贝莱德 (BLK) 2026年第三季度业绩电话会：资金流入2050亿美元及每股收益增长38%lg...

贝莱德2026财年第三季度业绩电话会强调了创纪录的营业收入、营业利润和调整后每股收益，这得益于广泛的资金流入、提振的资本市场，以及在ETF、私募市场和科技业务领域的扩张。管理资产规模达到15.5万亿美元。

核心要点

• 调整后营业收入同比增长19%至78亿美元，营业利润增长27%至33亿美元，每股收益攀升38%至15.93美元。
• 资金净流入总计2050亿美元，推动内生基础管理费增长11%。这是贝莱德连续第九个季度实现5%或以上的增长。
• 管理资产规模达到15.5万亿美元，过去一年增长超2万亿美元。在过去12个月中，该公司吸引了近8700亿美元的资金净流入。
• ETF本季度产生1350亿美元的资金净流入，其中指数债券型ETF以610亿美元领跑，精准型ETF吸引410亿美元，主动型ETF吸引创纪录的220亿美元。
• 调整后营业利润率同比增长320个基点至47.8%。剔除业绩报酬及相关薪酬后，经常性管理费利润率为48.6%，同比提升230个基点。
• 管理层将AI基础设施与算力融资视为重大长期机遇，同时强调更广泛的资产证券化需要可信数据、风险分析和标准化业绩指标。

关键财务数据

非营业业绩包含1.64亿美元的投资净收益，主要与对Securitize和Circle少数股权投资相关的非现金按市值计价收益。调整后税率约为24%。

业务与经营业绩

ETF与公开市场

贝莱德的ETF业务录得1350亿美元资金净流入。指数债券型ETF以610亿美元领跑，精准型ETF吸引410亿美元。主动型ETF增加创纪录的220亿美元，数字资产ETP募集80亿美元。

iShares主动型策略AUM在过去一年增长逾一倍，突破1600亿美元。管理层表示，截至2026财年第三季度，主动型ETF已吸纳600亿美元的资金流入。

固定收益业务本季度产生780亿美元资金净流入，今年迄今达2050亿美元。管理层将这一需求归因于较高的初始收益率，以及投资者对收益和投资组合韧性的关注。主动固定收益产品贡献了140亿美元的净流入。

系统性股票策略本季度产生近300亿美元资金净流入，2026年累计超600亿美元。据该公司称，系统性主动股票策略总AUM已逼近5000亿美元，且超过90%的系统性股票AUM跑赢基准或同类业绩中位数。

机构、零售与现金资金流

在流动性替代投资、美国主动固定收益产品、Aperio和SpiderRock的推动下，零售资金净流入达230亿美元。

机构主动策略吸引440亿美元，私募市场、固定收益、系统性股票和流动性替代投资均呈现资金净流入。机构指数策略录得270亿美元资金净流出，主要集中在低费率的指数股票型产品。

现金管理业务产生310亿美元资金净流入，包括定制化流动性委托、政府基金以及与Circle相关的增长。

私募市场与AI基础设施

私募市场本季度产生150亿美元资金净流入，主要来自基础设施和私募信贷投资落地以及一项房地产委托项目的入驻。在过去12个月中，贝莱德在私募市场共筹集了680亿美元，其中包括与HPS合作首个完整年度内筹集的250亿美元私募信贷。

该公司的AI基础设施合作伙伴计划通过Aligned Data Centers交易完成了首次布局，该交易的企业价值约为400亿美元。贝莱德还通过GIP基础设施投资和HPS私募融资能力，参与了Meta计划在德克萨斯州建设的价值140亿美元数据中心项目的融资。

管理层预计在整个资本结构中均存在机遇，包括投资级债券、私募配售、夹层融资、股权及次级证券。然而管理层亦表示，可广泛交易的算力融资市场的发展需要时间，且需要历史数据、评级机构框架和风险分析体系支撑。

科技与数据

科技服务及订阅收入增长14%，年度合同价值增长12%（按固定汇率计算预计增长13%）。增长反映了新客户的增加以及对Aladdin、eFront和Preqin更广泛的使用。

管理层指出，随着私募市场在客户投资组合中所占比例不断上升，对透明度、投资组合分析和风险管理的需求预计将会增加。

税收优化策略

Aperio的AUM已从收购时的约400亿美元扩大至近2000亿美元。纯多头直接指数化AUM共计1750亿美元，今年迄今流入130亿美元。多空策略AUM达190亿美元，今年迄今流入120亿美元。

Aperio第三季度实现50亿美元资金流入，其中40亿美元流入多空策略，10亿美元流入纯多头策略。2026年税收优化策略的流入资金总额达250亿美元，比去年的创纪录水平高出70%。

管理层业绩展望

• 贝莱德继续将6%至8%视为可持续的内生基础管理费增长区间，在客户交易活跃度较高的时期，有可能上升至高个位数或低两位数。其长期目标仍维持在至少5%。
• 管理层预计2026财年第四季度调整后税率约为25%，具体视离散项目和潜在税法变更而定。
• 在对HPS和Preqin的影响进行年化处理后，该公司继续预计全年一般及行政费用（G&A）将以中单位数百分比增长。
• 贝莱德仍致力于长期实现低至中双位数（10%—15%左右）的年度合同价值增长。
• 取决于市场状况和资本支出计划，该公司预计第四季度将至少进行5.5亿美元的股票回购，与第三季度的回购规模持平。
• 管理层预计第四季度私募市场募资将更为强劲，并指出该季度通常是iShares资金流在季节性上表现最强劲的时期。

风险与关注事项

管理层预计，受通胀、能源价格、地缘政治局势发展、政府财政赤字以及资本供需失衡影响，利率将持续波动。同时管理层预计，由于公共部门借贷与不断增长的私营部门融资需求形成竞争，长期利率在结构上将维持在较高水平。

