Item 1. Financial Statements

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Item 1. Financial Statements

STATE STREET CORPORATION

CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)


	Three Months Ended March 31,
(Dollars in millions, except per share amounts)	2026		2025
Fee revenue:


Servicing fees	$	1,409	$	1,275
Management fees	724		587
Foreign exchange trading services	435		337
Securities finance	116		114


Software services	169		158
Other fee revenue	107		99
Total fee revenue	2,960		2,570
Net interest income:
Interest income	2,651		2,922
Interest expense	1,816		2,208
Net interest income	835		714
Other income:




Gains from sales of available-for-sale securities, net	1		—
Total other income	1		—
Total revenue	3,796		3,284
Provision for credit losses	16		12
Expenses:
Compensation and employee benefits	1,441		1,262
Information systems and communications	637		497
Transaction processing services	283		258
Occupancy	101		103


Other	349		330
Total expenses	2,811		2,450
Income before income tax expense	969		822
Income tax expense	205		178

Net income	$	764	$	644
Net income available to common shareholders	$	705	$	597
Earnings per common share:
Basic	$	2.53	$	2.07
Diluted	2.49		2.04
Average common shares outstanding (in thousands):
Basic	278,434		288,562
Diluted	282,874		292,716
Cash dividends declared per common share	$	0.84	$	0.76

The accompanying condensed notes are an integral part of these consolidated financial statements.

State Street Corporation | 40

STATE STREET CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended March 31,
(In millions)	2026		2025
Net income	$	764	$	644
Other comprehensive income (loss), net of related taxes:
Foreign currency translation, net of related taxes of $30 and $(78), respectively	(107)		164

Net unrealized (losses) gains on available-for-sale securities, net of reclassification adjustment and net of related taxes of $(54) and $41, respectively	(131)		111

Net unrealized (losses) gains on cash flow hedges, net of related taxes of $(6) and $10, respectively	(4)		30
Net unrealized gains on retirement plans, net of related taxes of $1 and $2, respectively	3		3
Other comprehensive (loss) income	(239)		308
Total comprehensive income	$	525	$	952

The accompanying condensed notes are an integral part of these consolidated financial statements.

State Street Corporation | 41

STATE STREET CORPORATION

CONSOLIDATED STATEMENT OF CONDITION


	March 31, 2026		December 31, 2025

(Dollars in millions, except per share amounts)	(UNAUDITED)
Assets:
Cash and due from banks	$	6,518	$	4,433
Interest-bearing deposits with banks	123,574		126,930
Securities purchased under resale agreements	8,187		6,812
Trading account assets	842		827
Investment securities available-for-sale	71,645		67,154

Investment securities held-to-maturity (fair value of $32,560 and $34,166)	36,732		38,171
Loans (less allowance for credit losses on loans of $168 and $193)	49,022		46,589
Premises and equipment (net of accumulated depreciation of $7,170 and $7,046)	3,313		3,174
Accrued interest and fees receivable	4,708		4,395

Goodwill	8,121		8,159
Other intangible assets	872		935
Other assets	78,631		58,468
Total assets	$	392,165	$	366,047
Liabilities:
Deposits:
Non-interest-bearing	$	39,643	$	35,267
Interest-bearing - U.S.	174,723		168,079
Interest-bearing - non-U.S.	78,975		71,004
Total deposits	293,341		274,350
Securities sold under repurchase agreements	969		841

Other short-term borrowings	3,981		3,821
Accrued expenses and other liabilities	40,899		34,051
Long-term debt	25,233		25,143
Total liabilities	364,423		338,206
Commitments, guarantees and contingencies (Notes 9 and 10)
Shareholders’ equity:
Preferred stock, no par, 3,500,000 shares authorized:




Series G, 5,000 shares issued and outstanding	493		493

Series I, 15,000 shares issued and outstanding	1,481		1,481
Series J, 8,500 shares issued and outstanding	842		842
Series K, 7,500 shares issued and outstanding	743		743
Common stock, $1 par, 750,000,000 shares authorized:
503,879,642 and 503,879,642 shares issued, and 276,924,993 and 279,077,907 shares outstanding	504		504
Surplus	10,701		10,705
Retained earnings	31,864		31,392
Accumulated other comprehensive income (loss)	(1,282)		(1,043)
Treasury stock, at cost (226,954,649 and 224,801,735 shares)	(17,604)		(17,276)
Total shareholders’ equity	27,742		27,841


Total liabilities and shareholders' equity	$	392,165	$	366,047

The accompanying condensed notes are an integral part of these consolidated financial statements.

State Street Corporation | 42

STATE STREET CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)


(Dollars in millions, except per share amounts, shares in thousands)	Preferred Stock			Common Stock				Surplus			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock			Total
Shares			Amount				Shares			Amount


































































































Balance at December 31, 2024	$	2,816		503,880	$	504		$	10,722		$	29,582	$	(2,100)	215,113	$	(16,198)	$	25,326
Net income											644							644
Other comprehensive income (loss)													308					308
Preferred stock issued	743																	743

Cash dividends declared:
Common stock - $0.76 per share											(220)							(220)
Preferred stock											(46)							(46)
Common stock acquired															1,004	(100)		(100)
Common stock awards exercised								(29)							(905)	66		37
Other											(1)				(9)	1		—
Balance at March 31, 2025	$	3,559		503,880	$	504		$	10,693		$	29,959	$	(1,792)	215,203	$	(16,231)	$	26,692























Balance at December 31, 2025	$	3,559		503,880	$	504		$	10,705		$	31,392	$	(1,043)	224,802	$	(17,276)	$	27,841
Net income											764							764
Other comprehensive income (loss)													(239)					(239)


Cash dividends declared:
Common stock - $0.84 per share											(233)							(233)
Preferred stock											(58)							(58)
Common stock acquired															3,176	(404)		(404)
Common stock awards exercised								(4)							(1,022)	75		71
Other											(1)				(1)	1		—
Balance at March 31, 2026	$	3,559		503,880	$	504		$	10,701		$	31,864	$	(1,282)	226,955	$	(17,604)	$	27,742

The accompanying condensed notes are an integral part of these consolidated financial statements.

State Street Corporation | 43

STATE STREET CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)


	Three Months Ended March 31,
(In millions)	2026		2025
Operating Activities:
Net income	$	764	$	644
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax	28		18
Amortization of other intangible assets	57		54
Other non-cash adjustments for depreciation, amortization and accretion, net	160		34
Gains related to investment securities, net	(1)		—
Provision for credit losses	16		12
Change in trading account assets, net	(15)		25
Change in accrued interest and fees receivable, net	(313)		(247)
Change in collateral deposits, net	(5,682)		(1,697)
Change in unrealized losses on foreign exchange derivatives, net	(4,369)		4,613
Change in other assets, net	(4,650)		(1,761)

Change in accrued expenses and other liabilities, net	1,625		545

Other, net	237		156
Net cash (used in) provided by operating activities	(12,143)		2,396
Investing Activities:
Net increase (decrease) in interest-bearing deposits with banks	3,356		(6,507)
Net increase in securities purchased under resale agreements	(1,375)		(1,291)
Proceeds from sales of available-for-sale securities	3,944		2,047
Proceeds from maturities of available-for-sale securities	5,301		8,832
Purchases of available-for-sale securities	(13,936)		(18,449)




Proceeds from maturities of held-to-maturity securities	1,420		2,333

Sale of loans	132		85
Net increase in loans	(2,858)		(1,281)


Purchases of equity investments and other long-term assets	(156)		(47)
Purchases of premises and equipment, net	(270)		(226)

Other, net	59		(103)
Net cash used in investing activities	(4,383)		(14,607)
Financing Activities:
Net (decrease) increase in time deposits	(1,097)		2,663
Net increase in all other deposits	20,086		7,469
Net increase (decrease) in securities sold under repurchase agreements	128		(157)


Net increase in other short-term borrowings	159		2,010
Proceeds from issuance of long-term debt, net of issuance costs	123		2,737
Payments for long-term debt and obligations under finance leases	(5)		(1,312)

Proceeds from issuance of preferred stock, net of issuance costs	—		743

Repurchases of common stock	(400)		(100)

Repurchases of common stock for employee tax withholding	(85)		(57)
Payments for cash dividends	(293)		(266)
Other, net	(5)		(6)
Net cash provided by financing activities	18,611		13,724
Net increase in cash and due from banks	2,085		1,513
Cash and due from banks at beginning of period	4,433		3,145
Cash and due from banks at end of period	$	6,518	$	4,658

Supplemental disclosure:
Interest paid	$	1,784	$	2,074
Income taxes paid, net	92		186

The accompanying condensed notes are an integral part of these consolidated financial statements.

State Street Corporation | 44

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Summary of Significant Accounting Policies

Basis of Presentation

The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, the Parent Company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis, including our principal banking subsidiary, State Street Bank.

The accompanying consolidated financial statements should be read in conjunction with the financial and risk factor information included in our 2025 Form 10-K, which we previously filed with the SEC.

The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.

Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates.

Our consolidated statement of condition as of December 31, 2025 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements.

State Street Corporation | 45

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Cash and Cash Equivalents

Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of both March 31, 2026 and December 31, 2025, we held accounts in Russia that were subject to sanctions restrictions, inclusive of $1.6 billion, with our subcustodian, and with western European-based clearing agencies, for a total of approximately $2.4 billion. Cash and due from banks is evaluated as part of our allowance for credit losses.

Recent Accounting Developments

Relevant standards that were recently issued but not yet adopted as of March 31, 2026:



Standard	Description	Effective Date	Effects on the financial statements or other significant matters
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	The amendments introduce targeted improvements to closely align hedge accounting with an entity’s risk management activities. The ASU expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, introduces a new model for hedging forecasted interest payments on choose your rate debt instruments, and expands eligibility for certain hedged risks (nonfinancial forecasted transactions, net written options as hedging instruments and foreign currency dual hedge strategy).	Annual reporting for the period ending December 31, 2027 and for interim reporting in 2027. Early adoption is permitted.	We are currently evaluating the impact of this guidance.
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	The update removes all references to prescriptive and sequential software development stages, and amends related disclosures. Capitalization of software costs will commence when both i) management has authorized and committed to funding the software project, and ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).	Annual and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.	We are currently evaluating the impact of this guidance.
ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures	The amendments require disclosure of information about certain costs and expenses in both interim and annual reporting periods. Specified information includes expense amounts relating to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses with the definition thereof.	Annual reporting for the period ending December 31, 2027 and for interim reporting in 2028. Early adoption is permitted.	We are currently evaluating the disclosure impact of the new standard.

Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of March 31, 2026; none are expected to have a material impact to our financial statements.

Note 2. Fair Value

Fair Value Measurements

We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition.

We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to Note 2 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated:

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STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


	Fair Value Measurements on a Recurring Basis
	As of March 31, 2026
(In millions)	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Impact of Netting(1)		Total Net Carrying Value in Consolidated Statement of Condition
Assets:
Trading account assets:
U.S. government securities	$	55	$	—	$	—			$	55
Non-U.S. government securities	—		118		—				118
Other	—		669		—				669

Total trading account assets	$	55	$	787	$	—			$	842
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations	$	25,008	$	—	$	—			$	25,008
Mortgage-backed securities	—		16,519		—				16,519
Total U.S. Treasury and federal agencies	25,008		16,519		—				41,527
Non-U.S. debt securities:
Mortgage-backed securities	—		2,643		—				2,643
Asset-backed securities	—		2,293		—				2,293
Non-U.S. sovereign, supranational and non-U.S. agency	—		19,279		—				19,279
Other	—		2,887		—				2,887
Total non-U.S. debt securities	—		27,102		—				27,102
Asset-backed securities:
Student loans	—		37		—				37



Collateralized loan obligations	—		2,863		—				2,863

Other	—		91		—				91
Total asset-backed securities	—		2,991		—				2,991






State and political subdivisions	—		25		—				25


Total available-for-sale investment securities	$	25,008	$	46,637	$	—			$	71,645
Other assets:
Derivative instruments:
Foreign exchange contracts	$	34	$	24,850	$	6	$	(16,399)	$	8,491
Interest rate contracts	—		16		—		(16)		—

Total derivative instruments	34		24,866		6		(16,415)		8,491


Other	19		874		—		—		893
Total assets carried at fair value	$	25,116	$	73,164	$	6	$	(16,415)	$	81,871
Liabilities:
Accrued expenses and other liabilities:




Derivative instruments:
Foreign exchange contracts	$	4	$	25,409	$	3	$	(20,577)	$	4,839
Interest rate contracts	3		29		—		(29)		3
Other derivative contracts	4		125		—		—		129
Total derivative instruments	11		25,563		3		(20,606)		4,971

Total liabilities carried at fair value	$	11	$	25,563	$	3	$	(20,606)	$	4,971

(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $2.20 billion and $6.39 billion, respectively, for cash collateral received from and provided to derivative counterparties.

