Risk Sleuth
BLK · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

BlackRock

39 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Customers

Insurance companies

earns from · $720 billion, or 12%, of long-term institutional AUM
BlackRock is a top independent manager of assets for insurance companies, which accounted for $720 billion, or 12%, of long-term institutional AUM at year-end 2025.Business (Item 1)

Also named by ARES, CPRT, IOT

Pension plans

earns from · $3.9 trillion, or 62%, of long-term institutional AUM
BlackRock is among the world’s largest managers of pension plan assets with $3.9 trillion, or 62%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2025.Business (Item 1)

Suppliers

Third-party index providers

depends onnamed as a risk
Further, BlackRock relies upon a relatively concentrated group of third-party index providers to deliver services that are integral to its clients’ investment decisions.Risk factors (Item 1A)

Partners and platforms

Amazon Web Services

depends onnamed as a risk
For instance, the Aladdin infrastructure and environment for BlackRock and its external Aladdin clients are hosted on Microsoft Azure and Amazon Web Services.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, CARR, CG, COF, COMP and 56 more

Microsoft Azure

depends onnamed as a risk
For instance, the Aladdin infrastructure and environment for BlackRock and its external Aladdin clients are hosted on Microsoft Azure and Amazon Web Services.Risk factors (Item 1A)

Also named by AIOT, AKAM, DDOG, DOCN, DOCU, EXTR, FFIV, FTNT and 14 more

Microsoft

depends onnamed as a risk
BlackRock has a number of key strategic partnerships, including with Microsoft.Risk factors (Item 1A)

Also named by AAOI, AAON, AES, AJG, AMD, CDW, CEG, CG and 13 more

Jio BlackRock joint venture (India)

operates innamed as a risk
In addition, in the case of minority investments and joint ventures, including BlackRock’s joint venture to provide investment solutions in India, BlackRock may be subject to risks due to reputational harm, liability or loss resulting from, or relating to operating systems, compliance processes, risk management controls, and employees that are outside of BlackRock’s control, risks related to the jurisdictions or markets in which such investees or joint ventures operate and risks related to its joint venture partners and investees.Risk factors (Item 1A)

Other companies

Global Infrastructure Partners (GIP)

$70 billion of AUMnamed as a risk
BlackRock is subject to risks associated with its recent acquisitions, including the GIP and HPS Acquisitions.Risk factors (Item 1A)

Also named by ES

HPS Investment Partners

$118 billion of AUMnamed as a risk
BlackRock is subject to risks associated with its recent acquisitions, including the GIP and HPS Acquisitions.Risk factors (Item 1A)

Securities lending borrower default indemnification

insures or lends to · approximately $353 billionnamed as a risk
The amount of securities on loan as of December 31, 2025 and subject to this type of indemnification was approximately $353 billion.Risk factors (Item 1A)

Performance fees

earns from · $1.4 billion, or 6%, of total revenuenamed as a risk
Performance fees represented $1.4 billion, or 6%, of total revenue for the year ended December 31, 2025.Risk factors (Item 1A)

iShares ETFs

earns from · 42% of long-term AUM at December 31, 2025 and 45% of long-term base fees and securities lending revenue
ETFs represented 42% of long-term AUM at December 31, 2025 and 45% of long-term base fees and securities lending revenue for 2025.Business (Item 1)

Preqin

£2.5 billion (or approximately $3.2 billion)
In March 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited ("Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash (the "Preqin Transaction").Business (Item 1)

Places

International equity markets

exposed to its price · Approximately half of BlackRock’s equity AUMnamed as a risk
Approximately half of BlackRock’s equity AUM is tied to international market strategies, including emerging markets, which tend to have higher fee rates than US equity strategies.Business (Item 1)

Asia-Pacific

earns from · 7% of total AUM and 5% of total base fees and securities lending revenue
Asia-Pacific represented 7% of total AUM and 5% of total base fees and securities lending revenue for 2025.Business (Item 1)

Also named by AIG, AVY, BNY, CCK, CL, COHR, DCI, EEFT and 17 more

Americas

concentrated in · 68% of total AUM and 67% of total base fees and securities lending revenue
The Americas represented 68% of total AUM and 67% of total base fees and securities lending revenue for 2025.Business (Item 1)

Also named by CYRX, DELL, EMR, FDS, FICO, GGG, GS, HLIO and 6 more

Europe, the Middle East and Africa (EMEA)

earns from · 25% of total AUM and 28% of total base fees and securities lending revenue
EMEA represented 25% of total AUM and 28% of total base fees and securities lending revenue for 2025.Business (Item 1)

Also named by BNY, SHOP

China

operates innamed as a risk
The Company’s operations in China are subject to a number of regulatory risks, including an evolving regulatory environment, frequent policy changes and complex data security and data transfer regulations.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Atlanta, Belgrade, Budapest, Edinburgh, Gurgaon, London, Mumbai, New York and San Francisco

concentrated innamed as a risk
Moreover, a significant portion of BlackRock’s critical business operations is concentrated in a limited number of geographic areas, including Atlanta, Belgrade, Budapest, Edinburgh, Gurgaon, London, Mumbai, New York and San Francisco.Risk factors (Item 1A)

Hazards

Earthquake

operates innamed as a risk
The failure to maintain an infrastructure commensurate with the size and scope of BlackRock’s business, or the occurrence of a business outage or event outside BlackRock’s control, including a major earthquake, hurricane, fire, terrorist act, pandemic, health crisis or other catastrophic event, or the actions of individuals or groups seeking to disrupt BlackRock’s operations in any location at which BlackRock maintains a major presence, could materially impact operations, result in business disruption or impede the Company's growth.Risk factors (Item 1A)

