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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-35651

THE BANK OF NEW YORK MELLON CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			13-2614959
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

240 Greenwich Street

New York, New York 10286

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code – (212) 495-1784

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BK	New York Stock Exchange
6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV	BK/P	New York Stock Exchange
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)
Depositary Shares, each representing a 1/4,000th interest in a share of Series K Noncumulative	BK PRK	New York Stock Exchange
Perpetual Preferred Stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of March 31, 2026, 686,379,045 shares of the registrant’s common stock, $0.01 par value per share, were outstanding.

THE BANK OF NEW YORK MELLON CORPORATION

First Quarter 2026 Form 10-Q

Table of Contents


			Page
Consolidated Financial Highlights (unaudited)			2

Part I – Financial Information
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk:
General			4
Overview			4

Highlights of first quarter 2026 results			4
Fee and other revenue			6
Net interest income			8
Noninterest expense			10
Income taxes			10
Review of business segments			10
Critical accounting estimates			18
Consolidated balance sheet review			19
Liquidity and dividends			27
Capital			31
Trading activities and risk management			35
Asset/liability management			37
Supplemental information – Explanation of GAAP and Non-GAAP financial measures			39
Recent accounting and regulatory developments			42
Website information			43

Item 1. Financial Statements:
Consolidated Income Statement (unaudited)			44
Consolidated Comprehensive Income Statement (unaudited)			45
Consolidated Balance Sheet (unaudited)			46
Consolidated Statement of Cash Flows (unaudited)			47
Consolidated Statement of Changes in Equity (unaudited)			48


			Page
Notes to Consolidated Financial Statements:
Note 1—Basis of presentation			49


Note 2—Investment securities			49
Note 3—Loans and asset quality			53
Note 4—Goodwill and intangible assets			59
Note 5—Other assets			61
Note 6—Contract revenue			62
Note 7—Net interest income			64
Note 8—Employee benefit plans			64
Note 9—Variable interest entities			65
Note 10—Preferred stock			66
Note 11—Other comprehensive income (loss)			67
Note 12—Fair value measurement			68
Note 13—Fair value option			73
Note 14—Derivative instruments			73
Note 15—Commitments and contingent liabilities			80
Note 16—Business segments			86
Note 17—Supplemental information to the Consolidated Statement of Cash Flows			88

Item 4. Controls and Procedures			89
Forward-looking Statements			90

Part II – Other Information
Item 1. Legal Proceedings.			93

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.			93
Item 5. Other Information.			93
Item 6. Exhibits.			93

Index to Exhibits			94
Signature			96

The Bank of New York Mellon Corporation (and its subsidiaries)

Consolidated Financial Highlights (unaudited)


	Quarter ended
(dollars in millions, except per share amounts and unless otherwise noted)	March 31, 2026			Dec. 31, 2025			March 31, 2025
Results applicable to common shareholders of The Bank of New York Mellon Corporation:
Net income	$	1,562		$	1,427		$	1,149
Basic earnings per share	$	2.26		$	2.04		$	1.59
Diluted earnings per share	$	2.24		$	2.02		$	1.58

Fee and other revenue	$	4,039		$	3,833		$	3,633
Net interest income	1,370			1,346			1,159
Total revenue	$	5,409		$	5,179		$	4,792

Return on common shareholders’ equity (annualized)	16.1		%	14.5		%	12.6		%
Return on tangible common shareholders’ equity (annualized) – Non-GAAP (a)	29.3		%	26.6		%	24.2		%

Fee revenue as a percentage of total revenue	70		%	71		%	71		%

Non-U.S. revenue as a percentage of total revenue	36		%	36		%	33		%

Pre-tax operating margin	37		%	36		%	32		%

Net interest margin	1.38		%	1.38		%	1.30		%
Net interest margin on a fully taxable equivalent (“FTE”) basis – Non-GAAP (b)	1.38		%	1.38		%	1.30		%

Assets under custody and/or administration (“AUC/A”) at period end (in trillions) (c)	$	59.4		$	59.3		$	53.1
Assets under management (“AUM”) at period end (in trillions) (d)	$	2.1		$	2.2		$	2.0

Average common shares and equivalents outstanding (in thousands):
Basic	691,178			697,540			720,951
Diluted	698,164			705,140			727,398

Selected average balances:
Interest-earning assets	$	396,310		$	387,289		$	354,687
Total assets	$	461,928		$	451,213		$	415,844
Interest-bearing deposits	$	263,497		$	258,640		$	234,394
Noninterest-bearing deposits	$	54,949		$	51,842		$	48,141
Long-term debt	$	32,542		$	32,135		$	31,216
Preferred stock	$	4,984		$	4,836		$	4,562
Total The Bank of New York Mellon Corporation common shareholders’ equity	$	39,448		$	39,142		$	36,980

Other information at period end:
Cash dividends per common share	$	0.53		$	0.53		$	0.47
Common dividend payout ratio	24		%	26		%	30		%
Common dividend yield (annualized)	1.8		%	1.8		%	2.3		%
Closing stock price per common share	$	118.63		$	116.09		$	83.87
Market capitalization	$	81,425		$	79,897		$	60,003
Book value per common share	$	57.48		$	57.36		$	52.82
Tangible book value per common share – Non-GAAP (a)	$	31.75		$	31.64		$	28.20
Full-time employees	47,200			48,100			51,000
Common shares outstanding (in thousands)	686,379			688,236			715,434

2 BNY

Consolidated Financial Highlights (unaudited) (continued)


Regulatory capital and other ratios	March 31, 2026		Dec. 31, 2025
Average liquidity coverage ratio (“LCR”)	111	%	112	%
Average net stable funding ratio (“NSFR”)	131	%	130	%

Regulatory capital ratios: (e)
Advanced Approaches:
Common Equity Tier 1 (“CET1”) ratio	12.7	%	13.0	%
Tier 1 capital ratio	15.9		16.0
Total capital ratio	16.6		16.7
Standardized Approach:
CET1 ratio	11.0	%	11.9	%
Tier 1 capital ratio	13.8		14.6
Total capital ratio	14.6		15.4

Tier 1 leverage ratio	6.0	%	6.0	%
Supplementary leverage ratio (“SLR”)	6.6		6.7

BNY shareholders’ equity to total assets ratio	8.0	%	9.4	%
BNY common shareholders’ equity to total assets ratio	7.0		8.4

(a) Return on tangible common shareholders’ equity and tangible book value per common share, both Non-GAAP measures, exclude goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for the reconciliation of these Non-GAAP measures.

(b) See “Net interest income” on page 8 for a reconciliation of this Non-GAAP measure.

(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Wealth Solutions (formerly Pershing) and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $2.1 trillion at March 31, 2026 $2.2 trillion at Dec. 31, 2025 and $1.9 trillion at March 31, 2025.

(d) Represents assets managed in the Investment and Wealth Management business segment.

(e) For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. For additional information on our capital ratios, see “Capital” beginning on page 31.

BNY 3


Part I – Financial Information


Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk

General

In this Quarterly Report on Form 10-Q, references to “our,” “we,” “us,” “BNY,” the “Company” and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term “Parent” refers to The Bank of New York Mellon Corporation but not its subsidiaries.

Certain business terms used in this report are defined in the “Glossary and Acronyms” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2025 (the “2025 Annual Report”).

The following should be read in conjunction with the Consolidated Financial Statements included in this report. Investors should also read the section titled “Forward-looking Statements.”

Overview

BNY is a global financial services platforms company at the heart of the world’s capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals. As of March 31, 2026, BNY oversees $59.4 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.

BNY has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, which offer a comprehensive set of capabilities and deep expertise across the investment life cycle, enabling the

Company to provide solutions to buy-side and sell-side market participants, as well as leading institutional and wealth management clients globally.

The diagram below presents our three business segments and lines of business, with the remaining operations in the Other segment.

The Bank of New York Mellon Corporation

Securities
Services

Market and Wealth Services

Investment and Wealth Management

Asset
Servicing

Wealth
Solutions

Investment
Management

Issuer
Services

Payments and Trade

Wealth
Management

Clearance and Collateral Management

Highlights of first quarter 2026 results

We reported net income applicable to common shareholders of $1.56 billion, or $2.24 per diluted common share, in the first quarter of 2026, including the impact of notable items. Notable items in the first quarter of 2026 include severance expense, litigation reserves and a reduction in the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1.57 billion (Non-GAAP), or $2.25 (Non-GAAP) per diluted common share, in the first quarter of 2026. Net income applicable to common shareholders was $1.15 billion, or $1.58 per diluted common share, in the first quarter of 2025, including the impact of notable items. Notable items in the first quarter of 2025 include a disposal gain, severance expense, litigation reserves and an increase in the FDIC special assessment. Excluding notable items, net income applicable to common shareholders was $1.15 billion (Non-GAAP), or $1.58 (Non-GAAP) per diluted common share, in the first quarter of 2025.

4 BNY

The highlights below are based on the first quarter of 2026 compared with the first quarter of 2025, unless otherwise noted.

•Total revenue increased 13%, primarily reflecting:

•Fee revenue increased 11%, primarily reflecting higher client activity and net new business, higher market values and foreign exchange revenue, and a favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)

•Investment and other revenue increased primarily reflecting investment-related gains, partially offset by net investment securities losses. (See “Fee and other revenue” beginning on page 6.)

•Net interest income increased 18%, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. (See “Net interest income” on page 8.)

•The provision for credit losses was a benefit of $7 million, primarily driven by improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors. (See “Allowance for credit losses” on page 25.)

•Noninterest expense increased 5%, reflecting higher investments and revenue-related expenses, an unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings, lower severance expense and the net impact of adjustments for the FDIC special assessment. (See “Noninterest expense” on page 10.)

