quarters of those investors 
had never owned an iShares 
product before. And just this year, 
we’ve expanded access to Bitcoin 
through a convenient exchange-
traded wrapper with launches in 
Canada and Europe. 
Similarly, ETFs are facilitating 
growth of an investing culture in 
Europe. As first-time investors 
begin to enter the capital markets, 
it’s often through ETFs, and 
particularly iShares. Only one-
third of European individuals 
have capital markets investments, 
compared to more than 60% 
of Americans. Not only are they 
BlackRock 2024 Annual Report    29
28     BlackRock 2024 Annual Report

not participating in the growth 
potential offered by the broader 
capital markets, but they’re also 
often losing out on a real return 
as low interest rates in bank 
savings accounts are outpaced 
by inflation. We’re working with 
established players plus several 
newer entrants in Europe, 
including Monzo, N26, Revolut, 
Scalable Capital, and Trade 
Republic, to lower the barriers 
to investing and build financial 
knowledge in local markets. With 
our now more than $1 trillion 
European ETF platform, which is 
larger than the next five issuers 
combined, we see a tremendous 
opportunity to grow our regional 
offerings and help more 
individuals reach their financial 
goals through the capital markets.
We’re also laying the groundwork 
to enable future growth as 
countries look to build out their 
own capital markets. I’ve spent 
time in the Middle East and 
Asia already this year, and the 
development of more robust and 
prosperous local capital markets 
has been central to many of my 
discussions with local leaders. 
In Saudi Arabia, we’re partnering 
with the Public Investment Fund 
to encourage investment and 
further develop their local capital 
markets. And in India, our joint 
venture Jio BlackRock is preparing 
to launch a digitally-enabled asset 
management and wealth platform. 
Total compounded 
annual total return since 
BlackRock’s IPO through 
December 31, 2024
As we celebrate 25 years as 
a public company, we’re also 
proud of the differentiated 
returns we’ve delivered for our 
shareholders. Since our IPO 
in 1999, we’ve generated an 
annualized total return of 21%, 
compared to 8% for the S&P 
500 and 6% for the financials 
industry. It’s our bold strategy 
and coordinated investments 
that drive our deep connections 
with clients, and strong returns 
for our shareholders.
Our world-class talent is central 
to our decades of growth and 
sustained performance. We 
regularly evaluate our talent 
strategy to make sure we are 
developing well-rounded 
leaders with a breadth of 
experience across our business. 
Earlier this year, we elevated 
several of our leaders to new 
roles across the firm.
After 20 years building a number 
of businesses at BlackRock, 
Mark Wiedman has decided to 
pursue the next chapter in his 
career outside of the firm. Mark 
has helped shape the BlackRock 
we know today, including his 
work leading iShares, Corporate 
Strategy, and most recently our 
Global Client Business. Mark is 
a great friend of mine, and I’m 
personally thankful to him for his 
contributions to the firm. 
I’m proud of the deep leadership 
team we’ve assembled, and our 
recent and pending acquisitions 
will bring an influx of top talent 
to our firm. Across our entire 
platform, we’re positioning our 
people to deliver value for our 
clients and power our business 
into the future. 
Our Board of Directors
BlackRock’s Board has always 
been critical to our success and 
growth. They’re also instrumental 
as we shape our forward strategy 
and expand into newer markets 
and businesses. 
Every year, we review our Board 
composition to ensure we have 
the right breadth of backgrounds 
and experience to advise on 
BlackRock’s operations, strategy 
and management. We’re happy 
to have welcomed Bayo Ogunlesi 
to our Board of Directors last 
fall following the closing of the 
GIP transaction. We’re already 
benefiting from his wealth of 
experience in private markets as 
we scale our capabilities in this 
fast-growing market. 
In March of this year, our Board 
voted unanimously to nominate 
Gregory Fleming, Chief Executive 
Officer of Rockefeller Capital 
Management, and Kathleen 
Murphy, former President of 
Personal Investing at Fidelity 
Investments, to stand for election 
at our annual meeting. Greg 
and Kathy bring a tremendous 
amount of experience in 
financial services and wealth 
management, and I believe they’ll 
both provide differentiated 
perspectives to our Board.
At the same time, we are fortunate 
to have had Marco Antonio Slim 
Domit, who will not be standing for 
re-election this year, as a director 
of BlackRock. Tony’s service was 
defined by his ability to leverage 
his experience in investment 
across regions to offer keen 
insights that improved the Board’s 
decision making and, ultimately, 
BlackRock itself. We are grateful 
for his service and he will be 
missed by the entire Board and by 
the BlackRock leadership team.
BlackRock’s Board will continue 
to guide our company to invest 
and innovate, all with the aim 
to better serve our clients, 
employees and shareholders.
When we went public, it was 
with belief in the importance of 
growth and depth in the capital 
markets. We wanted to share 
our success with a broader 
population of people investing 
for the future, including our 
employees. That all still holds 
today. We entered 2025 at our 
strongest inflection point, and I 
see greater opportunities ahead 
for BlackRock, our clients and our 
shareholders than ever before.
Sincerely,
Laurence Fink
Chairman and
Chief Executive Officer
Board of 
Directors
Laurence D.  
Fink
Chairman and CEO of BlackRock
Pamela 
Daley
Former Senior Vice President of 
Corporate Business Development 
of General Electric Company
William E.  
Ford
Chairman and CEO of  
General Atlantic
Fabrizio  
Freda
Former President and CEO of the 
Estée Lauder Companies Inc.
Murry S.  
Gerber
Lead Independent Director
Former Chairman and CEO of 
EQT Corporation
Margaret “Peggy” L.  
Johnson
CEO of Agility Robotics
Robert S.  
Kapito
President of BlackRock
Cheryl D.  
Mills
Founder and CEO of  
BlackIvy Group
Amin H.  
Nasser
President and CEO of the  
Saudi Arabian Oil Company
Gordon M.  
Nixon
Former President and CEO of  
Royal Bank of Canada
Adebayo “Bayo” 
Ogunlesi
Chairman and CEO of Global 
Infrastructure Partners
Kristin  
Peck
CEO of Zoetis, Inc.
Charles H.  
Robbins
Chairman and CEO of 
Cisco Systems, Inc.
Marco Antonio  
Slim Domit
Chairman of Grupo Financiero 
Inbursa, S.A.B. de C.V.
Hans E.  
Vestberg
Chairman and CEO of Verizon 
Communications, Inc.
Susan L.  
Wagner
Former Vice Chairman of 
BlackRock
Mark  
Wilson
Former CEO of Aviva plc and 
former President and CEO of AIA
BlackRock 2024 Annual Report    31
30     BlackRock 2024 Annual Report

Financial 
Highlights
(in millions)
2024
2023
2022
Total AUM (end of period)
$11,551,251 
$10,008,995
	$8,594,485
Revenue
20,407 
17,859
17,873
Operating income, GAAP
7,574 
6,275
6,385
Operating income, as adjusted1
8,110 
6,593
6,711
Operating margin, GAAP
37.1%
35.1%
35.7%
Operating margin, as adjusted1
44.5%
41.7%
42.8%
Net income attributable to BLK, GAAP
6,369 
5,502
5,178
Net income attributable to BLK, as adjusted1
6,612 
5,692
5,391
Diluted weighted-average common shares
151.6 
150.7
152.4
Per Share
Diluted earnings, GAAP
$ 
42.01 
	$ 
36.51
	$ 
33.97
Diluted earnings, as adjusted1
43.61
37.77
35.36
Dividends declared
20.40 
20.00 
19.52
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.
Forward-looking statements
This report, 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. These 
statements include, among other 
things, statements about future 
results of operations and financial 
condition; business initiatives and 
strategies; political, economic or 
industry conditions, the interest 
rate environment and financial 
and capital markets; product and 
service offerings; risk management, 
including climate-related risks; 
share repurchases and dividends; 
and the legislative and regulatory 
environment. BlackRock cautions 
that forward-looking statements are 
subject to numerous assumptions, 
risks and uncertainties, which 
change over time. 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. Factors that can cause 
actual results to differ materially 
from forward-looking statements 
or historical performance include 
those described under “Forward-
Looking Statements” and risk factors 
disclosed in BlackRock’s most recent 
Form 10-K, as such factors may 
be updated from time to time in its 
periodic filings with the SEC and 
available on our website.
Important 
Notes
Please review the Important Notes on page 
33 for information on certain non-GAAP 
figures shown through page 32, as well as 
for source information on other data points 
through page 32.
Opinions
Opinions expressed through page 
31 are those of BlackRock, Inc. as of 
April 2025 and are subject to change. 
Investment involves risk including 
the loss of principal. The companies 
mentioned in this document are not 
meant to be a recommendation to 
buy or sell any security.
BlackRock data points
All data through page 32 reflects 
as-adjusted full-year 2024 results or 
is as of December 31, 2024, unless 
otherwise noted. 2024 organic 
growth is defined as full-year 
2024 net flows divided by assets 
under management (AUM) for the 
entire firm, a particular segment or 
particular product as of December 
31, 2023. Long-term product 
offerings include active and passive 
strategies across equity, fixed 
income, multi-asset and alternatives, 
and exclude AUM and flows from 
the cash management and advisory 
platforms.
Industry data points
All data is as of December 31, 2024 
unless otherwise noted. 
GAAP and as-adjusted results
See pages 44–46 of our 2024 10-K 
for an explanation of the use of 
non-GAAP financial measures and a 
reconciliation to GAAP.
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 U.S.-registered investment 
companies, European-domiciled 
1. Beginning in the first quarter of 2022, BlackRock updated the definitions of operating income, as adjusted, operating margin, as 
adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization of intangible assets, 
other acquisition-related costs, including compensation costs for non-recurring retention-related deferred compensation awards, 
and contingent consideration fair value adjustments incurred in connection with certain acquisitions and recast such measures for 
prior periods. Beginning in the first quarter of 2023, the Company also updated these definitions to exclude the compensation expense 
related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic 
hedge of these deferred cash compensation plans, which the Company began hedging economically in 2023. The presentation of such 
updated measures, and their reconciliation to operating income, GAAP basis, operating margin, GAAP basis, and net income attributable 
to BlackRock, Inc., GAAP basis for 2024 and 2023 have been included in BlackRock’s Annual Report on Form 10-K for the year ended 
December 31, 2024, which is included on page 34. For reconciliations to GAAP for 2022, see BlackRock’s Annual Report on Form 10-K for 
the year ended December 31, 2023. 
BlackRock 2024 Annual Report    33
32     BlackRock 2024 Annual Report

BlackRock 2024 Form 10K 
1
PART I
Item 1. Business
OVERVIEW
BlackRock, Inc. (together, with its subsidiaries, unless the
context otherwise indicates, “BlackRock” or the
“Company”) is a leading publicly traded investment
management firm with $11.6 trillion of assets under
management (“AUM”) at December 31, 2024. With
approximately 21,100 employees in more than 30
countries who serve clients in over 100 countries across
the globe, BlackRock provides a broad range of investment
management and technology services to institutional and
retail clients worldwide. On October 1, 2024, BlackRock
completed the acquisition of 100% of the issued and
outstanding limited liability company interests of Global
Infrastructure Management, LLC (“GIP” or the “GIP
Transaction”). As a result of the closing of the GIP
Transaction, BlackRock, Inc. (formerly known as BlackRock
Funding, Inc. (“BlackRock Funding”)) (“New BlackRock”)
became the ultimate parent company of BlackRock
Finance, Inc. (formerly known as BlackRock, Inc.) (“Old
BlackRock”), GIP and their respective subsidiaries. See
Note 1, Business Overview and Note 3, Acquisitions, in the
notes to the consolidated financial statements contained
in Part II, Item 8 for additional information.
BlackRock’s diverse platform of alpha-seeking active,
private markets, index and cash management investment
strategies across asset classes enables the Company to
offer choice and tailor investment and asset allocation
solutions for clients. Product offerings include single- and
multi-asset portfolios investing in equities, fixed income,
private markets, liquid alternatives and money market
instruments. Products are offered directly and through
intermediaries in a variety of vehicles, including open-end
and closed-end mutual funds, iShares® exchange-traded
funds (“ETFs”), separate accounts, collective trust funds
and other pooled investment vehicles. BlackRock also
offers technology services, including the investment and
risk management technology platform, Aladdin®, Aladdin
WealthTM, eFront®, and Cachematrix®, as well as advisory
services and solutions to a broad base of institutional and
wealth management clients. The Company is highly
regulated and manages its clients’ assets as a fiduciary.
The Company does not engage in proprietary trading
activities that could conflict with the interests of its clients.
BlackRock serves a diverse mix of institutional and retail
clients across the globe. Clients include tax-exempt
institutions, such as defined benefit and defined
contribution pension plans, charities, foundations and
endowments; official institutions, such as central banks,
sovereign wealth funds, supranationals and other
government entities; taxable institutions, including
insurance companies, financial institutions, corporations
and third-party fund sponsors, and retail intermediaries.
BlackRock maintains a significant global sales and
marketing presence that is focused on establishing and
maintaining retail and institutional investment
management and technology service relationships by
marketing its services to investors directly and through
third-party distribution relationships, including financial
professionals and pension consultants.
BlackRock is an independent, publicly traded company,
with no single majority shareholder and over 80% of its
Board of Directors consisting of independent directors.
Management seeks to deliver value for stockholders over
time by, among other things, capitalizing on BlackRock’s
differentiated competitive position, including:
• the Company’s longstanding model of client choice,
through which it offers a wide range of index, active,
private markets, and whole portfolio solutions across
broad markets, themes, regions, and investment styles;
• the Company’s focus on strong investment
performance, seeking the best risk-adjusted returns for
client portfolios, within the mandates given by clients,
to help them meet their investment objectives;
• the Company’s research, data and analytics, which are
at the center of BlackRock’s investment approach and
processes. They inform BlackRock’s pursuit of the best
risk-adjusted returns, and underpin product creation
and innovation;
• the Company’s global reach and commitment to best
practices around the world, with approximately 59% of
employees outside the United States (“US”) serving
clients locally and supporting local investment
capabilities. Approximately 35% of total AUM is
managed for clients domiciled outside the US;
• the Company’s differentiated client relationships and
fiduciary focus, which enable effective positioning
toward changing client needs and industry trends
including the secular shift to ETFs; growing allocations
to private markets, such as infrastructure and private
credit; increasing demand for outsourcing and whole
portfolio solutions using index, active and private
markets products; anticipated re-allocations to fixed
income; demand for high-performing active strategies;
interest in sustainable investment strategies; and a
continued focus on income and retirement; and
• the Company’s longstanding commitment to
innovation, technology services and the continued
development of, and increased interest in, BlackRock
technology products and solutions, including Aladdin,
Aladdin Wealth, eFront, and Cachematrix. This
commitment is further extended by minority
investments in financial technology and digital
distribution providers, data and whole portfolio
capabilities including Securitize, Upvest, Avaloq,
Human Interest, Circle, Clarity AI, Envestnet, Acorns,
Scalable Capital and iCapital.
BlackRock operates in a global marketplace impacted by
changing market dynamics and economic uncertainty,
factors that can significantly affect earnings and
stockholder returns in any given period.
The Company’s ability to increase revenue, earnings and
stockholder value over time is predicated on its ability to
generate new business, including business in Aladdin and
other technology products and services. New business
efforts depend on BlackRock’s ability to achieve clients’
BlackRock, Inc. 
Form 10-K 
Table of Contents
PART I
	 1	 Item 1	
Business
	20	 Item 1A	 Risk Factors
	36	 Item 1B	 Unresolved Staff Comments
	36	 Item 1C	 Cybersecurity
	37	 Item 2	
Properties
	37	 Item 3	
Legal Proceedings
	37	 Item 4	
Mine Safety Disclosures
PART II
	38	 Item 5	
Market for Registrant’s Common Equity, 
Related Stockholder Matters and Issuer 
Purchases of Equity Securities
	38	 Item 6	
Reserved
	39	 Item 7	
Management’s Discussion and Analysis 
of Financial Condition and Results of 
Operations
	68	 Item 7A	 Quantitative and Qualitative 
Disclosures About Market Risk
	69	 Item 8	
Financial Statements and Supplemental 
Data
	69	 Item 9	
Changes in and Disagreements with 
Accountants on Accounting and 
Financial Disclosure
	69	 Item 9A	 Controls and Procedures
	72	 Item 9B	 Other Information
	72	 Item 9C	 Disclosure Regarding Foreign 
Jurisdictions That Prevent Inspections
PART III
	72	 Item 10	 Directors, Executive Officers and 
Corporate Governance
	72	 Item 11	 Executive Compensation
	72	 Item 12	 Security Ownership of Certain 
Beneficial Owners and 
Management and Related 
Stockholder Matters
	72	 Item 13	 Certain Relationships and 
Related Transactions, and 
Director Independence
	72	 Item 14	 Principal Accountant Fees  
and Services
PART IV
	72	 Item 15	 Exhibits and Financial Statement 
Schedules
	75	 Item 16	 Form 10-K Summary
	76	 	
Signatures
34     BlackRock 2024 Annual Report

2
BlackRock 2024 Form 10K
investment objectives, in a manner consistent with their
risk preferences, to deliver excellent client service and to
innovate in technology to serve clients’ evolving needs. All
of these efforts require the commitment and contributions
of BlackRock employees. Accordingly, the ability to attract,
develop and retain qualified professionals is critical to the
Company’s long-term success.
FINANCIAL HIGHLIGHTS
(in millions, except per share data)
2024
2023
2022
2021
2020
GAAP:
Total revenue
$ 20,407
$ 17,859
$ 17,873
$ 19,374
$ 16,205
Operating income
$
7,574
$
6,275
$
6,385
$
7,450
$
5,695
Operating margin
37.1%
35.1%
35.7%
38.5%
35.1%
Nonoperating income (expense)(1)
$
578
$
706
$
89
$
419
$
475
Net income attributable to BlackRock, Inc.
$
6,369
$
5,502
$
5,178
$
5,901
$
4,932
Diluted earnings per common share
$
42.01
$
36.51
$
33.97
$
38.22
$
31.85
(in millions, except per share data)
2024
2023
2022
2021
2020
As adjusted(2):
Operating income
$
8,110
$
6,593
$
6,711
$
7,747
$
6,433
Operating margin
44.5%
41.7%
42.8%
46.8%
46.0%
Nonoperating income (expense)(1)
$
533
$
648
$
89
$
419
$
353
Net income attributable to BlackRock, Inc.
$
6,612
$
5,692
$
5,391
$
6,254
$
5,352
Diluted earnings per common share
$
43.61
$
37.77
$
35.36
$
40.51
$
34.57
(1)
Net of net income (loss) attributable to noncontrolling interests (redeemable and nonredeemable).
(2)
BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s
ongoing operating results may be enhanced if investors have additional non-GAAP financial measures.
Beginning in the first quarter of 2022, BlackRock updated the definitions of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as
adjusted, to include new adjustments. Such measures have been recast for all prior periods to reflect the inclusion of such new adjustments. In addition, beginning in the first quarter of 2023,
BlackRock updated the definitions of its non-GAAP financial measures to exclude the impact of market valuation changes on certain deferred cash compensation plans which the Company
began economically hedging in 2023. For further information on non-GAAP financial measures and for as adjusted items for 2024 and 2023, see Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures. For further information on non-GAAP financial measures and for as adjusted items for 2022, 2021
and 2020, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures, of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022.
ASSETS UNDER MANAGEMENT
The Company’s AUM by product type for the years 2020 through 2024 is presented below.
December 31,
5-Year
CAGR(1)
(in millions)
2024
2023
2022
2021
2020
Equity
$
6,310,191
$
5,293,344
$ 4,435,354
$
5,342,360
$ 4,419,806
11%
Fixed income
2,905,669
2,804,026
2,536,823
2,822,041
2,674,488
5%
Multi-asset
992,921
870,804
684,904
816,494
658,733
12%
Alternatives
421,807
275,984
266,210
264,881
235,042
19%
Long-term
10,630,588
9,244,158
7,923,291
9,245,776
7,988,069
9%
Cash management
920,663
764,837
671,194
755,057
666,252
11%
Advisory
—
—
—
9,310
22,359
—
Total
$ 11,551,251
$ 10,008,995
$ 8,594,485
$ 10,010,143
$ 8,676,680
9%
(1)
Percentage represents compound annual growth rate (“CAGR”) over a five-year period (December 31, 2019 – December 31, 2024).
BlackRock 2024 Form 10K 
3
Component changes in AUM by product type for the five years ended December 31, 2024 are presented below.
(in millions)
December 31,
2019
Net inflows
(outflows)
Acquisitions(1)
Market
change
FX
impact
December 31,
2024
Equity
$ 3,820,329
$
469,857
$
45,398
$ 2,134,992
$ (160,385)
$
6,310,191
Fixed income
2,315,392
944,834
—
(220,628)
(133,929)
2,905,669
Multi-asset
568,121
276,730
—
180,410
(32,340)
992,921
Alternatives
178,072
116,114
72,051
60,258
(4,688)
421,807
Long-term
6,881,914
1,807,535
117,449
2,155,032
(331,342)
10,630,588
Cash management
545,949
361,995
—
19,205
(6,486)
920,663
Advisory
1,770
(2,423)
—
636
17
—
Total
$ 7,429,633
$ 2,167,107
$ 117,449
$ 2,174,873
$ (337,811)
$ 11,551,251
(1)
Amounts include the following: (a) net AUM from the acquisition of Aperio Group, LLC (“Aperio Transaction”) in February 2021, (b) net AUM from the acquisition of Kreos Capital (the “Kreos
Transaction”) in August 2023, (c) net AUM from the acquisition of SpiderRock Advisors (the “SpiderRock Transaction”) in May 2024 and (d) net AUM from the GIP Transaction in October 2024.
AUM represents the broad range of financial assets
managed for clients on a discretionary basis pursuant to
investment management and trust agreements that are
expected to continue for at least 12 months. In general,
reported AUM reflects the valuation methodology that
corresponds to the basis used for determining revenue
(for example, net asset value). Reported AUM does not
include assets for which BlackRock provides risk
management or other forms of nondiscretionary advice, or
assets that the Company is retained to manage on a short-
term, temporary basis.
Investment management fees are typically earned as a
percentage of AUM. BlackRock also earns performance
fees on certain portfolios relative to an agreed-upon
benchmark or return hurdle. On some products, the
Company also may earn securities lending revenue. In
addition, BlackRock offers its proprietary Aladdin
investment system as well as risk management,
outsourcing, advisory and other technology services, to
institutional investors and wealth management
intermediaries. Revenue for these services may be based
on several criteria including value of positions, number of
users, implementation go-lives and software solution
delivery and support.
At December 31, 2024, total AUM was $11.6 trillion,
representing a CAGR of 9% over the last five years. AUM
growth during the period was achieved through the
combination of net market valuation gains, net inflows
and acquisitions, including the net AUM impact from the
Aperio Transaction, which added $41 billion of AUM in
February 2021, the Kreos Transaction, which added
$2 billion of AUM in August 2023, the SpiderRock
Transaction, which added $4 billion of AUM in May 2024,
and the GIP Transaction, which added $70 billion of AUM
in October 2024. BlackRock’s AUM mix encompasses a
broadly diversified product range, as described below.
The Company considers the categorization of its AUM by client type, product type, investment style, and client region
useful to understanding its business. The following discussion of the Company’s AUM will be organized as follows:
Client Type
Product Type
Investment Style
Client Region
• Retail
• Equity
• Active
• Americas
• ETFs
• Fixed Income
• Index and ETFs
• Europe, the Middle East and Africa (“EMEA”)
• Institutional
• Multi-asset
• Asia-Pacific
• Alternatives
• Cash Management
CLIENT TYPE
BlackRock serves a diverse mix of institutional and retail
clients across the globe, with a regionally focused
business model. BlackRock leverages the benefits of scale
across global investment, risk and technology platforms
while at the same time using local distribution presence to
deliver solutions for clients. Furthermore, the Company’s
structure facilitates strong teamwork globally across both
functions and regions in order to enhance BlackRock’s
ability to leverage best practices to serve our clients and
continue to develop our talent.
Clients include tax-exempt institutions, such as defined
benefit and defined contribution pension plans, charities,
foundations and endowments; official institutions, such as
central banks, sovereign wealth funds, supranationals and
other government entities; taxable institutions, including
insurance companies, financial institutions, corporations
and third-party fund sponsors, and retail intermediaries.
ETFs are a growing component of both institutional and
retail client portfolios. However, as ETFs are traded on
exchanges, complete transparency on the ultimate
end-investor is unavailable. Therefore, ETFs are presented
as a separate client type below, with investments in ETFs
by institutions and retail clients excluded from figures and
discussions in their respective sections.

4
BlackRock 2024 Form 10K
AUM by investment style and client type at December 31, 2024 is presented below.
(in millions)
Retail
ETFs
Institutional
Total
Active
$
733,907
$
—
$ 2,136,749
$
2,870,656
Non-ETF index
281,920
—
3,247,637
3,529,557
ETFs
—
4,230,375
—
4,230,375
Long-term
1,015,827
4,230,375
5,384,386
10,630,588
Cash management
12,247
—
908,416
920,663
Total
$ 1,028,074
$ 4,230,375
$ 6,292,802
$ 11,551,251
Retail
BlackRock serves retail investors globally through a wide
array of products across the investment spectrum,
including separate accounts, open-end and closed-end
funds, unit trusts and private investment funds. Retail
investors are served principally through intermediaries,
including broker-dealers, banks, trust companies,
insurance companies and independent financial advisors.
Technology solutions, digital distribution tools and a shift
toward portfolio construction are increasing the number
of financial advisors and end-retail investors using
BlackRock products.
Retail represented 10% of long-term AUM at
December 31, 2024 and 28% of long-term investment
advisory and administration fees (collectively “base fees”)
and securities lending revenue for 2024.
ETFs have a significant retail component but are shown
separately below. With the exclusion of ETFs, the majority
of retail AUM is comprised of active mutual funds. In the
aggregate, active and index mutual funds totaled
$738 billion, or approximately 75%, of retail long-term
AUM at year-end, with the remainder invested in private
investment funds and separately managed accounts.
Approximately 70% of retail long-term AUM is invested in
active products.
Component changes in retail long-term AUM for 2024 are presented below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Acquisitions(1)
Market
change
FX
impact
December 31,
2024
Equity
$ 435,734
$ 15,285
$ 4,074
$ 54,257
$
(4,232)
$
505,118
Fixed income
312,799
11,671
—
1,483
(7,312)
318,641
Multi-asset
139,537
(2,328)
—
14,420
(651)
150,978
Alternatives
41,627
(261)
—
69
(345)
41,090
Total
$ 929,697
$ 24,367
$ 4,074
$ 70,229
$ (12,540)
$ 1,015,827
(1)
Amounts include AUM attributable to the SpiderRock Transaction.
The retail client base is diversified geographically, with
70% of long-term AUM managed for investors based in
the Americas, 25% in EMEA and 5% in Asia-Pacific at
year-end 2024.
• US retail long-term net inflows of $19 billion were
driven by $9 billion of net inflows into both fixed
income and equity. Fixed income net inflows were
primarily into active mutual funds, while equity net
inflows reflected demand for Aperio, BlackRock’s
customized index equity solution.
• International retail long-term net inflows of $6 billion
reflected equity and fixed income net inflows of
$6 billion and $2 billion, respectively. Equity net
inflows were driven by wealth outsourcing solutions,
and fixed income inflows were led by active mutual
funds.
ETFs
BlackRock is the leading ETF provider in the world with $4.2 trillion of iShares ETF AUM as of December 31, 2024.
BlackRock generated ETF net inflows of $390 billion in 2024. The Company offers both index-tracking ETFs, which seek to
replicate the performance of a specific index, and active ETFs. Active ETFs are managed by professional portfolio
managers who actively select and adjust the fund’s holdings in an effort to outperform the market, deliver a specific
outcome or gain exposure to hard-to-index markets.
Equity ETF net inflows of $236 billion were driven by flows into core ETFs, as well as continued client use of BlackRock’s
broad-based precision exposure ETFs to express risk preferences and make tactical allocation changes. Fixed income ETF
net inflows of $112 billion were diversified across exposures, led by flows into treasury, core and corporate credit ETFs.
Alternative ETFs had net inflows of $41 billion, driven by the launch of cryptocurrency exchange-traded products (“ETPs”)
in the year.
ETFs represented 40% of long-term AUM at December 31, 2024 and 45% of long-term base fees and securities lending
revenue for 2024.
BlackRock 2024 Form 10K 
5
Component changes in ETFs AUM for 2024 are presented below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Market
change
FX
impact
December 31,
2024
Equity
$ 2,532,631
$ 236,357
$ 359,322
$ (21,912)
$ 3,106,398
Fixed income
898,403
112,341
(16,291)
(8,801)
985,652
Multi-asset
9,140
1,025
841
(272)
10,734
Alternatives(1)
59,125
40,710
27,919
(163)
127,591
Total
$ 3,499,299
$ 390,433
$ 371,791
$ (31,148)
$ 4,230,375
(1)
Amounts include cryptocurrencyand commodity ETFs and ETPs.
BlackRock’s ETF product range offers investors a precise,
transparent and efficient way to gain exposure to a full
range of asset classes and global markets that have been
difficult for many investors to access, as well as the
liquidity required to make adjustments to their exposures
quickly and cost-efficiently.
• US ETF* AUM ended 2024 at $3.1 trillion with
$280 billion of net inflows, led by net inflows into core
equity, fixed income, cryptocurrency and other
precision exposure ETFs.
• International ETF* AUM ended 2024 at $1.1 trillion
with $110 billion of net inflows, diversified across
product categories, and led by net inflows into core
equity, fixed income and precision exposure ETFs.
* Regional ETF amounts based on jurisdiction of product, not underlying client.
Institutional
BlackRock serves institutional investors on six continents in sub-categories including: pensions, endowments and
foundations, official institutions, and financial institutions; institutional AUM is diversified across product and region.
Component changes in institutional long-term AUM for 2024 are presented below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Acquisition(1)
Market
change
FX
impact
December 31,
2024
Active:
Equity
$
186,688
$
5,380
$
—
$
30,876
$
(4,096)
$
218,848
Fixed income
836,823
(2,843)
—
16,885
(10,537)
840,328
Multi-asset
717,182
54,887
—
72,798
(16,828)
828,039
Alternatives
171,980
7,023
69,875
3,618
(2,962)
249,534
Active subtotal
1,912,673
64,447
69,875
124,177
(34,423)
2,136,749
Index:
Equity
2,138,291
(31,454)
—
420,860
(47,870)
2,479,827
Fixed income
756,001
42,500
—
(5,068)
(32,385)
761,048
Multi-asset
4,945
(1,906)
—
204
(73)
3,170
Alternatives
3,252
234
—
165
(59)
3,592
Index subtotal
2,902,489
9,374
—
416,161
(80,387)
3,247,637
Total
$ 4,815,162
$ 73,821
$ 69,875
$ 540,338
$ (114,810)
$ 5,384,386
(1)
Amounts include AUM attributable to the GIP Transaction.
Institutional active AUM ended 2024 at $2.1 trillion,
reflecting $64 billion of net inflows, driven by the funding
of several significant outsourcing mandates and
continued growth in BlackRock’s LifePath® target-date and
private markets platforms.
Multi-asset net inflows of $55 billion reflected continued
growth from significant pension outsourcing mandates
and LifePath target-date offerings. Fixed income net
outflows of $3 billion were impacted by an approximately
$20 billion active fixed income redemption in the second
quarter from a large insurance client linked to M&A
activity. Equity net inflows of $5 billion were primarily into
quantitative equity strategies.
Alternatives net inflows of $7 billion were led by
infrastructure, private credit and private equity. Excluding
return of capital and investment of $13 billion, alternatives
net inflows were $20 billion. At year-end, BlackRock had
approximately $45 billion of non-fee paying, unfunded,
uninvested commitments to deploy for institutional
clients, which is not included in AUM.
Institutional active represented 20% of long-term AUM
and 21% of long-term base fees and securities lending
revenue for 2024.
Institutional index AUM totaled $3.2 trillion at
December 31, 2024, reflecting $9 billion of net inflows,
driven by fixed income.
Institutional index represented 30% of long-term AUM
and 6% of long-term base fees and securities lending
revenue for 2024.
The Company’s institutional clients consist of the
following:
• Pensions, Foundations and Endowments BlackRock is
among the world’s largest managers of pension plan
assets with $3.4 trillion, or 63%, of long-term
institutional AUM managed for defined benefit,
defined contribution and other pension plans for
corporations, governments and unions at
December 31, 2024. The market landscape continues

6
BlackRock 2024 Form 10K
to shift from defined benefit to defined contribution,
and BlackRock’s defined contribution channel
represented $1.7 trillion of total pension AUM.
BlackRock remains well positioned for the ongoing
evolution of the defined contribution market and
demand for outcome-oriented investments. An
additional $90 billion, or 2%, of long-term institutional
AUM was managed for other tax-exempt investors,
including charities, foundations and endowments.
• Official Institutions BlackRock managed $294 billion,
or 5%, of long-term institutional AUM for official
institutions, including central banks, sovereign wealth
funds, supranationals, multilateral entities and
government ministries and agencies at year-end
2024.
• Financial and Other Institutions BlackRock is a top
independent manager of assets for insurance
companies, which accounted for $695 billion, or 13%,
of long-term institutional AUM at year-end 2024.
Assets managed for other taxable institutions,
including corporations, banks and third-party fund
sponsors for which the Company provides
sub-advisory services, totaled $890 billion, or 17%, of
long-term institutional AUM at year-end.
CLIENT TYPE AND PRODUCT TYPE
Component changes in AUM by client type and product type for 2024 are presented below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Acquisition(1)
Market
change
FX
impact
December 31,
2024
Retail:
Equity
$
435,734
$
15,285
$
4,074
$
54,257
$
(4,232)
$
505,118
Fixed income
312,799
11,671
—
1,483
(7,312)
318,641
Multi-asset
139,537
(2,328)
—
14,420
(651)
150,978
Alternatives
41,627
(261)
—
69
(345)
41,090
Retail subtotal
929,697
24,367
4,074
70,229
(12,540)
1,015,827
ETFs:
Equity
2,532,631
236,357
—
359,322
(21,912)
3,106,398
Fixed income
898,403
112,341
—
(16,291)
(8,801)
985,652
Multi-asset
9,140
1,025
—
841
(272)
10,734
Alternatives
59,125
40,710
—
27,919
(163)
127,591
ETFs subtotal
3,499,299
390,433
—
371,791
(31,148)
4,230,375
Institutional:
Active:
Equity
186,688
5,380
—
30,876
(4,096)
218,848
Fixed income
836,823
(2,843)
—
16,885
(10,537)
840,328
Multi-asset
717,182
54,887
—
72,798
(16,828)
828,039
Alternatives
171,980
7,023
69,875
3,618
(2,962)
249,534
Active subtotal
1,912,673
64,447
69,875
124,177
(34,423)
2,136,749
Index:
Equity
2,138,291
(31,454)
—
420,860
(47,870)
2,479,827
Fixed income
756,001
42,500
—
(5,068)
(32,385)
761,048
Multi-asset
4,945
(1,906)
—
204
(73)
3,170
Alternatives
3,252
234
—
165
(59)
3,592
Index subtotal
2,902,489
9,374
—
416,161
(80,387)
3,247,637
Institutional subtotal
4,815,162
73,821
69,875
540,338
(114,810)
5,384,386
Long-term
9,244,158
488,621
73,949
982,358
(158,498)
10,630,588
Cash management
764,837
152,730
—
10,606
(7,510)
920,663
Total
$ 10,008,995
$ 641,351
$ 73,949
$ 992,964
$ (166,008)
$ 11,551,251
(1)
Amounts include AUM attributable to the GIP Transaction and the SpiderRock Transaction.
Long-term product offerings include active and index
strategies. BlackRock’s active strategies seek to earn
attractive returns in excess of a market benchmark or
performance hurdle while maintaining an appropriate risk
profile and leverage fundamental research and
quantitative models to drive portfolio construction. In
contrast, index strategies seek to closely track the returns
of a corresponding index, generally by investing in
substantially the same underlying securities within the
index or in a subset of those securities selected to
approximate a similar risk and return profile of the index.
Index products include both BlackRock’s non-ETF index
products and iShares ETFs.
Although many clients use both active and index
strategies, the application of these strategies may differ.
For example, clients may use index products to gain
exposure to a market or asset class or may use a
combination of index strategies to target active returns. In
addition, institutional non-ETF index assignments tend to
be very large (multi-billion dollars) and typically reflect low
fee rates. Net flows in institutional index products
generally have a small impact on BlackRock’s revenues
and earnings.
BlackRock 2024 Form 10K 
7
Equity
Year-end 2024 equity AUM totaled $6.3 trillion, reflecting
net inflows of $226 billion. Net inflows included ETF net
inflows of $236 billion, partially offset by net outflows of
$6 billion and $4 billion from active and non-ETF index,
respectively.
BlackRock’s effective fee rates fluctuate due to changes in
AUM mix. Approximately half of BlackRock’s equity AUM is
tied to international market strategies, including emerging
markets, which tend to have higher fee rates than US
equity strategies. Accordingly, fluctuations in international
equity markets, which may not consistently move in
tandem with US markets, have a greater impact on
BlackRock’s equity revenues and effective fee rate.
Equity represented 60% of long-term AUM and 54% of
long-term base fees and securities lending revenue for
2024.
Fixed Income
Fixed income AUM ended 2024 at $2.9 trillion, reflecting
net inflows of $164 billion. Net inflows included
$112 billion, $42 billion and $9 billion into ETFs, non-ETF
index and active, respectively. Fixed income ETF net
inflows of $112 billion reflected the benefit of BlackRock’s
diverse product offering and included strong flows into
treasury, core and corporate credit ETFs.
Fixed income represented 27% of long-term AUM and
25% of long-term base fees and securities lending
revenue for 2024.
Multi-Asset
BlackRock manages a variety of multi-asset funds and
bespoke mandates for a diversified client base that
leverages the Company’s broad investment expertise in
global equities, bonds, and private markets, and the
Company’s extensive risk management capabilities.
Investment solutions may include a combination of long-
only portfolios and private markets investments as well as
tactical asset allocation overlays.
Multi-asset represented 9% of long-term AUM and 8% of
long-term base fees and securities lending revenue for
2024.
Component changes in multi-asset AUM for 2024 are presented below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Market
change
FX
impact
December 31,
2024
Target date/risk
$ 489,136
$ 30,388
$ 66,679
$
(4,661)
$ 581,542
Asset allocation and balanced
246,127
21,494
16,428
(6,920)
277,129
Fiduciary
135,541
(204)
5,156
(6,243)
134,250
Total
$ 870,804
$ 51,678
$ 88,263
$ (17,824)
$ 992,921
Multi-asset net inflows reflected ongoing institutional
demand for BlackRock’s solutions-based advice with
$53 billion of net inflows coming from institutional clients,
including the funding of several significant outsourcing
mandates. Defined contribution plans remained a
significant driver of flows and contributed $24 billion to
institutional multi-asset net inflows in 2024, primarily into
target date and target risk product offerings.
The Company’s multi-asset strategies include the
following:
• Target date and target risk strategies generated net
inflows of $30 billion. Institutional investors
represented 90% of target date and target risk AUM,
with defined contribution plans representing 81% of
AUM. Flows were driven by defined contribution
investments across BlackRock’s LifePath franchise,
including BlackRock’s LifePath Paycheck offering
launched in 2024. LifePath products utilize a
proprietary active asset allocation model that seeks to
balance risk and return over an investment horizon
based on the investor’s expected retirement timing.
Underlying investments are primarily index products.
• Asset allocation and balanced strategies generated
$21 billion of net inflows. These strategies combine
equity, fixed income and private markets components
for investors seeking a tailored solution relative to a
specific benchmark and within a risk budget. In
certain cases, these strategies seek to minimize
downside risk through diversification, derivatives
strategies and tactical asset allocation decisions.
Flows in this category included pension outsourcing
mandates that funded during the year. Flagship
products also include BlackRock’s Global Allocation
and Multi-Asset Income fund families.
• Fiduciary management services are complex
mandates in which pension plan sponsors or
endowments and foundations retain BlackRock to
assume responsibility for some or all aspects of
investment management, often with BlackRock acting
as outsourced chief investment officer. These
customized services require strong partnership with
the clients’ investment staff and trustees in order to
tailor investment strategies to meet client-specific
risk budgets and return objectives.
Alternatives
BlackRock alternatives focus on sourcing and managing
high-alpha investments with lower correlation to public
markets and developing a holistic approach to address
client needs in alternatives investing. The Company’s
alternatives products fall into three main categories — (1)
private markets, (2) liquid alternatives, and (3) currency
(including cryptocurrency) and commodities. Private
markets include offerings in infrastructure, private credit,
private equity, real estate and multi-alternative solutions.
Liquid alternatives include offerings in direct hedge funds
and hedge fund solutions (funds of funds).
In 2024, private markets generated $9 billion of net
inflows, or $22 billion excluding return of capital / return
on investment of $13 billion. The largest contributors to
return of capital / return on investment were private
equity, private credit and infrastructure. Net inflows were
driven by infrastructure, private credit and private equity.
At year-end, BlackRock had approximately $45 billion of

8
BlackRock 2024 Form 10K
non-fee paying, unfunded, uninvested commitments,
which are expected to be deployed in future years; these
commitments are not included in AUM or flows until they
are fee-paying. Liquid alternatives saw net outflows of
$3 billion driven by hedge fund solutions. Currency and
commodities saw $41 billion of net inflows, primarily into
cryptocurrency ETPs.
Private markets continue to see increasing allocations
from institutional and wealth investors, and BlackRock’s
highly diversified franchise is well positioned to continue
to meet growing demand. The closing of the GIP
transaction added $116 billion of client AUM and
$70 billion of fee-paying AUM in October. In addition to
GIP, the Company’s planned acquisitions of Preqin and
HPS Investment Partners (“HPS”), each position its
platform ahead of evolving client needs and structural
industry trends. The private markets capabilities the
Company expects to add through these transactions will
allow it to serve clients even more comprehensively and
position the Company to raise significant private capital.
Alternatives represented 4% of long-term AUM and 13%
of long-term base fees and securities lending revenue for
2024.
Component changes in alternatives AUM for 2024 are presented in the table below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Acquisition(1)
Market
change
FX
impact
December 31,
2024
Memo:
return of
capital/
investment(2)
Memo:
committed
capital(3)
Private markets:
Infrastructure
$
35,701
$
5,633
$ 69,875
$
(586) $ (1,017)
$ 109,606
$
(3,089)
$ 28,821
Private equity
35,208
771
—
490
(142)
36,327
(5,492)
6,986
Private credit
31,128
2,629
—
(620)
(712)
32,425
(3,209)
5,561
Real estate
27,558
314
—
(1,190)
(535)
26,147
(370)
630
Multi-alternatives
7,314
110
—
103
(58)
7,469
(713)
3,167
Total private markets
136,909
9,457
69,875
(1,803)
(2,464)
211,974
(12,873)
45,165
Liquid alternatives:
Direct hedge fund strategies
46,318
(28)
—
2,769
(285)
48,774
—
—
Hedge fund solutions
27,915
(2,581)
—
2,713
(431)
27,616
—
—
Total liquid alternatives
74,233
(2,609)
—
5,482
(716)
76,390
—
—
Currency and commodities(4)
64,842
40,858
—
28,092
(349)
133,443
—
—
Total
$ 275,984
$ 47,706
$ 69,875
$ 31,771
$ (3,529)
$ 421,807
$ (12,873)
$ 45,165
(1)
Amounts include AUM attributable to the GIP Transaction.
(2)
Return of capital/investment is included in outflows.
(3)
Amount represents client assets that are uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will
be counted in AUM and flows as the capital is deployed over time.
(4)
Amounts include cryptocurrencyand commodity ETFs and ETPs.
Private Markets
The Company’s private markets strategies include the
following:
• Infrastructure includes offerings across equity, debt
and solutions, which totaled $110 billion in AUM. Net
inflows were $6 billion, or $9 billion excluding return
of capital / return on investment. In 2024, the GIP
transaction added $70 billion to AUM.
• Private Equity AUM of $36 billion included AUM of
$28 billion in private equity solutions, and $8 billion in
a direct private equity strategy. Private equity net
inflows were $1 billion, or $6 billion excluding return
of capital / return on investment.
• Private Credit primarily represents direct lending,
opportunistic and venture debt strategies, with AUM
of $32 billion at December 31, 2024. Net inflows were
$3 billion, or $6 billion excluding return of capital /
return on investment. Private credit does not include
private credit assets included in 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.
• Real Estate had $26 billion in AUM at December 31,
2024.
• Multi-Alternatives represents highly customized
portfolios of alternative investments, with $7 billion in
AUM at December 31, 2024.
Liquid Alternatives
The Company’s liquid alternatives products’ net outflows
of $3 billion reflected redemptions from hedge fund
solutions. Direct hedge fund strategies includes a variety
of single- and multi-strategy offerings.
In addition, the Company manages $90 billion in liquid
credit strategies which is included in active fixed income.
Currency and Commodities
The Company’s currency and commodities products
include a range of active and index products, including
cryptocurrency ETPs.
Currency and commodities products had $41 billion of net
inflows, primarily from ETPs. Cryptocurrency and
commodities ETPs represented $55 billion and $73 billion
of AUM, respectively, and are not eligible for performance
fees.
BlackRock 2024 Form 10K 
9
Cash Management
Cash management AUM totaled a record $921 billion at
December 31, 2024, reflecting $153 billion of net inflows.
Cash management products include taxable and
tax-exempt money market funds, short-term investment
funds and customized separate accounts. Portfolios are
denominated in US dollars, Canadian dollars, Australian
dollars, euros, Swiss francs, New Zealand dollars or British
pounds.
CLIENT REGION
BlackRock’s footprints in the Americas, EMEA and Asia-Pacific regions reflect strong relationships with intermediaries
and an established ability to deliver the Company’s global investment expertise in funds and other products tailored to
local regulations and requirements.
AUM by product type and client region at December 31, 2024 is presented below.
(in millions)
Americas
EMEA
Asia-Pacific
Total
Equity
$ 4,377,383
$ 1,490,961
$ 441,847
$
6,310,191
Fixed income
1,835,652
756,127
313,890
2,905,669
Multi-asset
715,826
212,174
64,921
992,921
Alternatives
287,347
99,946
34,514
421,807
Long-term
7,216,208
2,559,208
855,172
10,630,588
Cash management
645,638
259,850
15,175
920,663
Total
$ 7,861,846
$ 2,819,058
$ 870,347
$ 11,551,251
Component changes in AUM by client region for 2024 are presented below.
(in millions)
December 31,
2023
Net inflows
(outflows)
Acquisition(1)
Market change
FX impact
December 31,
2024
Americas
$
6,728,310
$ 406,091
$ 71,308
$ 685,291
$
(29,154)
$
7,861,846
EMEA
2,478,810
207,459
112
203,851
(71,174)
2,819,058
Asia-Pacific
801,875
27,801
2,529
103,822
(65,680)
870,347
Total
$ 10,008,995
$ 641,351
$ 73,949
$ 992,964
$ (166,008)
$ 11,551,251
(1)
Amounts include AUM attributable to the GIP Transaction and the SpiderRock Transaction.
Americas
Americas net inflows of $406 billion were driven by net
inflows into equity, fixed income, cash, multi-asset, and
cryptocurrency products of $139 billion, $108 billion,
$90 billion, $23 billion, and $41 billion, respectively.
During the year, BlackRock served clients through offices
across the US as well as in Mexico, Canada, Brazil,
Colombia, Chile, the Dominican Republic, and Peru.
The Americas represented 68% of total AUM and 65% of
total base fees and securities lending revenue for 2024.
EMEA
EMEA net inflows of $207 billion were driven by equity,
cash, fixed income, and multi-asset net inflows of
$102 billion, $59 billion, $37 billion, and $9 billion,
respectively, while alternatives added modest inflows.
Offerings include fund families in the United Kingdom
(“UK”), the Netherlands, Luxembourg and Dublin and ETFs
listed on stock exchanges throughout Europe, as well as
separate accounts and pooled investment products.
EMEA represented 24% of total AUM and 29% of total
base fees and securities lending revenue for 2024.
Asia-Pacific
Asia-Pacific net inflows of $28 billion were driven by fixed
income and multi-asset net inflows of $20 billion and
$19 billion, respectively. These were partially offset by
equity net outflows of $16 billion. Clients in the Asia-
Pacific region are served through offices in India,
Singapore, Hong Kong, Japan, Australia, China, Taiwan,
Korea and New Zealand.
Asia-Pacific represented 8% of total AUM and 6% of total
base fees and securities lending revenue for 2024.
INVESTMENT PERFORMANCE
Investment performance across active and index products
as of December 31, 2024 was as follows:
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%
Performance Notes
Past performance is not indicative of future results. Except
as specified, the performance information shown is as of

10
BlackRock 2024 Form 10K
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. Peer medians are based in part on data either
from Lipper, Inc. or Morningstar, Inc. for each included
product.
TECHNOLOGY SERVICES
BlackRock offers investment management technology
systems, risk management services, and wealth
management and digital distribution tools on a fee basis.
Aladdin is the Company’s proprietary technology platform,
providing an end-to-end, SaaS solution for investment
and risk management for both BlackRock and a growing
number of institutional and retail investors around the
world. BlackRock offers risk reporting capabilities via
Aladdin Risk, as well as investment accounting
capabilities. Aladdin Provider is a tool used by asset
servicers, connecting them to the platform used by asset
managers and owners to add operational efficiency. In
2019, BlackRock acquired eFront, a leading end-to-end
alternative investment management software and
solutions provider to enable clients to manage portfolios
and risk across public and private asset classes on a single
platform. eFront is offered to clients both as a standalone
offering and as part of an integrated “Whole Portfolio”
solution that provides transparency across clients’ public
and private assets. Through the Company’s Cachematrix
platform, BlackRock is also a leading provider of financial
technology which simplifies the cash management
process for banks and their corporate clients in a
streamlined, open-architecture platform.
BlackRock offers a number of wealth management
technology tools offering personalized digital advice,
portfolio construction capabilities and risk analytics for
retail distributors. These tools include Aladdin Wealth,
which provides wealth management firms and their
financial professionals with institutional-quality business
management, portfolio construction, modeling and risk
analytics capabilities.
At year-end, BlackRock technology services clients
included banks, insurance companies, official institutions,
pension funds, asset managers, asset servicers, retail
distributors and other investors across North America,
South America, Europe, the Middle East, Asia, Africa and
Australia.
Technology services revenue of $1.6 billion was up 8%
year-over-year, and annual contract value (“ACV”)
increased 12% year-over-year. ACV growth was driven by
strong net sales of Aladdin in 2024, with over half of new
client mandates spanning multiple Aladdin products.
Aladdin assignments are typically long-term contracts
that provide recurring revenue. At the end of any period,
BlackRock generally has recurring revenue contracts in
place for a large portion of total annual revenue.
BlackRock measures the fees related to these agreements
and refers to this as ACV. For further information on ACV,
see Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations — Non-GAAP
Financial Measures.
Aladdin, which represented the majority of technology
services revenue for the year, continues to benefit from
trends favoring global platform and multi-asset risk
solutions across public and private markets.
Approximately 25% of Aladdin’s revenue was
denominated in non-US currencies. In addition, while
Aladdin is a multi-asset system, the majority of positions
managed on the platform are fixed income. Revenue
growth in 2024 reflected the successful onboarding of a
number of new clients and expanding relationships with
existing clients. 2024 revenue growth also reflects the
prior year revenue impact of several clients’ renewals of
eFront “on-premises” licenses.
BlackRock is focused on enhancing Aladdin, with
continued investment into areas such as whole portfolio,
private markets, wealth and sustainable investing
solutions. BlackRock continues to evolve and enable
clients to further simplify their operating infrastructure
with Aladdin. Clients increasingly want to tailor how they
use Aladdin to meet their specific needs, and BlackRock is
providing them with choice and flexibility. BlackRock is
empowering clients with data and opening Aladdin by
creating connectivity with ecosystem providers and third-
party technology solutions, which include asset servicers,
cloud providers, digital asset platforms, trading systems
and others. This connectivity helps clients work in their
Aladdin environments with a more customized and
seamless end-to-end experience.
In addition, BlackRock has made minority investments in
financial technology and digital distribution providers,
data and whole portfolio capabilities including Securitize,
Upvest, Avaloq, Human Interest, Circle, Clarity AI,
Envestnet, Acorns, Scalable Capital and iCapital.
BlackRock records its share of income related to certain
minority investments accounted for under the equity
method within nonoperating income (expense) beginning
in the first quarter of 2024 and within other revenue in
2023. In addition, BlackRock records gains and losses
related to changes in value of other minority investments
in nonoperating income (expense).
In June 2024, BlackRock announced that it had entered
into a definitive agreement to acquire Preqin, a leading
independent provider of private markets data, for
BlackRock 2024 Form 10K 
11
£2.55 billion (or approximately $3.2 billion based on the
GBP/USD foreign exchange rate at December 31, 2024) in
cash. The Company believes bringing together Preqin’s
data and research tools with the complementary workflows
of Aladdin and eFront in a unified platform will create a
preeminent private markets technology and data provider.
The Preqin Transaction is anticipated to close in the first
quarter of 2025, subject to customary closing conditions.
SECURITIES LENDING
Securities lending is managed by a dedicated team,
supported by quantitative analysis, proprietary technology
and disciplined risk management. BlackRock receives
both cash (primarily for US domiciled portfolios) and
noncash collateral under securities lending arrangements.
The cash management team invests the cash received as
collateral for securities on loan in other portfolios. Fees for
securities lending for US domiciled portfolios can be
structured as a share of earnings, or as a management fee
based on a percentage of the value of the cash collateral
or both. The value of the securities on loan and the
revenue earned are captured in the corresponding asset
class being managed. The value of the collateral is not
included in AUM.
Outstanding loan balances ended the year at
approximately $412 billion, up from $359 billion at
year-end 2023. More demand for general collateral
securities resulted in higher balances year-over-year.
Intrinsic lending spreads decreased, and cash
reinvestment spreads increased year-over-year.
BlackRock employs a conservative investment style for
cash and securities lending collateral that emphasizes
quality, liquidity, and interest rate risk management.
Disciplined risk management, including a rigorous credit
surveillance process, is an integral part of the investment
process. BlackRock’s Cash Management Credit
Committee has established risk limits, such as aggregate
issuer exposure limits and maturity limits, across many of
the products BlackRock manages, including over all of its
cash management products. In the ordinary course of
BlackRock’s business, there may be instances when a
portfolio may exceed an internal risk limit or when an
internal risk limit may be changed. No such instances,
individually or in the aggregate, have been material to the
Company. To the extent that daily evaluation and
reporting of the profile of the portfolios identify that a limit
has been exceeded, the relevant portfolio will be adjusted.
To the extent a portfolio manager would like to obtain a
temporary waiver of a risk limit, the portfolio manager
must obtain approval from the credit research team, which
is independent from the cash management portfolio
managers. While a risk limit may be waived temporarily,
such waivers are infrequent.
RISK AND QUANTITATIVE ANALYSIS
Across all asset classes, in addition to the efforts of the
portfolio management teams, the Risk and Quantitative
Analysis (“RQA”) group at BlackRock draws on extensive
analytical systems and proprietary and third-party data to
identify, measure and manage a wide range of risks. RQA
provides risk management advice and independent risk
oversight of the investment management processes,
identifies and helps manage counterparty and enterprise
risks, coordinates standards for firm wide investment
performance measurement and determines risk
management-related analytical and information
requirements. Where appropriate, RQA will work with
portfolio managers and developers to facilitate the
development or improvement of risk models and analytics.
COMPETITION
BlackRock competes with investment management firms,
mutual fund complexes, insurance companies, banks,
brokerage firms, financial technology providers and other
financial institutions that offer products that are similar to,
or alternatives to, those offered by BlackRock. In order to
grow its business, BlackRock must be able to compete
effectively for AUM. Key competitive factors include
investment performance track records, the efficient
delivery of beta for index products, investment style and
discipline, price, client service and brand name recognition.
Historically, the Company has competed principally on the
basis of its long-term investment performance track
record, its investment process, its risk management and
analytic capabilities and the quality of its client service.
HUMAN CAPITAL
With approximately 21,100 employees in more than 30
countries as of December 31, 2024, BlackRock provides a
broad range of investment management and technology
services to institutional and retail clients in more than 100
countries across the globe. As an asset manager,
BlackRock’s long-term success depends on its people and
how it manages its workforce.
Culture and Principles
BlackRock believes that maintaining a strong corporate
culture is an important component of its human capital
management practices and critical to the firm’s long-term
success. BlackRock’s culture is underpinned by five core
principles that unify its workforce and guide how it interacts
with its employees, its clients, the communities in which it
operates and its other stakeholders: (1) We are a fiduciary to
our clients; (2) We are One BlackRock (1BLK); (3) We are
passionate about performance; (4) We take emotional
ownership; and (5) We are committed to a better future.
Connectivity and Inclusivity
BlackRock’s approach to building a connected and
inclusive culture is aligned with the firm’s business
priorities and long-term objectives. Delivering for the
firm’s clients requires attracting the best people from
across the world. BlackRock is committed to creating an
environment that supports top talent and fosters diverse
perspectives to avoid groupthink. Creating a connected
and inclusive culture where people with new ideas and
fresh perspectives can thrive is core to our 1BLK principle.
These values have been fundamental to BlackRock since
its founding 37 years ago.
In 2024, BlackRock continued to focus on (1) supporting
its talent and culture across the globe, (2) expanding
investment choices and business partnership
opportunities for interested clients, and (3) helping more
and more people experience financial wellbeing through
BlackRock philanthropy and employee-led volunteer
efforts. Last year also marked the start of a significant
period at BlackRock as the firm prepared to welcome
thousands of new colleagues through acquisitions. These

