BlackRock, Inc.

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”), Preqin Holding Limited (“Preqin” or the “Preqin Transaction”) and HPS Investment Partners (“HPS” or the “HPS Transaction” and together with the GIP Transaction and the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including the Middle East conflicts, wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) the impact of changes to tax legislation, including inc…

Excerpt shortened here; the source contains the full paragraph.

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 acquisitions of Global Infrastructure Management, LLC (“GIP” or the “GIP Transaction”), Preqin Holding Limited (“Preqin” or the “Preqin Transaction”) and HPS Investment Partners (“HPS” or the “HPS Transaction” and together with the GIP Transaction and the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including the Middle East conflicts, wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) the impact of changes to tax legislation, including income, payroll…

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 $12.5 trillion of AUM at June 30, 2025. With approximately 22,700 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 $13.5 trillion of AUM at September 30, 2025. With approximately 24,600 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

On July 1, 2025, BlackRock completed the previously announced acquisition of 100% of the business and assets of HPS, a leading global credit investment manager with 100% of the consideration paid in BlackRock equity. 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. At close, approximately 8.5 million units of BlackRock Saturn Subco, LLC, a consolidated subsidiary of the Company (“Subco Units”), were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin. Such Subco Units are exchangeable on a one-for-one basis (subject to certain adjustments) into BlackRock common stock (accordingly, the value of each unit delivered was based on the price of a share of BlackRock’s common stock and the specific terms of the SubCo Units). In addition, at the time of close, approximately 1 million restricted stock units (“RSUs”) relating to shares of the Company’s common stock were issued to HPS employees, subject to certain vesting conditions. Furthermore, deferred consideration, which is to be delivered all in SubCo Units of approximately 2.8 million and 1.6 million may be paid in approximately five years, subject to achievement of certain post-closing conditions and financial performance milestones, respectively. The transaction agreement for the HPS Acquisition also contains a customary purchase price adjustment which may be satisfied by the issuance of additional Subco Units. In general, subject to the purchase price adjustment, if (i) all contingent consideration is achieved, (ii) all Subco Units are exchanged for shares of the Company’s common stock (including those issued on the closing date), and (iii) all RSUs vest and are settled in the form of shares of the Company’s common stock, the Company does not expect to issue more than approximately 13.8 million additional shares of common stock in the aggregate (with approximately 1 million common shares issuable in respect of RSUs). 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 as of the date of this filing.

Current wording

On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS, a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company. The HPS Transaction, which added $165 billion of client AUM and $118 billion of fee-paying AUM, positions the Company to provide an integrated private credit platform with both public and private income solutions for clients across their whole portfolios. At close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin. Such Subco Units are exchangeable on a one-for-one basis into BlackRock common stock (accordingly, the value of each unit delivered was based on the price of a share of BlackRock’s common stock and the specific terms of the Subco Units). In addition, at the time of close, the Company granted incentive retention awards to certain employees of approximately 680,000 RSUs that vest in increasing yearly increments over five years valued at $675 million and approximately 270,000 RSUs valued at $260 million that cliff vest 100% after six months. Furthermore, deferred consideration, which is to be delivered all in Subco Units of approximately 2.8 million to 4.4 million, and initially valued at $3.4 billion at close, may be paid in approximately five years, subject to achievement of certain post-closing conditions and financial performance milestones. In general, if (i) the maximum amount of contingent consideration is achieved, (ii) all Subco Units are exchanged for shares of the Company’s common stock (including those issued on the closing date), and (iii) all RSUs vest and are settled in the form of shares of the Company’s common stock, the Company does not expect to issue more than approximately 13.8 million shares of common stock in the aggregate.

Previous wording

In July 2025, BlackRock announced that it entered into a definitive agreement to acquire ElmTree Funds (“ElmTree”), a net-lease real estate investment firm with $7.3 billion in total assets under management as of March 31, 2025. Upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree's performance over the next five years. The acquisition of ElmTree is expected to position the Company to scale its real estate offerings, while expanding into new markets as an owner-operator. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions.

