BlackRock Inc
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
BLK$1,178.87+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000950170-24-122256
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000950170-25-065838
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 216 previous paragraphs and 197 current paragraphs.
97 unchanged; 51 reworded; 47 added; 66 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 27 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
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.
Current report
GAAP. Operating income of $1.7 billion increased $5 million, while operating margin of 32.2% decreased 360 bps from the three months ended March 31, 2024. Operating income and operating margin reflected higher revenue, including higher investment advisory and administration fees (collectively "base fees"), driven by the positive impact of markets, organic base fee growth, and fees related to the GIP Transaction, as well as higher technology services and subscription revenue, including the partial impact from the Preqin Transaction, partially offset by lower performance fees. The increase in revenue was more than offset by higher expense for the three months ended March 31, 2025, which was impacted by the acquisition-related costs in connection with the GIP and Preqin Transactions, including amortization of intangible assets and other acquisition-related costs, such as retention-related deferred compensation expense and general and administration expense primarily related to a contingent consideration fair value adjustment and professional services.
Current report
First quarter 2025 income tax expense included a $149 million discrete tax benefit related to the realization of capital losses from changes in the Company's organizational structure and a $46 million discrete tax benefit related to stock-based compensation awards that vested in the first quarter. First quarter 2024 income tax expense included 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. In addition, first quarter 2024 income tax expense included $28 million of additional discrete tax benefits, including a benefit related to stock-based compensation awards that vested in the first quarter.
Current report
Earnings per diluted common share decreased $0.84, or 8%, from the three months ended March 31, 2024, primarily driven by the impact of higher acquisition-related costs, lower nonoperating income and a higher diluted share count in the current quarter, partially offset by a lower effective tax rate.
Current report
Beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments.
Current report
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into United States ("US") dollars for reporting purposes.
Current report
The following table presents the component changes in AUM by private markets product type for the three months ended March 31, 2025(1).
Current report
Beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments.
Current report
AUM increased $33 billion to $11.58 trillion at March 31, 2025 from $11.55 trillion at December 31, 2024, driven by the positive impact of foreign exchange movements and net inflows, partially offset by net market depreciation.
Current report
ETFs net inflows of $107 billion were led by equity and fixed income ETFs net inflows of $65 billion and $34 billion, respectively. Active ETFs contributed $9 billion of net inflows and digital asset ETPs generated $3 billion of net inflows in the first quarter.
Current report
Retail net inflows of $13 billion were driven by net inflows into equity products, largely reflecting net inflows in Aperio, multi-asset and systematic liquid alternatives funds.
Current report
Institutional active net inflows of $8 billion were driven by infrastructure private markets, LifePath® target-date strategies and systematic active equity offerings. These inflows were partially offset by several client-specific redemptions from active fixed income, primarily due to re-insurance activity.
Current report
Cash management AUM increased to $931 billion, reflecting growth in the Circle Reserve Fund, partially offset by seasonal redemptions from US government funds.
Current report
Net market depreciation of $136 billion was primarily driven by US equity market depreciation.
Current report
Beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations have not been recast for 2024.
Current report
Amounts include AUM attributable to the GIP Transaction and the acquisition of SpiderRock Advisors, LLC in May 2024 (the "SpiderRock Transaction").
Current report
The following table presents the component changes in AUM by private markets product type for the twelve months ended March 31, 2025(1).
Current report
Beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations have not been recast for 2024.
Current report
Amounts include AUM attributable to the GIP Transaction and the SpiderRock Transaction.
Current report
AUM increased $1.1 trillion to $11.6 trillion at March 31, 2025 from $10.5 trillion at March 31, 2024, driven by net inflows, net market appreciation, and AUM added from the GIP Transaction.
Current report
Institutional index net outflows of $23 billion were concentrated in low-fee index equity offerings, partially offset by net inflows into fixed income products.
Current report
Amounts include $157 million and $151 million of securities lending revenue for the three months ended March 31, 2025 and 2024, respectively.
Current report
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
Current report
Revenue increased $548 million, or 12%, from the three months ended March 31, 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM, fees related to the GIP Transaction and higher technology services and subscription revenue, including the partial impact of the Preqin Transaction, which closed on March 3, 2025, partially offset by lower performance fees.
