Total equity of BlackRock from 2019 to 2026
BlackRock is the world's largest asset manager, overseeing $13.89 trillion in assets across equities, fixed income, alternatives, and cash. Unlike banks, BlackRock does not lend money or hold a credit-risk balance sheet. Its equity grows through retained earnings from advisory fees charged as a percentage of AUM, goodwill from acquisitions, and paid-in capital. Total stockholders' equity grew steadily from $33.55B in 2019 to $55.89B in 2025, with acceleration in 2024-2025 driven by the landmark GIP and HPS acquisitions and record AUM-based fees. The broader investment banking context is in our investment banking revenue analysis.
BlackRock Total Equity — Full Annual Data 2019-2026
| Year | Total Equity | YoY Change ($) | YoY Change (%) | AUM (Year-End) | Net Income (Est.) | Key Driver |
|---|---|---|---|---|---|---|
| 2019 | $33.55B | Base year | Base year | $7.43T | ~$4.48B | Strong market rally · $429B net inflows · iShares growth |
| 2020 | $35.28B | +$1.73B | +5.2% | $8.68T | ~$4.93B | COVID-19 resilience · record AUM $8.68T · iShares bond ETF surge |
| 2021 | $37.69B | +$2.41B | +6.8% | $10.01T | ~$5.90B | AUM crossed $10 trillion · record earnings · Aperio acquisition |
| 2022 | $37.74B | +$0.05B | +0.1% | $7.96T | ~$5.18B | Market crash: AUM fell $2.05T · Fed rate hikes · $1.5B buybacks |
| 2023 | $39.35B | +$1.61B | +4.3% | $10.01T | ~$5.50B | AUM recovery to $10T · GIP deal announced · Aladdin growing |
| 2024 | $47.50B | +$8.15B | +20.7% | $11.55T | ~$6.37B | GIP acquisition closed Oct 2024 · Preqin · record AUM $11.55T |
| 2025 | $55.89B | +$8.39B | +17.7% | $11.55T* | ~$6.40B | HPS acquisition · record advisory fees · Aladdin +22% revenue |
| 2026 Q1 Est. | ~$57.3B | +~$1.4B | +~2.5% | $13.89T | $2.21B (Q1) | Q1 estimate · AUM +20% YoY · $130B inflows · record ETF quarter |
BlackRock AUM from $7.43 Trillion (2019) to $13.89 Trillion (Q1 2026)
BlackRock's AUM is the primary driver of its equity growth, because advisory fees are charged as a percentage of AUM. Every trillion dollars in AUM adds approximately $700-800 million in annual base fee revenue, which after operating expenses flows to net income and ultimately to equity through retained earnings. AUM collapsed from $10.01T to $7.96T in 2022 (the only major setback in the period), recovered to $10.01T in 2023, and then surged to $11.55T (2024), $11.55T (2025 year-end), and $13.89T in Q1 2026, driven by record market levels, strong net inflows, and the GIP and HPS acquisitions adding alternative assets. The global economy context driving AUM growth is in our global GDP analysis.
| Year | Total AUM | YoY Change | Equity AUM | Fixed Income | Multi-Asset | Alternatives | Cash Mgmt |
|---|---|---|---|---|---|---|---|
| 2019 | $7.43T | Base year | ~$3.9T (52%) | ~$2.3T (31%) | ~$0.6T (8%) | ~$0.1T (1%) | ~$0.5T (7%) |
| 2020 | $8.68T | +16.8% | ~$4.7T | ~$2.7T | ~$0.7T | ~$0.1T | ~$0.5T |
| 2021 | $10.01T | +15.3% | ~$5.7T | ~$2.9T | ~$0.8T | ~$0.2T | ~$0.6T |
| 2022 | $7.96T | -20.5% | ~$4.3T | ~$2.2T | ~$0.6T | ~$0.2T | ~$0.7T |
| 2023 | $10.01T | +25.8% | ~$5.5T | ~$2.7T | ~$0.7T | ~$0.3T | ~$0.7T |
| 2024 | $11.55T | +15.4% | ~$6.5T | ~$3.1T | ~$0.8T | ~$0.4T | ~$0.8T |
| 2025 (est.) | ~$11.55T* | — | ~$6.5T | ~$3.1T | ~$0.9T | ~$0.4T | ~$0.7T |
| 2026 Q1 | $13.89T | +20.1% YoY | $7.66T (55%) | $3.27T (24%) | $1.22T (9%) | $0.43T (3%) | $1.07T (8%) |
* 2025 year-end AUM not yet confirmed. Q1 2026 AUM of $13.89T reflects March 31, 2026 official figure. 2019-2024 AUM from BlackRock annual earnings releases. Digital assets: $60.7B (Q1 2026).
