(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 ~~July~~October 31, 2021, there were ~~152,195,794~~151,917,177 shares of the registrant’s common stock outstanding.

	June 30,			December 31,			September 30,			December 31,
(in millions, except shares and per share data)	2021			2020			2021			2020
Assets
Cash and cash equivalents⁽¹⁾	$	6,416		$	8,664		$	7,361		$	8,664
Accounts receivable		3,790			3,535			4,015			3,535
Investments⁽¹⁾		7,595			6,919			7,101			6,919
Separate account assets		103,872			104,663			96,755			104,663
Separate account collateral held under securities lending agreements		16,170			16,507			14,106			16,507
Property and equipment (net of accumulated depreciation and amortization of $1,211 and $1,098 at June 30, 2021 and December 31, 2020, respectively)		741			681
Intangible assets (net of accumulated amortization of $351 and $291 at June 30, 2021 and December 31, 2020, respectively)		18,514			18,263
Property and equipment (net of accumulated depreciation and amortization of $1,257 and $1,098 at September 30, 2021 and December 31, 2020, respectively)								703			681
Intangible assets (net of accumulated amortization of $389 and $291 at September 30, 2021 and December 31, 2020, respectively)								18,476			18,263
Goodwill		15,362			14,551			15,360			14,551
Operating lease right-of-use assets								1,798			649
Other assets⁽¹⁾		4,502			3,199			3,961			2,550
Total assets	$	176,962		$	176,982		$	169,636		$	176,982
Liabilities
Accrued compensation and benefits	$	1,704		$	2,499		$	2,343		$	2,499
Accounts payable and accrued liabilities		1,238			1,028			1,402			1,028
Borrowings		6,491			7,264			6,474			7,264
Separate account liabilities		103,872			104,663			96,755			104,663
Separate account collateral liabilities under securities lending agreements		16,170			16,507			14,106			16,507
Deferred income tax liabilities		3,907			3,673			3,659			3,673
Operating lease liabilities								1,946			755
Other liabilities⁽¹⁾		5,190			3,692			4,585			2,937
Total liabilities		138,572			139,326			131,270			139,326
Commitments and contingencies (Note 15)
Temporary equity
Redeemable noncontrolling interests		2,242			2,322			1,437			2,322
Permanent Equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;		2			2			2			2
Shares authorized: 500,000,000 at June 30, 2021 and December 31, 2020; Shares issued: 172,075,373 at both June 30, 2021 and December 31, 2020; Shares outstanding: 152,298,784 and 152,532,885 at June 30, 2021 and December 31, 2020, respectively
Shares authorized: 500,000,000 at September 30, 2021 and December 31, 2020; Shares issued: 172,075,373 at both September 30, 2021 and December 31, 2020; Shares outstanding: 151,988,234 and 152,532,885 at September 30, 2021 and December 31, 2020, respectively
Additional paid-in capital		19,297			19,293			19,462			19,293
Retained earnings		25,620			24,334			26,672			24,334
Accumulated other comprehensive loss		(388	)		(337	)		(526	)		(337	)
Treasury stock, common, at cost (19,776,589 and 19,542,488 shares held at June 30, 2021 and December 31, 2020, respectively)		(8,498	)		(8,009	)
Treasury stock, common, at cost (20,087,139 and 19,542,488 shares held at September 30, 2021 and December 31, 2020, respectively)								(8,793	)		(8,009	)
Total BlackRock, Inc. stockholders’ equity		36,033			35,283			36,817			35,283
Nonredeemable noncontrolling interests		115			51			112			51
Total permanent equity		36,148			35,334			36,929			35,334
Total liabilities, temporary equity and permanent equity	$	176,962		$	176,982		$	169,636		$	176,982

	Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						September 30,						September 30,
(in millions, except shares and per share data)	2021			2020			2021			2020			2021			2020			2021			2020
Revenue
Investment advisory, administration fees and securities lending revenue:
Related parties	$	2,829		$	2,052		$	5,514		$	4,227		$	2,964		$	2,329		$	8,478		$	6,556
Other third parties		928			914			1,835			1,794			979			896			2,814			2,690
Total investment advisory, administration fees and securities lending revenue		3,757			2,966			7,349			6,021			3,943			3,225			11,292			9,246
Investment advisory performance fees		340			112			469			153			345			532			814			685
Technology services revenue		316			278			622			552			320			282			942			834
Distribution fees		369			253			709			529			401			288			1,110			817
Advisory and other revenue		38			39			69			103			41			42			110			145
Total revenue		4,820			3,648			9,218			7,358			5,050			4,369			14,268			11,727
Expense
Employee compensation and benefits		1,548			1,152			2,957			2,289			1,527			1,411			4,484			3,700
Distribution and servicing costs		523			429			1,028			874			585			456			1,613			1,330
Direct fund expense		320			246			640			523			354			257			994			780
General and administration expense		461			388			1,046			1,530			611			461			1,657			1,991
Amortization of intangible assets		37			27			71			52			38			27			109			79
Total expense		2,889			2,242			5,742			5,268			3,115			2,612			8,857			7,880
Operating income		1,931			1,406			3,476			2,090			1,935			1,757			5,411			3,847
Nonoperating income (expense)
Net gain (loss) on investments		314			398			396			358			370			269			766			627
Interest and dividend income		8			10			27			25			14			9			41			34
Interest expense		(52	)		(51	)		(107	)		(97	)		(48	)		(54	)		(155	)		(151	)
Total nonoperating income (expense)		270			357			316			286			336			224			652			510
Income before income taxes		2,201			1,763			3,792			2,376			2,271			1,981			6,063			4,357
Income tax expense		654			361			972			347			518			464			1,490			811
Net income		1,547			1,402			2,820			2,029			1,753			1,517			4,573			3,546
Less:
Net income (loss) attributable to noncontrolling interests		169			188			243			9			72			153			315			162
Net income attributable to BlackRock, Inc.	$	1,378		$	1,214		$	2,577		$	2,020		$	1,681		$	1,364		$	4,258		$	3,384
Earnings per share attributable to BlackRock, Inc. common stockholders:
Basic	$	9.04		$	7.90		$	16.90		$	13.08		$	11.05		$	8.94		$	27.94		$	22.00
Diluted	$	8.92		$	7.85		$	16.69		$	12.99		$	10.89		$	8.87		$	27.59		$	21.84
Weighted-average common shares outstanding:
Basic		152,443,039			153,732,878			152,504,902			154,488,079			152,120,927			152,488,073			152,375,504			153,816,544
Diluted		154,417,581			154,712,032			154,359,353			155,556,187			154,343,277			153,742,264			154,352,590			154,959,812

	Three Months Ended				Six Months Ended						Three Months Ended					Nine Months Ended
	June 30,				June 30,						September 30,					September 30,
(in millions)	2021		2020		2021			2020			2021			2020		2021			2020
Net income	$	1,547	$	1,402	$	2,820		$	2,029		$	1,753		$	1,517	$	4,573		$	3,546
Other comprehensive income (loss):
Foreign currency translation adjustments⁽¹⁾		23		29		(51	)		(210	)		(138	)		180		(189	)		(30	)
Comprehensive income (loss)		1,570		1,431		2,769			1,819			1,615			1,697		4,384			3,516
Less: Comprehensive income (loss) attributable to noncontrolling interests		169		188		243			9			72			153		315			162
Comprehensive income attributable to BlackRock, Inc.	$	1,401	$	1,243	$	2,526		$	1,810		$	1,543		$	1,544	$	4,069		$	3,354

(in millions)	Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests⁽²⁾		Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity⁽²⁾			Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests⁽²⁾			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity⁽²⁾
December 31, 2020	$	19,295		$	24,334		$	(337	)	$	(8,009	)	$	35,283		$	51	$	35,334		$	2,322		$	19,295		$	24,334		$	(337	)	$	(8,009	)	$	35,283		$	51		$	35,334		$	2,322
Net income		—			2,577			—			—			2,577			2		2,579			241			—			4,258			—			—			4,258			(4	)		4,254			319
Dividends declared ($8.26 per share)		—			(1,291	)		—			—			(1,291	)		—		(1,291	)		—
Dividends declared ($12.39 per share)																									—			(1,920	)		—			—			(1,920	)		—			(1,920	)		—
Stock-based compensation		378			—			—			—			378			—		378			—			551			—			—			—			551			—			551			—
Issuance of common shares related to employee stock transactions		(374	)		—			—			384			10			—		10			—			(382	)		—			—			398			16			—			16			—
Employee tax withholdings related to employee stock transactions		—			—			—			(273	)		(273	)		—		(273	)		—			—			—			—			(282	)		(282	)		—			(282	)		—
Shares repurchased		—			—			—			(600	)		(600	)		—		(600	)		—			—			—			—			(900	)		(900	)		—			(900	)		—
Contributions (redemptions/distributions) — noncontrolling interest holders		—			—			—			—			—			61		61			776			—			—			—			—			—			68			68			1,058
Net consolidations (deconsolidations) of sponsored investment funds		—			—			—			—			—			1		1			(1,097	)		—			—			—			—			—			(3	)		(3	)		(2,262	)
Other comprehensive income (loss)		—			—			(51	)		—			(51	)		—		(51	)		—			—			—			(189	)		—			(189	)		—			(189	)		—
June 30, 2021	$	19,299		$	25,620		$	(388	)	$	(8,498	)	$	36,033		$	115	$	36,148		$	2,242
September 30, 2021																								$	19,464		$	26,672		$	(526	)	$	(8,793	)	$	36,817		$	112		$	36,929		$	1,437

(in millions)	Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests⁽²⁾		Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity⁽²⁾			Additional Paid-in Capital⁽¹⁾			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests⁽²⁾			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity⁽²⁾
March 31, 2021	$	19,123		$	24,872		$	(411	)	$	(8,204	)	$	35,380		$	49	$	35,429		$	2,411
June 30, 2021																								$	19,299		$	25,620		$	(388	)	$	(8,498	)	$	36,033		$	115		$	36,148		$	2,242
Net income		—			1,378			—			—			1,378			2		1,380			167			—			1,681			—			—			1,681			(6	)		1,675			78
Dividends declared ($4.13 per share)		—			(630	)		—			—			(630	)		—		(630	)		—			—			(629	)		—			—			(629	)		—			(629	)		—
Stock-based compensation		182			—			—			—			182			—		182			—			173			—			—			—			173			—			173			—
Issuance of common shares related to employee stock transactions		(6	)		—			—			11			5			—		5			—			(8	)		—			—			14			6			—			6			—
Employee tax withholdings related to employee stock transactions		—			—			—			(5	)		(5	)		—		(5	)		—			—			—			—			(9	)		(9	)		—			(9	)		—
Shares repurchased		—			—			—			(300	)		(300	)		—		(300	)		—			—			—			—			(300	)		(300	)		—			(300	)		—
Contributions (redemptions/distributions) — noncontrolling interest holders		—			—			—			—			—			63		63			154			—			—			—			—			—			7			7			282
Net consolidations (deconsolidations) of sponsored investment funds		—			—			—			—			—			1		1			(490	)		—			—			—			—			—			(4	)		(4	)		(1,165	)
Other comprehensive income (loss)		—			—			23			—			23			—		23			—			—			—			(138	)		—			(138	)		—			(138	)		—
June 30, 2021	$	19,299		$	25,620		$	(388	)	$	(8,498	)	$	36,033		$	115	$	36,148		$	2,242
September 30, 2021																								$	19,464		$	26,672		$	(526	)	$	(8,793	)	$	36,817		$	112		$	36,929		$	1,437

(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, 2019	$	19,188		$	21,662		$	(571	)	$	(6,732	)	$	33,547		$	66		$	33,613		$	1,316		$	19,188		$	21,662		$	(571	)	$	(6,732	)	$	33,547		$	66		$	33,613		$	1,316
Net income		—			2,020			—			—			2,020			—			2,020			9			—			3,384			—			—			3,384			(2	)		3,382			164
Dividends declared ($7.26 per share)		—			(1,150	)		—			—			(1,150	)		—			(1,150	)		—
Dividends declared ($10.89 per share)																										—			(1,706	)		—			—			(1,706	)		—			(1,706	)		—
Stock-based compensation		298			—			—			—			298			—			298			—			458			—			—			—			458			—			458			—
Issuance of common shares related to employee stock transactions		(477	)		—			—			484			7			—			7			—			(494	)		—			—			506			12			—			12			—
Employee tax withholdings related to employee stock transactions		—			—			—			(270	)		(270	)		—			(270	)		—			—			—			—			(280	)		(280	)		—			(280	)		—
Shares repurchased		—			—			—			(1,512	)		(1,512	)		—			(1,512	)		—			—			—			—			(1,512	)		(1,512	)		—			(1,512	)		—
Contributions (redemptions/distributions) — noncontrolling interest holders		—			—			—			—			—			(10	)		(10	)		815			—			—			—			—			—			(5	)		(5	)		1,363
Net consolidations (deconsolidations) of sponsored investment funds		—			—			—			—			—			—			—			(892	)		—			—			—			—			—			—			—			(759	)
Other comprehensive income (loss)		—			—			(210	)		—			(210	)		—			(210	)		—			—			—			(30	)		—			(30	)		—			(30	)		—
June 30, 2020	$	19,009		$	22,532		$	(781	)	$	(8,030	)	$	32,730		$	56		$	32,786		$	1,248
September 30, 2020																									$	19,152		$	23,340		$	(601	)	$	(8,018	)	$	33,873		$	59		$	33,932		$	2,084

(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
March 31, 2020	$	18,887		$	21,872		$	(810	)	$	(6,936	)	$	33,013		$	57		$	33,070		$	1,440
June 30, 2020																									$	19,009		$	22,532		$	(781	)	$	(8,030	)	$	32,730		$	56		$	32,786		$	1,248
Net income		—			1,214			—			—			1,214			—			1,214			188			—			1,364			—			—			1,364			(2	)		1,362			155
Dividends declared ($3.63 per share)		—			(554	)		—			—			(554	)		—			(554	)		—			—			(556	)		—			—			(556	)		—			(556	)		—
Stock-based compensation		149			—			—			—			149			—			149			—			160			—			—			—			160			—			160			—
Issuance of common shares related to employee stock transactions		(27	)		—			—			31			4			—			4			—			(17	)		—			—			22			5			—			5			—
Employee tax withholdings related to employee stock transactions		—			—			—			(13	)		(13	)		—			(13	)		—			—			—			—			(10	)		(10	)		—			(10	)		—
Shares repurchased		—			—			—			(1,112	)		(1,112	)		—			(1,112	)		—			—			—			—			—			—			—			—			—
Contributions (redemptions/distributions) — noncontrolling interest holders		—			—			—			—			—			(1	)		(1	)		(56	)		—			—			—			—			—			5			5			548
Net consolidations (deconsolidations) of sponsored investment funds		—			—			—			—			—			—			—			(324	)		—			—			—			—			—			—			—			133
Other comprehensive income (loss)		—			—			29			—			29			—			29			—			—			—			180			—			180			—			180			—
June 30, 2020	$	19,009		$	22,532		$	(781	)	$	(8,030	)	$	32,730		$	56		$	32,786		$	1,248
September 30, 2020																									$	19,152		$	23,340		$	(601	)	$	(8,018	)	$	33,873		$	59		$	33,932		$	2,084

	Six Months Ended						Nine Months Ended
(in millions)	June 30,						September 30,
	2021			2020			2021			2020
Operating activities
Net income	$	2,820		$	2,029		$	4,573		$	3,546
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization		198			168			305			255
Noncash lease expense		63			57			101			87
Stock-based compensation		378			298			551			458
Deferred income tax expense (benefit)		233			(67	)		(5	)		20
Charitable Contribution		—			589			—			589
Gain related to the Charitable Contribution		—			(122	)		—			(122	)
Other investment gains		—			(244	)		(153	)		(244	)
Net (gains) losses within CIPs		(310	)		69			(350	)		(161	)
Net (purchases) proceeds within CIPs		(759	)		(828	)		(1,047	)		(1,603	)
(Earnings) losses from equity method investees		(107	)		(24	)		(226	)		(75	)
Distributions of earnings from equity method investees		25			23			54			25
Changes in operating assets and liabilities:
Accounts receivable		(264	)		120			(527	)		(544	)
Investments, trading		62			114			113			153
Other assets		(1,330	)		(817	)		(1,289	)		(864	)
Accrued compensation and benefits		(801	)		(885	)		(180	)		(206	)
Accounts payable and accrued liabilities		205			(273	)		354			(183	)
Other liabilities		840			562			753			633
Net cash provided by/(used in) operating activities		1,253			769			3,027			1,764
Investing activities
Purchases of investments		(360	)		(180	)		(579	)		(252	)
Proceeds from sales and maturities of investments		184			69			294			133
Distributions of capital from equity method investees		55			93			77			124
Net consolidations (deconsolidations) of sponsored investment funds		(39	)		(40	)		(59	)		(42	)
Acquisitions, net of cash acquired		(1,097	)		—			(1,097	)		—
Purchases of property and equipment		(178	)		(100	)		(215	)		(140	)
Net cash provided by/(used in) investing activities		(1,435	)		(158	)		(1,579	)		(177	)
Financing activities
Proceeds from long-term borrowings		—			2,245			—			2,245
Repayments of long-term borrowings		(750	)		—			(750	)		—
Cash dividends paid		(1,291	)		(1,150	)		(1,920	)		(1,706	)
Repurchases of common stock		(873	)		(1,782	)		(1,182	)		(1,792	)
Net proceeds from (repayments of) borrowings by CIPs		18			30			32			38
Net contributions (redemptions/distributions) - noncontrolling interest holders		837			805			1,126			1,358
Other financing activities		(7	)		(42	)		(1	)		(37	)
Net cash provided by/(used in) financing activities		(2,066	)		106			(2,695	)		106
Effect of exchange rate changes on cash, cash equivalents and restricted cash		—			(80	)		(56	)		(15	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		(2,248	)		637			(1,303	)		1,678
Cash, cash equivalents and restricted cash, beginning of period		8,681			4,846			8,681			4,846
Cash, cash equivalents and restricted cash, end of period	$	6,433		$	5,483		$	7,378		$	6,524
Supplemental schedule of noncash investing and financing transactions:
Issuance of common stock	$	374		$	477		$	382		$	494
Charitable Contribution of an investment	$	—		$	(589	)	$	—		$	(589	)
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds	$	(1,096	)	$	(892	)	$	(2,265	)	$	(759	)

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, 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, 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 represent the portion of CIPs and a consolidated affiliate (collectively, “consolidated entities”) in which the Company does not have direct equity ownership. Intercompany balances and transactions have been 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 related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission on February 25, 2021 (“2020 Form 10-K”).

The interim financial information at ~~June~~September 30, 2021 and for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 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.

Consolidated Affiliate. During the second quarter of 2021, the Company formed a majority-controlled asset management company in China - BlackRock CCB Wealth Management Company Ltd. (“WMC”). WMC is 50.1% owned by the Company. The Company consolidates WMC, which it deems to be a voting rights entity (“VRE”), because it can exert control over the financial and operating policies of the entity, based on the Company’s 50.1% ownership and voting rights.

