On March 3, 2025, BlackRock completed the acquisition of Preqin, a leading provider of private markets data, for approximately $3.2 billion in cash. This acquisition is expected to enhance Aladdin and eFront by integrating Preqin's data and research tools.

In December 2024, BlackRock announced a definitive agreement to acquire HPS Investment Partners, a leading global credit investment manager. The consideration will be paid in BlackRock equity, with the transaction expected to close in mid-2025, subject to regulatory approvals.

In April 2025, the 2025 Credit Facility was amended to increase the aggregate commitment amount by $500 million to $5.9 billion and extend the maturity date to March 2030 for lenders. The amended facility also permits BlackRock to request up to an additional $1.4 billion of borrowing capacity, potentially increasing the facility to $7.3 billion.

Management is focused on integrating Preqin and HPS Investment Partners to leverage synergies across investment technology and private credit offerings. The company expects these acquisitions to enhance its platform and provide better solutions for clients.

Despite revenue growth, operating margin declined, reflecting the impact of acquisition-related costs. This suggests management is facing challenges in maintaining profitability while executing its growth strategy.

BlackRock's Chief Executive Officer and Chief Financial Officer have concluded that BlackRock's disclosure controls and procedures were effective, indicating a strong internal control environment.

The company refers to the risks discussed in BlackRock's Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect the business, financial condition, operating results and nonoperating results.

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. 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.

BlackRock remains a leading publicly traded investment management firm with $11.6 trillion of AUM at March 31, 2025. This scale provides a competitive advantage in terms of product offerings and distribution capabilities.

The acquisition of Preqin is expected to enhance BlackRock's Aladdin and eFront platforms, creating a preeminent private markets technology and data provider. This strengthens BlackRock's competitive position in the growing private markets sector.

During the three months ended March 31, 2025, the Company repurchased 0.4 million common shares for approximately $375 million, indicating a continued commitment to returning capital to shareholders.

In April 2025, the Company issued €1.0 billion (or approximately $1.1 billion) in aggregate principal amount of 3.75% senior unsecured and unsubordinated notes maturing July 18, 2035. Net proceeds are being used for general corporate purposes, including the repayment of the €700 million 1.25% Notes in May 2025 at maturity.

At March 31, 2025, the Company had $1.2 billion of various capital commitments to fund sponsored investment products, including CIPs. These products include various private market products, including private equity funds, real assets funds and opportunistic funds.

Technology services and subscription revenue of $436 million increased $59 million from $377 million for the three months ended March 31, 2024, reflecting the sustained demand for Aladdin technology offerings and the partial impact from the Preqin Transaction.

The acquisition of Preqin is expected to enhance BlackRock's Aladdin and eFront platforms, creating a preeminent private markets technology and data provider.

AUM increased $33 billion to $11.58 trillion at March 31, 2025 from $11.55 trillion at December 31, 2024, driven by the positive impact of foreign exchange movements and net inflows, partially offset by net market depreciation.

AUM increased $92 billion due to the impact of foreign exchange movements, primarily due to the weakening of the US dollar, largely against the euro, the British pound and the Japanese yen.