State Street Corporation | 47

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


	Fair Value Measurements on a Recurring Basis
	As of December 31, 2025
(In millions)	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Impact of Netting(1)		Total Net Carrying Value in Consolidated Statement of Condition
Assets:
Trading account assets:
U.S. government securities	$	55	$	—	$	—			$	55
Non-U.S. government securities	—		124		—				124
Other	—		648		—				648
Total trading account assets	$	55	$	772	$	—			$	827
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations	$	23,260	$	—	$	—			$	23,260
Mortgage-backed securities	—		15,586		—				15,586
Total U.S. Treasury and federal agencies	23,260		15,586		—				38,846
Non-U.S. debt securities:
Mortgage-backed securities	—		2,578		—				2,578
Asset-backed securities	—		2,085		—				2,085
Non-U.S. sovereign, supranational and non-U.S. agency	—		17,731		—				17,731
Other	—		2,826		—				2,826
Total non-U.S. debt securities	—		25,220		—				25,220
Asset-backed securities:
Student loans	—		64		—				64


Collateralized loan obligations	—		2,905		—				2,905
Non-agency CMBS and RMBS(2)	—		3		—				3
Other	—		91		—				91
Total asset-backed securities	—		3,063		—				3,063






State and political subdivisions	—		25		—				25

Other U.S. debt securities	—		—		—				—




Total available-for-sale investment securities	$	23,260	$	43,894	$	—			$	67,154
Other assets:
Derivative instruments:
Foreign exchange contracts	$	5	$	14,218	$	1	$	(10,073)	$	4,151
Interest rate contracts	3		31		—		(31)		3
Other derivative contracts	1		—		—		—		1
Total derivative instruments	9		14,249		1		(10,104)		4,155
Other	22		832		—		—		854
Total assets carried at fair value	$	23,346	$	59,747	$	1	$	(10,104)	$	72,990
Liabilities:
Accrued expenses and other liabilities:




Derivative instruments:
Foreign exchange contracts	$	—	$	14,097	$	—	$	(9,231)	$	4,866
Interest rate contracts	—		5		—		(5)		—
Other derivative contracts	—		159		—		—		159
Total derivative instruments	—		14,261		—		(9,236)		5,025

Total liabilities carried at fair value	$	—	$	14,261	$	—	$	(9,236)	$	5,025

(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $2.48 billion and $1.61 billion, respectively, for cash collateral received from and provided to derivative counterparties.

(2) Consists entirely of non-agency CMBS.

State Street Corporation | 48

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Financial Instruments Not Carried at Fair Value

Estimates of fair value for financial instruments not carried at fair value in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information.

The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated:


					Fair Value Hierarchy
(In millions)	Carrying Value		Estimated Fair Value		Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)
March 31, 2026
Financial Assets:
Cash and due from banks	$	6,518	$	6,518	$	6,518	$	—	$	—
Interest-bearing deposits with banks	123,574		123,574		—		123,574		—
Securities purchased under resale agreements	8,187		8,187		—		8,187		—

Investment securities held-to-maturity	36,732		32,560		265		32,295		—
Net loans(1)	49,022		48,867		—		47,587		1,281
Other(2)	16,442		16,442		—		16,442		—
Financial Liabilities:
Deposits:
Non-interest-bearing	$	39,643	$	39,643	$	—	$	39,643	$	—
Interest-bearing - U.S.	174,723		174,723		—		174,723		—
Interest-bearing - non-U.S.	78,975		78,975		—		78,975		—
Securities sold under repurchase agreements	969		969		—		969		—

Other short-term borrowings	3,981		3,981		—		3,981		—

Long-term debt	25,233		25,008		—		24,857		151
Other(2)	16,442		16,442		—		16,442		—

(1) Includes $74 million of loans classified as held-for-sale that were measured at fair value in level 2 as of March 31, 2026.

(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.


					Fair Value Hierarchy
(In millions)	Carrying Value		Estimated Fair Value		Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2025
Financial Assets:
Cash and due from banks	$	4,433	$	4,433	$	4,433	$	—	$	—
Interest-bearing deposits with banks	126,930		126,930		—		126,930		—
Securities purchased under resale agreements	6,812		6,812		—		6,812		—

Investment securities held-to-maturity	38,171		34,166		563		33,603		—
Net loans(1)	46,589		46,417		—		44,862		1,555
Other(2)	15,490		15,490		—		15,490		—
Financial Liabilities:
Deposits:
Non-interest-bearing	$	35,267	$	35,267	$	—	$	35,267	$	—
Interest-bearing - U.S.	168,079		168,079		—		168,079		—
Interest-bearing - non-U.S.	71,004		71,004		—		71,004		—
Securities sold under repurchase agreements	841		841		—		841		—

Other short-term borrowings	3,821		3,821		—		3,821		—
Long-term debt	25,143		25,253		—		25,130		123
Other(2)	15,490		15,490		—		15,490		—

(1) Includes $92 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2025.

(2) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.

Note 3. Investment Securities

Investment securities held by us are classified as either trading account assets, AFS, HTM or equity securities held at fair value at the time of purchase and reassessed periodically, based on management’s intent. For additional

State Street Corporation | 49

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

information on our accounting for investment securities, refer to Note 3 of the notes to consolidated financial statements in our 2025 Form 10-K.

Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in other fee revenue in our consolidated statement of income. AFS securities are carried at fair value, with any allowance for credit losses recorded through the consolidated statement of income and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of AFS investment securities are computed using the specific identification method and are recorded in gains (losses) from sales of available-for-sale securities, net, in our consolidated statement of income. HTM investment securities are carried at cost, adjusted for amortization of premiums and accretion of discounts, with any allowance for credit losses recorded through the consolidated statement of income.

The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:


	March 31, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value		Amortized Cost		Gross Unrealized				Fair Value
(In millions)	Gains		Losses		Gains		Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations	$	24,982	$	36	$	10	$	25,008	$	23,210	$	55	$	5	$	23,260
Mortgage-backed securities(1)	16,516		78		75		16,519		15,550		90		54		15,586
Total U.S. Treasury and federal agencies	41,498		114		85		41,527		38,760		145		59		38,846
Non-U.S. debt securities:
Mortgage-backed securities	2,643		3		3		2,643		2,573		6		1		2,578
Asset-backed securities(2)	2,290		4		1		2,293		2,081		5		1		2,085
Non-U.S. sovereign, supranational and non-U.S. agency	19,351		29		101		19,279		17,693		73		35		17,731
Other(3)	2,868		23		4		2,887		2,784		42		—		2,826
Total non-U.S. debt securities	27,152		59		109		27,102		25,131		126		37		25,220
Asset-backed securities:
Student loans(4)	37		—		—		37		63		1		—		64


Collateralized loan obligations(5)	2,867		—		4		2,863		2,904		2		1		2,905
Non-agency CMBS and RMBS(6)	—		—		—		—		—		3		—		3
Other	90		1		—		91		90		1		—		91
Total asset-backed securities	2,994		1		4		2,991		3,057		7		1		3,063






State and political subdivisions	25		—		—		25		25		—		—		25






Total available-for-sale securities(7)(8)	$	71,669	$	174	$	198	$	71,645	$	66,973	$	278	$	97	$	67,154
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	274	$	—	$	2	$	272	$	573	$	—	$	3	$	570
Mortgage-backed securities(9)	32,186		5		4,116		28,075		32,876		9		3,965		28,920
Total U.S. Treasury and federal agencies	32,460		5		4,118		28,347		33,449		9		3,968		29,490
Non-U.S. debt securities:


Non-U.S. sovereign, supranational and non-U.S. agency	2,084		—		35		2,049		2,461		4		31		2,434

Total non-U.S. debt securities	2,084		—		35		2,049		2,461		4		31		2,434
Asset-backed securities:
Student loans(4)	2,188		3		27		2,164		2,261		5		24		2,242




Total asset-backed securities	2,188		3		27		2,164		2,261		5		24		2,242










Total held-to-maturity securities(7)(10)	$	36,732	$	8	$	4,180	$	32,560	$	38,171	$	18	$	4,023	$	34,166

(1) As of March 31, 2026 and December 31, 2025, the total fair value included $2.49 billion and $2.81 billion, respectively, of agency CMBS and $14.03 billion and $12.78 billion, respectively, of agency MBS.

(2) As of March 31, 2026 and December 31, 2025, the fair value includes non-U.S. CLOs of $0.86 billion and $0.77 billion, respectively.

(3) As of March 31, 2026 and December 31, 2025, the fair value includes non-U.S. corporate bonds of $2.55 billion and $2.40 billion, respectively.

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

(5) Excludes CLOs in loan form. Refer to Note 4 for additional information.

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

(7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the periods ended March 31, 2026 and December 31, 2025.

(8) As of March 31, 2026 and December 31, 2025, we had no allowance for credit losses on AFS investment securities.

(9) As of March 31, 2026 and December 31, 2025, the total amortized cost included $5.06 billion and $5.08 billion of agency CMBS, respectively.

(10) As of both March 31, 2026 and December 31, 2025, the allowance for credit losses on HTM investment securities was less than $1 million.

State Street Corporation | 50

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Aggregate investment securities with carrying values of approximately $73.30 billion and $74.14 billion as of March 31, 2026 and December 31, 2025, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law.

In the three months ended March 31, 2026, proceeds from sales of AFS securities were approximately $3.94 billion, primarily from sales of U.S. Treasury and supranational securities. We recognized a pre-tax gain of $1 million from these sales in the three months ended March 31, 2026.

The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:


	March 31, 2026
	Less than 12 months				12 months or longer				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations	$	7,663	$	7	$	1,461	$	3	$	9,124	$	10
Mortgage-backed securities	3,423		20		3,340		55		6,763		75
Total U.S. Treasury and federal agencies	11,086		27		4,801		58		15,887		85
Non-U.S. debt securities:
Mortgage-backed securities	1,295		3		50		—		1,345		3
Asset-backed securities	943		1		163		—		1,106		1
Non-U.S. sovereign, supranational and non-U.S. agency	10,381		94		876		7		11,257		101
Other	514		4		—		—		514		4
Total non-U.S. debt securities	13,133		102		1,089		7		14,222		109
Asset-backed securities:

Collateralized loan obligations	2,113		4		105		—		2,218		4


Total asset-backed securities	2,113		4		105		—		2,218		4











Total	$	26,332	$	133	$	5,995	$	65	$	32,327	$	198


	December 31, 2025
	Less than 12 months				12 months or longer				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations	$	756	$	2	$	2,063	$	3	$	2,819	$	5
Mortgage-backed securities	1,267		3		4,018		51		5,285		54
Total U.S. Treasury and federal agencies	2,023		5		6,081		54		8,104		59






Non-U.S. debt securities:
Mortgage-backed securities	617		1		73		—		690		1
Asset-backed securities	425		—		168		1		593		1
Non-U.S. sovereign, supranational and non-U.S. agency	3,871		28		1,943		7		5,814		35
Other	129		—		—		—		129		—
Total non-U.S. debt securities	5,042		29		2,184		8		7,226		37
Asset-backed securities:

Collateralized loan obligations	1,068		1		—		—		1,068		1


Total asset-backed securities	1,068		1		—		—		1,068		1




Total	$	8,133	$	35	$	8,265	$	62	$	16,398	$	97

State Street Corporation | 51

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of March 31, 2026. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.