•Effective tax rate of 19.1% includes a tax benefit in the first quarter of 2026 from the annual vesting of stock awards. (See “Income taxes” on page 10.)

•Return on common shareholders’ equity (“ROE”) was 16.1% for the first quarter of 2026.

•Return on tangible common shareholders’ equity (“ROTCE”) was 29.3% (Non-GAAP) for the first quarter of 2026.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for a reconciliation of these Non-GAAP measures.

Metrics

•AUC/A of $59.4 trillion increased 12%, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.

•AUM of $2.1 trillion increased 6%, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

Capital and liquidity

•Our CET1 ratio under the Standardized Approach was 11.0% at March 31, 2026 and 11.9% at Dec. 31, 2025. The decrease primarily reflects higher risk-weighted assets (“RWA”) driven by a single-day increase in overnight loan balances on the last day of the quarter, along with higher client activity in agency securities lending and foreign exchange. (See “Capital” beginning on page 31.)

•Our Tier 1 leverage ratio was 6.0% at March 31, 2026, a slight decrease compared with Dec. 31, 2025, reflecting higher average assets, largely offset by an increase in Tier 1 capital due to the issuance of preferred stock. (See “Capital” beginning on page 31.)

•Returned $1.4 billion to common shareholders, including $983 million of common share repurchases.

BNY 5

Fee and other revenue


Fee and other revenue							%
(dollars in millions, unless otherwise noted)	1Q26			1Q25			change
Investment services fees	$	2,652		$	2,411		10	%
Investment management and performance fees (a)	785			739			6
Foreign exchange revenue	232			156			49
Financing-related fees	62			60			3
Distribution and servicing fees	37			37			—
Total fee revenue	3,768			3,403			11
Investment and other revenue	271			230			N/M
Total fee and other revenue	$	4,039		$	3,633		11	%

Fee revenue as a percentage of total revenue	70		%	71		%

AUC/A at period end (in trillions) (b)	$	59.4		$	53.1		12	%
AUM at period end (in billions) (c)	$	2,126		$	2,008		6	%

(a) Excludes seed capital gains (losses) related to consolidated investment management funds.

(b) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Wealth Solutions (formerly Pershing) and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $2.1 trillion at March 31, 2026 and $1.9 trillion at March 31, 2025.

N/M – Not meaningful.

Fee revenue increased 11% compared with the first quarter of 2025, primarily reflecting higher investment services fees, foreign exchange revenue and investment management and performance fees.

Investment and other revenue increased $41 million compared with the first quarter of 2025, primarily reflecting investment-related gains, partially offset by net investment securities losses.

Investment services fees

Investment services fees increased 10% compared with the first quarter of 2025, primarily reflecting higher client activity and net new business, and higher market values.

AUC/A totaled $59.4 trillion at March 31, 2026, an increase of 12% compared with March 31, 2025, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar. AUC/A consisted of 38% equity securities and 62% fixed income securities at March 31, 2026, and 36% equity securities and 64% fixed income securities at March 31, 2025.

See “Securities Services business segment” and “Market and Wealth Services business segment” in “Review of business segments” for additional details.

Investment management and performance fees

Investment management and performance fees increased 6% compared with the first quarter of 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows. Performance fees were $1 million in the first quarter of 2026 and $5 million in the first quarter of 2025. On a constant currency basis, investment management and performance fees increased 4% (Non-GAAP) compared with the first quarter of 2025. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for the reconciliation of Non-GAAP measures.

AUM was $2.1 trillion at March 31, 2026, an increase of 6% compared with March 31, 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

See “Investment and Wealth Management business segment” in “Review of business segments” for additional details regarding the drivers of investment management and performance fees, AUM and AUM flows.

6 BNY

Foreign exchange revenue

Foreign exchange revenue is primarily driven by the volume of client transactions and the spread realized on these transactions, both of which are impacted by market volatility, the impact of foreign currency hedging activities and foreign currency remeasurement gain (loss). Foreign exchange revenue increased 49% compared with the first quarter of 2025, primarily reflecting higher client volumes. Foreign exchange revenue is primarily reported in the Securities Services business segment and, to a lesser extent, the Market and Wealth Services and Investment and Wealth Management business segments and the Other segment.

Financing-related fees

Financing-related fees, which are primarily reported in the Market and Wealth Services and Securities Services business segments, include capital market fees, loan commitment fees and credit-related fees. Financing-related fees increased 3% compared with the first quarter of 2025, primarily reflecting higher underwriting fees, partially offset by lower commitment fees.

Investment and other revenue

Investment and other revenue includes income or loss from consolidated investment management funds, seed capital gains or losses, other trading revenue or loss, renewable energy investments gains, income from corporate and bank-owned life insurance contracts, other investment gains or losses, gains or losses from disposals, expense reimbursements from our CIBC Mellon joint venture, other income or loss and net investment securities gains or losses. The income or loss from consolidated investment management funds should be considered together with the net income or loss attributable to noncontrolling interests, which reflects the portion of

the consolidated funds for which we do not have an economic interest and is reflected below net income as a separate line item on the consolidated income statement. Other trading revenue or loss primarily includes the impact of market-risk hedging activity related to our seed capital investments in investment management funds, non-foreign currency derivative and fixed income trading, and other hedging activity. Other investment gains or losses includes fair value changes of non-readily marketable strategic equity, private equity and other investments. Expense reimbursements from our CIBC Mellon joint venture relate to expenses incurred by BNY on behalf of the CIBC Mellon joint venture. Other income includes various miscellaneous revenues.

The following table provides the components of investment and other revenue.


Investment and other revenue
(in millions)	1Q26		1Q25
Income (loss) from consolidated investment management funds	$	(6)	$	6
Seed capital gains (losses) (a)	(3)		(6)
Other trading revenue	94		71
Renewable energy investments gains	44		15
Corporate/bank-owned life insurance	48		38
Other investments gains (losses) (b)	108		24
Disposal gains (losses)	—		40
Expense reimbursements from joint venture	32		31
Other income	4		11
Net investment securities gains (losses)	(50)		—
Total investment and other revenue	$	271	$	230

(a) Includes gains (losses) on investments in BNY funds which hedge deferred incentive awards.

(b) Includes strategic equity, private equity and other investments.

The increase in total investment and other revenue compared with the first quarter of 2025 primarily reflects investment-related gains, partially offset by net investment securities losses.

BNY 7

Net interest income



Net interest income							%
(dollars in millions)	1Q26			1Q25			change
Net interest income	$	1,370		$	1,159		18%
Add: Tax equivalent adjustment	—			—			N/M
Net interest income (FTE) – Non-GAAP (a)	$	1,370		$	1,159		18%

Average interest-earning assets	$	396,310		$	354,687		12%

Net interest margin	1.38		%	1.30		%	8	bps
Net interest margin (FTE) – Non-GAAP (a)	1.38		%	1.30		%	8	bps

(a) Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income, which allows for comparisons of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

N/M – Not meaningful.

bps – basis points.

Net interest income increased 18% compared with the first quarter of 2025, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

Net interest margin increased 8 basis points compared with the first quarter of 2025, primarily reflecting the factors mentioned above.

Average interest-earning assets increased 12% compared with the first quarter of 2025, primarily

reflecting higher average investment securities, interest-bearing deposits with the Federal Reserve and other central banks and loan balances.

Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the first quarter of 2026. Approximately 50% of the average non-U.S. dollar deposits in the first quarter of 2026 were euro-denominated.

8 BNY


Average balances and interest rates	Quarter ended
	March 31, 2026						March 31, 2025
(dollars in millions; average rates are annualized)	Average balance		Interest		Average rates			Average balance		Interest		Average rates
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	97,886	$	781	3.19	%		$	86,038	$	826	3.84	%
Interest-bearing deposits with banks	12,049		68		2.30			10,083		84		3.39
Federal funds sold and securities purchased under resale agreements (a)	42,848		2,567		24.29			41,166		2,922		28.79
Investment securities:
U.S. government obligations	34,521		299		3.50			26,614		230		3.49
U.S. government agency obligations	63,975		526		3.29			63,514		519		3.27

Other securities	55,405		473		3.45			51,403		462		3.62
Total investment securities	153,901		1,298		3.39			141,531		1,211		3.44
Trading securities (b)	8,568		90		4.26			6,199		81		5.29

Loans	81,058		1,020		5.09			69,670		999		5.80
Total interest-earning assets (b)	$	396,310	$	5,824	5.94	%		$	354,687	$	6,123	6.97	%
Noninterest-earning assets	65,618							61,157
Total assets	$	461,928						$	415,844

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	263,497	$	1,554	2.39	%		$	234,394	$	1,722	2.98	%
Federal funds purchased and securities sold under repurchase agreements (a)	19,457		2,298		47.90			17,566		2,610		60.25
Trading liabilities	2,565		27		4.17			2,063		23		4.56
Payables to customers and broker-dealers	17,636		151		3.47			15,142		157		4.21
Commercial paper	1,945		19		3.97			1,279		14		4.51
Other borrowed funds	325		4		5.01			288		4		5.93
Long-term debt	32,542		401		4.93			31,216		434		5.57
Total interest-bearing liabilities	$	337,967	$	4,454	5.34	%		$	301,948	$	4,964	6.66	%
Total noninterest-bearing deposits	54,949							48,141
Other noninterest-bearing liabilities	24,116							23,808
Total liabilities	417,032							373,897
Total The Bank of New York Mellon Corporation shareholders’ equity	44,432							41,542
Noncontrolling interests	464							405
Total liabilities and equity	$	461,928						$	415,844
Net interest income (FTE) – Non-GAAP (b)(c)			$	1,370						$	1,159
Net interest margin (FTE) – Non-GAAP (b)(c)					1.38	%						1.30	%
Less: Tax equivalent adjustment			—							—
Net interest income – GAAP			$	1,370						$	1,159
Net interest margin – GAAP					1.38	%						1.30	%

(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $233 billion for the first quarter of 2026 and $224 billion for the first quarter of 2025. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 3.78% for the first quarter of 2026 and 4.46% for the first quarter of 2025. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 3.70% for the first quarter of 2026 and 4.37% for the first quarter of 2025. We believe providing rates excluding the impact of netting is useful to investors, as it is more reflective of the actual rates earned and paid.

