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BlackRock Reports Full Year 2024 Diluted EPS of $42.01, or $43.61 as Adjusted; Fourth Quarter 2024 Diluted EPS of $10.63, or $11.93 as Adjusted

BLK

BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2024.

$11.6 trillion in AUM following a record $641 billion of full year net inflows, including $281 billion in the fourth quarter

14% increase in full year revenue driven by the positive impact of markets on average AUM, organic base fee growth, and fees on AUM acquired in the GIP Transaction, as well as higher performance fees and technology service revenue

21% increase in full year operating income (23% as adjusted)

15% increase in full year diluted EPS also reflects lower nonoperating income and a higher effective tax rate in the current year

$4.7 billion returned to shareholders in 2024, including $1.6 billion of share repurchases

Previously announced agreement to acquire HPS Investment Partners to create an integrated private credit franchise with approximately $220 billion in pro-forma client assets

Laurence D. Fink, Chairman and CEO:

“Clients entrusted BlackRock with a record $641 billion of net inflows in 2024, including $281 billion in the fourth quarter for two consecutive record flows quarters. 2024 was also a milestone year for strategic acquisitions grounded in client service, technology and scale. Our closing of GIP and planned acquisitions of HPS and Preqin are expected to significantly scale and enhance our private markets investment and data capabilities.

“For many companies, periods of M&A contribute to a pause in client engagement. At BlackRock, clients are instead embracing and rewarding our strategy. Client activity accelerated into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth. Our operating model delivered exceptional performance in a year of meaningful change. We crossed $20 billion of annual revenue, up 14% from 2023. As adjusted operating income grew by 23%, and our industry-leading margin of 44.5% was up 280 basis points.

“Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin. And we’ve steadily made organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead.

“BlackRock’s world-class talent is central to our significant growth and sustained performance. We have a longstanding, deliberate strategy of systematically elevating our strongest leaders around the world. We’re excited to again have a number of them taking on expanded roles this year. BlackRock’s leadership team alongside top talent from GIP, HPS and Preqin position us to serve our clients with excellence and seize the opportunities ahead of us.

“In the 25 years since our IPO, BlackRock has delivered a 21% compounded annual total return for our shareholders, compared to 8% in the S&P 500. BlackRock enters 2025 with more growth and upside potential than ever. This is just the beginning.”

FINANCIAL RESULTS

NET FLOW HIGHLIGHTS(1)

(in millions,

Q4

Q4

Full Year

Q4

Full Year

except per share data)

2024

2023

2024

2023

(in billions)

2024

2024

AUM

$

11,551,251

$

10,008,995

$

11,551,251

$

10,008,995

Long-term net flows:

$

201

$

489

% change

15

%

15

%

Average AUM

$

11,555,434

$

9,384,929

$

10,804,007

$

9,220,700

By region:

% change

23

%

17

%

Americas

$

116

$

317

Total net flows

$

281,416

$

95,647

$

641,351

$

288,695

EMEA

74

149

APAC

11

23

GAAP basis:

Revenue

$

5,677

$

4,631

$

20,407

$

17,859

By client type:

% change

23

%

14

%

Operating income

$

2,075

$

1,585

$

7,574

$

6,275

Retail:

$

5

$

24

% change

31

%

21

%

US

3

19

Operating margin

36.6

%

34.2

%

37.1

%

35.1

%

International

2

5

Net income(1)

$

1,670

$

1,375

$

6,369

$

5,502

% change

21

%

16

%

ETFs:

$

143

$

390

Diluted EPS

$

10.63

$

9.15

$

42.01

$

36.51

Core equity

75

175

% change

16

%

15

%

Strategic

18

113

Weighted-average

Cryptocurrency

18

41

diluted shares

157.0

150.2

151.6

150.7

Other precision

32

61

% change

5

%

1

%

Institutional:

$

53

$

74

As Adjusted(2):

Active

25

64

Operating income

$

2,326

$

1,716

$

8,110

$

6,593

Index

28

9

% change

36

%

23

%

Operating margin

45.5

%

41.6

%

44.5

%

41.7

%

Net income(1)

$

1,874

$

1,451

$

6,612

$

5,692

Cash management net flows

$

81

$

153

% change

29

%

16

%

Diluted EPS

$

11.93

$

9.66

$

43.61

$

37.77

% change

23

%

15

%

Total net flows

$

281

$

641

_________________________

_________________________

(1) Net income represents net income attributable to BlackRock, Inc.
(2) See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

(1) Totals may not add due to rounding.