12
BlackRock 2024 Form 10K
employees will play a crucial role in driving the firm’s
success forward, and a connected and inclusive culture is
imperative to enabling that objective.
Since 2020, BlackRock has published annual SASB-
aligned disclosure and EEO-1 reports, which provide
information about the firm’s workforce, including
workforce composition. Of the Company’s approximately
21,100 employees as of December 31, 2024, 43% were
based in the Americas, 31% were based in EMEA, and
26% were based in the Asia-Pacific region.
Board Oversight of Human Capital
Management
BlackRock’s Board of Directors (the “Board”) plays an
important role in the oversight of human capital
management and devotes one Board meeting annually to
an in-depth review of BlackRock’s culture, talent
development, retention and recruiting initiatives, human
capital management strategy, leadership and succession
planning and employee feedback. Moreover, the Board’s
Management Development and Compensation Committee
periodically reviews efforts and developments related to
the firm’s human capital management strategy.
Succession planning for BlackRock’s Chief Executive
Officer and other senior executives is a key part of the
Board’s annual review of human capital management
issues. As part of this review, the Board focuses on
whether BlackRock has the right people in place to
execute the Company’s long-term strategic plans, and on
BlackRock’s ability to identify, attract, develop, promote
and retain future senior executives. An important element
of the succession planning across the organization is a
commitment to building leadership from within.
Employee Engagement
BlackRock values continuous dialogue with its employees to
better understand their experiences at the firm and assess
the efficacy of its human capital management practices. The
Company uses several employee engagement mechanisms,
including: (1) global employee opinion surveys;
(2) interactive events and communications; (3) the
sponsorship of employee networks; and (4) local community
involvement. The employee opinion pulse surveys, which
BlackRock conducts throughout the year, provide the
Company with actionable feedback for its teams and for the
Company as a whole. Additionally, BlackRock uses ongoing
lifecycle surveys to collect feedback at various points along
the employee journey. BlackRock works to keep employees
informed and engaged through a regular cadence of
communications and events, including newsletters, global
and local townhalls and messages from leaders with timely
business and organizational updates and culture-building
opportunities.
BlackRock believes that employees value opportunities to
give back to their communities. Through local, employee-led
BlackRock Gives committees, the Company supports
nonprofit organizations nominated by employees in the
communities where it operates. In addition, the Company
has a matching gifts program that matches an employee’s
donations to IRS qualified charitable organizations for up to
$10,000 a year. BlackRock also matches volunteer time with
eligible charities and full-time employees may take up to two
paid volunteer days.
Compensation, Wellness and Benefits
BlackRock is committed to responsible business practices
and believes that investing in the physical, emotional,
mental and financial well-being of its employees is a
critical component of the firm’s human capital
management strategy. To that end, the Company designs
its compensation and benefits practices to: (1) attract,
motivate and retain talented employees; (2) align employee
incentives and risk-taking with that of the firm and the
interests of its clients; and (3) support employees and their
families across many aspects of their lives. The Company
has a strong pay-for-performance culture and an annual
compensation process that takes into consideration
firmwide results, individual business results and employee
performance, as well as market benchmarks. BlackRock
also offers a wide range of benefits that it regularly reviews
in accordance with market practices and the local
requirements of its offices, including, where applicable,
retirement savings plans, a Flexible Time Off (“FTO”) policy
and flexible working arrangements, parental leave and
family forming benefits, such as fertility benefits, adoption
and surrogacy assistance, and backup elder and childcare
benefits. The Company provides comprehensive healthcare
and mental-health benefits to eligible employees,
including medical, dental and vision coverage, health
savings and spending accounts, counseling services, an
employee assistance program and access to telemedicine
services, where available. The Company also offers a
Mental Health Ambassador program that is comprised of
global volunteers across office locations who are trained in
empathetic listening skills and direct interested colleagues
to benefits, tools and resources to support mental health.
BlackRock prioritizes protecting the rights of its workforce.
The Company has implemented policies related to
harassment prevention and compliance with applicable
equal employment opportunity and overtime regulations.
BlackRock is also committed to providing a safe and healthy
work environment for its workforce. To do this, it designs
global programs, including environmental and occupational
health and safety programs, to meet or exceed local
requirements. Moreover, BlackRock encourages all of its
employees to raise issues of concern and assures
employees that they may do so without fear of retaliation.
Recruiting, Training and Development
BlackRock recognizes that, like all companies, it is
operating in an increasingly competitive environment. As
such, the Company engages in efforts to reach top talent.
In the spirit of attracting talent from broad backgrounds,
BlackRock also provides formal recruiting programs for
Veterans (former service members transitioning to civilian
careers) and Returners (individuals who have taken a
career break of 18 months or more).
BlackRock is also committed to innovation, learning and
reinvention in all areas of its business and believes that
developing the capabilities of its employees is integral to
delivering long-term value. To that end, the Company’s
human capital management practices are designed to
provide opportunities for employees to learn, innovate and
enhance their skillsets at every stage of their career. One
example is the BlackRock Academies, the firm’s online
suite of interactive resources and courses, which enable
employees to build skills in specific facets of BlackRock’s
business and purpose. The Company believes these
opportunities play an important role in engaging
BlackRock’s employees.
BlackRock 2024 Form 10K 
13
In addition, BlackRock believes that a critical driver of its
future success is its ability to grow strong leaders and
people managers. The Company invests in leadership
development programs designed to foster career growth.
People managers have access to coaching and the
Managing at BlackRock program to assist in building
foundational skills.
REGULATION
Virtually all aspects of BlackRock’s business are subject to
various laws and regulations around the world, some of
which are summarized below. These laws and regulations
are primarily intended to protect investment advisory
clients, investors in registered and unregistered
investment companies, and trust and other fiduciary
clients of BlackRock Institutional Trust Company, N.A.
(“BTC”). Under these laws and regulations, agencies that
regulate investment advisers, investment funds and trust
banks and other individuals and entities have broad
administrative powers, including the power to limit, restrict
or prohibit the regulated entity or person from carrying on
business if it fails to comply with such laws and
regulations. Possible sanctions for significant compliance
failures include the suspension of individual employees,
limitations on engaging in certain lines of business for
specified periods of time, revocation of investment adviser
and other registrations or bank charters, censures and
fines both for individuals and BlackRock. The rules
governing the regulation of financial institutions and their
holding companies and subsidiaries are very detailed and
technical. Accordingly, the discussion below is general in
nature, does not purport to be complete and is current
only as of the date of this report.
BlackRock’s business may be impacted by numerous
regulatory reform initiatives occurring around the world.
Any such initiative, or any new laws or regulations or
changes to, or in the enforcement of, existing laws or
regulations, could materially and adversely impact the
scope or profitability of BlackRock’s business activities,
lead to business disruptions, require BlackRock to alter its
business or operating activities and expose BlackRock to
additional costs (including compliance and legal costs) as
well as reputational harm. BlackRock’s profitability also
could be materially and adversely affected by modification
of the rules and regulations that impact the business and
financial communities in general, including changes to
the laws governing banking, securities, taxation, antitrust
regulation and electronic commerce.
GLOBAL REGULATORY REFORM
Policymaking workstreams focused on the financial
services sector led by global standard setters, such as the
Financial Stability Board (“FSB”) and International
Organization of Securities Commissions (“IOSCO”), may
lead to or inform new regulations in multiple jurisdictions
in which BlackRock operates. Such workstreams have
focused on areas such as money market funds (“MMFs”),
open-ended funds (“OEFs”) and sustainability regulations.
Macroprudential Policies for Asset Managers
Concerns about liquidity and leverage risks in the asset
management industry and wider market-based finance
sector have prompted a broad review of existing
regulations globally, including an assessment of the
adequacy of certain structural market components in
mitigating risks, by the FSB, IOSCO, the US Securities and
Exchange Commission (the “SEC”) and the Financial
Stability Oversight Council (“FSOC”). In November 2022,
the SEC proposed amendments to rules governing OEF
liquidity risk management. The EU launched a
consultation on macroprudential policies in 2024,
including enhanced requirements for liquidity
management tools, which may lead to new restrictions on
management of OEFs. The UK proposed introducing
liquidity facilities to certain asset owners, which could
result in regulatory burdens on asset managers. If any of
these regulatory or policy actions result in broad
application of macroprudential tools to OEFs or require
changes to structural features of certain OEFs, it could
limit BlackRock’s ability to offer products to certain clients
and/or result in clients altering their investment strategies
or allocations in a manner that is adverse to BlackRock.
Global MMF Reforms
Following the market events of March 2020, US, UK and
EU authorities initiated a review of existing regulatory
frameworks with the aim of improving the resilience of
MMFs in market downturns. In the US, the SEC adopted
changes to Rule 2a-7, the primary rule under the
Investment Company Act of 1940 governing MMFs,
including changes to required liquidity levels and
requiring mandatory liquidity fees under certain
circumstances. The UK released a consultation in
December 2023 indicating their intent to change
regulatory requirements for MMFs domiciled in the UK,
including material increases in required liquidity levels.
The EU consultation on macroprudential policies
mentioned above may also result in changes to the
regulations of EU-domiciled MMFs. Depending on the
terms of the final UK and EU reforms, certain of
BlackRock’s MMF products could be adversely impacted.
Sustainability
Sustainability has been the subject of regulatory focus
across jurisdictions. Disclosure standards aligned with the
International Sustainability Standards Board’s (“ISSB”)
inaugural disclosure standards have been adopted by
several national regulators, including in Hong Kong,
Singapore and Australia, while others are expected to
propose ISSB-aligned standards, such as the UK, Canada
and Japan. However, in the US, final rules issued by the
SEC requiring corporate issuers to make climate-related
disclosures in their periodic reports are pending litigation,
and as of February 2025, the SEC was revisiting its
litigation position. The SEC has previously proposed rules
requiring enhanced ESG disclosures by investment
companies and investment advisers in fund and adviser
filings, including disclosures on ESG strategies and how
ESG factors are considered and GHG emissions disclosure
by certain environmentally focused funds. It also
increased scrutiny of disclosure and compliance issues
relating to investment advisers’ and funds’ ESG strategies,
policies and procedures. In addition, the US Department of
Labor (“DOL”) issued final rules clarifying that Employee
Retirement Income Security Act of 1974, as amended
(“ERISA”) plan fiduciaries can consider the economic
effects of ESG factors for purposes of investing ERISA
plan assets and exercising voting rights with respect to
plan investments. In 2023, California passed several laws

14
BlackRock 2024 Form 10K
requiring certain companies doing business in California
to publish certain types of climate-related disclosures, and
other states may adopt similar laws.
The EU has enacted numerous sustainability regulations,
including (1) the Sustainable Finance Disclosure
Regulation, requiring sustainability-related disclosures by
financial market participants; (2) the EU Taxonomy
Regulation, requiring asset managers to report against an
EU-wide taxonomy of environmentally sustainable
activities and make detailed disclosures relating to ESG
characteristics of funds and portfolios; (3) the Corporate
Sustainability Reporting Directive (“CSRD”), requiring
enhanced sustainability reporting for EU-based and
EU-listed companies, and from 2028, for a wider group of
global companies; and (4) the Corporate Sustainability Due
Diligence Directive (“CSDDD”), requiring in-scope EU
companies and certain non-EU companies to manage
actual or potential adverse impacts of their activities and
their supply chains on human rights and environmental
matters. The European Commission (“EC”) is reviewing and
may amend aspects of the CSRD, CSDDD and EU
Taxonomy Regulation. Meanwhile, the UK continues to
work on implementation of its Sustainability Disclosure
Requirements.
The EU and the UK Financial Conduct Authority (“FCA”)
have issued rules and guidelines on the use of ESG or
sustainability related terms in fund names. In addition, the
EU adopted regulations on ESG rating providers applicable
in mid-2026 while the UK is expected to propose new
legislation on ESG rating providers. Japan and Singapore
have published codes of conduct for ESG data and rating
providers, with Hong Kong considering a similar approach,
while India introduced a regulatory framework for ESG
rating providers in July 2023.
As jurisdictions continue to develop and implement
sustainability regulations and litigation challenging such
regulations increases, BlackRock faces greater
fragmentation risk related to local application of
regulations, resulting in complex and conflicting
compliance obligations and legal and regulatory
uncertainty.
Taxation
BlackRock’s businesses may be directly or indirectly
affected by tax legislation and regulation, or the
modification of existing tax laws, by US or non-US tax
authorities. Legislation at both the US federal and state
level has been previously proposed to enact a financial
transaction tax (“FTT”) on stocks, bonds and a broad range
of financial instruments and derivative transactions. In the
EU, certain Member States have also enacted similar FTTs
and the European Commission (“EC”) has proposed
legislation to harmonize these taxes and provide for the
adoption of EU-level legislation applicable to some (but
not all) EU Member States. If enacted as proposed, FTTs
could have an adverse effect on BlackRock’s financial
results and clients’ performance results.
The Organisation for Economic Cooperation and
Development (“OECD”) has proposed certain international
tax reforms, which, among other things, would (1) shift
taxing rights to the jurisdiction of the consumer (“Pillar
One”) and (2) establish a global minimum tax for
multinational companies of 15% (“Pillar Two”). In
response, EU member states and several other countries,
including the UK, have since adopted laws implementing
the OECD’s minimum tax rules under Pillar Two, effective
starting in 2024. As a result of these developments, the tax
laws of certain countries in which BlackRock does
business have changed and may continue to change, and
any such changes could increase its tax liabilities. The
Company is continuing to monitor legislative
developments and evaluate the potential impact of the
Pillar Two Framework on future periods.
The application of tax regulations involves numerous
uncertainties and, in the normal course of business, US
and non-US tax authorities may review and challenge tax
positions adopted by BlackRock. These challenges may
result in adjustments to, or impact the timing or amount
of, taxable income, deductions or other tax allocations,
which may adversely affect BlackRock’s effective tax rate
and overall financial condition. Similarly, the Company
manages assets in products and accounts that have
investment objectives which may conform to tax positions
adopted by BlackRock or to specific tax rules. To the extent
there are changes in tax law or policy, or regulatory
challenges to tax positions adopted by BlackRock, the
value or attractiveness of such investments may be
diminished and BlackRock may suffer financial or
reputational harm.
US REGULATORY REFORM
Antitrust Rules and Guidance
In October 2024, the Federal Trade Commission (“FTC”),
with concurrence from the Antitrust Division of the
Department of Justice (the “DOJ”) approved amendments
to rules enacted under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (“HSR”) that require parties in
certain transactions to provide the FTC and DOJ prior
notice and observe a waiting period before consummation
of such transactions. The final amendments significantly
expanded the information required to be reported and
documents to be submitted in connection with an HSR
filing, which will likely substantially increase any
pre-merger notification expenses and may delay
transactions. In December 2023, the FTC and DOJ also
jointly issued new merger guidelines, which could impact
(1) the ability of the Company to expand its services
through strategic investments or acquisitions and
(2) funds that engage in transactions reportable under
HSR.
Designation as a Systemically Important
Financial Institution (“SIFI”)
The FSOC has the authority to designate nonbank financial
institutions as SIFIs in the US under the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the
“Dodd-Frank Act”). In November 2023, the FSOC finalized
amendments to its existing interpretive guidance to
remove the prioritization of an activities-based approach
over an entity-specific approach to designation in
connection with addressing potential risks to financial
stability, although the amendment clarified that the FSOC
retained the ability to use an activities-based approach
when appropriate. If BlackRock is designated as a SIFI, it
could become subject to enhanced regulatory and capital
requirements and direct supervision by the Federal
Reserve.
BlackRock 2024 Form 10K 
15
SEC Rules Governing Security-Based Swaps
In 2021, the SEC proposed rules in connection with
security-based swaps (“SBS”) transactions to require
public reporting of large SBS positions, which, if adopted
as proposed, may affect the types of transactions
BlackRock may choose to execute in SBS or other
SBS-related assets, introduce or increase costs relating to
such transactions, and impact the liquidity in the SBS
markets in which BlackRock transacts.
SEC Rules on Form PF
In 2023 and 2024, the SEC adopted new rules and
amendments to Form PF for registered investment
advisers requiring new disclosures, filing obligations and
enhanced reporting. Implementing these rules and
amendments may significantly increase BlackRock’s
reporting, disclosure and compliance obligations and
create operational complexity for BlackRock’s alternatives
products.
US DOL Fiduciary Rule
The US DOL adopted new regulation redefining the
meaning of “investment advice fiduciary” under ERISA as
well as amendments to several prohibited transaction
exemptions applicable to investment advice fiduciaries,
which would substantially expand when a person would be
considered a fiduciary subject to ERISA and could require
BlackRock to revise a number of its distribution
relationships, create compliance and operational
challenges for BlackRock and its distribution partners, and
limit BlackRock’s ability to provide certain services to
applicable clients. In July 2024, federal courts issued stays
on the regulation and implementation has been
postponed pending further notice.
SEC US Treasury Clearing Mandate
In December 2023, the SEC adopted rules mandating
central clearing of US Treasury repurchases and certain
other Treasury transactions. The rules require many
market participants, including a large number of
BlackRock funds and accounts, to clear Treasury
repurchase transactions and potentially certain cash
Treasury securities transactions through a clearing
agency registered with the SEC, which could increase
transaction costs for BlackRock’s clients.
Proposed Rules on Equity Market Structure
In 2023, the SEC proposed equity market structure
reforms that would significantly change how national
market system (“NMS”) stock orders are priced, executed
and reported. The reforms include: (1) a requirement for
certain retail orders to be subject to order-by-order
competition, (2) a best execution rule and (3) an
adjustment to the tick sizes at which NMS stocks can be
quoted or traded. In 2024, the SEC adopted the rule
adjusting NMS tick sizes. If the other proposed rules are
enacted as proposed, their collective impact may
adversely affect market efficiency and execution costs,
which would result in negative effects for BlackRock’s
business and clients.
SEC Rules on Short Sales and Reporting of
Securities Loans
In 2023, the SEC adopted a new rule requiring certain
institutional managers to report short positions and
activity to the SEC for publication on an aggregate basis,
which could impact investment strategies and result in
greater operational burdens and cost for BlackRock. The
SEC also adopted a new rule requiring certain persons to
report information on securities loan transactions to a
registered national securities association which will then
publish certain information. The rule may increase
BlackRock’s operational burdens and costs.
SEC Predictive Data Analytics Rules
The SEC proposed new rules in 2023 that would require
broker-dealers and investment advisers, when engaging
or communicating with investors using predictive data
analytics (“PDA”) and PDA-like technologies, to evaluate
such technologies for conflicts of interest and, where
identified, eliminate or neutralize the conflict of interest. If
adopted as proposed, the rules could encompass a wide
range of forward-looking uses of technology applications
and impose significant operational burdens and costs.
Financial Crimes Enforcement Network Rule
for Registered Investment Advisers
In August 2024, the Financial Crime Enforcement Network
(“FinCEN”) issued a final rule which will require registered
investment advisers to adopt new anti-money laundering
requirements beginning in 2026. Under the rule,
registered investment advisers will be required to
establish written risk-based anti-money laundering
programs and report suspicious activity to FinCEN under
the Bank Secrecy Act of 1970 (the “Bank Secrecy Act”), as
well as comply with Bank Secrecy Act reporting and
recordkeeping requirements, which may increase
BlackRock’s compliance burdens and costs.
SEC Rulemakings for US Registered Funds and
Investment Advisers
The SEC has engaged in various initiatives and reviews
impacting regulatory structure governing the asset
management industry and registered investment
companies. For example, the SEC adopted rules requiring
certain funds to provide tailored fund shareholder reports,
adopted final amendments to the rule governing fund
names, expanding the scope of the rule to fund names
including growth, value, ESG or similar terms, and
proposed rules governing outsourcing of certain functions
by investment advisers to service providers.
INTERNATIONAL REGULATORY REFORM
Enhanced Regulatory Scrutiny of Technology
Service Providers to Financial Services Firms
The EU’s Digital Operational Resilience Act (“DORA”),
which focuses on direct regulation of providers and users
of technology and data services, became applicable
beginning in January 2025. DORA, among other things:
(1) introduces additional governance, risk management,
incident reporting, resilience testing and information
sharing requirements to several of BlackRock’s European
entities and certain Aladdin clients; and (2) may
potentially subject Aladdin to additional oversight. The
European Supervisory Authorities will use data collected
under DORA to assess which third party suppliers should
be designated as critical to the EU financial system and
become subject to further regulatory oversight. In 2024,
the UK issued final policies regulating services provided

16
BlackRock 2024 Form 10K
by certain third parties designated by HMT as “critical” to
the financial sector, which became effective in January
2025. Entities designated as “critical” will be required to
provide additional information to financial regulators,
engage in resilience testing and report major incidents
like cyber-attacks, natural disasters and power outages.
Retail Investment Strategy
The EU continues to consider a proposed Retail
Investment Strategy package of amendments intended to
enhance protections for retail investors. When enacted,
these changes could impact clients’ product preferences
and may increase costs for BlackRock in European
markets due to additional requirements on distributors
and product providers.
EMIR 3.0
The EU legislative package known as “EMIR 3.0”
introduces key changes to clearing, margining and
reporting requirements in the European Market
Infrastructure Regulation (EMIR), including: (1) a
requirement to hold an “active account” with an EU central
counterparty for clearing certain euro-denominated
instruments; (2) new reporting requirements for cleared
trades; (3) revised clearing thresholds for financial and
non-financial counterparties; and (4) amendments related
to clearing to the UCITS directive. EMIR 3.0 is expected to
impact EU counterparties as well as UK and non-EU
entities trading with EU firms, and the collective impact of
the package may increase operational complexity,
necessitate a reassessment of clearing and trading
strategies, and lead to higher transaction costs for
BlackRock and its clients.
FSMA 2023
The Financial Services and Markets Act 2023 (“FSMA”)
reflects significant changes to the UK framework for
financial services regulation, including changes that:
(1) revoke, amend or retain EU law on financial services
regulation, (2) amend the UK Markets in Financial
Instruments Directive and Markets in Financial
Instruments Regulation frameworks, (3) establish a new
designated activities regime and (4) reform the financial
promotion regime for unauthorized firms. Other reforms
building upon the FSMA and potentially impacting the
asset management sector include: (1) replacement of the
packaged retail and insurance based investment products
(“PRIIPs”) Regulation; (2) review of the UK’s green finance
strategy, including regulation of ESG data providers, UK
taxonomy and disclosure requirements; (3) review of
governance through the Senior Managers and
Certification Regime; (4) repeal of EU legislation on the
European Long-Term Investment Fund; (5) market
infrastructure reforms, including transition to T+1
settlement; (6) reassessment of the boundary between
investment advice and financial guidance; (7) a new UK
cryptoasset regime; and (8) continuing reforms to the UK
listing regime.
Overseas Fund Regime (“OFR”)
OFR, the simplified regime through which non-UK funds
can register with the FCA to be marketed to UK retail
investors, was enacted in February 2022 and continues to
be implemented through 2025. For certain types of funds,
OFR requires consumer protection regimes in EU
countries where such BlackRock funds are domiciled to be
found equivalent to the UK’s regime in order to market the
funds in the UK.
Conduct Regulation
The FCA continues to focus on conduct regulation,
including the implementation of the Consumer Duty by all
asset management firms, including BlackRock’s UK
subsidiaries. The Consumer Duty rules require firms to act
to deliver good outcomes for retail customers in their
manufacture and distribution of products and services, in
respect of price and value, consumer understanding and
consumer support. Any failure to meet the FCA’s
regulatory expectations could expose BlackRock to
regulatory sanctions and increased reputational risk.
UK Stewardship Code Review
In 2024, the UK Financial Reporting Council released a
consultation on reforms to the UK Stewardship Code,
including tailored reporting requirements for proxy
advisers and investment consultants, which may impact
BlackRock’s activities on behalf of its clients.
Regulatory Environment in China
The Company’s operations in China are subject to a
number of regulatory risks, including an evolving
regulatory environment and complex data security and
data transfer regulations. These factors may increase
compliance risk and costs, limit the Company’s ability to
source and execute new investment opportunities and lead
to impairment losses on its investments. Restrictions on
transfers of certain types of onshore data of the Company’s
Chinese entities to offshore entities also may limit
BlackRock’s ability to aggregate, report and monitor such
data on its global platform. In addition, a number of
regulators in China have jurisdiction over BlackRock’s
business operations, increasing operational and regulatory
engagement complexity. These risks may be further
heightened by additional scrutiny by Chinese regulators of
certain sectors, such as technology and other industries
that might be deemed to be of national importance.
EXISTING US REGULATION – OVERVIEW
BlackRock and certain of its US subsidiaries are currently
subject to extensive regulation, primarily at the federal
level, by the SEC, the DOL, the Federal Reserve, the Office
of the Comptroller of the Currency (“OCC”), the Financial
Industry Regulatory Authority (“FINRA”), the National
Futures Association (“NFA”), the FTC, the Department of
Justice, the CFTC and other federal government agencies
and regulatory bodies. In addition, BlackRock’s
interactions with government entities, public officials, and
candidates for public office are subject to federal, state,
and local laws and rules.
Certain of BlackRock’s US subsidiaries are also subject to
various anti-terrorist financing, privacy, anti-money
laundering and economic sanctions laws and regulations
established by various agencies. In addition, the
Investment Advisers Act of 1940 (the “Advisers Act”)
imposes numerous obligations on registered investment
advisers such as certain BlackRock subsidiaries, including
record-keeping, operational and marketing requirements,
disclosure obligations and prohibitions on fraudulent
activities. State level oversight and regulation through
BlackRock 2024 Form 10K 
17
attorneys general, insurance commissioners and other
state level agencies also applies to certain BlackRock
activities.
The Investment Company Act of 1940 (the “Investment
Company Act”) imposes stringent governance,
compliance, operational, disclosure and related
obligations on registered investment companies and their
investment advisers and distributors, such as certain
BlackRock subsidiaries and affiliates. The SEC is
authorized to institute proceedings and impose sanctions
for violations of the Advisers Act and the Investment
Company Act, ranging from fines and censure to
termination of an investment adviser’s registration.
Investment advisers also are subject to certain state
securities laws and regulations. Non-compliance with the
Advisers Act, the Investment Company Act or other federal
or state securities laws and regulations could result in
investigations, sanctions, disgorgement, fines and
reputational damage.
BlackRock’s trading and investment activities for client
accounts are regulated under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), the Securities
Act of 1933, as amended and the Commodity Exchange
Act, as well as the rules of various securities exchanges
and self-regulatory organizations, including laws
governing trading on inside information, market
manipulation and a broad number of technical
requirements (e.g., short sale limits, volume limitations
and reporting obligations) and market regulation policies.
Violation of any of these laws and regulations could result
in fines or sanctions, as well as restrictions on BlackRock’s
activities and damage to its reputation. Furthermore, the
Dodd-Frank Act requires one of BlackRock’s subsidiaries,
BTC, to register as a municipal advisor (as that term is
defined in the Exchange Act) with the SEC and Municipal
Securities Rulemaking Board (“MSRB”). BTC’s registration
as a municipal advisor subjects BTC to additional
regulation by the SEC and MSRB.
BlackRock and its subsidiaries are more broadly subject to
comprehensive regulation of their derivatives businesses,
including regulations promulgated by US regulators such
as the CFTC, the NFA and the SEC that, among other
things, impose margin requirements, public and
regulatory reporting, central clearing and mandatory
trading on regulated exchanges or execution facilities for
certain types of swaps and security-based swaps.
BlackRock manages a variety of private pools of capital,
including hedge funds, funds of hedge funds, private
equity funds, collateralized debt obligations, collateralized
loan obligations, real estate funds, collective trust funds,
managed futures funds and hybrid funds. Congress,
regulators, tax authorities and others continue to explore,
on their own and in response to demands from the
investment community and the public, increased
regulation related to private pools of capital, including
changes with respect to investor eligibility, certain
limitations on trading activities, record-keeping and
reporting, the scope of anti-fraud protections, safekeeping
of client assets and a variety of other matters. BlackRock
may be materially and adversely affected by new
legislation, rulemaking or changes in the interpretation or
enforcement of existing rules and regulations imposed by
various regulators in this area.
The activities of certain BlackRock subsidiaries are subject
to ERISA, and to regulations promulgated thereunder by
the DOL, insofar as they act as a “fiduciary” under ERISA
with respect to benefit plan clients that are subject to
ERISA. ERISA and applicable provisions of the Internal
Revenue Code, including applicable related regulations,
impose certain duties on persons who are fiduciaries
under ERISA, prohibit certain transactions involving ERISA
plan clients (clients subject to the prohibited transaction
rules under Section 975 of the Code), and, among other
things, mandate certain required periodic reporting and
disclosures and require certain BlackRock entities to carry
bonds insuring against losses caused by fraud or
dishonesty. ERISA and other applicable regulations also
impose additional compliance, reporting and operational
requirements on BlackRock that otherwise are not
applicable to clients that are not subject to ERISA. Excise
taxes and other potential penalties could apply as a result
of violations of the above-described prohibitions and
requirements.
BlackRock has eight subsidiaries that are registered as
commodity pool operators and/or commodity trading
advisors with the CFTC and are members of the NFA. The
CFTC and NFA each administer a comparable regulatory
system covering futures contracts and various other
financial instruments, including swaps as a result of the
Dodd-Frank Act, in which certain BlackRock clients may
invest. In addition, two of BlackRock’s subsidiaries are
registered with the SEC as broker-dealers and are
member-firms of FINRA. Each broker-dealer has a
membership agreement with FINRA that limits the scope
of such broker-dealer’s permitted activities. The broker-
dealers are also members of the MSRB and are subject to
MSRB rules.
BlackRock’s business activity in California that involves
the processing of personal information is subject to the
California Consumer Privacy Act (“CCPA”) and the
California Privacy Rights Act (“CPRA”), which provide for
enhanced consumer protections for California residents.
The CCPA and CPRA impose obligations on BlackRock for
the handling, disclosure and deletion of personal
information for California residents. In addition, several
other US states have proposed or adopted similar privacy
laws. Any failure by BlackRock to comply with the CCPA,
CPRA or similar state privacy laws may result in fines,
heightened regulatory scrutiny, litigation and/or
reputational harm.
US Banking Regulation
One of BlackRock’s subsidiaries, BTC, is organized as a
nationally-chartered limited purpose trust company that
does not accept deposits or make commercial loans.
Accordingly, BTC is examined and supervised by the OCC
and is subject to various banking laws and regulations
enforced by the OCC, such as laws and regulations
governing capital adequacy, fiduciary activities, conflicts
of interest, self-dealing, and the prevention of financial
crime, including money laundering. BTC is also a member
of the Federal Reserve System and is subject to various
Federal Reserve regulations applicable to member
institutions, such as regulations restricting transactions
with affiliates. Many of these laws and regulations are
meant for the protection of BTC and/or BTC’s customers
rather than BlackRock, its affiliates or stockholders.

18
BlackRock 2024 Form 10K
EXISTING INTERNATIONAL REGULATION –
OVERVIEW
BlackRock’s international operations are subject to the
laws and regulations of a number of international
jurisdictions, as well as oversight by numerous regulatory
agencies and bodies in those jurisdictions. In some
instances, these operations are also affected by US laws
and regulations that have extra-territorial application.
Below is a summary of certain international regulatory
standards to which BlackRock is subject. It is not meant to
be comprehensive as there are parallel legal and
regulatory arrangements in force in many jurisdictions
where BlackRock’s subsidiaries conduct business.
Of note among the various other international regulations
to which BlackRock is subject, are the extensive and
complex regulatory reporting requirements that
necessitate the monitoring and reporting of issuer
exposure levels (thresholds) across the holdings of
managed funds and accounts and those of the Company.
Regulation in EMEA
The FCA currently regulates certain BlackRock
subsidiaries in the UK. It is also responsible for the
conduct of business regulation of the UK branch of one of
BlackRock’s US subsidiaries. In addition, the Prudential
Regulation Authority (“PRA”) regulates one BlackRock UK
insurance subsidiary. Authorization by the FCA and (where
relevant) the PRA is required to conduct certain financial
services-related business in the UK under the Financial
Services and Markets Act 2000 (the “FSMA”). The FCA’s
rules adopted under the FSMA govern the majority of a
firm’s capital and liquidity resources requirements, senior
management arrangements, conduct of business and
client assets requirements, interaction with clients, and
systems and controls, whereas the rules of the PRA focus
solely on the prudential requirements that apply to
BlackRock’s UK-based insurance subsidiary. The FCA
supervises BlackRock’s UK-regulated subsidiaries through
a combination of proactive engagement, event-driven and
reactive supervision and thematic reviews in order to
monitor BlackRock’s compliance with regulatory
requirements. Breaches of the FCA’s rules may result in a
wide range of disciplinary actions against BlackRock’s
UK-regulated subsidiaries and/or its employees. The
FCA’s Consumer Duty requires BlackRock’s UK authorized
firms to act to deliver good outcomes for retail customers
taking into account products and services, price and value
and consumer understanding and support.
In addition, BlackRock has regulated entities in France,
Germany, Ireland, Jersey, Luxembourg, the Netherlands
and Switzerland. Each of these entities is required to
comply with regulatory rules in the country in which it has
been established, including the branches of the
Netherlands entity which operate across the EU.
BlackRock’s EU subsidiaries and branches must comply
with the EU regulatory regime set out in MiFID II.
BlackRock’s UK-regulated subsidiaries and branches must
comply with the UK version of MiFID II, which regulates
the provision of investment services and activities in the
UK. MiFID II, and the UK equivalent of MiFID II, set out
detailed requirements governing the organization and
conduct of business of investment firms and regulated
markets. The legislation also includes pre- and post-trade
transparency requirements for equity and non-equity
markets and extensive transaction reporting
requirements. BlackRock’s UK insurance subsidiary must
also comply with the UK regulation which implemented
Solvency II and the Insurance Distribution Directive. In
addition, relevant entities must comply with revised
obligations on capital resources for certain investment
firms arising out of the Investment Firms Prudential
Review. These include requirements to ensure capital
adequacy, as well as matters of liquidity, governance and
remuneration. Relevant BlackRock entities must also
comply with the requirements of the UCITS Directive and
the AIFMD, as implemented in the relevant EU Member
States and in the UK, which impose obligations on the
authorization and capital, conduct of business,
organization, transparency and marketing of retail and
alternative investment funds respectively that are sold in,
or marketed to, the EU. The obligations introduced
through these regulations and directives (and the UK
implementation and onshoring of the same) will affect
certain of BlackRock’s European and UK operations.
Compliance with the UCITS Directives and the AIFMD (and
the UK implementation and onshoring of the same) may
subject BlackRock to additional expenses associated with
depositary oversight and other organizational
requirements. The UK Government and the FCA have also
enacted the new OFR providing a fast-track framework for
non-UK funds to be recognized and registered for
marketing to retail investors in the UK after Brexit.
The EU has seen an increase in Common Supervisory
Actions by ESMA to coordinate supervisory action by
national EU regulators, most notably in areas such as
sustainability-related product features and disclosures,
product governance, liquidity management and fund costs
and charges. BlackRock’s EU operations may be affected
to the extent this initiative results in formal legislation or
action.
EU Member States, the UK and many other non-US
jurisdictions have adopted statutes and/or regulations
concerning privacy and data protection and requiring
notification of personal data security breaches if certain
thresholds are met. For example, the EU adopted the
General Data Protection Regulation (“GDPR”), which
became effective in 2018. Following Brexit, the UK
onshored the GDPR into national law (“UK GDPR”), which
became effective in 2021. In June 2021, the EC published
a new set of standard contractual clauses, which only
apply to the transfer of personal data outside of the EU to
a country not approved by the EU as providing an
adequate level of protection for the processing of personal
data. The EU’s adequacy decision with respect to the UK,
which allows the continued flow of personal data from the
EU to the UK, will be regularly reviewed and may be
revoked if the UK diverges from its current adequate data
protection laws. The UK has developed its own
international data transfer agreement, which was
implemented in March 2022. In June 2023, the EU-US
Data Protection Framework came into force, which allows
organizations to self-certify their compliance under the
framework for data transfers from the EU, UK and
Switzerland to the US. Saudi Arabia and Dubai have also
adopted privacy and data protection regulations aligned
with GDPR. GDPR and UK GDPR, as well as other statutes
and/or regulations concerning privacy and data
protection, increase compliance obligations, affect
BlackRock’s collection, processing, retention and transfer
of personal data and reporting of personal data security
BlackRock 2024 Form 10K 
19
breaches, and provide for increased penalties for
non-compliance.
BlackRock also maintains two offices in the Middle East,
one in Dubai, which is regulated by the Dubai Financial
Services Authority, and one in Riyadh, Saudi Arabia, which
is regulated by the Saudi Capital Markets Authority. Both
offices are authorized to provide certain investment
services and support BlackRock’s provision of investment
products and services in their countries of domicile. Other
countries across the Middle Eastern region are serviced on
a cross-border basis.
Regulation in the Asia-Pacific Region
In Japan, a BlackRock subsidiary is subject to the
Financial Instruments and Exchange Act (“FIEA”) and the
Act on Investment Trusts and Investment Corporations.
These laws are administered and enforced by the
Japanese Financial Services Agency (“JFSA”), which
establishes standards for compliance, including capital
adequacy and financial soundness requirements,
customer protection requirements and conduct of
business rules. The JFSA is empowered to conduct
administrative proceedings that can result in censure,
fines, cease and desist orders or the suspension or
revocation of registrations and licenses granted under the
FIEA. This Japanese subsidiary also holds a license for real
estate brokerage activities which subjects it to the
regulations set forth in the Real Estate Brokerage Act.
In Australia, BlackRock’s main operating entities are
principally regulated under the Corporations Act 2001
(Cth) by the Australian Securities and Investments
Commission (“ASIC”), which includes holding an
Australian financial services license and operating
registered managed investment schemes. ASIC is
Australia’s integrated corporate, markets, financial
services and consumer credit regulator.
In New Zealand, certain BlackRock subsidiaries are
primarily regulated by the Financial Markets Authority
(“FMA”). The FMA is responsible for overseeing and
enforcing financial markets legislation including the
licensing of firms to provide certain financial products and
services in New Zealand and administering anti-money
laundering and terrorism financing legislation, amongst
other functions.
The activities of certain BlackRock subsidiaries in Hong
Kong are subject to the Securities and Futures Ordinance
(“SFO”), which governs the securities and futures markets,
and regulates, among others, offers of investments to the
public, and provides for the licensing of intermediaries.
The SFO is administered by the Securities & Futures
Commission (“SFC”). The SFC is also empowered to
establish standards for compliance as well as codes and
guidelines. The relevant BlackRock subsidiaries and the
employees conducting any of the regulated activities
specified in the SFO are required to be licensed with the
SFC, and are subject to the rules, codes and guidelines
issued by the SFC.
BlackRock’s operations in Taiwan are subject to the
Securities Investment Trust and Consulting Act and other
regulations, rules or guidelines thereunder (collectively,
“SITE and SICE Requirements”). BlackRock’s subsidiary in
Taiwan is governed and regulated by the Securities &
Futures Bureau (“SFB”) under the Taiwan Financial
Supervisory Commission, which is responsible for
regulating securities markets (including the Taiwan Stock
Exchange, the Taipei Exchange and the Taiwan Futures
Exchange), the asset management industry, the broker
and futures commission merchant sector, the banking
industry and the insurance sector. The relevant BlackRock
subsidiary and employees conducting regulated activities
are required to be licensed with the SFB and subject to the
SITE and SICE Requirements.
BlackRock’s Fund Management Company in China
(“BlackRock FMC”) is regulated by the China Securities
Regulatory Commission and is subject to the Securities
Investment Fund Law and Measures for the Supervision
and Administration of Mutual Fund Managers for the
overall oversight from incorporation to the corporate
governance and operations of fund managers and funds.
BlackRock FMC is also subject to the China Securities Law
and various other financial laws and regulations.
BlackRock CCB Wealth Management Limited, which is
BlackRock’s wealth management joint venture company
with CCB Wealth Management Co., Ltd. and Fullerton
Management Pte Ltd. in China, is regulated by the
National Financial Regulatory Administration (“NFRA”,
formerly known as the China Banking and Insurance
Regulatory Commission). They have enacted Bank Wealth
Management Supervision and Management Measures
and Management Measures of Bank Wealth Management
Subsidiaries and other relevant rules to regulate the setup,
conduct of business and risk management of bank wealth
management companies.
In Singapore, a BlackRock subsidiary is regulated by the
Monetary Authority of Singapore (“MAS”) and its business
activities are subject to the Securities and Futures Act
2001 (“SFA”). The SFA governs the regulation of activities
and institutions in the securities and derivatives industry,
including fund management, dealing in capital markets
products and leveraged foreign exchange trading. The
MAS is Singapore’s central bank and integrated financial
regulator, which regulates the financial services sector in
Singapore and conducts integrated supervision of
financial services and financial stability surveillance. This
BlackRock subsidiary and the employees conducting any
of the regulated activities specified in the SFA are required
to be licensed with the MAS, and are subject to the SFA
and the regulations, rules, codes, notices and guidelines
issued by the MAS.
In India, the Jio BlackRock joint venture entities, Jio
BlackRock Asset Management Private Limited, Jio
BlackRock Investment Advisers Private Limited and Jio
BlackRock Trustee Private Limited, are governed by the
Companies Act, 2013 and regulated by the Ministry of
Corporate Affairs in India. Following approval to act as
sponsors, Jio Financial Services and BlackRock through
their Jio BlackRock joint venture entities have made
applications to the Securities and Exchange Board of India
seeking to manage and operate a licensed asset
management company.
Other financial regulators oversee BlackRock subsidiaries,
branches and representative offices across the Asia-
Pacific region, including in South Korea. Regulators in all
of these jurisdictions have authority with respect to
financial services including, among other things, the
authority to grant, suspend or cancel required licenses or
registrations. In addition, these regulators may subject
certain BlackRock subsidiaries to net capital
requirements.

20
BlackRock 2024 Form 10K
AVAILABLE INFORMATION
BlackRock files annual, quarterly and current reports,
proxy statements and all amendments to these reports
and other information with the SEC. BlackRock makes
available free-of-charge, on or through its website at
https://www.blackrock.com, the Company’s Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, proxy statements and all
amendments to those filings, as soon as reasonably
practicable after such material is electronically filed with
or furnished to the SEC. The Company also makes
available on its website the charters for the Audit
Committee, Management Development and
Compensation Committee, Nominating, Governance and
Sustainability Committee and Risk Committee of the
Board of Directors, its Code of Business Conduct and
Ethics, its Code of Ethics for Chief Executive and Senior
Financial Officers and its Corporate Governance
Guidelines. Further, BlackRock will provide, without
charge, upon written request, a copy of the Company’s
Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K, proxy statements and
all amendments to those filings as well as the committee
charters, its Code of Business Conduct and Ethics, its
Code of Ethics for Chief Executive and Senior Financial
Officers and its Corporate Governance Guidelines.
Requests for copies should be addressed to Investor
Relations, BlackRock, Inc., 50 Hudson Yards, New York,
New York 10001. Reports, proxy statements and other
information regarding issuers that file electronically with
the SEC, including BlackRock’s filings, are also available to
the public from the SEC’s website at https://www.sec.gov.
Item 1A. Risk Factors
As a global investment management firm, risk is an
inherent part of BlackRock’s business. Global markets, by
their nature, are prone to uncertainty and subject
participants to a variety of risks. While BlackRock devotes
significant resources across all of its operations to
identify, measure, monitor, manage and analyze market,
operating, legal, compliance, reputational, fiduciary and
investment risks, BlackRock’s business, financial
condition, operating results and nonoperating results
could be materially adversely affected and the Company’s
stock price could decline as a result of any of these risks
and uncertainties, including the ones discussed below.
RISKS RELATED TO MARKET AND
COMPETITION
Changes in the value levels of equity, debt, real assets,
commodities, foreign exchange or other asset markets,
including from the impact of global trade policies and
tariffs, may cause assets under management (“AUM”),
revenue and earnings to decline.
BlackRock’s investment management revenue is primarily
comprised of fees based on a percentage of the value of
AUM and, in some cases, performance fees which are
normally expressed as a percentage of returns to the
client. Numerous factors, including price movements in
the equity, debt or currency markets, or movements in the
price of real assets, commodities, digital assets or other
alternative investments in which BlackRock invests on
behalf of its clients, including from the impact of global
fiscal, monetary and trade policies, could cause:
• the value of AUM, or BlackRock’s returns on AUM, to
decrease;
• client redemptions from BlackRock’s products;
• client rebalancing or reallocating of assets into
BlackRock products that yield lower fees;
• an impairment to the value of intangible assets and
goodwill; or
• a decrease in the value of seed or co-investment
capital.
These risks may also be heightened by market volatility,
illiquid market conditions or other market disruptions. The
occurrence of any of the above events may cause the
Company’s AUM, revenue and earnings to decline.
Changes in interest or foreign exchange rates and/or
divergent beta may cause BlackRock’s AUM and base
fees to fluctuate and introduce volatility to the
Company’s net income and operating cash flows.
BlackRock’s business is directly and indirectly affected by
changes in global interest rates, as well as changes in
global markets, which have experienced substantial
volatility in recent years. Similarly, due to the global nature
of BlackRock’s operations, a portion of its business is
conducted in currencies other than the United States
(“US”) dollar. Fluctuations in BlackRock’s AUM related to
its exposure to foreign exchange rates relative to the US
dollar and interest rates may introduce volatility to the
Company’s base fees, net income and operating cash
flows.
In addition, beta divergence between equity markets,
where certain markets perform differently than others,
may lead to an increase in the proportion of BlackRock
AUM weighted toward lower fee equity products, resulting
in a decline in BlackRock’s effective fee rate. Divergent
market factors may also erode the correlation between the
growth rates of AUM and base fees.
BlackRock’s investment advisory contracts may be
terminated or may not be renewed by clients and fund
boards on favorable terms and the liquidation of certain
funds may be accelerated at the option of investors.
BlackRock derives a substantial portion of its revenue
from providing investment advisory services. The advisory
or management contracts BlackRock has entered into with
its clients, including the agreements that govern many of
BlackRock’s investment funds, provide investors or, in
some cases, the independent directors of applicable
investment funds, with significant latitude to terminate
such contracts, withdraw funds or liquidate funds, or to
remove BlackRock as a fund’s investment advisor (or
equivalent). BlackRock also manages its US mutual funds,
closed-end and exchange-traded funds under
management contracts that must be renewed and
approved annually by the funds’ respective boards of
directors, a majority of whom are independent from the
Company. BlackRock’s fee arrangements under any of its
advisory or management contracts may be reduced
(including at the behest of a fund’s board of directors). In
addition, shareholder activism involving closed-end funds
has increased, including public campaigns to demand
that a fund consider significant transactions such as a
BlackRock 2024 Form 10K 
21
tender offer, merger or liquidation or seek other actions
such as the termination of the fund’s management
contract. If a number of BlackRock’s clients terminate their
contracts, or otherwise remove BlackRock from its
advisory roles, liquidate funds or fail to renew
management contracts on similar terms, the fees or
carried interest BlackRock earns could be reduced, which
may cause BlackRock’s AUM, revenue and earnings to
decline.
The failure or negative performance of products offered
by competitors may cause AUM in similar BlackRock
products to decline irrespective of BlackRock’s
performance.
Many competitors offer similar products to those offered by
BlackRock and the failure or negative performance of
competitors’ products could lead to a loss of confidence in
similar BlackRock products, irrespective of the performance
of such BlackRock products. Any loss of confidence in a
product type could lead to withdrawals, redemptions and
liquidity issues in such products, which may cause the
Company’s AUM, revenue and earnings to decline.
Increased competition may cause BlackRock’s AUM,
revenue and earnings to decline.
The investment management industry is highly
competitive, and BlackRock competes based on a number
of factors including: investment performance, liquidity, its
technology and portfolio construction offerings, the level
of fees charged, the quality and breadth of services and
products provided, name recognition and reputation, and
its ability to develop new investment strategies and
products to meet the changing needs of investors. In
addition, over the past several years, the asset
management industry has continued to evolve as
investors increasingly seek out firms that have the
capacity to deliver broad multi-asset investment
capabilities and technological expertise, including in a
manner that is responsive to ever more localized needs.
This evolution, together with the introduction of new
technologies, as well as regulatory changes, continues to
alter the competitive landscape for investment managers,
which may lead to additional fee compression or require
BlackRock to invest more to modify or adapt its product
offerings to attract and retain customers and remain
competitive with the products, services and geographic
diversity offered by other financial institutions, technology
companies, advisory or asset management firms.
Increased competition on the basis of any of these factors,
including competition leading to fee reductions on
existing or new business, may cause the Company’s AUM,
revenue and earnings to decline.
Failure to maintain Aladdin’s competitive position in a
dynamic market could lead to a loss of clients and could
impede BlackRock’s productivity and growth.
The sophisticated risk analytics, portfolio management,
trade execution and investment operations that BlackRock
provides via its technology platform to support investment
advisory and Aladdin clients are important elements of
BlackRock’s competitive success. Aladdin’s competitive
position is based in part on its ability to combine risk
analytics with portfolio management, trading and
operations tools on a single platform. Increased
competition from risk analytics and investment
management technology providers, including from
competitors with increasingly sophisticated and
comprehensive product offerings, or a shift in client
demand toward standalone or internally developed
solutions, whether due to price competition, perceived
client market share, platform offerings or flexibility, or
market-based or regulatory factors, may weaken Aladdin’s
competitive position and may cause the Company’s
revenue and earnings to decline. In addition, to the extent
that Aladdin competitors are able to innovate more
effectively than BlackRock or leverage delivery models that
provide clients faster time to market, lower costs or the
ability to more seamlessly combine or bundle with other
service offerings, BlackRock may lose existing clients or
fail to capture future market share, which may impede its
productivity and growth. Moreover, although BlackRock
takes steps to safeguard against infringements of its
intellectual property (“IP”), there can be no assurance that
the Company will be able to effectively protect and enforce
its IP rights in Aladdin.
BlackRock may be unable to develop new products and
services and the development of new products and
services may expose BlackRock to reputational harm,
additional costs or operational risk.
BlackRock’s financial performance depends, in part, on its
ability to react to changes in the asset management
industry, respond to evolving client demands and
technological advances, and develop, market and manage
new investment products and services. The development
and introduction of new products and services, including
the creation of increasingly customizable products,
requires continued innovative effort on the part of
BlackRock and may require significant time and resources
as well as ongoing support and investment. Substantial
risk and uncertainties are associated with the introduction
of new products and services, including the
implementation of new and appropriate operational
controls and procedures, shifting client and market
preferences, the introduction of competing products or
services, constraints on BlackRock’s ability to manage
growth within client mandates, compliance with regulatory
and disclosure requirements and IP-related lawsuits or
claims, which may not be fully evident or identified prior to
the introduction of any such product or service. A growing
number of BlackRock’s products and services also depend
on data provided by third parties as analytical inputs and
are subject to additional risks, including with respect to
data quality, cost, availability and provider relationships.
Data sets for certain developing analytics, such as those in
the sustainability space, continue to evolve and difficulties
approximating gaps in the data, sourcing data from
reliable sources, or validating the data could adversely
impact the accuracy and effectiveness of such analytics.
There can be no assurance that BlackRock will be able to
innovate effectively in order to develop new products or
services that address the needs of its clients on the
timeline they require. Any failure to successfully develop
and support new products and services, or effectively
manage associated operational risks, could have an
adverse impact on BlackRock’s growth, harm BlackRock’s
reputation and expose the Company to additional costs,
which may cause its AUM, revenue and earnings to
decline.

22
BlackRock 2024 Form 10K
Changes in the value of seed and co-investments that
BlackRock owns could affect its income and could
increase the volatility of its earnings.
At December 31, 2024, BlackRock’s net economic
investment exposure of approximately $3.9 billion in its
investments (see Item 7, Management’s Discussion and
Analysis of Financial Condition and Results of Operations –
Investments) primarily resulted from co-investments and
seed investments in its sponsored investment funds.
Movements in the equity, debt or currency markets, or in
the price of real assets, commodities or other alternative
investments, could lower the value of these investments,
increase the volatility of BlackRock’s earnings and cause
earnings to decline.
BlackRock indemnifies certain securities lending clients
for specified losses as a result of a borrower default.
BlackRock provides borrower default indemnification to
certain of its securities lending clients. In the event of a
borrower default, BlackRock may use the collateral
provided by the defaulting borrower to repurchase
securities out on loan to such borrower in order to replace
them in a client’s account. Borrower default
indemnification is limited to the shortfall that occurs in
the event the collateral available at the time of the
borrower’s default is insufficient to repurchase those
securities out on loan. BlackRock requires all borrowers to
mark to market their posted collateral daily to levels in
excess of the value of the securities out on loan which
mitigates the likelihood of the indemnity being triggered.
Where the collateral is in the form of cash, the borrower
default indemnification BlackRock provides does not
guarantee, assume or otherwise insure the investment
performance or return of any cash collateral vehicle into
which that cash collateral is invested. The amount of
securities on loan as of December 31, 2024 and subject to
this type of indemnification was approximately
$305 billion. In the Company’s capacity as lending agent,
cash and securities totaling approximately $324 billion
was held as collateral for indemnified securities on loan at
December 31, 2024. Significant borrower defaults
occurring simultaneously with rapid declines in the value
of collateral and/or increases in the value of the securities
loaned may create collateral shortfalls, which could result
in material liabilities under these indemnities and may
cause the Company’s revenue and earnings to decline.
BlackRock’s decision on whether to provide support to
particular investment products from time to time, or the
inability to provide support, may cause AUM, revenue
and earnings to decline.
While not legally mandated, BlackRock, at its option and
from time to time, has and may in the future choose to
seed, warehouse or otherwise support investment
products through capital or credit support for commercial
or other reasons. Any decision by BlackRock on whether to
support products may utilize capital and liquidity that
would otherwise be available for other corporate purposes.
BlackRock’s ability to seed, warehouse or otherwise
support certain products may be restricted by regulation
or by the Company’s failure to have or make available
sufficient capital or liquidity. Moreover, inherent
constraints arising from the business models of certain
asset managers, including BlackRock, may during periods
of market volatility result in BlackRock having fewer
options for accessing liquidity than asset managers with
alternate business models, which may adversely impact its
ability to support certain products. Any decision by
BlackRock to support particular investment products, or
its inability or unwillingness to provide such support, may
result in losses or affect BlackRock’s capital or liquidity,
which may cause AUM, revenue and earnings to decline.
Geopolitical unrest and other events outside of
BlackRock’s control could adversely affect the global
economy or specific international, regional and domestic
markets, which may cause BlackRock’s AUM, revenue
and earnings to decline.
Geopolitical risks, including those arising from trade
tension and/or the imposition of trade tariffs, terrorist
activity or acts of civil or international hostility, could have
an adverse impact on BlackRock. For instance, the
Ukraine-Russia and Middle East conflicts have and may
continue to result in geopolitical instability and adversely
affect the global economy, supply chains, specific markets
and operations. Strategic competition between the US and
China and resulting tensions and heightened levels of
political polarization have also contributed to uncertainty
in the geopolitical and regulatory landscapes. Similarly,
other events outside of BlackRock’s control, including the
impact of natural disasters, climate-related events,
pandemics or health crises may arise from time to time
and be accompanied by governmental actions that may
increase international tension or impact the US or global
economy in ways that are uncertain. Any such events and
responses, including regulatory developments, may cause
significant volatility and declines in the global markets,
disproportionate impacts to certain industries or sectors,
disruptions to commerce (including to economic activity,
travel and supply chains), loss of life and property
damage, and may adversely affect the global economy or
capital markets, as well as the Company’s products,
operations, clients, vendors and employees, which may
cause BlackRock’s AUM, revenue and earnings to decline.
BlackRock’s exposure to geopolitical risks may be
heightened to the extent such risks arise in countries in
which BlackRock currently operates or seeks to expand its
presence.
Climate-related risks could adversely affect BlackRock’s
business, products, operations and clients, which may
cause BlackRock’s AUM, revenue and earnings to decline.
BlackRock’s business and those of its clients could be
impacted by climate-related risks. Climate-related risks
may impact BlackRock through changes in the physical
climate or from the process of transitioning to a
low-carbon economy. Climate-related physical risks arise
from the direct impacts of a changing climate in the short-
and long-term. Such risks may include the risks of extreme
weather events and changes in temperature, which may
damage infrastructure and facilities, including
BlackRock’s physical assets, as well as disrupt connectivity
or supply chains. Climate-related transition risks arise
from exposure to the transition to a low-carbon economy
through policy, regulatory, technology and market
changes. For instance, divergent existing and future
climate regulations or guidance, as well as differing
perspectives of stakeholders regarding climate impacts,
have affected and may continue to affect BlackRock’s
business activities and reputation, increase scrutiny and
complicate compliance requirements.
BlackRock 2024 Form 10K 
23
Climate-related physical and transition risks could also
impact BlackRock’s business both directly and indirectly
through adverse impacts to its clients’ investments,
including as a result of declines in asset values, changes
in client preferences, increased regulatory and compliance
costs and significant business disruptions. Any of these
risks may cause the Company’s AUM, revenue and
earnings to decline.
RISKS RELATED TO INVESTMENT
PERFORMANCE
Poor investment performance could lead to the loss of
clients and may cause AUM, revenue and earnings to
decline.
The Company’s management believes that investment
performance, including the efficient delivery of beta, is one
of the most important factors for the growth and retention
of AUM. Poor investment performance relative to
applicable portfolio benchmarks, aggregate fee levels or
competitors may cause AUM, revenue and earnings to
decline as a result of:
• client withdrawals in favor of better performing
products offered by competitors;
• client shifts to products that charge lower fees;
• the diminishing ability to attract additional funds
from existing and new clients;
• reduced, minimal or no performance fees;
• an impairment to the value of intangible assets and
goodwill; or
• a decrease in the valuations of seed and
co-investment capital.
Performance fees may increase volatility of both revenue
and earnings.
A portion of BlackRock’s revenue is derived from
performance fees on investment advisory assignments.
Performance fees represented $1.2 billion, or 6%, of total
revenue for the year ended December 31, 2024. Generally,
the Company is entitled to a performance fee only if the
agreement under which it is managing the assets provides
for one and if returns on the related portfolio exceed
agreed-upon periodic or cumulative return targets. If
these targets are not exceeded, a performance fee for that
period will not be earned and, if targets are based on
cumulative returns, the Company may not earn
performance fees in future periods. The volatility of the
Company’s future revenue and earnings may also be
affected due to private markets becoming an increasing
component of the overall composition of the Company’s
performance fee generating assets, including from the
Company’s acquisition of GIP (the “GIP Acquisition”) and
its proposed acquisition of HPS (the “HPS Acquisition”). In
particular, the Company expects that as it manages more
private markets products, its performance fees will
generally be recognized over substantially longer multi-
year periods than those associated with more liquid
products.
Failure to identify errors in the quantitative models
BlackRock utilizes to manage its business could
adversely affect product performance and client
relationships.
BlackRock employs various quantitative models to support
its investment processes, including those related to risk
assessment, portfolio management, trading and hedging
activities and product valuations. Any errors or limitations
in the underlying models, model inputs or assumptions,
including those from third-party sources, as well as any
failure of BlackRock’s governance, approval, testing,
validation and monitoring standards in respect of such
models, model inputs or assumptions, the failure to timely
update such models, model inputs or assumptions or
errors in how such models are used, could have adverse
effects on BlackRock’s business and reputation. These
risks may be heightened by the rapid growth and
complexity of new models, evolving data sets and
standards, and market volatility.
TECHNOLOGY AND OPERATIONAL RISKS
A failure in, or disruption to, BlackRock’s operations,
systems or infrastructure, including business continuity
plans, could adversely affect operations, damage the
Company’s reputation and cause BlackRock’s AUM,
revenue and earnings to decline.
BlackRock’s infrastructure, including its technological
capacity, data centers and office space, is vital to the
competitiveness of its business. Moreover, a significant
portion of BlackRock’s critical business operations is
concentrated in a limited number of geographic areas,
including San Francisco, New York, London, Edinburgh,
Budapest, Atlanta, Gurgaon, Mumbai and Belgrade. The
failure to maintain an infrastructure commensurate with
the size and scope of BlackRock’s business, or the
occurrence of a business outage or event outside
BlackRock’s control, including a major earthquake,
hurricane, fire, terrorist act, pandemic, health crisis or
other catastrophic event, or the actions of individuals or
groups seeking to disrupt BlackRock’s operations in any
location at which BlackRock maintains a major presence,
could materially impact operations, result in business
disruption or impede the Company’s growth.
Despite BlackRock’s efforts to ensure business continuity,
if it fails to keep business continuity plans up-to-date or if
such plans, including secure back-up facilities and
systems and the availability of back-up employees, are
improperly implemented or deployed during a disruption,
the Company’s ability to operate could be adversely
impacted which may cause AUM, revenue and earnings to
decline or impact the Company’s ability to comply with
regulatory obligations or contractual obligations leading
to reputational harm, legal liability, regulatory fines and/or
sanctions.
A cyber-attack or a failure to implement effective
information and cybersecurity policies, procedures and
capabilities could disrupt operations and lead to financial
losses and reputational harm, which may cause
BlackRock’s AUM, revenue and earnings to decline.
BlackRock is dependent on the effectiveness of the
information and cybersecurity policies, procedures and
capabilities it maintains to protect its computer and
telecommunications systems and the data that resides on
or is transmitted through them, including data provided by
third parties that is significant to portions of BlackRock’s
business and products. An information security incident or
disruption, such as a cyber-attack including social
engineering, deepfakes, phishing scams, business email
compromise, malware, denial-of-service or ransomware
attacks, or failures to control access to sensitive systems,
could materially interrupt business operations or cause