Current report
Investment advisory, administration fees and securities lending revenue of $4.4 billion increased $623 million from $3.8 billion for the three months ended March 31, 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM and approximately $285 million of fees related to the GIP Transaction, partially offset by the effect of one fewer day in the current quarter. Securities lending revenue of $157 million increased from $151 million for the three months ended March 31, 2024.
Current report
Investment advisory performance fees of $60 million decreased $144 million from $204 million for the three months ended March 31, 2024, primarily reflecting lower revenue from private markets and liquid alternative products.
Current report
Technology services and subscription revenue of $436 million increased $59 million from $377 million for the three months ended March 31, 2024, reflecting the sustained demand for Aladdin technology offerings and the partial impact from the Preqin Transaction, which added approximately $20 million to first quarter revenue.
Current report
Expense increased $543 million, or 18%, from the three months ended March 31, 2024, reflecting higher employee compensation and benefits expense, general and administration expense, sales, asset and account expense and amortization of intangible assets. Expense for the first quarter of 2025 was impacted by the previously described acquisition-related expenses incurred in connection with the GIP and Preqin Transactions(1).
Current report
Employee compensation and benefits expense of $1.7 billion increased $161 million from $1.6 billion for the three months ended March 31, 2024, primarily reflecting the impact of the GIP Transaction, including nonrecurring retention-related deferred compensation expense(1), partially offset by the impact of lower performance fees.
Current report
General and administration expense of $711 million increased $182 million from $529 million for the three months ended March 31, 2024, primarily associated with acquisition-related costs(1), including a contingent consideration fair value adjustment in connection with the GIP Transaction and higher transaction costs recorded in professional services expense. The general and administration expense increase from the first quarter of 2024 also included higher technology expense, marketing and promotional expense, including the impact from higher travel and entertainment expense, and higher occupancy and office related expense.
Current report
Amortization of intangible assets(1) of $117 million increased $79 million from $38 million for the three months ended March 31, 2024, primarily reflecting amortization of intangible assets acquired in the GIP and Preqin Transactions.
Current report
These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustment for acquisition-related costs. See Non-GAAP Financial Measures for further information on as adjusted items.
Current report
The amount for the three months ended March 31, 2025, includes nonoperating noncash pre-tax gains in connection with the Company's minority investment in iCapital Network, Inc. of approximately $36 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of other minority investments.
Current report
Income tax expense for the three months ended March 31, 2025 included a $149 million discrete tax benefit related to the realization of capital losses from changes in the Company's organizational structure and a $46 million discrete tax benefit related to stock-based compensation awards that vested in the first quarter.
Current report
In April 2025, the aggregate commitment of the credit facility was increased from $5.4 billion to $5.9 billion. See Short-Term Borrowings herein for more information.
Current report
Total liquidity resources decreased $5.2 billion during the three months ended March 31, 2025, primarily reflecting $3.1 billion related to the Preqin Transaction, payments of 2024 year-end incentive awards, cash dividend payments of $838 million, and share repurchases of $657 million, partially offset by cash flows from other operating activities.
Current report
In October 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 remaining 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.
Current report
The following presents unaudited summarized financial information of BlackRock and Old BlackRock (together with BlackRock, the "Obligor Group") on a combined basis as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025. Intercompany balances and transactions between 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 BlackRock and Old BlackRock, which are not members of the Obligor Group, have been excluded.
Current report
Summarized Balance Sheet (unaudited)
Current report
Summarized Income Statement (unaudited)
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (66)
Previous report
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.
Previous report
In October 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of GIP for a total consideration of approximately $3 billion in cash and approximately 12 million shares of BlackRock common stock. At close, 6.9 million shares were issued, and the remaining deferred consideration, all in stock, will be issued subject to the satisfaction of certain post-closing events. The Company believes the combination of GIP with BlackRock’s complementary infrastructure offerings creates a broad global infrastructure franchise with differentiated origination and asset management capabilities. The initial accounting for the business combination is incomplete as a result of the timing of the acquisition. Therefore, it is impractical for the Company to provide the full disclosure of required financial information at the filing date.
Previous report
As a result of the closing of the GIP Transaction, on October 1, 2024, (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.
