Obbligazione BlackStone 2.4% ( US09247XAQ43 ) in USD

BlackStone

90.7494 USD ▲

Stati Uniti

US09247XAQ43 ( in USD )

2.4% per anno ( pagato 2 volte l'anno)

29/04/2030

Prospetto opuscolo dell'obbligazione BlackRock US09247XAQ43 en USD 2.4%, scadenza 29/04/2030

09247XAQ4

AA- ( High grade - Investment-grade )

Aa3 ( High grade - Investment-grade )

30/10/2025 ( In 120 giorni )

BlackRock è la più grande società di gestione patrimoniale al mondo, con investimenti in azioni, obbligazioni e altri asset finanziari per conto di clienti istituzionali e privati.

The Obbligazione issued by BlackStone ( United States ) , in USD, with the ISIN code US09247XAQ43, pays a coupon of 2.4% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/04/2030

The Obbligazione issued by BlackStone ( United States ) , in USD, with the ISIN code US09247XAQ43, was rated Aa3 ( High grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by BlackStone ( United States ) , in USD, with the ISIN code US09247XAQ43, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

424B2
424B2 1 d854555d424b2.htm 424B2
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-224504
CALCULATION OF REGISTRATION FEE

Proposed Maximum
Proposed Maximum
Title of Each Class of Securities
Amount to be
Aggregate Offering
Aggregate Offering
Amount of
to be Registered

Registered

Price Per Unit

Price(1)

Registration Fee(1)
2.400% Notes due 2030

$1,000,000,000

99.920%

$999,200,000

$89,704.78

(1)
Pursuant to Rule 415(a)(6), $1,300,000,000 of unsold securities (the "Unsold Securities") covered by the registrant's previous Registration Statement
on Form S-3 (File No. 333-213143), and such previously paid filing fees of $135,498.58 in connection therewith, were carried forward and included
in the registrant's current Registration Statement on Form S-3 (File No. 333-224504). Of the total $1,300,000,000 aggregate offering price of Unsold
Securities that was carried forward, $991,900,000 aggregate offering price of debt securities were applied to BlackRock, Inc.'s prospectus
supplement, dated April 17, 2019 (File No. 333-224504). This prospectus supplement relates to $999,200,000 aggregate offering price of debt
securities. Therefore, the remaining $308,100,000 aggregate offering price of Unsold Securities and the previously paid fee in connection therewith
are being carried forward as an offset against the registration fee due for this filing. The remaining filing fee of $89,704.78 has been calculated in
accordance with Rule 457(r) of the Securities Act of 1933, as amended.
Table of Contents
PROSPECTUS SUPPLEMENT
(To Prospectus dated April 27, 2018)

$1,000,000,000 2.400% Notes due 2030

The notes will bear interest at the rate of 2.400% per year, and mature on April 30, 2030.
Interest on the notes is payable semi-annually on April 30 and October 30 of each year, beginning on April 30, 2020.
The notes will be unsecured and unsubordinated obligations of BlackRock, Inc. and will rank equal in right of payment with each other and with all our
other unsubordinated indebtedness from time to time outstanding. We may redeem the notes, in whole or in part, at any time at the redemption price
described under "Description of the Notes--Optional Redemption of the Notes."
The notes will not be listed on any securities exchange. Currently, there is no public market for the notes.

Investing in our notes involves risks, including those described in the "Risk Factors" section beginning on page S-6 of
this prospectus supplement and the section entitled "Risk Factors" beginning on page 1 of our Annual Report on
Form 10-K for the year ended December 31, 2018, which is incorporated by reference into this prospectus supplement.

Per Note

Total

Public Offering Price(1)

99.920%
$999,200,000
Underwriting Discount

0.450%
$
4,500,000
Proceeds, before Expenses, to BlackRock, Inc.

