Blackrock - BLK STOCK NEWS

KBRA has assigned BBB- issuer and senior unsecured debt ratings to BlackRock Private Credit Fund (BDEBT) with a Stable outlook. The ratings are supported by BDEBT's connection to BlackRock, Inc.'s (NYSE: BLK) $86 billion credit platform, including $35 billion dedicated to private middle market direct lending. Key strengths include BLK's $10.6 trillion AUM, BDEBT's investment portfolio of senior secured first lien loans, low non-accruals, and solid asset coverage at 307%.

As of June 30, 2024, BDEBT had $167 million in available credit lines and $7.8 million in cash. The company maintains a quarterly share repurchase program for up to 5% of outstanding common stock. Challenges include a fully secured funding profile, short operating history, and uncertain economic conditions.

KBRA has assigned BlackRock TCP Capital Corp. (NASDAQ: TCPC) an issuer and senior unsecured debt rating of BBB- with a Stable outlook. The rating is supported by TCPC's connection to BlackRock's $86 billion credit platform and its diversified $2.0 billion investment portfolio across 158 companies in 23+ sectors. Key strengths include:

- 80.6% of investments in senior secured first lien loans
- Solid access to capital markets
- Diversified funding mix
- Low secured debt to gross assets ratio of 8.6%
- Strong liquidity of $779.8 million

However, challenges include high non-accruals at 10.5% (cost) and 4.9% (fair value) as of June 30, 2024, though expected to decrease in Q3. TCPC's gross leverage of 1.35x is higher than peers, but net leverage of 1.13x falls within the target range of 0.90x-1.20x.

Vestmark has announced a commercial partnership with BlackRock (NYSE: BLK) to enhance custom model portfolio solutions for registered investment advisors (RIAs). This collaboration combines Vestmark VAST's tax management capabilities with BlackRock's custom model portfolio construction expertise, offering personalized investment solutions at scale.

Key aspects of the partnership include:

• BlackRock will offer standard and RIA custom model portfolios through Vestmark's Manager Marketplace
• Vestmark's Unified Managed Account (UMA) platform integrates various investment strategies within a single custodian account
• Advisors will gain access to Vestmark VAST®, providing personalization and tax management at scale
• The collaboration aims to expand choice for RIAs seeking portfolio design solutions

Vestmark supports six of the ten largest managed account platforms, with $1.5 trillion in assets flowing through its platform and over 65,000 advisors having access to its model marketplace.

BlackRock, Global Infrastructure Partners (GIP), Microsoft, and MGX have launched the Global AI Infrastructure Investment Partnership (GAIIP) to invest in data centers and supporting power infrastructure. The partnership aims to unlock $30 billion in private equity capital, potentially mobilizing up to $100 billion in total investment. GAIIP will focus on expanding AI infrastructure, primarily in the United States, to fuel innovation and economic growth.

Key aspects of the partnership include:

• Investment in new and expanded data centers to meet growing demand for computing power
• Development of energy infrastructure to power these facilities
• Support for an open architecture and broad ecosystem
• Collaboration with NVIDIA for expertise in AI data centers
• Engagement with industry leaders to enhance AI supply chains and energy sourcing

BlackRock's 2024 Read on Retirement®: Advisor Outlook reveals retirement plan advisors are focusing on active and income strategies amid changing market conditions. 81% of advisors are discussing retirement income with clients, and 82% either recommend or are likely to recommend a retirement income solution in the next year.

55% of advisors believe active managers can consistently outperform the market, citing access to more investments, loss protection, and sector choices as key benefits. The survey also highlights a sharp increase in AI adoption, with 53% of advisors likely to use AI-powered tools in the next 12 months, up from 9% currently.

Advisors view client servicing and participant education as important for growth, with 55% differentiating their practice through expertise in meeting participants' needs. However, only 48% currently offer financial wellness plans, indicating room for improvement in education programs.

BlackRock (NYSE: BLK) has announced the expected closing date for its acquisition of Global Infrastructure Partners (GIP) on October 1, 2024, subject to regulatory approvals and customary conditions. The transaction involves a merger where BlackRock will become a subsidiary of a new entity, BlackRock Funding, Inc. (New BlackRock). Existing BlackRock shares will convert one-for-one into New BlackRock shares, which will retain the BLK ticker on the NYSE. The current board and executives will continue their roles in New BlackRock.

Additionally, BlackRock plans to delist its Euro-denominated 1.250% Notes due 2025 from the NYSE and apply for admission to the Official List of The International Stock Exchange (TISE). This decision is related to making BlackRock a wholly-owned subsidiary of New BlackRock and delisting its common stock from the NYSE.

BlackRock (NYSE: BLK) and Partners Group (SIX: PGHN) have announced a strategic partnership to launch a first-of-its-kind multi-private markets model portfolio solution for retail wealth investors. This innovative offering will provide access to private equity, private credit, and real assets in a single portfolio, managed jointly by both firms. The solution aims to simplify and streamline how individual investors and advisors access private markets, addressing the growing demand for alternative investments in the retail wealth sector.

Key features include:

• A single subscription document for ease of access
• Robust operating procedures and risk management
• Three risk profiles for investors to choose from
• Combination of BlackRock and Partners Group funds

This partnership positions both firms to capitalize on the accelerating growth in private markets and managed models, with retail wealth investors expected to increase their allocations to private markets from $2.3T in 2020 to $5.1T by 2025.

BlackRock has announced the planned termination of the iShares® iBonds® Oct 2024 Term TIPS ETF (IBIA). The fund's last trading day and final NAV calculation date is set for October 15, 2024, with liquidation scheduled for October 18, 2024. This aligns with the design of iBonds ETFs, which are structured to mature like individual bonds during a specific window.

As the ETF approaches its final distribution date, it will transition from holding bonds to short-term instruments and cash. Shareholders can expect to receive liquidation proceeds around the liquidation date, subject to their brokerage's processes. BlackRock emphasizes that other iBonds ETFs across various bond types remain available, offering investors tools for building bond ladders and managing interest rate risk in rising rate environments.

GeoWealth, a proprietary technology and turnkey asset management platform (TAMP), has secured an $18 million growth investment led by BlackRock (NYSE: BLK). The funding will support the continued development of GeoWealth's offerings, enabling advisors to meet client demand for a broader range of asset types in a unified account. Kayne Anderson Growth Capital and J.P. Morgan Asset Management also participated in the round.

The capital will be used to enhance GeoWealth's proprietary technology platform, including the development of unified managed account (UMA) capabilities, alternative investments reporting, and tax management functionalities. As of December 31, 2023, GeoWealth's platform supports over $28 billion in assets, with more than 180,000 accounts managed by nearly 200 registered investment advisors (RIAs).