BlackRock Results Presentation Deck

Illiquid alternatives: Alternative solutions Private equity Alternatives client assets ($ in billions, as of December 31, 2023) Opportunistic & credit strategies Real assets: Real estate Infrastructure Real assets subtotal Total illiquid alternatives Liquid alternatives Total illiquid and liquid alternatives Memo: Liquid credit Total illiquid and liquid alternatives and liquid credit BlackRock Client Assets $13 42 34 28 51 79 168 75 $243 $84 $327 Fee Paying AUM $7 35 31 28 36 64 137 74 $211 $84 $295 Non-Fee Paying Commitments $6 7 3 15 15 31 1 $32 $32 Definitions: Client Assets: Alternatives assets at BlackRock across AUM and non-fee paying committed capital Fee Paying AUM: Assets reported in BlackRock's AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage Non-Fee Paying Commitments: Uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds) Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM Totals may not add due to rounding. 12

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