BlackRock, Inc. (BLK): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how the world's largest asset manager actually makes its money, and honestly, it's more complex than just managing funds. The core engine of BlackRock, Inc. right now isn't just its sheer size-though hitting $13.46 trillion in Assets Under Management is certainly part of it-it's the powerful one-two punch of massive, low-fee scale via iShares and the high-margin, proprietary Aladdin technology platform. That platform is the real moat. So, you need to see the whole picture to understand their dominance. Here is the quick math on their nine building blocks below.

BlackRock, Inc. (BLK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power BlackRock, Inc.'s scale and diversification, especially as they push hard into alternatives. These aren't just vendor agreements; they are strategic integrations that directly impact the Aladdin platform and the firm's ability to capture market share in private assets. Honestly, the recent M&A activity shows a clear strategy: buy expertise, integrate it with Aladdin, and sell it as a whole portfolio solution.

The partnerships focus on three main areas: technology infrastructure, operational efficiency, and product expansion into private markets.

Amazon Web Services (AWS) for Multi-Cloud Hosting of Aladdin

BlackRock, Inc. formalized a strategic partnership with Amazon Web Services (AWS) to expand cloud hosting options for its Asset, Liability, Debt, and Derivative Investment Network (Aladdin) platform. This move supports Aladdin's built-in multi-cloud functionality, giving clients more choice in deployment environments. Amazon Treasury is set to be among the first adopters of Aladdin on AWS to manage its global investment portfolio. While the platform is cloud-agnostic, the full general availability for Aladdin Enterprise clients hosted in the United States is targeted for the second half of 2026.

AccessFintech for Real-Time Post-Trade Collaboration and Data

On November 24, 2025, BlackRock, Inc. announced a strategic partnership with AccessFintech, a data and workflow collaboration network. Through this, AccessFintech's Synergy Network will integrate with the Aladdin platform to deliver real-time, bilateral post-trade collaboration. This targets API-first connectivity between the global buy-side Aladdin community and the 250+ capital markets and asset servicing institutions already on AccessFintech's Synergy Network. BlackRock also made a strategic capital investment in AccessFintech, though the terms were not disclosed. The Synergy Networks aggregate and synthesize multi-party data, handling over 1 billion transactions each month across Securities, Private Markets (loans), and Derivatives (swaps).

Partners Group to Launch Multi-Private Markets Model for Retail Wealth

The collaboration with Partners Group is designed to simplify retail wealth access to alternatives, addressing the private markets allocation gap. This first-of-its-kind model portfolio solution provides access to private equity, private credit, and real assets in a single portfolio. The model was targeting a launch in the first half of 2025. This move positions BlackRock, Inc. to capture growth in managed models, which BlackRock expects to grow into a $10-trillion business. Retail wealth investors are projected to increase their private markets allocations from $2.3 trillion in 2020 to $5.1 trillion by 2025, per a Morgan Stanley/Oliver Wyman study. Partners Group raised $22 billion in 2024, with $8 billion coming from its evergreen vehicles.

Global Infrastructure Management (GIP) and HPS Investment Partners for Alternatives Expansion

These acquisitions are central to BlackRock, Inc.'s stated goal of deriving 30% of revenue from private markets and technology by 2030. The HPS Investment Partners acquisition closed in July 2025 for a reported $12 billion. This added $165 billion of client Assets Under Management (AUM) and $118 billion of fee-paying AUM. HPS is expected to add approximately $450 million in revenue, including $225 million in management fees, in the third quarter of 2025, creating a new $190 billion Private Financing Solutions (PFS) unit. The Global Infrastructure Partners (GIP) deal finalized in October 2024 for $3 billion (though other reports cite $12.5 billion). Combined, these moves add $150 billion to BlackRock, Inc.'s private markets AUM. The combined firm now manages $170 billion in infrastructure AUM.

Here's a quick look at the scale added by these key alternatives partnerships:

Global Financial Institutions for Co-development and Distribution of Products

BlackRock, Inc. advises a broad client base including banks, insurance companies, official institutions, pension funds, asset managers, and retail distributors. The firm's technology services are used by over 130,000 users on the Aladdin platform as of the end of 2024. The relationships with these global institutions drive distribution fees, which are primarily based on AUM. In 2024, clients entrusted BlackRock, Inc. with a record $641 billion of net inflows. The firm's total AUM reached $12.5 trillion at the end of Q2 2025.