(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.

BNY 9

Noninterest expense


Noninterest expense					%

(dollars in millions)	1Q26		1Q25		change
Staff	$	1,888	$	1,834	3	%
Software and equipment	556		513		8
Professional, legal and other purchased services	388		366		6
Sub-custodian and clearing	151		131		15
Net occupancy	123		136		(10)
Distribution and servicing	73		65		12
Business development	50		48		4

Bank assessment charges	24		38		N/M
Amortization of intangible assets	9		11		(18)
Other	138		110		25
Total noninterest expense	$	3,400	$	3,252	5	%

Full-time employees at period-end	47,200		51,000		(7)	%

N/M – Not meaningful.

Total noninterest expense increased 5% compared with the first quarter of 2025, reflecting higher investments and revenue-related expenses, an unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings, lower severance expense and the net impact of adjustments for the FDIC special assessment.

Income taxes

BNY recorded an income tax provision of $386 million (19.1% effective tax rate) in the first quarter of 2026 and $300 million (19.7% effective tax rate) in the first quarter of 2025. The effective tax rate for both quarters includes a tax benefit from the annual vesting of stock awards.

For additional information on income taxes, see Note 11 and Note 25 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

Review of business segments

We have an internal information system that produces performance data along product and service lines for our three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management, and the Other segment.

Business segment accounting principles

Our business segment data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles

(“GAAP”) used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.

Our business segments are consistent with the structure used by the Chief Executive Officer, our Chief Operating Decision Maker (“CODM”), to make key operating decisions and assess performance. Our CODM evaluates the business segments’ operating performance primarily based on fee and other revenue, total revenue, income before income taxes, and pre-tax operating margin. The significant expense information regularly provided to and reviewed by the CODM is total noninterest expense. The CODM considers this information when evaluating the performance of each business segment and in making decisions about allocating capital and other resources to each business segment.

For information on the accounting principles of our business segments, see Note 16 of the Notes to Consolidated Financial Statements. For information on the primary products and services in each line of business, the primary types of revenue by line of business and how our business segments are presented and analyzed, see Note 23 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. In the first quarter of

10 BNY

2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.

The results of our business segments may be influenced by client and other activities that vary by quarter. In the first quarter, staff expense typically increases, reflecting the vesting of long-term stock awards for retirement-eligible employees. The timing of our annual employee merit increases also impacts staff expense. The annual employee merit increases are effective in March. In the third quarter, volume-related fees may decline due to reduced client activity. In the fourth quarter, we typically incur higher business development and marketing expenses. In our Investment and Wealth Management business segment, performance fees are typically higher in the fourth quarter, as that quarter represents the end of the measurement period for many of the performance fee-eligible relationships.

The results of our business segments may also be impacted by the translation of financial results denominated in foreign currencies into the U.S. dollar. We are primarily impacted by activities denominated in the British pound and the euro. On a

consolidated basis and in our Securities Services and Market and Wealth Services business segments, we typically have more foreign currency-denominated expenses than revenues. However, our Investment and Wealth Management business segment typically has more foreign currency-denominated revenues than expenses. Overall, currency fluctuations impact the year-over-year growth rate in the Investment and Wealth Management business segment more than the Securities Services and Market and Wealth Services business segments. However, currency fluctuations, in isolation, are not expected to significantly impact net income on a consolidated basis.

Fee revenue in the Investment and Wealth Management business segment, and, to a lesser extent, in the Securities Services and Market and Wealth Services business segments, is impacted by global market fluctuations. At March 31, 2026, we estimated that a 5% change in global equity markets, spread evenly throughout the year, would impact fee revenue by less than 1% and diluted earnings per common share by $0.05 to $0.08.

See Note 16 of the Notes to Consolidated Financial Statements for the consolidating schedules, which show the contribution of our business segments to our overall profitability.

BNY 11

Securities Services business segment



(dollars in millions, unless otherwise noted)							%
	1Q26			1Q25			change
Revenue:
Investment services fees:
Asset Servicing (a)	$	1,170		$	1,050		11	%
Issuer Services	278			267			4
Total investment services fees	1,448			1,317			10
Foreign exchange revenue	196			136			44
Other fees (b)	74			65			14
Total fee revenue	1,718			1,518			13
Investment and other revenue	203			140			N/M
Total fee and other revenue	1,921			1,658			16
Net interest income	757			630			20
Total revenue	2,678			2,288			17
Provision for credit losses	(11)			8			N/M


Noninterest expense (a)	1,648			1,569			5
Income before income taxes (a)	$	1,041		$	711		46	%

Pre-tax operating margin (a)	39		%	31		%

Securities lending revenue (c)	$	72		$	52		38	%

Total revenue by line of business:
Asset Servicing	$	2,170		$	1,774		22	%
Issuer Services	508			514			(1)
Total revenue by line of business	$	2,678		$	2,288		17	%

Selected average balances:
Average loans	$	12,265		$	11,347		8	%
Average deposits (a)	$	197,789		$	175,853		12	%

Selected metrics:
AUC/A at period end (in trillions) (a)(d)	$	42.7		$	37.9		13	%
Market value of securities on loan at period end (in billions) (e)	$	629		$	504		25	%

Issuer Services:
Total debt serviced at period end (in trillions)	$	15.0		$	13.9		8	%
Number of Depositary Receipts programs at period end	1,632			1,576			4	%

(a) In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.

(b) Other fees primarily include financing-related fees.

(d) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $2.1 trillion at March 31, 2026 and $1.9 trillion at March 31, 2025.

(e) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $73 billion at March 31, 2026 and $62 billion at March 31, 2025.

N/M – Not meaningful.

12 BNY

Business segment description

The Securities Services business segment consists of two distinct lines of business, Asset Servicing and Issuer Services, which provide business solutions across the transaction life cycle to our global asset owner and asset manager clients. We are one of the leading global investment services providers, with $42.7 trillion of AUC/A at March 31, 2026. For information on the drivers of the Securities Services fee revenue, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

The Asset Servicing business provides a comprehensive suite of solutions. We are one of the largest global custody, fund administrator and front-to-back outsourcing service providers. We offer services for the safekeeping of assets in capital markets globally as well as fund accounting services, exchange-traded funds servicing, transfer agency, trust and depository, front-to-back capabilities, data and analytics solutions and digital asset custody and administration services for our clients. We deliver foreign exchange, and securities lending and financing solutions, on both an agency and principal basis. Our agency securities lending program is one of the largest lenders of U.S. and non-U.S. securities, servicing a lendable asset pool of approximately $6.2 trillion in 35 markets. Our market-leading liquidity services portal enables cash investments for institutional clients and includes fund research and analytics.

The Issuer Services business includes Corporate Trust and Depositary Receipts. Our Corporate Trust business delivers a full range of issuer and related investor services, including trustee, paying agency, fiduciary, escrow and other financial services. We are a leading provider to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. Our Depositary Receipts business drives global investing by providing servicing and value-added solutions that enable, facilitate and enhance cross-border trading, clearing, settlement and ownership. We are one of the largest providers of depositary receipts services in the world, partnering with leading companies from more than 50 countries.

Review of financial results

AUC/A of $42.7 trillion increased 13% compared with March 31, 2025, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.

Total revenue of $2.7 billion increased 17% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.

Asset Servicing revenue of $2.2 billion increased 22% compared with the first quarter of 2025, primarily reflecting higher net interest income, first quarter 2026 investment gains and higher client activity, foreign exchange revenue and market values.

Issuer Services revenue of $508 million decreased 1% compared with the first quarter of 2025, primarily reflecting a first quarter 2025 disposal gain, partially offset by higher Corporate Trust revenue.

Market and regulatory trends are driving investable assets toward lower fee asset management products at reduced margins for our clients. These dynamics are also negatively impacting our investment services fees. However, at the same time, these trends are providing additional outsourcing opportunities as clients and other market participants seek to comply with regulations and reduce their operating costs.

Noninterest expense of $1.6 billion increased 5% compared with the first quarter of 2025, primarily reflecting higher investments and revenue-related expenses, the unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings.