Previous report
GAAP. Operating income of $2.0 billion increased $369 million and operating margin of 38.6% increased 240 bps from the three months ended September 30, 2023. Increases in operating income and operating margin reflected higher investment advisory and administration fees (collectively "base fees"), driven by the positive impact of markets on average AUM and organic base fee growth, and higher performance fees, partially offset by higher expenses, reflecting higher employee compensation and benefits expense, sales, asset and account expense and general and administration expense. Operating income and operating margin also included the impact of a $50 million noncash impairment charge related to certain indefinite-lived open-end management contracts recorded in the three months ended September 30, 2024. This noncash impairment charge has been excluded from the Company's as adjusted results due to its infrequent nature and to increase comparability with other companies.
Previous report
Earnings per diluted common share increased $0.24, or 2%, from the three months ended September 30, 2023, primarily driven by higher operating income, partially offset by the impact of a higher effective tax rate in the current quarter. The prior year quarter included approximately $223 million of discrete tax benefits related to the resolution of certain outstanding tax matters.
Previous report
As Adjusted. Operating income of $2.1 billion increased $437 million and operating margin of 45.8% increased 350 bps from the three months ended September 30, 2023. The noncash impairment charge of $50 million described above has been excluded from as adjusted results for the three months ended September 30, 2024. Earnings per diluted common share increased $0.55, or 5%, from the three months ended September 30, 2023, primarily reflecting higher operating income, partially offset by a higher effective tax rate in the current quarter.
Previous report
GAAP. Operating income of $5.5 billion increased $809 million and operating margin of 37.3% increased 180 bps from the nine months ended September 30, 2023. Increases in operating income and operating margin reflected higher base fees, driven by the positive impact of markets on average AUM and organic base fee growth, higher performance fees and technology services revenue, partially offset by higher expenses, reflecting higher employee compensation and benefits expense, sales, asset and account expense, and general and administration expense. Operating income and operating margin for the nine months ended September 30, 2024 also included the impact of a $50 million noncash impairment charge previously described.
Previous report
Nonoperating income (expense) less net income (loss) attributable to NCI increased $63 million from the nine months ended September 30, 2023, driven primarily by higher interest and dividend income, pre-tax gains of approximately $66 million and $19 million in connection with the EquiLend Transaction and SpiderRock Transaction, respectively, higher mark-to-market revaluation gains of the Company's un-hedged seed capital investments, and higher mark-to-market gains on certain minority investments, partially offset by lower mark-to-market gains on the revaluation of private equity co-investments and higher interest expense.
Previous report
Income tax expense for the nine months ended September 30, 2024 included 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 the Company's as adjusted results due to the nonrecurring nature of the intellectual property reorganization. Income tax expense for the nine months ended September 30, 2023 included $226 million discrete tax net benefits primarily related to the resolution of certain outstanding tax matters.
Previous report
Earnings per diluted common share increased $4.01 or 15%, from the nine months ended September 30, 2023, primarily reflecting higher operating and nonoperating income, partially offset by a higher effective tax rate.
Previous report
(c)
Previous report
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.
Previous report
(d)
Previous report
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.
Previous report
AUM increased $830 billion to $11.5 trillion at September 30, 2024 from $10.6 trillion at June 30, 2024, driven by net market appreciation, net inflows and the positive impact of foreign exchange movements.
Previous report
ETFs net inflows of $97 billion were led by fixed income and equity ETFs net inflows of $48 billion and $45 billion, respectively. BlackRock’s cryptocurrency ETPs continue to grow and added $5 billion of net inflows in the third quarter, included within alternatives ETFs.
Previous report
Institutional index net inflows of $29 billion primarily reflected $21 billion and $9 billion of equity and fixed income net inflows, respectively, driven by outsourcing mandates, client asset-allocation activity and rebalancing decisions.
Previous report
Institutional active net inflows of $27 billion were led by $19 billion of multi-asset net inflows, which reflected the funding of pension outsourcing mandates and net inflows into LifePath® target-date offerings.
Previous report
Retail net inflows of $7 billion were driven by net inflows into equity and fixed income, reflecting net inflows into BlackRock's Aperio customized index equity solution and into US active fixed income mutual funds.
Previous report
Cash management AUM increased to $849 billion, driven by net inflows into US government and international prime funds.
Previous report
Component Changes in AUM for the Nine Months Ended September 30, 2024
Previous report
The following table presents the component changes in AUM by client type and product type for the nine months ended September 30, 2024.