Three Phases of Equity Growth — Steady Rise, Flat 2022, Then Sharp Acceleration
Phase 1 — Steady Growth 2019-2021: AUM Reaches $10 Trillion
BlackRock's equity grew at a measured pace from $33.55B to $37.69B between 2019 and 2021, adding $4.14B (+12.3%) over two years. The COVID-19 pandemic in 2020 was navigated seamlessly: despite extreme market volatility, BlackRock's iShares ETF platform saw record inflows as investors globally turned to low-cost index investing. AUM surged from $7.43T (2019) to $8.68T (2020) to a historic $10.01T in 2021, the first time any asset manager managed $10 trillion. Retained earnings grew each year as advisory fees compounded with rising AUM. The US financial market context driving AUM growth is in our US financial markets analysis.
Phase 2 — The 2022 Pause: One Flat Year in Six
2022 was BlackRock's only near-flat equity year. Total equity grew just $50 million (+0.1%) to $37.74B, essentially unchanged from 2021's $37.69B. The Federal Reserve raised interest rates from near-zero to 4.25-4.50% in a single year, triggering the worst equity and bond market losses in decades. BlackRock's AUM collapsed from $10.01T to $7.96T, a $2.05 trillion drop that directly reduced advisory fee revenue. Simultaneously, BlackRock repurchased approximately $1.5 billion in shares, consuming capital that could have built equity. Net income of approximately $5.18B covered dividends and buybacks but left virtually nothing for net equity addition. This single year illustrates how directly AUM movements affect BlackRock's equity trajectory. The banking sector context for 2022's rate environment is in our UK banks analysis.
Phase 3 — Acquisition-Fueled Acceleration 2024-2025
BlackRock's equity growth shifted to a dramatically higher gear in 2024 and 2025. The 2024 jump of +$8.15B (+20.7%) to $47.50B was the largest single-year increase in company history to that point. Multiple forces combined: Global Infrastructure Partners (GIP) acquisition closed October 2024, adding $116B in infrastructure AUM and significant goodwill to the balance sheet; AUM grew to $11.55T; and equity markets recovered strongly after 2022's losses, pushing advisory fees to record levels. In 2025, equity reached $55.89B (+17.7%) as HPS Investment Partners (major private credit manager, ~$150B AUM) integrated its business. These acquisitions repositioned BlackRock from a firm that was 80%+ ETF/index-focused to a comprehensive public and private markets platform. The AI transformation driving efficiency gains at Aladdin is covered in our AI in finance report.
BlackRock's $55.89B equity is structurally different from a bank's equity. Bank of America holds ~$303B in equity because it must absorb potential loan losses on trillions in credit exposure. HSBC and Barclays need massive equity bases to meet Basel III capital requirements for their lending books. BlackRock has no loans, no deposit liabilities, no credit risk on its own balance sheet. The $13.89T in AUM is client money held in separate accounts and funds, it appears nowhere on BlackRock's balance sheet. BlackRock's equity exists primarily to: fund working capital, carry goodwill and intangibles from acquisitions (GIP, Preqin, HPS now represent a large portion of the $55.89B), meet regulatory capital requirements as a registered investment adviser, and support Aladdin's technology operations. This capital-light model is why BlackRock can generate 44.5% operating margins, compared to 10-20% at major banks, despite managing far more in assets.