利润率对市场水平和业绩报酬的构成依然敏感，因为不同性质的业绩报酬对应不同的薪酬支付率。实际有效税率也可能因非经常性项目或税收法规的变更而产生波动。

在税收优化多空策略中，托管和融资模式仍处于适应行业快速增长的调整阶段。贝莱德表示正在扩大融资交易对手方和分销渠道，以应对产能限制。

管理层还指出，私募市场常青基金仍有排队赎回申请，且行业赎回率保持高位，不过预计到第四季度和2027年上半年，市场环境将变得更具建设性。

分析师问答精选

分析师关注的重点集中在内生增长的可持续性、较高长期利率的影响、税收优化策略的容纳能力、利润率扩张以及AI融资等方面。

关于内生增长，管理层表示，资金流入广泛分布于核心配置产品、主动型ETF、系统性策略、私募市场、流动性替代投资和税收优化解决方案。贝莱德还预计规模化的外包合作关系和高评级保险委托将对未来带来管理费的AUM提供支撑。

关于利润率，管理层将提升归因于经常性管理费增长、经营杠杆效应，以及对GIP和HPS的整合（两家的费率相关收益利润率均在50%以上）。该公司认为经常性管理费利润率仍有进一步扩大的空间，但未提供具体的2027年利润率预测。

关于AI，管理层表示，贝莱德打算优先将发起的投资项目注入可产生经常性管理费的长期客户投资组合中。联合分销或分销收入将是增量补充，而非主要经济驱动力。

业绩电话会完整文本

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完整财报电话会议逐字稿

管理层陈述

Operator

Good morning. My name is Jen, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock, Inc. Third Quarter 2026 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer; Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. [Operator Instructions]

Mr. Meade, you may begin your conference.

Christopher Meade

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

So with that, I'll turn it over to Martin.

Martin Small

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the third quarter of 2026. Before I turn it over to Larry, I'll review our financial performance and business results. Our earnings release discloses both GAAP and as adjusted financial results. A reconciliation between GAAP and our as adjusted results has been included in the tables attached to today's press release. I'll be focusing primarily on our as-adjusted results.

A year ago, our clients were focused on managing uncertainty around inflation rates and growth. Today, they're focused on capturing the opportunities created by technology and artificial intelligence. They're focused on infrastructure investment and a renaissance for income investing. Their aiming to secure returns fuels from a new wave of productivity and innovation. There's more money in motion across global capital markets, and there's expanding opportunities for BlackRock and our clients. They're powered by earnings-driven returns, higher yields and broader opportunities to diversify and manage risk through our whole portfolio approach.

The breadth of our platform is deepening our relationships with clients across all channels, retail and institutional and all over the world. Capital is flowing into the infrastructure required to power AI and digital transformation. Wealth portfolios are broadening beyond traditional allocations into personalized solutions delivered at scale. And retirement is being reshaped by growing demand for income and broader investment access.

When clients need advice on capital markets, portfolio construction or a partner to deploy capital at scale across public and private markets, they're coming to BlackRock. We've methodically invested through cycles to build a scaled platform, one that can connect clients across public and private markets with technology. It's paying off now in our results and in the accelerating pipeline ahead. Clients entrusted us with nearly $870 billion of net inflows over the last 12 months, driving 10% organic base fee growth. That's not one product or one region carrying the firm. It's broad-based across client channels, asset classes and geographies.

As we set out in our 2030 plan at last year's Investor Day, we're driving growth in higher value, higher base fee rate categories. And our business mix across public, private and technology is creating more durable and all-weather growth in revenue and earnings. Shareholders are benefiting from that growth. In our first comparable quarter since the HPS close, year-on-year EPS growth accelerated to over 35%.

High momentum across our business is translating into stronger financial outcomes. We again delivered double-digit growth in revenue, operating income and earnings per share, with all 3 measures reaching new records. Our scaled and disciplined financial rubric are helping translate growth into the bottom line. Our operating margin reached 47.8%, up 320 basis points year-over-year.

In the third quarter, BlackRock generated $205 billion of net inflows. Organic base fee growth of 11% marks our ninth consecutive quarter at or above 5%. Our growth continues to broaden across active ETFs, private markets, systematic, SMAs, digital assets and technology. These capabilities are scaling simultaneously, demonstrating the power of BlackRock's platform breadth and the durability of our growth model.

Third quarter revenue of $7.8 billion was 19% higher year-over-year, driven by organic base fee growth, the impact of higher markets on average AUM, higher performance fees and higher technology services and subscription revenue. Operating income of $3.3 billion was up 27% year-over-year. Earnings per share of $15.93 increased 38% versus a year ago, also reflecting higher nonoperating income and a lower diluted share count in the current quarter. Nonoperating results for the quarter included $164 million of net investment gains, primarily due to mark-to-market noncash gains linked to our minority investments in Securitize and Circle.

Our as-adjusted tax rate for the third quarter was approximately 24%. We continue to estimate that 25% is a reasonable projected tax run rate for the fourth quarter of 2026. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

Third quarter base fee and securities lending revenue of $6 billion increased 20% year-over-year, reflecting the positive impact of market beta on average AUM, organic base fee growth and higher securities lending revenue. On an equivalent day count basis, our annualized effective fee rate was approximately flat compared to the second quarter. Sustained client demand for high-value categories, including private markets, active ETFs and systematic continues to support fee rates on net inflows that are well above the firm's blended effective fee rate.

Performance fees of $630 million increased 22% from a year ago, primarily reflecting higher revenue from alternatives, including $110 million of performance fees from HPS. Quarterly technology services and subscription revenue was up 14% compared to a year ago, reflecting sustained demand for our full range of technology offerings.

Annual contract value, or ACV, increased 12% year-over-year. On a constant currency basis, we estimate ACV would have increased 13% from a year ago. We remain committed to low to mid-teens ACV growth over the long term.

