STATE STREET CORP (STT)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

State Street Corporation is one of the world’s leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions and investment management. Our clients — asset managers and owners, insurance companies, wealth managers, official institutions, and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle.

State Street Corporation, referred to as the Parent Company, was organized in 1969 under the laws of the Commonwealth of Massachusetts, and is a bank holding company that has elected to be treated as a financial holding company under the Bank Holding Company Act of 1956. The Parent Company is a source of financial and managerial strength to our subsidiaries. Through our subsidiaries, including our principal banking subsidiary, State Street Bank and Trust Company, referred to as State Street Bank, we operate in more than 100 geographic markets worldwide, providing a broad range of financial products and services to institutional investors globally. As of March 31, 2026, we reported $54.52 trillion in AUC/A and $5.62 trillion in AUM.

We had consolidated total assets of $392.17 billion, consolidated total deposits of $293.34 billion, consolidated total shareholders' equity of $27.74 billion and approximately 51,000 employees, as of March 31, 2026.

Our operations are organized into two lines of business, Investment Servicing and Investment Management, which are defined based on products and services provided.

Additional information about our lines of business is provided in "Line of Business Information" in this Management's Discussion and Analysis and Note 17 to the consolidated financial statements in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (Form 10-Q).

Our corporate headquarters is located at One Congress Street, Boston, Massachusetts 02114 (telephone (617) 786-3000). For purposes of this Form 10-Q, unless the context requires otherwise, references to "State Street," "we," "us," "our" or similar terms mean State Street Corporation and its subsidiaries on a consolidated basis.

This Management's Discussion and Analysis is part of this Form 10-Q and updates the Management's Discussion and Analysis in our 2025

Annual Report on Form 10-K for the year ended December 31, 2025 previously filed with the SEC (2025 Form 10-K). The financial information contained in this Management's Discussion and Analysis and elsewhere in this Form 10-Q should be read in conjunction with the financial and other information contained in our 2025 Form 10-K. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation.

We prepare our consolidated financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in its application of certain accounting policies that materially affect the reported amounts of assets, liabilities, equity, revenue and expenses.

The significant accounting policies that require us to make judgments, estimates and assumptions that are difficult, subjective or complex, about matters that are uncertain and may change in subsequent periods include:

•Recurring fair value measurements;

•Allowance for credit losses; and

•Contingencies.

These significant accounting policies require the most subjective or complex judgments, and underlying estimates and assumptions could be subject to revision as new information becomes available. For additional information about these significant accounting policies refer to “Significant Accounting Estimates” included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2025 Form 10-K. We did not change these significant accounting policies in the first three months of 2026.

Certain financial information provided in this Form 10-Q, including this Management's Discussion and Analysis, is presented using both a U.S. GAAP, or reported basis, and a non-GAAP basis, including certain non-GAAP measures used in the calculation of identified regulatory ratios. We measure and compare certain financial information on a non-GAAP basis, including information that management uses in evaluating our business and activities. Non-GAAP financial information should be considered in addition to, and not as a substitute for or as superior to, financial information prepared in conformity with U.S.

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GAAP. Any non-GAAP financial information presented in this Form 10-Q, including this Management’s Discussion and Analysis, is reconciled to its most directly comparable currently applicable regulatory ratio or U.S. GAAP-basis measure. As part of our non-GAAP-basis measures, we present a fully taxable-equivalent NII that reports non-taxable revenue, such as interest income associated with tax-exempt investment securities, on a fully taxable-equivalent basis, which we believe facilitates an investor's understanding and analysis of our underlying financial performance and trends.

We provide additional disclosures required by applicable bank regulatory standards, including supplemental qualitative and quantitative information with respect to regulatory capital (including market risk associated with our trading activities), the LCR and the NSFR, summary results of annual State Street-run stress tests which we conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and recovery and resolution plan disclosures. These additional disclosures are accessible on the "Filings & reports" and "Fixed Income" tabs of our website at investors.statestreet.com.

We have included the website address of State Street (including investors.statestreet.com) and the SEC in this report as an inactive textual reference only. Information on those websites (or any other) is not incorporated by reference in this Form 10-Q.

We use acronyms and other defined terms for certain business terms and abbreviations, as defined in the acronyms list and glossary following the consolidated financial statements in this Form 10-Q.

Forward-Looking Statements

This Form 10-Q, as well as other reports and proxy materials submitted by us under the Securities Exchange Act of 1934, registration statements filed by us under the Securities Act of 1933, our annual report to shareholders and other public statements we may make, may contain statements (including statements in our Management's Discussion and Analysis included in such reports, as applicable) that are considered “forward-looking statements” within the meaning of U.S. securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, cost savings and transformation initiatives, investment portfolio performance, dividend and stock purchase programs, acquisitions, outcomes of legal proceedings, market growth, joint ventures and divestitures, client growth, new technologies, services and opportunities, sustainability and impact, human capital and climate, as well as industry, governmental, regulatory, economic and market trends, initiatives and

developments, the business environment and other matters that do not relate strictly to historical facts.

Terminology such as “expect,” “outlook,” “will,” “goal,” “target,” “strategy,” “may,” “estimate,” “plan,” “intend,” “objective,” “forecast,” “believe,” “priority,” “anticipate,” “seek,” and “trend,” or similar statements or variations of such terms, are intended to identify forward-looking statements, although not all forward-looking statements contain such terms.

Forward-looking statements are subject to various risks and uncertainties, which change over time, are based on management's expectations and assumptions at the time the statements are made and are not guarantees of future results. Management's expectations and assumptions, and the continued validity of the forward-looking statements, are subject to change due to a broad range of factors affecting the U.S. and global economies, regulatory environment and the equity, debt, currency and other financial markets, as well as factors specific to State Street and its subsidiaries, including State Street Bank. Factors that could cause changes in the expectations or assumptions on which forward-looking statements are based cannot be foreseen with certainty. Important factors that in the future could cause actual results to differ materially from those envisaged in forward-looking statements, and that in some cases have affected us in the past, include, but are not limited to:

Strategic Risks

•We are subject to intense competition, which could negatively affect our profitability;

•We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM;

•Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks;

•Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; and

•Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.

Financial Market Risks

•We could be adversely affected by political, geopolitical, economic and market conditions,

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including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise and, separately, the recent shutdown of the U.S. federal government), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets;

•Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or market conditions have led, and were they to persist or occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios;

•Our business activities expose us to interest rate risk;

•We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss;

•Our fee revenue represents a significant portion of our revenue and is subject to and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

This Management's Discussion and Analysis should be read in conjunction with our consolidated financial statements and accompanying notes in this Form 10-K. Certain previously reported amounts presented in this Form 10-K have been reclassified to conform to current-period presentation.