	March 31, 2026
(In millions)	Under 1 Year				1 to 5 Years				6 to 10 Years				Over 10 Years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations	$	4,569	$	4,572	$	20,412	$	20,435	$	1	$	1	$	—	$	—	$	24,982	$	25,008
Mortgage-backed securities	67		67		1,699		1,692		728		722		14,022		14,038		16,516		16,519
Total U.S. Treasury and federal agencies	4,636		4,639		22,111		22,127		729		723		14,022		14,038		41,498		41,527
Non-U.S. debt securities:
Mortgage-backed securities	184		184		418		418		—		—		2,041		2,041		2,643		2,643
Asset-backed securities	42		42		284		284		1,055		1,058		909		909		2,290		2,293
Non-U.S. sovereign, supranational and non-U.S. agency	3,897		3,898		15,116		15,043		338		338		—		—		19,351		19,279
Other	895		898		1,894		1,911		79		78		—		—		2,868		2,887
Total non-U.S. debt securities	5,018		5,022		17,712		17,656		1,472		1,474		2,950		2,950		27,152		27,102
Asset-backed securities:
Student loans	—		—		—		—		—		—		37		37		37		37
Collateralized loan obligations	107		106		7		7		1,301		1,300		1,452		1,450		2,867		2,863

Other	—		—		90		91		—		—		—		—		90		91
Total asset-backed securities	107		106		97		98		1,301		1,300		1,489		1,487		2,994		2,991






State and political subdivisions	25		25		—		—		—		—		—		—		25		25


Total	$	9,786	$	9,792	$	39,920	$	39,881	$	3,502	$	3,497	$	18,461	$	18,475	$	71,669	$	71,645
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations	$	243	$	242	$	24	$	23	$	—	$	—	$	7	$	7	$	274	$	272
Mortgage-backed securities	247		231		4,159		3,782		967		893		26,813		23,169		32,186		28,075
Total U.S. Treasury and federal agencies	490		473		4,183		3,805		967		893		26,820		23,176		32,460		28,347








Non-U.S. debt securities:


Non-U.S. sovereign, supranational and non-U.S. agency	772		770		1,220		1,190		92		89		—		—		2,084		2,049

Total non-U.S. debt securities	772		770		1,220		1,190		92		89		—		—		2,084		2,049


Asset-backed securities:
Student loans	121		118		391		390		458		457		1,218		1,199		2,188		2,164


Total asset-backed securities	121		118		391		390		458		457		1,218		1,199		2,188		2,164
Total	$	1,383	$	1,361	$	5,794	$	5,385	$	1,517	$	1,439	$	28,038	$	24,375	$	36,732	$	32,560

Interest income related to debt securities is recognized in our consolidated statement of income using the effective interest method, or on a basis approximating a level rate of return over the contractual or estimated life of the security. The level rate of return considers any non-refundable fees or costs, as well as purchase premiums or discounts, adjusted as prepayments occur, resulting in amortization or accretion, accordingly.

State Street Corporation | 52

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Allowance for Credit Losses on Debt Securities and Impairment of AFS Securities

We conduct quarterly reviews of HTM and AFS securities on a collective (pool) basis when similar risk characteristics exist to determine whether an allowance for credit losses should be recognized. We review individual AFS securities periodically to assess if additional impairment is required. For additional information about the Current Expected Credit Loss methodology and the review of investment securities for expected credit losses or impairment, refer to Note 3 of the notes to consolidated financial statements in our 2025 Form 10-K.

We monitor the credit quality of the HTM and AFS investment securities using a variety of methods, including both external and internal credit ratings. As of March 31, 2026, over 99% of our HTM and AFS investment portfolio is publicly rated investment grade.

We have elected to not record an allowance on accrued interest for HTM and AFS securities. Accrued interest on these securities is reversed against interest income when payment on a security is delinquent for greater than 90 days from the date of payment.

After a review of the investment portfolio, taking into consideration then-current economic conditions, adverse situations that might affect our ability to fully collect principal and interest, the timing of future payments, the credit quality and performance of the collateral underlying MBS and ABS and other relevant factors, management considered the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized losses of $4.38 billion related to 1,597 securities as of March 31, 2026 to be primarily related to changes in interest rates, and not the result of any material changes in the credit characteristics of the securities. The unrealized loss has not been recognized as of March 31, 2026, as management did not have the intent to sell, nor was it more likely than not that we would be required to sell these securities before the expected recovery of their amortized cost basis.

Note 4. Loans and Allowance for Credit Losses

We segregate our loans into two segments: commercial and financial and commercial real estate loans. We further classify commercial and financial loans as subscription finance, fund finance, CLOs, commercial, overdrafts and other loans. For additional information on our loans, including our internal risk-rating system used to assess our risk of credit loss for each loan, refer to Note 4 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table presents our recorded investment in loans, as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Subscription Finance	$	14,415	$	13,138
Fund finance(1)	11,060		10,916
Collateralized loan obligations(2)	13,046		12,809
Commercial	2,523		2,851
Commercial real estate	2,311		2,471
Overdrafts	3,345		1,962
Other(3)	2,490		2,635
Total loans(4)(5)	49,190		46,782
Allowance for credit losses	(168)		(193)
Loans, net of allowance	$	49,022	$	46,589

(1) Fund finance loans primarily include loans to real money funds and business development companies of $8.74 billion and $1.57 billion, respectively, as of March 31, 2026, compared to $8.30 billion and $1.75 billion, respectively, as of December 31, 2025.

(2) CLOs include broadly syndicated and middle market CLO loans of $10.23 billion and $2.81 billion, respectively, as of March 31, 2026, compared to $10.30 billion and $2.51 billion, respectively, as of December 31, 2025.

(3) Includes securities finance loans and loans to municipalities of $2.37 billion and $0.12 billion, respectively, as of March 31, 2026, compared to $2.52 billion and $0.12 billion, respectively, as of December 31, 2025.

(4) Excluding overdrafts, floating rate loans and fixed rate loans totaled $43.49 billion and $2.35 billion, respectively, as of March 31, 2026. 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 our 2025 Form 10-K for additional details.

(5) Non-U.S. loans totaled $20.36 billion and $18.78 billion as of March 31, 2026 and December 31, 2025, respectively.

Certain loans are pledged as collateral for access to the Federal Reserve's discount window. As of March 31, 2026 and December 31, 2025, the loans pledged as collateral totaled $16.88 billion and $15.11 billion, respectively.

As of March 31, 2026, we had three loans totaling $216 million on non-accrual status, of which no loans were more than 90 days contractually past due. As of December 31, 2025, we had four loans totaling $258 million, on non-accrual status, of which no loans were more than 90 days contractually past due.

In the first quarter of 2026, we originated $1.64 billion of CLO loans, consisting of $1.23 billion in broadly syndicated and $0.41 billion in middle market CLO loans, which were all investment grade as of March 31, 2026.

We sold $156 million of total loans in the first quarter of 2026, which consisted entirely of commercial loans. We recorded a charge-off against the allowance for these loans of $40 million in the first quarter of 2026.

Allowance for Credit Losses

We recognize an allowance for credit losses in accordance with ASC 326 for financial assets held at amortized cost and off-balance sheet commitments. The allowance for credit losses is reviewed on a regular basis, and any provision for credit losses is recorded to reflect the amount necessary to maintain the allowance for expected credit losses at a level which represents what management does not expect to recover due to expected credit losses. For

State Street Corporation | 53

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

additional discussion on the allowance for credit losses for investment securities, please refer to Note 3 to the consolidated financial statements in this Form 10-Q.

When the allowance is recorded, a provision for credit loss expense is recognized in net income. The allowance for credit losses for financial assets (excluding investment securities, as discussed in Note 3) represents the portion of the amortized cost basis, including accrued interest for financial assets held at amortized cost, which management does not expect to recover due to expected credit losses and is presented on the statement of condition as an offset to the amortized cost basis. The accrued interest balance is presented separately on the statement of condition within accrued interest and fees receivable. The allowance for off-balance sheet commitments is presented within accrued expenses and other liabilities. Loans are charged off to the allowance for credit losses in the reporting period in which either an event occurs that confirms the existence of a loss on a loan, including a sale of a loan below its carrying value, or a portion of a loan is determined to be uncollectible.

The allowance for credit losses may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability-of-default methods, and other quantitative or qualitative methods as determined by us. The method used to estimate expected credit losses may vary depending on the type of financial asset, our ability to predict the timing of cash flows, and the information available to us.

The allowance for credit losses as reported in our consolidated statement of condition is adjusted by the provision for credit losses, which is reported in earnings, and reduced by the charge-off of principal amounts, net of recoveries.

We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. Each reporting period, we assess whether the assets in the pool continue to display similar risk characteristics.

For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured separately using one or more of the methods noted above. As of March 31, 2026, we had two loans totaling $29 million in the commercial and financial segment and four loans totaling $295 million in the commercial real estate segment that no longer met the similar risk characteristics of their collective pool. As of March 31, 2026, $95 million of our allowance for credit losses was related to these loans.

When the asset is collateral-dependent, which means when the borrower is experiencing financial

difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, the allowance for credit losses are determined based on the fair value of the collateral, adjusted for the estimated costs to sell.

Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, factors and forecasts then prevailing may result in significant changes in the allowance for credit losses in those future periods.

We estimate credit losses over the contractual life of the financial asset, while factoring in prepayment activity, where supported by data, over a three year reasonable and supportable forecast period. We utilize a baseline, upside and downside scenario which are applied based on a probability weighting, in order to better reflect management’s expectation of expected credit losses given existing market conditions and the changes in the economic environment. The multiple scenarios are based on a three-year horizon (or less depending on contractual maturity) and then revert linearly over a two-year period to a ten-year historical average thereafter. The contractual term excludes expected extensions, renewals and modifications, but includes prepayment assumptions where applicable.

As part of our allowance methodology, we establish qualitative reserves to address any risks inherent in our portfolio that are not addressed through our quantitative reserve assessment. These factors may relate to, among other things, legislation changes or new regulation, credit concentration, loan markets, scenario weighting and overall model limitations. The qualitative adjustments are applied to our portfolio of financial instruments under the existing governance structure and are inherently judgmental.

For additional information on the allowance for credit losses, refer to Note 4 of the notes to consolidated financial statements in our 2025 Form 10-K.

Credit Quality

Credit quality for financial assets held at amortized cost is continuously monitored by management and is reflected within the allowance for credit losses.

We use an internal risk-rating system to assess our risk of credit loss for each loan. This risk-rating process incorporates the use of risk-rating tools in conjunction with management judgment. Qualitative and quantitative inputs are captured in a systematic manner, and following a formal review and approval process, an internal credit rating based on our credit scale is assigned.

State Street Corporation | 54

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

When computing allowance levels, credit loss assumptions are estimated using models that categorize asset pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall asset portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.

Credit quality is assessed and monitored by evaluating various attributes in order to enable timely detection of any concerns with the customer’s credit rating. The results of those evaluations are utilized in underwriting new loans and transactions with counterparties and in our process for estimation of expected credit losses.

In assessing the risk rating assigned to each individual loan, among the factors considered are the borrower's debt capacity, collateral coverage, payment history and delinquency experience, financial flexibility and earnings strength, the expected amounts and source of repayment, the level and nature of contingencies, if any, and the industry and geography in which the borrower operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Credit counterparties are evaluated and risk-rated on an individual basis at least annually. Management considers the ratings to be current as of March 31, 2026.

Our internal risk rating methodology assigns risk ratings to counterparties ranging from Investment

Grade, Sub-Investment Grade, Special Mention, Substandard, Doubtful and Loss.

Investment Grade: Counterparties with strong credit quality and low expected credit risk and probability of default. Approximately 92% of our loans were rated as investment grade as of March 31, 2026 with external credit ratings, or equivalent, of "BBB-" or better.
Sub-Investment Grade (previously referred to as Speculative): Counterparties that have the ability to repay but face significant uncertainties, such as adverse business or financial circumstances that could affect credit risk or economic downturns. Loans to counterparties rated as sub-investment grade account for approximately 7% of our loans as of March 31, 2026, and are concentrated in leveraged loans. Approximately 84% of those leveraged loans have an external credit rating, or equivalent, of "BB" or "B" as of March 31, 2026.
Special Mention: Counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects.
Substandard: Counterparties with well-defined weakness that jeopardizes repayment with the possibility we will sustain some loss.
Doubtful: Counterparties with well-defined weakness which make collection or liquidation in full highly questionable and improbable.
Loss: Counterparties which are uncollectible or have little value.

State Street Corporation | 55

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables present our recorded investment in loans to counterparties by risk rating, as noted above, as of the dates indicated:


March 31, 2026	Commercial and Financial		Commercial Real Estate		Total Loans
(In millions)
Investment grade	$	43,827	$	1,305	$	45,132
Sub-investment grade	2,879		579		3,458
Special mention	70		132		202
Substandard	28		165		193
Doubtful	—		130		130

Total(1)(2)	$	46,804	$	2,311	$	49,115


December 31, 2025	Commercial and Financial		Commercial Real Estate		Total Loans
(In millions)
Investment grade	$	40,854	$	1,402	$	42,256
Sub-investment grade	3,157		641		3,798
Special mention	110		132		242
Substandard	48		165		213
Doubtful	50		131		181
Total(1)(2)	$	44,219	$	2,471	$	46,690

(1) Loans include $3.35 billion and $1.96 billion of overdrafts as of March 31, 2026 and December 31, 2025, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of March 31, 2026, $2.85 billion overdrafts were investment grade and $0.49 billion overdrafts were sub-investment grade.

(2) Total does not include $74 million and $92 million of loans classified as held-for-sale as of March 31, 2026 and December 31, 2025, respectively.

For additional information about credit quality, refer to Note 4 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of March 31, 2026. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement.


(In millions)	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total(1)
Commercial and financial:
Risk Rating:
Investment grade	$	4,496	$	6,873	$	4,041	$	161	$	288	$	1,225	$	26,743	$	43,827
Sub-investment grade	491		642		1,123		106		36		241		240		2,879
Special mention	—		—		70		—		—		—		—		70
Substandard	—		—		28		—		—		—		—		28


Total commercial and financial	$	4,987	$	7,515	$	5,262	$	267	$	324	$	1,466	$	26,983	$	46,804

Commercial real estate:
Risk Rating:
Investment grade	$	—	$	—	$	41	$	166	$	269	$	829	$	—	$	1,305
Sub-investment grade	—		—		—		47		—		532		—		579
Special mention	—		67		—		—		20		45		—		132
Substandard	—		—		—		—		—		165		—		165
Doubtful	—		—		—		—		—		130		—		130

Total commercial real estate	$	—	$	67	$	41	$	213	$	289	$	1,701	$	—	$	2,311

Total loans(2)	$	4,987	$	7,582	$	5,303	$	480	$	613	$	3,167	$	26,983	$	49,115

(1) Any reserve associated with accrued interest is not material. As of March 31, 2026, accrued interest receivable of $311 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.

(2) Total does not include $74 million of loans classified as held-for-sale as of March 31, 2026.

State Street Corporation | 56

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2025:


(In millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total(1)
Commercial and financial:
Risk Rating:
Investment grade	$	8,896	$	4,153	$	692	$	504	$	1,313	$	119	$	25,177	$	40,854
Sub-investment grade	911		1,224		109		46		133		111		623		3,157
Special mention	3		100		—		—		—		7		—		110
Substandard	—		48		—		—		—		—		—		48
Doubtful	—		—		10		—		40		—		—		50

Total commercial and financial	$	9,810	$	5,525	$	811	$	550	$	1,486	$	237	$	25,800	$	44,219
Commercial real estate:
Risk Rating:
Investment grade	$	—	$	41	$	166	$	328	$	318	$	549	$	—	$	1,402
Sub-investment grade	—		—		47		—		31		563		—		641
Special mention	66		—		—		20		—		46		—		132
Substandard	—		—		—		—		—		165		—		165
Doubtful	—		—		—		—		—		131		—		131

Total commercial real estate	$	66	$	41	$	213	$	348	$	349	$	1,454	$	—	$	2,471

Total loans(2)	$	9,876	$	5,566	$	1,024	$	898	$	1,835	$	1,691	$	25,800	$	46,690

(1) Any reserve associated with accrued interest is not material. As of December 31, 2025, accrued interest receivable of $338 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.

(2) Total does not include $92 million of loans classified as held-for-sale as of December 31, 2025.

The following tables present the activity in the allowance for credit losses by portfolio and class for the periods indicated:


	Three Months Ended March 31, 2026
	Commercial and Financial
(In millions)	Commercial Loans		Other Loans(1)		Commercial Real Estate		Off-Balance Sheet Commitments		All Other		Total
Allowance for credit losses:
Beginning balance	$	69	$	5	$	119	$	8	$	2	$	203
Provision	10		6		(1)		1		—		16
Charge-offs(2)	(40)		—		—		—		—		(40)




Ending balance	$	39	$	11	$	118	$	9	$	2	$	179

(1) Includes $4 million allowance for credit losses on both fund finance and subscription finance and $3 million on CLO loans.

(2) Related to the sale of certain commercial loans in the first quarter of 2026.


	Three Months Ended March 31, 2025
	Commercial and Financial
(In millions)	Commercial Loans		Other Loans(1)		Commercial Real Estate		Off-Balance Sheet Commitments		Total
Allowance for credit losses:
Beginning balance	$	68	$	4	$	102	$	9	$	183
Provision	6		2		3		1		12
Charge-offs(2)	(9)		—		—		—		(9)




Ending balance	$	65	$	6	$	105	$	10	$	186

(1) Includes $2 million allowance for credit losses on both fund finance and subscription finance and $1 million on both CLO loans and other loans.

(2) Related to the sale of certain commercial loans in the first quarter of 2025.

State Street Corporation | 57

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Loans are reviewed on a regular basis, and any provisions for credit losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb expected credit losses in the loan portfolio. In the first quarter of 2026, we recorded a $16 million provision for credit losses, compared to $12 million in the same period of 2025, primarily reflecting provision for certain commercial loans and the evolving macroeconomic environment.

Allowance estimates remain subject to continued model and economic uncertainty and management may use qualitative adjustments in the allowance estimates. If future data and forecasts deviate relative to the forecasts utilized to determine our allowance for credit losses as of March 31, 2026, or if credit risk migration is higher or lower than forecasted for reasons independent of the economic forecast, our allowance for credit losses will also change.

Note 5. Goodwill and Other Intangible Assets

The following table presents changes in the carrying amount of goodwill during the periods indicated:


(In millions)	Investment Servicing		Investment Management		Total
Goodwill:




Ending balance December 31, 2024	$	7,428	$	263	$	7,691
Acquisitions	243		—		243

Foreign currency translation and other, net	220		5		225
Ending balance December 31, 2025	7,891		268		8,159
Acquisitions	2		—		2

Foreign currency translation and other, net	(39)		(1)		(40)
Ending balance March 31, 2026	$	7,854	$	267	$	8,121

The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:


(In millions)	Investment Servicing		Investment Management		Total
Other intangible assets:











Ending balance December 31, 2024	$	1,063	$	26	$	1,089
Acquisitions	34		—		34

Amortization	(216)		(7)		(223)
Foreign currency translation	35		—		35
Ending balance December 31, 2025	916		19		935

Amortization	(55)		(2)		(57)
Foreign currency translation	(6)		—		(6)
Ending balance March 31, 2026	$	855	$	17	$	872

State Street Corporation | 58

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables present the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(In millions)
Other intangible assets:
Client relationships	$	2,813	$	(2,167)	$	646
Technology	404		(302)		102
Core deposits	699		(601)		98
Other	118		(92)		26
Total	$	4,034	$	(3,162)	$	872

	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(In millions)
Other intangible assets:
Client relationships	$	2,831	$	(2,144)	$	687
Technology	405		(293)		112
Core deposits	703		(597)		106
Other	121		(91)		30
Total	$	4,060	$	(3,125)	$	935

Note 6. Other Assets

The following table presents the components of other assets as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Securities borrowed(1)	$	47,989	$	38,233
Derivative instruments, net	8,491		4,155
Receivable for securities settlement	4,665		102
Bank-owned life insurance	3,997		3,965
Investments in joint ventures and other unconsolidated entities(2)	3,879		3,753
Collateral, net	2,694		1,603
Prepaid expenses	961		837
Right-of-use assets	833		865
Accounts receivable	789		621
Deferred tax assets, net of valuation allowance(3)	608		627







Income taxes receivable	258		256


Other(4)	3,467		3,451
Total	$	78,631	$	58,468

(1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions.

(2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $586 million and $585 million as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026, no impairments were recognized in other fee revenue related to such equity securities.

(3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.

(4) Includes advances of $1.50 billion and capitalized costs to fulfill contracts with customers of $1.22 billion, as of March 31, 2026, compared to $1.57 billion and $1.19 billion, respectively, as of December 31, 2025.

Note 7. Derivative Financial Instruments

We use derivative financial instruments to support our clients' needs and to manage our interest rate, currency and other market risks. These financial instruments consist of FX contracts such as forwards, futures and options contracts; interest rate contracts such as interest rate swaps (cross currency and single currency) and futures; and other derivative contracts. Derivative instruments used for risk management purposes that are highly effective in offsetting the risk being hedged are generally designated as hedging instruments in hedge accounting relationships, while others are economic hedges and not designated in hedge accounting relationships. For additional information on our use and accounting policies on derivative financial instruments, including derivatives not designated as hedging instruments, refer to Note 10 of the notes to consolidated financial statements in our 2025 Form 10-K.

State Street Corporation | 59

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Derivatives Designated as Hedging Instruments

For additional information on our derivatives designated as hedging instruments, including our risk management objectives and hedging documentation methodologies, refer to Note 10 of the notes to consolidated financial statements in our 2025 Form 10-K.

Fair Value Hedges

Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities, including long-term debt and AFS securities. We use interest rate and FX contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates and FX rates, respectively.

Changes in the fair value of the derivative and changes in fair value of the hedged item due to changes in the hedged risk are recognized in earnings in the same line item. If a hedge is terminated, but the hedged item was not derecognized, all remaining adjustments to the carrying amount of the hedged item are amortized over a period that is consistent with the amortization of other discounts or premiums associated with the hedged item.

Cash Flow Hedges

Derivatives designated as cash flow hedges are utilized to offset the variability of cash flows of recognized assets, liabilities or forecasted transactions. We have entered into FX contracts to hedge the change in cash flows attributable to FX movements in foreign currency denominated investment securities. Additionally, we have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans and Deposit Facility Interest Rate (DFR) indexed ECB deposits. The interest rate swaps synthetically convert the interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the EURIBOR and DFR.

Changes in fair value of the derivatives designated as cash flow hedges are initially recorded in AOCI and then reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged item. If the hedge relationship is terminated, the change in fair value on the derivative recorded in AOCI is reclassified into earnings consistent with the timing of the hedged item. During the first quarter of 2026, approximately $29 million of net losses associated with terminated cash flow hedges were reclassified from AOCI, and we expect net losses of approximately $11 million to be reclassified from AOCI in the second quarter of 2026. The net loss associated with all cash flow hedges expected to be reclassified from AOCI within 12 months of March 31, 2026 is approximately $27 million, which includes a net loss of approximately $17 million related to terminated hedges. These losses could differ from amounts recognized in future periods due to changes in interest rates, hedge de-designations or the addition of other hedges after March 31, 2026. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge terms, any related derivative values recorded in AOCI are immediately recognized in earnings. The maximum length of time over which forecasted cash flows are hedged is five years.