Current wording

On September 2, 2025, BlackRock completed the acquisition of 100% of the equity interests in ElmTree Funds (the "ElmTree Transaction" or “ElmTree”), a net-lease real estate investment firm, with consideration paid primarily in BlackRock common stock. The acquisition of ElmTree positions the Company to scale its real estate-related offerings, while expanding into new markets as an owner-operator.

Previous wording

Total BlackRock stockholders’ equity divided by total shares outstanding at June 30 of the respective period-end.

Current wording

Total BlackRock stockholders’ equity divided by total shares of common stock outstanding at September 30 of the respective period-end.

Previous wording

GAAP. Operating income of $3.4 billion decreased $64 million, while operating margin of 32.0% decreased 460 bps from the six months ended June 30, 2024. Operating income and operating margin reflected higher revenue, including higher base fees, driven by positive impact of markets, organic base fee growth and fees related to the GIP Transaction, as well as higher technology services and subscription revenue, partially offset by lower performance fees. The increase in revenue was more than offset by higher expense, primarily resulting from noncash acquisition-related costs and nonrecurring retention-related deferred compensation expense in connection with the GIP and Preqin Transactions. Operating income and operating margin for the six months ended June 30, 2025 also included the impact of the $39 million restructuring charge previously described above.

Current wording

GAAP. Operating income of $2.0 billion decreased $51 million and operating margin of 30.0% decreased 860 bps from the three months ended September 30, 2024. Operating income and operating margin reflected higher revenue, driven by organic base fee growth, positive impact of markets, and fees related to the HPS and GIP Transactions, and higher technology services and subscription revenue. Decreases in GAAP operating income and operating margin were driven by noncash acquisition-related expenses in connection with the HPS, GIP and Preqin Transactions. Operating income and operating margin for the three months ended September 30, 2024 also included the impact of a $50 million noncash impairment charge related to certain indefinite-lived open-end management contracts.

Previous wording

Nonoperating income (expense) less net income (loss) attributable to noncontrolling interests (“NCI”) increased $277 million from the three months ended June 30, 2024, driven by higher noncash mark-to-market net gain (loss) on revaluation of investments including a $330 million noncash pre-tax gain related to Circle Internet Group, Inc. ("Circle"), partially offset by higher interest expense.

Current wording

Nonoperating income (expense), net of NCI - CIPs decreased $291 million from the three months ended September 30, 2024, driven primarily by a $115 million noncash mark-to-market loss related to Circle Internet Group, Inc. ("Circle") and lower net interest income (expense).

Previous wording

Earnings per diluted common share increased $0.20, or 2%, from the three months ended June 30, 2024, reflecting higher nonoperating income, partially offset by lower operating income, driven by higher noncash acquisition-related costs, as well as a higher effective tax rate and a higher diluted share count in the current quarter.

Current wording

Earnings per diluted common share decreased $2.47, or 23%, from the three months ended September 30, 2024, reflecting lower operating income, driven by higher noncash acquisition-related costs, lower nonoperating results, and a higher diluted share count in connection with HPS and GIP Transactions, partially offset by a lower effective tax rate in the current quarter.

Previous wording

As Adjusted. Operating income of $2.1 billion increased $218 million and operating margin of 43.3% decreased 80 bps from the three months ended June 30, 2024. The acquisition-related expenses and restructuring charge described above have been excluded from as adjusted results. Earnings per diluted common share increased $1.69, or 16%, from the three months ended June 30, 2024, primarily reflecting higher operating and nonoperating income, partially offset by a higher effective tax rate and a higher diluted share count in the current quarter.

