How BlackRock Makes its Money: Revenue Breakdown

How Does BlackRock Make its Money?

BlackRock, Inc. (NYSE: BLK) is the world’s largest asset manager, overseeing approximately $11.6 trillion in assets under management (AUM) as of year-end 2024 — a figure exceeding the GDP of every country except the United States and China. BlackRock generated $20.4 billion in total revenue for fiscal year 2024, up 12.7% from $18.1 billion in FY2023, with net income of $6.4 billion and an operating margin of 38.2%. BlackRock was founded in 1988 by Larry Fink and seven co-founders from Blackstone’s fixed-income division; the company went public in 1999.

BlackRock earns money primarily by charging management fees as a percentage of AUM — a model sometimes called “fee on assets.” The core logic: when investors give BlackRock money to manage (directly or through investment vehicles like ETFs and mutual funds), BlackRock charges an annual fee expressed in basis points (1 basis point = 0.01%) of the assets managed. At $11.6 trillion in AUM and a blended average fee rate of approximately 15–16 basis points, BlackRock earns approximately $16–17 billion annually in base management fees before performance fees. The business grows when AUM grows — either through market appreciation (rising stock and bond prices lift all fund NAVs) or through net inflows (new investor money entering BlackRock products).

BlackRock’s second major revenue source is Aladdin — a proprietary risk analytics and portfolio management technology platform used by 300+ institutional clients (including competitors like Vanguard and Fidelity) who pay annual technology licensing fees to manage their own portfolios using BlackRock’s risk infrastructure. In 2024, BlackRock made transformative acquisitions — Global Infrastructure Partners ($12.5B) and Preqin ($3.2B) — that substantially expand its private markets investment management capabilities and alternative data infrastructure, shifting the company’s long-term revenue mix toward higher-fee alternative assets.

Key Takeaways

• BlackRock generated $20.4B in FY2024 revenue (+12.7%), driven by record $11.6T in AUM (+15% from $10.0T at end of 2023); net income of $6.4B (31.4% net margin) and operating margin of 38.2% demonstrate asset management’s inherent scalability — managing $11.6T requires only marginally more people than managing $10T, so each dollar of AUM growth flows through at extremely high incremental margins
• The AUM-to-revenue model: BlackRock earns revenue by multiplying AUM by the average management fee rate (expressed in basis points); the blended average fee rate across $11.6T is approximately 15–16 basis points — extremely low on a per-dollar basis but generating ~$16–17B in base management fees at this scale; fee rates are declining over time as the product mix shifts toward lower-fee iShares ETFs; BlackRock compensates with scale growth and mix shift toward higher-fee alternatives and private markets
• iShares is the competitive moat: BlackRock’s iShares ETF family — with 1,400+ ETFs and $4T+ in AUM — commands approximately 35% of the global ETF market; iShares’ fee rates are among the lowest in the industry (3–10 basis points for core index products) but generate billions in management fee revenue through scale; the iShares brand, liquidity, and breadth of coverage create switching costs that no competitor has overcome since Vanguard’s ETF price war in the 2010s; iShares generates the single largest revenue stream within BlackRock’s Investment Advisory fees
• Private markets is the growth strategy: The $12.5B acquisition of Global Infrastructure Partners (GIP) completed in 2024 added ~$116B in infrastructure AUM at fee rates of 50–100+ basis points — approximately 5–10x the fee rate of iShares ETF products; combined with BlackRock’s existing real estate, private credit, and hedge fund capabilities, the private markets business now manages approximately $450B+ in alternative assets; private markets AUM is the highest-fee-rate AUM category and the primary strategic driver of fee rate stabilisation amid ETF-driven compression
• Aladdin is the strategic moat competitors cannot replicate: Aladdin (Asset, Liability, Debt, and Derivative Investment Network) is BlackRock’s proprietary risk operating system used by pension funds, insurers, sovereign wealth funds, and even competitor asset managers to manage their portfolios; 300+ clients using Aladdin collectively oversee $21T+ in assets; Aladdin generates ~$1.7B in technology services revenue at 95%+ client retention rates; the strategic value of Aladdin extends beyond revenue — it gives BlackRock unique market intelligence on portfolio positioning and risk appetite across a significant fraction of global institutional capital
• The $641B net inflow in 2024 is the operational measure of competitive health: AUM changes from two sources: market returns (passive/uncontrollable) and net inflows (active measure of investor preference); BlackRock attracted $641B in net new money in 2024 ($390B into ETFs alone) — a record, demonstrating that even at $11.6T scale, BlackRock continues to gain market share; net inflows at this level confirm that the fee compression in ETFs is being compensated by volume growth
• The GIP acquisition transforms the alternatives profile: Pre-GIP (2023), BlackRock’s alternative AUM was approximately $300B at average fee rates of ~60 basis points; post-GIP plus Preqin, alternatives AUM exceeds $450B at similar or higher average fee rates; the financial impact: alternatives revenue grows as a percentage of total Investment Advisory fees, partially offsetting ongoing basis point compression in the ETF business; over a 3–5 year horizon, management targets alternatives AUM of $1T+ through organic growth and further acquisitions