BUSINESS RESULTS

Q4 2024

Q4 2024

Base fees(1)

Base fees(1)

December 31, 2024

and securities

Q4 2024

December 31, 2024

and securities

AUM

lending revenue

(in millions), (unaudited)

Net flows

AUM

lending revenue

% of Total

% of Total

RESULTS BY CLIENT TYPE

Retail

$

4,650

$

1,015,827

$

1,105

9

%

25

%

ETFs

142,641

4,230,375

1,815

37

%

41

%

Institutional:

Active

25,126

2,136,749

962

18

%

22

%

Index

28,251

3,247,637

242

28

%

5

%

Total institutional

53,377

5,384,386

1,204

46

%

27

%

Long-term

200,668

10,630,588

4,124

92

%

93

%

Cash management

80,748

920,663

293

8

%

7

%

Total

$

281,416

$

11,551,251

$

4,417

100

%

100

%

RESULTS BY INVESTMENT STYLE

Active

$

22,830

$

2,870,656

$

1,991

25

%

45

%

Index and ETFs

177,838

7,759,932

2,133

67

%

48

%

Long-term

200,668

10,630,588

4,124

92

%

93

%

Cash management

80,748

920,663

293

8

%

7

%

Total

$

281,416

$

11,551,251

$

4,417

100

%

100

%

RESULTS BY PRODUCT TYPE

Equity

$

126,566

$

6,310,191

$

2,142

55

%

48

%

Fixed income

23,784

2,905,669

950

25

%

22

%

Multi-asset

24,307

992,921

326

8

%

7

%

Alternatives:

Private markets

4,730

211,974

480

2

%

11

%

Liquid alternatives

1,165

76,390

146

1

%

3

%

Currency and commodities(2)

20,116

133,443

80

1

%

2

%

Total alternatives

26,011

421,807

706

4

%

16

%

Long-term

200,668

10,630,588

4,124

92

%

93

%

Cash management

80,748

920,663

293

8

%

7

%

Total

$

281,416

$

11,551,251

$

4,417

100

%

100

%

_________________________

(1)

Base fees include investment advisory and administration fees.

(2)

Amounts include cryptocurrency and commodity ETFs and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT DECEMBER 31, 2024(1)

One-year period

Three-year period

Five-year period

Fixed income:

Actively managed AUM above benchmark or peer median

Taxable

69%

79%

82%

Tax-exempt

69%

42%

45%

Index AUM within or above applicable tolerance

97%

99%

98%

Equity:

Actively managed AUM above benchmark or peer median

Fundamental

47%

44%

64%

Systematic

93%

89%

93%

Index AUM within or above applicable tolerance

94%

99%

100%

_________________________

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Wednesday, January 15, 2025 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (866) 409-1555, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 6231688). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Wednesday, January 15, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

Three Months

Three Months Ended

Ended

December 31,

September 30,

2024

2023

Change

2024

Change

Revenue

Investment advisory, administration fees and securities lending revenue:

Investment advisory and administration fees

$

4,256

$

3,448

$

808

$

3,881

$

375

Securities lending revenue

161

157

4

149

12

Total investment advisory, administration fees and securities lending revenue

4,417

3,605

812

4,030

387

Investment advisory performance fees

451

311

140

388

63

Technology services revenue

428

379

49

403

25

Distribution fees

322

303

19

323

(1

)