99.470%
$994,700,000

(1)
Plus accrued interest, if any, from January 27, 2020.
Interest on the notes will accrue from January 27, 2020.
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
Neither the Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.
The underwriters expect to deliver the notes to purchasers in book-entry form only through the facilities of The Depository Trust Company ("DTC") and
its participants, including Clearstream Banking, société anonyme ("Clearstream"), and Euroclear Bank, S.A./N.V. ("Euroclear"), on or about January 27,
2020, which is the sixth U.S. business day following the date of this prospectus supplement. See "Underwriting--Delayed Settlement" in this prospectus
supplement.

Joint Book-Running Managers

J.P. Morgan

BofA Securities

Wells Fargo Securities
Deutsche Bank Securities

Goldman Sachs & Co. LLC

Co-Managers

Barclays

BNP PARIBAS

Citigroup
Credit Suisse

HSBC

ICBC Standard Bank
Mizuho Securities

Morgan Stanley

RBC Capital Markets

Cabrera Capital Markets LLC

CastleOak Securities, L.P.

Loop Capital Markets
Mischler Financial Group, Inc.

R. Seelaus & Co., LLC

Siebert Williams Shank
Prospectus Supplement dated January 16, 2020.
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Page
ABOUT THIS PROSPECTUS SUPPLEMENT
S-ii
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
S-iv
SUMMARY
S-1
RISK FACTORS
S-6
SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA
S-7
USE OF PROCEEDS
S-9
CAPITALIZATION
S-10
DESCRIPTION OF THE NOTES
S-11
U.S. FEDERAL INCOME TAX CONSIDERATIONS TO NON-U.S. HOLDERS
S-16
UNDERWRITING
S-19
VALIDITY OF THE NOTES
S-25
EXPERTS
S-25
WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION BY REFERENCE
S-26
Prospectus

Page
ABOUT THIS PROSPECTUS

1
BLACKROCK

1
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
RISK FACTORS

1
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

2
WHERE YOU CAN FIND MORE INFORMATION

3
USE OF PROCEEDS

4
RATIO OF EARNINGS TO FIXED CHARGES

4
DESCRIPTION OF DEBT SECURITIES

4
DESCRIPTION OF CAPITAL STOCK

12
DESCRIPTION OF WARRANTS

19
DESCRIPTION OF SUBSCRIPTION RIGHTS

19
CERTAIN ERISA CONSIDERATIONS

20
SELLING STOCKHOLDERS

21
LEGAL MATTERS

22
EXPERTS

22

S-i
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
When used in this prospectus supplement, the terms "BlackRock," "Company," "we," "our" and "us" refer to BlackRock, Inc. and its subsidiaries, unless
otherwise specified.
This document is in two parts. The first part is this prospectus supplement, which contains specific information about us and the terms on which we are
offering and issuing notes. The second part is the accompanying prospectus dated April 27, 2018, which contains and incorporates by reference important
business and financial information about us and other information about the offering.
This prospectus supplement and the accompanying prospectus are part of a registration statement that we filed with the SEC using a "shelf" registration
process. Under this shelf process, we may, from time to time, sell notes in one or more offerings. This prospectus supplement also adds to, updates and
changes information contained in the accompanying prospectus. You should read both this prospectus supplement and the accompanying prospectus as well
as additional information described under "Where You Can Find More Information and Incorporation By Reference" beginning on page S-26 of this
prospectus supplement before investing in our notes. Generally, when we refer to the prospectus, we are referring to both parts of this document combined
together with additional information described under "Where You Can Find More Information and Incorporation By Reference" on page S-26.
Before you invest in our notes, you also should carefully read the registration statement (including the exhibits thereto) of which this prospectus
supplement and the accompanying prospectus form a part, this prospectus supplement, the accompanying prospectus and the documents incorporated by
reference herein and therein.
We are responsible for the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus or in
any free writing prospectus. Neither we nor any of the underwriters have authorized anyone to provide you with different information. We are not, and the
underwriters are not, making an offer to sell our notes in any jurisdiction where the offer or sale is not permitted. You should assume that the information
appearing in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein or therein is accurate only as of
their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.
PRIIPs Regulation/Prohibition of Sales to EEA Retail Investors
The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined
in point (11) of Article 4(1) of Directive 2014/65/EU (as amended or superseded, "MiFID II"); (ii) a customer within the meaning of Directive (EU)
2016/97 (as amended or superseded, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in
point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended or superseded, the "Prospectus
Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering
or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or
otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement and the
accompanying prospectus have been prepared on the basis that any offer of notes in any member state of the EEA will be made pursuant to an exemption
under the Prospectus Regulation from the requirement to publish a prospectus for offers of the notes. This prospectus supplement and the accompanying
prospectus are not a prospectus for the purposes of the Prospectus Regulation.
Notice to Investors in the United Kingdom
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
falling within Article 19(5) of the Financial Services and Markets Act