As of December 31, 2025, we had consolidated total assets of $366.05 billion, consolidated total deposits of $274.35 billion, consolidated total shareholders’ equity of $27.84 billion and approximately 52,000 employees. Through our two lines of business, Investment Servicing and Investment Management, we operate in more than 100 geographic markets worldwide, including the United States, Canada, Latin America, Europe, the Middle East and Asia.

For the description of our lines of business, refer to “Lines of Business” in Item 1 in this Form 10-K. For financial and other information about our lines of business, refer to “Line of Business Information” in this Management’s Discussion and Analysis and Note 24 to the consolidated financial statements in this Form 10-K.

We prepare our consolidated financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in its application of certain accounting policies that materially affect the reported amounts of assets, liabilities, equity, revenue and expenses.

Information about the significant accounting policies that require us to make judgments, estimates and assumptions that are difficult, subjective or complex about matters that are uncertain and may change in subsequent periods is included under “Significant Accounting Estimates” in this Management’s Discussion and Analysis and in Note 1 to the consolidated financial statements in this Form 10-K.

Certain financial information provided in this Form 10-K, including this Management’s Discussion and Analysis, is presented using both a U.S. GAAP, or reported basis, and a non-GAAP basis, including certain non-GAAP measures used in the calculation of identified regulatory ratios. We measure and compare certain financial information on a non-GAAP basis, including information that management uses in evaluating our business and activities. Non-GAAP financial information should be considered in addition to, and not as a substitute for or as superior to,

financial information prepared in conformity with U.S. GAAP. Any non-GAAP financial information presented in this Form 10-K, including this Management’s Discussion and Analysis, is reconciled to its most directly comparable currently applicable regulatory ratio or U.S. GAAP-basis measure. As part of our non-GAAP-basis measures, we present a fully taxable-equivalent NII that reports non-taxable revenue, such as interest income associated with tax-exempt investment securities, on a fully taxable-equivalent basis, which we believe facilitates an investor’s understanding and analysis of our underlying financial performance and trends.

In this Management’s Discussion and Analysis, where we describe the effects of changes in foreign currency translation, those effects are determined by applying applicable weighted average FX rates from the relevant 2024 period to the relevant 2025 period results.

This Management’s Discussion and Analysis contains statements that are considered “forward-looking statements” within the meaning of U.S. securities laws. These forward-looking statements involve certain risks and uncertainties which could cause actual results to differ materially. Additional information about forward-looking statements and related risks and uncertainties is provided in “Forward-Looking Statements”, “Risk Factors Summary” and “Risk Factors” in this Form 10-K.

Information regarding additional disclosures and materials available on our website is provided under “Additional Information” in Item 1 in this Form 10-K.

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FINANCIAL RESULTS AND HIGHLIGHTS

Summary of Financial Results

(1) Additional information about our preferred stock dividends is provided in Note 15 to the consolidated financial statements in this Form 10-K.

(2) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.

The following section provides information related to significant events, as well as highlights of our consolidated financial results for the year ended December 31, 2025 presented in Table 1: Overview of Financial Results. More detailed information about our consolidated financial results, including the comparison of our financial results for the year ended December 31, 2025 to those of the year ended December 31, 2024, is provided under “Consolidated Results of Operations”, “Line of Business Information” and “Capital” sections which follow “Financial Results and Highlights”, as well as in our consolidated financial statements in this Form 10-K.

The comparison of our financial results for the year ended December 31, 2024 to those of the years ended December 31, 2023 is included in the Management’s Discussion and Analysis in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 13, 2025.

2025 Performance Highlights

•Total revenue increased 7% compared to 2024, driven by higher fee revenue and net interest income:

◦Total fee revenue increased 8% compared to 2024, reflecting higher servicing fees, management fees, foreign exchange trading services revenue and securities finance revenue, partially offset by lower other fee revenue.

◦NII increased 1% compared to 2024, primarily driven by 11% growth in average interest-earnings assets, partially offset by a 10 bps decline in NIM.

•Total expenses increased 7% compared to 2024, primarily due to higher business and technology investments, revenue-related costs and higher impact of notables items in the current year, partially offset by productivity and other savings. See “Notable Items” below.

•Pre-tax margin of 26.8% increased from 26.1% in 2024, while return on equity of 11.5% increased from 11.1% in 2024.

•EPS of $9.40, increased from $8.21 in 2024, primarily reflecting higher total revenue, partially offset by higher total expenses, including the higher impact of notable items in the current year, which decreased EPS by net $0.44 relative to 2024.

Notable Items

•Notable items reduced income before income tax expense by $344 million in 2025, including repositioning charges of $326 million and other notable items of $18 million, net.

•In 2024, notable items reduced income before income tax expense by $188 million, including a net loss on sale of investment securities of $81 million related to an investment portfolio repositioning, a deferred compensation expense acceleration of approximately $79 million and other notable items of $30 million, net.

AUC/A and AUM

•AUC/A of $53.80 trillion as of December 31, 2025 increased 16% compared to December 31, 2024, primarily due to higher market levels and client flows. In 2025, newly announced investment servicing mandates totaled approximately $2.12 trillion of AUC/A. We onboarded approximately $2.12 trillion of AUC/A during 2025. Investment servicing

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assets remaining to be installed in future periods totaled approximately $2.50 trillion as of December 31, 2025.

•AUM of $5.67 trillion as of December 31, 2025 increased 20% compared to December 31, 2024, primarily due to higher market levels and net inflows.

Capital

•In 2025, we returned approximately $2.1 billion to our shareholders in the form of common share repurchases and common stock dividends.

◦We declared aggregate common stock dividends of $3.20 per share, totaling $909 million compared to $2.90 per share, totaling $859 million in 2024.

◦We increased the quarterly common stock dividend declared per common share by 11% in the third quarter of 2025.

◦We acquired an aggregate of 11.5 million shares of common stock at an average per share cost of $104.05 and an aggregate cost of approximately $1.2 billion. In 2024, we acquired an aggregate of 15.1 million shares of common stock, at an average per share cost of $85.89 and an aggregate cost of approximately $1.3 billion. These purchases were all conducted under the share repurchase program approved by our Board of Directors.