BlackRock (BLK) Business Model

BlackRock’s business model is built on a single economic principle: earn a percentage of every dollar investors allow it to manage, for as long as those investors keep their money with BlackRock. Understanding the mechanics of AUM, basis points, net inflows, and the product mix is the foundation for understanding BlackRock’s financials.

How AUM Becomes Revenue: The Basis Point Model

BlackRock charges management fees as a percentage of AUM. The formula:

Revenue = AUM × Average Fee Rate

At $11.6 trillion AUM and a blended average management fee rate of approximately 15–16 basis points:

• $11,600,000,000,000 × 0.0016 (16 basis points) = ~$18.6 billion in base fees

The reported Investment Advisory & Admin Fees of $16.4B are slightly lower due to the mix of products and the fact that some fee accruals and adjustments net the reported figure below the simple AUM × average rate calculation.

The critical variable: average fee rate is declining. In 2017, BlackRock’s blended average fee rate was approximately 18–19 basis points; by 2024 it is approximately 15–16 basis points. This compression occurs because the fastest-growing AUM is in iShares ETFs (3–10 basis points) — the product that is gaining market share fastest is also the product with the lowest fee rate. BlackRock compensates for this compression through two mechanisms: (1) absolute AUM growth (more AUM at lower rates still generates more absolute revenue), and (2) private markets expansion (adding higher-fee AUM that raises the blended average from the other direction).

Product Mix: The Fee Rate Spectrum

The ~36% of AUM in institutional index mandates (large pension funds and sovereign wealth funds paying 1–5 basis points for passive index management of huge portfolios) is the lowest-fee AUM in the business. A $50B sovereign wealth fund pension mandate at 2 basis points generates only $100M in revenue — less revenue than a $10B alternatives fund at 100 basis points ($100M). This is why BlackRock’s private markets push is strategically essential: it is the only way to improve the blended fee rate when the ETF and institutional index businesses are both growing and both at low fee rates.

Aladdin: The Risk Operating System

Aladdin (Asset, Liability, Debt, and Derivative Investment Network) is a portfolio management and risk analytics platform that BlackRock originally built for its own investment management operations and subsequently commercialised as a technology services business. Aladdin processes approximately $21.6 trillion in assets across its client base — more than BlackRock itself manages.

How Aladdin works: Aladdin provides portfolio managers, risk officers, and compliance teams with a unified view of portfolio exposures, risk analytics, scenario modelling, performance attribution, and regulatory reporting. It integrates market data (prices, rates, volatility surfaces), portfolio holdings, and risk models into a single system-of-record. For a large pension fund with 20,000+ individual securities positions across fixed income, equities, and derivatives, Aladdin provides the operational infrastructure to monitor risk in real time, model stress scenarios (what happens to this portfolio in a 2008-style credit crisis?), and generate regulatory reports.

Aladdin’s revenue model: Annual licensing contracts based on AUM managed through the platform. A typical large pension fund or insurer managing $100–300B through Aladdin might pay $10–50M per year in technology service fees. Contracts are long-term (3–7 years) with high switching costs — migrating off Aladdin to a competitor risk system requires months of technical migration, retraining, and process redesign; practically no client has ever done so at scale. This generates the 95%+ retention rate that makes Aladdin revenue one of the most reliable recurring revenue streams in financial services.