BNY 13

Market and Wealth Services business segment



(dollars in millions, unless otherwise noted)							%
	1Q26			1Q25			change
Revenue:
Investment services fees:
Wealth Solutions (a)	$	544		$	515		6	%
Payments and Trade	220			209			5
Clearance and Collateral Management	430			362			19
Total investment services fees	1,194			1,086			10
Foreign exchange revenue	36			29			24
Other fees (b)	70			65			8
Total fee revenue	1,300			1,180			10
Investment and other revenue	21			21			N/M
Total fee and other revenue	1,321			1,201			10
Net interest income	571			497			15
Total revenue	1,892			1,698			11
Provision for credit losses	(6)			4			N/M


Noninterest expense (a)	937			881			6
Income before income taxes (a)	$	961		$	813		18	%

Pre-tax operating margin (a)	51		%	48		%

Total revenue by line of business:
Wealth Solutions (a)	$	783		$	731		7	%
Payments and Trade	545			477			14
Clearance and Collateral Management	564			490			15
Total revenue by line of business	$	1,892		$	1,698		11	%

Selected average balances:
Average loans	$	52,921		$	42,986		23	%
Average deposits (a)	$	103,043		$	91,906		12	%

Selected metrics:
AUC/A at period end (in trillions) (a)(c)	$	16.5		$	14.9		11	%

Wealth Solutions (formerly Pershing):
AUC/A at period end (in trillions) (a)	$	3.3		$	2.9		14	%
Net new assets (U.S. platform) (in billions) (d)	$	22		$	11		N/M
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands)	352			298			18	%
Average active clearing accounts (in thousands)	8,601			8,406			2	%

Payments and Trade:
Average daily U.S. dollar payment volumes	257,960			244,673			5	%

Clearance and Collateral Management:
Average collateral balances (in billions)	$	7,783		$	6,576		18	%

(a) In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business. Prior period amounts were revised for comparability.

(b) Other fees primarily include financing-related fees.

(c) Consists of AUC/A from the Clearance and Collateral Management and Wealth Solutions (formerly Pershing) lines of business.

(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.

N/M – Not meaningful.

14 BNY

Business segment description

The Market and Wealth Services business segment consists of three distinct lines of business, Wealth Solutions (formerly Pershing), Payments and Trade and Clearance and Collateral Management, which provide business services and technology solutions to entities including financial institutions, corporations, foundations and endowments, public funds and government agencies. For information on the drivers of the Market and Wealth Services fee revenue, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

Wealth Solutions (formerly Pershing) provides execution, clearing, custody and technology solutions, delivering operational support to broker-dealers, wealth managers and registered investment advisors (“RIAs”) globally.

Our Payments and Trade business is a leading provider of global payments, liquidity management and trade finance services for financial institutions, corporations and the public sector.

Our Clearance and Collateral Management business clears and settles equity and fixed-income transactions globally and serves as custodian for tri-party repo collateral worldwide. We are the primary provider of U.S. government securities clearance and a provider of non-U.S. government securities clearance. Our collateral services include collateral management, administration and segregation. We offer innovative solutions and industry expertise that help financial institutions

and institutional investors with their financing, risk and balance sheet opportunities.

Review of financial results

AUC/A of $16.5 trillion increased 11% compared with March 31, 2025, primarily reflecting net client inflows and higher market values.

Total revenue of $1.9 billion increased 11% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.

Wealth Solutions (formerly Pershing) revenue of $783 million increased 7% compared with the first quarter of 2025, primarily reflecting higher net interest income, market values and client activity.

Payments and Trade revenue of $545 million increased 14% compared with the first quarter of 2025, primarily reflecting higher net interest income and net new business.

Clearance and Collateral Management revenue of $564 million increased 15% compared with the first quarter of 2025, primarily reflecting higher collateral management balances and clearance volumes.

Noninterest expense of $937 million increased 6% compared with the first quarter of 2025, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings.

BNY 15

Investment and Wealth Management business segment



							%
(dollars in millions)	1Q26			1Q25			change
Revenue:
Investment management fees	$	785		$	735		7	%
Performance fees	1			5			N/M
Investment management and performance fees (a)	786			740			6
Distribution and servicing fees	70			68			3
Other fees (b)	(83)			(75)			N/M
Total fee revenue	773			733			5
Investment and other revenue (c)	(1)			5			N/M
Total fee and other revenue	772			738			5
Net interest income	53			41			29
Total revenue	825			779			6
Provision for credit losses	9			2			N/M



Noninterest expense	726			714			2
Income before income taxes	$	90		$	63		43	%

Pre-tax operating margin	11		%	8		%


Total revenue by line of business:
Investment Management	$	550		$	518		6	%
Wealth Management	275			261			5
Total revenue by line of business	$	825		$	779		6	%

Selected average balances:
Average loans	$	14,233		$	13,537		5	%
Average deposits	$	9,592		$	9,917		(3)	%

(a) On a constant currency basis, investment management and performance fees increased 4% (Non-GAAP) compared with the first quarter of 2025. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for the reconciliation of this Non-GAAP measure.

(b) Other fees primarily include investment services fees.

(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.

N/M – Not meaningful.

16 BNY


AUM trends												1Q26 vs.
(dollars in billions)	1Q26		4Q25		3Q25			2Q25		1Q25		4Q25		1Q25
AUM by product type: (a)
Equity	$	172	$	179	$	180		$	168	$	156	(4)	%	10	%
Fixed income	261		262		257			248		234		—		12
Index	497		517		512			488		470		(4)		6
Liability-driven investments	530		539		537			588		549		(2)		(3)
Multi-asset and alternative investments	181		186		181			173		167		(3)		8
Cash	485		495		475			441		432		(2)		12
Total AUM	$	2,126	$	2,178	$	2,142		$	2,106	$	2,008	(2)	%	6	%

Changes in AUM: (a)
Beginning balance of AUM	$	2,178	$	2,142	$	2,106		$	2,008	$	2,029
Net inflows (outflows):
Long-term strategies:
Equity	(4)		(4)		(8)			(3)		(3)
Fixed income	3		5		7			5		2
Liability-driven investments	1		(15)		(23)			—		1
Multi-asset and alternative investments	—		(1)		(1)			(4)		(2)
Total long-term active strategies inflows (outflows)	—		(15)		(25)			(2)		(2)
Index	(7)		(8)		(8)			(22)		(11)
Total long-term strategies (outflows)	(7)		(23)		(33)			(24)		(13)
Short-term strategies:
Cash	(10)		20		34			7		(5)
Total net inflows (outflows)	(17)		(3)		1			(17)		(18)
Net market impact	(23)		40		30			70		(25)
Net currency impact	(12)		(1)		(10)			45		22
Other	—		—		15		(b)	—		—
Ending balance of AUM	$	2,126	$	2,178	$	2,142		$	2,106	$	2,008	(2)	%	6	%

Wealth Management client assets (c)	$	339	$	350	$	348		$	339	$	327	(3)	%	4	%

(a) Represents assets managed in the Investment and Wealth Management business segment.

(b) Reflects a change in methodology beginning in the third quarter of 2025 to include assets under advisement.

Business segment description

The Investment and Wealth Management business segment consists of Investment Management and Wealth Management lines of business. See pages 17 and 18 of our 2025 Annual Report for additional information on our Investment and Wealth Management business segment.

Our Investment Management business is a multi-asset portfolio solutions provider offering products and investments for institutional and retail clients globally. This includes a global distribution platform and seven specialized investment firms: BNY Investments Dreyfus, a liquidity solutions provider; BNY Investments Mellon, an index provider; Insight Investment, our fixed income franchise; BNY Investments Newton, an equity and multi-asset manager; Walter Scott, a specialized equity manager; and Brazilian equity manager ARX. BNY also owns a noncontrolling interest in Siguler Guff, a multi-strategy private equity investment firm. Each highly

experienced investment team has its own proprietary investment process and approach.

Wealth Management provides investment management, custody, wealth and estate planning, private banking services, investment servicing and information management. Wealth Management has more than 30 offices in the U.S. and internationally.

Review of financial results

AUM of $2.1 trillion as of March 31, 2026, increased 6% compared with March 31, 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

Net long-term strategy outflows were $7 billion in the first quarter of 2026, driven by index and equity investments, partially offset by inflows of fixed income and liability-driven investments. Short-term strategy outflows were $10 billion in the first quarter

BNY 17

of 2026. Market and regulatory trends have resulted in increased demand for lower fee asset management products and for performance-based fees.

Total revenue of $825 million increased 6% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.

Investment Management revenue of $550 million increased 6% compared with the first quarter of 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows.

Wealth Management revenue of $275 million increased 5% compared with the first quarter of 2025, primarily reflecting higher market values and net interest income, partially offset by changes in product mix.

Revenue generated in the Investment and Wealth Management business segment included 29% from non-U.S. sources in the first quarter of 2026, compared with 28% in the first quarter of 2025.

Noninterest expense of $726 million increased 2% compared with the first quarter of 2025, primarily reflecting the unfavorable impact of the weaker U.S. dollar, employee merit increases and higher investments, partially offset by efficiency savings.

Other segment



(in millions)	1Q26		1Q25
Fee revenue	$	(23)	$	(28)
Investment and other revenue	50		62
Total fee and other revenue	27		34
Net interest income (expense)	(11)		(9)
Total revenue	16		25
Provision for credit losses	1		4
Noninterest expense	89		88
(Loss) before income taxes	$	(74)	$	(67)

Average loans	$	1,639	$	1,800

See page 19 of our 2025 Annual Report for additional information on the Other segment.

Review of financial results

Total revenue includes corporate treasury and other investment activity, including hedging activity, which has an offsetting impact between fee and other revenue and net interest expense.

Total revenue decreased $9 million compared with the first quarter of 2025, primarily driven by net investment securities losses, partially offset by higher renewable energy investment gains.

Noninterest expense increased $1 million compared with the first quarter of 2025.

Critical accounting estimates

Our significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements in our 2025 Annual Report. Our critical accounting estimates are those related to the allowance for credit losses, goodwill and other intangibles and litigation and regulatory contingencies, as referenced below.


Critical accounting estimates			Reference
Allowance for credit losses			2025 Annual Report, pages 22-23, and “Allowance for credit losses.”
Goodwill and other intangibles			2025 Annual Report, pages 23-24. Also see below.
Litigation and regulatory contingencies			“Legal proceedings” in Note 15 of the Notes to Consolidated Financial Statements.