•Our CET1 capital ratio was 11.6% as of December 31, 2025, compared to 10.9% as of December 31, 2024, primarily due to capital generated from earnings, partially offset by continued capital return. Our Tier 1 leverage ratio increased to 5.5% as of December 31, 2025, compared to 5.2% as of December 31, 2024, mainly driven by capital generated from earnings and higher preferred equity, partially offset by continued capital return and higher average balance sheet levels. Our target ranges for CET1 capital and Tier 1 leverage ratios remain at 10-11% and 5.25-5.75%, respectively. Standardized capital ratios were binding for both periods.

CONSOLIDATED RESULTS OF OPERATIONS

This section discusses our consolidated results of operations for 2025 compared to 2024 and should be read in conjunction with the consolidated financial statements and accompanying notes to the consolidated financial statements in this Form 10-K.

Total Revenue

nm Not meaningful

Fee Revenue

Table 2: Total Revenue, provides the breakout of fee revenue for the years ended December 31, 2025, 2024 and 2023. Servicing and management fees collectively made up approximately 70% of the total fee revenue in both 2025 and 2024, and 72% in 2023.

Servicing Fee Revenue

Servicing fees, as presented in Table 2: Total Revenue, increased 6% in 2025 compared to 2024, primarily reflecting higher average market levels and net new business.

Servicing fees generated outside the United States were approximately 48% of total servicing fees in 2025, compared to approximately 47% of total servicing fees in 2024.

Servicing fee revenue comprises revenue from a range of services provided to our clients, including certain Alpha servicing mandates, consisting of core custody services, accounting, reporting and administration, which we refer to collectively as back office services and middle office services. The nature and mix of services provided and the asset classes for which the services are performed affect our servicing fees. The basis for fees will differ across regions and clients. Generally, our servicing fee revenues are affected by several factors, including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. For servicing fees for which we

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have not yet issued an invoice to our clients as of period end, we include an estimate of the impact of changes in market valuations, client activity and flows, net new business and changes in pricing in our revenues.

Changes in Market Valuations

Our servicing fee revenue is impacted by both our levels and the geographic and product mix of our AUC/A. Changes in market valuations have an associated impact on the level of our AUC/A and servicing fee revenues, though the degree of impact will vary depending on asset types and classes, and geography of assets held within our clients’ portfolios. For certain asset classes where the valuation process is more complex, including alternative investments, or where our valuation is dependent on third party information, AUC/A is reported on a time lag, typically one-month. For those asset classes, which represent a significant portion of AUC/A, the impact of market levels on our reported AUC/A, and to a lesser extent servicing fee revenue, does not reflect current period-end market levels.

Over the five years ended December 31, 2025, we estimate that worldwide equity and fixed income market valuations impacted our servicing fees revenue by approximately 3% on average with a range of (4)% to 8% annually and approximately 4% and 5% in 2025 and 2024, respectively.

Assuming that all other factors remain constant, including client activity, asset flows and pricing, we estimate, using relevant information as of December 31, 2025, that a 10% increase or decrease in worldwide equity valuations, on a weighted average basis, over the relevant periods for which our servicing fees are calculated, would result in a corresponding change in our total servicing fee revenues, on average and over multiple quarters, of approximately 3%. We estimate, similarly assuming all other factors remain constant and using relevant information as of December 31, 2025, that changes in worldwide fixed income markets, which on a weighted average basis and over time are typically less volatile than worldwide equity markets, have a smaller

corresponding impact on our servicing fee revenues on average and over time.

Client Activity and Asset Flows

Client activity and asset flows are impacted by the number of transactions we execute on behalf of our clients, including FX settlements, equity and derivative trades, and wire transfer activity, as well as actions by our clients to change the asset class in which their assets are invested. Our servicing fee revenues are impacted by a number of factors, including transaction volumes, asset levels and asset classes in which funds are invested, as well as industry trends associated with these client-related activities.

Our clients may change the asset classes in which their assets are invested, based on their market outlook, risk acceptance tolerance or other considerations. Over the five years ended December 31, 2025, we estimate that client activity and asset flows, together, impacted our servicing fees revenue by approximately (1)% on average with a range of (3)% to 2% annually and approximately 2% and 0% in 2025 and 2024, respectively.

Net New Business

Over the five years ended December 31, 2025, net new business, which includes business both won and lost, has affected our servicing fee revenues by approximately 1% on average with a range of 0% to 2% annually and approximately 2% and 0% in 2025 and 2024, respectively.

Gross investment servicing mandates were $2.12 trillion of AUC/A in 2025 and $2.16 trillion of AUC/A per year on average over the five years ended December 31, 2025, ranging from approximately $904 billion to $3.52 trillion of AUC/A annually in any given year.

Servicing fee revenue associated with new investment servicing mandates is not reflected in our servicing fee revenue until the assets have been installed, and may vary between mandates based on the breadth of services provided, the time required to install the assets, and the types of assets installed.

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Our installation timeline in general can range from 6 to 36 months with the average installation timeline being approximately 9 to 12 months over the past two full fiscal years. We expect that our more complex installations, including new State Street Alpha mandates, will generally be on the longer end of the 6 to 36 months range. With respect to the current asset mandates of approximately $2.5 trillion of AUC/A that are yet to be installed as of December 31, 2025, we expect the conversion will mostly occur over the coming 24 months, with approximately 70% expected to be installed in 2026, with the balance expected to be installed largely in 2027. The expected timing of these installations is subject to change due to a variety of factors, including adjusted implementation schedules agreed with clients, scope adjustments, and product and functionality changes.

Pricing

The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues continue to be affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing AUC/A wins, as the amount of revenue associated with AUC/A, once installed, can vary materially between mandates.

On average, over the five years ended December 31, 2025, we estimate that pricing pressure with respect to existing clients has impacted our servicing fees by approximately (2)% annually, with the impact ranging from (2)% to (3)% in any given year and approximately (2)% and (3)% in 2025 and 2024, respectively. Pricing concessions can be a part of a contract renegotiation with a client including terms that may benefit us, such as extending the term of our relationship with the client, expanding the scope of services that we provide or reducing our dependency on manual processes through the standardization of the services we provide. The timing of the impact of additional revenue generated by anticipated additional services and the amount of revenue generated may differ from expectations due to the impact of pricing concessions on existing services due to the necessary time required to onboard those new services or process changes, the nature of those services and client investment practices and other factors. These same market pressures also impact the fees we negotiate when we win business from new clients.