Advisory and other revenue

59

33

26

53

6

Total revenue

5,677

4,631

1,046

5,197

480

Expense

Employee compensation and benefits

1,885

1,503

382

1,578

307

Sales, asset and account expense:

Distribution and servicing costs

565

502

63

549

16

Direct fund expense

389

318

71

379

10

Sub-advisory and other

42

35

7

34

8

Total sales, asset and account expense

996

855

141

962

34

General and administration expense

596

589

7

562

34

Restructuring charge

-

61

(61

)

-

-

Amortization and impairment of intangible assets

125

38

87

89

36

Total expense

3,602

3,046

556

3,191

411

Operating income

2,075

1,585

490

2,006

69

Nonoperating income (expense)

Net gain (loss) on investments

(18

)

265

(283

)

177

(195

)

Interest and dividend income

212

159

53

236

(24

)

Interest expense

(166

)

(82

)

(84

)

(154

)

(12

)

Total nonoperating income (expense)

28

342

(314

)

259

(231

)

Income before income taxes

2,103

1,927

176

2,265

(162

)

Income tax expense

442

438

4

574

(132

)

Net income

1,661

1,489

172

1,691

(30

)

Less:

Net income (loss) attributable to noncontrolling interests

(9

)

114

(123

)

60

(69

)

Net income attributable to BlackRock, Inc.

$

1,670

$

1,375

$

295

$

1,631

$

39

Weighted-average common shares outstanding

Basic

155.0

148.7

6.3

148.0

6.9

Diluted

157.0

150.2

6.8

149.6

7.4

Earnings per share attributable to BlackRock, Inc. common stockholders

Basic

$

10.78

$

9.25

$

1.53

$

11.02

$

(0.24

)

Diluted

$

10.63

$

9.15

$

1.48

$

10.90

$

(0.27

)

Cash dividends declared and paid per share

$

5.10

$

5.00

$

0.10

$

5.10

$

-

Supplemental information:

AUM (end of period)

$

11,551,251

$

10,008,995

$

1,542,256

$

11,475,362

$

75,889

Shares outstanding (end of period)

154.9

148.5

6.4

148.0

7.0

GAAP:

Operating margin

36.6

%

34.2

%

240

bps

38.6

%

(200

)

bps

Effective tax rate

20.9

%

24.2

%

(330

)

bps

26.0

%

(510

)

bps

As adjusted:

Operating income (1)

$

2,326

$

1,716

$

610

$

2,128

$

198

Operating margin (1)

45.5

%

41.6

%

390

bps

45.8

%

(30

)

bps

Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)

$

39

$

199

$

(160

)

$

190

$

(151

)

Net income attributable to BlackRock, Inc. (3)

$

1,874

$

1,451

$

423

$

1,715

$

159

Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)

$

11.93

$

9.66

$

2.27

$

11.46

$

0.47

Effective tax rate

20.8

%

24.2

%

(340

)

bps

26.0

%

(520

)

bps

See pages 10 through 12 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

Year Ended

December 31,

2024

2023

Change

Revenue

Investment advisory, administration fees and securities lending revenue:

Investment advisory and administration fees

$

15,485

$

13,724

$

1,761

Securities lending revenue

615

675

(60

)

Total investment advisory, administration fees and securities lending revenue

16,100

14,399

1,701

Investment advisory performance fees

1,207

554

653

Technology services revenue

1,603

1,485

118

Distribution fees

1,273

1,262

11

Advisory and other revenue

224

159

65

Total revenue

20,407

17,859

2,548

Expense

Employee compensation and benefits

6,546

5,779

767

Sales, asset and account expense:

Distribution and servicing costs

2,171

2,051

120

Direct fund expense

1,464

1,331

133

Sub-advisory and other

140

116

24

Total sales, asset and account expense

3,775

3,498

277

General and administration expense

2,221

2,095

126

Restructuring charge

-

61

(61

)

Amortization and impairment of intangible assets

291

151

140

Total expense

12,833

11,584

1,249

Operating income

7,574

6,275

1,299

Nonoperating income (expense)

Net gain (loss) on investments

492

699

(207

)

Interest and dividend income

767

473

294

Interest expense

(538

)

(292

)

(246

)

Total nonoperating income (expense)

721

880

(159

)

Income before income taxes

8,295

7,155

1,140

Income tax expense

1,783

1,479

304

Net income

6,512

5,676

836

Less:

Net income (loss) attributable to noncontrolling interests

143

174

(31

)

Net income attributable to BlackRock, Inc.