24
BlackRock 2024 Form 10K
disclosure or modification of sensitive or confidential
client or competitive information. Moreover, developments
in BlackRock’s use of process automation and artificial
intelligence (“AI”), as well as the use of remote access by
employees and mobile and cloud technologies, heightens
these and other operational risks, as certain aspects of the
security of such technologies may be complex,
unpredictable or beyond BlackRock’s control. BlackRock’s
growing exposure to the public Internet, as well as reliance
on mobile or cloud technology or any failure by mobile
technology and cloud service providers to adequately
safeguard their systems and prevent cyber-attacks, could
disrupt BlackRock’s operations and result in
misappropriation, corruption or loss of personal,
confidential or proprietary information or third-party data.
In addition, there is a risk that encryption and other
protective measures may be circumvented, particularly to
the extent that new computing technologies including
quantum computing increase the speed and computing
power available.
The financial services industry has been the subject of
cyber-attacks involving the dissemination, theft and
destruction of corporate information or other assets, as a
result of failure to follow procedures by employees or
contractors or as a result of actions by third parties,
including nation state actors, terrorist organizations, cyber
criminals and hacktivists. BlackRock has been and
continues to be the target of cyber-attacks, as well as the
co-opting of its brand, and continues to monitor and
develop its systems to protect its technology
infrastructure and data from misappropriation or
corruption, as the failure to do so could disrupt
BlackRock’s operations and cause financial losses.
Advances in technology, including generative AI, and use
of such technology by malicious actors heightens these
risks. Although BlackRock has implemented policies and
controls, and takes protective measures involving
significant expense, to help prevent and address potential
data breaches, inadvertent disclosures, increasingly
sophisticated cyber-attacks and cyber-related fraud, there
can be no assurance that any of these measures proves
fully effective. In addition, given the evolving nature of
cyber threat actors and the increasing sophistication of
cyber-attack methodology, a successful cyber-attack may
persist for an extended period of time before being
detected, and it may take a considerable amount of time
for an investigation to be completed and the severity and
potential impact to be known. Moreover, due to the
complexity and interconnectedness of BlackRock’s
systems, the process of upgrading or patching the
Company’s protective measures could itself create a risk
of security issues or system disruptions for the Company,
as well as for clients who rely upon, or have exposure to,
BlackRock’s systems.
In addition, due to BlackRock’s interconnectivity with
third-party vendors, advisors, central agents, exchanges,
clearing houses and other financial institutions,
BlackRock or any such third-party may be adversely
affected if any of them (or their service providers) is
subject to a successful cyber-attack or other information
security event, including those arising due to the use of
mobile technology or a third-party cloud environment.
BlackRock also routinely transmits and receives personal,
confidential or proprietary information by email and other
electronic means. The Company collaborates with clients,
vendors and other third parties to develop secure
transmission capabilities and protect against
cyber-attacks. However, BlackRock or such third parties
may not have all appropriate controls in place to protect
the confidentiality of such information.
Any information security incident or cyber-attack against
BlackRock or third parties with whom it is connected,
including any interception, mishandling or misuse of
personal, confidential or proprietary information or failure
to disclose or communicate a cybersecurity incident
appropriately, could result in material financial loss, loss
of competitive position, regulatory fines and/or sanctions,
breach of client contracts, reputational harm or legal
liability, which, in turn, may cause BlackRock’s AUM,
revenue and earnings to decline. In addition, BlackRock’s
cybersecurity insurance may not cover all losses and
damages from such events and BlackRock’s ability to
maintain or obtain sufficient insurance coverage in the
future may be limited.
Failure or unavailability of third-party dependencies may
adversely affect Aladdin operations, which could cause
reputational harm, lead to a loss of clients and impede
BlackRock’s productivity and growth.
BlackRock must maintain effective infrastructure,
including a robust and secure technological framework, in
order to maximize the benefit of the Aladdin platform. In
so doing, it relies in part on certain third-party service
providers, including for cloud hosting and technologies
supporting cloud-based operations. For example,
Aladdin’s data architecture depends on third-party
providers of technology solutions, including the ability of
such parties to scale and perform in response to Aladdin’s
growth. In addition, the analytical capabilities of Aladdin
depend on the ability of a number of third parties to
provide data and other information as inputs into
Aladdin’s analytical calculations. Although BlackRock has
implemented internal controls and procedures and
maintains a robust vendor management program
designed to perform diligence and monitor third parties
that support the Aladdin platform, there can be no
assurance that these measures will prove effective. Any
failure by third parties to maintain infrastructure that is
commensurate with Aladdin’s size and growth, or provide
the data or information required to support its varying
capabilities, could compromise Aladdin’s resilience, result
in operational difficulties, cause reputational harm and
adversely impact BlackRock’s ability to provide services to
its investment advisory and Aladdin clients.
Continuing enhancements to Aladdin’s capabilities, as
well as the expansion of the Aladdin platform into new
markets and geographies, have led to significant growth
in Aladdin’s processing scale, which may expose
BlackRock to reputational harm, increased regulatory
scrutiny and heightened operational, data management,
cyber- and information-security risks.
The operation of BlackRock’s Aladdin platform routinely
involves updating existing capabilities, configuration
change management, developing, testing and rolling out
new functionalities and expanding coverage into new
markets and geographies, including in connection with
inorganic transactions or to address client or regulatory
requirements. These updates and expansion initiatives,
which have led to significant growth in Aladdin’s
processing scale, frequently occur on accelerated time
frames and may expose BlackRock to additional cyber-
and information-security risks, as well as increased
BlackRock 2024 Form 10K 
25
execution, operational and data management risks. If
BlackRock is unable to manage the pace of, or provide the
operational resiliency and stability for, the expansion of
Aladdin and associated growth of its processing scale,
BlackRock may experience client attrition, reduced
business, increased costs, reputational harm or regulatory
fines and/or sanctions, which may cause BlackRock’s
AUM, revenue and earnings to decline.
In addition, the highly regulated business activities of
many Aladdin clients may expose BlackRock to
heightened regulatory scrutiny. For example, the changing
political and regulatory environment in certain
jurisdictions in which Aladdin clients are based has
required BlackRock to open new data centers in those
jurisdictions in order to host client data in the client’s
home location. Operating new data centers in foreign
jurisdictions may expose BlackRock to increased
operational complexity, as well as additional regulatory
risks associated with the compliance requirements of such
jurisdictions. In addition, there has been increased
regulatory scrutiny globally on technology and
information providers, which may impact Aladdin and
certain functionalities and tools.
A failure to effectively manage the development and use
of AI, combined with an evolving regulatory environment,
could have an adverse effect on BlackRock’s growth,
reputation or business.
BlackRock uses machine learning and AI in its business
and expects to continue to expand its AI capabilities,
including through generative AI. AI methods are complex
and rapidly evolving, and the introduction of AI into new or
existing processes may result in new or enhanced
governmental or regulatory scrutiny, IP or other litigation,
data protection, confidentiality or information security
risks, social or ethical concerns, competitive harm or other
complications. For example, the use of datasets to develop
and test AI models, the content generated by AI systems,
or the application of AI systems may be found to be
insufficient, biased or harmful, or lead to adverse business
decisions or operating errors. AI technologies, including
generative AI, may create content that appears correct but
is factually inaccurate or flawed. In addition, IP ownership
and license rights, including copyright, surrounding AI
technologies are still being developed and have not been
fully addressed by US courts or federal, state or non-US
laws or regulation. Furthermore, regulatory scrutiny of AI
technologies and controls continues to evolve globally
with new and forthcoming laws and regulations. Efforts
around use of these technologies require additional
investment in operational controls and procedures,
development and implementation of appropriate
protections and safeguards for handling the use of data
with AI, including with respect to data leakage, fraud
prevention and regulatory compliance costs. AI
technologies may also disrupt the competitive landscape
for investment management and technology services,
including in commercial and operational areas such as
data aggregation and quantitative models. Any failure to
successfully integrate AI technologies, respond to client or
market demands, accurately communicate AI initiatives,
comply with AI-related regulations, identify or address any
legal or regulatory issues associated with AI or effectively
manage the related risks could harm BlackRock’s growth
and reputation, adversely impact product offerings, client
interactions or business initiatives, and expose the
Company to legal and regulatory liabilities and additional
costs, including regulatory fines or sanctions, which may
cause its AUM, revenue and earnings to decline.
Failure to maintain adequate corporate and contingent
liquidity may cause BlackRock’s AUM, liquidity and
earnings to decline, as well as harm its prospects for
growth.
BlackRock’s ability to meet anticipated cash needs
depends upon a number of factors, including its
creditworthiness and ability to generate operating cash
flows. In addition, while BlackRock, Inc. is not subject to
regulatory capital or liquidity requirements, certain of its
subsidiaries are subject to regulatory capital and liquidity
frameworks as well as certain other prudential
requirements and standards, which require them to
maintain certain levels of capital and liquidity. Failure to
maintain adequate liquidity could lead to unanticipated
costs and force BlackRock to revise existing or future
strategic and business initiatives. BlackRock’s access to
equity and debt markets and its ability to issue public or
private debt, or obtain lines of credit or commercial paper
back-up lines, on reasonable terms may be limited by
adverse market conditions, a reduction in its long- or short-
term credit ratings, or changes in government regulations,
including tax and interest rates. Failure to obtain funds
and/or financing, or any adverse change to the cost of
obtaining such funds and/or financing, may cause
BlackRock’s AUM, liquidity and earnings to decline, curtail
its operations and limit or impede its prospects for growth.
Operating risks associated with BlackRock’s securities
lending program may result in client losses.
BlackRock lends securities to banks and broker-dealers as
agent on behalf of certain of its clients. In these securities
lending transactions, the borrower is required to provide
and maintain collateral at or above regulatory minimums.
Securities on loan are marked to market daily to determine
if the borrower is required to provide additional collateral.
BlackRock must manage this process and is charged with
mitigating the associated operational risks. The failure of
BlackRock’s controls to mitigate such operational risks
could result in financial losses for the Company’s clients
that participate in its securities lending programs
(separate from any losses related to the risks of collateral
investments), and BlackRock may be held liable for any
failure to manage such risks.
Inorganic transactions may harm the Company’s
competitive or financial position if they are not
successful.
BlackRock employs a variety of organic and inorganic
strategies intended to enhance earnings, increase product
offerings, deliver whole-portfolio solutions, access new
clients, leverage advances in technology and expand into
new geographies. Inorganic strategies have included
hiring smaller-sized investment teams, making minority
investments in early- to mid-stage technological and
other ventures, entering into strategic joint ventures and
acquiring investment management and technology
businesses, analytics, models and other IP. Inorganic
transactions involve a number of financial, accounting,
tax, regulatory, geographical and operational challenges
and uncertainties, including in some cases, the
assumption of pre-existing liabilities, which must be
managed in order for BlackRock to realize the benefit of
such transactions, and such transactions may be the

26
BlackRock 2024 Form 10K
subject of unanticipated liabilities arising from
commercial, client or other disputes, information security
vulnerabilities or breaches and IP or other legal claims.
The success of BlackRock’s inorganic strategy also
depends in large part on its ability to integrate the
workforce, operations, strategies, technologies and other
components of a target business following the completion
of an acquisition. BlackRock may be required to commit
significant management time, as well as create new, or
grow existing, operational and support functions, to
facilitate the integration of acquired businesses, manage
combined future growth and maintain a cohesive corporate
culture. There can be no assurance that BlackRock will be
able to successfully integrate acquired businesses, retain
associated talent, scale support functions, effectively
manage growth or realize other intended benefits of its
inorganic strategy in the timeframe BlackRock expects, or
at all. Moreover, the challenges associated with
BlackRock’s inorganic strategy may be heightened when
inorganic transactions are in new geographic locations,
involve new markets, products, business lines or early
stage investments or are delivered via technology and
systems that differ from those employed by BlackRock or
that overlap with existing BlackRock businesses. In
addition, in the case of minority investments and joint
ventures, including BlackRock’s joint venture to provide
investment solutions in India, BlackRock may be subject to
risks due to reputational harm, liability or loss resulting
from, or relating to operating systems, risk management
controls, and employees that are outside of BlackRock’s
control, risks related to the jurisdictions or markets in
which such investees or joint ventures operate and risks
related to the joint venture partners and investees. Any
failure to identify and mitigate the risks associated with
acquisitions, joint ventures or minority investments
through due diligence, governance or oversight rights,
indemnification provisions and/or operational expertise, or
to manage the integration of acquisitions effectively, could
result in losses or impairments related to such transactions
and have an adverse effect on BlackRock’s reputation or
cause its AUM, revenue and earnings to decline, which may
harm the Company’s competitive position in the
investment management industry.
BlackRock is subject to risks associated with its recent
and proposed acquisitions, including completion of
proposed acquisitions in the anticipated timeframes or at
all, and any failure to realize anticipated benefits of such
acquisitions.
In October 2024, BlackRock completed the GIP
Acquisition. BlackRock also previously announced (1) its
proposed acquisition of Preqin (the “Preqin Acquisition”)
which is currently expected to close in the first quarter of
2025, subject to customary closing conditions and (2) the
HPS Acquisition (together with the Preqin Acquisition, the
“Proposed Acquisitions”) which is currently expected to
close in mid-2025, subject to regulatory approvals and
customary closing conditions. BlackRock is subject to
risks and uncertainties associated with the Proposed
Acquisitions, including the risk that a condition to closing
may not be satisfied or waived, the possibility of failure to
obtain any outstanding necessary regulatory approvals,
which may be outside the control of BlackRock or the
acquired company, or the possibility that a Proposed
Acquisition does not close in the anticipated timeframe or
at all. BlackRock may not be able to realize the anticipated
benefits of GIP Acquisition or the Proposed Acquisitions,
including synergies, value creation or other benefits of
such acquisition, fully or at all, or on the timeline
BlackRock expects. At times, the resources of BlackRock
and the acquired companies or the attention of certain
members of their management may be focused on
completion and integration of the acquisition and diverted
from day-to-day business operations, which may disrupt
ongoing business. In addition, the process of integrating
each acquired company may have an adverse impact on
the Company, including from risks related to significant
transaction and integration costs, unknown liabilities,
employee turnover, divergence of management attention,
litigation and/or regulatory actions related to the
acquisition or if the acquired business does not perform
as expected, which may cause BlackRock’s AUM, revenue
and earnings to decline.
BlackRock’s alternatives products include investments in
early-stage companies, private equity portfolio
companies and real assets, such as real estate,
infrastructure and energy assets, which expose BlackRock
and its funds and accounts to new or increased risks and
liabilities, as well as reputational harm.
BlackRock’s alternatives products include investments in
early-stage companies, private equity portfolio companies
and real assets, including real estate, infrastructure and
energy assets, which expose BlackRock and its funds and
accounts to increased risks and liabilities that are inherent
in the ownership and management of such investments
and portfolio companies. These include:
• risks related to the potential illiquidity, valuation and
disposition of such investments;
• risks related to emerging and less established
companies that have, among other things, short
operating histories, new technologies and products,
nascent control functions, quickly evolving markets
and limited financial resources;
• construction risks, including as a result of force
majeure, labor disputes or work stoppages, shortages
of material or interruptions to the availability of
necessary equipment;
• accidents, pandemics, health crises or catastrophic
events, such as explosions, fires or terrorist activity
beyond BlackRock’s control;
• climate-related risks, including greater frequency or
intensity of adverse weather and natural disasters;
• personal injury or property damage;
• failures on the part of third-party servicers and
operators, including managers and contractors,
appointed in connection with investments or projects
to adequately perform their contractual duties or
operate in accordance with applicable laws;
• risks related to investments in emerging markets,
including economic and political risks and differences
in legal or regulatory environments, which may make
enforcement of legal obligations more difficult;
• exposure to stringent and complex non-US, federal,
state and local laws, ordinances and regulations,
including those related to financial crime, permits,
government contracting, conservation, exploration
and production, tenancy, occupational health and
safety, foreign investment and environmental
protection;
BlackRock 2024 Form 10K 
27
• environmental hazards, such as natural gas leaks,
product and waste spills, pipeline and tank ruptures,
and unauthorized discharges of products, wastes and
other pollutants;
• changes to the supply and demand for properties
and/or tenancies or fluctuations in the price of
commodities;
• risks related to the availability, cost, coverage and
other limitations on insurance;
• risks related to governance and oversight, including
board oversight, of portfolio companies;
• the financial resources of tenants; and
• contingent liabilities on disposition of investments.
The above risks may expose BlackRock’s funds and
accounts to additional expenses and liabilities, including
costs associated with delays or remediation, and
increased legal or regulatory costs, all of which could
impact the returns earned by BlackRock’s clients. These
risks could also result in direct liability for BlackRock by
exposing BlackRock to losses, regulatory sanctions or
litigation, including claims for compensatory or punitive
damages. Similarly, market conditions may change during
the course of developments or projects in which
BlackRock invests and those changes may make such
developments or projects less attractive than at the time
they were commenced and potentially harm the
investment returns of BlackRock’s clients. These risks may
be heightened as the Company expands its alternative
products, including through the GIP Acquisition. The
occurrence of any such events may expose BlackRock to
reputational harm, divert management’s attention away
from BlackRock’s other business activities or cause its
AUM, revenue and earnings to decline.
Operating in international markets increases BlackRock’s
operational, political, regulatory and other risks.
As a result of BlackRock’s extensive international
operations, the Company faces associated operational,
regulatory, reputational, political and foreign exchange
rate risks, many of which are outside of the Company’s
control. Operating outside the US may also expose
BlackRock to increased compliance risks, as well as higher
costs to comply with US and non-US anti-corruption, anti-
money laundering and sanctions laws and regulations.
Similarly, certain jurisdictions in which BlackRock
operates may not have comparable levels of protection for
corporate assets, such as IP, and client information and
records, to the US. As a result, there may also be
heightened information security or privacy risks in those
jurisdictions. Any theft or unauthorized use of data,
technology or IP may negatively impact BlackRock’s
business operations and reputation. In addition, changes
to the political or regulatory environment in a jurisdiction
in which BlackRock operates, including increased
restrictions or scrutiny, may adversely impact BlackRock’s
business or operating activities. The failure of the
Company’s systems of internal control to mitigate such
risks, or of its operating infrastructure to support its global
activities, could result in operational failures and
regulatory fines and/or sanctions and impede the
Company’s growth, which may cause the Company’s AUM,
revenue and earnings to decline.
RISKS RELATED TO HUMAN CAPITAL
The potential for human error in connection with
BlackRock’s operational systems could disrupt
operations, cause losses, lead to regulatory fines or
damage the Company’s reputation and may cause
BlackRock’s AUM, revenue and earnings to decline.
Many of BlackRock’s operations are highly complex and
are dependent on the Company’s ability to process and
monitor a large number of transactions, many of which
occur across numerous markets and currencies at high
volumes and frequencies. Although BlackRock expends
considerable resources on systemic controls, supervision,
technology and training in an effort to ensure that such
transactions do not violate client guidelines, applicable
rules and regulations or information barriers, or adversely
affect clients, counterparties or the Company, BlackRock’s
operations are dependent on its employees. From
time-to-time, employees make mistakes that are not
always immediately detected by systems, controls, policies
and procedures intended to prevent and detect such
errors. These can include calculation errors, errors in
software implementation or development, failure to ensure
data security, follow processes, patch systems or timely
report issues, or errors in judgment. Such risks may be
exacerbated in times of increased market volatility, high
trading volumes, significant changes in operation or
business offerings, and workforce turnover (including
turnover related to acquisitions). Human errors, even if
promptly discovered and remediated, may disrupt
operations or result in regulatory fines and/or sanctions,
breach of client contracts, reputational harm or legal
liability, which, in turn, may cause BlackRock’s AUM,
revenue and earnings to decline.
Fraud, the circumvention of controls or the violation of
risk management and workplace policies could have an
adverse effect on BlackRock’s reputation, which may
cause the Company’s AUM, revenue and earnings to
decline.
BlackRock seeks to foster a positive workplace culture, has
adopted a comprehensive risk management framework
and continues to enhance various controls, procedures,
policies and systems to monitor and manage risks.
Notwithstanding these measures, BlackRock cannot
ensure that its workplace culture or such controls,
procedures, policies and systems will successfully identify
and manage internal and external risks, and BlackRock
employees have in the past engaged in improper conduct.
In addition, BlackRock is subject to the risk that its
employees, contractors or other third parties may in the
future deliberately or recklessly seek to circumvent
established controls to commit fraud, pay or solicit bribes
or otherwise act in ways that are inconsistent with the
Company’s controls, policies, procedures, workplace
culture or principles. This risk may be heightened as
BlackRock expands into new markets, increases the
breadth of its business offerings and integrates
acquisitions, all of which introduce additional complexity
to its risk management program. The changing nature of
the office environment, such as return to office
arrangements and remote and alternative work models,
could cause employees to become disconnected with
corporate culture and policies, which may increase
operational issues. Persistent attempts to circumvent
policies and controls or repeated incidents involving fraud,
conflicts of interests or transgressions of policies and
controls could have an adverse effect on BlackRock’s

28
BlackRock 2024 Form 10K
reputation, cause adverse publicity, and result in litigation,
regulatory inquiries, fines and/or sanctions, which may
cause the Company’s AUM, revenue and earnings to
decline.
The failure to recruit, train and retain employees and
develop and implement effective executive succession
could lead to the loss of clients and may cause AUM,
revenue and earnings to decline.
BlackRock’s success is largely dependent on the talents
and efforts of its highly skilled workforce and the
Company’s ability to plan for the future long-term growth
of the business by identifying and developing those
employees who can ultimately transition into key roles
within BlackRock. The global market for qualified fund
managers, investment analysts, technology and risk
specialists and other professionals is highly competitive.
Factors that affect BlackRock’s ability to attract, train and
retain highly qualified employees include the Company’s
reputation and workplace culture, the immigration and
public health policies in the jurisdictions in which
BlackRock has offices, its approach to remote and
alternative work models, the compensation and benefits it
provides, the impact of acquisitions and its commitment
to effectively managing executive succession, including
the development and training of qualified individuals.
In addition, BlackRock pays certain of its employees in
deferred compensation that is tied to the Company’s share
price or through incentive fees and carried interest related
to certain investment funds. As such, decreases in
BlackRock’s share price or poor performance of the
investment funds related to the incentive fees and carried
interest could impair the retention value of such deferred
compensation. There can be no assurance that the
Company will continue to be successful in its efforts to
recruit and retain employees and effectively manage
executive succession. If BlackRock is unable to offer
competitive compensation or otherwise attract, develop
and retain talented individuals, or if it fails to effectively
manage executive succession, the Company’s ability to
compete effectively and retain its existing clients may be
materially impacted.
RISKS RELATED TO KEY THIRD-PARTY
RELATIONSHIPS
The impairment or failure of third parties may negatively
impact the performance of products and accounts that
BlackRock manages, which may cause BlackRock’s AUM,
revenue and earnings to decline.
BlackRock’s investment management activities expose the
products and accounts it manages for its clients to many
different industries and counterparties, including
distributors, brokers and dealers, commercial and
investment banks, clearing organizations, mutual and
hedge funds, and other institutional clients. Transactions
with counterparties expose BlackRock’s clients to credit
risk in the event the applicable counterparty defaults.
Although BlackRock regularly assesses risks posed by its
counterparties, such counterparties may be subject to
sudden swings in the financial and credit markets that
may impair their ability to perform or they may fail to meet
their obligations. Counterparties may also experience
lapses in their internal controls or risk management
systems or expose BlackRock and/or its clients to losses
resulting from employee malfeasance, negligence or
human error. In addition, the concentration of certain
financial institutions that BlackRock uses to facilitate
securities and derivatives transactions for its clients,
including clearing organizations, exchanges and central
agents, increases the risk that a technical or operational
issue at, or default by, one such institution could introduce
operational issues or delays impacting multiple BlackRock
clients. Any such operational issue, impairment or failure
could negatively impact the performance of products that
BlackRock manages for its clients, which may lead to
client attrition and, in turn, cause BlackRock’s AUM,
revenue and earnings to decline.
The failure of key third-party providers to BlackRock to
fulfill their obligations or a failure by BlackRock to
maintain its relationships with key third-party providers
could have a material adverse effect on BlackRock’s
growth, reputation or business, which may cause the
Company’s AUM, revenue and earnings to decline.
BlackRock depends on a number of key third-party
providers for various fund administration, accounting,
custody, market and environmental, social and
governance (“ESG”) data, market indices, insurance,
technology and AI, cloud hosting and transfer agent roles
and other distribution and operational needs. Further,
BlackRock relies upon a relatively concentrated group of
third-party index providers to deliver services that are
integral to its clients’ investment decisions. The index
provider industry is characterized by large vendors and the
use of long-term contracts remains the market standard.
This industry structure may limit BlackRock’s ability to
renegotiate its index provider contracts on favorable terms
or at all. While BlackRock performs focused diligence on
its vendors in an effort to ensure they operate in
accordance with expectations and required obligations, to
the extent any significant deficiencies are uncovered,
there may be few, or no, alternative vendors available. In
addition, BlackRock’s operations and processes rely on
commercially available data provided by third parties as
well as providers of services, including technology
services, and operating errors, process delays and failures
or failures to comply with data usage requirements with
respect to these service providers may adversely impact
BlackRock. Data providers commonly disclaim the
accuracy and completeness of data and BlackRock does
not have the ability to validate or verify the accuracy and
completeness of commercially sourced datasets.
Moreover, in situations where BlackRock has limited
access to alternative vendors, or where the nature of
BlackRock’s arrangement with a vendor requires a long
term-commitment, BlackRock may be dependent on such
vendor for continuous operational reliability and may
incur additional costs if such vendor introduces required
upgrades to its services.
BlackRock may from time to time transfer key contracts
from one third-party provider to another. Key contract
transfers may be costly and complex and expose
BlackRock to heightened operational and legal risks. Any
failure to mitigate such risks could result in reputational
harm as well as financial losses to BlackRock and its
clients. The failure or inability of BlackRock to diversify its
sources for key services or the failure of any key third-
party provider to fulfill its obligations could result in
activities inconsistent with clients’ investment
management or other agreements, have an adverse
financial impact on BlackRock products or lead to
operational, legal and regulatory issues for the Company,
which could result in reputational harm or legal liability,
BlackRock 2024 Form 10K 
29
fines and/or sanctions and may cause BlackRock’s AUM,
revenue and earnings to decline.
Any disruption to the Company’s distribution channels
may cause BlackRock’s AUM, revenue and earnings to
decline.
BlackRock relies on a number of third parties to provide
distribution, portfolio administration and servicing for
certain BlackRock investment management products and
services through their various distribution channels.
BlackRock’s ability to maintain strong relationships with
its distributors may impact the Company’s future
performance, and its relationships with distributors are
subject to periodic renegotiation that may result in
increased distribution costs and/or reductions in the
amount of BlackRock products and services being
marketed or distributed. Moreover, new fiduciary
regulations could lead to significant shifts in distributors’
business models and more limited product offerings,
potentially resulting in reduced distribution and/or
marketing of certain of the Company’s products and
services and fee compression. If BlackRock is unable to
distribute its products and services successfully or if it is
unable to replace or renew existing distribution
arrangements, BlackRock’s AUM, revenue and earnings
may decline. In addition, improper activities, as well as
inadequate anti-money laundering and sanctions
diligence conducted by third-party distributors, could
create reputational and regulatory harm to BlackRock.
Key technology partnerships may expose BlackRock to
increased regulatory oversight, as well as migration,
execution, technology and operational risks.
BlackRock has a number of key strategic partnerships,
including with Microsoft. For instance, the Aladdin
infrastructure and environment for BlackRock and its
external Aladdin clients are hosted on Microsoft Azure.
BlackRock has also migrated certain systems that support
its corporate functions to cloud-based platforms. The
benefits of cloud-based platforms are significant and
BlackRock has adopted a robust risk-based approach to
its migration strategies. However, these partnerships also
introduce new risks, including: (1) risks associated with
relying on third-parties for aspects of infrastructure
reliability and stability; (2) software and information
security risks arising from the use of cloud technology;
(3) operational and execution risks; and (4) risks related to
increased regulatory oversight and new compliance
obligations, which risks may be further exacerbated as
BlackRock and the Aladdin platform continue to grow. A
prolonged global failure of cloud services could also
impact BlackRock’s other systems. Failures by BlackRock
to manage these risks, and/or risks associated with future
technology partnerships, may result in escalating costs,
financial loss, client dissatisfaction or attrition, regulatory
fines and/or sanctions, reputational harm or legal liability,
which, in turn, may cause BlackRock’s AUM, revenue and
earnings to decline.
Disruption to the operations of third parties whose
functions are integral to BlackRock’s exchange-traded
fund (“ETF”) platform may adversely affect the prices at
which ETFs trade, particularly during periods of market
volatility.
BlackRock is the largest provider of ETFs globally. Shares
of ETFs trade on stock exchanges at prices at, above or
below the ETF’s most recent net asset value (“NAV”). The
NAV of an ETF is calculated at least once daily, generally at
the end of each business day, and fluctuates with changes
in the market value of the ETF’s holdings. The trading
price of the ETF’s shares fluctuates continuously
throughout trading hours. The creation/redemption
feature and arbitrage mechanism of an ETF are designed
to make it more likely that the ETF’s shares normally will
trade at prices close to the NAV. Notwithstanding these
features, exchange prices have in the past deviated
measurably from the NAV of certain ETFs and may under
certain circumstances do so in the future. ETF market
prices are subject to numerous potential risks, including
trading halts invoked by a stock exchange, and the
inability or unwillingness of market makers, authorized
participants, settlement systems or other market
participants to perform functions necessary for an ETF’s
arbitrage mechanism to function effectively. These risks
may be heightened as a result of significant market
volatility, the growth of the ETF industry combined with
increased market activity, as well as the complexity
associated with certain products or asset classes, such as
digital assets. Moreover, if market events lead to incidents
where ETFs trade at prices that deviate meaningfully from
an ETF’s NAV, or trading halts are invoked by the relevant
stock exchange or market, investors may lose confidence
in ETF products and redeem their holdings, which may
cause BlackRock’s AUM, revenue and earnings to decline.
LEGAL, REGULATORY AND REPUTATIONAL RISKS
BlackRock is subject to extensive regulation around the
world, which increases its cost of doing business.
BlackRock’s business is subject to extensive regulation
around the world. These regulations subject BlackRock’s
business activities to an array of increasingly detailed
operational requirements, compliance with which is costly
and complex.
In addition, many of BlackRock’s legal entities are subject
to laws and regulations aimed at preventing corruption,
money laundering, inappropriate employment practices,
illegal payments and engaging in business activities with
certain individuals, countries or groups, including but not
limited to the US Foreign Corrupt Practices Act, the USA
PATRIOT Act, the Bank Secrecy Act, the EU Anti-Money
Laundering Directives, the Money Laundering, Terrorist
Financing and Transfer of Funds Regulations 2017, the
UK Bribery Act, sanctions imposed by the US Treasury’s
Office of Foreign Assets Control, the United Nations and
the EU and its member states, as well as those imposed by
other countries in which BlackRock operates, such as His
Majesty’s Treasury’s (“HMT”) Office of Financial Sanctions
Implementation.
BlackRock is also subject to certain risk retention rules
and regulation, as well as regulatory capital requirements,
which require the Company to maintain capital to support
certain of its businesses. Furthermore, many jurisdictions
in which BlackRock operates have laws and regulations
relating to data privacy, cybersecurity and protection of
personal information, including the GDPR and UK GDPR,
which impose stringent data protection rules for
individuals within the European Economic Area (“EEA”)
and UK, respectively, and for personal data exported
outside the EEA and UK.
BlackRock is additionally subject to scrutiny from various
government agencies that focus on antitrust and

30
BlackRock 2024 Form 10K
competition laws and regulations within the US and
internationally, including in connection with merger
control proceedings and proposed investments. Any
determination of a failure to comply with any such laws or
regulations could result in fines and/or sanctions against
the Company, as well as reputational harm. Moreover, to
the extent that these laws and regulations become more
stringent, or if BlackRock is required to hold increased
levels of capital to support its businesses, the Company’s
financial performance or plans for growth may be
adversely impacted.
BlackRock may also be adversely affected by a failure to
comply with existing laws and regulations or by changes
in the interpretation or enforcement of such laws and
regulations, including those discussed above. Challenges
associated with interpreting regulations issued in
numerous countries in a globally consistent manner may
add to such risks if regulators in different jurisdictions
have inconsistent views or provide only limited regulatory
guidance. In particular, violation of applicable laws or
regulations could result in fines and/or sanctions,
temporary or permanent prohibition of certain activities,
reputational harm and related client terminations,
suspensions of employees or revocation of their licenses,
suspension or termination of investment adviser, broker-
dealer or other registrations, or suspension or termination
of BTC’s bank charter or other sanctions, which could have
a material adverse effect on BlackRock’s reputation or
business and may cause the Company’s AUM, revenue
and earnings to decline. For a more extensive discussion
of the laws, regulations and regulators to which BlackRock
is subject and regulated by, see Item 1, Business –
Regulation.
New regulations informed by global standard setters
and/or developed by various national authorities may
expose BlackRock to increasing regulatory scrutiny and
compliance costs in the jurisdictions in which it operates.
Policymaking workstreams focused on the financial
services sector led by global standard setters, such as the
Financial Stability Board (“FSB”) and International
Organization of Securities Commissions (“IOSCO”), may
lead to or inform new regulations in multiple jurisdictions
in which BlackRock operates. Such workstreams have
focused on areas such as money market funds (“MMFs”),
open-ended funds (“OEFs”) and sustainability regulations.
BlackRock is, and may become, subject to increasing
regulation in these areas, see Item 1, Business –
Regulation, including:
• Macroprudential Policies for Asset Managers:
Concerns about liquidity and leverage risks in the
asset management industry and wider market-based
finance sector have prompted a broad review of
existing regulations globally, including an
assessment of the adequacy of certain structural
market components in mitigating risks, by the FSB,
IOSCO, the US Securities and Exchange Commission
(the “SEC”) and the Financial Stability Oversight
Council (“FSOC”). In November 2022, the SEC
proposed amendments to rules governing OEF
liquidity risk management. The EU launched a
consultation on macroprudential policies in 2024,
including enhanced requirements for liquidity
management tools, which may lead to new
restrictions on management of OEFs. The UK
proposed introducing liquidity facilities to certain
asset owners, which could result in regulatory
burdens on asset managers. If any of these regulatory
or policy actions result in broad application of
macroprudential tools to OEFs or require changes to
structural features of certain OEFs, it could limit
BlackRock’s ability to offer products to certain clients
and/or result in clients altering their investment
strategies or allocations in a manner that is adverse to
BlackRock.
• Global MMF Reforms: Following the market events of
March 2020, US, UK and EU authorities initiated a
review of existing regulatory frameworks with the aim
of improving the resilience of MMFs in market
downturns. In the US, the SEC adopted changes to
Rule 2a-7, the primary rule under the Investment
Company Act of 1940 governing MMFs, including
changes to required liquidity levels and requiring
mandatory liquidity fees under certain circumstances.
The UK released a consultation in December 2023
indicating their intent to change regulatory
requirements for MMFs domiciled in the UK,
including material increases in required liquidity
levels. The EU consultation on macroprudential
policies mentioned above may also result in changes
to the regulations of EU-domiciled MMFs. Depending
on the terms of the final UK and EU reforms, certain of
BlackRock’s MMF products could be adversely
impacted.
• Sustainability: Sustainability has been the subject of
regulatory focus across jurisdictions. Disclosure
standards aligned with the International
Sustainability Standards Board’s (“ISSB”) inaugural
disclosure standards have been adopted by several
national regulators, including in Hong Kong,
Singapore and Australia, while others are expected to
propose ISSB-aligned standards, such as the UK,
Canada and Japan. However in the US, final rules
issued by the SEC requiring corporate issuers to make
climate-related disclosures in their periodic reports
are pending litigation, and as of February 2025, the
SEC was revisiting its litigation position. The SEC has
previously proposed rules requiring enhanced ESG
disclosures by investment companies and investment
advisers in fund and adviser filings, including
disclosures on ESG strategies and how ESG factors
are considered and GHG emissions disclosure by
certain environmentally focused funds. It also
increased scrutiny of disclosure and compliance
issues relating to investment advisers’ and funds’
ESG strategies, policies and procedures. In addition,
the US Department of Labor (“DOL”) issued final rules
clarifying that Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) plan fiduciaries
can consider the economic effects of ESG factors for
purposes of investing ERISA plan assets and
exercising voting rights with respect to plan
investments. In 2023, California passed several laws
requiring certain companies doing business in
California to publish certain types of climate-related
disclosures, and other states may adopt similar laws.
The EU has enacted numerous sustainability
regulations, including (1) the Sustainable Finance
Disclosure Regulation, requiring sustainability-related
disclosures by financial market participants; (2) the
EU Taxonomy Regulation, requiring asset managers
to report against an EU-wide taxonomy of
environmentally sustainable activities and make
BlackRock 2024 Form 10K 
31
detailed disclosures relating to ESG characteristics of
funds and portfolios; (3) the Corporate Sustainability
Reporting Directive (“CSRD”), requiring enhanced
sustainability reporting for EU-based and EU-listed
companies, and from 2028, for a wider group of global
companies; and (4) the Corporate Sustainability Due
Diligence Directive (“CSDDD”), requiring in-scope EU
companies and certain non-EU companies to manage
actual or potential adverse impacts of their activities
and their supply chains on human rights and
environmental matters. The European Commission
(“EC”) is reviewing and may amend aspects of the
CSRD, CSDDD and EU Taxonomy Regulation.
Meanwhile, the UK continues to work on
implementation of its Sustainability Disclosure
Requirements.
The EU and the UK Financial Conduct Authority
(“FCA”) have issued rules and guidelines on the use of
ESG or sustainability related terms in fund names. In
addition, the EU adopted regulations on ESG rating
providers applicable in mid-2026 while the UK is
expected to propose new legislation on ESG rating
providers. Japan and Singapore have published codes
of conduct for ESG data and rating providers, with
Hong Kong considering a similar approach, while
India introduced a regulatory framework for ESG
rating providers in July 2023.
As jurisdictions continue to develop and implement
sustainability regulations and litigation challenging
such regulations increases, BlackRock faces greater
fragmentation risk related to local application of
regulations, resulting in complex and conflicting
compliance obligations and legal and regulatory
uncertainty.
Global regulatory reforms could require BlackRock to alter
its future business or operating activities, which could be
time-consuming and increase costs, including costs
related to regulatory compliance, result in litigation,
impede the Company’s growth and cause its AUM,
revenue and earnings to decline. Regulatory reform may
also impact BlackRock’s clients, which could cause them
to change their investment strategies or allocations in
manners that may be adverse to BlackRock.
Regulatory reforms in the US expose BlackRock to
increasing regulatory scrutiny, as well as regulatory
uncertainty.
In recent years, a number of regulatory reforms have been
proposed or fully or partially implemented in the US, and
the level of regulatory scrutiny to which BlackRock is
subject has increased. BlackRock, as well as its clients,
vendors and distributors, have expended resources and
altered certain of their business or operating activities to
prepare for, address and meet the requirements that such
regulatory reforms impose. New or proposed changes to
laws, regulations, policies, initiatives and other
government actions may be difficult to anticipate, which
provides additional uncertainty and may heighten the
Company’s risks related to such actions. While BlackRock
is, and may become, subject to numerous reform
initiatives in the US, see Item 1, Business – Regulation, key
regulatory reforms that may impact the Company include:
• Antitrust Rules and Guidance: In October 2024, the
Federal Trade Commission (“FTC”), with concurrence
from the Antitrust Division of the Department of
Justice (the “DOJ”) approved amendments to rules
enacted under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (“HSR”) that require
parties in certain transactions to provide the FTC and
DOJ prior notice and observe a waiting period before
consummation of such transactions. The final
amendments significantly expanded the information
required to be reported and documents to be
submitted in connection with an HSR filing, which will
likely substantially increase any pre-merger
notification expenses and may delay transactions. In
December 2023, the FTC and DOJ also jointly issued
new merger guidelines, which could impact (1) the
ability of the Company to expand its services through
strategic investments or acquisitions and (2) funds
that engage in transactions reportable under HSR.
• Designation as a Systemically Important Financial
Institution (“SIFI”): The FSOC has the authority to
designate nonbank financial institutions as SIFIs in
the US under the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010. In November 2023,
the FSOC finalized amendments to its existing
interpretive guidance to remove the prioritization of
an activities-based approach over an entity-specific
approach to designation in connection with
addressing potential risks to financial stability,
although the amendment clarified that the FSOC
retained the ability to use an activities-based
approach when appropriate. If BlackRock is
designated as a SIFI, it could become subject to
enhanced regulatory and capital requirements and
direct supervision by the Federal Reserve.
• SEC Rules Governing Security-Based Swaps: In 2021,
the SEC proposed rules in connection with security-
based swaps (“SBS”) transactions to require public
reporting of large SBS positions, which, if adopted as
proposed, may affect the types of transactions
BlackRock may choose to execute in SBS or other
SBS-related assets, introduce or increase costs
relating to such transactions, and impact the liquidity
in the SBS markets in which BlackRock transacts.
• SEC Rules on Form PF: In 2023 and 2024, the SEC
adopted new rules and amendments to Form PF for
registered investment advisers requiring new
disclosures, filing obligations and enhanced reporting.
Implementing these rules and amendments may
significantly increase BlackRock’s reporting, disclosure
and compliance obligations and create operational
complexity for BlackRock’s alternatives products.
• US DOL Fiduciary Rule: The US DOL adopted new
regulation redefining the meaning of “investment
advice fiduciary” under ERISA as well as amendments
to several prohibited transaction exemptions
applicable to investment advice fiduciaries, which
would substantially expand when a person would be
considered a fiduciary subject to ERISA and could
require BlackRock to revise a number of its
distribution relationships, create compliance and
operational challenges for BlackRock and its
distribution partners, and limit BlackRock’s ability to
provide certain services to applicable clients. In July
2024, federal courts issued stays on the regulation
and implementation has been postponed pending
further notice.
• SEC US Treasury Clearing Mandate: In December
2023, the SEC adopted rules mandating central
clearing of US Treasury repurchases and certain other
Treasury transactions. The rules require many market

32
BlackRock 2024 Form 10K
participants, including a large number of BlackRock
funds and accounts, to clear Treasury repurchase
transactions and potentially certain cash Treasury
securities transactions through a clearing agency
registered with the SEC, which could increase
transaction costs for BlackRock’s clients.
• Proposed Rules on Equity Market Structure: In 2023,
the SEC proposed equity market structure reforms
that would significantly change how national market
system (“NMS”) stock orders are priced, executed and
reported. The reforms include: (1) a requirement for
certain retail orders to be subject to order-by-order
competition, (2) a best execution rule and (3) an
adjustment to the tick sizes at which NMS stocks can
be quoted or traded. In 2024, the SEC adopted the
rule adjusting NMS tick sizes. If the other proposed
rules are enacted as proposed, their collective impact
may adversely affect market efficiency and execution
costs, which would result in negative effects for
BlackRock’s business and clients.
• SEC Rules on Short Sales and Reporting of Securities
Loans: In 2023, the SEC adopted a new rule requiring
certain institutional managers to report short
positions and activity to the SEC for publication on an
aggregate basis, which could impact investment
strategies and result in greater operational burdens
and cost for BlackRock. The SEC also adopted a new
rule requiring certain persons to report information
on securities loan transactions to a registered
national securities association which will then publish
certain information. The rule may increase
BlackRock’s operational burdens and costs.
• SEC Predictive Data Analytics Rules: The SEC
proposed new rules in 2023 that would require
broker-dealers and investment advisers, when
engaging or communicating with investors using
predictive data analytics (“PDA”) and PDA-like
technologies, to evaluate such technologies for
conflicts of interest and, where identified, eliminate or
neutralize the conflict of interest. If adopted as
proposed, the rules could encompass a wide range of
forward-looking uses of technology applications and
impose significant operational burdens and costs.
• Financial Crimes Enforcement Network Rule for
Registered Investment Advisers: In August 2024, the
Financial Crime Enforcement Network (“FinCEN”)
issued a final rule which will require registered
investment advisers to adopt new anti-money
laundering requirements beginning in 2026. Under
the rule, registered investment advisers will be
required to establish written risk-based anti-money
laundering programs and report suspicious activity to
FinCEN under the Bank Secrecy Act of 1970 (the
“Bank Secrecy Act”), as well as comply with Bank
Secrecy Act reporting and recordkeeping
requirements, which may increase BlackRock’s
compliance burdens and costs.
• SEC Rulemakings for US Registered Funds and
Investment Advisers: The SEC has engaged in various
initiatives and reviews impacting regulatory structure
governing the asset management industry and
registered investment companies. For example, the
SEC adopted rules requiring certain funds to provide
tailored fund shareholder reports, adopted final
amendments to the rule governing fund names,
expanding the scope of the rule to fund names
including growth, value, ESG or similar terms, and
proposed rules governing outsourcing of certain
functions by investment advisers to service providers.
Regulatory reforms in the US could require BlackRock to
alter its future business or operating activities, which
could be time-consuming and costly, increase regulatory
compliance costs, result in litigation, impede the
Company’s growth and cause its AUM, revenue and
earnings to decline. Regulatory reform may also impact
BlackRock’s clients, which could cause them to change
their investment strategies or allocations in manners that
may be adverse to BlackRock.
International regulatory reforms expose BlackRock to
increasing regulatory scrutiny, as well as regulatory
uncertainty.
BlackRock’s business and operating activities are subject
to increasing regulatory oversight outside of the US and
the Company may be affected by several proposed or
implemented reform initiatives in the EMEA and the Asia-
Pacific regions, as well as volatility associated with
international regulatory uncertainty. While BlackRock is,
and may become, subject to numerous reform initiatives
internationally, see Item 1, Business – Regulation, key
reforms in these regions include:
European Union
• Enhanced Regulatory Scrutiny of Technology Service
Providers to Financial Services Firms: The EU’s Digital
Operational Resilience Act (“DORA”), which focuses
on direct regulation of providers and users of
technology and data services, became applicable
beginning in January 2025. DORA, among other
things: (1) introduces additional governance, risk
management, incident reporting, resilience testing
and information sharing requirements to several of
BlackRock’s European entities and certain Aladdin
clients; and (2) may potentially subject Aladdin to
additional oversight. The European Supervisory
Authorities will use data collected under DORA to
assess which third party suppliers should be
designated as critical to the EU financial system and
become subject to further regulatory oversight. In
2024, the UK issued final policies regulating services
provided by certain third parties designated by HMT
as “critical” to the financial sector, which became
effective in January 2025. Entities designated as
“critical” will be required to provide additional
information to financial regulators, engage in
resilience testing and report major incidents like
cyber-attacks, natural disasters and power outages.
• Retail Investment Strategy: The EU continues to
consider a proposed Retail Investment Strategy
package of amendments intended to enhance
protections for retail investors. When enacted, these
changes could impact clients’ product preferences
and may increase costs for BlackRock in European
markets due to additional requirements on
distributors and product providers.
• EMIR 3.0: The EU legislative package known as “EMIR
3.0” introduces key changes to clearing, margining
and reporting requirements in the European Market
Infrastructure Regulation (EMIR), including: (1) a
requirement to hold an “active account” with an EU
central counterparty for clearing certain euro-
denominated instruments; (2) new reporting
BlackRock 2024 Form 10K 
33
requirements for cleared trades; (3) revised clearing
thresholds for financial and non-financial
counterparties; and (4) amendments related to
clearing to the UCITS directive. EMIR 3.0 is expected
to impact EU counterparties as well as UK and
non-EU entities trading with EU firms, and the
collective impact of the package may increase
operational complexity, necessitate a reassessment of
clearing and trading strategies, and lead to higher
transaction costs for BlackRock and its clients.
United Kingdom
• FSMA 2023: The Financial Services and Markets Act
2023 (“FSMA”) reflects significant changes to the UK
framework for financial services regulation, including
changes that: (1) revoke, amend or retain EU law on
financial services regulation, (2) amend the UK
Markets in Financial Instruments Directive and
Markets in Financial Instruments Regulation
frameworks, (3) establish a new designated activities
regime and (4) reform the financial promotion regime
for unauthorized firms. Other reforms building upon
the FSMA and potentially impacting the asset
management sector include: (1) replacement of the
packaged retail and insurance based investment
products (“PRIIPs”) Regulation; (2) review of the UK’s
green finance strategy, including regulation of ESG
data providers, UK taxonomy and disclosure
requirements; (3) review of governance through the
Senior Managers and Certification Regime; (4) repeal
of EU legislation on the European Long-Term
Investment Fund; (5) market infrastructure reforms,
including transition to T+1 settlement;
(6) reassessment of the boundary between
investment advice and financial guidance; (7) a new
UK cryptoasset regime; and (8) continuing reforms to
the UK listing regime.
• Overseas Fund Regime (“OFR”): OFR, the simplified
regime through which non-UK funds can register with
the FCA to be marketed to UK retail investors, was
enacted in February 2022 and continues to be
implemented through 2025. For certain types of
funds, OFR requires consumer protection regimes in
EU countries where such BlackRock funds are
domiciled to be found equivalent to the UK’s regime in
order to market the funds in the UK.
• Conduct Regulation: The FCA continues to focus on
conduct regulation, including the implementation of
the Consumer Duty by all asset management firms,
including BlackRock’s UK subsidiaries. The Consumer
Duty rules require firms to act to deliver good
outcomes for retail customers in their manufacture
and distribution of products and services, in respect
of price and value, consumer understanding and
consumer support. Any failure to meet the FCA’s
regulatory expectations could expose BlackRock to
regulatory sanctions and increased reputational risk.
• UK Stewardship Code Review: In 2024, the UK
Financial Reporting Council released a consultation
on reforms to the UK Stewardship Code, including
tailored reporting requirements for proxy advisers and
investment consultants, which may impact
BlackRock’s activities on behalf of its clients.
Asia-Pacific
• Regulatory Environment in China: The Company’s
operations in China are subject to a number of
regulatory risks, including an evolving regulatory
environment and complex data security and data
transfer regulations. These factors may increase
compliance risk and costs, limit the Company’s ability
to source and execute new investment opportunities
and lead to impairment losses on its investments.
Restrictions on transfers of certain types of onshore
data of the Company’s Chinese entities to offshore
entities also may limit BlackRock’s ability to
aggregate, report and monitor such data on its global
platform. In addition, a number of regulators in China
have jurisdiction over BlackRock’s business
operations, increasing operational and regulatory
engagement complexity. These risks may be further
heightened by additional scrutiny by Chinese
regulators of certain sectors, such as technology and
other industries that might be deemed to be of
national importance.
International regulatory reforms could require BlackRock
to alter its future business or operating activities, which
could be time-consuming and costly, increase regulatory
compliance costs, result in litigation, impede the
Company’s growth and cause its AUM, revenue and
earnings to decline. Regulatory reform may also impact
BlackRock’s clients, which could cause them to change
their investment strategies or allocations in manners that
may be adverse to BlackRock.
Legal proceedings may cause the Company’s AUM,
revenue and earnings to decline.
BlackRock is subject to a number of sources of potential
legal liability and the Company, certain of the investment
funds it manages and certain of its subsidiaries and
employees have been named as defendants in various
legal actions, including arbitrations, class actions and
other litigation arising in connection with BlackRock’s
activities. Certain of BlackRock’s subsidiaries and
employees are also subject to periodic examination,
special inquiries and potential proceedings by regulatory
authorities, including the SEC, Office of the Comptroller of
the Currency (“OCC”), DOL, Commodity Futures Trading
Commission, the FCA, Commission de Surveillance du
Secteur Financial and Federal Reserve. Similarly, from
time to time, BlackRock receives subpoenas or other
requests for information from various US state and federal
as well as non-US governmental and regulatory
authorities in connection with certain industry-wide,
company-specific or other investigations, proceedings or
litigations. Governmental or regulatory authorities have
and could in the future institute proceedings and/or seek
to impose sanctions for violations. Any such action may
also result in litigation by investors in BlackRock’s funds,
other BlackRock clients or BlackRock’s shareholders. Such
legal proceedings could harm the Company’s reputation
and may cause its AUM, revenue and earnings to decline,
potentially harm the investment returns of the applicable
fund, or result in the Company being liable for damages.
In addition, when clients retain BlackRock to manage their
assets or provide them with products or services, they
typically specify contractual requirements or guidelines
that BlackRock must observe in the provision of its
services. A failure to comply with these guidelines or

34
BlackRock 2024 Form 10K
requirements could expose BlackRock to lawsuits, harm its
reputation or cause clients to withdraw assets or terminate
contracts.
BlackRock faces increasing focus from regulators,
officials, clients and other stakeholders regarding
environmental and social-related matters, which may
adversely impact its reputation and business.
BlackRock faces increasing focus from regulators,
officials, clients and other stakeholders regarding
environmental and social-related matters. BlackRock
offers choice to its clients who have a variety of goals and
preferences, including those who want to increase their
exposure to the low-carbon transition and those who
choose not to invest in products or strategies with
sustainable investment objectives. BlackRock is subject to
competing demands from different stakeholder groups
with divergent views on environmental and social-related
matters, including in countries in which BlackRock
operates and invests, as well as in countries, states and
localities where BlackRock serves public sector clients.
This divergence has and continues to increase the risk
that any perceived or actual action or lack thereof by
BlackRock on such matters on behalf of its clients will be
viewed differently by various stakeholders and adversely
impact BlackRock’s reputation and business, including
through withdrawals, redemptions, terminations or
decisions not to commit or invest new capital by clients, as
well as legal and governmental action and scrutiny. Some
US states and state officials have adopted or proposed
legislation or otherwise raised concerns about BlackRock’s
business practices. In certain instances, this has led them
to take official positions restricting or prohibiting state
government entities from doing certain business with
entities identified by the state as “boycotting” or
“discriminating” against particular industries or
considering environmental and social factors in their
investment processes and proxy voting. Other states and
localities may adopt similar legislation or other
environmental and social-related laws and positions that
adversely impact BlackRock’s business. BlackRock has
previously communicated and may communicate certain
initiatives and goals for its corporate activities related to
the environment, human capital management, and other
environmental and social-related matters. BlackRock
faces criticism for the scope or nature of certain initiatives
or goals and may face additional criticism for revisions
thereto. If BlackRock is not able to successfully manage
environmental and social-related expectations across
varied stakeholder interests, it may adversely affect
BlackRock’s reputation, ability to attract and retain clients,
employees, shareholders and business partners or result
in litigation, legal or governmental action, which may
cause its AUM, revenue and earnings to decline.
Damage to BlackRock’s reputation may harm its business.
BlackRock’s reputation is critical to its relationships with
its clients, employees, shareholders and business
partners. BlackRock’s reputation may be harmed by,
among other factors, regulatory, enforcement or other
governmental actions, technology or operational failures,
poor investment performance, ineffective management or
monitoring of key third-party relationships, ransomware or
other cybersecurity incidents, privacy incidents, employee
errors or misconduct, failures to manage risks or conflicts
of interest, or legal actions related to BlackRock or its
products and services. In addition, BlackRock’s business,
scale and investments subject it to significant media
coverage and increasing attention from a broad range of
stakeholders. This heightened scrutiny has resulted in
negative publicity and adverse actions for BlackRock and
may continue to do so in the future. Any perceived or
actual action or lack thereof, or perceived lack of
transparency, by BlackRock on matters subject to scrutiny,
such as environmental and social matters, may be viewed
differently by various stakeholders and adversely impact
BlackRock’s reputation and business, including through
redemptions or terminations by clients, and legal and
governmental action and scrutiny. BlackRock’s global
presence and investments on behalf of its clients around
the world could also lead to heightened scrutiny and
criticism in an increasingly fragmented geopolitical
landscape. For example, BlackRock has received criticism
from some stakeholders because of its operations and
investments in certain countries on behalf of clients,
including China. These criticisms could adversely impact
BlackRock’s reputation and business. In addition, the
increasing popularity of social media and
non-mainstream Internet news sources may lead to faster
and wider dissemination of adverse publicity, inaccurate
information or disinformation campaigns about
BlackRock, making effective remediation more difficult.
Damage to BlackRock’s reputation may impact
BlackRock’s ability to attract and retain clients, employees,
shareholders and business partners, which may cause its
AUM, revenue and earnings to decline.
A failure to effectively manage potential conflicts of
interest could result in litigation or enforcement actions
and/or adversely affect BlackRock’s business and
reputation, which may cause BlackRock’s AUM, revenue
and earnings to decline.
As a global investment management firm that provides
investment and technology services to a diverse range of
clients, the Company must routinely address and manage
conflicts of interest, as well as the perception of conflicts
of interest, between itself and its clients, employees or
vendors. While BlackRock has policies, controls and
disclosure protocols in place to manage and address
potential conflicts of interest, identifying and mitigating
conflicts of interest can be complex and is the subject of
increasing regulatory and media scrutiny. It is possible
that actual, potential or perceived conflicts could give rise
to investor or client dissatisfaction, adverse publicity,
litigation or enforcement actions. In particular,
BlackRock’s broad range of investment, advisory and
technology offerings, and its focus on providing clients
with whole portfolio solutions, may result in clients
working with multiple BlackRock businesses and/or
BlackRock being engaged by institutions that have a
nexus to industries or jurisdictions in which BlackRock
operates, which may increase the potential for actual or
perceived conflicts of interest and improper information
sharing. To the extent that BlackRock fails, or appears to
fail, to deal appropriately with any conflict of interest, it
may face adverse publicity, reputational damage,
litigation, regulatory proceedings, client attrition,
penalties, fines and/or sanctions, any of which may cause
BlackRock’s AUM, revenue and earnings to decline.
A subsidiary of BlackRock is subject to US banking
regulations that may limit its business activities.
BlackRock’s trust bank subsidiary, which is a national
banking association chartered by the OCC, is subject to
BlackRock 2024 Form 10K 
35
OCC regulation and capital requirements that may limit its
business activities. The OCC has broad supervisory and
enforcement authority over BlackRock’s trust bank.
Having a subsidiary subject to banking regulation may put
BlackRock at a competitive disadvantage because certain
of its competitors are not subject to the limitations
imposed by such regulation.
The implications of complying with threshold limits and/
or any failure to comply with ownership reporting
requirements could result in harm to BlackRock’s
reputation, impact the performance of certain BlackRock
funds and may cause its AUM, revenue and earnings to
decline.
Of note among the various regulations to which BlackRock
is subject are the extensive and increasingly stringent
regulatory reporting requirements that necessitate the
monitoring and reporting of issuer exposure levels
(thresholds) across the holdings of managed funds and
accounts and those of the Company. The specific triggers
and the reporting methods that these threshold filings
entail vary significantly by regulator and across
jurisdictions. BlackRock continues to invest in technology,
training and its employees to further enhance its
monitoring and reporting functions. Despite these
investments, the complexity of the various threshold
reporting requirements combined with the breadth of the
assets managed by the Company and high volume of
securities trading have caused errors and omissions to
occur in the past and pose a risk that errors or omissions
may occur in the future. Any such errors may expose
BlackRock to monetary penalties or other sanctions, which
could have an adverse effect on BlackRock’s reputation
and may cause its AUM, revenue and earnings to decline.
Moreover, as BlackRock’s business grows it is becoming
subject to a greater number of regulatory, industry-level or
issuer-specific threshold limits and scrutiny that may
prevent BlackRock from holding positions in certain equity
securities, securities convertible into equity securities or
futures contracts in excess of certain thresholds. In
addition, regulators are reviewing and considering
changes to their regulatory frameworks on threshold limits
and ownership reporting requirements. These changes
may result in significant operational impacts and costs to
BlackRock and its products depending on their scope.
Although BlackRock is actively engaged in regulatory,
issuer-specific and structural initiatives to create
additional investment capacity, threshold limits may
nonetheless prevent the purchase of certain securities
which may, in turn, impact the performance of certain
BlackRock index funds by increasing tracking error
relative to the funds’ benchmarks, impact the performance
of certain BlackRock actively managed funds by
preventing them from taking advantage of alpha
generating opportunities, and impede the Company’s
growth.
BlackRock has been the subject of commentary citing
concerns about the scale of its index investing business,
as well as purported competition issues relating to the
common ownership theory.
As a leader in the index investing and asset management
industry, BlackRock has been the subject of commentary
citing concerns about the growth of index investing and
concentrated proxy voting power. Some commentators
have argued that continued growth of index funds has the
potential to impact stock market competitiveness by
exacerbating stock price moves and market volatility.
Some commentators, regulators and lawmakers have also
argued that index managers have accumulated outsized
influence through the proxy voting power their clients
have assigned them. Some have proposed limitations on
the ability of index fund managers to vote or engage on
behalf of their clients, or indicated that voting and
engagement on certain topics should trigger changes in
regulatory status. Additional commentary focuses on the
common ownership theory, an academic theory stating
that minority ownership of multiple companies within a
single industry by the same investor leads to
anticompetitive effects. This theory purports to link
aggregated equity positions in certain industries with
higher consumer prices and executive compensation and
lower wages and employment rates, among other things.
In 2021, the FTC identified common ownership as a key
enforcement area and passed a resolution empowering
individual commissioners to investigate shareholder
conduct in connection with common ownership. In 2023,
the FTC and DOJ released new merger guidelines
recognizing that common ownership may reduce
competitive incentives and in 2024, the FTC and DOJ
submitted a joint comment letter to the Federal Energy
Regulatory Commission (“FERC”) encouraging FERC to
consider common ownership as a relevant factor in
updating regulatory relief available to asset managers.
Common ownership may be given greater consideration in
regulatory investigations, studies, rule proposals, policy
decisions and/or the scrutiny of mergers and acquisitions.
The debate on common ownership has been on the
agenda of lawmakers, policymakers and competition
regulators globally, and common ownership may continue
to be a consideration for the EC and European Parliament,
among others. There is substantial literature casting
doubt on the assumptions, data, methodology and
conclusions associated with the common ownership
theory, including research conducted by staff of regulatory
agencies. Competition regulators, including at the FTC
and UK Competition & Markets Authority (“CMA”), have
acknowledged that the debate around the theory remains
unsettled. Nevertheless, some commentators have
proposed remedies, including limits on the ownership
stakes of common owners that, if enacted into policy,
could have a negative impact on the capital markets, as
well as increase costs and limit the availability of products
for investors. Such policy solutions could, in turn,
adversely affect BlackRock.
New tax legislation or changes to existing US and non-US
tax laws, treaties and regulations or challenges to
BlackRock’s historical taxation practices may adversely
affect BlackRock’s effective tax rate, business and overall
financial condition.
BlackRock’s businesses may be directly or indirectly
affected by tax legislation and regulation, or the
modification of existing tax laws, by US or non-US tax
authorities. Legislation at both the US federal and state
level has been previously proposed to enact a financial
transaction tax (“FTT”) on stocks, bonds and a broad range
of financial instruments and derivative transactions. In the
EU, certain Member States have also enacted similar FTTs
and the EC has proposed legislation to harmonize these
taxes and provide for the adoption of EU-level legislation
applicable to some (but not all) EU Member States. If
enacted as proposed, FTTs could have an adverse effect