Goodwill and other intangibles

BNY’s business segments include seven reporting units for which goodwill impairment testing is performed on an annual basis. An interim goodwill impairment test is performed when events or circumstances occur that may indicate that it is more likely than not that the fair value of any reporting unit may be less than its carrying value.

In the first quarter of 2026, due to the results of the fourth quarter 2025 interim goodwill impairment test and macroeconomic conditions, we performed an interim goodwill impairment test of the Investment Management reporting unit, which had $6.3 billion of allocated goodwill. The fair value of the Investment Management reporting unit exceeded its carrying

18 BNY

value by approximately 6%. We determined the fair value of the Investment Management reporting unit using an income approach based on management’s projections as of March 31, 2026. The discount rate applied to these cash flows was 10%.

As of March 31, 2026, if the discount rate applied to the estimated cash flows was increased or decreased by 25 basis points, the fair value of the Investment Management reporting unit would decrease or increase by approximately 5%, respectively. Similarly, if the long-term growth rate was increased or decreased by 10 basis points, the fair value of the Investment Management reporting unit would increase or decrease by approximately 1%, respectively.

Determining the fair value of a reporting unit is subject to uncertainty, as it is reliant on estimates of cash flows that extend far into the future, and, by their nature, are difficult to estimate over such an extended time frame. In the future, changes in the assumptions or the discount rate could produce a material non-cash goodwill impairment.

Consolidated balance sheet review

One of our key risk management objectives is to maintain a balance sheet that remains strong throughout market cycles to meet the expectations of our major stakeholders, including our shareholders, clients, creditors and regulators.

We also seek to undertake overall liquidity risk, including intraday liquidity risk, that stays within our risk appetite. The objective of our balance sheet management strategy is to maintain a balance sheet that is characterized by strong liquidity and asset quality, ready access to external funding sources at competitive rates and a strong capital structure that supports our risk-taking activities and is adequate to absorb potential losses. In managing the balance sheet, appropriate consideration is given to balancing the competing needs of maintaining sufficient levels of liquidity and complying with applicable regulations and supervisory expectations while optimizing profitability.

At March 31, 2026, total assets were $562 billion, compared with $472 billion at Dec. 31, 2025. The increase in total assets was primarily driven by higher interest-bearing deposits with the Federal Reserve and other central banks and loans which were

temporarily elevated reflecting a single-day increase as a result of delayed processing of certain payments. Deposits totaled $417 billion at March 31, 2026, compared with $332 billion at Dec. 31, 2025. The increase primarily reflects higher noninterest-bearing deposits. Total interest-bearing deposits as a percentage of total interest-earning assets were 59% at March 31, 2026 and 66% at Dec. 31, 2025.

At March 31, 2026, available funds totaled $234 billion and included cash and due from banks, interest-bearing deposits with the Federal Reserve and other central banks, interest-bearing deposits with banks and federal funds sold and securities purchased under resale agreements. This compares with available funds of $176 billion at Dec. 31, 2025. Total available funds as a percentage of total assets were 42% at March 31, 2026 and 37% at Dec. 31, 2025. For additional information on our available funds, see “Liquidity and dividends.”

Investment securities were $156 billion, or 28% of total assets, at March 31, 2026, compared with $150 billion, or 32% of total assets, at Dec. 31, 2025. The increase primarily reflects higher agency residential mortgage-backed securities (“RMBS”) and U.S. Treasury securities, partially offset by unrealized pre-tax losses in the first three months of 2026 and lower non-U.S. government securities. For additional information on our investment securities portfolio, see “Investment securities” and Note 2 of the Notes to Consolidated Financial Statements.

Loans were $101 billion, or 18% of total assets, at March 31, 2026, compared with $81 billion, or 17% of total assets, at Dec. 31, 2025. The increase was primarily driven by higher loans in the financial institutions portfolio, overdrafts and margin loans. For additional information on our loan portfolio, see “Loans” and Note 3 of the Notes to Consolidated Financial Statements.

Long-term debt totaled $33 billion at March 31, 2026 and $32 billion at Dec. 31, 2025. Issuances were partially offset by maturities and a decrease in the fair value of hedged long-term debt. For additional information on long-term debt, see “Liquidity and dividends.”

The Bank of New York Mellon Corporation total shareholders’ equity totaled $45 billion at March 31, 2026 and $44 billion at Dec. 31, 2025. For additional information, see “Capital.”

BNY 19

Country risk exposure

The following table presents BNY’s top 10 exposures by country (excluding the U.S.) as of March 31, 2026, as well as certain countries with higher risk profiles. The exposure is presented on an internal risk management basis and has not been reduced by the allowance for credit losses. We monitor our exposure to these and other countries as part of our internal country risk management process.

The country risk exposure below reflects the Company’s risk to an immediate default of the

counterparty or obligor based on the country of residence of the entity which incurs the liability. If there is credit risk mitigation, the country of residence of the entity providing the risk mitigation is the country of risk. The country of risk for investment securities is generally based on the domicile of the issuer of the security. The country risk exposure below does not reflect exposure that might arise from certain commitments and contingent liabilities set forth in Note 15 of the Notes to Consolidated Financial Statements.


Country risk exposure at March 31, 2026	Interest-bearing deposits											Total exposure
(in billions)	Central banks		Banks			Lending (a)		Investment securities (b)		Other (c)
Top 10 country exposure:
United Kingdom (“UK”)	$	12.1	$	0.6		$	2.1	$	7.0	$	2.6	$	24.4
Germany	16.7		0.4			0.7		3.7		0.2		21.7
Japan	6.3		0.6			0.1		0.5		0.3		7.8
Canada	—		1.1			0.3		4.1		2.0		7.5
Netherlands	1.3		—			0.5		3.2		0.3		5.3
Luxembourg	0.2		0.5			1.5		—		2.9		5.1
Belgium	1.4		1.9			0.1		1.3		0.1		4.8
South Korea	0.1		0.3			2.4		0.2		1.2		4.2
Ireland	0.1		0.2			0.9		—		2.6		3.8
Australia	—		1.4			0.4		1.0		0.6		3.4
Total Top 10 country exposure	$	38.2	$	7.0		$	9.0	$	21.0	$	12.8	$	88.0	(d)

Select country exposure:
Brazil	$	—	$	—		$	1.1	$	0.1	$	0.4	$	1.6
Russia	—		1.4		(e)	—		—		—		1.4

(a) Lending includes loans, acceptances, issued letters of credit, net of participations, and lending-related commitments.

(b) Investment securities include both the available-for-sale and held-to-maturity portfolios.

(c) Other exposure includes over-the-counter (“OTC”) derivative and securities financing transactions, net of collateral.

(d) The top 10 country exposure comprises approximately 65% of our total non-U.S. exposure.

(e) Represents cash balances with exposure to Russia.

We have exposure to certain countries with higher risk profiles. The country risk exposure to Brazil is primarily short-term trade finance loans extended to large financial institutions. We also have operations in Brazil providing investment services and investment management services.

The war in Ukraine has increased our focus on Russia. The country risk exposure to Russia consists of cash balances related to our Securities Services businesses and may increase in the future to the extent cash is allocated for the benefit of our clients

that is subject to distribution restrictions. BNY has ceased new banking business in Russia and suspended investment management purchases of Russian securities.

Russian securities included in our AUC/A and AUM at March 31, 2026 continue to be insignificant as a percentage of the total AUC/A and AUM, respectively. We will continue to work with multinational clients that depend on our custody and recordkeeping services to manage their exposures.

20 BNY

Investment securities

In the discussion of our investment securities portfolio, we have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our investment securities portfolio.

The following table shows the distribution of our total investment securities portfolio.


Investment securities portfolio	Dec. 31, 2025		1Q26 change in unrealized gain (loss)		March 31, 2026				Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)		Ratings (c)
																		BBB+/ BBB-		BB+ and lower
(dollars in millions)	Fair value				Amortized cost (a)		Fair value									AAA/ AA-						A+/ A-		Not rated
Agency RMBS	$	45,383	$	(232)	$	51,648	$	49,103	95	%	$	(2,545)		23	%	100	%	—	%	—	%	—	%		—	%
U.S. Treasury	33,386		(142)		35,990		35,783		99		(207)			38		100		—		—		—			—
Non-U.S. government (d)	34,224		(237)		33,695		33,435		99		(260)			24		84		16		—		—			—
Agency commercial mortgage-backed securities (“MBS”)	9,600		5		9,603		9,380		98		(223)			45		100		—		—		—			—
Foreign covered bonds (e)	8,806		(36)		8,761		8,707		99		(54)			38		100		—		—		—			—
Collateralized loan obligations	7,958		(12)		8,349		8,337		100		(12)			100		100		—		—		—			—
U.S. government agencies	4,029		(7)		4,176		4,003		96		(173)			27		100		—		—		—			—
Non-agency commercial MBS	2,196		(2)		2,180		2,094		96		(86)			45		100		—		—		—			—
Non-agency RMBS	1,515		(2)		1,645		1,529		93		(116)			48		100		—		—		—			—
Other asset-backed securities	376		1		367		347		95		(20)			21		100		—		—		—			—

Other debt securities	10		1		11		11		100		—			—		—		—		—		—			100
Total investment securities	$	147,483	$	(663)	$	156,425	$	152,729	98	%	$	(3,696)	(f)	34	%	96	%	4	%	—	%	—	%		—	%

(a) Amortized cost includes the impact of hedged item basis adjustments, which was a net decrease of $1,099 million, and is net of the allowance for credit losses.

(b) Includes the impact of hedges.

(d) Includes supranational securities. Primarily consists of exposure to the UK, Germany, France, the Netherlands and Canada.

(e) Primarily consists of exposure to Canada, the UK, Australia, Germany, the Netherlands and Singapore.

