BlackRock Reports Full Year 2021 Diluted EPS of $38.22, or $39.18 as adjusted

Fourth Quarter 2021 Diluted EPS of $10.63, or $10.42 as adjusted

New York, January 14, 2022 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2021.

$540 billion of full year total net inflows, reflects 6% organic asset growth and 11% organic base fee growth, led by record flows in ETFs and active strategies

$212 billion of quarterly total net inflows positive across all client types, investment styles and regions

20% increase in full year revenue includes record organic growth, record performance fees and continued growth in technology services revenue

31% increase in full year GAAP operating income and 20% increase in diluted EPS reflect the impact of a charitable contribution in 2020, which was excluded from as adjusted results

19% growth in full year as adjusted operating income includes the impact of higher fund launch costsand amortization of intangible assets in the current year

16% increase in full year as adjusted diluted EPS alsoreflects a higher effective tax rate, partially offset by highernonoperating income in the current year

$3.7 billion returned to shareholders in 2021, including $1.2 billion of share repurchases

18% increase in quarterly cash dividend to $4.88 per share approved by Board of Directors

Laurence D. Fink, Chairman and CEO:

"BlackRock delivered the strongest organic growth in our history, even as our assets under management reached new highs. We generated $540 billion of net inflows in 2021, including an industry leading $267 billion of active net inflows.

"Our business is more diversified than ever before - active strategies, including alternatives, contributed over 60% of 2021 organic base fee growth. Our industry-leading iShares® ETF platform remained a significant growth driver with record flows of $306 billion. And our technology services businesses, powered by Aladdin®, delivered $1.3 billion in revenue with ACV up 13% year over year.

"Our record results across each of our strategic priorities demonstrate the benefits of continually investing in our platform over years ahead of our clients' needs, and the tireless commitment of our employees. Our strategy is resonating - we're building deeper partnerships with our clients and other stakeholders, and delivering durable returns for our shareholders.

"As the world continues to navigate uncertainty and profound shifts in economies and societies at large, BlackRock remains focused on helping our clients meet their investment goals. Every dollar that is entrusted to us, by every client, is treated with the same care and responsibility. BlackRock enters 2022 better positioned than ever - we remain confident in our ability to continue generating differentiated organic growth over the long-term and helping more and more people experience financial well-being."

FINANCIAL RESULTS

(in millions

Q4

Q4

Full Year

except per share data)

2021

2020

2021

2020

AUM

$

10,010,143

$

8,676,680

$

10,010,143

$

8,676,680

% change

15

%

15

%

Average AUM

$

9,749,652

$

8,154,225

$

9,364,948

$

7,549,103

% change

20

%

24

%

Total net flows

$

211,736

$

126,933

$

539,654

$

390,838

GAAP basis:

Revenue

$

5,106

$

4,478

$

19,374

$

16,205

% change

14

%

20

%

Operating income

$

2,039

$

1,848

$

7,450

$

5,695

% change

10

%

31

%

Operating margin

39.9

%

41.3

%

38.5

%

35.1

%

Net income(1)

$

1,643

$

1,548

$

5,901

$

4,932

% change

6

%

20

%

Diluted EPS

$

10.63

$

10.02

$

38.22

$

31.85

% change

6

%

20

%

Weighted-average diluted shares

154.6

154.5

154.4

154.8

% change

0

%

0

%

As Adjusted:

Operating income(2)

$

2,056

$

1,848

$

7,478

$

6,284

% change

11

%

19

%

Operating margin(2)

45.5

%

46.6

%

45.2

%

44.9

%

Net income(1) (2)

$

1,611

$

1,573

$

6,049

$

5,237

% change

2

%

16

%

Diluted EPS(2)

$

10.42

$

10.18

$

39.18

$

33.82

% change

2

%

16

%

(1)

Net income represents net income attributable to BlackRock, Inc.

(2)

See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 10 through 12 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

Q4

Full Year

(in billions)

2021

2021

Long-term net flows:

$

169

$

459

By region:

Americas

$

139

$

269

EMEA

5

119

APAC

25

71

By client type:

Retail:

$

22

$

102

US

13

60

International

9

42

ETFs:

$

104

$

306

Core equity

42

110

Strategic

47

136

Precision

15

60

Institutional:

$

43

$

51

Active

84

169

Index

(40

)

(118

)

Cash management net flows

$

44

$

94

Advisory net flows

$

(1

)

$

(13

)

Total net flows

$

212

$

540

1

BUSINESS RESULTS

Q4 2021

Q4 2021

Base fees(1)

Base fees(1)

December 31, 2021

and securities

Q4 2021

December 31, 2021

and securities

AUM

lending revenue

(in millions), (unaudited)

Net flows

AUM

lending revenue

% of Total

% of Total

RESULTS BY CLIENT TYPE

Retail

$

21,521

$

1,040,053

$

1,310

10

%

33

%

ETFs

103,943

3,267,354

1,581

33

%

40

%

Institutional:

Active

83,509

1,756,717

684

18

%

17

%

Index

(40,421

)