Total expense increased 14% year-over-year, primarily driven by higher compensation, sales, asset and account and G&A expense. Employee compensation and benefit expense was up 12% year-over-year, reflecting higher incentive compensation linked to higher operating income and higher performance-related compensation versus the prior year period.

Sales, asset and account expense increased 22% compared to a year ago, driven by higher distribution and servicing costs and direct fund expense. G&A expense was up 6% year-over-year, primarily due to higher technology investment spend. Consistent with our G&A outlook provided in January, after annualizing for the impact of HPS and Preqin, we continue to expect a mid-single-digit percentage increase in full year G&A.

We continue to deliver margin expansion on recurring fee-related earnings. Excluding the impact of all performance fees and related compensation, our adjusted operating margin for the third quarter would have been 48.6%, up 230 basis points year-over-year.

Our capital management strategy remains consistent. We invest first in the business and then return excess cash to shareholders through a combination of dividends and share repurchases. In the third quarter, we repurchased $550 million worth of shares. At present, based on our capital spending plans for the year and subject to market and other conditions, we anticipate repurchasing at least $550 million worth of shares in the fourth quarter. That's consistent with our previous guidance communicated in July.

Turning to flows. BlackRock's third quarter net inflows of $205 billion were diversified across product types, client channels, regions and active and index strategies. ETFs generated $135 billion of net inflows in the third quarter. Index bond ETFs and precision ETFs led the way, generating $61 billion and $41 billion of net inflows, respectively. Continued demand for our growing lineup of active ETFs added $22 billion of net inflows. Our digital assets ETPs raised $8 billion in the quarter. Our ETFs have now delivered a sixth consecutive quarter of double-digit organic base fee growth, powered by higher-value ETF categories such as active and precision.

Retail net inflows of $23 billion were driven by sustained momentum in liquid alternatives, broad-based demand for our U.S. active fixed income offerings and continued inflows across Aperio and SpiderRock. Institutional active net inflows of $44 billion were positive across all product types and were led by strength in private markets, fixed income, systematic equities and liquid alternatives. Institutional index net outflows of $27 billion were concentrated in low fee index equities. In private markets, we saw $15 billion of net inflows, mainly from deployment across infrastructure and private credit and the onboarding of a real estate mandate.

This quarter, we updated our earnings supplement to provide greater transparency into our private market activity and drivers of fee paying AUM. These include metrics such as fundraising, deployment, total AUM and dry powder, which can be found on Pages 9 through 11 of our earnings supplement.

Finally, our cash management platform generated $31 billion of net inflows in the third quarter. These results include fundings into customized liquidity solutions, demand for government funds and continued growth from Circle.

At our Investor Day in June 2025, we set out a vision and a business plan for BlackRock in 2030. Five quarters into the plan, we're delivering at or well above its targets, higher and more consistent organic base fee growth, a more all-weather durable mix of asset management and technology capabilities across public and private markets, consistent operating margin expansion and higher earnings per share. This third quarter notched another strong step on our way to 2030. In more uneven markets, we generated record revenue, operating income and EPS, a more than 47% operating margin and 11% organic base fee growth.

The opportunities ahead for BlackRock continue to expand. Clients are looking for a partner that can connect the whole portfolio to navigate a new environment of capital scarcity, higher long-term yields and a redesign of diversification. I don't believe we can evaluate the investment environment as risk on or risk off any longer. This new environment is about capital allocation acumen. It's about financing advantages through scale, access and breadth of opportunities, and it's about redesigning diversification across the client portfolio. Our industry is being reshaped by the blending of public and private markets and growing demand for technology and data to secure success in client portfolios. These conditions play directly to BlackRock's strength. Client engagement is higher than ever, and we enter our seasonally strongest fourth quarter with significant momentum across the firm and a long runway for growth ahead.

With that, I'll turn it over to Larry.

Laurence Fink

Thank you, Martin. Good morning, everyone, and thank you for joining the call. We've built BlackRock to be a partner to clients everywhere capital markets are moving. We advise clients holistically across public markets, private markets and technology. We do it with a global perspective but with a local lens. In that reach, that ability to cover every corner of a client's whole portfolio puts BlackRock at the center of how capital is moving in the world today. And it's showing up in our results.

Third quarter earnings per share rose 38%. Our operating margins reached 47.8%. Organic base fee growth of 11% growth, reflecting net inflows of $205 billion. Year-to-date net inflows and organic base fee growth are both more than 45% higher than this time last year. Our results reflect the scale of BlackRock today. We generated net inflows across every asset class, every client type, every region and across both active and index. AUM is up over $2 trillion in the last year, and it has now reached $15.5 trillion. We've now operated for a full year with GIP, HPS and Preqin as part of BlackRock. This quarter is the clearest view yet of the earnings power of our integrated platform. It's helping us serve more clients' needs and create more value for shareholders.

For the first time in my career, that's 50 years of a career, I'm seeing genuine shortages of capital. Governments are running historically large deficits, while at the same time, demand for private capital is rising across the economy. Governments need financing for infrastructure. Companies need to fund a generational AI build-out. Individuals need better ways to invest and retire. Everyone is rethinking how they deploy capital, and BlackRock is at the center of many of these conversations. We're both a trusted adviser and a destination for global client capital. That's driving meaningful activity across the firm and a growing pipeline for the future.

This is especially visible through our work with the leading companies at the center of the AI buildout. We have long-standing relationships with these hyperscalers and sovereign wealth funds and pension funds and corporate clients around the world. These long-term relationships are now underpinning some of the largest financing engagements in the market. We partnered with Meta on the financing of its planned $14 billion data center in Texas, bringing together infrastructure investments from GIP, private financing capabilities from HPS. We're also working alongside leading technology companies to create dedicated pools of financing for the customers to expand compute capabilities and capacity. In the near term, these can supply private placements into high-grade insurance mandates. But over time, there's even a larger opportunity to securitize them into tradable structures for a much broader set of clients.