Previous report
The following table presents the component changes in AUM by investment style and product type for the nine months ended September 30, 2024.
Previous report
The following table presents the component changes in AUM by product type for the nine months ended September 30, 2024.
Previous report
AUM increased $1.5 trillion to $11.5 trillion at September 30, 2024 from $10.0 trillion at December 31, 2023, driven by net market appreciation, net inflows and the positive impact of foreign exchange movements.
Previous report
ETFs net inflows of $248 billion were led by equity and fixed income ETFs net inflows of $126 billion and $101 billion, respectively. Alternatives ETFs net inflows of $22 billion were driven largely by flows into the Company's Bitcoin ETP.
Previous report
Institutional active net inflows of $39 billion were led by LifePath target-date strategies and several large outsourcing mandates, partially offset by a redemption of approximately $20 billion from a single fixed income client in the second quarter of 2024.
Previous report
Retail net inflows of $20 billion primarily reflected net inflows into equity and fixed income.
Previous report
Net market appreciation of $1.1 trillion was primarily driven by global equity market appreciation.
Previous report
AUM increased $2.4 trillion to $11.5 trillion at September 30, 2024 from $9.1 trillion at September 30, 2023, driven by net market appreciation, net inflows and the positive impact of foreign exchange movements.
Previous report
Long-term net inflows of $351 billion were comprised primarily of net inflows of $336 billion, $11 billion and $4 billion from ETFs, retail and institutional clients, respectively. Net flows in long-term products are described below.
Previous report
Institutional index net outflows of $42 billion primarily reflected $74 billion of low-fee index equity net outflows, partially offset by $35 billion of fixed income net inflows, as some clients sought to de-risk or rebalance.
Previous report
Net market appreciation of $1.8 trillion was driven by global equity market appreciation.
Previous report
Revenue increased $675 million, or 15%, from the three months ended September 30, 2023, primarily driven by the positive impact of market beta on average AUM and organic base fee growth, and higher performance fees.
Previous report
Investment advisory, administration fees and securities lending revenue of $4.0 billion increased $349 million from $3.7 billion for the three months ended September 30, 2023, primarily driven by positive organic base fee growth and the impact of market beta on average AUM, partially offset by lower securities lending revenue. Securities lending revenue of $149 million decreased from $167 million for the three months ended September 30, 2023, primarily reflecting lower spreads, partially offset by higher average balances of securities on loan.
Previous report
Investment advisory performance fees of $388 million increased $318 million from $70 million for the three months ended September 30, 2023, primarily driven by strong performance in the third quarter of 2024 from a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by lower revenue from illiquid alternatives.
Previous report
Technology services revenue of $403 million decreased $4 million from $407 million for the three months ended September 30, 2023, due to the revenue impact linked to several large client renewals of their eFront “on-premises” licenses during the third quarter of 2023.
Previous report
Revenue increased $1.5 billion, or 11%, from the nine months ended September 30, 2023, primarily driven by the positive impact of market beta on average AUM and organic base fee growth, and higher performance fees and technology services revenue.
Previous report
Investment advisory, administration fees and securities lending revenue of $11.7 billion increased $889 million from $10.8 billion for the nine months ended September 30, 2023, primarily driven by the impact of market beta on average AUM and organic base fee growth, partially offset by lower securities lending revenue. Securities lending revenue of $454 million decreased from $518 million for the nine months ended September 30, 2023, primarily reflecting lower spreads, partially offset by higher average balances of securities on loan.
Previous report
Investment advisory performance fees of $756 million increased $513 million from $243 million for the nine months ended September 30, 2023, primarily driven by higher revenue from liquid alternative products, including strong performance from a single hedge fund in 2024, and higher revenue from illiquid alternative products.