36
BlackRock 2024 Form 10K
on BlackRock’s financial results and clients’ performance
results.
The Organisation for Economic Cooperation and
Development (“OECD”) has proposed certain international
tax reforms, which, among other things, would (1) shift
taxing rights to the jurisdiction of the consumer (“Pillar
One”) and (2) establish a global minimum tax for
multinational companies of 15% (“Pillar Two”). In
response, EU member states and several other countries,
including the UK, have since adopted laws implementing
the OECD’s minimum tax rules under Pillar Two, effective
starting in 2024. As a result of these developments, the tax
laws of certain countries in which BlackRock does
business have changed and may continue to change, and
any such changes could increase its tax liabilities. The
Company is continuing to monitor legislative
developments and evaluate the potential impact of the
Pillar Two Framework on future periods.
The application of tax regulations involves numerous
uncertainties, and in the normal course of business US and
non-US tax authorities may review and challenge tax
positions adopted by BlackRock. These challenges may
result in adjustments to, or impact the timing or amount of,
taxable income, deductions or other tax allocations, which
may adversely affect BlackRock’s effective tax rate and
overall financial condition. Similarly, the Company manages
assets in products and accounts that have investment
objectives which may conform to tax positions adopted by
BlackRock or to specific tax rules. To the extent there are
changes in tax law or policy, or regulatory challenges to tax
positions adopted by BlackRock, the value or attractiveness
of such investments may be diminished and BlackRock may
suffer financial or reputational harm.
Item 1B. Unresolved Staff
Comments
The Company has no unresolved comments from the
Securities and Exchange Commission (“SEC”) staff
relating to BlackRock’s periodic or current reports filed
with the SEC pursuant to the Exchange Act.
Item 1C. Cybersecurity
CYBERSECURITY RISK MANAGEMENT AND
STRATEGY
BlackRock recognizes the importance of identifying,
assessing, and managing material risks associated with
cybersecurity threats. Cybersecurity represents an important
component of the Company’s approach to enterprise risk
management (“ERM”). The Company leverages a multi-
lines-of-defense model with cybersecurity operational
processes executed by global information security and other
teams across the firm and dedicated internal audit
technology and technology risk management (“TRM”) teams
that independently review technology risks. The Company’s
cybersecurity program is fully integrated into its ERM
framework and is aligned with recognized frameworks, such
as NIST CSF, FFIEC CAT, FedRAMP, SOC 1/2, ISO 27001/2
and others. BlackRock aims to inform and continuously
improve its cybersecurity program through engagement
with regulatory, client, insurer, vendor, partner, peer,
government and industry organizations and associations, as
well as external audit, technology risk, information security
and other assessments.
BlackRock seeks to address cybersecurity risks through a
global, multilayered strategy of control programs that are
designed to preserve the confidentiality, integrity and
availability of the information that BlackRock collects and
stores by identifying, preventing and mitigating
cybersecurity threats and incidents. As one of the critical
elements of the Company’s overall ERM framework,
BlackRock’s cybersecurity program is focused on the
following key areas:
• Governance: As discussed in more detail under the
heading “Cybersecurity Governance” below, the
Board’s oversight of cybersecurity risk management
is supported by the Risk Committee, which regularly
interacts with the Company’s risk management
function, the Company’s Chief Risk Officer (“CRO”)
and Chief Information Security Officer (“CISO”), along
with other members of management. In addition,
technology and cybersecurity risks are formally
overseen by a dedicated management risk
governance committee, the Technology Risk and
Cybersecurity Committee (“TRCC”), which is a
sub-committee of the firmwide Enterprise Risk
Committee (“ERC”).
• Cross-Functional Approach: The Company has
implemented a global, cross-functional approach to
identifying, preventing, and mitigating cybersecurity
threats and incidents, while also implementing
layered preventative, detective, reactive and recovery
controls to identify and manage cybersecurity risks.
• Safeguards: The Company deploys a range of people,
process and technical controls that are designed to
protect the Company’s information systems from
cybersecurity threats, which may include, among
others: physical security controls, perimeter controls,
technical assessments, firewalls, network
segregation, intrusion detection and prevention,
tabletop exercises, ongoing vulnerability and patch
management, vendor due diligence, multi-factor
authentication, device encryption, application
security, code testing and penetration testing;
endpoint security, including anti-malware protection,
threat intel and response, managed detection and
response, security configuration management,
portable storage device lockdown, and restricted
administrative privileges, employee awareness,
training, and phishing testing, data loss prevention
program and monitoring, information security
incident reporting and monitoring; and layered and
comprehensive access controls.
• Incident Response and Recovery Planning: The
Company maintains incident response and recovery
plans that address the Company’s response to a
cybersecurity incident, including processes designed
to assess, escalate, contain, investigate and
remediate an incident, as well as to comply with
applicable legal obligations and mitigate potential
reputational damage. These plans are evaluated on a
periodic basis.
• Third-Party Risk Management: The Company
maintains a risk-based approach to identifying and
overseeing cybersecurity risks presented by third
parties, including vendors, service providers,
counterparties and clients, as well as the systems of
BlackRock 2024 Form 10K 
37
third parties that could significantly and adversely
impact the Company’s business in the event of a
cybersecurity incident affecting those third-party
systems. Operational incidents can arise as a result of
failures by third parties with which the Company does
business, such as failures by internet, communication
technology and cloud service providers or other
vendors to adequately follow processes and
procedures, safeguard their systems, or prevent
system disruptions or cyber-attacks. Third-party risks
are included within BlackRock’s ERM framework, and
risk identification and mitigation are supported by the
Company’s cybersecurity program. BlackRock also
performs due diligence on certain third parties and
monitors cybersecurity threats and risks identified
through such diligence.
• Education and Awareness: The Company’s
employees and contractors are required to complete
annual information security training to equip them
with effective tools to address cybersecurity threats,
and receive communications on the Company’s
evolving information security policies and procedures.
The Company’s global information security team, in
collaboration with the technology risk and internal audit
teams, engages in the periodic assessment and testing of
the Company’s cyber risks and cybersecurity program. These
efforts may include a wide range of activities, including
audits, assessments, wargames and “tabletop” exercises,
threat modeling, vulnerability testing and other exercises
focused on evaluating the effectiveness of the Company’s
cybersecurity measures and planning. BlackRock also
participates in financial services industry and government
forums in an effort to improve both internal and sector
cybersecurity defense. The Company regularly engages third
parties and advisors to assess its cybersecurity control
environment. The results of certain program and control
assessments are reported to the Risk Committee, and
BlackRock adjusts its cybersecurity program as appropriate
based on the information provided by these assessments.
As of December 31, 2024, BlackRock is not aware of any
cybersecurity risks that have materially affected or are
reasonably likely to materially affect BlackRock’s business
strategy, results of operations, or financial condition. For
additional information on whether and how risks from
cybersecurity threats are reasonably likely to materially
affect BlackRock, see “A cyber-attack or a failure to
implement effective information and cybersecurity policies,
procedures and capabilities could disrupt operations and
lead to financial losses and reputational harm, which may
cause BlackRock’s AUM, revenue and earnings to decline.”
under Part I, Item 1A, Risk Factors herein.
CYBERSECURITY GOVERNANCE
BlackRock’s Board of Directors is actively engaged in the
oversight of BlackRock’s risk management program. The
Risk Committee assists the Board with its oversight of the
Company’s levels of risk, risk assessment, risk management
and related policies and processes, including risks arising
from cybersecurity threats. The Risk Committee receives
regular reports on the Company’s cybersecurity program,
technology resilience risk management and related
developments from members of the Company’s information
security team, including the CISO. The Board and the Risk
Committee also receive information regarding cybersecurity
incidents that meet certain reporting thresholds. On an
annual basis, senior members of BlackRock’s technology,
risk and information security teams provide a
comprehensive overview of BlackRock’s cyber risk and
related programs to a joint session of the Board’s Risk and
Audit Committees.
Technology and cybersecurity risks at BlackRock are also
overseen by the TRCC, a dedicated management risk
governance committee and sub-committee of the
firmwide ERC. The chair of the TRCC is appointed by the
head of Enterprise Risk Management at the Company and
its members include the CISO as well as a broad range of
senior business stakeholders across BlackRock. The TRCC
is responsible for oversight of BlackRock’s technology and
cybersecurity risk management practices and helps
ensure that technology and cybersecurity risks remain
within firmwide risk tolerances and technology and
cybersecurity risk issues are escalated as appropriate to
the ERC and other committees.
BlackRock’s cybersecurity risk management and strategy
processes, which are discussed in greater detail above, are
led by the Company’s CISO. As of December 31, 2024, the
CISO had over 30 years of experience in information
technology with a 26-year concentration in information
security, including previously serving as the CISO at
several global financial institutions. He also holds the
Certified Information Systems Security Professional
certification. The CISO works closely with the leadership
team and other subject matter experts in the global
cybersecurity group, who collectively have extensive prior
work experience in various roles involving managing
information security, developing cybersecurity strategy,
implementing effective information and cybersecurity
programs and overseeing cybersecurity controls in
technology risk and audit functions, as well as having
relevant degrees and industry-leading certifications.
The CISO and members of the TRCC monitor the
prevention, detection, mitigation and remediation of
cybersecurity incidents through their management of, and
participation in, the cybersecurity risk management
processes described above, including the operation of
BlackRock’s incident response plan.
Item 2. Properties
BlackRock’s principal office, which is leased, is located at
50 Hudson Yards, New York, New York. BlackRock leases
additional office space throughout the world, including
Atlanta, Belgrade (Serbia), Budapest, Edinburgh, Gurgaon
(India), Hong Kong, London, Mumbai (India), Princeton
(New Jersey), San Francisco and Singapore. The Company
also owns an 84,500 square foot office building in
Wilmington, Delaware and a 43,000 square foot data
center in Amherst, New York.
Item 3. Legal Proceedings
For a discussion of the Company’s legal proceedings, see
Note 16, Commitments and Contingencies, in the notes to
the consolidated financial statements contained in Part II,
Item 8.
Item 4. Mine Safety Disclosures
Not applicable.

38
BlackRock 2024 Form 10K
PART II
Item 5. Market for Registrant’s
Common Equity, Related
Stockholder Matters and Issuer
Purchases of Equity Securities
BlackRock’s common stock is listed on the NYSE and is
traded under the symbol “BLK”. At the close of business on
January 31, 2025, there were 203 common stockholders
of record. Common stockholders include institutional or
omnibus accounts that hold common stock for many
underlying investors.
The following table sets forth for the periods indicated the
dividends declared per share for the common stock as
reported on the NYSE:
Cash
Dividend
Declared
2024
First Quarter
$5.10
Second Quarter
$5.10
Third Quarter
$5.10
Fourth Quarter
$5.10
2023
First Quarter
$5.00
Second Quarter
$5.00
Third Quarter
$5.00
Fourth Quarter
$5.00
The closing price of BlackRock’s common stock as of
February 24, 2025 was $952.80.
DIVIDENDS
On January 29, 2025, the Board of Directors approved
BlackRock’s quarterly dividend of $5.21 per share to be
paid on March 24, 2025 to stockholders of record at the
close of business on March 7, 2025.
ISSUER PURCHASES OF EQUITY SECURITIES
During the three months ended December 31, 2024, the Company made the following purchases of its common stock,
which is registered pursuant to Section 12(b) of the Exchange Act.
Total
Number of
Shares
Purchased(1)
Average
Price Paid
per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Maximum
Number of
Shares That
May Yet Be
Purchased
Under the
Plans or
Programs(1)
October 1, 2024 through October 31, 2024
5,489
$
942.62
—
4,180,939
November 1, 2024 through November 30, 2024
2,246
$
979.87
—
4,180,939
December 1, 2024 through December 31, 2024
362,622
$1,046.61
358,288
3,822,651
Total
370,357
$1,044.67
358,288
(1)
Consists of purchases made by the Company primarily to satisfy income tax withholding obligations of employees and members of the Company’s Board of Directors related to the vesting of
certain restricted stock or restricted stock unit awards and purchases made by the Company as part of the share repurchase program that the Company announced in July 2010, which initially
authorized the repurchase of 5.1 million shares with no stated expiration. In January 2023, 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 7.9 million shares of BlackRock common stock.
Item 6. [Reserved]
BlackRock 2024 Form 10K 
39
Item 7. Management’s Discussion
and Analysis of Financial Condition
and Results of Operations
FORWARD-LOOKING STATEMENTS
This report, 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
report, 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 (“AUM”); (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 planned acquisitions of HPS
Investment Partners (“HPS” or the “HPS Transaction”) and
Preqin Holdings Limited (“Preqin” or the “Preqin
Transaction”), and the acquisition of Global Infrastructure
Management, LLC (“GIP” or the ”GIP Transaction” and
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 do 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 and social 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 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 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 (“ETFs”) 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.
OVERVIEW
BlackRock, Inc. (together, with its subsidiaries, unless the
context otherwise indicates, “BlackRock” or the
“Company”) is a leading publicly traded investment
management firm with $11.6 trillion of AUM at
December 31, 2024. With approximately 21,100
employees in more than 30 countries, BlackRock provides
a broad range of investment management and technology
services to institutional and retail clients in more than 100
countries across the globe. For further information see
Note 1, Business Overview, and Note 27, Segment
Information, in the notes to the consolidated financial
statements contained in Part II, Item 8.

40
BlackRock 2024 Form 10K
On October 1, 2024, BlackRock completed the acquisition
of 100% of the issued and outstanding limited liability
company interests of GIP for a total consideration, at
close, of approximately $3 billion in cash and 6.9 million
shares, valued at $5.9 billion. The remaining deferred
consideration, all in stock, initially valued at $4.2 billion, is
subject to the satisfaction of certain post-closing events.
As a result of the closing of the GIP Transaction,
BlackRock, Inc. (formerly known as BlackRock Funding,
Inc.) (“New BlackRock”) became the ultimate parent
company of BlackRock Finance, Inc. (formerly known as
BlackRock, Inc.) (“Old BlackRock”), GIP and their
respective subsidiaries. In addition, New BlackRock
became the publicly listed company and retained the
ticker symbol “BLK”. References herein to BlackRock or the
Company for any period (1) prior to the closing of the GIP
Transaction on October 1, 2024 refer to Old BlackRock
and (2) thereafter refer to New BlackRock. For additional
information related to this reorganization, see Note 1,
Business Overview and Note 3, Acquisitions in the notes to
the consolidated financial statements contained in Part II,
Item 8.
In May 2024, BlackRock completed the acquisition of the
remaining equity interest in SpiderRock Advisors (“SRA”), a
leading provider of customized option overlay strategies in
the United States (“US”) wealth market (the “SpiderRock
Transaction”). This transaction expands on BlackRock’s
minority investment in SRA made in 2021 and reinforces
BlackRock’s commitment to personalized separately
managed accounts.
In June 2024, BlackRock announced that it had entered
into a definitive agreement to acquire Preqin, a leading
independent provider of private markets data, for
£2.55 billion (or approximately $3.2 billion based on the
GBP/USD foreign exchange rate at December 31, 2024) in
cash. The Company believes bringing together Preqin’s
data and research tools with the complementary
workflows of Aladdin and eFront in a unified platform will
create a preeminent private markets technology and data
provider. The Preqin Transaction is anticipated to close in
the first quarter of 2025, subject to customary closing
conditions.
In December 2024, BlackRock announced that it had
entered into a definitive agreement to acquire 100% of the
business and assets of HPS, a leading global credit
investment manager with 100% of the consideration paid
in BlackRock equity. The equity will generally be delivered
in units of a wholly-owned subsidiary of BlackRock
(“SubCo Units”) which will be exchangeable on a
one-for-one basis (subject to certain adjustments) into
BlackRock common stock (accordingly, the value of each
unit delivered will be based on the price of a share of
BlackRock’s common stock and the specific terms of the
SubCo Units). Approximately 9.2 million SubCo Units and
restricted stock units (“RSUs”) will be paid at closing.
Approximately 2.9 million SubCo Units, will be paid in
approximately five years, subject to the satisfaction of
certain post-closing conditions. In addition, there is
potential for additional consideration to be earned of up to
1.6 million SubCo Units that is based on financial
performance milestones measured and paid in
approximately five years. Of the total deal consideration,
up to 0.7 million units will be used to fund an equity
retention pool for HPS employees. In aggregate, inclusive
of all SubCo Units paid at closing, eligible to be paid in
approximately five years, and potentially earned through
achievement of financial performance milestones as well
as BlackRock RSUs to be issued in the transaction, the
maximum amount of common stock issuable upon
exchange of such SubCo Units would be approximately
13.7 million shares. The Company expects the addition of
HPS will create an integrated private credit platform to
provide both public and private income solutions for
clients across their whole portfolios. The HPS Transaction
is anticipated to close in mid-2025 subject to regulatory
approvals and customary closing conditions.
The following discussion includes a comparison of
BlackRock’s results for 2024 and 2023. For a discussion of
BlackRock’s results for 2022 and a comparison of results
for 2023 and 2022, see Item 7, Management’s Discussion
and Analysis of Financial Condition and Results of
Operations, of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023, which was filed
with the SEC on February 23, 2024.
Business Outlook
BlackRock’s strategy continues to be guided by the
Company’s clients’ needs and focus on the long-term,
which the Company believes better enables it to deliver
durable returns for shareholders and create value for all of
its stakeholders. BlackRock’s highly diversified multi-
product platform was created to meet client needs in all
market environments and provide clients with choice in
how they seek to achieve their unique financial goals.
BlackRock is positioned to provide alpha-seeking active,
private markets, index and cash management investment
strategies across asset classes and geographies. In
addition, BlackRock leverages its world-class risk
management, analytics and technology capabilities,
including the Aladdin platform, on behalf of clients.
BlackRock serves a diverse mix of institutional and retail
clients across the globe, as well as investors in ETFs,
maintaining differentiated client relationships and a
fiduciary focus. The diversity of BlackRock’s platform
facilitates the generation of organic growth in various
market environments, and as client preferences evolve.
BlackRock’s long-term strategy remains to keep alpha at
the heart of BlackRock; drive growth in ETFs, private
markets, and technology; be the global leader in
sustainable investing; and lead as a whole portfolio
advisor.
BlackRock’s framework for long-term shareholder value
creation is predicated on generating differentiated organic
growth, leveraging scale to increase operating margins
over time, and returning capital to shareholders on a
consistent basis. BlackRock’s diversified platform, in terms
of style, product, client and geography, enables it to
generate more stable cash flows through market cycles,
positioning BlackRock to invest for the long-term by
striking an appropriate balance between investing for
future growth and prudent discretionary expense
management.
BlackRock has invested to serve the full breadth of client
needs. Clients increasingly want to build portfolios that
are seamlessly integrated across public and private
markets, and that are underpinned by data, risk
management and technology. The Company is
differentiated in being able to deliver across public and
private markets, equity and debt, and in the way that best
serves each client – from broad-based ETFs to customized
whole portfolio solutions. The Company also offers its
BlackRock 2024 Form 10K 
41
Aladdin technology to support integrated public-private
portfolios.
2024 was a milestone year of organic and inorganic
programmatic actions grounded in client needs,
investment capability expansion, technology and scale.
Clients entrusted BlackRock with a record $641 billion of
net inflows in 2024, led by two consecutive record flows
quarters in the second half of the year. The Company’s
closing of the GIP transaction and planned acquisitions of
HPS and Preqin are expected to expand and enhance
private markets investment and data capabilities.
BlackRock expects 2025 to be a dynamic investing
environment. Mega forces like artificial intelligence (“AI”)
and an ongoing evolution in debt financing are
transforming economies and their long-term growth
trajectories. Capital markets will play a key role in these
transformations. Private markets assets are an
increasingly vital part of capital markets, and blending
both public and private markets will be critical in fully
capturing growth opportunities.
BlackRock is well-positioned to capitalize on structural
growth opportunities against a backdrop of economic and
capital markets evolution. The Company has made
coordinated investments to build the premier long-term
capital partner and technology provider across public and
private markets. The acquisition of GIP, and the planned
acquisitions of Preqin and HPS, each position BlackRock’s
platform ahead of evolving client needs and structural
industry trends.
BlackRock has built a broad private markets platform with
$212 billion of AUM across infrastructure, private credit,
real estate, private equity and multi-alternatives. As of
December 31, 2024, BlackRock had approximately
$45 billion of committed capital to deploy for institutional
clients in a variety of private markets strategies, and
remains confident in its ability to accelerate growth as a
leader in private markets. BlackRock also manages
$76 billion in liquid alternatives, as well as $90 billion in
liquid credit strategies, included within fixed income AUM.
With the close of the GIP transaction, and the planned
acquisition of HPS, BlackRock’s alternatives platform is
expected to represent approximately $600 billion in client
assets making it a top five alternatives provider.
The private markets – and clients’ allocations to them –
are expected to continue to grow. Standardized,
transparent private markets data and analytics will be
increasingly important. As with Aladdin, BlackRock
believes it can add even more value to Preqin as both a
user and provider of private markets data and risk
analytics. Aladdin expanded into new asset classes and
markets as BlackRock and its clients evolved, and it
expects the same for Preqin.
In addition to private markets, BlackRock is executing on a
strong opportunity set across multiple growth channels.
These include ETFs, whole portfolio solutions like
outsourced mandates and models, and technology.
The ETF industry has been growing rapidly, driven by
structural tailwinds including the use of ETFs as active
tools, the migration from commission-based to fee-based
wealth management, growth in model portfolios,
expansion of digital wealth platforms, and the
modernization of the bond market. BlackRock’s ETF
growth strategy is centered on increasing scale and
pursuing global growth themes in client and product
segments, including Core, Strategic, which includes Fixed
Income, Factors, Sustainable and Thematic ETFs, and
Precision Exposures. BlackRock views ETFs as a
technology that facilitates investing, and ETFs have
become core to asset management. The Company believes
that ETFs will continue to be a structural growth area as
clients turn to ETFs as the preferred vehicle for investing
strategies of all types. BlackRock has been a leader in
expanding the market for ETFs by making them more
accessible and by delivering new asset classes like bonds
or cryptocurrency and investment strategies like active.
Approximately a quarter of 2024 ETF net inflows of
$390 billion were into products launched in the last five
years. Active ETFs delivered $22 billion in net inflows in
2024, while BlackRock’s Bitcoin exchange-traded product
(“ETP”) was the largest ETF launch in history, growing to
over $50 billion of AUM in less than a year. BlackRock will
continue to innovate at the product and portfolio level and
accelerate distribution capabilities to deliver differentiated
investment solutions.
As the asset management landscape shifts globally from
individual product selection to a whole-portfolio approach,
BlackRock’s strategy is focused on creating outcome-
oriented client solutions for both retail investors and
institutions. This includes having a diverse platform of
alpha-seeking active, index and private markets products,
as well as enhanced distribution and portfolio
construction technology offerings. Digital wealth tools are
an important component of BlackRock’s retail strategy, as
BlackRock scales and customizes model portfolios,
extends Aladdin Wealth and digital wealth partnerships
globally, and helps advisors build better portfolios through
portfolio construction and risk management, powered by
Aladdin. BlackRock has also seen strong momentum in
outsourcing solutions among institutional clients,
including the funding of several significant mandates in
2024, and anticipates continued outsourcing
opportunities in the future.
BlackRock continues to invest in technology services
offerings, which enhance the ability to manage portfolios
and risk, effectively serve clients and operate efficiently.
Market volatility, growing cost pressures, and complexity
in optimizing whole portfolios underscore the need for
enterprise operating and risk management technology,
and should continue to drive demand for holistic and
flexible technology solutions. BlackRock continues to
evolve and enable clients to further simplify their
operating infrastructure with Aladdin. Clients increasingly
want to tailor how they use Aladdin to meet their specific
needs, and BlackRock is providing them with choice and
flexibility. Through the integration of Aladdin and eFront,
clients are able to better manage and analyze risk across
their whole portfolio spanning public and private markets.
BlackRock is empowering clients with data and opening
Aladdin by creating connectivity with ecosystem providers
and third-party technology solutions, which include asset
servicers, cloud providers, digital asset platforms, trading
systems and others. This connectivity helps clients work in
their Aladdin environments with a more customized and
seamless end-to-end experience. Investments in Aladdin
AI copilots, enhancements in openness supporting
ecosystem partnerships, and advancing whole portfolio
solutions including private markets and digital assets are
expected to further augment the value of using Aladdin.
BlackRock’s planned acquisition of Preqin is expected to

42
BlackRock 2024 Form 10K
expand capabilities beyond private markets investment
management and technology to data.
Across BlackRock, many clients are focusing on the
impact of sustainability factors on their portfolios. This
shift has been driven by an increased understanding of
how sustainability-related factors can affect economic
growth, asset values, and financial markets as a whole. As
a fiduciary, BlackRock is committed to providing clients
with choice and then executing in accordance with their
chosen objectives – for some clients, this includes
investing in sustainable strategies. The Company aims to
deliver the best risk-adjusted returns within the mandates
clients choose, underpinned by research, data, and
analytics.
BlackRock’s investment management revenue is primarily
comprised of fees earned as a percentage of AUM and, in
some cases, performance fees, which are normally
expressed as a percentage of fund returns to the client.
Numerous factors, including price movements in the
equity, debt or currency markets, or in the price of real
assets, commodities or alternative investments in which
BlackRock invests on behalf of clients, and BlackRock’s
ability to maintain strong investment performance, could
impact BlackRock’s AUM, revenue and earnings.
Central banks globally have taken actions to reduce or
maintain interest rates, after a rapid rate hiking regime in
2022 and much of 2023, in an effort to moderate inflation.
BlackRock’s business is directly and indirectly affected by
changes in global interest rates. Changes in global
interest rates may cause BlackRock’s AUM to fluctuate
and introduce volatility to the Company’s base fees, net
income and operating cash flows. BlackRock’s business
may also be impacted by governmental changes, as well
as potential regulations, foreign and trade policies and
fiscal spending that may arise as a result of such changes.
See Part I, Item 1A, Risk Factors herein for information on
the possible future effects of changes in global interest
rates and governmental changes on the Company’s
results.
BlackRock manages $2.9 trillion in fixed income assets,
nearly two-thirds of which are owned by institutions for
strategic or liability-matching purposes. BlackRock
believes it is well positioned for a stabilizing rate
environment due to the breadth, diversification and
investment performance of its fixed income platform
which encompasses active, ETFs and non-ETF index fixed
income products, and a range of strategies, including
unconstrained, high yield, total return and short-duration.
BlackRock manages $6.3 trillion of equity assets across
markets globally. Beta divergence between equity markets,
where certain markets perform differently than others,
may lead to an increase in the proportion of BlackRock
AUM weighted toward lower fee equity products, resulting
in a decline in BlackRock’s effective fee rate. Divergent
market factors may also erode the correlation between the
growth rates of AUM and investment advisory and
administration fees (collectively “base fees”) and
securities lending revenue.
BlackRock believes its strategy aligns with expected future
client demand and structural growth opportunities in
areas including private markets, such as infrastructure
and private credit; ETFs; whole portfolio solutions
including outsourcing and models; and integrated public-
private markets enterprise technology through Aladdin,
eFront and Preqin upon the transaction’s closing.
BlackRock enters 2025 with strong momentum across its
franchise, including its newly enhanced private markets
platform. The Company is positioned ahead of market
opportunities that it believes will drive outsized growth for
BlackRock in the years to come.
BlackRock 2024 Form 10K 
43
EXECUTIVE SUMMARY
(in millions, except per share data)
2024
2023
GAAP basis(1):
Total revenue
$
20,407
$
17,859
Total expense
12,833
11,584
Operating income
$
7,574
$
6,275
Operating margin
37.1%
35.1%
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests
578
706
Income tax expense
1,783
1,479
Net income attributable to BlackRock
$
6,369
$
5,502
Diluted earnings per common share
$
42.01
$
36.51
Effective tax rate
21.9%
21.2%
As adjusted(2):
Operating income
$
8,110
$
6,593
Operating margin
44.5%
41.7%
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests
$
533
$
648
Net income attributable to BlackRock
$
6,612
$
5,692
Diluted earnings per common share
$
43.61
$
37.77
Effective tax rate
23.5%
21.4%
Other:
Assets under management (end of period)
$11,551,251
$10,008,995
Diluted weighted-average common shares outstanding
151.6
150.7
Shares outstanding (end of period)
154.9
148.5
Book value per share(3)
$
306.52
$
264.96
Cash dividends declared and paid per share
$
20.40
$
20.00
(1)
Accounting principles generally accepted in the United States (“GAAP”).
(2)
As adjusted items are described in more detail in Non-GAAP Financial Measures.
(3)
Total BlackRock stockholders’ equity, divided by total shares outstanding at December 31 of the respective year-end.
20 24 Compared With 2023
GAAP. Operating income of $7.6 billion increased
$1.3 billion and operating margin of 37.1% increased 200
bps from 2023. Increases in operating income and
operating margin reflected higher base fees, 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 services revenue, partially offset by higher
employee compensation and benefits expense, sales,
asset and account expense, and general and
administration expense. Expense for 2024 was impacted
by the GIP Transaction, including nonrecurring retention-
related deferred compensation expense, acquisition-
related costs and amortization of intangible assets
acquired in the GIP Transaction. In addition, expense for
2024 included a $50 million noncash impairment charge
related to certain indefinite-lived open-end management
contracts. Expense for 2023 included a restructuring
charge of $61 million in connection with initiatives to
reorganize specific platforms, primarily Aladdin and
private markets, to stay ahead of client needs.
Nonoperating income (expense) less net income (loss)
attributable to noncontrolling interests (“NCI”) decreased
$128 million from 2023, driven primarily by lower
mark-to-market revaluation of private equity
co-investments and higher interest expense, partially
offset by higher interest and dividend income, a pre-tax
gain of approximately $66 million in connection with a
transaction related to a minority investment in EquiLend
Holdings, LLC (the “EquiLend Transaction”), and higher
mark-to-market gains on unhedged seed capital
investments and certain minority investments.
Income tax expense for 2024 included discrete tax
benefits of $137 million recognized in connection with the
reorganization and establishment of a more efficient
global intellectual property and technology platform and
corporate structure, $63 million related to the realization
of capital losses from changes in the Company’s
organizational tax structure, $37 million related to vested
stock-based compensation awards, and a net noncash
discrete tax expense of $14 million related to the
revaluation of deferred income tax liabilities. Income tax
expense for 2023 included $242 million discrete tax net
benefits related to the resolution of certain outstanding
tax matters and stock-based compensation awards that
vested in 2023.
Earnings per diluted common share increased $5.50, or
15%, from 2023, primarily reflecting higher operating
income, partially offset by a higher effective tax rate and
lower nonoperating income.
As Adjusted. Operating income of $8.1 billion increased
$1.5 billion and operating margin of 44.5% increased 280
bps from 2023. Earnings per diluted common share
increased $5.84, or 15%, from 2023, reflecting higher
operating income, partially offset by a higher effective tax
rate and lower nonoperating income. The acquisition
related expenses and the noncash impairment charge of
$50 million described above have been excluded from as
adjusted results for 2024. In addition, income tax expense
for 2024 excluded the $137 million of benefit and the
$14 million net noncash tax expense described above. The

44
BlackRock 2024 Form 10K
pre-tax restructuring charge of $61 million described
above has been excluded from as adjusted results for
2023.
See Non-GAAP Financial Measures for further information
on as adjusted items and the reconciliation to GAAP.
For further discussion of BlackRock’s revenue, expense,
nonoperating results and income tax expense, see
Discussion of Financial Results herein.
NON-GAAP FINANCIAL MEASURES
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 consolidated statements of income as follows:
(1) Operating income, as adjusted, and operating margin, as adjusted:
(in millions)
2024
2023
Operating income, GAAP basis
$ 7,574
$ 6,275
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) on deferred cash
compensation plans (a)
43
57
Amortization and impairment of intangible assets (b)
291
151
Acquisition-related compensation costs (b)
148
17
Acquisition-related transaction costs (b)(1)
90
7
Contingent consideration fair value adjustments (b)
(36)
3
Lease costs—New York (c)
—
14
Restructuring charge (d)
—
61
Reduction of indemnification asset (e)(1)
—
8
Operating income, as adjusted
$ 8,110
$ 6,593
Revenue, GAAP basis
$20,407
$17,859
Non-GAAP adjustments:
Distribution fees
(1,273)
(1,262)
Investment advisory fees
(898)
(789)
Revenue used for operating margin measurement
$18,236
$15,808
Operating margin, GAAP basis
37.1%
35.1%
Operating margin, as adjusted
44.5%
41.7%
(1)
Amount included within general and administration expense.
(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted:
(in millions)
2024
2023
Nonoperating income (expense), GAAP basis
$
721
$
880
Less: Net income (loss) attributable to NCI
143
174
Nonoperating income (expense), net of NCI
578
706
Less: Hedge gain (loss) on deferred cash compensation plans (a)
45
58
Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted
$
533
$
648
BlackRock 2024 Form 10K 
45
(3) Net income attributable to BlackRock, Inc., as adjusted:
(in millions, except per share data)
2024
2023
Net income attributable to BlackRock, Inc., GAAP basis
$ 6,369
$5,502
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)
(1)
(1)
Amortization and impairment of intangible assets (b)
218
114
Acquisition-related compensation costs (b)
110
12
Acquisition-related transaction costs (b)
66
5
Contingent consideration fair value adjustments (b)
(27)
3
Lease costs—New York (c)
—
11
Restructuring charge (d)
—
46
Income tax matters
(123)
—
Net income attributable to BlackRock, Inc., as adjusted
$ 6,612
$5,692
Diluted weighted-average common shares outstanding
151.6
150.7
Diluted earnings per common share, GAAP basis
$ 42.01
$36.51
Diluted earnings per common share, as adjusted
$ 43.61
$37.77
(1)
Non-GAAP adjustments, excluding income tax matters, are net of tax.
(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:
(a) 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.
(b) 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.
(c) 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.
(d) 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

46
BlackRock 2024 Form 10K
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.
(e) 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 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) Annual Contract Value (“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.
BlackRock 2024 Form 10K 
47
ASSETS UNDER MANAGEMENT
AUM for reporting purposes generally is based upon how investment advisory and administration fees are calculated for each
portfolio. Net asset values, total assets, committed assets or other measures may be used to determine portfolio AUM.
AUM and Net Inflows (Outflows) by Client Type and Product Type
AUM
Net inflows (outflows)
(in millions)
2024
2023
2024
2023
Retail
$ 1,015,827
$
929,697
$ 24,367
$
(8,473)
ETFs
4,230,375
3,499,299
390,433
185,942
Institutional:
Active
2,136,749
1,912,673
64,447
87,106
Index
3,247,637
2,902,489
9,374
(55,125)
Institutional subtotal
5,384,386
4,815,162
73,821
31,981
Long-term
10,630,588
9,244,158
488,621
209,450
Cash management
920,663
764,837
152,730
79,245
Total
$11,551,251
$10,008,995
$641,351
$288,695
AUM and Net Inflows (Outflows) by Investment Style and Product Type
AUM
Net inflows (outflows)
(in millions)
2024
2023
2024
2023
Active
$ 2,870,656
$ 2,621,178
$ 62,164
$ 59,221
Index and ETFs
7,759,932
6,622,980
426,457
150,229
Long-term
10,630,588
9,244,158
488,621
209,450
Cash management
920,663
764,837
152,730
79,245
Total
$11,551,251
$10,008,995
$641,351
$288,695
AUM and Net Inflows (Outflows) by Product Type
AUM
Net inflows (outflows)
(in millions)
2024
2023
2024
2023
Equity
$ 6,310,191
$ 5,293,344
$225,568
$ (11,490)
Fixed income
2,905,669
2,804,026
163,669
143,087
Multi-asset
992,921
870,804
51,678
82,787
Alternatives:
Private markets
211,974
136,909
9,457
13,665
Liquid alternatives
76,390
74,233
(2,609)
(11,370)
Currency and commodities(1)
133,443
64,842
40,858
(7,229)
Alternatives subtotal
421,807
275,984
47,706
(4,934)
Long-term
10,630,588
9,244,158
488,621
209,450
Cash management
920,663
764,837
152,730
79,245
Total
$11,551,251
$10,008,995
$641,351
$288,695
(1)
Amounts include cryptocurrencyand commodity ETFs and ETPs.
The following table presents the component changes in BlackRock’s AUM for 2024 and 2023.
(in millions)
2024
2023
Beginning AUM
$10,008,995
$ 8,594,485
Net inflows (outflows):
Long-term
488,621
209,450
Cash management
152,730
79,245
Total net inflows (outflows)
641,351
288,695
Acquisitions(1)
73,949
2,177
Market change
992,964
1,073,550
FX impact(2)
(166,008)
50,088
Total change
1,542,256
1,414,510
Ending AUM
$11,551,251
$10,008,995
(1)
Amount for 2024 includes AUM attributable to the GIP Transaction and the SpiderRock Transaction.Amount for 2023 includes AUM attributable to the acquisition of Kreos Capital in August
2023 (the “Kreos Transaction”).
(2)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

48
BlackRock 2024 Form 10K
BlackRock has historically grown AUM through organic growth and acquisitions. Management believes that the Company
will be able to continue to grow AUM organically by focusing on strong investment performance, efficient delivery of beta
for index products, client service, developing new products and optimizing distribution capabilities.
Component Changes in AUM for 2024
The following table presents the component changes in AUM by client type and product type for 2024.
(in millions)
December 31,
2023
Net
inflows
(outflows)
Acquisition(1)
Market change
FX impact(2)
December 31,
2024
Full year
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
(1)
Amounts include AUM attributable to the GIP Transaction and the SpiderRock Transaction.
(2)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(3)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
BlackRock 2024 Form 10K 
49
The following table presents the component changes in AUM by investment style and product type for 2024.
(in millions)
December 31,
2023
Net
inflows
(outflows)
Acquisition(1)
Market
change
FX impact(2)
December 31,
2024
Full year
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 & 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
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
The following table presents the component changes in AUM by product type for 2024.
(in millions)
December 31,
2023
Net
inflows
(outflows)
Acquisition(1)
Market
change
FX impact(2)
December 31,
2024
Full year
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
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
(1)
Amounts include AUM attributable to the GIP Transaction and the SpiderRock Transaction.
(2)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(3)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
(4)
Amounts include cryptocurrencyand commodity ETFs and ETPs.
AUM increased $1.5 trillion to $11.6 trillion at
December 31, 2024 from $10.0 trillion at December 31,
2023, driven primarily by net market appreciation, net
inflows, led by flows into equity, bond and cryptocurrency
products, cash management, and significant outsourcing
mandates, and AUM added from the GIP Transaction,
partially offset by the negative impact of foreign exchange
movements.
Net market appreciation of $993 billion was primarily
driven by global equity market appreciation.
AUM decreased $166 billion due to the impact of foreign
exchange movements, primarily due to the strengthening
of the US dollar, largely against the euro, the Japanese
yen, the Canadian dollar and the British pound.
For further discussion on AUM, see Part I, Item 1 –
Business – Assets Under Management.

50
BlackRock 2024 Form 10K
Component Changes in AUM for 2023
The following table presents the component changes in AUM by client type and product type for 2023.
(in millions)
December 31,
2022
Net
inflows
(outflows)
Acquisition(1)
Market
change
FX
impact(2)
December 31,
2023
Full year
average
AUM(3)
Retail:
Equity
$
370,612
$
2,810
$
—
$
58,248
$
4,064
$
435,734
$
403,530
Fixed income
299,114
(2,471)
—
11,821
4,335
312,799
306,232
Multi-asset
125,168
(236)
—
14,022
583
139,537
131,236
Alternatives
48,581
(8,576)
—
1,286
336
41,627
45,319
Retail subtotal
843,475
(8,473)
—
85,377
9,318
929,697
886,317
ETFs:
Equity
2,081,742
81,223
—
362,885
6,781
2,532,631
2,262,361
Fixed income
758,093
111,956
—
24,544
3,810
898,403
824,832
Multi-asset
8,875
(746)
—
949
62
9,140
8,024
Alternatives
60,900
(6,491)
—
4,626
90
59,125
61,439
ETFs subtotal
2,909,610
185,942
—
393,004
10,743
3,499,299
3,156,656
Institutional:
Active:
Equity
168,734
(13,301)
—
29,088
2,167
186,688
174,967
Fixed income
774,955
4,714
—
53,538
3,616
836,823
798,832
Multi-asset
544,469
85,665
—
79,644
7,404
717,182
642,051
Alternatives
153,433
10,028
2,177
4,925
1,417
171,980
162,871
Active subtotal
1,641,591
87,106
2,177
167,195
14,604
1,912,673
1,778,721
Index:
Equity
1,814,266
(82,222)
—
401,047
5,200
2,138,291
1,979,704
Fixed income
704,661
28,888
—
17,774
4,678
756,001
713,802
Multi-asset
6,392
(1,896)
—
559
(110)
4,945
5,882
Alternatives
3,296
105
—
(138)
(11)
3,252
3,263
Index subtotal
2,528,615
(55,125)
—
419,242
9,757
2,902,489
2,702,651
Institutional subtotal
4,170,206
31,981
2,177
586,437
24,361
4,815,162
4,481,372
Long-term
7,923,291
209,450
2,177
1,064,818
44,422
9,244,158
8,524,345
Cash management
671,194
79,245
—
8,732
5,666
764,837
696,355
Total
$ 8,594,485
$ 288,695
$ 2,177
$ 1,073,550
$ 50,088
$ 10,008,995
$ 9,220,700
(1)
Amounts include AUM attributable to the Kreos Transaction.
(2)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(3)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
BlackRock 2024 Form 10K 
51
The following table presents the component changes in AUM by investment style and product type for 2023.
(in millions)
December 31,
2022
Net
inflows
(outflows)
Acquisition(1)
Market
change
FX
impact(2)
December 31,
2023
Full year
average
AUM(3)
Active:
Equity
$
392,836
$ (26,772)
$
—
$
57,431
$
3,953
$
427,448
$
409,687
Fixed income
1,053,083
(882)
—
64,203
7,018
1,123,422
1,080,917
Multi-asset
669,629
85,424
—
93,665
7,987
856,705
773,278
Alternatives
202,012
1,451
2,177
6,210
1,753
213,603
208,189
Active subtotal
2,317,560
59,221
2,177
221,509
20,711
2,621,178
2,472,071
Index and ETFs:
ETFs:
Equity
2,081,742
81,223
—
362,885
6,781
2,532,631
2,262,361
Fixed income
758,093
111,956
—
24,544
3,810
898,403
824,832
Multi-asset
8,875
(746)
—
949
62
9,140
8,024
Alternatives
60,900
(6,491)
—
4,626
90
59,125
61,439
ETFs subtotal
2,909,610
185,942
—
393,004
10,743
3,499,299
3,156,656
Non-ETF index:
Equity
1,960,776
(65,941)
—
430,952
7,478
2,333,265
2,148,514
Fixed income
725,647
32,013
—
18,930
5,611
782,201
737,949
Multi-asset
6,400
(1,891)
—
560
(110)
4,959
5,891
Alternatives
3,298
106
—
(137)
(11)
3,256
3,264
Non-ETF index subtotal
2,696,121
(35,713)
—
450,305
12,968
3,123,681
2,895,618
Index & ETFs subtotal
5,605,731
150,229
—
843,309
23,711
6,622,980
6,052,274
Long-term
7,923,291
209,450
2,177
1,064,818
44,422
9,244,158
8,524,345
Cash management
671,194
79,245
—
8,732
5,666
764,837
696,355
Total
$ 8,594,485
$ 288,695
$ 2,177
$ 1,073,550
$ 50,088
$ 10,008,995
$ 9,220,700
The following table presents the component changes in AUM by product type for 2023.
(in millions)
December 31,
2022
Net
inflows
(outflows)
Acquisition(1)
Market
change
FX
impact(2)
December 31,
2023
Full year
average
AUM(3)
Equity
$ 4,435,354
$ (11,490)
$
—
$
851,268
$ 18,212
$
5,293,344
$ 4,820,562
Fixed income
2,536,823
143,087
—
107,677
16,439
2,804,026
2,643,698
Multi-asset
684,904
82,787
—
95,174
7,939
870,804
787,193
Alternatives:
Private markets
117,751
13,665
2,177
1,885
1,431
136,909
127,655
Liquid alternatives
80,654
(11,370)
—
4,548
401
74,233
77,595
Currency and
commodities(4)
67,805
(7,229)
—
4,266
—
64,842
67,642
Alternatives subtotal
266,210
(4,934)
2,177
10,699
1,832
275,984
272,892
Long-term
7,923,291
209,450
2,177
1,064,818
44,422
9,244,158
8,524,345
Cash management
671,194
79,245
—
8,732
5,666
764,837
696,355
Total
$ 8,594,485
$ 288,695
$ 2,177
$ 1,073,550
$ 50,088
$ 10,008,995
$ 9,220,700
(1)
Amounts include AUM attributable to the Kreos Transaction.
(2)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(3)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
(4)
Amounts include commodity ETFs and ETPs.
AUM increased $1.4 trillion to $10.0 trillion at
December 31, 2023 from $8.6 trillion at December 31,
2022, driven primarily by net market appreciation, net
inflows, led by flows into bond and equity ETFs, cash
management, significant outsourcing mandates and
growth in private markets.
Net market appreciation of $1.1 trillion was primarily
driven by global equity market appreciation.
AUM increased $50 billion due to the impact of foreign
exchange movements, primarily due to the weakening of
the US dollar largely against the British pound and the
euro, partially offset by the strengthening of the US dollar
against the Japanese yen.

52
BlackRock 2024 Form 10K
DISCUSSION OF FINANCIAL RESULTS
Introduction
The Company derives a substantial portion of its revenue
from investment advisory and administration fees, which
are recognized as the services are performed over time
because the customer is receiving and consuming the
benefits as they are provided by the Company. Fees are
primarily based on agreed-upon percentages of AUM and
recognized for services provided during the period, which
are distinct from services provided in other periods. Such
fees are affected by changes in AUM, including market
appreciation or depreciation, foreign exchange translation
and net inflows or outflows. Net inflows or outflows
represent the sum of new client assets, additional fundings
from existing clients (including dividend reinvestment),
withdrawals of assets from, and termination of, client
accounts and distributions to investors representing return
of capital and return on investments. Market appreciation
or depreciation includes current income earned on, and
changes in the fair value of, securities held in client
accounts. Foreign exchange translation reflects the impact
of translating non-US dollar denominated AUM into US
dollars for reporting purposes.
The Company also earns revenue by lending securities on
behalf of clients, primarily to highly rated banks and
broker-dealers. The securities loaned are secured by
collateral in the form of cash or securities, with minimum
collateral generally ranging from approximately 102% to
112% of the value of the loaned securities. Generally, the
revenue earned is shared between the Company and the
funds or accounts managed by the Company from which
the securities are borrowed.
Investment advisory agreements for certain separate
accounts and investment funds provide for performance
fees based upon relative and/or absolute investment
performance, in addition to base fees based on AUM.
Investment advisory performance fees generally are
earned after a given period of time when investment
performance exceeds a contractual threshold, and when it
is determined that the fees are no longer probable of
significant reversal. As such, the timing of recognition of
performance fees may increase the volatility of the
Company’s revenue and earnings. The magnitude of
performance fees can fluctuate quarterly due to the timing
of carried interest recognition on private market products
and a greater number and size of liquid products with
performance measurement periods that end in the third
and fourth quarters.
The Company offers investment management technology
systems, risk management services, wealth management
and digital distribution tools, all on a fee basis. Clients
include banks, insurance companies, official institutions,
pension funds, asset managers, retail distributors and
other investors. Fees earned for technology services are
primarily recorded as services are performed over time
and are generally determined using the value of positions
on the Aladdin platform, or on a fixed-rate basis. Revenue
derived from the sale of software licenses is recognized
upon the granting of access rights.
The Company earns distribution and service fees for
distributing investment products and providing support
services to investment portfolios. The fees are primarily
based on AUM and are recognized when the amount of
fees is known.
The Company advises global financial institutions,
regulators, and government entities across a range of risk,
regulatory, capital markets and strategic services. Fees
earned for advisory services, which are included in
advisory and other revenue, are determined using fixed-
rate fees and are recognized over time as the related
services are completed.
The Company earns fees for transition management
services primarily comprised of commissions recognized
in connection with buying and selling securities on behalf
of its customers. Commissions related to transition
management services, which are included in advisory and
other revenue, are recorded on a trade-date basis as
transactions occur.
Beginning in the first quarter of 2024, BlackRock updated
the presentation of the Company’s expense line items
within the 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. Operating expense reflects employee
compensation and benefits, sales, asset and account
expense, general and administration expense, and
amortization and impairment of intangible assets.
• Employee compensation and benefits expense
includes salaries, commissions, temporary help,
incentive compensation, employer payroll taxes,
severance and related benefit costs.
• Sales, asset and account expense includes
distribution and servicing costs, direct fund expense,
and sub-advisory and other expense. These expenses
primarily vary over time with fluctuations in AUM,
number of shareholder accounts, or other attributes
directly related to volume of business.
– Distribution and servicing costs, which are
primarily AUM driven, include payments to third
parties, primarily associated with distribution and
servicing of client investments in certain
Company products.
– Direct fund expense primarily consists of third-
party non-advisory expenses incurred by the
Company related to certain funds for the use of
index trademarks, reference data for indices,
custodial services, fund administration, fund
accounting, transfer agent services, shareholder
reporting services, legal expense, audit and tax
services as well as other fund-related expenses
directly attributable to the non-advisory
operations of the fund.
– Sub-advisory and other expense is primarily
related to the contracts where third-party advisors
provide investment advisory services on the
Company’s behalf.
• General and administration expense includes
marketing and promotional (including travel and
entertainment expense), occupancy and office-
related, portfolio services (including market data
costs), technology, professional services,
communications, contingent consideration fair value
adjustments, product launch costs, the net impact of
foreign currency remeasurement, and other general
and administration expense.
BlackRock 2024 Form 10K 
53
Approximately 80% of the Company’s revenue is
generated in US dollars. The Company’s revenue and
expense generated in foreign currencies (primarily the
euro and British pound) are impacted by foreign exchange
rates. Any effect of foreign exchange rate change on
revenue is partially offset by a change in expense driven by
the Company’s considerable non-dollar expense base
related to its operations outside the US.
Nonoperating income (expense) includes the effect of
changes in the valuations on investments and earnings on
equity method investments as well as interest and
dividend income and interest expense. The Company
primarily holds seed and co-investments in sponsored
investment products that invest in a variety of asset
classes, including private equity, private credit, hedge
funds and real assets. Investments generally are made for
co-investment purposes, to establish a performance track
record or for regulatory purposes, including Federal
Reserve Bank stock. The Company does not engage in
proprietary trading activities that could conflict with the
interests of its clients.
In addition, nonoperating income (expense) includes the
impact of changes in the valuations of consolidated
sponsored investment products (“CIPs”). The portion of
nonoperating income (expense) not attributable to the
Company is allocated to NCI on the consolidated
statements of income.
Revenue
The table below presents detail of revenue for 2024 and 2023 and includes the product type mix of base fees and
securities lending revenue and performance fees.
(in millions)
2024
2023
Revenue:
Investment advisory, administration fees and securities lending revenue:
Equity:
Active
$ 2,166
$ 2,000
ETFs
5,124
4,418
Non-ETF index
784
743
Equity subtotal
8,074
7,161
Fixed income:
Active
1,952
1,897
ETFs
1,367
1,230
Non-ETF index
369
353
Fixed income subtotal
3,688
3,480
Multi-asset
1,278
1,203
Alternatives:
Private markets
1,196
889
Liquid alternatives
568
572
Currency and commodities(1)
247
185
Alternatives subtotal
2,011
1,646
Long-term
15,051
13,490
Cash management
1,049
909
Total investment advisory, administration fees and securities lending revenue(2)
16,100
14,399
Investment advisory performance fees:
Equity
161
99
Fixed income
34
4
Multi-asset
24
28
Alternatives:
Private markets
308
273
Liquid alternatives
680
150
Alternatives subtotal
988
423
Total investment advisory performance fees
1,207
554
Technology services revenue
1,603
1,485
Distribution fees
1,273
1,262
Advisory and other revenue:
Advisory
49
81
Other
175
78
Total advisory and other revenue
224
159
Total revenue
$20,407
$17,859
(1)
Amounts include cryptocurrencyand commodity ETFs and ETPs.
(2)
Amounts include $615 million and $675 million of securities lending revenue for 2024 and 2023, respectively.

54
BlackRock 2024 Form 10K
The table below lists a percentage breakdown of base fees and securities lending revenue and average AUM by product
type:
Percentage of Base Fees
and Securities Lending Revenue
Percentage of Average
AUM by Product Type(1)
2024
2023
2024
2023
Equity:
Active
13%
14%
4%
4%
ETFs
32%
31%
27%
24%
Non-ETF index
5%
5%
24%
23%
Equity subtotal
50%
50%
55%
51%
Fixed income:
Active
12%
13%
10%
12%
ETFs
8%
9%
9%
9%
Non-ETF index
2%
2%
7%
8%
Fixed income subtotal
22%
24%
26%
29%
Multi-asset
8%
8%
9%
9%
Alternatives:
Private markets
7%
7%
1%
1%
Liquid alternatives
4%
4%
1%
1%
Currency and commodities(2)
2%
1%
1%
1%
Alternatives subtotal
13%
12%
3%
3%
Long-term
93%
94%
93%
92%
Cash management
7%
6%
7%
8%
Total AUM
100%
100%
100%
100%
(1)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
(2)
Amounts include cryptocurrencyand commodity ETFs and ETPs.
Revenue increased $2.5 billion, or 14%, from 2023,
primarily driven by the positive impact of market beta on
average AUM, organic base fee growth, and fees on AUM
acquired in the GIP Transaction, as well as higher
performance fees and technology services revenue.
Investment advisory, administration fees and securities
lending revenue of $16.1 billion in 2024 increased
$1.7 billion from $14.4 billion in 2023, primarily driven by
the impact of market beta on average AUM, organic base
fee growth and approximately $230 million of fees related
to AUM acquired in the GIP Transaction, partially offset by
lower securities lending revenue. Securities lending
revenue of $615 million decreased $60 million from
$675 million in 2023, primarily reflecting lower spreads,
partially offset by higher average balances of securities on
loan.
Investment advisory performance fees of $1.2 billion in
2024 increased $653 million from $554 million in 2023,
primarily driven by higher revenue from liquid alternative
products, including strong performance from a single
hedge fund in 2024, and higher revenue from long-only
and private market products.
Technology services revenue of $1.6 billion in 2024
increased $118 million from $1.5 billion in 2023,
reflecting sustained demand for Aladdin technology
offerings and the successful onboarding of a number of
new clients.
Advisory and other revenue of $224 million in 2024
increased $65 million from $159 million in 2023,
reflecting the impact of presenting earnings (losses) from
certain equity method minority investments within
nonoperating income (expense) beginning in the first
quarter of 2024 and higher transition management
assignments, partially offset by lower revenue from
advisory assignments.
BlackRock 2024 Form 10K 
55
Expense
The following table presents expense for 2024 and 2023.
(in millions)
2024
2023
Expense:
Employee compensation and benefits
$
6,546
$
5,779
Sales, asset and account expense(1):
Distribution and servicing costs
2,171
2,051
Direct fund expense
1,464
1,331
Sub-advisory and other
140
116
Total sales, asset and account expense
3,775
3,498
General and administration expense:
Marketing and promotional
314
309
Occupancy and office related
421
418
Portfolio services
262
270
Technology
674
607
Professional services
277
195
Communications
39
47
Foreign exchange remeasurement
—
(6)
Contingent consideration fair value adjustments
(36)
3
Other general and administration
270
252
Total general and administration expense
2,221
2,095
Restructuring charge
—
61
Amortization and impairment of intangible assets
291
151
Total expense
$ 12,833
$ 11,584
(1)
Beginning in the first quarter of 2024, BlackRock updated the presentation of the Company’s expense line items within the 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.
Expense increased $1.2 billion, or 11%, from 2023,
reflecting higher employee compensation and benefits
expense, sales, asset and account expense, amortization
and impairment of intangible assets and general and
administration expense. Expense for 2024 was impacted
by the previously described expenses incurred in
connection with the GIP Transaction and the $50 million
noncash impairment charge(1). Expense for 2023 included
a previously mentioned restructuring charge of $61
million(1).
Employee compensation and benefits expense of
$6.5 billion in 2024 increased $767 million from
$5.8 billion in 2023, reflecting higher incentive
compensation, primarily as a result of higher operating
income and performance fees. 2024 employee
compensation and benefits expense was also impacted by
the GIP Transaction, including nonrecurring retention-
related deferred compensation expense.(1)
Sales, asset and account expense of $3.8 billion in 2024
increased $277 million from $3.5 billion in 2023, driven by
higher distribution and servicing costs and direct fund
expense, primarily reflecting higher average AUM.
General and administration expense of $2.2 billion in
2024 increased $126 million from $2.1 billion in 2023,
primarily associated with acquisition-related costs(1) in
connection with the GIP Transaction, including
transaction costs recorded in professional services
expense, and higher technology expense, partially offset
by lower contingent consideration fair value adjustments.
Restructuring charge(1) of $61 million, comprised of
severance and compensation expense for accelerated
vesting of previously granted deferred compensation
awards, was recorded in 2023, as previously described.
Amortization and impairment of intangible assets(1) of
$291 million in 2024 increased $140 million from
$151 million in 2023, primarily due to the amortization of
intangible assets acquired in the GIP Transaction and the
previously described $50 million noncash impairment
charge.
(1)
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
Non-GAAP Financial Measures for further information on as adjusted items. See Note 12, Intangible Assets, in the notes to the consolidated financial statements and Critical Accounting Policies
and Estimates for further information on the impairment charge.