Also named by A, ADBE, AEE, ARE, ARES, CDNA, CRC, DOCU and 11 more

Commodities and inputs

Bitcoin

exposed to its price · $78 billionnamed as a risk
The Company's digital assets products consist of Bitcoin ETPs listed in the US, Canada, Europe, the United Kingdom ("UK"), and Australia, and an Ethereum ETP listed in the US.Business (Item 1)

Also named by ARLP, BMNR, COIN, GLXY, MSTR, SNEX, XYZ

British pound and euro

exposed to its price · $1,577 millionnamed as a risk
The carrying value of the total economic investment exposure denominated in foreign currencies is primarily based in the British pound and euro.Market risk (Item 7A)

Also named by AGX

Gold

exposed to its price · $163 billion of AUM
Commodities net inflows of $25 billion were led by demand for gold exposures.Business (Item 1)

Also named by AMKR, APH, CDE, DC, EZPW, FCFS, FCX, HL and 10 more

Regulators

Office of the Comptroller of the Currency (OCC)

subject tonamed as a risk
BlackRock’s trust bank subsidiary, which is a national banking association chartered by the OCC, is subject to OCC regulation, including requirements regarding capital and liquidity, that may limit its business activities.Risk factors (Item 1A)

Also named by ADP, AMP, AXP, BAC, C, CASH, CFG, COF and 22 more

Financial Conduct Authority (FCA) Consumer Duty

subject tonamed as a risk
Any failure to meet the FCA’s regulatory expectations could expose BlackRock to regulatory sanctions and increased reputational risk.Risk factors (Item 1A)

Also named by AXP

Financial Stability Oversight Council (FSOC) SIFI designation

subject tonamed as a risk
If BlackRock is designated as a SIFI, it could become subject to enhanced regulatory and capital requirements and direct supervision by the Federal Reserve.Risk factors (Item 1A)

Federal Trade Commission (FTC) common ownership scrutiny

subject tonamed as a risk
In 2021, the FTC identified common ownership as a key enforcement area and passed a resolution empowering individual commissioners to investigate shareholder conduct in connection with common ownership.Risk factors (Item 1A)

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk
Any such changes could increase the Company's tax liabilities, although the adoption of the Side by Side System is generally expected to mitigate some of the potential adverse impacts of Pillar Two.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

EU Digital Operational Resilience Act (DORA)

subject tonamed as a risk
DORA, among other things: (1) introduced additional governance, risk management, incident reporting, resilience testing and information sharing requirements to several of BlackRock’s European entities and certain Aladdin clients; and (2) may potentially subject Aladdin to additional oversight.Risk factors (Item 1A)

Also named by BKNG, CRM, CRWD, DDOG, EQIX, FDS, MCO, MDB and 3 more

Hart-Scott-Rodino Antitrust Improvements Act

subject tonamed as a risk
In December 2023, the FTC and DOJ also jointly issued updated merger guidelines which could impact (1) the ability of the Company to expand its services through strategic investments or acquisitions and (2) funds that engage in transactions affecting US commerce.Risk factors (Item 1A)

Also named by AWK, BEN, CPRT, CTAS, FSK, KVUE, NXST, SWKS and 2 more

US state anti-ESG legislation

subject tonamed as a risk
Some US states and state officials have adopted or proposed legislation or otherwise raised concerns about BlackRock’s business practices.Risk factors (Item 1A)

Also named by FITB, OWL

Financial transaction tax (FTT)

subject tonamed as a risk
If enacted as proposed, FTTs could have an adverse effect on BlackRock’s financial results and clients’ performance results.Risk factors (Item 1A)

Also named by CME

SEC Rule 2a-7 money market fund reforms

subject tonamed as a risk
New regulations or changes to existing regulations in the UK and EU may adversely impact BlackRock’s MMFs.Risk factors (Item 1A)

SEC US Treasury Clearing Mandate

subject tonamed as a risk
The rules require many market participants, including a large number of BlackRock funds and accounts, to clear Treasury repurchase transactions and potentially certain cash Treasury securities transactions through a clearing agency registered with the SEC, which could increase transaction costs for BlackRock’s clients.Risk factors (Item 1A)

SEC Form PF rules

subject tonamed as a risk
Implementing these rules and amendments may significantly increase BlackRock’s reporting, disclosure and compliance obligations and create operational complexity for BlackRock’s alternatives products.Risk factors (Item 1A)

EMIR 3.0

subject tonamed as a risk
EMIR 3.0 is expected to impact EU counterparties as well as UK and non-EU entities trading with EU firms, and the collective impact of the package may increase operational complexity, necessitate a reassessment of clearing and trading strategies, and lead to higher transaction costs for BlackRock and its clients.Risk factors (Item 1A)

US Outbound Investment Regime

subject tonamed as a risk
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.Risk factors (Item 1A)

ERISA

subject to
ERISA and other applicable regulations also impose additional compliance, reporting and operational requirements on BlackRock that otherwise are not applicable to clients that are not subject to ERISA.Business (Item 1)

Also named by BBSI, KKR, LNC, LPLA, MET, MRSH, STT, WHR

Technology

Aladdin

earns from · majority of technology services and subscription revenuenamed as a risk
Aladdin, which represented the majority of technology services and subscription revenue for the year, continues to benefit from trends favoring global platform and multi-asset risk solutions across public and private markets.Business (Item 1)