3,181,652

268

31

%

7

%

Total institutional

43,088

4,938,369

952

49

%

24

%

Long-term

168,552

9,245,776

3,843

92

%

97

%

Cash management

43,912

755,057

125

8

%

3

%

Advisory

(728

)

9,310

-

-

-

Total

$

211,736

$

10,010,143

$

3,968

100

%

100

%

RESULTS BY INVESTMENT STYLE

Active

$

100,506

$

2,606,325

$

1,946

26

%

49

%

Index and ETFs

68,046

6,639,451

1,897

66

%

48

%

Long-term

168,552

9,245,776

3,843

92

%

97

%

Cash management

43,912

755,057

125

8

%

3

%

Advisory

(728

)

9,310

-

-

-

Total

$

211,736

$

10,010,143

$

3,968

100

%

100

%

RESULTS BY PRODUCT TYPE

Equity

$

45,105

$

5,342,360

$

2,092

53

%

53

%

Fixed income

100,893

2,822,041

989

28

%

25

%

Multi-asset

17,008

816,494

373

8

%

9

%

Alternatives

5,546

264,881

389

3

%

10

%

Long-term

168,552

9,245,776

3,843

92

%

97

%

Cash management

43,912

755,057

125

8

%

3

%

Advisory

(728

)

9,310

-

-

-

Total

$

211,736

$

10,010,143

$

3,968

100

%

100

%

(1)

Base fees include investment advisory and administration fees.

INVESTMENT PERFORMANCE AT December 31, 2021(1)

One-year period

Three-year period

Five-year period

Fixed income:

Actively managed AUM above benchmark or peer median

Taxable

61%

87%

88%

Tax-exempt

76%

79%

81%

Index AUM within or above applicable tolerance

85%

93%

94%

Equity:

Actively managed AUM above benchmark or peer median

Fundamental

52%

72%

78%

Systematic

66%

72%

93%

Index AUM within or above applicable tolerance

97%

97%

99%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 13 for performance disclosure detail.

CAPITAL MANAGEMENT

BlackRock's Board of Directors approved an 18% increase in the quarterly cash dividend to $4.88 per share, payable March 23, 2022, to shareholders of record at the close of business on March 7, 2022.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Friday, January 14, 2022 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 9989827). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Friday, January 14, 2022 and ending at midnight on Friday, January 28, 2022. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 9989827. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

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

2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Three Months

Three Months Ended

Ended

December 31,

September 30,

2021

2020

Change

2021

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

$

3,832

$

3,262

$

570

$

3,791

$

41

Securities lending revenue

136

131

5

152

(16

)

Total investment advisory, administration fees and

securities lending revenue

3,968

3,393

575

3,943

25

Investment advisory performance fees

329

419

(90

)

345

(16

)

Technology services revenue

339

305

34

320

19

Distribution fees

411

314

97

401

10

Advisory and other revenue

59

47

12

41

18

Total revenue

5,106

4,478

628

5,050

56

Expense

Employee compensation and benefits

1,559

1,341

218

1,527

32

Distribution and servicing costs

587

505

82

585

2

Direct fund expense

319

283

36

354

(35

)

General and administration expense

564

474

90

611

(47

)

Amortization of intangible assets

38

27

11

38

-

Total expense

3,067

2,630

437

3,115

(48

)

Operating income

2,039

1,848

191

1,935

104

Nonoperating income (expense)

Net gain (loss) on investments

75

345

(270

)

370

(295

)

Interest and dividend income

46

28

18

14

32

Interest expense

(50

)

(54

)

4

(48

)

(2

)

Total nonoperating income (expense)

71

319

(248

)

336

(265

)

Income before income taxes

2,110

2,167

(57

)

2,271

(161

)

Income tax expense

478

427

51

518

(40

)

Net income

1,632

1,740

(108

)

1,753

(121

)

Less:

Net income (loss) attributable to noncontrolling

interests

(11

)

192

(203

)

72

(83

)

Net income attributable to BlackRock, Inc.

$

1,643

$

1,548

$

95

$

1,681

$

(38

)

Weighted-average common shares outstanding

Basic

151,822,226

152,515,168

(692,942

)

152,120,927

(298,701

)

Diluted

154,564,198

154,512,860

51,338

154,343,277

220,921

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

$

10.82

$

10.15

$

0.67

$

11.05

$

(0.23

)

Diluted

$

10.63

$

10.02

$

0.61

$

10.89

$

(0.26

)

Cash dividends declared and paid per share

$

4.13

$

3.63

$

0.50

$

4.13

$

-

Supplemental information:

AUM (end of period)

$

10,010,143

$

8,676,680

$

1,333,463

$

9,463,662

$

546,481

Shares outstanding (end of period)

151,684,491

152,532,885

(848,394

)

151,988,234

(303,743

)

GAAP:

Operating margin

39.9

%

41.3

%

(140

) bps

38.3

%

160

bps

Effective tax rate

22.6

%

21.6

%

100

bps

23.6

%

(100

) bps

As adjusted:

Operating income (1)

$

2,056

$

1,848

$

208

$

1,946

$

110

Operating margin (1)

45.5

%

46.6

%

(110

) bps

45.8

%

(30

) bps

Nonoperating income (expense), less net income

(loss) attributable to noncontrolling interests (2)

$

82

$

127

$

(45

)

$

264

$

(182

)

Net income attributable to BlackRock, Inc. (3)

$

1,611

$

1,573

$

38

$

1,690

$

(79

)

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

$

10.42

$

10.18

$

0.24

$

10.95

$

(0.53

)

Effective tax rate

24.6

%

20.3

%

430

bps

23.6

%

100

bps

See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Year Ended

December 31,

2021

2020

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

$

14,705

$

11,987

$

2,718

Securities lending revenue

555

652

(97

)

Total investment advisory, administration fees and

securities lending revenue

15,260

12,639

2,621

Investment advisory performance fees

1,143

1,104

39

Technology services revenue

1,281

1,139

142

Distribution fees

1,521

1,131

390

Advisory and other revenue

169

192

(23

)

Total revenue

19,374

16,205

3,169

Expense

Employee compensation and benefits

6,043

5,041

1,002

Distribution and servicing costs

2,200

1,835

365

Direct fund expense

1,313

1,063

250

General and administration expense

2,221

2,465

(244

)

Amortization of intangible assets

147

106

41

Total expense

11,924

10,510

1,414

Operating income

7,450

5,695

1,755

Nonoperating income (expense)

Net gain (loss) on investments

841

972

(131

)

Interest and dividend income

87

62

25

Interest expense

(205

)

(205

)

-

Total nonoperating income (expense)

723

829

(106

)

Income before income taxes

8,173

6,524

1,649

Income tax expense

1,968

1,238

730

Net income

6,205

5,286

919

Less:

Net income (loss) attributable to noncontrolling

interests

304

354

(50

)

Net income attributable to BlackRock, Inc.

$

5,901

$

4,932

$

969

Weighted-average common shares outstanding

Basic

152,236,047

153,489,422

(1,253,375

)

Diluted

154,404,357

154,840,582

(436,225

)

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

$

38.76

$

32.13

$

6.63

Diluted

$

38.22

$

31.85

$

6.37

Cash dividends declared and paid per share

$

16.52

$

14.52

$

2.00

Supplemental information:

AUM (end of period)

$

10,010,143

$

8,676,680

$

1,333,463

Shares outstanding (end of period)

151,684,491

152,532,885

(848,394

)

GAAP:

Operating margin

38.5

%

35.1

%

340

bps

Effective tax rate

25.0

%

20.1

%

490

bps

As adjusted:

Operating income (1)

$

7,478

$

6,284

$

1,194

Operating margin (1)

45.2

%

44.9

%

30

bps

Nonoperating income (expense), less net income

(loss) attributable to noncontrolling interests (2)

$

419

$

353

$

66

Net income attributable to BlackRock, Inc. (3)

$

6,049

$

5,237

$

812

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

$

39.18

$

33.82

$

5.36

Effective tax rate

23.4

%

21.1

%

230

bps

See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

4

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type

Net

September 30,

inflows

Market

December 31,

2021

(outflows)

change

FX impact(1)

2021

Average AUM(2)

Retail:

Equity

$

445,737

$

7,907

$

18,851

$

(558

)

$

471,937

$

460,066

Fixed income

359,161

8,859

(2,259

)

(455

)

365,306

361,191

Multi-asset

150,953

2,310

2,288

(90

)

155,461

153,559

Alternatives

44,776

2,445

175

(47

)

47,349

45,848

Retail subtotal

1,000,627

21,521

19,055

(1,150

)

1,040,053

1,020,664

ETFs:

Equity

2,250,849

70,070

128,878

(2,549

)

2,447,248

2,355,110

Fixed income

716,596

33,055

(3,069

)

(1,209

)

745,373

727,561

Multi-asset

8,150

727

239

3

9,119

8,563

Alternatives

63,156

91

2,363

4

65,614

64,682

ETFs subtotal

3,038,751

103,943

128,411

(3,751

)

3,267,354

3,155,916

Institutional:

Active:

Equity

182,232

7,665

10,297

(214

)

199,980

189,116

Fixed income

708,698

58,595

1,601

(1,492

)

767,402

740,525

Multi-asset

605,297

13,874

26,265

(2,485

)

642,951

622,619

Alternatives

142,318

3,375

807

(116

)

146,384

143,737

Active subtotal

1,638,545

83,509

38,970

(4,307

)

1,756,717

1,695,997

Index:

Equity

2,119,592

(40,537

)

149,731

(5,591

)

2,223,195

2,176,366

Fixed income

929,444

384

19,556

(5,424

)

943,960

947,128

Multi-asset

8,758

97

191

(83

)

8,963

10,522

Alternatives

5,898

(365

)

27

(26

)

5,534

5,581

Index subtotal

3,063,692

(40,421

)

