A：BlackRock's first quarter financial results include double-digit growth in revenue, operating income, and earnings per share. The company expanded margins by over 100 basis points and delivered organic base fee growth for the seventh consecutive quarter. Net inflows for the quarter were $1 billion, and the firm experienced durable and broad-based organic growth across product region and client type.

A：The performance at BlackRock is being driven by deep engagement with clients, who are receiving advice, insights, and access across the firm's portfolio, enabling them to implement both long-term strategic asset allocation moves and tactical exposures to navigate near-term themes and markets.

A：The $1 billion in net inflows during the first quarter is significant as it indicates BlackRock is winning 'mind share and wallet share,' with organic growth that is durable and broad-based. This brings clients closer to the firm and is reflected in the acceleration of AUM (Average Unique Market) growth.

A：During BlackRock's first quarter, the market environment was volatile, with heightened sensitivity to economic data, rising rates, equity volatility, and currency movements. There was also geopolitical uncertainty, excitement and anxiety about artificial intelligence's impact on lives and business models, and market instability despite sound underlying fundamentals.

A：BlackRock's performance was reflected in its financial results through strong fundamentals, with organic base fee growth well above target and margin expansion indicating operating leverage. The firm's momentum continued to accelerate, supported by client consolidation and partnership with scaled, trusted platforms. First quarter revenue of $6.7 billion, operating income of $2.7 billion, and earnings per share of $12.53 were all up year over year, driven by organic growth and higher AUM.

A：The key components of BlackRock's revenue growth in the first quarter included base fee and securities lending revenue of $5.4 billion, up 24% year over year, driven by market beta, organic growth, and contributions from HPS and Fquent. Performance fees of $272 million reflected higher revenue from alternatives, technology services and subscription revenue up 22%, and a 14% year-over-year increase in ACD (annual contract value).

A：BlackRock's total expenses increased 24% year over year, primarily due to higher compensation, sales, asset and account expenses, and G&A (general and administrative) employee compensation and benefit expenses. Sales asset and account expense growth was driven by distribution and servicing costs, while G&A expense rose from the impact of the HPS and Fquent acquisitions.

A：BlackRock's as adjusted operating margin for the first quarter was 44.5%, up 130 basis points from the prior year. This improvement reflects the positive impact of markets on revenue and strong organic base fee growth. Excluding the impact of performance fees and related compensation, the adjusted operating margin would have been 45.6%, an increase of 180 basis points year over year.

A：BlackRock generated total net inflows of 130 billion in the first quarter, with record first quarter ETF net inflows of 132 billion, precision exposures adding 39000000030 2 billion, core equity and active ETFs adding 19 billion, and client demand for international diversification presenting meaningful upside. Retail net inflows of 15 billion were also reported.

A：Institutional active net inflows were 24 billion, driven by the life path, target date, franchise, private markets, and systematic strategies, partially offset by specific client active fixed income redemptions. Institutional index net outflows of 35 billion were concentrated in low fee index equations in private markets.

A：BlackRock's business model, with its proven track record of capturing momentum and gaining share during transformative periods across industries, markets, and geopolitics, is a major advantage. It is described as unique, combining expertise in public markets, private markets, and technology on one platform, resulting in script organic base fee growth, growing revenue and operating income, and expanding margins.

A：BlackRock is positioned to assist clients with big decisions by offering expertise across public markets, private markets, and technology on a single platform. The company has investment expertise, technology, global reach, and a track record to deliver excellence for clients and growth for shareholders.

A：The highlights of BlackRock's performance in the first quarter include a technology services ACV growth of 14%, an expansion of margins by over 100 basis points to 44.5%, and an 8% organic base growth which is the highest first quarter result in the last five years.

A：BlackRock's business is becoming more global and connected, with a strengthening brand in every region of operation. This was evidenced by recent visits and conversations with clients in Mexico, Europe, and the Middle East, highlighting the resilience and partnership of employees, clients, and board members in the Middle East.

A：According to BlackRock's CEO, clients report a feeling that the world is different, not just uncertain but different, with a reorganization around self-reliance. The CEO also noted that AI is reshaping how we live and how we work.

A：BlackRock is assisting clients with understanding private markets by engaging with them across every channel, geography, and asset class, including private markets. The company has built a platform that allows for conversations about private markets and their meaning for portfolios and beneficiaries.

A：BlackRock is contributing to global economies and retirement systems by partnering with governments and clients to help more people grow with economies and become investors in their local economies. The company's platform spans defined benefits and contributions and brings together public and private markets, active and index, and technology at a global scale, making retirement investing more accessible.

A：BlackRock is positioned to benefit from secular forces in capital markets by investing ahead of client needs and being confident in its model. The breadth of the pipeline has never been greater, and the company's diversified platform offers resilience and upside capture when market conditions shift.

A：iShares experienced record net inflows of 132 billion in the first quarter, with double the base fees compared to the same time last year. The active ETF platform grew four times in the last two years to more than 110 billion in AUM, with net inflows of 19 billion, and strong client engagement drove 3 billion of active equity net inflows for BlackRock.