Noncontrolling Interests. NCI consist of third-party investments in the Company’s sponsored investment products and minority interests in ~~WMC, the Company’s consolidated affiliate.~~WMC. The Company reports NCI as equity, separate from the parent’s equity, on the condensed consolidated statements of financial condition. NCI that are redeemable at the option of the holders are classified as temporary equity and nonredeemable NCI are classified as a component of permanent equity in the condensed consolidated statements of financial condition. In addition, the Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders in net income (loss) attributable to NCI in the condensed consolidated statements of income.

Noncontrolling Interests – CIPs. NCI of CIPs represent third-party investments in the Company’s sponsored investment products.

Noncontrolling Interests – Consolidated Affiliate. NCI of consolidated affiliate represent minority interests held in WMC, a consolidated affiliate. NCI of a consolidated affiliate that are classified as nonredeemable are included as a component of permanent equity in the condensed consolidated statements of financial condition. NCI of a consolidated affiliate that are classified as redeemable are included in temporary equity at estimated redemption value in the condensed consolidated statements of financial condition.

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 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 legal title to the collateral with minimum values generally ranging 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 Company records 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. 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 ~~six~~nine months ended ~~June~~September 30, 2021 and 2020, the Company had 0t resold or repledged any of the collateral received under these arrangements. At ~~June~~September 30, 2021 and December 31, 2020, the fair value of loaned securities held by separate accounts was approximately ~~$14.8~~$13 billion and $15.2 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately ~~$16.2~~$14.1 billion and $16.5 billion, respectively.

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 and ~~six~~nine months ended ~~June~~September 30, 2021, these waivers resulted in a reduction of management fees of approximately ~~$160~~$130 million and ~~$230~~$360 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 and ~~six~~nine months ended ~~June~~September 30, 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 $0.6 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 $10 million and ~~$17~~$27 million, respectively, for the three and ~~six~~nine months ended ~~June~~September 30, 2021. The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows:

(in millions)
Year	Amount		Amount
2021 (excluding the six months ended June 30, 2021)	$	20
2021 (excluding the nine months ended September 30, 2021)			$	10
2022		40		40
2023		38		38
2024		32		32
2025		29		29
Thereafter		111		111
Total	$	270	$	260

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 and ~~six~~nine months ended ~~June~~September 30, 2021, Aperio contributed ~~$21~~$22 million and ~~$34~~$56 million, respectively, 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.

In June 2021, the Company completed the acquisition of Baringa Partners’ Climate Change Scenario Model, which will be integrated into BlackRock’s Aladdin Climate technology, and will enhance Aladdin Climate’s capabilities and analytics. Total consideration, including contingent consideration, is not material to the Company’s condensed consolidated financial statements.

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.

	June 30,		December 31,		September 30,		December 31,
	2021		2020		2021		2020
(in millions)
Cash and cash equivalents	$	6,416	$	8,664	$	7,361	$	8,664
Restricted cash included in other assets		17		17		17		17
Total cash, cash equivalents and restricted cash	$	6,433	$	8,681	$	7,378	$	8,681

	June 30,		December 31,		September 30,		December 31,
(in millions)	2021		2020		2021		2020
Debt securities:
Held-to-maturity investments	$	326	$	310	$	386	$	310
Trading securities		1,616		1,964		1,480		1,964
Total debt securities		1,942		2,274		1,866		2,274
Equity securities at FVTNI⁽¹⁾		2,369		2,317		1,591		2,317
Equity method investments⁽²⁾		1,404		1,081		1,544		1,081
Bank loans		271		248		282		248
Federal Reserve Bank stock⁽³⁾		95		94		95		94
Carried interest⁽⁴⁾		1,213		627		1,446		627
Other investments⁽⁵⁾		301		278		277		278
Total investments	$	7,595	$	6,919	$	7,101	$	6,919

The carrying value of held-to-maturity investments was ~~$326~~$386 million and $310 million at ~~June~~September 30, 2021 and December 31, 2020, respectively. Held-to-maturity investments included certain investments in 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 ~~June~~September 30, 2021, ~~$14~~$36 million of these investments mature between one to five years, ~~$103~~$96 million of these investments mature between five to 10 years and ~~$209~~$254 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 is as follows:


	June 30, 2021				December 31, 2020				September 30, 2021				December 31, 2020
(in millions)	Cost		Carrying Value		Cost		Carrying Value		Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	1,131	$	1,159	$	1,591	$	1,641	$	961	$	970	$	1,591	$	1,641
Government debt		314		314		203		210		403		403		203		210
Asset/mortgage-backed debt		154		143		132		113		120		107		132		113
Total trading debt securities	$	1,599	$	1,616	$	1,926	$	1,964	$	1,484	$	1,480	$	1,926	$	1,964
Equity securities at FVTNI:
Equity securities/mutual funds	$	2,033	$	2,369	$	2,055	$	2,317	$	1,311	$	1,591	$	2,055	$	2,317
Total equity securities at FVTNI	$	2,033	$	2,369	$	2,055	$	2,317	$	1,311	$	1,591	$	2,055	$	2,317

The Company consolidates certain sponsored investment funds accounted for as 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 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:

	June 30, 2021									December 31, 2020									September 30, 2021									December 31, 2020
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total			VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents	$	217		$	63		$	280		$	155		$	51		$	206		$	204		$	61		$	265		$	155		$	51		$	206
Investments:
Trading debt securities		1,497			73			1,570			1,618			310			1,928			1,258			167			1,425			1,618			310			1,928
Equity securities at FVTNI		1,758			289			2,047			1,592			413			2,005			946			308			1,254			1,592			413			2,005
Bank loans		271			—			271			248			—			248			282			—			282			248			—			248
Other investments		210			—			210			191			—			191			207			—			207			191			—			191
Carried interest		1,184			—			1,184			604			—			604			1,406			—			1,406			604			—			604
Total investments		4,920			362			5,282			4,253			723			4,976			4,099			475			4,574			4,253			723			4,976
Other assets		136			6			142			90			9			99			83			10			93			90			9			99
Other liabilities⁽¹⁾		(1,601	)		(33	)		(1,634	)		(952	)		(70	)		(1,022	)		(1,799	)		(39	)		(1,838	)		(952	)		(70	)		(1,022	)
Noncontrolling interests - CIPs		(2,250	)		(30	)		(2,280	)		(2,193	)		(180	)		(2,373	)		(1,416	)		(59	)		(1,475	)		(2,193	)		(180	)		(2,373	)
BlackRock's net interests in CIPs	$	1,422		$	368		$	1,790		$	1,353		$	533		$	1,886		$	1,171		$	448		$	1,619		$	1,353		$	533		$	1,886

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

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

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

	Three Months Ended				Six Months Ended					Three Months Ended				Nine Months Ended
	June 30,				June 30,					September 30,				September 30,
(in millions)	2021		2020		2021		2020			2021		2020		2021		2020

Nonoperating net gain (loss) on consolidated VIEs	$	190	$	282	$	273	$	(27	)	$	50	$	213	$	323	$	186

Net income (loss) attributable to NCI on consolidated VIEs	$	168	$	178	$	223	$	20		$	73	$	149	$	296	$	169

Nonconsolidated VIEs. At ~~June~~September 30, 2021 and December 31, 2020, 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, was as follows:

(in millions)			Advisory Fee		Other Net Assets			Maximum				Advisory Fee		Other Net Assets			Maximum
At June 30, 2021	Investments		Receivables		(Liabilities)			Risk of Loss⁽¹⁾
At September 30, 2021										Investments		Receivables		(Liabilities)			Risk of Loss⁽¹⁾
Sponsored investment products	$	779	$	95	$	(12	)	$	891	$	865	$	71	$	(12	)	$	953
At December 31, 2020
Sponsored investment products	$	662	$	71	$	(13	)	$	750	$	662	$	71	$	(13	)	$	750

The net assets of sponsored investment products that are nonconsolidated VIEs approximated ~~$19~~$23 billion and $16 billion at ~~June~~September 30, 2021 and December 31, 2020, respectively.

June 30, 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⁾		June 30, 2021
September 30, 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⁾		September 30, 2021
Assets:
Investments
Debt securities:
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	326	$	326	$	—	$	—	$	—	$	—	$	386	$	386
Trading securities		—		1,595		21		—		—		1,616		—		1,450		30		—		—		1,480
Total debt securities		—		1,595		21		—		326		1,942		—		1,450		30		—		386		1,866
Equity securities at FVTNI:
Equity securities/mutual funds		2,369		—		—		—		—		2,369		1,591		—		—		—		—		1,591
Equity method:
Equity and fixed income mutual funds		356		—		—		—		—		356		339		—		—		—		—		339
Hedge funds/funds of hedge funds		—		—		—		351		—		351		—		—		—		359		—		359
Private equity funds		—		—		—		483		—		483		—		—		—		633		—		633
Real assets funds		—		—		—		214		—		214		—		—		—		213		—		213
Total equity method		356		—		—		1,048		—		1,404		339		—		—		1,205		—		1,544
Bank loans		—		10		261		—		—		271		—		9		273		—		—		282
Federal Reserve Bank Stock		—		—		—		—		95		95		—		—		—		—		95		95
Carried interest		—		—		—		—		1,213		1,213		—		—		—		—		1,446		1,446
Other investments⁽³⁾		9		5		5		90		192		301		—		4		5		94		174		277
Total investments		2,734		1,610		287		1,138		1,826		7,595		1,930		1,463		308		1,299		2,101		7,101
Other assets⁽⁴⁾		186		—		—		—		—		186		197		23		—		—		—		220
Separate account assets		69,820		33,036		—		—		1,016		103,872		65,704		30,146		—		—		905		96,755
Separate account collateral held under securities lending agreements:
Equity securities		12,599		—		—		—		—		12,599		10,551		—		—		—		—		10,551
Debt securities		—		3,501		—		—		—		3,501		—		3,555		—		—		—		3,555
Other		—		—		—		—		70		70
Total separate account collateral held under securities lending agreements		12,599		3,501		—		—		70		16,170		10,551		3,555		—		—		—		14,106
Total	$	85,339	$	38,147	$	287	$	1,138	$	2,912	$	127,823	$	78,382	$	35,187	$	308	$	1,299	$	3,006	$	118,182
Liabilities:
Separate account collateral liabilities under securities lending agreements	$	12,599	$	3,501	$	—	$	—	$	70	$	16,170	$	10,551	$	3,555	$	—	$	—	$	—	$	14,106
Other liabilities⁽⁵⁾		—		45		298		—		—		343		—		41		340		—		—		381
Total	$	12,599	$	3,546	$	298	$	—	$	70	$	16,513	$	10,551	$	3,596	$	340	$	—	$	—	$	14,487

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		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
Assets:
Investments
Debt securities:
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	310	$	310	$	—	$	—	$	—	$	—	$	310	$	310
Trading securities		—		1,953		11		—		—		1,964		—		1,953		11		—		—		1,964
Total debt securities		—		1,953		11		—		310		2,274		—		1,953		11		—		310		2,274
Equity securities at FVTNI:
Equity securities/mutual funds		2,317		—		—		—		—		2,317		2,317		—		—		—		—		2,317
Equity method:
Equity and fixed income mutual funds		235		—		—		—		—		235		235		—		—		—		—		235
Hedge funds/funds of hedge funds		—		—		—		313		—		313		—		—		—		313		—		313
Private equity funds		—		—		—		315		—		315		—		—		—		315		—		315
Real assets funds		—		—		—		218		—		218		—		—		—		218		—		218
Total equity method		235		—		—		846		—		1,081		235		—		—		846		—		1,081
Bank loans		—		16		232		—		—		248		—		16		232		—		—		248
Federal Reserve Bank Stock		—		—		—		—		94		94		—		—		—		—		94		94
Carried interest		—		—		—		—		627		627		—		—		—		—		627		627
Other investments⁽³⁾		—		—		9		94		175		278		—		—		9		94		175		278
Total investments		2,552		1,969		252		940		1,206		6,919		2,552		1,969		252		940		1,206		6,919
Other assets⁽⁴⁾		205		13		—		—		—		218		205		13		—		—		—		218
Separate account assets		71,392		32,404		—		—		867		104,663		71,392		32,404		—		—		867		104,663
Separate account collateral held under securities lending agreements:
Equity securities		13,126		—		—		—		—		13,126		13,126		—		—		—		—		13,126
Debt securities		—		3,381		—		—		—		3,381		—		3,381		—		—		—		3,381
Total separate account collateral held under securities lending agreements		13,126		3,381		—		—		—		16,507		13,126		3,381		—		—		—		16,507
Total	$	87,275	$	37,767	$	252	$	940	$	2,073	$	128,307	$	87,275	$	37,767	$	252	$	940	$	2,073	$	128,307
Liabilities:
Separate account collateral liabilities under securities lending agreements	$	13,126	$	3,381	$	—	$	—	$	—	$	16,507	$	13,126	$	3,381	$	—	$	—	$	—	$	16,507
Other liabilities⁽⁵⁾		—		68		272		—		—		340		—		68		272		—		—		340
Total	$	13,126	$	3,449	$	272	$	—	$	—	$	16,847	$	13,126	$	3,449	$	272	$	—	$	—	$	16,847

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 ~~$287~~$308 million and $252 million at ~~June~~September 30, 2021 and December 31, 2020, 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 ~~June~~September 30, 2021

(in millions)	March 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			June 30, 2021		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾			June 30, 2021		Realized and Unrealized Gains (Losses)			Purchases		Sales and Maturities			Issuances and other Settlements⁽¹⁾		Transfers into Level 3		Transfers out of Level 3			September 30, 2021		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾
Assets:
Investments:
Debt securities:
Trading	$	14	$	—		$	7	$	—	$	—	$	—	$	—		$	21	$	—		$	21	$	2		$	12	$	(5	)	$	—	$	—	$	—		$	30	$	2
Total debt securities		14		—			7		—		—		—		—			21		—			21		2			12		(5	)		—		—		—			30		2
Private equity		9		—			—		—		—		—		(4	)		5		—			5		1			—		—			—		—		(1	)		5		1
Bank loans		235		—			20		—		—		6		—			261		—			261		—			16		—			—		1		(5	)		273		—
Total investments	$	258	$	—		$	27	$	—	$	—	$	6	$	(4	)	$	287	$	—		$	287	$	3		$	28	$	(5	)	$	—	$	1	$	(6	)	$	308	$	3
Liabilities:
Other liabilities	$	280	$	(1	)	$	—	$	—	$	17	$	—	$	—		$	298	$	(1	)	$	298	$	(28	)	$	—	$	—		$	14	$	—	$	—		$	340	$	(28	)
Total Level 3 liabilities	$	280	$	(1	)	$	—	$	—	$	17	$	—	$	—		$	298	$	(1	)	$	298	$	(28	)	$	—	$	—		$	14	$	—	$	—		$	340	$	(28	)

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the ~~Six~~Nine Months Ended ~~June~~September 30, 2021

(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			June 30, 2021		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			September 30, 2021		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾
Assets:
Investments:
Debt securities:
Trading	$	11	$	—		$	12	$	—	$	—	$	—	$	(2	)	$	21	$	—		$	11	$	2		$	24	$	(5	)	$	—	$	—	$	(2	)	$	30	$	2
Total debt securities		11		—			12		—		—		—		(2	)		21		—			11		2			24		(5	)		—		—		(2	)		30		2
Private equity		9		—			—		—		—		—		(4	)		5		—			9		1			—		—			—		—		(5	)		5		1
Bank loans		232		—			29		—		—		10		(10	)		261		—			232		—			45		—			—		11		(15	)		273		—
Total investments	$	252	$	—		$	41	$	—	$	—	$	10	$	(16	)	$	287	$	—		$	252	$	3		$	69	$	(5	)	$	—	$	11	$	(22	)	$	308	$	3
Liabilities:
Other liabilities	$	272	$	(4	)	$	—	$	—	$	22	$	—	$	—		$	298	$	(4	)	$	272	$	(32	)	$	—	$	—		$	36	$	—	$	—		$	340	$	(32	)
Total Level 3 liabilities	$	272	$	(4	)	$	—	$	—	$	22	$	—	$	—		$	298	$	(4	)	$	272	$	(32	)	$	—	$	—		$	36	$	—	$	—		$	340	$	(32	)

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended ~~June~~September 30, 2020

(in millions)	March 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		June 30, 2020		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾			June 30, 2020		Realized and Unrealized Gains (Losses)		Purchases		Sales and Maturities			Issuances and other Settlements⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			September 30, 2020		Total Net Unrealized Gains (Losses) Included in Earnings⁽²⁾
Assets:
Investments:
Debt securities:
Trading	$	9	$	—		$	1	$	—	$	—		$	—	$	—	$	10	$	—		$	10	$	—	$	1	$	—		$	—		$	—	$	—		$	11	$	—
Total debt securities		9		—			1		—		—			—		—		10		—			10		—		1		—			—			—		—			11		—
Private equity		16		—			—		—		—			—		—		16		—			16		—		—		(6	)		—			—		—			10		—
Bank loans		181		14			18		—		—			16		—		229		14			229		—		—		(9	)		—			—		(3	)		217		—
Total investments	$	206	$	14		$	19	$	—	$	—		$	16	$	—	$	255	$	14		$	255	$	—	$	1	$	(15	)	$	—		$	—	$	(3	)	$	238	$	—
Liabilities:
Other liabilities	$	421	$	(12	)	$	—	$	—	$	(171	)	$	—	$	—	$	262	$	(19	)	$	262	$	—	$	—	$	—		$	(1	)	$	—	$	—		$	261	$	—
Total Level 3 liabilities	$	421	$	(12	)	$	—	$	—	$	(171	)	$	—	$	—	$	262	$	(19	)	$	262	$	—	$	—	$	—		$	(1	)	$	—	$	—		$	261	$	—

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the ~~Six~~Nine Months Ended ~~June~~September 30, 2020

(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		June 30, 2020		Total Net Unrealized Gains (Losses) Included in Earnings⁽³⁾			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			September 30, 2020		Total Net Unrealized Gains (Losses) Included in Earnings⁽³⁾
Assets:
Investments:
Debt securities:
Trading	$	8	$	—		$	2	$	—		$	—		$	—	$	—	$	10	$	—		$	8	$	—		$	3	$	—		$	—		$	—	$	—		$	11	$	—
Total debt securities		8		—			2		—			—			—		—		10		—			8		—			3		—			—			—		—			11		—
Private equity		9		—			8		(1	)		—			—		—		16		—			9		—			8		(7	)		—			—		—			10		—
Bank loans		177		—			36		—			—			16		—		229		—			177		—			36		(9	)		—			16		(3	)		217		—
Total investments	$	194	$	—		$	46	$	(1	)	$	—		$	16	$	—	$	255	$	—		$	194	$	—		$	47	$	(16	)	$	—		$	16	$	(3	)	$	238	$	—
Liabilities:
Other liabilities	$	388	$	(23	)	$	—	$	—		$	(149	)	$	—	$	—	$	262	$	(30	)	$	388	$	(23	)	$	—	$	—		$	(150	)	$	—	$	—		$	261	$	(5	)
Total Level 3 liabilities	$	388	$	(23	)	$	—	$	—		$	(149	)	$	—	$	—	$	262	$	(30	)	$	388	$	(23	)	$	—	$	—		$	(150	)	$	—	$	—		$	261	$	(5	)

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 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 ~~June~~September 30, 2021 and December 31, 2020, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

	June 30, 2021				December 31, 2020						September 30, 2021				December 31, 2020
(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	$	6,416	$	6,416	$	8,664	$	8,664	Level 1	^{(2) (3)}	$	7,361	$	7,361	$	8,664	$	8,664	Level 1	^{(2) (3)}
Other assets	$	47	$	47	$	69	$	69	Level 1	⁽⁴⁾	$	48	$	48	$	69	$	69	Level 1	⁽⁴⁾

Financial Liabilities:
Long-term borrowings	$	6,491	$	6,909	$	7,264	$	7,883	Level 2	⁽⁵⁾	$	6,474	$	6,836	$	7,264	$	7,883	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).