Rob Kapito and I have lived through this playbook before. In the early 1980s, mortgages were loans sitting on bank's balance sheets, [ illiquid ] and hard to price. Fannie Mae and Freddie Mac began cooling them, but that alone didn't make them tradable. What made them tradable was data, years of performance history and understanding of how the performance would move with interest rates and with the changes of the broader economy. Once investors had a trusted time series of data, issuers had a standard to build against and the market opened up for a much bigger group of investors. That combination took the MBS market from a few billion dollars when I started to the trillions of dollars it is today.

Compute capacity is now following a similar path, and we intend at BlackRock to be the center of it as we were then in the beginnings of the mortgage-backed securities market. BlackRock is particularly well positioned to help develop this market because we combine capital formation, but most importantly, technology and data and scale. Thousands of investment professionals just participated in the Aladdin community using our analytics and risk framework to make investment decisions. AI is amplifying the value of Aladdin as we accelerate innovation and create better analytics. As compute capacity emerges as an asset class, the markets will need trusted data, standardized performance metrics and a common framework for risk analytics. These are the capabilities we've spent decades building. They now differentiate BlackRock and working alongside technology companies, investors to establish the infrastructure this potential new market will need and require. These opportunities underscore the strategic logic behind our private markets acquisitions.

We're already mobilizing capital at a greater scale than ever before. Our AI infrastructure partnership recently made its first deployment with the closing of Aligned Data Center transaction, which had an approximately $40 billion enterprise value. We raised $68 billion in private markets over the last 12 months. In private credit, higher base fees are supporting stronger income for investors, making private credit an increasingly attractive source of yield and portfolio diversification.

We raised $25 billion in private credit in our first full year with HPS. We're seeing especially strong traction with insurance companies rotating or adding to high-grade solutions. We expect that to accelerate into year-end and into 2027. Across private markets, we have a strong pipeline of future capital raises and deployment opportunities.

Clients want scaled capital markets access across their entire portfolio, and that's how iShares have led the growth of the ETF industry. iShare's flows were again led by our index bond ETFs with [ $61 billion ] of net inflows as investors shifted into long and short end of the curve. We also saw a strong demand for our AI-linked exposures, our semiconductor and South Korea ETFs were among the highest inflowing products. What sets iShares apart is the breadth and the precision of what we offer. Whatever view an investor holds, they can express it through iShares.

The ETF wrapper is also evolving how investors access actively managed strategies, and iShares is leading the industry with $60 billion of active inflows in 2026, including a record $22 billion of inflows this quarter. iShare's active AUM has doubled in the last year to more than $160 billion. We're already tracking ahead of the $500 million avenue revenue ambition that we laid out last summer.

Investment performance is what ultimately drives active net returns and flows. Performance and scale reinforces each other. BlackRock's technological-driven process delivered investment insights across vast sets of securities. And that scale is what powers consistent performance. Over 90% of our systematic equity AUM is above benchmark or peer media. That performance [indiscernible] second straight record quarter across our broader systematic active equity business. Systematic equity generated nearly $30 billion of net inflows in the third quarter and more than $60 billion of net inflows in 2026. Our systematic equity flows are up 50% compared to last year, and the total AUM is now approaching $500 billion of active investments.

We're seeing the same dynamic in fixed income. Approximately 85% of our taxable fixed income assets were above benchmark or peer medium over 3 and 5 years. That consistently is why clients keep bringing us more of their portfolio. Active fixed net inflows of $14 billion reflected strength across both institutional and retail channels. Clients turn to strategy like strategic income opportunities and total return to capture income in a higher rate environment. Rick and his team has built this performance over decades, and we're reporting it across new wrappers, including our lineup of fixed income ETFs.

Clients are also capturing income opportunities at the short end of the curve. Cash net inflows of $31 billion included several scaled mandates from clients consolidating fragmented liquidity programs into more customized solutions with BlackRock.

Income is especially critical in retirement. In recent years, we innovated to deliver an option for guaranteed income in retirement through LifePath Paycheck. And last month, we introduced our LifePath Solutions framework. It is designed to bring capabilities historically reserved for the largest retirement plans to a broader set of planned sponsors. Our $700 billion global LifePath platform reflects more than 30 years of expertise and gives us a distinctive ability to meet the challenging client needs.

Our brand and reputation are further strengthening through initiatives like BlackRock future builders. As part of the program BlackRock Foundation is deploying capital to connect workers to skill trade training. It's also embedding financial education and digital savings tools to help workers build a more durable economic security, from their first paycheck all the way through to their retirement.

Many of our international pension and corporate clients are navigating structural shifts in retirement savings plans as defined contribution models continue to grow worldwide. For example, plan sponsors in the Netherlands need a partner who can help them manage the shift from defined benefits to defined contribution at scale. And we've already onboarded multiple pension mandates in connection with this transaction.

Last month, the pension fund from the Dutch construction industry named BlackRock as its preferred candidate for an $80 billion outsourced fiduciary mandates, citing our global scale, our execution capabilities and our technology. We're advising clients and government around the world on building durable retirement systems and deepening their local capital markets. And when capital is moving across borders, much of it moves through platforms like ours.

[ Forward ] investment is moving into the U.S. equities and funds in record amounts. That activity is [ benefiting ] BlackRock, with 1/3 of our long-term net inflows coming from clients outside the United States. It's even more pronounced in systematic equity, with more than 70% of the net inflows are coming from international clients. Europe and Asia each saw double-digit organic base fee growth, and the Middle East delivered over 20% global base fee growth. We have a long-term local presence and years of expertise in executing in these regions. It's showing up in strong engagement in some of our highest value growth engines, including systematic equity, private markets, retirement and technology.