BlackRock Equity Components — Paid-In Capital, Retained Earnings, Treasury Stock
BlackRock's stockholders' equity is composed of four main components: additional paid-in capital (investment received from shareholders), retained earnings (cumulative net income not paid as dividends), accumulated other comprehensive income/loss (primarily foreign currency translation), and treasury stock (shares repurchased at cost, reducing equity). The largest component by 2025 is retained earnings, which has grown substantially as BlackRock has compounded earnings over three decades. Treasury stock is a large negative because BlackRock has repurchased tens of billions in shares over the years. The goodwill and intangibles from acquisitions (GIP, Preqin, HPS) are assets that sit on the balance sheet, not part of equity itself, but they affect total assets and thus indicate the scale of acquisitions financed partly by equity capital.
| Component | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 (est.) |
|---|---|---|---|---|---|---|---|
| Additional Paid-In Capital | $19,186M | $19,293M | $19,640M | $19,772M | ~$20,000M | ~$22,000M | ~$25,000M+ |
| Retained Earnings | $21,662M | $24,334M | $27,688M | $29,876M | ~$33,000M | ~$38,000M | ~$44,000M+ |
| Treasury Stock | ($6,732M) | ($8,009M) | ($9,087M) | ($10,805M) | ~($12,500M) | ~($12,000M) | ~($13,000M) |
| AOCI (FX & Other) | ($571M) | ($337M) | ($550M) | ($1,101M) | ~($800M) | ~($700M) | ~($700M) |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M |
| Total Stockholders' Equity | $33,547M | $35,283M | $37,693M | $37,744M | $39,347M | $47,495M | $55,888M |
Q1 2026 Results — $13.89T AUM, $130B Net Inflows, Revenue +27%, Margin 44.5%
BlackRock's Q1 2026 (ended March 31, 2026, reported April 14, 2026) was described by CEO Laurence Fink as "one of the strongest starts to a year in our history." Revenue hit $6.698 billion (+27% YoY), net income $2.212 billion (+46%), and as-adjusted operating margin expanded 130 basis points to 44.5%. AUM crossed $13.89 trillion from $11.58T a year earlier. The company attracted $130 billion in net inflows, including a record iShares ETF first quarter at $132B. Over the last twelve months, BlackRock attracted $744B in net new assets with 10% organic base fee growth. Technology services and subscription revenue (Aladdin + Preqin) grew 22% to $530M. BlackRock repurchased $450M in shares and raised its quarterly dividend 10% to $5.73 per share. The world's largest companies context is in our biggest companies analysis.
| Metric | Q1 2026 | Q1 2025 | Q4 2025 | YoY Change |
|---|---|---|---|---|
| AUM | $13,894.6B | $11,583.9B | — | +20% |
| Total Net Inflows | $129.7B | $84.2B | — | +54% |
| Total Revenue | $6,698M | $5,276M | $7,008M | +27% |
| Advisory & Admin Fees | $5,438M | $4,401M | $5,278M | +24% |
| Technology (Aladdin) | $530M | $436M | $531M | +22% |
| Performance Fees | $272M | $60M | $754M | +353% |
| GAAP Operating Income | $2,814M | $1,698M | — | +66% |
| Adj. Operating Income | $2,669M | $2,032M | — | +31% |
| Adj. Operating Margin | 44.5% | 43.2% | — | +130 bps |
| Net Income (GAAP) | $2,212M | $1,510M | — | +46% |
| GAAP Diluted EPS | $14.06 | $9.64 | — | +46% |
| Adj. Diluted EPS | $12.53 | $11.30 | — | +11% |
| Share Repurchases | $450M | — | — | Guidance: $450M+/qtr rest of 2026 |
| Quarterly Dividend | $5.73/share | $5.21/share | — | +10% |
BlackRock AUM by Product Type — Q1 2026 (March 31, 2026)
As of March 31, 2026, BlackRock's $13.89 trillion in AUM is spread across equity strategies (55%), fixed income (24%), multi-asset (9%), alternatives (3%), digital assets (0.4%), and cash management (8%). Equity remains dominant at $7.66T, driven by the iShares ETF platform's $5.49T. iShares recorded record Q1 2026 net inflows of $132 billion. Fixed income AUM of $3.27T reflects strong institutional demand for bond indexing. The alternatives category ($0.43T) is growing rapidly through GIP infrastructure and HPS private credit, the fastest-growing segment by fee rate. The social media and technology context driving retail investor adoption of iShares ETFs is in our social media statistics.
