Investing to Deliver Shareholder Value
Commitment to invest first and then return cash to
shareholders
IRH1221U/M-1946957-1/20
Capital management strategy
Organic business investments
Headcount
G&A
Strategic acquisitions &
minority investments
Seed &
Co-Invest
Key drivers¹
• Headcount to support strategic growth areas
•
Approximately $3.5B in seed and co-
investments²
• Hudson Yards headquarters
•
Over $4B invested through acquisitions and
minority investments since 2012
Focused primarily in technology, alternatives,
global distribution and whole portfolio
Dividends
Share repurchases
Note: For footnoted information, refer to slides 14-15
BlackRock
•
12% dividend growth CAGR since 2012
•
Continue to target a dividend payout ratio of
40-50%
•
Repurchased over $11B in shares since
2012, representing a 20% IRR
12
2View entire presentation