Net Investment Hedges

Derivatives categorized as net investment hedges are entered into to protect the net investment in our foreign operations against adverse changes in exchange rates. We use FX forward contracts to convert the foreign currency risk to U.S. dollars to mitigate our exposure to fluctuations in FX rates. The changes in fair value of the FX forward contracts are recorded, net of taxes, in the foreign currency translation component of other comprehensive income (OCI).

State Street Corporation | 60

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset and liability management activities as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Derivatives not designated as hedging instruments:
Interest rate contracts:



Futures	$	75,363	$	97,035
Foreign exchange contracts:
Forward, swap and spot	3,735,024		2,768,458
Options purchased	933		436
Options written	402		110
Futures	244		472






Other:
Futures	179		159
Stable value contracts(1)	10,739		12,271
Deferred value awards(2)	187		222
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements	43,179		42,708
Foreign exchange contracts:
Forward and swap	13,038		12,350

(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.

(2) Represents grants of deferred value awards to employees; refer to Note 10 of the notes to consolidated financial statements in our 2025 Form 10-K.

Notional amounts are provided here as an indication of the volume of our derivative activity and serve as a reference to calculate the fair values of the derivative.

The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8.


	Derivative Assets(1)				Derivative Liabilities(2)
(In millions)	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	24,627	$	14,200	$	25,373	$	13,993


Other derivative contracts	—		1		129		159
Total	$	24,627	$	14,201	$	25,502	$	14,152

Derivatives designated as hedging instruments:
Foreign exchange contracts	$	263	$	24	$	43	$	104
Interest rate contracts	16		34		32		5
Total	$	279	$	58	$	75	$	109

(1) Derivative assets are included within other assets in our consolidated statement of condition.

(2) Derivative liabilities are included within accrued expenses and other liabilities in our consolidated statement of condition.

The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:


		Three Months Ended March 31,
		2026		2025
(In millions)	Location of Gain (Loss) on Derivative in Consolidated Statement of Income	Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Foreign exchange trading services revenue	$	323	$	233

Foreign exchange contracts	Interest expense	29		83
Interest rate contracts	Foreign exchange trading services revenue	1		6
Other derivative contracts	Other fee revenue	8		6




Other derivative contracts	Compensation and employee benefits	(14)		(35)
Total		$	347	$	293

State Street Corporation | 61

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:


	March 31, 2026
			Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount
(In millions)	Carrying Amount of Hedged Assets/Liabilities		Active		De-designated(1)
Long-term debt	$	15,557	$	(139)	$	68
Available-for-sale securities(2)(3)	23,637		(38)		—

	December 31, 2025
			Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount
(In millions)	Carrying Amount of Hedged Assets/Liabilities		Active		De-designated(1)
Long-term debt	$	15,553	$	(76)	$	72
Available-for-sale securities(2)(3)	22,804		99		—

(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.

(2) Included in these amounts is the amortized cost of the financial assets designated under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At March 31, 2026 and December 31, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $2.83 billion and $3.30 billion, respectively, of which $1.43 billion and $1.73 billion, respectively, was designated under the portfolio layer hedging relationship for both periods. At March 31, 2026 and December 31, 2025, the cumulative adjustment associated with these hedging relationships was $11 million and $21 million, respectively.

(3) Carrying amount represents amortized cost.

As of March 31, 2026 and December 31, 2025, the total notional amount of the interest rate swaps of fair value hedges was $36.94 billion and $36.12 billion, respectively.

The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:


		Three Months Ended March 31,							Three Months Ended March 31,
		2026		2025					2026		2025
(In millions)	Location of Gain (Loss) on Derivative in Consolidated Statement of Income	Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income				Hedged Item in Fair Value Hedging Relationship	Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income	Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income
Derivatives designated as fair value hedges:


Interest rate contracts	Net interest income	$	126	$	(235)		Available-for-sale securities(1)	Net interest income	$	(126)	$	234
Interest rate contracts	Net interest income	(63)		150			Long-term debt	Net interest income	63		(150)
Foreign exchange contracts	Other fee revenue	(23)		3			Available-for-sale securities	Other fee revenue	23		(3)

Total		$	40	$	(82)				$	(40)	$	81

(1) In the three months ended March 31, 2026, approximately $105 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $210 million of net unrealized losses in the same period of 2025.


	Three Months Ended March 31,					Three Months Ended March 31,
	2026		2025			Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	2026		2025
(In millions)	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative				Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)	$	(37)	$	2		Net interest income	$	(26)	$	(37)

Total derivatives designated as cash flow hedges	$	(37)	$	2			$	(26)	$	(37)

Derivatives designated as net investment hedges:
Foreign exchange contracts	$	130	$	(285)			$	—	$	—
Total derivatives designated as net investment hedges	130		(285)				—		—
Total	$	93	$	(283)			$	(26)	$	(37)

(1) As of March 31, 2026, the maximum maturity date of the underlying hedged items is approximately 5.0 years.

State Street Corporation | 62

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Derivatives Netting and Credit Contingencies

Netting

Derivatives receivable and payable as well as cash collateral from the same counterparty are netted in the consolidated statement of condition for those counterparties with whom we have legally binding master netting agreements in place. In addition to cash collateral received and transferred presented on a net basis, we also receive and transfer collateral in the form of securities, which mitigate credit risk but are not eligible for netting. Additional information on netting is provided in Note 8.

Credit Contingencies

Certain of our derivatives are subject to master netting agreements with our derivative counterparties containing credit risk-related contingent features, which requires us to maintain an investment grade credit rating with the various credit rating agencies. If our rating falls below investment grade, we would be in violation of the provisions, and counterparties to the derivatives could request immediate payment or demand full overnight collateralization on derivative instruments in liability positions. The aggregate fair value of all derivatives with credit contingent features and in a net liability position as of March 31, 2026 totaled approximately $7.64 billion, against which we provided $6.32 billion of collateral in the normal course of business. If our credit-related contingent features underlying these agreements were triggered as of March 31, 2026, the maximum additional collateral we would be required to post to our counterparties is approximately $1.32 billion.

Note 8. Offsetting Arrangements

For additional information on our offsetting arrangements, refer to Note 11 of the notes to consolidated financial statements in our 2025 Form 10-K.

As of March 31, 2026 and December 31, 2025, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $21.19 billion and $19.21 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $10.59 billion and $12.11 billion, respectively.

The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:


Assets:	March 31, 2026
	Gross Amounts of Recognized Assets(1)(2)		Gross Amounts Offset in Statement of Condition(3)			Net Amounts of Assets Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)					Cash and Securities Received(4)			Net Amount(5)
Derivatives:
Foreign exchange contracts	$	24,890	$	(14,200)		$	10,690		$	—	$	10,690
Interest rate contracts(6)	16		(16)			—			—		—



Cash collateral and securities netting	NA		(2,199)			(2,199)			(989)		(3,188)
Total derivatives	24,906		(16,415)			8,491			(989)		7,502
Other financial instruments:


Resale agreements and securities borrowing(7)(8)	290,552		(234,376)			56,176			(54,207)		1,969
Total derivatives and other financial instruments	$	315,458	$	(250,791)		$	64,667		$	(55,196)	$	9,471

State Street Corporation | 63

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


Assets:	December 31, 2025
	Gross Amounts of Recognized Assets(1)(2)		Gross Amounts Offset in Statement of Condition(3)			Net Amounts of Assets Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)					Cash and Securities Received(4)			Net Amount(5)
Derivatives:
Foreign exchange contracts	$	14,224	$	(7,618)		$	6,606		$	—	$	6,606
Interest rate contracts(6)	34		(5)			29			—		29


Other derivative contracts	1		—			1			—		1
Cash collateral and securities netting	NA		(2,481)			(2,481)			(956)		(3,437)
Total derivatives	14,259		(10,104)			4,155			(956)		3,199
Other financial instruments:
Resale agreements and securities borrowing(7)(8)	297,824		(252,779)			45,045			(42,683)		2,362
Total derivatives and other financial instruments	$	312,083	$	(262,883)		$	49,200		$	(43,639)	$	5,561

(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.

(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.

(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

(4) Includes securities in connection with our securities borrowing transactions.

(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.

(6) Variation margin payments presented as settlements rather than collateral.

(7) Included in the $56.18 billion as of March 31, 2026 were $8.19 billion of resale agreements and $47.99 billion of collateral provided related to securities borrowing. Included in the $45.05 billion as of December 31, 2025 were $6.81 billion of resale agreements and $38.24 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.

(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.

NA Not applicable

The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:


Liabilities:	March 31, 2026
	Gross Amounts of Recognized Liabilities(1)(2)		Gross Amounts Offset in Statement of Condition(3)			Net Amounts of Liabilities Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)					Cash and Securities Received(4)			Net Amount(5)
Derivatives:
Foreign exchange contracts	$	25,416	$	(14,200)		$	11,216		$	—	$	11,216
Interest rate contracts(6)	32		(16)			16			—		16
Other derivative contracts	129		—			129			—		129
Cash collateral and securities netting	NA		(6,390)			(6,390)			(1,100)		(7,490)
Total derivatives	25,577		(20,606)			4,971			(1,100)		3,871
Other financial instruments:


Repurchase agreements and securities lending(7)(8)	260,553		(234,376)			26,177			(25,957)		220
Total derivatives and other financial instruments	$	286,130	$	(254,982)		$	31,148		$	(27,057)	$	4,091

State Street Corporation | 64

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


Liabilities:	December 31, 2025
	Gross Amounts of Recognized Liabilities(1)(2)		Gross Amounts Offset in Statement of Condition(3)			Net Amounts of Liabilities Presented in Statement of Condition			Gross Amounts Not Offset in Statement of Condition
(In millions)					Cash and Securities Received(4)			Net Amount(5)
Derivatives:
Foreign exchange contracts	$	14,097	$	(7,617)		$	6,480		$	—	$	6,480
Interest rate contracts(6)	5		(5)			—			—		—
Other derivative contracts	159		—			159			—		159
Cash collateral and securities netting	NA		(1,614)			(1,614)			(757)		(2,371)
Total derivatives	14,261		(9,236)			5,025			(757)		4,268
Other financial instruments:
Repurchase agreements and securities lending(7)(8)	273,785		(252,779)			21,006			(20,165)		841
Total derivatives and other financial instruments	$	288,046	$	(262,015)		$	26,031		$	(20,922)	$	5,109

(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.

(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.

(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

(4) Includes securities provided in connection with our securities lending transactions.

(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.

(6) Variation margin payments presented as settlements rather than collateral.

(7) Included in the $26.18 billion as of March 31, 2026 were $0.97 billion of repurchase agreements and $25.21 billion of collateral received related to securities lending transactions. Included in the $21.01 billion as of December 31, 2025 were $0.84 billion of repurchase agreements and $20.17 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions.

(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.

NA Not applicable

The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes us to counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels.

The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements, as of the periods indicated:




	As of March 31, 2026										As of December 31, 2025
(In millions)	Overnight and Continuous		Up to 30 Days		30-90 days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30-90 days		Greater than 90 Days		Total
Repurchase agreements:
U.S. Treasury and agency securities	$	224,285	$	1,203	$	—	$	—	$	225,488	$	243,596	$	—	$	—	$	—	$	243,596

Total	224,285		1,203		—		—		225,488		243,596		—		—		—		243,596
Securities lending transactions:
US Treasury and agency securities	254		55		—		—		309		175		—		—		—		175
Corporate debt securities	29		—		—		—		29		29		—		—		—		29
Equity securities	15,975		—		25		2,285		18,285		11,279		—		1		3,215		14,495
Other(1)	16,442		—		—		—		16,442		15,490		—		—		—		15,490
Total	32,700		55		25		2,285		35,065		26,973		—		1		3,215		30,189
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	256,985	$	1,258	$	25	$	2,285	$	260,553	$	270,569	$	—	$	1	$	3,215	$	273,785

(1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.

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(UNAUDITED)

Note 9. Commitments and Guarantees

For additional information on the nature of the obligations and related business activities for our commitments and guarantees, refer to Note 12 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Commitments:
Unfunded credit facilities	$	35,590	$	35,697
Guarantees(1):
Indemnified securities financing	$	407,558	$	371,968
Standby letters of credit	461		569

(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.