(f) At March 31, 2026, includes a pre-tax net unrealized loss of $810 million related to available-for-sale securities, net of hedges, and $2,886 million related to held-to-maturity securities. The after-tax unrealized loss, net of hedges, related to available-for-sale securities was $610 million and the after-tax unrealized loss related to held-to-maturity securities was $2,201 million.

The fair value of our investment securities portfolio was $152.7 billion at March 31, 2026, compared with $147.5 billion at Dec. 31, 2025. The increase primarily reflects higher agency RMBS and U.S. Treasury securities, partially offset by unrealized pre-tax losses in the first three months of 2026 and lower non-U.S. government securities.

At March 31, 2026, the investment securities portfolio had a net unrealized loss, including the impact of related hedges, of $3.7 billion, compared with $3.0 billion at Dec. 31, 2025. The increase in the unrealized loss, including the impact of related hedges, primarily reflects the impact of higher interest rates.

The fair value of the available-for-sale securities totaled $106.8 billion at March 31, 2026, or 70% of the investment securities portfolio. The fair value of the held-to-maturity securities totaled $45.9 billion at

March 31, 2026, or 30% of the investment securities portfolio.

The unrealized loss (after-tax) on our available-for-sale securities portfolio, net of hedges, included in accumulated other comprehensive income was $610 million at March 31, 2026, compared with $241 million at Dec. 31, 2025. The increase in the net unrealized loss, including the impact of hedges, primarily reflects the impact of higher interest rates.

At March 31, 2026, 96% of the investment securities in our portfolio were rated AAA/AA-, unchanged compared with Dec. 31, 2025.

See Note 2 of the Notes to Consolidated Financial Statements for the pre-tax net investment securities gains (losses) by security type. See Note 12 of the Notes to Consolidated Financial Statements for investment securities by level in the fair value hierarchy.

BNY 21

The following table presents the net premium (discount) and net amortization (accretion) related to the investment securities portfolio.


Net premium (discount) and net amortization (accretion) related to the investment securities portfolio (a)
(in millions)	1Q26		1Q25

Net purchase premium (discount) that is amortizable (accretable)	$	(2,834)	$	(1,285)

Net amortization (accretion) (b)	$	(78)	$	(24)

(a) Amortization of purchase premium decreases net interest income while accretion of discount increases net interest income and is recorded on a level yield basis.

(b) Including the impact of the accretion of discontinued hedges, net (accretion) was $(125) million in the first quarter of 2026 and $(82) million in the first quarter of 2025.

Loans


Total exposure – consolidated	March 31, 2026						Dec. 31, 2025
(in billions)	Loans		Unfunded commitments		Total exposure		Loans		Unfunded commitments		Total exposure
Financial institutions (a)	$	25.5	$	28.4	$	53.9	$	13.3	$	30.3	$	43.6
Commercial	1.4		13.2		14.6		1.7		12.9		14.6
Wealth management loans	9.6		0.7		10.3		9.5		0.8		10.3
Wealth management mortgages	8.8		0.2		9.0		8.6		0.2		8.8
Commercial real estate	6.8		3.3		10.1		6.7		3.2		9.9
Other residential mortgages	1.4		—		1.4		1.8		—		1.8
Overdrafts (a)	8.6		—		8.6		2.8		—		2.8
Capital call financing	5.5		3.3		8.8		5.3		3.5		8.8
Other	4.6		—		4.6		4.6		—		4.6
Margin loans	29.1		0.3		29.4		26.3		0.3		26.6
Total	$	101.3	$	49.4	$	150.7	$	80.6	$	51.2	$	131.8

(a) The balances at March 31, 2026 were temporarily elevated reflecting a single-day increase in overnight loans as a result of delayed processing of certain payments.

At March 31, 2026, our total lending-related exposure was $150.7 billion, an increase of 14%, compared with Dec. 31, 2025, primarily reflecting higher exposure in the financial institutions portfolio, overdrafts and margin loans.

Our financial institutions and commercial portfolios comprise our largest concentrated risk. These portfolios comprised 45% of our total exposure at March 31, 2026 and 44% at Dec. 31, 2025. Additionally, most of our overdrafts relate to financial institutions.

Financial institutions

The financial institutions portfolio is shown below.


Financial institutions portfolio exposure (dollars in billions)	March 31, 2026										Dec. 31, 2025
	Loans		Unfunded commitments		Total exposure		% Inv. grade		% due <1 yr.		Loans		Unfunded commitments		Total exposure
Securities industry	$	14.5	$	13.0	$	27.5	99	%	99	%	$	3.5	$	15.1	$	18.6
Asset managers	2.2		8.0		10.2		98		69		1.8		7.6		9.4
Banks	8.1		1.6		9.7		86		92		7.7		1.6		9.3
Insurance	—		4.2		4.2		100		8		—		4.5		4.5
Government	—		0.6		0.6		100		25		—		0.6		0.6
Other	0.7		1.0		1.7		100		21		0.3		0.9		1.2
Total	$	25.5	$	28.4	$	53.9	97	%	82	%	$	13.3	$	30.3	$	43.6

22 BNY

The financial institutions portfolio exposure was $53.9 billion at March 31, 2026, an increase of 24% compared with Dec. 31, 2025, primarily reflecting higher exposure in the securities industry portfolio.

Financial institution exposures are high-quality, with 97% of the exposures meeting the investment grade equivalent criteria of our internal credit rating classification at March 31, 2026. Each customer is assigned an internal credit rating, which is mapped to an equivalent external rating agency grade based upon a number of dimensions, which are continually evaluated and may change over time. For ratings of non-U.S. counterparties, our internal credit rating is generally capped at a rating equivalent to the sovereign rating of the country where the counterparty resides, regardless of the internal credit rating assigned to the counterparty or the underlying collateral.

The exposure to financial institutions is generally short term, with 82% of the exposures at March 31, 2026 expiring within one year. At March 31, 2026, 40% of the exposure to financial institutions had an expiration within 90 days, compared with 19% at Dec. 31, 2025.

In addition, 70% of the financial institutions exposure was secured at March 31, 2026. For example,

securities industry clients and asset managers often borrow against marketable securities held in custody.

At March 31, 2026, the secured intraday credit provided to dealers in connection with their tri-party repo activity totaled $9.3 billion and was included in the securities industry portfolio. Dealers secure the outstanding intraday credit with high-quality liquid collateral having a market value in excess of the amount of the outstanding credit. Secured intraday credit facilities represent 17% of the exposure in the financial institutions portfolio and are reviewed and reapproved annually.

Our banks portfolio exposure primarily relates to our global trade finance. These exposures are short-term in nature, with 92% due in less than one year. The investment grade percentage of our banks exposure was 86% at March 31, 2026, compared with 83% at Dec. 31, 2025. Our non-investment grade exposures are primarily trade finance loans in Brazil.

The asset managers portfolio exposure is high quality, with 98% of the exposures meeting our investment grade equivalent ratings criteria as of March 31, 2026. These exposures are generally short-term liquidity facilities, with the majority to regulated mutual funds.

Commercial

The commercial portfolio is presented below.


Commercial portfolio exposure	March 31, 2026										Dec. 31, 2025
(dollars in billions)	Loans		Unfunded commitments		Total exposure		% Inv. grade		% due <1 yr.		Loans		Unfunded commitments		Total exposure
Manufacturing	$	0.5	$	4.3	$	4.8	100	%	28	%	$	0.7	$	4.0	$	4.7
Services and other	0.8		3.7		4.5		97		28		0.8		4.0		4.8
Energy and utilities	0.1		4.4		4.5		93		11		0.2		4.1		4.3
Media and telecom	—		0.8		0.8		89		27		—		0.8		0.8
Total	$	1.4	$	13.2	$	14.6	96	%	23	%	$	1.7	$	12.9	$	14.6

The commercial portfolio exposure was $14.6 billion at March 31, 2026, unchanged compared with Dec. 31, 2025, reflecting higher exposure in the energy and utilities and manufacturing portfolios, offset by lower exposure in the services and other portfolio.

Our credit strategy is to focus on investment grade clients that are active users of our non-credit services.

The following table summarizes the percentage of the financial institutions and commercial portfolio exposures that are investment grade.


Percentage of the portfolios that are investment grade
	Quarter ended
	March 31, 2026		Dec. 31, 2025		Sept. 30, 2025		June 30, 2025		March 31, 2025
Financial institutions	97	%	96	%	96	%	96	%	96	%
Commercial	96	%	97	%	96	%	95	%	96	%

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Wealth management loans

Our wealth management loan exposure was $10.3 billion at March 31, 2026, unchanged compared with Dec. 31, 2025. Wealth management loans primarily consist of loans to high-net-worth individuals, a majority of which are secured by the customers’ investment management accounts or custody accounts.

Wealth management mortgages

Our wealth management mortgage exposure was $9.0 billion at March 31, 2026, compared with $8.8 billion

at Dec. 31, 2025. Wealth management mortgages primarily consist of loans to high-net-worth individuals, which are secured by residential property. Wealth management mortgages are primarily interest-only, adjustable-rate mortgages with a weighted-average loan-to-value ratio of 61% at origination. Less than 1% of the mortgages were past due at March 31, 2026.

At March 31, 2026, the wealth management mortgage portfolio consisted of the following geographic concentrations: California – 20%; New York – 14%; Florida – 11%; Massachusetts – 8%; and other – 47%.

Commercial real estate

The composition of the commercial real estate portfolio by asset class, including percentage secured, is presented below.