Current wording

As Adjusted. Operating income of $2.6 billion increased $493 million and operating margin of 44.6% decreased 120 bps from the three months ended September 30, 2024. The acquisition-related expenses and noncash impairment charge described above have been excluded from as adjusted results. Earnings per diluted common share increased $0.09, or 1%, from the three months ended September 30, 2024, primarily reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating income and a higher diluted share count in the current quarter.

Previous wording

GAAP. Operating income of $1.7 billion decreased $69 million, while operating margin of 31.9% decreased 560 bps from the three months ended June 30, 2024. Operating income and operating margin reflected higher revenue, including higher investment advisory and administration fees (collectively "base fees"), driven by positive impact of markets, organic base fee growth and fees related to the GIP Transaction, as well as higher technology services and subscription revenue, partially offset by lower performance fees. The increase in revenue was more than offset by higher expense, primarily resulting from noncash acquisition-related costs and nonrecurring retention-related deferred compensation expense in connection with the GIP and Preqin Transactions. In addition, during the second quarter of 2025, BlackRock recorded a $39 million restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities.

Current wording

GAAP. Operating income of $5.4 billion decreased $115 million and operating margin of 31.3% decreased 600 bps from the nine months ended September 30, 2024. Operating income and operating margin reflected higher revenue, driven by organic base fee growth, positive impact of markets and fees related to the HPS and GIP Transactions, as well as higher technology services and subscription revenue, partially offset by lower performance fees. Decreases in GAAP operating income and operating margin were driven by noncash acquisition-related expenses in connection with the HPS, GIP and Preqin Transactions. Operating income and operating margin for the nine months ended September 30, 2025 included the impact of a $39 million restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities. In addition, operating income and operating margin for the nine months ended September 30, 2024 included the impact of the previously described $50 million noncash impairment charge.

Previous wording

Nonoperating income (expense) less net income (loss) attributable to NCI increased $167 million from the six months ended June 30, 2024, driven by higher noncash mark-to-market net gain (loss) on revaluation of investments, including the previously mentioned $330 million noncash pre-tax gain related to Circle, partially offset by higher interest expense.

Current wording

Nonoperating income (expense) net of NCI - CIPs decreased $124 million from the nine months ended September 30, 2024, driven by lower net interest income (expense), partially offset by higher noncash mark-to-market gains on revaluation of investments, including the impact of a $215 million noncash pre-tax gain related to Circle.

Previous wording

Income tax expense for the six months ended June 30, 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 $50 million discrete tax benefit related to stock-based compensation awards that vested in 2025. Income tax expense for the six months ended June 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.

Current wording

Income tax expense for the nine months ended September 30, 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 $62 million discrete tax benefit related to stock-based compensation awards that vested in 2025. 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.

Previous wording

As Adjusted. Operating income of $4.1 billion increased $475 million and operating margin of 43.2% increased 10 bps from the six months ended June 30, 2024. The acquisition-related expenses and restructuring charge described above have been excluded from as adjusted results. Earnings per diluted common share increased $3.18, or 16%, from the six months ended June 30, 2024, reflecting higher operating and nonoperating income, and a lower effective tax rate, partially offset by a higher diluted share count in the current quarter. Income tax expense, as adjusted, for the six months ended June 30, 2024 excluded the $137 million of benefit described above.

Current wording

As Adjusted. Operating income of $6.8 billion increased $968 million, while operating margin of 43.8% decreased 30 bps from the nine months ended September 30, 2024. The acquisition-related expenses, restructuring charge and noncash impairment charge previously described have been excluded from as adjusted results. Earnings per diluted common share increased $3.26, or 10%, from the nine months ended September 30, 2024, reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating results and a higher diluted share count in the current period. Income tax expense, as adjusted, for the nine months ended September 30, 2024 excluded the $137 million of benefit described above.

Previous wording

See Non-GAAP Financial Measures for further information on as adjusted items and the reconciliation to GAAP.

Current wording

See Non-GAAP Financial Measures for further information on as adjusted items and the reconciliation to GAAP. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted.