Approximately 70% of our unfunded commitments to extend credit expire within one year as of both March 31, 2026 and December 31, 2025.

Indemnified Securities Financing

For additional information on our indemnified securities financing, refer to Note 12 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:


(In millions)	March 31, 2026		December 31, 2025
Fair value of indemnified securities financing	$	407,558	$	371,968
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing	427,420		393,584
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements	53,445		51,762
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements	57,464		55,943

In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. As of March 31, 2026 and December 31, 2025, we had approximately $47.99 billion and $38.24 billion, respectively, of collateral provided and approximately $25.21 billion and $20.17

billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.

FICC Guarantee

We are a direct and sponsoring member of FICC. As a sponsoring member within FICC, we enter into repurchase and resale transactions in eligible securities with sponsored clients and with other FICC members and, pursuant to FICC Government Securities Division rules, submit, novate and net the transactions. We may sponsor clients to clear their eligible repurchase transactions with FICC, backed by our guarantee to FICC of the prompt and full payment and performance of our sponsored member clients’ respective obligations. We generally obtain a security interest from our sponsored clients in the high quality securities collateral that they receive, which is designed to mitigate our potential exposure to FICC.

Additionally, as a member of certain industry clearing and settlement exchanges, we may be required to pay a pro rata share of the losses incurred by the organization and provide liquidity support in the event of the default of another member to the extent that the defaulting member’s clearing fund obligation and the prescribed loss allocation is depleted. It is difficult to estimate our maximum possible exposure under the membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. At both March 31, 2026 and December 31, 2025, we did not record any liabilities under these arrangements.

For additional information on our repurchase and reverse repurchase agreements, please refer to Note 8 to the consolidated financial statements in this Form 10-Q.

Note 10. Contingencies

Legal and Regulatory Matters

In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened. These matters, if resolved adversely against us or settled, may result in monetary awards or payments, fines and penalties or require changes in our business practices. The resolution or settlement of these matters is inherently difficult to predict. Based on our assessment of these pending matters, we do not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on our consolidated financial condition. However, an adverse outcome or development in certain of the matters described below could have a material adverse effect on our consolidated results of operations for the

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

period in which such matter is resolved, or an accrual is determined to be required, on our consolidated financial condition, or on our reputation.

We evaluate our needs for accruals of loss contingencies related to legal and regulatory proceedings on a case-by-case basis. When we have a liability that we deem probable, and we deem the amount of such liability can be reasonably estimated as of the date of our consolidated financial statements, we accrue our estimate of the amount of loss. We also consider a loss probable and establish an accrual when we make, or intend to make, an offer of settlement. Once established, an accrual is subject to subsequent adjustment as a result of additional information. The resolution of legal and regulatory proceedings and the amount of reasonably estimable loss (or range thereof) are inherently difficult to predict, especially in the early stages of proceedings. Even if a loss is probable, an amount (or range) of loss might not be reasonably estimated until the later stages of the proceeding due to many factors such as the presence of complex or novel legal theories, the discretion of governmental authorities in seeking sanctions or negotiating resolutions in civil and criminal matters, the pace and timing of discovery and other assessments of facts and the procedural posture of the matter (collectively, "factors influencing reasonable estimates").

As of March 31, 2026, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $53 million, including potential fines by government agencies and civil litigation with respect to the matters specifically discussed below. To the extent that we have established accruals in our consolidated statement of condition for probable loss contingencies, such accruals may not be sufficient to cover our ultimate financial exposure associated with any settlements or judgments. Any such ultimate financial exposure, or proceedings to which we may become subject in the future, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation.

As of March 31, 2026, for those matters for which we have accrued probable loss contingencies and for other matters for which loss is reasonably possible (but not probable) in future periods, and for which we are able to estimate a range of reasonably possible loss, our estimate of the aggregate reasonably possible loss (in excess of any accrued amounts) ranges up to approximately $65 million. Our estimate with respect to the aggregate reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties, which may change quickly and significantly from time to time, particularly if and as

we engage with applicable governmental agencies or plaintiffs in connection with a proceeding. Also, the matters underlying the reasonably possible loss will change from time to time. As a result, actual results may vary significantly from the current estimate.

In certain pending matters, it is not currently feasible to reasonably estimate the amount or a range of reasonably possible loss, and such losses, which may be significant, are not included in the estimate of reasonably possible loss discussed above. This is due to, among other factors, the factors influencing reasonable estimates described above. An adverse outcome in one or more of the matters for which we have not estimated the amount or a range of reasonably possible loss, individually or in the aggregate, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. Given that our actual losses from any legal or regulatory proceeding for which we have provided an estimate of the reasonably possible loss could significantly exceed such estimate, and given that we cannot estimate reasonably possible loss for all legal and regulatory proceedings as to which we may be subject now or in the future, no conclusion as to our ultimate exposure from current pending or potential legal or regulatory proceedings should be drawn from the current estimate of reasonably possible loss.

The following discussion provides information with respect to significant legal, governmental and regulatory matters.

Edmar Financial Company, LLC et al v. Currenex, Inc. et al

In August 2021, two former Currenex clients filed a putative civil class action lawsuit in the Southern District of New York alleging antitrust violations, fraud and a civil Racketeer Influenced and Corrupt Organization Act violation against Currenex, State Street and others.

Pension Risk Transfer Litigation

State Street Global Advisors Trust Company (Trust Co) is named as a defendant in a series of purported class action complaints filed by participants in pension plans where, in each case, Trust Co was hired as independent fiduciary on behalf of the pension plan to conduct an ERISA-compliant due diligence review of potential insurers who could assume the plan’s liabilities and satisfy its payment obligations through the purchase of a group annuity contract, consistent with DOL guidance. The complaints, collectively, allege violations of ERISA’s fiduciary and prohibited transaction rules against Trust Co, the plan sponsors, and others.

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STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

German Tax Matter

In connection with a routine audit including the period 2013-2015, German tax authorities have determined that State Street should have withheld, and is secondarily liable for, certain taxes on dividends paid on securities of German issuers held as collateral over dividend record dates in client lending transactions with counterparties outside of Germany. This determination is subject to review in proceedings in which State Street will in due course contest these conclusions, in addition to separately seeking relief from those determined to be primarily liable.

State of Texas et al v. Blackrock, Inc. et al

In November 2024, eleven state Attorneys General filed a complaint in Federal Court in the Eastern District of Texas against State Street and two other large investment management firms, alleging antitrust violations on the theory that the firms conspired to artificially suppress coal supply, resulting in harm to American consumers in the form of higher electricity costs.

Income Taxes

In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits were approximately $241 million and $248 million as of March 31, 2026 and December 31, 2025, respectively.

We are presently under audit by a number of tax authorities. The earliest tax year open to examination in jurisdictions where we have material operations is 2018. Management believes that we have sufficiently accrued liabilities as of March 31, 2026 for potential tax exposures.

Note 11. Variable Interest Entities

For additional information on our accounting policy and our use of variable interest entities (VIEs), refer to "Variable Interest Entities" in Note 14 of the notes to consolidated financial statements in our 2025 Form 10-K.

Interests in Investment Funds

As of both March 31, 2026 and December 31, 2025, we had no consolidated funds. As of both March 31, 2026 and December 31, 2025, we managed certain funds, considered VIEs, in which we held a variable interest, but for which we were not deemed to be the primary beneficiary. Our potential maximum loss exposure related to these unconsolidated funds totaled $22 million as of both March 31, 2026 and December 31, 2025, and represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition. The amount of loss we may recognize during any period is limited to the carrying amount of our investments in the unconsolidated funds.

We also held investments in low-income housing, production and investment tax credit entities, considered VIEs for which we were not deemed to be the primary beneficiary. As of March 31, 2026 and December 31, 2025, our potential maximum loss exposure related to these unconsolidated entities totaled $994 million and $957 million, respectively, most of which represented the carrying value of our investments which are recorded in other assets in our consolidated statement of condition.

We account for our low-income housing tax credit investments (LIHTC) and production tax credit investments under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized based on a percentage of the actual income tax credits and other income tax benefits allocated in the current period versus the total estimated income tax credits and other income tax benefits expected to be received over the life of the investment. The net benefit, representing the difference between amortization of the investment balance, recognition of the income tax credits and recognition of other income tax benefits from the investment is recognized as a component of income tax expense.

As of March 31, 2026, we had investments in LIHTC and production tax credit investments of $660 million and $252 million, respectively, which are included in other assets in our consolidated statement of condition. Contingent contributions related to the renewable energy production tax credit investments were $82 million at March 31, 2026. These contributions are contingent on production and expected to be paid through 2034. Deferred contributions related to LIHTC investments were $149 million at March 31, 2026. These deferred contributions are payable in accordance with the respective agreements and are expected to be paid through 2042.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated:


(In millions)	Three Months Ended March 31,
	2026		2025





Income recorded on investments within other fee revenue	$	4	$	3
Income recorded in total revenue	4		3

Tax credits and benefits recognized in income tax expense	46		55
Proportional amortization recognized in income tax expense	(36)		(43)
Net benefits included in income tax expense	10		12
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income for which proportional amortization has been elected	$	14	$	15

Note 12. Shareholders' Equity

Preferred Stock

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of March 31, 2026:


Preferred Stock(1):	Issuance Date	Depositary Shares Issued	Amount outstanding (In millions)		Ownership Interest Per Depositary Share	Liquidation Preference Per Share	Liquidation Preference Per Depositary Share	Per Annum Dividend Rate	Dividend Payment Frequency	Carrying Value as of March 31, 2026 (In millions)		Redemption Date(2)

Series G	April 2016	20,000,000	$	500	1/4,000th	100,000	25	5.35%(3)	Quarterly	$	493	March 15, 2026
Series I	January 2024	1,500,000	1,500		1/100th	100,000	1,000	6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five year anniversary at the five- year U.S. Treasury rate plus 2.613%	Quarterly	1,481		March 15, 2029
Series J	July 2024	850,000	850		1/100th	100,000	1,000	6.700% through September 14, 2029; resets September 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.628%	Quarterly	842		September 15, 2029
Series K	February 2025	750,000	750		1/100th	100,000	1,000	6.450% through September 14, 2030; resets September 15, 2030 and every subsequent five year anniversary at the five- year U.S. Treasury rate plus 2.135%	Quarterly	743		September 15, 2030

(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

(3) The dividend rate for the floating rate period of the Series G preferred stock that began on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:



	Three Months Ended March 31,
	2026						2025
(Dollars in millions, except per share amounts)	Dividends Declared per Share		Dividends Declared per Depositary Share		Total		Dividends Declared per Share		Dividends Declared per Depositary Share		Total
Preferred Stock:


Series G	$	1,338	$	0.33	$	7	$	1,338	$	0.33	$	7

Series I	1,675		16.75		25		1,675		16.75		25
Series J	1,675		16.75		14		1,675		16.75		14
Series K	1,613		16.13		12		—		—		—
Total					$	58					$	46

Common Stock

On January 19, 2024, we announced a common share repurchase program, approved by the Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of our common stock beginning in the first quarter of 2024. We repurchased $400 million of our common stock in the first quarter of 2026 and since its inception we have repurchased an aggregate of $2.9 billion of our common stock under the 2024 Program through March 31, 2026. The program has no set expiration date.

