Asset manager securities lending revenue growth measures year-over-year growth in revenue earned from lending eligible portfolio securities under the manager's program.
BlackRock reported 40% year-over-year securities-lending revenue growth in the second quarter of 2026.
Securities lending is a distinct fee engine
The revenue depends on lending demand, available inventory, spreads, collateral arrangements, and client-sharing economics.
It should not be treated as ordinary management-fee growth.
AUM alone does not determine securities-lending revenue
Two portfolios with similar asset values can produce different lending economics depending on which securities are lendable and how heavily they are demanded.
Compare it with base-fee revenue growth and ETF AUM.
Primary source: BlackRock Q2 2026 earnings supplement.
Part of the Asset Manager Platform Economics
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- BLKOpen operating-model research →10 of 10 reviewed concepts in Asset Manager Platform EconomicsRecurring, variable, and technology monetization4 of 4 bridge concepts supportedContinue through this bridge:Base Fee Revenue GrowthPerformance Fee Revenue GrowthTechnology & Subscription Growth
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Compare asset-manager economics
Compare securities-lending revenue as a distinct monetization engine rather than a simple function of AUM.
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