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, 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.

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 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 and transaction taxes, and…

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 $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.

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 $13.9 trillion of AUM at March 31, 2026. With approximately 25,400 employees in more than 30 countries, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients in more than 100 countries across the globe.

Previous 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 and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin Wealth TM, eFront®, Preqin 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, digital assets, currencies and commodities, 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 and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin Wealth TM, eFront®, Preqin 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

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. See Non-GAAP Financial Measures for further information.

Current wording

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 allocated to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. See Non-GAAP Financial Measures for further information.

Previous wording

As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

Current wording

As of March 31, 2026, there were 155.4 million shares of common stock and 7.6 million Subco Units outstanding.

Previous 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.

Current wording

GAAP. Operating income of $2.8 billion increased $1.1 billion and operating margin of 42.0% increased 980 bps from the three months ended March 31, 2025. Increases in operating income and operating margin were driven by higher revenue, reflecting organic base fee growth, the positive impact of markets, and fees related to the HPS Transaction. GAAP operating income and operating margin were also impacted by noncash acquisition-related items in connection with the HPS and GIP Transactions.

Previous 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).

Current wording

Nonoperating income (expense), net of NCI - CIPs decreased $38 million from the three months ended March 31, 2025, driven primarily by lower dividend income and net interest income (expense).

Previous 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.

Current wording

As Adjusted. Operating income of $2.7 billion increased $637 million and operating margin of 44.5% increased 130 bps from the three months ended March 31, 2025. The noncash acquisition-related items described above have been excluded from as adjusted results. Earnings per diluted common share increased $1.23, or 11%, from the three months ended March 31, 2025, primarily reflecting higher operating income, partially offset by lower nonoperating income, a higher effective tax rate, and a higher diluted share count in the current quarter.

Previous 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.

Current wording

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

Previous 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.

Current wording

Acquisition-related costs. Acquisition-related costs include adjustments related to amortization of intangible assets, change in fair value of contingent consideration (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

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.

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 and 2026 related to the change in fair value of contingent consideration is primarily not deductible for income tax purposes.

Previous wording

In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with the terms on a one-for-one basis into common stock of BlackRock, as Subco Units will be exchangeable at the option of the holder when exchange rights begin. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these updated non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

Current wording

In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with the terms on a one-for-one basis into common stock of BlackRock, as Subco Units will be exchangeable at the option of the holder when exchange rights begin. Accordingly, the noncontrolling interest allocated to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these updated non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

Previous wording

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

Current wording

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

Previous 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.

Current wording

Long-term net inflows of $136 billion were comprised of $132 billion and $15 billion from ETFs and retail clients, respectively, partially offset by net outflows of $11 billion from institutional clients. Net flows in long-term products are described below.

Previous 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.

Current wording

ETFs net inflows of $132 billion were led by equity and fixed income ETFs net inflows of $88 billion and $45 billion, respectively. Active ETFs contributed $19 billion of net inflows.

Previous wording

Retail net inflows of $25 billion were driven by net inflows into equity products, reflecting demand for Aperio, systematic liquid alternatives funds and fixed income strategies.

Current wording

Retail net inflows of $15 billion were driven by net inflows into equity products, largely reflecting net inflows in Aperio, and continued strength in the Company's systematic liquid alternatives, active fixed income and private markets offerings.

Previous 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.

Current wording

AUM decreased $50 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the British pound, the euro and the Japanese yen.

Previous wording

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

Current wording

Amounts include AUM attributable to the HPS and ElmTree Transactions.

Previous wording

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

Current wording

Amounts include AUM attributable to the HPS and ElmTree Transactions.

Previous 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.

Current wording

AUM increased $2.3 trillion to $13.9 trillion at March 31, 2026 from $11.6 trillion at March 31, 2025, driven by net market appreciation, net inflows, AUM added from the HPS and ElmTree Transactions and the positive impact of foreign exchange movements.

Previous 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.

Current wording

Long-term net inflows of $620 billion were comprised of net inflows of $551 billion and $109 billion from ETFs and retail clients, respectively, partially offset by net outflows of $40 billion from institutional clients. Net flows in long-term products are described below.

Previous 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.

Current wording

ETFs net inflows of $551 billion were led by equity and fixed income ETFs, which saw $312 billion and $187 billion of net inflows, respectively. Digital assets ETPs generated $32 billion of net inflows and Active ETFs contributed $64 billion of net inflows.

Previous wording

Institutional active net inflows of $62 billion were led by multi-asset and private markets net inflows, 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.

Current wording

Institutional active net inflows of $69 billion were led by $56 billion in multi-asset net inflows reflecting continued growth from significant outsourcing mandates and Lifepath target-date offerings. Private market net inflows of $37 billion were led by private credit and infrastructure. Multi-asset and private market net inflows were partially offset by net outflows from equity and fixed income products, including a single-client transfer to institutional index equity in the third quarter of 2025.

Previous 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.

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 of 2025.

Previous wording

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

Current wording

Cash management net inflows of $124 billion were primarily due to net inflows into US government, international and prime money market funds.

Previous wording

AUM increased $34 billion due to the impact of foreign exchange movements, primarily resulting from the weakening of the US dollar, largely against the euro, partially offset by the strengthening of the US dollar, primarily against the Japanese yen.

Current wording

AUM increased $79 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 Australian dollar, partially offset by the strengthening of the US dollar, primarily against the Japanese yen.

Previous wording

The Company’s results of operations for the three and nine months ended September 30, 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").