The table below presents the activity under our common share repurchase program for the periods indicated:


	Three Months Ended March 31,
	2026					2025
	Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)

2024 Program	3.2	$	125.94	$	400	1.0	$	99.60	$	100

The table below presents the dividends declared on common stock for the periods indicated:


	Three Months Ended March 31,
	2026				2025
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	0.84	$	233	$	0.76	$	220

Accumulated Other Comprehensive Income (Loss)

The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:


(In millions)	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Investment Securities(1)		Net Unrealized Gains (Losses) on Retirement Plans		Foreign Currency Translation		Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries		Total
Balance as of December 31, 2024	$	(132)	$	(480)	$	(129)	$	(2,168)	$	809	$	(2,100)
Other comprehensive income (loss) before reclassifications	1		84		3		450		(286)		252
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	29		27		—		—		—		56
Other comprehensive income (loss)	30		111		3		450		(286)		308
Balance as of March 31, 2025	$	(102)	$	(369)	$	(126)	$	(1,718)	$	523	$	(1,792)



Balance as of December 31, 2025	$	(33)	$	(151)	$	(92)	$	(793)	$	26	$	(1,043)
Other comprehensive income (loss) before reclassifications	(24)		(144)		3		(237)		130		(272)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	20		13		—		—		—		33
Other comprehensive income (loss)	(4)		(131)		3		(237)		130		(239)
Balance as of March 31, 2026	$	(37)	$	(282)	$	(89)	$	(1,030)	$	156	$	(1,282)

(1) Includes after-tax net unamortized unrealized gains (losses) of ($253) million and ($267) million as of March 31, 2026 and December 31, 2025, respectively, related to AFS investment securities previously transferred to HTM.

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STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents after-tax reclassifications into earnings for the periods indicated:


	Three Months Ended March 31,
	2026		2025
(In millions)	Amounts Reclassified into Earnings				Affected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of nil, and $20, respectively	$	(1)	$	—	Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $5 and nil, respectively	14		27		Net interest income


Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $6 and $8, respectively	20		29		Net interest income




Total amounts reclassified from accumulated other comprehensive income	$	33	$	56

Note 13. Regulatory Capital

For additional information on our regulatory capital, including the regulatory capital requirements administered by federal banking agencies, which we are subject to, refer to Note 16 of the notes to consolidated financial statements in our 2025 Form 10-K.

As of March 31, 2026, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject to. As of March 31, 2026, State Street Bank was categorized as “well capitalized” under the applicable regulatory capital adequacy framework, and exceeded all “well capitalized” ratio guidelines to which it was subject. Management believes that no conditions or events have occurred since March 31, 2026 that have changed the capital categorization of State Street Bank.

The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


					State Street Corporation												State Street Bank
(Dollars in millions)					Basel III Advanced Approaches March 31, 2026			Basel III Standardized Approach March 31, 2026			Basel III Advanced Approaches December 31, 2025			Basel III Standardized Approach December 31, 2025			Basel III Advanced Approaches March 31, 2026			Basel III Standardized Approach March 31, 2026			Basel III Advanced Approaches December 31, 2025			Basel III Standardized Approach December 31, 2025
Common shareholders' equity:
Common stock and related surplus					$	11,205		$	11,205		$	11,209		$	11,209		$	13,333		$	13,333		$	13,333		$	13,333
Retained earnings					31,864			31,864			31,392			31,392			16,418			16,418			16,401			16,401
Accumulated other comprehensive income (loss)					(1,282)			(1,282)			(1,043)			(1,043)			(1,040)			(1,040)			(815)			(815)
Treasury stock, at cost					(17,604)			(17,604)			(17,276)			(17,276)			—			—			—			—
Total					24,183			24,183			24,282			24,282			28,711			28,711			28,919			28,919
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities					(8,845)			(8,845)			(8,921)			(8,921)			(8,242)			(8,242)			(8,342)			(8,342)
Other adjustments(1)					(540)			(540)			(549)			(549)			(404)			(404)			(419)			(419)
Common equity tier 1 capital					14,798			14,798			14,812			14,812			20,065			20,065			20,158			20,158
Preferred stock					3,559			3,559			3,559			3,559			—			—			—			—


Tier 1 capital					18,357			18,357			18,371			18,371			20,065			20,065			20,158			20,158
Qualifying subordinated long-term debt					1,698			1,698			1,872			1,872			523			523			524			524

Allowance for credit losses					30			179			18			203			30			179			18			203

Total capital					$	20,085		$	20,234		$	20,261		$	20,446		$	20,618		$	20,767		$	20,700		$	20,885
Risk-weighted assets:
Credit risk(2)					$	65,126		$	137,626		$	60,594		$	125,138		$	60,963		$	134,313		$	56,438		$	121,747
Operational risk(3)					51,000			NA			51,638			NA			49,988			NA			50,025			NA
Market risk					2,185			2,185			2,125			2,125			2,185			2,185			2,125			2,125
Total risk-weighted assets					$	118,311		$	139,811		$	114,357		$	127,263		$	113,136		$	136,498		$	108,588		$	123,872

Adjusted quarterly average assets					$	342,329		$	342,329		$	332,978		$	332,978		$	337,440		$	337,440		$	328,034		$	328,034

Capital Ratios:	2026 Minimum Requirements(4)		2025 Minimum Requirements(4)
Common equity tier 1 capital	8.0	%	8.0	%	12.5		%	10.6		%	13.0		%	11.6		%	17.7		%	14.7		%	18.6		%	16.3		%
Tier 1 capital	9.5		9.5		15.5			13.1			16.1			14.4			17.7			14.7			18.6			16.3
Total capital	11.5		11.5		17.0			14.5			17.7			16.1			18.2			15.2			19.1			16.9
Tier 1 leverage(5)	4.0		4.0		5.4			5.4			5.5			5.5			5.9			5.9			6.1			6.1

(1) Other adjustments within CET1 capital primarily include disallowed deferred tax assets, cash flow hedges that are not recognized at fair value on the balance sheet, and the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities.

(2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of over-the-counter derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches.

(3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs.

(4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%. Our SCB requirement remains at 2.5% for the period from October 1, 2025, through September 30, 2026, based on the results of the 2025 supervisory stress test. Additionally, in February 2026 the Federal Reserve Board voted to maintain the current SCB requirements until 2027.

(5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB.

NA Not applicable

State Street Corporation | 72

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 14. Net Interest Income

The following table presents the components of interest income and interest expense, and related NII, for the periods indicated:


	Three Months Ended March 31,
(In millions)		2026		2025
Interest income:
Interest-bearing deposits with banks		$	696	$	768
Investment securities:



Investment securities available-for-sale		706		724
Investment securities held-to-maturity		207		242

Total investment securities		913		966
Securities purchased under resale agreements		152		165
Trading account assets		1		—
Loans		543		557
Other interest-earning assets		346		466
Total interest income		2,651		2,922
Interest expense:
Interest-bearing deposits		1,353		1,566

Securities sold under repurchase agreements		2		51

Other short-term borrowings		39		135
Long-term debt		286		297
Other interest-bearing liabilities		136		159
Total interest expense		1,816		2,208
Net interest income		$	835	$	714

Note 15. Expenses

The following table presents the components of other expenses for the periods indicated:


	Three Months Ended March 31,
(In millions)		2026		2025
Professional services		$	104	$	110
Amortization of other intangible assets		57		54
Sales advertising and public relations		34		25

Regulatory fees and assessments		12		13
Bank operations		10		13


Securities processing		10		4

Donations		—		4

Other		122		107

Total other expenses		$	349	$	330

Repositioning Charges

In the first quarter of 2026, we recorded a repositioning charge of $89 million, including $79 million of compensation and employee benefits expenses related to workforce rationalization, $1 million of occupancy costs associated with real estate footprint optimization, and $9 million associated with operating model changes reflected in information systems and communications.

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


(In millions)	Employee Related Costs		Other		Total











Accrual Balance at December 31, 2024	$	96	$	—	$	96
Accruals for Repositioning Charges	—		—		—
Payments and other adjustments	(14)		—		(14)
Accrual Balance at March 31, 2025	$	82	$	—	$	82







Accrual Balance at December 31, 2025	$	208	$	—	$	208
Accruals for Repositioning Charges	79		10		89
Payments and Other Adjustments	(30)		(10)		(40)
Accrual Balance at March 31, 2026	$	257	$	—	$	257

State Street Corporation | 73

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 16. Earnings Per Common Share

For additional information on our EPS calculation methodologies, refer to Note 23 of the notes to consolidated financial statements in our 2025 Form 10-K.

The following table presents the computation of basic and diluted earnings per common share for the periods indicated:


	Three Months Ended March 31,
(Dollars in millions, except per share amounts)	2026		2025
Net income	$	764	$	644
Less:
Preferred stock dividends	(58)		(46)
Dividends and undistributed earnings allocated to participating securities(1)	(1)		(1)
Net income available to common shareholders	$	705	$	597
Average common shares outstanding (In thousands):
Basic average common shares	278,434		288,562
Effect of dilutive securities: equity-based awards	4,440		4,154
Diluted average common shares	282,874		292,716
Anti-dilutive securities(2)	—		—
Earnings per common share:
Basic	$	2.53	$	2.07
Diluted(3)	2.49		2.04

(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP 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.

(2) Represents equity-based awards outstanding, but not included in the computation of diluted average common shares because their effect was anti-dilutive. Additional information about equity-based awards is provided in Note 18 of the notes to consolidated financial statements in our 2025 Form 10-K.

(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.

Note 17. Line of Business Information

Our operations are organized into two lines of business, which represent our reportable segments: 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 information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, refer to Note 24 of the notes to consolidated financial statements in our 2025 Form 10-K.

Revenue and expenses are directly charged or allocated to our lines of business through management information systems. Our Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The line of business results are regularly provided to the CODM to evaluate the performance of each line of business and to inform how resources are allocated between those lines of business to best achieve management’s strategic and tactical goals. Capital is allocated based on the relative risks and capital requirements inherent in each business line, along with management judgment. Capital allocations may not be representative of the capital that might be required if these lines of business were separate business entities.

State Street Corporation | 74

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table summarizes our line of business results for the periods indicated. The “Other” columns presented in the below tables, represent amounts that are not allocated to our two lines of business.


	Three Months Ended March 31,
	Investment Servicing						Investment Management						Other				Total
(Dollars in millions)	2026			2025			2026			2025			2026		2025		2026			2025
Revenue:
Servicing fees	$	1,409		$	1,275		$	—		$	—		$	—	$	—	$	1,409		$	1,275
Management fees(1)	—			—			724			587			—		—		724			587
Foreign exchange trading services(1)	432			337			3			—			—		—		435			337
Securities finance	110			108			6			6			—		—		116			114
Software services(1)	169			158			—			—			—		—		169			158
Other fee revenue(1)	102			101			5			(2)			—		—		107			99
Total fee revenue	2,222			1,979			738			591			—		—		2,960			2,570
Net interest income	832			709			3			5			—		—		835			714
Total other income	1			—			—			—			—		—		1			—
Total revenue	3,055			2,688			741			596			—		—		3,796			3,284
Provision for credit losses	16			12			—			—			—		—		16			12
Expenses:
Compensation and employee benefits	1,187			1,103			175			159			79		—		1,441			1,262
Information systems and communications	558			477			29			20			50		—		637			497
Transaction processing services	230			216			53			42			—		—		283			258
Other	214			223			235			210			1		—		450			433
Total expenses	2,189			2,019			492			431			130		—		2,811			2,450
Income before income tax expense	$	850		$	657		$	249		$	165		$	(130)	$	—	$	969		$	822
Pre-tax margin	28		%	24		%	34		%	28		%					26		%	25		%

Average assets (in billions)	$	347.8		$	333.9		$	3.9		$	3.4						$	351.7		$	337.3

(1) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.

The following table provides additional information about the items included in the line of business results “Other” column for the periods indicated.


	Three Months Ended March 31,
	Other
(Dollars in millions)	2026		2025




Repositioning charges(1)	(89)		—
Client rescoping(2)	(41)		—


Total	$	(130)	$	—

(1) Repositioning charges of $89 million in the first quarter of 2026, includes $79 million of compensation and employee benefits expenses related to workforce rationalization, $1 million of occupancy costs associated with real estate footprint optimization, and $9 million associated with operating model changes reflected in information systems and communications.

(2) Client rescoping of $41 million in the first quarter of 2026 reflected in information systems and communications.

State Street Corporation | 75

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 18. Revenue from Contracts with Customers

For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to Note 25 of the notes to consolidated financial statements in our 2025 Form 10-K.

Revenue by category

In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The amounts in the “Other” columns were not allocated to our business lines.


