Why did BLK's Q3 2024 earnings exceed forecasts significantly?

BlackRock's Q3 2024 earnings exceeded forecasts significantly due to a combination of factors:

1. **Revenue Growth**: BlackRock reported a revenue of $5.20 billion for Q3 2024, which represents a 15% increase from the $4.51 billion reported in the same period in 2023. This growth in revenue was driven by higher asset management fees and increased investment advisory and administration fees.
2. **Asset Management Fees**: The company's asset management fees increased to $3.88 billion, up from $3.58 billion in the previous year. This growth was likely due to an increase in assets under management (AUM), which reached $9.43 trillion, up from $8.72 trillion in the prior year.
3. **Private Market Investments**: BlackRock's private market investments also contributed to the revenue growth. The company reported that its private market investments generated returns that were "meaningfully above" their historical averages.
4. **Cost Management**: Despite the increase in revenues, BlackRock's net income increased by only 1.7% to $1.63 billion compared to $1.6 billion in the same period in 2023. This suggests that the company was able to manage costs effectively, which allowed them to achieve higher earnings.

In conclusion, BlackRock's Q3 2024 earnings exceeded forecasts significantly due to strong revenue growth, particularly in asset management fees, private market investments, and effective cost management.