The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

Banking Regulatory Requirements. BlackRock Institutional Trust Company, N.A. ("BTC"), a wholly owned subsidiary of the Company, is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency. Federal banking regulators would be required to take certain actions and permitted to take other actions in the event of BTC’s failure to meet minimum capital requirements that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements.

Quantitative measures established by regulators to ensure capital adequacy require BTC to maintain a minimum Common Equity Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios. Based on BTC’s calculations as of December 31, 2023 and 2022, it exceeded the applicable capital adequacy requirements.


	Actual					For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
(in millions)	Amount		Ratio			Amount		Ratio			Amount		Ratio
December 31, 2023
Total capital (to risk weighted assets)	$	775		145.8	%	$	43		8.0	%	$	53		10.0	%
Common Equity Tier 1 capital (to risk weighted assets)	$	771		145.1	%	$	24		4.5	%	$	35		6.5	%
Tier 1 capital (to risk weighted assets)	$	771		145.1	%	$	32		6.0	%	$	43		8.0	%
Tier 1 capital (to average assets)	$	771		65.9	%	$	47		4.0	%	$	59		5.0	%
December 31, 2022
Total capital (to risk weighted assets)	$	691		126.1	%	$	44		8.0	%	$	55		10.0	%
Common Equity Tier 1 capital (to risk weighted assets)	$	684		124.8	%	$	25		4.5	%	$	36		6.5	%
Tier 1 capital (to risk weighted assets)	$	684		124.8	%	$	33		6.0	%	$	44		8.0	%
Tier 1 capital (to average assets)	$	684		62.8	%	$	44		4.0	%	$	54		5.0	%

Broker-dealers. BlackRock Investments, LLC and BlackRock Execution Services are registered broker-dealers and wholly owned subsidiaries of BlackRock that are subject to the Uniform Net Capital requirements under the Securities Exchange Act of 1934, which requires maintenance of certain minimum net capital levels.

Capital Requirements. At December 31, 2023 and 2022, the Company was required to maintain approximately $1.8 billion and $2.2 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.