Historically, and based on an indicative sample of revenue, we estimate that approximately 65%, on average, of our servicing fee revenues have been variable due to changes in asset valuations including changes in daily average valuations of AUC/A; another approximately 20%, on average, of our servicing fees are impacted by the volume of activity in the funds we serve; and the remaining approximately 15% of our servicing fees tend not to be variable in nature nor impacted by market fluctuations or values.

(1) Certain previously reported amounts presented have been reclassified to conform to current-period presentation.

(2) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.

(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.

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Investment servicing mandates newly announced in 2025 totaled approximately $2.12 trillion of AUC/A. Investment servicing assets remaining to be installed in future periods totaled approximately $2.50 trillion as of December 31, 2025, which will be reflected in AUC/A in future periods after installation and will generate servicing fee revenue in subsequent periods. The full revenue impact of such mandates will be realized as the assets are installed and additional services are added over that period.

New investment servicing mandates, including Alpha servicing mandates, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards, shareholders and customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New investment servicing mandates and servicing assets remaining to be installed in future periods exclude certain new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously reference. These excluded assets, which from time to time may be significant, will be included in new investment servicing mandates and reflected in investment servicing assets remaining to be installed in the period in which the client provides its permission. Investment servicing mandates and investment servicing assets remaining to be installed in future periods may include assets associated with acquisitions or structured transactions and are presented on a gross basis based on factors present on or about the time we determine the business to be won by us and are not updated based on subsequent developments, including changes in assets, market valuations, scope and, potentially, termination. Such assets therefore do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with us, which from time to time may be significant.

With respect to these new investment servicing mandates, once installed we may provide various services, including back office services such as custody and safekeeping, transaction processing and trade settlement, fund administration, reporting and record keeping, security servicing, fund accounting, middle office services such as investment book of records, transaction management, loans, cash derivatives and collateral services, recordkeeping, client reporting and investment analytics, markets services such as FX trading services, liquidity solutions, currency and collateral management and securities finance, and front office services such as portfolio management solutions, risk analytics, scenario analysis, performance and attribution, trade order and execution management, pre-trade compliance and ESG investment tools. Revenues associated with new investment servicing mandates may vary based on the breadth of services provided, the timing of installation, and the types of assets.

Management Fee Revenue

Management fees increased 13% in 2025 compared to 2024, primarily due to higher average market levels and net inflows.

Management fees generated outside the United States were approximately 25% of total management fees in both 2025 and 2024.

Management fees generally are affected by our level of AUM, which we report based on month-end valuations. Management fees for certain components of managed assets, such as ETFs, mutual funds and Undertakings for Collective Investment in Transferable Securities, are affected by daily average valuations of AUM. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients.

Asset-based management fees for passively managed products, to which our AUM is currently primarily weighted, are generally charged at a lower fee on AUM than for actively managed products. Actively managed products may also include performance fee arrangements which are recorded when the fee is earned, based on predetermined benchmarks associated with the applicable account’s performance.

In light of the above, we estimate, using relevant information as of December 31, 2025 and assuming that all other factors remain constant, including the impact of business won and lost and client flows, that:

•A 10% increase or decrease in worldwide equity valuations, on a weighted average basis, over the relevant periods for which our management fees are calculated, would result in a corresponding change in our total management fee revenues, on average and over multiple quarters, of approximately 5%; and

•Changes in worldwide fixed income markets, which on a weighted average basis and over time are typically less volatile than worldwide equity markets, will have a significantly smaller corresponding impact on our management fee revenues on average and over time.

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(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.

(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.

(3) AUM for passive alternative investments has been revised from prior presentations.

(1) ETFs are a component of AUM presented in the preceding table.

(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.

nm Not meaningful

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(1) Includes both floating and constant-net-asset-value portfolios held in commingled structures or separate accounts.

(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.

(3) Amounts represent long-term portfolios, excluding ETFs.

(4) AUM for passive alternative investments has been revised from prior presentations.

Foreign Exchange Trading Services

Foreign exchange trading services revenue, as presented in Table 2: Total Revenue, increased 15% in 2025 compared to 2024, primarily due to higher volumes supported by client franchise growth and higher currency volatility in the first half of 2025. Foreign exchange trading services revenue comprises revenue generated by FX trading and revenue generated by brokerage and other trading services, which made up 64% and 36%, respectively, of foreign exchange trading services revenue in 2025, and 63% and 37%, respectively, in 2024.

We primarily earn FX trading revenue by acting as a principal market-maker through both “direct sales and trading” and “indirect FX trading.”

•Direct sales and trading: Represents FX transactions at negotiated rates with clients and investment managers that contact our trading desk directly. Clients are able to choose their own execution time and method, trading by voice or electronically on one of the several available multibank platforms. These principal market-making activities include transactions for funds serviced by third party custodians or prime brokers, as well as those funds under custody with us.

•Indirect FX trading: Represents FX transactions with clients, for which we are the funds’ custodian, or their investment managers, routed to our FX desk through our asset-servicing operation. We execute indirect FX trades as a principal at rates disclosed to our clients. Indirect FX is designed to address FX trades that relate to the purchase, sale or holding of a security where clients chose their execution frequency (either hourly or once per day), allowing us to offer straight-through processing and a fully automated service.

Our clients that utilize indirect FX trading can, in addition to executing their FX transactions through dealers not affiliated with us, transition from indirect FX trading to either direct sales and trading execution, including our “Street FX” service. Street FX, in which we continue to act as a principal market-maker, enables our clients to define their FX execution strategy and automate the FX trade execution process, both for funds under custody with us as well as those under custody at another bank.

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We also earn foreign exchange trading services revenue through “electronic FX services” and “other trading, transition management and brokerage revenue.”

•Electronic FX services: Our clients may choose to execute FX transactions through one of our electronic trading platforms (i.e., FX Connect, Currenex). These transactions generate revenue through a “click” fee.

•Other trading, transition management and brokerage revenue: As our clients look to us to enhance and preserve portfolio values, they may choose to utilize our Transition or Currency Management capabilities or transact with our Equity Trade execution group. These transactions, which are not limited to foreign exchange, generate revenue via commissions charged for trades transacted during the management of these portfolios.

Securities Finance

Securities finance revenue, as presented in Table 2: Total Revenue, increased 15% in 2025 compared to 2024, primarily due to higher client lending balances.

