(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

As of April 30, ~~2021,~~2022, there were ~~152,526,401~~151,503,255 shares of the registrant’s common stock outstanding.

	March 31,			December 31,			March 31,			December 31,
(in millions, except shares and per share data)	2021			2020			2022			2021
Assets
Cash and cash equivalents⁽¹⁾	$	6,267		$	8,664		$	7,262		$	9,323
Accounts receivable		3,825			3,535			3,801			3,789
Investments⁽¹⁾		7,145			6,919			7,615			7,262
Separate account assets		102,415			104,663			75,353			86,226
Separate account collateral held under securities lending agreements		15,711			16,507			7,083			7,081
Property and equipment (net of accumulated depreciation and amortization of $1,150 and $1,098 at March 31, 2021 and December 31, 2020, respectively)		671			681
Intangible assets (net of accumulated amortization of $314 and $291 at March 31, 2021 and December 31, 2020, respectively)		18,516			18,263
Property and equipment (net of accumulated depreciation and amortization of $1,309 and $1,256 at March 31, 2022 and December 31, 2021, respectively)								851			762
Intangible assets (net of accumulated amortization of $410 and $399 at March 31, 2022 and December 31, 2021, respectively)								18,415			18,453
Goodwill		15,348			14,551			15,349			15,351
Operating lease right-of-use assets								1,583			1,621
Other assets⁽¹⁾		3,961			3,199			6,015			2,780
Total assets	$	173,859		$	176,982		$	143,327		$	152,648
Liabilities
Accrued compensation and benefits	$	1,077		$	2,499		$	1,104		$	2,951
Accounts payable and accrued liabilities		1,196			1,028			1,451			1,397
Borrowings		7,232			7,264			7,430			7,446
Separate account liabilities		102,415			104,663			75,353			86,226
Separate account collateral liabilities under securities lending agreements		15,711			16,507			7,083			7,081
Deferred income tax liabilities		3,794			3,673			2,857			2,758
Operating lease liabilities								1,842			1,872
Other liabilities⁽¹⁾		4,594			3,692			7,348			4,024
Total liabilities		136,019			139,326			104,468			113,755
Commitments and contingencies (Note 15)
Temporary equity
Redeemable noncontrolling interests		2,411			2,322			1,263			1,087
Permanent Equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;		2			2			2			2
Shares authorized: 500,000,000 at March 31, 2021 and December 31, 2020; Shares issued: 172,075,373 at both March 31, 2021 and December 31, 2020; Shares outstanding:152,635,930 and 152,532,885 at March 31, 2021 and December 31, 2020, respectively
Shares authorized: 500,000,000 at March 31, 2022 and December 31, 2021; Shares issued: 172,075,373 at March 31, 2022 and December 31, 2021; Shares outstanding: 151,725,643 and 151,684,491 at March 31, 2022 and December 31, 2021, respectively
Additional paid-in capital		19,121			19,293			19,302			19,640
Retained earnings		24,872			24,334			28,338			27,688
Accumulated other comprehensive loss		(411	)		(337	)		(675	)		(550	)
Treasury stock, common, at cost (19,439,443 and 19,542,488 shares held at March 31, 2021 and December 31, 2020, respectively)		(8,204	)		(8,009	)
Treasury stock, common, at cost (20,349,730 and 20,390,882 shares held at March 31, 2022 and December 31, 2021, respectively)								(9,478	)		(9,087	)
Total BlackRock, Inc. stockholders’ equity		35,380			35,283			37,489			37,693
Nonredeemable noncontrolling interests		49			51			107			113
Total permanent equity		35,429			35,334			37,596			37,806
Total liabilities, temporary equity and permanent equity	$	173,859		$	176,982		$	143,327		$	152,648

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions, except shares and per share data)	2021			2020			2022			2021
Revenue
Investment advisory, administration fees and securities lending revenue:
Related parties	$	2,685		$	2,175		$	2,883		$	2,685
Other third parties		907			880			950			907
Total investment advisory, administration fees and securities lending revenue		3,592			3,055			3,833			3,592
Investment advisory performance fees		129			41			98			129
Technology services revenue		306			274			341			306
Distribution fees		340			276			381			340
Advisory and other revenue		31			64			46			31
Total revenue		4,398			3,710			4,699			4,398
Expense
Employee compensation and benefits		1,409			1,137			1,498			1,409
Distribution and servicing costs		505			445			574			505
Direct fund expense		320			277			329			320
General and administration expense		585			1,142
General and administration								496			585
Amortization of intangible assets		34			25			38			34
Total expense		2,853			3,026			2,935			2,853
Operating income		1,545			684			1,764			1,545
Nonoperating income (expense)
Net gain (loss) on investments		82			(40	)		(102	)		82
Interest and dividend income		19			15			18			19
Interest expense		(55	)		(46	)		(54	)		(55	)
Total nonoperating income (expense)		46			(71	)		(138	)		46
Income before income taxes		1,591			613			1,626			1,591
Income tax expense (benefit)		318			(14	)
Income tax expense								263			318
Net income		1,273			627			1,363			1,273
Less:
Net income (loss) attributable to noncontrolling interests		74			(179	)		(73	)		74
Net income attributable to BlackRock, Inc.	$	1,199		$	806		$	1,436		$	1,199
Earnings per share attributable to BlackRock, Inc. common stockholders:
Basic	$	7.86		$	5.19		$	9.46		$	7.86
Diluted	$	7.77		$	5.15		$	9.35		$	7.77
Weighted-average common shares outstanding:
Basic		152,567,453			155,243,279			151,732,845			152,567,453
Diluted		154,301,812			156,416,726			153,530,395			154,301,812

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Net income	$	1,273		$	627		$	1,363		$	1,273
Other comprehensive income (loss):
Foreign currency translation adjustments⁽¹⁾		(74	)		(239	)		(125	)		(74	)
Comprehensive income (loss)		1,199			388			1,238			1,199
Less: Comprehensive income (loss) attributable to noncontrolling interests		74			(179	)
Less: Comprehensive income (loss) attributable to �� noncontrolling interests								(73	)		74
Comprehensive income attributable to BlackRock, Inc.	$	1,125		$	567		$	1,311		$	1,125

(in millions)	Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity			Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity
December 31, 2020	$	19,295		$	24,334		$	(337	)	$	(8,009	)	$	35,283		$	51		$	35,334		$	2,322
December 31, 2021																									$	19,642		$	27,688		$	(550	)	$	(9,087	)	$	37,693		$	113		$	37,806		$	1,087
Net income		—			1,199			—			—			1,199			—			1,199			74			—			1,436			—			—			1,436			—			1,436			(73	)
Dividends declared ($4.13 per share)		—			(661	)		—			—			(661	)		—			(661	)		—
Dividends declared ($4.88 per share)																										—			(786	)		—			—			(786	)		—			(786	)		—
Stock-based compensation		196			—			—			—			196			—			196			—			201			—			—			—			201			—			201			—
Issuance of common shares related to employee stock transactions		(368	)		—			—			373			5			—			5			—			(539	)		—			—			545			6			—			6			—
Employee tax withholdings related to employee stock transactions		—			—			—			(268	)		(268	)		—			(268	)		—			—			—			—			(436	)		(436	)		—			(436	)		—
Shares repurchased		—			—			—			(300	)		(300	)		—			(300	)		—			—			—			—			(500	)		(500	)		—			(500	)		—
Subscriptions (redemptions/distributions) — noncontrolling interest holders		—			—			—			—			—			(2	)		(2	)		622
Contributions (redemptions/distributions) — noncontrolling interest holders																										—			—			—			—			—			(6	)		(6	)		372
Net consolidations (deconsolidations) of sponsored investment funds		—			—			—			—			—			—			—			(607	)		—			—			—			—			—			—			—			(123	)
Other comprehensive income (loss)		—			—			(74	)		—			(74	)		—			(74	)		—			—			—			(125	)		—			(125	)		—			(125	)		—
March 31, 2021	$	19,123		$	24,872		$	(411	)	$	(8,204	)	$	35,380		$	49		$	35,429		$	2,411
March 31, 2022																									$	19,304		$	28,338		$	(675	)	$	(9,478	)	$	37,489		$	107		$	37,596		$	1,263

(in millions)	Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity
December 31, 2020	$	19,295		$	24,334		$	(337	)	$	(8,009	)	$	35,283		$	51		$	35,334		$	2,322
Net income		—			1,199			—			—			1,199			—			1,199			74
Dividends declared ($4.13 per share)		—			(661	)		—			—			(661	)		—			(661	)		—
Stock-based compensation		196			—			—			—			196			—			196			—
Issuance of common shares related to employee stock transactions		(368	)		—			—			373			5			—			5			—
Employee tax withholdings related to employee stock transactions		—			—			—			(268	)		(268	)		—			(268	)		—
Shares repurchased		—			—			—			(300	)		(300	)		—			(300	)		—
Contributions (redemptions/distributions) — noncontrolling interest holders		—			—			—			—			—			(2	)		(2	)		622
Net consolidations (deconsolidations) of sponsored investment funds		—			—			—			—			—			—			—			(607	)
Other comprehensive income (loss)		—			—			(74	)		—			(74	)		—			(74	)		—
March 31, 2021	$	19,123		$	24,872		$	(411	)	$	(8,204	)	$	35,380		$	49		$	35,429		$	2,411

(in millions)
Additional
Paid-in
Capital⁽¹⁾

Retained
Earnings

Accumulated
Other
Comprehensive
Income (Loss)

Treasury
Stock
Common

Total
BlackRock
Stockholders’
Equity

Nonredeemable
Noncontrolling
Interests

Total
Permanent
Equity

Redeemable
Noncontrolling
Interests /
Temporary
Equity

December 31, 2019
$
19,188

$
21,662

$
(571
)

$
(6,732
)

$
33,547

$
66

$
33,613

$
1,316

Net income

—

806

—

—

806

—

806

(179
)
Dividends declared ($3.63 per share)

—

(596
)

—

—

(596
)

—

(596
)

—

Stock-based compensation

149

—

—

—

149

—

149

—

Issuance of common shares related to
   employee stock transactions

(450
)

—

—

453

3

—

3

—

Employee tax withholdings related to
   employee stock transactions

—

—

—

(257
)

(257
)

—

(257
)

—

Shares repurchased

—

—

—

(400
)

(400
)

—

(400
)

—

Subscriptions (redemptions/distributions)
   — noncontrolling interest holders

—

—

—

—

—

(9
)

(9
)

871

Net consolidations (deconsolidations) of
  sponsored investment funds

—

—

—

—

—

—

—

(568
)
Other comprehensive income (loss)

—

—

(239
)

—

(239
)

—

(239
)

—

March 31, 2020
$
18,887

$
21,872

$
(810
)

$
(6,936
)

$
33,013

$
57

$
33,070

$
1,440

	Three Months Ended						Three Months Ended
(in millions)	March 31,						March 31,
	2021			2020			2022			2021
Operating activities
Net income	$	1,273		$	627		$	1,363		$	1,273
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization		97			82			100			97
Noncash lease expense		31			29			40			31
Stock-based compensation		196			149			201			196
Deferred income tax expense (benefit)		102			(133	)		76			102
Charitable Contribution		—			589
Gain related to the Charitable Contribution		—			(122	)
Other investment gains		—			(244	)		(29	)		—
Net (gains) losses within consolidated sponsored investment products		(104	)		391
Net (purchases) proceeds within consolidated sponsored investment products		(612	)		(860	)
Net (gains) losses within CIPs								159			(104	)
Net (purchases) proceeds within CIPs								(393	)		(612	)
(Earnings) losses from equity method investees		(25	)		40			(2	)		(25	)
Distributions of earnings from equity method investees		8			13			25			8
Changes in operating assets and liabilities:
Accounts receivable		(311	)		(5	)		(27	)		(311	)
Investments, trading		82			132			44			82
Other assets		(731	)		(1,669	)		(3,234	)		(731	)
Accrued compensation and benefits		(1,432	)		(1,222	)		(1,852	)		(1,432	)
Accounts payable and accrued liabilities		155			(214	)		48			155
Other liabilities		698			1,479			3,059			698
Net cash provided by/(used in) operating activities		(573	)		(938	)		(422	)		(573	)
Investing activities
Purchases of investments		(146	)		(45	)		(140	)		(146	)
Proceeds from sales and maturities of investments		110			17			73			110
Distributions of capital from equity method investees		34			61			19			34
Net consolidations (deconsolidations) of sponsored investment funds		(38	)		(15	)		(3	)		(38	)
Acquisitions, net of cash acquired		(1,062	)		—			—			(1,062	)
Purchases of property and equipment		(48	)		(52	)		(147	)		(48	)
Net cash provided by/(used in) investing activities		(1,150	)		(34	)		(198	)		(1,150	)
Financing activities
Proceeds from long-term borrowings		—			999
Cash dividends paid		(661	)		(596	)		(786	)		(661	)
Repurchases of common stock		(568	)		(657	)		(936	)		(568	)
Net proceeds from (repayments of) borrowings by consolidated sponsored investment products		13			22
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders		620			862
Net proceeds from (repayments of) borrowings by CIPs								—			13
Net contributions (redemptions/distributions) - noncontrolling interest holders								366			620
Other financing activities		5			(2	)		5			5
Net cash provided by/(used in) financing activities		(591	)		628			(1,351	)		(591	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(7	)		(79	)		(90	)		(7	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		(2,321	)		(423	)		(2,061	)		(2,321	)
Cash, cash equivalents and restricted cash, beginning of period		8,681			4,846			9,340			8,681
Cash, cash equivalents and restricted cash, end of period	$	6,360		$	4,423		$	7,279		$	6,360
Supplemental schedule of noncash investing and financing transactions:
Issuance of common stock	$	368		$	450		$	539		$	368
Charitable Contribution of an investment	$	—		$	(589	)
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds	$	(607	)	$	(568	)	$	(123	)	$	(607	)

BlackRock’s diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® and BlackRock exchange-traded funds (“ETFs”), separate accounts, collective trust funds ~~(“CTFs”)~~ and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin^®, Aladdin Wealth, eFront ~~Cachematrix~~ and ~~FutureAdvisor,~~Cachematrix, as well as advisory services and solutions to a broad base of institutional and wealth management clients.

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition ~~represents~~represent the portion of consolidated sponsored investment ~~funds~~products (“CIPs”) and a consolidated affiliate (collectively, “consolidated entities”) in which the Company does not have direct equity ownership. ~~Accounts~~Intercompany balances and transactions ~~between consolidated entities~~ have been ~~eliminated.~~eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and ~~notes~~footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2020,~~2021, which was filed with the Securities and Exchange Commission ~~(“SEC”)~~ on February 25, 2022 (“2021 ~~(“2020~~ Form 10-K”).

The interim financial information at March 31, ~~2021~~2022 and for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations and disclosures, while not required to be recast, were reclassified to ensure comparability with current period classifications.

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

Investments Measured at Net Asset Values. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO equal to the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO.

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. However, certain ~~consolidated sponsored investment funds may~~CIPs also utilize derivatives as a part of their investment strategy.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated assets or liabilities or hedged investments, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries whose functional currency is not US dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. ~~Amounts excluded from the effectiveness assessment are reported in the condensed consolidated statements of income using a systematic and rational method.~~ The Company reassesses the effectiveness of its net investment hedge at least quarterly.

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company ~~receives~~obtains either a) the legal title, toor b) a first ranking priority security interest, in the collateral. The minimum collateral ~~with minimum~~ values generally ~~ranging~~range from approximately 102% to 112% of the value of the securities ~~lent~~ in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

~~The~~In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition ~~the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset~~ in addition to an equal ~~and offsetting~~ collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At March 31, 2022 and December 31, 2021, the fair value of loaned securities held by separate accounts was approximately $13.1 billion and $13.2 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $14.0 billion and $14.1 billion, respectively, of which approximately $7.1 billion as of both March 31, 2022 and December 31, 2021 was recognized on the condensed consolidated statements of financial condition. During the three months ended March 31, 2022 and 2021, the Company had 0t resold or repledged any of the collateral obtained under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. During the three months ended March 31, 2021 and 2020, the Company had 0t resold or repledged any of the collateral received under these arrangements. At March 31, 2021 and December 31, 2020, the fair value of loaned securities held by separate accounts was approximately $14.4 billion and $15.2 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $15.7 billion and $16.5 billion, respectively.income.

Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During the three months ended March 31, 2022, and 2021 these waivers resulted in a reduction of management fees of approximately $72 million and $70 million, respectively, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. ~~There were no Yield Support waivers for the three months ended March 31, 2020.~~ The Company may increase or decrease the level of Yield Support waivers in future periods.

On February 1, 2021, the Company acquired 100% of the equity interests of Aperio Group, LLC (the “Aperio Transaction” or “Aperio”), a pioneer in customizing tax-optimized index equity separately managed accounts (“SMAs”) for approximately $1.1 billion in cash, using existing cash resources. The acquisition of Aperio increased BlackRock’s SMA assets under management and expanded the breadth of the Company’s capabilities via tax-managed strategies across factors, broad market indexing, and investor Environmental, Social, and Governance preferences across all asset classes.

The purchase price for the Aperio Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from the transaction. ~~The amount of goodwill expected to be deductible for tax purposes is approximately $0.5 billion.~~ A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as ~~follows~~⁽¹⁾:

Finite-lived intangible assets are amortized over their estimated useful lives, which range from three to 10 years. Amortization expense related to the finite-lived intangible assets was $7 million for the three months ended March 31, 2021. The finite-lived intangible assets had a weighted-average remaining useful life of approximately 10 years with remaining amortization expense as follows:

The financial results of Aperio have been included in BlackRock’s condensed consolidated financial statements from the closing of the Aperio Transaction. For the three months ended March 31, 2021, Aperio contributed $13 million of revenue and did 0t have a material impact to net income attributable to BlackRock, Inc. Consequently, the Company has not presented pro forma combined results of operations for this acquisition.

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows.

	March 31,		December 31,		March 31,		December 31,
(in millions)	2021		2020		2022		2021
Debt securities:
Held-to-maturity investments	$	308	$	310	$	460	$	430
Trading securities		1,496		1,964
Trading securities (including $1,093 and $1,140 trading debt securities of CIPs at March 31, 2022 and December 31, 2021, respectively)						1,132		1,186
Total debt securities		1,804		2,274		1,592		1,616
Equity securities at FVTNI⁽¹⁾		2,679		2,317
Equity securities at FVTNI (including $1,592 and $1,485 equity securities at FVTNI of CIPs at March 31, 2022 and December 31, 2021, respectively)						1,769		1,738
Equity method investments⁽²⁾⁽¹⁾		1,223		1,081		1,797		1,694
Bank loans		258		248
Bank loans held by CIPs						292		284
Federal Reserve Bank stock⁽³⁾⁽²⁾		95		94		96		96
Carried interest⁽⁴⁾⁽³⁾		805		627		1,778		1,555
Other investments⁽⁵⁾⁽⁴⁾		281		278		291		279
Total investments	$	7,145	$	6,919	$	7,615	$	7,262

~~The carrying value of held-to-maturity investments was $308 million and $310 million at March 31, 2021 and December 31, 2020, respectively.~~ Held-to-maturity investments included certain investments in BlackRock sponsored CLOs and foreign government debt held primarily for regulatory purposes. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At March 31, ~~2021, $11~~2022, $26 million of these investments mature between one year to five years, ~~$135~~$142 million of these investments mature between five to 10ten years and ~~$162~~$292 million of these investments mature after 10 years.

