Consolidated Sponsored Investment Products (Tables)

3 Months Ended

Mar. 31, 2026

Statement of Financial Position [Abstract]

Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:


	March 31, 2026									December 31, 2025
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents(1)	$	238		$	175		$	413		$	428		$	33		$	461
Investments:
Trading debt securities		2,366			905			3,271			2,350			432			2,782
Equity securities at FVTNI		1,813			334			2,147			1,537			144			1,681
Other investments		1,325			39			1,364			946			68			1,014
Carried interest		3,620			—			3,620			3,654			—			3,654
Total investments		9,124			1,278			10,402			8,487			644			9,131
Other assets		132			132			264			76			111			187
Other liabilities(2)		(3,929	)		(412	)		(4,341	)		(4,052	)		(60	)		(4,112	)
Noncontrolling interest - CIPs		(3,419	)		(319	)		(3,738	)		(2,521	)		(236	)		(2,757	)
BlackRock's net interest in CIPs	$	2,146		$	854		$	3,000		$	2,418		$	492		$	2,910

(1)

The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.

(2)

At both March 31, 2026 and December 31, 2025, other liabilities of VIEs primarily include deferred carried interest liabilities.