BlackRock reported Q4 revenue of $7.01 billion (up 23% YoY) and record AUM of $14 trillion, driven by $40 billion of net private-market inflows and a 40% YoY increase in fee-paying alternatives. The firm aims to raise $400 billion in private markets by 2030, leveraging its $3.5 billion Preqin acquisition, Aladdin platform, and upcoming tokenized indexing.