June 30, 2021

September 30, 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)

351

142

Daily/Monthly (21%)

Quarterly (21%)

N/R (58%)

1 – 90 days

(a)

359

123

Daily/Monthly (21%)

Quarterly (21%)

N/R (58%)

1 – 90 days

Private equity funds

(b)

483

302

N/R

(b)

633

302

N/R

Real assets funds

(c)

214

236

Quarterly (19%)

N/R (81%)

60 days

(c)

213

229

Quarterly (21%)

N/R (79%)

60 days

Consolidated sponsored investment

products:

Private equity funds of funds

(d)

N/R

(d)

N/R

Real assets funds

(c)

N/R

(c)

106

N/R

Funds of hedge funds

N/R

Total

1,138

770

1,299

786

December 31, 2020

(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)

313

101

Daily/Monthly (21%)

Quarterly (21%)

N/R (58%)

1 – 90 days

Private equity funds

(b)

315

372

N/R

(b)

315

372

N/R

Real assets funds

(c)

218

205

Quarterly (31%)

N/R (69%)

60 days

(c)

218

205

Quarterly (31%)

N/R (69%)

60 days

Consolidated sponsored investment

products:

Private equity funds of funds

(d)

N/R

(d)

N/R

Real assets funds

(c)

N/R

(c)

N/R

Total

940

779

940

779

At ~~June~~September 30, 2021 and December 31, 2020, the Company elected the fair value option for certain investments in CLOs of approximately ~~$46~~$54 million and $35 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 ~~June~~September 30, 2021 and December 31, 2020:

	June 30,			December 31,		September 30,			December 31,
(in millions)	2021			2020		2021			2020
CLO Bank loans:
Aggregate principal amounts outstanding	$	268		$	250	$	280		$	250
Fair value		271			248		282			248
Aggregate unpaid principal balance in excess of (less than) fair value	$	(3	)	$	2	$	(2	)	$	2

CLO Borrowings:
Aggregate principal amounts outstanding	$	261		$	244	$	275		$	244
Fair value	$	264		$	246	$	278		$	246

At ~~June~~September 30, 2021, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030.

During the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020, 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 nonoperating (expense) 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 ~~June~~September 30, 2021 and December 31, 2020, the Company had outstanding total return swaps with aggregate notional values of approximately ~~$863~~$801 million and $833 million, respectively.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At ~~June~~September 30, 2021 and December 31, 2020, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2$2.2 billion and $2.8 billion, respectively, and with expiration dates in ~~July~~October 2021 and January 2021, respectively.

At both ~~June~~September 30, 2021 and December 31, 2020, 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 ~~June~~September 30, 2021 and December 31, 2020:

(in millions)	Assets					Liabilities					Assets					Liabilities
	Statement of Financial Condition	June 30,		December 31,		Statement of Financial Condition	June 30,		December 31,		Statement of Financial Condition	September 30,		December 31,		Statement of Financial Condition	September 30,		December 31,
Derivative instruments	Classification	2021		2020		Classification	2021		2020		Classification	2021		2020		Classification	2021		2020
Total return swaps	Other assets	$	3	$	—	Other liabilities	$	14	$	50	Other assets	$	22	$	—	Other liabilities	$	1	$	50
Forward foreign currency exchange contracts	Other assets		2		13	Other liabilities		19		5	Other assets		1		13	Other liabilities		28		5
Total		$	5	$	13		$	33	$	55		$	23	$	13		$	29	$	55

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

			Three Months Ended						Six Months Ended								Three Months Ended						Nine Months Ended
			June 30,						June 30,								September 30,						September 30,
(in millions)		Statement of Income	2021			2020			2021			2020				Statement of Income	2021			2020			2021			2020
Derivative Instruments		Classification	Gains (Losses)						Gains (Losses)							Classification	Gains (Losses)						Gains (Losses)
Total return swaps		Nonoperating income (expense)	$	(50	)	$	(91	)	$	(84	)	$	51			Nonoperating income (expense)	$	14		$	(42	)	$	(70	)	$	9
Forward foreign currency exchange contracts		General and administration expense		3			(10	)		10			(98	)		General and administration expense		(46	)		64			(36	)		(34	)
Total gain (loss) from derivative instruments	Total gain (loss) from derivative instruments		$	(47	)	$	(101	)	$	(74	)	$	(47	)	Total gain (loss) from derivative instruments		$	(32	)	$	22		$	(106	)	$	(25	)

The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The changes in fair value of such derivatives, which are recorded in nonoperating income (expense), were not material for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020.

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

Goodwill activity during the ~~six~~nine months ended ~~June~~September 30, 2021 was as follows:

(in millions)
December 31, 2020	$	14,551		$	14,551
Acquisitions⁽¹⁾		816			816
Other⁽²⁾		(5	)		(7	)
June 30, 2021	$	15,362
September 30, 2021				$	15,360

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

(in millions)	Indefinite-lived		Finite-lived			Total			Indefinite-lived		Finite-lived			Total
December 31, 2020	$	17,578	$	685		$	18,263		$	17,578	$	685		$	18,263
Acquisitions⁽¹⁾		—		322			322			—		322			322
Amortization expense		—		(71	)		(71	)		—		(109	)		(109	)
June 30, 2021	$	17,578	$	936		$	18,514
September 30, 2021									$	17,578	$	898		$	18,476

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

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Lease cost:
Operating lease cost⁽¹⁾	$	39	$	36	$	78	$	73	$	50	$	37	$	128	$	110
Variable lease cost⁽²⁾		10		10		20		19		10		10		30		29
Total lease cost	$	49	$	46	$	98	$	92	$	60	$	47	$	158	$	139

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

	Six Months Ended				Nine Months Ended
	June 30,				September 30,
(in millions)	2021		2020		2021		2020
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	81	$	76
Operating cash flows from operating leases included in the measurement
of operating lease liabilities					$	108	$	114

Supplemental noncash information:
ROU assets in exchange for operating lease liabilities	$	28	$	77	$	1,297	$	77

~~13. Other Assets~~At September 30, 2021 and December 31, 2020, the Company had $582 million and $399 million of equity method investments, respectively, recorded within other assets on the condensed consolidated statements of financial condition.In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

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 ~~six~~nine months ended ~~June~~September 30, 2020. Following this transaction, the Company accounts for its interest in iCapital as an equity method investment, which is included in other assets on the condensed consolidated statements of financial condition. During the three and nine months ended September 30, 2021, BlackRock recorded a nonoperating, noncash, pre-tax gain of $107 million in the condensed consolidated statements of income in connection with iCapital’s most recent third-party equity financing. At ~~June~~September 30, 2021 and December 31, 2020, the carrying value of the Company’s interest in iCapital was approximately ~~$294~~$401 million and $296 million, respectively.

2021 Revolving Credit Facility. In March 2021, the Company’s credit facility was amended to increase the aggregate commitment amount to $4.4 billion and to extend the maturity date to March 2026 (the “2021 credit facility”). In addition, 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 borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate, or an applicable replacement benchmark, plus a spread. The 2021 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2021 credit facility to an aggregate principal amount not to exceed $5.4 billion. The 2021 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 ~~June~~September 30, 2021. The 2021 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At ~~June~~September 30, 2021, the Company had 0 amount outstanding under the 2021 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 credit facility. At ~~June~~September 30, 2021, BlackRock had 0 CP Notes outstanding.

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at ~~June~~September 30, 2021 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			Carrying Value		Fair Value
3.375% Notes due 2022	$	750	$	—		$	750	$	772	$	750	$	—		$	750	$	766
3.50% Notes due 2024		1,000		(3	)		997		1,080		1,000		(2	)		998		1,071
1.25% Notes due 2025		830		(3	)		827		873		811		(3	)		808		851
3.20% Notes due 2027		700		(5	)		695		774		700		(4	)		696		767
3.25% Notes due 2029		1,000		(11	)		989		1,117		1,000		(11	)		989		1,097
2.40% Notes due 2030		1,000		(6	)		994		1,045		1,000		(6	)		994		1,034
1.90% Notes due 2031		1,250		(11	)		1,239		1,248		1,250		(11	)		1,239		1,250
Total Long-term Borrowings	$	6,530	$	(39	)	$	6,491	$	6,909	$	6,511	$	(37	)	$	6,474	$	6,836

Long-term borrowings at December 31, 2020 had a carrying value of $7.3 billion and a fair value of $7.9 billion, determined using market prices at the end of December 31, 2020.

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

Investment Commitments. At ~~June~~September 30, 2021, the Company had ~~$930~~$905 million of various capital commitments to fund sponsored investment products, including 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 ~~June~~September 30, 2021 totaled ~~$34~~$62 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~~to resolve the remaining claims in the lawsuit, and this settlement was presented to the court ~~will resolve the lawsuit. On~~for approval on March 23, ~~2021, the plaintiffs filed a motion for preliminary approval of~~2021. There were no class member objections to the settlement ~~which was granted on July 12, 2021. A hearing where~~following notice, and the court ~~will consider~~granted final approval of the settlement ~~is currently scheduled for October 21,~~on November 3, 2021. We expect a final judgment to be entered in the district court, and barring the filing of any appeals within the appeal period, the resolution of the case will be final.

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 ~~June~~September 30, 2021 and subject to this type of indemnification was ~~$297~~$279 billion. In the Company’s capacity as lending agent, cash and securities totaling ~~$316~~$299 billion were held as collateral for indemnified securities on loan at ~~June~~September 30, 2021. The fair value of these indemnifications was not material at ~~June~~September 30, 2021.

The table below presents detail of revenue for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees.

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	641	$	381	$	1,217	$	779	$	674	$	457	$	1,891	$	1,236
ETFs		1,156		792		2,224		1,671		1,212		880		3,436		2,551
Non-ETF Index		198		178		374		341		207		164		581		505
Equity subtotal		1,995		1,351		3,815		2,791		2,093		1,501		5,908		4,292
Fixed income:
Active		545		464		1,070		945		561		498		1,631		1,443
ETFs		294		261		589		520		304		297		893		817
Non-ETF Index		116		129		229		241		121		113		350		354
Fixed income subtotal		955		854		1,888		1,706		986		908		2,874		2,614
Multi-asset		344		270		672		563		369		289		1,041		852
Alternatives:
Illiquid alternatives		167		128		335		276		166		140		501		416
Liquid alternatives		150		117		297		229		163		132		460		361
Currency and commodities⁽¹⁾		55		35		108		67		55		51		163		118
Alternatives subtotal		372		280		740		572		384		323		1,124		895
Long-term		3,666		2,755		7,115		5,632		3,832		3,021		10,947		8,653
Cash management		91		211		234		389		111		204		345		593
Total investment advisory, administration fees and securities lending revenue		3,757		2,966		7,349		6,021		3,943		3,225		11,292		9,246
Investment advisory performance fees:
Equity		36		23		62		25		8		4		70		29
Fixed income		15		2		29		4		2		9		31		13
Multi-asset		9		2		17		3		—		10		17		13
Alternatives:
Illiquid alternatives		90		32		97		49		50		6		147		55
Liquid alternatives		190		53		264		72		285		503		549		575
Alternatives subtotal		280		85		361		121		335		509		696		630
Total performance fees		340		112		469		153		345		532		814		685
Technology services revenue		316		278		622		552		320		282		942		834
Distribution fees:
Retrocessions		264		162		502		331		294		188		796		519
12b-1 fees (US mutual fund distribution fees)		87		78		172		169		91		85		263		254
Other		18		13		35		29		16		15		51		44
Total distribution fees		369		253		709		529		401		288		1,110		817
Advisory and other revenue:
Advisory		9		17		24		34		13		14		37		48
Other		29		22		45		69		28		28		73		97
Total advisory and other revenue		38		39		69		103		41		42		110		145
Total revenue	$	4,820	$	3,648	$	9,218	$	7,358	$	5,050	$	4,369	$	14,268	$	11,727

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

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
By client type:
Retail	$	1,231	$	825	$	2,356	$	1,697	$	1,291	$	938	$	3,647	$	2,635
ETFs		1,505		1,089		2,922		2,259		1,571		1,228		4,493		3,487
Institutional:
Active		657		546		1,307		1,120		684		594		1,991		1,714
Index		273		295		530		556		286		261		816		817
Total institutional		930		841		1,837		1,676		970		855		2,807		2,531
Long-term		3,666		2,755		7,115		5,632		3,832		3,021		10,947		8,653
Cash management		91		211		234		389		111		204		345		593
Total	$	3,757	$	2,966	$	7,349	$	6,021	$	3,943	$	3,225	$	11,292	$	9,246

By investment style:
Active	$	1,842	$	1,354	$	3,581	$	2,781	$	1,928	$	1,511	$	5,509	$	4,292
Index and ETFs		1,824		1,401		3,534		2,851		1,904		1,510		5,438		4,361
Long-term		3,666		2,755		7,115		5,632		3,832		3,021		10,947		8,653
Cash management		91		211		234		389		111		204		345		593
Total	$	3,757	$	2,966	$	7,349	$	6,021	$	3,943	$	3,225	$	11,292	$	9,246

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 ~~June~~September 30, 2021 and 2020:

	Remainder of												Remainder of
(in millions)	2021			2022		2023		2024	Thereafter		Total		2021			2022		2023		2024	Thereafter		Total
Investment advisory and administration fees:
Alternatives⁽¹⁾⁽²⁾	$	86	$	168	$	137	$	82	$	51	$	524	$	45	$	157	$	143	$	85	$	51	$	481

	Remainder of												Remainder of
(in millions)	2020			2021		2022		2023	Thereafter		Total		2020			2021		2022		2023	Thereafter		Total
Investment advisory and administration fees:
Alternatives⁽¹⁾⁽²⁾	$	63	$	114	$	98	$	84	$	55	$	414	$	33	$	125	$	108	$	92	$	61	$	419

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 and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020:

	Three Months Ended						Six Months Ended						Three Months Ended					Nine Months Ended
	June 30,						June 30,						September 30,					September 30,
(in millions)	2021			2020			2021			2020			2021			2020		2021			2020
Beginning balance	$	748		$	535		$	584		$	483		$	1,132		$	418	$	584		$	483
Net increase (decrease) in unrealized allocations		461			(87	)		627			(25	)		277			29		904			4
Performance fee revenue recognized		(77	)		(30	)		(79	)		(40	)		(43	)		—		(122	)		(40	)
Ending balance	$	1,132		$	418		$	1,132		$	418		$	1,366		$	447	$	1,366		$	447

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 ~~June~~September 30, 2021 and 2020:

	Remainder of												Remainder of
(in millions)	2021			2022		2023		2024	Thereafter		Total		2021			2022		2023		2024	Thereafter		Total
Technology services revenue⁽¹⁾⁽²⁾	$	67	$	71	$	40	$	20	$	14	$	212	$	38	$	83	$	43	$	22	$	18	$	204

	Remainder of												Remainder of
(in millions)	2020			2021		2022		2023	Thereafter		Total		2020			2021		2022		2023	Thereafter		Total
Technology services revenue⁽¹⁾⁽²⁾	$	72	$	75	$	40	$	17	$	12	$	216	$	37	$	95	$	47	$	22	$	18	$	219

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 ~~June~~September 30, 2021, the estimated fixed minimum fees for the remainder of the year approximated ~~$375~~$193 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 and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020, which is included in other liabilities on the condensed consolidated statements of financial condition:

	Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						September 30,						September 30,
(in millions)	2021			2020			2021			2020			2021			2020			2021			2020
Beginning balance	$	111		$	114		$	123		$	116		$	107		$	108		$	123		$	116
Additions ⁽¹⁾		26			28			44			58			28			30			72			88
Revenue recognized that was included in the beginning balance		(30	)		(34	)		(60	)		(66	)		(31	)		(33	)		(91	)		(99	)
Ending balance	$	107		$	108		$	107		$	108		$	104		$	105		$	104		$	105

Restricted stock and restricted stock units (“RSUs”) activity for the ~~six~~nine months ended ~~June~~September 30, 2021 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		2,139,930		$	489.81
Granted		842,669		$	741.31		875,480		$	747.49
Converted		(721,020	)	$	507.97		(745,474	)	$	506.78
Forfeited		(33,638	)	$	574.77		(54,874	)	$	571.05
June 30, 2021		2,227,941		$	577.78
September 30, 2021							2,215,062		$	583.93

In January 2021, the Company granted 470,253 RSUs or shares of restricted stock to employees as part of 2020 annual incentive compensation that vest ratably over three years from the date of grant and 247,621 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, 2024. 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 ~~six~~nine months ended ~~June~~September 30, 2021 was ~~$625~~$654 million.

At ~~June~~September 30, 2021, the intrinsic value of outstanding RSUs was $1.9 billion, reflecting a closing stock price of ~~$874.97.~~$838.66.

At ~~June~~September 30, 2021, total unrecognized stock-based compensation expense related to unvested RSUs was ~~$717~~$607 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of ~~1.5~~1.2 years.

Performance-based RSU activity for the ~~six~~nine months ended ~~June~~September 30, 2021 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		700,217		$	494.51
Granted		162,029		$	739.22		162,029		$	739.22
Additional shares granted due to attainment of performance measures		4,545		$	566.44		4,545		$	566.44
Converted		(193,872	)	$	566.44		(193,872	)	$	566.44
June 30, 2021		672,919		$	533.19
Forfeited							(1,584	)	$	410.32
September 30, 2021							671,335		$	533.48

In January 2021, the Company granted 162,029 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2024. 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, the Company granted 4,545 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 ~~six~~nine months ended ~~June~~September 30, 2021 was $122 million.

At ~~June~~September 30, 2021, the intrinsic value of outstanding performance-based RSUs was ~~$589~~$563 million, reflecting a closing stock price of ~~$874.97.~~$838.66.

At ~~June~~September 30, 2021, total unrecognized stock-based compensation expense related to unvested performance-based awards was ~~$220~~$190 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of ~~1.5~~1.2 years.

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

Stock ~~options outstanding at both June~~option activity for the nine months ended September 30, 2021 ~~and December 31, 2020 were 1,915,792 with a weighted-average exercise price of $513.50.~~is summarized below.

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. The stock price hurdle was achieved in December of 2020.

At ~~June~~September 30, 2021, total unrecognized stock-based compensation expense related to unvested performance-based stock options was ~~$62~~$55 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of ~~2.4~~2.2 years. At ~~June~~September 30, 2021, the weighted-average remaining life of the awards is approximately ~~5.4~~5.2 years.

