Fair Value Disclosures

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

8. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

March 31, 2025 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Investments Measured at NAV(1)		Other(2)		March 31,  2025
Assets:
Investments
Debt securities:
Trading securities	$	—	$	1,885	$	79	$	—	$	—	$	1,964
Held-to-maturity investments		—		—		—		—		530		530
Total debt securities		—		1,885		79		—		530		2,494
Equity securities at FVTNI:
Equity securities/mutual funds		2,208		—		—		—		—		2,208
Equity method:
Equity, fixed income, and multi-asset    mutual funds		301		133		—		—		—		434
Hedge funds/funds of hedge    funds/other		—		—		—		443		—		443
Private equity funds		—		—		—		1,123		—		1,123
Real assets funds		—		—		—		568		—		568
Investments related to deferred    cash compensation plans		—		—		—		265		—		265
Total equity method		301		133		—		2,399		—		2,833
Loans held by CIPs		—		12		107		—		—		119
Federal Reserve Bank stock		—		—		—		—		93		93
Carried interest		—		—		—		—		1,987		1,987
Other investments		105		—		—		528		158		791
Total investments		2,614		2,030		186		2,927		2,768		10,525
Other assets(3)		—		7		152		—		—		159
Separate account assets		33,141		20,064		—		—		450		53,655
Separate account collateral held under securities lending agreements:
Equity securities		2,134		—		—		—		—		2,134
Debt securities		—		3,669		—		—		—		3,669
Total separate account collateral held    under securities lending agreements		2,134		3,669		—		—		—		5,803
Total	$	37,889	$	25,770	$	338	$	2,927	$	3,218	$	70,142
Liabilities:
Separate account collateral    liabilities under securities    lending agreements	$	2,134	$	3,669	$	—	$	—	$	—	$	5,803
Contingent consideration liabilities		—		—		4,390		—		—		4,390
Other liabilities(4)		—		19		102		—		—		121
Total	$	2,134	$	3,688	$	4,492	$	—	$	—	$	10,314

(1)Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2)Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.

(3)Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.

(4)Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

December 31, 2024 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Investments Measured at NAV(1)		Other(2)		December 31, 2024
Assets:
Investments
Debt securities:
Trading securities	$	—	$	1,744	$	79	$	—	$	—	$	1,823
Held-to-maturity investments		—		—		—		—		547		547
Total debt securities		—		1,744		79		—		547		2,370
Equity securities at FVTNI:
Equity securities/mutual funds		1,950		—		—		—		—		1,950
Equity method:
Equity, fixed income, and multi-asset    mutual funds		347		131		—		—		—		478
Hedge funds/funds of hedge    funds/other		—		—		—		552		—		552
Private equity funds		—		—		—		1,060		—		1,060
Real assets funds		—		—		—		520		—		520
Investments related to deferred    cash compensation plans		—		—		—		173		—		173
Total equity method		347		131		—		2,305		—		2,783
Loans held by CIPs		—		10		135		—		—		145
Federal Reserve Bank stock		—		—		—		—		93		93
Carried interest		—		—		—		—		1,983		1,983
Other investments		18		—		—		274		153		445
Total investments		2,315		1,885		214		2,579		2,776		9,769
Other assets(3)		—		7		149		—		—		156
Separate account assets		32,933		19,346		—		—		532		52,811
Separate account collateral held under securities lending agreements:
Equity securities		2,719		—		—		—		—		2,719
Debt securities		—		3,340		—		—		—		3,340
Total separate account collateral held    under securities lending agreements		2,719		3,340		—		—		—		6,059
Total	$	37,967	$	24,578	$	363	$	2,579	$	3,308	$	68,795
Liabilities:
Separate account collateral    liabilities under securities    lending agreements	$	2,719	$	3,340	$	—	$	—	$	—	$	6,059
Contingent consideration liabilities		—		—		4,302		—		—		4,302
Other liabilities(4)		—		46		129		—		—		175
Total	$	2,719	$	3,386	$	4,431	$	—	$	—	$	10,536

(1)Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2)Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.

(3)Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.

(4)Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

Level 3 Assets. Level 3 assets predominantly include investments in nonconsolidated CLOs, loans of consolidated CIPs, and corporate minority private debt investments. Investments in CLOs and loans were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were primarily valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cashflow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of March 31, 2025 and December 31, 2024.

Level 3 Liabilities. Level 3 liabilities primarily include borrowings of a consolidated CLO, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO, as well as contingent consideration liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs or other valuation techniques.

At March 31, 2025 and December 31, 2024, the contingent consideration liability related to the GIP Transaction was estimated using the income approach, with certain significant inputs including risk-free discount rates of approximately 3.9% and 4.3%, respectively, as well as current estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). Accordingly, changes in key inputs and assumptions described will impact the amount of contingent consideration expense recorded in a reporting period until the contingency is resolved. Changes in fair value are recorded within general and administration expense of the condensed consolidated statements of income.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2025