The types of global financial institutions engaging with BlackRock, Inc. include:

• Insurance and financial institutions
• Official institutions
• Corporate pensions
• Public pensions
• Consultants

BlackRock, Inc. (BLK) - Canvas Business Model: Key Activities

You're looking at the core engine of BlackRock, Inc. (BLK) right now, the things they absolutely must nail to keep that massive operation running and growing. It's all about scale, technology integration, and buying into the next big thing in alternatives. Here's the quick math on what they are actively doing as of late 2025.

Investment management and fiduciary oversight remains the bedrock, managing a staggering amount of capital. As of the end of the third quarter of 2025, total Assets Under Management (AUM) climbed to a record $13.5 trillion. This scale means their fiduciary duty touches a significant portion of global markets.

The continuous development and scaling of the Aladdin risk technology platform is crucial for maintaining that lead. Aladdin, which BlackRock licenses out, is used to manage assets totaling $25 trillion globally. More recently, BlackRock has been focused on expanding its reach, announcing a partnership in late 2025 to bring Aladdin onto Amazon Web Services (AWS) infrastructure, aiming for general availability for US Enterprise clients in the second half of 2026.

Strategic acquisitions and integration are key to expanding alternatives, which is where the growth is outpacing traditional asset management fees. You saw this with the major moves:

• Acquisition of Global Infrastructure Partners (GIP) in November 2024, valued around $12.5 billion.
• GIP added approximately $100 billion in infrastructure AUM.
• Completion of the Preqin acquisition in March 2025 for £2.55 billion.

The integration of Preqin is designed to bolster the technology platform, helping clients navigate private markets, a segment where BlackRock's private markets AUM hit $215.2 billion as of the second quarter of 2025. Preqin data itself forecasts the private markets data Total Addressable Market (TAM) to reach $18 billion by 2030.

Global distribution and marketing of iShares ETFs continues to be a powerful flow engine. The iShares franchise recently crossed the $5 trillion global AUM mark. This growth was powered, in part, by record inflows of $192 billion in the first half of 2025. Fixed-income ETFs alone accounted for more than $1 trillion of that iShares AUM.

Active engagement on corporate governance and sustainability (stewardship) is a necessary, though currently scrutinized, activity. The firm's scale means its stewardship role is under the microscope. For instance, in September 2025, the SEC issued guidance requiring stricter disclosure for governance engagement, prompting a shift in how BlackRock and its peers interact with corporate executives.

Here's a snapshot of the scale and recent growth drivers:

The firm's Q3 2025 revenue grew 25% year-over-year to $6.51 billion, with investment advisory, administration fees, and securities lending revenue hitting $5.05 billion. That revenue growth was driven by organic base fee growth of 10% for the quarter. Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Key Resources

Aladdin, the proprietary, defintely dominant risk management and trading platform, serves as the backbone for BlackRock's operations and is licensed to other financial institutions, with the platform used to manage an estimated $25 trillion in assets globally.

Massive scale is a defining resource, evidenced by the total Assets Under Management (AUM) reaching a record $13.46 trillion as of September 30, 2025. This scale is built across several key areas, as detailed below:

The firm's global brand reputation and trust with institutional investors are reinforced by its financial performance, including Q3 2025 revenue growth of 25% year-over-year to $6.51 billion and total net inflows of $205 billion in that quarter alone. This trust supports broad-based demand across its franchises.

BlackRock maintains a deep pool of investment and technology talent worldwide, operating from 70 offices across 30 countries and serving clients in 100 countries. The talent base, which stood at 21,100 employees in 2024, is critical for managing the complexity of its integrated offerings.

Extensive proprietary market data and analytics capabilities are continually enhanced through strategic moves, such as the acquisition of Preqin, a private markets data provider, in 2025. This data strength supports growth drivers like private markets and technology services, which saw technology revenue hit $499 million in Q2 2025.

The firm's operational strength is further demonstrated by its fee growth metrics:

• Annualized organic base fee growth in Q3 2025: 10%
• Organic base fee growth over the last twelve months: 8%

BlackRock, Inc. (BLK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients, from the largest pension funds to individual savers, choose BlackRock, Inc. today. It's about scale, technology integration, and capturing high-growth areas like private assets and digital exposure. Honestly, the numbers tell a compelling story about where the firm is winning.