56
BlackRock 2024 Form 10K
Nonoperating Results
The summary of nonoperating income (expense), less net income (loss) attributable to NCI for 2024 and 2023 was as
follows:
(in millions)
2024
2023
Nonoperating income (expense), GAAP basis
$ 721
$ 880
Less: Net income (loss) attributable to NCI
143
174
Nonoperating income (expense), net of NCI
578
706
Less: Hedge gain (loss) on deferred cash compensation plans(1)
45
58
Nonoperating income (expense), net of NCI, as adjusted(2)
$ 533
$ 648
(in millions)
2024
2023
Net gain (loss) on investments, net of NCI
Private equity
$
(10)
$
349
Real assets
14
13
Other alternatives(3)
41
49
Other investments(4)
127
66
Hedge gain (loss) on deferred cash compensation plans(1)
45
58
Subtotal
217
535
Other income/gain (expense/loss)(5)
132
(10)
Total net gain (loss) on investments, net of NCI
349
525
Interest and dividend income
767
473
Interest expense
(538)
(292)
Net interest income (expense)
229
181
Nonoperating income (expense), net of NCI
578
706
Less: Hedge gain (loss) on deferred cash compensation plans(1)
45
58
Nonoperating income (expense), net of NCI, as adjusted(2)
$ 533
$
648
(1)
Amount relates to the gain (loss) from economically hedging BlackRock’s deferred cash compensation plans.
(2)
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. See Non-GAAP Financial Measures for further information on other non-GAAP financial measures.
(3)
Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.
(4)
Amounts primarily include net gains (losses) related to BlackRock’s seed investment portfolio, net of the impact of certain hedges.
(5)
Amounts for 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 2024 includes a pre-tax gain of approximately $66 million in
connection with a transaction related to a minority investment in the EquiLend Transaction and a noncash pre-tax gain in connection with the SpiderRock Transaction of approximately
$19 million.
Income Tax Expense
GAAP
As Adjusted
(in millions)
2024
2023
2024
2023
Operating income(1)
$7,574
$6,275
$8,110
$6,593
Total nonoperating income (expense)(1)(2)
$
578
$
706
$
533
$
648
Income before income taxes(2)
$8,152
$6,981
$8,643
$7,241
Income tax expense
$1,783
$1,479
$2,031
$1,549
Effective tax rate
21.9%
21.2%
23.5%
21.4%
(1)
As adjusted items are described in more detail in Non-GAAP Financial Measures.
(2)
Net of net income (loss) attributable to NCI.
The Company’s tax rate is affected by tax rates in foreign
jurisdictions and the relative amount of income earned in
those jurisdictions, which the Company expects to be fairly
consistent in the near term. The significant foreign
jurisdictions that have different statutory tax rates than
the US federal statutory rate of 21% include the UK,
Germany, Canada and Ireland.
2024 Income tax expense (GAAP) reflected:
• 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;
• a discrete tax benefit of $63 million related to the
realization of capital losses from changes in the
Company’s organizational tax structure;
• a net discrete tax benefit of $37 million related to
stock-based compensation awards that vested in
2024; and
• a $14 million net noncash tax expense related to the
revaluation of certain deferred income tax liabilities.
BlackRock 2024 Form 10K 
57
The as adjusted effective tax rate of 23.5% for 2024
excluded the $137 million discrete tax benefit due to the
nonrecurring nature of the intellectual property
reorganization and the $14 million net noncash tax
expense, as it does not have a cash flow impact as well as
to ensure comparability among periods presented.
The Organisation for Economic Cooperation and
Development (“OECD”) has proposed certain international
tax reforms, which, among other things, would (1) shift
taxing rights to the jurisdiction of the consumer (“Pillar
One”) and (2) establish a global minimum tax for
multinational companies of 15% (“Pillar Two”). In
response, European Union member states and several
other countries, including the United Kingdom, have since
adopted laws implementing the OECD’s minimum tax
rules under Pillar Two, effective starting in 2024. As a
result of these developments, the tax laws of certain
countries in which BlackRock does business have
changed and may continue to change, and any such
changes could increase its tax liabilities. The Pillar Two
Framework did not have a material impact on BlackRock’s
consolidated financial statements for 2024 and the
Company is continuing to monitor legislative
developments and evaluate the potential impact of the
Pillar Two Framework on future periods.
2023 Income tax expense (GAAP) reflected:
• a discrete tax benefit of $201 million, related to the
resolution of certain outstanding tax matters; and
• a discrete tax benefit of $41 million, related to stock-
based compensation awards that vested in 2023.
STATEMENT OF FINANCIAL CONDITION
OVERVIEW
As Adjusted Statement of Financial Condition
The following table presents a reconciliation of the
consolidated statement of financial condition presented
on a GAAP basis to the consolidated statement of financial
condition, excluding the impact of separate account
assets and separate account collateral held under
securities lending agreements (directly related to lending
separate account securities) and separate account
liabilities and separate account collateral liabilities under
securities lending agreements and CIPs.
The Company presents the as adjusted statement of
financial condition as additional information to enable
investors to exclude certain assets that have equal and
offsetting liabilities or NCI that ultimately do not have an
impact on stockholders’ equity or cash flows.
Management views the as adjusted statement of financial
condition, which contains non-GAAP financial measures,
as an economic presentation of the Company’s total
assets and liabilities; however, it 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.
Separate Account Assets and Liabilities and Separate
Account Collateral Held under Securities Lending
Agreements
Separate account assets are maintained by BlackRock Life
Limited, a wholly owned subsidiary of the Company that is
a registered life insurance company in the UK, and
represent segregated assets held for purposes of funding
individual and group pension contracts. The Company
records equal and offsetting separate account liabilities.
The separate account assets are not available to creditors
of the Company and the holders of the pension contracts
have no recourse to the Company’s assets. The net
investment income attributable to separate account
assets accrues directly to the contract owners and is not
reported on the consolidated statements of income. While
BlackRock has no economic interest in these assets or
liabilities, BlackRock earns an investment advisory fee for
the service of managing these assets on behalf of its
clients.
In addition, the Company records on its consolidated
statements of financial condition the separate account
collateral obtained under BlackRock Life Limited
securities lending arrangements for which it has legal title
as its own asset in addition to an equal and offsetting
separate account collateral liability for the obligation to
return the collateral. The collateral is not available to
creditors of the Company, and the borrowers under the
securities lending arrangements have no recourse to the
Company’s assets.
Consolidated Sponsored Investment Products
The Company consolidates certain sponsored investment
products accounted for as variable interest entities
(“VIEs”) and voting rights entities (“VREs”). See Note 2,
Significant Accounting Policies, in the notes to the
consolidated financial statements contained in Part II,
Item 8 of this filing for more information on the
Company’s consolidation policy.
The Company cannot readily access cash and cash
equivalents or other assets held by CIPs to use in its
operating activities. In addition, the Company cannot
readily sell investments held by CIPs in order to obtain
cash for use in the Company’s operations.

58
BlackRock 2024 Form 10K
December 31, 2024
(in millions)
GAAP
Basis
Separate
Account
Assets/
Collateral(1)
CIPs(2)
As
Adjusted
Assets
Cash and cash equivalents
$
12,762
$
—
$
169
$ 12,593
Accounts receivable
4,304
—
—
4,304
Investments
9,769
—
1,875
7,894
Separate account assets and collateral held under securities
lending agreements
58,870
58,870
—
—
Operating lease right-of-use assets
1,519
—
—
1,519
Other assets(3)
4,699
—
76
4,623
Subtotal
91,923
58,870
2,120
30,933
Goodwill and intangible assets, net
46,692
—
—
46,692
Total assets
$ 138,615
$ 58,870
$ 2,120
$ 77,625
Liabilities
Accrued compensation and benefits
$
2,964
$
—
$
—
$
2,964
Accounts payable and accrued liabilities
1,536
—
—
1,536
Borrowings
12,314
—
—
12,314
Separate account liabilities and collateral liabilities under
securities lending agreements
58,870
58,870
—
—
Contingent consideration liabilities
4,302
—
—
4,302
Deferred income tax liabilities(4)
3,334
—
—
3,334
Operating lease liabilities
1,908
—
—
1,908
Other liabilities
4,032
—
318
3,714
Total liabilities
89,260
58,870
318
30,072
Equity
Total BlackRock, Inc. stockholders’ equity
47,495
—
—
47,495
Noncontrolling interests
1,860
—
1,802
58
Total equity
49,355
—
1,802
47,553
Total liabilities and equity
$ 138,615
$ 58,870
$ 2,120
$ 77,625
(1)
Amounts represent segregated client assets and related liabilities, in which BlackRock has no economic interest. BlackRock earns an investment advisory fee for the service of managing these
assets on behalf of its clients.
(2)
Amounts represent the impact of consolidating CIPs.
(3)
Amount includes property and equipment and other assets.
(4)
Amount includes approximately $4.2 billion of deferred income tax liabilities related to goodwill and intangibles. See Note 25, Income Taxes, in the notes to the consolidated financial statements
contained in Part II, Item 8 of this filing for more information.
The following discussion summarizes the significant
changes in assets and liabilities on a GAAP basis. Please
see the consolidated statements of financial condition as
of December 31, 2024 and 2023 contained in Part II, Item
8 of this filing. The discussion does not include changes
related to assets and liabilities that are equal and
offsetting and have no impact on BlackRock’s
stockholders’ equity.
Assets. Cash and cash equivalents at December 31, 2024
included $169 million of cash held by CIPs (see Liquidity
and Capital Resources for details on the change in cash
and cash equivalents during 2024). Accounts receivable at
December 31, 2024 increased $388 million from
December 31, 2023, primarily due to higher base and
performance fee receivables. Investments at
December 31, 2024 increased $29 million from
December 31, 2023 (for more information see Investments
herein). Goodwill and intangible assets, net at
December 31, 2024 increased $12.9 billion from
December 31, 2023, primarily due to the GIP Transaction
and the SpiderRock Transaction, partially offset by
amortization of intangible assets and a $50 million
noncash impairment charge related to certain indefinite-
lived intangible assets. Other assets at December 31,
2024 decreased $261 million from December 31, 2023,
primarily related to a decrease in unit trust receivables
(substantially offset by a decrease in unit trust payables
recorded within other liabilities), partially offset by an
increase in certain minority investments.
Liabilities. Accrued compensation and benefits at
December 31, 2024 increased $571 million from
December 31, 2023, primarily due to higher 2024
incentive compensation accruals. Accounts payable and
accrued liabilities at December 31, 2024 increased
$296 million from December 31, 2023, primarily due to
higher interest on borrowings and increased accruals,
including accruals related to direct fund expense.
Contingent consideration liabilities at December 31, 2024
increased $4.2 billion from December 31, 2023, primarily
due to the contingent consideration liability in connection
with the GIP Transaction, which will be settled all in stock,
subject to the achievement of specified performance
targets (See Note 3, Acquisitions, in the notes to the
consolidated financial statements contained in Part II,
Item 8 of this filing for more information). Other liabilities
at December 31, 2024 decreased $343 million from
December 31, 2023, primarily due to lower unit trust
payables (substantially offset by a decrease in unit trust
receivables recorded within other assets). Deferred income
tax liabilities at December 31, 2024 decreased
BlackRock 2024 Form 10K 
59
$172 million from December 31, 2023, primarily due to
the effects of temporary differences associated with the
intellectual property reorganization and the GIP
Transaction.
Investments
The Company’s investments were $9.8 billion and
$9.7 billion at December 31, 2024 and 2023, respectively.
Investments include CIPs accounted for as VIEs and VREs.
Management reviews BlackRock’s investments on an
“economic” basis, which eliminates the portion of
investments that does not impact BlackRock’s book value
or net income attributable to BlackRock. 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.
The Company presents investments, as adjusted, to
enable investors to understand the economic portion of
investments that is owned by the Company as a gauge to
measure the impact of changes in net nonoperating
income (expense) on investments to net income (loss)
attributable to BlackRock.
The Company further presents net “economic” investment
exposure, net of deferred cash compensation investments
and hedged exposures, to reflect another helpful measure
for investors. The economic impact of investments held
pursuant to deferred cash compensation plans is
substantially offset by a change in associated
compensation expense, and the impact of the portfolio of
seed investments is mitigated by futures entered into as
part of the Company’s macro hedging strategy. Carried
interest capital allocations are excluded as there is no
impact to BlackRock’s stockholders’ equity until such
amounts are realized as performance fees. Finally, the
Company’s regulatory investment in Federal Reserve Bank
stock, which is not subject to market or interest rate risk, is
excluded from the Company’s net economic investment
exposure.
(in millions)
December 31,
2024
December 31,
2023
Investments, GAAP
$ 9,769
$ 9,740
Investments held by CIPs
(5,752)
(5,977)
Net interest in CIPs(1)
3,877
4,111
Investments, as adjusted
7,894
7,874
Investments related to deferred cash compensation plans
(185)
(264)
Hedged exposures
(1,757)
(1,771)
Federal Reserve Bank stock
(93)
(92)
Carried interest
(1,983)
(1,975)
Total “economic” investment exposure(2)
$ 3,876
$ 3,772
(1)
Amounts included $1.9 billion of carried interest (VIEs) at both December 31, 2024 and 2023, which has no impact on the Company’s “economic” investment exposure.
(2)
Amounts do not include investments in corporate minority investments included in other assets on the consolidated statements of financial condition.
The following table represents the carrying value of the Company’s economic investment exposure, by asset type, at
December 31, 2024 and 2023:
(in millions)
December 31,
2024
December 31,
2023
Equity/Fixed income/Multi-asset(1)
$ 3,025
$ 2,786
Alternatives:
Private equity
1,199
1,491
Real assets
629
509
Other alternatives(2)
780
757
Alternatives subtotal
2,608
2,757
Hedged exposures
(1,757)
(1,771)
Total “economic” investment exposure
$ 3,876
$ 3,772
(1)
Amounts include seed investments in equity, fixed income, and multi-asset mutual funds/strategies.
(2)
Other alternatives primarily include co-investments in credit funds, direct hedge fund strategies, and hedge fund solutions.

60
BlackRock 2024 Form 10K
As adjusted investment activity for 2024 and 2023 was as follows:
(in millions)
2024
2023
Investments, as adjusted, beginning balance
$ 7,874
$ 6,419
Purchases/capital contributions
2,214
1,403
Sales/maturities
(1,888)
(914)
Distributions(1)
(466)
(111)
Market appreciation(depreciation)/earnings from equity method investments
220
607
Carried interest capital allocations/(distributions)
8
425
Other(2)
(68)
45
Investments, as adjusted, ending balance
$ 7,894
$ 7,874
(1)
Amount includes distributions representing return of capital and return on investments.
(2)
Amount includes the impact of foreign exchange movements.
LIQUIDITY AND CAPITAL RESOURCES
BlackRock Cash Flows Excluding the Impact of CIPs
The consolidated statements of cash flows include the
cash flows of the CIPs. The Company uses an adjusted
cash flow statement, which excludes the impact of CIPs, as
a supplemental non-GAAP measure to assess liquidity and
capital requirements. The Company believes that its cash
flows, excluding the impact of the CIPs, provide investors
with useful information on the cash flows of BlackRock
relating to its ability to fund additional operating,
investing and financing activities. BlackRock’s
management does not advocate that investors consider
such non-GAAP measures in isolation from, or as a
substitute for, its cash flows presented in accordance with
GAAP.
The following table presents a reconciliation of the consolidated statements of cash flows presented on a GAAP basis to
the consolidated statements of cash flows, excluding the impact of the cash flows of CIPs:
(in millions)
GAAP
Basis
Impact on
Cash Flows
of CIPs
Cash Flows
Excluding
Impact of
CIPs
Cash, cash equivalents and restricted cash, December 31, 2022
$ 7,433
$
265
$ 7,168
Net cash provided by/(used in) operating activities
4,165
(1,519)
5,684
Net cash provided by/(used in) investing activities
(959)
(26)
(933)
Net cash provided by/(used in) financing activities
(1,992)
1,568
(3,560)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
106
—
106
Net increase/(decrease) in cash, cash equivalents and restricted cash
1,320
23
1,297
Cash, cash equivalents and restricted cash, December 31, 2023
$ 8,753
$
288
$ 8,465
Net cash provided by/(used in) operating activities
4,956
(2,311)
7,267
Net cash provided by/(used in) investing activities
(3,004)
(127)
(2,877)
Net cash provided by/(used in) financing activities
2,236
2,319
(83)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(162)
—
(162)
Net increase/(decrease) in cash, cash equivalents and restricted cash
4,026
(119)
4,145
Cash, cash equivalents and restricted cash, December 31, 2024
$12,779
$
169
$12,610
Sources of BlackRock’s operating cash primarily include
base fees and securities lending revenue, performance
fees, technology services revenue, advisory and other
revenue and distribution fees. BlackRock uses its cash to
pay all operating expenses, interest and principal on
borrowings, income taxes, dividends and repurchases of
the Company’s stock, acquisitions, capital expenditures
and purchases of co-investments and seed investments.
For details of the Company’s GAAP cash flows from
operating, investing and financing activities, see the
consolidated statements of cash flows contained in Part II,
Item 8 of this filing.
Cash flows provided by/(used in) operating activities,
excluding the impact of CIPs, primarily include the receipt
of base fees, securities lending revenue, performance fees
and technology services revenue, offset by the payment of
operating expenses incurred in the normal course of
business, including year-end incentive and deferred cash
compensation accrued during prior years, and income tax
payments.
Cash flows used in investing activities, excluding the
impact of CIPs, for 2024 were $2.9 billion, primarily
reflecting $2.9 billion related to the GIP Transaction,
$255 million of purchases of property and equipment,
$74 million related to the SpiderRock Transaction, and
$52 million of net investment purchases, partially offset by
$366 million of distributions of capital from equity method
investees.
Cash flows used in financing activities, excluding the
impact of CIPs, for 2024 were $83 million, primarily
resulting from $3.1 billion of cash dividend payments,
$1.9 billion of share repurchases, including $1.6 billion in
open market transactions and $0.3 billion of employee tax
withholdings related to employee stock transactions, and
$1.0 billion of repayment of long-term borrowings,
partially offset by $5.5 billion of proceeds from long-term
BlackRock 2024 Form 10K 
61
borrowings related to the issuances of senior notes to
fund a portion of the cash consideration for the GIP
Transaction and the Preqin Transaction, which is
anticipated to close in the first quarter of 2025, and
$0.5 billion in proceeds from stock options exercised.
The Company manages its financial condition and
funding to maintain appropriate liquidity for the business.
Management believes that the Company’s liquid assets,
continuing cash flows from operations, borrowing capacity
under the Company’s existing revolving credit facility and
uncommitted commercial paper private placement
program, provide sufficient resources to meet the
Company’s short-term and long-term cash needs,
including operating, debt and other obligations as they
come due and anticipated future capital requirements.
Liquidity resources at December 31, 2024 and 2023 were
as follows:
(in millions)
December 31,
2024
December 31,
2023
Cash and cash equivalents(1)
$ 12,762
$
8,736
Cash and cash equivalents held by
CIPs(2)
(169)
(288)
Subtotal(3)
12,593
8,448
Credit facility — undrawn
5,400
5,000
Total liquidity resources
$ 17,993
$ 13,448
(1)
Amounts exclude restricted cash.
(2)
The Company cannot readily access such cash and cash equivalents to use in its operating
activities.
(3)
The percentage of cash and cash equivalents held by the Company’s US subsidiaries was
approximately 65% and 50% at December 31, 2024 and 2023, respectively. See Net
Capital Requirements herein for more information on net capital requirements in certain
regulated subsidiaries.
Total liquidity resources increased $4.5 billion during
2024, primarily reflecting $4.5 billion of net proceeds from
long-term borrowings, a $400 million increase in the
aggregate commitment amount under the credit facility,
and positive cash flows from operating activities, partially
offset by cash dividend payments of $3.1 billion,
$2.9 billion related to the GIP Transaction, share
repurchases of $1.9 billion and $74 million related to the
SpiderRock Transaction.
A significant portion of the Company’s $7.9 billion of
investments, as adjusted, is illiquid in nature and, as such,
cannot be readily convertible to cash.
Share Repurchases. During 2024, the Company
repurchased 1.9 million common shares under the
Company’s existing share repurchase program for
approximately $1.6 billion. At December 31, 2024, there
were approximately 3.8 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.
Net Capital Requirements. The Company is required to
maintain net capital in certain regulated subsidiaries
within a number of jurisdictions, which is partially
maintained by retaining cash and cash equivalent
investments in those subsidiaries or jurisdictions. As a
result, such subsidiaries of the Company may be restricted
in their ability to transfer cash between different
jurisdictions and to their parents. Additionally, transfers of
cash between international jurisdictions may have adverse
tax consequences that could discourage such transfers.
BlackRock Institutional Trust Company, N.A. (“BTC”) is
chartered as a national bank that does not accept deposits
or make commercial loans and whose powers are limited
to trust and other fiduciary activities. BTC provides
investment management and other fiduciary services,
including investment advisory and securities lending
agency services, to institutional clients. BTC is subject to
regulatory capital and liquid asset requirements
administered by the US Office of the Comptroller of the
Currency.
At both December 31, 2024 and 2023, the Company was
required to maintain approximately $1.8 billion in net
capital in certain regulated subsidiaries, including BTC,
entities regulated by the Financial Conduct Authority and
Prudential Regulation Authority in the UK, and the
Company’s broker-dealers. The Company was in
compliance with all applicable regulatory net capital
requirements.
Undistributed Earnings of Foreign Subsidiaries. As a
result of the 2017 Tax Cuts and Jobs Act and the one-time
mandatory deemed repatriation tax on untaxed
accumulated foreign earnings, US income taxes were
provided on the Company’s undistributed foreign
earnings. The financial statement basis in excess of tax
basis of its foreign subsidiaries remains indefinitely
reinvested in foreign operations. The Company will
continue to evaluate its capital management plans.
Short-Term Borrowings
2024 Revolving Credit Facility. The Company maintains an
unsecured revolving credit facility, which is available for
working capital and general corporate purposes (the
“2024 Credit Facility”). In March 2024, the 2024 Credit
Facility was amended to, among other things, (1) permit
the GIP Transaction and the transactions contemplated in
connection with the GIP Transaction, (2) add New
BlackRock as a borrower under the existing credit
agreement, (3) add New BlackRock as a guarantor of the
payment and performance of the obligations, liabilities
and indebtedness of Old BlackRock and certain of its other
subsidiaries and (4) update the sustainability-linked
pricing mechanics to remove existing metrics and allow
new metrics, if any, to be set following the consummation
of the GIP Transaction. In May 2024, the 2024 Credit
Facility was further amended to, among other things,
(1) increase the aggregate commitment amount by
$400 million to $5.4 billion and (2) extend the maturity
date to March 2029 for lenders (other than one
non-extending lender) pursuant to the Company’s option
to request extensions of the maturity date available under
the 2024 Credit Facility (with the commitment of the
non-extending lender maturing in March 2028). The 2024
Credit Facility permits the Company to request up to an
additional $1.0 billion of borrowing capacity, subject to
lender credit approval, which could increase the overall
size of the 2024 Credit Facility to an aggregate principal
amount of up to $6.4 billion. Interest on outstanding
borrowings accrues at an applicable benchmark rate for
the denominated currency of the loan, plus a spread. The
2024 Credit Facility requires the Company not to exceed a
maximum leverage ratio (ratio of net debt to earnings
before interest, taxes, depreciation and amortization,
where net debt equals total debt less unrestricted cash) of
3 to 1, which was satisfied with a ratio of less than 1 to 1 at
December 31, 2024. At December 31, 2024, the Company

62
BlackRock 2024 Form 10K
had no amount outstanding under the 2024 Credit
Facility.
Commercial Paper Program. On November 7, 2024,
BlackRock established a commercial paper program (the
“CP Program”) under which the Company may issue short-
term, unsecured commercial paper notes (the “CP Notes”)
on a private-placement basis up to a maximum aggregate
amount outstanding at any time of $5 billion. The
payments of the CP Notes have been unconditionally
guaranteed by Old BlackRock (the “CP Notes Guarantee”).
The CP Notes will rank equal in right of payment with all of
BlackRock’s other unsubordinated indebtedness, and the
obligations of Old BlackRock under the CP Notes
Guarantee will rank equal in right of payment with all of
Old BlackRock’s other unsubordinated indebtedness. Net
proceeds of issuances of the CP Notes are expected to be
used for general corporate purposes. The CP Program is
currently supported by the 2024 Credit Facility. The CP
Program replaced the Company’s prior $4 billion
commercial paper program, which was terminated
concurrently with the establishment of this CP Program,
and has been put into place in connection with the
Company’s organizational structure following the closing
of the GIP Transaction. At December 31, 2024, BlackRock
had no CP Notes outstanding.
Subsidiary Credit Facility. In January 2024, BlackRock
Investment Management (UK) Limited (“BIM UK”), a
wholly owned subsidiary of the Company, entered into a
revolving credit facility (the “Subsidiary Credit Facility”) in
the amount of £25 million (or approximately $31 million
based on the GBP/USD foreign exchange rate at
December 31, 2024) with a rolling 364-day term structure.
The Subsidiary Credit Facility is available for BIM UK’s
general corporate and working capital purposes. At
December 31, 2024, there was no amount outstanding
under the Subsidiary Credit Facility.
Long-Term Borrowings
The carrying value of long-term borrowings at December 31, 2024 included the following:
(in millions)
Maturity Amount
Carrying Value
Maturity
1.25% Notes(1)(2)
$
725
$
725
May 2025
3.20% Notes(2)
700
698
March 2027
4.60% Notes
800
797
July 2027
3.25% Notes(2)
1,000
993
April 2029
4.70% Notes
500
497
March 2029
2.40% Notes(2)
1,000
997
April 2030
1.90% Notes(2)
1,250
1,243
January 2031
2.10% Notes(2)
1,000
989
February 2032
4.75% Notes(2)
1,250
1,233
May 2033
5.00% Notes
1,000
993
March 2034
4.90% Notes
500
495
January 2035
5.25% Notes
1,500
1,468
March 2054
5.35% Notes
1,200
1,186
January 2055
Total long-term borrowings
$ 12,425
$ 12,314
(1)
The carrying value of the 1.25% Notes is calculated using the EUR/USD foreign exchange rate as of December 31, 2024.
(2)
Issued by Old BlackRock and guaranteed by New BlackRock.
In March 2024, New BlackRock issued $3.0 billion in
aggregate principal amount of senior unsecured and
unsubordinated notes. These notes were issued as three
separate series of senior debt securities including
$500 million of 4.70% notes maturing on March 14, 2029
(the “2029 Notes”), $1.0 billion of 5.00% notes maturing
on March 14, 2034 (the “2034 Notes”) and $1.5 billion of
5.25% notes maturing on March 14, 2054 (the “2054
Notes”) (collectively, the “March 2024 Notes”). Net
proceeds were used to fund a portion of the cash
consideration for the GIP Transaction, which closed in
October 2024. Interest on the March 2024 Notes of
approximately $152 million per year is payable semi-
annually on March 14 and September 14 of each year,
which commenced on September 14, 2024. The March
2024 Notes are fully and unconditionally guaranteed (the
“March 2024 Notes Guarantee”) on a senior unsecured
basis by Old BlackRock. The March 2024 Notes and the
March 2024 Notes Guarantee rank equally in right of
payment with all of BlackRock and Old BlackRock’s other
unsubordinated indebtedness, respectively. The March
2024 Notes may be redeemed prior to maturity at any time
in whole or in part at the option of BlackRock at the
redemption prices set forth in the applicable series of
March 2024 Notes.
In March 2024, the Company fully repaid $1.0 billion of
3.50% Notes at maturity.
In July 2024, New BlackRock issued $2.5 billion in
aggregate principal amount of senior unsecured and
unsubordinated notes. These notes were issued as three
separate series of senior debt securities including
$800 million of 4.60% notes maturing on July 26, 2027
(the “2027 Notes”), $500 million of 4.90% notes maturing
on January 8, 2035 (the “2035 Notes”) and $1.2 billion of
5.35% notes maturing on January 8, 2055 (the “2055
Notes”) (collectively, the “July 2024 Notes”). Net proceeds
are intended to be used to fund a portion of the cash
consideration for the Preqin Transaction, which is
anticipated to close in the first quarter of 2025, subject to
customary closing conditions. The July 2024 Notes are
fully and unconditionally guaranteed (the “July 2024
Notes Guarantee”, and together with the March 2024
Notes Guarantee “Notes Guarantees”) on a senior
unsecured basis by Old BlackRock. The July 2024 Notes
and the July 2024 Notes Guarantee rank equally in right of
payment with all of BlackRock and Old BlackRock’s other
unsubordinated indebtedness, respectively. Interest on
the 2027 Notes of approximately $37 million per year is
payable semi-annually on January 26 and July 26 of each
BlackRock 2024 Form 10K 
63
year, beginning January 26, 2025. Interest on the 2035
Notes and 2055 Notes of approximately $25 million and
$64 million per year, respectively, is payable semi-
annually on January 8 and July 8 of each year, beginning
January 8, 2025. The July 2024 Notes may be redeemed
prior to maturity at any time in whole or in part at the
option of BlackRock at the redemption prices set forth in
the applicable series of July 2024 Notes. In addition, if the
Preqin Transaction is not consummated, the Company will
be required to redeem all outstanding 2027 Notes (the
“Special Mandatory Redemption”) at a Special Mandatory
Redemption price equal to 101% of the aggregate
principal amount of the applicable series of 2027 Notes,
plus accrued and unpaid interest, if any, to, but excluding,
the Special Mandatory Redemption date.
For more information on the Company’s borrowings, see
Note 15, Borrowings, in the notes to the consolidated
financial statements contained in Part II, Item 8 of this
filing.
Supplemental Guarantor Information
On October 1, 2024, in connection with the closing of the
GIP Transaction, BlackRock, Inc. (formerly known as
BlackRock Funding, Inc.) (“New BlackRock”) became the
ultimate parent company of BlackRock Finance, Inc.
(formerly known as BlackRock, Inc.) (“Old BlackRock”), GIP
and their respective subsidiaries. See Overview for
additional information.
New BlackRock is the issuer of the previously described
March 2024 Notes and July 2024 Notes (collectively the
“2024 Notes”), which are fully and unconditionally
guaranteed on a senior unsecured basis by Old BlackRock.
The 2024 Notes and the Notes Guarantees rank equally in
right of payment with all of New BlackRock’s and Old
BlackRock’s other unsubordinated indebtedness,
respectively. No other subsidiary of Old BlackRock or New
BlackRock guarantees the 2024 Notes. The Notes
Guarantees will be automatically and unconditionally
released and discharged, and Old BlackRock will be
released from all obligations under the indenture in its
capacity as guarantor, in certain circumstances as
described in the indenture governing the 2024 Notes. See
Note 15, Borrowings, in the notes to the consolidated
financial statements for further information on the 2024
Notes, Old BlackRock’s senior unsecured notes and the
New BlackRock Guarantee.
On October 1, 2024, in connection with the closing of the
GIP Transaction, New BlackRock also entered into a
guarantee (the “New BlackRock Guarantee”) pursuant to
which New BlackRock fully and unconditionally
guaranteed, on a senior unsecured basis, the obligations
of Old BlackRock with respect to its previously issued
senior unsecured notes. The New BlackRock Guarantee
ranks equally in right of payment with all of New
BlackRock’s other unsubordinated indebtedness. In
certain circumstances as described in the New BlackRock
Guarantee, the New BlackRock Guarantee will be
automatically and unconditionally released and
discharged, and New BlackRock will be released from all
obligations under the New BlackRock Guarantee.
The following presents unaudited summarized financial
information of New BlackRock and Old BlackRock
(together with the New BlackRock, the “Obligor Group”) on
a combined basis as of December 31, 2024 and for the
period from October 1, 2024 to December 31, 2024.
Intercompany balances and transactions between New
BlackRock and Old BlackRock have been eliminated, and
balances and transactions with subsidiaries, which are not
part of the Obligor Group, have been separately presented,
and investments in and equity in earnings related to
subsidiaries of New BlackRock and Old BlackRock, which
are not members of the Obligor Group, have been
excluded.
Summarized Balance Sheet (unaudited)
(in millions)
December 31,
2024
Assets
Receivables from non-guarantor subsidiaries
$ 7,681
Goodwill and intangible assets
27,273
Other assets
362
Total assets
$35,316
Liabilities
Borrowings
$12,314
Payables to non-guarantor subsidiaries
10,206
Other liabilities
3,278
Total liabilities
$25,798
Summarized Income Statement (unaudited)
For 2024, net loss of the Obligor Group was $767 million
and primarily comprised of $87 million amortization
expense, a gain of $31 million related to a contingent
consideration fair value adjustment, a $35 million
impairment charge, $391 million of interest expense, and
related taxes. Revenue during this period was not material.
Contractual Obligations, Commitments and
Contingencies
The Company’s material contractual obligations,
commitments and contingencies at December 31, 2024
include borrowings, operating leases, investment
commitments, compensation and benefits obligations,
purchase obligations, and contingent consideration
liabilities.
Borrowings. At December 31, 2024, the Company had
outstanding borrowings with varying maturities for an
aggregate principal amount of $12.4 billion, of which
$725 million is payable within 12 months. Future interest
payments associated with these borrowings total
$6.4 billion, of which $470 million is payable within 12
months. See Note 15, Borrowings, in the notes to the
consolidated financial statements contained in Part II,
Item 8 of this filing.
Operating Leases. The Company leases its primary office
locations under agreements that expire on varying dates
through 2043. At December 31, 2024, the Company had
operating lease payment obligations of approximately
$2.3 billion, of which $198 million is payable within 12
months. See Note 13, Leases, in the notes to the
consolidated financial statements contained in Part II,
Item 8 of this filing.
Investment Commitments. At December 31, 2024, the
Company had $1.2 billion of various capital commitments
to fund sponsored investment products, including CIPs.
These products include various private market products,
including private equity funds, real assets funds, and
opportunistic funds. This amount excludes additional

64
BlackRock 2024 Form 10K
commitments made by consolidated funds of funds to
underlying third-party funds as third-party noncontrolling
interest holders have the legal obligation to fund the
respective commitments of such funds of funds.
Generally, the timing of the funding of these commitments
is unknown and the commitments are callable on demand
at any time prior to the expiration of the commitment.
These unfunded commitments are not recorded on the
consolidated statements of financial condition. These
commitments do not include potential future
commitments approved by the Company that are not yet
legally binding. The Company intends to make additional
capital commitments from time to time to fund additional
investment products for, and with, its clients.
Compensation and Benefit Obligations. The Company has
various compensation and benefit obligations, including
bonuses, commissions and incentive payments payable,
defined contribution plan matching contribution
obligations, and deferred compensation arrangements.
Accrued compensation and benefits at December 31,
2024 totaled $3.0 billion and included annual incentive
compensation of $2.0 billion, deferred compensation of
$0.4 billion and other compensation and benefits related
obligations of $0.5 billion. Substantially all of the incentive
compensation liability was paid in the first quarter of
2025, while the deferred compensation obligations are
payable over various periods, with the majority payable
over periods of up to three years.
Purchase Obligations. In the ordinary course of business,
BlackRock enters into contracts or purchase obligations
with third parties whereby the third parties provide
services to or on behalf of BlackRock. Purchase
obligations represent executory contracts, which are either
noncancelable or cancelable with a penalty. At
December 31, 2024, the Company’s obligations primarily
reflected standard service contracts for market data,
technology, office-related services, marketing and
promotional services, and obligations for equipment.
Purchase obligations are recorded on the consolidated
financial statements when services are provided and, as
such, obligations for services and equipment not received
are not included in the consolidated statement of financial
condition at December 31, 2024. At December 31, 2024,
the Company had purchase obligations of approximately
$615 million, of which $260 million is payable within 12
months.
Contingent Consideration Liabilities. In connection with
certain acquisitions, BlackRock is required to make
contingent payments, subject to the achievement of
specified performance targets or satisfaction of certain
post-closing events. The fair value of this contingent
consideration is estimated at the time of acquisition
closing and is included in contingent consideration
liabilities on the consolidated statements of financial
condition. The fair value of the remaining aggregate
contingent payments at December 31, 2024 totaled
$4.3 billion, including $4.2 billion related to the GIP
Transaction, which, if any, will be settled all in stock, for a
number of shares ranging from 4.0 million to 5.2 million
shares, subject to achieving certain performance targets.
See Note 3, Acquisitions, in the notes to the consolidated
financial statements contained in Part II, Item 8 of this
filing for more information.
CRITICAL ACCOUNTING POLICIES AND
ESTIMATES
The preparation of consolidated financial statements in
conformity with GAAP requires management to make
estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
consolidated financial statements and the reported
amounts of revenue and expense during the reporting
periods. Actual results could differ significantly from those
estimates. These estimates, judgments and assumptions
are affected by the Company’s application of accounting
policies. Management considers the following accounting
policies and estimates critical to understanding the
consolidated financial statements. These policies and
estimates are considered critical because they had a
material impact, or are reasonably likely to have a material
impact on the Company’s consolidated financial
statements and because they require management to
make significant judgments, assumptions or estimates.
For a summary of these and additional accounting
policies see Note 2, Significant Accounting Policies, in the
notes to the consolidated financial statements included in
Part II, Item 8 of this filing.
Consolidation
The Company consolidates entities in which the Company
has a controlling financial interest. The Company has a
controlling financial interest when it owns a majority of the
VRE or is a primary beneficiary (“PB”) of a VIE. Assessing
whether an entity is a VIE or a VRE involves judgment and
analysis on a structure-by-structure basis. Factors
considered in this assessment include the entity’s legal
organization, the entity’s capital structure, the rights of
equity investment holders, the Company’s contractual
involvement with and economic interest in the entity and
any related party or de facto agent implications of the
Company’s involvement with the entity. Entities that are
determined to be VREs are consolidated if the Company
can exert absolute control over the financial and operating
policies of the investee, which generally exists if there is
greater than 50% voting interest. Entities that are
determined to be VIEs are consolidated if the Company is
the PB of the entity. BlackRock is deemed to be the PB of a
VIE if it (1) has the power to direct the activities that most
significantly impact the entities’ economic performance
and (2) has the obligation to absorb losses or the right to
receive benefits that potentially could be significant to the
VIE. There is judgment involved in assessing whether the
Company is the PB of a VIE. In addition, the Company’s
ownership interest in VIEs is subject to variability and is
impacted by actions of other investors such as ongoing
redemptions and contributions. The Company generally
consolidates VIEs in which it holds an economic interest of
10% or greater and deconsolidates such VIEs once its
economic interest falls below 10%. As of December 31,
2024, the Company was deemed to be the PB of
approximately 110 VIEs. See Note 6, Consolidated
Sponsored Investment Products, in the notes to the
consolidated financial statements contained in Part II,
Item 8 of this filing for more information.
BlackRock 2024 Form 10K 
65
Fair Value Measurements
The Company’s assessment of the significance of a
particular input to the fair value measurement according
to the fair value hierarchy (i.e., Level 1, 2 and 3 inputs, as
defined) in its entirety requires judgment and considers
factors specific to the financial instrument. See Note 2,
Significant Accounting Policies, and Note 8, Fair Value
Disclosures, in the consolidated financial statements
contained in Part II, Item 8 of this filing for more
information on fair value measurements.
Changes in Valuation. Changes in value on $7.1 billion of
investments will impact the Company’s nonoperating
income (expense), $640 million are held at cost or
amortized cost and the remaining $2.0 billion relates to
carried interest, which will not impact nonoperating
income (expense). At December 31, 2024, changes in fair
value of $3.8 billion of CIPs will impact BlackRock’s net
income (loss) attributable to NCI on the consolidated
statements of income. BlackRock’s net exposure to
changes in fair value of CIPs was $2.0 billion.
Goodwill and Intangible Assets
The Company accounts for business combinations using
the acquisition method of accounting, where the purchase
price is allocated to the assets acquired and liabilities
assumed based on their fair values at the date of the
transaction. Any excess purchase consideration over the
fair value of net assets acquired is recorded as goodwill.
The Company determines fair value of the tangible and
identifiable intangible assets acquired and liabilities
assumed, using the best available information which
incorporates various estimates and assumptions,
including, but not limited to, future expected cash flows,
fundraising assumptions, useful lives, and discount rates.
These estimates are based on historical data, internal
estimates, and external sources. Unanticipated events
may affect the validity of these assumptions.
During 2024, BlackRock recorded approximately
$2.7 billion of finite-lived management contracts and
investor relationships in connection with the GIP
Transaction. The acquisition date fair values were
determined using an income approach, which applied
certain significant assumptions, which are inherently
uncertain and unpredictable. These assumptions primarily
included discounts rates ranging from 7%-11%, as well
as estimated revenue projections based on AUM, AUM
growth rates, revenue basis points, operating margins, and
tax rates. While the Company believes these assumptions
to be reasonable and appropriate, changes in these
estimates could produce different fair value amounts.
Goodwill. The Company assesses its goodwill for
impairment at least annually, considering qualitative
factors such as entity-specific and macroeconomic factors
as potential impairment indicators as well as quantitative
factors such as the book value and the market
capitalization of the Company. The impairment
assessment performed as of July 31, 2024 indicated no
impairment charge was required. The Company continues
to monitor various impairment indicators as well as its
book value per share compared with closing prices of its
common stock for potential indicators of impairment. At
December 31, 2024, the Company had $25.9 billion of
goodwill, including $10.3 billion in connection with the
GIP Transaction and the Company’s common stock closed
at $1,025, which exceeded its book value of $307 per
share.
Indefinite-lived and finite-lived intangibles. Indefinite-lived
intangible assets represent the value of advisory contracts
acquired in business acquisitions to manage AUM in
proprietary open-end investment funds, collective trust
funds and certain other commingled products without a
specified termination date. The assignment of indefinite
lives to such contracts primarily is based upon the
following: (1) the assumption that there is no foreseeable
limit on the contract period to manage these products;
(2) the Company expects to, and has the ability to,
continue to operate these products indefinitely; (3) the
products have multiple investors and are not reliant on a
single investor or small group of investors for their
continued operation; (4) current competitive factors and
economic conditions do not indicate a finite life; and
(5) there is a high likelihood of continued renewal based
on historical experience. In addition, trade names/
trademarks are considered indefinite-lived intangibles if
they are expected to generate cash flows indefinitely.
Indefinite-lived intangible assets are not amortized.
Finite-lived intangible assets represent finite-lived
investor/customer relationships, technology related
assets, and management contracts, which relate to
acquired separate accounts and funds, that are expected
to contribute to the future cash flows of the Company for a
specified period of time. Finite-lived intangible assets are
amortized over their remaining expected useful lives,
which, at December 31, 2024 ranged from approximately
1 to 14 years with a weighted-average remaining
estimated useful life of approximately 9 years.
The Company performs assessments to determine if any
intangible assets are impaired at least annually, as of
July 31, or more frequently if events or changes in
circumstances indicate that it is more likely than not that
the intangible assets might be impaired.
In evaluating whether it is more likely than not that the fair
value of indefinite-lived intangibles is less than its
carrying value, BlackRock performs certain quantitative
assessments and assessed various significant
quantitative factors including AUM, revenue basis points,
projected AUM growth rates, operating margins, tax rates
and discount rates. In addition, the Company considered
other qualitative factors including: (1) macroeconomic
conditions such as a deterioration in general economic
conditions, limitations on accessing capital, fluctuations
in foreign exchange rates, or other developments in equity
and credit markets; (2) industry and market
considerations such as a deterioration in the environment
in which the Company operates, an increased competitive
environment, a decline in market-dependent multiples or
metrics, a change in the market for an entity’s services, or
regulatory, legal or political developments; and
(3) Company-specific events, such as a change in
management or key personnel, overall financial
performance and litigation that could affect significant
inputs used to determine the fair value of the indefinite-
lived intangible asset. If an indefinite-lived intangible is
determined to be more likely than not impaired, then the
fair value of the asset, which is generally determined using
an income approach, is compared with its carrying value
and any excess of the carrying value over the fair value
would be recognized as an expense in the period in which
the impairment occurs.

66
BlackRock 2024 Form 10K
For finite-lived intangible assets, if potential impairment
circumstances are considered to exist, the Company will
perform a recoverability test, using an undiscounted cash
flow analysis. Factors included in evaluating finite-lived
customer relationships, technology related assets and
trade names include technology services revenue trends,
customer attrition rates, obsolescence rates, and royalty
rates. For finite-lived management contracts, evaluation is
based on changes in assumptions including AUM,
revenue basis points, projected AUM growth rates,
operating margins, tax rates and discount rates. Actual
results could differ from these cash flow estimates, which
could materially impact the impairment conclusion. If the
carrying value of the asset is determined not to be
recoverable based on the undiscounted cash flow test, the
difference between the book value of the asset and its
current estimated fair value would be recognized as an
expense in the period in which the impairment occurs.
In addition, management judgment is required to estimate
the period over which finite-lived intangible assets will
contribute to the Company’s cash flows and the pattern in
which these assets will be consumed and whether the
indefinite-life and finite-life classifications are still
appropriate. A change in the remaining useful life of any of
these assets, or the reclassification of an indefinite-lived
intangible asset to a finite-lived intangible asset, could
have a significant impact on the Company’s amortization
expense, which was $241 million, $151 million and
$151 million for 2024, 2023 and 2022, respectively.
In 2024, 2023 and 2022, the Company performed its
annual impairment assessment, including evaluating
various qualitative factors and performing certain
quantitative assessments. In 2024, based on this
assessment, the Company determined that the indefinite-
lived intangible assets related to certain acquired
open-end management contracts were impaired, and as a
result, recorded a noncash impairment charge of
$50 million, included within amortization and impairment
of intangible assets expense on the consolidated
statements of income. The impairment was primarily the
result of a decrease in certain quantitative factors,
including reduced growth expectation, lower revenue
basis points and net client outflows, which caused the fair
value to decline below its carrying value. While the
Company believes all assumptions utilized in the analysis
are reasonable and appropriate, changes in these
estimates could produce different fair value amounts,
which could drive additional impairment in future periods.
In addition, the Company determined, that no impairment
charges were required for any other intangible assets, and
that the classification of indefinite-lived versus finite-lived
intangibles was still appropriate and no changes were
required to the expected lives of the finite-lived
intangibles. In 2023 and 2022, the Company determined
that no impairment charges were required and that the
classification of indefinite-lived versus finite-lived
intangibles was still appropriate and no changes were
required to the expected lives of the finite-lived
intangibles. The Company continuously monitors various
factors, including AUM, for potential indicators of
impairment.
Contingent Consideration Liabilities
In connection with certain acquisitions, BlackRock is
required to make contingent payments, subject to the
achievement of specified performance targets or
satisfaction of certain post-closing events. The fair value
of this contingent consideration is estimated at the time of
acquisition closing and is included in contingent
consideration liabilities on the consolidated statements of
financial condition. The fair value of the remaining
aggregate contingent payments at December 31, 2024
totaled $4.3 billion, including $4.2 billion related to the
GIP Transaction, which, if any, will be settled all in stock,
ranging from 4.0 million to 5.2 million shares, subject to
achieving certain performance targets. The fair value of
the GIP Transaction contingent consideration was
estimated using the income approach, which included
certain significant inputs such as a risk-free discount rate
of approximately 4.3% as well as current estimates of the
timing and amounts of fundraising forecasts, stock and
AUM volatility, and correlation between stock price and
AUM (Level 3 inputs). As the estimated fair value of the
contingent consideration subsequently changes,
contingent consideration liabilities are adjusted, resulting
in contingent consideration fair value adjustments
recorded within general and administration expense of the
consolidated statements of income until the contingency
is resolved. Accordingly, changes in the key inputs and
assumptions described can materially impact the amount
of contingent consideration expense recorded in a
reporting period.
Revenue Recognition
The Company recognizes revenues when its obligations
related to the services are satisfied and it is probable that
a significant reversal of the revenue amount would not
occur in future periods. The Company enters into
contracts that can include multiple services, which are
accounted for separately if they are determined to be
distinct. Management judgment is required in assessing
the probability of significant revenue reversal and in
identification of distinct services.
The Company derives a substantial portion of its revenue
from investment advisory and administration fees which
are recognized as the services are performed over time
because the customer is receiving and consuming the
benefits as they are provided by the Company. Fees are
primarily based on agreed-upon percentages of AUM and
recognized for services provided during the period, which
are distinct from services provided in other periods. Such
fees are affected by changes in AUM, including market
appreciation or depreciation, foreign exchange translation
and net inflows or outflows. AUM represents the broad
range of financial assets the Company manages for
clients on a discretionary basis pursuant to investment
management and trust agreements that are expected to
continue for at least 12 months. In general, reported AUM
reflects the valuation methodology that corresponds to
the basis used for determining revenue (for example, net
asset values).
The Company receives investment advisory performance
fees, including incentive allocations (carried interest) from
certain actively managed investment funds and certain
separately managed accounts (“SMAs”). These
performance fees are dependent upon exceeding
specified relative or absolute investment return
thresholds, which vary by product or account, and include
monthly, quarterly, annual or longer measurement
periods.
BlackRock 2024 Form 10K 
67
Performance fees, including carried interest, are
generated on certain management contracts when
performance hurdles are achieved. Such performance fees
are recognized when the contractual performance criteria
have been met and when it is determined that they are no
longer probable of significant reversal. Given the unique
nature of each fee arrangement, contracts with customers
are evaluated on an individual basis to determine the
timing of revenue recognition. Significant judgment is
involved in making such determination. Performance fees
typically arise from investment management services that
began in prior reporting periods. Consequently, a portion
of the fees the Company recognizes may be partially
related to the services performed in prior periods that
meet the recognition criteria in the current period. At each
reporting date, the Company considers various factors in
estimating performance fees to be recognized, including
carried interest. These factors include but are not limited
to whether: (1) the amounts are dependent on the
financial markets and, thus, are highly susceptible to
factors outside the Company’s influence; (2) the ultimate
payments have a large number and a broad range of
possible amounts; and (3) the funds or SMAs have the
ability to (a) invest or reinvest their sales proceeds or
(b) distribute their sales proceeds, and determine the
timing of such distributions.
The Company is allocated/distributed carried interest
from certain alternative investment products upon
exceeding performance thresholds. The Company may be
required to reverse/return all, or part, of such carried
interest allocations/distributions depending upon future
performance of these products. Carried interest subject to
such clawback provisions is recorded in investments or
cash and cash equivalents to the extent that it is
distributed, on the Company’s consolidated statements of
financial condition.
The Company records a liability for deferred carried
interest to the extent it receives cash or capital allocations
related to carried interest prior to meeting the revenue
recognition criteria. At December 31, 2024 and 2023, the
Company had $1.9 billion and $1.8 billion, respectively, of
deferred carried interest recorded in other liabilities on the
consolidated statements of financial condition. A portion
of the deferred carried interest may also be paid to certain
employees and other third parties, which may be subject
to clawback. The ultimate timing of the recognition of
performance fee revenue and related compensation
expense, if any, is unknown. See Note 17, Revenue, in the
notes to the consolidated financial statements for detailed
changes in the deferred carried interest liability balance
for 2024 and 2023.
The Company earns revenue for providing technology
services. Determining the amount of revenue to recognize
requires judgment and estimates. Complex arrangements
with nonstandard terms and conditions may require
contract interpretation to determine the appropriate
accounting, including whether promised goods and
services specified in an arrangement, are distinct
performance obligations, and should be accounted for
separately. Other judgments include determining whether
performance obligations are satisfied over time or at a
point in time. Fees earned for technology services are
primarily recorded as services are performed over time
and are generally determined using the value of positions
on the Aladdin platform or on a fixed-rate basis. Revenue
derived from the sale of software licenses is recognized
upon the granting of access rights.
Adjustments to revenue arising from initial estimates
recorded historically have been immaterial since the
majority of BlackRock’s investment advisory and
administration revenue is calculated based on AUM,
recognized when known, and given the Company does not
record performance fee revenue until: (1) performance
thresholds have been exceeded and (2) management
determines the fees are no longer probable of significant
reversal. See Note 2, Significant Accounting Policies, in the
consolidated financial statements contained in Part II,
Item 8 of this filing for more information on revenue
recognition, including other revenue streams.
Income Taxes
The Company records income taxes based upon its
estimated income tax liability or benefit. The Company’s
actual tax liability or benefit may differ from the estimated
income tax liability or benefit.
Deferred income tax assets and liabilities are recognized
for future tax consequences attributable to temporary
differences between the financial statement carrying
amounts of existing assets and liabilities and their
respective tax bases using currently enacted tax rates in
effect for the year in which the differences are expected to
reverse. The effect of a change in tax rates on deferred tax
assets and liabilities is recognized in income in the period
that includes the enactment date.
Significant management judgment is required in
estimating the ranges of possible outcomes and
determining the probability of favorable or unfavorable tax
outcomes and potential interest and penalties related to
such unfavorable outcomes. Actual future tax
consequences relating to uncertain tax positions may be
materially different than the Company’s current estimates.
At December 31, 2024, BlackRock had $517 million of
gross unrecognized tax benefits, of which $431 million, if
recognized, would affect the effective tax rate.
Management is required to estimate the timing of the
recognition of deferred tax assets and liabilities, make
assumptions about the future deductibility of deferred
income tax assets and assess deferred income tax
liabilities based on enacted tax rates for the appropriate
tax jurisdictions to determine the amount of such deferred
income tax assets and liabilities. At December 31, 2024,
the Company had deferred income tax assets of
$181 million and deferred income tax liabilities of
$3.3 billion on the consolidated statement of financial
condition. Changes in deferred tax assets and liabilities
may occur in certain circumstances, including statutory
income tax rate changes, statutory tax law changes,
changes in the anticipated timing of recognition of
deferred tax assets and liabilities or changes in the
structure or tax status of the Company.
The Company assesses whether a valuation allowance
should be established against its deferred income tax
assets based on consideration of all available evidence,
both positive and negative, using a more likely than not
standard. The assessment considers, among other
matters, the nature, frequency and severity of recent
losses, forecast of future profitability, the duration of
statutory carry back and carry forward periods, the

68
BlackRock 2024 Form 10K
Company’s experience with tax attributes expiring unused,
and tax planning alternatives.
Accounting Developments
For accounting pronouncements that the Company
adopted during 2024 and for accounting pronouncements
not yet adopted by the Company, see Note 2, Significant
Accounting Policies, in the consolidated financial
statements contained in Part II, Item 8 of this filing.
Item 7A. Quantitative and
Qualitative Disclosures About
Market Risk
AUM Market Price Risk. BlackRock’s investment advisory
and administration fees are primarily comprised of fees
based on a percentage of the value of AUM and, in some
cases, performance fees expressed as a percentage of the
returns realized on AUM. At December 31, 2024, the
majority of the Company’s investment advisory and
administration fees were based on average or period end
AUM of the applicable investment funds or separate
accounts. Movements in equity market prices, interest
rates/credit spreads, foreign exchange rates or all three
could cause the value of AUM to decline, which would
result in lower investment advisory and administration
fees.
Corporate Investments Portfolio Risks. As a leading
investment management firm, BlackRock devotes
significant resources across all of its operations to
identifying, measuring, monitoring, managing and
analyzing market and operating risks, including the
management and oversight of its own investment
portfolio. The Board of Directors of the Company has
adopted guidelines for the review of investments (or
commitments to invest) to be made by the Company,
requiring, among other things, that certain investments be
referred to the Board of Directors, depending on the
circumstances, for notification or approval.
In the normal course of its business, BlackRock is exposed
to equity market price risk, interest rate/credit spread risk
and foreign exchange rate risk associated with its
corporate investments.
BlackRock has investments primarily in sponsored
investment products that invest in a variety of asset
classes, including real assets, private equity and hedge
funds. Investments generally are made for co-investment
purposes, to establish a performance track record, to
hedge exposure to certain deferred cash compensation
plans or for regulatory purposes. The Company has a seed
capital hedging program in which it enters into futures to
hedge market and interest rate exposure with respect to
its total portfolio of seed investments in sponsored
investment products. The Company had outstanding
futures related to its seed capital hedging program with an
aggregate notional value of approximately $1.8 billion at
both December 31, 2024 and 2023.
At December 31, 2024 and 2023, approximately
$5.8 billion and $6.0 billion, respectively, of BlackRock’s
investments were held in consolidated sponsored
investment products accounted for as variable interest
entities or voting rights entities. Excluding the impact of
the Federal Reserve Bank stock, carried interest,
investments made to hedge exposure to certain deferred
cash compensation plans and certain investments that are
hedged via the seed capital hedging program, the
Company’s economic exposure to its investment portfolio
at December 31, 2024 and 2023 were $3.9 billion and
$3.8 billion, respectively. See Item 7, Management’s
Discussion and Analysis of Financial Condition and Results
of Operations – Statement of Financial Condition Overview –
Investments for further information on the Company’s
investments.
Equity Market Price Risk. Investments subject to market price risk include public and private equity and real assets
investments, hedge funds and funds of funds as well as mutual funds. The following table provides the Company’s net
exposure to equity market price risk and hypothetical exposure to a 10% adverse change in market prices:
As of December 31,
2024
2023
(in millions)
Net
Exposure
Effect of
-10% Change
Net
Exposure
Effect of
-10% Change
Equity Market Price Risk
Investments
$ 1,899
$ 190
$ 1,684
$ 168
Interest Rate/Credit Spread Risk. Investments subject to interest rate and credit spread risk include debt securities and
sponsored investment products that invest primarily in debt securities. The following table provides the Company’s
exposure to interest rate risk and credit spread risk and hypothetical exposure to an adverse 100 basis point fluctuation in
interest rates or credit spreads:
As of December 31,
2024
2023
(in millions)
Exposure
Effect of
-100 Basis
Point Change
Exposure
Effect of
-100 Basis
Point Change
Interest Rate/Credit Spread Risk
Investments
$ 1,977
$
54
$ 2,088
$
53
BlackRock 2024 Form 10K 
69
Foreign Exchange Rate Risk. As discussed above, the Company invests in sponsored investment products that invest in a
variety of asset classes. The carrying value of the total economic investment exposure denominated in foreign currencies
are primarily based in the British pound and euro. The following table provides the Company’s exposure to foreign
currencies and hypothetical exposure to a 10% adverse change in the applicable foreign exchange rates:
As of December 31,
2024
2023
(in millions)
Exposure
Effect
of -10% Change
Exposure
Effect
of -10% Change
Foreign Exchange Rate Risk
Investments
$ 1,111
$ 111
$ 1,125
$ 112
Other Market Risks. The Company executes forward
foreign currency exchange contracts to mitigate the risk of
certain foreign exchange risk movements. At
December 31, 2024 and 2023, the Company had
outstanding forward foreign currency exchange contracts
with an aggregate notional value of approximately
$3.6 billion and $3.1 billion, with expiration dates in
January 2025 and 2024, respectively. In addition, the
Company entered into futures to hedge economically the
exposure to market movements on certain deferred cash
compensation plans. At December 31, 2024 and 2023, the
Company had outstanding exchange traded futures with
aggregate notional values related to its deferred cash
compensation hedging program of approximately
$197 million and $204 million, with expiration dates
during the first quarter of 2025 and 2024, respectively.
Item 8. Financial Statements and
Supplemental Data
The report of the independent registered public
accounting firm and financial statements listed in the
accompanying index are included in Item 15 of this report.
See Index to the consolidated financial statements on
page F-1 of this Form 10-K.
Item 9. Changes in and
Disagreements with Accountants
on Accounting and Financial
Disclosure
There have been no disagreements on accounting and
financial disclosure matters. BlackRock has not changed
accountants in the two most recent fiscal years.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures. Under the direction
of BlackRock’s Chief Executive Officer and Chief Financial
Officer, BlackRock evaluated the effectiveness of its
disclosure controls and procedures (as such term is
defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act) as of the end of the period covered by this
annual report on Form 10-K. Based on this evaluation,
BlackRock’s Chief Executive Officer and Chief Financial
Officer have concluded that BlackRock’s disclosure
controls and procedures were effective.
Internal Control over Financial Reporting. There were no
changes in our internal control over financial reporting
that occurred during the fourth quarter of the fiscal year
ending December 31, 2024 that have materially affected
or are reasonably likely to materially affect our internal
control over financial reporting.