A summary of the cost and carrying value of trading debt securities and equity securities at ~~FVTNI~~fair value recorded through net income (“FVTNI”) is as follows:


	March 31, 2021				December 31, 2020				March 31, 2022				December 31, 2021
(in millions)	Cost		Carrying Value		Cost		Carrying Value		Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	1,121	$	1,132	$	1,591	$	1,641	$	737	$	731	$	703	$	701
Government debt		259		259		203		210		305		305		365		363
Asset/mortgage-backed debt		119		105		132		113		104		96		126		122
Total trading debt securities	$	1,499	$	1,496	$	1,926	$	1,964	$	1,146	$	1,132	$	1,194	$	1,186
Equity securities at FVTNI:
Equity securities/mutual funds	$	2,383	$	2,679	$	2,055	$	2,317	$	1,640	$	1,769	$	1,451	$	1,738
Total equity securities at FVTNI	$	2,383	$	2,679	$	2,055	$	2,317	$	1,640	$	1,769	$	1,451	$	1,738

The Company consolidates certain sponsored investment funds accounted for as voting rights entities (“VREs”) because it is deemed to control such funds.

In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, which may be considered VIEs. The Company may from time to time own equity or debt securities or enter into derivatives with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its investments in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an investment and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company.

The following table presents the balances related to these ~~consolidated sponsored investment products~~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, 2021									December 31, 2020									March 31, 2022									December 31, 2021
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total			VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents	$	186		$	56		$	242		$	155		$	51		$	206		$	332		$	44		$	376		$	251		$	57		$	308
Investments:
Trading debt securities		1,329			129			1,458			1,618			310			1,928			780			313			1,093			870			270			1,140
Equity securities at FVTNI		2,022			388			2,410			1,592			413			2,005			1,169			423			1,592			1,100			385			1,485
Bank loans		258			—			258			248			—			248			292			—			292			284			—			284
Other investments		196			—			196			191			—			191			221			—			221			210			—			210
Carried interest		778			—			778			604			—			604			1,718			—			1,718			1,504			—			1,504
Total investments		4,583			517			5,100			4,253			723			4,976			4,180			736			4,916			3,968			655			4,623
Other assets		95			13			108			90			9			99			67			18			85			50			32			82
Other liabilities⁽¹⁾		(1,179	)		(37	)		(1,216	)		(952	)		(70	)		(1,022	)		(2,165	)		(44	)		(2,209	)		(1,919	)		(82	)		(2,001	)
Noncontrolling interests		(2,372	)		(88	)		(2,460	)		(2,193	)		(180	)		(2,373	)
BlackRock's net interests in consolidated investment products	$	1,313		$	461		$	1,774		$	1,353		$	533		$	1,886
Noncontrolling interests - CIPs																				(1,220	)		(77	)		(1,297	)		(1,046	)		(79	)		(1,125	)
BlackRock's net interests in CIPs																			$	1,194		$	677		$	1,871		$	1,304		$	583		$	1,887

BlackRock’s total exposure to ~~consolidated sponsored investment products~~CIPs represents the value of its economic ownership interest in these ~~sponsored investment products.~~CIPs. Valuation changes associated with investments held at fair value by these ~~consolidated sponsored investment products~~CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to ~~noncontrolling interests~~NCI for the portion not attributable to BlackRock.

The Company cannot readily access cash and cash equivalents held by ~~consolidated sponsored investment products~~CIPs to use in its operating activities.

Net gain (loss) related to consolidated VIEs is presented in the following table:

	Three Months Ended					Three Months Ended
	March 31,					March 31,
(in millions)	2021		2020			2022			2021

Nonoperating net gain (loss) on consolidated VIEs	$	83	$	(309	)	$	(133	)	$	83

Net income (loss) attributable to NCI on consolidated VIEs	$	55	$	(158	)	$	(75	)	$	55

Nonconsolidated VIEs. At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the primary beneficiary (“PB”), was as follows:

(in millions)			Advisory Fee		Other Net Assets			Maximum				Advisory Fee		Other Net Assets			Maximum
At March 31, 2021	Investments		Receivables		(Liabilities)			Risk of Loss⁽¹⁾
At March 31, 2022										Investments		Receivables		(Liabilities)			Risk of Loss⁽¹⁾
Sponsored investment products	$	612	$	96	$	(12	)	$	725	$	895	$	96	$	(12	)	$	1,008
At December 31, 2020
At December 31, 2021
Sponsored investment products	$	662	$	71	$	(13	)	$	750	$	882	$	62	$	(12	)	$	961

The net assets of sponsored investment products that are nonconsolidated VIEs approximated ~~$16~~$21 billion and $20 billion at ~~both~~ March 31, ~~2021~~2022 and December 31, ~~2020.~~2021, respectively.

March 31, 2021 (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, 2021
March 31, 2022 (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, 2022
Assets:
Investments
Debt securities:
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	308	$	308	$	—	$	—	$	—	$	—	$	460	$	460
Trading securities		—		1,482		14		—		—		1,496		—		1,124		8		—		—		1,132
Total debt securities		—		1,482		14		—		308		1,804		—		1,124		8		—		460		1,592
Equity securities at FVTNI:
Equity securities/mutual funds		2,679		—		—		—		—		2,679		1,769		—		—		—		—		1,769
Equity method:
Equity and fixed income mutual funds		337		—		—		—		—		337		261		—		—		—		—		261
Hedge funds/funds of hedge funds		—		—		—		327		—		327		—		—		—		433		—		433
Private equity funds		—		—		—		355		—		355		—		—		—		847		—		847
Real assets funds		—		—		—		204		—		204		—		—		—		256		—		256
Total equity method		337		—		—		886		—		1,223		261		—		—		1,536		—		1,797
Bank loans		—		23		235		—		—		258		—		28		264		—		—		292
Federal Reserve Bank Stock		—		—		—		—		95		95		—		—		—		—		96		96
Carried interest		—		—		—		—		805		805		—		—		—		—		1,778		1,778
Other investments⁽³⁾		—		—		9		96		176		281		—		12		4		95		180		291
Total investments		3,016		1,505		258		982		1,384		7,145		2,030		1,164		276		1,631		2,514		7,615
Other assets⁽⁴⁾		178		—		—		—		—		178		181		19		—		—		—		200
Separate account assets		71,368		30,095		—		—		952		102,415		48,288		26,271		—		—		794		75,353
Separate account collateral held under securities lending agreements:
Equity securities		12,025		—		—		—		—		12,025		2,903		—		—		—		—		2,903
Debt securities		—		3,686		—		—		—		3,686		—		4,180		—		—		—		4,180
Total separate account collateral held under securities lending agreements		12,025		3,686		—		—		—		15,711		2,903		4,180		—		—		—		7,083
Total	$	86,587	$	35,286	$	258	$	982	$	2,336	$	125,449	$	53,402	$	31,634	$	276	$	1,631	$	3,308	$	90,251
Liabilities:
Separate account collateral liabilities under securities lending agreements	$	12,025	$	3,686	$	—	$	—	$	—	$	15,711	$	2,903	$	4,180	$	—	$	—	$	—	$	7,083
Other liabilities⁽⁵⁾		—		35		280		—		—		315		—		35		312		—		—		347
Total	$	12,025	$	3,721	$	280	$	—	$	—	$	16,026	$	2,903	$	4,215	$	312	$	—	$	—	$	7,430

December 31, 2020 (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, 2020
December 31, 2021 (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, 2021
Assets:
Investments
Debt securities:
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	310	$	310	$	—	$	—	$	—	$	—	$	430	$	430
Trading securities		—		1,953		11		—		—		1,964		—		1,169		17		—		—		1,186
Total debt securities		—		1,953		11		—		310		2,274		—		1,169		17		—		430		1,616
Equity securities at FVTNI:
Equity securities/mutual funds		2,317		—		—		—		—		2,317		1,738		—		—		—		—		1,738
Equity method:
Equity and fixed income mutual funds		235		—		—		—		—		235		245		—		—		—		—		245
Hedge funds/funds of hedge funds		—		—		—		313		—		313		—		—		—		369		—		369
Private equity funds		—		—		—		315		—		315		—		—		—		846		—		846
Real assets funds		—		—		—		218		—		218		—		—		—		234		—		234
Total equity method		235		—		—		846		—		1,081		245		—		—		1,449		—		1,694
Bank loans		—		16		232		—		—		248		—		14		270		—		—		284
Federal Reserve Bank Stock		—		—		—		—		94		94		—		—		—		—		96		96
Carried interest		—		—		—		—		627		627		—		—		—		—		1,555		1,555
Other investments⁽³⁾		—		—		9		94		175		278		—		—		5		96		178		279
Total investments		2,552		1,969		252		940		1,206		6,919		1,983		1,183		292		1,545		2,259		7,262
Other assets⁽⁴⁾		205		13		—		—		—		218		195		39		—		—		—		234
Separate account assets		71,392		32,404		—		—		867		104,663		54,675		30,786		—		—		765		86,226
Separate account collateral held under securities lending agreements:
Equity securities		13,126		—		—		—		—		13,126		3,717		—		—		—		—		3,717
Debt securities		—		3,381		—		—		—		3,381		—		3,364		—		—		—		3,364
Total separate account collateral held under securities lending agreements		13,126		3,381		—		—		—		16,507		3,717		3,364		—		—		—		7,081
Total	$	87,275	$	37,767	$	252	$	940	$	2,073	$	128,307	$	60,570	$	35,372	$	292	$	1,545	$	3,024	$	100,803
Liabilities:
Separate account collateral liabilities under securities lending agreements	$	13,126	$	3,381	$	—	$	—	$	—	$	16,507	$	3,717	$	3,364	$	—	$	—	$	—	$	7,081
Other liabilities⁽⁵⁾		—		68		272		—		—		340		—		26		342		—		—		368
Total	$	13,126	$	3,449	$	272	$	—	$	—	$	16,847	$	3,717	$	3,390	$	342	$	—	$	—	$	7,449

Level 3 Assets. Level 3 assets may include investments in CLOs and bank loans of consolidated CLOs, which were valued based on single-broker nonbinding quotes and direct private equity investments, which were valued using the market or income approach.

Level 3 investments of ~~$258~~$276 million and ~~$252~~$292 million at March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively, primarily included bank loans of a consolidated CLO.

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, and contingent liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, ~~2021~~2022

(in millions)	December 31, 2020		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, 2021		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾			December 31, 2021		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, 2022		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾
Assets:
Investments:
Debt securities:
Trading	$	11	$	—		$	5	$	—	$	—	$	—	$	(2	)	$	14	$	—		$	17	$	—		$	6	$	(12	)	$	—		$	—	$	(3	)	$	8	$	—
Total debt securities		11		—			5		—		—		—		(2	)		14		—			17		—			6		(12	)		—			—		(3	)		8		—
Private equity		9		—			—		—		—		—		—			9		—			5		—			—		—			—			—		(1	)		4		—
Bank loans		232		—			9		—		—		4		(10	)		235		—			270		—			8		—			—			—		(14	)		264		—
Total investments	$	252	$	—		$	14	$	—	$	—	$	4	$	(12	)	$	258	$	—			292		—			14		(12	)		—			—		(18	)		276		—
Total Level 3 assets																						$	292	$	—		$	14	$	(12	)	$	—		$	—	$	(18	)	$	276	$	—
Liabilities:
Other liabilities	$	272	$	(3	)	$	—	$	—	$	5	$	—	$	—		$	280	$	(3	)	$	342	$	(1	)	$	—	$	—		$	(31	)	$	—	$	—		$	312	$	(1	)
Total Level 3 liabilities	$	272	$	(3	)	$	—	$	—	$	5	$	—	$	—		$	280	$	(3	)	$	342	$	(1	)	$	—	$	—		$	(31	)	$	—	$	—		$	312	$	(1	)

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, ~~2020~~2021

(in millions)	December 31, 2019		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, 2020		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾			December 31, 2020		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, 2021		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾
Assets:
Investments:
Debt securities:
Trading	$	8	$	—		$	1	$	—		$	—	$	—	$	—	$	9	$	—		$	11	$	—		$	5	$	—	$	—	$	—	$	(2	)	$	14	$	—
Total debt securities		8		—			1		—			—		—		—		9		—			11		—			5		—		—		—		(2	)		14		—
Private equity		9		—			8		(1	)		—		—		—		16		—			9		—			—		—		—		—		—			9		—
Bank loans		177		(14	)		18		—			—		—		—		181		(14	)		232		—			9		—		—		4		(10	)		235		—
Total investments	$	194	$	(14	)	$	27	$	(1	)	$	—	$	—	$	—	$	206	$	(14	)	$	252	$	—		$	14	$	—	$	—	$	4	$	(12	)	$	258	$	—
Liabilities:
Other liabilities	$	388	$	(11	)	$	—	$	—		$	22	$	—	$	—	$	421	$	(11	)	$	272	$	(3	)	$	—	$	—	$	5	$	—	$	—		$	280	$	(3	)
Total Level 3 liabilities	$	388	$	(11	)	$	—	$	—		$	22	$	—	$	—	$	421	$	(11	)	$	272	$	(3	)	$	—	$	—	$	5	$	—	$	—		$	280	$	(3	)

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) on the condensed consolidated statements of income. A portion of net income (loss) for consolidated sponsored investment funds is allocated to ~~noncontrolling interests~~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, or when the carrying value of certain equity method investments no longer represents fair value as determined under valuation methodologies.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

	March 31, 2021				December 31, 2020						March 31, 2022				December 31, 2021
(in millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Fair Value Hierarchy		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Fair Value Hierarchy
Financial Assets⁽¹⁾:
Cash and cash equivalents	$	6,267	$	6,267	$	8,664	$	8,664	Level 1	^{(2) (3)}	$	7,262	$	7,262	$	9,323	$	9,323	Level 1	^{(2) (3)}
Other assets	$	103	$	103	$	69	$	69	Level 1	⁽⁴⁾	$	29	$	29	$	22	$	22	Level 1	^{(2) (4)}

Financial Liabilities:
Long-term borrowings	$	7,232	$	7,553	$	7,264	$	7,883	Level 2	⁽⁵⁾	$	7,430	$	7,253	$	7,446	$	7,735	Level 2	⁽⁵⁾

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 ~~in entities~~ 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, 2021

March 31, 2022

(in millions)

Ref

Fair Value

Total

Unfunded

Commitments

Redemption

Frequency

Redemption

Notice Period

Ref

Fair Value

Total

Unfunded

Commitments

Redemption

Frequency

Redemption

Notice Period

Equity method:⁽¹⁾

Hedge funds/funds of hedge funds

(a)

327

123

Daily/Monthly (27%)

Quarterly (15%)

N/R (58%)

1 – 90 days

(a)

433

113

Daily/Monthly (20%)

Quarterly (13%)

N/R (67%)

1 – 90 days

Private equity funds

(b)

355

364

N/R

(b)

847

188

N/R

Real assets funds

(c)

204

199

Quarterly (21%)

N/R (79%)

60 days

(c)

256

260

Quarterly (18%)

N/R (82%)

60 days

Consolidated sponsored investment

products:

Private equity funds of funds

(d)

N/R

Real assets funds

(c)

N/R

(d)

N/R

Other funds

(c)

N/R

Total

982

780

1,631

680

December 31, 2020

December 31, 2021

(in millions)

Ref

Fair Value

Total

Unfunded

Commitments

Redemption

Frequency

Redemption

Notice Period

Ref

Fair Value

Total

Unfunded

Commitments

Redemption

Frequency

Redemption

Notice Period

Equity method:⁽¹⁾

Hedge funds/funds of hedge funds

(a)

313

101

Daily/Monthly (21%)

Quarterly (21%)

N/R (58%)

1 – 90 days

(a)

369

141

Daily/Monthly (20%)

Quarterly (20%)

N/R (60%)

1 – 90 days

Private equity funds

(b)

315

372

N/R

(b)

846

153

N/R

Real assets funds

(c)

218

205

Quarterly (31%)

N/R (69%)

60 days

(c)

234

245

Quarterly (20%)

N/R (80%)

60 days

Consolidated sponsored investment

products:

Private equity funds of funds

(d)

N/R

Real assets funds

(c)

N/R

(d)

101

N/R

Other funds

(c)

N/R

Total

940

779

1,545

665

At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company elected the fair value option for certain investments in CLOs of approximately ~~$40~~$39 million and ~~$35~~$47 million, respectively, 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, ~~2021~~2022 and December 31, ~~2020:~~2021:

	March 31,			December 31,		March 31,			December 31,
(in millions)	2021			2020		2022			2021
CLO Bank loans:
Aggregate principal amounts outstanding	$	257		$	250	$	291		$	281
Fair value		258			248		292			284
Aggregate unpaid principal balance in excess of (less than) fair value	$	(1	)	$	2	$	(1	)	$	(3	)

CLO Borrowings:
Aggregate principal amounts outstanding	$	254		$	244	$	275		$	275
Fair value	$	259		$	246	$	277		$	278

At March 31, ~~2021,~~2022, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030.

During the three months ended March 31, ~~2021~~2022 and ~~2020,~~2021, 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.

The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products. At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had outstanding total return swaps with aggregate notional values of approximately ~~$778~~$688 million and ~~$833~~$720 million, respectively.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $1.9 billion and $~~2.8~~1.8 billion, respectively, and with expiration dates in April ~~2021~~2022 and January ~~2021,~~2022, respectively.

At both March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, ~~2021~~2022 and December 31, ~~2020:~~2021:

(in millions)	Assets					Liabilities					Assets					Liabilities
Derivative instruments	Statement of Financial Condition Classification	March 31, 2021		December 31, 2020		Statement of Financial Condition Classification	March 31, 2021		December 31, 2020		Statement of Financial Condition Classification	March 31, 2022		December 31, 2021		Statement of Financial Condition Classification	March 31, 2022		December 31, 2021
Total return swaps	Other assets	$	7	$	—	Other liabilities	$	9	$	50	Other assets	$	16	$	5	Other liabilities	$	22	$	14
Forward foreign currency exchange contracts	Other assets		1		13	Other liabilities		14		5	Other assets		3		34	Other liabilities		1		—
Total		$	8	$	13		$	23	$	55		$	19	$	39		$	23	$	14

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

			Three Months Ended								Three Months Ended
			March 31,								March 31,
(in millions)			2021			2020					2022			2021
Derivative Instruments		Statement of Income Classification	Gains (Losses)							Statement of Income Classification	Gains (Losses)
Total return swaps		Nonoperating income (expense)	$	(34	)	$	142			Nonoperating income (expense)	$	41		$	(34	)
Forward foreign currency exchange contracts		General and administration expense		7			(88	)		General and administration expense		(42	)		7
Total gain (loss) from derivative instruments	Total gain (loss) from derivative instruments		$	(27	)	$	54		Total gain (loss) from derivative instruments		$	(1	)	$	(27	)

The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The ~~changes~~change in fair value of such derivatives, which ~~are~~is recorded in nonoperating income (expense), ~~were~~was not material for the three months ended March 31, ~~2021~~2022 and ~~2020.~~2021.