(in millions)	December 31,  2024		Realized and Unrealized Gains (Losses)			Purchases		Sales and Maturities			Issuances and Other Settlements(1)			Transfers into Level 3		Transfers out of Level 3		March 31,  2025		Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities	$	79	$	(2	)	$	4	$	(2	)	$	—		$	—	$	—	$	79	$	(2	)
Loans		135		(11	)		11		(28	)		—			—		—		107		(11	)
Total investments		214		(13	)		15		(30	)		—			—		—		186		(13	)
Other assets		149		3			—		—			—			—		—		152		3
Total assets	$	363	$	(10	)	$	15	$	(30	)	$	—		$	—	$	—	$	338	$	(10	)
Liabilities:
Contingent consideration     liabilities	$	4,302	$	(99	)	$	—	$	—		$	(11	)	$	—	$	—	$	4,390	$	(99	)
Other liabilities		129		3			—		—			(24	)		—		—		102		3
Total liabilities	$	4,431	$	(96	)	$	—	$	—		$	(35	)	$	—	$	—	$	4,492	$	(96	)

(1)Issuances and other settlements amounts include a contingent liability payment related to a previous acquisition and repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2024

(in millions)	December 31, 2023		Realized and Unrealized Gains (Losses)			Purchases		Sales and Maturities			Issuances and Other Settlements(1)			Transfers into Level 3		Transfers out of Level 3			March 31, 2024		Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities	$	42	$	(1	)	$	7	$	—		$	—		$	—	$	—		$	48	$	(1	)
Loans		175		2			365		(17	)		—			3		(3	)		525		2
Total investments		217		1			372		(17	)		—			3		(3	)		573		1
Other assets		120		(7	)		25		—			—			—		—			138		(7	)
Total assets	$	337	$	(6	)	$	397	$	(17	)	$	—		$	3	$	(3	)	$	711	$	(6	)
Liabilities:
Other liabilities	$	279	$	6		$	—	$	—		$	(15	)	$	—	$	—		$	258	$	6

(1)Amounts include repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI to reflect net income (loss) not attributable to the Company.

Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2025 and December 31, 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

	March 31, 2025				December 31, 2024
(in millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Fair Value Hierarchy
Financial assets(1):
Cash and cash equivalents	$	7,747	$	7,747	$	12,762	$	12,762	Level 1	(2)(3)
Other assets	$	108	$	108	$	86	$	86	Level 1	(2)(4)
Financial liabilities:
Long-term borrowings	$	12,349	$	11,911	$	12,314	$	11,680	Level 2	(5)

(1)See Note 5, Investments, for further information on investments not held at fair value.

(2)Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.

(3)At March 31, 2025 and December 31, 2024, approximately $2.4 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.

(4)At March 31, 2025 and December 31, 2024, other assets included cash collateral of approximately $91 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both March 31, 2025 and December 31, 2024.

(5)Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of March 2025 and December 2024, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.

Investments in Certain Entities that Calculate NAV Per Share

As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

March 31, 2025
(in millions)	Ref	Fair Value		Total Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity method(1):
Hedge funds/funds of hedge   funds/other	(a)	$	443	$	132	Daily/Monthly (2%) Quarterly (17%) N/R (81%)	1 – 90 days
Private equity funds	(b)		1,123		248	N/R	N/R
Real assets funds	(c)		568		723	Quarterly (6%) N/R (94%)	60 days
Investments related to deferred    cash compensation plan	(d)		265		—	Monthly	1 – 90 days
Other investments:
Private credit fund	(a)		136		—	Quarterly	30 days
Consolidated sponsored    investment products:
Real assets funds	(c)		157		36	N/R	N/R
Private equity funds	(e)		88		42	N/R	N/R
Hedge funds/other	(a)		147		57	Quarterly (77%) N/R (23%)	90 days
Total		$	2,927	$	1,238
December 31, 2024
(in millions)	Ref	Fair Value		Total Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity method(1):
Hedge funds/funds of hedge   funds/other	(a)	$	552	$	138	Daily/Monthly (2%) Quarterly (10%) N/R (88%)	1 – 90 days
Private equity funds	(b)		1,060		227	N/R	N/R
Real assets funds	(c)		520		710	Quarterly (7%) N/R (93%)	60 days
Investments related to deferred    cash compensation plan	(d)		173		—	Monthly	1 – 90 days
Consolidated sponsored    investment products:
Real assets funds	(c)		175		40	N/R	N/R
Private equity funds	(e)		7		42	N/R	N/R
Hedge funds/other	(a)		92		58	Quarterly (64%) N/R (36%)	90 days
Total		$	2,579	$	1,215

N/R – Not Redeemable

(1)Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.

(a)This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2025 and December 31, 2024.

(b)This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both March 31, 2025 and December 31, 2024.

(c)This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both March 31, 2025 and December 31, 2024. The total remaining unfunded commitments were $759 million and $750 million at March 31, 2025 and December 31, 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $746 million and $736 million at March 31, 2025 and December 31, 2024, respectively.

(d)This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.

(e)This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.

Fair Value Option

At both March 31, 2025 and December 31, 2024, the Company elected the fair value option for certain investments in CLOs of approximately $72 million reported within investments.

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2025 and December 31, 2024:

	March 31,		December 31,
(in millions)	2025		2024
CLO loans:
Aggregate principal amounts outstanding	$	138	$	156
Fair value		115		141
Aggregate unpaid principal balance in excess of (less than) fair value	$	23	$	15
CLO borrowings:
Aggregate principal amounts outstanding	$	122	$	146
Fair value		102		129
Aggregate unpaid principal balance in excess of (less than) fair value	$	20	$	17

At March 31, 2025, the principal amounts outstanding of the borrowings issued by the consolidated CLO mature in 2030, and may be repaid prior to maturity at any time.

During the three months ended March 31, 2025 and 2024, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.