$

6,369

$

5,502

$

867

Weighted-average common shares outstanding

Basic

150.0

149.3

0.7

Diluted

151.6

150.7

0.9

Earnings per share attributable to BlackRock, Inc. common stockholders

Basic

$

42.45

$

36.85

$

5.60

Diluted

$

42.01

$

36.51

$

5.50

Cash dividends declared and paid per share

$

20.40

$

20.00

$

0.40

Supplemental information:

AUM (end of period)

$

11,551,251

$

10,008,995

$

1,542,256

Shares outstanding (end of period)

154.9

148.5

6.4

GAAP:

Operating margin

37.1

%

35.1

%

200

bps

Effective tax rate

21.9

%

21.2

%

70

bps

As adjusted:

Operating income (1)

$

8,110

$

6,593

$

1,517

Operating margin (1)

44.5

%

41.7

%

280

bps

Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)

$

533

$

648

$

(115

)

Net income attributable to BlackRock, Inc. (3)

$

6,612

$

5,692

$

920

Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)

$

43.61

$

37.77

$

5.84

Effective tax rate

23.5

%

21.4

%

210

bps

See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type

Net

September 30,

inflows

Market

December 31,

2024

(outflows)

Acquisition(1)

change

FX impact(2)

2024

Average AUM(3)

Retail:

Equity

$

521,270

$

(127

)

$

-

$

(7,209

)

$

(8,816

)

$

505,118

$

514,867

Fixed income

324,245

4,155

-

(4,823

)

(4,936

)

318,641

321,799

Multi-asset

154,078

(424

)

-

(1,909

)

(767

)

150,978

152,157

Alternatives

41,608

1,046

-

(1,009

)

(555

)

41,090

41,243

Retail subtotal

1,041,201

4,650

-

(14,950

)

(15,074

)

1,015,827

1,030,066

ETFs:

Equity

3,061,840

110,601

-

(43,614

)

(22,429

)

3,106,398

3,090,667

Fixed income

1,019,176

11,834

-

(34,956

)

(10,402

)

985,652

1,005,156

Multi-asset

10,036

1,070

-

(153

)

(219

)

10,734

10,281

Alternatives

97,283

19,136

-

11,332

(160

)

127,591

115,012

ETFs subtotal

4,188,335

142,641

-

(67,391

)

(33,210

)

4,230,375

4,221,116

Institutional:

Active:

Equity

225,361

(2,050

)

-

2,432

(6,895

)

218,848

222,045

Fixed income

873,385

(1,509

)

-

(18,258

)

(13,290

)

840,328

851,910

Multi-asset

833,975

23,844

-

(8,141

)

(21,639

)

828,039

835,579

Alternatives

178,223

4,841

69,875

448

(3,853

)

249,534

230,800

Active subtotal

2,110,944

25,126

69,875

(23,519

)

(45,677

)

2,136,749

2,140,334

Index:

Equity

2,472,528

18,142

-

46,933

(57,776

)

2,479,827

2,493,289

Fixed income

806,888

9,304

-

(14,389

)

(40,755

)

761,048

780,330

Multi-asset

3,426

(183

)

-

(1

)

(72

)

3,170

3,325

Alternatives

2,653

988

-

19

(68

)

3,592

3,149

Index subtotal

3,285,495

28,251

-

32,562

(98,671

)

3,247,637

3,280,093

Institutional subtotal

5,396,439

53,377

69,875

9,043

(144,348

)

5,384,386

5,420,427

Long-term

10,625,975

200,668

69,875

(73,298

)

(192,632

)

