Financial Analysis

Senior Notes and Long-Term Debt Senior Notes. On November 19, 2025, the Corporation issued $500 million of 4.15% senior notes, due November 19, 2030. The senior notes will bear interest from the date they were issued at an annual rate of 4.15%, payable semi-annually in arrears. The senior notes are unsecured and rank equally with all of the Corporation's existing and future senior debt. The senior notes are not redeemable prior to maturity. A summary of Senior Notes outstanding at December 31, 2025 and 2024 is presented in the following table. TABLE 76: SENIOR NOTES DECEMBER 31, ($ In Millions) RATE 2025 2024 Corporation-Senior Notes Fixed Rate Note Due May 2027 (1) 4.00 % $ 999.0 $ 998.3 Fixed Rate Note Due August 2028 (2)(3) 3.65 493.5 479.6 Fixed Rate Note Due May 2029 (2)(3) 3.15 483.1 465.3 Fixed Rate Note Due May 2030 (2)(3) 1.95 879.8 826.5 Fixed Rate Note Due November 2030 (3)(4) 4.15 496.1 Total Senior Notes $ 3,351.5 $ 2,769.7 (1) Redeemable within one month of maturity. (2) Redeemable within three months of maturity. (3) Interest rate swap contracts were entered into to modify the interest expense from fixed rates to floating rates. The swaps are recorded as fair value hedges and (decreases) increases in the carrying values of senior notes outstanding of $(142.2) million and $(224.2) million were recorded as of December 31, 2025 and 2024, respectively. See further detail in Note 25, Derivative Financial Instruments. (4) Not redeemable prior to maturity. Long-Term D …

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The following table presents revenues disaggregated by major revenue source. TABLE 82: REVENUE DISAGGREGATION FOR THE YEAR ENDED DECEMBER 31, (In Millions) 2025 2024 2023 Noninterest Income Trust, Investment and Other Servicing Fees Custody and Fund Administration $ 2,026.7 $ 1,915.2 $ 1,805.3 Investment Management and Advisory 2,659.7 2,491.5 2,232.3 Securities Lending 83.0 74.3 83.9 Other 248.4 246.8 240.3 Total Trust, Investment and Other Servicing Fees $ 5,017.8 $ 4,727.8 $ 4,361.8 Other Noninterest Income Foreign Exchange Trading Income $ 240.8 $ 231.2 $ 203.9 Treasury Management Fees 38.7 35.7 31.6 Security Commissions and Trading Income 170.4 150.5 135.0 Other Operating Income 207.7 1,157.4 228.7 Investment Security Gains (Losses), net (189.3) (169.5) Total Other Noninterest Income $ 657.6 $ 1,385.5 $ 429.7 Total Noninterest Income $ 5,675.4 $ 6,113.3 $ 4,791.5 …

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Share-Based Compensation Plans Northern Trust recognizes as expense the grant-date fair value of share-based compensation granted to employees and non-employee directors as Compensation on the consolidated statements of income. Total Compensation expense for share-based compensation arrangements to employees and the associated tax impacts were as follows for the periods presented. TABLE 100: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED COMPENSATION ARRANGEMENTS TO EMPLOYEES FOR THE YEAR ENDED DECEMBER 31, (In Millions) 2025 2024 2023 Restricted Stock Unit Awards $ 101.0 $ 91.4 $ 95.7 Performance Stock Units 25.5 28.0 22.5 Total Share-Based Compensation Expense $ 126.5 $ 119.4 $ 118.2 Tax Benefits Recognized $ 31.0 $ 29.3 $ 29.9 As of December 31, 2025, there was $89.8 million of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Corporations share-based compensation plans. That cost is expected to be recognized as expense over a weighted-average period of approximately 3 years. The Northern Trust Corporation 2017 Long-Term Incentive Plan (2017 Plan) is administered by the Human Capital and Compensation Committee (Committee) of the Board of Directors. All employees of the Corporation and its subsidiaries and all directors of the Corporation are eligible to receive awards under the 2017 Plan. The 2017 Plan provides for the grant of non-qualified and incentive stock options; tandem and free-standing stock appreciation rights; …