S-ii
Table of Contents
2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning
of section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) in connection with the issue or sale of any notes may otherwise lawfully be
communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). The notes are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons. This prospectus
supplement and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any
other person in the United Kingdom. Any person who is not a relevant person should not act or rely on this prospectus supplement or the accompanying
prospectus or any of their contents.

S-iii
Table of Contents
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, and other statements
that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to
BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases
such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position,"
"assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will,"
"would," "should," "could," "may" and similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-
looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking
statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from
historical performance.
BlackRock has previously disclosed risk factors in its SEC reports. These risk factors and those identified elsewhere in this prospectus supplement, among
others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction,
withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of
assets under management ("AUM"); (3) the relative and absolute investment performance of BlackRock's investment products; (4) the impact of increased
competition; (5) the impact of future acquisitions or divestitures; (6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any share
repurchases; (8) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection;
(9) the potential for human error in connection with BlackRock's operational systems; (10) the impact of legislative and regulatory actions and reforms,
and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or The PNC Financial Services Group, Inc. ("PNC");
(11) changes in law and policy and uncertainty pending any such changes; (12) terrorist activities, international hostilities and natural disasters, which may
adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (13) the ability to attract and
retain highly talented professionals; (14) fluctuations in the carrying value of BlackRock's economic investments; (15) the impact of changes to tax
legislation, including income, payroll and transaction taxes, and taxation on products or transactions, which could affect the value proposition to clients
and, generally, the tax position of BlackRock; (16) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for
its products; (17) the failure by a key vendor of BlackRock to fulfill its obligations to BlackRock; (18) any disruption to the operations of third parties
whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (19) the impact of BlackRock electing to provide support to its
products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (20) the impact of problems at
other financial institutions or the failure or negative performance of products at other financial institutions.

S-iv
Table of Contents
SUMMARY
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
The following summary is qualified in its entirety by the more detailed information included elsewhere or incorporated by reference into this
prospectus supplement or the accompanying prospectus. Because this is a summary, it may not contain all the information that is important to you.
You should read this entire prospectus supplement and the accompanying prospectus, including the information incorporated by reference herein and
therein, before making an investment decision.
BLACKROCK
Overview
BlackRock, Inc. (NYSE: BLK) is a leading publicly traded investment management firm with $7.43 trillion of AUM at December 31, 2019. With
approximately 16,000 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad
range of investment and technology services to institutional and retail clients worldwide.
Our diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables us to tailor investment
outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income,
alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and
closed-end mutual funds, iShares® ETFs, separate accounts, collective investment trusts and other pooled investment vehicles. BlackRock also offers
technology services, including the investment and risk management technology platform, Aladdin®, Aladdin Wealth, eFront, Cachematrix and
FutureAdvisor, as well as advisory services and solutions to a broad base of institutional and wealth management clients. The Company is highly
regulated and manages its clients' assets as a fiduciary.
BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and
defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds,
supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party
fund sponsors, and retail investors. Furthermore, our structure facilitates strong teamwork globally across both functions and regions in order to
enhance our ability to leverage best practices to serve our clients and continue to develop our talent.
Business Description
Retail
BlackRock serves retail investors globally through a wide array of vehicles across the investment spectrum, including separate accounts, open-end and
closed-end funds, unit trusts and private investment funds. Retail investors are served principally through intermediaries, including broker-dealers,
banks, trust companies, insurance companies and independent financial advisors.
At December 31, 2019, long-term assets managed for retail investors totaled $703.3 billion, or 10% of long-term AUM and 31% of full year long-
term base fees. At that date, our Retail product mix included 36% of long-term AUM in equities, 43% in fixed income, 17% in multi-asset class and
4% in alternatives, primarily invested in actively managed products. The retail client base is diversified geographically, with 70 % of long-term AUM
managed for investors based in the Americas, 25% in EMEA and 5% in Asia-Pacific at year-end 2019.