10,630,588

10,671,609

Cash management

849,387

80,748

-

2,521

(11,993

)

920,663

883,825

Total

$

11,475,362

$

281,416

$

69,875

$

(70,777

)

$

(204,625

)

$

11,551,251

$

11,555,434

Current Quarter Component Changes by Investment Style and Product Type (Long-Term)

Net

September 30,

inflows

Market

December 31,

2024

(outflows)

Acquisition(1)

change

FX impact(2)

2024

Average AUM(3)

Active:

Equity

$

492,193

$

(8,057

)

$

-

$

(6,198

)

$

(10,775

)

$

467,163

$

480,255

Fixed income

1,171,739

1,580

-

(22,623

)

(16,822

)

1,133,874

1,148,283

Multi-asset

988,035

23,420

-

(10,050

)

(22,404

)

979,001

987,720

Alternatives

219,824

5,887

69,875

(560

)

(4,408

)

290,618

272,039

Active subtotal

2,871,791

22,830

69,875

(39,431

)

(54,409

)

2,870,656

2,888,297

Index and ETFs:

ETFs:

Equity

3,061,840

110,601

-

(43,614

)

(22,429

)

3,106,398

3,090,667

Fixed income

1,019,176

11,834

-

(34,956

)

(10,402

)

985,652

1,005,156

Multi-asset

10,036

1,070

-

(153

)

(219

)

10,734

10,281

Alternatives

97,283

19,136

-

11,332

(160

)

127,591

115,012

ETFs subtotal

4,188,335

142,641

-

(67,391

)

(33,210

)

4,230,375

4,221,116

Non-ETF index:

Equity

2,726,966

24,022

-

48,354

(62,712

)

2,736,630

2,749,946

Fixed income

832,779

10,370

-

(14,847

)

(42,159

)

786,143

805,756

Multi-asset

3,444

(183

)

-

(1

)

(74

)

3,186

3,341

Alternatives

2,660

988

-

18

(68

)

3,598

3,153

Non-ETF index subtotal

3,565,849

35,197

-

33,524

(105,013

)

3,529,557

3,562,196

Index and ETFs subtotal

7,754,184

177,838

-

(33,867

)

(138,223

)

7,759,932

7,783,312

Long-term

$

10,625,975

$

200,668

$

69,875

$

(73,298

)

$

(192,632

)

$

10,630,588

$

10,671,609

Current Quarter Component Changes by Product Type (Long-Term)

Net

September 30,

inflows

Market

December 31,

2024

(outflows)

Acquisition(1)

change

FX impact(2)

2024

Average AUM(3)

Equity

$

6,280,999

$

126,566

$

-

$

(1,458

)

$

(95,916

)

$

6,310,191

$

6,320,868

Fixed income

3,023,694

23,784

-

(72,426

)

(69,383

)

2,905,669

2,959,195

Multi-asset

1,001,515

24,307

-

(10,204

)

(22,697

)

992,921

1,001,342

Alternatives:

Private markets

141,409

4,730

69,875

(746

)

(3,294

)

211,974

193,493

Liquid alternatives

75,990

1,165

-

240

(1,005

)

76,390

76,211

Currency and commodities(4)

102,368

20,116

-

11,296

(337

)

133,443

120,500

Alternatives subtotal

319,767

26,011

69,875

10,790

(4,636

)

421,807

390,204

Long-term

$

10,625,975

$

200,668

$

69,875

$

(73,298

)

$

(192,632

)

$

10,630,588

$

10,671,609

_________________________

(1)

Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction").