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Reworded paragraphs (51)
Previous wording
BlackRock has previously disclosed risk factors in its Securities and Exchange Commission 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 acquisitions of Global Infrastructure Management, LLC ("GIP" or the "GIP Transaction") and Preqin Holding Limited (“Preqin” or the "Preqin Transaction" and together with the GIP Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) risks related to the Transactions, including the possibility that the Preqin Transaction does not close, the possibility that closing conditions related to the Preqin Transaction are not satisfied, the possibility that expected synergies and value creation from either of the Transactions will not be realized, or will not be realized within the expected time period, and impacts to business and operational relationships related to disruptions from the Transactions; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (12) the failure to effectively manage the development and use of artificial intelligence; (13) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (14) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any failure to effectively manage conflicts of interest; (17) damage to BlackRock’s reputation; (18) increasing focus from stakeholders regarding environmental, social and governance matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, sp…
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Current wording
BlackRock has previously disclosed risk factors in its Securities and Exchange Commission 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 acquisition of HPS Investment Partners (“HPS” or the “HPS Transaction”) and the acquisitions of Global Infrastructure Management, LLC (“GIP” or the “GIP Transaction”) and Preqin Holding Limited (“Preqin” or the “Preqin Transaction” and together with the HPS Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) risks related to the HPS Transaction, including delays in the expected closing date of the HPS Transaction, the possibility that the HPS Transaction does not close, including, but not limited to, due to the failure to satisfy the closing conditions; the possibility that expected synergies and value creation from the Transactions 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 Transactions; (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-related matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars,…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $11.5 trillion of AUM at September 30, 2024. With approximately 20,400 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.
Current wording
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 March 31, 2025. With approximately 22,600 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.
Previous wording
BlackRock’s diverse platform of alpha-seeking active, 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, 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® 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 Wealth TM, 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.
Current wording
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® 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 Wealth TM, 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.
Previous wording
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 $3.4 billion based on the GBP/USD foreign exchange rate at September 30, 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 regulatory approvals and other customary closing conditions.
Current wording
On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin, a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) 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.
Previous wording
Accounting principles generally accepted in the US (“GAAP”).
Current wording
Accounting principles generally accepted in the United States (“GAAP”).
Previous wording
Nonoperating income (expense) less net income (loss) attributable to noncontrolling interests (“NCI”) increased $19 million from the three months ended September 30, 2023, driven primarily by 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 interest and dividend income, partially offset by lower mark-to-market gains on the revaluation of private equity co-investments and un-hedged seed capital investments and higher interest expense.
Current wording
Nonoperating income (expense) less net income (loss) attributable to noncontrolling interests (“NCI”) decreased $110 million from the three months ended March 31, 2024, driven by higher interest expense and lower noncash mark-to-market net gain (loss) on revaluation of investments, partially offset by higher interest and dividend income.
Previous wording
As Adjusted. Operating income of $5.8 billion increased $907 million and operating margin of 44.1% increased 230 bps from the nine months ended September 30, 2023. Earnings per diluted common share increased $3.52, or 13%, from the nine months ended September 30, 2023, reflecting higher operating and nonoperating income, partially offset by a higher effective tax rate. The noncash impairment charge of $50 million previously described has been excluded from as adjusted results for the nine months ended September 30, 2024. Income tax expense, as adjusted, for the nine months ended September 30, 2024 excluded the $137 million of benefit described above.
Current wording
As Adjusted. Operating income of $2.0 billion increased $257 million and operating margin of 43.2% increased 100 bps from the three months ended March 31, 2024. The acquisition-related expenses described above have been excluded from as adjusted results. Earnings per diluted common share increased $1.49, or 15%, from the three months ended March 31, 2024, primarily reflecting higher operating income and a lower effective tax rate in the current quarter, partially offset by lower nonoperating income and a higher diluted share count. In addition, income tax expense, as adjusted, for the first quarter of 2024 excluded the $137 million discrete tax benefit described above.
Previous wording
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.
Current wording
Acquisition-related costs. Acquisition-related costs include adjustments related to amortization of intangible assets, contingent consideration fair value adjustments incurred in connection with certain acquisitions and other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation and general and administration expense primarily related to professional services expense. 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.
Previous wording
For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. Amount for income tax matters in 2024 includes 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.
Current wording
For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. The amount for income tax matters in the first quarter of 2024 included 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.
Previous wording
Long-term net inflows of $288 billion were comprised of net inflows of $248 billion from ETFs, and $20 billion each from institutional and retail clients, respectively. Net flows in long-term products are described below.
Current wording
Long-term net inflows of $83 billion were comprised of net inflows of $107 billion and $13 billion from ETFs and retail clients, respectively, partially offset by net outflows of $37 billion from institutional clients. Net flows in long-term products are described below.
