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BlackRock$BLK · filed: grew revenue 18.7% in FY2025 to $24.2BNew shipNext year $24.2B–$29.8B sealedCheck ▾Close ▴
What BlackRock filed
Grew revenue 18.7% in FY2025 to $24.2 billion, operating margin 29.1% against a 24.4% median for security brokers, dealers & flotation companies, equity 32.9% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on BlackRock’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $24.2B and $29.8B, an 80% range sealed on 26 Sept 2026 · receipt #592edd · graded in public by the revenue in BlackRock’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
BlackRock's **$12 billion** HPS acquisition creates the second-largest private credit platform and signals industrial consolidation in alternatives distribution.
$12 billion
in cash and stock
$148 billion
in private credit assets under management
$345 billion
private credit book
8.1%
of HPS's AUM
BlackRock agreed to acquire HPS Investment Partners for $12 billion in cash and stock, immediately adding $148 billion in private credit assets under management. The transaction, expected to close in mid-2025, vaults BlackRock past Apollo and within range of Ares Management's $345 billion private credit book. HPS specializes in direct lending to sponsor-backed middle-market companies, structured credit, and stressed-and-distressed situations—three segments where BlackRock's existing Alternatives platform had limited sourcing.
The deal structure pays roughly 8.1% of HPS's AUM, a premium to the 6-7% multiples seen in recent alternatives M&A. BlackRock will issue $4.8 billion in equity to HPS partners, who retain economic interests tied to fund performance through 2028. The remaining $7.2 billion comes from balance sheet cash, leaving BlackRock's $38 billion liquidity reserve largely intact. HPS generated $1.1 billion in fee-related earnings over the trailing twelve months, implying a 10.9x FRE multiple—defensible given the platform's 94% client retention rate and $27 billion in uncalled commitments.
The acquisition solves two problems. First, it closes the origination gap. BlackRock's private credit efforts grew organically to $85 billion, but client conversations centered on syndicated credit and mezz structures rather than direct sponsor relationships. HPS maintains exclusive or preferred lender arrangements with 34 private equity sponsors, including Silver Lake, Thoma Bravo, and Vista Equity Partners. Those relationships funnel $18-22 billion in annual origination volume, with hold sizes between $300 million and $1.2 billion per deal. Second, it accelerates distribution into insurance general accounts. HPS manages $41 billion on behalf of life insurers seeking NAIC 2-rated private credit exposure. BlackRock's Aladdin platform already services $1.4 trillion in insurance assets; the combination allows cross-selling into capital-light fee streams.
The timing reflects allocation velocity. Private credit fundraising reached $246 billion globally in 2024, up 23% year-over-year, while traditional leveraged loan issuance fell 11%. Pension funds and sovereign wealth vehicles are shifting from 2-4% private credit allocations in 2021 to target weights of 8-12% by 2026. BlackRock's institutional client base holds $7.8 trillion in aggregate, but only $190 billion sits in private credit mandates. HPS adds immediate deployment capacity without the 18-24 month lag required to build origination infrastructure.
Allocators should monitor three follow-on events. BlackRock will consolidate HPS's back-office onto Aladdin by Q3 2025, which historically surfaces 15-20% expense synergies within twelve months. Second, watch for a co-mingled evergreen private credit vehicle targeting retail and non-U.S. distributors by late 2025. Third, expect BlackRock to pursue a life insurance carrier acquisition in the next 18 months to internalize the spread between credit yields and policy liabilities—Apollo's playbook since acquiring Athene.
HPS founder Scott Kapnick will join BlackRock's Global Executive Committee and run the combined private credit business. He previously spent sixteen years at Goldman Sachs, departing in 2007 to launch HPS with $1.8 billion in seed capital from a single family office. The firm has since returned 9.2% net IRR across vintage years, with zero fund write-downs during the 2020 credit dislocations.
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For the principal
This accelerates private credit allocation timelines—direct lending managers with embedded sponsor relationships now trade at 10x+ FRE multiples.
For the operator
Watch BlackRock's Q3 2025 Aladdin integration; operational cost saves and cross-sell into insurance mandates are the 18-month value unlock.
For the house
Rotate capital toward remaining independent scale platforms—Ares, Blue Owl, Sixth Street—before valuation compression hits sub-$50 billion AUM shops.
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