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(4)

Amounts include cryptocurrency and commodityETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Client Type and Product Type

Net

December 31,

inflows

Market

December 31,

2023

(outflows)

Acquisition(1)

change

FX impact(2)

2024

Average AUM(3)

Retail:

Equity

$

435,734

$

15,285

$

4,074

$

54,257

$

(4,232

)

$

505,118

$

485,161

Fixed income

312,799

11,671

-

1,483

(7,312

)

318,641

316,520

Multi-asset

139,537

(2,328

)

-

14,420

(651

)

150,978

147,169

Alternatives

41,627

(261

)

-

69

(345

)

41,090

41,087

Retail subtotal

929,697

24,367

4,074

70,229

(12,540

)

1,015,827

989,937

ETFs:

Equity

2,532,631

236,357

-

359,322

(21,912

)

3,106,398

2,845,456

Fixed income

898,403

112,341

-

(16,291

)

(8,801

)

985,652

948,250

Multi-asset

9,140

1,025

-

841

(272

)

10,734

9,451

Alternatives

59,125

40,710

-

27,919

(163

)

127,591

89,331

ETFs subtotal

3,499,299

390,433

-

371,791

(31,148

)

4,230,375

3,892,488

Institutional:

Active:

Equity

186,688

5,380

-

30,876

(4,096

)

218,848

207,929

Fixed income

836,823

(2,843

)

-

16,885

(10,537

)

840,328

841,830

Multi-asset

717,182

54,887

-

72,798

(16,828

)

828,039

774,210

Alternatives

171,980

7,023

69,875

3,618

(2,962

)

249,534

191,190

Active subtotal

1,912,673

64,447

69,875

124,177

(34,423

)

2,136,749

2,015,159

Index:

Equity

2,138,291

(31,454

)

-

420,860

(47,870

)

2,479,827

2,333,824

Fixed income

756,001

42,500

-

(5,068

)

(32,385

)

761,048

759,871

Multi-asset

4,945

(1,906

)

-

204

(73

)

3,170

3,693

Alternatives

3,252

234

-

165

(59

)

3,592

2,912

Index subtotal

2,902,489

9,374

-

416,161

(80,387

)

3,247,637

3,100,300

Institutional subtotal

4,815,162

73,821

69,875

540,338

(114,810

)

5,384,386

5,115,459

Long-term

9,244,158

488,621

73,949

982,358

(158,498

)

10,630,588

9,997,884

Cash management

764,837

152,730

-

10,606

(7,510

)

920,663

806,123

Total

$

10,008,995

$

641,351

$

73,949

$

992,964

$

(166,008

)

$

11,551,251

$

10,804,007

Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)

Net

December 31,

inflows

Market

December 31,

2023

(outflows)

Acquisition(1)

change

FX impact(2)

2024

Average AUM(3)

Active:

Equity

$

427,448

$

(6,333

)

$

4,074

$

48,479

$

(6,505

)

$

467,163

$

461,583

Fixed income

1,123,422

9,184

-

18,516

(17,248

)

1,133,874

1,133,152

Multi-asset

856,705

52,553

-

87,221

(17,478

)

979,001

921,364

Alternatives

213,603

6,760

69,875

3,687

(3,307

)

290,618

232,274

Active subtotal

2,621,178

62,164

73,949

157,903

(44,538

)

2,870,656

2,748,373

Index and ETFs:

ETFs:

Equity

2,532,631

236,357

-

359,322

(21,912

)

3,106,398

2,845,456

Fixed income

898,403

112,341

-

(16,291

)

(8,801

)

985,652

948,250

Multi-asset

9,140

1,025

-

841

(272

)

10,734

9,451

Alternatives

59,125

40,710

-

27,919

(163

)

127,591

89,331

ETFs subtotal

3,499,299

390,433

-

371,791

(31,148

)

4,230,375

3,892,488

Non-ETF index:

Equity

2,333,265

(4,456

)

-

457,514

(49,693

)

2,736,630

2,565,331

Fixed income

782,201

42,144

-

(5,216

)

(32,986

)

786,143

785,069

Multi-asset

4,959

(1,900

)

-

201

(74

)

3,186

3,708

Alternatives

3,256

236

-

165

(59

)

3,598

2,915

Non-ETF index subtotal

3,123,681

36,024

-

452,664

(82,812

)

3,529,557

3,357,023

Index and ETFs subtotal

6,622,980

426,457

-

824,455

(113,960

)