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Fair Value Measurements Fair value under GAAP is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. Fair Value Hierarchy. The following describes the hierarchy of valuation inputs (Levels 1, 2, and 3) used to measure fair value and the primary valuation methodologies used by Northern Trust for financial instruments measured at fair value on a recurring basis. Observable inputs reflect market data obtained from sources independent of the reporting entity; unobservable inputs reflect the entitys own assumptions about how market participants would value an asset or liability based on the best information available. GAAP requires an entity measuring fair value to maximize the use of observable inputs and minimize the use of unobservable inputs and establishes a fair value hierarchy of inputs. Financial instruments are categorized within the hierarchy based on the lowest level input that is significant to their valuation. Northern Trusts policy is to recognize transfers into and transfers out of fair value levels as of the end of the reporting period in which the transfer occurred. No transfers into or out of Level 3 occurred during the years ended December 31, 2025, or 2024. Level 1 Quoted, active market prices for identical assets or liabilities. Northern Trusts Level 1 assets are comprised primarily of AFS investments in U.S. Treasury securiti …

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Goodwill and Other Intangibles Goodwill. Changes by reporting segment in the carrying amount of Goodwill for the years ended December 31, 2025 and 2024, including the effect of foreign exchange rates on non-U.S.-dollar denominated balances, were as follows. TABLE 73: GOODWILL (In Millions) ASSET SERVICING WEALTH MANAGEMENT TOTAL Balance at December 31, 2023 $ 621.9 $ 80.4 $ 702.3 Foreign Exchange Rates (7.3) (0.1) (7.4) Balance at December 31, 2024 $ 614.6 $ 80.3 $ 694.9 Foreign Exchange Rates 17.9 0.1 18.0 Balance at December 31, 2025 $ 632.5 $ 80.4 $ 712.9 The goodwill impairment test is performed at least annually at the reporting-unit level. The Corporation has determined its reporting units for this purpose to be Asset Servicing and Wealth Management. Goodwill was tested for impairment during the fourth quarter of 2025 using a quantitative assessment in which the estimated fair values of the reporting units are compared to their carrying values. Impairment is deemed to exist if the carrying value of a reporting unit exceeds its estimated fair value. Based upon the quantitative assessments, there were no impairments to goodwill in 2025. Other Intangible Assets. The net carrying amount of other intangible assets was $59.6 million and $58.1 million as of December 31, 2025 and 2024, respectively. Other intangible assets consist primarily of the value of acquired client relationships and are included in Other Assets on the consolidated balance sheets. Amortization expense tot …

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Income Taxes The following table reconciles the statutory federal tax rate with the effective tax rate for the periods presented below. TABLE 87: INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, ($ In Millions) 2025 2025 2024 2024 2023 2023 Statutory Federal Tax Rate $ 491.3 21.0 % $ 558.5 21.0 % $ 307.6 21.0 % Tax Credits (7.2) (0.3) (8.9) (0.3) (4.4) (0.3) Tax Credit Investments, Net (1) (15.5) (0.7) (17.9) (0.7) (37.5) (2.6) Nontaxable or Nondeductible Tax Benefits 1.0 (7.0) (0.3) (3.0) (0.2) Effects of Cross-Border Tax Laws 13.6 0.6 10.1 0.4 10.9 0.7 Valuation Allowance 59.8 2.6 36.7 1.4 25.8 1.8 Other, net 0.8 (11.5) (0.4) (4.5) (0.3) Domestic State and Local Income Taxes, net (2) 38.8 1.7 65.1 2.4 34.9 2.4 Foreign Tax Effects 21.1 0.9 5.5 0.2 7.7 0.5 Worldwide Changes in Unrecognized Tax Benefits (1.1) (2.2) (0.1) 20.0 1.4 Effective Tax Rate $ 602.6 25.8 % $ 628.4 23.6 % $ 357.5 24.4 % (1) Tax Credit Investments, Net includes Low Income Housing Tax Credits and New Market Tax Credits net of proportional amortization starting in 2024. Refer to Note 28, Variable Interest Entities for further information. (2) State and local income taxes in Illinois, New York, and California comprise the majority of the Domestic State and Local Taxes, net category. Income tax expense for the year ended December 31, 2025, 2024, and 2023 was $602.6 million, $628.4 million, and $357.5 million, representing an effective tax rate of 25.8%, 23.6%, and 24.4% respectively. For the year ended December 3 …