See Note 18, Stock-Based Compensation, in the 2020 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 ~~June~~September 30, 2021, the Company was required to maintain approximately $2.4 billion in net capital in certain regulated subsidiaries, including BTC (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”),~~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 AOCI for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020:

	Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						September 30,						September 30,
(in millions)	2021			2020			2021			2020			2021			2020			2021			2020
Beginning balance	$	(411	)	$	(810	)	$	(337	)	$	(571	)	$	(388	)	$	(781	)	$	(337	)	$	(571	)
Foreign currency translation adjustments⁽¹⁾		23			29			(51	)		(210	)		(138	)		180			(189	)		(30	)
Ending balance	$	(388	)	$	(781	)	$	(388	)	$	(781	)	$	(526	)	$	(601	)	$	(526	)	$	(601	)

Share Repurchases. During the ~~six~~nine months ended ~~June~~September 30, 2021, the Company repurchased ~~0.8~~1.1 million common shares under the Company’s existing share repurchase program for approximately ~~$600~~$900 million. At ~~June~~September 30, 2021, there were ~~4.3~~3.9 million shares still authorized to be repurchased under the program.

Income tax expense for the ~~three and six~~nine months ended ~~June~~September 30, 2021 included $171 million noncash net expense related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the UK increasing its corporate tax rate.

~~The six~~ Income tax expense for the nine months ended ~~June~~September 30, 2021, ~~and 2020 income~~also reflected $42 million of discrete tax benefits primarily related to stock-based compensation awards that vested in the first quarter of 2021.

Income tax expense ~~reflected $39~~for the nine months ended September 30, 2020, included a discrete tax benefit of $241 million recognized in connection with the previously reported charitable contribution of BlackRock’s remaining 20% stake in PennyMac Financial Services, Inc. (the “Charitable Contribution”) and ~~$66~~$78 million ~~respectively,~~ of discrete tax benefits, including benefits related to stock-based compensation awards that vested in the first quarter of ~~each year.~~ 2020.

The ~~six~~three and nine months ended ~~June~~September 30, 2020 income tax expense also included ~~discrete tax benefit of $241~~the previously disclosed $54 million ~~recognized~~noncash net expense related to legislation enacted in ~~connection with~~ the ~~charitable contribution of BlackRock’s remaining 20% stake in PennyMac Financial Services, Inc. (the “Charitable Contribution”).~~United Kingdom.

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 under the treasury stock method:

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions, except shares and per share data)	2021		2020		2021		2020		2021		2020		2021		2020
Net income attributable to BlackRock, Inc.	$	1,378	$	1,214	$	2,577	$	2,020	$	1,681	$	1,364	$	4,258	$	3,384
Basic weighted-average shares outstanding		152,443,039		153,732,878		152,504,902		154,488,079		152,120,927		152,488,073		152,375,504		153,816,544
Dilutive effect of:
Nonparticipating RSUs		1,304,463		979,154		1,294,242		1,068,108		1,474,725		1,254,191		1,354,405		1,143,268
Stock options		670,079		—		560,209		—		747,625		—		622,681		—
Total diluted weighted-average shares outstanding		154,417,581		154,712,032		154,359,353		155,556,187		154,343,277		153,742,264		154,352,590		154,959,812
Basic earnings per share	$	9.04	$	7.90	$	16.90	$	13.08	$	11.05	$	8.94	$	27.94	$	22.00
Diluted earnings per share	$	8.92	$	7.85	$	16.69	$	12.99	$	10.89	$	8.87	$	27.59	$	21.84

The amount of anti-dilutive RSUs was immaterial for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020. Certain performance-based RSUs were excluded from the diluted EPS calculation because the designated contingency was not met for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020, respectively. In addition, performance-based stock options were excluded from the diluted EPS calculation for the three and ~~six~~nine months ended ~~June~~September 30, 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 and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 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				Six Months Ended				Three Months Ended				Nine Months Ended
(in millions)	June 30,				June 30,				September 30,				September 30,
Revenue	2021		2020		2021		2020		2021		2020		2021		2020
Americas	$	3,158	$	2,470	$	5,968	$	4,950	$	3,127	$	2,631	$	9,095	$	7,581
Europe		1,440		1,020		2,827		2,087		1,706		1,574		4,533		3,661
Asia-Pacific		222		158		423		321		217		164		640		485
Total revenue	$	4,820	$	3,648	$	9,218	$	7,358	$	5,050	$	4,369	$	14,268	$	11,727

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 ~~June~~September 30, 2021 and December 31, 2020 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)	June 30,		December 31,		September 30,		December 31,
Long-lived Assets	2021		2020		2021		2020
Americas	$	14,660	$	13,784	$	14,623	$	13,784
Europe		1,349		1,360		1,344		1,360
Asia-Pacific		94		88		96		88
Total long-lived assets	$	16,103	$	15,232	$	16,063	$	15,232

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

The Company conducted a review for 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 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, information and cyber security 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) terrorist activities, civil unrest, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (18) the ability to attract and retain highly talented professionals; (19) fluctuations in the carrying value of BlackRock’s economic investments; (20) 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) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (22) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (23) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (24) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds (“ETF”) platform; (25) 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) 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 $9.5 trillion of AUM at ~~June~~September 30, 2021. With approximately ~~16,900~~18,000 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, 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.

BlackRock continues to actively 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, and existing and new variants of COVID-19, 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 emergence and spread of 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 efficacy of treatments and vaccines. See Part II, Item 1A - Risk Factors, of this filing 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. 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 implemented a number of steps to prepare for this outcome. These steps, which 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,~~cross-border marketing of funds, which may impede the Company’s growth or impact its financial performance.

	Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						September 30,						September 30,
(in millions, except shares and per share data)	2021			2020			2021			2020			2021			2020			2021			2020
GAAP basis:
Total revenue	$	4,820		$	3,648		$	9,218		$	7,358		$	5,050		$	4,369		$	14,268		$	11,727
Total expense		2,889			2,242			5,742			5,268			3,115			2,612			8,857			7,880
Operating income	$	1,931		$	1,406		$	3,476		$	2,090		$	1,935		$	1,757		$	5,411		$	3,847
Operating margin		40.1	%		38.5	%		37.7	%		28.4	%		38.3	%		40.2	%		37.9	%		32.8	%
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests		101			169			73			277			264			71			337			348
Income tax expense		(654	)		(361	)		(972	)		(347	)		(518	)		(464	)		(1,490	)		(811	)
Net income attributable to BlackRock	$	1,378		$	1,214		$	2,577		$	2,020		$	1,681		$	1,364		$	4,258		$	3,384
Diluted earnings per common share	$	8.92		$	7.85		$	16.69		$	12.99		$	10.89		$	8.87		$	27.59		$	21.84
Effective tax rate		32.2	%		22.9	%		27.4	%		14.7	%		23.6	%		25.4	%		25.9	%		19.3	%
As adjusted⁽¹⁾:
Operating income	$	1,931		$	1,406		$	3,476		$	2,679		$	1,946		$	1,757		$	5,422		$	4,436
Operating margin		44.9	%		43.7	%		44.7	%		42.7	%		45.8	%		47.0	%		45.1	%		44.3	%
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests	$	101		$	169		$	73		$	155		$	264		$	71		$	337		$	226
Net income attributable to BlackRock	$	1,549		$	1,214		$	2,748		$	2,246		$	1,690		$	1,418		$	4,438		$	3,664
Diluted earnings per common share	$	10.03		$	7.85		$	17.80		$	14.44		$	10.95		$	9.22		$	28.75		$	23.64
Effective tax rate		23.8	%		22.9	%		22.6	%		20.7	%		23.6	%		22.5	%		22.9	%		21.4	%
Other:
AUM (end of period)	$	9,495,993		$	7,317,949		$	9,495,993		$	7,317,949		$	9,463,662		$	7,808,497		$	9,463,662		$	7,808,497
Diluted weighted-average common shares outstanding		154,417,581			154,712,032			154,359,353			155,556,187			154,343,277			153,742,264			154,352,590			154,959,812
Shares outstanding (end of period)		152,298,784			152,460,239			152,298,784			152,460,239			151,988,234			152,496,403			151,988,234			152,496,403
Book value per share⁽²⁾	$	236.59		$	214.68		$	236.59		$	214.68		$	242.24		$	222.12		$	242.24		$	222.12
Cash dividends declared and paid per share	$	4.13		$	3.63		$	8.26		$	7.26		$	4.13		$	3.63		$	12.39		$	10.89

THREE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2021 COMPARED WITH THREE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2020

GAAP. Operating income of ~~$1,931~~$1,935 million increased ~~$525~~$178 million and operating margin of ~~40.1% increased 160~~38.3% decreased 190 bps from the ~~second~~third quarter of 2020. ~~Increases in operating~~Operating income and operating margin reflected ~~significant~~ market gains as well as strong organic growth ~~higher performance fees~~ and technology services revenue, ~~partially~~ offset by lower performance fees and higher expense, driven by higher general and administration expense, including higher transaction-related expense and product launch costs in the current quarter, higher employee compensation and benefits ~~higher volume-related~~ expense, and higher ~~general~~direct fund expense. Product launch costs of $99 million in the third quarter of 2021 were primarily associated with the September 2021 close of the BlackRock ESG Capital Allocation Trust. Product launch costs of $83 million in the third quarter of 2020 were primarily associated with the BlackRock Capital Allocation Trust. Operating income and ~~administration expense.~~ operating margin also reflected $11 million of noncash occupancy expense related to the 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).

Nonoperating income (expense) less net income (loss) attributable to noncontrolling interests (“NCI”) ~~decreased $68~~increased $193 million from the ~~second~~third quarter of 2020, ~~reflecting lower mark-to-market~~primarily driven by non-cash gains ~~on the Company’s un-hedged seed capital portfolios and certain~~related to our strategic minority investments ~~partially offset by~~in iCapital Network, Inc. (“iCapital”) and Scalable Capital Limited (“Scalable”) and higher mark-to-market gains on the Company’s private equity co-investment portfolio.

~~Second~~Earnings per diluted common share increased $2.02, or 23%, from the third quarter ~~2021~~of 2020, reflecting higher operating and nonoperating income, and a lower effective tax rate in the current quarter.

As Adjusted. Operating income of $1,946 million increased $189 million and operating margin of 45.8% decreased 120 bps from the third quarter of 2020. Earnings perdiluted common share increased $1.73, or 19%, from the third quarter of 2020. The impact of the Lease cost – Hudson Yards described above has been excluded from as adjusted results for the third quarter of 2021. Income tax expense, ~~included $171~~as adjusted, for the third quarter of 2020 excluded a $54 million of noncash net expense related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the UK increasing its corporate tax ~~rate. See~~ ~~Income Tax Expense~~ ~~within~~ ~~Discussion of Financial Results~~ ~~for more information.~~

~~Earnings per diluted common share increased $1.07, or 14%, from the second quarter of 2020, reflecting higher operating income, partially offset by lower nonoperating income and a higher effective tax~~ rate ~~in the current quarter~~.

~~As Adjusted.~~ ~~Operating income of $1,931 million increased $525 million and operating margin of 44.9% increased 120 bps from the second quarter of 2020. Earnings perdiluted common share increased $2.18, or 28%, from the second quarter of 2020~~. ~~The noncash net tax expense~~ ~~related to the revaluation of certain deferred tax assets and liabilities described above has been excluded from as adjusted results.~~

~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2021 COMPARED WITH ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2020

GAAP. Operating income of ~~$3,476~~$5,411 million increased ~~$1,386~~$1,564 million and operating margin of ~~37.7%~~37.9% increased ~~930~~510 bps from the ~~six~~nine months ended ~~June~~September 30, 2020. 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”) during the ~~six~~nine months ended ~~June~~September 30, 2020. Operating income and operating margin also reflected higher investment advisory and administration fees (collectively “base fees”), performance fees and technology services revenue, partially offset by higher employee compensation and benefits expense, higher volume-related expense and higher product launch costs in ~~2021, including the impact of $178 million associated with the March 2021 close of the $4.9 billion BlackRock Innovation and Growth Trust.~~2021.

Nonoperating income (expense) less net income (loss) attributable to NCI decreased ~~$204~~$11 million from the ~~six~~nine months ended ~~June~~September 30, 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 during the ~~six~~nine months ended ~~June~~September 30, 2020, partially offset by the impact of non-cash gains related to iCapital and Scalable and higher mark-to-market gains on the Company’s private equity co-investment ~~and un-hedged seed capital portfolios~~portfolio during the ~~six~~nine months ended ~~June~~September 30, 2021.

Income tax expense for the ~~six~~nine months ended ~~June~~September 30, 2021 reflected the $171 million noncash net expense ~~described above.~~related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the UK increasing its corporate tax rate. Income tax expense for the ~~six~~nine months ended ~~June~~September 30, 2020 included a discrete tax benefit of $241 million recognized in connection with the Charitable ~~Contribution.~~Contribution and a $54 million noncash net expense related to the revaluation of certain deferred tax assets and liabilities described above. Income tax expense for the ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 also reflected ~~$39~~$42 million and ~~$66~~$78 million, respectively, of discrete tax benefits, including benefits related to stock-based compensation awards that vested in the first quarter of each year. See Income Tax Expense within Discussion of Financial Results for more information.

Earnings per diluted common share increased ~~$3.70,~~$5.75, or ~~28%~~26%, from the ~~six~~nine months ended ~~June~~September 30, 2020, reflecting the impact of the Charitable Contribution incurred in the ~~six~~nine months ended ~~June~~September 30, 2020. The increase in earnings per diluted common share also included higher revenue, partially offset by higher product launch costs, lower nonoperating income, and a higher effective tax rate in the ~~six~~nine months ended ~~June~~September 30, 2021.

As Adjusted. Operating income of ~~$3,476~~$5,422 million increased ~~$797~~$986 million and operating margin of ~~44.7%~~45.1% increased ~~200~~80 bps from the ~~six~~nine months ended ~~June~~September 30, 2020. Earnings per diluted common share increased ~~$3.36,~~$5.11, or ~~23%~~22%, from the ~~six~~nine months ended ~~June~~September 30, 2020, primarily due to higher operating and nonoperating income, partially offset by ~~lower nonoperating income and~~ a higher effective tax rate in the ~~six~~nine months ended ~~June~~September 30, 2021. Income tax expense for the ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 excluded the $171 million and $54 million, respectively, of noncash net expense described above. The financial impact related to the Lease cost – Hudson Yards and the Charitable Contribution has been excluded from as adjusted results for the ~~six~~nine months ended ~~June~~September 30, ~~2020.~~2021 and 2020, respectively.

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”).

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.

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

	Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						September 30,						September 30,
(in millions)	2021			2020			2021			2020			2021			2020			2021			2020
Operating income, GAAP basis	$	1,931		$	1,406		$	3,476		$	2,090		$	1,935		$	1,757		$	5,411		$	3,847
Non-GAAP expense adjustment:
Lease costs - Hudson Yards														11			—			11			—
Charitable Contribution		—			—			—			589			—			—			—			589
Operating income, as adjusted		1,931			1,406			3,476			2,679			1,946			1,757			5,422			4,436
Product launch costs and commissions		—			—			185			87			99			83			284			170
Operating income used for operating margin measurement	$	1,931		$	1,406		$	3,661		$	2,766		$	2,045		$	1,840		$	5,706		$	4,606
Revenue, GAAP basis	$	4,820		$	3,648		$	9,218		$	7,358		$	5,050		$	4,369		$	14,268		$	11,727
Non-GAAP adjustments:
Distribution fees		(369	)		(253	)		(709	)		(529	)		(401	)		(288	)		(1,110	)		(817	)
Investment advisory fees		(154	)		(176	)		(319	)		(345	)		(184	)		(168	)		(503	)		(513	)
Revenue used for operating margin measurement	$	4,297		$	3,219		$	8,190		$	6,484		$	4,465		$	3,913		$	12,655		$	10,397
Operating margin, GAAP basis		40.1	%		38.5	%		37.7	%		28.4	%		38.3	%		40.2	%		37.9	%		32.8	%
Operating margin, as adjusted		44.9	%		43.7	%		44.7	%		42.7	%		45.8	%		47.0	%		45.1	%		44.3	%

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 to evaluate the Company’s relative performance against industry peers, as it 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:

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Nonoperating income (expense), GAAP basis	$	270	$	357	$	316	$	286	$	336	$	224	$	652	$	510
Less: Net income (loss) attributable to NCI		169		188		243		9		72		153		315		162
Nonoperating income (expense), net of NCI		101		169		73		277		264		71		337		348
Less: Gain related to the Charitable Contribution		—		—		—		122		—		—		—		122
Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted	$	101	$	169	$	73	$	155	$	264	$	71	$	337	$	226

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 ~~six~~nine months ended ~~June~~September 30, 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.

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions, except per share data)	2021		2020		2021		2020		2021		2020		2021		2020
Net income attributable to BlackRock, Inc., GAAP basis	$	1,378	$	1,214	$	2,577	$	2,020	$	1,681	$	1,364	$	4,258	$	3,384
Non-GAAP adjustment:
Non-GAAP adjustments:
Lease costs - Hudson Yards, net of tax										9		—		9		—
Charitable Contribution, net of tax		—		—		—		226		—		—		—		226
Income tax matters		171		—		171		—		—		54		171		54
Net income attributable to BlackRock, Inc., as adjusted	$	1,549	$	1,214	$	2,748	$	2,246	$	1,690	$	1,418	$	4,438	$	3,664
Diluted weighted-average common shares outstanding		154.4		154.7		154.4		155.6		154.3		153.7		154.4		155.0
Diluted earnings per common share, GAAP basis	$	8.92	$	7.85	$	16.69	$	12.99	$	10.89	$	8.87	$	27.59	$	21.84
Diluted earnings per common share, as adjusted	$	10.03	$	7.85	$	17.80	$	14.44	$	10.95	$	9.22	$	28.75	$	23.64

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 regarding operating income, as adjusted, operating margin, as adjusted, and nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, for information on the Lease cost – Hudson Yards and Charitable Contribution.

The ~~six~~nine months ended ~~June~~September 30, 2020 included a discrete tax benefit of $241 million that was recognized in connection with the Charitable Contribution. The discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the Charitable Contribution. Amounts for income tax matters represent net noncash (benefits) expense primarily associated with the revaluation of certain deferred tax liabilities related to intangible assets and goodwill as a result of tax rate changes. These amounts have been excluded from the as adjusted results as these items will not have a cash flow impact and to ensure comparability among periods presented.