Previous wording
Institutional index net outflows of $19 billion were concentrated in low-fee index equities, partially offset by fixed income net inflows driven by client asset-allocation activity and re-balancing decisions.
Current wording
Institutional index net outflows of $46 billion were concentrated in low-fee index equity offerings, partially offset by net inflows into fixed income products.
Previous wording
AUM increased $144 billion due to the impact of foreign exchange movements, primarily due to the weakening of the US dollar, largely against the Japanese yen, the British pound and the euro.
Current wording
AUM increased $92 billion due to the impact of foreign exchange movements, primarily due to the weakening of the US dollar, largely against the euro, the British pound and the Japanese yen.
Previous wording
Long-term net inflows of $160 billion were comprised of net inflows of $97 billion, $56 billion, and $7 billion from ETFs, institutional and retail clients, respectively. Net flows in long-term products are described below.
Current wording
Long-term net inflows of $496 billion were comprised of net inflows of $431 billion, $35 billion and $30 billion from ETFs, institutional and retail clients, respectively. Net flows in long-term products are described below.
Previous wording
ETFs net inflows of $336 billion were led by equity and fixed income ETFs, which saw $184 billion and $132 billion of net inflows, respectively, and $19 billion into alternatives ETFs. Alternatives ETFs net inflows were driven by flows into the Company's Bitcoin ETP.
Current wording
ETFs net inflows of $431 billion were led by equity and fixed income ETFs, which saw $265 billion and $128 billion of net inflows, respectively. Digital assets ETPs contributed $30 billion driven by flows into the Company's Bitcoin ETP, and Active ETFs generated $21 billion of net inflows.
Previous wording
Institutional active net inflows of $47 billion were led by multi-asset net inflows and included the impact of several large outsourcing mandates and continued growth of the Company's LifePath target-date strategies, partially offset by the impact of the previously mentioned single client fixed income redemption.
Current wording
Institutional active net inflows of $58 billion were led by multi-asset and infrastructure private markets net inflows. Multi-asset net inflows included the impact of several large outsourcing mandates and continued growth of the Company's LifePath target-date strategies. Inflows were partially offset by the impact of several client-specific redemptions from active fixed income, primarily due to re-insurance activity.
Previous wording
Retail net inflows of $11 billion were led by net inflows into equity strategies.
Current wording
Retail net inflows of $30 billion were led by net inflows into equity strategies reflecting demand for Aperio and net inflows into fixed income strategies.
Previous wording
Cash management AUM increased to $849 billion, primarily due to net inflows into US government and international money market funds.
Current wording
Cash management AUM increased to $931 billion, primarily due to net inflows into US government and international money market funds.
Previous wording
Net market appreciation of $464 billion was primarily driven by global equity and fixed income market appreciation.
Current wording
Net market appreciation of $381 billion was primarily driven by global equity and fixed income market appreciation.
Previous wording
AUM increased $139 billion due to the impact of foreign exchange movements, primarily resulting from the weakening of the US dollar, largely against the British pound, the euro and the Japanese yen.
Current wording
AUM decreased $4 billion due to the impact of foreign exchange movements, primarily resulting from the strengthening of the US dollar against the Canadian dollar, the Mexican peso and the Australian dollar, partially offset by the weakening of the US dollar, largely against the British pound and the Japanese yen.
Previous wording
The Company’s results of operations for the three and nine months ended September 30, 2024 and 2023 are discussed below. For a further description of the Company’s revenue and expense, see the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on February 23, 2024 ("2023 Form 10-K").
Current wording
The Company’s results of operations for the three months ended March 31, 2025 and 2024 are discussed below. For a further description of the Company’s revenue and expense, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 25, 2025 ("2024 Form 10-K").
Previous wording
The table below presents detail of revenue for the three and nine months ended September 30, 2024 and 2023 and includes the product type mix of base fees and securities lending revenue and performance fees.
Current wording
The table below presents detail of revenue for the three months ended March 31, 2025 and 2024 and includes the product type mix of base fees and securities lending revenue and performance fees.
Previous wording
Beginning in the first quarter of 2024, BlackRock updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.
Current wording
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
Previous wording
The following table presents expense for the three and nine months ended September 30, 2024 and 2023.
