BLK · 8-K · 20261014PR420979

Nonoperating Income Trends

BlackRock, Inc. · 2026-10-14 · Importance 57 · Surprise 64 · No source text

Third-quarter GAAP nonoperating income increased $274 million year over year to $316 million and increased $58 million sequentially. Net gain on investments rose to $353 million from $64 million in Q3 2025, including an approximately $80 million noncash pretax gain on BlackRock’s minority investment in Securitize Corp. and an approximately $22 million noncash pretax gain on its minority investment in Circle Internet Group, compared with an approximately $115 million loss on Circle in the prior-year quarter. Net interest expense increased to $37 million from $22 million year over year. As-adjusted nonoperating income, net of NCI attributable to consolidated sponsored investment products, was $127 million versus a $106 million expense in Q3 2025.

Key facts

• BlackRock, Inc. reported total nonoperating income (GAAP basis) of $316 million for the three months ended September 30, 2026, compared with $42 million in the prior-year quarter. source
• BlackRock, Inc. reported as adjusted nonoperating income (expense), net of NCI - CIPs, as $127 million for Q3 2026 compared with $(106) million in Q3 2025. source
• BlackRock, Inc. reported securities lending revenue of $253 million in Q3 2026, up $50 million from Q3 2025. source
• BlackRock, Inc. reported net gain (loss) on investments of $353 million for the three months ended September 30, 2026. source
• The net gain (loss) to economically hedge deferred cash compensation plans is immediately recognized in nonoperating income (expense), creating a timing difference that will reverse and offset to zero over the life of the award at the end of the multi-year vesting period. source
• Management believes nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, excludes the gain (loss) on the economic hedge of certain deferred cash compensation plans. source
• Management believes excluding the gain (loss) on the economic hedge of deferred cash compensation plans when calculating nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, provides a useful measure of BlackRock’s nonoperating results that impact book value. source

Impact estimates