A：The current trend is clients preferring to work with fewer strategic partners, often just one, for whole portfolio management, a movement which has grown with the complexity of portfolios and governance. This shift towards whole portfolios aligns with BlackRock's strengths in integrating asset management and technology across public and private markets.

A：BlackRock's wealth platform spans over $1 trillion in assets under management (AUM) with a global distribution across tens of thousands of financial advisors. It provides integrated solutions across public and private markets, model portfolios, and practice management capabilities. Recent performance highlights include record quarterly results, new mandates, net inflows into various investment strategies, and exceeding expectations in origination capabilities and capital deployment.

A：There is a structural demand for private credit as banks, governments, and public capital markets cannot fully address global growth and investment needs. BlackRock is responding to this demand by continuing to see institutional allocation accelerate to private credit, with private credit funds exceeding initial targets and enhancing return potential. BlackRock's private financing solution platform is well-positioned to take advantage of the market opportunities, given its diversified client base and strong institutional focus.

A：BlackRock is managing risk in the private credit market by having a balanced and diversified client base, strong institutional focus, and by using Aladdin, a comprehensive workflow and data offering, to enhance transparency and risk analytics. This allows BlackRock to remain active across market environments, which should lead to better long-term risk-adjusted returns.

A：BlackRock has visibility on strong future fundraising and deployment across its private credit platform. This is driven by strong commitments from an existing insurance client and a multi-skilling pipeline for similar mandates, as well as progress in HBS's junior capital strategy with approximately $150 million in April subscriptions.

A：BlackRock is innovating in retirement solutions by reimagining savings and spending across longer lives, working with plan sponsors and policy makers for better outcomes, and being at the forefront of the Department of Labor's proposed rule to include private assets in target date funds. With a $600 billion life path target date franchise and net inflows of $15 billion, BlackRock is well-positioned to potentially include private market exposure in defined contribution plans, supported by their leading DCIO business, alternative platform, and technology and data resources.

A：In 2027 and beyond, it is anticipated that there will be a greater need for citizens across countries to utilize their savings by investing in a range of investable products, including both passive and active public and private options.

A：BlackRock is positioned to benefit from the trends in retirement and infrastructure through its global footprint, capital deployment in infrastructure assets like GP 5, and its ability to engage in conversations about capital markets worldwide.

A：The significance of BlackRock's platform lies in its role in tax advantaged portfolios, especially as there is a threat of higher taxes, and in the firm's systematic building of platforms that have contributed to its strength and growth over the years.

A：BlackRock's global platform has allowed the firm to have conversations about the growth and role of capital markets across different regions, including discussions on a capital markets union in Europe and similar engagements in Japan and other regions.

A：In March 2026, BlackRock experienced a month where broad markets were down, with Ed stocks and bonds both trading down. Despite this, BlackRock is noted for improving its market performance, taking share, and delivering more sustained organic growth, aiming for 6 to 7% growth from its structural growth segments.

A：Following the credit tumult, there are potential opportunities for BlackRock to take share in the private markets, particularly in areas where clients are seeking a more whole portfolio relationship to manage their assets through market cycles.

A：There has not been any change in behavior or allocations from sovereign funds in the Middle East due to the conflict. Although discussions are ongoing about how they should play the market and what they should do, there has been no withdrawal from their treasuries and their investment behavior has not changed.

A：The increased client calls and engagement with government leadership are indicative of efforts to stay in front of clients and maintain a trusted partnership role, especially in light of the ongoing conflict and continuous dialogue with partners and friends in the Middle East.

A：BlackRock has seen strong organic base fee growth of 8% annualized in the quarter, with a fee rate up two basis points sequentially, driven by strong market performance in higher-fee public markets, particularly in EM and international equities. The company also noted an improvement in global equity markets in April and has been seeing constructive markets with higher fee rates on flows and strong organic growth, which are contributing to the pull of the fully burdened operating margin of the company.

A：BlackRock's strategy for driving organic base fee growth is centered on a broad public and private markets platform, supported by a track record of consistent script-to-script performance, allowing for a diversified revenue stream. Market changes have positively impacted revenue with the BlackRock equity index being up about 5% in the first two weeks of April, contributing to the recovery of fee revenue from the prior quarter's performance.

A：H资产 is one of the best-performing non-traded BDCs, with an annualized total return since inception, and has had significant subscriptions and strong engagement with wealth clients for evergreen structures. Institutional conversations around private credit are positive, with long-term demand for institutional-grade private credit intact. Retail private markets represent about 10% of BlackRock's base, with stronger institutional fundraising and deployment observed during market pullbacks. Spreads in direct lending and asset-based finance are also seen as attractive.

A：BlackRock has filed a registration statement with the SEC for the Nasdaq 100 index ETF IQT and, due to regulatory restrictions, cannot provide much detail beyond what's in the filing. However, they have a long-standing partnership with Nasdaq and manage a significant amount of assets across various Nasdaq-listed ETFs. BlackRock is looking to facilitate access for U.S. investors with an iShares quality option in a widely tracked index. They believe in the growth potential of iShares and will continue to update the market once the registration period is over.