BlackRock Third-Quarter Profit Rises to $1.66 Billion
Higher assets under management and inflows into iShares ETFs helped lift BlackRock's profit, while private-credit redemption requests eased.
Key takeaways
- BlackRock reported third-quarter profit of $1.66 billion, up from $1.32 billion a year earlier.
- Assets under management reached $15.49 trillion, compared with $13.46 trillion a year earlier.
- Net flows into BlackRock's private markets category totaled $15.31 billion in the quarter.
BlackRock reported third-quarter profit of $1.66 billion, up from $1.32 billion a year earlier, as fees increased with assets under management. Shares rose nearly 4% in premarket trading Wednesday.
Profit was $10.57 per share for the three months ended Sept. 30, compared with $8.43 a year earlier. Assets under management reached $15.49 trillion, up from $13.46 trillion.
The increase reflected $134.5 billion in new flows into the firm's iShares ETFs and higher investment valuations amid a strong equity market. Net flows into BlackRock's debt products were $78.2 billion, despite a recent selloff in Treasuries.
BlackRock's net flows in private markets totaled $15.31 billion. The company has said it aims to generate more than $35 billion in revenue by the end of the decade, with over 30% coming from private markets and technology.
Investor redemption requests at BlackRock's HPS Corporate Lending Fund fell to roughly 11.5% of shares in the quarter, from 13.3% in the second quarter. The broader private-credit industry has faced scrutiny over exposure to software companies vulnerable to AI disruption and the opacity of private-market valuations.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