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Lease Commitments As of December 31, 2025, Northern Trust was obligated under a number of non-cancelable operating leases, primarily for real estate. Certain leases contain rent escalation clauses based on market indices, renewal option clauses calling for increased rentals, and rental payments based on usage. There are no restrictions imposed by any lease agreement regarding the payment of dividends, debt financing or Northern Trust entering into further lease agreements. The components of lease costs for the years ended December 31, 2025 and 2024 were as follows. TABLE 68: LEASE COST COMPONENTS FOR THE YEAR ENDED DECEMBER 31, (In Millions) 2025 2024 Operating Lease Cost $ 87.8 $ 93.5 Variable Lease Cost (1) 50.4 49.3 Sublease Income (3.2) (3.0) Total Lease Cost $ 135.0 $ 139.8 (1) Variable Lease Cost includes rental payments based on usage, common-area maintenance costs and property taxes. The following table presents a maturity analysis of lease liabilities as of December 31, 2025. TABLE 69: MATURITY OF LEASE LIABILITIES (In Millions) MATURITY OF LEASE LIABILITIES 2026 $ 98.0 2027 99.1 2028 86.2 2029 71.0 2030 70.3 Later Years 315.2 Total Lease Payments 739.8 Less: Imputed Interest (115.4) Present Value of Lease Liabilities $ 624.4 As of December 31, 2025, Northern Trust did not have any commitments for operating leases in addition to the above that have not yet commenced. Northern Trust uses its incremental borrowing rate to determine the present value of lease payments f …

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Recent Accounting Pronouncements On January 1, 2025, Northern Trust adopted ASU No. 2023-08, IntangiblesGoodwill and OtherCrypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (ASU 2023-08). ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period, and present crypto assets separately from other intangible assets on the face of the balance sheet and changes in fair value of crypto assets separately from changes in the carrying amount of other intangible assets on the statement of income. ASU 2023-08 also requires enhanced disclosures about in-scope crypto assets and respective activities. As Northern Trust does not hold crypto assets, upon adoption of ASU 2023-08, there was no impact on the consolidated balance sheets or consolidated statements of income. On December 31, 2025, Northern Trust adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 enhances disclosures by further disaggregating existing annual income tax disclosures related to the effective tax rate reconciliation and income taxes paid. Upon adoption of ASU 2023-09, the impact was limited to certain enhancements within the notes to the consolidated financial statements and did not impact Northern Trusts consolidated balance sheets or consolidated statements of income. Please refer to Note 20 Income Taxes for further in …

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Employee Benefits The Corporation and certain of its subsidiaries provide various benefit programs, including defined benefit pension and defined contribution plans. A description of each major plan and related disclosures are provided below. Pension. A noncontributory qualified defined benefit pension plan covers substantially all U.S. employees of Northern Trust. Employees of certain European subsidiaries retain benefits in local defined benefit plans, although those plans are closed to new participants and to future benefit accruals. Employees continue to accrue benefits under the Swiss pension plan, which is accounted for as a defined benefit plan under U.S. GAAP. Northern Trust also maintains a noncontributory supplemental pension plan for participants whose retirement benefits under the U.S. Qualified Plan are expected to exceed the limits imposed by federal tax law. Northern Trust has a nonqualified trust, referred to as a Rabbi Trust, used to hold assets designated for the funding of benefits in excess of those permitted in certain of its qualified retirement plans. This arrangement offers participants a degree of assurance for payment of benefits in excess of those permitted in the related qualified plans. As the Rabbi Trust assets remain subject to the claims of creditors and are not the property of the employees, they are accounted for as corporate assets and are included in Other Assets on the consolidated balance sheets. Total assets in the Rabbi Trust related to …

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Revenue from Contracts with Clients Trust, Investment, and Other Servicing Fees. Custody and Fund Administration fees is comprised of revenues received from our core asset servicing business for providing custody, fund administration, and middle-office-related services, primarily to Asset Servicing clients. Investment Management and Advisory income contains revenue received from providing asset management and related services to Wealth Management and Asset Servicing clients and to Northern Trust sponsored funds. Securities Lending income represents revenues generated from securities lending arrangements that Northern Trust enters into as agent, mainly with Asset Servicing clients. Other fees largely consists of revenues received from providing employee benefit, investment risk and analytic and other services to Asset Servicing and Wealth Management clients. Other Noninterest Income. Treasury Management income represents revenues received from providing cash and liquidity management services to Asset Servicing and Wealth Management clients. The portion of Security Commissions and Trading Income that relates to revenue from contracts with clients is primarily comprised of commissions earned from providing securities brokerage services to Wealth Management and Asset Servicing clients. The portion of Other Operating Income that relates to revenue from contracts with clients is mainly comprised of service fees for banking-related services provided to Wealth Management and Asset Se …