70
BlackRock 2024 Form 10K
Management’s Report on Internal Control Over Financial Reporting
Management of BlackRock, Inc. (the “Company”) is responsible for establishing and maintaining effective internal control
over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the
Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, the Company’s
principal executive and principal financial officers, or persons performing similar functions, and effected by the
Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
accounting principles generally accepted in the United States of America and includes those policies and procedures that:
• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with accounting principles generally accepted in the United States of America, and that
receipts and expenditures of the Company are being made only in accordance with the authorizations of
management and directors of the Company; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company’s assets that could have a material effect on the financial statements.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may not be prevented or
detected on a timely basis. Also, projections of any evaluation of effectiveness of the internal control over financial
reporting to future periods are subject to the risks that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31,
2024 based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that, as of
December 31, 2024, the Company’s internal control over financial reporting is effective.
The Company’s independent registered public accounting firm has issued an attestation report on the effectiveness of the
Company’s internal control over financial reporting.
February 25, 2025
BlackRock 2024 Form 10K 
71
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of BlackRock, Inc.:
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of BlackRock, Inc. and subsidiaries (the “Company”) as of
December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company
and our report dated February 25, 2025, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
/s/ Deloitte & Touche LLP
New York, New York
February 25, 2025

72
BlackRock 2024 Form 10K
Item 9B. Other Information
The Company is furnishing no other information in this
Form 10-K.
Item 9C. Disclosure Regarding
Foreign Jurisdictions That Prevent
Inspections
Not applicable.
PART III
Item 10. Directors, Executive
Officers and Corporate Governance
The information regarding directors and executive officers
set forth under the captions “Item 1: Election of Directors
– Director Nominee Biographies” and “Corporate
Governance – Other Executive Officers” of the Proxy
Statement is incorporated herein by reference.
Information regarding compliance with Section 16(a) of
the Exchange Act required by Item 10, if any, is set forth
under the caption “Delinquent Section 16(a) Reports” of
the Proxy Statement and incorporated herein by reference.
The information regarding BlackRock’s Code of Ethics for
Chief Executive and Senior Financial Officers under the
caption “Corporate Governance – Our Corporate
Governance Framework” of the Proxy Statement is
incorporated herein by reference.
The information regarding BlackRock’s Audit Committee
under the caption “Corporate Governance – Board
Committees” of the Proxy Statement is incorporated
herein by reference.
Item 11. Executive Compensation
The information contained in the sections captioned
“Management Development & Compensation Committee
Interlocks and Insider Participation,” “Executive
Compensation – Compensation Discussion and Analysis”
and “Corporate Governance – 2024 Director
Compensation” of the Proxy Statement is incorporated
herein by reference.
Item 12. Security Ownership of
Certain Beneficial Owners and
Management and Related
Stockholder Matters
The information contained in the sections captioned
“Ownership of BlackRock Common Stock” and “Executive
Compensation – Compensation Discussion and Analysis –
6. Executive Compensation Tables – Equity Compensation
Plan Information” of the Proxy Statement is incorporated
herein by reference.
Item 13. Certain Relationships and
Related Transactions, and Director
Independence
The information contained in the sections captioned
“Certain Relationships and Related Transactions” and
“Item 1: Election of Directors – Criteria for Board
Membership – Director Independence” of the Proxy
Statement is incorporated herein by reference.
Item 14. Principal Accountant Fees
and Services
The information regarding BlackRock’s independent
auditor fees and services in the section captioned “Item 3:
Ratification of the Appointment of the Independent
Registered Public Accounting Firm” of the Proxy
Statement is incorporated herein by reference.
PART IV
Item 15. Exhibits and Financial
Statement Schedules
1. Financial Statements
The Company’s consolidated financial statements are
included beginning on page F-1.
2. Financial Statement Schedules
Financial statement schedules have been omitted
because they are not applicable, not required or the
information required is included in the Company’s
consolidated financial statements or notes thereto.
BlackRock 2024 Form 10K 
73
3. Exhibit Index
Please note that the agreements included as exhibits to this Form 10-K are included to provide information regarding
their terms and are not intended to provide any other factual or disclosure information about BlackRock or the other
parties to the agreements. The agreements contain representations and warranties by each of the parties to the
applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may
not describe the actual state of affairs as of the date they were made or at any other time.
Exhibit
No.
Description
3.1
Restated Certificate of Incorporation of BlackRock, Inc.
3.2(1)
Amended and Restated Bylaws of BlackRock, Inc.
4.1(2)
Indenture, dated September 17, 2007, between BlackRock Finance, Inc. and The Bank of New York, as trustee
4.2(3)
Form of 1.250% Notes due 2025
4.3(4)
Form of 3.200% Notes due 2027
4.4(5)
Form of 3.250% Notes due 2029
4.5(6)
Form of 2.400% Notes due 2030
4.6(7)
Form of 1.900% Notes due 2031
4.7(8)
Form of 2.10% Notes due 2032
4.8(9)
Form of 4.750% Notes due 2033
4.9(3)
Officers’ Certificate, dated May 6, 2015, for the 1.250% Notes due 2025 issued pursuant to the Indenture
4.10(10)
Indenture, dated March 14, 2024, among BlackRock, Inc., BlackRock Finance, Inc. and The Bank of New York Mellon, as
trustee.
4.11(10)
First Supplemental Indenture, dated March 14, 2024, among BlackRock, Inc., BlackRock Finance, Inc. and The Bank of New
York Mellon, as trustee.
4.12(11)
Second Supplemental Indenture, dated July 26, 2024, among BlackRock, Inc., BlackRock Finance, Inc. and The Bank of New
York Mellon, as trustee
4.13(10)
Form of Note for the 4.700% Notes due 2029
4.14(10)
Form of Note for the 5.000% Notes due 2034
4.15(10)
Form of Note for the 5.250% Notes due 2054
4.16(11)
Form of Note for the 4.600% Notes due 2027
4.17(11)
Form of Note for the 4.900% Notes due 2035
4.18(11)
Form of Note for the 5.350% Notes due 2055
4.19(1)
Guarantee of BlackRock Finance, Inc. Indebtedness, dated October 1, 2024
4.20
Description of Securities
10.1(12)
BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan+
10.2(13)
Amended and Restated BlackRock, Inc. 1999 Annual Incentive Performance Plan+
10.3(14)
Amendment No. 1 to the BlackRock, Inc. Amended and Restated 1999 Annual Incentive Performance Plan+
10.4(15)
Form of Restricted Stock Unit Agreement under the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and
Incentive Plan+
10.5(15)
Form of Performance-Based Restricted Stock Unit Agreement (BPIP) under the BlackRock, Inc. Third Amended and Restated
1999 Stock Award and Incentive Plan+
10.6(16)
Form of Performance-Based Stock Option Agreement under the BlackRock, Inc. Third Amended and Restated 1999 Stock
Award and Incentive Plan+
10.7(17)
Form of Stock Option Agreement expected to be used in connection with future grants of Stock Options under the
BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan+
10.8(17)
Form of Restricted Stock Agreement expected to be used in connection with future grants of Restricted Stock under the
BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan+
10.9(17)
Form of Directors’ Restricted Stock Unit Agreement expected to be used in connection with future grants of Restricted Stock
Units under the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan+
10.10(18)
BlackRock, Inc. Amended and Restated Voluntary Deferred Compensation Plan, as amended and restated as of
November 16, 2015+
10.11(19)
Five-Year Revolving Credit Agreement, dated as of March 10, 2011, by and among BlackRock Finance, Inc., certain of its
subsidiaries, Wells Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender and L/C
agent, Sumitomo Mitsui Banking Corporation, as Japanese Yen lender, a group of lenders, Wells Fargo Securities, LLC,
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, J.P. Morgan Securities
LLC and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners, Citibank, N.A., as syndication
agent and Bank of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc.,
as documentation agents
10.12(20)
Amendment No. 1, dated as of March 30, 2012, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the
banks and other financial institutions referred to therein
10.13(21)
Amendment No. 2, dated as of March 28, 2013, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the
banks and other financial institutions referred to therein

74
BlackRock 2024 Form 10K
Exhibit
No.
Description
10.14(22)
Amendment No. 3, dated as of March 28, 2014, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and
the banks and other financial institutions referred to therein
10.15(23)
Amendment No. 4, dated as of April 2, 2015, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells Fargo
Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the
banks and other financial institutions referred to therein
10.16(24)
Amendment No. 5, dated as of April 8, 2016, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells Fargo
Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the
banks and other financial institutions referred to therein
10.17(25)
Amendment No. 6, dated as of April 6, 2017, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells Fargo
Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the
banks and other financial institutions referred to therein
10.18(26)
Amendment No. 7, dated as of April 3, 2018, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells Fargo
Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the
banks and other financial institutions referred to therein
10.19(27)
Amendment No. 8, dated as of March 29, 2019, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and
the banks and other financial institutions referred to therein
10.20(28)
Amendment No. 9, dated as of March 31, 2020, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and
the banks and other financial institutions referred to therein
10.21(29)
Amendment No. 10, dated as of March 31, 2021, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender,
and the banks and other financial institutions referred to therein
10.22(30)
Amendment No. 11, dated as of December 13, 2021, by and among BlackRock Finance, Inc., certain of its subsidiaries,
Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a
lender, and the banks and other financial institutions referred to therein
10.23(31)
Amendment No. 12, dated as of March 31, 2022, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender,
and the banks and other financial institutions referred to therein
10.24(32)
Amendment No. 13, dated as of March 31, 2023, by and among BlackRock Finance, Inc., certain of its subsidiaries, Wells
Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender,
and the banks and other financial institutions referred to therein
10.25(33)
Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., BlackRock Finance, Inc., certain
subsidiaries of BlackRock, Inc., Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an
issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein**
10.26(34)
Amendment No. 15, dated as of May 31, 2024, by and among BlackRock, Inc., BlackRock Finance, Inc., certain subsidiaries
of BlackRock, Inc., Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender,
L/C agent and a lender, and the banks and other financial institutions referred to therein
10.27(35)
Form of Commercial Paper Dealer Agreement among BlackRock, Inc., as issuer, BlackRock Finance, Inc., as guarantor, and
the applicable Dealer party thereto
10.28(36)
Lease Agreement, dated as of February 17, 2010, among BlackRock Investment Management (UK) Limited and Mourant &
Co Trustees Limited and Mourant Property Trustees Limited as Trustees of the Drapers Gardens Unit Trust for the lease of
Drapers Gardens, 12 Throgmorton Avenue, London, EC2, United Kingdom
10.29(37)
Lease, by and between BlackRock Finance, Inc. and 50 HYMC Holdings LLC*
10.30(38)
BlackRock, Inc. Leadership Retention Carry Plan+
10.31(39)
Form of Percentage Points Award Agreement pursuant to the BlackRock, Inc. Leadership Retention Carry Plan+
10.32(40)
Form of Performance-Based Stock Option Agreement under the BlackRock, Inc. Third Amended and Restated 1999 Stock
Award and Incentive Plan+
10.33
Adebayo O. Ogunlesi Offer Letter+
10.34
Form of Carry Points Award Letter for Adebayo O. Ogunlesi+
19.1
Global Insider Trading Policy
21.1
Subsidiaries of Registrant
22.1
Subsidiary Guarantor and Issuer of Guaranteed Securities
23.1
Deloitte & Touche LLP Consent
31.1
Section 302 Certification of Chief Executive Officer
31.2
Section 302 Certification of Chief Financial Officer
32.1
Section 906 Certification of Chief Executive Officer and Chief Financial Officer
97.1(41)
Policy Relating to Recovery of Erroneously Awarded Compensation
101.INS
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL
tags are embedded within the Inline XBRL document.
101.SCH
Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
(1)
Incorporated by reference to BlackRock, Inc.’s Current Report on Form 8-K12B filed on October 1, 2024.
(2)
Incorporated by reference to BlackRock Finance, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2007.
(3)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on May 6, 2015.
BlackRock 2024 Form 10K 
75
(4)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on March 28, 2017.
(5)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 29, 2019.
(6)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on January 27, 2020.
(7)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on May 6, 2020.
(8)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on December 10, 2021.
(9)
Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on May 25, 2023.
(10) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on March 14, 2024.
(11) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on July 26, 2024.
(12) Incorporated by reference to BlackRock’ Finance’s Definitive Proxy Statement on Form DEF 14A filed on April 4, 2024.
(13) Incorporated by reference to BlackRock Holdco 2, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2002.
(14) Incorporated by reference to BlackRock Holdco 2, Inc.’s Current Report on Form 8-K filed on May 24, 2006.
(15) Incorporated by reference to BlackRock Finance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.
(16) Incorporated by reference to BlackRock Finance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(17) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on October 5, 2006.
(18) Incorporated by reference to BlackRock Finance, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015.
(19) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K/A filed on August 24, 2012.
(20) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 4, 2012.
(21) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 3, 2013.
(22) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on March 28, 2014.
(23) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 3, 2015.
(24) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 14, 2016.
(25) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 11, 2017.
(26) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 6, 2018.
(27) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on March 29, 2019.
(28) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 1, 2020.
(29) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 6, 2021.
(30) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on December 13, 2021.
(31) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 1, 2022.
(32) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on April 3, 2023.
(33) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on March 15, 2024.
(34) Incorporated by reference to BlackRock Finance, Inc.’s Current Report on Form 8-K filed on May 31, 2024.
(35) Incorporated by reference to BlackRock, Inc.’s Current Report on Form 8-K filed on November 8, 2024.
(36) Incorporated by reference to BlackRock Finance, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009.
(37) Incorporated by reference to BlackRock Finance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.
(38) Incorporated by reference to BlackRock Finance, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019.
(39) Incorporated by reference to BlackRock Finance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.
(40) Incorporated by reference to BlackRock Finance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
(41) Incorporated by reference to BlackRock Finance, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023.
+
Denotes compensatory plans or arrangements.
*
Portions of this exhibit have been omitted pursuant to a confidential treatment order from the SEC.
**
Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.
Item 16. Form 10-K Summary
Not applicable.

76
BlackRock 2024 Form 10K
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BLACKROCK, INC.
By:
/s/ Laurence D. Fink
Laurence D. Fink
Chairman, Chief Executive Officer and Director
February 25, 2025
Each of the officers and directors of BlackRock, Inc. whose signature appears below, in so signing, also makes, constitutes
and appoints Laurence D. Fink, Martin S. Small, Christopher J. Meade, Laura Hildner and R. Andrew Dickson III, his or her
true and lawful attorneys-in-fact, with full power and substitution, for him or her in any and all capacities, to execute and
cause to be filed with the Securities and Exchange Commission any and all amendments to the Annual Report on Form
10-K, with exhibits thereto and other documents connected therewith and to perform any acts necessary to be done in
order to file such documents, and hereby ratifies and confirms all that said attorney-in-fact or his or her substitute or
substitutes may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Laurence D. Fink
Laurence D. Fink
Chairman, Chief Executive Officer and
Director (Principal Executive Officer)
February 25, 2025
/s/ Martin S. Small
Martin S. Small
Senior Managing Director and Chief
Financial Officer (Principal Financial Officer)
February 25, 2025
/s/ Marc D. Comerchero
Marc D. Comerchero
Managing Director and Chief Accounting
Officer (Principal Accounting Officer)
February 25, 2025
/s/ Pamela Daley
Pamela Daley
Director
February 25, 2025
/s/ William E. Ford
William E. Ford
Director
February 25, 2025
/s/ Fabrizio Freda
Fabrizio Freda
Director
February 25, 2025
/s/ Murry S. Gerber
Murry S. Gerber
Director
February 25, 2025
/s/ Margaret L. Johnson
Margaret L. Johnson
Director
February 25, 2025
/s/ Robert S. Kapito
Robert S. Kapito
Director
February 25, 2025
/s/ Cheryl D. Mills
Cheryl D. Mills
Director
February 25, 2025
/s/ Amin H. Nasser
Amin H. Nasser
Director
February 25, 2025
/s/ Gordon M. Nixon
Gordon M. Nixon
Director
February 25, 2025
/s/ Adebayo Ogunlesi
Adebayo Ogunlesi
Director
February 25, 2025
/s/ Kristin Peck
Kristin Peck
Director
February 25, 2025
BlackRock 2024 Form 10K 
77
Signature
Title
Date
/s/ Charles H. Robbins
Charles H. Robbins
Director
February 25, 2025
/s/ Marco Antonio Slim Domit
Marco Antonio Slim Domit
Director
February 25, 2025
/s/ Hans E. Vestberg
Hans E. Vestberg
Director
February 25, 2025
/s/ Susan L. Wagner
Susan L. Wagner
Director
February 25, 2025
/s/ Mark Wilson
Mark Wilson
Director
February 25, 2025

F-1
BlackRock 2024 Form 10K
Index to Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID 34)
F-2
Consolidated Statements of Financial Condition
F-5
Consolidated Statements of Income
F-6
Consolidated Statements of Comprehensive Income
F-7
Consolidated Statements of Changes in Equity
F-8
Consolidated Statements of Cash Flows
F-9
Notes to the Consolidated Financial Statements
F-10
BlackRock 2024 Form 10K 
F-2
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of BlackRock, Inc.:
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial condition of BlackRock, Inc. and subsidiaries
(the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive
income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the
related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its
operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with
accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission and our report dated February 25, 2025, expressed an unqualified opinion on the Company’s
internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the
PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial
statements that were communicated or required to be communicated to the audit committee and that (1) relate to
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on
the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing
separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Acquisition of Global Infrastructure Management, LLC (“GIP”) — Fair Value of intangible assets related to
management contracts and contingent consideration — Refer to Notes 2 and 3 to the financial statements
Critical Audit Matter Description
On October 1, 2024, the Company completed the acquisition of GIP for consideration at close of approximately $3 billion
in cash and 6.9 million shares of BlackRock common stock. In addition, as part of the purchase consideration, a
contingent consideration payment, all in stock, may be due subject to achieving certain performance targets. The
Company accounts for the acquisition under the acquisition method of accounting for business combinations.
Accordingly, the Company allocated the purchase price to the assets acquired and liabilities assumed, based on their
estimated fair values at the date of the transaction close. The Company recorded approximately $1.8 billion of intangible
assets related to management contracts as of the acquisition date (the “acquired management contracts”). Additionally,
the Company recorded an estimated contingent consideration liability of approximately $4.2 billion.
Acquired management contracts are valued using discounted cash flow methods based on future cash flows specific to
the type of intangible asset acquired. The determination of fair value requires management to make estimates and
assumptions related to forecasted revenue and cash flows, and the determination of the discount rates.
The fair value of the contingent consideration was determined using an income approach where management develops
projections during the contingent consideration period utilizing various potential pay-out scenarios. The determination of
fair value requires management to make estimates and assumptions related to projected assets under management
(“AUM”), discount rate and common stock volatility.
Given the fair value determination of acquired management contracts and contingent consideration requires
management to make significant estimates and assumptions, performing audit procedures to evaluate the

F-3
BlackRock 2024 Form 10K
reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent
of effort, including the need to involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the valuation of acquired management contracts and contingent consideration included
the following, among others:
•
We tested the design and operating effectiveness of controls over the Company’s valuation of acquired
management contracts and contingent consideration, including management’s controls over forecasts of future
revenue and cash flows, projected AUM, and determination of discount rates.
•
We evaluated the reasonableness of management’s forecasted revenue and cash flows and projected AUM, by
comparing management’s projections to historical results, contractual revenue agreements in place, and relevant
industry reports and evaluated whether the forecasted revenue and cash flows and projected AUM were consistent
with evidence obtained in other areas of the audit.
•
With the assistance of our fair value specialists, we evaluated the reasonableness of the Company’s valuation
methodologies and valuation assumptions used in the fair value analysis by:
O
Testing the source information underlying the determination of the discount rates and the mathematical
accuracy of the valuation.
O
For acquired management contracts, evaluating the reasonableness of the methodology used, and developing
a range of independent estimates and comparing those to the discount rates selected by management.
O
For contingent consideration, evaluating the reasonableness of the methodology used, the acceptability of the
valuation assumptions used, as well as evaluating the probability of contingent future events to calculate an
independent estimate of fair value.
Impairment of indefinite-lived intangible assets related to certain management contracts — Refer to Notes 2 and 12
to the financial statements
Critical Audit Matter Description
The Company’s indefinite-lived intangible assets are comprised of management contracts, trade names/trademarks and
licenses acquired in business acquisitions. The Company performs its impairment assessment of its indefinite-lived
intangible assets at least annually, as of July 31st. In 2024, the annual assessment excluded indefinite-lived intangible
assets related to GIP as the acquisition was finalized October 1, 2024; refer to Acquisition of Global Infrastructure
Management, LLC (GIP) – fair value of intangible assets related to management contracts and contingent consideration
critical audit matter for discussion of the acquisition of GIP. In evaluating whether it is more likely than not that the fair
value of indefinite-lived intangibles is less than carrying value, the Company performs certain quantitative assessments
and assesses various significant qualitative factors. If an indefinite-lived intangible asset is determined to be more likely
than not impaired, the fair value of the asset is then compared with its carrying value. Any excess of the carrying value
over the fair value would be recognized as an expense in the period in which the impairment occurs. The determination of
fair value requires management to make estimates and assumptions related to revenue basis points, projected AUM
growth rates, operating margins, tax rates, and discount rates.
Given the significant judgments made by management to estimate the fair value of indefinite-lived intangible assets
related to certain management contracts, performing audit procedures to evaluate the reasonableness of management’s
estimates and assumptions related to projected AUM growth rates, revenue basis points, operating margins, tax rates,
and discount rates, required a high degree of auditor judgment and an increased extent of effort, including the need to
involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the determination of fair value of indefinite-lived intangible assets related to certain
management contracts included the following, among others:
•
We tested the design and operating effectiveness of controls over the Company’s indefinite-lived intangible asset
impairment analysis, including those related to management’s assessment of the factors that impact the fair value
of the Company’s indefinite-lived intangible assets. This includes controls related to management’s revenue basis
points, projected AUM growth rates, operating margins, tax rates, and the determination of the discount rates.
•
We evaluated the reasonableness of management’s AUM, revenue basis points, projected AUM growth rates,
operating margins, tax rates and discount rates by comparing management’s projections to historical amounts,
internal communications to management and the Board of Directors, and forecasted information included in
analyst and industry reports for the Company and certain of its peer companies.
•
We evaluated management’s ability to accurately project revenue basis points, AUM growth rates, operating
margins and tax rates, by comparing actual results to management’s historical forecasts.
•
With the assistance of our fair value specialists, we evaluated the reasonableness of the Company’s valuation
methodology and assumptions, including the determination of the discount rates by: (1) testing the source
BlackRock 2024 Form 10K 
F-4
information underlying the determination of the discount rate and the mathematical accuracy of the evaluation
and (2) developing a range of independent estimates and comparing those to the discount rate selected by
management.
•
We evaluated the impact of changes in management’s forecasts from July 31, 2024, the annual impairment
assessment date, to December 31, 2024.
/s/ Deloitte & Touche LLP
New York, New York
February 25, 2025
We have served as the Company’s auditor since 2002.

F-5
BlackRock 2024 Form 10K
BlackRock, Inc.
Consolidated Statements of Financial Condition
(in millions, except shares and per share data)
December 31,
2024
December 31,
2023
Assets
Cash and cash equivalents(1)
$ 12,762
$
8,736
Accounts receivable
4,304
3,916
Investments(1)
9,769
9,740
Separate account assets
52,811
56,098
Separate account collateral held under securities lending agreements
6,059
4,558
Property and equipment (net of accumulated depreciation and amortization of $1,553 and $1,439 at
December 31, 2024 and 2023, respectively)
1,103
1,112
Intangible assets (net of accumulated amortization of $782 and $618 at December 31, 2024 and 2023,
respectively)
20,743
18,258
Goodwill
25,949
15,524
Operating lease right-of-use assets
1,519
1,421
Other assets(1)
3,596
3,848
Total assets
$138,615
$123,211
Liabilities
Accrued compensation and benefits
$
2,964
$
2,393
Accounts payable and accrued liabilities
1,536
1,240
Borrowings
12,314
7,918
Separate account liabilities
52,811
56,098
Separate account collateral liabilities under securities lending agreements
6,059
4,558
Contingent consideration liabilities
4,302
99
Deferred income tax liabilities
3,334
3,506
Operating lease liabilities
1,908
1,784
Other liabilities(1)
4,032
4,375
Total liabilities
89,260
81,971
Commitments and contingencies (Note 16)
Temporary equity
Redeemable noncontrolling interests
1,691
1,740
Permanent equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;
2
2
Shares authorized: 500,000,000 at December 31, 2024 and 2023;
Shares issued: 155,318,170 and 172,075,373 at December 31, 2024 and 2023, respectively;
Shares outstanding: 154,947,813 and 148,500,074 at December 31, 2024 and 2023, respectively
Additional paid-in capital
13,446
19,833
Retained earnings
35,611
32,343
Accumulated other comprehensive loss
(1,178)
(840)
Treasury stock, common, at cost (370,357 and 23,575,299 shares held at December 31, 2024 and
2023, respectively)
(386)
(11,991)
Total BlackRock, Inc. stockholders’ equity
47,495
39,347
Nonredeemable noncontrolling interests
169
153
Total permanent equity
47,664
39,500
Total liabilities, temporary equity and permanent equity
$138,615
$123,211
(1)
At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to
consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million
and $2.2 billion, respectively, related to consolidated VIEs.
See accompanying notes to consolidated financial statements.
BlackRock 2024 Form 10K 
F-6
BlackRock, Inc.
Consolidated Statements of Income
(in millions, except per share data)
2024
2023
2022
Revenue
Investment advisory, administration fees and securities lending revenue:
Related parties
$12,050
$10,757
$10,848
Other third parties
4,050
3,642
3,603
Total investment advisory, administration fees and securities lending revenue
16,100
14,399
14,451
Investment advisory performance fees
1,207
554
514
Technology services revenue
1,603
1,485
1,364
Distribution fees
1,273
1,262
1,381
Advisory and other revenue
224
159
163
Total revenue
20,407
17,859
17,873
Expense
Employee compensation and benefits
6,546
5,779
5,681
Sales, asset and account expense:
Distribution and servicing costs
2,171
2,051
2,179
Direct fund expense
1,464
1,331
1,226
Sub-advisory and other
140
116
103
Total sales, asset and account expense
3,775
3,498
3,508
General and administration expense
2,221
2,095
2,057
Restructuring charge
—
61
91
Amortization and impairment of intangible assets
291
151
151
Total expense
12,833
11,584
11,488
Operating income
7,574
6,275
6,385
Nonoperating income (expense)
Net gain (loss) on investments
492
699
(35)
Interest and dividend income
767
473
152
Interest expense
(538)
(292)
(212)
Total nonoperating income (expense)
721
880
(95)
Income before income taxes
8,295
7,155
6,290
Income tax expense
1,783
1,479
1,296
Net income
6,512
5,676
4,994
Less:
Net income (loss) attributable to noncontrolling interests
143
174
(184)
Net income attributable to BlackRock, Inc.
$ 6,369
$ 5,502
$ 5,178
Earnings per share attributable to BlackRock, Inc. common stockholders:
Basic
$ 42.45
$ 36.85
$ 34.31
Diluted
$ 42.01
$ 36.51
$ 33.97
Weighted-average common shares outstanding:
Basic
150.0
149.3
150.9
Diluted
151.6
150.7
152.4
See accompanying notes to consolidated financial statements.

F-7
BlackRock 2024 Form 10K
BlackRock, Inc.
Consolidated Statements of Comprehensive Income
(in millions)
2024
2023
2022
Net income
$ 6,512
$ 5,676
$ 4,994
Other comprehensive income (loss):
Foreign currency translation adjustments(1)
(338)
261
(551)
Comprehensive income (loss)
6,174
5,937
4,443
Less: Comprehensive income (loss) attributable to noncontrolling interests
143
174
(184)
Comprehensive income attributable to BlackRock, Inc.
$ 6,031
$ 5,763
$ 4,627
(1)
Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million
(net of tax benefit of $6 million). Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million).
See accompanying notes to consolidated financial statements.
BlackRock 2024 Form 10K 
F-8
BlackRock, Inc.
Consolidated Statements of Changes in Equity
(in millions)
Additional
Paid-in
Capital(1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Common
Total
BlackRock
Stockholders’
Equity
Nonredeemable
Noncontrolling
Interests
Total
Permanent
Equity
Redeemable
Noncontrolling
Interests /
Temporary
Equity
December 31, 2021
$ 19,642 $ 27,688
$
(550)
$
(9,087) $ 37,693
$ 113
$ 37,806
$ 1,087
Net income
—
5,178
—
—
5,178
6
5,184
(190)
Dividends declared ($19.52 per share)
—
(2,990)
—
—
(2,990)
—
(2,990)
—
Stock-based compensation
708
—
—
—
708
—
708
—
Issuance of common shares related to
employee stock transactions
(576)
—
—
614
38
—
38
—
Employee tax withholdings related to
employee stock transactions
—
—
—
(457)
(457)
—
(457)
—
Shares repurchased
—
—
—
(1,875)
(1,875)
—
(1,875)
—
Subscriptions (redemptions/
distributions) — noncontrolling
interest holders
—
—
—
—
—
4
4
614
Net consolidations (deconsolidations)
of sponsored investment funds
—
—
—
—
—
9
9
(602)
Other comprehensive income (loss)
—
—
(551)
—
(551)
—
(551)
—
December 31, 2022
$ 19,774 $ 29,876
$(1,101)
$ (10,805) $ 37,744
$ 132
$ 37,876
$
909
Net income
—
5,502
—
—
5,502
16
5,518
158
Dividends declared ($20.00 per share)
—
(3,035)
—
—
(3,035)
—
(3,035)
—
Stock-based compensation
630
—
—
—
630
—
630
—
Issuance of common shares related to
employee stock transactions
(569)
—
—
698
129
—
129
—
Employee tax withholdings related to
employee stock transactions
—
—
—
(375)
(375)
—
(375)
—
Shares repurchased
—
—
—
(1,509)
(1,509)
—
(1,509)
—
Subscriptions (redemptions/
distributions) — noncontrolling
interest holders
—
—
—
—
—
(16)
(16)
1,643
Net consolidations (deconsolidations)
of sponsored investment funds
—
—
—
—
—
21
21
(970)
Other comprehensive income (loss)
—
—
261
—
261
—
261
—
December 31, 2023
$ 19,835 $ 32,343
$ (840)
$ (11,991)
$ 39,347
$ 153
$ 39,500
$ 1,740
Net income
—
6,369
—
—
6,369
—
6,369
143
Dividends declared ($20.40 per share)
—
(3,101)
—
—
(3,101)
—
(3,101)
—
Stock-based compensation
753
—
—
—
753
—
753
—
Issuance of common shares related to
employee stock transactions
(215)
—
—
706
491
—
491
—
Issuance of common shares in
connection with the GIP Transaction
5,904
—
—
—
5,904
—
5,904
—
Cancellation of treasury stock,
common in connection with the GIP
Transaction
(12,829)
—
—
12,829
—
—
—
—
Employee tax withholdings related to
employee stock transactions
—
—
—
(305)
(305)
—
(305)
—
Shares repurchased
—
—
—
(1,625)
(1,625)
—
(1,625)
—
Subscriptions (redemptions/
distributions) — noncontrolling
interest holders
—
—
—
—
—
16
16
2,389
Net consolidations (deconsolidations)
of sponsored investment funds
—
—
—
—
—
—
—
(2,581)
Other comprehensive income (loss)
—
—
(338)
—
(338)
—
(338)
—
December 31, 2024
$ 13,448 $ 35,611
$(1,178)
$
(386) $ 47,495
$ 169
$ 47,664
$ 1,691
(1)
Amounts include $2 million of common stock at December 31, 2024, 2023, 2022 and 2021.
See accompanying notes to consolidated financial statements.

F-9
BlackRock 2024 Form 10K
BlackRock, Inc.
Consolidated Statements of Cash Flows
(in millions)
2024
2023
2022
Operating activities
Net income
$
6,512
$ 5,676
$ 4,994
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization
529
427
418
Impairment of intangible assets
50
—
—
Noncash lease expense
129
140
165
Stock-based compensation
753
630
708
Deferred income tax expense (benefit)
(106)
124
602
Contingent consideration fair value adjustments
(36)
3
3
Other investment gains
(126)
—
(268)
Net (gains) losses within CIPs
(269)
(380)
400
Net (purchases) proceeds within CIPs
(2,672)
(1,780)
(1,190)
(Earnings) losses from equity method investees
(41)
(378)
(29)
Distributions of earnings from equity method investees
57
49
50
Changes in operating assets and liabilities:
Accounts receivable
(443)
(586)
416
Investments, trading
58
72
196
Other assets
317
(326)
(166)
Accrued compensation and benefits
367
145
(711)
Accounts payable and accrued liabilities
259
(26)
(151)
Other liabilities
(382)
375
(481)
Net cash provided by/(used in) operating activities
4,956
4,165
4,956
Investing activities
Purchases of investments
(818)
(846)
(824)
Proceeds from sales and maturities of investments
766
400
242
Distributions of capital from equity method investees
366
46
70
Net consolidations (deconsolidations) of sponsored investment funds
(127)
(26)
(85)
Acquisitions, net of cash acquired
(2,936)
(189)
—
Purchases of property and equipment
(255)
(344)
(533)
Net cash provided by/(used in) investing activities
(3,004)
(959)
(1,130)
Financing activities
Repayments of long-term borrowings
(1,000)
—
(750)
Proceeds from long-term borrowings
5,474
1,238
—
Cash dividends paid
(3,101)
(3,035)
(2,990)
Proceeds from stock options exercised
464
95
11
Repurchases of common stock
(1,930)
(1,884)
(2,332)
Net proceeds from (repayments of) borrowings by CIPs
(58)
(59)
(26)
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest
holders
2,405
1,627
618
Other financing activities
(18)
26
27
Net cash provided by/(used in) financing activities
2,236
(1,992)
(5,442)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(162)
106
(291)
Net increase/(decrease) in cash, cash equivalents and restricted cash
4,026
1,320
(1,907)
Cash, cash equivalents and restricted cash, beginning of year
8,753
7,433
9,340
Cash, cash equivalents and restricted cash, end of year
$ 12,779
$ 8,753
$ 7,433
Supplemental disclosure of cash flow information:
Cash paid for:
Interest
$
289
$
200
$
177
Income taxes (net of refunds)
$
1,699
$ 1,392
$ 1,067
Supplemental schedule of noncash investing and financing transactions:
Issuance of common shares related to employee stock transactions
$
215
$
569
$
576
Issuance of common shares in connection with the GIP Transaction
$
5,904
$
—
$
—
Cancellation of treasury stock, common in connection with the GIP Transaction
$(12,829)
$
—
$
—
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of
sponsored investment funds
$ (2,581)
$
(949)
$
(593)
Established contingent consideration liabilities in connection with acquisitions
$
4,246
$
—
$
—
See accompanying notes to consolidated financial statements.
BlackRock 2024 Form 10K 
F-10
BlackRock, Inc.
Notes to the Consolidated
Financial Statements
1. Business Overview
BlackRock, Inc. (together, with its subsidiaries, unless the
context otherwise indicates, “BlackRock” or the
“Company”) is a leading publicly traded investment
management firm providing a broad range of investment
management and technology services to institutional and
retail clients worldwide. On October 1, 2024, BlackRock
completed the acquisition of 100% of the issued and
outstanding limited liability company interests of Global
Infrastructure Management, LLC (“GIP” or the “GIP
Transaction”). See Note 3, Acquisitions, for information on
the GIP Transaction. As a result of the closing of the GIP
Transaction, (1) BlackRock, Inc. (formerly known as
BlackRock Funding, Inc. (“BlackRock Funding”)) (“New
BlackRock”) became the ultimate parent company of
BlackRock Finance, Inc. (formerly known as BlackRock,
Inc.) (“Old BlackRock”), GIP and their respective
subsidiaries and (2) each share of common stock, $0.01
par value, of Old BlackRock issued and outstanding
immediately prior to the closing of the GIP Transaction
was converted automatically into one share of common
stock, $0.01 par value, of New BlackRock. New BlackRock
also changed its name from “BlackRock Funding, Inc.” to
“BlackRock, Inc.” and Old BlackRock changed its name
from “BlackRock, Inc.” to “BlackRock Finance, Inc.” In
addition, New BlackRock became the publicly listed
company and retained the ticker symbol “BLK”. References
herein to BlackRock or the Company for any period
(1) prior to the closing of the GIP Transaction on
October 1, 2024 refer to Old BlackRock and (2) thereafter
refer to New BlackRock.
BlackRock’s diverse platform of alpha-seeking active,
private markets, index and cash management investment
strategies across asset classes enables the Company to
offer choice and tailor investment and asset allocation
solutions for clients. Product offerings include single- and
multi-asset portfolios investing in equities, fixed income,
private markets, liquid alternatives and money market
instruments. Products are offered directly and through
intermediaries in a variety of vehicles, including open-end
and closed-end mutual funds, iShares® exchange-traded
funds (“ETFs”), separate accounts, collective trust funds
and other pooled investment vehicles. BlackRock also
offers technology services, including the investment and
risk management technology platform, Aladdin®, Aladdin
WealthTM, eFront®, and Cachematrix®, as well as advisory
services and solutions to a broad base of institutional and
wealth management clients.
2. Significant Accounting Policies
Basis of Presentation
These consolidated financial statements have been
prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”) and
include the accounts of the Company and its controlled
subsidiaries. Noncontrolling interests (“NCI”) on the
consolidated statements of financial condition represent
the portion of consolidated sponsored investment
products (“CIPs”) and a consolidated affiliate in which the
Company does not have direct equity ownership.
Intercompany balances and transactions have been
eliminated upon consolidation.
The preparation of financial statements in conformity with
GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenue and expense during the
reporting periods. Actual results could differ from those
estimates.
Certain prior period presentations were reclassified to
ensure comparability with current period classifications.
Accounting Pronouncements Adopted in 2024
Segment Reporting. In November 2023, the Financial
Accounting Standards Board (“FASB”) issued Accounting
Standards Update (“ASU”) 2023-07, Improvements to
Reportable Segment Disclosures (“ASU 2023-07”), which
requires incremental disclosures about reportable
segments but does not change the definition of a segment
or the guidance for determining reportable segments. The
new guidance requires disclosure of significant segment
expenses that are (1) regularly provided to (or easily
computed from information regularly provided to) the
chief operating decision maker (“CODM”) and (2) included
in the reported measure of segment profit or loss. The new
standard also requires companies to disclose the title and
position of the individual (or the name of the committee)
identified as the CODM, allows companies to disclose
multiple measures of segment profit or loss if those
measures are used to assess performance and allocate
resources, and is applicable to companies with a single
reportable segment. The Company adopted disclosure
requirements of ASU 2023-07 during the year ended
December 31, 2024. See Note 27, Segment Information,
for further detail.
Recent Accounting Pronouncements Not Yet Adopted
Income Tax Disclosure Requirements. In December 2023,
the FASB issued ASU 2023-09, Improvements to Income
Tax Disclosures (“ASU 2023-09”), which enhances interim
and annual income tax disclosures. The two primary
enhancements disaggregate existing income tax
disclosures related to the effective tax rate reconciliation
and income taxes paid. The additional disclosure
requirements under ASU 2023-09 are required to be
applied prospectively and are effective for the Company on
January 1, 2025. The Company does not expect the
additional disclosure requirements under ASU 2023-09 to
have a material impact on the consolidated financial
statements.
Disaggregation of Income Statement Expenses. In
November 2024, the FASB issued ASU 2024-03,
Disaggregation of Income Statement Expenses (“ASU
2024-03”), which requires entities to disaggregate in a
tabular presentation disclosures about specific types of
expenses included in the expense captions presented on
the face of the income statement, as well as disclosures
about selling expenses. Specifically, ASU 2024-03
requires disaggregation of expense captions that include
any of the following natural expenses: (1) purchases of
inventory, (2) employee compensation, (3) depreciation,
(4) intangible asset amortization, and (5) depreciation,
depletion, and amortization recognized as part of oil- and

F-11
BlackRock 2024 Form 10K
gas-producing activities or other types of depletion
expenses. The requirements are effective for fiscal years
beginning after December 15, 2026, and interim periods
within fiscal years beginning after December 15, 2027 and
are required to be applied prospectively with the option for
retrospective application. Early adoption is permitted. The
Company does not expect the additional disclosure
requirements under ASU 2024-03 to have a material
impact on the consolidated financial statements.
Cash and Cash Equivalents. Cash and cash equivalents
primarily consists of cash, money market funds and short-
term, highly liquid investments with original maturities of
three months or less. Cash and cash equivalent balances
that are legally restricted from use by the Company are
recorded in other assets on the consolidated statements
of financial condition. Cash balances maintained by
consolidated VIEs and voting rights entities (“VREs”) are
not considered legally restricted and are included in cash
and cash equivalents on the consolidated statements of
financial condition.
Investments
Investments in Debt Securities. The Company classifies
debt investments as held-to-maturity or trading based on
the Company’s intent and ability to hold the debt security
to maturity or its intent to sell the security.
Held-to-maturity securities are purchased with the
positive intent and ability to be held to maturity and are
recorded at amortized cost on the consolidated
statements of financial condition.
Trading securities are those investments that are
purchased principally for the purpose of selling them in
the near term. Trading securities are carried at fair value
on the consolidated statements of financial condition with
changes in the fair value recorded through net income
(“FVTNI”) within nonoperating income (expense). Trading
securities include certain investments in collateralized
loan obligations (“CLOs”) for which the fair value option is
elected in order to reduce operational complexity of
bifurcating embedded derivatives.
Investments in Equity Securities. Equity securities are
generally carried at fair value on the consolidated
statements of financial condition with changes in the
FVTNI within nonoperating income (expense). For
nonmarketable equity securities, the Company generally
elects to apply the practicality exception to fair value
measurement, under which such securities will be
measured at cost, less impairment, plus or minus
observable price changes for identical or similar securities
of the same issuer with such changes recorded through
net income within nonoperating income (expense).
Dividends received are recorded as dividend income
within nonoperating income (expense).
Equity Method. The Company applies the equity method of
accounting for equity investments where the Company
does not consolidate the investee, but can exert
significant influence over the financial and operating
policies of the investee. The evaluation of whether the
Company exerts control or significant influence over the
financial and operational policies of its investees is based
on the facts and circumstances surrounding each
individual investment and is generally considered to exist
when the Company’s ownership interest in the investee is
between 20% and 50%, or lower for co-investments in
certain sponsored investment funds generally structured
as partnerships or similar vehicles. Factors considered in
these evaluations may include the type of investment, the
legal structure of the investee, the terms of BlackRock’s
contractual agreements, including investor voting or other
rights, any influence BlackRock may have on the
governing board of the investee, the legal rights of other
investors in the entity pursuant to the entity’s operating
documents and the relationship between BlackRock and
other investors in the entity. The Company’s share of the
investee’s underlying net income or loss is recorded as net
gain (loss) on investments within nonoperating income
(expense) and as other revenue for certain strategic
investments since such investees are considered to be an
extension of the Company’s core business. The Company’s
share of net income of the investee is recorded based
upon the most current information available at the time,
which may precede the date of the consolidated statement
of financial condition. Distributions received reduce the
Company’s carrying value of the investment and the cost
basis if deemed to be a return of capital. The Company
classifies distributions in the consolidated statements of
cash flows as either distributions of earnings (operating)
or distributions of capital (investing) based on the nature
of the distribution.
Impairments of Investments. Management periodically
assesses equity method, nonmarketable investments, and
held-to-maturity investments for impairment. If
impairment exists, an impairment charge would be
recorded for the excess of the carrying amount of the
investment over its estimated fair value in the
consolidated statements of income.
For equity method investments and nonmarketable
investments, impairment evaluation considers qualitative
factors, including the financial conditions and specific
events related to an investee, that may indicate the fair
value of the investment is less than its carrying value. For
held-to-maturity investments, impairment is evaluated
using market values, where available, or the expected
future cash flows of the investment.
For the Company’s investments in CLOs, the Company
reviews cash flow estimates over the life of each CLO
investment. On a quarterly basis, if the present value of
the estimated future cash flows is lower than the carrying
value of the investment and there is an adverse change in
estimated cash flows, an impairment is considered to be
other-than-temporary.
Consolidation. The Company performs an analysis for
investment products to determine if the product is a VIE or
a VRE. Factors considered in this analysis include the
entity’s legal organization, the entity’s capital structure,
the rights of equity investment holders and the Company’s
contractual involvement with, and economic interest in,
the entity and any related party or de facto agent
implications of the Company’s involvement with the entity.
Entities that are determined to be VIEs are consolidated if
the Company is the primary beneficiary (“PB”) of the
entity. VREs are typically consolidated if the Company
holds the majority voting interest. Upon the occurrence of
certain events (such as contributions and redemptions,
either by the Company, or third parties, or amendments to
an entity’s governing documents), management reviews
and reconsiders its previous conclusion regarding the
status of an entity as a VIE or a VRE.
BlackRock 2024 Form 10K 
F-12
Consolidation of Variable Interest Entities. Certain
investment products for which a controlling financial
interest is achieved through arrangements that do not
involve or are not directly linked to voting interests are
deemed consolidated VIEs. BlackRock reviews factors,
including whether or not (1) the entity has equity at risk
that is sufficient to permit the entity to finance its
activities without additional subordinated support from
other parties and (2) the equity holders at risk have the
obligation to absorb losses, the right to receive residual
returns, and the right to direct the activities of the entity
that most significantly impact the entity’s economic
performance, to determine if the investment product is a
VIE.
The PB of a VIE is defined as the variable interest holder
that has a controlling financial interest in the VIE. A
controlling financial interest is defined as (1) the power to
direct the activities of the VIE that most significantly
impact its economic performance and (2) the obligation to
absorb losses of the entity or the right to receive benefits
from the entity that potentially could be significant to the
VIE. The Company generally consolidates VIEs in which it
holds an economic interest of 10% or greater and
deconsolidates such VIEs once economic interest falls
below 10%. Management continually reconsiders whether
the Company is deemed to be a VIE’s PB.
Consolidation of Voting Rights Entities. BlackRock is
required to consolidate an investee to the extent that
BlackRock can exert absolute control over the financial
and operating policies of the investee, which generally
exists if there is a greater than 50% voting equity interest.
Retention of Specialized Investment Company Accounting
Principles. Upon consolidation of sponsored investment
products, the Company retains the specialized investment
company accounting principles of the underlying funds.
All of the underlying investments held by such CIPs are
carried at fair value with corresponding changes in the
investments’ fair values reflected in net income within
nonoperating income (expense). When the Company no
longer controls these funds due to reduced ownership
percentage or other reasons, the funds are deconsolidated
and accounted for as an equity method investment or
equity securities FVTNI.
Separate Account Assets and Liabilities. Separate
account assets are maintained by BlackRock Life Limited,
a wholly owned subsidiary of the Company, which is a
registered life insurance company in the United Kingdom
(“UK”), and represent segregated assets held for purposes
of funding individual and group pension contracts. The life
insurance company does not underwrite any insurance
contracts that involve any insurance risk transfer from the
insured to the life insurance company. The separate
account assets primarily include equity securities, debt
securities, money market funds and derivatives. The
separate account assets are not subject to general claims
of the creditors of BlackRock. These separate account
assets and the related equal and offsetting liabilities are
recorded as separate account assets and separate
account liabilities on the consolidated statements of
financial condition.
The net investment income attributable to separate
account assets supporting individual and group pension
contracts accrues directly to the contract owner and is not
reported on the consolidated statements of income. While
BlackRock has no economic interest in these separate
account assets and liabilities, BlackRock earns policy
administration and management fees associated with
these products, which are included in investment advisory,
administration fees and securities lending revenue on the
consolidated statements of income.
Separate Account Collateral Assets Held and Liabilities
Under Securities Lending Agreements. The Company
facilitates securities lending arrangements whereby
securities held by separate accounts maintained by
BlackRock Life Limited are lent to third parties under
global master securities lending agreements. In exchange,
the Company receives collateral by obtaining either
(1) legal title or (2) first ranking priority security interest.
The minimum collateral values generally range from
approximately 102% to 112% of the value of the
securities lent in order to reduce counterparty risk. The
required collateral value is calculated on a daily basis. The
global master securities lending agreements provide the
Company the right to request additional collateral or, in
the event of borrower default, the right to liquidate
collateral. The securities lending transactions entered into
by the Company are accompanied by an agreement that
entitles the Company to request the borrower to return the
securities at any time; therefore, these transactions are
not reported as sales.
In situations where the Company receives the legal title to
collateral under these securities lending arrangements,
the Company records an asset on the consolidated
statements of financial condition and an equal collateral
liability for the obligation to return the collateral.
Additionally, in situations where the Company obtains a
first ranking priority security interest in the collateral, the
Company does not have the ability to pledge or resell the
collateral and therefore does not record the collateral on
the consolidated statements of financial condition. At
December 31, 2024 and 2023, the fair value of loaned
securities held by separate accounts was approximately
$9.9 billion and $9.3 billion, respectively, and the fair value
of the collateral under these securities lending
agreements was approximately $10.6 billion and
$10.1 billion, respectively, of which approximately
$6.1 billion as of 2024 and $4.6 billion as of 2023 was
recognized on the consolidated statements of financial
condition. During 2024 and 2023, the Company had not
resold or repledged any of the collateral received under
these arrangements. The securities lending revenue
earned from lending securities held by the separate
accounts is included in investment advisory,
administration fees and securities lending revenue on the
consolidated statements of income.
Property and Equipment. Property and equipment are
recorded at cost less accumulated depreciation.
Depreciation is generally determined by cost less any
estimated residual value using the straight-line method
over the estimated useful lives of the various classes of
property and equipment. Leasehold improvements are
amortized using the straight-line method over the shorter
of the estimated useful life or the remaining lease term.
The Company capitalizes certain costs incurred in
connection with developing or obtaining software within
property and equipment. Capitalized software costs are
amortized, beginning when the software product is ready
for its intended use, over the estimated useful life of the
software of approximately three years.

F-13
BlackRock 2024 Form 10K
Goodwill and Intangible Assets. Goodwill represents the
cost of a business acquisition in excess of the fair value of
the net assets acquired. The Company has determined
that it has one reporting unit for goodwill impairment
testing purposes, the consolidated BlackRock single
operating segment, which is consistent with internal
management reporting and management’s oversight of
operations. The Company performs an impairment
assessment of its goodwill at least annually, as of July 31.
In its assessment of goodwill for impairment, the
Company considers such factors as the book value and
market capitalization of the Company as well as other
qualitative factors. See Note 11, Goodwill, for further
information on the Company’s goodwill.
Intangible assets are comprised of indefinite-lived
intangible assets and finite-lived intangible assets
acquired in a business acquisition. The value of contracts
to manage assets in proprietary open-end funds and
collective trust funds and certain other commingled
products without a specified termination date is generally
classified as indefinite-lived intangible assets. In addition,
trade names/trademarks are considered indefinite-lived
intangible assets when they are expected to generate cash
flows indefinitely.
Indefinite-lived intangible assets and goodwill are not
amortized. Finite-lived investor/customer relationships,
technology-related assets, and management contracts,
which relate to acquired separate accounts and funds,
that are expected to contribute to the future cash flows of
the Company for a specified period of time, are amortized
over their estimated useful lives. On a quarterly basis, the
Company considers whether the indefinite-lived and
finite-lived classifications are still appropriate.
The Company performs assessments to determine if any
intangible assets are potentially impaired at least
annually, as of July 31. The carrying value of finite-lived
assets and their remaining useful lives are reviewed to
determine if circumstances exist which may indicate a
potential impairment or revisions to the amortization
period.
In evaluating whether it is more likely than not that the fair
value of indefinite-lived intangibles is less than its
carrying value, BlackRock assesses various significant
quantitative factors, including assets under management
(“AUM”), revenue basis points, projected AUM growth
rates, operating margins, tax rates and discount rates. If
an indefinite-lived intangible is determined to be more
likely than not impaired, then the fair value of the asset is
compared with its carrying value and any excess of the
carrying value over the fair value would be recognized as
an expense in the period in which the impairment occurs.
See Note 12, Intangible Assets, for further information on
the Company’s intangible assets.
For finite-lived intangible assets, if potential impairment
circumstances are considered to exist, the Company will
perform a recoverability test using an undiscounted cash
flow analysis. If the carrying value of the asset is
determined not to be recoverable based on the
undiscounted cash flow test, the difference between the
carrying value of the asset and its current fair value would
be recognized as an expense in the period in which the
impairment occurs.
Consolidated Affiliate. The Company owns 50.1% of an
asset management company in China—BlackRock CCB
Wealth Management Company Ltd. (“WMC”). The
Company consolidates WMC, which it deems to be a VRE,
because it exerts control over the financial and operating
policies of the entity, based on the Company’s 50.1%
ownership and voting rights.
Noncontrolling Interests. NCI consist of third-party
ownership interests in the Company’s CIPs (“NCI – CIPs”)
and the WMC. The Company reports NCI in stockholders’
equity, separate from the parent’s equity, on the
consolidated statements of financial condition. NCI that
are redeemable at the option of the holders are classified
as temporary equity at estimated redemption value and
nonredeemable NCI are classified as a component of
permanent equity in the consolidated statements of
financial condition. In addition, the Company reports net
income (loss) attributable to redeemable and
nonredeemable NCI holders in net income (loss)
attributable to NCI in the consolidated statements of
income.
Treasury Stock. The Company records common stock
purchased for treasury at cost. At the date of subsequent
reissuance, the treasury stock account is reduced by the
cost of such stock using the average cost method.
Revenue Recognition. Revenue is recognized upon
transfer of control of promised services to customers in an
amount to which the Company expects to be entitled in
exchange for those services. The Company enters into
contracts that can include multiple services, which are
accounted for separately if they are determined to be
distinct. Consideration for the Company’s services is
generally in the form of variable consideration because
the amount of fees is subject to market conditions that are
outside of the Company’s influence. The Company
includes variable consideration in revenue when it is no
longer probable of significant reversal, i.e. when the
associated uncertainty is resolved. For some contracts
with customers, the Company has discretion to involve a
third-party in providing services to the customer.
Generally, the Company is deemed to be the principal in
these arrangements because the Company controls the
promised services before they are transferred to
customers, and accordingly presents the revenue gross of
related costs.
Investment Advisory, Administration Fees and Securities
Lending Revenue. Investment advisory and administration
fees are recognized as the services are performed over
time because the customer is receiving and consuming
the benefits as they are provided by the Company. Fees
are primarily based on agreed-upon percentages of AUM
and recognized for services provided during the period,
which are distinct from services provided in other periods.
Such fees are affected by changes in AUM, including
market appreciation or depreciation, foreign exchange
translation and net inflows or outflows. Investment
advisory and administration fees for investment funds are
shown net of fee waivers. In addition, the Company may
contract with third parties to provide sub-advisory services
on its behalf. The Company presents the investment
advisory fees and associated costs to such third-party
advisors on a gross basis where it is deemed to be the
principal and on a net basis where it is deemed to be the
agent. Management judgment involved in making these
assessments is focused on ascertaining whether the
Company is primarily responsible for fulfilling the
promised service.
BlackRock 2024 Form 10K 
F-14
The Company also earns revenue by lending securities on
behalf of clients, primarily to highly rated banks and
broker-dealers. The securities loaned are collateralized by
either cash or securities, generally ranging from 102% to
112% of the value of the loaned securities. Securities
lending fees are based on (1) a percentage of the notional
value of the loaned securities and (2) a spread between
the interest earned on the reinvested cash collateral and
the amount rebated to the borrower. Revenue is
recognized over time as services are performed. Generally,
the securities lending fees are shared between the
Company and the funds or other third-party accounts
managed by the Company from which the securities are
borrowed. For 2024, 2023 and 2022, securities lending
revenue earned by the Company totaled $615 million,
$675 million and $599 million, respectively, and is
recorded in investment advisory, administration and
securities lending revenue on the consolidated statements
of income. Investment advisory, administration fees and
securities lending revenue are reported together as the
fees for these services often are agreed upon with clients
as a bundled fee.
Money Market Fee Waivers. The Company may voluntarily
waive a portion of its management fees on certain money
market funds to ensure that they maintain a targeted level
of daily net investment income (the “Yield Support
Waivers”). There were no Yield Support Waivers during
2024 and 2023. During 2022, these waivers resulted in a
reduction of management fees of approximately
$72 million, which was partially offset by a reduction of
BlackRock’s distribution and servicing costs paid to
financial intermediaries. The Company may increase or
decrease the level of Yield Support Waivers in future
periods.
Investment Advisory Performance Fees / Carried Interest.
The Company receives investment advisory performance
fees, including incentive allocations (carried interest) from
certain actively managed investment funds and certain
separately managed accounts. These performance fees
are dependent upon exceeding specified relative or
absolute investment return thresholds, which vary by
product or account, and include monthly, quarterly,
annual or longer measurement periods.
Performance fees, including carried interest, are
generated on certain management contracts when
performance hurdles are achieved. Such performance fees
are recognized when the contractual performance criteria
have been met and when it is determined that they are no
longer probable of significant reversal. Given the unique
nature of each fee arrangement, contracts with customers
are evaluated on an individual basis to determine the
timing of revenue recognition. Significant judgment is
involved in making such determination. Performance fees
typically arise from investment management services that
began in prior reporting periods. Consequently, a portion
of the fees the Company recognizes may be partially
related to the services performed in prior periods that
meet the recognition criteria in the current period. At each
reporting date, the Company considers various factors in
estimating performance fees to be recognized, including
carried interest.
The Company is allocated carried interest from certain
alternative investment products upon exceeding
performance thresholds. The Company may be required to
reverse/return all, or part, of such carried interest
allocations/distributions depending upon future
performance of these funds. Carried interest subject to
such clawback provisions is recorded in investments or
cash and cash equivalents to the extent that it is
distributed, on the Company’s consolidated statements of
financial condition.
The Company records a liability for deferred carried
interest to the extent it receives cash or capital allocations
related to carried interest prior to meeting the revenue
recognition criteria. A portion of the deferred carried
interest may also be paid to certain employees. The
ultimate timing of the recognition of performance fee
revenue and related compensation expense, if any, is
unknown.
Technology services revenue. The Company offers
investment management technology systems, risk
management services, wealth management and digital
distribution tools, all on a fee basis. Clients include banks,
insurance companies, official institutions, pension funds,
asset managers, retail distributors and other investors.
Fees earned for technology services are primarily recorded
as services are performed over time and are generally
determined using the value of positions on the Aladdin
platform, or on a fixed-rate basis. Revenue derived from
the sale of software licenses is recognized upon the
granting of access rights.
Distribution Fees. The Company earns distribution and
service fees related to distributing investment products
and shareholder support services for investment
portfolios. Distribution fees are passed-through to third-
party distributors, which perform various fund distribution
services and shareholder servicing of certain funds on the
Company’s behalf, and are recognized as distribution and
servicing costs. The Company presents distribution fees
and related distribution and servicing costs incurred on a
gross basis.
Distribution fees primarily consist of ongoing distribution
fees, shareholder servicing fees and upfront sales
commissions for serving as the principal underwriter and/
or distributor for certain managed mutual funds. The
service of distribution is satisfied at the point in time when
an investor makes an investment in a share class of the
managed mutual funds. Fees are generally considered
variable consideration because they are based on the
value of AUM and are uncertain on trade date. Accordingly,
the Company recognizes distribution fees when the
amounts become known and the portion recognized in the
current period may relate to distribution services
performed in prior periods. Upfront sales commissions are
recognized on a trade date basis. Shareholder servicing
fees are based on AUM and recognized in revenue as the
services are performed.
Advisory and other revenue. Advisory and other revenue
primarily includes fees earned for advisory services, fees
earned for transition management services primarily
comprised of commissions recognized in connection with
buying and selling securities on behalf of customers, and
equity method investment earnings related to certain
strategic investments.
Advisory services fees are determined using fixed-rate fees
and are recognized over time as the related services are
completed.