	Three Months Ended March 31, 2026
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		2026
Servicing fees	$	1,409	$	—	$	1,409	$	—	$	—	$	—	$	—	$	—	$	—	$	1,409
Management fees (1)	—		—		—		724		—		724		—		—		—		724
Foreign exchange trading services(1)	111		321		432		3		—		3		—		—		—		435
Securities finance	55		55		110		—		6		6		—		—		—		116
Software services(1)	169		—		169		—		—		—		—		—		—		169
Other fee revenue(1)	—		102		102		—		5		5		—		—		—		107
Total fee revenue	1,744		478		2,222		727		11		738		—		—		—		2,960
Net interest income	—		832		832		—		3		3		—		—		—		835
Total other income	—		1		1		—		—		—		—		—		—		1
Total revenue	$	1,744	$	1,311	$	3,055	$	727	$	14	$	741	$	—	$	—	$	—	$	3,796















	Three Months Ended March 31, 2025
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		2025
Servicing fees	$	1,275	$	—	$	1,275	$	—	$	—	$	—	$	—	$	—	$	—	$	1,275
Management fees (1)	—		—		—		587		—		587		—		—		—		587
Foreign exchange trading services(1)	100		237		337		—		—		—		—		—		—		337
Securities finance	45		63		108		—		6		6		—		—		—		114
Software services(1)	158		—		158		—		—		—		—		—		—		158
Other fee revenue(1)	—		101		101		—		(2)		(2)		—		—		—		99
Total fee revenue	1,578		401		1,979		587		4		591		—		—		—		2,570
Net interest income	—		709		709		—		5		5		—		—		—		714

Total revenue	$	1,578	$	1,110	$	2,688	$	587	$	9	$	596	$	—	$	—	$	—	$	3,284

(1) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.

Contract balances

As of March 31, 2026 and December 31, 2025, net receivables of $3.86 billion and $3.51 billion, respectively, are included in accrued interest and fees receivable and other assets, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, generally, we have an unconditional right to payment and billing is performed monthly or quarterly.

We had $141 million and $131 million of deferred revenue as of March 31, 2026 and December 31, 2025, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated statement of condition. In the first quarter of 2026, we recognized revenue of $52 million relating to deferred revenue of $131 million as of December 31, 2025.

Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancellable amounts that will be invoiced and recognized as revenue in future periods. As of March 31, 2026, total remaining non-cancellable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.06 billion. We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.

State Street Corporation | 76

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.

Note 19. Non-U.S. Activities

We define our non-U.S. activities as those revenue-producing business activities that arise from clients that are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible.

Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities.

The following table presents our U.S. and non-U.S. financial results for the periods indicated:


	Three Months Ended March 31,
	2026						2025
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	1,676	$	2,120	$	3,796	$	1,382	$	1,902	$	3,284
Income before income tax expense	454		515		969		309		513		822

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

Servicing fees generated outside the U.S. were approximately 49% and 47% of total servicing fees in the first quarters of 2026 and 2025, respectively.

Management fees generated outside the U.S. were approximately 23% and 24% of total management fees in the first quarters of 2026 and 2025, respectively.

Non-U.S. assets were $94.16 billion and $85.65 billion as of March 31, 2026 and 2025, respectively.

Note 20. Subsequent Events

On April 24, 2026, we issued $800 million aggregate principal amount of 4.558% fixed-to-floating rate senior notes due 2032 and $700 million aggregate principal amount of 5.094% fixed-to-floating rate senior notes due 2037.

State Street Corporation | 77

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of State Street Corporation

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated statement of condition of State Street Corporation (the “Corporation”) as of March 31, 2026, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related condensed notes (collectively referred to as the “condensed consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statement of condition of the Corporation as of December 31, 2025, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated February 19, 2026, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of condition as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of condition from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Corporation’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Ernst & Young LLP

Boston, Massachusetts

April 29, 2026

State Street Corporation | 78


ACRONYMS


ABS	Asset-backed securities	GBP	British Pound Sterling
AFS	Available-for-sale	G-SIB	Global systemically important bank
AOCI	Accumulated other comprehensive income (loss)	HQLA(1)	High-quality liquid assets
AUC/A	Assets under custody and/or administration	HTM	Held-to-maturity
AUM	Assets under management	IDI	Insured Depository Institution
bps	Basis points	LCR(1)	Liquidity coverage ratio
CCB	Capital Conservation Buffer	LTD	Long-term debt
CLOs	Collateralized loan obligations	MBS	Mortgage-backed securities
CMBS	Commercial Mortgage backed Security	NII	Net interest income
CRD	Charles River Development	NIM	Net interest margin
CET1(1)	Common equity tier 1	NSFR(1)	Net stable funding ratio
CVA	Credit valuation adjustment	RMBS	Residential mortgage-backed securities
DIF	Deposit Insurance Fund	RWA(1)	Risk-weighted assets
ECB	European Central Bank	SaaS	Software as a service
ERISA	Employee Retirement Income Security Act of 1974	SCB	Stress Capital Buffer
eSLR(1)	Enhanced supplementary leverage ratio	SEC	Securities and Exchange Commission
ETF	Exchange-Traded Fund	SLR(1)	Supplementary leverage ratio
EUR	Euro	SPDR	Spider; Standard and Poor's depository receipt
EURIBOR	Euro Interbank Offered Rate	SPOE Strategy	Single Point of Entry Strategy
FDIC	Federal Deposit Insurance Corporation	SSIF	State Street Intermediate Funding, LLC
FHLB	Federal Home Loan Bank of Boston	TLAC(1)	Total loss-absorbing capacity
FICC	Fixed Income Clearing Corporation	UOM	Unit of measure
FX	Foreign exchange	USD	U.S. Dollar
GAAP	Generally accepted accounting principles	VaR	Value-at-Risk

(1) As defined by the applicable U.S. regulations.

State Street Corporation | 79


GLOSSARY

















Asset-backed securities: A financial security backed by collateralized assets, other than real estate or mortgage backed securities.Assets under custody and/or administration: Assets that we hold directly or indirectly on behalf of clients under a safekeeping or custody arrangement or for which we provide administrative services for clients. To the extent that we provide more than one AUC/A service (including back and middle office services) for a client’s assets, the value of the asset is only counted once in the total amount of AUC/A. Assets under management: The total market value of client assets for which we provide investment management strategy services, advisory services and/or distribution services generating management fees based on a percentage of the assets’ market values. These client assets are not included on our balance sheet. Assets under management include managed assets lost but not liquidated. Lost business occurs from time to time and it is difficult to predict the timing of client behavior in transitioning these assets as the timing can vary significantly. Certificates of deposit (CD): A savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements. A CD restricts access to the funds until the maturity date of the investment. Collateralized loan obligations: A loan or security backed by a pool of debt, primarily senior secured leveraged loans. Collateralized loan obligations are similar to collateralized mortgage obligations, except for the different type of underlying loan. With a collateralized loan obligation, the investor receives scheduled loan or debt payments from the underlying loans, assuming most of the risk in the event borrowers default, but is offered greater diversity and the potential for higher-than-average returns.Commercial real estate (CRE): Property intended to generate profit from capital gains or rental income. CRE loans are term loans secured by commercial and multifamily properties. We seek CRE loans with strong competitive positions in major domestic markets, stable cash flows, modest leverage and experienced institutional ownership.Deposit beta: A measure of how much of an interest rate increase is expected to be passed on to client interest-bearing accounts, on average.Depot bank: A German term, specified by the country's law on investment companies, which essentially corresponds to 'custodian'.Doubtful: Doubtful loans meet the same definition of substandard loans (i.e., well-defined weaknesses that jeopardize repayment with the possibility that we will sustain some loss) with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable.Economic value of equity: A measure designed to estimate the fair value of assets, liabilities and off-balance sheet instruments based on a discounted cash flow model.Exchange-Traded Fund: A type of exchange-traded investment product that offer investors a way to pool their money in a fund that makes investments in stocks, bonds, or other assets and, in return, to receive an interest in that investment pool. ETF shares are traded on a national stock exchange and at market prices that may or may not be the same as the net asset value. Exposure-at-default: A measure used in the calculation of regulatory capital under Basel III final rule. It can be defined as the expected amount of loss a bank may be exposed to upon default of an obligor.Fee operating leverage: Represents the difference between the percentage change in total fee revenue and the percentage change in total expenses, in each case relative to the same period of the prior year. Global systemically important bank: A financial institution whose distress or disorderly failure, because of its size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity, which will be subject to additional capital requirements. Held-to-maturity investment securities: We classify investments in debt securities as held-to-maturity only if we have the positive intent and ability to hold those securities to maturity. Investments in debt securities classified as held-to-maturity are measured subsequently at amortized cost in the statement of financial position.			High-quality liquid assets: Cash or assets that can be converted into cash at little or no loss of value in private markets and are considered unencumbered.Investment grade: A rating of loans to counterparties with strong credit quality and low expected credit risk and probability of default. It applies to counterparties with a strong capacity to support the timely repayment of any financial commitment. Liquidity coverage ratio: The ratio of high-quality liquid assets divided by expected total net cash outflows over a 30-day stress period. A Basel III framework requirement for banks and bank holding companies to measure liquidity, it is designed to ensure that certain banking institutions, including us, maintain a minimum amount of unencumbered HQLA sufficient to withstand the net cash outflow under a hypothetical standardized acute liquidity stress scenario for a 30-day stress period.Net asset value: The amount of net assets attributable to each share/unit of the fund at a specific date or time.Net stable funding ratio: The ratio of the amount of available stable funding relative to the amount of required stable funding. This ratio should be equal to at least 100% on an ongoing basis. Operating leverage: Represents the difference between the percentage change in total revenue and the percentage change in total expenses, in each case relative to the same period of the prior year Prime services: The securities lending business previously referred to as enhanced custody. Probability of default: A measure of the likelihood that a credit obligor will enter into default status.Qualified financial contracts: Securities contracts, commodity contracts, forward contracts, repurchase agreements, swap agreements and any other contract determined by the FDIC to be a qualified financial contract. Risk-weighted assets: A measurement used to quantify risk inherent in our on and off-balance sheet assets by adjusting the asset value for risk. RWA is used in the calculation of our risk-based capital ratios.Software-enabled revenue: Includes SaaS, maintenance and support revenue, FIX, brokerage, and value-add services. Special mention: Loans that consist of counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects.Sub-investment grade (previously referred to as Speculative): Loans that consist of counterparties that face ongoing uncertainties or exposure to business, financial, or economic downturns. However, these counterparties may have financial flexibility or access to financial alternatives, which allow for financial commitments to be met.Substandard: Loans that consist of counterparties with well-defined weakness that jeopardizes repayment with the possibility we will sustain some loss.Supplementary leverage ratio: The ratio of our tier 1 capital to our total leverage exposure, which measures our capital adequacy relative to our on and off-balance sheet assets.Total loss-absorbing capacity: The sum of our tier 1 regulatory capital plus eligible external long-term debt issued by us.Value-at-Risk: Statistical model used to measure the potential loss in value of a portfolio that could occur in normal markets condition, over a defined holding period, within a certain confidence level.Variable interest entity: An entity that: (1) lacks enough equity investment at risk to permit the entity to finance its activities without additional financial support from other parties; (2) has equity owners that lack the right to make significant decisions affecting the entity’s operations; and/or (3) has equity owners that do not have an obligation to absorb or the right to receive the entity’s losses or return.

State Street Corporation | 80

PART 2. OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents the activity under our common share repurchase program for each of the months in the quarter ended March 31, 2026.


(Dollars in millions except per share amounts; shares in thousands)	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced program	Approximate dollar value of shares that may yet be purchased under publicly announced program
Period:
January 1 - January 31, 2026	352	$	127.95	352	$	2,455
February 1 - February 28, 2026	1,043	129.38		1,043	2,320
March 1 - March 31, 2026	1,781	123.52		1,781	2,100
Total	3,176	$	125.94	3,176	$	2,100

Stock purchases under our common share repurchase program may be made using various types of transactions, including open market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and our financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs. The common share repurchase program does not have specific price targets and may be suspended at any time.

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