7,759,932

7,249,511

Long-term

$

9,244,158

$

488,621

$

73,949

$

982,358

$

(158,498

)

$

10,630,588

$

9,997,884

Year-over-Year Component Changes by Product Type (Long-Term)

Net

December 31,

inflows

Market

December 31,

2023

(outflows)

Acquisition(1)

change

FX impact(2)

2024

Average AUM(3)

Equity

$

5,293,344

$

225,568

$

4,074

$

865,315

$

(78,110

)

$

6,310,191

$

5,872,370

Fixed income

2,804,026

163,669

-

(2,991

)

(59,035

)

2,905,669

2,866,471

Multi-asset

870,804

51,678

-

88,263

(17,824

)

992,921

934,523

Alternatives:

Private markets

136,909

9,457

69,875

(1,803

)

(2,464

)

211,974

154,597

Liquid alternatives

74,233

(2,609

)

-

5,482

(716

)

76,390

75,402

Currency and commodities(4)

64,842

40,858

-

28,092

(349

)

133,443

94,521

Alternatives subtotal

275,984

47,706

69,875

31,771

(3,529

)

421,807

324,520

Long-term

$

9,244,158

$

488,621

$

73,949

$

982,358

$

(158,498

)

$

10,630,588

$

9,997,884

_________________________

(1)

Amounts include AUM attributable to the GIP Transaction and the acquisition of SpiderRock Advisors, LLC in May 2024 (the "SpiderRock Transaction").

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

(4)

Amounts include cryptocurrency and commodityETFs and ETPs.

SUMMARY OF REVENUE

Three Months

Three Months

Ended

Ended

Year Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2024

2023

Change

2024

Change

2024

2023

Change

Revenue

Investment advisory, administration fees and securities lending revenue:

Equity:

Active

$

558

$

484

$

74

$

553

$

5

$

2,166

$

2,000

$

166

ETFs

1,375

1,102

273

1,309

66

5,124

4,418

706

Non-ETF index

209

183

26

198

11

784

743

41

Equity subtotal

2,142

1,769

373

2,060

82

8,074

7,161

913

Fixed income:

Active

494

468

26

493

1

1,952

1,897

55

ETFs

360

311

49

354

6

1,367

1,230

137

Non-ETF index

96

85

11

93

3

369

353

16

Fixed income subtotal

950

864

86

940

10

3,688

3,480

208

Multi-asset

326

299

27

325

1

1,278

1,203

75

Alternatives:

Private markets

480

251

229

235

245

1,196

889

307

Liquid alternatives

146

138

8

143

3

568

572

(4

)

Currency and commodities(1)

80

44

36

63

17

247

185

62

Alternatives subtotal

706

433

273

441

265

2,011

1,646

365

Long-term

4,124

3,365

759

3,766

358

15,051

13,490

1,561

Cash management

293

240

53

264

29

1,049

909

140

Total investment advisory, administration fees and securities lending revenue

4,417

3,605

812

4,030

387

16,100

14,399

1,701

Investment advisory performance fees:

Equity

112

61

51

13

99

161

99

62

Fixed income

22

2

20

3

19

34

4

30

Multi-asset

10

5

5

1

9

24

28

(4

)

Alternatives:

Private markets

108

149

(41

)

7

101

308

273

35

Liquid alternatives

199

94

105

364

(165

)

680

150

530

Alternatives subtotal

307

243

64

371

(64

)

988

423

565

Total investment advisory performance fees

451

311

140

388

63

1,207

554

653

Technology services revenue

428

379

49

403

25

1,603

1,485

118

Distribution fees

322

303

19

323

(1

)

1,273

1,262

11

Advisory and other revenue:

Advisory

14

15

(1

)

11

3

49

81

(32

)

Other

45

18

27

42

3

175

78

97

Total advisory and other revenue

59

33

26

53

6

224

159

65

Total revenue

$

5,677

$

4,631

$

1,046

$

5,197

$

480

$

20,407

$

17,859

$

2,548

_________________________

(1)