F-15
BlackRock 2024 Form 10K
Commissions related to transition management services
are recorded on a trade-date basis as transactions occur.
Stock-based Compensation. The Company recognizes
compensation cost for equity classified awards based on
the grant-date fair value of the award. The compensation
cost is recognized over the period during which an
employee is required to provide service (usually the
vesting period) in exchange for the stock-based award.
The Company generally measures the grant-date fair
value of restricted stock units (“RSUs”) using the
Company’s stock price on the date of grant. The grant-
date fair value related to the October 2024 incentive
retention RSUs granted in connection with the GIP
Transaction, are reduced by the present value of the
dividends expected to be paid on the shares during the
vesting period discounted at the appropriate risk-free
interest rate, given that they are not entitled to participate
in dividends until they vest (See Note 3, Acquisitions and
Note 18, Stock-Based Compensation for further
information on the GIP Transaction). Stock-based awards
may have performance, market and/or service conditions.
For employee stock options and awards with market
conditions, the Company uses pricing models.
Compensation cost for awards containing performance
conditions is recognized if it is probable that the
conditions will be achieved. The probability of
achievement is assessed on a quarterly basis. If a stock-
based award is modified after the grant-date, incremental
compensation cost is recognized for an amount equal to
the excess of the fair value of the modified award over the
fair value of the original award immediately before the
modification. Awards under the Company’s stock-based
compensation plans vest over various periods.
Compensation cost is recorded by the Company on a
straight-line basis over the requisite service period for
each separate vesting portion of the award as if the award
is, in-substance, multiple awards and is adjusted for
actual forfeitures as they occur.
The Company amortizes the grant-date fair value of stock-
based compensation awards made to retirement-eligible
employees over the requisite service period. Upon
notification of retirement, the Company accelerates the
unamortized portion of the award over the contractually
required retirement notification period.
The Company recognizes all excess tax benefits and
deficiencies in income tax expense on the consolidated
statements of income, which results in volatility of income
tax expense as a result of fluctuations in the Company’s
stock price. Accordingly, the Company recorded a discrete
income tax benefit of $37 million, $41 million and
$87 million during 2024, 2023 and 2022, respectively, for
vested RSUs where the grant date stock price was lower
than the vesting date stock price.
Distribution and Servicing Costs. Distribution and
servicing costs include payments to third parties, primarily
associated with distribution and servicing of client
investments in certain BlackRock products. Distribution
and servicing costs are expensed as incurred.
Direct Fund Expense. Direct fund expense, which is
expensed as incurred, primarily consists of third-party
non-advisory expense incurred by BlackRock related to
certain investment products for the use of certain index
trademarks, reference data for certain indices, custodial
services, fund administration, fund accounting, transfer
agent services, shareholder reporting services, audit and
tax services as well as other fund-related expense directly
attributable to the non-advisory operations of the fund.
Leases. The Company determines if a contract is a lease or
contains a lease at inception. The Company accounts for
its office facility leases as operating leases, which may
include escalation clauses that are based on an index or
market rate. The Company accounts for lease and
non-lease components, including common areas
maintenance charges, as a single component for its
leases. The Company elected the short-term lease
exception for leases with an initial term of 12 months or
less. Consequently, such leases are not recorded on the
consolidated statements of financial condition. The
Company’s lease terms include options to extend or
terminate the lease when it is reasonably certain they will
be exercised or not.
The Company recognizes operating right-of-use (“ROU”)
assets and operating lease liabilities on the consolidated
statements of financial condition based on the present
value of future lease payments over the lease term at the
commencement date discounted using an incremental
borrowing rate (“IBR”). The IBR for individual leases is
estimated considering the Company’s or a subsidiary’s
credit rating using various financial metrics, such as
revenue, operating margin and revenue growth, and, as
appropriate, performing market analysis of yields on
publicly traded bonds (secured or unsecured) with similar
terms of comparable companies in a similar economic
environment. ROU assets are tested for impairment when
there is an indication that the carrying value of an asset
may not be recoverable. Fixed lease payments made over
the lease term are recorded as lease expense on a
straight-line basis. Variable lease payments based on
usage, changes in an index or market rate are expensed as
incurred.
Foreign Exchange. Foreign currency transactions are
recorded at the exchange rates prevailing on the dates of
the transactions. Monetary assets and liabilities that are
denominated in foreign currencies are subsequently
remeasured into the functional currencies of the
Company’s subsidiaries at the rates prevailing at each
statement of financial condition date. Gains and losses
arising on remeasurement are included in general and
administration expense on the consolidated statements of
income. Revenue and expenses are translated at average
exchange rates during the period. Gains or losses
resulting from translating foreign currency financial
statements into United States (“US”) dollars are included
in accumulated other comprehensive income (loss)
(“AOCI”), a separate component of stockholders’ equity, on
the consolidated statements of financial condition.
Income Taxes. Deferred income tax assets and liabilities
are recognized for the future tax consequences
attributable to temporary differences between the
financial statement carrying amounts of existing assets
and liabilities and their respective tax bases using
currently enacted tax rates in effect for the year in which
the differences are expected to reverse. The effect of a
change in tax rates on deferred income tax assets and
liabilities is recognized on the consolidated statements of
income in the period that includes the enactment date.
Management periodically assesses the recoverability of its
deferred income tax assets based upon expected future
earnings, taxable income in prior carryback years, future
BlackRock 2024 Form 10K 
F-16
deductibility of the asset, changes in applicable tax laws
and other factors. If management determines that it is not
more likely than not that the deferred tax asset will be fully
recoverable in the future, a valuation allowance will be
established for the difference between the asset balance
and the amount expected to be recoverable in the future.
This allowance will result in additional income tax
expense. Further, the Company records its income taxes
receivable and payable based upon its estimated income
tax position.
Earnings per Share (“EPS”). Basic EPS is calculated by
dividing net income applicable to common shareholders
by the weighted-average number of shares outstanding
during the period. Diluted EPS includes the determinants
of basic EPS and common stock equivalents outstanding
during the period. Diluted EPS is computed using the
treasury stock method.
Business Segments. The Company’s management directs
BlackRock’s operations as one business, the asset
management business. The Company utilizes a
consolidated approach to assess performance and
allocate resources. As such, the Company operates in one
business segment.
Fair Value Measurements
Hierarchy of Fair Value Inputs. The Company uses a fair
value hierarchy that prioritizes inputs to valuation
approaches used to measure fair value. The fair value
hierarchy gives the highest priority to quoted prices
(unadjusted) in active markets for identical assets or
liabilities and the lowest priority to unobservable inputs.
Assets and liabilities measured and reported at fair value
are classified and disclosed in one of the following
categories:
Level 1 Inputs:
Quoted prices (unadjusted) in active markets for
identical assets or liabilities at the reporting date.
• Level 1 assets may include listed mutual funds, ETFs,
listed equities, commodities and certain exchange-
traded derivatives.
Level 2 Inputs:
Quoted prices for similar assets or liabilities in active
markets; quoted prices for identical or similar assets or
liabilities that are not active; quotes from pricing
services or brokers for which the Company can
determine that orderly transactions took place at the
quoted price or that the inputs used to arrive at the
price are observable; and inputs other than quoted
prices that are observable, such as models or other
valuation methodologies.
• Level 2 assets may include debt securities, loans held
within consolidated CLOs, short-term floating-rate
notes, asset-backed securities, as well as
over-the-counter derivatives, including interest rate
swaps and foreign currency exchange contracts that
have inputs to the valuations that generally can be
corroborated by observable market data.
Level 3 Inputs:
Unobservable inputs for the valuation of the asset or
liability, which may include nonbinding broker quotes.
Level 3 assets include investments for which there is
little, if any, market activity. These inputs require
significant management judgment or estimation.
• Level 3 assets may include direct private equity
investments, including those held within CIPs,
investments in CLOs and loans held within
consolidated CLOs and CIPs.
• Level 3 liabilities may include borrowings of
consolidated CLOs and contingent liabilities related
to acquisitions valued using the income approach
based on unobservable market data, or other
valuation techniques.
Significance of Inputs. The Company’s assessment of the
significance of a particular input to the fair value
measurement in its entirety requires judgment and
considers factors specific to the financial instrument.
Valuation Approaches. The fair values of certain Level 3
assets and liabilities were determined using various
valuation approaches as appropriate, including third-party
pricing vendors, broker quotes and market and income
approaches.
A significant number of inputs used to value equity, debt
securities, and loans held within CLOs and CIPs are
sourced from third-party pricing vendors. Generally, prices
obtained from pricing vendors are categorized as Level 1
inputs for identical securities traded in active markets and
as Level 2 for other similar securities if the vendor uses
observable inputs in determining the price.
In addition, quotes obtained from brokers generally are
nonbinding and categorized as Level 3 inputs. However, if
the Company is able to determine that market participants
have transacted for the asset in an orderly manner near
the quoted price or if the Company can determine that the
inputs used by the broker are observable, the quote is
classified as a Level 2 input.
Investments Measured at Net Asset Value. As a practical
expedient, the Company uses net asset value (“NAV”) as
the fair value for certain investments. The inputs to value
these investments may include the Company’s capital
accounts for its partnership interests in various alternative
investments, including hedge funds, real assets and
private equity funds. The various partnerships are
investment companies, which record their underlying
investments at fair value based on fair value policies
established by management of the underlying fund. Fair
value policies at the underlying fund generally require the
fund to utilize pricing/valuation information from third-
party sources, including independent appraisals. However,
in some instances, current valuation information for
illiquid securities or securities in markets that are not
active may not be available from any third-party source or
fund management may conclude that the valuations that
are available from third-party sources are not reliable. In
these instances, fund management may perform model-
based analytical valuations that could be used as an input
to value these investments.
Fair Value Assets and Liabilities of Consolidated CLO. The
Company applies the fair value option provisions for
eligible assets, including loans, held by a consolidated
CLO. As the fair value of the financial assets of the
consolidated CLO is more observable than the fair value of
the borrowings of the consolidated CLO, the Company

F-17
BlackRock 2024 Form 10K
measures the fair value of the borrowings of the
consolidated CLO equal to the fair value of the assets of
the consolidated CLO less the fair value of the Company’s
economic interest in the CLO.
Derivatives and Hedging Activities. The Company does
not use derivative financial instruments for trading or
speculative purposes. The Company uses derivative
financial instruments primarily for purposes of hedging
exposures to fluctuations in foreign currency exchange
rates of certain assets and liabilities, and market price and
interest rate exposures with respect to its total portfolio of
seed investments in sponsored investment products.
Certain CIPs also utilize derivatives as a part of their
investment strategies.
In addition, the Company uses derivatives and makes
investments to economically hedge market valuation
changes on certain deferred cash compensation plans, for
which the final value of the deferred amount distributed to
employees in cash upon vesting is determined based on
the returns of 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 gain (loss) to economically
hedge these plans is immediately recognized in
nonoperating income (expense). See Note 5, Investments,
and Note 9, Derivatives and Hedging, for further
information on the Company’s investments and
derivatives, respectively, used to economically hedge
these deferred cash compensation plans.
The Company records all derivative financial instruments
as either assets or liabilities at fair value on a gross basis
in the consolidated statements of financial condition.
Credit risks are managed through master netting and
collateral support agreements. The amounts related to the
right to reclaim or the obligation to return cash collateral
may not be used to offset amounts due under the
derivative instruments in the normal course of settlement.
Therefore, such amounts are not offset against fair value
amounts recognized for derivative instruments with the
same counterparty and are included in other assets and
other liabilities. Changes in the fair value of the
Company’s derivative financial instruments are
recognized in earnings and, where applicable, are offset by
the corresponding gain or loss on the related
foreign-denominated or hedged assets or liabilities, on the
consolidated statements of income.
The Company may also use financial instruments
designated as net investment hedges for accounting
purposes to hedge net investments in international
subsidiaries, the functional currency of which is not US
dollars. The gain or loss from revaluing net investment
hedges at the spot rate is deferred and reported within
AOCI on the consolidated statements of financial
condition. The Company reassesses the effectiveness of
its net investment hedge at least quarterly.
3. Acquisitions
GIP
As discussed in Note 1, Business Overview, on October 1,
2024, BlackRock completed the acquisition of GIP, a leading
independent infrastructure fund manager. BlackRock
expects the combination of GIP with BlackRock’s
complementary infrastructure offerings will create a broad
global infrastructure franchise with differentiated
origination and asset management capabilities.
Consideration at close included approximately $3 billion
in cash, funded through the issuance of long-term notes
in March 2024 (See Note 15, Borrowings for further
information), and 6.9 million of unregistered shares of
BlackRock common stock. The shares were valued at
$5.9 billion at close, based on the price of BlackRock’s
common stock on September 30, 2024 of approximately
$950, discounted for security-specific registration
restrictions for two years after closing, resulting in a value
of approximately $855 per share. In addition, as part of the
purchase consideration, a contingent consideration
payment, all in stock, may be due subject to achieving
certain performance targets. The contingent consideration
payment, if any, ranges from 4.0 million to 5.2 million
shares, and will be valued based on the price of
BlackRock’s common stock at the time the contingency is
resolved. The payment is expected to be payable no later
than December 31, 2028 or based on the achievement of
the agreed upon performance targets. The fair value of the
contingent consideration payment, which was determined
by using the income approach with the assistance of a
third-party fair value specialist, was $4.2 billion at close,
and is recorded within contingent consideration liabilities
in the consolidated statements of financial condition.
Certain significant inputs were used to determine the fair
value, including assumptions on discount rates as well as
estimates of the timing and amounts of fundraising
forecasts, stock and AUM volatility, and correlation
between stock price and AUM (Level 3 inputs). The
contingent consideration payment is classified as a
liability as the monetary value of the consideration to be
delivered in shares is predominately based on achieving
certain performance targets.
In addition, on October 1, 2024, in connection with the GIP
Transaction, the Company granted incentive retention
awards of approximately $415 million of cliff-vesting
RSUs and approximately $178 million of performance-
based RSUs recognized as compensation expense over a
period of approximately five years. See Note 18, Stock-
Based Compensation, for additional information on the
incentive retention awards issued in connection with the
GIP Transaction. The Company also granted
approximately $100 million of deferred cash awards in
connection with the GIP Transaction, which are recognized
as compensation expense over a period of approximately
50% over one year and the remaining 50% over five years.
In connection with the GIP Transaction, the Company
entered into several stockholder agreements with the
former owners of GIP and their respective affiliates. Each
agreement, among other things, (1) sets forth various
restrictions, limitations and other terms concerning the
transfer of equity securities of BlackRock, which includes
an initial lock-up period ending on the two-year
anniversary of the closing, and (2) contains customary
standstill provisions such as limiting the purchase of
additional shares.
The GIP Transaction was accounted for as a business
combination under the acquisition method of accounting.
Accordingly, the purchase price was allocated to the
assets acquired and liabilities assumed based upon their
estimated fair values at the date of the transaction. The
goodwill recognized in connection with the acquisition
includes future benefits for BlackRock as a result of scale
BlackRock 2024 Form 10K 
F-18
and anticipated synergies from a combined global
infrastructure franchise. The amount of goodwill expected
to be deductible for tax purposes is approximately
$200 million.
The following table summarizes the consideration paid for GIP and the fair values of the assets acquired and liabilities
assumed recognized at the acquisition date in this acquisition:
(in millions)
Fair Value Estimate
Finite-lived intangible assets:
Management contracts(1)
$ 1,840
Investor relationships(1)
820
Trade name(2)
80
Goodwill
10,297
Operating lease ROU assets(3)
75
Other assets(3)
114
Accrued compensation and benefits(3)
(154)
Operating lease liabilities(3)
(96)
Other liabilities assumed(3)
(10)
Total consideration, net of cash acquired
$12,966
Summary of consideration, net of cash acquired:
Cash paid
$ 2,930
Cash acquired
(68)
Closing stock consideration at fair value
5,904
Deferred stock consideration at fair value
4,200
Total cash and stock consideration
$12,966
(1)
The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of
approximately 8 years and 14 years, respectively, and are amortized based on their pattern of economic benefit.
(2)
The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its
pattern of economic benefit.
(3)
Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities
approximated their fair values.
Transaction and integration costs incurred in connection with the GIP Transaction were approximately $195 million in
2024. These costs were primarily comprised of $130 million of compensation expense, mostly for nonrecurring retention-
related deferred compensation and $65 million of other acquisition-related transaction costs, largely related to advisory
fees, legal fees and consulting expenses, recorded in general and administration expense.
Finite-lived intangible assets are amortized over their useful lives, which range from 3 to 14 years. Amortization expense
related to the finite-lived intangible assets was $86 million for 2024. The finite-lived intangible assets had a weighted-
average remaining useful life of approximately 10 years with remaining amortization expense as follows:
(in millions)
Year
Amount
2025
$
281
2026
323
2027
277
2028
196
2029
228
2030
269
Thereafter
1,079
Total
$ 2,653
The following unaudited pro forma information presents combined results of operations of the Company as if the GIP
Transaction and related $3.0 billion in aggregate notes issuance (see Note 15, Borrowings, for more information) had
occurred on January 1, 2023 and are not indicative of the actual results of operations that would have been achieved nor
are they indicative of future results of operations of the combined Company. The pro forma combined provision for
income taxes may not represent the amount that would have resulted had BlackRock and GIP filed consolidated tax
returns during the years presented.
(Unaudited) (in millions)
2024(1)
2023
Total revenue
$21,087
$18,664
Net income attributable to BlackRock, Inc.
$ 6,318
$ 5,025
(1)
Subsequent to the closing of the GIP Transaction on October 1, 2024, GIP contributed approximately $240 million of revenue and $56 million of net income.

F-19
BlackRock 2024 Form 10K
For purposes of the pro forma financial information above,
the following pro forma adjustments and related tax
effects were included as if the GIP Transaction had
occurred on January 1, 2023 (unaudited):
• Compensation expense included retention-related
deferred compensation awards in connection with the
GIP Transaction of $285 million for the year ended
December 31, 2023, and $95 million for the nine
months ended September 30, 2024 (see Note 18,
Stock-Based Compensation, for further information
on retention related deferred compensation issued in
connection with the GIP Transaction);
• Acquisition-related transaction costs of $65 million,
which were recorded in 2024 were included in 2023
results and removed from 2024 results;
• Amortization of finite-lived intangible assets of
$300 million for the year ended December 31, 2023
and $240 million for the nine months ended
September 30, 2024;
• Interest expense for the $3.0 billion notes, which were
issued in March 2024 in connection with the GIP
Transaction, of $155 million for the year ended
December 31, 2023 and $115 million for the nine
months ended September 30, 2024 were included as
if the issuance occurred on January 1, 2023; and
• Adjustments to reflect the tax effects of the GIP
Transaction, as if GIP had been included in the
Company’s results as of January 1, 2023.
SpiderRock Advisors
In May 2024, BlackRock completed the acquisition of the
remaining equity interest in SpiderRock Advisors (“SRA”), a
leading provider of customized option overlay strategies in
the US wealth market (the “SpiderRock Transaction”). This
transaction expands on BlackRock’s minority investment
in SRA made in 2021 and reinforces BlackRock’s
commitment to personalized separately managed
accounts. Pro forma financial information for SRA has not
been presented in the table above, as the effects were not
material to the Company’s historical consolidated
financial statements.
Kreos Capital
In August 2023, BlackRock completed the acquisition of
Kreos Capital, a provider of growth and venture debt
financing to companies in the technology and healthcare
industries (the “Kreos Transaction”). The acquisition adds
to BlackRock’s position as a leading global credit asset
manager and advances its ambitions to provide clients
with a diverse range of private market investment
products and solutions. Total consideration for the
transaction was approximately $250 million, which
included contingent consideration. Pro forma financial
information for Kreos has not been presented in the table
above, as the effects were not material to the Company’s
historical consolidated financial statements.
4. Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statements of
financial condition to the cash, cash equivalents, and restricted cash reported within the consolidated statements of cash
flows.
(in millions)
December 31,
2024
December 31,
2023
Cash and cash equivalents
$12,762
$8,736
Restricted cash included in other assets
17
17
Total cash, cash equivalents and restricted cash
$12,779
$8,753
BlackRock 2024 Form 10K 
F-20
5. Investments
A summary of the carrying value of total investments is as follows:
(in millions)
December 31,
2024
December 31,
2023
Debt securities:
Trading securities (including $1,743 and $1,829 held by CIPs at December 31, 2024 and December 31,
2023, respectively)
$1,823
$1,871
Held-to-maturity investments
547
617
Total debt securities
2,370
2,488
Equity securities at FVTNI (including $1,556 and $1,429 held by CIPs at December 31, 2024 and
December 31, 2023, respectively)(1)
1,950
1,585
Equity method investments:
Equity method investments(2)
2,610
2,515
Investments related to deferred cash compensation plans(1)
173
241
Total equity method investments
2,783
2,756
Loans held by CIPs
145
205
Federal Reserve Bank stock(3)
93
92
Carried interest(4)
1,983
1,975
Other investments(5)
445
639
Total investments
$9,769
$9,740
(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans comprised of equity method investments of
$173 million and $241 million at December 31, 2024 and 2023, respectively. In addition, amounts related to deferred cash compensation plans include equity securities held at FVTNI of
$12 million and $14 million at December 31, 2024 and 2023, 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 nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, real asset, and
commodity investments held by CIPs, which are measured at fair value.
Held-to-Maturity Investments
Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying
value) of these investments approximated fair value (primarily a Level 2 input). At December 31, 2024, $9 million of these
investments mature in less than one year, $24 million of these investments mature between one and five years,
$326 million of these investments mature between five and ten years and $188 million of these investments mature after
ten years.
Trading Debt Securities and Equity Securities at FVTNI
A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:
December 31, 2024
December 31, 2023
(in millions)
Cost
Fair
Value
Cost
Fair
Value
Trading debt securities:
Corporate debt
$ 1,047
$ 1,061
$ 1,225
$ 1,218
Government debt
578
557
501
489
Asset/mortgage-backed debt
222
205
185
164
Total trading debt securities
$ 1,847
$ 1,823
$ 1,911
$ 1,871
Equity securities at FVTNI:
Equity securities/mutual funds
$ 1,843
$ 1,950
$ 1,520
$ 1,585
6. Consolidated Sponsored Investment Products
In the normal course of business, the Company is the
manager of various types of sponsored investment
products, which may be considered VIEs or VREs. The
Company consolidates certain sponsored investment
funds accounted for as VREs because it is deemed to
control such funds. In addition, the Company may from
time to time own equity or debt securities issued by
vehicles or enter into derivatives or loan arrangements
with the vehicles, each of which are considered variable
interests. The Company’s involvement in financing the
operations of the VIEs is generally limited to its economic
interest in the entity. The Company’s consolidated VIEs
include certain sponsored investment products in which
BlackRock has an economic interest and as the
investment manager, is deemed to have both the power to
direct the most significant activities of the products and
the right to receive benefits (or the obligation to absorb
losses) that could potentially be significant to these
sponsored investment products. The assets of these VIEs
are not available to creditors of the Company. In addition,
the investors in these VIEs have no recourse to the credit
of the Company.

F-21
BlackRock 2024 Form 10K
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, 2024
December 31, 2023
(in millions)
VIEs
VREs
Total
VIEs
VREs
Total
Cash and cash equivalents(1)
$
125
$
44
$
169
$
234
$
54
$
288
Investments:
Trading debt securities
1,497
246
1,743
1,423
406
1,829
Equity securities at FVTNI
1,179
377
1,556
1,059
370
1,429
Loans
141
4
145
195
10
205
Other investments
370
33
403
427
171
598
Carried interest
1,905
—
1,905
1,916
—
1,916
Total investments
5,092
660
5,752
5,020
957
5,977
Other assets
45
31
76
83
39
122
Other liabilities(2)
(2,130)
(93)
(2,223)
(2,233)
(108)
(2,341)
Noncontrolling interest—CIPs
(1,672)
(130)
(1,802)
(1,625)
(226)
(1,851)
BlackRock’s net interest in CIPs
$ 1,460
$ 512
$ 1,972
$ 1,479
$ 716
$ 2,195
(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, 2024 and 2023, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
BlackRock’s total exposure to CIPs represents the value of
its economic interest in these CIPs. Valuation changes
associated with financial instruments held at fair value by
these CIPs are reflected in nonoperating income (expense)
and partially offset in net income (loss) attributable to NCI
for the portion not attributable to BlackRock.
Net gain (loss) related to consolidated VIEs is presented in
the following table:
(in millions)
2024
2023
2022
Nonoperating net gain (loss) on
consolidated VIEs
$ 234
$ 310
$ (311)
Net income (loss) attributable to
NCI on consolidated VIEs
$ 132
$ 174
$ (161)
7. Variable Interest Entities
Nonconsolidated VIEs. At December 31, 2024 and 2023, 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 for 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, 2024
Sponsored investment products
$ 2,330
$ 158
$ (11)
$ 2,505
December 31, 2023
Sponsored investment products
$ 2,377
$ 116
$ (11)
$ 2,510
(1)
At both December 31, 2024 and 2023, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.
The net assets of sponsored investment products that are nonconsolidated VIEs approximated $46 billion and $39 billion
at December 31, 2024 and 2023, respectively.
BlackRock 2024 Form 10K 
F-22
8. Fair Value Disclosures
Fair Value Hierarchy
Assets and liabilities measured at fair value on a recurring basis
December 31, 2024
(in millions)
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments
Measured
at NAV(1)
Other(2)
December 31,
2024
Assets:
Investments
Debt securities:
Trading securities
$
—
$
1,744
$
79
$
—
$
—
$
1,823
Held-to-maturity investments
—
—
—
—
547
547
Total debt securities
—
1,744
79
—
547
2,370
Equity securities at FVTNI:
Equity securities/mutual funds
1,950
—
—
—
—
1,950
Equity method:
Equity, fixed income, and multi-asset
mutual funds
347
131
—
—
—
478
Hedge funds/funds of hedge funds/other
—
—
—
552
—
552
Private equity funds
—
—
—
1,060
—
1,060
Real assets funds
—
—
—
520
—
520
Investments related to deferred cash
compensation plans
—
—
—
173
—
173
Total equity method
347
131
—
2,305
—
2,783
Loans held by CIPs
—
10
135
—
—
145
Federal Reserve Bank Stock
—
—
—
—
93
93
Carried interest
—
—
—
—
1,983
1,983
Other investments
18
—
—
274
153
445
Total investments
2,315
1,885
214
2,579
2,776
9,769
Other assets(3)
—
7
149
—
—
156
Separate account assets
32,933
19,346
—
—
532
52,811
Separate account collateral held under securities
lending agreements:
Equity securities
2,719
—
—
—
—
2,719
Debt securities
—
3,340
—
—
—
3,340
Total separate account collateral held under
securities lending agreements
2,719
3,340
—
—
—
6,059
Total
$ 37,967
$ 24,578
$
363
$ 2,579
$ 3,308
$ 68,795
Liabilities:
Separate account collateral liabilities under
securities lending agreements
$
2,719
$
3,340
$
—
$
—
$
—
$
6,059
Contingent consideration liabilities
—
—
4,302
—
—
4,302
Other liabilities(4)
—
46
129
—
—
175
Total
$
2,719
$
3,386
$ 4,431
$
—
$
—
$ 10,536
(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO
classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

F-23
BlackRock 2024 Form 10K
December 31, 2023
(in millions)
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments
Measured
at NAV(1)
Other(2)
December 31,
2023
Assets:
Investments
Debt securities:
Trading securities
$
—
$
1,829
$
42
$
—
$
—
$
1,871
Held-to-maturity investments
—
—
—
—
617
617
Total debt securities
—
1,829
42
—
617
2,488
Equity securities at FVTNI:
Equity securities/mutual funds
1,585
—
—
—
—
1,585
Equity method:
Equity, fixed income, and multi-asset
mutual funds
246
—
—
—
—
246
Hedge funds/funds of hedge funds/other
—
—
—
588
—
588
Private equity funds
—
—
—
1,264
—
1,264
Real assets funds
—
—
—
417
—
417
Investments related to deferred cash
compensation plans
—
—
—
241
—
241
Total equity method
246
—
—
2,510
—
2,756
Loans held by CIPs
—
30
175
—
—
205
Federal Reserve Bank Stock
—
—
—
—
92
92
Carried interest
—
—
—
—
1,975
1,975
Other investments
15
—
—
467
157
639
Total investments
1,846
1,859
217
2,977
2,841
9,740
Other assets(3)
117
19
120
—
—
256
Separate account assets
34,621
20,810
—
—
667
56,098
Separate account collateral held under securities
lending agreements:
Equity securities
1,686
—
—
—
—
1,686
Debt securities
—
2,872
—
—
—
2,872
Total separate account collateral held under
securities lending agreements
1,686
2,872
—
—
—
4,558
Total
$ 38,270
$ 25,560
$ 337
$ 2,977
$ 3,508
$ 70,652
Liabilities:
Separate account collateral liabilities under
securities lending agreements
$
1,686
$
2,872
$
—
$
—
$
—
$
4,558
Other(4)
—
17
279
—
—
296
Total
$
1,686
$
2,889
$ 279
$
—
$
—
$
4,854
(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes a corporate minority private debt investment with changes in fair value recorded in AOCI,
net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO
classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets, and contingent liabilities related to certain acquisitions.
Level 3 Assets. Level 3 assets predominantly include
investments in nonconsolidated CLOs, loans of
consolidated CIPs, and corporate minority private debt
investments. Investments in CLOs and loans were valued
based on single-broker nonbinding quotes or quotes from
pricing services which use significant unobservable
inputs. BlackRock’s corporate minority private debt
investments were primarily valued using the income
approach by discounting the expected cash flows to a
single present value. For investments utilizing a
discounted cashflow valuation technique, an increase
(decrease) in the discount rate or risk premium in isolation
could have resulted in a significantly lower (higher) fair
value measurement as of December 31, 2024 and 2023.
Level 3 Liabilities. Level 3 liabilities primarily include
borrowings of a consolidated CLO, which were valued
based on the fair value of the assets of the consolidated
CLO less the fair value of the Company’s economic
interest in the CLO, as well as contingent consideration
liabilities related to certain acquisitions, which were
valued based upon discounted cash flow analyses using
unobservable market data inputs or other valuation
techniques.
At December 31, 2024, the contingent consideration
liability related to the GIP Transaction was estimated
using the income approach, with certain significant inputs
including a risk-free discount rate of approximately 4.3%
as well as current estimates of the timing and amounts of
fundraising forecasts, stock and AUM volatility, and
BlackRock 2024 Form 10K 
F-24
correlation between stock price and AUM (Level 3 inputs).
Accordingly, changes in key inputs and assumptions
described can materially impact the amount of contingent
consideration expense recorded in a reporting period until
the contingency is resolved. Changes in fair value are
recorded within general and administration expense of the
consolidated statements of income.
Nonrecurring Fair Value Measurements. The Company
assessed its intangible assets for impairment during the
annual impairment assessment as of July 31, 2024 and
concluded that an impairment charge was required for
indefinite-lived intangible assets related to certain
open-end management contracts, which reduced the
carrying value of these management contracts to
$87 million. See Note 12, Intangible Assets, for more
information. The fair value of these contracts was
determined using a discounted cash flow analysis. The
most sensitive assumptions used to determine present
value were growth expectations, revenue / operating
margin forecast, and the discount rate applied to the cash
flow forecast, which are considered Level 3 inputs in the
valuation hierarchy.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2024
(in millions)
December 31,
2023
Realized
and
Unrealized
Gains
(Losses)
Purchases
Sales and
Maturities
Issuances
and
Other
Settlements(1)
Transfers
into
Level 3
Transfers
out of
Level 3
December 31,
2024
Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)
Assets:
Investments:
Trading debt securities
$
42
$
3
$
35
$
(1)
$
—
$ —
$ —
$
79
$
3
Loans
175
7
402
(455)
—
12
(6)
135
7
Total investments
217
10
437
(456)
—
12
(6)
214
10
Other assets
120
(8)
37
—
—
—
—
149
(8)
Total assets
$ 337
$
2
$ 474
$ (456)
$
—
$ 12
$ (6)
$
363
$
2
Liabilities:
Contingent consideration
liabilities
$
99
$ 42
$
—
$
—
$ 4,245
$ —
$ —
$ 4,302
$ 42
Other liabilities
180
(7)
—
—
(58)
—
—
129
(7)
Total liabilities
$ 279
$ 35
$
—
$
—
$ 4,187
$ —
$ —
$ 4,431
$ 35
(1)
Issuances and other settlements amounts include contingent consideration liabilities related to the SpiderRock and GIP Transactionsand repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2023
(in millions)
December 31,
2022
Realized
and
Unrealized
Gains
(Losses)
Purchases
Sales and
Maturities
Issuances
and
Other
Settlements(1)
Transfers
into
Level 3
Transfers
out of
Level 3
December 31,
2023
Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)
Assets:
Investments:
Trading debt securities
$
52
$ —
$
8
$ (18)
$
—
$ —
$
—
$
42
$ —
Loans
248
13
76
(58)
(122)
38
(20)
175
(1)
Total investments
300
13
84
(76)
(122)
38
(20)
217
(1)
Other assets
—
7
113
—
—
—
—
120
7
Total assets
$ 300
$ 20
$ 197
$ (76)
$ (122)
$ 38
$ (20)
$ 337
$ 6
Liabilities:
Other
$ 280
$
1
$
—
$
—
$
—
$ —
$
—
$ 279
$ 1
(1)
Issuances and other settlements amounts include a deconsolidation related to a previously consolidated VRE. In addition, issuances and other settlements include a contingent liability in
connection with the Kreos Transaction,offset by repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
Realized and Unrealized Gains (Losses) for Level 3 Assets
and Liabilities. Realized and unrealized gains (losses)
recorded for Level 3 assets and liabilities are primarily
reported in nonoperating income (expense) on the
consolidated statements of income. A portion of net
income (loss) related to securities held by CIPs is allocated
to NCI to reflect net income (loss) not attributable to the
Company.
Transfers in and/or out of Levels. Transfers in and/or out
of levels are reflected when significant inputs, including
market inputs or performance attributes, used for the fair
value measurement become observable/unobservable.

F-25
BlackRock 2024 Form 10K
Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At December 31, 2024 and 2023, the fair value of
the Company’s financial instruments not held at fair value are categorized in the table below.
December 31, 2024
December 31, 2023
(in millions)
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
Fair Value
Hierarchy
Financial Assets(1):
Cash and cash equivalents
$ 12,762
$ 12,762
$ 8,736
$ 8,736
Level 1(2)(3)
Other assets
86
86
80
80
Level 1(2)(4)
Financial Liabilities:
Long-term borrowings
$ 12,314
$ 11,680
$ 7,918
$ 7,413
Level 2(5)
(1)
See Note 5, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At December 31, 2024 and 2023, approximately $6.2 billion and $3.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the consolidated
statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At December 31, 2024 and 2023, other assets included cash collateral of approximately $69 million and $63 million, respectively. See Note 9, Derivatives and Hedging for further information
on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both December 31, 2024 and 2023.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined
using market prices and the EUR/USD foreign exchange rate at the end of December 2024 and 2023, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-
term borrowings.
Investments in Certain Entities that Calculate NAV Per Share
As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes
of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all
investments that use a fair value measurement to account for both their financial assets and financial liabilities in their
calculation of a NAV per share (or equivalent).
December 31, 2024
(in millions)
Ref
Fair Value
Total Unfunded
Commitments
Redemption
Frequency
Redemption
Notice Period
Equity method(1):
Hedge funds/funds of hedge funds/other
(a)
$
552
$
138
Daily/Monthly (2%)
Quarterly (10%)
N/R (88%)
1 – 90 days
Private equity funds
(b)
1,060
227
N/R
N/R
Real assets funds
(c)
520
710
Quarterly (7%)
N/R (93%)
60 days
Investments related to deferred cash compensation plan
(d)
173
—
Monthly
1 – 90 days
Consolidated sponsored investment products:
Real assets funds
(c)
175
40
N/R
N/R
Private equity funds
(e)
7
42
N/R
N/R
Hedge funds/other
(a)
92
58
Quarterly (64%)
N/R (36%)
90 days
Total
$ 2,579
$ 1,215
BlackRock 2024 Form 10K 
F-26
December 31, 2023
(in millions)
Ref
Fair
Value
Total
Unfunded
Commitments
Redemption
Frequency
Redemption
Notice Period
Equity method(1):
Hedge funds/funds of hedge funds/other
(a)
$
588
$ 134
Daily/Monthly (4%)
Quarterly (8%)
N/R (88%)
1 – 90 days
Private equity funds
(b)
1,264
218
N/R
N/R
Real assets funds
(c)
417
210
Quarterly (10%)
N/R (90%)
60 days
Investments related to deferred cash compensation plan
(d)
241
—
Monthly
1 – 90 days
Consolidated sponsored investment products:
Real assets funds
(c)
154
62
N/R
N/R
Private equity funds
(e)
145
37
N/R
N/R
Hedge funds/other
(a)
168
64
Quarterly (83%)
N/R (17%)
90 days
Total
$ 2,977
$ 725
N/R – Not Redeemable
(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the
Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and
other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the
investments in the funds that are not subject to redemption is unknown at both December 31, 2024 and 2023.
(b)
This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these
investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment
in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for
the investments in these funds is unknown at both December 31, 2024 and 2023.
(c)
This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure.The fair values of the investments have been estimated using capital accounts
representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through
distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both December 31,
2024 and 2023. The total remaining unfunded commitments were $750 million and $272 million at December 31, 2024 and 2023, respectively. The Company’s portion of the total
remaining unfunded commitments was $736 million and $248 million at December 31, 2024 and 2023, respectively.
(d)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of
the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The investments in hedge funds will be redeemed upon settlement of certain
deferred cash compensation liabilities.
(e)
This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or
are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature
of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for
the underlying assets of these funds is unknown.
Fair Value Option
At December 31, 2024 and 2023, the Company elected the fair value option for certain investments in CLOs of
approximately $72 million and $42 million, respectively, reported within investments.
In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within
investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and
borrowings at December 31, 2024 and 2023:
(in millions)
December 31,
2024
December 31,
2023
CLO loans:
Aggregate principal amounts outstanding
$ 156
$ 203
Fair value
141
194
Aggregate principal balance in excess of (less than) fair value
$
15
$
9
CLO borrowings:
Aggregate principal amounts outstanding
$ 146
$ 190
Fair value
129
180
Aggregate principal balance in excess of (less than) fair value
$
17
$
10
At December 31, 2024, the principal amounts outstanding of the borrowings issued by the consolidated CLO mature in
2030, and may be repaid prior to maturity at any time.

F-27
BlackRock 2024 Form 10K
During the year ended December 31, 2024 and 2023, the
net gains (losses) from the change in fair value of the bank
loans and borrowings held by the consolidated CLO were
not material and were recorded in net gain (loss) on the
consolidated statements of income. The change in fair
value of the assets and liabilities included interest income
and expense, respectively.
9. Derivatives and Hedging
The Company maintains a program to enter into exchange
traded futures as a macro hedging strategy to hedge
market price and interest rate exposures with respect to its
total portfolio of seed investments in sponsored
investment products. The Company had outstanding
exchange traded futures related to this macro hedging
strategy with aggregate notional values of approximately
$1.8 billion at both December 31, 2024 and 2023, with
expiration dates during the first quarter of 2025 and 2024,
respectively.
In addition, the Company enters into exchange traded
futures to economically hedge the exposure to market
movements on certain deferred cash compensation plans.
The Company had outstanding exchange traded futures
with aggregate notional values related to its deferred cash
compensation hedging program of approximately
$197 million and $204 million at December 31, 2024 and
2023, with expiration dates during the first quarter of
2025 and 2024, respectively.
Changes in the value of the futures contracts are
recognized as gains or losses within nonoperating income
(expense). Variation margin payments, which represent
settlements of profit/loss, are generally received or made
daily, and are reflected in other assets and other liabilities
on the consolidated statements of financial condition.
These amounts were not material as of December 31,
2024 and 2023.
The Company executes forward foreign currency
exchange contracts to mitigate the risk of certain foreign
exchange movements. At December 31, 2024 and 2023,
the Company had outstanding forward foreign currency
exchange contracts with aggregate notional values of
approximately $3.6 billion, with expiration dates in
January 2025, and $3.1 billion, with expiration dates in
January 2024, respectively.
At both December 31, 2024 and 2023, the Company had a
derivative providing credit protection with a notional
amount of approximately $17 million to a counterparty,
representing the Company’s maximum risk of loss with
respect to the derivative. The Company carries the
derivative at fair value based on the expected discounted
future cash outflows under the arrangement.
The following table presents the fair values of derivative instruments recognized in the consolidated statements of
financial condition at December 31, 2024:
Assets
Liabilities
(in millions)
Statement of
Financial Condition
Classification
December 31,
2024
December 31,
2023
Statement of
Financial Condition
Classification
December 31,
2024
December 31,
2023
Derivative instruments
Forward foreign currency
exchange contracts
Other assets
$ 7
$ 19
Other liabilities
$ 35
$ 6
The following table presents realized and unrealized gains (losses) recognized in the consolidated statements of income
on derivative instruments:
Gains (Losses)
(in millions)
Statement of Income Classification
2024
2023
2022
Derivative Instruments
Exchange traded futures(1)
Net gain (loss) on investments
$ (30)
$ (88)
$
36
Forward foreign currency exchange contracts
General and administration expense
5
98
(222)
Total return swaps
Net gain (loss) on investments
—
—
83
Total gain (loss) from derivative instruments
$ (25)
$
10
$ (103)
(1)
Amounts for 2024, 2023 and 2022 include $48 million of losses, $112 million of losses and $36 million of gains on futures used as a macro hedging strategy of seed investments,
respectively. In addition, amounts for 2024 and 2023 include $18 million and $24 million of gains on futures used to economically hedge certain deferred cash compensation plans,
respectively.
The Company’s CIPs may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair
value of such derivatives, which is recorded in nonoperating income (expense), was not material for 2024, 2023 and 2022.
See Note 15, Borrowings, for more information on the Company’s net investment hedge.
BlackRock 2024 Form 10K 
F-28
10. Property and Equipment
Property and equipment consists of the following:
Estimated Useful
Life-In Years
December 31,
(in millions)
2024
2023
Property and equipment:
Land
N/A
$
6
$
6
Building
39
33
33
Building improvements
15
32
31
Leasehold improvements
1-15
1,048
1,036
Equipment and computer
software
3
1,136
1,088
Other transportation
equipment
8-10
198
192
Furniture and fixtures
7
101
99
Construction in progress
N/A
102
66
Total
2,656
2,551
Less: Accumulated
depreciation and
amortization
1,553
1,439
Property and equipment, net
$ 1,103
$ 1,112
N/A – Not Applicable
Qualifying software costs of approximately $105 million,
$103 million and $91 million have been capitalized within
equipment and computer software during 2024, 2023 and
2022, respectively, and are being amortized over an
estimated useful life of three years.
Depreciation and amortization expense was $270 million,
$263 million and $251 million for 2024, 2023 and 2022,
respectively.
11. Goodwill
Goodwill activity during 2024 and 2023 was as follows:
(in millions)
2024
2023
Beginning of year balance
$ 15,524
$ 15,341
Acquisitions(1)
10,428
184
Other
(3)
(1)
End of year balance
$ 25,949
$ 15,524
(1)
2024 amount represents goodwill of $10.3billion related to the GIP Transaction and
$131 million related to the SpiderRock Transaction. 2023 amount represents goodwill in
connection with the Kreos Transaction. See Note 3, Acquisitions, for further information.
BlackRock assessed its goodwill for impairment as of
July 31, 2024, 2023 and 2022 and considered such factors
as the book value and the market capitalization of the
Company. The impairment assessment indicated no
impairment charges were required. The Company
continues to monitor its book value per share compared
with closing prices of its common stock as well as
qualitative factors for potential indicators of impairment. At
December 31, 2024, the Company’s common stock closed
at a market price of $1,025, which exceeded its book value
of $307 per share.

F-29
BlackRock 2024 Form 10K
12. Intangible Assets
Intangible assets at December 31, 2024 and 2023 consisted of the following:
(in millions)
Remaining
Weighted-
Average
Estimated
Useful Life
(years)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
At December 31, 2024
Indefinite-lived intangible assets:
Management contracts
N/A
$ 16,119
$
—
$ 16,119
Trade names/trademarks
N/A
1,403
—
1,403
License
N/A
6
—
6
Total indefinite-lived intangible assets
17,528
—
17,528
Finite-lived intangible assets(1):
Management contracts
7.6
2,028
215
1,813
Investor/customer relationships
11.2
1,623
414
1,209
Technology-related
3.5
257
144
113
Trade names/trademarks
9.6
89
9
80
Total finite-lived intangible assets
8.9
3,997
782
3,215
Total intangible assets
$ 21,525
$ 782
$ 20,743
At December 31, 2023
Indefinite-lived intangible assets:
Management contracts
N/A
$ 16,169
$
—
$ 16,169
Trade names/trademarks
N/A
1,403
—
1,403
License
N/A
6
—
6
Total indefinite-lived intangible assets
17,578
—
17,578
Finite-lived intangible assets(2):
Management contracts
3.7
244
156
88
Investor/customer relationships
6.0
785
338
447
Technology-related
4.6
260
118
142
Trade names/trademarks
1.8
9
6
3
Total finite-lived intangible assets
5.4
1,298
618
680
Total intangible assets
$ 18,876
$ 618
$ 18,258
N/A – Not Applicable
(1)
In connection with the GIP Transaction,the Company acquired approximately $1.8 billion of finite-lived management contracts,$820 million of finite-lived investor relationships and
$80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information). In connection with the SpiderRock Transaction,the Company acquired approximately $29 million of
finite-lived customer relationships and $8 million of finite-lived technology-related intangible assets with weighted-average estimated lives of approximately eleven and five years, respectively.
(2)
In connection with the Kreos Transaction,the Company acquired approximately $67 million of finite-lived management contracts and $39 million of finite-lived investor relationships with
weighted-average estimated lives of approximately five and ten years, respectively.
The Company assessed its intangible assets for
impairment as of July 31, 2024 and concluded that an
impairment charge was required for indefinite-lived
intangible assets related to certain acquired open-end
management contracts, primarily driven by quantitative
factors, such as reduced growth expectations, a decrease
in revenue basis points and net client outflows. As a result,
the Company recorded a noncash impairment charge of
$50 million, which is included within amortization and
impairment of intangible assets expense on the
consolidated statements of income for the year ended
December 31, 2024. No impairment charges were
required for any other intangible assets.
The impairment tests performed for intangible assets as of
July 31, 2023 and 2022 indicated no impairment charges
were required.
Estimated amortization expense for finite-lived intangible
assets for each of the five succeeding years is as follows:
(in millions)
Year
Amount
2025
$ 429
2026
457
2027
384
2028
283
2029
271
13. Leases
The following table presents components of lease cost included in general and administration expense on the
consolidated statements of income:
(in millions)
2024
2023
2022
Lease cost:
Operating lease cost(1)
$ 183
$ 189
$ 216
Variable lease cost(2)
60
49
39
Total lease cost
$ 243
$ 238
$ 255
(1)
Amounts include short-term leases, which are immaterial for 2024, 2023 and 2022.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs
not included in the measurement of ROU assets and operating lease liabilities.
BlackRock 2024 Form 10K 
F-30
Supplemental information related to operating leases is summarized below:
(in millions)
2024
2023
2022
Supplemental cash flow information:
Operating cash flows from operating leases included in the measurement of operating lease liabilities
$ 183
$ 142
$ 162
Supplemental noncash information:
ROU assets in exchange for operating lease liabilities(1)
$ 235
$
32
$ 115
(1)
Amount for 2024 includes $75 million of ROU assets obtained in connection with the GIP Transaction.See Note 3, Acquisitions, for further information.
December 31, 2024
December 31, 2023
Lease term and discount rate:
Weighted-average remaining lease term
14 years
15 years
Weighted-average discount rate
3%
3%
(in millions)
Maturity of operating lease liabilities at December 31, 2024
Amount
2025
$
198
2026
185
2027
179
2028
170
2029
156
Thereafter
1,439
Total lease payments
2,327
Less: Imputed interest
(419)
Present value of lease liabilities
$ 1,908
14. Other Assets
The Company records certain corporate investments,
which exclude seed and co-investments in the Company’s
sponsored investment products, within other assets on the
consolidated statements of financial condition.
At December 31, 2024 and 2023, the Company had
$888 million and $773 million, respectively, of corporate
equity method investments, recorded within other assets.
At December 31, 2024 and 2023, the Company’s
ownership interest in its minority investment in iCapital
Network Inc. (“iCapital”) was approximately 24% and 25%,
respectively, and the carrying value of the Company’s
interest was $652 million and $641 million, respectively. In
accordance with GAAP, certain equity method investees,
including iCapital, do not account for both their financial
assets and liabilities under fair value measures; therefore,
the Company’s investment in such equity method
investees may not represent fair value.
At December 31, 2024 and 2023, the Company had
$438 million and $484 million, respectively, of other
nonequity method corporate minority investments
recorded within other assets. These investments include
equity securities, generally measured at fair value or under
the measurement alternative to fair value for
nonmarketable securities, and corporate minority private
debt investments measured at fair value. Changes in value
of the equity securities are recorded in nonoperating
income (expense) and changes in value of the debt
securities are recorded in AOCI, net of tax. See Note 2,
Significant Accounting Policies, for further information.
15. Borrowings
Short-Term Borrowings
2024 Revolving Credit Facility. The Company maintains an
unsecured revolving credit facility, which is available for
working capital and general corporate purposes (the
“2024 Credit Facility”). In March 2024, the 2024 Credit
Facility was amended to, among other things, (1) permit
the GIP Transaction and the transactions contemplated in
connection with the GIP Transaction, (2) add New
BlackRock as a borrower under the existing credit
agreement, (3) add New BlackRock as a guarantor of the
payment and performance of the obligations, liabilities
and indebtedness of Old BlackRock and certain of its other
subsidiaries and (4) update the sustainability-linked
pricing mechanics to remove existing metrics and allow
new metrics, if any, to be set following the consummation
of the GIP Transaction. In May 2024, the 2024 Credit
Facility was further amended to, among other things,
(1) increase the aggregate commitment amount by
$400 million to $5.4 billion and (2) extend the maturity
date to March 2029 for lenders (other than one
non-extending lender) pursuant to the Company’s option
to request extensions of the maturity date available under
the 2024 Credit Facility (with the commitment of the
non-extending lender maturing in March 2028). The 2024
Credit Facility permits the Company to request up to an
additional $1.0 billion of borrowing capacity, subject to
lender credit approval, which could increase the overall
size of the 2024 Credit Facility to an aggregate principal
amount of up to $6.4 billion. Interest on outstanding
borrowings accrues at an applicable benchmark rate for
the denominated currency of the loan, plus a spread. The
2024 Credit Facility requires the Company not to exceed a
maximum leverage ratio (ratio of net debt to earnings
before interest, taxes, depreciation and amortization,
where net debt equals total debt less unrestricted cash) of
3 to 1, which was satisfied with a ratio of less than 1 to 1 at
December 31, 2024. At December 31, 2024, the Company
had no amount outstanding under the 2024 Credit
Facility.
Commercial Paper Program. On November 7, 2024,
BlackRock established a commercial paper program (the
“CP Program”) under which the Company may issue short-
term, unsecured commercial paper notes (the “CP Notes”)
on a private-placement basis up to a maximum aggregate
amount outstanding at any time of $5 billion. The
payments of the CP Notes have been unconditionally
guaranteed by Old BlackRock (the “CP Notes Guarantee”).
In addition, the CP Notes will rank at least equal in right of
payment with all of New BlackRock’s other
unsubordinated indebtedness, and the obligations of Old
BlackRock under the guarantee will rank at least equal in
right of payment with all of Old BlackRock’s other
unsubordinated indebtedness. Net proceeds of issuances
of the CP Notes are expected to be used for general
corporate purposes. The CP Program is currently
supported by the 2024 Credit Facility. The CP Program