Low-cost, highly liquid exposure via iShares ETFs for all investor types

The iShares franchise remains a massive engine for BlackRock, Inc. As of September 2025, global iShares ETFs surpassed $5 trillion in assets under management (AUM). This massive scale offers investors unparalleled liquidity and cost efficiency. For example, the firm saw a record-breaking $192 billion in global iShares ETF inflows in the first half of 2025 alone. To show the breadth, fixed-income ETFs within iShares account for more than $1 trillion of that total AUM.

• iShares Global AUM: $5 trillion (as of September 2025).
• H1 2025 Net Inflows: $192 billion.
• Fixed Income ETF AUM: Over $1 trillion.

Integrated risk management and portfolio construction via Aladdin for institutions

For institutional clients, the value proposition centers on Aladdin, BlackRock, Inc.'s risk management and portfolio management system. This technology acts as the connective tissue for complex, multi-asset portfolios. Technology services revenue, which includes Aladdin demand, surged 26% to $499 million in the second quarter of 2025, showing strong client adoption. Clients are increasingly looking for a unified platform to manage both public and private assets seamlessly.

Access to high-growth private markets (alternatives AUM at $474 billion in Q2 2025)

BlackRock, Inc. is aggressively pivoting toward higher-fee private markets. The alternatives business delivered client assets of $474 billion in Q2 2025, a remarkable 45% year-over-year growth from $326 billion in Q2 2024. What's key here is the fee profile: alternatives represented just 3% of total AUM but accounted for 17% of the firm's base fees in Q3 2025. This highlights the premium value clients place on access to these less liquid asset classes. By the end of Q3 2025, total alternative investments nearly doubled year-over-year to $663 billion.

Digital asset exposure, with the Bitcoin ETF (IBIT) becoming a top revenue driver

The iShares Bitcoin Trust (IBIT) has rapidly become a flagship product, demonstrating BlackRock, Inc.'s ability to capture emerging asset classes. IBIT is now one of the firm's most profitable ETFs, expected to generate around $245 million in annual fees. This single product's annual fee revenue has surpassed that of the 25-year-old iShares Core S&P 500 ETF (IVV). As of September 30, 2025, AUM under digital assets across the firm stood at $104 billion. IBIT charges a management fee of 0.25%.

Whole-portfolio solutions and outsourcing for complex institutional needs

For large asset owners, BlackRock, Inc. offers comprehensive partnership through its Models, Outsourcing, and SMA platforms, which fall under Whole Portfolio Solutions. This is about being a fiduciary partner that manages complexity end-to-end. Over the last five years leading up to year-end 2024, clients entrusted the firm with more than $2 trillion in net inflows. The total AUM reached a record $13.5 trillion by the end of the third quarter of 2025.

Here's a quick look at how the major asset categories contributed to the overall AUM as of late 2025:

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Customer Relationships

You're looking at how BlackRock, Inc. manages its relationships across its massive client base as of late 2025. It's a dual approach: white-glove service for the biggest players and scalable digital tools for the masses.

Dedicated relationship managers for large institutional clients (high-touch)

For the largest institutions-think pension plans, sovereign wealth funds, and major corporations-BlackRock deploys a high-touch model. This ensures deep integration and tailored solutions across public and private markets. The Institutional Client Business is a global team, spanning over 30+ offices and covering more than 4,000+ institutional clients worldwide. These relationships are built on trust; clients have entrusted BlackRock with more than $2 trillion of net inflows over the last five years leading up to year-end 2024. The firm saw record net inflows of $641 billion in 2024. To be fair, managing this scale requires constant evolution, especially as private markets become more central to institutional mandates.

Technology-driven self-service and digital tools for retail/iShares investors

For the retail and individual investor segment, the relationship is primarily mediated through technology, especially via the iShares ETFs. The scale here is immense. As of the November 2025 survey findings, an estimated 24 million Americans now own ETFs, which is nearly a quarter (23%) of U.S. investors. The iShares business unit itself managed approximately $5.2 trillion in assets under management as of September 30, 2025. Younger cohorts, specifically investors aged 18 to 34, show a distinct preference for digital channels, being 50% more likely than those over 35 to use ETFs to invest small amounts regularly. Furthermore, 39% of Americans report investing via digital investment platforms.