Current wording

The Company’s results of operations for the three months ended March 31, 2026 and 2025 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, 2025, which was filed with the Securities and Exchange Commission on February 25, 2026 ("2025 Form 10-K").

Previous wording

The table below presents detail of revenue for the three and nine months ended September 30, 2025 and 2024 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, 2026 and 2025 and includes the product type mix of base fees and securities lending revenue and performance fees.

Previous wording

Amounts include securities lending revenue of $203 million and $149 million for the three months ended September 30, 2025 and 2024, respectively, and $531 million and $454 million for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

Amounts include securities lending revenue of $179 million and $157 million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

Investment advisory, administration fees (collectively "base fees") and securities lending revenue of $5.0 billion increased $1.0 billion from $4.0 billion for the three months ended September 30, 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM, and approximately $215 million and $225 million of fees related to the GIP and HPS Transactions, respectively. Securities lending revenue of $203 million increased from $149 million for the three months ended September 30, 2024, primarily reflecting higher spreads and average balances of securities on loan.

Current wording

Investment advisory, administration fees (collectively "base fees") and securities lending revenue of $5.4 billion increased $1.0 billion from $4.4 billion for the three months ended March 31, 2025, primarily driven by organic base fee growth, the impact of market beta on average AUM, and approximately $230 million of fees related to the HPS Transaction. Securities lending revenue of $179 million increased from $157 million for the three months ended March 31, 2025.

Previous wording

Investment advisory performance fees of $516 million increased $128 million from $388 million for the three months ended September 30, 2024, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction, partially offset by lower revenue from liquid alternative products, largely related to the strong performance from a single hedge fund in the third quarter 2024 with an annual performance measurement period that ends in the third quarter.

Current wording

Investment advisory performance fees of $272 million increased $212 million from $60 million for the three months ended March 31, 2025, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction.

Previous wording

Technology services and subscription revenue of $515 million increased $112 million from $403 million for the three months ended September 30, 2024, reflecting the sustained demand for Aladdin technology offerings and approximately $65 million of revenue related to the Preqin Transaction.

Current wording

Technology services and subscription revenue of $530 million increased $94 million from $436 million for the three months ended March 31, 2025, reflecting the sustained demand for Aladdin technology offerings and a full-quarter impact of approximately $65 million of revenue related to the Preqin Transaction.

Previous wording

The following table presents expense for the three and nine months ended September 30, 2025 and 2024.

Current wording

The following table presents expense for the three months ended March 31, 2026 and 2025.

Previous wording

Expense increased $1.4 billion, or 43%, from the three months ended September 30, 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 three months ended September 30, 2025 was impacted by the previously described acquisition-related expenses incurred in connection with the GIP, HPS and Preqin Transactions(1). Expense for the three months ended September 30, 2024 also included the previously described noncash impairment charge of $50 million.

Current wording

Expense increased $306 million, or 9%, from the three months ended March 31, 2025, reflecting higher employee compensation and benefits expense, general and administration expense, and sales, asset and account expense. Expense for the three months ended March 31, 2026 was impacted by the previously described noncash acquisition-related items incurred in connection with the HPS and Preqin Transactions(1), including the change in fair value of contingent consideration and amortization of intangible assets.

Previous wording

Employee compensation and benefits expense of $2.4 billion increased $779 million from $1.6 billion for the three months ended September 30, 2024, primarily reflecting the impact of the GIP and HPS Transactions, including nonrecurring retention-related deferred compensation expense(1) and the impact of higher performance fees.

Current wording

Employee compensation and benefits expense of $2.2 billion increased $484 million from $1.7 billion for the three months ended March 31, 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS and Preqin Transactions.

Previous wording

Sales, asset and account expense of $1.2 billion increased $200 million from $962 million for the three months ended September 30, 2024, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

Current wording

Sales, asset and account expense of $1.3 billion increased $248 million from $1.0 billion for the three months ended March 31, 2025, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

Previous wording

Amortization and impairment of intangible assets(1) of $253 million increased $164 million from $89 million for the three months ended September 30, 2024, primarily reflecting amortization of intangible assets acquired in the HPS, GIP and Preqin Transactions, partially offset by a $50 million previously described noncash impairment charge recorded for the three months ended September 30, 2024.

Current wording

Amortization and impairment of intangible assets(1) of $277 million increased $160 million from $117 million for the three months ended March 31, 2025, primarily reflecting amortization of intangible assets acquired in the HPS and Preqin Transactions.

Previous wording

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustment for acquisition-related costs and a restructuring charge, as applicable. See Non-GAAP Financial Measures for further information on as adjusted items.

Current wording

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.

Previous wording

The summary of nonoperating income (expense), less net income (loss) attributable to NCI - CIPs for the three and nine months ended September 30, 2025 and 2024 was as follows:

Current wording

The summary of nonoperating income (expense), less net income (loss) attributable to NCI - CIPs for the three months ended March 31, 2026 and 2025 was as follows:

Previous wording

Amounts for the three months ended September 30, 2025, include nonoperating noncash pre-tax loss in connection with the Company’s minority investment in Circle of approximately $115 million and nonoperating noncash pre-tax gain in connection with the Company’s minority investment in iCapital Network, Inc. (“iCapital”) of approximately $24 million. Amounts for the nine months ended September 30, 2025, include nonoperating noncash pre-tax gains in connection with the Company’s minority investments in Circle of approximately $215 million, iCapital of approximately $89 million and Scalable Capital Limited of approximately $32 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

Current wording

Amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.