Previous wording

Amount included within general and administration expense.

Current wording

Amounts included within general and administration expense.

Previous wording

Acquisition-related costs. Acquisition-related costs include adjustments related to amortization of intangible assets, contingent consideration fair value adjustments (primarily associated with noncash contingent consideration) 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. 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 and noncash impairment of intangible assets, contingent consideration fair value adjustments (primarily associated with noncash contingent consideration) 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. 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

Restructuring charge. In the second quarter of 2025, BlackRock recorded a restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities. Management believes excluding the impact of this restructuring charge when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

Current wording

Restructuring charge. In the second quarter of 2025, the Company recorded a restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities. Management believes excluding the impact of this restructuring charge 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 wording

(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.

Current wording

(2) Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, 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 - CIPs, 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 - CIPs, as adjusted, provides a useful measure for both management and investors of BlackRock’s nonoperating results that impact book value.

Previous wording

(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.

Current wording

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.

Previous wording

For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. In addition, the non-GAAP adjustment in the second quarter of 2025 related to contingent consideration fair value adjustments includes a tax impact associated with the deductibility of contingent consideration. In addition, the amount for income tax matters in 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.

Current wording

For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. In addition, the non-GAAP adjustment in 2025 related to contingent consideration fair value adjustments includes a tax impact associated with the deductibility of contingent consideration. In addition, the amount for income tax matters in 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

ETFs net inflows of $192 billion were led by equity and fixed income ETFs net inflows of $87 billion and $77 billion, respectively. Active ETFs contributed $20 billion of net inflows and digital asset ETPs generated $17 billion of net inflows.

Current wording

ETFs net inflows of $153 billion were led by equity and fixed income ETFs net inflows of $79 billion and $46 billion, respectively. Active ETFs contributed $21 billion of net inflows and digital asset ETPs generated $17 billion of net inflows.

Previous wording

Retail net inflows of $2 billion reflected client demand for Aperio and BlackRock's systematic liquid alternatives funds.

Current wording

Retail net inflows of $10 billion reflected client demand for BlackRock's active fixed income strategies, systematic liquid alternatives funds and Aperio.

Previous wording

Cash management net inflows of $22 billion were primarily due to net inflows into US government and international money market funds.

Current wording

Cash management net inflows of $34 billion were primarily due to net inflows into US government, international and prime money market funds.

Previous wording

AUM increased $203 billion due to the impact of foreign exchange movements, primarily resulting from the weakening of the US dollar, largely against the euro, the British pound and the Japanese yen.

Current wording

AUM decreased $25 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the British pound and the Japanese yen.

Previous wording

AUM increased $944 billion to $12.5 trillion at June 30, 2025 from $11.6 trillion at March 31, 2025, driven by market appreciation, the positive impact of foreign exchange movements and net inflows.

Current wording

AUM increased $1.9 trillion to $13.5 trillion at September 30, 2025 from $11.6 trillion at December 31, 2024, driven by market appreciation, net inflows, the positive impact of foreign exchange movements and AUM added from the HPS and ElmTree Transactions.

Previous wording

Long-term net inflows of $46 billion were comprised of net inflows of $85 billion and $2 billion from ETFs and retail clients, respectively, partially offset by net outflows of $41 billion from institutional clients. Net flows in long-term products are described below.

Current wording

Long-term net inflows of $300 billion were comprised of net inflows of $345 billion and $25 billion from ETFs and retail clients, respectively, partially offset by net outflows of $70 billion from institutional clients. Net flows in long-term products are described below.

Previous wording

ETFs net inflows of $85 billion were led by fixed income and equity ETFs net inflows of $44 billion and $22 billion, respectively. Active ETFs contributed $11 billion of net inflows and digital asset ETPs generated $14 billion of net inflows.

Current wording

ETFs net inflows of $345 billion were led by equity and fixed income ETFs net inflows of $166 billion and $123 billion, respectively. Active ETFs contributed $41 billion of net inflows and digital asset ETPs generated $34 billion of net inflows.