Our securities finance business consists of three components:

(1) an agency lending program for State Street Investment Management managed investment funds with a broad range of investment objectives, which we refer to as the State Street Investment Management lending funds;

(2) an agency lending program for third-party investment managers and asset owners, which we refer to as the agency lending funds; and

(3) security lending transactions which we enter into as principal, which we refer to as our prime services business.

Securities finance revenue earned from our agency lending activities, which is composed of our split of both the spreads related to cash collateral and the fees related to non-cash collateral, is principally a function of the volume of securities on loan, the interest rate spreads and fees earned on the underlying collateral and our share of the fee split.

As principal, our prime services business borrows securities from the lending client or other market participants and then lends such securities to the subsequent borrower, either our client or a broker/dealer. We act as principal when the lending client is unable to, or elects not to, transact directly with the market and execute the transaction and furnish the securities. In our role as principal, we provide support to the transaction through our credit rating. While we source a significant proportion of the securities furnished by us in our role as principal from third parties, we have the ability to source securities through assets under custody from clients who have designated us as an eligible borrower.

Software and Processing Fees

Software and processing fees revenue, as presented in Table 2: Total Revenue, increased 2% in 2025 compared to 2024, primarily due to higher front office software and data revenue associated with CRD.

Software and processing fees revenue includes diverse types of fees and revenue, including fees from software licensing and data maintenance and fees from our structured products business.

Front office software and data revenue, which primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services, increased 3% in 2025 compared to 2024, primarily due to continued growth in software-enabled revenue, partially offset by lower professional services revenue driven by the impact of a notable item related to an Alpha-related client rescoping in the second quarter of 2025.

Revenue related to the front office solutions provided by CRD is primarily driven by the sale of SaaS and on-premises software licenses, which may include professional services such as consulting and implementation services and software support and maintenance. Revenue for a SaaS-related arrangement is recognized over time as services are provided. Approximately 50%-70% of revenue associated with a sale or renewal of software to be installed on-premises is recognized at a point in time when the customer benefits from obtaining access to and use of the software license, with the percentage varying based on the length of the contract and other contractual terms. The remainder of the revenue for on-premises software licenses is recognized over the length of the contract as maintenance and other services are provided. As a result of these differences in how portions of CRD revenue are accounted for, CRD revenue may vary more than other business units quarter to quarter.

Lending related and other fees decreased 1% in 2025 compared to 2024. Lending related and other fees primarily consists of fee revenue associated with our subscription and fund finance, commercial loans, municipal finance, insurance and stable value wrap businesses.

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Other Fee Revenue

Other fee revenue includes bank-owned life insurance income, income associated with equity investments and other market-related adjustments.

Other fee revenue decreased $53 million in 2025, compared to 2024, reflecting the absence of a notable item related to a $66 million gain on sale of an equity investment in the prior year period.

Net Interest Income

See Table 2: Total Revenue, for the breakout of interest income and interest expense for the years ended December 31, 2025, 2024 and 2023.

NII is defined as interest income earned on interest-earning assets less interest expense incurred on interest-bearing liabilities. Interest-earning assets, which principally consist of investment securities, interest-bearing deposits with banks, loans, resale agreements and other liquid assets, are financed primarily by client deposits, short-term borrowings and long-term debt.

NIM represents the relationship between annualized FTE NII and average total interest-earning assets for the period. It is calculated by dividing FTE NII by average interest-earning assets. Revenue that is exempt from income taxes, mainly earned from certain investment securities (state and political subdivisions), is adjusted to an FTE basis using the U.S. federal and state statutory income tax rates.

NII increased 1% in 2025 compared to 2024, primarily driven by 11% growth in average interest-earnings assets, partially offset by a 10 bps decline in NIM.

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See Table 10: Average Balances and Interest Rates - Fully Taxable-Equivalent Basis, for the breakout of NII on a FTE basis for the years ended December 31, 2025, 2024 and 2023.

(1) Rates earned/paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.

(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $242.73 billion, $191.26 billion and $140.36 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.27%, 0.35% and 0.22% for the years ended December 31, 2025, 2024 and 2023, respectively.

(3) Average loans presented on gross basis. Average loans net of expected credit losses was approximately $45.61 billion, $39.52 billion and $34.69 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

(4) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $8.45 billion, $6.96 billion and $4.94 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 4.20%, 5.01% and 4.91% for the years ended December 31, 2025, 2024 and 2023, respectively.

(5) Average rate includes the impact of FX swap costs of approximately ($195) million, $(274) million and $54 million for the years ended December 31, 2025, 2024 and 2023, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap costs were 2.88%, 3.45% and 2.86% for the years ended December 31, 2025, 2024 and 2023, respectively.

(6) Total deposits averaged $253.00 billion, $225.61 billion and $205.11 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

(7) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $8.01 billion, $6.30 billion and $4.61 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 4.51%, 5.46% and 5.43% for the years ended December 31, 2025, 2024 and 2023, respectively.

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Changes in the components of interest-earning assets and interest-bearing liabilities are discussed in more detail below. Additional information about the components of interest income and interest expense is provided in Note 17 to the consolidated financial statements in this Form 10-K.

Average total interest-earning assets were $294.71 billion in 2025, compared to $266.07 billion in 2024. The increase is primarily due to higher levels of client deposits and long-term debt.

Interest-bearing deposits with banks averaged $93.55 billion in 2025, compared to $88.75 billion in 2024. These deposits primarily reflect our maintenance of cash balances at the Federal Reserve, the ECB and other non-U.S. central banks. The higher levels of average cash balances reflect higher levels of client deposits and funding levels.

Securities purchased under resale agreements averaged $8.23 billion in 2025, compared to $6.79 billion in 2024, due to an increase in FICC repurchase agreement volumes. As a member of FICC, we may net securities sold under repurchase agreements against those purchased under resale agreements with counterparties that are also members of the clearing organization when specific netting criteria are met. The impact of balance sheet netting was, on average, $242.73 billion and $191.26 billion in 2025 and 2024, respectively.

Average investment securities were $110.59 billion in 2025, compared to $104.78 billion in 2024, primarily driven by growth in U.S. Treasuries.

Average loans increased to $45.79 billion in 2025, compared to $39.66 billion in 2024. Average loans excluding overdrafts, averaged $42.39 billion in 2025, compared to $36.14 billion in 2024, reflecting our efforts to grow the lending portfolio. The increases are primarily due to growth in CLOs, subscription finance and fund finance loans. Additional information is provided under “Loans” in “Financial Condition” in this Management’s Discussion and Analysis and in Note 4 to the consolidated financial statements in this Form 10-K.