The digital engagement is characterized by:

• Ease of trading, cited by 40% of respondents as a top driver for ETF adoption.
• A growing interest in recurring investing plans, with 38% of U.S. investors expressing interest.
• The platform's ability to handle the next wave of investors, with 44% of those planning to buy ETFs in the next 12 months predicted to be first-time ETF investors.

Consultative sales model for Aladdin platform licensing and integration

The Aladdin platform relationship is consultative, focusing on integrating BlackRock's technology as the operating system for other financial institutions. This is a key differentiator. For example, in February 2025, Sumitomo Mitsui Trust Asset Management adopted Aladdin to manage its US$620 billion of AUM. While older data from 2020 showed over 200 institutions using the platform, the focus now is on deeper integration and expanding the 'whole portfolio ecosystem' concept. BlackRock also offers Aladdin WealthTM, with new AI tools designed to help financial advisors deliver personalized service, with Morgan Stanley Wealth Management being an early implementer of the Portfolio Risk Platform in October 2025.

Here's a quick look at the scale and adoption points for the technology services:

Strategic partnerships with wealth managers for product placement

BlackRock actively partners with wealth managers to place its products, especially in the growing private markets space. A significant example is the partnership with Partners Group to launch a multi-private markets models solution for retail investors. This addresses the current low penetration, as allocations to private markets within the wealth management segment are reported at only 1-2% for individual investors. The firm notes that investors prefer fewer, larger, and multi-product providers for portfolio-wide solutions. This strategy is designed to capture accelerating growth, as private markets are expected to reach at least $20 trillion by 2030.

Key aspects of these partnerships include:

• Combining BlackRock's Aladdin technology capabilities with partner expertise.
• Focusing on providing access to private equity, private credit, and real assets.
• Simplifying access for financial advisors through a single, managed account structure.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Channels

You're looking at how BlackRock, Inc. gets its services and products into the hands of clients across the globe. It's a multi-pronged approach, moving from direct, high-touch relationships to massive, automated digital distribution.

Direct sales force to institutional investors (pensions, central banks, insurers)

The direct sales channel targets the largest pools of capital. This team works with entities like sovereign wealth funds, public and private pension plans, and insurance companies. BlackRock, Inc. manages a significant portion of assets for these sophisticated buyers. For instance, as of July 2025, the firm managed over $700 billion in assets specifically for insurance companies. This relationship is deep, often involving customized mandates and the firm's technology solutions.

Even within the index business, direct client engagement is key for governance alignment. According to BlackRock, Inc.'s 2025 Global Voting Spotlight, as of June 30, total funds and separately managed accounts that chose to apply the Corporate Stewardship (CDS) proxy voting guidelines represented $158 billion of client index equity asset under management. Overall, BlackRock, Inc. serves clients in over 100 countries globally. That's a massive footprint for the direct sales teams to cover.

iShares ETF platform via global stock exchanges and brokerage firms

This is the high-volume, low-cost engine, and the numbers here are staggering. By September 2025, BlackRock, Inc.'s iShares ETFs surpassed $5 trillion in global assets under management (AUM). The firm offers more than 1,600 ETFs globally, giving it the broadest range in the market. The growth is clear: the platform saw record global inflows of $192 billion in the first half of 2025 alone.

The distribution relies on the plumbing of global finance-the stock exchanges and the brokerage firms that connect to them. This allows for incredible scale, which is why the fees can be so low. Here's a snapshot of the scale as of mid-2025:

To be fair, the ETF business is the foundation, but other areas are growing fast too. For example, BlackRock, Inc.'s bitcoin ETP, IBIT, had assets crossing $80 billion on July 17, 2025.

Aladdin platform licensing directly to financial institutions

The Aladdin platform is BlackRock, Inc.'s proprietary technology, a Software-as-a-Service (SaaS) solution for risk management and portfolio analysis. It's sold directly to other financial institutions-asset managers, banks, and pension funds-who want that integrated view across public and private assets. This is a high-margin revenue stream. In 2024, Aladdin contributed $1.6 billion in revenues. Demand remains strong; in Q2 2025, the company reported higher technology and subscription revenue, reflecting robust demand for the platform. As of 2023, the system was used by more than 200 institutions. The integration of Preqin data further enhances its appeal for private market analysis.

