The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · out

capital returned to holders — dividend ~$22.92/yr per share (~$3.5B/yr) + buybacks; plus M&A cash for deployments (GIP/HPS, multi-$B)

high confidence · as of 2026-07-26 · about BlackRock

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the working

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