169,505

(11,124

)

3,181,652

3,139,597

Institutional subtotal

4,702,237

43,088

208,475

(15,431

)

4,938,369

4,835,594

Long-term

8,741,615

168,552

355,941

(20,332

)

9,245,776

9,012,174

Cash management

712,015

43,912

(142

)

(728

)

755,057

727,823

Advisory(3)

10,032

(728

)

(5

)

11

9,310

9,655

Total

$

9,463,662

$

211,736

$

355,794

$

(21,049

)

$

10,010,143

$

9,749,652

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

Net

September 30,

inflows

Market

December 31,

2021

(outflows)

change

FX impact(1)

2021

Average AUM(2)

Active:

Equity

$

475,232

$

13,919

$

18,745

$

(793

)

$

507,103

$

490,609

Fixed income

1,045,297

64,586

(789

)

(2,009

)

1,107,085

1,078,221

Multi-asset

756,245

16,181

28,554

(2,576

)

798,404

776,171

Alternatives

187,093

5,820

983

(163

)

193,733

189,584

Active subtotal

2,463,867

100,506

47,493

(5,541

)

2,606,325

2,534,585

Index and ETFs:

ETFs:

Equity

2,250,849

70,070

128,878

(2,549

)

2,447,248

2,355,110

Fixed income

716,596

33,055

(3,069

)

(1,209

)

745,373

727,561

Multi-asset

8,150

727

239

3

9,119

8,563

Alternatives

63,156

91

2,363

4

65,614

64,682

ETFs subtotal

3,038,751

103,943

128,411

(3,751

)

3,267,354

3,155,916

Non-ETF Index:

Equity

2,272,329

(38,884

)

160,134

(5,570

)

2,388,009

2,334,939

Fixed income

952,006

3,252

19,687

(5,362

)

969,583

970,623

Multi-asset

8,763

100

190

(82

)

8,971

10,529

Alternatives

5,899

(365

)

26

(26

)

5,534

5,582

Non-ETF Index subtotal

3,238,997

(35,897

)

180,037

(11,040

)

3,372,097

3,321,673

Index and ETFs subtotal

6,277,748

68,046

308,448

(14,791

)

6,639,451

6,477,589

Long-term

$

8,741,615

$

168,552

$

355,941

$

(20,332

)

$

9,245,776

$

9,012,174

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

Net

September 30,

inflows

Market

December 31,

2021

(outflows)

change

FX impact(1)

2021

Average AUM(2)

Equity

$

4,998,410

$

45,105

$

307,757

$

(8,912

)

$

5,342,360

$

5,180,658

Fixed income

2,713,899

100,893

15,829

(8,580

)

2,822,041

2,776,405

Multi-asset

773,158

17,008

28,983

(2,655

)

816,494

795,263

Alternatives:

Illiquid alternatives

98,321

3,805

602

(149

)

102,579

99,823

Liquid alternatives

85,052

1,871

387

38

87,348

85,990

Currency and commodities(4)

72,775

(130

)

2,383

(74

)

74,954

74,035

Alternatives subtotal

256,148

5,546

3,372

(185

)

264,881

259,848

Long-term

$

8,741,615

$

168,552

$

355,941

$

(20,332

)

$

9,245,776

$

9,012,174

(1)

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

(2)

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

(3)

Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments.

(4)

Amounts include commodityETFs.

5

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

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

Net

December 31,

inflows

Market

December 31,

2020

(outflows)

Acquisition(1)

change

FX impact(2)

2021

Average AUM(3)

Retail:

Equity

$

338,434

$

42,060

$

41,324

$

54,310

$

(4,191

)

$

471,937

$

428,218

Fixed income

340,468

34,870

-

(6,716

)

(3,316

)

365,306

356,075

Multi-asset

132,624

12,579

-

10,793

(535

)

155,461

145,903

Alternatives

34,391

12,584

-

644

(270

)

47,349

41,413

Retail subtotal

845,917

102,093

41,324

59,031

(8,312

)

1,040,053

971,609

ETFs:

Equity

1,905,101

222,855

-

331,275

(11,983

)

2,447,248

2,199,698

Fixed income

690,033

78,858

-

(17,894

)

(5,624

)

745,373

703,004

Multi-asset

6,268

2,266

-

589

(4

)

9,119

7,607

Alternatives

67,605

1,555

-

(3,475

)

(71

)

65,614

66,023

ETFs subtotal

2,669,007

305,534

-

310,495

(17,682

)

3,267,354

2,976,332

Institutional:

Active:

Equity

169,522

6,104

-

26,852

(2,498

)

199,980

182,054

Fixed income

716,269

64,200

-

(5,428

)

(7,639

)

767,402

720,006

Multi-asset

511,242

82,981

-

59,919

(11,191

)

642,951

573,144

Alternatives

127,429

15,782

-

4,489

(1,316

)

146,384

137,630

Active subtotal

1,524,462

169,067

-

85,832

(22,644

)

1,756,717

1,612,834

Index:

Equity

2,006,749

(169,338

)

-

413,914

(28,130

)

2,223,195

2,123,482

Fixed income

927,718

52,409

-

(5,892

)

(30,275

)

943,960

937,784

Multi-asset

8,599

6

-

708

(350

)

8,963

9,424

Alternatives

5,617

(902

)

-

933

(114

)

5,534

5,633

Index subtotal

2,948,683

(117,825

)

-

409,663

(58,869

)

3,181,652

3,076,323

Institutional subtotal

4,473,145

51,242

-

495,495

(81,513

)

4,938,369

4,689,157

Long-term

7,988,069

458,869

41,324

865,021

(107,507

)

9,245,776

8,637,098

Cash management

666,252

94,043

-

(1,137

)

(4,101

)

755,057

711,160

Advisory(4)

22,359

(13,258

)

-

195

14

9,310

16,690

Total

$

8,676,680

$

539,654

$

41,324

$

864,079

$

(111,594

)

$

10,010,143

$

9,364,948

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

Net

December 31,

inflows

Market

December 31,

2020

(outflows)

Acquisition(1)

change

FX impact(2)

2021

Average AUM(3)

Active:

Equity

$

410,189

$

48,773

$

-

$

53,689

$

(5,548

)

$

507,103

$

466,291

Fixed income

1,035,015

94,047

-

(11,322

)

(10,655

)

1,107,085

1,053,764

Multi-asset

643,864

95,555

-

70,711

(11,726

)

798,404

719,041

Alternatives

161,819

28,365

-

5,134

(1,585

)

193,733

179,043

Active subtotal

2,250,887

266,740

-

118,212

(29,514

)

2,606,325

2,418,139

Index and ETFs:

ETFs:

Equity

1,905,101

222,855

-

331,275

(11,983

)

2,447,248

2,199,698

Fixed income

690,033

78,858

-

(17,894

)

(5,624

)

745,373

703,004

Multi-asset

6,268

2,266

-

589

(4

)

9,119

7,607

Alternatives

67,605

1,555

-

(3,475

)

(71

)

65,614

66,023

ETFs subtotal

2,669,007

305,534

-

310,495

(17,682

)

3,267,354

2,976,332

Non-ETF Index:

Equity

2,104,516

(169,947

)

41,324

441,387

(29,271

)

2,388,009

2,267,463

Fixed income

949,440

57,432

-

(6,714

)

(30,575

)

969,583

960,101

Multi-asset

8,601

11

-

709

(350

)

8,971

9,430

Alternatives

5,618

(901

)

-

932

(115

)

5,534

5,633

Non-ETF Index subtotal

3,068,175

(113,405

)

41,324

436,314

(60,311

)

3,372,097

3,242,627

Index and ETFs subtotal

5,737,182

192,129

41,324

746,809

(77,993

)

6,639,451

6,218,959

Long-term

$

7,988,069

$

458,869

$

41,324

$

865,021

$

(107,507

)

$

9,245,776

$

8,637,098

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

Net

December 31,

inflows

Market

December 31,

2020

(outflows)

Acquisition(1)

change

FX impact(2)

2021

Average AUM(3)

Equity

$

4,419,806

$

101,681

$

41,324

$

826,351

$

(46,802

)

$

5,342,360

$

4,933,452

Fixed income

2,674,488

230,337

-

(35,930

)

(46,854

)

2,822,041

2,716,869

Multi-asset

658,733

97,832

-

72,009

(12,080

)

816,494

736,078

Alternatives:

Illiquid alternatives

85,770

16,120

-

1,750

(1,061

)

102,579

94,768

Liquid alternatives

73,218

11,328

-

3,129

(327

)

87,348

80,866

Currency and commodities(5)

76,054

1,571

-

(2,288

)

(383

)

74,954

75,065

Alternatives subtotal

235,042

29,019

-

2,591

(1,771

)

264,881

250,699

Long-term

$

7,988,069

$

458,869

$

41,324

$

865,021

$

(107,507

)

$

9,245,776

$

8,637,098

(1)

Amounts include AUM attributable to the acquisition of Aperio Group, LLC on February 1, 2021 (the "Aperio Transaction").

(2)

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

(3)

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

(4)

Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments.

(5)

Amounts include commodityETFs.

6

SUMMARY OF REVENUE

Three Months

Three Months

Year

Ended

Ended

Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

Change

2021

Change

2021

2020

Change

Investment advisory, administration fees and

securities lending revenue:

Equity:

Active

$

680

$

501

$

179

$

674

$

6

$

2,571

$

1,737

$

834

ETFs

1,222

948

274

1,212

10

4,658

3,499

1,159

Non-ETF Index

190

159

31

207

(17

)

771

664

107

Equity subtotal

2,092

1,608

484

2,093

(1

)

8,000

5,900

2,100

Fixed income:

Active

560

514

46

561

(1

)