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

AUM for reporting purposes generally is based upon how base 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)
									Three Months			Six Months			Twelve Months											Three Months			Nine Months			Twelve Months
									Ended			Ended			Ended											Ended			Ended			Ended
	June 30,		March 31,		December 31,		June 30,		June 30,			June 30,			June 30,			September 30,		June 30,		December 31,		September 30,		September 30,			September 30,			September 30,
(in millions)	2021		2021		2020		2020		2021			2021			2021			2021		2021		2020		2020		2021			2021			2021
Retail	$	995,483	$	934,177	$	845,917	$	695,154	$	21,386		$	57,896		$	112,767		$	1,000,627	$	995,483	$	845,917	$	746,264	$	22,672		$	80,572		$	115,889
ETFs		3,031,505		2,813,524		2,669,007		2,162,597		75,147			143,636			263,723			3,038,751		3,031,505		2,669,007		2,321,335		57,954			201,591			280,344
Institutional:
Active		1,624,049		1,524,430		1,524,462		1,341,610		43,469			60,002			90,975			1,638,545		1,624,049		1,524,462		1,427,122		25,558			85,558			86,913
Index		3,097,073		3,009,150		2,948,683		2,482,336		(80,298	)		(69,192	)		(61,319	)		3,063,692		3,097,073		2,948,683		2,641,408		(8,212	)		(77,405	)		(76,633	)
Institutional subtotal		4,721,122		4,533,580		4,473,145		3,823,946		(36,829	)		(9,190	)		29,656			4,702,237		4,721,122		4,473,145		4,068,530		17,346			8,153			10,280
Long-term		8,748,110		8,281,281		7,988,069		6,681,697		59,704			192,342			406,146			8,741,615		8,748,110		7,988,069		7,136,129		97,972			290,316			406,513
Cash management		727,603		703,916		666,252		619,351		23,339			62,529			99,239			712,015		727,603		666,252		652,002		(12,398	)		50,132			59,076
Advisory⁽¹⁾		20,280		22,214		22,359		16,901		(2,083	)		(2,269	)		2,853			10,032		20,280		22,359		20,366		(10,260	)		(12,530	)		(10,738	)
Total	$	9,495,993	$	9,007,411	$	8,676,680	$	7,317,949	$	80,960		$	252,602		$	508,238		$	9,463,662	$	9,495,993	$	8,676,680	$	7,808,497	$	75,314		$	327,918		$	454,851

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)
									Three Months			Six Months			Twelve Months											Three Months			Nine Months			Twelve Months
									Ended			Ended			Ended											Ended			Ended			Ended
	June 30,		March 31,		December 31,		June 30,		June 30,			June 30,			June 30,			September 30,		June 30,		December 31,		September 30,		September 30,			September 30,			September 30,
(in millions)	2021		2021		2020		2020		2021			2021			2021			2021		2021		2020		2020		2021			2021			2021
Active	$	2,446,632	$	2,297,642	$	2,250,887	$	1,943,828	$	62,750		$	121,704		$	199,824		$	2,463,867	$	2,446,632	$	2,250,887	$	2,072,673	$	44,528		$	166,233		$	197,293
Index and ETFs		6,301,478		5,983,639		5,737,182		4,737,869		(3,046	)		70,638			206,322			6,277,748		6,301,478		5,737,182		5,063,456		53,444			124,083			209,220
Long-term		8,748,110		8,281,281		7,988,069		6,681,697		59,704			192,342			406,146			8,741,615		8,748,110		7,988,069		7,136,129		97,972			290,316			406,513
Cash management		727,603		703,916		666,252		619,351		23,339			62,529			99,239			712,015		727,603		666,252		652,002		(12,398	)		50,132			59,076
Advisory⁽¹⁾		20,280		22,214		22,359		16,901		(2,083	)		(2,269	)		2,853			10,032		20,280		22,359		20,366		(10,260	)		(12,530	)		(10,738	)
Total	$	9,495,993	$	9,007,411	$	8,676,680	$	7,317,949	$	80,960		$	252,602		$	508,238		$	9,463,662	$	9,495,993	$	8,676,680	$	7,808,497	$	75,314		$	327,918		$	454,851

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)
									Three Months			Six Months			Twelve Months											Three Months			Nine Months			Twelve Months
									Ended			Ended			Ended											Ended			Ended			Ended
	June 30,		March 31,		December 31,		June 30,		June 30,			June 30,			June 30,			September 30,		June 30,		December 31,		September 30,		September 30,			September 30,			September 30,
(in millions)	2021		2021		2020		2020		2021			2021			2021			2021		2021		2020		2020		2021			2021			2021
Equity	$	5,034,391	$	4,745,781	$	4,419,806	$	3,519,225	$	(26,453	)	$	23,407		$	73,654		$	4,998,410	$	5,034,391	$	4,419,806	$	3,784,118	$	33,168		$	56,576		$	104,653
Fixed income		2,712,165		2,620,460		2,674,488		2,411,092		41,290			102,129			235,197			2,713,899		2,712,165		2,674,488		2,531,465		27,315			129,445			192,149
Multi-asset		748,770		677,372		658,733		551,362		36,137			49,889			63,467			773,158		748,770		658,733		598,246		30,935			80,824			80,422
Alternatives:
Illiquid alternatives		95,961		92,207		85,770		76,607		3,347			9,572			16,303			98,321		95,961		85,770		79,723		2,743			12,315			16,844
Liquid alternatives		81,560		76,266		73,218		63,120		3,319			5,673			9,262			85,052		81,560		73,218		69,255		3,782			9,455			10,492
Currency and commodities⁽²⁾		75,263		69,195		76,054		60,291		2,064			1,672			8,263			72,775		75,263		76,054		73,322		29			1,701			1,953
Alternatives subtotal		252,784		237,668		235,042		200,018		8,730			16,917			33,828			256,148		252,784		235,042		222,300		6,554			23,471			29,289
Long-term		8,748,110		8,281,281		7,988,069		6,681,697		59,704			192,342			406,146			8,741,615		8,748,110		7,988,069		7,136,129		97,972			290,316			406,513
Cash management		727,603		703,916		666,252		619,351		23,339			62,529			99,239			712,015		727,603		666,252		652,002		(12,398	)		50,132			59,076
Advisory⁽¹⁾		20,280		22,214		22,359		16,901		(2,083	)		(2,269	)		2,853
Advisory																			10,032		20,280		22,359		20,366		(10,260	)		(12,530	)		(10,738	)
Total	$	9,495,993	$	9,007,411	$	8,676,680	$	7,317,949	$	80,960		$	252,602		$	508,238		$	9,463,662	$	9,495,993	$	8,676,680	$	7,808,497	$	75,314		$	327,918		$	454,851

The following table presents the component changes in AUM by client type and product type for the three months ended ~~June~~September 30, 2021.

			Net															Net
	March 31,		inflows			Market			FX			June 30,		Average		June 30,		inflows			Market			FX			September 30,		Average
(in millions)	2021		(outflows)			change			impact⁽¹⁾			2021		AUM⁽²⁾		2021		(outflows)			change			impact⁽¹⁾			2021		AUM⁽²⁾
Retail:
Equity	$	407,715	$	9,866		$	28,643		$	103		$	446,327	$	431,075	$	446,327	$	9,952		$	(7,823	)	$	(2,719	)	$	445,737	$	452,433
Fixed income		349,640		6,689			2,480			671			359,480		355,500		359,480		4,524			(3,156	)		(1,687	)		359,161		361,730
Multi-asset		139,115		879			7,161			73			147,228		144,138		147,228		5,395			(1,332	)		(338	)		150,953		150,409
Alternatives		37,707		3,952			748			41			42,448		40,310		42,448		2,801			(318	)		(155	)		44,776		43,690
Retail subtotal		934,177		21,386			39,032			888			995,483		971,023		995,483		22,672			(12,629	)		(4,899	)		1,000,627		1,008,262
ETFs:
Equity		2,077,818		51,376			126,762			1,872			2,257,828		2,186,497		2,257,828		34,987			(36,247	)		(5,719	)		2,250,849		2,279,480
Fixed income		667,829		21,710			9,639			831			700,009		686,205		700,009		22,489			(3,494	)		(2,408	)		716,596		711,729
Multi-asset		6,958		379			310			16			7,663		7,359		7,663		593			(70	)		(36	)		8,150		7,954
Alternatives		60,919		1,682			3,380			24			66,005		65,379		66,005		(115	)		(2,688	)		(46	)		63,156		65,863
ETFs subtotal		2,813,524		75,147			140,091			2,743			3,031,505		2,945,440		3,031,505		57,954			(42,499	)		(8,209	)		3,038,751		3,065,026
Institutional:
Active:
Equity		176,081		(3,958	)		11,876			175			184,174		181,046		184,174		1,930			(2,410	)		(1,462	)		182,232		185,208
Fixed income		692,474		9,058			14,558			581			716,671		706,642		716,671		(5,716	)		806			(3,063	)		708,698		718,139
Multi-asset		522,220		35,148			26,086			1,128			584,582		549,152		584,582		25,477			920			(5,682	)		605,297		604,848
Alternatives		133,655		3,221			1,708			38			138,622		136,351		138,622		3,867			560			(731	)		142,318		140,894
Active subtotal		1,524,430		43,469			54,228			1,922			1,624,049		1,573,191		1,624,049		25,558			(124	)		(10,938	)		1,638,545		1,649,089
Index:
Equity		2,084,167		(83,737	)		143,764			1,868			2,146,062		2,127,456		2,146,062		(13,701	)		(114	)		(12,655	)		2,119,592		2,158,274
Fixed income		910,517		3,833			21,230			425			936,005		931,252		936,005		6,018			139			(12,718	)		929,444		947,359
Multi-asset		9,079		(269	)		500			(13	)		9,297		9,193		9,297		(530	)		19			(28	)		8,758		9,095
Alternatives		5,387		(125	)		451			(4	)		5,709		5,671		5,709		1			222			(34	)		5,898		5,796
Index subtotal		3,009,150		(80,298	)		165,945			2,276			3,097,073		3,073,572		3,097,073		(8,212	)		266			(25,435	)		3,063,692		3,120,524
Institutional subtotal		4,533,580		(36,829	)		220,173			4,198			4,721,122		4,646,763		4,721,122		17,346			142			(36,373	)		4,702,237		4,769,613
Long-term		8,281,281		59,704			399,296			7,829			8,748,110		8,563,226		8,748,110		97,972			(54,986	)		(49,481	)		8,741,615		8,842,901
Cash management		703,916		23,339			(84	)		432			727,603		732,270		727,603		(12,398	)		(784	)		(2,406	)		712,015		722,103
Advisory⁽³⁾		22,214		(2,083	)		141			8			20,280		21,596		20,280		(10,260	)		23			(11	)		10,032		13,749
Total	$	9,007,411	$	80,960		$	399,353		$	8,269		$	9,495,993	$	9,317,092	$	9,495,993	$	75,314		$	(55,747	)	$	(51,898	)	$	9,463,662	$	9,578,753

The following table presents the component changes in AUM by investment style and product type for the three months ended ~~June~~September 30, 2021.

			Net															Net
	March 31,		inflows			Market			FX			June 30,		Average		June 30,		inflows			Market			FX			September 30,		Average
(in millions)	2021		(outflows)			change			impact⁽¹⁾			2021		AUM⁽²⁾		2021		(outflows)			change			impact⁽¹⁾			2021		AUM⁽²⁾
Active:
Equity	$	443,780	$	4,182		$	31,012		$	266		$	479,240	$	465,115	$	479,240	$	9,651		$	(10,660	)	$	(2,999	)	$	475,232	$	483,441
Fixed income		1,021,168		15,370			16,743			1,236			1,054,517		1,040,682		1,054,517		(2,662	)		(2,217	)		(4,341	)		1,045,297		1,057,426
Multi-asset		661,333		36,026			33,246			1,201			731,806		693,285		731,806		30,870			(411	)		(6,020	)		756,245		755,251
Alternatives		171,361		7,172			2,457			79			181,069		176,660		181,069		6,669			241			(886	)		187,093		184,583
Active subtotal		2,297,642		62,750			83,458			2,782			2,446,632		2,375,742		2,446,632		44,528			(13,047	)		(14,246	)		2,463,867		2,480,701
Index and ETFs:
ETFs:
Equity		2,077,818		51,376			126,762			1,872			2,257,828		2,186,497		2,257,828		34,987			(36,247	)		(5,719	)		2,250,849		2,279,480
Fixed income		667,829		21,710			9,639			831			700,009		686,205		700,009		22,489			(3,494	)		(2,408	)		716,596		711,729
Multi-asset		6,958		379			310			16			7,663		7,359		7,663		593			(70	)		(36	)		8,150		7,954
Alternatives		60,919		1,682			3,380			24			66,005		65,379		66,005		(115	)		(2,688	)		(46	)		63,156		65,863
ETFs subtotal		2,813,524		75,147			140,091			2,743			3,031,505		2,945,440		3,031,505		57,954			(42,499	)		(8,209	)		3,038,751		3,065,026
Non-ETF Index:
Equity		2,224,183		(82,011	)		153,271			1,880			2,297,323		2,274,462		2,297,323		(11,470	)		313			(13,837	)		2,272,329		2,312,474
Fixed income		931,463		4,210			21,525			441			957,639		952,712		957,639		7,488			6			(13,127	)		952,006		969,802
Multi-asset		9,081		(268	)		501			(13	)		9,301		9,198		9,301		(528	)		18			(28	)		8,763		9,101
Alternatives		5,388		(124	)		450			(4	)		5,710		5,672		5,710		-			223			(34	)		5,899		5,797
Non-ETF Index subtotal		3,170,115		(78,193	)		175,747			2,304			3,269,973		3,242,044		3,269,973		(4,510	)		560			(27,026	)		3,238,997		3,297,174
Index & ETFs subtotal		5,983,639		(3,046	)		315,838			5,047			6,301,478		6,187,484		6,301,478		53,444			(41,939	)		(35,235	)		6,277,748		6,362,200
Long-term		8,281,281		59,704			399,296			7,829			8,748,110		8,563,226		8,748,110		97,972			(54,986	)		(49,481	)		8,741,615		8,842,901
Cash management		703,916		23,339			(84	)		432			727,603		732,270		727,603		(12,398	)		(784	)		(2,406	)		712,015		722,103
Advisory⁽³⁾		22,214		(2,083	)		141			8			20,280		21,596		20,280		(10,260	)		23			(11	)		10,032		13,749
Total	$	9,007,411	$	80,960		$	399,353		$	8,269		$	9,495,993	$	9,317,092	$	9,495,993	$	75,314		$	(55,747	)	$	(51,898	)	$	9,463,662	$	9,578,753

The following table presents the component changes in AUM by product type for the three months ended ~~June~~September 30, 2021.

			Net														Net
	March 31,		inflows			Market			FX		June 30,		Average		June 30,		inflows			Market			FX			September 30,		Average
(in millions)	2021		(outflows)			change			impact⁽¹⁾		2021		AUM⁽²⁾		2021		(outflows)			change			impact⁽¹⁾			2021		AUM⁽²⁾
Equity	$	4,745,781	$	(26,453	)	$	311,045		$	4,018	$	5,034,391	$	4,926,074	$	5,034,391	$	33,168		$	(46,594	)	$	(22,555	)	$	4,998,410	$	5,075,395
Fixed income		2,620,460		41,290			47,907			2,508		2,712,165		2,679,599		2,712,165		27,315			(5,705	)		(19,876	)		2,713,899		2,738,957
Multi-asset		677,372		36,137			34,057			1,204		748,770		709,842		748,770		30,935			(463	)		(6,084	)		773,158		772,306
Alternatives:
Illiquid alternatives		92,207		3,347			352			55		95,961		94,238		95,961		2,743			195			(578	)		98,321		97,516
Liquid alternatives		76,266		3,319			1,945			30		81,560		79,138		81,560		3,782			9			(299	)		85,052		83,431
Currency and commodities⁽⁴⁾		69,195		2,064			3,990			14		75,263		74,335
Currency and commodities⁽⁴⁾																75,263		29			(2,428	)		(89	)		72,775		75,296
Alternatives subtotal		237,668		8,730			6,287			99		252,784		247,711		252,784		6,554			(2,224	)		(966	)		256,148		256,243
Long-term		8,281,281		59,704			399,296			7,829		8,748,110		8,563,226		8,748,110		97,972			(54,986	)		(49,481	)		8,741,615		8,842,901
Cash management		703,916		23,339			(84	)		432		727,603		732,270		727,603		(12,398	)		(784	)		(2,406	)		712,015		722,103
Advisory⁽³⁾		22,214		(2,083	)		141			8		20,280		21,596
Advisory⁽³⁾																20,280		(10,260	)		23			(11	)		10,032		13,749
Total	$	9,007,411	$	80,960		$	399,353		$	8,269	$	9,495,993	$	9,317,092	$	9,495,993	$	75,314		$	(55,747	)	$	(51,898	)	$	9,463,662	$	9,578,753

AUM ~~increased $488.6 billion to~~remained flat at $9.5 trillion at ~~June~~September 30, 2021, as ~~driven~~positive net inflows were more than offset by net market ~~appreciation~~depreciation and ~~positive net inflows.~~the impact of foreign exchange movements.

Long-term net inflows of ~~$59.7~~$98 billion were comprised of net inflows of ~~$75.1~~$58 billion, $23 billion and ~~$21.4~~$17 billion into ETFs, retail and ~~retail, respectively, partially offset by net outflows $36.8 billion from~~ institutional, ~~clients.~~respectively. Net flows in long-term products are described below.

Cash management AUM ~~increased~~decreased to ~~$727.6~~$712 billion, driven by net ~~inflows~~outflows of ~~$23.3~~$12 billion.

Net market ~~appreciation~~depreciation of ~~$399.4~~$56 billion was primarily driven by global equity ~~and fixed income~~ market ~~appreciation.~~depreciation.

AUM ~~increased $8.3~~decreased $52 billion due to the ~~positive~~negative impact of foreign exchange movements, primarily due to the ~~weakening~~strengthening of the US dollar, largely against the ~~Euro~~British pound and the ~~Canadian dollar.~~Euro.

Component Changes in AUM for the ~~Six~~Nine Months Ended ~~June~~September 30, 2021

The following table presents the component changes in AUM by client type and product type for the ~~six~~nine months ended ~~June~~September 30, 2021.