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Reporting Segments and Related Information Segment Information. Northern Trust is organized around its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing a funds transfer pricing (FTP) methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on an instrument level. Additionally, segment information is presented on an FTE basis as management believes an FTE presentation provides a clearer indication of net interest income. The adjustment to an FTE basis has no impact on Net Income. Equity is allocated to the reporting segments based on a variety of factors including, but not limited to, risk, regulatory considerations, and internal metrics. Allocations of equity and certain corporate expense may not be representative of levels that would be req …

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Stockholders Equity Preferred Stock. The Corporation is authorized to issue 10 million shares of preferred stock without par value. The Board of Directors is authorized to fix the particular designations, preferences and relative, participating, optional and other special rights and qualifications, limitations or restrictions for each series of preferred stock issued. As of December 31, 2025, 5,000 shares of Series D Non-Cumulative Perpetual Preferred Stock (Series D Preferred Stock) and 16,000 shares of Series E Non-Cumulative Perpetual Preferred Stock (Series E Preferred Stock) were outstanding. Series D Preferred Stock. As of December 31, 2025, the Corporation had issued and outstanding 500,000 depositary shares, each representing a 1/100th ownership interest in a share of Series D Preferred Stock, issued in August 2016. Equity related to Series D Preferred Stock as of both December 31, 2025 and 2024 was $493.5 million. Shares of the Series D Preferred Stock have no par value and a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share). Dividends on the Series D Preferred Stock, which are not mandatory, accrue and are payable on the liquidation preference amount, on a non-cumulative basis, at a rate per annum equal to (i) 4.60% from the original issue date of the Series D Preferred Stock to but excluding October 1, 2026; and (ii) a floating rate equal to three-month CME Term SOFR, plus a statutory spread adjustment of 0.26161% (as set fort …

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The following table presents revenues disaggregated by major revenue source. TABLE 59: REVENUE DISAGGREGATION THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, (In Millions) 2026 2025 2026 2025 Noninterest Income Trust, Investment and Other Servicing Fees Custody and Fund Administration $ 544.9 $ 498.4 $ 1,076.5 $ 983.5 Investment Management and Advisory 712.3 649.6 1,429.7 1,297.0 Securities Lending 29.6 20.3 53.2 38.2 Other 62.7 62.8 131.5 126.2 Total Trust, Investment and Other Servicing Fees $ 1,349.5 $ 1,231.1 $ 2,690.9 $ 2,444.9 Other Noninterest Income Foreign Exchange Trading Income $ 97.1 $ 50.6 $ 184.8 $ 109.3 Security Commissions and Trading Income 55.6 39.6 107.7 78.7 Other Operating Income (1) 594.2 66.1 664.7 126.4 Investment Security Gains (Losses), net (73.9) (73.9) Total Other Noninterest Income $ 673.0 $ 156.3 $ 883.3 $ 314.4 Total Noninterest Income $ 2,022.5 $ 1,387.4 $ 3,574.2 $ 2,759.3 (1) Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. The prior period has been revised to conform to the current year presentation. …

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Share-Based Compensation Plans The Northern Trust Corporation 2017 Long-Term Incentive Plan provides for the grant of non-qualified and incentive stock options; tandem and free-standing stock appreciation rights; stock awards in the form of restricted stock, restricted stock units and other stock awards; and performance awards. Restricted stock unit and performance stock unit grants continue to vest in accordance with the original terms of the award if the applicable employee retires after satisfying applicable age and service requirements. On June 30, 2026, the Corporation granted 189,720 restricted stock unit awards with a grant-date fair value of $33.1 million, which were expensed in their entirety on the date of grant as there was no requisite service period. Total compensation expense for share-based payment arrangements and the associated tax impacts were as follows for the three and six months ended June 30, 2026 and 2025. TABLE 65: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED PAYMENT ARRANGEMENTS THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, (In Millions) 2026 2025 2026 2025 Restricted Stock Unit Awards $ 49.7 $ 16.3 $ 107.3 $ 73.8 Performance Stock Units 3.1 1.9 19.8 16.3 Total Share-Based Compensation Expense 52.8 18.2 127.1 90.1 Tax Benefits Recognized $ 12.9 $ 4.5 $ 31.1 $ 22.1