BlackRock Quarterly Revenue and Net Income — 2025-2026
BlackRock's quarterly revenue has grown steadily, driven by rising AUM-linked advisory fees and an expanding technology services segment. Q1 2026 revenue of $6.698 billion was the second-highest quarterly result ever (behind Q4 2025's $7.008B which included a large $754M performance fee quarter). The revenue mix is shifting: technology services now represents 8% of revenue and growing, reducing reliance on purely market-linked advisory fees. Net income has grown faster than revenue due to positive operating leverage, margins expanding as revenue scales faster than costs. The largest bank revenue context for comparison is in our investment banking revenue analysis.
| Period | Total Revenue | Net Income | Op. Margin (adj.) | AUM | EPS (adj.) | Notes |
|---|---|---|---|---|---|---|
| FY 2019 | $14.54B | ~$4.48B | ~44% | $7.43T | ~$28.58 | Strong year · $429B net inflows |
| FY 2020 | $16.21B | ~$4.93B | ~44% | $8.68T | ~$31.85 | COVID-19 record · AUM +$1.25T |
| FY 2021 | $19.37B | ~$5.90B | ~44% | $10.01T | ~$38.22 | AUM $10T milestone · record year |
| FY 2022 | $17.87B | ~$5.18B | ~43% | $7.96T | ~$34.16 | Market downturn · revenue -8% |
| FY 2023 | $17.86B | ~$5.50B | ~43.5% | $10.01T | ~$36.51 | Recovery · flat revenue · margin held |
| FY 2024 | $20.41B | ~$6.37B | ~44% | $11.55T | ~$41.62 | GIP + Preqin · revenue surge +14% |
| Q1 2026 | $6.70B | $2.21B | 44.5% | $13.89T | $12.53 | Record Q1 · +27% YoY · $130B inflows |
- Advisory fees drive equity: Every $1T increase in AUM adds approximately $700-800M in annual base fee revenue, flowing to net income and retained earnings, building equity.
- Technology is de-risking the model: Aladdin technology services revenue ($530M/quarter, +22% YoY) is not market-linked, providing stable income that builds equity regardless of AUM fluctuations.
- Share repurchases partially offset equity growth: BlackRock repurchases $450M+ per quarter, reducing equity by that amount even as net income adds equity. In 2022, buybacks were the primary reason equity was flat despite $5.18B net income.
- Dividends reduce equity too: At $5.73/share quarterly on 155M+ shares, dividends consume approximately $890M per quarter in retained earnings that would otherwise build equity.
- Acquisitions add goodwill to assets, not equity directly: GIP, Preqin, HPS were funded partly by issuing new shares (increasing equity) and partly by cash (reducing equity), while adding goodwill and intangibles to assets.
BlackRock Total Equity — Key Statistics & Facts 2019-2026
BlackRock Total Equity Forecast — $75B-$85B by 2028, $100B+ by 2030
BlackRock's equity trajectory depends on three compounding forces: AUM growth driving higher base fees, expanding technology services revenue from Aladdin and Preqin, and management's continued disciplined capital return (buybacks and dividends) offsetting some retained earnings. At 10% organic base fee growth (the LTM rate as of Q1 2026) and continued AUM appreciation, analyst projections suggest BlackRock equity could reach $65-70B by end of 2026, $75-85B by 2028, and $100B+ by 2030. Key risk: a repeat of 2022-style market crash reducing AUM by 20%+ could compress equity growth to near-flat for one or two years, as it did in 2022. Key upside: AUM consistently tracks equity markets, and markets globally have trended upward over any multi-year window. The AI transformation accelerating Aladdin's value and driving AUM growth through systematic active strategies is covered in our AI in finance analysis.
