16. Related Party Transactions

Determination of Related Parties

PNC. The Company considers PNC, along with its affiliates, to be related parties based on the level of its ownership of BlackRock capital stock. At December 31, 2015, PNC owned approximately 21.1% of the Company’s voting common stock and held approximately 22.2% of the total capital stock.

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

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

	Year ended December 31,
(in millions)	2015		2014		2013
Investment advisory, administration fees and securities lending revenue:
PNC and affiliates	$	4	$	5	$	5
Registered investment companies/equity method investees		6,871		6,733		5,986
Total investment advisory, administration fees, and securities lending revenue		6,875		6,738		5,991
Investment advisory performance fees		129		173		185
BlackRock Solutions and advisory:
PNC and affiliates		7		7		7
Equity method investees		—		6		11
Other		—		—		5
Total BlackRock Solutions and advisory		7		13		23
Other revenue:
PNC and affiliates		3		3		3
Equity method investees		70		67		58
Total other revenue		73		70		61
Total revenue from related parties	$	7,084	$	6,994	$	6,260

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. In addition, the Company provides investment advisory and administration services to PNC and its affiliates for fees based on AUM. Further, the Company provides risk management services to PNC. The Company records its investment advisory and administration fees net of retrocessions.

Aggregate Expenses for Transactions with Related Parties

Aggregate expenses included in the consolidated statements of income for transactions with related parties are as follows:

	Year ended December 31,
(in millions)	2015		2014		2013
Expenses with related parties:
Distribution and servicing costs
PNC and affiliates	$	2	$	2	$	2
Total distribution and servicing costs		2		2		2
General and administration expenses
Other registered investment companies		60		55		50
Other		18		5		—
Total general and administration expenses		78		60		50
Total expenses with related parties	$	80	$	62	$	52

Certain Agreements and Arrangements with PNC

PNC. On February 27, 2009, BlackRock entered into an amended and restated implementation and stockholder agreement with PNC, and a third amendment to the share surrender agreement with PNC.

Receivables and Payables with Related Parties. Due from related parties, which is included within other assets on the consolidated statements of financial condition was $73 million and $89 million at December 31, 2015 and 2014, respectively, and primarily represented receivables from certain investment products managed by BlackRock. Accounts receivable at December 31, 2015 and 2014 included $705 million and $747 million, respectively, related to receivables from BlackRock mutual funds, including iShares, for investment advisory and administration services.

Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $18 million and $12 million at December 31, 2015 and 2014, respectively, and primarily represented payables to certain investment products managed by BlackRock.