Third-party wealth management platforms and financial advisors

This channel is largely an extension of the iShares distribution network, but it focuses on the retail and intermediary side. Financial advisors use the platforms you know-like Schwab or Fidelity-to access iShares ETFs for their clients. The ETF net inflows of $85 billion in Q2 2025 were noted as being diversified by channel, with over a third of inflows driven by clients in Europe using local products. This shows the reliance on these third-party networks to push products globally. The sheer volume of assets flowing through the iShares brand suggests significant adoption by these advisors, making it a defintely critical, though less directly visible, channel.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Customer Segments

You're looking at the core groups BlackRock, Inc. serves, which is a massive undertaking given their scale. Honestly, the sheer size of their client base is what sets them apart.

Institutional Investors (pension funds, endowments, sovereign wealth funds)

This group represents the bedrock of BlackRock, Inc.'s assets under management (AUM). They are the primary recipients of customized mandates, index products, and the firm's growing alternatives offerings.

As of the third quarter of 2025, BlackRock, Inc.'s total assets under management reached a record $13.5 trillion. The geographic distribution of this AUM as of June 30, 2025, shows a significant concentration in the Americas.

The focus on higher-fee areas is clear when looking at alternatives:

• Alternatives AUM as a percentage of total AUM (Q3 2025): 3%
• Alternatives AUM in dollar terms (Q3 2025): $405 billion
• Alternatives AUM in dollar terms (Q2 2025): $474 billion
• Alternatives AUM in dollar terms (Q2 2024): $326 billion

Also, the firm's stewardship approach is tailored, with $158 billion of client index equity AUM applying the Climate and Decarbonisation Policy (CDS) guidelines as of June 30, 2025, which is approximately 2 percent of clients' total public equity AUM.

Retail and Wealth Clients (individual investors, financial advisors, wirehouses)

This segment is heavily served through the iShares platform and other pooled investment vehicles. The equity product suite is the largest component by AUM share.

• Equity products as a percentage of total AUM (Q3 2025): 55%
• Equity products as a percentage of base fees (Q3 2025): 48%

The firm has seen substantial net inflows over recent years, with clients entrusting BlackRock, Inc. with more than $2 trillion of net inflows over the five years leading up to year-end 2024.

Other Financial Institutions (banks, asset managers, insurers licensing Aladdin)

These clients use BlackRock, Inc.'s technology, primarily the Aladdin platform, for risk management, portfolio management, and operations. This is a distinct technology revenue stream.

While older data, the scale of adoption is important context:

Recent client wins show continued adoption for specific needs, such as private market data integration. For instance, Mirae Asset Global Investments selected Aladdin technology in May 2025. Also, Sumitomo Mitsui Trust Asset Management adopted Aladdin in February 2025 to support its US$620 billion of AUM.

Through acquisitions, private credit client assets, including those from HPS Investment Partners, scaled to approximately ~$220 billion as of September 30, 2024.

Corporate Clients (cash management and corporate treasury services)

BlackRock, Inc. provides services like cash management and corporate treasury solutions, often leveraging the same technology infrastructure used by institutional clients. The firm has approximately 21,100 employees globally as of 2024.

The firm's technology services revenue, which includes Aladdin licensing, accounted for 8% of total revenue in Q3 2025.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Cost Structure

You're looking at the major outflows for BlackRock, Inc. as of late 2025, focusing on the costs that drive the engine, based on the latest reported 2024 figures and recent transaction details. Honestly, it's a mix of people costs, tech investment, and the bill for aggressive growth through acquisitions.

Employee compensation and benefits (largest operating expense)

Employee compensation and benefits is defintely the single largest operating expense category for BlackRock, Inc. For the full year 2024, total Operating Expenses were reported at $12.833 billion. While the exact 2024 compensation figure isn't isolated, its position as the largest expense is clear from the structure. The fourth quarter of 2024 saw employee compensation and benefits expense increase by $382 million compared to the fourth quarter of 2023, primarily due to higher incentive compensation linked to strong performance fees and operating income. This expense was also impacted by the Global Infrastructure Partners (GIP) Transaction, which included nonrecurring retention-related deferred compensation expense.

The firm's compensation philosophy aims to:

• Control fixed costs by tying compensation to profitability.
• Link a significant portion of total compensation to financial and operational performance.
• Align senior employee interests with shareholders via stock awards.