| Year | Equity (Actual / Est.) | Type | AUM Projection | Assumed Net Income | Key Assumptions |
|---|---|---|---|---|---|
| 2019 | $33.55B | Official | $7.43T | ~$4.48B | Base year |
| 2020 | $35.28B | Official | $8.68T | ~$4.93B | COVID resilience |
| 2021 | $37.69B | Official | $10.01T | ~$5.90B | AUM $10T milestone |
| 2022 | $37.74B | Official | $7.96T | ~$5.18B | Market crash, flat year |
| 2023 | $39.35B | Official | $10.01T | ~$5.50B | Recovery |
| 2024 | $47.50B | Official | $11.55T | ~$6.37B | GIP + Preqin acquisitions |
| 2025 | $55.89B | Official | ~$11.55T | ~$6.40B | HPS + record fees |
| 2026E (Q1 est.) | ~$57.3B | Q1 Estimate | $13.89T | $2.21B (Q1 only) | Q1 2026 official earnings |
| 2026E (Year-End) | ~$65-70B | Forecast | ~$14-15T | ~$9-10B | 10% base fee growth · AUM expansion · HPS full-year |
| 2027E | ~$72-78B | Forecast | ~$15-17T | ~$10-11B | Continued AUM growth · Aladdin scaling · private markets build |
| 2028E | ~$80-88B | Forecast | ~$17-19T | ~$11-12B | Private credit + infrastructure maturing · fee rate holding |
| 2029E | ~$88-96B | Forecast | ~$18-21T | ~$12-13B | Retirement investing wave · international expansion |
| 2030E | ~$96-110B | Forecast | ~$20-23T | ~$13-15B | ~10% equity CAGR from 2025 · $20T+ AUM milestone target |
- Base case (10% equity CAGR from 2025): BlackRock equity reaches approximately $90B by 2028 and $100-110B by 2030. Assumes continued 5-10% organic base fee growth, no major market crash, and continued AUM appreciation.
- Bull case (AUM crosses $20T by 2028): If global markets continue rising and BlackRock captures disproportionate inflows through iShares and private markets, equity could exceed $100B by 2028 rather than 2030.
- Bear case (repeat 2022-style crash): A 20%+ market decline in 2027-2028 could flatten equity growth for 1-2 years, pushing the $100B target to 2032 or beyond. This is the primary risk to the forecast.
- Technology revenue wildcard: If Aladdin and Preqin technology services scale to $3-4B annually by 2030 (from $530M/quarter today), they provide a stable, non-market-linked equity growth engine that partially de-risks the forecast from AUM volatility.
- $20T AUM milestone: BlackRock has publicly discussed managing $20 trillion in AUM as a long-term aspiration. Achievement of this milestone would generate approximately $14-16B in annual base fee revenue and dramatically accelerate equity compound growth.
Frequently Asked Questions — BlackRock Total Equity
BlackRock's total stockholders' equity was $55.89 billion at year-end 2025, up from $47.50B in 2024 (+17.7%). In Q1 2026 (ending March 31, 2026), equity was approximately $57.3 billion. Since 2019 ($33.55B), equity has grown 66.5% over six years at a CAGR of approximately 8.9% per year.
Equity grew from $33.55B (2019) to $55.89B (2025), a $22.34B or 66.5% total increase. Growth by year: 2020 +5.2%, 2021 +6.8%, 2022 +0.1% (flat, market downturn), 2023 +4.3%, 2024 +20.7% (GIP acquisition), 2025 +17.7% (HPS acquisition, record AUM fees). Q1 2026 estimate: ~$57.3B.
BlackRock's AUM reached $13.89 trillion as of March 31, 2026, up 20% YoY from $11.58T. It is the world's largest asset manager. In Q1 2026, BlackRock attracted $130B in net inflows. Breakdown: Equity $7.66T (55%), Fixed Income $3.27T (24%), Multi-Asset $1.22T (9%), Cash Management $1.07T (8%), Alternatives $0.43T (3%), Digital Assets $60.7B.
BlackRock equity jumped from $39.35B in 2023 to $47.50B in 2024 (+$8.15B, +20.7%). Key drivers: Global Infrastructure Partners acquisition (closed October 2024, adding $116B infrastructure AUM and significant goodwill); Preqin data analytics acquisition; AUM reaching $11.55T with record advisory fees; and strong equity market performance driving mark-to-market AUM gains that boosted fee revenue.
Q1 2026 (ended March 31, reported April 14): Revenue $6.698B (+27% YoY), net income $2.212B (+46%), adj. EPS $12.53 (+11%), AUM $13.89T (+20%), net inflows $130B, adj. operating margin 44.5% (+130 bps). Record iShares ETF quarter: $132B in inflows. CEO Fink: "one of the strongest starts to a year in our history." Dividend raised 10% to $5.73/share quarterly.
2022 equity grew only $50M (+0.1%) because: AUM fell from $10.01T to $7.96T as global markets crashed amid aggressive Fed rate hikes (0% to 4.25-4.50%); lower AUM compressed advisory fee revenue; BlackRock repurchased approximately $1.5B in shares; dividends consumed further retained earnings. Net income of ~$5.18B was almost entirely absorbed by capital returns to shareholders with nothing left to build equity.