Aladdin underpins everything we deliver to clients. Our ACV grew at 12% in the third quarter, reflecting both new onboardings and existing clients expanding their relationship across our technology stack. We have a comprehensive public and private market workflow and data offerings through Aladdin, eFront and Preqin. As private markets become a larger part of client portfolios, the need for transparency, the need for risk management, the need for portfolio analytics can only increase. That's a natural extension of Aladdin's role as an operating system for our entire portfolio for investors worldwide.

Our results prove the power and potential of our integrated firm. Our shareholders are participating in that growth through a 38% increase in earnings per share, a more than 47% operating margin and double-digit organic base fee growth. BlackRock brings together issuer relationships built over decades through public market platforms, financing expertise, investment performance and the technology and data that connects it all. That combination is differentiating BlackRock in every category where we compete and in every region in which we operate. It's why BlackRock has winning mandates at the cutting edge of the capital markets from hyperscalers to compute financing, to pension outsourcing, to Aladdin and frequent partnerships.

We're having accelerated momentum and a broad pipeline spanning whole portfolios, private markets, retirement and throughout our international platforms. More clients are turning to BlackRock as a destination for capital and for a partner for their growth. I'm confident in the opportunities and growth ahead for BlackRock, for our clients and importantly, for our shareholders.

Operator, let's open it up for questions.

Operator

[Operator Instructions] Your first question comes from Michael Cho of JPMorgan.

分析师问答

Y. Cho

I just wanted to touch on organic base fee growth during the quarter. It was a nice acceleration. And we can see from the different contributors, the flows that help drive that. And Martin, I think you called out a few drivers as well. But wondering if you can unpack maybe where you're seeing increasing and maybe increasingly sustained contribution inside some of the various businesses that you highlighted?

Laurence Fink

We'll let's get -- Martin, why don't you take that?

Martin Small

Great. Thanks, Mike. So I'd start by saying we're continuing to execute on the 2030 plan. That's to deliver that durable premium organic base fee growth. Third quarter organic base fee growth was 11%. That's 9 consecutive quarters at or above our 5% long-term target. And it's also the fifth consecutive quarter at or above 8%. I think we've demonstrated that BlackRock can sustainably deliver in that 6% to 8% range. And there's clearly the ability to move above it to high single digits, low double digits in periods of elevated client activity, and you see that in high-value category and strong markets. That can be driven by client preferences, can be driven by increased exposure to international markets, precision semiconductors, the onboarding of large mandates and the timing also, I think, of private markets, fundraising and deployment.

Organic base fee growth this quarter, I think, as Larry and I referenced, it was very well diversified across the platform. We have strong contributions from the systematic businesses, active management broadly, deployment from our AI partnership, fundraising and fee paying on day 1 in our infrastructure mid-market strategies, precision ETFs, Aperio and SpiderRock tax aware as well as cash.

Just a few financial highlights, I think might be helpful to unpack just the breadth that we're delivering in sort of core asset allocation, portfolio diversifiers, tax aware strategies in private markets. If you were to take the $524 billion of year-to-date flows, about $220 billion are in the 5 to 10 bps range. Let's call that broad asset allocation models, core exposures that clients use for long-term holdings. About $270 billion was in the 10 to 60 basis point range, and that's where you're going to find kind of active ETFs, you're going to find country funds, you're going to find exposures that are about managing diversification and also tactical opportunities. And the balance of the flows above 60 basis points are going to be in private markets. They're going to be in liquid alternatives, where we had $25 billion of flows in the quarter with $15 billion in private markets, $9 billion in hedge fund strategies and liquid alternatives.

We see that mix as being strong and durable. And we think that durability really comes from 2 places. It's from what we've talked about consistently as being structural growers. These are just categories that when markets are strong, they're going to grow faster. And when markets are weak, they'll still grow. That's ETFs, that's active management, private markets, systematic SMA solutions. That's showing up in our pipeline. We've got several scaled outsourcing relationships that we expect to fund towards the end of the year and in '27, and we've won a number of these high-grade insurance mandates that are going to drive growth as they're deployed over the coming months and days. So that future organic base fee growth, I think, is strong on the come, and we have line of sight to it.

In private markets, our fundraising plan remains diversified across infrastructure, private credit, multi-alternatives. We have a mix of strategies that are fee paying on raise and others that scale with deployment, and that's going to also support near-term revenue longer-term growth and the sustained ability to deliver at least in that 6% to 8% range.

Second, we're a consolidator. If you look at flows in the industry over the last several years, the top 5 asset managers are consolidating around 80% of the flows. But there's still just this extraordinary amount of industry fragmentation by assets and revenue, so the opportunity to consolidate share in a very, very big fragmented market, where every investor wants to consolidate its relationships to get the most out of its partner, that consolidation of share for us is an avenue of sustained organic growth. Clients really want to do more with BlackRock. You see it in the flows. We've seen it in the momentum in this quarter and this last year. I think it gives the management team here a lot of confidence that we're on the right track and a lot of optimism about our ability to deliver this sustained organic growth that's above target.

Operator

Your next question comes from Michael Cyprys from Morgan Stanley.

Michael Cyprys

I wanted to ask about what you're seeing and hearing from asset owner clients, given the recent move that we've seen higher in terms of long-term interest rates. And to what extent are you seeing clients changing? How they're thinking about relative value? Where they're allocating incremental capital? And if you could maybe tie this into the significant AI infrastructure build-out that's underway. How sensitive do you think that investment opportunity is to higher financing costs? And are you seeing any sort of changes in the pace or economics of those AI projects?

Laurence Fink

Let me turn it to Rob and I'll finish up.

Robert Kapito

So I remember the last time you asked that question, Michael, many years ago, and the answer was bonds are back. And I would say right now, clearly, interest rates are going to be impacted by all of the obvious things, inflation, energy prices, capital supply and demand imbalances and worldwide deficits, geopolitics. And we are expecting more volatility until we can find a balance that right now suggest slightly higher rates, especially in the longer end of the curve.

But let me say that we think fixed income demand remains at the early innings. As you know, for years, investors were forced to take equity risk to generate meaningful income. And today, that has changed dramatically. The 10-year treasury yields more than 5%. Wheel rates are close to 3%. And in the strategies that you know that we have like a bank and SI, we are able to generate yields around 7% in a diversified, high-quality portfolio.

Now these are bellwether returns for creating, what Larry mentioned, our goal of resiliency and durability in portfolios. But what is particularly compelling is that historically for intermediate term bond portfolios, future returns usually tend to track starting yields quite closely. In other words, investors don't need a heroic market outcome. And much of the return opportunity is already embedded in today's income levels.

So we're seeing clients recognize that opportunity. Fixed income generated $78 billion of net inflows in the third quarter and $205 billion year-to-date, reflecting demand for high-quality income and more resilient portfolio construction. And that environment plays directly to BlackRock's strength. Investors can earn attractive levels of income without taking significant duration, volatility and drawdown risk. So if rates stabilize slightly from here, we think there is substantial room for fixed income allocations continue to grow, and our clients now can use the better wrappers that we have for fixed income, especially in bond ETFs, and they are looking to lock in these yields going forward.

Laurence Fink

Related to data centers and financing, let's put it in the context of the overall federal deficits. Federal deficits up to 232 years was $8 trillion, 26 years later, that's $40 trillion. And so the demand and the need of financing the deficits are at obviously record levels. I've been talking about the need for unlocking private capital. We are seeing that unlock, which is fantastic for the United States and fantastic for our potential growth.

But unlocking private capital means a lot of financing, whether it's financing for AI and data centers or financing for companies like Humana, where we announced the big financing yesterday or last week when we announced the financing for AT&T. That is one of the special ingredients for growth in the United States at the role of the capital markets is playing a larger, larger component in that. And so the competition for capital is growing between the federal deficits, which are at record levels. And now we're unlocking private capital and demand for capital in the private sector is growing. And all that means is, at this moment, it means we're going to have structurally higher interest rates for longer and especially out of the curve, and I think that's going to be with us.

Obviously, -- as I spoke in my prepared remarks, it is -- I don't see us having the ability to raise trillions and trillions of dollars of bespoke transactions related to data centers. The need to create a new financing vehicle for compute for chips is imperative for the U.S. to continue to build out to the scale that is necessary. And once we build this out, the entire world is going to be needing to build this out. If you think about a 1 gigawatt data center in the United States is about a $50 billion enterprise cost. 40% of that is the cost of GPUs and chips. The other 60% is power, grid [indiscernible] shell. And all of that comes together.

It is -- we are now seeing financing for the data centers that are based on the lease of the credit. So that's -- and -- but now what we are also [ witnessing ] is the need to build out the scale of chips and compute. If we're going to democratize AI, the faster we could do this, the better we'll be in broadening economic success. This is an imperative.

We cannot have just 5 companies or 7 companies entirely buying out every chip production that is being produced right now. We need the ability to finance startup AI companies, startup companies, but each one of these companies are going to meet the ability to buy these new innovative compute chips. They don't have a credit rating, obviously. And so we have to come up with innovative ways. The best way is that we could do an asset-based financing related to the chips through data, through analytics. Then we could help finance startup companies, the growth of new and young companies. And it can transform America to grow at 3% or greater. And then the debt that I would just talked about will not be as consequential because we can continue to grow our economy at 3-plus percent, our debt to GDP should fall.

Operator

Your next question comes from Craig Siegenthaler with Bank of America.

Laurence Fink

Craig, my team is making fun of me from my last comment.

Craig Siegenthaler

Larry, I hope everyone is doing well. We wanted to dive a little deep into your tax aware suite, both inside and outside the $200 billion plus that sits in Aperio. Where are you seeing the most demand? Can you quantify the 3Q flow? You gave us $7 billion of Aperio flows last quarter. And on the long short tax were specifically, how are you handling the capacity constraints at the 2 largest RA custodians? They've actually been tightening inflows recently and doesn't even matter because these products are going on so many other wealth management platforms, banks, online brokers in parallel?

Unknown Executive

Martin, why don't you take that?

Martin Small

Craig, thanks so much for the question. I heard basically 3 things. Sort of demand overview flows, a little bit of a breakdown and some color on the tax aware strategies and the like. And then second, kind of the growth of long short strategies and the financing of them in and around the custodian. So let me start by saying, I just -- philosophically, you put the clients at the center of these strategies. And for taxable clients, maximizing returns means managing markets and taxes. We're seeing strong demand for tax aware solutions. That's direct indexing. It's long short, and it's SpiderRock's option-based strategy that help with concentrated stock positions and liquidity events.

The Aperio platform has grown from about $40 billion of assets on acquisition to nearly $200 billion in 5 years. It's continuing to see double-digit organic growth. Our direct indexing, sort of traditional long-only AUMs, $175 billion, with about $13 billion of net inflows year-to-date in '26. Long-short AUM is $19 billion, with about $12 billion of net inflows year-to-date '26. Aperio had $5 billion of net inflows in the third quarter, including $4 billion into long short and $1 billion into long only. Our '26 flows in these tax aware strategies of $25 billion are 70% higher than they were in 2025, where we had a record $15 billion, and that's our fifth straight record year in these strategies.

Through SpiderRock, we also offer options-based overlay capabilities that complement direct indexing and tax aware long short strategies as part of a broader whole portfolio solution. SpiderRock generated $3 billion of net inflows [ in '25 ]. Now have 3 back-to-back record quarters in 2026, including $2 billion in the third quarter. So congratulations to Eric Metz and team.

I'd say BlackRock is really differentiating in this space based on service, the breadth of the platform and obviously delivering the outcomes. We're really working with clients not just in the SMAs, but across ETFs, SMAs, direct indexing, long short public-private models, whole portfolio orientation. So that continues to grow well, and we have a really strong pipeline ahead.

In terms of the growth of long short strategies and some of the dynamics happening with the custodians, I'd again start by saying we have a broad value proposition across a whole array of tax advantage strategies. Long/short is a category that's seen rapid expansion. And I'd say the industry custodial model and financing models, they're adjusting. There are really compelling return and financing economics, Craig, for banks, for broker-dealers, the custodians, and we see additional parties entering the market to finance that growth. Long-short industry assets reached $170 billion, I think, that's up -- that's 3x year-over-year. And as I mentioned, our AUM is sort of closing in on $20 billion.

Client demand for these strategy is very strong. As I mentioned, $4 billion of inflows into long short. Our focus is really on doing everything we did long only. And long only, we maximize the number of custodial attachment points we had all around the industry. Our aim is to do the same thing and increase the number of financing counterparties for these strategies for the benefit of our clients. We're broadening our platform relationships, and we'd expect additional access points through distributors and custody partners.

There's been, I think, understandable and appropriate focus on many of these custodial changes. But we've got a diversified group of financing partners and distribution partners and several other providers that are ramping up their capacity. We're working very, very closely with our clients, who are sophisticated private wealth managers, on expanding access at the custodial platforms, on broadening the delivery options through new structures or alternative SMA options like SpiderRock and direct indexing. And then also just providing a lot of clear guidance, education, interfacing with all the partners and financing counterparties to make sure everybody manages the onboarding, the reporting, the operations, the financing with all the high-quality fiduciary care that our clients would expect. But I think a lot more to come in this space, it serves a valuable place in the client's portfolio.

Operator

Your next question comes from Michael Brown with UBS.

Michael Brown

So clearly, very impressive margin expansion this quarter. Maybe just if you could spend a little bit of time unpacking some of the biggest drivers there? And maybe how we should think about the puts and takes into 4Q. Is kind of flattish margins quarter-over-quarter reasonable assumption? And then more broadly, you're on track for roughly 200 basis points of expansion this year. Appreciating you don't like to bake in beta into your outlook, but what does the margin expansion opportunity look like in 2027, assuming a typical market backdrop?

Laurence Fink

Martin?

Martin Small

Thanks. So we continue to deliver industry-leading margins. That's been part of our 2030 strategy. Our operating and recurring fee margins each expanded, as you mentioned, by 200 to 300 basis points year-over-year. Operating margin for the quarter was 47.8%, that's up 320 basis points. And our margin ex performance fees and related comp was 48.6%, up 230 basis points.

In terms of unpacking some of the puts and takes, our reported operating margin, I think you guys understand well, can vary quarter-to-quarter depending on the composition of performance fees, which have varied payout ranges depending on the strategy. Our operating margin was higher this quarter, partially due to the performance fee mix, but excluding performance fees and related comps, we still saw 230 basis points of expansion in our recurring fee margin.

We've talked about building BlackRock around this whole portfolio around the structural growth categories of investment solutions. Those structural growers or private markets, ETFs, SMAs, models, target date technology and flows and base fee growth in these categories, they're just all -- they're all weather, they're less market sensitive. And so we see them as playing a key part in driving structurally higher adjusted operating margins.

The markets continue to have an impact on BlackRock's margins, both up and down, as you mentioned. But our 2030 goal of reaching over 30% of revenue from private markets and technology, that's aimed to dampen that effect and power more steady double-digit EPS growth and margin expansion and also provide more resiliency in client portfolios.

The difference today is that we have the engines in the private markets of Global Infrastructure Partners and HPS, both of which came to BlackRock and operate at FRE margins of north of 50%. Building on that and our other franchises, we think the outlook for margin growth is that we can propel 2 things. First, we can see the margin on fee recurring earnings driving upwards towards the trajectories of all the best-in-class private markets name, so north of 50%. We can do that through the acquired businesses, but we can also do it through highly scaled franchises that we have in ETFs, digital assets and systematic equities, which have high operating leverage, and the ability to grow and create more expansion and profitability. Then with constructive markets, higher fee rates on flows, strong organic growth, we think we can lift the fully burdened adjusted operating margin of the company up even further as well. We operate today at leading margins, and we still see room to scale them going forward.

Operator

Your next question comes from Alex Blostein of Goldman Sachs.

Alexander Blostein

I was hoping to pull on that string of questions around AI for maybe a couple more minutes. So obviously, lots of discussion around the need for capital. I think it's quite well understood, and you obviously articulated that well as well. So as you think about which part of the ecosystem BlackRock feels most comfortable participating in today, whether it's compute or the data center, which part of the capital structure, it feels like building a fully securitized traded market around this could take some time. So how much of a bridge you guys are likely to provide within this over the next couple of years? How it could translate into revenue opportunities for BlackRock? And ultimately, is there a room to build out a capital markets syndication business around that as well like we've seen with some of your alternative peers?

Laurence Fink

Let me start and Martin will follow up. Good question. A, you're right. It's going to take time to get the data and analytics. It will take time to get rating agencies to opine on this new market and come up with metrics. It's going to take time for Aladdin and Preqin to have the data set so we could do the proper analytics and -- but it is a huge priority, and we're focused on it now.

That being said, we are in the mix of [indiscernible] every conversation. In the past week, I've had conversations with every major hyperscaler. It is a large opportunity, both in the financing of GPUs. It is a large opportunity for GPU financing for our HPS team. It is a large opportunity for our GIP team in terms of the build-out and working alongside hyperscalers. Alongside for data centers, as we -- as I announced, we did close on the Aligned Data Center platform. We're actually looking at 2 more platforms that -- throughout the world where we could play a larger, larger role.

