BlackRock Inc.

BlackRock, Inc. is a leading publicly traded investment management firm with $10.0 trillion of assets under management (AUM) as of December 31, 2023. The company provides a range of investment management and technology services to institutional and retail clients worldwide. BlackRock's business strategy includes offering a diverse platform of alpha-seeking active, index, and cash management investment strategies across asset classes, with a focus on strong investment performance and client choice. The company serves a diverse mix of institutional and retail clients, including tax-exempt institutions, official institutions, taxable institutions, and retail intermediaries. BlackRock's revenue is primarily generated from investment management fees, which are typically earned as a percentage of AUM. The company also earns performance fees on certain portfolios and securities lending revenue. BlackRock's business is organized into several segments: Equity, Fixed Income, Multi-asset, Alternatives, and Cash Management. The company's website is www.blackrock.com, and its ticker symbol is BLK. Equity: The Equity segment includes active and index strategies, with approximately 58% of long-term AUM and 53% of long-term base fees and securities lending revenue for 2023. The segment had net outflows of $11 billion in 2023. Fixed Income: The Fixed Income segment includes active and index strategies, with approximately 30% of long-term AUM and 26% of long-term base fees and securities lending revenue for 2023. The segment had net inflows of $143 billion in 2023. Multi-asset: The Multi-asset segment includes target date/target risk strategies, asset allocation and balanced strategies, and fiduciary management services. The segment had net inflows of $84 billion in 2023. Alternatives: The Alternatives segment includes illiquid alternatives, liquid alternatives, and currency and commodities. The segment had net inflows of $2 billion in 2023, excluding return of capital/return on investment of $8 billion. Cash Management: The Cash Management segment includes cash management strategies, with approximately 1% of long-term AUM and 1% of long-term base fees and securities lending revenue for 2023. BlackRock is an independent, publicly traded company with no single majority shareholder and over 85% of its Board of Directors consisting of independent directors. The company's mission is to help its clients build and manage wealth over the long term, using its expertise in investment management, technology, and innovation to deliver solutions that address their evolving needs. BlackRock's commitment to innovation includes investments in financial technology and digital distribution providers, data and whole portfolio capabilities, and minority investments in various financial services companies. The company operates in a global marketplace and is subject to changing market dynamics and economic uncertainty, which can significantly impact earnings and stockholder returns in any given period. However, the company's ability to increase revenue, earnings, and stockholder value over time is predicated on its ability to generate new business, including business in Aladdin and other technology products and services. This requires the commitment and contributions of BlackRock employees, and the ability to attract, develop, and retain qualified professionals is critical to the company's long-term success.