BlackRock Results Presentation Deck

Illiquid alternatives: Alternative solutions Private equity Alternatives client assets ($ in billions, as of March 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 Client Assets $12 38 29 30 46 76 155 81 $236 $84 $320 Fee Paying AUM $7 30 26 29 31 60 123 80 $203 $84 $287 Non-Fee Paying Commitments $5 8 3 1 15 16 32 1 $33 $33 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) managed by BlackRock Alternative Investors and included in fixed income AUM BlackRock. 9

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