Average other interest-earning assets, largely associated with our prime services business, increased to $35.75 billion in 2025 from $25.30 billion in 2024, primarily driven by an increase in the level of cash collateral posted. Other interest-earning assets primarily reflects prime services assets where cash has been posted to borrow securities from lenders, which are then lent by us, as principal, to borrowers. This cash includes both cash from borrowers and cash utilized from our balance sheet, and is presented on a net basis on the balance sheet where we have enforceable netting agreements. Non-interest earning assets also includes a portion of our prime services assets where we act as lender in a

securities lending transaction and we receive securities as collateral that we are permitted to transfer or re-pledge. Combined with our prime services liabilities, revenue from these activities generates securities finance fee revenue as well as net interest income.

Average total interest-bearing deposits increased to $228.21 billion in 2025 from $200.04 billion in 2024. The increase is driven by market volatility and our active client engagement to support our structural liquidity position and to support business growth on the asset side of the balance sheet. Future interest-bearing deposit levels will be influenced by the underlying investment servicing business, client behavior, the mix of interest-bearing and non-interest-bearing deposits and market conditions, including the general levels of U.S. and non-U.S. interest rates.

Average other short-term borrowings decreased to $9.59 billion in 2025 from $11.43 billion in 2024, due to decreased wholesale funding. The decrease is driven by our response to higher client deposit levels.

Average long-term debt was $25.01 billion in 2025, compared to $20.39 billion in 2024, supporting our businesses and structural liquidity position. These amounts reflect issuances, redemptions and maturities of senior and subordinated debt during the respective periods.

Average other interest-bearing liabilities, largely associated with our prime services business, were $4.03 billion in 2025, compared to $4.83 billion in 2024. Other interest-bearing liabilities is primarily driven by cash received from our custody clients, which is presented on a net basis where we have enforceable netting agreements. Non-interest bearing liabilities also include a portion of our prime services liabilities where client-provided non-cash collateral has been received and we have rehypothecation rights. Securities received as collateral from our custody clients where we have no rehypothecation rights are used as a credit mitigant only and remain off balance sheet.

Based on market conditions and other factors, including regulatory standards, we continue to reinvest the majority of the proceeds from pay-downs and maturities of investment securities in highly-rated U.S. and non-U.S. securities, such as federal agency MBS, sovereign debt securities and U.S. Treasury and agency securities. The pace at which we reinvest, and the types of investment securities purchased will depend on the impact of market conditions, the implementation of regulatory standards, including interpretation of those standards and other factors over time. We expect these factors and the levels of global interest rates to impact our

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reinvestment program and future levels of NII and NIM.

Other Income

Other income included a gain of $4 million in 2025, compared to a loss of $79 million in 2024 reflecting the 2024 loss on sale of investment securities related to the repositioning of the investment portfolio.

Provision for Credit Losses

In 2025, we recorded a $59 million provision for credit losses, primarily reflecting the evolving macroeconomic environment and an increase in loan loss reserves associated with certain commercial real estate and commercial loans.

Additional information is provided under “Loans” in “Financial Condition” in this Management’s Discussion and Analysis and in Note 4 to the consolidated financial statements in this Form 10-K.

Expenses

Table 11: Expenses, provides the breakout of expenses for the years ended December 31, 2025, 2024 and 2023. Total expenses increased 7% compared to 2024, primarily due to higher business and technology investments, revenue-related costs and higher impact of notables items in the current year, partially offset by productivity and other savings.

Notable items reflected in expenses in 2025 included:

•Repositioning charges of $326 million, which included $211 million of compensation and employee benefits expenses related to workforce rationalization, $69 million of occupancy costs associated with real estate footprint optimization, and costs associated with operating model changes of $24 million and $22 million reflected in information systems and communications and other expenses, respectively.

•Other notable items which included an FDIC special assessment release of $60 million, partially offset by $40 million of legal and related costs, both reflected in other expenses, and an Alpha-related client rescoping of $18 million reflected in information systems and communications expenses.

Notable items reflected in expenses in 2024 included:

•Deferred compensation expense acceleration of $79 million.

•Other notable items of $111 million, primarily related to a $99 million increase to the FDIC special assessment, recognized in other expenses.

•Net repositioning release of $2 million, including a $15 million release reflected in compensation and employee benefits expenses, partially offset by $13 million of occupancy charges related to footprint optimization.

Compensation and employee benefits expenses increased 7% in 2025 compared to 2024, primarily due to higher repositioning charges, performance-based incentive compensation as well as merit increases and employee benefit costs which were partially offset by productivity and other savings. The net impact of notable items in the current and prior year periods increased compensation and employee benefits expenses by 2% points in 2025 compared to 2024.

Total headcount decreased 2% as of December 31, 2025 compared to December 31, 2024, primarily driven by our continued efforts to simplify our operations through organization design and technology and automation efforts. These impacts were partially offset by headcount growth in high-cost locations primarily to support clients and revenue generation.

Information systems and communications expenses increased 14% in 2025 compared to 2024, largely driven by higher technology and infrastructure investments and the impact of current year notable items, partially offset by vendor savings.

Transaction processing services expenses increased 5% in 2025 compared to 2024, primarily due to higher broker fees and revenue-related sub-custody and market data costs.

Occupancy expenses increased 11% in 2025 compared to 2024, primarily reflecting the net impact of the repositioning charges in the current and prior year periods.

Other expenses decreased 5% in 2025 compared to 2024, primarily reflecting the net impact of notable items in the current and prior year periods

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which decreased other expenses by 7% points in 2025 as compared to 2024, partially offset by higher marketing costs and other revenue-related expenses.

Repositioning Charges

The following table presents aggregate activity for repositioning charges for the periods indicated:

Income Tax Expense

Income tax expense was $786 million in 2025 compared to $708 million in 2024. Our effective tax rate increased to 21.1% in 2025 compared to 20.8% in 2024.

Additional information regarding income tax expense, including unrecognized tax benefits and tax contingencies, is provided in Notes 13 and 22 to the consolidated financial statements in this Form 10-K.

LINE OF BUSINESS INFORMATION

Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. The results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. For the description of our lines of business refer to “Lines of Business” in Item 1 in this Form 10-K. Certain amounts are not allocated to our two lines of business. For further information, please refer to Note 24 to the consolidated financial statements in this Form 10-K.

Investment Servicing

nm Not meaningful

Servicing Fees

Servicing fees, as presented in Table 13: Investment Servicing Line of Business Results, increased 6% in 2025 compared to 2024, primarily reflecting higher average market levels and net new business.

