BlackRock, Inc. (BLK) Stock Analysis

Research · Sep 3, 2026

[BLK] BlackRock Thesis 2026: Private Markets Pivot Tests Largest Strategic Transformation in 37-Year History

BlackRock FY2025 revenue ~$22.5B (+14% YoY) with adj. operating margin ~43% and AUM reaching ~$12T+ (record high). FY2024-2025 strategic transformation deployed ~$28B+ M&A capital on private markets buildout: Global Infrastructure Partners ($12.5B Oct 2024, +$116B AUM), Preqin ($3.2B Jun 2024, private markets data), HPS Investment Partners ($12B announced Dec 2024, private credit, +$148B AUM expected close 2025). iShares ETF franchise sustained $300-400B annual net inflows. Aladdin technology platform serving 250+ institutional clients globally growing 10-12%. FY2026 thesis: private markets fee economics (4-6x management fee per AUM dollar vs passive) drives revenue mix shift; iShares continues market leadership; Aladdin extension into private markets via Preqin integration; key risks: institutional LP fee compression on private markets funds, Vanguard/State Street ETF pricing pressure, equity market correction.

Research · Aug 25, 2026

Private Credit Faces Loan-Spread Widening

Non-traded fund redemptions of 10-38% pulled bidders out of large sponsor loans; KBDC printed SOFR+566 and FSK saw spreads up to 75bp wider.

Research · Mar 12, 2026

Which ETF issuers benefit most from custody fee compression as servicing competition intensifies?

Custody fee compression driven by intensifying competition among ETF servicers — including Northern Trust's entry into the ICE ETF Hub — creates a tailwind for large ETF issuers. Invesco (IVZ) and BlackRock (BLK) benefit most from their scale and operating leverage, while custodians BNY Mellon (BK) and State Street (STT) face margin pressure offset partly by productivity gains and innovation.

Research · Mar 11, 2026

Which Emerging ETF Issuers Are Most Likely to Switch Custodians as Northern Trust Offers a Credible Alternative?

Northern Trust's entry into ETF custody and administration is cracking open a market long dominated by BNY Mellon and State Street. NTRS is the clearest beneficiary as a credible challenger, State Street is the most structurally exposed incumbent due to its dual role as custodian and rival ETF issuer, and Invesco — a cost-conscious mid-size ETF manager — is the most likely major issuer to explore switching.