	December 31,		Net inflows					Market			FX			June 30,		Average		December 31,		Net inflows					Market			FX			September 30,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾
Retail:
Equity	$	338,434	$	24,199		$	41,324	$	43,286		$	(916	)	$	446,327	$	401,271	$	338,434	$	34,153		$	41,324	$	35,459		$	(3,633	)	$	445,737	$	417,230
Fixed income		340,468		21,486			—		(1,300	)		(1,174	)		359,480		350,847		340,468		26,011			—		(4,457	)		(2,861	)		359,161		354,337
Multi-asset		132,624		4,874			—		9,837			(107	)		147,228		139,864		132,624		10,269			—		8,505			(445	)		150,953		143,345
Alternatives		34,391		7,337			—		787			(67	)		42,448		38,207		34,391		10,139			—		468			(222	)		44,776		39,976
Retail subtotal		845,917		57,896			41,324		52,610			(2,264	)		995,483		930,189		845,917		80,572			41,324		39,975			(7,161	)		1,000,627		954,888
ETFs:
Equity		1,905,101		117,798			—		238,644			(3,715	)		2,257,828		2,080,914		1,905,101		152,785			—		202,397			(9,434	)		2,250,849		2,142,649
Fixed income		690,033		23,315			—		(11,332	)		(2,007	)		700,009		685,500		690,033		45,804			—		(14,826	)		(4,415	)		716,596		694,541
Multi-asset		6,268		945			—		420			30			7,663		6,948		6,268		1,539			—		349			(6	)		8,150		7,279
Alternatives		67,605		1,578			—		(3,151	)		(27	)		66,005		66,467		67,605		1,463			—		(5,837	)		(75	)		63,156		66,272
ETFs subtotal		2,669,007		143,636			—		224,581			(5,719	)		3,031,505		2,839,829		2,669,007		201,591			—		182,083			(13,930	)		3,038,751		2,910,741
Institutional:
Active:
Equity		169,522		(3,491	)		—		18,964			(821	)		184,174		176,544		169,522		(1,561	)		—		16,555			(2,284	)		182,232		179,247
Fixed income		716,269		11,322			—		(7,836	)		(3,084	)		716,671		707,256		716,269		5,606			—		(7,030	)		(6,147	)		708,698		710,668
Multi-asset		511,242		43,631			—		32,733			(3,024	)		584,582		532,983		511,242		69,106			—		33,655			(8,706	)		605,297		556,569
Alternatives		127,429		8,540			—		3,124			(471	)		138,622		133,087		127,429		12,407			—		3,682			(1,200	)		142,318		135,656
Active subtotal		1,524,462		60,002			—		46,985			(7,400	)		1,624,049		1,549,870		1,524,462		85,558			—		46,862			(18,337	)		1,638,545		1,582,140
Index:
Equity		2,006,749		(115,099	)		—		264,295			(9,883	)		2,146,062		2,076,052		2,006,749		(128,801	)		—		264,183			(22,539	)		2,119,592		2,101,940
Fixed income		927,718		46,006			—		(25,587	)		(12,132	)		936,005		925,527		927,718		52,024			—		(25,447	)		(24,851	)		929,444		933,212
Multi-asset		8,599		439			—		499			(240	)		9,297		8,872		8,599		(90	)		—		517			(268	)		8,758		8,919
Alternatives		5,617		(538	)		—		685			(55	)		5,709		5,619		5,617		(538	)		—		908			(89	)		5,898		5,680
Index subtotal		2,948,683		(69,192	)		—		239,892			(22,310	)		3,097,073		3,016,070		2,948,683		(77,405	)		—		240,161			(47,747	)		3,063,692		3,049,751
Institutional subtotal		4,473,145		(9,190	)		—		286,877			(29,710	)		4,721,122		4,565,940		4,473,145		8,153			—		287,023			(66,084	)		4,702,237		4,631,891
Long-term		7,988,069		192,342			41,324		564,068			(37,693	)		8,748,110		8,335,958		7,988,069		290,316			41,324		509,081			(87,175	)	��	8,741,615		8,497,520
Cash management		666,252		62,529			—		(211	)		(967	)		727,603		697,856		666,252		50,132			—		(996	)		(3,373	)		712,015		704,580
Advisory⁽⁴⁾		22,359		(2,269	)		—		176			14			20,280		21,952		22,359		(12,530	)		—		200			3			10,032		18,838
Total	$	8,676,680	$	252,602		$	41,324	$	564,033		$	(38,646	)	$	9,495,993	$	9,055,766	$	8,676,680	$	327,918		$	41,324	$	508,285		$	(90,545	)	$	9,463,662	$	9,220,938

The following table presents the component changes in AUM by investment style and product type for the ~~six~~nine months ended ~~June~~September 30, 2021.

	December 31,		Net inflows					Market			FX			June 30,		Average		December 31,		Net inflows					Market			FX			September 30,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾
Active:
Equity	$	410,189	$	25,202		$	—	$	45,605		$	(1,756	)	$	479,240	$	445,721	$	410,189	$	34,854		$	—	$	34,944		$	(4,755	)	$	475,232	$	457,458
Fixed income		1,035,015		32,122			—		(8,317	)		(4,303	)		1,054,517		1,036,594		1,035,015		29,461			—		(10,534	)		(8,645	)		1,045,297		1,043,135
Multi-asset		643,864		48,504			—		42,569			(3,131	)		731,806		672,842		643,864		79,374			—		42,158			(9,151	)		756,245		699,909
Alternatives		161,819		15,876			—		3,912			(538	)		181,069		171,293		161,819		22,544			—		4,153			(1,423	)		187,093		175,631
Active subtotal		2,250,887		121,704			—		83,769			(9,728	)		2,446,632		2,326,450		2,250,887		166,233			—		70,721			(23,974	)		2,463,867		2,376,133
Index and ETFs:
ETFs:
Equity		1,905,101		117,798			—		238,644			(3,715	)		2,257,828		2,080,914		1,905,101		152,785			—		202,397			(9,434	)		2,250,849		2,142,649
Fixed income		690,033		23,315			—		(11,332	)		(2,007	)		700,009		685,500		690,033		45,804			—		(14,826	)		(4,415	)		716,596		694,541
Multi-asset		6,268		945			—		420			30			7,663		6,948		6,268		1,539			—		349			(6	)		8,150		7,279
Alternatives		67,605		1,578			—		(3,151	)		(27	)		66,005		66,467		67,605		1,463			—		(5,837	)		(75	)		63,156		66,272
ETFs subtotal		2,669,007		143,636			—		224,581			(5,719	)		3,031,505		2,839,829		2,669,007		201,591			—		182,083			(13,930	)		3,038,751		2,910,741
Non-ETF Index:
Equity		2,104,516		(119,593	)		41,324		280,940			(9,864	)		2,297,323		2,208,146		2,104,516		(131,063	)		41,324		281,253			(23,701	)		2,272,329		2,240,959
Fixed income		949,440		46,692			—		(26,406	)		(12,087	)		957,639		947,036		949,440		54,180			—		(26,400	)		(25,214	)		952,006		955,082
Multi-asset		8,601		440			—		500			(240	)		9,301		8,877		8,601		(89	)		—		519			(268	)		8,763		8,924
Alternatives		5,618		(537	)		—		684			(55	)		5,710		5,620		5,618		(536	)		—		905			(88	)		5,899		5,681
Non-ETF Index subtotal		3,068,175		(72,998	)		41,324		255,718			(22,246	)		3,269,973		3,169,679		3,068,175		(77,508	)		41,324		256,277			(49,271	)		3,238,997		3,210,646
Index & ETFs subtotal		5,737,182		70,638			41,324		480,299			(27,965	)		6,301,478		6,009,508		5,737,182		124,083			41,324		438,360			(63,201	)		6,277,748		6,121,387
Long-term		7,988,069		192,342			41,324		564,068			(37,693	)		8,748,110		8,335,958		7,988,069		290,316			41,324		509,081			(87,175	)		8,741,615		8,497,520
Cash management		666,252		62,529			—		(211	)		(967	)		727,603		697,856		666,252		50,132			—		(996	)		(3,373	)		712,015		704,580
Advisory⁽⁴⁾		22,359		(2,269	)		—		176			14			20,280		21,952		22,359		(12,530	)		—		200			3			10,032		18,838
Total	$	8,676,680	$	252,602		$	41,324	$	564,033		$	(38,646	)	$	9,495,993	$	9,055,766	$	8,676,680	$	327,918		$	41,324	$	508,285		$	(90,545	)	$	9,463,662	$	9,220,938

The following table presents the component changes in AUM by product type for the ~~six~~nine months ended ~~June~~September 30, 2021.

	December 31,		Net inflows					Market			FX			June 30,		Average		December 31,		Net inflows					Market			FX			September 30,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾
Equity	$	4,419,806	$	23,407		$	41,324	$	565,189		$	(15,335	)	$	5,034,391	$	4,734,781	$	4,419,806	$	56,576		$	41,324	$	518,594		$	(37,890	)	$	4,998,410	$	4,841,066
Fixed income		2,674,488		102,129			—		(46,055	)		(18,397	)		2,712,165		2,669,130		2,674,488		129,445			—		(51,760	)		(38,274	)		2,713,899		2,692,758
Multi-asset		658,733		49,889			—		43,489			(3,341	)		748,770		688,667		658,733		80,824			—		43,026			(9,425	)		773,158		716,112
Alternatives:
Illiquid alternatives		85,770		9,572			—		952			(333	)		95,961		90,987		85,770		12,315			—		1,148			(912	)		98,321		93,102
Liquid alternatives		73,218		5,673			—		2,736			(67	)		81,560		77,169		73,218		9,455			—		2,745			(366	)		85,052		79,234
Currency and commodities⁽⁵⁾		76,054		1,672			—		(2,243	)		(220	)		75,263		75,224
Currency and commodities⁽⁵⁾																			76,054		1,701			—		(4,672	)		(308	)		72,775		75,248
Alternatives subtotal		235,042		16,917			—		1,445			(620	)		252,784		243,380		235,042		23,471			—		(779	)		(1,586	)		256,148		247,584
Long-term		7,988,069		192,342			41,324		564,068			(37,693	)		8,748,110		8,335,958		7,988,069		290,316			41,324		509,081			(87,175	)		8,741,615		8,497,520
Cash management		666,252		62,529			—		(211	)		(967	)		727,603		697,856		666,252		50,132			—		(996	)		(3,373	)		712,015		704,580
Advisory⁽⁴⁾		22,359		(2,269	)		—		176			14			20,280		21,952
Advisory⁽⁴⁾																			22,359		(12,530	)		—		200			3			10,032		18,838
Total	$	8,676,680	$	252,602		$	41,324	$	564,033		$	(38,646	)	$	9,495,993	$	9,055,766	$	8,676,680	$	327,918		$	41,324	$	508,285		$	(90,545	)	$	9,463,662	$	9,220,938

AUM increased ~~$819.3~~$787 billion to $9.5 trillion at ~~June~~September 30, 2021, driven by net market appreciation, positive net inflows, and AUM acquired in the Aperio Transaction, partially offset by the impact of foreign exchange movements.

Long-term net inflows of ~~$192.3~~$290 billion were comprised of net inflows of ~~$143.6~~$202 billion, $81 billion and ~~$57.9~~$8 billion into ETFs, retail and ~~retail, respectively, partially offset by net outflows of $9.2 billion from~~ institutional, ~~clients.~~respectively. Net flows in long-term products are described below.

Cash management AUM increased to ~~$727.6~~$712 billion, driven by net inflows of ~~$62.5~~$50 billion.

Net market appreciation of ~~$564~~$508 billion was driven primarily by global equity market ~~appreciation, partially offset by fixed income market declines.~~appreciation.

AUM decreased ~~$38.6~~$91 billion due to the negative impact of foreign exchange movements, primarily resulting from the strengthening of the US dollar, largely against the ~~Japanese yen~~Euro and the ~~Euro.~~Japanese yen.

The following table presents the component changes in AUM by client type and product type for the twelve months ended ~~June~~September 30, 2021.

	June 30,		Net inflows					Market			FX			June 30,		Average		September 30,		Net inflows					Market			FX			September 30,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾
Retail:
Equity	$	254,104	$	47,302		$	41,324	$	97,009		$	6,588		$	446,327	$	345,277	$	279,427	$	50,248		$	41,324	$	73,968		$	770		$	445,737	$	387,825
Fixed income		301,160		44,028			—		9,401			4,891			359,480		334,847		316,008		40,231			—		2,060			862			359,161		347,052
Multi-asset		111,934		9,296			—		25,148			850			147,228		130,418		119,708		12,914			—		18,198			133			150,953		138,466
Alternatives		27,956		12,141			—		1,923			428			42,448		34,768		31,121		12,496			—		1,081			78			44,776		38,183
Retail subtotal		695,154		112,767			41,324		133,481			12,757			995,483		845,310		746,264		115,889			41,324		95,307			1,843			1,000,627		911,526
ETFs:
Equity		1,470,314		197,907			—		578,981			10,626			2,257,828		1,858,812		1,586,849		218,042			—		446,634			(676	)		2,250,849		2,028,304
Fixed income		634,098		56,540			—		2,637			6,734			700,009		675,322		662,999		59,339			—		(6,063	)		321			716,596		689,132
Multi-asset		5,074		1,516			—		997			76			7,663		6,250		5,430		1,955			—		736			29			8,150		6,895
Alternatives		53,111		7,760			—		5,006			128			66,005		65,259		66,057		1,008			—		(3,935	)		26			63,156		65,933
ETFs subtotal		2,162,597		263,723			—		587,621			17,564			3,031,505		2,605,643		2,321,335		280,344			—		437,372			(300	)		3,038,751		2,790,264
Institutional:
Active:
Equity		133,932		(2,308	)		—		49,350			3,200			184,174		163,639		149,260		(4,379	)		—		37,231			120			182,232		173,263
Fixed income		666,693		26,849			—		14,142			8,987			716,671		698,882		693,061		9,122			—		5,825			690			708,698		707,349
Multi-asset		426,553		52,413			—		93,379			12,237			584,582		499,070		464,242		66,535			—		74,282			238			605,297		536,848
Alternatives		114,432		14,021			—		7,477			2,692			138,622		126,717		120,559		15,635			—		5,555			569			142,318		132,368
Active subtotal		1,341,610		90,975			—		164,348			27,116			1,624,049		1,488,308		1,427,122		86,913			—		122,893			1,617			1,638,545		1,549,828
Index:
Equity		1,660,875		(169,247	)		—		623,656			30,778			2,146,062		1,937,458		1,768,582		(159,258	)		—		508,028			2,240			2,119,592		2,034,356
Fixed income		809,141		107,780			—		(19,713	)		38,797			936,005		894,457		859,397		83,457			—		(16,605	)		3,195			929,444		919,677
Multi-asset		7,801		242			—		1,296			(42	)		9,297		8,576		8,866		(982	)		—		1,029			(155	)		8,758		8,804
Alternatives		4,519		(94	)		—		1,176			108			5,709		5,244		4,563		150			—		1,186			(1	)		5,898		5,512
Index subtotal		2,482,336		(61,319	)		—		606,415			69,641			3,097,073		2,845,735		2,641,408		(76,633	)		—		493,638			5,279			3,063,692		2,968,349
Institutional subtotal		3,823,946		29,656			—		770,763			96,757			4,721,122		4,334,043		4,068,530		10,280			—		616,531			6,896			4,702,237		4,518,177
Long-term		6,681,697		406,146			41,324		1,491,865			127,078			8,748,110		7,784,996		7,136,129		406,513			41,324		1,149,210			8,439			8,741,615		8,219,967
Cash management		619,351		99,239			—		(157	)		9,170			727,603		673,619		652,002		59,076			—		(1,215	)		2,152			712,015		695,260
Advisory⁽⁴⁾		16,901		2,853			—		479			47			20,280		20,975		20,366		(10,738	)		—		377			27			10,032		19,358
Total	$	7,317,949	$	508,238		$	41,324	$	1,492,187		$	136,295		$	9,495,993	$	8,479,590	$	7,808,497	$	454,851		$	41,324	$	1,148,372		$	10,618		$	9,463,662	$	8,934,585

The following table presents the component changes in AUM by investment style and product type for the twelve months ended ~~June~~September 30, 2021.

	June 30,		Net inflows					Market			FX			June 30,		Average		September 30,		Net inflows					Market			FX			September 30,		Average
(in millions)	2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾		2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾
Active:
Equity	$	312,809	$	43,888		$	—	$	116,600		$	5,943		$	479,240	$	400,020	$	347,631	$	43,476		$	—	$	84,336		$	(211	)	$	475,232	$	434,610
Fixed income		950,143		68,072			—		23,910			12,392			1,054,517		1,013,129		989,412		46,244			—		8,559			1,082			1,045,297		1,032,919
Multi-asset		538,489		61,704			—		118,526			13,087			731,806		629,486		583,952		79,443			—		92,479			371			756,245		675,310
Alternatives		142,387		26,160			—		9,402			3,120			181,069		161,484		151,678		28,130			—		6,638			647			187,093		170,550
Active subtotal		1,943,828		199,824			—		268,438			34,542			2,446,632		2,204,119		2,072,673		197,293			—		192,012			1,889			2,463,867		2,313,389
Index and ETFs:
ETFs:
Equity		1,470,314		197,907			—		578,981			10,626			2,257,828		1,858,812		1,586,849		218,042			—		446,634			(676	)		2,250,849		2,028,304
Fixed income		634,098		56,540			—		2,637			6,734			700,009		675,322		662,999		59,339			—		(6,063	)		321			716,596		689,132
Multi-asset		5,074		1,516			—		997			76			7,663		6,250		5,430		1,955			—		736			29			8,150		6,895
Alternatives		53,111		7,760			—		5,006			128			66,005		65,259		66,057		1,008			—		(3,935	)		26			63,156		65,933
ETFs subtotal		2,162,597		263,723			—		587,621			17,564			3,031,505		2,605,643		2,321,335		280,344			—		437,372			(300	)		3,038,751		2,790,264
Non-ETF Index:
Equity		1,736,102		(168,141	)		41,324		653,415			34,623			2,297,323		2,046,354		1,849,638		(156,865	)		41,324		534,891			3,341			2,272,329		2,160,834
Fixed income		826,851		110,585			—		(20,080	)		40,283			957,639		915,057		879,054		86,566			—		(17,279	)		3,665			952,006		941,159
Multi-asset		7,799		247			—		1,297			(42	)		9,301		8,578		8,864		(976	)		—		1,030			(155	)		8,763		8,808
Alternatives		4,520		(92	)		—		1,174			108			5,710		5,245		4,565		151			—		1,184			(1	)		5,899		5,513
Non-ETF Index subtotal		2,575,272		(57,401	)		41,324		635,806			74,972			3,269,973		2,975,234		2,742,121		(71,124	)		41,324		519,826			6,850			3,238,997		3,116,314
Index & ETFs subtotal		4,737,869		206,322			41,324		1,223,427			92,536			6,301,478		5,580,877		5,063,456		209,220			41,324		957,198			6,550			6,277,748		5,906,578
Long-term		6,681,697		406,146			41,324		1,491,865			127,078			8,748,110		7,784,996		7,136,129		406,513			41,324		1,149,210			8,439			8,741,615		8,219,967
Cash management		619,351		99,239			—		(157	)		9,170			727,603		673,619		652,002		59,076			—		(1,215	)		2,152			712,015		695,260
Advisory⁽⁴⁾		16,901		2,853			—		479			47			20,280		20,975		20,366		(10,738	)		—		377			27			10,032		19,358
Total	$	7,317,949	$	508,238		$	41,324	$	1,492,187		$	136,295		$	9,495,993	$	8,479,590	$	7,808,497	$	454,851		$	41,324	$	1,148,372		$	10,618		$	9,463,662	$	8,934,585

The following table presents the component changes in AUM by product type for the twelve months ended ~~June~~September 30, 2021.