The strategic paradox: Aladdin is used by Vanguard, Fidelity, Deutsche Bank, Mizuho, and other BlackRock competitors. BlackRock earns technology service fees from the very institutions it competes with for AUM. This creates an unusual dynamic: BlackRock’s risk infrastructure is deeply embedded in the operational backbone of institutions that are simultaneously competing with BlackRock’s investment management business. The Aladdin relationship creates incentives for those institutions to maintain their relationship with BlackRock (switching off Aladdin is operationally painful), and gives BlackRock visibility into how those institutions manage their risk — a form of market intelligence with no direct equivalent in the asset management industry.

Aladdin expansion: BlackRock has been extending Aladdin into private markets analytics (Aladdin Alternatives — risk models for illiquid private credit, infrastructure, and real estate portfolios where pricing is not market-observable) and wealth management (Aladdin Wealth — the same institutional risk infrastructure offered to financial advisers and wealth managers). The Preqin acquisition ($3.2B) adds private markets data and analytics capabilities directly into Aladdin’s private markets offering, expanding Aladdin’s TAM to the fastest-growing segment of institutional investment management.

Private Markets Expansion: The GIP Acquisition Logic

The $12.5B acquisition of Global Infrastructure Partners (completed January 2024) was the largest acquisition in BlackRock’s history and the clearest strategic signal of management’s long-term revenue mix target. Infrastructure investing — toll roads, airports, ports, data centres, renewable energy projects, pipelines — generates predictable long-duration cash flows that match the liability profiles of pension funds and insurers. Infrastructure funds typically charge 1–1.5% management fees (100–150 basis points) plus carried interest (15–20% of profits above a hurdle rate) — approximately 7–10x the fee rate of a core iShares ETF.

GIP managed approximately $116B in infrastructure AUM across flagship funds including equity stakes in Edinburgh Airport, London Gatwick Airport, Port of Melbourne, and TransCanada Pipeline assets. Integrating GIP’s investor relationships and deal sourcing capabilities into BlackRock’s $11.6T platform creates cross-selling opportunities: BlackRock’s institutional client base (pension funds, sovereign wealth funds, insurers) has a structural need for infrastructure exposure but many have been unable to access it at scale; GIP’s product shelf + BlackRock’s distribution gives those clients a path to $10–50B infrastructure allocations through a manager they already trust for public market investments.

The financial impact: GIP’s ~$116B in infrastructure AUM at approximately 100 basis points generates approximately $1.2B in incremental management fees annually — before performance fees. Adding carried interest (received when funds are realised at strong returns) could add several hundred million dollars per year in volatile but high-margin performance revenue.

iShares: Scale Economics in Zero-Fee Competition

iShares’ competitive position in the ETF market is built on three interlocking advantages:

Liquidity premium: An ETF’s trading cost to an investor includes not just the expense ratio (management fee) but the bid-ask spread in the market. iShares ETFs, being the most heavily traded, have the tightest bid-ask spreads — often 1–2 cents on a $400+ share price. For institutional investors trading hundreds of millions of dollars at a time, this trading cost advantage (versus a smaller ETF with a 10-cent spread) can exceed the annual management fee savings from a lower-fee competitor. iShares wins on total cost of ownership even when its management fee is higher than a direct competitor.

Distribution relationships: iShares products are listed on the “preferred” or “approved” ETF lists at broker-dealers, RIAs, bank wealth platforms, and 401(k) plan providers globally. Getting onto these lists requires regulatory approval, operational integration, and years of relationship-building. BlackRock’s institutional sales force has embedded iShares across thousands of distribution channels; displacing an iShares ETF on a preferred list is a multi-year sales and compliance process.

Breadth of coverage: iShares offers 1,400+ ETFs covering every asset class, geography, factor, sector, and theme imaginable. A wealth manager constructing a client portfolio can use only iShares and get complete global coverage — reducing the operational complexity of managing relationships with multiple ETF providers. This breadth creates platform stickiness: once a wealth manager is using iShares for US equities, international equities, bonds, and alternatives, the switching cost to replace even one product with a competitor is high enough that inertia favours staying.