But what I said in my prepared remarks does really resonate. As one of the largest shareholders of every major public hyperscaler and technology platform, we're having broad-based conversations with all of them. Obviously, many of them are looking not just to be building out in the United States, but building out in other parts of the world as compute. It could be necessary throughout the world. We're engaged with that. We're going to be a part of that. And I do believe it is going to be a major source of opportunity.

That being said, the clients worldwide are hearing from some of our competitors, at the same time, they're all looking to do the same type of financing. And so it really requires having the unique structuring capabilities working with the hyperscalers, but then working with our clients in terms of what are they looking for, what type of structure are they looking for, what type of guarantees do they need in the back end if it's compute. So all of this is something that we are in front and center and we're working on. And I do believe, as indicated in our private markets growth, in our announced numbers, we're involved. We're getting more involved. And I see this as a major platform for us to grow on. We're presently in the market with a very large transaction now and that we'll know in the next number of months, how that plays out. But we're having conversations literally daily on opportunities that we could help out.

If you think about the need in the United States alone between the need of building at our power grid, the need for securing power and the need for the build-out of [ core ] and shell, we're talking $7 trillion to $9 trillion over the course of the number of years. Obviously, that is a lot of financing. And that's just in the United States. You have other places in the world that are looking for the same type of financing capabilities, too. So it's going to be broad. It's a role that the U.S. capital markets can play, and it's a big opportunity for BlackRock to be a part of this large opportunity.

Martin, do you want to go on and talk about more of that?

Martin Small

I just want to amplify, Alex, one thing that Larry said sort of the CFO's perspective on these things. The future of Western Capital Markets like -- it's here, it's happening right now. And when we talk about the blending of public and private and portfolios, we're not just talking about the client portfolio. We're also talking about how companies finance themselves. The options, the flexibility, the fluidity across public and private markets in financing businesses directly off balance sheet through public private structures, there's going to be so much more of that and it's imperative that it happens well in order to finance this incredible opportunity we have for productivity and innovation through AI.

I think for BlackRock, you're going to see more of the transactions that you've seen already, where we participate in the senior investment-grade public debt markets or 144A that we're participating in kind of holdco notes and mezzanine financing through insurance accounts, and we're participating in equity and junior securities especially through the HPS and GIP platforms. But the ability to deliver that whole cap stack financing and do it at great breadth across geographies, client types, we think that's integral in providing financing solutions for the issuers who we also think of very much as being our clients.

So there's just much more to come. I think that's why Larry's passion is so evident on these calls, which is these pockets are still specialist capital. And if we're going to see a much broader participation, we need to see some weighting basically in the aggregate that becomes GPUs, data centers, compute, et cetera. That's going to require a tremendous amount of analytics, but it's also going to require opening up pension plans and traditional fixed income allocations to these exposures.

And so to your second question, just on syndication, we're first and foremost, a fiduciary business. And our objective is to source attractive investments and then place them in long-term client accounts that generate long-term recurring management fees. So when we originate, the focus is on where that investment can create the most value across our institutional, wealth and insurance client portfolios. Again, our advantage is the breadth of our client base. We have substantial demand across private credit funds, insurance mandates, customized client accounts, pension funds, OCIO mandates. That gives us significant flexibility in matching assets against long-term capital.

So our focus is really on growing fee-paying AUM, placing assets as a fiduciary into long-term client portfolios. If and when there's appropriate syndication and distribution revenues to secure, we will do so. But any syndication and distribution revenues, I think you all should think of as incremental to our model, not the primary driver of value creation. We think there's a much larger opportunity that's more durable in delivering private high grade, private credit in for debt across our platform and just deepening our client relationships over time.

Operator

Your next question comes from Dan Fannon of Jefferies.

Daniel Fannon

So Martin, I wanted to unpack some of your earlier comments around flows and you mentioned an accelerating pipeline. So curious, as you look ahead, what you see as a bigger contributor or what might be changing in some of the mix or asset classes or products as what you've seen here thus far in the first kind of 9 months of the year?

Martin Small

Thanks for the question. So the first thing I'd flag is we are heading into our seasonally strongest fourth quarter. We tend to see sort of 30% to 40% of iShares annual flows happening in the fourth quarter. So I'd expect as we get out into the end of the year here, we'll see that typical seasonality in iShares flows. I think the difference will be that we'll continue to see this mix towards higher value, higher fee rate categories and ETFs, including precision exposures, active ETFs, digital assets, factors and the like.

Second is third quarter tends to be sort of the softest in around private markets fundraising. And so we'd expect to close out the fourth quarter with stronger fundraising towards our annual goals, which includes fee paying day 1 strategies. And then I'm more optimistic that we're going to start seeing evergreen funds in the private markets in the fourth quarter and into the first half of next year, really turn a quarter. We've got about $20 billion in evergreens. We've had about $1.2 billion basically in the quarter of flows, $800 million of gross subscriptions. So I see a turning of the corner there.

I'd flag that just, I think, an increase in base rates is going to bring back, I think, kind of constructive allocations to private credit and retail BDCs in the direct lending space. [ SOFA ] rates go up, private credit performance has been resilient. I think you'll see, and we're having very constructive conversations with distributors around that. We still have redemptions in the queue. The industry rates are higher than they have been, but I think we're heading for a much more constructive environment in Q4 and into the first half when it comes to the returns and the cash on cash yields from evergreen's structures.

Operator

Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

Laurence Fink

Thank you, operator. I want to thank everybody for joining this call this morning and for your continued interest in BlackRock. Our quarter's result reflects a clear view yet of the strength of our integrated platform. I think we can all see the investments we made are showing up in the growth well above our targets. We're just getting started on what we can achieve in the years ahead. We have growing momentum heading into the end of the year, and I'm confident in what's ahead for us, our clients and you, our shareholders.

Thank you, everyone, and have a very nice quarter.

Operator

This concludes today's teleconference. You may now disconnect.

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