	June 30,		Net inflows				Market			FX		June 30,		Average		September 30,		Net inflows					Market			FX			September 30,		Average
(in millions)	2020		(outflows)		Acquisition⁽¹⁾		change			impact⁽²⁾		2021		AUM⁽³⁾		2020		(outflows)			Acquisition⁽¹⁾		change			impact⁽²⁾			2021		AUM⁽³⁾
Equity	$	3,519,225	$	73,654	$	41,324	$	1,348,996		$	51,192	$	5,034,391	$	4,305,186	$	3,784,118	$	104,653		$	41,324	$	1,065,861		$	2,454		$	4,998,410	$	4,623,748
Fixed income		2,411,092		235,197		—		6,467			59,409		2,712,165		2,603,508		2,531,465		192,149			—		(14,783	)		5,068			2,713,899		2,663,210
Multi-asset		551,362		63,467		—		120,820			13,121		748,770		644,314		598,246		80,422			—		94,245			245			773,158		691,013
Alternatives:
Illiquid alternatives		76,607		16,303		—		1,570			1,481		95,961		85,690		79,723		16,844			—		1,660			94			98,321		90,319
Liquid alternatives		63,120		9,262		—		7,496			1,682		81,560		72,848		69,255		10,492			—		4,653			652			85,052		77,069
Currency and commodities⁽⁵⁾		60,291		8,263		—		6,516			193		75,263		73,450		73,322		1,953			—		(2,426	)		(74	)		72,775		74,608
Alternatives subtotal		200,018		33,828		—		15,582			3,356		252,784		231,988		222,300		29,289			—		3,887			672			256,148		241,996
Long-term		6,681,697		406,146		41,324		1,491,865			127,078		8,748,110		7,784,996		7,136,129		406,513			41,324		1,149,210			8,439			8,741,615		8,219,967
Cash management		619,351		99,239		—		(157	)		9,170		727,603		673,619		652,002		59,076			—		(1,215	)		2,152			712,015		695,260
Advisory⁽⁴⁾		16,901		2,853		—		479			47		20,280		20,975		20,366		(10,738	)		—		377			27			10,032		19,358
Total	$	7,317,949	$	508,238	$	41,324	$	1,492,187		$	136,295	$	9,495,993	$	8,479,590	$	7,808,497	$	454,851		$	41,324	$	1,148,372		$	10,618		$	9,463,662	$	8,934,585

AUM increased ~~$2.18~~$1.7 trillion to $9.5 trillion at ~~June~~September 30, 2021, driven by net market appreciation, positive net inflows, the positive impact of foreign exchange movements and AUM acquired in the Aperio Transaction.

Long-term net inflows of ~~$406.1~~$407 billion were comprised of net inflows of ~~$263.7~~$280 billion, ~~$112.8~~$116 billion and ~~$29.6~~$10 billion from ETFs, retail and institutional, ~~clients,~~ respectively. Net flows in long-term products are described below.

Cash management AUM increased to ~~$727.6~~$712 billion, driven by net inflows of ~~$99.2~~$59 billion.

Net market appreciation of ~~$1.49~~$1.1 trillion was driven ~~primarily~~ by global equity market appreciation.

AUM increased ~~$136.3~~$11 billion due to the positive impact of foreign exchange movements, primarily resulting from the weakening of the US dollar, largely against the British pound and the Canadian dollar, partially offset by the strengthening of the US dollar against the Japanese yen and the Euro.

The Company’s results of operations for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 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 (“2020 Form 10-K”).

The table below presents detail of revenue for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 and includes the product type mix of base fees and securities lending revenue and performance fees.

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	641	$	381	$	1,217	$	779	$	674	$	457	$	1,891	$	1,236
ETFs		1,156		792		2,224		1,671		1,212		880		3,436		2,551
Non-ETF Index		198		178		374		341		207		164		581		505
Equity subtotal		1,995		1,351		3,815		2,791		2,093		1,501		5,908		4,292
Fixed income:
Active		545		464		1,070		945		561		498		1,631		1,443
ETFs		294		261		589		520		304		297		893		817
Non-ETF Index		116		129		229		241		121		113		350		354
Fixed income subtotal		955		854		1,888		1,706		986		908		2,874		2,614
Multi-asset		344		270		672		563		369		289		1,041		852
Alternatives:
Illiquid alternatives		167		128		335		276		166		140		501		416
Liquid alternatives		150		117		297		229		163		132		460		361
Currency and commodities⁽¹⁾		55		35		108		67		55		51		163		118
Alternatives subtotal		372		280		740		572		384		323		1,124		895
Long-term		3,666		2,755		7,115		5,632		3,832		3,021		10,947		8,653
Cash management		91		211		234		389		111		204		345		593
Total investment advisory, administration fees and securities lending revenue		3,757		2,966		7,349		6,021		3,943		3,225		11,292		9,246
Investment advisory performance fees:
Equity		36		23		62		25		8		4		70		29
Fixed income		15		2		29		4		2		9		31		13
Multi-asset		9		2		17		3		—		10		17		13
Alternatives:
Illiquid alternatives		90		32		97		49		50		6		147		55
Liquid alternatives		190		53		264		72		285		503		549		575
Alternatives subtotal		280		85		361		121		335		509		696		630
Total performance fees		340		112		469		153		345		532		814		685
Technology services revenue		316		278		622		552		320		282		942		834
Distribution fees:
Retrocessions		264		162		502		331		294		188		796		519
12b-1 fees (US mutual fund distribution fees)		87		78		172		169		91		85		263		254
Other		18		13		35		29		16		15		51		44
Total distribution fees		369		253		709		529		401		288		1,110		817
Advisory and other revenue:
Advisory		9		17		24		34		13		14		37		48
Other		29		22		45		69		28		28		73		97
Total advisory and other revenue		38		39		69		103		41		42		110		145
Total revenue	$	4,820	$	3,648	$	9,218	$	7,358	$	5,050	$	4,369	$	14,268	$	11,727

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

	Three Months Ended June 30,												Six Months Ended June 30,												Three Months Ended September 30,												Nine Months Ended September 30,
	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⁽²⁾						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⁽²⁾
	2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020
Equity:
Active		18	%		13	%		5	%		4	%		19	%		12	%		5	%		4	%		18	%		15	%		5	%		4	%		19	%		14	%		5	%		4	%
ETFs		31	%		27	%		24	%		20	%		30	%		28	%		23	%		21	%		31	%		27	%		24	%		20	%		30	%		28	%		23	%		21	%
Non-ETF Index		5	%		6	%		23	%		24	%		5	%		6	%		24	%		24	%		5	%		5	%		23	%		24	%		5	%		5	%		24	%		23	%
Equity subtotal		54	%		46	%		52	%		48	%		54	%		46	%		52	%		49	%		54	%		47	%		52	%		48	%		54	%		47	%		52	%		48	%
Fixed income:
Active		14	%		16	%		12	%		12	%		14	%		16	%		11	%		12	%		13	%		15	%		12	%		13	%		13	%		15	%		11	%		13	%
ETFs		8	%		9	%		7	%		9	%		8	%		9	%		8	%		8	%		8	%		9	%		7	%		9	%		8	%		9	%		8	%		8	%
Non-ETF Index		3	%		4	%		10	%		12	%		3	%		4	%		10	%		12	%		3	%		4	%		10	%		11	%		3	%		4	%		10	%		12	%
Fixed income subtotal		25	%		29	%		29	%		33	%		25	%		29	%		29	%		32	%		24	%		28	%		29	%		33	%		24	%		28	%		29	%		33	%
Multi-asset		9	%		9	%		8	%		8	%		9	%		9	%		8	%		8	%		9	%		9	%		8	%		8	%		9	%		9	%		8	%		8	%
Alternatives:
Illiquid alternatives		5	%		4	%		1	%		1	%		5	%		5	%		1	%		1	%		5	%		4	%		1	%		1	%		5	%		5	%		1	%		1	%
Liquid alternatives		4	%		4	%		1	%		1	%		4	%		4	%		1	%		1	%		4	%		4	%		1	%		1	%		4	%		4	%		1	%		1	%
Currency and commodities⁽³⁾		1	%		1	%		1	%		1	%		1	%		1	%		1	%		1	%		1	%		2	%		1	%		1	%		1	%		1	%		1	%		1	%
Alternatives subtotal		10	%		9	%		3	%		3	%		10	%		10	%		3	%		3	%		10	%		10	%		3	%		3	%		10	%		10	%		3	%		3	%
Long-term		98	%		93	%		92	%		92	%		98	%		94	%		92	%		92	%		97	%		94	%		92	%		92	%		97	%		94	%		92	%		92	%
Cash management		2	%		7	%		8	%		8	%		2	%		6	%		8	%		8	%		3	%		6	%		8	%		8	%		3	%		6	%		8	%		8	%
Total excluding Advisory AUM		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%

Three Months Ended ~~June~~September 30, 2021 Compared with Three Months Ended ~~June~~September 30, 2020

Revenue increased ~~$1,172~~$681 million, or ~~32%~~16%, from the three months ended ~~June~~September 30, 2020, reflecting ~~significant~~ market gains as well as strong organic growth ~~higher performance fees~~ and ~~14%~~13% growth in technology services ~~revenue.~~revenue, partially offset bylower performance fees.

Investment advisory, administration fees and securities lending revenue of ~~$3,757~~$3,943 million increased ~~$791~~$718 million from ~~$2,966~~$3,225 million for the three months ended ~~June~~September 30, 2020, primarily driven by the positive impact of market beta and foreign exchange movements on average AUM and strong organic base fee growth, partially offset by the impact of yield-related fee waivers on certain money market funds and strategic pricing changes to certain ~~products, and lower securities lending revenue.~~products. Securities lending revenue of ~~$140~~$152 million decreased ~~$70~~from $153 million ~~from $210 million for~~in the ~~three months ended June 30,~~third quarter of 2020, primarily reflecting lower asset spreads, partially offset by higher average balances of securities on loan.

Investment advisory performance fees of ~~$340~~$345 million ~~increased $228~~decreased $187 million from ~~$112~~$532 million for the three months ended ~~June~~September 30, 2020, primarily reflecting ~~higher~~lower revenue from liquid ~~and~~alternative products, including lower fees from a single hedge fund strategy with an annual performance measurement period that ends in the third quarter, partially offset by higher revenue from illiquid alternative products.

Technology services revenue of ~~$316~~$320 million increased $38 million from ~~$278~~$282 million for the three months ended ~~June~~September 30, 2020, primarily reflecting higher revenue from Aladdin.

~~Six~~Nine Months Ended ~~June~~September 30, 2021 Compared with ~~Six~~Nine Months Ended ~~June~~September 30, 2020

Revenue increased ~~$1,860~~$2,541 million, or ~~25%~~22%, from the ~~six~~nine months ended ~~June~~September 30, 2020, reflecting higher base and performance fees and higher technology services revenue, partially offset by lower securities lending revenue.

Investment advisory, administration fees and securities lending revenue of ~~$7,349~~$11,292 million increased ~~$1,328~~$2,046 million from ~~$6,021~~$9,246 million for the ~~six~~nine months ended ~~June~~September 30, 2020, primarily driven by the positive impact of market beta and foreign exchange movements on average AUM and organic growth, partially offset by the impact of yield-related fee waivers on certain money market funds and strategic pricing changes to certain products, and lower securities lending revenue. Securities lending revenue of ~~$267~~$419 million decreased ~~$101~~$102 million from ~~$368~~$521 million for the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting lower spreads, partially offset by higher average balances of securities on loan.

Investment advisory performance fees of ~~$469~~$814 million increased ~~$316~~$129 million from ~~$153~~$685 million for the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting higher revenue from ~~liquid and~~ illiquid alternative and long-only products.

Technology services revenue of ~~$622~~$942 million increased ~~$70~~$108 million from ~~$552~~$834 million for the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting higher revenue from Aladdin.

Advisory and other revenue of ~~$69~~$110 million decreased ~~$34~~$35 million from ~~$103~~$145 million for the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting the impact of the Charitable Contribution, lower earnings from a strategic minority investment and lower fees from advisory assignments.

	Three Months Ended						Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,						June 30,				September 30,				September 30,
(in millions)	2021			2020			2021		2020		2021		2020		2021		2020
Expense:
Employee compensation and benefits	$	1,548		$	1,152		$	2,957	$	2,289	$	1,527	$	1,411	$	4,484	$	3,700
Distribution and servicing costs:
Retrocessions		264			162			502		331		294		188		796		519
12b-1 costs		85			75			168		164		89		83		257		247
Other		174			192			358		379		202		185		560		564
Total distribution and servicing costs		523			429			1,028		874		585		456		1,613		1,330
Direct fund expense		320			246			640		523		354		257		994		780
General and administration expense:
Marketing and promotional		53			39			88		108		54		48		142		156
Occupancy and office related		80			80			159		158		91		81		250		239
Portfolio services		87			65			174		130		93		73		267		203
Technology		129			92			233		180		140		93		373		273
Professional services		41			41			80		85		42		36		122		121
Communications		11			14			22		26		11		14		33		40
Foreign exchange remeasurement		(2	)		1			2		6		1		1		3		7
Contingent consideration fair value adjustments		1			(2	)		4		23		29		—		33		23
Product launch costs		—			—			178		84		96		80		274		164
Charitable Contribution		—			—			—		589		—		—		—		589
Other general and administration		61			58			106		141		54		35		160		176
Total general and administration expense		461			388			1,046		1,530		611		461		1,657		1,991
Amortization of intangible assets		37			27			71		52		38		27		109		79
Total expense	$	2,889		$	2,242		$	5,742	$	5,268	$	3,115	$	2,612	$	8,857	$	7,880

Three Months Ended ~~June~~September 30, 2021 Compared with Three Months Ended ~~June~~September 30, 2020

Expense increased ~~$647~~$503 million from the three months ended ~~June~~September 30, 2020, largely driven by higher general and administration expense, higher employee compensation and benefits expense ~~higher volume-related expense,~~ and higher ~~general and administration expense.~~direct fund expense in the third quarter of 2021.

Employee compensation and benefits expense increased ~~$396~~$116 million from the three months ended ~~June~~September 30, 2020, primarily reflecting higher ~~incentive~~base compensation, driven by ~~higher operating income~~previously announced base salary increases and higher ~~performance fees,~~headcount, and higher deferred compensation, reflecting the impact of additional grants associated with prior-year ~~compensation and certain previous acquisition-related compensation arrangements.~~compensation.

Direct fund expense increased ~~$74~~$97 million from the three months ended ~~June~~September 30, 2020, primarily reflecting higher average AUM.

General and administration expense increased ~~$73~~$150 million from the three months ended ~~June~~September 30, 2020, ~~largely driven by~~reflecting higher technology and portfolio services expense. The increase also reflected higher product launch costs, primarily associated with the previously discussed BlackRock ESG Capital Allocation Trust, higher contingent consideration fair value adjustments, and ~~marketing and promotional expense.~~$11 million of previously discussed noncash Lease cost – Hudson Yards.

Amortization of intangible assets expense increased ~~$10~~$11 million from the three months ended ~~June~~September 30, 2020, primarily reflecting amortization of intangible assets related to the Aperio Transaction.

~~Six~~Nine Months Ended ~~June~~September 30, 2021 Compared with ~~Six~~Nine Months Ended ~~June~~September 30, 2020

Expense increased ~~$474~~$977 million from the ~~six~~nine months ended ~~June~~September 30, 2020, largely driven by higher employee compensation and benefits expense and higher volume-related expense, partially offset by lower general and administration expense, reflecting the impact of the Charitable Contribution ~~incurred~~recorded in the ~~six~~nine months ended ~~June~~September 30, 2020. Expense also reflected higher product launch costs during the ~~six~~nine months ended ~~June~~September 30, 2021.

Employee compensation and benefits expense increased ~~$668~~$784 million from the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting higher base and incentive compensation, driven by higher operating income and higher performance fees, and higher deferred compensation.

Direct fund expense increased ~~$117~~$214 million from the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting higher average AUM.

General and administration expense decreased ~~$484~~$334 million from the ~~six~~nine months ended ~~June~~September 30, 2020, largely driven by the Charitable Contribution recorded in the ~~six~~nine months ended ~~June~~September 30, 2020. General and administration expense also reflected higher expense during the nine months ended September 30, 2021 related to product launch costs, ~~higher~~ technology and portfolio services expense, higher contingent consideration fair value adjustments, and Lease cost – Hudson Yards described above, partially offset by lower marketing and promotional expense ~~and contingent consideration fair value adjustments,~~ and the impact of costs related to certain legal matters incurred during the ~~six~~nine months ended ~~June~~September 30, 2020.

Amortization of intangible assets expense increased ~~$19~~$30 million from the ~~six~~nine months ended ~~June~~September 30, 2020, primarily reflecting amortization of intangible assets related to the Aperio Transaction.

The summary of nonoperating income (expense), less net income (loss) attributable to NCI for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020 was as follows:

	Three Months Ended				Six Months Ended				Three Months Ended				Nine Months Ended
	June 30,				June 30,				September 30,				September 30,
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Nonoperating income (expense), GAAP basis⁽¹⁾	$	270	$	357	$	316	$	286	$	336	$	224	$	652	$	510
Less: Net income (loss) attributable to NCI		169		188		243		9		72		153		315		162
Nonoperating income (expense), net of NCI⁽²⁾	$	101	$	169	$	73	$	277	$	264	$	71	$	337	$	348

	Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						September 30,						September 30,
(in millions)	2021			2020			2021			2020			2021			2020			2021			2020
Net gain (loss) on investments⁽¹⁾⁽²⁾
Private equity	$	66		$	8		$	88		$	(10	)	$	124		$	18		$	212		$	8
Real assets		3			—			6			5			4			6			10			11
Other alternatives⁽³⁾		17			21			30			(4	)		13			14			43			10
Other investments⁽⁴⁾		48			130			45			(20	)		(8	)		55			37			35
Subtotal		134			159			169			(29	)		133			93			302			64
Gain related to the Charitable Contribution		—			—			—			122			—			—			—			122
Other gains (losses)⁽⁵⁾		11			51			(16	)		256			165			23			149			279
Total net gain (loss) on investments⁽¹⁾⁽²⁾		145			210			153			349			298			116			451			465
Interest and dividend income		8			10			27			25			14			9			41			34
Interest expense		(52	)		(51	)		(107	)		(97	)		(48	)		(54	)		(155	)		(151	)
Net interest expense		(44	)		(41	)		(80	)		(72	)		(34	)		(45	)		(114	)		(117	)
Nonoperating income (expense)⁽¹⁾	$	101		$	169		$	73		$	277		$	264		$	71		$	337		$	348

	GAAP												As Adjusted⁽¹⁾												GAAP												As Adjusted⁽¹⁾
	Three Months Ended						Six Months Ended						Three Months Ended						Six Months Ended						Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	June 30,						June 30,						June 30,						June 30,						September 30,						September 30,						September 30,						September 30,
(in millions)	2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020
Operating income⁽¹⁾	$	1,931		$	1,406		$	3,476		$	2,090		$	1,931		$	1,406		$	3,476		$	2,679		$	1,935		$	1,757		$	5,411		$	3,847		$	1,946		$	1,757		$	5,422		$	4,436
Total nonoperating income (expense)⁽¹⁾⁽²⁾	$	101		$	169		$	73		$	277		$	101		$	169		$	73		$	155		$	264		$	71		$	337		$	348		$	264		$	71		$	337		$	226
Income before income taxes	$	2,032		$	1,575		$	3,549		$	2,367		$	2,032		$	1,575		$	3,549		$	2,834		$	2,199		$	1,828		$	5,748		$	4,195		$	2,210		$	1,828		$	5,759		$	4,662
Income tax expense	$	654		$	361		$	972		$	347		$	483		$	361		$	801		$	588		$	518		$	464		$	1,490		$	811		$	520		$	410		$	1,321		$	998
Effective tax rate		32.2	%		22.9	%		27.4	%		14.7	%		23.8	%		22.9	%		22.6	%		20.7	%		23.6	%		25.4	%		25.9	%		19.3	%		23.6	%		22.5	%		22.9	%		21.4	%

2021. Income tax expense for the ~~three and six~~nine months ended ~~June~~September 30, 2021 included $171 million noncash net expense related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the UK increasing its corporate tax rate. Income tax expense for the ~~six~~nine months ended ~~June~~September 30, 2021, also reflected ~~$39~~$42 million of discrete tax benefits primarily related to stock-based compensation awards that vested in the first quarter of 2021.