S-1
Table of Contents
iShares
iShares is the leading ETF provider in the world, with $2.2 trillion of AUM at December 31, 2019, or 33% of long-term AUM and 41% of full year
long-term base fees. Our broad iShares ETF product range offers investors a precise, transparent and efficient way to gain exposure to a full range of
asset classes and global markets that have been difficult for many investors to access, as well as the liquidity required to make adjustments to their
exposures quickly and cost-efficiently.
Institutional
BlackRock serves institutional investors on six continents in sub-categories including: pensions, endowments and foundations, official institutions,
and financial institutions; institutional AUM is diversified across product and region.
Long-term assets managed for institutional investors totaled $3.9 trillion, or 57% of total long-term AUM and 28% of full year long-term base fees at
December 31, 2019. BlackRock's institutional AUM is diversified by product with 49% of long-term AUM in equities, 37% in fixed income, 11% in
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
multi-asset class and 3% in alternatives. Institutional AUM is further diversified by investment style, with 34% of client assets in active strategies and
66% of client assets in index strategies.
Technology Services
BlackRock offers investment management technology systems, risk management services, wealth management and digital distribution tools on a fee
basis to clients, including banks, insurance companies, official institutions, pension funds, asset managers, asset servicers, retail distributors and other
investors across North America, South America, Europe, Asia and Australia.
Aladdin is BlackRock's proprietary technology platform, which serves as the investment and risk management system for both BlackRock and a
growing number of institutional investors around the world. BlackRock offers risk reporting capabilities via the Aladdin Risk offering, as well as
investment accounting capabilities.
Provider Aladdin is a tool used by BlackRock's custodial partners, connecting them to the platform to add operational efficiency. BlackRock also
offers a number of wealth management technology tools offering digital advice, portfolio construction capabilities and risk analytics for retail
distributors. These tools include Aladdin Wealth, which provides wealth management firms and their financial professionals with institutional-quality
business management, portfolio construction, modeling and risk analytics capabilities, FutureAdvisor, a digital wealth management platform that
provides financial institutions with technology-enabled investment advisory capabilities to manage their clients' investments, Cachematrix, a leading
provider of financial technology which simplifies the cash management process for banks and their corporate clients in a streamlined, open-
architecture platform, and eFront, a leading alternative investment management software and solutions provider.
Cash Management and Securities Lending
BlackRock offers a variety of cash management mandates to clients around the world. Cash management products include taxable and tax-exempt
money market funds and customized separate accounts. Portfolios are denominated in U.S. dollars, Canadian dollars, Australian dollars, Euros, Swiss
Francs, New Taiwan Dollars or British pounds. Cash management has grown, in part, due to the successful integration of acquisitions to strengthen
our platform and leverage our scale, including the 2017 acquisition of Cachematrix, a distribution technology portal enabling corporate treasurers to
allocate among cash management products, and the 2016 transaction with BofA® Global Capital Management. Cash management AUM was $545.9
billion at December 31, 2019.

S-2
Table of Contents
Securities lending is managed by a dedicated team, supported by quantitative analysis, proprietary technology and disciplined risk management.
BlackRock receives both cash (primarily for U.S. domiciled portfolios) and noncash collateral under securities lending arrangements. The cash
management team invests the cash we receive as collateral for securities on loan in other portfolios. Fees for securities lending for U.S. domiciled
portfolios can be structured as a share of earnings, or as a management fee based on a percentage of the value of the cash collateral or both. The value
of the securities on loan and the revenue earned are captured in the corresponding asset class being managed. The value of the collateral is not
included in AUM.
Ownership
BlackRock is an independent, publicly traded company, with no single majority shareholder and a majority of independent directors on its Board of
Directors. At December 31, 2019, PNC owned approximately 22.0% of BlackRock's voting common shares outstanding and approximately 22.4% of
the total capital stock, which includes both common stock and all of our outstanding nonvoting preferred stock.
AUM by Product Type