BlackRock Competitors

Goldman Sachs — investment bank building an asset management franchise

Goldman Sachs’ Asset Management division manages approximately $2.8T in AUM, making it a significant competitor to BlackRock in institutional asset management, alternatives (Goldman is one of the leading private equity and private credit managers), and liquidity solutions. Goldman’s competitive advantage is its investment banking relationships — Goldman’s M&A and capital markets clients often allocate to Goldman Asset Management as part of a comprehensive banking relationship; no pure-play asset manager can replicate this “relationship bank” lead generation. Goldman’s weakness vs. BlackRock: no iShares equivalent (Goldman has a smaller ETF business), Aladdin has no direct Goldman competitor, and Goldman’s asset management AUM is less than 25% of BlackRock’s. The comparison is primarily for alternatives and institutional active management, not passive ETF.

Morgan Stanley — wealth management and institutional asset management

Morgan Stanley operates E*TRADE (retail brokerage) and Morgan Stanley Wealth Management alongside its institutional securities business — a different competitive profile from BlackRock. Morgan Stanley Investment Management manages approximately $1.5T in AUM, competing with BlackRock in active equity, fixed income, and alternatives. The more direct competitive overlap is in model portfolios and managed account solutions distributed through wealth managers: Morgan Stanley’s proprietary model portfolios compete with BlackRock’s iShares-based model portfolio offerings for allocation by independent financial advisers. Morgan Stanley’s $4T+ in wealth management client assets represents a captive distribution channel for its own investment products — an advantage BlackRock lacks.

Vanguard — the fee compression competitor

Vanguard is the world’s second-largest asset manager (~$9T AUM) and BlackRock’s primary competitive pressure point. Vanguard’s mutual ownership structure (owned by its funds, which are owned by its investors) means it has no profit motive to charge fees above cost — enabling Vanguard to consistently undercut competitor expense ratios. Vanguard has driven most of the industry-wide fee compression in index funds and ETFs over the past 20 years. Critically, Vanguard is a client of BlackRock’s Aladdin platform — the largest single institutional user of Aladdin — even while competing directly with iShares for ETF market share. Vanguard is not publicly traded. The fee war between iShares and Vanguard ETFs is most acute in the core index category (S&P 500 ETFs, Total Market ETFs) where Vanguard’s VOO and iShares’ IVV compete on basis points — currently at 3–4 basis points, effectively at the floor.

JPMorgan Asset Management — the bank-integrated model

JPMorgan Chase’s Asset Management division manages approximately $3.5T in AUM, with particular strength in multi-asset solutions, fixed income, alternatives, and liquidity products. JPMorgan’s competitive advantage mirrors Goldman’s: bank relationship lead generation, captive wealth management distribution through JPMorgan Private Bank, and balance sheet lending that pure-play asset managers cannot offer alongside investment management mandates. JPMorgan has been building its ETF business more aggressively than most bank-affiliated managers — its active ETF range (where JPMorgan has genuine research infrastructure advantages) competes directly with BlackRock’s active ETF products in a growing segment where BlackRock does not have the same information advantage it holds in passive index ETFs.

Revenue Breakdown

Financial data sourced from BlackRock SEC Filings.

Investment Advisory & Admin Fees ($16.4B, 80% of revenue) growth of 12.3% was driven by two factors: (1) market appreciation — global equity indices were up 20%+ in 2024, mechanically increasing all fund NAVs and therefore all fee revenue; and (2) net inflows of $641B bringing new AUM into fee-paying products. Technology Services (Aladdin) +13.3% reflects new client additions and existing client contract expansions as Aladdin’s private markets and wealth management modules gain adoption. Distribution Fees +16.7% reflects the growing global distribution of iShares and BlackRock model portfolios through third-party wealth platforms.

Revenue Trend (3-Year)

FY2022 was the revenue peak despite being a difficult market environment because fee revenue is recognised quarterly on beginning-of-period AUM — the 2021 market highs generated strong fee revenue in Q1 2022 before markets declined. FY2023’s -8.1% decline reflects the full-year impact of 2022’s equity market drawdown on AUM (and therefore fee revenue). FY2024’s recovery (+12.7%) reflects both the strong equity market rebound and the GIP acquisition adding infrastructure AUM at higher fee rates. The operating margin compression from ~41% (FY2022) to 36.5% (FY2023) reflected fixed cost deleverage on lower revenue; the partial recovery to 38.2% (FY2024) shows operating leverage returning with revenue growth.

BlackRock (BLK) Income Statement

Financial data sourced from BlackRock SEC Filings.