For additional information about servicing fees and the impact of worldwide equity and fixed-income valuations on our fee revenue, as well as other key drivers of our servicing fee revenue, refer to “Fee Revenue” in “Consolidated Results of Operations” included in this Management’s Discussion and Analysis.

Expenses

Total expenses for Investment Servicing increased 5% in 2025 compared to 2024, primarily reflecting higher business and technology investments, compensation costs and revenue-related costs, partially offset by productivity and other savings. Additional information about expenses is provided under “Expenses” in “Consolidated Results of Operations” included in this Management’s Discussion and Analysis.

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Investment Management

(1) Includes revenues from SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust AUM where we are not the investment manager but act as the marketing agent.

(2) Includes revenue for reimbursements received for certain ETFs associated with State Street Investment Management where we act as the distribution and marketing agent.

(3) Includes other revenue items that are primarily driven by equity market movements.

Investment Management total revenue increased 12% in 2025 compared to 2024.

Management Fees

Management fees increased 13% in 2025 compared to 2024, primarily due to higher average market levels and net inflows.

For additional information about the impact of worldwide equity and fixed-income valuations, as well as other key drivers of our management fees revenue, refer to “Fee Revenue” in “Consolidated Results of Operations” included in this Management’s Discussion and Analysis.

Expenses

Total expenses for Investment Management increased 7% in 2025 compared to 2024, as higher business investments and revenue-related fund expenses were partially offset by productivity and other savings.

Additional information about expenses is provided under “Expenses” in “Consolidated Results of Operations” included in this Management’s Discussion and Analysis.

For additional information about our two lines of business, as well as the revenues, expenses and capital allocation methodologies associated with them, refer to Note 24 to the consolidated financial statements in this Form 10-K.

FINANCIAL CONDITION

The structure of our consolidated statement of condition is primarily driven by the liabilities generated by our Investment Servicing and Investment Management lines of business. Our clients’ needs and our operating objectives determine the volume, mix and currency denomination of our assets and liabilities. As our clients execute their worldwide cash management and investment activities, they utilize deposits and short-term investments that constitute the majority of our liabilities. These liabilities are generally in the form of interest-bearing transaction account deposits, which are denominated in a variety of currencies, and non-interest-bearing demand deposits. Our interest-earning assets consist primarily of securities held in our AFS or HTM portfolios, loans and short-duration financial instruments, such as interest-bearing deposits with banks and securities purchased under resale agreements.

Additional information on our financial condition is presented in Table 10: Average Balances and Interest Rates - Fully Taxable-Equivalent Basis. We believe the average statement of condition is a better measure of the balance sheet trends as period-end balances can be impacted by the timing of client activities including deposits and withdrawals.

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Investment Securities

(1) As of December 31, 2025 and 2024, the total fair value included $2.81 billion and $4.36 billion, respectively, of agency CMBS and $12.78 billion and $6.20 billion, respectively, of agency MBS.

(2) As of December 31, 2025 and 2024, the fair value includes non-U.S. collateralized loan obligations of $0.77 billion and $0.70 billion, respectively.

(3) As of December 31, 2025 and 2024, the fair value includes non-U.S. corporate bonds of $2.40 billion and $2.54 billion, respectively.

(4) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.

(5) Excludes CLO loans. Refer to Note 4 for additional information.

(6) Consists entirely of non-agency RMBS as of both December 31, 2025 and 2024.

(7) As of December 31, 2024, the fair value of U.S. corporate bonds was $0.05 billion.

(8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended December 31, 2025.

(9) As of December 31, 2025 and 2024, the total amortized cost included $5.08 billion and $5.18 billion of agency CMBS, respectively.

Additional information about our investment securities portfolio is provided in Note 3 to the consolidated financial statements in this Form 10-K.

We manage our investment securities portfolio by taking into consideration the interest rate and duration characteristics of our client liabilities along with the context of the overall structure of our consolidated statement of condition, and in consideration of the global interest rate environment. We consider a well-diversified, high-credit quality investment securities portfolio to be an important element in the management of our consolidated statement of condition.

Average duration of our investment securities portfolio, including the impact of hedges, was 2.1 years and 2.2 years as of December 31, 2025 and 2024, respectively.

Approximately 97% of the carrying value of the portfolio was rated “AA” or higher as of both December 31, 2025 and 2024, as follows:

(1) Includes U.S. Treasury and federal agency securities that are split-rated, “AAA” by Moody’s Investors Service and “AA+” by Standard & Poor’s and also includes Agency MBS securities which are not explicitly rated but which have an explicit or assumed guarantee from the U.S. government.

The following table presents the diversification of the investment portfolio with respect to asset class composition as of December 31, 2025 and 2024.

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The following table presents the net unamortized purchase premiums or discounts and net premium amortization or discount accretion related to the investment portfolio for the periods indicated:

(1) Totals exclude premiums or discounts created from the transfer of securities from AFS to HTM.

Non-U.S. Debt Securities

Approximately 26% and 23% of the aggregate carrying value of our investment securities portfolio was non-U.S. debt securities as of December 31, 2025 and 2024, respectively.

(1) Geography is determined primarily based on the domicile of collateral or issuer.

(2) As of December 31, 2025, other non-U.S. investments include $9.31 billion supranational bonds in AFS securities and $1.53 billion supranational bonds in HTM securities.

Approximately 88% and 90% of the aggregate carrying value of these non-U.S. debt securities was

rated “AAA” or “AA” as of December 31, 2025 and 2024, respectively. The majority of these securities comprised senior positions within the security structures; these positions have a level of protection provided through subordination and other forms of credit protection. As of December 31, 2025 and 2024, approximately 32% and 29%, respectively, of the aggregate carrying value of these non-U.S. debt securities was floating-rate.

As of December 31, 2025, our non-U.S. debt securities had an average market-to-book ratio of 100.2%, and an aggregate pre-tax net unrealized gain of $62 million, consisting of gross unrealized gains of $130 million and gross unrealized losses of $68 million. These unrealized amounts included:

•a pre-tax net unrealized gain of $89 million, consisting of gross unrealized gains of $126 million and gross unrealized losses of $37 million, associated with non-U.S. AFS debt securities; and

•a pre-tax net unrealized loss of $27 million, consisting of gross unrealized gains of $4 million and gross unrealized losses of $31 million, associated with non-U.S. HTM debt securities.