December 31,

2019

2018

(in millions)

(unaudited)
(audited)

Equity

$ 3,820,329
$ 3,035,825
Fixed income

2,315,392
1,884,417
Multi-asset

568,121

461,884
Alternatives

178,072

143,358
Long-term

6,881,914
5,525,484

Cash management

545,949

448,565
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
Advisory

1,770

1,769

Total

$ 7,429,633
$ 5,975,818

Our principal office is located at 55 East 52nd Street, New York, New York 10055. Our telephone number is (212) 810-5300.

S-3
Table of Contents
The Offering

Issuer
BlackRock, Inc.

Securities Offered
$1,000,000,000 aggregate principal amount of 2.400% Notes due 2030.

Maturity Date
April 30, 2030.

Interest Rate
2.400% per year.

Interest Payment Dates
April 30 and October 30 of each year, beginning April 30, 2020.

Redemption of the Notes
The notes may be redeemed prior to January 30, 2030 (three (3) months prior to maturity) in
whole or in part at any time, at our option, at a "make-whole" redemption price. In the case
of any such redemption, we will also pay accrued and unpaid interest thereon, if any, to the
redemption date. For more detailed information on the calculation of the redemption price,
see "Description of the Notes--Optional Redemption of the Notes."

The notes may be redeemed on or after January 30, 2030 (three (3) months prior to maturity)
in whole or in part at any time, at our option, at 100% of the principal amount of the notes. In
the case of any such redemption, we will also pay accrued and unpaid interest, if any, thereon
to the redemption date.

Priority
The notes will be our unsecured and unsubordinated obligations and will rank equal in right
of payment with each other and with all our existing and future unsubordinated indebtedness.
We are a holding company and, accordingly, substantially all of our operations are conducted
through our subsidiaries. As a result, our debt is "structurally subordinated" to all existing
and future debt, trade creditors and other liabilities of our subsidiaries. Thus, our rights as a
creditor would be effectively junior to any security interest in the assets of our subsidiaries
and any indebtedness of our subsidiaries senior to that held by us. Our rights, and the rights
of our creditors, to participate in any distribution of assets of any subsidiary upon its
liquidation or reorganization or otherwise would be subject to the prior claims of that
subsidiary's creditors, except to the extent that our claims as a creditor of such subsidiary
may be recognized. As of December 31, 2019, we had outstanding a principal amount of
$4.96 billion of unsecured long-term indebtedness and no short-term indebtedness.

Covenants
The indenture includes requirements that must be met if we consolidate or merge with, or
sell all or substantially all of our assets to, another entity.

Trustee
The Bank of New York Mellon.

S-4
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
Table of Contents
Additional Notes
From time to time, without the consent of the holders of the notes, we may issue additional
debt securities having the same priority and the same interest rate, maturity and other terms
(except for the issue date, public offering price, and, in some cases, the first interest payment
date and the initial interest accrual date) as the notes. Any such additional debt securities will
constitute a single series of debt securities under the indenture with the previously issued
notes; provided that if the additional debt securities are not fungible with the notes for U.S.
federal income tax purposes, such additional debt securities will be issued with a separate
CUSIP number.

Use of Proceeds
The net proceeds from this offering will be $994,700,000 after deducting the underwriting
discount and before deducting other estimated offering expenses payable by us. We intend to
use the net proceeds from this offering for general corporate purposes. See "Use of Proceeds"
in this prospectus supplement.

Denominations and Form
The notes will be book-entry only and registered in the name of a nominee of DTC.
Investors may elect to hold interests in the notes through Clearstream or Euroclear, as
operator of the Euroclear System, if they are participants in these systems, or indirectly
through organizations that are participants in these systems. The notes will be issued only in
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Risk Factors
Investing in the notes involves substantial risks. See "Risk Factors" beginning on page S-6 of
this prospectus supplement and the section entitled "Risk Factors" beginning on page 18 of
our Annual Report on Form 10-K for the year ended December 31, 2018, which is
incorporated by reference herein, for a description of certain risks that you should consider
before investing in the notes.

S-5
Table of Contents
RISK FACTORS
Any investment in our notes involves a high degree of risk. You should carefully consider the risks described below and all of the information contained in
this prospectus supplement and the accompanying prospectus before deciding whether to purchase our notes. In addition, you should carefully consider,
among other things, the matters discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018, and other
documents that we subsequently file with the SEC, all of which are incorporated by reference into this prospectus supplement. The risks and uncertainties
described below and in our Annual Report on Form 10-K for the year ended December 31, 2018 are not the only risks and uncertainties we face.
Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any such
risks actually occur, our business, financial condition and results of operations would suffer.
Risks Related to the Offering
Our indebtedness could limit cash flow available for our operations, could adversely affect our ability to service debt or obtain additional financing if
necessary, or reduce our flexibility in planning for, or reacting to, changes in the market.
As of December 31, 2019, we had outstanding an aggregate principal amount of $4.96 billion of unsecured long-term indebtedness. Our indebtedness
could limit our flexibility in planning for, or reacting to, changes in the market in which we compete. Although we believe we have adequate sources of
liquidity to meet our anticipated requirements for working capital, debt service, capital expenditures and cash dividend payments, there can be no
assurance that our cash flow from operations will be sufficient to service our debt, which may require us to borrow additional funds for that purpose,
restructure or otherwise refinance our debt.
The notes are obligations exclusively of BlackRock, Inc. and not of our subsidiaries and payment to holders of the notes will be structurally
subordinated to the claims of our subsidiaries' creditors.
The notes are not guaranteed by any of our subsidiaries. As a result, liabilities, including indebtedness or guarantees of indebtedness, of each of our
subsidiaries will rank effectively senior to the indebtedness represented by the notes, to the extent of such subsidiary's assets. In addition, the indenture
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
governing the notes does not restrict the future incurrence of liabilities or issuances of preferred stock, including unsecured indebtedness or guarantees of
indebtedness, by our subsidiaries.
The notes will be effectively junior to secured indebtedness that we may issue in the future.
The notes are unsecured. Holders of any secured debt that we may issue in the future may foreclose on the assets securing such debt, reducing the cash
flow from the foreclosed property available for payment of unsecured debt, including the notes. Holders of our secured debt also would have priority over
unsecured creditors in the event of our bankruptcy, liquidation or similar proceeding. As a result, the notes will be effectively junior to any secured debt
that we may issue in the future.
There is no public market for the notes, which could limit their market price or your ability to sell them.
We can give no assurances concerning the liquidity of any market that may develop for the notes offered hereby, the ability of any investor to sell the
notes, or the price at which investors would be able to sell them. If a market for the notes does not develop, investors may be unable to resell the notes for
an extended period of time, if at all. If a market for the notes does develop, it may not continue or it may not be sufficiently liquid to allow holders to resell
any of the notes. Consequently, investors may not be able to liquidate their investment readily, and lenders may not readily accept the notes as collateral for
loans.

S-6
Table of Contents
SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA
The selected condensed consolidated historical income statement data for the years ended December 31, 2018, 2017 and 2016 and the selected consolidated
historical balance sheet data as of December 31, 2018, 2017 and 2016, presented below have been derived from our audited consolidated financial
statements. The selected condensed consolidated historical income statement data for the nine months ended September 30, 2019 and 2018 and the selected
consolidated historical balance sheet data as of September 30, 2019 presented below have been derived from our unaudited consolidated financial
statements. In the opinion of management, the unaudited financial statements provided herein have been prepared on substantially the same basis as the
audited consolidated financial statements and reflect all normal and recurring adjustments necessary for a fair statement of the information for the periods
presented. Results for the nine months ended September 30, 2019 may not be indicative of the results for the year ending December 31, 2019. All financial
data presented in this prospectus supplement has been prepared in accordance with United States generally accepted accounting principles.
This information should be read in conjunction with our consolidated financial statements (including the related notes thereto) and the disclosure under
"Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended
December 31, 2018, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, each of which is incorporated by reference into
this prospectus supplement.

