v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

19. Related Party Transactions

Determination of Related Parties

Registered Investment Companies and Equity Method Investments. The Company considers the registered investment companies that it manages, which include mutual funds and exchange-traded funds, to be related parties as a result of the Company’s advisory relationship. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee.

Revenue from Related Parties

Revenue for services provided by the Company to these and other related parties are as follows:

(in millions)

 

2023

 

 

2022

 

 

2021

 

Investment advisory, administration fees and securities lending revenue(1)

 

$

10,757

 

 

$

10,848

 

 

$

11,474

 

Investment advisory performance fees(1)

 

 

286

 

 

 

244

 

 

 

555

 

Advisory and other revenue(2)

 

 

(31

)

 

 

(31

)

 

 

(16

)

Total revenue from related parties

 

$

11,012

 

 

$

11,061

 

 

$

12,013

 
(1)
Amounts primarily include revenue from registered investment companies and equity method investees.
(2)
Amounts primarily include the Company’s share of the investee’s underlying net income or (loss) from equity method investees.

The Company provides investment advisory and administration services to its open- and closed-end funds and other commingled or pooled funds and separate accounts in which related parties invest.

Receivables and Payables with Related Parties. Due from related parties, which is included within other assets on the consolidated statements of financial condition, was $203 million and $396 million at December 31, 2023 and 2022, respectively, and primarily represented receivables from certain investment products managed by BlackRock. Accounts receivable at December 31, 2023 and 2022 included $1.1 billion and $1.0 billion, respectively, related to receivables from BlackRock mutual funds and ETFs, for investment advisory and administration services.

Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $21 million and $15 million at December 31, 2023 and 2022, respectively, and primarily represented payables to certain investment products managed by BlackRock.