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Fair Value Measurements Fair Value Hierarchy. The following describes the hierarchy of valuation inputs (Levels 1, 2, and 3) used to measure fair value and the primary valuation methodologies used by Northern Trust for financial instruments measured at fair value on a recurring basis. Observable inputs reflect market data obtained from sources independent of the reporting entity; unobservable inputs reflect the entitys own assumptions about how market participants would value an asset or liability based on the best information available. GAAP requires an entity measuring fair value to maximize the use of observable inputs and minimize the use of unobservable inputs and establishes a fair value hierarchy of inputs. Financial instruments are categorized within the hierarchy based on the lowest level input that is significant to their valuation. No transfers into or out of Level 3 occurred during the six months ended June 30, 2026 or the year ended December 31, 2025. Level 1 Quoted, active market prices for identical assets or liabilities. Northern Trusts Level 1 assets are comprised primarily of AFS investments in U.S. Treasury securities. Level 2 Observable inputs other than Level 1 prices, such as quoted active market prices for similar assets or liabilities, quoted prices for identical or similar assets in inactive markets, and model-derived valuations in which all significant inputs are observable in active markets. Northern Trusts Level 2 assets include AFS debt securities …

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Goodwill and Other Intangibles Goodwill. Changes by reporting segment in the carrying amount of Goodwill for the six months ended June 30, 2026, including the effect of foreign exchange rates on non-U.S. dollar denominated balances, were as follows. TABLE 53: GOODWILL (In Millions) ASSET SERVICING WEALTH MANAGEMENT TOTAL Balance at December 31, 2025 $ 632.5 $ 80.4 $ 712.9 Foreign Exchange Rates (3.3) (3.3) Balance at June 30, 2026 $ 629.2 $ 80.4 $ 709.6 Other Intangible Assets . The net carrying amount of other intangible assets was $58.0 million and $59.6 million as of June 30, 2026 and December 31, 2025, respectively. Other intangible assets consist primarily of the value of acquired client relationships and are included in Other Assets on the consolidated balance sheets. Capitalized Software. The gross carrying amount and accumulated amortization of capitalized software as of June 30, 2026 and December 31, 2025 were as follows. TABLE 54: CAPITALIZED SOFTWARE (In Millions) JUNE 30, 2026 DECEMBER 31, 2025 Gross Carrying Amount $ 5,084.3 $ 4,926.2 Less: Accumulated Amortization 2,873.4 2,574.2 Net Book Value $ 2,210.9 $ 2,352.0 Capitalized software, which is included in Other Assets on the consolidated balance sheets, consists primarily of cost related to purchased software and internal-use software development projects that result in new or enhanced functionality, including compensation and other allowable internal costs. Fees paid for the use of software services that do no …

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On January 1, 2026, Northern Trust early adopted ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (ASU 2025-09). ASU 2025-09 enhances hedge accounting guidance to better align accounting with an entitys risk management activities by expanding eligibility and operability of hedge accounting across five targeted areas. Upon adoption, ASU 2025-09 did not impact Northern Trusts consolidated balance sheets or consolidated statements of income. Please refer to Note 21 Derivative Financial Instruments for further information. …

