2025 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility (the “2025 Credit Facility”) of $5.4 billion as of March 31, 2025, with a maturity date of March 2029 for lenders other than one non-extending lender and the commitment of the non-extending lender maturing in March 2028. The 2025 Credit Facility is available for working capital and general corporate purposes. The 2025 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2025 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2025. At March 31, 2025, the Company had no amount outstanding under the 2025 Credit Facility.

Commercial Paper Program. The Company may issue short-term unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $5 billion. The payments of the CP Notes have been unconditionally guaranteed by BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) ("Old BlackRock") (the "CP Notes Guarantee"). The CP Notes will rank equal in right of payment with all of BlackRock's other unsubordinated indebtedness, and the obligations of Old BlackRock under the CP Notes Guarantee will rank equal in right of payment with all of Old BlackRock's other unsubordinated indebtedness. Net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. The commercial paper program is currently supported by the 2025 Credit Facility. At March 31, 2025, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, maintains a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $32 million based on the GBP/USD foreign exchange rate at March 31, 2025) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At March 31, 2025, there was no amount outstanding under the Subsidiary Credit Facility.

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2025 included the following:


(in millions)	Maturity Amount		Unamortized Discount and Debt Issuance Costs(1)			Carrying Value		Fair Value
1.25% Notes due 2025(2)	$	756	$	—		$	756	$	755
3.20% Notes due 2027(2)		700		(2	)		698		688
4.60% Notes due 2027		800		(3	)		797		806
3.25% Notes due 2029(2)		1,000		(6	)		994		960
4.70% Notes due 2029		500		(3	)		497		506
2.40% Notes due 2030(2)		1,000		(3	)		997		905
1.90% Notes due 2031(2)		1,250		(6	)		1,244		1,080
2.10% Notes due 2032(2)		1,000		(10	)		990		848
4.75% Notes due 2033(2)		1,250		(17	)		1,233		1,245
5.00% Notes due 2034		1,000		(7	)		993		1,008
4.90% Notes due 2035		500		(5	)		495		498
5.25% Notes due 2054		1,500		(31	)		1,469		1,446
5.35% Notes due 2055		1,200		(14	)		1,186		1,166
Total long-term borrowings	$	12,456	$	(107	)	$	12,349	$	11,911

(1)

The unamortized discount and debt issuance costs are amortized over the term of the notes.

(2)

Issued by Old BlackRock and guaranteed by BlackRock, Inc. ("New BlackRock").

Long-term borrowings at December 31, 2024 had a carrying value of $12.3 billion and a fair value of $11.7 billion, determined using market prices at the end of December 31, 2024.

See Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s borrowings.