Three transformative acquisitions 2024-2026: (1) GIP (Global Infrastructure Partners), closed October 2024, $116B infrastructure AUM, made BlackRock world's largest infrastructure investor; (2) Preqin, 2025, private markets data analytics platform, boosting technology revenue; (3) HPS Investment Partners, 2026, ~$150B in private credit AUM. These three deals repositioned BlackRock beyond its ETF/index heritage into a full-spectrum public and private markets firm.
Yes, consistently and highly profitable. Q1 2026 adj. operating margin: 44.5%. Full-year 2024 net income: ~$6.37B. Even in the difficult 2022 market downturn, BlackRock generated ~$5.18B in net income. The capital-light, fee-based business model produces high, stable margins with no credit risk or loan loss provisions that compress bank earnings.
BlackRock's $55.89B equity supports $13.89T in managed assets entirely off-balance-sheet. Banks like Bank of America (~$303B equity) need large equity bases for regulatory capital (Basel III) to absorb loan losses. UK banks like HSBC, Barclays similarly need equity as a percentage of risk-weighted assets. BlackRock's equity primarily reflects goodwill from acquisitions plus retained earnings, no lending risk buffers required. Hence smaller equity, but dramatically higher return on equity.
iShares is BlackRock's ETF brand, the world's largest ETF platform with over $5.49T in AUM as of Q1 2026. In Q1 2026, iShares ETFs attracted a record $132B in net inflows: $41B in bond ETFs, $39B precision/thematic ETFs, $32B core equity, $19B active ETFs. iShares generates the majority of BlackRock's base fee revenue. Growing iShares AUM is the primary mechanical driver of BlackRock's equity growth through retained earnings from advisory fees. The broader equity market context driving iShares growth is in our US financial markets analysis.
Aladdin is BlackRock's proprietary risk management and operating system licensed to pension funds, insurers, banks, and asset managers worldwide, managing risk analytics on approximately $20-25T in assets globally. Technology services revenue (Aladdin plus Preqin) reached $530M in Q1 2026, up 22% YoY, the fastest-growing revenue line. Unlike AUM-linked advisory fees, Aladdin generates subscription revenue that is not market-dependent, diversifying BlackRock's income and supporting more stable equity growth even in market downturns. AI integration in Aladdin is rapidly expanding its analytical capabilities.
BlackRock net income history: 2019 ~$4.48B, 2020 ~$4.93B, 2021 ~$5.90B, 2022 ~$5.18B, 2023 ~$5.50B, 2024 ~$6.37B, Q1 2026 $2.212B. Net income has grown at a CAGR of approximately 6-7% since 2019 despite the 2022 headwind. Q1 2026 net income was up 46% YoY from Q1 2025's $1.51B, partly reflecting the HPS acquisition fees and record advisory income. Net income growth directly drives retained earnings and thus equity growth over time.
BlackRock was founded in 1988 by eight co-founders: Laurence (Larry) Fink (still Chairman and CEO), Robert Kapito (still President), Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson. The company began as a bond asset manager and risk analytics firm, pioneering rigorous fixed income risk analysis. It acquired Merrill Lynch Investment Managers in 2006 and Barclays Global Investors (including iShares) in 2009, transforming it into the world's largest asset manager. Fink's leadership has spanned BlackRock's entire 38-year history.
Primary (2019-2022 Equity): BlackRock Inc. SEC Form 10-K Annual Reports (via SEC EDGAR), 2019: $33,547M, 2020: $35,283M, 2021: $37,693M, 2022: $37,744M. Confirmed via 10-Q cross-referencing.
Primary (2023-2025 Equity): Yahoo Finance BLK Balance Sheet, 2023: $39,347M, 2024: $47,495M, 2025: $55,888M. Consistent with BlackRock 10-K common stock equity definition.
Primary (Q1 2026 Results): BlackRock Q1 2026 Earnings Release (April 14, 2026), Revenue $6.698B, Net Income $2.212B, AUM $13.894T, EPS $14.06 GAAP / $12.53 adj., inflows $130B, margin 44.5%.
Supporting: BlackRock Official Press Release, First Quarter 2026 Results, April 14, 2026.