Employee compensation is BlackRock’s largest operating expense (~36% of revenue) — asset management is a human capital business where portfolio managers, risk professionals, and relationship managers command premium compensation. Acquisition-related amortisation of intangibles (from GIP and other acquisitions) is a non-cash charge that reduces GAAP operating income but does not affect FCF; on an adjusted (ex-acquisition amortisation) basis, operating margins are higher than the reported GAAP figure.

BlackRock (BLK) Key Financial Metrics

• Gross Margin: ~79% — Investment Advisory fees flow through at high gross margins because the marginal cost of managing an additional $100M in AUM is essentially zero once investment products, risk systems, and reporting infrastructure are in place; the 79% blended gross margin reflects the high-margin technology and advisory fees mixed with somewhat lower-margin distribution and operational services

• Operating Margin: 38.2% — Among the highest in asset management; Vanguard (not public) and State Street operate at 25–30%; the 38.2% reflects BlackRock’s scale advantage (incremental AUM at near-zero marginal cost) and the Aladdin technology revenue (which has near-SaaS margins); the primary operating cost is employee compensation (~36% of revenue) and technology infrastructure; operating margins are market-dependent — a severe equity market decline reduces fee revenue while fixed costs remain, causing significant margin compression

• AUM: $11.6 trillion — The operational KPI that drives all other financial metrics; AUM increased from $10.0T (end of 2023) to $11.6T (end of 2024), a $1.6T increase comprised of: $641B net inflows + approximately $950B market appreciation + ~$116B from GIP acquisition; each $1T of AUM at 16 basis points generates approximately $1.6B in annual management fee revenue

• Net Inflows: $641B (FY2024) — The demand-side performance indicator; $390B of the $641B went into ETFs (predominantly iShares), confirming continued market share gains in the passive ETF market; positive net inflows across every product category is the primary signal of competitive health in asset management — AUM can grow from market appreciation but only net inflows confirm that clients are actively choosing BlackRock over alternatives

• Free Cash Flow: ~$6.5B — Strong FCF conversion from net income; BlackRock is a low-capital-intensity business (no manufacturing, minimal inventory) with working capital dynamics that are relatively neutral; FCF funds the dividend (approximately $2.2B/year, ~$19/share quarterly), share buybacks, and acquisition financing; the GIP acquisition ($12.5B) was partially financed with new equity issuance and debt, not FCF — BlackRock’s balance sheet leverage remains modest

• Return on Equity: BlackRock’s ROE is attractive but complicated by the large goodwill and intangible assets from acquisitions on the balance sheet; on a tangible equity basis, ROE is materially higher than reported; watch the GIP-related goodwill amortisation impact on reported ROE over the next 3–5 years

Is BlackRock Profitable?

Yes — BlackRock reported net income of $6.4 billion on $20.4 billion in revenue (31.4% net margin) with an operating margin of 38.2% and approximately $6.5 billion in free cash flow in FY2024. Asset management is structurally one of the highest-margin business models at scale: once investment products are created, risk systems are built, and client relationships are established, the marginal cost of managing an additional dollar of AUM approaches zero. BlackRock’s $11.6T AUM generates $16.4B in Investment Advisory fees essentially through a multiplication — fee rate × AUM — with no proportional increase in headcount required as AUM grows.

The profitability is market-sensitive: a severe equity market decline (as occurred in 2022, when global equities fell 15–25%) mechanically reduces AUM, which reduces fee revenue, while fixed costs (compensation, technology, regulatory) remain largely stable. In 2022, despite revenue declining from FY2021’s peak, BlackRock maintained a ~41% operating margin through cost discipline. The Aladdin technology revenue ($1.7B at high margins) provides a stable, market-independent earnings floor that partially offsets this market cyclicality.

BlackRock (BLK): What to Watch

1. AUM growth and net inflow trajectory — Net inflows are the single most important operational metric in asset management: positive inflows confirm clients are actively allocating new money to BlackRock (not just market appreciation); $641B in FY2024 was a record; watch quarterly net inflows by channel (ETF inflows vs. active vs. alternatives vs. institutional index) — any shift toward higher-fee categories (alternatives, active) within the inflow mix would signal improving revenue quality per dollar of new AUM; outflows from any major category (especially alternatives post-GIP) would be the primary negative signal