Composition of commercial real estate portfolio by asset class	March 31, 2026				Dec. 31, 2025
	Total exposure		Percentage secured (a)		Total exposure		Percentage secured (a)
(in billions)

Residential	$	4.6	89	%	$	4.2	87	%
Office	2.2		72		2.4		74
Retail	0.8		53		0.8		55
Mixed use	0.8		28		0.8		28
Healthcare	0.7		40		0.6		35
Hotels	0.6		38		0.6		38
Other	0.4		62		0.5		63
Total commercial real estate	$	10.1	70	%	$	9.9	69	%

(a) Represents the percentage of exposure secured by real estate in each asset class.

Our commercial real estate exposure totaled $10.1 billion at March 31, 2026 and $9.9 billion at Dec. 31, 2025. Our income-producing commercial real estate facilities are focused on experienced owners and are structured with moderate leverage based on existing cash flows. Our commercial real estate lending activities also include construction and renovation facilities. Our client base consists of experienced developers and long-term holders of real estate assets. Loans are approved on the basis of existing or projected cash flows and supported by appraisals and knowledge of local market conditions. Development loans are structured with moderate leverage and, in many instances, involve some level of recourse to the developer.

At March 31, 2026, the unsecured portfolio consisted of real estate investment trusts (“REITs”) and real estate operating companies, which are both primarily investment grade.

At March 31, 2026, our commercial real estate portfolio consisted of the following concentrations: New York metro – 34%; REITs and real estate operating companies – 30%; and other – 36%.

Other residential mortgages

The other residential mortgages portfolio primarily consists of 1-4 family residential mortgage loans and totaled $1.4 billion at March 31, 2026, compared with $1.8 billion at Dec. 31, 2025.

24 BNY

Overdrafts

Overdrafts primarily relate to custody and securities clearance clients and are generally repaid within two business days.

Capital call financing

Capital call financing includes loans to private equity funds that are secured by the fund investors’ capital commitments and the funds’ rights to call capital.

Other loans

Other loans primarily include loans to consumers that are fully collateralized with equities, mutual funds and fixed-income securities.

Margin loans

Margin loan exposure of $29.4 billion at March 31, 2026, compared with $26.6 billion at Dec. 31, 2025 was collateralized with marketable securities. Borrowers are required to maintain a daily collateral margin in excess of 100% of the value of the loan. Margin loans included $14 billion at March 31, 2026 and $12 billion at Dec. 31, 2025, related to a term loan program that offers fully collateralized loans to broker-dealers.

Allowance for credit losses

Our credit strategy is to focus on investment grade clients who are active users of our non-credit services. Our primary exposure to the credit risk of a customer consists of funded loans, unfunded contractual commitments to lend, standby letters of credit and overdrafts associated with our custody and securities clearance businesses.

The following table presents the changes in our allowance for credit losses.


Allowance for credit losses activity	March 31, 2026			Dec. 31, 2025
(dollars in millions)



Beginning balance of allowance for credit losses	$	344		$	368

Provision for credit losses	(7)			(26)
Net (charge-offs) recoveries:
Loans:
Commercial real estate	11			1

Other residential mortgages	—			1



Other financial instruments	(1)			—
Net (charge-offs) recoveries	10			2
Ending balance of allowance for credit losses	$	347		$	344

Allowance for loan losses	$	237		$	245
Allowance for lending-related commitments	85			74
Allowance for other financial instruments (a)	25			25
Total allowance for credit losses	$	347		$	344

Total loans, at period end	$	101,261		$	80,615




Allowance for loan losses as a percentage of total loans	0.23		%	0.30		%
Allowance for loan losses and lending-related commitments as a percentage of total loans	0.32		%	0.40		%

(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.

The provision for credit losses was a benefit of $7 million in the first quarter of 2026, primarily driven by improvements in commercial real estate exposure, partially offset by changes in the macroeconomic and other factors.

The allowance for loan losses and the allowance for lending-related commitments represent management’s estimate of lifetime expected losses in our credit portfolio. This evaluation process is subject to numerous estimates and judgments. To the extent actual results differ from forecasts or management’s judgment, the allowance for credit losses may be greater or less than future charge-offs.

Based on an evaluation of the allowance for credit losses as discussed in “Critical accounting estimates” in our 2025 Annual Report, we have allocated our

BNY 25

allowance for loans and lending-related commitments as presented below.


Allocation of allowance for loan losses and lending-related commitments (a)
	March 31, 2026				Dec. 31, 2025
(dollars in millions)	$		%		$		%
Commercial real estate	$	248	78	%	$	262	82	%
Financial institutions	32		10		25		8
Commercial	12		4		10		3
Capital call financing	10		3		8		2
Wealth management mortgages	8		2		7		2
Wealth management loans	8		2		5		2
Other residential mortgages	4		1		2		1


Total	$	322	100	%	$	319	100	%

(a) The allowance allocated to margin loans, overdrafts and other loans was insignificant at March 31, 2026 and Dec. 31, 2025. We have rarely suffered a loss on these types of loans.

The allocation of the allowance for credit losses is inherently judgmental, and the entire allowance for credit losses is available to absorb credit losses regardless of the nature of the losses.

Our allowance for credit losses is sensitive to a number of inputs, most notably the macroeconomic forecast assumptions that are incorporated into our estimate of credit losses through the expected life of the loan portfolio, as well as credit ratings assigned to each borrower. As the macroeconomic environment and related forecasts change, the allowance for credit losses may change materially. The following sensitivity analyses do not represent management’s expectations of the deterioration of our portfolios or the economic environment, but are provided as hypothetical scenarios to assess the sensitivity of the allowance for credit losses to changes in key inputs. If commercial real estate property values were increased 10% and all other credits were rated one grade better, the quantitative allowance would have decreased by $43 million, and if commercial real estate property values were decreased 10% and all other credits were rated one grade worse, the quantitative allowance would have increased by $74 million. Our multi-scenario-based macroeconomic forecast used in determining the March 31, 2026 allowance for credit losses consisted of three scenarios. The baseline scenario reflects positive, but declining gross domestic product (“GDP”) growth through 2026 before moderating, and largely stable unemployment and commercial real estate prices

through the end of 2026. The upside scenario reflects higher GDP growth through mid-2026 before declining for the remainder of 2026, declining unemployment through 2026 and slightly increasing commercial real estate prices through 2026 compared with the baseline. The downside scenario contemplates negative GDP growth and rapidly increasing unemployment through 2026, and sharply lower commercial real estate prices through 2026 compared with the baseline. At March 31, 2026, we placed the largest and equal weighting on our baseline and downside scenarios, with the remaining weighting placed on the upside scenario. From a sensitivity perspective, at March 31, 2026, if we had applied 100% weighting to the downside scenario, the allowance for credit losses would have been approximately $101 million higher.

Nonperforming assets

The table below presents our nonperforming assets.


Nonperforming assets	March 31, 2026			Dec. 31, 2025
(dollars in millions)
Nonperforming loans:
Commercial real estate	$	32		$	106
Other residential mortgages	18			17
Wealth management mortgages	16			17




Total nonperforming loans	66			140
Other assets owned	3			3
Total nonperforming assets	$	69		$	143
Nonperforming assets ratio	0.07		%	0.18		%
Allowance for loan losses/nonperforming loans	359.1			175.0
Allowance for loan losses/nonperforming assets	343.5			171.3
Allowance for loan losses and lending-related commitments/nonperforming loans	487.9			227.9
Allowance for loan losses and lending-related commitments/nonperforming assets	466.7			223.1

Deposits

Total deposits were $417.1 billion at March 31, 2026, an increase of 26%, compared with $331.9 billion at Dec. 31, 2025. Total deposits increased reflecting higher noninterest-bearing deposits, as well as the temporary single-day increase as a result of delayed processing of certain payments.

Noninterest-bearing deposits were $127.7 billion at March 31, 2026, compared with $60.0 billion at Dec. 31, 2025. Interest-bearing deposits were primarily

26 BNY

demand deposits and totaled $289.4 billion at March 31, 2026, compared with $271.9 billion at Dec. 31, 2025.

Short-term borrowings

We fund our operations primarily through deposits and, to a lesser extent, other short-term borrowings and long-term debt. Short-term borrowings consist of federal funds purchased and securities sold under repurchase agreements, payables to customers and broker-dealers, commercial paper and other borrowed funds. Certain short-term borrowings, for example, securities sold under repurchase agreements, require the delivery of securities as collateral.

Federal funds purchased and securities sold under repurchase agreements include repurchase agreement activity with the Fixed Income Clearing Corporation (“FICC”), where we record interest expense on a gross basis, but the ending and average balances reflect the impact of offsetting under enforceable netting agreements. This activity primarily relates to government securities collateralized resale and repurchase agreements executed with clients that are novated to, and settle with, the FICC.

Payables to customers and broker-dealers represent funds awaiting reinvestment and short sale proceeds payable on demand. Payables to customers and broker-dealers are driven by customer trading activity and market volatility.

The Bank of New York Mellon issues commercial paper that matures within 397 days from the date of issue and is not redeemable prior to maturity or subject to voluntary prepayment.

Other borrowed funds primarily include overdrafts of sub-custodian account balances in our Securities Services businesses, borrowings under lines of credit by our Pershing subsidiaries and borrowings from the

Federal Home Loan Bank. Overdrafts typically relate to timing differences for settlements.

Liquidity and dividends

BNY defines liquidity as the ability of the Parent and its subsidiaries to access funding or convert assets to cash quickly and efficiently, or to roll over or issue

new debt, especially during periods of market stress, at a reasonable cost, and in order to meet its short-term (up to one year) obligations. Funding liquidity risk is the risk that BNY cannot meet its cash and collateral obligations at a reasonable cost for both expected and unexpected cash flow and collateral needs without adversely affecting daily operations or our financial condition. Funding liquidity risk can arise from funding mismatches, market constraints from the inability to convert assets into cash, the inability to hold or raise cash, low overnight deposits, deposit run-off or contingent liquidity events.