Current wording
The following table presents expense for the three months ended March 31, 2025 and 2024.
Previous wording
Sales, asset and account expense of $962 million increased $54 million from $908 million for the three months ended September 30, 2023, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.
Current wording
Sales, asset and account expense of $1.0 billion increased $121 million from $888 million for the three months ended March 31, 2024, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.
Previous wording
The summary of nonoperating income (expense), less net income (loss) attributable to NCI for the three and nine months ended September 30, 2024 and 2023 was as follows:
Current wording
The summary of nonoperating income (expense), less net income (loss) attributable to NCI for the three months ended March 31, 2025 and 2024 was as follows:
Previous wording
Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of the impact of certain hedges.
Current wording
Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.
Previous wording
Income tax expense for the nine months ended September 30, 2024 included 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 reorganization. In addition, for the nine months ended September 30, 2024 income tax expense included $13 million of net discrete tax benefits, including a benefit related to stock-based compensation awards that vested in 2024.
Current wording
Income tax expense for the three months ended March 31, 2024 included 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 reorganization. In addition, for the three months ended March 31, 2024 income tax expense included $28 million of discrete tax benefits, including a benefit related to stock-based compensation awards that vested in the first quarter.
Previous wording
Amount includes approximately $4.2 billion of deferred income tax liabilities related to goodwill and intangibles.
Current wording
Amount includes approximately $4.5 billion of deferred income tax liabilities related to goodwill and intangibles.
Previous wording
Assets. Cash and cash equivalents at September 30, 2024 included $180 million of cash held by CIPs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during the nine months ended September 30, 2024). Accounts receivable at September 30, 2024 increased $469 million from December 31, 2023, primarily due to higher base fee receivables. Investments at September 30, 2024 increased $799 million from December 31, 2023 (for more information see Investments herein). Goodwill and intangible assets at September 30, 2024 increased $17 million from December 31, 2023, primarily due to 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 September 30, 2024 increased $618 million from December 31, 2023, primarily related to an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within other liabilities) and an increase in certain minority investments.
Current wording
Assets. Cash and cash equivalents at March 31, 2025 included $340 million of cash held by CIPs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during the three months ended March 31, 2025). Investments at March 31, 2025 increased $756 million from December 31, 2024 (for more information see Investments herein). Goodwill and intangible assets at March 31, 2025 increased $3.5 billion from December 31, 2024, primarily due to the Preqin Transaction, partially offset by amortization of intangible assets. Other assets at March 31, 2025 increased $3.6 billion from December 31, 2024, primarily related to an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within other liabilities).
Previous wording
Liabilities. Accrued compensation and benefits at September 30, 2024 decreased $319 million from December 31, 2023, primarily due to 2023 incentive compensation cash payments in the first quarter of 2024, partially offset by 2024 incentive compensation accruals. Accounts payable and accrued liabilities at September 30, 2024 increased $209 million from December 31, 2023, primarily due to higher interest on borrowings and increased accruals. Other liabilities at September 30, 2024 increased $587 million from December 31, 2023, primarily due to higher unit trust payables (substantially offset by an increase in unit trust receivables recorded within other assets). Net deferred income tax liabilities at September 30, 2024 decreased $121 million from December 31, 2023, primarily due to the effects of temporary differences associated with the intellectual property reorganization and capitalized costs, partially offset by stock-based compensation.
Current wording
Liabilities. Accrued compensation and benefits at March 31, 2025 decreased $1.8 billion from December 31, 2024, primarily due to 2024 incentive compensation cash payments in the first quarter of 2025, partially offset by 2025 incentive compensation accruals. Contingent consideration liabilities at March 31, 2025 increased $88 million from December 31, 2024, primarily due to a contingent consideration fair value adjustment in connection with the GIP Transaction, largely related to changes in discount rate and passage of time. Other liabilities at March 31, 2025 increased $3.2 billion from December 31, 2024, primarily due to higher unit trust payables (substantially offset by an increase in unit trust receivables recorded within other assets). Net deferred income tax liabilities at March 31, 2025 increased $341 million from December 31, 2024, primarily due to the effects of temporary differences associated with the stock-based compensation and the Preqin Transaction.