Significant investment in technology infrastructure and data centers

Specific line-item costs for technology infrastructure and data centers aren't broken out separately from the main operating expense categories, but the focus on technology is evident through the acquisitions. BlackRock's technology services Annual Contract Value (ACV) growth was 12% in the first half of 2025. The firm leverages its Aladdin risk management platform across its operations and the newly acquired entities.

Amortization and integration costs from major acquisitions (GIP, HPS, Preqin)

The cost structure reflects significant recent investment in scaling private markets capabilities. The GIP Transaction closed on October 1, 2024. The planned acquisition of HPS Investment Partners was for about $12 billion in an all-stock deal, with a portion of nearly 2.9 million shares contingent on business targets payable in about five years. As part of the HPS deal, BlackRock planned to retire for cash or refinance about $400 million of existing HPS debt. The purchase of data provider Preqin was reported at £2.6 billion, which translates to approximately $3.2 billion. General and administration expense in 2024 included acquisition-related costs. Management expects a 'low teens percentage increase in 2025 core G&A expense' driven by the onboarding of GIP, Preqin, and HPS.

Here's a quick look at the deal values:

General and administrative expenses, including global office footprint

General and administration expense for the full year 2024 was $2.2 billion, up $126 million from 2023's $2.1 billion. This increase was primarily associated with acquisition-related costs. The global office footprint, spanning more than 30 countries for approximately 21,100 employees as of December 31, 2024, is encompassed within these overhead costs.

Distribution and servicing costs for the iShares platform

Costs related to distributing and servicing assets, categorized as Sales, asset and account expense, totaled $3.8 billion in 2024. This represented an increase of $277 million from the 2023 figure of $3.5 billion, driven by higher distribution and servicing costs, along with direct fund expense, reflecting higher average Assets Under Management (AUM). The firm ended 2024 with $11.6 trillion in AUM.

The major components of operating expenses for 2024 were:

• Total Operating Expenses: $12.833 billion.
• Sales, asset and account expense (including distribution/servicing): $3.8 billion.
• General and administration expense: $2.2 billion.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Revenue Streams

You're looking at the core ways BlackRock, Inc. brings in money as of late 2025. It's a mix of managing assets for fees and selling its powerful software platform. Honestly, the scale of their asset base dictates most of their income.

The dominant revenue source is the fees charged for managing client assets. This is the bread and butter of BlackRock, Inc.

• Investment Advisory Base Fees (which include administration fees): This stream is the powerhouse, representing approximately 75% of BlackRock, Inc.'s total revenue for Q3 2025.
• The combined figure for Base fees and Securities Lending revenue in Q3 2025 reached $5.0 billion.
• For the first quarter of 2025 (Q1 2025), this segment, labeled Investment Advisory, Administration Fees, and Securities Lending, accounted for 81% of total revenue.

Technology Services revenue is the high-margin software component, almost entirely from licensing the Aladdin platform. This stream saw significant growth following recent acquisitions.

• Technology Services Revenue for Q2 2025 was reported at $499 million, bolstered by demand for Aladdin and the integration of Preqin.
• This segment's revenue surged 26% year-over-year in Q2 2025.
• In Q3 2025, Technology services and subscription revenue showed a 28% increase compared to the prior year.

Performance Fees are tied to how well active and alternative strategies perform above a set benchmark. These can be lumpy but highly profitable when markets cooperate.

• Performance fees were $516 million in Q3 2025, marking a 33% increase from the previous year.
• However, in Q2 2025, performance fees dropped sharply by 43% to $94 million, showing the volatility of this stream.

Distribution and Service Fees are collected for services related to the distribution of products, which can include 12b-1 fees in certain contexts. This stream provides a steadier, albeit smaller, component of the total.

• For Q3 2025, Distribution fees made up about 8% of total revenue.
• Looking back at fiscal year 2024, Distribution and Shareholder Service revenue was $1.27 billion, representing 6.24% of the total revenue for that year.

Securities Lending Revenue is explicitly separated in some reporting, though often grouped with base fees. It benefits from BlackRock, Inc.'s massive holdings.

• Securities lending revenue specifically saw a 36% increase year-over-year in Q3 2025.

Here's a quick look at the revenue composition based on the latest comprehensive quarterly data we have for Q3 2025, where total revenue was $6.5 billion:

If you're looking at the Q2 2025 snapshot, the total revenue was $5.42 billion, and the Technology Services segment hit exactly $499 million.

Finance: draft 13-week cash view by Friday.