As of December 31, 2025, the underlying collateral for non-U.S. MBS and ABS primarily included mortgages in Australia, the United Kingdom, and Netherlands. The securities listed under “Canada” were composed of Canadian government securities, corporate debt, covered bonds and non-U.S. agency securities. The securities listed under “France” were composed of sovereign bonds, corporate debt, covered bonds, ABS and non-U.S. agency securities. The securities listed under “Germany” were composed of non-U.S. agency securities, government bonds, ABS and corporate debt.

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Contractual Maturities and Effective Yield

(1) Weighted-average yields are calculated based on the effective yield of each security owned at the end of the period, excluding the effect of related hedges, weighted based on the face value of each security.

(2) The maturities of MBS and ABS are based on expected principal payments.

(3) Yields were calculated on a FTE basis, using applicable statutory tax rates (21.0% as of December 31, 2025).

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Loans

(1) Fund finance loans primarily include loans to real money funds and business development companies of $8.30 billion and $1.75 billion, respectively, as of December 31, 2025, compared to $7.90 billion and $1.44 billion, respectively, as of December 31, 2024.

(2) Collateralized loan obligations include broadly syndicated and middle market CLO loans of $10.30 billion and $2.51 billion, respectively, as of December 31, 2025, compared to $8.39 billion and $1.10 billion as of December 31, 2024.

(3) Includes securities finance loans and loans to municipalities of $2.52 billion and $0.12 billion, respectively, as of December 31, 2025, compared to $3.01 billion and $0.21 billion, respectively, as of December 31, 2024.

(4) Excluding overdrafts, floating rate loans and fixed rate loans totaled $42.37 billion and $2.45 billion, respectively, as of December 31, 2025. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 to the consolidated financial statements in this Form 10-K for additional details.

(5) Non-U.S. loans totaled $18.78 billion and $16.79 billion as of December 31, 2025 and 2024, respectively.

We segregate our loans into two segments: commercial and financial and commercial real estate. We further classify commercial and financial loans as subscription finance, fund finance loans, collateralized loan obligations, commercial, overdrafts and other loans.

Total loans as of December 31, 2025 increased $3.58 billion compared to December 31, 2024, primarily reflecting higher CLOs and subscription finance loans, partially offset by a decline in commercial loans.

Subscription Finance

Our subscription finance portfolio consists of revolving lines of credit that allow private equity and private credit fund managers to borrow against uncalled investor capital commitments. These facilities are secured by the limited partners’ commitments and the fund’s right to call capital, enabling managers across strategies, including private equity/buyout, private debt, infrastructure, secondaries, and real estate to manage capital calls, fund asset acquisitions, and mitigate timing mismatches. The uncalled capital commitments securing these facilities are predominantly from institutional investors.

Fund Finance

Our fund finance portfolio primarily consists of loans to real money funds (RMF). RMF facilities

provide liquidity and leverage solutions to funds regulated under the Investment Company Act of 1940 (1940 Act), as well as certain non‑U.S. regulated funds. Borrowers, which typically maintain highly diversified portfolios of liquid securities, may access revolving lines of credit for short‑term liquidity needs and structural leverage. Loans to business development companies (BDCs), also included in our fund finance portfolio, are senior secured credit facilities to 1940 Act registered funds that invest in U.S. middle‑market companies. All fund finance facilities to both RMFs and BDCs benefit from regulatory required structural protections.

Collateralized Loan Obligations

Our CLO loans portfolio consists of senior secured debt facilities to both broadly syndicated and middle market CLOs. Broadly syndicated CLOs are backed by diversified pools of broadly syndicated leveraged loans to corporate borrowers, while middle market CLOs are backed by loans typically originated to U.S. middle-market companies. We only invest at the AAA rated tranche.

Commercial

Our commercial portfolio primarily consists of U.S. and European leveraged loan syndications to sub-investment grade borrowers, as well as lines of credit and term loans provided to corporate, insurance and investment advisor clients, primarily large global institutions.

We had binding unfunded commitments as of December 31, 2025 and 2024 of $6 million and $104 million, respectively, to participate in syndications of leveraged loans. Additional information about these unfunded commitments is provided in Note 12 to the consolidated financial statements in this Form 10-K.

These leveraged loans, which are primarily rated “sub-investment grade” under our internal risk-rating framework (refer to Note 4 to the consolidated financial statements in this Form 10-K), are externally rated “BBB,” “BB” or “B,” with approximately 87% and 91% of the loans rated “BB” or “B” as of December 31, 2025 and 2024, respectively. Our investment strategy involves generally limiting our investment to larger, more liquid credits underwritten by major global financial institutions, applying our internal credit analysis process to each potential investment and diversifying our exposure by counterparty and industry segment. However, these loans have significant exposure to credit losses relative to higher-rated loans in our portfolio.

Commercial Real Estate

As of December 31, 2025, the commercial real estate portfolio consists of, by asset class, approximately 40% multifamily residential, 40% office buildings and 20% other asset classes, and the portfolio does not have any construction exposure.

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Additionally, as of December 31, 2025, the commercial real estate loans are on properties located in multiple markets across the United States, with no significant concentrations (New York Metro is the largest concentration at approximately 20%). Despite not having a significant concentration in any one market, a material decline in real estate markets or economic conditions could negatively impact the value or performance of one or more individual properties, which could adversely impact timely loan repayment, which may result in increased provisions for credit losses. We continued to observe these effects in commercial real estate loans during 2025, particularly those collateralized by office buildings, resulting in additional provisions for credit losses. Were conditions, or our evaluation of conditions, in those or other markets to worsen during 2026 or subsequent periods, we may increase our allowance for credit losses during those periods.

Overdrafts

Overdrafts primarily occur with custody clients and totaled $1.96 billion as of December 31, 2025, compared to $1.98 billion as of December 31, 2024. Overdraft balances are recorded within the loan portfolio and are typically repaid over a short period.

Other

Our other loans consist of securities finance and municipal loans. Securities finance loans represent the balance sheet‑funded portion of facilities offered through State Street Markets, in which clients pledge securities to draw cash. We may subsequently lend these securities through our agency lending program to raise cash and reduce the balance sheet‑funded exposure. Municipal loans consist of revolving credit facilities and term loans to U.S. municipal and not‑for‑profit obligors.

Additional information about our loan segments, as well as their underlying classes, is provided in Note 4 to the consolidated financial statements in this Form 10-K.

The following table presents the contractual maturities for loans, by segment, as of December 31, 2025.