Previous wording

Institutional active net inflows of $67 billion were led by multi-asset, infrastructure and private credit 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.

Current wording

Institutional active net inflows of $37 billion were driven by multi-asset and private markets, partially offset by net outflows from equity and fixed income, including a single-client transfer to institutional index equity. Multi-asset net inflows included the impact of several large outsourcing mandates and continued growth of the Company's LifePath® target-date strategies. Private markets net inflows were led by infrastructure and credit.

Previous wording

Institutional index net outflows of $93 billion were concentrated in low-fee index equity and fixed income offerings and included the impact of a single client's $52 billion partial redemption in the second quarter.

Current wording

Institutional index net outflows of $108 billion were concentrated in low-fee index equity and fixed income offerings and included the impact of a single client's $52 billion partial redemption in the second quarter.

Previous wording

AUM increased $263 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.

Current wording

AUM increased $238 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

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 wording

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 in 2024 have not been recast.

Previous wording

Amounts include AUM attributable to the GIP Transaction.

Current wording

Amounts include AUM attributable to the HPS Transaction, the ElmTree Transaction and the GIP Transaction.

Previous wording

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 wording

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 in 2024 have not been recast.

Previous wording

Amounts include AUM attributable to the GIP Transaction.

Current wording

Amounts include AUM attributable to the HPS Transaction, the ElmTree Transaction and the GIP Transaction.

Previous wording

AUM increased $1.9 trillion to $12.5 trillion at June 30, 2025 from $10.6 trillion at June 30, 2024, driven by net market appreciation, net inflows, the positive impact of foreign exchange movements and AUM added from the GIP Transaction.

Current wording

AUM increased $2.0 trillion to $13.5 trillion at September 30, 2025 from $11.5 trillion at September 30, 2024, driven by net market appreciation, net inflows, AUM added from the GIP, HPS and ElmTree Transactions and the positive impact of foreign exchange movements.

Previous wording

Long-term net inflows of $129 billion were comprised of net inflows of $192 billion and $15 billion from ETFs and retail clients, respectively, partially offset by net outflows of $78 billion from institutional clients. Net flows in long-term products are described below.

Current wording

Long-term net inflows of $500 billion were comprised of net inflows of $488 billion and $29 billion from ETFs, and retail clients, respectively, partially offset by net outflows of $17 billion from institutional clients. Net flows in long-term products are described below.

Previous wording

ETFs net inflows of $432 billion were led by equity and fixed income ETFs, which saw $242 billion and $137 billion of net inflows, respectively. Digital assets ETPs generated $40 billion of net inflows and Active ETFs contributed $29 billion of net inflows.

Current wording

ETFs net inflows of $488 billion were led by equity and fixed income ETFs, which saw $277 billion and $135 billion of net inflows, respectively. Digital assets ETPs generated $52 billion of net inflows and Active ETFs contributed $45 billion of net inflows.

Previous wording

Retail net inflows of $27 billion were led by net inflows into equity products, reflecting demand for Aperio, fixed income strategies and systematic liquid alternatives funds.

Current wording

Retail net inflows of $29 billion were led by net inflows into fixed income strategies, equity products, reflecting demand for Aperio, and systematic liquid alternatives funds.

Previous wording

Institutional index net outflows of $36 billion were concentrated in low-fee index equity and fixed income offerings and included the impact of a single client's $52 billion partial redemption in the second quarter of 2025.

Current wording

Institutional index net outflows of $79 billion were concentrated in low-fee index equity and fixed income offerings and included the impact of a single client's $52 billion partial redemption in the second quarter of 2025.

Previous wording

Cash management net inflows of $165 billion were primarily due to net inflows into US government and international money market funds.

Current wording

Cash management net inflows of $138 billion were primarily due to net inflows into US government, international and prime money market funds.