2,191

1,957

234

ETFs

308

302

6

304

4

1,201

1,119

82

Non-ETF Index

121

109

12

121

-

471

463

8

Fixed income subtotal

989

925

64

986

3

3,863

3,539

324

Multi-asset

373

311

62

369

4

1,414

1,163

251

Alternatives:

Illiquid alternatives

167

161

6

166

1

668

577

91

Liquid alternatives

169

141

28

163

6

629

502

127

Currency and commodities

53

50

3

55

(2

)

216

168

48

Alternatives subtotal

389

352

37

384

5

1,513

1,247

266

Long-term

3,843

3,196

647

3,832

11

14,790

11,849

2,941

Cash management

125

197

(72

)

111

14

470

790

(320

)

Total investment advisory, administration fees

and securities lending revenue

3,968

3,393

575

3,943

25

15,260

12,639

2,621

Investment advisory performance fees:

Equity

83

62

21

8

75

153

91

62

Fixed income

17

22

(5

)

2

15

48

35

13

Multi-asset

15

22

(7

)

-

15

32

35

(3

)

Alternatives:

Illiquid alternatives

61

28

33

50

11

208

83

125

Liquid alternatives

153

285

(132

)

285

(132

)

702

860

(158

)

Alternatives subtotal

214

313

(99

)

335

(121

)

910

943

(33

)

Total performance fees

329

419

(90

)

345

(16

)

1,143

1,104

39

Technology services revenue

339

305

34

320

19

1,281

1,139

142

Distribution fees:

Retrocessions

302

217

85

294

8

1,098

736

362

12b-1 fees (US mutual fund distribution fees)

95

83

12

91

4

358

337

21

Other

14

14

-

16

(2

)

65

58

7

Total distribution fees

411

314

97

401

10

1,521

1,131

390

Advisory and other revenue:

Advisory

31

20

11

13

18

68

68

-

Other

28

27

1

28

-

101

124

(23

)

Total advisory and other revenue

59

47

12

41

18

169

192

(23

)

Total revenue

$

5,106

$

4,478

$

628

$

5,050

$

56

$

19,374

$

16,205

$

3,169

Highlights

Investment advisory, administration fees and securities lending revenue increased $575 million from the fourth quarter of 2020, primarily driven by strong organic base fee growth and the positive impact of market beta on average AUM, partially offset by the impact of yield-related fee waivers on certain money market funds and strategic pricing changes to certain products. Securities lending revenue of $136 million increased from $131 million in the fourth quarter of 2020, primarily reflecting higher average balances of securities on loan, partially offset by lower asset spreads.

Investment advisory, administration fees and securities lending revenue increased $25 million from the third quarter of 2021, primarily driven by organic growth and the positive impact of market beta on average AUM, partially offset by lower securities lending revenue and the negative impact of foreign exchange movements. Securities lending revenue of $136 million decreased from $152 million in the third quarter of 2021, primarily reflecting lower asset and liability spreads.

Performance fees decreased $90 million from the fourth quarter of 2020, primarily reflecting lower revenue from liquid alternative products, partially offset by higher revenue from illiquid alternative and long-only products.

Performance fees decreased $16 million from the third quarter of 2021, primarily due to lower revenue from liquid alternative products,reflecting strong performance from a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by higher revenue from long-only mandates and illiquid alternative products.

Technology services revenue increased $34 million and $19 million from the fourth quarter of 2020 and the third quarter of 2021, respectively, primarily reflecting higher revenue from Aladdin. Technology services annual contract value(1) ("ACV") increased 13% from the fourth quarter of 2020.

(1)

ACV represents the forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed. ACV excludes nonrecurring fees such as implementation and consulting fees. See note (4)to the condensed consolidated statements of income and supplemental information on page 12 for more information on ACV.

7

SUMMARY OF OPERATING EXPENSE

Three Months

Three Months

Year

Ended

Ended

Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

Change

2021

Change

2021

2020

Change

Operating expense

Employee compensation and benefits

$

1,559

$

1,341

$

218

$

1,527

$

32

$

6,043

$

5,041

$

1,002

Distribution and servicing costs:

Retrocessions

302

217

85

294

8

1,098

736

362

12b-1 costs

93

81

12

89

4

350

328

22

Other

192

207

(15

)

202

(10

)

752

771

(19

)

Total distribution and servicing costs

587

505

82

585

2

2,200

1,835

365

Direct fund expense

319

283

36

354

(35

)

1,313

1,063

250

General and administration expense:

Marketing and promotional

96

73

23

54

42

238

229

9

Occupancy and office related

114

80

34

91

23

364

319

45

Portfolio services

95

80

15

93

2

362

283

79

Technology

135

124

11

140

(5

)

508

397

111

Professional services

57

49

8

42

15

179

170

9

Communications

11

14

(3

)

11

-

44

54

(10

)

Foreign exchange remeasurement

1

(1

)

2

1

-

4

6

(2

)

Contingent consideration fair value adjustments

1

-

1

29

(28

)

34

23

11

Product launch costs

-

2

(2

)

96

(96

)

274

166

108

Charitable Contribution

-

-

-

-

-

-

589

(589

)

Other general and administration

54

53

1

54

-

214

229

(15

)

Total general and administration expense

564

474

90

611

(47

)

2,221

2,465

(244

)

Amortization of intangible assets

38

27

11

38

-

147

106

41

Total operating expense

$

3,067

$

2,630

$

437

$

3,115

$

(48

)

$

11,924

$

10,510

$

1,414

Highlights

Employee compensation and benefits expense increased $218 million from the fourth quarter of 2020, primarily reflecting higher base compensation, driven by previously announced base salary increases and higher headcount, and higher deferred compensation, reflecting the impact of additional grants associated with prior-year compensation.