The as adjusted effective tax rate of ~~23.8%~~22.9% for the nine months ended September 30, 2021, excluded the impact of $171 million noncash deferred tax revaluation expense mentioned above as it will not have a cash flow impact and ~~22.6%~~to ensure comparability among periods presented.

2020. Income tax expense for the nine months ended September 30, 2020, included a discrete tax benefit of $241 million recognized in connection with the Charitable Contribution and $78 million of discrete tax benefits, including benefits related to stock-based compensation awards that vested in the first quarter of 2020.

The three and nine months ended September 30, 2020 income tax expense also included the previously described $54 million noncash net expense related to legislation enacted in the UK.

The as adjusted effective tax rate of 22.5% and 21.4% for the three and ~~six~~nine months ended ~~June~~September 30, ~~2021, respectively,~~2020 excluded the ~~$171~~impact of the $54 million noncash deferred tax revaluation noncash expense mentioned above as it will not have a cash flow impact and to ensure comparability among periods presented.

~~2020.~~ Income tax expense for the six months ended June 30, 2020, included a discrete tax benefit of $241 million recognized in connection with the Charitable Contribution and $66 million of discrete tax benefits, including benefits related to stock-based compensation awards that vested in the first quarter of 2020.

The as adjusted effective tax rate of ~~20.7%~~21.4% for the ~~six~~nine months ended ~~June~~September 30, 2020 also excluded the $241 million discrete tax benefit in connection with the Charitable Contribution due to its nonrecurring nature.

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 (“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 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 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 under BlackRock Life Limited securities lending arrangements 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” or “CIPs”). See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2020 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 CIPs to use in its operating activities. In addition, the Company cannot readily sell investments held by CIPs in order to obtain cash for use in the Company’s operations.

	June 30, 2021								September 30, 2021
(in millions)	GAAP Basis		Separate Account Assets/ Collateral⁽¹⁾		CIPs⁽²⁾		As Adjusted		GAAP Basis		Separate Account Assets/ Collateral⁽¹⁾		CIPs⁽²⁾		As Adjusted
Assets
Cash and cash equivalents	$	6,416	$	—	$	280	$	6,136	$	7,361	$	—	$	265	$	7,096
Accounts receivable		3,790		—		—		3,790		4,015		—		—		4,015
Investments		7,595		—		2,308		5,287		7,101		—		1,549		5,552
Separate account assets and collateral held under securities lending agreements		120,042		120,042		—		—		110,861		110,861		—		—
Operating lease right-of-use assets										1,798						1,798
Other assets⁽³⁾		5,243		—		121		5,122		4,664		—		96		4,568
Subtotal		143,086		120,042		2,709		20,335		135,800		110,861		1,910		23,029
Goodwill and intangible assets, net		33,876		—		—		33,876		33,836		—		—		33,836
Total assets	$	176,962	$	120,042	$	2,709	$	54,211	$	169,636	$	110,861	$	1,910	$	56,865
Liabilities
Accrued compensation and benefits	$	1,704	$	—	$	—	$	1,704	$	2,343	$	—	$	—	$	2,343
Accounts payable and accrued liabilities		1,238		—		—		1,238		1,402		—		—		1,402
Borrowings		6,491		—		—		6,491		6,474		—		—		6,474
Separate account liabilities and collateral liabilities under securities lending agreements		120,042		120,042		—		—		110,861		110,861		—		—
Deferred income tax liabilities⁽⁴⁾		3,907		—		—		3,907		3,659		—		—		3,659
Operating lease liabilities										1,946						1,946
Other liabilities		5,190		—		429		4,761		4,585		—		435		4,150
Total liabilities		138,572		120,042		429		18,101		131,270		110,861		435		19,974
Equity
Total BlackRock, Inc. stockholders’ equity		36,033		—		—		36,033		36,817		—		—		36,817
Noncontrolling interests		2,357		—		2,280		77		1,549		—		1,475		74
Total equity		38,390		—		2,280		36,110		38,366		—		1,475		36,891
Total liabilities and equity	$	176,962	$	120,042	$	2,709	$	54,211	$	169,636	$	110,861	$	1,910	$	56,865

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 ~~June~~September 30, 2021 and December 31, 2020 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 ~~June~~September 30, 2021 and December 31, 2020 included ~~$280~~$265 million and $206 million, respectively, of cash held by CIPs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during the ~~six~~nine months ended ~~June~~September 30, 2021).

Accounts receivable at ~~June~~September 30, 2021 increased ~~$255~~$480 million from December 31, 2020, primarily due to higher base and performance fee receivables. Investments, including the impact of CIPs, increased ~~$676~~$182 million from December 31, 2020 (for more information see Investments herein). Goodwill and intangible assets increased ~~$1,062~~$1,022 million from December 31, 2020, primarily due to the Aperio Transaction, partially offset by amortization of intangible assets. Operating lease right-of-use (“ROU”) assets at September 30, 2021 increased $1.1 billion from December 31, 2020 (substantially offset by an increase in operating lease liabilities), primarily related to the previously described lease of office space for the Company’s future headquarters located at 50 Hudson Yards in New York. While the Company expects to begin to occupy the new office space in late 2022 (and begin cash lease payments in May 2023), the Company is required to record an operating ROU asset and related operating lease liability from August 2021 because it obtained access to the building to begin its tenant improvements. Other assets (including property and equipment) increased ~~$1,363~~$1,433 million from December 31, 2020, primarily due to an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within other liabilities) ~~and~~, an increase in current taxes ~~receivable.~~receivable and an increase in strategic minority investments.

Liabilities. Accrued compensation and benefits at ~~June~~September 30, 2021 decreased ~~$795~~$156 million from December 31, 2020, primarily due to 2020 incentive compensation cash payments in the first quarter of 2021, partially offset by 2021 incentive compensation accruals. Accounts payable and accrued liabilities at ~~June~~September 30, 2021 ~~decreased $210~~increased $374 million from December 31, 2020, primarily due to increased accruals. Operating lease liabilities at September 30, 2021 increased $1,191 million from December 31, 2020 (substantially offset by an increase in ROU assets), primarily related to the lease of office space for the Company’s future headquarters described above. Other liabilities increased ~~$1,498~~$1,648 million from December 31, 2020, 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 ~~CIPs.~~CIPs, including deferred carried interest liabilities. Net deferred income tax liabilities at ~~June~~September 30, 2021 ~~increased $234~~decreased $14 million from December 31, 2020, primarily due to the ~~Aperio Transaction and the~~ effects of temporary differences associated with ~~stock-based compensation and~~capitalized costs, partially offset by the Aperio Transaction, revaluation of certain deferred income tax liabilities due to tax legislation enacted in the ~~UK.~~UK and investment income.

The Company’s investments were ~~$7,595~~$7,101 million and $6,919 million at ~~June~~September 30, 2021 and December 31, 2020, respectively. Investments include consolidated investments held by CIPs accounted for as VREs and VIEs. 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 hedged investments, to reflect another helpful measure for investors. 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.

	June 30,			December 31,			September 30,			December 31,
(in millions)	2021			2020			2021			2020
Investments, GAAP	$	7,595		$	6,919		$	7,101		$	6,919
Investments held by CIPs		(5,282	)		(4,976	)		(4,574	)		(4,976	)
Net interest in CIPs⁽¹⁾		2,974			2,490			3,025			2,490
Investments, as adjusted		5,287			4,433			5,552			4,433
Federal Reserve Bank stock		(95	)		(94	)		(95	)		(94	)
Deferred compensation investments		—			(6	)		—			(6	)
Hedged investments		(863	)		(833	)		(801	)		(833	)
Carried interest		(1,213	)		(627	)		(1,446	)		(627	)
Total “economic” investment exposure⁽²⁾	$	3,116		$	2,873		$	3,210		$	2,873

The following table represents the carrying value of the Company’s economic investment exposure, by asset type, at ~~June~~September 30, 2021 and December 31, 2020:

	June 30,		December 31,		September 30,		December 31,
(in millions)	2021		2020		2021		2020
Equity⁽¹⁾	$	1,045	$	835	$	1,051	$	835
Fixed income⁽²⁾		788		958		758		958
Multi-asset⁽³⁾		117		127		80		127
Alternatives:						—
Private equity		596		418		746		418
Real assets		261		251		256		251
Other alternatives⁽⁴⁾		309		284		319		284
Alternatives subtotal		1,166		953		1,321		953
Total “economic” investment exposure	$	3,116	$	2,873	$	3,210	$	2,873

As adjusted investment activity for the ~~six~~nine months ended ~~June~~September 30, 2021 was as follows:

(in millions)	Six Months Ended June 30, 2021			Nine Months Ended September 30, 2021
Investments, as adjusted, beginning balance	$	4,433		$	4,433
Purchases/capital contributions		721			1,096
Sales/maturities		(591	)		(970	)
Distributions⁽¹⁾		(88	)		(147	)
Market appreciation(depreciation)/earnings from equity method investments		253			376
Carried interest capital allocations/(distributions)		586			819
Other⁽²⁾		(27	)		(55	)
Investments, as adjusted, ending balance	$	5,287		$	5,552

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

The condensed consolidated statements of cash flows include the cash flows of the CIPs. The Company uses an adjusted cash flow statement, which excludes the impact of 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 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 CIPs:

(in millions)	GAAP Basis			Impact on Cash Flows of CIPs			Cash Flows Excluding Impact of CIPs			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		$	8,681		$	206		$	8,475
Net cash provided by/(used in) operating activities		1,253			(665	)		1,918			3,027			(963	)		3,990
Net cash provided by/(used in) investing activities		(1,435	)		(39	)		(1,396	)		(1,579	)		(59	)		(1,520	)
Net cash provided by/(used in) financing activities		(2,066	)		778			(2,844	)		(2,695	)		1,081			(3,776	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		—			—			—			(56	)		—			(56	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		(2,248	)		74			(2,322	)		(1,303	)		59			(1,362	)
Cash, cash equivalents and restricted cash, June 30, 2021	$	6,433		$	280		$	6,153
Cash, cash equivalents and restricted cash, September 30, 2021										$	7,378		$	265		$	7,113

Sources of BlackRock’s operating cash primarily include 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 CIPs, primarily include the receipt of base fees, securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business, including year-end incentive compensation accrued for in the prior year.

Cash flows used in investing activities, excluding the impact CIPs, for the ~~six~~nine months ended ~~June~~September 30, 2021 were ~~$1.4~~$1.5 billion and primarily reflected $1.1 billion of cash outflows related to the Aperio Transaction, ~~$178~~$285 million of net investment purchases and $215 million of purchases of property and equipment, ~~and $176 million of net investment purchases,~~ partially offset by ~~$55~~$77 million of distributions of capital from equity method investees.

Cash flows used in financing activities, excluding the impact of CIPs, for the ~~six~~nine months ended ~~June~~September 30, 2021 were ~~$2.8~~$3.8 billion, primarily resulting from ~~$1.3~~$1.9 billion of cash dividend payments and ~~$873 million~~$1.2 billion of share repurchases, including ~~$600~~$900 million in open market transactions and ~~$273~~$282 million of employee tax withholdings related to employee stock transactions, and $750 million of repayments of long-term borrowings.

The Company manages its financial condition and funding to maintain appropriate liquidity for the business. Liquidity resources at ~~June~~September 30, 2021 and December 31, 2020 were as follows:

	June 30,			December 31,			September 30,			December 31,
(in millions)	2021			2020			2021			2020
Cash and cash equivalents⁽¹⁾	$	6,416		$	8,664		$	7,361		$	8,664
Cash and cash equivalents held by CIPs⁽²⁾		(280	)		(206	)		(265	)		(206	)
Subtotal		6,136			8,458			7,096			8,458
Credit facility – undrawn		4,400			4,000			4,400			4,000
Total liquidity resources	$	10,536		$	12,458		$	11,496		$	12,458

Total liquidity resources decreased ~~$1.9 billion~~$962 million during the ~~six~~nine months ended ~~June~~September 30, 2021, primarily reflecting cash payments of 2020 year-end incentive awards, cash dividend payments of ~~$1.3~~$1.9 billion, share repurchases of $1.2 billion, approximately $1.1 billion of cash outflow related to the Aperio Transaction ~~share repurchases of $873 million~~ and repayments of borrowings of $750 million, partially offset by cash flows from other operating activities and a $400 million increase in the aggregate commitment amount of the credit facility.

A significant portion of the Company’s ~~$5,287~~$5,552 million of investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.

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 ~~June~~September 30, 2021 and December 31, 2020, the Company was required to maintain approximately $2.4 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 UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.

2021 Revolving Credit Facility. In March 2021, the Company’s credit facility was amended to increase the aggregate commitment amount to $4.4 billion and to extend the maturity date to March 2026 (the “2021 credit facility”). In addition, 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 borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate, or an applicable replacement benchmark, plus a spread. The 2021 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2021 credit facility to an aggregate principal amount not to exceed $5.4 billion. The 2021 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 ~~June~~September 30, 2021. The 2021 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At ~~June~~September 30, 2021, the Company had no amount outstanding under the 2021 credit facility.

At ~~June~~September 30, 2021, the principal amount of long-term borrowings outstanding was $6.5 billion. See Note 15, Borrowings, in the 2020 Form 10-K for more information on borrowings outstanding as of December 31, 2020.

During the ~~six~~nine months ended ~~June~~September 30, 2021, the Company paid approximately ~~$108~~$148 million of interest on long-term borrowings. Future principal repayments and interest requirements at ~~June~~September 30, 2021 were as follows:

(in millions)
Year	Principal		Interest		Total Payments		Principal		Interest		Total Payments
Remainder of 2021	$	—	$	82	$	82	$	—	$	41	$	41
2022		750		161		911		750		161		911
2023		—		148		148		—		148		148
2024		1,000		131		1,131		1,000		131		1,131
2025⁽¹⁾		830		113		943		811		113		924
2026		—		103		103		—		103		103
Thereafter		3,950		283		4,233		3,950		283		4,233
Total	$	6,530	$	1,020	$	7,550	$	6,511	$	980	$	7,491

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 ~~June~~September 30, 2021 and subject to this type of indemnification was ~~$297~~$279 billion. In the Company’s capacity as lending agent, cash and securities totaling ~~$316~~$299 billion were held as collateral for indemnified securities on loan at ~~June~~September 30, 2021. The fair value of these indemnifications was not material at ~~June~~September 30, 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. Management considers the following critical accounting policies important to understanding the condensed consolidated financial statements. 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 in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2, Significant Accounting Policies, in the 2020 Form 10-K for further information.

Consolidation. In the normal course of business, the Company is the manager of various types of sponsored investment vehicles. The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Assessing whether an entity is a VIE or a VRE involves judgment and analysis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership, and any related party or de facto agent implications of the Company’s involvement with the entity. Investments 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 that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. BlackRock is deemed to be the PB of a VIE if it has the power to direct the activities that most significantly impact the entities’ economic performance and has the obligation to absorb losses or the right to receive benefits that potentially could be significant to the VIE. 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%. See Note 6, Consolidated Sponsored Investment Products, in the notes to the condensed consolidated financial statements for more information.

In addition to sponsored investment products, the Company consolidates an affiliated entity, which it deems to be a VRE, because it can exert control over its financial and operating policies, based on the Company’s 50.1% ownership and voting rights.

Fair Value 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, 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 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 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 are dependent on the market and thus are highly susceptible to factors outside the Company’s influence; (2) the fees have a large number and a broad range of possible amounts; and (3) the funds or SMAs have the ability to invest or reinvest their sales proceeds.

The Company is allocated 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 ~~June~~September 30, 2021 and December 31, 2020, the Company had ~~$1.1~~$1.3 billion and $584 million, 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 and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020.

AUM Market Price Risk. BlackRock’s investment advisory and administration fees (collectively “base fees”) are primarily comprised of fees based on a percentage of the value of assets under management (“AUM”) and, in some cases, performance fees expressed as a percentage of the returns realized on AUM. At ~~June~~September 30, 2021, the majority of the Company’s base 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 base 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 ~~June~~September 30, 2021, the Company had outstanding total return swaps with an aggregate notional value of approximately ~~$863~~$801 million.

At ~~June~~September 30, 2021, approximately ~~$5.3~~$4.6 billion of BlackRock’s investments were maintained in consolidated sponsored investment products accounted for as variable interest entities and 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 ~~$3.1~~$3.2 billion. See Statement of Financial Condition Overview-Investments in 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 ~~June~~September 30, 2021, the Company’s net exposure to equity market price risk in its investment portfolio was approximately ~~$1,276~~$1,582 million 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 ~~$128~~$158 million in the carrying value of such investments.

Interest Rate/Credit Spread Risk. At ~~June~~September 30, 2021, the Company was exposed to interest-rate risk and credit spread risk as a result of approximately ~~$1,840~~$1,628 million 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 ~~$30~~$29 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 ~~$959~~$912 million at ~~June~~September 30, 2021. A 10% adverse change in the applicable foreign exchange rates would result in approximately a ~~$96~~$91 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 ~~June~~September 30, 2021, the Company had outstanding forward foreign currency exchange contracts with an aggregate notional value of approximately $2$2.2 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 ~~June~~September 30, 2021 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 a 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.

The following discussion supplements the discussion of risk factors previously disclosed in BlackRock’s Annual Report on Form 10-K for the year ended December 31, 2020:

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

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 could be prolonged or worsen and have an ongoing adverse impact 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 emergence and spread of 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 of the COVID-19 pandemic 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.

During the three months ended ~~June~~September 30, 2021, 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	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7375

Item 4.	Controls and Procedures	7476

Item 1.	Legal Proceedings	7577

Item 1A.	Risk Factors	7678

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7779

Item 6.	Exhibits	7880


	Estimate of
(in millions)	Fair Value
Accounts receivable	$	16
Finite-lived intangible assets:
Customer relationships⁽²⁾		270
Other		17
Goodwill		787
Deferred income tax liabilities		(16	)
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

	Statement of
	Financial Condition	June 30,		December 31,
(in millions)	Classification	2021		2020
Statement of Financial Condition information:
Operating lease ROU assets	Other assets	$	613	$	649
Operating lease liabilities	Other liabilities	$	713	$	755

Outstanding at	Shares Under Option			Weighted Average Exercise Price
December 31, 2020		1,915,792		$	513.50
Forfeited		(28,742	)	$	513.50
September 30, 2021		1,887,050		$	513.50

	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
April 1, 2021 through April 30, 2021		125,416	$	812.00		122,955		4,507,322
May 1, 2021 through May 31, 2021		213,765	$	854.22		212,801		4,294,521
June 1, 2021 through June 30, 2021		23,280	$	881.27		20,610		4,273,911
Total		362,461	$	841.35		356,366

Exhibit No.		Description

3.1(1)		Amended and Restated Certificate of Incorporation of BlackRock

3.2(2)		Certificate of Change of Registered Agent and/or Registered Office

3.3(2)		Amended and Restated Bylaws of BlackRock

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: ~~August~~November 5, 2021		Gary S. Shedlin
		Senior Managing Director & Chief Financial Officer (Principal Financial Officer)