See Note 15, Borrowings, in the ~~2020~~2021 Form 10-K for more information on the Company’s net investment hedge.

Goodwill activity during the three months ended March 31, ~~2021~~2022 was as follows:

The carrying amounts of identifiable intangible assets are summarized as follows:

The following table presents components of lease cost included in general and administration expense on the condensed consolidated ~~statement~~statements of income:

	Three Months Ended				Three Months Ended
	March 31,				March 31,
(in millions)	2021		2020		2022		2021
Lease cost:
Operating lease cost⁽¹⁾	$	39	$	37	$	51	$	39
Variable lease cost⁽²⁾		10		9		11		10
Total lease cost	$	49	$	46	$	62	$	49

~~The following table presents operating leases included on the condensed consolidated statement of financial condition:~~

	March 31,			December 31,			March 31,			December 31,
	2021			2020			2022			2021
Lease term and discount rate:
Weighted-average remaining lease term		8	years		8	years		16	years		16	years
Weighted-average discount rate		3	%		3	%		3	%		3	%

On March 10, 2020, in connection with a recapitalization of iCapital Network, Inc. (“iCapital”), BlackRock received additional stock in exchange for certain securities it held, which resulted in a nonoperating pre-tax gain of approximately $240 million in the condensed consolidated statement of income for the three months endedAt March 31, ~~2020. Following this transaction,~~2022 and December 31, 2021, the Company ~~accounts for its interest in iCapital as an~~had $572 million and $583 million of equity method ~~investment, which is included in~~investments, respectively, recorded within other assets on the condensed consolidated statements of financial condition. ~~At March 31, 2021~~In accordance with GAAP, certain equity method investees do not account for both their financial assets and ~~December 31, 2020, the carrying~~liabilities under fair value ofmeasures; therefore, the Company’s ~~interest~~investment in ~~iCapital was approximately $294 million and $296 million, respectively.~~such equity method investees may not represent fair value.

~~2021~~2022 Revolving Credit Facility. Since 2011, the Company has maintained an unsecured revolving credit facility which is available for working capital and general corporate purposes (the “2022 credit facility”). In March ~~2021,~~2022, the ~~Company’s~~2022 credit facility was amended to, among other things, (i) increase the aggregate commitment amount by $300 million to ~~$4.4~~$4.7 billion, ~~and to~~(ii) extend the maturity date to March ~~2026 (the “2021 credit facility”).~~ ~~In addition,~~2027, (iii) change the ~~amendment incorporated certain sustainability-linked pricing metrics into the agreement. Specifically, the Company’s applicable interest~~ rate ~~and commitment fee are subject to upward or downward adjustments on an annual basis if the Company achieves, or fails to achieve, certain specified targets.~~ ~~Interest on~~for borrowings ~~outstanding accrues at~~denominated in United States Dollars from a rate based on the ~~applicable~~ London Interbank Offered Rate (LIBOR) to a rate based on the secured overnight financing rate (SOFR) subject to certain adjustments and (iv) raise and/or ~~an applicable replacement benchmark, plus a spread.~~add certain specified targets for the sustainability-linked pricing mechanics. The ~~2021~~2022 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, ~~increasing~~which could increase the overall size of the ~~2021~~2022 credit facility to an aggregate principal amount ~~not~~of up to ~~exceed $5.4~~$5.7 billion. The ~~2021~~2022 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, ~~2021. The 2021 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities.~~2022. At March 31, ~~2021,~~2022, the Company had 0 amount outstanding under the ~~2021~~2022 credit facility.

Commercial Paper Program. The Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4 billion. The commercial paper program is currently supported by the ~~2021~~2022 credit facility. At March 31, ~~2021,~~2022, BlackRock had 0 CP Notes outstanding.

The carrying value and fair value of long-term ~~borrowings~~notes determined using market prices and EUR/USD foreign exchange rate at March 31, ~~2021~~2022 included the following:

(in millions)	Maturity Amount		Unamortized Discount and Debt Issuance Costs			Carrying Value		Fair Value		Maturity Amount		Unamortized Discount and Debt Issuance Costs⁽¹⁾			Carrying Value		Fair Value
4.25% Notes due 2021	$	750	$	—		$	750	$	754
3.375% Notes due 2022		750		—			750		777	$	750	$	—		$	750	$	753
3.50% Notes due 2024		1,000		(3	)		997		1,092		1,000		(2	)		998		1,025
1.25% Notes due 2025		822		(3	)		819		869		778		(2	)		776		784
3.20% Notes due 2027		700		(5	)		695		766		700		(3	)		697		706
3.25% Notes due 2029		1,000		(11	)		989		1,081		1,000		(10	)		990		1,011
2.40% Notes due 2030		1,000		(7	)		993		1,008		1,000		(6	)		994		945
1.90% Notes due 2031		1,250		(11	)		1,239		1,206		1,250		(10	)		1,240		1,125
Total Long-term Borrowings	$	7,272	$	(40	)	$	7,232	$	7,553
2.10% Notes due 2032											1,000		(15	)		985		904
Total long-term notes										$	7,478	$	(48	)	$	7,430	$	7,253

Long-term notes at December 31, 2021 had a carrying value of $7.4 billion and a fair value of $7.7 billion, determined using market prices and EUR/USD foreign exchange rate at December 31, 2021.

See Note 15, Borrowings, in the ~~2020~~2021 Form 10-K for more information regarding the Company’s borrowings.

Investment Commitments. At March 31, ~~2021,~~2022, the Company had ~~$841~~$844 million of various capital commitments to fund sponsored investment products, including ~~consolidated sponsored investment products.~~CIPs. These products include private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

~~Contingent Payments Related to Business Acquisitions~~. In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to achieving specified performance targets, which may include revenue from acquired contracts. The fair value of the remaining aggregate contingent payments at March 31, 2021 totaled $21 million and is included in other liabilities on the condensed consolidated statements of financial condition.

~~Other Contingent Payments.~~ ~~The Company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $17 million between the Company and counterparty. See Note 9,~~ ~~Derivatives and Hedging, for further discussion.~~

Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages.

On April 5, 2017, BlackRock, Inc., BlackRock Institutional Trust Company, N.A. (“BTC”), the BlackRock, Inc. Retirement Committee and various sub-committees, and a BlackRock employee were named as defendants in a purported class action lawsuit brought in the US District Court for the Northern District of California by a former employee on behalf of all participants and beneficiaries in the BlackRock employee 401(k) Plan (the “Plan”) from April 5, 2011 to the present. The lawsuit generally alleges that the defendants breached their duties towards Plan participants in violation of the Employee Retirement Income Security Act of 1974 by, among other things, offering

investment options that were overly expensive, underperformed unaffiliated peer funds, focused disproportionately on active versus passive strategies, and were unduly concentrated in investment options managed by BlackRock. On October 18, 2017, the plaintiffs filed an Amended Complaint, which, among other things, added as defendants certain current and former members of the BlackRock Retirement and Investment Committees. The Amended Complaint also included a new purported class claim on behalf of investors in certain CTFs managed by BTC. Specifically, the plaintiffs allege that BTC, as fiduciary to the CTFs, engaged in self-dealing by, most significantly, selecting itself as the securities lending agent on terms that the plaintiffs claim were excessive. The Amended Complaint also alleged that BlackRock took undue risks in its management of securities lending cash reinvestment vehicles during the financial crisis. On August 23, 2018, the court granted permission to the plaintiffs to file a Second Amended Complaint (“SAC”) which added as defendants the BlackRock, Inc. Management Development and Compensation Committee, the Plan’s independent investment consultant and the Plan’s Administrative Committee and its members. On October 22, 2018, BlackRock filed a motion to dismiss the SAC, and on June 3, 2019, the plaintiffs filed a motion seeking to certify both the Plan and the CTF classes. On September 3, 2019, the court granted BlackRock’s motion to dismiss part of the plaintiffs’ claim seeking to recover alleged losses in the securities lending vehicles but denied the motion to dismiss in all other respects. On February 11, 2020, the court denied the plaintiffs’ motion to certify the CTF class and granted their motion to certify the Plan class. On April 27, 2020, the Ninth Circuit denied the plaintiffs’ request to immediately appeal the class certification ruling. On September 24, 2020, the parties cross-moved for summary judgment, both of which were denied on January 12, 2021. On February 5, 2021, the parties reached a settlement in principle for $9.65 million which, if approved by the court, will resolve the lawsuit. On March 23, 2021, the plaintiffs filed a motion for preliminary approval of the settlement, which remains pending.

Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.

Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition.

In connection with securities lending transactions, BlackRock has agreed to indemnify certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. The amount of securities on loan as of March 31, ~~2021~~2022 and subject to this type of indemnification was ~~$292~~$287 billion. In the Company’s capacity as lending agent, cash and securities totaling ~~$312~~$307 billion were held as collateral for indemnified securities on loan at March 31, ~~2021.~~2022. The fair value of these indemnifications was not material at March 31, ~~2021.~~2022.

The table below presents detail of revenue for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees.

	Three Months Ended				Three Months Ended
	March 31,				March 31,
(in millions)	2021		2020		2022		2021
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	576	$	398	$	616	$	576
ETFs		1,068		879		1,158		1,068
Non-ETF Index		176		163		187		176
Equity subtotal		1,820		1,440		1,961		1,820
Fixed income:
Active		525		481		534		525
ETFs		295		259		289		295
Non-ETF Index		113		112		118		113
Fixed income subtotal		933		852		941		933
Multi-asset		328		293		359		328
Alternatives:
Illiquid alternatives		168		148		179		168
Liquid alternatives		147		112		167		147
Currency and commodities⁽¹⁾		53		32		56		53
Alternatives subtotal		368		292		402		368
Long-term		3,449		2,877		3,663		3,449
Cash management		143		178		170		143
Total investment advisory, administration fees and securities lending revenue		3,592		3,055		3,833		3,592
Investment advisory performance fees:
Equity		26		2		12		26
Fixed income		14		2		9		14
Multi-asset		8		1		5		8
Alternatives:
Illiquid alternatives		7		17		37		7
Liquid alternatives		74		19		35		74
Alternatives subtotal		81		36		72		81
Total performance fees		129		41		98		129
Technology services revenue		306		274		341		306
Distribution fees:
Retrocessions		238		169		279		238
12b-1 fees (US mutual fund distribution fees)		85		91		88		85
Other		17		16		14		17
Total distribution fees		340		276		381		340
Advisory and other revenue:
Advisory		15		17		16		15
Other		16		47		30		16
Total advisory and other revenue		31		64		46		31
Total revenue	$	4,398	$	3,710	$	4,699	$	4,398

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

	Three Months Ended				Three Months Ended
	March 31,				March 31,
(in millions)	2021		2020		2022		2021
By client type:
Retail	$	1,125	$	872	$	1,224	$	1,125
ETFs		1,417		1,170		1,501		1,417
Institutional:
Active		650		574		675		650
Index		257		261		263		257
Total institutional		907		835		938		907
Long-term		3,449		2,877		3,663		3,449
Cash management		143		178		170		143
Total	$	3,592	$	3,055	$	3,833	$	3,592

By investment style:
Active	$	1,739	$	1,427	$	1,851	$	1,739
Index and ETFs		1,710		1,450		1,812		1,710
Long-term		3,449		2,877		3,663		3,449
Cash management		143		178		170		143
Total	$	3,592	$	3,055	$	3,833	$	3,592

Investment advisory and administration fees – remaining performance obligation

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, ~~2021~~2022 and ~~2020:~~2021:

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, ~~2021~~2022 and ~~2020:~~2021:

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Beginning balance	$	584		$	483		$	1,508		$	584
Net increase (decrease) in unrealized allocations		166			62			223			166
Performance fee revenue recognized		(2	)		(10	)		(32	)		(2	)
Ending balance	$	748		$	535		$	1,699		$	748

The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, ~~2021~~2022 and ~~2020:~~2021:

In addition to amounts disclosed in the tables above, certain technology services contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of March 31, ~~2021,~~2022, the estimated fixed minimum fees for the remainder of the year approximated ~~$550~~$620 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

The table below presents changes in the technology services deferred revenue liability for the three months ended March 31, ~~2021~~2022 and ~~2020,~~2021, which is included in other liabilities on the condensed consolidated statements of financial condition:

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Beginning balance	$	123		$	116		$	122		$	123
Additions⁽¹⁾		18			30			22			18
Revenue recognized that was included in the beginning balance		(30	)		(32	)		(31	)		(30	)
Ending balance	$	111		$	114		$	113		$	111

Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, ~~2021~~2022 is summarized below.

Outstanding at	Restricted Stock and RSUs			Weighted- Average Grant Date Fair Value		Restricted Stock and RSUs			Weighted- Average Grant Date Fair Value
December 31, 2020		2,139,930		$	489.81
December 31, 2021							2,183,017		$	586.45
Granted		778,142		$	739.10		714,261		$	833.19
Converted		(698,057	)	$	508.18		(810,541	)	$	497.24
Forfeited		(14,368	)	$	546.89		(10,683	)	$	655.32
March 31, 2021		2,205,647		$	571.57
March 31, 2022							2,076,054		$	705.81

In January ~~2021,~~2022, the Company granted ~~470,253~~498,633 RSUs or shares of restricted stock to employees as part of ~~2020~~2021 annual incentive compensation that vest ratably over three years from the date of grant and ~~247,621~~197,817 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, ~~2024.~~2025. The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total fair market value of RSUs/restricted stock granted to employees during the three months ended March 31, ~~2021~~2022 was ~~$575~~$595 million.

At March 31, ~~2021,~~2022, the intrinsic value of outstanding RSUs was ~~$1.7~~$1.6 billion, reflecting a closing stock price of ~~$753.96.~~$764.17.

At March 31, ~~2021,~~2022, total unrecognized stock-based compensation expense related to unvested RSUs was ~~$836~~$906 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of ~~1.7~~1.6 years.

Performance-based RSU activity for the three months ended March 31, ~~2021~~2022 is summarized below.

Outstanding at	Performance- Based RSUs			Weighted- Average Grant Date Fair Value		Performance- Based RSUs			Weighted- Average Grant Date Fair Value
December 31, 2020		700,217		$	494.51
December 31, 2021							668,805		$	533.48
Granted		162,029		$	739.22		143,846		$	820.28
Additional shares granted due to attainment of performance measures		4,545		$	566.44		111,991		$	410.32
Converted		(193,872	)	$	566.44		(385,134	)	$	410.32
March 31, 2021		672,919		$	533.19
March 31, 2022							539,508		$	672.31

In January ~~2021,~~2022, the Company granted ~~162,029~~143,846 performance-based RSUs to certain employees that cliff vest 100% on January 31, ~~2024.~~2025. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January ~~2021,~~2022, the Company granted ~~4,545~~111,991 additional RSUs to certain employees based on the attainment of Company performance measures during the performance period.

The Company initially values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted to employees during the three months ended March 31, ~~2021~~2022 was ~~$122~~$164 million.

At March 31, ~~2021,~~2022, the intrinsic value of outstanding performance-based RSUs was ~~$507~~$412 million, reflecting a closing stock price of ~~$753.96.~~$764.17.

At March 31, ~~2021,~~2022, total unrecognized stock-based compensation expense related to unvested performance-based awards was ~~$244~~$240 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.7 years.

See Note 18, Stock-Based Compensation, in the ~~2020~~2021 Form 10-K for more information on performance-based RSUs.

Stock options outstanding at both March 31, ~~2021~~2022 and December 31, ~~2020~~2021 were ~~1,915,792~~1,817,923 with a weighted-average exercise price of $513.50.

Vesting of the performance-based stock options is contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. If both hurdles are achieved, the award will vest in 3 equal installments at the end of 2022, 2023 and 2024, respectively. Both hurdles were achieved as of March 31, 2022. Vested options are exercisable for up to nine years following the grant date. The ~~stock price hurdle was achieved in December of 2020.~~awards are generally forfeited if the employee leaves the Company before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

At March 31, ~~2021,~~2022, total unrecognized stock-based compensation expense related to unvested performance-based stock options was ~~$72~~$39 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of ~~2.7~~1.7 years. At March 31, ~~2021,~~2022, the weighted-average remaining life of the awards is approximately ~~5.7~~4.7 years.

See Note 18, Stock-Based Compensation, in the ~~2020~~2021 Form 10-K for more information on performance-based stock options.

The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

At March 31, ~~2021,~~2022, the Company was required to maintain approximately $2.3 billion in net capital in certain regulated subsidiaries, including ~~BTC~~BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company that is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the ~~United Kingdom,~~UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.

The following table presents changes in ~~accumulated other comprehensive income (loss)~~AOCI for the three months ended March 31, ~~2021~~2022 and ~~2020:~~2021:

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Beginning balance	$	(337	)	$	(571	)	$	(550	)	$	(337	)
Foreign currency translation adjustments⁽¹⁾		(74	)		(239	)		(125	)		(74	)
Ending balance	$	(411	)	$	(810	)	$	(675	)	$	(411	)

Share Repurchases. During the three months ended March 31, ~~2021,~~2022, the Company repurchased ~~0.4~~0.6 million common shares under the Company’s existing share repurchase program for approximately ~~$300~~$500 million. At March 31, ~~2021,~~2022, there were ~~4.6~~approximately 3 million shares still authorized to be repurchased under the program.

~~The~~Income tax expense for the three months ended March 31, ~~2021 and 2020 income tax expense (benefit) reflected $39~~2022 included $133 million ~~and $64 million, respectively,~~ of discrete tax ~~benefits, including~~ benefits related to stock-based compensation awards that ~~vest~~vested in the first quarter of ~~each year.~~

~~The~~2022 and the resolution of certain outstanding tax matters. In addition, income tax expense for the three months ended March 31, ~~2020~~2022 included $18 million of net noncash tax benefits related to the revaluation of certain deferred income tax liabilities.

Income tax expense for the three months ended March 31, 2021 included $39 million of discrete tax ~~benefit of $241 million recognized in connection with the charitable contribution of BlackRock’s remaining 20% stake in PennyMac Financial Services, Inc. (the “Charitable Contribution”).~~benefits related to stock-based compensation awards.

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 under the treasury stock method:

	Three Months Ended				Three Months Ended
	March 31,				March 31,
(in millions, except shares and per share data)	2021		2020		2022		2021
Net income attributable to BlackRock, Inc.	$	1,199	$	806	$	1,436	$	1,199
Basic weighted-average shares outstanding		152,567,453		155,243,279		151,732,845		152,567,453
Dilutive effect of:
Nonparticipating RSUs		1,284,020		1,173,447		1,229,694		1,284,020
Stock options		450,339		—		567,856	$	450,339
Total diluted weighted-average shares outstanding		154,301,812		156,416,726		153,530,395		154,301,812
Basic earnings per share	$	7.86	$	5.19	$	9.46	$	7.86
Diluted earnings per share	$	7.77	$	5.15	$	9.35	$	7.77

~~The amount of anti-dilutive RSUs was immaterial for the three months ended March 31, 2021.~~ For the three months ended March 31, ~~2020, 603,639~~2022, 443,223 RSUs were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. The amount of anti-dilutive RSUs was immaterial for the three months ended March 31, 2021. Certain performance-based RSUs were excluded from the diluted EPS calculation because the designated contingency was not met for the three months ended March 31, 2022 and 2021, ~~and 2020,~~ respectively. ~~In addition, performance-based stock options were excluded from the diluted EPS calculation for the three months ended March 31, 2020 because the designated contingency was not met.~~

The Company’s management directs BlackRock’s operations as 1 business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment.

The following table illustrates total revenue for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides or affiliated services are provided.

	Three Months Ended				Three Months Ended
(in millions)	March 31,				March 31,
Revenue	2021		2020		2022		2021
Americas	$	2,810	$	2,480	$	3,089	$	2,810
Europe		1,387		1,067		1,396		1,387
Asia-Pacific		201		163		214		201
Total revenue	$	4,398	$	3,710	$	4,699	$	4,398

See Note 16, Revenue, for further information on the Company’s sources of revenue.

The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, ~~2021~~2022 and December 31, ~~2020~~2021 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

(in millions)	March 31,		December 31,		March 31,		December 31,
Long-lived Assets	2021		2020		2022		2021
Americas	$	14,572	$	13,784	$	14,770	$	14,675
Europe		1,353		1,360		1,334		1,341
Asia-Pacific		94		88		96		97
Total long-lived assets	$	16,019	$	15,232	$	16,200	$	16,113

Americas is primarily comprised of the United States, Latin America and Canada, while Europe is primarily comprised of the United Kingdom, the Netherlands, Switzerland, France, Ireland and Luxembourg. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore.

In April 2022, the Company announced a minority investment and strategic partnership with Circle Internet Financial (“Circle”), a global internet payments and treasury infrastructure firm. Circle is the issuer of USD Coin (USDC), a dollar-based, fully reserved stablecoin. The investment is expected to close in the second quarter of 2022, subject to customary closing conditions, and is not material to the Company’s condensed consolidated financial statements.

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This report, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission ~~(“SEC”)~~ reports. These risk factors and those identified elsewhere in this report, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) a pandemic or health crisis, including the COVID-19 pandemic, and its continued impact on financial institutions, the global economy or capital markets, as well as BlackRock’s products, clients, vendors and employees, and BlackRock’s results of operations, the full extent of which may be unknown; (2) the introduction, withdrawal, success and timing of business initiatives and strategies; (3) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management (“AUM”); (4) the relative and absolute investment performance of BlackRock’s investment products; (5) BlackRock’s ability to develop new products and services that address client preferences; (6) the impact of increased competition; (7) the impact of future acquisitions or divestitures; (8) BlackRock’s ability to integrate acquired businesses successfully; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and ~~cyber security~~cybersecurity protection; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) geopolitical unrest, terrorist activities, civil ~~unrest,~~or international hostilities, including the military conflict between Russia and Ukraine, and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (18) climate change-related risks to BlackRock's business, products, operations and clients; (19) the ability to attract and retain highly talented professionals; ~~(19)~~(20) fluctuations in the carrying value of BlackRock’s economic investments; ~~(20)~~(21) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products or transactions, which could affect the value proposition to clients and, generally, the tax position of the Company; ~~(21)~~(22) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; ~~(22)~~(23) the failure by a key ~~vendor~~third-party providers of BlackRock to fulfill ~~its~~their obligations to the Company; ~~(23)~~(24) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; ~~(24)~~(25) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds (“ETF”) platform; ~~(25)~~(26) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and ~~(26)~~(27) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with ~~$9.01~~$9.6 trillion of AUM at March 31, ~~2021.~~2022. With approximately ~~16,700~~18,700 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment management and technology services to institutional and retail clients worldwide.

BlackRock’s diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, ETFs, separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin,^®, Aladdin Wealth, eFront, ~~Cachematrix~~ and ~~FutureAdvisor,~~Cachematrix, as well as advisory services and solutions to a broad base of institutional and wealth management clients.

BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.

BlackRock maintains a significant global sales and marketing presence that is focused on establishing and maintaining retail and institutional investment management and technology service relationships by marketing its services to investors directly and through third-party distribution relationships, including financial professionals and pension consultants.

Certain prior period presentations and disclosures, while not required to be recast, were reclassified to ensure comparability with current period classifications.

~~The COVID-19 pandemic~~BlackRock continues to result in governmental authorities taking measures to contain the spread and impact of COVID-19, such as travel bans and restrictions, quarantines, shelter in place orders, and limitations on business activity in certain jurisdictions, including closures. These measures may continue to, among other things, severely restrict global economic activity, which can disrupt supply chains, lower asset valuations, significantly increase unemployment and underemployment levels, decrease liquidity in markets for certain securities and cause significant volatility and disruption in the financial markets.

Towards the end of the first quarter of 2020 the pandemic began to impact BlackRock’s business. While global markets have significantly recovered since then, the effects of the pandemic are ongoing, and such impact may continue in future quarters if conditions persist or worsen. BlackRock is actively ~~monitoring~~monitor COVID-19 developments and their potential impact on the Company’s employees, business and operations, particularly in jurisdictions where BlackRock has significant employee populations and/or business activity.

The aggregate extent to which COVID-19, including existing and ~~the~~new variants and its continued related impact on the global economy, ~~affect~~affects BlackRock’s business, results of operations and financial condition, will depend on future developments that are highly uncertain and cannot be predicted, including the scope and further duration of the pandemic and ~~any~~ recovery period, the ~~shifting epicenter,~~emergence and ~~emergence~~spread of ~~new~~additional variants of the COVID-19 virus, the continuing prevalence of severe, unconstrained and/or escalating rates of infection in certain countries and regions, and the availability, adoption and ~~the~~ efficacy of treatments and vaccines and future actions taken by governmental authorities, central banks, and other third parties ~~(including new financial regulation and other regulatory reform)~~ in response to the ~~pandemic, and the effects on BlackRock’s products, clients, vendors and employees.~~pandemic. See Part ~~II,~~I, Item 1A - Risk Factors, of ~~this filing~~the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on February 25, 2022 (“2021 Form 10-K”), for further information on the possible future impact of the COVID-19 pandemic on BlackRock’s business, results of operations and financial condition.

On December 31, 2020, the United Kingdom (“UK”) and the European Union (“EU”) reverted to being distinct regulatory, legal and customs territories. The UK and the EU concluded a free trade agreement, known as the “EU-UK Trade and Cooperation Agreement”. The agreement does not include any substantive provisions governing cross-border trade in financial services between the UK and the EU. The UK and the EU have also concluded a memorandum of understanding governing aspects of the relationship between the jurisdictions' regulators with respect to financial services, but this has not yet been ratified or published. As a result, since January 1, 2021, cross-border financial services trade between the UK and the EU has been governed by their respective financial services regulations and market access regimes. BlackRock has implemented a number of steps to prepare for this outcome. These steps, which are and have been time consuming and costly and may add complexity to BlackRock’s future European operations, include effecting organizational, governance and operational changes, applying for and receiving additional licenses and permissions in the EU, and engaging in client communications. In addition, depending on how the future relationship between the UK and the EU develops, BlackRock may experience further organizational and operational challenges and incur additional costs in connection with its European operations, particularly with regard to delegation and outsourcing, which may impede the Company’s growth or impact its financial performance.

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions, except shares and per share data)	2021			2020			2022			2021
GAAP basis:
Total revenue	$	4,398		$	3,710		$	4,699		$	4,398
Total expense		2,853			3,026			2,935			2,853
Operating income	$	1,545		$	684		$	1,764		$	1,545
Operating margin		35.1	%		18.4	%		37.5	%		35.1	%
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests		(28	)		108			(65	)		(28	)
Income tax benefit (expense)		(318	)		14
Income tax expense								263			318
Net income attributable to BlackRock	$	1,199		$	806		$	1,436		$	1,199
Diluted earnings per common share	$	7.77		$	5.15		$	9.35		$	7.77
Effective tax rate		20.9	%		(1.7	)%		15.5	%		20.9	%
As adjusted⁽¹⁾:
Operating income	$	1,545		$	1,273		$	1,822		$	1,599
Operating margin		44.4	%		41.7	%		44.2	%		45.8	%
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests	$	(28	)	$	(14	)	$	(65	)	$	(28	)
Net income attributable to BlackRock	$	1,199		$	1,032		$	1,462		$	1,240
Diluted earnings per common share	$	7.77		$	6.60		$	9.52		$	8.04
Effective tax rate		20.9	%		18.0	%		16.8	%		20.9	%
Other:
AUM (end of period)	$	9,007,411		$	6,466,668
Assets under management (end of period)							$	9,569,513		$	9,007,411
Diluted weighted-average common shares outstanding⁽²⁾		154,301,812			156,416,726			153,530,395			154,301,812
Shares outstanding (end of period)		152,635,930			155,085,806			151,725,643			152,635,930
Book value per share⁽³⁾⁽²⁾	$	231.79		$	212.87		$	247.08		$	231.79
Cash dividends declared and paid per share	$	4.13		$	3.63		$	4.88		$	4.13

THREE MONTHS ENDED MARCH 31, ~~2021~~2022 COMPARED WITH THREE MONTHS ENDED MARCH 31, ~~2020~~2021

GAAP. Operating income of ~~$1,545~~$1,764 million increased ~~$861~~$219 million and operating margin of ~~35.1%~~37.5% increased ~~1,670~~240 bps from the first quarter of ~~2020.~~2021. Increases in operating income and operating margin reflected the impact of $589 million related to the previously reported charitable contribution of BlackRock’s remaining 20% stake in PennyMac Financial Services, Inc. (the “Charitable Contribution”) in the first quarter of 2020. strong organic growth and higher technology services revenue, partially offset by lower performance fees and higher expense, primarily driven by higher employee compensation and benefits expense.Operating income and operating margin also reflected higher investment advisory and administration fees, performance fees and technology services revenue, partially offset by higher employee compensation and benefits expense and higher product launch costs in 2021, including the impact of $178 million ~~associated with~~of product launch costs in the ~~March 2021 close~~first quarter of ~~the $4.9 billion BlackRock Innovation and Growth Trust.~~2021.

Nonoperating income (expense) less net income (loss) attributable to noncontrolling interests (“NCI”) decreased ~~$136~~$37 million from the first quarter of 2020, reflecting the impact of a pre-tax gain of approximately $240 million in connection with a recapitalization of iCapital Network, Inc. (“iCapital”) and $122 million pre-tax gain related to the Charitable Contribution in the first quarter of 2020. Nonoperating income (expense) less net income (loss) attributable to NCI also included higher2021, driven primarily by mark-to-market ~~gains~~losses on the Company’s ~~co-investment portfolio, largely offset by the revaluation of certain minority investments in the first quarter of 2021.~~un-hedged seed capital investments.

First quarter ~~2021 and 2020~~2022 income tax expense ~~(benefit) reflected $39~~included $133 million ~~and $64 million, respectively,~~ of discrete tax ~~benefits, including~~ benefits related to stock-based compensation awards that ~~vest~~vested in the first quarter and the resolution of ~~each year. Income~~certain outstanding tax ~~benefit for the~~matters. First quarter 2021 income tax expense included $39 million of discrete tax benefits related to stock-based compensation awards. In addition, first quarter 2022 income tax expense included $18 million of ~~2020 included a discrete~~net noncash tax ~~benefit~~benefits related to the revaluation of ~~$241 million recognized in connection with the Charitable Contribution. See~~ ~~Income Tax Expense~~ ~~within~~ ~~Discussion of Financial Results~~ ~~for more information.~~certain deferred income tax liabilities.

Earnings per diluted common share increased ~~$2.62,~~$1.58, or ~~51%~~20%, from the first quarter of ~~2020,~~2021, primarily reflecting ~~the impact of the Charitable Contribution incurred in the first quarter of 2020. The increase in earnings per diluted common share also included~~ higher ~~revenue and~~operating income, a lower ~~diluted share count, partially offset by higher product launch costs, lower nonoperating income, and a higher~~ effective tax rate ~~in the current quarter~~.

~~As Adjusted.~~ Operating income of $1,545 million increased $272 million and operating margin of 44.4% increased 270 bps from the first quarter of 2020. Earnings per diluted common share increased $1.17, or 18%, from the first quarter of 2020,~~primarily due to higher operating income~~ and a lower diluted share count, partially offset by lower nonoperating income ~~and a higher effective tax rate~~ in the current quarter. The increase in earnings per diluted common share also included the impact of $178 million of product launch costs incurred in the first quarter of 2021.

As Adjusted. Operating income of $1,822 million increased $223 million and operating margin of 44.2% decreased 160 bps from the first quarter of 2021. The ~~financial~~ impact ~~related to the Charitable Contribution~~of product launch costs has been excluded from as adjusted ~~results~~operating margin for the first quarter of ~~2020.~~2021.

Earnings per diluted common share increased $1.48, or 18%, from the first quarter of 2021, primarily due to higher operating income, a lower effective tax rate, and a lower diluted share count, partially offset by lower nonoperating income, in the current quarter. Income tax expense, as adjusted, for the first quarter of 2022 excluded $18 million of net noncash tax benefits described above.

See Non-GAAP Financial Measures for further information on as adjusted items and the reconciliation to accounting principles generally accepted in the United States (“GAAP”). Beginning in the first quarter of 2022, BlackRock updated the definitions of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include new adjustments. Such measures have been recast for 2021 to reflect the inclusion of such new adjustments. For further information, refer to the Current Report on Form 8-K furnished on April 13, 2022.

For further discussion of BlackRock’s revenue, expense, nonoperating results and income tax expense, see Discussion of Financial Results herein.

BlackRock reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance ~~the~~ comparability ~~of this information~~ for the reporting periods presented. Non-GAAP measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP measures may not be comparable to other similarly titled measures of other companies.

Management uses both GAAP and non-GAAP financial measures in evaluating BlackRock’s financial performance. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

Beginning in the first quarter of 2022, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization of intangible assets, other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions. Such measures have been recast for 2021 to reflect the inclusion of such new adjustments. For further information, refer to the Current Report on Form 8-K furnished on April 13, 2022.

Computations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as ~~adjusted:~~ adjusted:

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Operating income, GAAP basis	$	1,545		$	684		$	1,764		$	1,545
Non-GAAP expense adjustment:
Charitable Contribution		—			589
Non-GAAP expense adjustments:
Amortization of intangible assets								38		34
Acquisition-related compensation costs								7		17
Contingent consideration fair value adjustments								1		3
Lease cost - Hudson Yards								12			—
Operating income, as adjusted		1,545			1,273			1,822			1,599
Product launch costs and commissions		185			87			—			185
Operating income used for operating margin measurement	$	1,730		$	1,360		$	1,822		$	1,784
Revenue, GAAP basis	$	4,398		$	3,710		$	4,699		$	4,398
Non-GAAP adjustments:
Distribution fees		(340	)		(276	)		(381	)		(340	)
Investment advisory fees		(165	)		(169	)		(193	)		(165	)
Revenue used for operating margin measurement	$	3,893		$	3,265		$	4,125		$	3,893
Operating margin, GAAP basis		35.1	%		18.4	%		37.5	%		35.1	%
Operating margin, as adjusted		44.4	%		41.7	%		44.2	%		45.8	%

Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors.Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance, ~~and~~ to determine the long-term and annual compensation of the Company’s senior-level ~~employees. Furthermore, this metric is used~~employees and to evaluate the Company’s relative performance against industry ~~peers, as it~~peers. Furthermore, this metric eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.

(2) ~~Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted~~:

Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure, for both management and investors, of BlackRock’s nonoperating results, which ultimately impact BlackRock’s book value. During the three months ended March 31, 2020, the noncash, nonoperating pre-tax gain of $122 million related to the Charitable Contribution has been excluded from nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, due to its nonrecurring nature.

Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for significant nonrecurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

See ~~aforementioned discussion~~note (1) above regarding operating income, as adjusted, and operating margin, ~~as adjusted, and nonoperating income (expense), less net income (loss) attributable to NCI,~~ as adjusted, for information on the ~~Charitable Contribution.~~

~~The three months ended March 31, 2020 included a discrete tax benefit~~updated presentation of ~~$241 million recognized~~non-GAAP expense adjustments related to amortization of intangible assets, other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with ~~the Charitable Contribution. The discrete tax benefit has been excluded from~~certain acquisitions, as ~~adjusted results due to the non-recurring nature of the Charitable Contribution.~~well as previously reported Lease cost – Hudson Yards.

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted divided by diluted weighted-average common shares outstanding.

~~(4)~~ Nonvoting participating preferred stock is considered to be a common stock equivalent for purposes of determining basic and diluted earnings per share calculations. At March 31, 2021, there were no shares of preferred stock outstanding.

AUM for reporting purposes generally is based upon how investment advisory and administration fees are calculated for each portfolio. Net asset values, total assets, committed assets or other measures may be used to determine portfolio AUM.

AUM and Net Inflows (Outflows) by Client Type and Product Type	AUM and Net Inflows (Outflows) by Client Type and Product Type											AUM and Net Inflows (Outflows) by Client Type and Product Type
	AUM						Net inflows (outflows)					AUM						Net inflows (outflows)
	March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,		March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,
(in millions)	2021		2020		2020		2021			2021		2022		2021		2021		2022			2022
Retail	$	934,177	$	845,917	$	608,824	$	36,511		$	107,593	$	989,123	$	1,040,053	$	934,177	$	10,164		$	75,745
ETFs		2,813,524		2,669,007		1,852,190		68,490			239,545		3,150,496		3,267,354		2,813,524		56,207			293,253
Institutional:
Active		1,524,430		1,524,462		1,230,092		16,533			50,020		1,676,167		1,756,717		1,524,430		16,398			168,932
Index		3,009,150		2,948,683		2,178,499		11,106			11,491		3,019,763		3,181,652		3,009,150		30,975			(97,957	)
Institutional subtotal		4,533,580		4,473,145		3,408,591		27,639			61,511		4,695,930		4,938,369		4,533,580		47,373			70,975
Long-term		8,281,281		7,988,069		5,869,605		132,640			408,649		8,835,549		9,245,776		8,281,281		113,744			439,973
Cash management		703,916		666,252		594,089		39,190			100,098		724,939		755,057		703,916		(27,095	)		27,759
Advisory⁽¹⁾		22,214		22,359		2,974		(187	)		18,748		9,025		9,310		22,214		(285	)		(13,356	)
Total	$	9,007,411	$	8,676,680	$	6,466,668	$	171,643		$	527,495	$	9,569,513	$	10,010,143	$	9,007,411	$	86,364		$	454,376

AUM and Net Inflows (Outflows) by Investment Style and Product Type	AUM and Net Inflows (Outflows) by Investment Style and Product Type											AUM and Net Inflows (Outflows) by Investment Style and Product Type
	AUM						Net inflows (outflows)					AUM						Net inflows (outflows)
	March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,		March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,
(in millions)	2021		2020		2020		2021			2021		2022		2021		2021		2022			2022
Active	$	2,297,642	$	2,250,887	$	1,758,548	$	58,954		$	155,638	$	2,479,139	$	2,606,325	$	2,297,642	$	20,040		$	227,822
Index and ETFs		5,983,639		5,737,182		4,111,057		73,686			253,011		6,356,410		6,639,451		5,983,639		93,704			212,151
Long-term		8,281,281		7,988,069		5,869,605		132,640			408,649		8,835,549		9,245,776		8,281,281		113,744			439,973
Cash management		703,916		666,252		594,089		39,190			100,098		724,939		755,057		703,916		(27,095	)		27,759
Advisory⁽¹⁾		22,214		22,359		2,974		(187	)		18,748		9,025		9,310		22,214		(285	)		(13,356	)
Total	$	9,007,411	$	8,676,680	$	6,466,668	$	171,643		$	527,495	$	9,569,513	$	10,010,143	$	9,007,411	$	86,364		$	454,376

AUM and Net Inflows (Outflows) by Product Type	AUM and Net Inflows (Outflows) by Product Type											AUM and Net Inflows (Outflows) by Product Type
	AUM						Net inflows (outflows)					AUM						Net inflows (outflows)
	March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,		March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,
(in millions)	2021		2020		2020		2021			2021		2022		2021		2021		2022			2022
Equity	$	4,745,781	$	4,419,806	$	2,959,662	$	49,861		$	95,693	$	5,119,044	$	5,342,360	$	4,745,781	$	76,024		$	127,844
Fixed income		2,620,460		2,674,488		2,235,815		60,839			254,173		2,645,871		2,822,041		2,620,460		7,522			177,020
Multi-asset		677,372		658,733		494,177		13,753			22,576		785,181		816,494		677,372		17,672			101,751
Alternatives:
Illiquid alternatives		92,207		85,770		75,101		6,225			14,541		109,141		102,579		92,207		3,873			13,769
Liquid alternatives		76,266		73,218		58,127		2,354			7,339		87,326		87,348		76,266		1,908			10,880
Currency and commodities⁽²⁾		69,195		76,054		46,723		(392	)		14,327		88,986		74,954		69,195		6,745			8,709
Alternatives subtotal		237,668		235,042		179,951		8,187			36,207		285,453		264,881		237,668		12,526			33,358
Long-term		8,281,281		7,988,069		5,869,605		132,640			408,649		8,835,549		9,245,776		8,281,281		113,744			439,973
Cash management		703,916		666,252		594,089		39,190			100,098		724,939		755,057		703,916		(27,095	)		27,759
Advisory⁽¹⁾		22,214		22,359		2,974		(187	)		18,748		9,025		9,310		22,214		(285	)		(13,356	)
Total	$	9,007,411	$	8,676,680	$	6,466,668	$	171,643		$	527,495	$	9,569,513	$	10,010,143	$	9,007,411	$	86,364		$	454,376

The following table presents the component changes in AUM by client type and product type for the three months ended March 31, ~~2021.~~2022.

	December 31,		Net inflows					Market			FX			March 31,		Average		December 31,		Net inflows			Market			FX			March 31,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2021		(outflows)			change			impact⁽¹⁾			2022		AUM⁽²⁾
Retail:
Equity	$	338,434	$	14,334		$	41,324	$	14,643		$	(1,020	)	$	407,715	$	373,077	$	471,937	$	6,202		$	(29,379	)	$	(2,717	)	$	446,043	$	448,767
Fixed income		340,468		14,797			—		(3,780	)		(1,845	)		349,640		345,893		365,306		(1,896	)		(18,752	)		(946	)		343,712		353,889
Multi-asset		132,624		3,995			—		2,677			(181	)		139,115		135,402		155,461		2,978			(8,685	)		(274	)		149,480		151,053
Alternatives		34,391		3,385			—		39			(108	)		37,707		35,979		47,349		2,880			(196	)		(145	)		49,888		48,585
Retail subtotal		845,917		36,511			41,324		13,579			(3,154	)		934,177		890,351		1,040,053		10,164			(57,012	)		(4,082	)		989,123		1,002,294
ETFs:
Equity		1,905,101		66,422			—		111,882			(5,587	)		2,077,818		1,974,558		2,447,248		41,170			(135,834	)		(2,163	)		2,350,421		2,356,531
Fixed income		690,033		1,605			—		(20,971	)		(2,838	)		667,829		680,376		745,373		8,150			(39,128	)		(1,628	)		712,767		723,773
Multi-asset		6,268		567			—		109			14			6,958		6,539		9,119		69			(491	)		19			8,716		8,747
Alternatives		67,605		(104	)		—		(6,530	)		(52	)		60,919		66,169		65,614		6,818			6,173			(13	)		78,592		70,614
ETFs subtotal		2,669,007		68,490			—		84,490			(8,463	)		2,813,524		2,727,642		3,267,354		56,207			(169,280	)		(3,785	)		3,150,496		3,159,665
Institutional:
Active:
Equity		169,522		467			—		7,088			(996	)		176,081		171,927		199,980		1,831			(11,743	)		(1,246	)		188,822		191,121
Fixed income		716,269		2,264			—		(22,394	)		(3,665	)		692,474		704,175		767,402		(2,893	)		(43,230	)		(3,054	)		718,225		743,349
Multi-asset		511,242		8,483			—		6,646			(4,151	)		522,220		514,123		642,951		14,131			(35,697	)		(3,542	)		617,843		625,565
Alternatives		127,429		5,319			—		1,416			(509	)		133,655		129,964		146,384		3,329			2,091			(527	)		151,277		149,754
Active subtotal		1,524,462		16,533			—		(7,244	)		(9,321	)		1,524,430		1,520,189		1,756,717		16,398			(88,579	)		(8,369	)		1,676,167		1,709,789
Index:
Equity		2,006,749		(31,362	)		—		120,531			(11,751	)		2,084,167		2,026,675		2,223,195		26,821			(101,545	)		(14,713	)		2,133,758		2,127,884
Fixed income		927,718		42,173			—		(46,816	)		(12,558	)		910,517		916,050		943,960		4,161			(57,212	)		(19,742	)		871,167		911,671
Multi-asset		8,599		708			—		(1	)		(227	)		9,079		8,603		8,963		494			(198	)		(117	)		9,142		8,726
Alternatives		5,617		(413	)		—		234			(51	)		5,387		5,510		5,534		(501	)		756			(93	)		5,696		5,517
Index subtotal		2,948,683		11,106			—		73,948			(24,587	)		3,009,150		2,956,838		3,181,652		30,975			(158,199	)		(34,665	)		3,019,763		3,053,798
Institutional subtotal		4,473,145		27,639			—		66,704			(33,908	)		4,533,580		4,477,027		4,938,369		47,373			(246,778	)		(43,034	)		4,695,930		4,763,587
Long-term		7,988,069		132,640			41,324		164,773			(45,525	)		8,281,281		8,095,020		9,245,776		113,744			(473,070	)		(50,901	)		8,835,549		8,925,546
Cash management		666,252		39,190			—		(127	)		(1,399	)		703,916		664,958		755,057		(27,095	)		(628	)		(2,395	)		724,939		734,531
Advisory⁽⁴⁾⁽³⁾		22,359		(187	)		—		35			7			22,214		22,373		9,310		(285	)		-			-			9,025		9,125
Total	$	8,676,680	$	171,643		$	41,324	$	164,681		$	(46,917	)	$	9,007,411	$	8,782,351	$	10,010,143	$	86,364		$	(473,698	)	$	(53,296	)	$	9,569,513	$	9,669,202

The following table presents the component changes in AUM by investment style and product type for the three months ended March 31, ~~2021.~~2022.

	December 31,		Net inflows					Market			FX			March 31,		Average		December 31,		Net inflows			Market			FX			March 31,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2021		(outflows)			change			impact⁽¹⁾			2022		AUM⁽²⁾
Active:
Equity	$	410,189	$	21,020		$	—	$	14,593		$	(2,022	)	$	443,780	$	425,842	$	507,103	$	1,999		$	(33,529	)	$	(2,724	)	$	472,849	$	479,629
Fixed income		1,035,015		16,752			—		(25,059	)		(5,540	)		1,021,168		1,028,651		1,107,085		(5,277	)		(60,478	)		(3,517	)		1,037,813		1,072,960
Multi-asset		643,864		12,478			—		9,323			(4,332	)		661,333		649,520		798,404		17,109			(44,381	)		(3,817	)		767,315		776,610
Alternatives		161,819		8,704			—		1,455			(617	)		171,361		165,943		193,733		6,209			1,892			(672	)		201,162		198,338
Active subtotal		2,250,887		58,954			—		312			(12,511	)		2,297,642		2,269,956		2,606,325		20,040			(136,496	)		(10,730	)		2,479,139		2,527,537
Index and ETFs:
ETFs:
Equity		1,905,101		66,422			—		111,882			(5,587	)		2,077,818		1,974,558		2,447,248		41,170			(135,834	)		(2,163	)		2,350,421		2,356,531
Fixed income		690,033		1,605			—		(20,971	)		(2,838	)		667,829		680,376		745,373		8,150			(39,128	)		(1,628	)		712,767		723,773
Multi-asset		6,268		567			—		109			14			6,958		6,539		9,119		69			(491	)		19			8,716		8,747
Alternatives		67,605		(104	)		—		(6,530	)		(52	)		60,919		66,169		65,614		6,818			6,173			(13	)		78,592		70,614
ETFs subtotal		2,669,007		68,490			—		84,490			(8,463	)		2,813,524		2,727,642		3,267,354		56,207			(169,280	)		(3,785	)		3,150,496		3,159,665
Non-ETF Index:
Equity		2,104,516		(37,581	)		41,324		127,669			(11,745	)		2,224,183		2,145,837		2,388,009		32,855			(109,138	)		(15,952	)		2,295,774		2,288,143
Fixed income		949,440		42,482			—		(47,931	)		(12,528	)		931,463		937,467		969,583		4,649			(58,716	)		(20,225	)		895,291		935,949
Multi-asset		8,601		708			—		(1	)		(227	)		9,081		8,608		8,971		494			(199	)		(116	)		9,150		8,734
Alternatives		5,618		(413	)		—		234			(51	)		5,388		5,510		5,534		(501	)		759			(93	)		5,699		5,518
Non-ETF Index subtotal		3,068,175		5,196			41,324		79,971			(24,551	)		3,170,115		3,097,422		3,372,097		37,497			(167,294	)		(36,386	)		3,205,914		3,238,344
Index & ETFs subtotal		5,737,182		73,686			41,324		164,461			(33,014	)		5,983,639		5,825,064		6,639,451		93,704			(336,574	)		(40,171	)		6,356,410		6,398,009
Long-term		7,988,069		132,640			41,324		164,773			(45,525	)		8,281,281		8,095,020		9,245,776		113,744			(473,070	)		(50,901	)		8,835,549		8,925,546
Cash management		666,252		39,190			—		(127	)		(1,399	)		703,916		664,958		755,057		(27,095	)		(628	)		(2,395	)		724,939		734,531
Advisory⁽⁴⁾⁽³⁾		22,359		(187	)		—		35			7			22,214		22,373		9,310		(285	)		-			-			9,025		9,125
Total	$	8,676,680	$	171,643		$	41,324	$	164,681		$	(46,917	)	$	9,007,411	$	8,782,351	$	10,010,143	$	86,364		$	(473,698	)	$	(53,296	)	$	9,569,513	$	9,669,202

The following table presents the component changes in AUM by product type for the three months ended March 31, ~~2021.~~2022.

	December 31,		Net inflows					Market			FX			March 31,		Average		December 31,		Net inflows			Market			FX			March 31,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2021		(outflows)			change			impact⁽¹⁾			2022		AUM⁽²⁾
Equity	$	4,419,806	$	49,861		$	41,324	$	254,144		$	(19,354	)	$	4,745,781	$	4,546,237	$	5,342,360	$	76,024		$	(278,501	)	$	(20,839	)	$	5,119,044	$	5,124,303
Fixed income		2,674,488		60,839			—		(93,961	)		(20,906	)		2,620,460		2,646,494		2,822,041		7,522			(158,322	)		(25,370	)		2,645,871		2,732,682
Multi-asset		658,733		13,753			—		9,431			(4,545	)		677,372		664,667		816,494		17,672			(45,071	)		(3,914	)		785,181		794,091
Alternatives:
Illiquid alternatives		85,770		6,225			—		601			(389	)		92,207		88,042		102,579		3,873			3,208			(519	)		109,141		106,925
Liquid alternatives		73,218		2,354			—		791			(97	)		76,266		74,975		87,348		1,908			(1,859	)		(71	)		87,326		87,196
Currency and commodities⁽⁵⁾⁽⁴⁾		76,054		(392	)		—		(6,233	)		(234	)		69,195		74,605		74,954		6,745			7,475			(188	)		88,986		80,349
Alternatives subtotal		235,042		8,187			—		(4,841	)		(720	)		237,668		237,622		264,881		12,526			8,824			(778	)		285,453		274,470
Long-term		7,988,069		132,640			41,324		164,773			(45,525	)		8,281,281		8,095,020		9,245,776		113,744			(473,070	)		(50,901	)		8,835,549		8,925,546
Cash management		666,252		39,190			—		(127	)		(1,399	)		703,916		664,958		755,057		(27,095	)		(628	)		(2,395	)		724,939		734,531
Advisory⁽⁴⁾⁽³⁾		22,359		(187	)		—		35			7			22,214		22,373		9,310		(285	)		-			-			9,025		9,125
Total	$	8,676,680	$	171,643		$	41,324	$	164,681		$	(46,917	)	$	9,007,411	$	8,782,351	$	10,010,143	$	86,364		$	(473,698	)	$	(53,296	)	$	9,569,513	$	9,669,202

AUM ~~increased $330.7~~decreased $441 billion to ~~$9.01~~$9.57 trillion at March 31, ~~2021,~~ 2022, driven by ~~positive net inflows,~~ net market ~~appreciation~~depreciation and ~~AUM acquired in the Aperio Transaction, partially offset by~~ the negative impact of foreign exchange ~~movements.~~movements, partially offset by positive net inflows.

Long-term net inflows of ~~$132.6~~$114 billion ~~included $68.5 billion, $36.5 billion and $27.6 billion~~were comprised of net inflows of $56 billion, $47 billion and $10 billion into ETFs, ~~retail~~institutional and ~~institutional products,~~retail, respectively. Net flows in long-term products are described below.

Cash management AUM ~~increased~~decreased to ~~$703.9~~$725 billion, ~~driven by~~ due to net ~~inflows~~outflows of ~~$39.2 billion.~~$27 billion from offshore prime and US government money market funds.

Net market ~~appreciation~~depreciation of ~~$164.7~~$474 billion was primarily driven by global equity ~~market appreciation, partially offset by~~and fixed income market ~~declines.~~depreciation.

AUM decreased ~~$46.9~~$53 billion due to the negative impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the ~~Euro~~British pound, the Japanese yen and the ~~Japanese yen.~~Euro.

The following table presents the component changes in AUM by client type and product type for the twelve months ended March 31, ~~2021.~~2022.

	March 31,		Net inflows					Market			FX			March 31,		Average		March 31,		Net inflows			Market			FX			March 31,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2021		(outflows)			change			impact⁽¹⁾			2022		AUM⁽²⁾
Retail:
Equity	$	204,742	$	44,571		$	41,324	$	110,169		$	6,909		$	407,715	$	296,733	$	407,715	$	33,928		$	10,287		$	(5,887	)	$	446,043	$	446,567
Fixed income		278,057		45,994			—		20,643			4,946			349,640		318,547		349,640		18,177			(21,686	)		(2,419	)		343,712		357,330
Multi-asset		101,032		7,073			—		30,113			897			139,115		121,220		139,115		11,562			(568	)		(629	)		149,480		149,461
Alternatives		24,993		9,955			—		2,331			428			37,707		31,213		37,707		12,078			409			(306	)		49,888		44,551
Retail subtotal		608,824		107,593			41,324		163,256			13,180			934,177		767,713		934,177		75,745			(11,558	)		(9,241	)		989,123		997,909
ETFs:
Equity		1,253,690		132,281			—		679,068			12,779			2,077,818		1,658,862		2,077,818		197,603			83,560			(8,560	)		2,350,421		2,288,811
Fixed income		554,009		92,136			—		13,449			8,235			667,829		649,739		667,829		85,404			(36,053	)		(4,413	)		712,767		710,392
Multi-asset		4,499		1,189			—		1,190			80			6,958		5,622		6,958		1,769			(13	)		2			8,716		8,120
Alternatives		39,992		13,939			—		6,831			157			60,919		60,194		60,919		8,477			9,228			(32	)		78,592		67,029
ETFs subtotal		1,852,190		239,545			—		700,538			21,251			2,813,524		2,374,417		2,813,524		293,253			56,722			(13,003	)		3,150,496		3,074,352
Institutional:
Active:
Equity		112,440		1,334			—		58,411			3,896			176,081		149,489		176,081		7,468			8,021			(2,748	)		188,822		186,121
Fixed income		625,345		22,770			—		33,391			10,968			692,474		682,312		692,474		59,043			(26,264	)		(7,028	)		718,225		726,296
Multi-asset		381,416		13,928			—		112,304			14,572			522,220		462,609		522,220		88,628			17,578			(10,583	)		617,843		598,147
Alternatives		110,891		11,988			—		7,556			3,220			133,655		120,861		133,655		13,793			5,162			(1,333	)		151,277		142,739
Active subtotal		1,230,092		50,020			—		211,662			32,656			1,524,430		1,415,271		1,524,430		168,932			4,497			(21,692	)		1,676,167		1,653,303
Index:
Equity		1,388,790		(82,493	)		—		741,420			36,450			2,084,167		1,793,919		2,084,167		(111,155	)		191,838			(31,092	)		2,133,758		2,143,929
Fixed income		778,404		93,273			—		(2,241	)		41,081			910,517		860,592		910,517		14,396			(16,287	)		(37,459	)		871,167		933,864
Multi-asset		7,230		386			—		1,479			(16	)		9,079		8,192		9,079		(208	)		511			(240	)		9,142		9,471
Alternatives		4,075		325			—		879			108			5,387		4,867		5,387		(990	)		1,456			(157	)		5,696		5,625
Index subtotal		2,178,499		11,491			—		741,537			77,623			3,009,150		2,667,570		3,009,150		(97,957	)		177,518			(68,948	)		3,019,763		3,092,889
Institutional subtotal		3,408,591		61,511			—		953,199			110,279			4,533,580		4,082,841		4,533,580		70,975			182,015			(90,640	)		4,695,930		4,746,192
Long-term		5,869,605		408,649			41,324		1,816,993			144,710			8,281,281		7,224,971		8,281,281		439,973			227,179			(112,884	)		8,835,549		8,818,453
Cash management		594,089		100,098			—		70			9,659			703,916		646,190		703,916		27,759			(1,640	)		(5,096	)		724,939		728,633
Advisory⁽⁴⁾⁽³⁾		2,974		18,748			—		431			61			22,214		17,984		22,214		(13,356	)		160			7			9,025		13,606
Total	$	6,466,668	$	527,495		$	41,324	$	1,817,494		$	154,430		$	9,007,411	$	7,889,145	$	9,007,411	$	454,376		$	225,699		$	(117,973	)	$	9,569,513	$	9,560,692

The following table presents the component changes in AUM by investment style and product type for the twelve months ended March 31, ~~2021.~~2022.

	March 31,		Net inflows					Market			FX			March 31,		Average		March 31,		Net inflows			Market			FX			March 31,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2021		(outflows)			change			impact⁽¹⁾			2022		AUM⁽²⁾
Active:
Equity	$	252,758	$	47,354		$	—	$	136,792		$	6,876		$	443,780	$	355,594	$	443,780	$	29,750		$	5,568		$	(6,249	)	$	472,849	$	477,970
Fixed income		887,458		65,347			—		53,929			14,434			1,021,168		981,422		1,021,168		72,016			(46,740	)		(8,631	)		1,037,813		1,060,789
Multi-asset		482,450		20,995			—		142,419			15,469			661,333		583,827		661,333		100,186			17,008			(11,212	)		767,315		747,602
Alternatives		135,882		21,942			—		9,889			3,648			171,361		152,073		171,361		25,870			5,570			(1,639	)		201,162		187,289
Active subtotal		1,758,548		155,638			—		343,029			40,427			2,297,642		2,072,916		2,297,642		227,822			(18,594	)		(27,731	)		2,479,139		2,473,650
Index and ETFs:
ETFs:
Equity		1,253,690		132,281			—		679,068			12,779			2,077,818		1,658,862		2,077,818		197,603			83,560			(8,560	)		2,350,421		2,288,811
Fixed income		554,009		92,136			—		13,449			8,235			667,829		649,739		667,829		85,404			(36,053	)		(4,413	)		712,767		710,392
Multi-asset		4,499		1,189			—		1,190			80			6,958		5,622		6,958		1,769			(13	)		2			8,716		8,120
Alternatives		39,992		13,939			—		6,831			157			60,919		60,194		60,919		8,477			9,228			(32	)		78,592		67,029
ETFs subtotal		1,852,190		239,545			—		700,538			21,251			2,813,524		2,374,417		2,813,524		293,253			56,722			(13,003	)		3,150,496		3,074,352
Non-ETF Index:
Equity		1,453,214		(83,942	)		41,324		773,208			40,379			2,224,183		1,884,547		2,224,183		(99,509	)		204,578			(33,478	)		2,295,774		2,298,647
Fixed income		794,348		96,690			—		(2,136	)		42,561			931,463		880,029		931,463		19,600			(17,497	)		(38,275	)		895,291		956,701
Multi-asset		7,228		392			—		1,477			(16	)		9,081		8,194		9,081		(204	)		513			(240	)		9,150		9,477
Alternatives		4,077		326			—		877			108			5,388		4,868		5,388		(989	)		1,457			(157	)		5,699		5,626
Non-ETF Index subtotal		2,258,867		13,466			41,324		773,426			83,032			3,170,115		2,777,638		3,170,115		(81,102	)		189,051			(72,150	)		3,205,914		3,270,451
Index & ETFs subtotal		4,111,057		253,011			41,324		1,473,964			104,283			5,983,639		5,152,055		5,983,639		212,151			245,773			(85,153	)		6,356,410		6,344,803
Long-term		5,869,605		408,649			41,324		1,816,993			144,710			8,281,281		7,224,971		8,281,281		439,973			227,179			(112,884	)		8,835,549		8,818,453
Cash management		594,089		100,098			—		70			9,659			703,916		646,190		703,916		27,759			(1,640	)		(5,096	)		724,939		728,633
Advisory⁽⁴⁾⁽³⁾		2,974		18,748			—		431			61			22,214		17,984		22,214		(13,356	)		160			7			9,025		13,606
Total	$	6,466,668	$	527,495		$	41,324	$	1,817,494		$	154,430		$	9,007,411	$	7,889,145	$	9,007,411	$	454,376		$	225,699		$	(117,973	)	$	9,569,513	$	9,560,692

The following table presents the component changes in AUM by product type for the twelve months ended March 31, ~~2021.~~2022.

	March 31,		Net inflows				Market		FX		March 31,		Average		March 31,		Net inflows			Market			FX			March 31,		Average
(in millions)	2020		(outflows)		Acquisition⁽¹⁾		change		impact⁽²⁾		2021		AUM⁽³⁾		2021		(outflows)			change			impact⁽¹⁾			2022		AUM⁽²⁾
Equity	$	2,959,662	$	95,693	$	41,324	$	1,589,068	$	60,034	$	4,745,781	$	3,899,003	$	4,745,781	$	127,844		$	293,706		$	(48,287	)	$	5,119,044	$	5,065,428
Fixed income		2,235,815		254,173		—		65,242		65,230		2,620,460		2,511,190		2,620,460		177,020			(100,290	)		(51,319	)		2,645,871		2,727,882
Multi-asset		494,177		22,576		—		145,086		15,533		677,372		597,643		677,372		101,751			17,508			(11,450	)		785,181		765,199
Alternatives:
Illiquid alternatives		75,101		14,541		—		852		1,713		92,207		81,264		92,207		13,769			4,356			(1,191	)		109,141		99,781
Liquid alternatives		58,127		7,339		—		8,830		1,970		76,266		68,042		76,266		10,880			480			(300	)		87,326		83,773
Currency and commodities⁽⁵⁾		46,723		14,327		—		7,915		230		69,195		67,829
Currency and commodities⁽⁴⁾																69,195		8,709			11,419			(337	)		88,986		76,390
Alternatives subtotal		179,951		36,207		—		17,597		3,913		237,668		217,135		237,668		33,358			16,255			(1,828	)		285,453		259,944
Long-term		5,869,605		408,649		41,324		1,816,993		144,710		8,281,281		7,224,971		8,281,281		439,973			227,179			(112,884	)		8,835,549		8,818,453
Cash management		594,089		100,098		—		70		9,659		703,916		646,190		703,916		27,759			(1,640	)		(5,096	)		724,939		728,633
Advisory⁽⁴⁾		2,974		18,748		—		431		61		22,214		17,984
Advisory⁽³⁾																22,214		(13,356	)		160			7			9,025		13,606
Total	$	6,466,668	$	527,495	$	41,324	$	1,817,494	$	154,430	$	9,007,411	$	7,889,145	$	9,007,411	$	454,376		$	225,699		$	(117,973	)	$	9,569,513	$	9,560,692

AUM increased ~~$2.54 trillion~~$562 billion to ~~$9.01~~$9.57 trillion at March 31, ~~2021,~~2022, driven by positive net inflows and net market appreciation, ~~positive net inflows,~~partially offset by the ~~positive~~negative impact of foreign exchange ~~movements and AUM acquired in the Aperio Transaction.~~movements.

Long-term net inflows of ~~$408.6~~$440 billion were comprised of net inflows of ~~$239.5~~$293 billion, ~~$107.6~~$76 billion and ~~$61.5~~$71 billion from ETFs, retail and institutional, ~~clients,~~ respectively. Net flows in long-term products are described below.

Cash management AUM increased to ~~$703.9~~$725 billion, driven by net inflows of ~~$100.1~~$28 billion.

Net market appreciation of ~~$1.82 trillion~~$226 billion was driven ~~primarily~~ by global equity market appreciation.

AUM ~~increased $154.4~~decreased $118 billion due to the ~~positive~~negative impact of foreign exchange movements, primarily resulting from the ~~weakening~~strengthening of the US dollar, largely against the British pound, ~~the~~ Euro and ~~the Canadian dollar.~~Japanese yen.

The Company’s results of operations for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 are discussed below. For a further description of the Company’s revenue and expense, see the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2020~~2021 (“~~2020~~2021 Form 10-K”).

The table below presents detail of revenue for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 and includes the product type mix of ~~investment advisory and administration~~base fees ~~(collectively “base fees”),~~ and securities lending revenue and performance fees.

	Three Months Ended				Three Months Ended
	March 31,				March 31,
(in millions)	2021		2020		2022		2021
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	576	$	398	$	616	$	576
ETFs		1,068		879		1,158		1,068
Non-ETF Index		176		163		187		176
Equity subtotal		1,820		1,440		1,961		1,820
Fixed income:
Active		525		481		534		525
ETFs		295		259		289		295
Non-ETF Index		113		112		118		113
Fixed income subtotal		933		852		941		933
Multi-asset		328		293		359		328
Alternatives:
Illiquid alternatives		168		148		179		168
Liquid alternatives		147		112		167		147
Currency and commodities⁽¹⁾		53		32		56		53
Alternatives subtotal		368		292		402		368
Long-term		3,449		2,877		3,663		3,449
Cash management		143		178		170		143
Total investment advisory, administration fees and securities lending revenue		3,592		3,055		3,833		3,592
Investment advisory performance fees:
Equity		26		2		12		26
Fixed income		14		2		9		14
Multi-asset		8		1		5		8
Alternatives:
Illiquid alternatives		7		17		37		7
Liquid alternatives		74		19		35		74
Alternatives subtotal		81		36		72		81
Total performance fees		129		41		98		129
Technology services revenue		306		274		341		306
Distribution fees:
Retrocessions		238		169		279		238
12b-1 fees (US mutual fund distribution fees)		85		91		88		85
Other		17		16		14		17
Total distribution fees		340		276		381		340
Advisory and other revenue:
Advisory		15		17		16		15
Other		16		47		30		16
Total advisory and other revenue		31		64		46		31
Total revenue	$	4,398	$	3,710	$	4,699	$	4,398

The table below lists a percentage breakdown of base fees and securities lending revenue and average AUM by product type:

	Three Months Ended March 31,												Three Months Ended March 31,
	Percentage of Base Fees and Securities Lending Revenue						Percentage of Average AUM by Product Type⁽¹⁾						Percentage of Base Fees and Securities Lending Revenue						Percentage of Average AUM by Product Type⁽¹⁾
	2021			2020			2021			2020			2022			2021			2022			2021
Equity:
Active		16	%		12	%		5	%		4	%		16	%		16	%		5	%		5	%
ETFs		30	%		29	%		23	%		21	%		30	%		30	%		24	%		23	%
Non-ETF Index		5	%		5	%		24	%		24	%		5	%		5	%		24	%		24	%
Equity subtotal		51	%		46	%		52	%		49	%		51	%		51	%		53	%		52	%
Fixed income:
Active		15	%		16	%		10	%		12	%		14	%		15	%		11	%		10	%
ETFs		8	%		8	%		8	%		8	%		8	%		8	%		7	%		8	%
Non-ETF Index		3	%		4	%		11	%		12	%		3	%		3	%		10	%		11	%
Fixed income subtotal		26	%		28	%		29	%		32	%		25	%		26	%		28	%		29	%
Multi-asset		9	%		10	%		8	%		8	%		9	%		9	%		8	%		8	%
Alternatives:
Illiquid alternatives		5	%		5	%		1	%		1	%		5	%		5	%		1	%		1	%
Liquid alternatives		4	%		4	%		1	%		1	%		4	%		4	%		1	%		1	%
Currency and commodities⁽²⁾		1	%		1	%		1	%		1	%		2	%		1	%		1	%		1	%
Alternatives subtotal		10	%		10	%		3	%		3	%		11	%		10	%		3	%		3	%
Long-term		96	%		94	%		92	%		92	%		96	%		96	%		92	%		92	%
Cash management		4	%		6	%		8	%		8	%		4	%		4	%		8	%		8	%
Total excluding Advisory AUM		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%

Three Months Ended March 31, ~~2021~~2022 Compared with Three Months Ended March 31, ~~2020~~2021

Revenue increased ~~$688~~$301 million, or ~~19%~~7%, from the three months ended March 31, ~~2020, reflecting higher base~~2021, driven by strong organic growth and ~~performance fees and 12%~~11% growth in technology services ~~revenue.~~revenue, partially offset bylower performance fees.

Investment advisory, administration fees and securities lending revenue of ~~$3,592~~$3,833 million increased ~~$537~~$241 million from ~~$3,055~~$3,592 million for the three months ended March 31, ~~2020,~~2021, primarily driven by ~~the positive impact of market beta and foreign exchange movements on average AUM and~~strong organic ~~growth, partially offset by the impact of yield-related~~base fee ~~waivers on certain money market funds and strategic pricing changes to certain products, lower securities lending revenue, and the effect of one less day in the quarter.~~growth. Securities lending revenue of $138 million increased from $127 million ~~decreased~~ from ~~$158 million for~~ the three months ended March 31, ~~2020,~~2021, primarily reflecting ~~lower~~higher spreads ~~partially offset by~~and higher average balances of securities on loan.

Investment advisory performance fees of ~~$129~~$98 million ~~increased $88~~decreased $31 million from ~~$41~~$129 million for the three months ended March 31, ~~2020,~~2021, primarily reflecting ~~higher~~lower revenue from liquid alternative and long-only products, partially offset by higher revenue from illiquid alternative products.

Technology services revenue of ~~$306~~$341 million increased ~~$32~~$35 million from ~~$274~~$306 million for the three months ended March 31, ~~2020,~~2021, primarily reflecting higher revenue from ~~Aladdin~~.Aladdin.

~~Advisory and other revenue~~Expense of $31 million decreased $33 million from $64 million for the three months ended March 31, 2020, primarily reflecting the impact of the Charitable Contribution and lower transition management assignments.

Three Months Ended March 31, ~~2021~~2022 Compared with Three Months Ended March 31, ~~2020~~2021

Expense ~~decreased $173~~increased $82 million from the three months ended March 31, ~~2020,~~2021, largely driven by ~~lower~~higher employee compensation and benefits expense, partially offset by a decrease in general and administration expense, reflecting the impact of ~~the Charitable Contribution in the first quarter of 2020. Expense also reflected higher~~ product launch costs ~~higher employee compensation and benefits expense and higher volume-related expense~~incurred in the first quarter of 2021.

Employee compensation and benefits expense increased ~~$272~~$89 million from the three months ended March 31, ~~2020, primarily~~2021, reflecting higher base compensation, partially offset by lower incentive compensation, driven in part by ~~higher operating income and higher performance fees, and~~ the ~~higher~~lower mark-to-market impact of certain deferred compensation programs.

~~Direct fund~~General and administration expense ~~increased $43~~decreased $89 million from the three months ended March 31, ~~2020,~~2021, primarily ~~reflecting higher average AUM.~~

~~General and administration expense~~ ~~decreased $557 million from the three months ended March 31, 2020, largely~~ driven by ~~the Charitable Contribution~~$178 million of product launch costs incurred in the ~~year ago quarter. General~~first quarter of 2021, partially offset by higher technology and ~~administration expense~~marketing and promotional expense. The increase also reflected higher ~~product launch costs,~~occupancy and ~~higher portfolio services and technology~~office related expense, ~~offset by lower marketing and promotional~~including $12 million of noncash occupancy expense ~~and contingent consideration fair value adjustments, and the impact of costs related to certain legal matters incurred during the three months ended March 31, 2020.~~

~~Amortization of intangible assets expense~~ ~~increased $9 million from the three months ended March 31, 2020, primarily reflecting amortization of intangible assets~~ related to the ~~Aperio Transaction.~~lease of office space for the Company’s future headquarters located at 50 Hudson Yards in New York (“Lease cost – Hudson Yards”), which it expects to begin to occupy in late 2022 (and begin lease payments in May 2023). Lease cost – Hudson Yards has been excluded from our “as adjusted” financial results. See Non-GAAP Financial Measures for further information on as adjusted items.

The summary of nonoperating income (expense), less net income (loss) attributable to NCI for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 was as follows:

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Nonoperating income (expense), GAAP basis⁽¹⁾	$	46		$	(71	)	$	(138	)	$	46
Less: Net income (loss) attributable to NCI		74			(179	)		(73	)		74
Nonoperating income (expense), net of NCI⁽²⁾	$	(28	)	$	108
Nonoperating income (expense), net of NCI⁽¹⁾⁽²⁾							$	(65	)	$	(28	)

	Three Months Ended						Three Months Ended
	March 31,						March 31,
(in millions)	2021			2020			2022			2021
Net gain (loss) on investments⁽¹⁾⁽²⁾
Private equity	$	22		$	(18	)	$	10		$	22
Real assets		3			5			13			3
Other alternatives⁽³⁾		13			(25	)		4			13
Other investments⁽⁴⁾		(3	)		(150	)		(75	)		(3	)
Subtotal		35			(188	)		(48	)		35
Gain related to the Charitable Contribution		—			122
Other gains (losses)⁽⁵⁾		(27	)		205
Other gains (losses)								19			(27	)
Total net gain (loss) on investments⁽¹⁾⁽²⁾		8			139			(29	)		8
Interest and dividend income		19			15			18			19
Interest expense		(55	)		(46	)		(54	)		(55	)
Net interest expense		(36	)		(31	)		(36	)		(36	)
Nonoperating income (expense)⁽¹⁾	$	(28	)	$	108		$	(65	)	$	(28	)

	GAAP						As Adjusted⁽¹⁾						GAAP						As Adjusted
	Three Months Ended						Three Months Ended						Three Months Ended						Three Months Ended
	March 31,						March 31,						March 31,						March 31,
(in millions)	2021			2020			2021			2020			2022			2021			2022			2021
Operating income⁽¹⁾	$	1,545		$	684		$	1,545		$	1,273		$	1,764		$	1,545		$	1,822		$	1,599
Total nonoperating income (expense)⁽¹⁾⁽²⁾	$	(28	)	$	108		$	(28	)	$	(14	)	$	(65	)	$	(28	)	$	(65	)	$	(28	)
Income before income taxes	$	1,517		$	792		$	1,517		$	1,259		$	1,699		$	1,517		$	1,757		$	1,571
Income tax expense (benefit)	$	318		$	(14	)	$	318		$	227
Income tax expense													$	263		$	318		$	295		$	331
Effective tax rate		20.9	%		(1.7	)%		20.9	%		18.0	%		15.5	%		20.9	%		16.8	%		20.9	%

~~The three months ended March 31, 2021 and 2020~~First quarter 2022 income tax expense ~~(benefit) reflected $39~~included $133 million ~~and $64 million, respectively,~~ of discrete tax ~~benefits, including~~ benefits related to stock-based compensation awards that ~~vest~~vested in the first quarter and the resolution of ~~each year.~~

~~The three months ended March 31, 2020~~certain outstanding tax matters. In addition, first quarter 2022 GAAP income tax ~~benefit also~~expense included $18 million of net noncash tax benefits related to the revaluation of certain deferred income tax liabilities, which was excluded from our as adjusted results, as it will not have a cash flow impact and to ensure comparability among periods presented.

First quarter 2021 income tax expense included $39 million of discrete tax ~~benefit of $241 million recognized in connection with the Charitable Contribution.~~benefits related to stock-based compensation awards.

The following table presents a reconciliation of the condensed consolidated statement of financial condition presented on a GAAP basis to the condensed consolidated statement of financial condition, excluding the impact of separate account assets and separate account collateral held under securities lending agreements (directly related to lending separate account securities) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment ~~products.~~products (“CIPs”).

The Company presents the as adjusted statement of financial condition as additional information to enable investors to exclude certain assets that have equal and offsetting liabilities or ~~noncontrolling interests~~NCI that ultimately do not have an impact on stockholders’ equity or cash flows. Management views the as adjusted statement of financial condition, which contains non-GAAP financial measures, as an economic presentation of the Company’s total assets and liabilities; however, it does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Separate Account Assets and Liabilities and Separate Account Collateral Held under Securities Lending Agreements

Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company that is a registered life insurance company in the ~~United Kingdom,~~UK, and represent segregated assets held for purposes of funding individual and group pension contracts. The Company records equal and offsetting separate account liabilities. The separate account assets are not available to creditors of the Company and the holders of the pension contracts have no recourse to the Company’s assets. The net investment income attributable to separate account assets accrues directly to the contract owners and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these assets or liabilities, BlackRock earns an investment advisory fee for the service of managing these assets on behalf of its clients.

In addition, the Company records on its condensed consolidated statements of financial condition the separate account collateral ~~received~~obtained under BlackRock Life Limited securities lending arrangements for which it has legal title as its own asset in addition to an equal and offsetting separate account collateral liability for the obligation to return the collateral. The collateral is not available to creditors of the Company, and the borrowers under the securities lending arrangements have no recourse to the Company’s assets.

The Company consolidates certain sponsored investment products accounted for as variable interest entities (“VIEs”) and voting rights entities (“VREs”), (collectively, ~~“consolidated sponsored investment products”~~“CIPs”). See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the ~~2020~~2021 Form 10-K for more information on the Company’s consolidation policy.

The Company cannot readily access cash and cash equivalents or other assets held by ~~consolidated sponsored investment products~~CIPs to use in its operating activities. In addition, the Company cannot readily sell investments held by ~~consolidated sponsored investment products~~CIPs in order to obtain cash for use in the Company’s operations.

	March 31, 2021								March 31, 2022
(in millions)	GAAP Basis		Separate Account Assets/ Collateral⁽¹⁾		Consolidated Sponsored Investment Products⁽²⁾		As Adjusted		GAAP Basis		Separate Account Assets/ Collateral⁽¹⁾		CIPs⁽²⁾		As Adjusted
Assets
Cash and cash equivalents	$	6,267	$	—	$	242	$	6,025	$	7,262	$	—	$	376	$	6,886
Accounts receivable		3,825		—		—		3,825		3,801		—		—		3,801
Investments		7,145		—		2,548		4,597		7,615		—		1,327		6,288
Separate account assets and collateral held under securities lending agreements		118,126		118,126		—		—		82,436		82,436		—		—
Operating lease right-of-use assets										1,583		—		—		1,583
Other assets⁽³⁾		4,632		—		88		4,544		6,866		—		85		6,781
Subtotal		139,995		118,126		2,878		18,991		109,563		82,436		1,788		25,339
Goodwill and intangible assets, net		33,864		—		—		33,864		33,764		—		—		33,764
Total assets	$	173,859	$	118,126	$	2,878	$	52,855	$	143,327	$	82,436	$	1,788	$	59,103
Liabilities
Accrued compensation and benefits	$	1,077	$	—	$	—	$	1,077	$	1,104	$	—	$	—	$	1,104
Accounts payable and accrued liabilities		1,196		—		—		1,196		1,451		—		—		1,451
Borrowings		7,232		—		—		7,232		7,430		—		—		7,430
Separate account liabilities and collateral liabilities under securities lending agreements		118,126		118,126		—		—		82,436		82,436		—		—
Deferred income tax liabilities⁽⁴⁾		3,794		—		—		3,794		2,857		—		—		2,857
Operating lease liabilities										1,842		—		—		1,842
Other liabilities		4,594		—		418		4,176		7,348		—		491		6,857
Total liabilities		136,019		118,126		418		17,475		104,468		82,436		491		21,541
Equity
Total BlackRock, Inc. stockholders’ equity		35,380		—		—		35,380		37,489		—		—		37,489
Noncontrolling interests		2,460		—		2,460		—		1,370		—		1,297		73
Total equity		37,840		—		2,460		35,380		38,859		—		1,297		37,562
Total liabilities and equity	$	173,859	$	118,126	$	2,878	$	52,855	$	143,327	$	82,436	$	1,788	$	59,103

The following discussion summarizes the significant changes in assets and liabilities on a GAAP basis. Please see the condensed consolidated statements of financial condition as of March 31, ~~2021~~2022 and December 31, ~~2020~~2021 contained in Part I, Item 1 of this filing. The discussion does not include changes related to assets and liabilities that are equal and offsetting and have no impact on BlackRock’s stockholders’ equity.

Assets. Cash and cash equivalents at March 31, ~~2021~~2022 and December 31, ~~2020~~2021 included ~~$242~~$376 million and ~~$206~~$308 million, respectively, of cash held by ~~consolidated sponsored investment products~~CIPs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during the three months ended March 31, ~~2021)~~2022).

~~Accounts receivable at March 31, 2021 increased $290 million from December 31, 2020, primarily due to higher base and performance fee receivables.~~ Investments, including the impact of ~~consolidated sponsored investment products,~~CIPs, increased ~~$226~~$353 million from December 31, ~~2020~~2021 (for more information see Investments herein). Goodwill and intangible assets ~~increased $1,050~~decreased $40 million from December 31, ~~2020,~~2021, primarily due to ~~the Aperio Transaction, partially offset by~~ amortization of intangible assets. Other assets ~~(including operating lease right-of-use assets and property and equipment)~~ increased ~~$752 million~~$3.3 billion from December 31, ~~2020,~~2021, primarily ~~due~~related to an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within other liabilities).

Liabilities. Accrued compensation and benefits at March 31, ~~2021~~2022 decreased ~~$1,422 million~~$1.8 billion from December 31, ~~2020,~~2021, primarily due to ~~2020~~2021 incentive compensation cash payments in the first quarter of ~~2021,~~2022, partially offset by ~~2021~~2022 incentive compensation accruals. Accounts payable and accrued liabilities at March 31, ~~2021~~2022 increased ~~$168~~$54 million from December 31, ~~2020, including the impact of fund launch costs in the current quarter.~~2021, primarily due to increased accruals. Other liabilities increased ~~$902 million~~$3.3 billion from December 31, ~~2020,~~2021, primarily due to higher unit trust payables (substantially offset by an increase in unit trust receivables recorded within other assets), and higher other liabilities of ~~consolidated sponsored investment products.~~CIPs, including deferred carried interest liabilities. Net deferred income tax liabilities at March 31, ~~2021~~2022 increased ~~$121~~$99 million from December 31, ~~2020,~~2021, primarily due to ~~the Aperio Transaction and~~ the effects of temporary differences associated with stock-based compensation.

The Company’s investments were ~~$7,145 million~~$7.6 billion and ~~$6,919 million~~$7.3 billion at March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. Investments include ~~consolidated investments held by sponsored investment products~~CIPs accounted for as ~~VREs~~VIEs and ~~VIEs.~~VREs. Management reviews BlackRock’s investments on an “economic” basis, which eliminates the portion of investments that does not impact BlackRock’s book value or net income attributable to BlackRock. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

The Company presents investments, as adjusted, to enable investors to understand the portion of investments that is owned by the Company, net of NCI, as a gauge to measure the impact of changes in net nonoperating income (expense) on investments to net income (loss) attributable to BlackRock.

The Company further presents net “economic” investment exposure, net of ~~deferred compensation investments and~~ hedged investments, to reflect another helpful measure for investors. ~~The economic impact of investments held pursuant to deferred compensation arrangements is offset by a change in compensation expense.~~ The impact of certain investments is substantially mitigated by swap hedges. Carried interest capital allocations are excluded as there is no impact to BlackRock’s stockholders’ equity until such amounts are realized as performance fees. Finally, the Company’s regulatory investment in Federal Reserve Bank stock, which is not subject to market or interest rate risk, is excluded from the Company’s net economic investment exposure.

	March 31,			December 31,			March 31,			December 31,
(in millions)	2021			2020			2022			2021
Investments, GAAP	$	7,145		$	6,919		$	7,615		$	7,262
Investments held by consolidated sponsored investment products		(5,100	)		(4,976	)
Net interest in consolidated sponsored investment products⁽¹⁾		2,552			2,490
Investments held by CIPs								(4,916	)		(4,623	)
Net interest in CIPs⁽¹⁾								3,589			3,391
Investments, as adjusted		4,597			4,433			6,288			6,030
Federal Reserve Bank stock		(95	)		(94	)		(96	)		(96	)
Deferred compensation investments		—			(6	)
Hedged investments		(778	)		(833	)		(688	)		(720	)
Carried interest		(805	)		(627	)		(1,778	)		(1,555	)
Total “economic” investment exposure⁽²⁾	$	2,919		$	2,873		$	3,726		$	3,659

The following table represents the carrying value of the Company’s economic investment exposure, by asset type, at March 31, ~~2021~~2022 and December 31, ~~2020:~~2021:

	March 31,		December 31,		March 31,		December 31,
(in millions)	2021		2020		2022		2021
Equity⁽¹⁾	$	943	$	835	$	1,311	$	1,352
Fixed income⁽²⁾		838		958		606		600
Multi-asset⁽³⁾		138		127		120		125
Alternatives:
Private equity		462		418		974		960
Real assets		241		251		306		279
Other alternatives⁽⁴⁾		297		284		409		343
Alternatives subtotal		1,000		953		1,689		1,582
Total “economic” investment exposure	$	2,919	$	2,873	$	3,726	$	3,659

As adjusted investment activity for the three months ended March 31, ~~2021~~2022 was as follows:

(in millions)	Three Months Ended March 31, 2021			Three Months Ended March 31, 2022
Investments, as adjusted, beginning balance	$	4,433		$	6,030
Purchases/capital contributions		301			392
Sales/maturities		(310	)		(209	)
Distributions⁽¹⁾		(42	)		(46	)
Market appreciation(depreciation)/earnings from equity method investments		73			(86	)
Carried interest capital allocations/(distributions)		178			223
Other⁽²⁾		(36	)		(16	)
Investments, as adjusted, ending balance	$	4,597		$	6,288

⁽¹⁾ Amount includes distributions representing return of capital and return on investments.

BlackRock Cash Flows Excluding the Impact of ~~Consolidated Sponsored Investment Products~~CIPs

The condensed consolidated statements of cash flows include the cash flows of the ~~consolidated sponsored investmentproducts.~~CIPs. The Company uses an adjusted cash flow statement, which excludes the impact of ~~consolidated sponsored investmentproducts,~~CIPs, as a supplemental non-GAAP measure to assess liquidity and capital requirements. The Company believes that its cash flows, excluding the impact of the ~~consolidated sponsored investmentproducts,~~CIPs, provide investors with useful information on the cash flows of BlackRock relating to its ability to fund additional operating, investing and financing activities. BlackRock’s management does not advocate that investors consider such non-GAAP measures in isolation from, or as a substitute for, its cash flows presented in accordance with GAAP.

The following table presents a reconciliation of the condensed consolidated statements of cash flows presented on a GAAP basis to the condensed consolidated statements of cash flows, excluding the impact of the cash flows of ~~consolidated sponsored investmentproducts:~~CIPs:

(in millions)	GAAP Basis			Impact on Cash Flows of Consolidated Sponsored Investment Products			Cash Flows Excluding Impact of Consolidated Sponsored Investment Products			GAAP Basis			Impact on Cash Flows of CIPs			Cash Flows Excluding Impact of CIPs
Cash, cash equivalents and restricted cash, December 31, 2020	$	8,681		$	206		$	8,475
Cash, cash equivalents and restricted cash, December 31, 2021										$	9,340		$	308		$	9,032
Net cash provided by/(used in) operating activities		(573	)		(559	)		(14	)		(422	)		(294	)		(128	)
Net cash provided by/(used in) investing activities		(1,150	)		(38	)		(1,112	)		(198	)		(3	)		(195	)
Net cash provided by/(used in) financing activities		(591	)		633			(1,224	)		(1,351	)		365			(1,716	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(7	)		—			(7	)		(90	)		—			(90	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		(2,321	)		36			(2,357	)		(2,061	)		68			(2,129	)
Cash, cash equivalents and restricted cash, March 31, 2021	$	6,360		$	242		$	6,118
Cash, cash equivalents and restricted cash, March 31, 2022										$	7,279		$	376		$	6,903

Sources of BlackRock’s operating cash primarily include ~~investment advisory, administration~~base fees and securities lending revenue, performance fees, technology services revenue, advisory and other revenue and distribution fees. BlackRock uses its cash to pay all operating expenses, interest and principal on borrowings, income taxes, dividends on BlackRock’s capital stock, repurchases of the Company’s stock, acquisitions, capital expenditures and purchases of co-investments and seed investments.

For details of the Company’s GAAP cash flows from operating, investing and financing activities, see the condensed consolidated statements of cash flows contained in Part I, Item 1 of this filing.

Cash flows provided by/(used in) operating activities, excluding the impact of ~~consolidated sponsored investment products,~~CIPs, primarily include the receipt of ~~investment advisory and administration~~base fees, securities lending revenue, ~~and~~ performance fees and technology services revenue, offset by the payment of operating expenses incurred in the normal course of business, including year-end incentive and deferred compensation accrued ~~for in the~~during prior ~~year.~~years, and income tax payments.

Cash flows used in investing activities, excluding the impact of ~~consolidated sponsored investment products,~~CIPs, for the three months ended March 31, ~~2021~~2022 were ~~$1.1 billion~~$195 million and primarily reflected ~~$1.1 billion of cash outflows related to the Aperio Transaction, $48~~$147 million of purchases of property and equipment and ~~$36~~$67 million of net investment ~~purchases, partially offset by $34 million of distributions of capital from equity method investees.~~purchases.

Cash flows used in financing activities, excluding the impact of ~~consolidated sponsored investment products,~~CIPs, for the three months ended March 31, ~~2021~~2022 were ~~$1.2~~$1.7 billion, primarily resulting from ~~$661 million of cash dividend payments and $568 million~~$0.9 billion of share repurchases, including ~~$300 million~~$0.5 billion in open market transactions and ~~$268 million~~$0.4 billion of employee tax withholdings related to employee stock ~~transactions.~~transactions, and $0.8 billion of cash dividend payments.

The Company manages its financial condition and funding to maintain appropriate liquidity for the business. Management believes that the Company’s liquid assets, continuing cash flows from operations, borrowing capacity under the Company’s existing revolving credit facility and uncommitted commercial paper private placement program, provide sufficient resources to meet the Company’s short-term and long-term cash needs, including operating, debt and other obligations as they come due and anticipated future capital requirements. Liquidity resources at March 31, ~~2021~~2022 and December 31, ~~2020~~2021 were as follows:

	March 31,			December 31,			March 31,			December 31,
(in millions)	2021			2020			2022			2021
Cash and cash equivalents⁽¹⁾	$	6,267		$	8,664		$	7,262		$	9,323
Cash and cash equivalents held by consolidated sponsored investment products⁽²⁾		(242	)		(206	)
Cash and cash equivalents held by CIPs⁽²⁾								(376	)		(308	)
Subtotal		6,025			8,458			6,886			9,015
Credit facility – undrawn		4,400			4,000			4,700			4,400
Total liquidity resources	$	10,425		$	12,458		$	11,586		$	13,415

Total liquidity resources decreased $2$1.8 billion during the three months ended March 31, ~~2021,~~2022, primarily reflecting cash payments of ~~2020~~2021 year-end incentive awards, ~~approximately $1.1~~share repurchases of $0.9 billion ~~of cash outflow related to the Aperio Transaction,~~and cash dividend payments of ~~$661 million and share repurchases of $568 million,~~$0.8 billion, partially offset by cash flows from other operating activities and a ~~$400~~$300 million increase in the aggregate commitment amount ofunder the credit facility.

A significant portion of the Company’s ~~$4,597~~$6,288 million of investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.

The Company’s liquidity and capital resources were not materially impacted by COVID-19 and related economic conditions during the three months ended March 31, 2021. The Company will continue to monitor its liquidity and capital resources due to the current pandemic.

Share Repurchases. During the three months ended March 31, ~~2021,~~2022, the Company repurchased ~~0.4~~approximately 0.6 million of common shares under the Company’s existing share repurchase program for approximately ~~$300~~$500 million. At March 31, ~~2021,~~2022, there were ~~4.6~~approximately 3 million shares still authorized to be repurchased under the program.

Net Capital Requirements. The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

BlackRock Institutional Trust Company, N.A. (“BTC”) is chartered as a national bank that does not accept deposits or make commercial loans and whose powers are limited to trust and other fiduciary activities. BTC provides investment management and other fiduciary services, including investment advisory and securities lending agency services, to institutional clients. BTC is subject to regulatory capital and liquid asset requirements administered by the US Office of the Comptroller of the Currency.

At both March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company was required to maintain approximately $2.3 billion ~~and $2.2 billion, respectively,~~ in net capital in certain regulated subsidiaries, including BTC, entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.

~~2021~~2022 Revolving Credit Facility. Since 2011, the Company has maintained an unsecured revolving credit facility which is available for working capital and general corporate purposes (the “2022 credit facility”). In March ~~2021,~~2022, the ~~Company’s~~2022 credit facility was amended to, among other things, (i) increase the aggregate commitment amount by $300 million to ~~$4.4~~$4.7 billion, ~~and to~~(ii) extend the maturity date to March ~~2026 (the “2021 credit facility”). In addition,~~2027, (iii) change the ~~amendment incorporated certain sustainability-linked pricing metrics into the agreement. Specifically, the Company’s applicable interest~~ rate ~~and commitment fee are subject to upward or downward adjustments on an annual basis if the Company achieves, or fails to achieve, certain specified targets. Interest on~~for borrowings ~~outstanding accrues at~~denominated in United States Dollars from a rate based on the ~~applicable~~ London Interbank Offered Rate (LIBOR) to a rate based on the secured overnight financing rate (SOFR) subject to certain adjustments and (iv) raise and/or ~~an applicable replacement benchmark, plus a spread.~~add certain specified targets for the sustainability-linked pricing mechanics. The ~~2021~~2022 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, ~~increasing~~which could increase the overall size of the ~~2021~~2022 credit facility to an aggregate principal amount ~~not~~of up to ~~exceed $5.4~~$5.7 billion. The ~~2021~~2022 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, ~~2021. The 2021 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities.~~2022. At March 31, ~~2021,~~2022, the Company had no amount outstanding under the ~~2021~~2022 credit facility.

Long-term Notes.At March 31, ~~2021,~~2022, the principal amount of long-term ~~borrowings~~notes outstanding was ~~$7.3~~$7.5 billion. See Note 15, Borrowings~~Borrowings~~, in the ~~2020~~2021 Form 10-K for more information on overall borrowings outstanding as of December 31, ~~2020.~~2021.

During the three months ended March 31, ~~2021,~~2022, the Company paid approximately ~~$41~~$45 million of interest on long-term ~~borrowings.~~notes. Future principal repayments and interest requirements at March 31, ~~2021~~2022 were as follows:

(in millions)
Year	Principal		Interest		Total Payments		Principal		Interest		Total Payments
Remainder of 2021	$	750	$	149	$	899
2022		750		161		911
Remainder of 2022							$	750	$	130	$	880
2023		—		148		148		—		168		168
2024		1,000		130		1,130		1,000		151		1,151
2025⁽¹⁾		822		113		935		778		133		911
2026		—		103		103		—		124		124
2027								700		113		813
Thereafter		3,950		283		4,233		4,250		287		4,537
Total	$	7,272	$	1,087	$	8,359	$	7,478	$	1,105	$	8,583

Investment Commitments. At March 31, ~~2021,~~2022, the Company had ~~$841~~$844 million of various capital commitments to fund sponsored investment products, including ~~consolidated sponsored investment products.~~CIPs. These products include various illiquid alternative products, including private equity funds and real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

~~Carried Interest Clawback.~~ As a general partner in certain investment products, including private equity partnerships and certain hedge funds, the Company may receive carried interest cash distributions from the partnerships in accordance with distribution provisions of the partnership agreements. The Company may, from time to time, be required to return all or a portion of such distributions to the limited partners in the event the limited partners do not achieve a return as specified in the various partnership agreements. Therefore, BlackRock records carried interest subject to such clawback provisions in investments, or cash and cash equivalents to the extent that it is distributed, and as a deferred carried interest liability on its condensed consolidated statements of financial condition. Carried interest is recorded as performance fees on BlackRock’s condensed consolidated statements of income when fees are no longer probable of significant reversal.

~~Indemnifications.~~ On behalf of certain clients, the Company lends securities to highly rated banks and broker-dealers. In these securities lending transactions, the borrower is required to provide and maintain collateral at or above regulatory minimums. Securities on loan are marked to market daily to determine if the borrower is required to pledge additional collateral. BlackRock has agreed to indemnify certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. The amount of securities on loan as of March 31, 2021 and subject to this type of indemnification was $292 billion. In the Company’s capacity as lending agent, cash and securities totaling $312 billion were held as collateral for indemnified securities on loan at March 31, 2021. The fair value of these indemnifications was not material at March 31, 2021.

While the collateral pledged by a borrower is intended to be sufficient to offset the borrower’s obligations to return securities borrowed and any other amounts owing to the lender under the relevant securities lending agreement, in the event of a borrower default, the Company can give no assurance that the collateral pledged by the borrower will be sufficient to fulfill such obligations. If the amount of such pledged collateral is not sufficient to fulfill such obligations to a client for whom the Company has provided indemnification, BlackRock would be responsible for the amount of the shortfall. These indemnifications cover only the collateral shortfall described above, and do not in any way guarantee, assume or otherwise insure the investment performance or return of any cash collateral vehicle into which securities lending cash collateral is invested.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ significantly from those estimates. These estimates, judgements and assumptions are affected by the Company’s application of accounting policies. Management considers the following ~~critical~~ accounting policies ~~important~~and estimates critical to understanding the condensed consolidated financial statements. These policies and estimates are considered critical because they had a material impact, or are reasonably likely to have a material impact on the Company’s condensed consolidated financial statements and because they require management to make significant judgements, assumptions or estimates. For a summary of these and additional accounting policies see Note 2, Significant Accounting Policies, in the notes to the condensed consolidated financial statements. In addition, see Critical Accounting Policies and Estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2, Significant Accounting Policies, in the ~~2020~~2021 Form 10-K for further information.

Consolidation. ~~In the normal course of business,~~The Company consolidates entities in which the Company ishas a controlling financial interest. The company has a controlling financial interest when it owns a majority of the ~~manager of various types of sponsored investment vehicles. The Company performs an analysis for investment products to determine if the product~~VRE or is a ~~VIE or~~primary beneficiary (“PB”) of a ~~VRE.~~VIE. Assessing whether an entity is a VIE or a VRE involves judgment and ~~analysis.~~analysis on a structure-by-structure basis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership, the rights of equity investment holders, the Company’s contractual involvement with and economic interest in the entity and any related party or de facto agent implications of the Company’s involvement with the entity. ~~Investments~~Entities that are determined to be VREs are consolidated if the Company can exert control over the financial and operating policies of the investee, which generally exists if there is greater than 50% voting interest. ~~Investments~~Entities that are determined to be VIEs are consolidated if the Company is the ~~primary beneficiary (“PB”)~~PB of the entity. BlackRock is deemed to be the PB of a VIE if it a) has the power to direct the activities that most significantly impact the ~~entities’~~entity’s economic performance and b) has the obligation to absorb losses or the right to receive benefits that potentially could be significant to the VIE. There is judgment involved in assessing whether the Company is the PB of a VIE. In addition, the Company’s ownership interest in VIEs is subject to variability and is impacted by actions of other investors such as on-going redemptions and contributions. The Company generally consolidates VIEs in which it holds an economic interest of 10% or greater and deconsolidates such VIEs once equity ownership falls below 10%. As of March 31, 2022, the Company was deemed to be the PB of 73 VIEs. See Note 6, Consolidated Sponsored Investment Products, in the notes to the condensed consolidated financial statements for more information.

Fair Value ~~Measurements~~Measurements.. The Company’s assessment of the significance of a particular input to the fair value measurement according to the fair value hierarchy (i.e., Level 1, 2 and 3 inputs, as defined) in its entirety requires judgment and considers factors specific to the financial instrument. See Note 2, Significant Accounting Policies, and Note 8, Fair Value Disclosures, in the notes to the condensed consolidated financial statements for more information on fair value measurements.

Investment Advisory Performance Fees / Carried Interest. The Company receives investment advisory performance fees, including incentive allocations (carried interest) from certain actively managed investment funds and certain ~~separately managed accounts.~~SMAs. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds, which ~~may~~ vary by product or account, and include monthly, quarterly, annual or longer measurement periods.

Performance fees, including carried interest, are recognized when it is determined that they are no longer probable of significant reversal (such as upon the sale of a fund’s investment or when the ~~amount of AUM becomes known as of~~investment performance exceeds a contractual threshold at the end of a specified measurement period). Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgement is involved in making such determination. Performance fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees the Company recognizes may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating performance fees to be recognized, including carried interest. These factors include but are not limited to whether: (1) the ~~fees~~amounts are dependent on the ~~market~~financial markets and, thus, are highly susceptible to factors outside the Company’s influence; (2) the ~~fees~~ultimate payments have a large number and a broad range of possible amounts; and (3) the funds or separately managed accounts have the ability to a) invest or reinvest their sales ~~proceeds.~~proceeds or b) distribute their sales proceeds and determine the timing of such distributions.

The Company is ~~allocated~~allocated/distributed carried interest from certain alternative investment products upon exceeding performance thresholds. The Company may be required to reverse/return all, or part, of such carried interest allocations/distributions depending upon future performance of these products. Carried interest subject to such clawback provisions is recorded in investments or cash and cash equivalents to the extent that it is distributed, on its condensed consolidated statements of financial condition.

The Company records a liability for deferred carried interest to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had ~~$748 million~~$1.7 billion and ~~$584 million,~~$1.5 billion, respectively, of deferred carried interest recorded in other liabilities on the condensed consolidated statements of financial condition. A portion of the deferred carried interest may also be paid to certain employees. The ultimate timing of the recognition of performance fee revenue and related compensation expense, if any, ~~for these products~~ is unknown. See Note 16, Revenue, in the notes to the condensed consolidated financial statements for detailed changes in the deferred carried interest liability balance for the three months ended March 31, ~~2021~~2022 and ~~2020.~~

AUM Market Price Risk. BlackRock’s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of ~~assets under management (“AUM”)~~AUM and, in some cases, performance fees expressed as a percentage of the returns realized on AUM. At March 31, ~~2021,~~2022, the majority of the Company’s investment advisory and administration fees were based on average or period end AUM of the applicable investment funds or separate accounts. Movements in equity market prices, interest rates/credit spreads, foreign exchange rates or all three could cause the value of AUM to decline, which would result in lower investment advisory and administration fees.

Corporate Investments Portfolio Risks. As a leading investment management firm, BlackRock devotes significant resources across all of its operations to identifying, measuring, monitoring, managing and analyzing market and operating risks, including the management and oversight of its own investment portfolio. The Board of Directors of the Company has adopted guidelines for the review of investments to be made by the Company, requiring, among other things, that investments be reviewed by certain senior officers of the Company, and that certain investments may be referred to the Audit Committee or the Board of Directors, depending on the circumstances, for approval.

In the normal course of its business, BlackRock is exposed to equity market price risk, interest rate/credit spread risk and foreign exchange rate risk associated with its corporate investments.

BlackRock has investments primarily in sponsored investment products that invest in a variety of asset classes, including real assets, private equity and hedge funds. Investments generally are made for co-investment purposes, to establish a performance track record or for regulatory purposes. Currently, the Company has a seed capital hedging program in which it enters into swaps to hedge market and interest rate exposure to certain investments. At March 31, ~~2021,~~2022, the Company had outstanding total return swaps with an aggregate notional value of approximately ~~$778~~$688 million.

At March 31, ~~2021,~~2022, approximately ~~$5.1~~$4.9 billion of BlackRock’s investments were maintained in consolidated sponsored investment products accounted for as variable interest entities ~~and~~or voting rights entities. Excluding the impact of the Federal Reserve Bank stock, carried interest and certain investments that are hedged via the seed capital hedging program, the Company’s economic exposure to its investment portfolio is ~~$2.9~~$3.7 billion. See Statement of Financial Condition Overview-Investments in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information on the Company’s investments.

Equity Market Price Risk. At March 31, ~~2021,~~2022, the Company’s net exposure to equity market price risk in its investment portfolio was approximately ~~$1,173 million~~$2.2 billion of the Company’s total economic investment exposure. Investments subject to market price risk include private equity and real assets investments, hedge funds and funds of funds as well as mutual funds. The Company estimates that a hypothetical 10% adverse change in market prices would result in a decrease of approximately ~~$117~~$220 million in the carrying value of such investments.

Interest Rate/Credit Spread Risk. At March 31, ~~2021,~~2022, the Company was exposed to interest-rate risk and credit spread risk as a result of approximately ~~$1,746 million~~$1.5 billion of investments in debt securities and sponsored investment products that invest primarily in debt securities. Management considered a hypothetical 100 basis point fluctuation in interest rates or credit spreads and estimates that the impact of such a fluctuation on these investments, in the aggregate, would result in a decrease, or increase, of approximately ~~$36~~$41 million in the carrying value of such investments.

Foreign Exchange Rate Risk. As discussed above, the Company invests in sponsored investment products that invest in a variety of asset classes. The carrying value of the total economic investment exposure denominated in foreign currencies, primarily the British pound and Euro, was ~~$948~~$201 million at March 31, ~~2021.~~2022. A 10% adverse change in the applicable foreign exchange rates would result in approximately a ~~$95~~$86 million decline in the carrying value of such investments.

Other Market Risks. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange risk movements. At March 31, ~~2021,~~2022, the Company had outstanding forward foreign currency exchange contracts with an aggregate notional value of approximately $1.9 billion.

Disclosure Controls and Procedures. Under the direction of BlackRock’s Chief Executive Officer and Chief Financial Officer, BlackRock evaluated the effectiveness of its disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, BlackRock’s Chief Executive Officer and Chief Financial Officer have concluded that BlackRock’s disclosure controls and procedures were effective.

Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, ~~2021~~2022 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting. In addition, there was no material impact to our internal control over financial reporting while majority of our employees are working remotely due to the COVID-19 pandemic. The Company is continually monitoring and assessing the COVID-19 situation to determine any potential impact on the design and operating effectiveness of our internal control over financial reporting.

For a discussion of the Company’s legal proceedings, see Note 15, Commitments and Contingencies, in the notes to the condensed consolidated financial statements of this Form 10-Q.

In addition to the ~~risk factors previously disclosed~~other information set forth in ~~BlackRock’s~~this report, the risks discussed in BlackRock's Annual Report on Form 10-K for the year ended December 31, ~~2020, BlackRock’s~~2021 could materially affect our business, financial condition, oroperating results ~~of operations could be materially adversely affected by any of the following risks.~~

~~The COVID-19 pandemic may adversely affect BlackRock’s business, operations~~ and ~~financial condition which may cause its AUM, revenue and earnings to decline.~~

The COVID-19 pandemic has caused and is causing significant harm to the global economy and may adversely affect BlackRock’s business, including its operations and financial condition, and may cause the Company’s AUM, revenue and earnings to decline. The COVID-19 pandemic continues to result in governmental authorities taking measures to contain the spread and impact of COVID-19, such as travel bans and restrictions, quarantines, shelter in place orders, and limitations on business activity in certain jurisdictions, including closures. These measures may continue to, among other things, severely restrict global economic activity, which can disrupt supply chains, lower asset valuations, significantly increase unemployment and underemployment levels, decrease liquidity in markets for certain securities and cause significant volatility and disruption in the financial markets.

Towards the end of the first quarter of 2020 the pandemic began to impact BlackRock’s business. While global markets have significantly recovered since then, the effects of the pandemic are ongoing, and such impact may continue in future quarters if conditions persist or worsen. Should current economic conditions persist or deteriorate, there may be an ongoing adverse effect on BlackRock’s business, including its operations and financial condition, as a result of, among other things:

The aggregate extent to which COVID-19, and the related impact on the global economy, affect BlackRock’s business, results of operations and financial condition, will depend on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and any recovery period, the shifting epicenter, and emergence of new variants, of the COVID-19 virus, the continuing prevalence of severe, unconstrained and/or escalating rates of infection in certain countries and regions, the availability, adoption and efficacy of treatments and vaccines, future actions taken by governmental authorities, central banks and other third parties (including new financial regulation and other regulatory reform) in response to the pandemic, and the effects on BlackRock’s products, clients, vendors and employees. Moreover, the effects of the COVID-19 pandemic may heighten the other risks described in the section entitled “Risk Factors” in BlackRock’s most recent Annual Report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission.nonoperating results.

During the three months ended March 31, ~~2021,~~2022, the Company made the following purchases of its common stock, which is registered pursuant to Section 12(b) of the Exchange Act.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	BLK	New York Stock Exchange
1.250% Notes due 2025	BLK25	New York Stock Exchange

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

		Page

Item 1.	Financial Statements (unaudited)

	Condensed Consolidated Statements of Financial Condition	1

	Condensed Consolidated Statements of Income	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Changes in Equity	4

	Condensed Consolidated Statements of Cash Flows	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3534

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6563

Item 4.	Controls and Procedures	6664

Item 1.	Legal Proceedings	6765

Item 1A.	Risk Factors	6866

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6967

Item 6.	Exhibits	7068

	Initial
	Estimate of
(in millions)	Fair Value
Accounts receivable	$	16
Finite-lived intangible assets:
Customer relationships⁽²⁾		270
Other		17
Goodwill		799
Deferred income tax liabilities		(28	)
Other liabilities assumed		(12	)
Total consideration, net of cash acquired	$	1,062

Summary of consideration, net of cash acquired:
Cash paid	$	1,066
Cash acquired		(4	)
Total consideration, net of cash acquired	$	1,062

(in millions)
Year	Amount
2021 (excluding the three months ended March 31, 2021)	$	30
2022		40
2023		38
2024		32
2025		29
Thereafter		111
Total	$	280

(in millions)	Indefinite-lived		Finite-lived			Total
December 31, 2020	$	17,578	$	685		$	18,263
Acquisition⁽¹⁾		—		287			287
Amortization expense		—		(34	)		(34	)
March 31, 2021	$	17,578	$	938		$	18,516

	Statement of
	Financial Condition	March 31,		December 31,
(in millions)	Classification	2021		2020
Statement of Financial Condition information:
Operating lease ROU assets	Other assets	$	629	$	649
Operating lease liabilities	Other liabilities	$	732	$	755

	Remainder of
(in millions)	2022			2023		2024		2025	Thereafter		Total
Investment advisory and administration fees:
Alternatives⁽¹⁾⁽²⁾	$	130	$	159	$	96	$	58	$	38	$	481

	Three Months Ended
	March 31,
(in millions, except per share data)	2021		2020
Net income attributable to BlackRock, Inc., GAAP basis	$	1,199	$	806
Non-GAAP adjustment:
Charitable Contribution, net of tax		—		226
Net income attributable to BlackRock, Inc., as adjusted	$	1,199	$	1,032
Diluted weighted-average common shares outstanding (4)		154.3		156.4
Diluted earnings per common share, GAAP basis (4)	$	7.77	$	5.15
Diluted earnings per common share, as adjusted (4)	$	7.77	$	6.60

	Total Number of Shares Purchased⁽¹⁾		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2021 through January 31, 2021		791,217	$	715.83		411,691		4,630,277
February 1, 2021 through February 28, 2021		675	$	701.26		—		4,630,277
March 1, 2021 through March 31, 2021		1,552	$	694.48		—		4,630,277
Total		793,444	$	715.77		411,691

Exhibit No.		Description

~~10.1(1)~~4.12		~~Amendment No. 10, dated as~~Description of March 31, 2021, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.Securities

31.1		Section 302 Certification of Chief Executive Officer

31.2		Section 302 Certification of Chief Financial Officer

32.1		Section 906 Certification of Chief Executive Officer and Chief Financial Officer

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	BLACKROCK, INC.
	(Registrant)

	By:	/s/ Gary S. Shedlin
Date: May 6, ~~2021~~2022		Gary S. Shedlin
		Senior Managing Director & Chief Financial Officer (Principal Financial Officer)