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Pension The following table sets forth the net periodic pension expense for Northern Trusts U.S. Qualified Plan, U.S. Non-Qualified Plan, and the Non-U.S. Pension Plans for the three and six months ended June 30, 2026 and 2025. TABLE 64: NET PERIODIC PENSION EXPENSE (BENEFIT) U.S. QUALIFIED PLAN THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, (In Millions) 2026 2025 2026 2025 Service Cost $ 14.6 $ 13.7 $ 29.2 $ 27.4 Interest Cost 15.8 15.5 31.6 31.0 Expected Return on Plan Assets (29.3) (30.6) (58.6) (61.2) Amortization Net Actuarial Loss 5.0 1.9 10.0 3.8 Net Periodic Pension Expense $ 6.1 $ 0.5 $ 12.2 $ 1.0 U.S. NON-QUALIFIED PLAN THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, (In Millions) 2026 2025 2026 2025 Service Cost $ 1.2 $ 1.2 $ 2.4 $ 2.4 Interest Cost 1.3 1.3 2.6 2.6 Amortization Net Actuarial Loss 1.1 1.1 2.2 2.2 Net Periodic Pension Expense $ 3.6 $ 3.6 $ 7.2 $ 7.2 NON-U.S. PENSION PLANS THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, (In Millions) 2026 2025 2026 2025 Service Cost $ 1.3 $ 1.1 $ 2.8 $ 2.1 Interest Cost 1.6 1.4 3.2 2.7 Expected Return on Plan Assets (2.0) (1.9) (4.1) (3.7) Amortization Net Actuarial Loss 0.3 0.2 0.6 0.3 Prior Service Cost 0.3 $ 0.8 $ Net Periodic Pension Expense $ 1.5 $ 0.8 $ 3.3 $ 1.4 Note: As of January 1, 2026, certain Gratuity plans for Northern Trust's locations in India have been included in the non-U.S. pension plan disclosures due to their increased significance. Prior period amounts have been revised to co …

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Revenue from Contracts with Clients Trust, Investment, and Other Servicing Fees. Custody and Fund Administration income is comprised of revenues received from our core asset servicing business for providing custody, fund administration, and middle-office-related services, primarily to Asset Servicing clients. Investment Management and Advisory income contains revenue received from providing asset management and related services to Asset Servicing and Wealth Management clients and to Northern Trust sponsored funds. Securities Lending income represents revenues generated from securities lending arrangements that Northern Trust enters into as agent, mainly with Asset Servicing clients. Other income largely consists of revenues received from providing employee benefit, investment risk and analytic and other services to Asset Servicing and Wealth Management clients. Other Noninterest Income. The portion of Security Commissions and Trading Income that relates to revenue from contracts with clients is primarily comprised of commissions earned from providing securities brokerage services to Asset Servicing and Wealth Management clients. The portion of Other Operating Income attributable to revenue from contracts with clients primarily consists of service fees for banking-related services provided to Wealth Management and Asset Servicing clients. Effective in the first quarter of 2026, treasury management feesrepresenting revenues from cash and liquidity management services provided t …

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Reporting Segments Northern Trust is organized around its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing an FTP methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on an instrument level. Additionally, segment information is presented on an FTE basis as management believes an FTE presentation provides a clearer indication of net interest income. The adjustment to an FTE basis has no impact on Net Income. Revenues, expenses and average assets are allocated to Asset Servicing and Wealth Management, with the exception of non-recurring activities such as certain corporate transactions and costs incurred associated with acquisitions, divestitures, litigation, restructuring, and tax adjustments not directly attributable to a specific report …

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Stockholders Equity Preferred Stock. The Corporation is authorized to issue 10 million shares of preferred stock without par value. The Board of Directors is authorized to fix the particular designations, preferences and relative, participating, optional and other special rights and qualifications, limitations or restrictions for each series of preferred stock issued. As of June 30, 2026, 5,000 shares of Series D Non-Cumulative Perpetual Preferred Stock (Series D Preferred Stock) and 16,000 shares of Series E Non-Cumulative Perpetual Preferred Stock (Series E Preferred Stock) were outstanding. Series D Preferred Stock. As of June 30, 2026, the Corporation had issued and outstanding 500,000 depositary shares, each representing a 1/100th ownership interest in a share of Series D Preferred Stock, issued in August 2016. Equity related to Series D Preferred Stock as of both June 30, 2026 and December 31, 2025 was $493.5 million. Shares of the Series D Preferred Stock have no par value and a liquidation preference of $100,000 (equivalent to $1,000 per depositary share). Dividends on the Series D Preferred Stock, which are not mandatory, accrue and are payable on the liquidation preference amount, on a non-cumulative basis, at a rate per annum equal to (i) 4.60% from the original issue date of the Series D Preferred Stock to but excluding October 1, 2026; and (ii) a floating rate equal to the three-month CME Term Secured Overnight Finance Rate (SOFR), as administered by CME Group Be …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing