Tickdelta is free for now. Sign up and get Pro free
BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $14.0 trillion of assets under management (“AUM”) at December 31, 2025. 10-K, Item 1
19 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•a decrease in the value of seed or co-investment capital, strategic minority investments or joint ventures.
Read in the 10-K ↗
In addition, the relative performance of different markets that impact the Company’s AUM and net inflows may lead to an increase in the proportion of AUM weighted towards lower (or higher) relative management fee rates. As a result, the Company’s average effective fee rate may be lower (or higher) from period to period. These potential changes to the Company’s average effective fee rate may also cause average growth rates of AUM and base fees to differ, which impact the Company’s revenue and earnings.
Read in the 10-K ↗
•a decrease in the valuations of seed and co-investment capital, strategic minority investments or joint ventures.
Read in the 10-K ↗
•risks related to the valuation of illiquid investments in the absence of observable market prices;
•credit risks, including interest-rate movements and issuers’ ability to make principal and interest payments on the debt they issue;
•risks relating to the use of leverage, including as a result of increasing interest rates or an inability to timely obtain and effectively deploy leverage;
•risks associated with a lack of diversification, such that any adverse change in one or a small number of issuers could have a material adverse effect on an investment product or client’s investments;
Similar paragraph at 1 of 75 other Financials companies: IVZ•risks related to investments in securities or companies that are or become “stressed” and “distressed”, including abrupt and erratic market movements, above-average price volatility, litigation, government investigations, and bankruptcy;
•risks related to investments in critical infrastructure sectors, such as transportation systems, utilities, energy and digital infrastructure, which are generally subject to heightened regulatory scrutiny at the time of investment and ongoing compliance requirements;
Similar paragraph at 1 of 75 other Financials companies: BXRead in the 10-K ↗
The EU has enacted numerous sustainability regulations which continue to evolve. In December 2025, the European Parliament and Council approved proposals to simplify and reduce the scope of the Corporate Sustainability Due Diligence Directive ("CSDDD") and the Corporate Sustainability Reporting Directive ("CSRD”). Furthermore, in November 2025, the European Commission (“EC”) published its proposal (“SFDR 2.0”) to revise the Sustainable Finance Disclosure Regulation, which requires sustainability-related disclosures by financial market participants. SFDR 2.0 proposes significant changes, including reducing sustainability disclosures by EU firms and simplifying product-level disclosures as well as introducing three new categories of sustainable and transition products.
Read in the 10-K ↗
•Public Company Disclosure Requirements: The SEC has announced that it is considering recommending rule amendments to revise US public companies’ reporting requirements. Potential amendments include giving companies the option to change their quarterly financial reports to a semi-annual reporting schedule and changes in executive compensation disclosure requirements, Rule 14a-8 on shareholder proposals and the shelf registration process. The SEC has also requested public comment on Regulation S-K in general. Depending on the form of any such final rules, they could impact BlackRock’s reporting and compliance obligations.
Read in the 10-K ↗
•US Outbound Investment Regime: Beginning in January 2025, the US government has implemented an outbound investment screening program restricting certain investments in designated “countries of concern.” The program: (1) prohibits US persons from engaging in specified transactions; and (2) requires notification to regulators of other transactions involving companies in those jurisdictions operating in sensitive technology sectors such as advanced semiconductors, AI and quantum computing. The Fiscal 2026 National Defense Authorization Act further authorizes the US Treasury to expand the scope of this regime, potentially adding more countries, technologies, or transaction types to the restrictions. These rules, especially if broadened, could limit BlackRock’s ability to invest in certain companies or markets on behalf of clients and may increase the firm’s compliance costs.
•Beneficial Ownership Reporting: In 2025, the SEC clarified its guidance on when a 5% shareholder’s engagement with an issuer could lead to the shareholder being considered to hold shares with the “purpose or effect of changing or influencing control of the issuer,” and therefore cause the shareholder to lose eligibility to report its beneficial ownership on short-form Schedule 13G. The guidance explains that shareholder engagement that “exerts pressure on management to implement specific measures or changes to a policy” may be considered “influencing” control of the issuer.
•Proxy Voting Reform: Reform of the proxy voting system is an area of increased interest among US policymakers. In 2025, the SEC indicated that they are considering regulatory changes related to proxy voting. As an asset manager that exercises voting rights on behalf of certain clients, such reforms could increase regulatory scrutiny and uncertainty for BlackRock and affect its business or operating activities.
Read in the 10-K ↗
•Regulation of US Registered Funds and Investment Advisers: Regulation of US registered funds and investment advisers may change over time as a result of rulemaking, exemptive and no-action relief and interpretative positions by the SEC, any of which could impact the Company’s US registered investment advisers and the registered funds they manage.
Read in the 10-K ↗
•Digital Omnibus: In November 2025, the EC proposed a Digital Omnibus package intended to take a holistic view across digital legislation at the EU level, including the EU AI Act, GDPR, Data Act, ePrivacy Directive and cybersecurity laws to reduce complexity and duplication. The package proposes a delay to the introduction of rules relating to high-risk AI uses pending development of compliance guidance, targeted changes to data protection rules under GDPR to facilitate data use in the development and operation of AI models and systems, and streamlining of incident reporting obligations.
•T+1 Settlement: Regulators in the EU, UK, and Switzerland have announced plans to transition to a T+1 settlement cycle for securities transactions with implementation in October 2027. The change shortens the standard settlement period from two business days (T+2) to one business day (T+1), requiring significant operational and technological adjustments across the investment lifecycle. The multi-jurisdictional nature of the transition may result in a lack of consistency between regulators, increasing the complexity of implementation. The transition could increase BlackRock’s operational complexity, settlement risk, and costs, particularly in cross-border transactions, FX settlement, and coordination with third-party providers.
•EU Supervisory Reform: In December 2025, the EC published a proposal for wide-ranging reforms to EU capital markets rules, including changes to the supervisory regime for asset managers. Depending on the terms of the final reforms, such changes could add additional layers of supervisory oversight to asset managers at the EU level and slow supervisory outcomes and authorisations.
Read in the 10-K ↗
•Consumer Composite Investments: The FCA has finalized product information requirements for consumer composite investments (CCIs) replacing the current PRIIPs regime, which was derived from EU law and was assimilated into UK law after Brexit. The transition to the CCI regime may increase operational complexity and regulatory compliance costs for BlackRock.
Read in the 10-K ↗
19 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Amounts include reclassifications in connection with the acquisition of HPS Investment Partners ("HPS") on July 1, 2025 ("the HPS Transaction"), consisting of (i) the reclassification of $ 2.8 billion of NCI - Subco from temporary equity (redeemable NCI) to permanent equity (nonredeemable NCI), and (ii) the reclassification to NCI - Subco (nonredeemable) of a portion of a contingent consideration liability ($ 2.6 billion as of July 1, 2026), settleable in Subco Units and subject to the achievement of certain conditions. The reclassifications resulted from the July 1, 2026 expiration of a contractual provision that could have required cash settlement of the Subco Units. See Note 2, Significant Accounting Policies, Note 8, Fair Value Disclosures, and Note 15, Commitments and Contingencies, for additional information on the contingent consideration related to HPS.
Read in the 10-Q ↗
Amounts include reclassifications in connection with the HPS Transaction, consisting of (i) the reclassification of $ 2.8 billion of NCI - Subco from temporary equity (redeemable NCI) to permanent equity (nonredeemable NCI), and (ii) the reclassification to NCI - Subco (nonredeemable) of a portion of a contingent consideration liability ($ 2.6 billion as of July 1, 2026), settleable in Subco Units and subject to the achievement of certain conditions. The reclassifications resulted from the July 1, 2026 expiration of a contractual provision that could have required cash settlement of the Subco Units. See Note 2, Significant Accounting Policies, Note 8, Fair Value Disclosures, and Note 15, Commitments and Contingencies, for additional information on the contingent consideration related to HPS.
Read in the 10-Q ↗
sponsored investment funds Issuance of Subco Units/common shares in connection with acquisitions $ — $ 8,715 Established contingent consideration liabilities in connection with acquisitions $ — $ 3,413
Read in the 10-Q ↗
Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. On September 9, 2026, the FASB issued ASU 2026-03, Investment Companies with Equity Securities Subject to Contractual Sale Restrictions ("ASU 2026-03"), which requires investment companies to consider the effect of a contractual sale restriction when measuring an equity security’s fair value. ASU 2026-03 is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact of ASU 2026-03 on its condensed consolidated financial statements.
Read in the 10-Q ↗
Noncontrolling Interests. NCI primarily consists of third-party ownership interests in the Company’s CIPs and Subco Units issued in connection with the HPS Transaction. See Note 3, Acquisitions, herein for more information on the HPS Transaction. NCI - Subco is measured based on the Subco Units' proportionate ownership in Subco except for the contingent consideration described below.
Read in the 10-Q ↗
In addition, as a result of the expiration of the cash settlement provision for Subco Units on July 1, 2026, the Company reclassified to equity the portion of the HPS Transaction contingent consideration that is settleable in Subco Units, subject to the achievement of the specified post-closing conditions. This amount is presented as a component of nonredeemable NCI - Subco, and Subco's net income (loss) is not allocated to this component of NCI - Subco.
Read in the 10-Q ↗
Issuances and other settlements amounts include reclassification to NCI - Subco of a portion of contingent consideration liability related to the HPS Transaction. See Condensed Consolidated Statements of Changes in Equity and Note 2, Significant Accounting Policies, for more information.
Read in the 10-Q ↗
liabilities (1) Issuances and other settlements amounts include reclassification to NCI - Subco of a portion of contingent consideration liability related to the HPS Transaction. See Condensed Consolidated Statements of Changes in Equity and Note 2, Significant Accounting Policies, for more information.
Read in the 10-Q ↗
exchange contracts Total gain (loss) from derivative $ (24) $ (102) $ (120) $ (96)
Read in the 10-Q ↗
The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2026 and 2025:
Read in the 10-Q ↗
Options Options Options Outstanding at Shares Weighted Shares Weighted Shares Weighted
Read in the 10-Q ↗
BlackRock, Inc. Basic weighted-average shares outstanding 154.8 154.9 155.1 154.9 Dilutive effect of: Nonparticipating RSUs 1.7 1.5 1.6 1.2 Stock options 0.4 0.5 0.4 0.5 Subco Units 7.6 8.3 7.6 2.8 Total diluted weighted-average shares 164.5 165.2 164.7 159.4
Read in the 10-Q ↗
Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025
Read in the 10-Q ↗
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Read in the 10-Q ↗
Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025
Read in the 10-Q ↗
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Read in the 10-Q ↗
Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025
Read in the 10-Q ↗
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Read in the 10-Q ↗
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, the Company hereby incorporates by reference herein Exhibit 99.1 of this report, which includes information provided to us by Malaysia Airports Holdings Berhad.
Read in the 10-Q ↗
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Work on BLK in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BLK/export.csv") into a cell.
