Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Preqin and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:


(in millions)	Fair Value Estimate
Finite-lived intangible assets:
Customer relationships(1)	$	1,050
Technology-related(2)		125
Trade name		7
Goodwill		2,377
Other assets(3)		59
Deferred revenue(3)		(104	)
Deferred income tax liabilities		(298	)
Other liabilities assumed(3)		(93	)
Total consideration, net of cash acquired	$	3,123

Summary of consideration, net of cash acquired:
Cash paid	$	3,219
Cash acquired		(96	)
Total cash consideration, net of cash acquired	$	3,123

(1)

The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 8 years and is amortized based on its expected pattern of economic benefit.

(2)

The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.

(3)

Acquired deferred revenue was determined based on current revenue guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.

Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense

The finite-lived intangible assets had a weighted-average remaining useful life of approximately eight years with remaining amortization expense as follows:


(in millions)
Year	Amount
2025 (excluding the six months ended June 30, 2025)	$	57
2026		136
2027		143
2028		154
2029		163
2030		146
Thereafter		345
Total	$	1,144

Global Infrastructure Management, LLC [Member]

Business Acquisition [Line Items]

Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for GIP and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:


(in millions)	Fair Value Estimate
Finite-lived intangible assets:
Management contracts(1)	$	1,840
Investor relationships(1)		820
Trade name(2)		80
Goodwill		10,283
Operating lease ROU assets(3)		75
Other assets(3)		111
Accrued compensation and benefits(3)		(154	)
Operating lease liabilities(3)		(96	)
Other liabilities assumed(3)		(10	)
Total consideration, net of cash acquired	$	12,949

Summary of consideration, net of cash acquired:
Cash paid	$	2,913
Cash acquired		(68	)
Closing stock consideration at fair value		5,904
Deferred stock consideration at fair value		4,200
Total stock and cash consideration, net of cash acquired	$	12,949

(1)

The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their expected pattern of economic benefit.

(2)

The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its expected pattern of economic benefit.

(3)

Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.

Summary of Business Acquisition, Pro Forma Information Combined Results of Operations

The following unaudited pro forma information presents combined results of operations of the Company as if the GIP Transaction and related $3.0 billion in aggregate notes issuance (see Note 3, Acquisitions, and Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s pro forma adjustments and borrowings, respectively) had occurred on January 1, 2023 and are not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations of the combined Company. The pro forma combined provision for income taxes may not represent the amount that would have resulted had BlackRock and GIP filed consolidated tax returns during the years presented.


	Three Months Ended		Six Months Ended
(Unaudited) (in millions)	June 30, 2024		June 30, 2024
Total revenue	$	5,032	$	9,969
Net income attributable to BlackRock, Inc.	$	1,455	$	2,968