F-31
BlackRock 2024 Form 10K
replaced the Company’s prior $4 billion commercial paper
program, which was terminated concurrently with the
establishment of this CP Program, and has been put into
place in connection with the Company’s organizational
structure following the closing of the GIP Transaction. At
December 31, 2024, BlackRock had no CP Notes
outstanding.
Subsidiary Credit Facility. In January 2024, BlackRock
Investment Management (UK) Limited (“BIM UK”), a
wholly owned subsidiary of the Company, entered into a
revolving credit facility (the “Subsidiary Credit Facility”) in
the amount of £25 million (or approximately $31 million
based on the GBP/USD foreign exchange rate at
December 31, 2024) with a rolling 364-day term structure.
The Subsidiary Credit Facility is available for BIM UK’s
general corporate and working capital purposes. At
December 31, 2024, there was no amount outstanding
under the Subsidiary Credit Facility.
Long-Term Borrowings
The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign
exchange rate at December 31, 2024 included the following:
(in millions)
Maturity Amount
Unamortized
Discount
and Debt
Issuance
Costs(1)
Carrying Value
Fair Value
1.25% Notes due 2025(2)
$
725
$
—
$
725
$
720
3.20% Notes due 2027(2)
700
(2)
698
682
4.60% Notes due 2027
800
(3)
797
801
3.25% Notes due 2029(2)
1,000
(7)
993
944
4.70% Notes due 2029
500
(3)
497
500
2.40% Notes due 2030(2)
1,000
(3)
997
891
1.90% Notes due 2031(2)
1,250
(7)
1,243
1,055
2.10% Notes due 2032(2)
1,000
(11)
989
823
4.75% Notes due 2033(2)
1,250
(17)
1,233
1,224
5.00% Notes due 2034
1,000
(7)
993
986
4.90% Notes due 2035
500
(5)
495
489
5.25% Notes due 2054
1,500
(32)
1,468
1,418
5.35% Notes due 2055
1,200
(14)
1,186
1,147
Total long-term borrowings
$ 12,425
$ (111)
$ 12,314
$ 11,680
(1)
The unamortized discount and debt issuance costs are being amortized over the term of the notes.
(2)
Issued by Old BlackRock and guaranteed by New BlackRock.
Long-term borrowings at December 31, 2023 had a
carrying value of $7.9 billion and a fair value of $7.4 billion
determined using market prices at the end of December
2023.
March 2024 Notes. In March 2024, the Company issued
$3.0 billion in aggregate principal amount of senior
unsecured and unsubordinated notes. These notes were
issued as three separate series of senior debt securities
including $500 million of 4.70% notes maturing on
March 14, 2029 (the “March 2029 Notes”), $1.0 billion of
5.00% notes maturing on March 14, 2034 (the “2034
Notes”) and $1.5 billion of 5.25% notes maturing on
March 14, 2054 (the “2054 Notes”) (collectively, the
“March 2024 Notes”). Net proceeds were used to fund a
portion of the cash consideration for the GIP Transaction,
which closed in October 2024. Interest on the March 2024
Notes of approximately $152 million per year is payable
semi-annually on March 14 and September 14 of each
year, which commenced on September 14, 2024. The
March 2024 Notes are fully and unconditionally
guaranteed (the “March 2024 Notes Guarantee”) on a
senior unsecured basis by Old BlackRock. The March 2024
Notes and the March 2024 Notes Guarantee rank equally
in right of payment with all of BlackRock and Old
BlackRock’s other unsubordinated indebtedness,
respectively. The March 2024 Notes may be redeemed
prior to maturity at any time in whole or in part at the
option of BlackRock at the redemption prices set forth in
the applicable series of March 2024 Notes.
July 2024 Notes. In July 2024, the Company issued
$2.5 billion in aggregate principal amount of senior
unsecured and unsubordinated notes. These notes were
issued as three separate series of senior debt securities
including $800 million of 4.60% notes maturing on
July 26, 2027 (the “July 2027 Notes”), $500 million of
4.90% notes maturing on January 8, 2035 (the “2035
Notes”) and $1.2 billion of 5.35% notes maturing on
January 8, 2055 (the “2055 Notes”) (collectively, the “July
2024 Notes”). Net proceeds are intended to be used to
fund a portion of the cash consideration for the
acquisition of Preqin Holding Limited (“Preqin” or the
“Preqin Transaction”), which is anticipated to close in the
first quarter of 2025, subject to customary closing
conditions. The July 2024 Notes are fully and
unconditionally guaranteed (the “July 2024 Notes
Guarantee”) on a senior unsecured basis by Old
BlackRock. The July 2024 Notes and the July 2024 Notes
Guarantee rank equally in right of payment with all of
BlackRock’s and Old BlackRock’s other unsubordinated
indebtedness, respectively. Interest on the July 2027
Notes of approximately $37 million per year is payable
semi-annually on January 26 and July 26 of each year,
beginning January 26, 2025. Interest on the 2035 Notes
and 2055 Notes of approximately $25 million and
$64 million per year, respectively, is payable semi-
annually on January 8 and July 8 of each year, beginning
January 8, 2025. The July 2024 Notes may be redeemed
prior to maturity at any time in whole or in part at the
BlackRock 2024 Form 10K 
F-32
option of BlackRock at the redemption prices set forth in
the applicable series of July 2024 Notes. In addition, if the
Preqin Transaction is not consummated, the Company will
be required to redeem all outstanding July 2027 Notes
(the “Special Mandatory Redemption”) at a Special
Mandatory Redemption price equal to 101% of the
aggregate principal amount of the applicable series of July
2027 Notes, plus accrued and unpaid interest, if any, to,
but excluding, the Special Mandatory Redemption date.
2033 Notes. In May 2023, the Company issued
$1.25 billion in aggregate principal amount of 4.75%
senior unsecured notes maturing on May 25, 2033 (the
“2033 Notes”). The net proceeds of the 2033 Notes are
being used for general corporate purposes. Interest of
approximately $59 million per year is payable semi-
annually on May 25 and November 25 of each year,
commencing on November 25, 2023. The 2033 Notes may
be redeemed at the option of the Company, in whole or in
part, at any time prior to February 25, 2033 at a “make-
whole” redemption price, or thereafter at 100% of the
principal amount of the 2033 Notes, in each case plus
accrued but unpaid interest.
2032 Notes. In December 2021, the Company issued
$1 billion in aggregate principal amount of 2.10% senior
unsecured and unsubordinated notes maturing on
February 25, 2032 (the “2032 Notes”). The net proceeds of
the 2032 Notes were used for general corporate purposes,
which included the repayment of the $750 million 3.375%
Notes in June 2022. Interest of approximately $21 million
per year is payable semi-annually on February 25 and
August 25 of each year, which commenced on
February 25, 2022. The 2032 Notes may be redeemed
prior to November 25, 2031 in whole or in part at any time,
at the option of the Company, at a “make-whole”
redemption price or at 100% of the principal amount of
the 2032 Notes thereafter.
2031 Notes. In April 2020, the Company issued
$1.25 billion in aggregate principal amount of 1.90%
senior unsecured and unsubordinated notes maturing on
January 28, 2031 (the “2031 Notes”). The net proceeds of
the 2031 Notes were used for general corporate purposes.
Interest of approximately $24 million per year is payable
semi-annually on January 28 and July 28 of each year,
which commenced on July 28, 2020. The 2031 Notes may
be redeemed prior to October 28, 2030 in whole or in part
at any time, at the option of the Company, at a “make-
whole” redemption price or at 100% of the principal
amount of the 2031 Notes thereafter.
2030 Notes. In January 2020, the Company issued
$1 billion in aggregate principal amount of 2.40% senior
unsecured and unsubordinated notes maturing on
April 30, 2030 (the “2030 Notes”). The net proceeds of the
2030 Notes were used for general corporate purposes.
Interest of approximately $24 million per year is payable
semi-annually on April 30 and October 30 of each year,
which commenced on April 30, 2020. The 2030 Notes may
be redeemed prior to January 30, 2030 in whole or in part
at any time, at the option of the Company, at a “make-
whole” redemption price or at 100% of the principal
amount of the 2030 Notes thereafter.
2029 Notes. In April 2019, the Company issued $1 billion
in aggregate principal amount of 3.25% senior unsecured
and unsubordinated notes maturing on April 30, 2029 (the
“2029 Notes”). The net proceeds of the 2029 Notes were
used for general corporate purposes, which included a
portion of the purchase price for the acquisition of eFront
Holdings SAS, repayment of a portion of the $1 billion
5.00% notes in December 2019 and repayment of
borrowings under its commercial paper program. Interest
is payable semi-annually on April 30 and October 30 of
each year, which commenced on October 30, 2019, and is
approximately $33 million per year. The 2029 Notes may
be redeemed prior to January 30, 2029 in whole or in part
at any time, at the option of the Company, at a “make-
whole” redemption price or at par thereafter.
2027 Notes. In March 2017, the Company issued
$700 million in aggregate principal amount of 3.20%
senior unsecured and unsubordinated notes maturing on
March 15, 2027 (the “2027 Notes”). The net proceeds of
the 2027 Notes were used to fully repay $700 million in
aggregate principal amount outstanding of 6.25% notes
in April 2017 prior to their maturity in September 2017.
Interest is payable semi-annually on March 15 and
September 15 of each year, and is approximately
$22 million per year. The 2027 Notes may be redeemed
prior to maturity at any time in whole or in part at the
option of the Company at a “make-whole” redemption
price.
2025 Notes. In May 2015, the Company issued
€700 million of 1.25% senior unsecured notes maturing
on May 6, 2025 (the “2025 Notes” and, together with the
2027 Notes, the 2029 Notes, the 2030 Notes, the 2031
Notes, the 2032 Notes and the 2033 Notes, the “Old
BlackRock Notes”). The notes are listed on the Official List
of The International Stock Exchange. The net proceeds of
the 2025 Notes were used for general corporate purposes,
including refinancing of outstanding indebtedness.
Interest of approximately $11 million per year based on
current exchange rates is payable annually on May 6 of
each year. The 2025 Notes may be redeemed in whole or
in part prior to maturity at any time at the option of the
Company at a “make-whole” redemption price.
Upon conversion to US dollars the Company designated
the €700 million debt offering as a net investment hedge
to offset its currency exposure relating to its net
investment in certain euro functional currency operations.
A gain of $37 million (net of tax expense of $12 million),
loss of $20 million (net of tax benefit of $6 million), and a
gain of $37 million (net of tax expense of $12 million) were
recognized in other comprehensive income for 2024, 2023
and 2022, respectively. No hedge ineffectiveness was
recognized during 2024, 2023 and 2022.
2024 Notes. In March 2014, the Company issued
$1 billion in aggregate principal amount of 3.50% senior
unsecured and unsubordinated notes, which were repaid
in March 2024 at maturity (the “2024 Notes”). The net
proceeds of the 2024 Notes were used to refinance certain
indebtedness which matured in the fourth quarter of
2014. Interest was payable semi-annually in arrears on
March 18 and September 18 of each year, or
approximately $35 million per year.
New BlackRock Guarantee. On October 1, 2024, in
connection with the closing of the GIP Transaction, New
BlackRock also entered into a guarantee (the “New
BlackRock Guarantee”) pursuant to which New BlackRock
fully and unconditionally guaranteed, on a senior
unsecured basis, the obligations of Old BlackRock with
respect to the Old BlackRock Notes. The New BlackRock
Guarantee ranks equally in right of payment with all of
New BlackRock’s other unsubordinated indebtedness.
The New BlackRock Guarantee will be automatically and

F-33
BlackRock 2024 Form 10K
unconditionally released and discharged, and New
BlackRock will be released from all obligations under the
New BlackRock Guarantee, in certain circumstances as
described in the New BlackRock Guarantee.
16. Commitments and Contingencies
Investment Commitments. At December 31, 2024, the
Company had $1.2 billion of various capital commitments
to fund sponsored investment products, including CIPs.
These products include various private markets products,
including private equity funds, real assets funds, and
opportunistic funds. This amount excludes additional
commitments made by consolidated funds of funds to
underlying third-party funds as third-party noncontrolling
interest holders have the legal obligation to fund the
respective commitments of such funds of funds.
Generally, the timing of the funding of these commitments
is unknown and the commitments are callable on demand
at any time prior to the expiration of the commitment.
These unfunded commitments are not recorded on the
consolidated statements of financial condition. These
commitments do not include potential future
commitments approved by the Company that are not yet
legally binding. The Company intends to make additional
capital commitments from time to time to fund additional
investment products for, and with, its clients.
Contingencies
Contingent Consideration Liabilities. In connection with
certain acquisitions, BlackRock is required to make
contingent payments, subject to the achievement of
specified performance targets or satisfaction of certain
post-closing events. The fair value of this contingent
consideration is estimated at the time of acquisition
closing and is included in contingent consideration
liabilities on the consolidated statements of financial
condition. The fair value of the remaining aggregate
contingent payments at December 31, 2024 totaled
$4.3 billion, including $4.2 billion related to the GIP
Transaction, which, if any, will be settled, all in stock,
ranging from 4.0 million to 5.2 million shares, subject to
achieving certain performance targets. See Note 3,
Acquisitions, for more information.
Legal Proceedings. From time to time, BlackRock receives
subpoenas or other requests for information from various
US federal and state governmental and regulatory
authorities and international governmental and regulatory
authorities in connection with industry-wide or other
investigations or proceedings. It is BlackRock’s policy to
cooperate fully with such matters. In 2023, BlackRock
responded to requests from the SEC in connection with a
publicly reported, industry-wide investigation of
investment advisers’ compliance with record retention
requirements relating to certain types of electronic
communications.
The Company, certain of its subsidiaries and employees
have been named as defendants in various legal actions,
including arbitrations and other litigation arising in
connection with BlackRock’s activities. Additionally,
BlackRock-advised investment portfolios may be subject
to lawsuits, any of which potentially could harm the
investment returns of the applicable portfolio or result in
the Company being liable to the portfolios for any
resulting damages.
Management, after consultation with legal counsel,
currently does not anticipate that the aggregate liability
arising out of regulatory matters or lawsuits will have a
material effect on BlackRock’s results of operations,
financial position, or cash flows. However, there is no
assurance as to whether any such pending or threatened
matters will have a material effect on BlackRock’s results
of operations, financial position or cash flows in any future
reporting period. Due to uncertainties surrounding the
outcome of these matters, management cannot
reasonably estimate the possible loss or range of loss that
may arise from these matters.
Indemnifications. In the ordinary course of business or in
connection with certain acquisition agreements,
BlackRock enters into contracts pursuant to which it may
agree to indemnify third parties in certain circumstances.
The terms of these indemnities vary from contract to
contract and the amount of indemnification liability, if any,
cannot be determined or the likelihood of any liability is
considered remote. Consequently, no liability has been
recorded on the consolidated statements of financial
condition.
In connection with securities lending transactions,
BlackRock has agreed to indemnify certain securities
lending clients against potential loss resulting from a
borrower’s failure to fulfill its obligations under the
securities lending agreement should the value of the
collateral pledged by the borrower at the time of default be
insufficient to cover the borrower’s obligation under the
securities lending agreement. The amount of securities on
loan as of December 31, 2024 and subject to this type of
indemnification was approximately $305 billion. In the
Company’s capacity as lending agent, cash and securities
totaling approximately $324 billion were held as collateral
for indemnified securities on loan at December 31, 2024.
The fair value of these indemnifications was not material
at December 31, 2024.
BlackRock 2024 Form 10K 
F-34
17. Revenue
The table below presents detail of revenue for 2024, 2023 and 2022 and includes the product mix of investment advisory,
administration fees and securities lending revenue and performance fees.
(in millions)
2024
2023
2022
Revenue:
Investment advisory, administration fees and securities lending revenue:
Equity:
Active
$
2,166
$
2,000
$
2,147
ETFs
5,124
4,418
4,345
Non-ETF index
784
743
711
Equity subtotal
8,074
7,161
7,203
Fixed income:
Active
1,952
1,897
1,977
ETFs
1,367
1,230
1,122
Non-ETF index
369
353
396
Fixed income subtotal
3,688
3,480
3,495
Multi-asset
1,278
1,203
1,299
Alternatives:
Private markets
1,196
889
741
Liquid alternatives
568
572
633
Currency and commodities(1)
247
185
216
Alternatives subtotal
2,011
1,646
1,590
Long-term
$ 15,051
$ 13,490
$ 13,587
Cash management
1,049
909
864
Total investment advisory, administration fees and securities lending revenue(2)
16,100
14,399
14,451
Investment advisory performance fees:
Equity
161
99
49
Fixed income
34
4
25
Multi-asset
24
28
25
Alternatives:
Private markets
308
273
296
Liquid alternatives
680
150
119
Alternatives subtotal
988
423
415
Total investment advisory performance fees
1,207
554
514
Technology services revenue
1,603
1,485
1,364
Distribution fees
1,273
1,262
1,381
Advisory and other revenue:
Advisory
49
81
56
Other
175
78
107
Total advisory and other revenue
224
159
163
Total revenue
$ 20,407
$ 17,859
$ 17,873
(1)
Amounts include cryptocurrencyand commodity ETFs and exchange-traded products.
(2)
Amounts include $615 million, $675 million and $599 million of securities lending revenue for 2024, 2023 and 2022, respectively.

F-35
BlackRock 2024 Form 10K
The tables below present the investment advisory, administration fees and securities lending revenue by client type and
investment style:
(in millions)
2024
2023
2022
By client type:
Retail
$
4,284
$
4,115
$
4,442
ETFs
6,743
5,834
5,671
Institutional:
Active
3,089
2,623
2,535
Index
935
918
939
Total institutional
4,024
3,541
3,474
Long-term
15,051
13,490
13,587
Cash management
1,049
909
864
Total
$ 16,100
$ 14,399
$ 14,451
By investment style:
Active
$
7,117
$
6,534
$
6,789
Index and ETFs
7,934
6,956
6,798
Long-term
15,051
13,490
13,587
Cash management
1,049
909
864
Total
$ 16,100
$ 14,399
$ 14,451
Investment Advisory and Administration Fees – Remaining Performance Obligation
The tables below present estimated investment advisory and administration fees expected to be recognized in the future
related to the unsatisfied portion of the performance obligations at December 31, 2024 and 2023:
December 31, 2024
(in millions)
2025
2026
2027
Thereafter
Total
Investment advisory and administration fees:
Alternatives(1)(2)
$ 427
$ 381
$ 353
$ 142
$ 1,303
December 31, 2023
(in millions)
2024
2025
2026
Thereafter
Total
Investment advisory and administration fees:
Alternatives(1)(2)
$ 204
$ 174
$ 152
$ 164
$ 694
(1)
Investment advisory and administration fees include management fees related to certain private markets products, which are determined based on known contractual committed capital
outstanding at December 31, 2024 and 2023. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from
amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future
service periods.
Change in Deferred Carried Interest Liability
The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the
consolidated statements of financial condition, for the year ended December 31, 2024 and 2023:
(in millions)
2024
2023
Beginning balance
$ 1,783
$ 1,420
Net increase (decrease) in unrealized allocations
364
577
Performance fee revenue recognized
(287)
(214)
Ending balance
$ 1,860
$ 1,783
BlackRock 2024 Form 10K 
F-36
Technology Services Revenue – Remaining Performance Obligation
The tables below present estimated technology services revenue expected to be recognized in the future related to the
unsatisfied portion of the performance obligations at December 31, 2024 and 2023:
December 31, 2024
(in millions)
2025
2026
2027
Thereafter
Total
Technology services revenue(1)(2)
$ 134
$ 81
$ 50
$ 69
$ 334
December 31, 2023
(in millions)
2024
2025
2026
Thereafter
Total
Technology services revenue(1)(2)
$ 131
$ 73
$ 56
$ 59
$ 319
(1)
Technology services revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed. Revenue attributed to future periods could
be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future
service periods.
In addition to amounts disclosed in the tables above,
certain technology services contracts require fixed
minimum fees, which are billed on a monthly or quarterly
basis in arrears. The Company recognizes such revenue as
services are performed. As of December 31, 2024, the
estimated annual fixed minimum fees for 2025 for
outstanding contracts approximated $1.2 billion. The term
for these contracts, which are either in their initial or
renewal period, ranges from one to five years.
The table below presents changes in the technology
services deferred revenue liability for the year ended
December 31, 2024 and 2023, which is included in other
liabilities on the consolidated statements of financial
condition:
(in millions)
2024
2023
Beginning balance
$ 133
$ 125
Additions(1)
84
92
Revenue recognized that was included in
the beginning balance
(93)
(84)
Ending balance
$ 124
$ 133
(1)
Amounts are net of revenue recognized.
18. Stock-Based Compensation
Prior to May 15, 2024, the Company maintained the
BlackRock, Inc. Second Amended and Restated 1999
Stock Award and Incentive Plan. On May 15, 2024, the
Company adopted, pursuant to shareholder approval, the
BlackRock, Inc. Third Amended and Restated 1999 Stock
Award and Incentive Plan (the “Award Plan”). Any awards
granted on or after May 15, 2024 are granted pursuant to
such plan.
The components of stock-based compensation expense
are as follows:
(in millions)
2024
2023
2022
Stock-based compensation:
RSUs(1)
$ 718
$ 596
$ 686
Stock options
35
34
22
Total stock-based compensation(2)
$ 753
$ 630
$ 708
(1)
Amount for 2024 includes $71 million of incentive retention awards granted in
connection with the GIP Transaction.
(2)
Amount for 2023 and 2022 includes $14 million and $33 million of compensation
expense for accelerated vesting of previously granted stock-based compensation awards,
respectively, recognized as part of the restructuring charge disclosed in Note 24,
Restructuring Charge.
Stock Award and Incentive Plan. Pursuant to the Award
Plan, options to purchase shares of the Company’s
common stock at an exercise price not less than the
market value of BlackRock’s common stock on the date of
grant in the form of stock options, restricted stock or RSUs
may be granted to employees and nonemployee directors.
A maximum of 48,500,000 shares of common stock were
authorized for issuance under the Award Plan. Of this
amount, 7,708,389 shares remain available for future
awards at December 31, 2024. Upon exercise of employee
stock options, the issuance of restricted stock or the
vesting of RSUs, the Company generally issues shares out
of treasury to the extent available.
RSUs
Time-Based RSUs
Pursuant to the Award Plan, RSUs may be granted to
certain employees. Substantially all RSUs vest over
periods ranging from one to five years and are expensed
using the straight-line method over the requisite service
period for each separately vesting portion of the award as
if the award was, in-substance, multiple awards. RSUs are
not considered participating securities for purposes of
calculating EPS as the dividend equivalents are subject to
forfeiture prior to vesting of the award.
RSU activity for 2024 is summarized below.
Outstanding at
RSUs
Weighted-
Average
Grant Date
Fair Value
December 31, 2023
1,772,639
$ 757.49
Granted(1)
1,395,311
$ 817.10
Converted
(779,146)
$ 760.38
Forfeited
(91,139)
$ 748.23
December 31, 2024
2,297,665
$ 793.08
(1)
During the first quarter of 2024, in connection with the GIP Transaction,the Company
granted incentive retention awards of approximately 106,000 RSUs to certain employees
that vest between two to five years from the grant date. Additionally, in October 2024, in
connection with the GIP Transaction,the Company granted incentive retention awards of
approximately 500,000 RSUs to certain employees that cliff vest 100% on October 1,
2029. The weighted-average grant date fair value of these October 2024 awards was
$830.90.
The Company values RSUs at their grant-date fair value as
measured by BlackRock’s common stock price. The
incentive retention RSUs granted in October 2024, in
connection with the GIP Transaction, are not entitled to

F-37
BlackRock 2024 Form 10K
participate in dividends until they vest, hence the grant-
date fair value of the awards are reduced by the present
value of the dividends expected to be paid on the common
shares during the vesting period, discounted at a risk-free
interest rate. The total fair market value of RSUs granted to
employees during 2024, 2023 and 2022 was $1.1 billion,
$565 million and $662 million, respectively. The total
grant-date fair market value of RSUs converted to
common stock during 2024, 2023 and 2022 was
$592 million, $592 million and $461 million, respectively.
RSUs granted under the Award Plan in connection with
annual incentive compensation and incentive retention
awards in connection with the GIP Transaction primarily
related to the following:
2024
2023
2022
Awards granted that vest
ratably over three years
from the date of grant
346,831
342,706
498,633
Awards granted that vest
with varying vesting
periods
204,622
169,764
117,169
Awards granted that cliff
vest 100% on:
January 31, 2025
—
—
197,817
January 31, 2026
—
259,465
—
January 31, 2027
343,418
—
—
October 1, 2029(1)
500,440
—
—
Total awards granted
1,395,311
771,935
813,619
(1)
Incentive retention awards granted in October 2024, in connection with the GIP
Transaction.
At December 31, 2024, the intrinsic value of outstanding
RSUs was $2.4 billion, reflecting a closing stock price of
$1,025.
At December 31, 2024, total unrecognized stock-based
compensation expense related to unvested RSUs was
$913 million. The unrecognized compensation cost is
expected to be recognized over the remaining weighted-
average period of 2.0 years.
In January 2025, pursuant to the Award Plan, the
Company granted approximately:
• 332,000 RSUs to employees as part of annual
incentive compensation that vest ratably over three
years from the date of grant;
• 216,000 RSUs to employees that cliff vest 100% on
January 31, 2028; and
• 27,000 RSUs to employees with various vesting
schedules.
Performance-Based RSUs
Pursuant to the Award Plan, performance-based RSUs
may be granted to certain employees. Each performance-
based award consists of a “base” number of RSUs granted
to the employee. The number of shares that an employee
ultimately receives at vesting will be equal to the base
number of performance-based RSUs granted, multiplied
by a predetermined percentage determined in accordance
with the level of attainment of Company performance
measures during the performance period and could be
higher or lower than the original RSU grant. Performance-
based RSUs are not considered participating securities as
the dividend equivalents are subject to forfeiture prior to
vesting of the award.
In the first quarter of 2024, 2023 and 2022, the Company
granted 165,631, 169,938 and 143,846, respectively,
performance-based RSUs to certain employees that cliff
vest 100% on January 31, 2027, 2026 and 2025,
respectively. These awards are amortized over a service
period of three years. In 2024, the Company reduced the
number of original shares granted in 2021 by 42,579
RSUs based on the level of attainment of Company
performance measures during the performance period.
In October 2024, in connection with the GIP Transaction,
the Company awarded a target amount of approximately
210,000 incentive retention performance-based RSUs to
certain employees subject to achievement of certain
performance targets. The number of shares that an
employee ultimately receives at vesting could be higher or
lower than the original target amount, based on the
achievement of certain performance targets.
Performance-based RSU activity for 2024 is summarized below.
Outstanding at
Performance-
Based RSUs
Weighted-
Average
Grant Date
Fair Value
Performance-
Based RSUs in
Connection
with the GIP
Transaction
Weighted-
Average
Grant Date
Fair Value
Total
Performance-
Based RSUs
Weighted-
Average
Grant Date
Fair Value
December 31, 2023
456,384
$ 767.69
—
$
—
456,384
$ 767.69
Granted
165,631
$ 798.83
210,505
$ 845.48
376,136
$ 824.94
Reduction of shares due to performance
measures
(42,579)
$ 739.64
—
$
—
(42,579)
$ 739.64
Converted
(116,029)
$ 739.32
—
$
—
(116,029)
$ 739.32
Forfeited
(12,365)
$ 784.44
—
$
—
(12,365)
$ 784.44
December 31, 2024
451,042
$ 788.61
210,505
$ 845.48
661,547
$ 806.71
The Company values performance-based RSUs at their
grant-date fair value as measured by BlackRock’s
common stock price. The incentive retention performance-
based RSUs granted in October 2024 in connection with
GIP Transaction mentioned above, are not entitled to
participate in dividends until they vest, hence the grant-
date fair value of the awards are reduced by the present
value of the dividends expected to be paid on the common
shares during the vesting period, discounted at a risk-free
interest rate.
The total grant-date fair market value of performance-
based RSUs granted (including impact due to
performance measures) to employees during 2024, 2023
and 2022 was $279 million, $142 million and
$164 million, respectively. At December 31, 2024, the
intrinsic value of outstanding performance-based RSUs
was $678 million reflecting a closing stock price of $1,025.
At December 31, 2024, total unrecognized stock-based
compensation expense related to unvested performance-
based awards was $311 million. The unrecognized
BlackRock 2024 Form 10K 
F-38
compensation cost is expected to be recognized over the
remaining weighted-average period of 2.1 years.
In January 2025, the Company granted approximately
136,000 performance-based RSUs to certain employees
that cliff vest 100% on January 31, 2028. These awards
are amortized over a service period of three years. The
number of shares distributed at vesting could be higher or
lower than the original grant based on the level of
attainment of predetermined Company performance
measures.
Stock Options
Stock option activity and ending balance for year-end December 31, 2024 is summarized below.
2017 Performance-based
Options
2023 Performance-based
Options
2023 Time-based
Options
Shares
Under
Option
Weighted
Average
Exercise
Price
Shares
Under
Option
Weighted
Average
Exercise
Price
Shares
Under
Option
Weighted
Average
Exercise
Price
Outstanding at December 31, 2023
1,549,080
$ 513.50
807,695
$ 673.58
326,391
$ 673.58
Exercised
(905,219)
$ 513.50
—
$
—
—
$
—
Forfeited
(18,036)
$ 513.50
(40,725)
$ 673.58
(26,705)
$ 673.58
Outstanding at December 31, 2024
625,825
$ 513.50
766,970
$ 673.58
299,686
$ 673.58
Options Outstanding
Options Exercisable
Option Type
Exercise
Prices
Options
Outstanding
Weighted
Average
Remaining
Life (years)
Aggregate
Intrinsic
Value
(in millions)
Exercise
Prices
Options
Exercisable
Weighted
Average
Remaining
Life (years)
Aggregate
Intrinsic
Value
(in millions)
2017 Performance-based
$ 513.50
625,825
1.9
$ 320
$ 513.50
625,825
1.9
$ 320
2023 Performance-based
$ 673.58
766,970
7.4
270
$ 673.58
—
—
—
2023 Time-based
$ 673.58
299,686
7.4
105
$ 673.58
—
—
—
Total
1,692,481
5.4
$ 695
625,825
1.9
$ 320
At December 31, 2024, total unrecognized stock-based
compensation expense related to unvested performance-
based and time-based stock options was $113 million. The
unrecognized compensation cost is expected to be
recognized over the remaining weighted-average period of
3.7 years.
Performance-Based Stock Options
In 2017, pursuant to the Award Plan, the Company
awarded performance-based stock option grants to
certain employees (“2017 Performance-based Options”).
Vesting of 2017 Performance-based Options was
contingent upon the achievement of obtaining 125% of
BlackRock’s grant-date stock price within five years from
the grant date and the attainment of Company
performance measures during the four-year performance
period. Both hurdles have been achieved, and each of the
three tranches of the awards vested in equal installments
at the end of 2022, 2023 and 2024, respectively. Vested
2017 Performance-based Options are exercisable for up
to nine years following the grant date. The expense for
each tranche is amortized over the respective requisite
service period. The total fair value of 2017 Performance-
based Options vested during 2024 was $52 million. The
aggregate intrinsic value of 2017 Performance-based
Options exercised during 2024 was $373 million.
The options have a strike price of $513.50, which was the
closing price of the shares on the grant date. The grant-
date fair value of the awards issued in 2017 was
$208 million and was estimated using a Monte Carlo
simulation with an embedded lattice model using the
assumptions included in the following table:
Grant
Year
Expected
Term (Years)(1)
Expected Stock
Volatility(2)
Expected
Dividend Yield(3)
Risk-Free
Interest Rate(4)
2017
6.56
22.23%
2.16%
2.33%
(1)
The expected term was derived using a Monte Carlo simulation with the embedded lattice
model and represents the period of time that options granted are expected to be
outstanding.
(2)
The expected stock volatility was based upon an average of historical stock price
fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided
by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at
grant date.
On May 30, 2023, pursuant to the Award Plan, the
Company awarded performance-based options to
purchase 814,482 shares of BlackRock common stock to
certain employees as long-term incentive compensation
(“2023 Performance-based Options”). Vesting of 2023
Performance-based Options is contingent upon the
achievement of obtaining 130% of grant-date stock price
over 60 calendar days within four years from the grant
date and attainment of a predetermined Company
performance measure during the three-year performance
period. As of December 31, 2024, the price hurdle was
achieved and the Company assumes that the performance
measure will be achieved. Accordingly, the awards are
expected to vest in three tranches of 25%, 25% and 50%
in May of 2027, 2028 and 2029, respectively. Vested 2023
Performance-based Options are exercisable for up to nine
years following the grant date, and the awards are
forfeited if the employee resigns before the respective
vesting date. The expense for each tranche is amortized
over the respective requisite service period.

F-39
BlackRock 2024 Form 10K
The 2023 Performance-based Options have a strike price
of $673.58 which was the closing price of the shares on
the grant date. The grant-date fair value of the 2023
Performance-based Options was $120 million and was
estimated using a Monte Carlo simulation with an
embedded lattice model using the assumptions included
in the following table:
Grant
Year
Expected
Term (Years)(1)
Expected Stock
Volatility(2)
Expected
Dividend Yield(3)
Risk-Free
Interest Rate(4)
2023
6.02
27.73%
3.02%
3.61%
(1)
The expected term was derived using a Monte Carlo simulation with the embedded lattice
model and represents the period of time that options granted are expected to be
outstanding.
(2)
The expected stock volatility was based upon an average of historical stock price
fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided
by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at
grant date.
Time-Based Stock Options
On May 30, 2023, pursuant to the Award Plan, the
Company awarded time-based stock options to purchase
326,391 shares of BlackRock common stock to certain
employees as long-term incentive compensation (“2023
Time-based Options”). These awards will vest in three
tranches of 25%, 25% and 50% in May 2027, 2028 and
2029, respectively. Vested 2023 Time-based Options can
be exercised up to nine years following the grant date, and
the awards are forfeited if the employee resigns before the
respective vesting date.
The 2023 Time-based Options have a strike price of
$673.58 which was the closing price of the shares on the
grant date. The grant-date fair value of the 2023 Time-
based Options was $55 million and was estimated using a
Black-Scholes-Merton model using the assumptions
included in the following table:
Grant
Year
Expected
Term (Years)(1)
Expected
Stock Volatility(2)
Expected
Dividend Yield(3)
Risk-Free
Interest Rate(4)
2023
7.13
28.29%
3.02%
3.65%
(1)
The expected term represents the period of time that options granted are expected to be
outstanding, and was calculated as the midpoint between the weighted average time to
vest and expiration.
(2)
The expected stock volatility was based upon an average of historical stock price
fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided
by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at
grant date.
Employee Stock Purchase Plan (“ESPP”). The ESPP
allows eligible employees to purchase the Company’s
common stock at 95% of the fair market value on the last
day of each three-month offering period; therefore, the
Company does not record compensation expense related
to employees purchasing shares under the ESPP.
19. Deferred Cash Compensation and Employee Benefit
Plans
Deferred Cash Compensation Plans
The components of deferred cash compensation expense
are as follows:
(in millions)
2024
2023
2022
Deferred cash compensation
expense:
IPDCP
$ 155
$ 195
$ 228
VDCP
26
17
(18)
Other(1)
31
14
14
Total deferred cash compensation
expense
$ 212
$ 226
$ 224
(1)
Amounts primarily relate to deferred cash compensation in connection with certain
acquisitions.
Investment Professional Deferred Compensation Program
(“IPDCP”). The Company adopted IPDCP for the purpose of
providing deferred compensation and retention incentives
to certain employees. For this plan, the final value of the
deferred amount to be distributed in cash upon vesting is
associated with investment returns of certain investment
funds. In January 2024, 2023 and 2022, the Company
granted approximately $114 million, $90 million, and
$257 million of deferred compensation that will fluctuate
with investment returns and will vest ratably over three
years from the date of grant. The liabilities for this plan
were $220 million and $313 million at December 31, 2024
and 2023, respectively, and are reflected in the
consolidated statements of financial condition as accrued
compensation and benefits. In January 2025, the
Company granted approximately $264 million of
additional deferred compensation that will fluctuate with
investment returns and will vest ratably over three years
from the date of grant.
Voluntary Deferred Compensation Plan. The Company
adopted a Voluntary Deferred Compensation Plan
(“VDCP”) that allows eligible employees in the US to elect
to defer between 1% and 100% of their annual cash
incentive compensation. The participants must specify a
deferral period of up to 10 years from the year of deferral
and additionally elect to receive distributions in the form
of a lump sum or in up to 10 annual installments. VDCP
deferred cash compensation expense includes the
mark-to-market impact of investment returns. The liability
balance of $170 million and $144 million at December 31,
2024 and 2023, respectively, is reflected on the
consolidated statements of financial condition as accrued
compensation and benefits.
Other Deferred Cash Plans. The liabilities related to other
deferred cash plans were $34 million and $82 million at
December 31, 2024 and 2023, respectively, primarily
related to deferred cash plans granted in connection with
certain acquisitions.
BlackRock 2024 Form 10K 
F-40
In 2019, the Company adopted a carried interest retention
incentive program referred to as the BlackRock
Leadership Retention Carry Plan, pursuant to which
senior-level employees (but not including the Chief
Executive Officer), as may be determined by the Company
from time to time, will be eligible to receive a portion of the
cash payments, based on their percentage points, in the
total carried interest distributions paid to the Company
from participating carry funds. Cash payments, if any, with
respect to these percentage points will be made over time
following the recipient’s termination of employment due to
qualified retirement, death or disability, subject to his or
her execution of a release of claims and continued
compliance with his or her restrictive covenant obligations
following termination. There was no material impact to the
consolidated financial statements.
Defined Contribution Plans
The Company has several defined contribution plans
primarily in the US and UK.
Certain of the Company’s US employees participate in a
defined contribution plan. Employee contributions of up to
8% of eligible compensation, as defined by the plan and
subject to Internal Revenue Code limitations, are matched
by the Company at 50% up to a maximum of $5,000
annually. In addition, the Company makes an annual
retirement contribution to eligible participants generally
equal to 3-5% of eligible compensation. The Company’s
contribution expense related to this plan was $149 million
in 2024, $86 million in 2023, and $83 million in 2022.
Certain UK wholly owned subsidiaries of the Company
contribute to defined contribution plans for their
employees. The contributions range between 9% and 15%
of each employee’s eligible compensation as of
December 31, 2024. The Company’s contribution expense
related to these plans was $66 million in 2024, $64 million
in 2023, and $60 million in 2022.
In addition, the contribution expense related to defined
contribution plans in other regions was $50 million in
2024, $42 million in 2023 and $41 million in 2022.
Defined Benefit Plans. The Company has several defined
benefit pension plans with plan assets of approximately
$27 million and $28 million at December 31, 2024 and
2023, respectively. The underfunded obligations at
December 31, 2024 and 2023 were not material. Benefit
payments for the next five years and in aggregate for the
five years thereafter are not expected to be material.
20. Related Party Transactions
Determination of Related Parties
Registered Investment Companies and Equity Method
Investments. The Company considers the registered
investment companies that it manages, which include
mutual funds and ETFs, to be related parties as a result of
the Company’s advisory relationship. In addition, equity
method investments are considered related parties, due to
the Company’s influence over the financial and operating
policies of the investee.
Revenue from Related Parties
Revenue for services provided by the Company to these
and other related parties are as follows:
(in millions)
2024
2023
2022
Investment advisory,
administration fees and
securities lending
revenue(1)
$ 12,050
$ 10,757
$ 10,848
Investment advisory
performance fees(1)
728
286
244
Other
16
(31)
(31)
Total revenue from related
parties
$ 12,794
$ 11,012
$ 11,061
(1)
Amounts primarily include revenue from registered investment companies and equity
method investees.
The Company provides investment advisory and
administration services to its open- and closed-end funds
and other commingled or pooled funds and separate
accounts in which related parties invest.
Receivables and Payables with Related Parties. Due from
related parties, which is included within other assets on
the consolidated statements of financial condition, was
$245 million and $203 million at December 31, 2024 and
2023, respectively, and primarily represented receivables
from certain investment products managed by BlackRock.
Accounts receivable at December 31, 2024 and 2023
included $1.3 billion and $1.1 billion, respectively, related
to receivables from BlackRock mutual funds and ETFs, for
investment advisory and administration services.
Due to related parties, which is included within other
liabilities on the consolidated statements of financial
condition, was $11 million and $21 million at
December 31, 2024 and 2023, respectively, and primarily
represented payables to certain investment products
managed by BlackRock.
21. Net Capital Requirements
The Company is required to maintain net capital in certain
regulated subsidiaries within a number of jurisdictions,
which is partially maintained by retaining cash and cash
equivalent investments in those subsidiaries or
jurisdictions. As a result, such subsidiaries of the
Company may be restricted in their ability to transfer cash
between different jurisdictions and to their parents.
Additionally, transfers of cash between international
jurisdictions may have adverse tax consequences that
could discourage such transfers.
Banking Regulatory Requirements. BlackRock
Institutional Trust Company, N.A. (“BTC”), a wholly owned
subsidiary of the Company, which is chartered as a
national bank whose powers are limited to trust and other
fiduciary activities and which is subject to regulatory
capital requirements administered by the US Office of the
Comptroller of the Currency. Federal banking regulators
would be required to take certain actions and permitted to
take other actions in the event of BTC’s failure to meet
minimum capital requirements that, if undertaken, could
have a direct material effect on the Company’s
consolidated financial statements.

F-41
BlackRock 2024 Form 10K
Quantitative measures established by regulators to ensure capital adequacy require BTC to maintain a minimum
Common Equity Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios. Based on BTC’s
calculations as of December 31, 2024 and 2023, it exceeded the applicable capital adequacy requirements.
Actual
For Capital
Adequacy
Purposes
To Be Well
Capitalized
Under Prompt
Corrective Action
Provisions
(in millions)
Amount
Ratio
Amount
Ratio
Amount
Ratio
December 31, 2024
Total capital (to risk weighted assets)
$961
153.2%
$50
8.0%
$63
10.0%
Common Equity Tier 1 capital (to risk weighted assets)
$953
151.9%
$28
4.5%
$41
6.5%
Tier 1 capital (to risk weighted assets)
$953
151.9%
$38
6.0%
$50
8.0%
Tier 1 capital (to average assets)
$953
71.3%
$53
4.0%
$67
5.0%
December 31, 2023
Total capital (to risk weighted assets)
$775
145.8%
$43
8.0%
$53
10.0%
Common Equity Tier 1 capital (to risk weighted assets)
$771
145.1%
$24
4.5%
$35
6.5%
Tier 1 capital (to risk weighted assets)
$771
145.1%
$32
6.0%
$43
8.0%
Tier 1 capital (to average assets)
$771
65.9%
$47
4.0%
$59
5.0%
Broker-dealers. BlackRock Investments, LLC and
BlackRock Execution Services are registered broker-
dealers and wholly owned subsidiaries of BlackRock that
are subject to the Uniform Net Capital requirements under
the Securities Exchange Act of 1934, which requires
maintenance of certain minimum net capital levels.
Capital Requirements. At both December 31, 2024 and
2023, the Company was required to maintain approximately
$1.8 billion in net capital in certain regulated subsidiaries,
including BTC, entities regulated by the Financial Conduct
Authority and Prudential Regulation Authority in the UK, and
the Company’s broker-dealers. The Company was in
compliance with all applicable regulatory net capital
requirements.
22. Accumulated Other Comprehensive Income (Loss)
The following table presents changes in AOCI for 2024,
2023 and 2022:
(in millions)
2024
2023
2022
Beginning balance
$ (840)
$(1,101)
$
(550)
Foreign currency
translation
adjustments(1)
(338)
261
(551)
Ending balance
$(1,178)
$ (840)
$ (1,101)
(1)
Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax
expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of
$20 million (net of tax benefit of $6 million). Amount for 2022 includes a gain from a net
investment hedge of $37 million (net of tax expense of $12 million).
23. Capital Stock
Cash Dividends for Common Shares / RSUs. During 2024,
2023 and 2022, the Company paid cash dividends of
$20.40 per share (or $3.1 billion), $20.00 per share (or
$3.0 billion) and $19.52 per share (or $3.0 billion),
respectively.
The GIP Transaction. On October 1, 2024, as part of the
closing of the GIP Transaction, (1) BlackRock issued
6,908,416 shares of common stock as part of the total
consideration paid, (2) each share of common stock, $0.01
par value, of Old BlackRock issued and outstanding, other
than common stock held in treasury, immediately prior to
the closing of the GIP Transaction was converted
automatically into one share of common stock, $0.01 par
value, of New BlackRock and (3) shares of Old BlackRock
common stock held in treasury were cancelled. See Note 3,
Acquisitions, and Note 1, Business Overview, for additional
information.
Share Repurchases. During 2024, the Company
repurchased 1.9 million common shares under the
Company’s existing share repurchase program for
approximately $1.6 billion. At December 31, 2024, there
were approximately 3.8 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.
BlackRock 2024 Form 10K 
F-42
The Company’s common shares issued and outstanding and related activity consist of the following:
Shares Issued
Shares Outstanding
Common
Shares
Treasury
Common
Shares
Common
Shares
December 31, 2021
172,075,373
(20,390,882)
151,684,491
Shares repurchased
—
(2,710,821)
(2,710,821)
Net issuance of common shares related to employee stock transactions
—
782,822
782,822
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
24. Restructuring Charge
In the fourth quarter of 2023, a restructuring charge of
$61 million ($46 million after-tax), comprised of
$47 million of severance and $14 million of 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.
The table below presents a rollforward of the Company’s
restructuring liability for 2024 and 2023, which is
included in other liabilities on the consolidated
statements of financial condition:
(in millions)
Liability as of December 31, 2022
$ 58
Cash payments
(58)
Additions
61
Accelerated vesting expense of deferred
compensation awards
(14)
Liability as of December 31, 2023
$ 47
Cash payments
(47)
Liability as of December 31, 2024
$ —
25. Income Taxes
The components of income tax expense for 2024, 2023
and 2022, are as follows:
(in millions)
2024
2023
2022
Current income tax expense:
Federal
$
960
$
641
$
255
State and local
142
176
(9)
Foreign
787
538
448
Total net current income tax
expense
1,889
1,355
694
Deferred income tax expense
(benefit):
Federal
(105)
101
562
State and local
—
11
64
Foreign
(1)
12
(24)
Total net deferred income tax
expense (benefit)
(106)
124
602
Total income tax expense
$ 1,783
$ 1,479
$ 1,296
Income tax expense has been based on the following
components of income before taxes, less net income (loss)
attributable to NCI:
(in millions)
2024
2023
2022
Domestic
$ 5,139
$ 4,565
$ 4,604
Foreign
3,013
2,416
1,870
Total
$ 8,152
$ 6,981
$ 6,474
The foreign income before taxes includes countries that
have statutory tax rates that are different than the US
federal statutory tax rate of 21%, such as the UK,
Germany, Canada and Ireland.

F-43
BlackRock 2024 Form 10K
A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal
income tax rate of 21% for 2024, 2023 and 2022 is as follows:
(in millions)
2024
2023
2022
Statutory income tax expense
$ 1,712
21%
$ 1,466
21%
$ 1,360
21%
Increase (decrease) in income taxes resulting from:
State and local taxes (net of federal benefit)
130
2
110
2
115
2
Impact of federal, foreign, state, and local tax rate changes on deferred taxes
12
—
—
—
(25)
—
Stock-based compensation awards
(37)
—
(41)
(1)
(87)
(1)
Resolution of outstanding tax matters
—
—
(204)
(3)
(143)
(2)
Intellectual property reorganization
(137)
(2)
—
—
—
—
Effect of foreign tax rates
84
1
112
2
23
—
Other
19
—
36
—
53
—
Income tax expense
$ 1,783
22%
$ 1,479
21%
$ 1,296
20%
Deferred income taxes are provided for the effects of
temporary differences between the tax basis of an asset or
liability and its reported amount in the consolidated
financial statements. These temporary differences result
in taxable or deductible amounts in future years.
The components of deferred income tax assets and
liabilities are shown below:
December 31,
(in millions)
2024
2023
Deferred income tax assets:
Compensation and benefits
$
354
$
375
Loss carryforwards
103
95
Foreign tax credit carryforward
39
—
Capitalized costs
276
216
Other
795
825
Gross deferred tax assets
1,567
1,511
Less: Deferred tax valuation allowances
(69)
(59)
Deferred tax assets net of valuation
allowances
1,498
1,452
Deferred income tax liabilities:
Goodwill and acquired indefinite-
lived intangibles
4,199
4,299
Acquired finite-lived intangibles
53
86
Unrealized investment gains
58
25
Other
341
340
Gross deferred tax liabilities
4,651
4,750
Net deferred tax (liabilities)
$ (3,153)
$ (3,298)
Deferred income tax assets and liabilities are recorded net
when related to the same tax jurisdiction. At December 31,
2024, the Company recorded on the consolidated
statement of financial condition deferred income tax
assets, within other assets, and deferred income tax
liabilities of $181 million and $3.3 billion, respectively. At
December 31, 2023, the Company recorded on the
consolidated statement of financial condition deferred
income tax assets, within other assets, and deferred
income tax liabilities of $208 million and $3.5 billion,
respectively.
Income tax expense for 2024 included discrete tax
benefits of $137 million, recognized in connection with the
reorganization and establishment of a more efficient
global intellectual property and technology platform and
corporate structure, $63 million related to the realization
of capital losses from changes in the Company’s
organizational tax structure, $37 million related to vested
stock-based compensation awards, and a net noncash
discrete tax expense of $14 million related to the
revaluation of deferred income tax liabilities. Income tax
expense for 2023 included $242 million of net discrete tax
net benefits related to the resolution of certain
outstanding tax matters and stock-based compensation
awards that vested in 2023.
At December 31, 2024 and 2023, the Company had
available state net operating loss carryforwards of
$2.9 billion and $2.7 billion, respectively, which will begin
to expire in 2032. At December 31, 2024 and 2023, the
Company had foreign net operating loss carryforwards of
$193 million and $164 million, respectively, of which
$10 million will begin to expire in 2025. At December 31,
2024, the Company had foreign tax credit carryforwards
for income tax purposes of $39 million which will begin to
expire in 2034.
At December 31, 2024 and 2023, the Company had
$69 million and $59 million of valuation allowances for
deferred income tax assets, respectively, recorded on the
consolidated statements of financial condition.
Current income taxes are recorded net on the
consolidated statements of financial condition when
related to the same tax jurisdiction. At December 31, 2024,
the Company had current income taxes receivable and
payable of $215 million and $134 million, respectively,
recorded in other assets and accounts payable and
accrued liabilities, respectively. At December 31, 2023, the
Company had current income taxes receivable and
payable of $252 million and $85 million, respectively,
recorded in other assets and accounts payable and
accrued liabilities, respectively.
The following tabular reconciliation presents the total
amounts of gross unrecognized tax benefits:
(in millions)
2024
2023
2022
Balance at January 1
$ 749
$ 912
$1,022
Additions for tax positions of
prior years
30
25
13
Reductions for tax positions of
prior years
(10)
(22)
(75)
Additions based on tax
positions related to current
year
51
49
55
Additions related to business
combinations
—
16
—
Settlements
(303)
(231)
(103)
Balance at December 31
$ 517
$ 749
$
912
BlackRock 2024 Form 10K 
F-44
Included in the balance of unrecognized tax benefits at
December 31, 2024, 2023 and 2022, respectively, are
$431 million, $505 million and $497 million of tax benefits
that, if recognized, would affect the effective tax rate.
The Company recognizes interest and penalties related to
income tax matters as a component of income tax
expense. Related to the unrecognized tax benefits noted
above, the Company accrued interest and penalties of
$63 million during 2024 and in total, as of December 31,
2024, had recognized a liability for interest and penalties
of $203 million. The Company accrued interest and
penalties of $(20) million during 2023 and in total, as of
December 31, 2023, had recognized a liability for interest
and penalties of $140 million. The Company accrued
interest and penalties of $(40) million during 2022 and in
total, as of December 31, 2022, had recognized a liability
for interest and penalties of $160 million.
BlackRock is subject to US federal income tax, state and
local income tax, and foreign income tax in multiple
jurisdictions. Tax years after 2015 remain open to US
federal income tax examination.
During 2020 and 2021, the Internal Revenue Service
commenced its examination of BlackRock’s 2017 through
2018 tax years and 2019 tax year, respectively. During
2023, the Internal Revenue Service commenced its
examination of BlackRock’s 2016 tax year.
The Company is currently under audit in several state and
local jurisdictions. The significant state and local income
tax examinations are in New York State for tax years 2015
through 2020, and New York City for tax years 2012
through 2014. No open state and local tax examinations
cover years earlier than 2012.
Upon conclusion of its examination, Her Majesty’s
Revenue and Customs (“HMRC”) issued a closure notice
during 2017 for various UK BlackRock subsidiaries for tax
years 2009 and years after. At that time, the Company
decided to pursue litigation for the tax matters included
on such notice. During 2020, the Company received a
favorable decision from the First Tier Tribunal (“FTT”),
however, HMRC appealed to the Upper Tribunal (“UT”) and
the UT ruled in HMRC’s favor, overturning the FTT’s
decision in July 2022. BlackRock appealed the UT’s
decision to the UK Court of Appeal, who dismissed the
Company’s appeal. The Company applied for permission
to appeal to the UK Supreme Court, who refused
permission to appeal in October 2024. The resolution did
not result in a material impact to the consolidated
financial statements.
From time to time, BlackRock may receive or be subject to
tax authorities’ assessments and challenges related to
income taxes. BlackRock does not currently expect the
ultimate resolution of any other existing matters to be
material to the consolidated financial statements.
At December 31, 2024, it is reasonably possible the total
amounts of unrecognized tax benefits will change within
the next twelve months due to completion of tax
authorities’ exams or the expiration of statues of
limitations. Management estimates that the existing
liability for uncertain tax positions could decrease by
approximately $160 million to $220 million within the next
twelve months.
26. Earnings Per Share
The following table sets forth the computation of basic
and diluted EPS for 2024, 2023 and 2022 under the
treasury stock method:
(in millions, except
shares and per share
data)
2024
2023
2022
Net income
attributable to
BlackRock, Inc.
$
6,369 $
5,502 $
5,178
Basic weighted-
average shares
outstanding
150,042,269
149,327,558
150,921,161
Dilutive effect of:
Nonparticipating
RSUs
1,034,323
969,089
1,119,829
Stock options
538,493
409,804
399,481
Total diluted
weighted-
average shares
outstanding
151,615,085
150,706,451
152,440,471
Basic earnings
per share
$
42.45 $
36.85 $
34.31
Diluted earnings
per share
$
42.01 $
36.51 $
33.97
The amount of anti-dilutive RSUs and stock options were
immaterial for 2024 and 2022. For 2023, 194,240 shares
primarily related to stock options were excluded from the
calculation of diluted EPS because to include them would
have an anti-dilutive effect. Certain performance-based
RSUs for 2024, 2023, and 2022, and certain performance-
based stock options for 2023 were excluded from the
diluted EPS calculation because the designated
contingencies were not met.
27. Segment Information
The Company’s management directs BlackRock’s
operations as one business, the asset management
business. As such, the Company operates in one asset
management operating segment. The Company’s CODM
is its Chairman and Chief Executive Officer, who reviews
financial information presented, including significant
expenses on a consolidated basis, as presented in the
consolidated statements of income. The CODM utilizes a
consolidated approach to assess performance and
allocates resources using key financial metrics including
total revenue, operating income and net income
attributable to BlackRock, Inc. These financial metrics are
used by the CODM to make key operating decisions,
including capital allocation, determining annual and long-
term compensation and managing costs in relation to
revenue. Furthermore, these financial metrics are used to
evaluate financial performance based on consolidated
specific business objectives, contributions to the total firm
operating margin and to evaluate the Company’s relative
performance against industry peers. See the consolidated
financial statements for key financial metrics used by
CODM and for more financial information regarding the
Company’s operating segment. The measure of segment
assets is reported on the balance sheet as total
consolidated assets.

F-45
BlackRock 2024 Form 10K
The following table illustrates total revenue for 2024, 2023
and 2022 by geographic region. These amounts are
aggregated on a legal entity basis and do not necessarily
reflect where the customer resides, or affiliated services
are provided.
(in millions)
Revenue
2024
2023
2022
Americas
$ 13,411
$ 11,899
$ 11,931
Europe
6,137
5,209
5,164
Asia-Pacific
859
751
778
Total revenue
$ 20,407
$ 17,859
$ 17,873
See Note 17, Revenue, for further information on the
Company’s sources of revenue.
The following table illustrates long-lived assets that
consist of goodwill and property and equipment at
December 31, 2024 and 2023 by geographic region.
These amounts are aggregated on a legal entity basis and
do not necessarily reflect where the asset is physically
located.
(in millions)
Long-lived Assets
2024
2023
Americas
$ 25,515
$ 15,017
Europe
1,437
1,521
Asia-Pacific
100
98
Total long-lived assets
$ 27,052
$ 16,636
Americas is primarily comprised of the US, and also
includes Latin America and Canada. Europe is primarily
comprised of the UK, Luxembourg and the Netherlands,
and also includes Switzerland, Ireland and France. Asia-
Pacific is primarily comprised of Hong Kong, Japan,
Singapore and Australia.
28. Subsequent Events
In June 2024, BlackRock announced that it had entered
into a definitive agreement to acquire Preqin, a leading
independent provider of private markets data, for
£2.55 billion (or approximately $3.2 billion based on the
GBP/USD foreign exchange rate at December 31, 2024) in
cash. The Company believes bringing together Preqin’s
data and research tools with the complementary
workflows of Aladdin and eFront in a unified platform will
create a preeminent private markets technology and data
provider. The Preqin Transaction is anticipated to close in
the first quarter of 2025, subject to customary closing
conditions.
In December 2024, BlackRock announced that it had
entered into a definitive agreement to acquire 100% of the
business and assets of HPS Investment Partners (“HPS”),
a leading global credit investment manager with 100% of
the consideration paid in BlackRock equity (the “HPS
Transaction”). The equity will generally be delivered in
units of a wholly-owned subsidiary of BlackRock (“SubCo
Units”) which will be exchangeable on a one-for-one basis
(subject to certain adjustments) into BlackRock common
stock (accordingly, the value of each unit delivered will be
based on the price of a share of BlackRock’s common
stock and the specific terms of the SubCo Units).
Approximately 9.2 million SubCo Units and RSUs will be
paid at closing. Approximately 2.9 million SubCo Units, will
be paid in approximately five years, subject to the
satisfaction of certain post-closing conditions. In addition,
there is potential for additional consideration to be earned
of up to 1.6 million SubCo Units that is based on financial
performance milestones measured and paid in
approximately five years. Of the total deal consideration,
up to 0.7 million units will be used to fund an equity
retention pool for HPS employees. In aggregate, inclusive
of all SubCo Units paid at closing, eligible to be paid in
approximately five years, and potentially earned through
achievement of financial performance milestones as well
as BlackRock RSUs to be issued in the transaction, the
maximum amount of common stock issuable upon
exchange of such SubCo Units would be approximately
13.7 million shares. The Company expects the addition of
HPS will create an integrated private credit platform to
provide both public and private income solutions for
clients across their whole portfolios. The HPS Transaction
is anticipated to close in mid-2025 subject to regulatory
approvals and customary closing conditions.
On January 29, 2025, the Company announced that the
Board of Directors approved BlackRock’s quarterly
dividend of $5.21 per share to be paid on March 24, 2025
to stockholders of record at the close of business on
March 7, 2025.
The Company conducted a review for additional
subsequent events and determined that no subsequent
events had occurred that would require accrual or
additional disclosures.
[THIS PAGE INTENTIONALLY LEFT BLANK]

Common Stock Information
Common Stock Performance Graph
The following graph compares the cumulative total stockholder return on BlackRock’s common stock from December 31,
2019 through December 31, 2024, as compared with the cumulative total return of the S&P 500 Index and the S&P 500
Financials Index. The graph assumes the investment of $100 in BlackRock’s common stock and in each of the two indices
on December 31, 2019 and the reinvestment of all dividends, if any. The following information has been obtained from
sources believed to be reliable, but neither its accuracy nor its completeness is guaranteed. The performance graph is not
necessarily indicative of future investment performance.
Total Return Performance 
$0
$50
$100
$150
$200
$250
12/31/19
12/31/22
12/31/21
12/31/20
12/31/24
12/31/23
S&P 500 Financials Index
S&P 500 Index
BlackRock, Inc.
Period Ending
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
BlackRock, Inc.
$100.00
$147.20
$190.50
$151.69
$178.80
$231.13
S&P 500 Index
$100.00
$118.40
$152.39
$124.79
$157.59
$197.02
S&P 500 Financials Index
$100.00
$ 98.31
$132.75
$118.77
$133.20
$173.90
Stock listing
BlackRock, Inc.’s common 
stock is traded on the New 
York Stock Exchange under 
the symbol BLK. At the close 
of business on January 
31, 2025, there were 203 
common stockholders of 
record. 
Internet information
Information on BlackRock’s 
financial results and its 
products and services is 
available on the Internet at 
www.blackrock.com. 
Financial information
BlackRock makes available, 
free of charge, through its 
website at www.blackrock.
com, under the heading 
“Investor Relations,” 
its Annual Report to 
Stockholders, Annual Report 
on Form 10-K, Quarterly 
Reports on Form 10-Q, 
Current Reports on Form 
8-K, its Proxy Statement 
and all amendments to 
those reports as soon as 
reasonably practicable 
after such material is 
electronically filed with or 
furnished to the Securities 
and Exchange Commission. 
The Company has included 
as Exhibits 31.1 and 31.2 
to its Annual Report on 
Form 10-K for fiscal year 
ended December 31, 2024, 
with the Securities and 
Exchange Commission, 
certificates of the Chief 
Executive Officer and Chief 
Financial Officer of the 
Company certifying as to 
the Company’s disclosure 
in such Form 10-K, and the 
Company has submitted 
to the New York Stock 
Exchange a certificate of 
the Chief Executive Officer 
of the Company certifying 
that he is not aware of any 
violation by the Company of 
New York Stock Exchange 
corporate governance 
listing standards. Deloitte & 
Touche LLP has provided its 
consent to the inclusion of 
its reports dated February 
25, 2025, relating to the 
consolidated financial 
statements of BlackRock, 
Inc., and the effectiveness 
of BlackRock, Inc.’s internal 
controls over financial 
reporting, in the Company’s 
Annual Report on Form 
10-K for the fiscal year 
ended December 31, 2024, 
which has been filed as 
Exhibit 23.1 to such report. 
Inquiries
BlackRock will provide, 
free of charge to each 
stockholder upon written 
request, a copy of 
BlackRock’s Annual Report 
to Stockholders, Annual 
Report on Form 10-K, 
Quarterly Reports on Form 
10-Q, Current Reports on 
Form 8-K, Proxy Statement 
and all amendments to 
those reports. Requests for 
copies should be addressed 
to Investor Relations, 
BlackRock, Inc., 50 Hudson 
Yards, New York, NY 10001. 
Requests may also be 
directed to (212) 810-5800 
or via email to  
invrel@blackrock.com. 
Copies may also be 
accessed electronically by 
means of the SEC’s home 
page on the Internet at  
www.sec.gov. Stockholders 
and analysts should contact 
Investor Relations at  
(212) 810-5800 or  
via e-mail at  
invrel@blackrock.com. 
Registrar and transfer 
agent
Computershare  
Investor Services  
480 Washington Boulevard 
Jersey City, NJ 07310-1900
Telephone:  
(800) 903-8567
Corporate headquarters
BlackRock, Inc.  
50 Hudson Yards 
New York, NY 10001  
(212) 810-5800 
BlackRock offices 
worldwide
BlackRock has offices in 
more than 30 countries 
and a major presence in key 
global markets, including 
North and South America, 
Europe, Asia, Australia and 
the Middle East and Africa. 
Corporate  
Information
Americas
Atlanta 
Bogotá 
Boston 
Chicago 
Dallas 
Denver 
Greenwich 
Houston 
Mexico City 
Miami 
Montreal 
New York  
Newport Beach 
Palo Alto 
Philadelphia 
Princeton 
San Francisco  
Santa Monica 
Santiago 
São Paulo 
Sausalito 
Seattle 
Toronto 
Washington D.C. 
West Palm Beach 
Wilmington
EMEA
Amsterdam 
Belgrade 
Brussels 
Budapest 
Cape Town 
Copenhagen 
Dubai 
Dublin 
Edinburgh 
Eindhoven 
Frankfurt 
Geneva 
Helsinki 
London 
Luxembourg 
Madrid 
Milan 
Munich 
Paris 
Riyadh 
Stockholm 
Tel Aviv 
Vienna 
Zürich
Asia-Pacific
Auckland 
Beijing 
Bengaluru 
Brisbane 
Gurgaon 
Hong Kong 
Melbourne 
Mumbai 
Seoul 
Shanghai 
Singapore 
Sydney 
Taipei  
Tokyo
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2024 Annual Report