Nine Months Ended
Year Ended

September 30,

December 31,

2019

2018

2018

2017

2016

(in millions)

(unaudited)

(audited)

Income statement data:

Revenue

Investment advisory, administrative fees, and securities lending revenue
$ 8,688 $ 8,774
$11,553
$10,868 $ 9,848
Investment advisory performance fees

211
312

412

594
295
Technology services revenue

700
582

785

657
588
Distribution fees

799
884
1,155
1,183 1,198
Advisory and other revenue

164
212

293

298
332

Total revenue
10,562 10,764
14,198
13,600 12,261

Expense

Employee compensation and benefits
3,258 3,300
4,320
4,253 3,878
Distribution and servicing costs
1,247 1,255
1,675
1,663 1,608
Direct fund expense

733
774

998

895
757
General and administration
1,243 1,189
1,638
1,446 1,278
Restructuring charge

--
--

60

--
76
Amortization of intangible assets

68
35

50

89
99

Total expense
6,549 6,553
8,741
8,346 7,696

Operating income
4,013 4,211
5,457
5,254 4,565
Total nonoperating income (expense)

140
(7)

(79)

5
(110)

Income before income taxes
4,153 4,204
5,378
5,259 4,455
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

424B2
Income tax expense

961
829
1,076

270 1,289

Net income
3,192 3,375
4,302
4,989 3,166
Less: net income (loss) attributable to noncontrolling interests

17
(3)

(3)

37
(2)

Net income attributable to BlackRock, Inc.
$ 3,175 $ 3,378
$ 4,305
$ 4,952 $ 3,168

S-7
Table of Contents

September 30,
December 31,

2019

2018

2017

2016

(in millions)

(unaudited)
(audited)

Balance sheet data:

Cash and cash equivalents

$
4,476
$
6,302
$
6,894
$
6,091
Investments

$
2,117
$
1,796
$
1,981
$
1,595
Goodwill and intangible assets, net

$
32,959
$
31,365
$
30,609
$
30,481
Total assets(1)

$
163,872
$
159,573
$
220,241
$
220,198
Borrowings

$
5,932
$
4,979
$
5,014
$
4,915
Total liabilities(1)

$
130,268
$
126,033
$
187,977
$
190,864

(unaudited)
(unaudited)

Assets under management:

Total assets under management

$
6,963,932
$ 5,975,818
$ 6,288,195
$ 5,147,852

(1)
Includes separate account assets that are segregated funds held for purposes of funding individual and group pension contracts and collateral held
under securities lending agreements related to these assets that have equal and offsetting amounts recorded in liabilities and ultimately do not impact
BlackRock's stockholders' equity or cash flows.

S-8
Table of Contents
USE OF PROCEEDS
The net proceeds from this offering will be $994,700,000 after deducting the underwriting discount and before deducting other estimated offering expenses
payable by us. We intend to use the net proceeds from this offering for general corporate purposes.

S-9
Table of Contents
CAPITALIZATION
The following table sets forth our consolidated capitalization as of September 30, 2019 (1) on a historical basis and (2) as adjusted to give effect to this
offering. The information set forth below should be read in conjunction with, and is qualified in its entirety by reference to, our unaudited condensed
consolidated financial statements and the related notes thereto contained in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019,
which is incorporated by reference into this prospectus supplement.

September 30, 2019

(in millions, except shares data)

Actual
As Adjusted
Cash and cash equivalents

$ 4,476
$
5,469

Long-term borrowings:(1)

5.00% Notes due 2019(2)

1,000

1,000
4.25% Notes due 2021

749

749
3.375% Notes due 2022

748

748
3.50% Notes due 2024

996

996
1.25% Notes due 2025(3)

758

758
https://www.sec.gov/Archives/edgar/data/1364742/000119312520010166/d854555d424b2.htm[1/21/2020 8:50:54 AM]

Document Outline

#1">
- #1">