Employee compensation and benefits expense increased $32 million from the third quarter of 2021, primarily due to higher base compensation, driven by previously announced base salary increases.

Direct fund expense increased $36 million from the fourth quarter of 2020, primarily reflecting higher average AUM, partially offset by higher rebates that seasonally occur in the fourth quarter.

Direct fund expense decreased $35 million from the third quarter of 2021, despite higher average AUM, primarily reflecting certain rebates that seasonally occur in the fourth quarter.

General and administration expense increased $90 million from the fourth quarter of 2020 reflecting higher marketing and promotional expense, portfolio services and technology expense. The increase also reflected higher occupancy and office related expense, including $17 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). Lease cost - Hudson Yards has been excluded from our "as adjusted" financial results. See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

General and administration expense decreased $47 million from the third quarter of 2021, primarily reflecting lower product launch costs and contingent consideration fair value adjustments, partially offset by seasonally higher marketing and promotional expense, occupancy and professional services expense.

Amortization of intangible assets expense increased $11 million from the fourth quarter of 2020, primarily reflecting amortization of intangible assets related to the Aperio Transaction.

8

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributableTO noncontrolling interests

Three Months

Three Months

Year

Ended

Ended

Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

Change

2021

Change

2021

2020

Change

Nonoperating income (expense), GAAP basis

$

71

$

319

$

(248

)

$

336

$

(265

)

$

723

$

829

$

(106

)

Less: Net income (loss) attributable to

noncontrolling interests ("NCI")

(11

)

192

(203

)

72

(83

)

304

354

(50

)

Nonoperating income (expense)(1)

$

82

$

127

$

(45

)

$

264

$

(182

)

$

419

$

475

$

(56

)

Three Months

Three Months

Year

Ended

Ended

Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

Change

2021

Change

2021

2020

Change

Net gain (loss) on investments(1)

Private equity

$

66

$

36

$

30

$

124

$

(58

)

$

278

$

44

$

234

Real assets

10

(3

)

13

4

6

20

8

12

Other alternatives(2)

4

22

(18

)

13

(9

)

47

32

15

Other investments(3)

(15

)

85

(100

)

(8

)

(7

)

22

120

(98

)

Subtotal

65

140

(75

)

133

(68

)

367

204

163

Gain related to the Charitable Contribution

-

-

-

-

-

-

122

(122

)

Other gains (losses)(4)

21

13

8

165

(144

)

170

292

(122

)

Total net gain (loss) on investments(1)

86

153

(67

)

298

(212

)

537

618

(81

)

Interest and dividend income

46

28

18

14

32

87

62

25

Interest expense

(50

)

(54

)

4

(48

)

(2

)

(205

)

(205

)

-

Net interest expense

(4

)

(26

)

22

(34

)

30

(118

)

(143

)

25

Nonoperating income (expense)(1)

$

82

$

127

$

(45

)

$

264

$

(182

)

$

419

$

475

$

(56

)

(1)

Net of net income (loss) attributable to NCI. Management believes nonoperating income (expense), as adjusted, is an effective measure for reviewing BlackRock's nonoperating results, which ultimately impacts BlackRock's book value. See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

(2)

Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.

(3)

Amounts primarily include net gains (losses) related to unhedged equity, fixed income and multi-asset investments.

(4)

The amount for the year ended December 31, 2021 includes nonoperating noncash pre-tax gains in connection with strategic minority investments in iCapital Network, Inc. of approximately $119 million and Scalable Capital Limited of approximately $46 million. The amount for the year ended December 31, 2020 includes a nonoperating noncash pre-tax gain of approximately $240 million in connection with a recapitalization of iCapital Network, Inc. Additional amounts include noncash pre-tax gains (losses) related to the revaluation of certain other corporate minority investments.

INCOME TAX EXPENSE

Three Months

Three Months

Year

Ended

Ended

Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

Change

2021

Change

2021

2020

Change

Income tax expense

$

478

$

427

$

51

$

518

$

(40

)

$

1,968

$

1,238

$

730

Effective tax rate

22.6

%

21.6

%

100

bps

23.6

%

(100

) bps

25.0

%

20.1

%

490

bps

Highlights

Fourth quarter 2021 income tax expense includes a $45 million net noncash tax benefit related to the revaluation of certain deferred income tax liabilities.

Fourth quarter 2020 income tax expense includes $61 million of net discrete tax benefits, partially offset by a $25 million net noncash tax expense related to the revaluation of certain deferred income tax liabilities.