2. Average fee rate trajectory — The blended average fee rate has been declining from ~19 bps (2017) toward ~15–16 bps (2024) as ETF mix grows; watch whether the GIP acquisition and private markets push stabilises or reverses this decline; management’s long-term goal of $1T+ in alternatives AUM would mechanically raise the blended fee rate (alternatives at 60–150+ bps vs. iShares core at 3–5 bps); the first quarterly report showing blended fee rate stabilisation rather than continued compression would be a material positive signal for long-term earnings growth

3. Private markets integration and alternatives fundraising — GIP was the largest acquisition in BlackRock’s history; watch how efficiently the integration proceeds: (a) client retention from GIP’s existing LP base (pension funds and sovereigns that committed to GIP’s funds need to re-up with the combined entity), (b) cross-selling — are BlackRock’s institutional clients (who already manage public market portfolios through BlackRock) beginning to allocate infrastructure capital through GIP’s product shelf, (c) first new infrastructure fund raised under the combined BlackRock-GIP brand (AUM raised and fee rate achieved on the new fund is the clearest signal of brand integration success)

4. Aladdin growth into private markets and wealth — Aladdin’s $1.7B technology services revenue has been growing at ~13% annually; the product extension into private markets analytics (Aladdin Alternatives) and the Preqin acquisition ($3.2B, private markets data) are the primary vectors for Aladdin TAM expansion; watch Aladdin client count growth, AUM-on-platform metric (currently $21T+), and whether Preqin’s data revenues are additive at Aladdin-level margins; the thesis is that institutional clients managing alternatives alongside public market portfolios want a unified Aladdin view — the adoption rate of Aladdin Alternatives by existing Aladdin clients is the key leading indicator

5. Political and regulatory risk around ESG — BlackRock’s scale (~10% of the US equity market through its index funds) and historical ESG engagement with portfolio companies have made it a target of political pressure from US state governments and Republican legislators; several US states (Texas, Florida, others) divested state pension fund assets from BlackRock over ESG proxy voting positions, totalling several billion dollars in outflows; management has moderated its ESG communications and joined the Net Zero Banking Alliance, then withdrew — navigating the political landscape while maintaining relationships with European and global institutional investors who require ESG integration is a genuine balancing act with no perfect resolution; watch for material state-level pension divestment announcements or federal regulatory proposals targeting large asset managers

6. Equity market dependency and bear market scenario — BlackRock’s fee revenue is a direct function of AUM, and AUM is directly correlated with global equity market levels; a 20% global equity decline from year-end 2024 levels would reduce AUM by approximately $1.5–2T (from market moves alone), reducing annual management fee revenue by approximately $2–3B — a ~12–15% revenue decline with no proportional cost reduction; monitor BlackRock’s earnings in periods of market stress as the clearest test of earnings resilience; the Aladdin technology revenue ($1.7B) and alternatives management fees (long-duration locked-up capital, not redeemable on market declines) provide the primary downside buffers against market-sensitive revenue decline

7. Capital allocation: dividends vs. buybacks vs. acquisitions — BlackRock generates ~$6.5B in annual FCF; it allocates approximately $2.2B to dividends annually (progressive dividend with no cuts since IPO); the remainder is available for buybacks and acquisitions; GIP ($12.5B) and Preqin ($3.2B) consumed significant capital in 2024; watch whether BlackRock continues on the acquisition path (more alternatives manager acquisitions to build alternatives AUM toward the $1T target) or returns to a higher buyback pace once acquisition-related debt normalises; a large acquisition in wealth management technology or data analytics would signal continued platform expansion versus returning cash to shareholders

BlackRock (BLK) Financial Summary

BlackRock (BLK) generated $20.4 billion in FY2024 revenue (+12.7%) with $6.4 billion in net income, a 38.2% operating margin, and approximately $6.5 billion in free cash flow — the product of managing $11.6 trillion in AUM across iShares ETFs, active strategies, and a rapidly expanding alternatives/private markets platform anchored by the $12.5B GIP acquisition. The revenue model is structurally elegant: charge a fee rate on assets, grow the asset base through market appreciation and net inflows, and expand into higher-fee alternatives to prevent fee rate compression from eroding absolute revenue growth. Aladdin’s $1.7B in technology service revenue from 300+ institutional clients (including competitors) adds a market-independent recurring revenue layer. For investment banking and capital markets comparison, see How Goldman Sachs Makes its Money and How Morgan Stanley Makes its Money.