Previous wording
The Company’s investments were $10.5 billion and $9.7 billion at September 30, 2024 and December 31, 2023, respectively. Investments include CIPs accounted for as VIEs and VREs. Management reviews BlackRock’s investments on an “economic” basis, which eliminates the NCI 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.
Current wording
The Company’s investments were $10.5 billion and $9.8 billion at March 31, 2025 and December 31, 2024, respectively. Investments include CIPs accounted for as VIEs and VREs. Management reviews BlackRock’s investments on an “economic” basis, which eliminates the NCI 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.
Previous wording
As adjusted investment activity for the nine months ended September 30, 2024 was as follows:
Current wording
As adjusted investment activity for the three months ended March 31, 2025 was as follows:
Previous wording
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.
Current wording
Sources of BlackRock’s operating cash primarily include base fees and securities lending revenue, performance fees, technology services and subscription 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.
Previous wording
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.
Current wording
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 and subscription 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.
Previous wording
Cash flows provided by investing activities, excluding the impact of CIPs, for the nine months ended September 30, 2024 were $165 million, primarily reflecting $344 million of distributions of capital from equity method investees and $60 million of net proceeds from sales and maturities of investments, partially offset by $165 million of purchases of property and equipment and $74 million related to the SpiderRock Transaction.
Current wording
Cash flows used in investing activities, excluding the impact of CIPs, for the three months ended March 31, 2025 were $3.5 billion, primarily reflecting $3.1 billion related to the Preqin Transaction, $330 million of net purchases of investments and $78 million of purchases of property and equipment.
Previous wording
Cash flows provided by financing activities, excluding the impact of CIPs, for the nine months ended September 30, 2024 were $876 million, primarily resulting from $5.5 billion of proceeds from long-term borrowings related to the issuance of senior notes to fund a portion of the cash consideration for the GIP Transaction and the Preqin Transaction, partially offset by $2.3 billion of cash dividend payments, $1.5 billion of share repurchases, including $1.2 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 borrowings.
Current wording
Cash flows used in financing activities, excluding the impact of CIPs, for the three months ended March 31, 2025 were $1.4 billion, primarily resulting from $838 million of cash dividend payments and $657 million of share repurchases, including $375 million in open market transactions and $282 million of employee tax withholdings related to employee stock transactions.
Previous wording
The percentage of cash and cash equivalents held by the Company’s US subsidiaries was approximately 70% and 50% at September 30, 2024 and December 31, 2023, respectively. See Net Capital Requirements herein for more information on net capital requirements in certain regulated subsidiaries.
Current wording
The percentage of cash and cash equivalents held by the Company’s US subsidiaries was approximately 40% and 65% at March 31, 2025 and December 31, 2024, respectively. See Net Capital Requirements herein for more information on net capital requirements in certain regulated subsidiaries.
Previous wording
A significant portion of the Company’s $8.1 billion of investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.
Current wording
A significant portion of the Company’s $8.6 billion of investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.
Previous wording
Share Repurchases. During the nine months ended September 30, 2024, the Company repurchased 1.6 million common shares under the Company’s existing share repurchase program for approximately $1.2 billion. At September 30, 2024, there were approximately 4.2 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.
Current wording
Share Repurchases. During the three months ended March 31, 2025, the Company repurchased 0.4 million common shares under the Company’s existing share repurchase program for approximately $375 million. At March 31, 2025, there were approximately 3.4 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.
Previous wording
At September 30, 2024 and December 31, 2023, the Company was required to maintain approximately $2.0 billion and $1.8 billion, respectively, 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.
Current wording
At March 31, 2025 and December 31, 2024, the Company was required to maintain approximately $1.9 billion and $1.8 billion, respectively, 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.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
In April 2025, the 2025 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $500 million to $5.9 billion, (2) extend the maturity date to March 2030 for lenders (other than one non-extending lender) pursuant to the Company's option to request extensions of the maturity date available under the 2025 Credit Facility (with the commitment of the non-extending lender maturing in March 2028) and (3) change the threshold for the maximum leverage ratio to 3.5 to 1. The amended 2025 Credit Facility also permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $7.3 billion.
Current report — wording carried from elsewhere
Investment Advisory Performance Fees / Carried Interest
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Cash management AUM increased to $849 billion, driven by net inflows into US government and international money market funds.
Previous report — wording carried elsewhere
AUM increased $39 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.