9

RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

2021

2021

2020

Operating income, GAAP basis

$

2,039

$

1,848

$

1,935

$

7,450

$

5,695

Non-GAAP expense adjustment:

Lease cost - Hudson Yards

17

-

11

28

-

Charitable Contribution

-

-

-

-

589

Operating income, as adjusted (1)

2,056

1,848

1,946

7,478

6,284

Product launch costs and commissions

-

2

99

284

172

Operating income used for operating margin measurement

$

2,056

$

1,850

$

2,045

$

7,762

$

6,456

Revenue, GAAP basis

$

5,106

$

4,478

$

5,050

$

19,374

$

16,205

Non-GAAP adjustments:

Distribution fees

(411

)

(314

)

(401

)

(1,521

)

(1,131

)

Investment advisory fees

(176

)

(191

)

(184

)

(679

)

(704

)

Revenue used for operating margin measurement

$

4,519

$

3,973

$

4,465

$

17,174

$

14,370

Operating margin, GAAP basis

39.9

%

41.3

%

38.3

%

38.5

%

35.1

%

Operating margin, as adjusted (1)

45.5

%

46.6

%

45.8

%

45.2

%

44.9

%

See note (1) to the condensed consolidated statements of income and supplemental information on page 11 for more information on as adjusted items.

RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI, AS ADJUSTED

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

(in millions), (unaudited)

2021

2020

2021

2021

2020

Nonoperating income (expense), GAAP basis

$

71

$

319

$

336

$

723

$

829

Less: Net income (loss) attributable to NCI

(11

)

192

72

304

354

Nonoperating income (expense), net of NCI

82

127

264

419

475

Less: Gain related to the Charitable Contribution

-

-

-

-

122

Nonoperating income (expense), less net income (loss)

attributable to NCI, as adjusted (2)

$

82

$

127

$

264

$

419

$

353

See note (2) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items.

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

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

2021

2020

2021

2021

2020

Net income attributable to BlackRock, Inc., GAAP basis

$

1,643

$

1,548

$

1,681

$

5,901

$

4,932

Non-GAAP adjustments:

Lease cost - Hudson Yards, net of tax

13

-

9

22

-

Charitable Contribution, net of tax

-

-

-

-

226

Income tax matters

(45

)

25

-

126

79

Net income attributable to BlackRock, Inc., as adjusted (3)

$

1,611

$

1,573

$

1,690

$

6,049

$

5,237

Diluted weighted-average common shares outstanding

154.6

154.5

154.3

154.4

154.8

Diluted earnings per common share, GAAP basis

$

10.63

$

10.02

$

10.89

$

38.22

$

31.85

Diluted earnings per common share, as adjusted (3)

$

10.42

$

10.18

$

10.95

$

39.18

$

33.82

See note (3) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items.

10

NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION(unaudited)

BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States ("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:

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

Operating income, as adjusted, includes non-GAAP expense adjustments. In 2021, the Company recorded expense related to the lease of office space for its future headquarters located at 50 Hudson Yards in New York ("Lease cost - Hudson Yards"). 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 lease expense from August 2021 because it obtained access to the building to begin its tenant improvements. As a result, the Company is recognizing lease expense for both its current and future headquarters until its current headquarters lease expires in April 2023. Management believes removing Lease cost - Hudson Yards when calculating operating income, as adjusted, is useful to assess the Company's financial performance and enhances comparability among periods presented. In 2020, the Company contributed its remaining 20% stake in PennyMac Financial Services, Inc. (the "Charitable Contribution"). The Charitable Contribution expense of $589 million has been excluded from operating income, as adjusted, due to its nonrecurring nature.

Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of product launch costs (e.g. closed-end fund launch costs) and related commissions. Management believes the exclusion of such costs and related commissions is useful because these costs can fluctuate considerably and revenue associated with the expenditure of these costs will not fully impact BlackRock's results until future periods.

Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company's distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

11

(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, is an effective measure for reviewing BlackRock's nonoperating contribution to its resultsand 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. In 2020, the noncash, nonoperating pre-tax gain of $122 million related to the Charitable Contribution was excluded from nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, due to its nonrecurring nature.

(3) Net income attributable to BlackRock, Inc., as adjusted: 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 notes (1) and (2) above 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.

In 2020 a discrete tax benefit of $241 million 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.

(4)ACV: Management believes ACV is an effective metric for reviewing BlackRock's technology services' ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock's growth in technology services revenue over time, as it is linked to the net new business in technology services.

12

FORWARD-LOOKING STATEMENTS

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

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

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission ("SEC") reports. These risk factors and those identified elsewhere in this earnings release, 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 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's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at www.sec.gov and on BlackRock's website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company's website is not a part of this earnings release.

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of December 31, 2021 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of November 30, 2021. The performance data does not include accounts terminated prior to December 31, 2021 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of December 31, 2021 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

13

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BlackRock Inc. published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 13:31:02 UTC.