BlackRock, Inc. (BLK) posted an as-adjusted operating margin of 47.8% in the third quarter, up 320 basis points from a year earlier, as the company reported 11% annualized organic base fee growth, compared with 8% organic base fee growth reported for the second quarter.

The asset manager said the faster base-fee run rate reflected broad-based inflows across iShares ETFs, systematic active equities, private markets, and cash. The quarterly income statement reported GAAP revenue of $7.752 billion, up 19% year over year, compared with the 31% revenue increase reported in the second quarter.

As-adjusted diluted earnings were $15.93 a share, up 38% from a year earlier, after a 15% year-over-year increase in the second quarter. GAAP diluted earnings were $10.57 a share. The as-adjusted EPS increase also reflected higher nonoperating income.

Total net inflows were $205.5 billion in the quarter, after $192 billion of net inflows in the second quarter. Long-term net inflows were $174.8 billion in the quarter, bringing the year-to-date total to $510 billion. Cash management net inflows were $30.7 billion.

Assets under management ended September 30 at $15.49 trillion. Average AUM was $15.46 trillion in the third quarter. Trailing-twelve-month net inflows were $869 billion, representing 10% organic base fee growth.

ETFs generated $134.5 billion of net inflows in the quarter, bringing year-to-date ETF net inflows to $444 billion. Active net inflows were $66.4 billion in the quarter. Institutional index net outflows were $27.4 billion in the quarter. Private markets net inflows were $15.3 billion in the quarter.

Chairman and Chief Executive Officer Laurence D. Fink said the company’s track record of strong investment performance drove the $66 billion of active net inflows, led by fixed income and systematic franchises, and that iShares inflows were diversified across categories and global product lines. He said BlackRock raised $68 billion in private markets over the last twelve months and that its AI Infrastructure Partnership made its first deployment in the quarter.

Investment advisory, administration fees and securities lending revenue were $6.036 billion. Investment advisory performance fees were $630 million, versus $305 million in the second quarter. Technology services and subscription revenue rose 14% year over year to $588 million, versus 13% year-over-year growth in the second quarter. Distribution fees were $414 million. Advisory and other revenue was $84 million.

GAAP operating income rose 19% year over year to $2.328 billion, versus a 42% year-over-year increase in the second quarter. GAAP operating margin held at 30.0%. A $564 million noncash change in fair value of contingent consideration associated with prior acquisitions was excluded from as-adjusted results; that item was $11 million in the second quarter.

As-adjusted operating income rose 27% year over year to $3.330 billion, versus a 39% year-over-year increase in the second quarter. As-adjusted net income attributable to BlackRock was $2.621 billion.

The company repurchased $550 million of shares in the quarter, matching the increased planned quarterly repurchase level set after the second quarter. Cash dividends declared and paid were $5.73 a share, unchanged from the second quarter. Weighted-average diluted shares were 164.5 million.

Fink said BlackRock is entering its seasonally strongest fourth quarter with accelerating momentum and a pipeline spanning whole portfolio, private markets, retirement, and international platforms. He said demand for capital is growing across the global economy and that the company is increasingly at the center of how that capital is deployed and managed.