Changes in economic conditions or exposure to credit, market, operational, legal and reputational risks also can affect BNY’s liquidity risk profile and are considered in our liquidity risk framework. For additional information, see “Risk Management – Liquidity Risk” in our 2025 Annual Report.

The Parent’s policy is to have access to sufficient unencumbered cash and cash equivalents at each quarter-end to cover maturities and other forecasted debt redemptions, net interest payments and net tax payments for the following 18-month period, and to provide sufficient collateral to satisfy transactions subject to Section 23A of the Federal Reserve Act.

We monitor and control liquidity exposures and funding needs within and across significant legal entities, branches, currencies and business lines, taking into account, among other factors, any applicable restrictions on the transfer of liquidity among entities.

BNY also manages potential intraday liquidity risks. We monitor and manage intraday liquidity against existing and expected intraday liquid resources (such as cash balances, remaining intraday credit capacity, intraday contingency funding and available collateral) to enable BNY to meet its intraday obligations under normal and reasonably severe stressed conditions.

We define available funds for internal liquidity management purposes as cash and due from banks, interest-bearing deposits with the Federal Reserve and other central banks, interest-bearing deposits with banks and federal funds sold and securities purchased under resale agreements.

BNY 27

The following table presents our total available funds at period end and on an average basis.


Available funds	March 31, 2026			Dec. 31, 2025			Average
(dollars in millions)							1Q26			1Q25
Cash and due from banks	$	6,390		$	5,111		$	5,826		$	4,722
Interest-bearing deposits with the Federal Reserve and other central banks	170,202			116,009			97,886			86,038
Interest-bearing deposits with banks	13,544			10,397			12,049			10,083
Federal funds sold and securities purchased under resale agreements	43,660			44,892			42,848			41,166
Total available funds	$	233,796		$	176,409		$	158,609		$	142,009
Total available funds as a percentage of total assets	42		%	37		%	34		%	34		%

Total available funds were $233.8 billion at March 31, 2026, compared with $176.4 billion at Dec. 31, 2025. The increase was primarily due to higher interest-bearing deposits with the Federal Reserve and other central banks.

Average non-core sources of funds, such as federal funds purchased and securities sold under repurchase agreements, trading liabilities, commercial paper and other borrowed funds, were $24.3 billion for the first three months of 2026, compared with $21.2 billion for the first three months of 2025. The increase primarily reflects higher federal funds purchased and securities sold under repurchase agreements and commercial paper.

Average interest-bearing domestic deposits were $161.7 billion for the first three months of 2026, compared with $141.7 billion for the first three months of 2025. Average interest-bearing foreign deposits, primarily from our European-based businesses included in the Securities Services and Market and Wealth Services segments, were $101.8 billion for the first three months of 2026, compared with $92.7 billion for the first three months of 2025. The changes primarily reflect client activity.

Average payables to customers and broker-dealers were $17.6 billion for the first three months of 2026

and $15.1 billion for the first three months of 2025. Payables to customers and broker-dealers are driven by customer trading activity and market volatility.

Average long-term debt was $32.5 billion for the first three months of 2026 and $31.2 billion for the first three months of 2025.

Average noninterest-bearing deposits increased to $54.9 billion for the first three months of 2026 from $48.1 billion for the first three months of 2025, primarily reflecting client activity.

A significant reduction of client activity in our Securities Services and Market and Wealth Services business segments would reduce our access to deposits. See “Asset/liability management” for additional factors that could impact our deposit balances.

Sources of liquidity

The Parent’s major sources of liquidity are access to the debt and equity markets, dividends from its subsidiaries, and cash on hand and cash otherwise made available in business-as-usual circumstances to the Parent through a committed credit facility with our intermediate holding company (“IHC”).

28 BNY

Our ability to access the capital markets on favorable terms, or at all, is partially dependent on our credit ratings, which are as follows:

Credit ratings at March 31, 2026

Moody’s

S&P

Fitch

Morningstar
DBRS

Parent:

Long-term senior debt

Aa3

AA-

Subordinated debt

A-

AA (low)

Preferred stock

Baa1

BBB

BBB+

Outlook – Parent

Stable

The Bank of New York Mellon:

Long-term senior debt

Aa2

AA-

AA (high)

Subordinated debt

Long-term deposits

Aa1

AA-

AA+

AA (high)

Short-term deposits

P-1

A-1+

F1+

R-1 (high)

Commercial paper

P-1

A-1+

F1+

R-1 (high)

BNY Mellon, N.A.:

Long-term senior debt

Aa2

(a)

AA-

(a)

AA (high)

Long-term deposits

Aa1

AA-

AA+

AA (high)

Short-term deposits

P-1

A-1+

F1+

R-1 (high)

Outlook – Banks

Stable

(a) Represents senior debt issuer default rating.

NR – Not rated.

Long-term debt totaled $32.6 billion at March 31, 2026 and $31.9 billion at Dec. 31, 2025. Issuances totaling $1.6 billion were partially offset by maturities of $700 million and a decrease in the fair value of hedged long-term debt. Long-term debt of $2.0 billion will mature in the remainder of 2026.

In April 2026, the Parent issued $750 million of fixed-to-floating rate callable senior notes maturing in 2032 with an annual fixed rate interest rate of 4.540% from issuance to, but excluding, April 23, 2031, and then an annual interest rate of the compounded secured overnight financing rate (“SOFR”) plus 89.5 basis points. The Parent also issued $750 million of fixed-to-floating rate callable senior notes maturing in 2037 with an annual fixed rate interest rate of 5.085% from issuance to, but excluding, April 23, 2036, and then an annual interest rate of the compounded SOFR plus 117.7 basis points.

Also in April 2026, The Bank of New York Mellon redeemed $750 million of fixed-to-floating rate callable senior bank notes due April 20, 2027 with an annual fixed rate interest rate of 4.587% and $500 million of floating rate callable senior bank notes due April 20, 2027 with an annual interest rate of SOFR plus 71 basis points, and the Parent redeemed $1.5 billion of fixed-to-floating rate callable senior notes

due April 26, 2027 with an annual fixed rate interest rate of 4.947%.

In March 2026, the Parent issued Series M Noncumulative Perpetual Preferred Stock. See “Capital” and Note 10 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.

The Bank of New York Mellon may issue notes and certificates of deposit (“CDs”). At both March 31, 2026 and Dec. 31, 2025, $2.5 billion of notes were outstanding. At March 31, 2026 and Dec. 31, 2025, $4.1 billion and $4.9 billion, respectively, of CDs were outstanding.

The Bank of New York Mellon also issues commercial paper that matures within 397 days from the date of issue and is not redeemable prior to maturity or subject to voluntary prepayment. There was $1.0 billion and $2.0 billion of commercial paper outstanding at March 31, 2026 and Dec. 31, 2025, respectively. The average commercial paper outstanding was $1.9 billion for the first three months of 2026 and $1.3 billion for the first three months of 2025.

BNY 29

Restrictions on our ability to obtain funds from our subsidiaries are discussed in more detail in “Supervision and Regulation – Capital Planning and Stress Testing – Payment of Dividends, Stock Repurchases and Other Capital Distributions” and in Note 18 of the Notes to Consolidated Financial Statements, both in our 2025 Annual Report. At March 31, 2026, nonbank subsidiaries of the Parent had liquid assets of approximately $4.4 billion.

Pershing LLC has one uncommitted line of credit in place for funding purposes that is guaranteed by the Parent for $300 million. There were no borrowings under this line in the first quarter of 2026. Pershing Limited, an indirect UK-based subsidiary of BNY, has one line of credit amounting to $150 million, and Pershing Securities Limited, whose parent is Pershing Limited, has one line of credit amounting to $100 million. Both of these lines are guaranteed by the Parent. Average borrowings across these lines were less than $1 million in the first quarter of 2026.

The double leverage ratio is the ratio of our equity investment in subsidiaries divided by our consolidated Parent company equity, which includes our noncumulative perpetual preferred stock. In short, the double leverage ratio measures the extent to which equity in subsidiaries is financed by Parent company debt. As the double leverage ratio increases, this can reflect greater demands on a company’s cash flows in order to service interest payments and debt maturities. BNY’s double leverage ratio is managed in a range considering the high level of unencumbered available liquid assets held in its principal subsidiaries (such as central bank deposit placements and government securities), the Company’s cash generating fee-based business model, with fee revenue representing 70% of total revenue in the first quarter of 2026, and the dividend capacity of our banking subsidiaries. Our double leverage ratio was 116.3% at March 31, 2026 and 118.6% at Dec. 31, 2025, and within the range targeted by management.

Uses of funds

The Parent’s major uses of funds are repurchases of common stock, payment of dividends, principal and interest payments on its borrowings, acquisitions and additional investments in its subsidiaries.

In February 2026, a quarterly dividend of $0.53 per common share was paid to common shareholders.

Our common stock dividend payout ratio was 24% for the first quarter of 2026.

In the first quarter of 2026, we repurchased 8.3 million common shares at an average price of $119.06 per common share, for a total cost of $983 million.

Liquidity coverage ratio (“LCR”)

U.S. regulators have established an LCR that requires certain banking organizations, including BNY, to maintain a minimum amount of unencumbered high-quality liquid assets (“HQLA”) sufficient to withstand the net cash outflow under a hypothetical standardized acute liquidity stress scenario for a 30-day time horizon.

The following table presents BNY’s consolidated HQLA, and the average HQLA and average LCR.


Consolidated HQLA and LCR	March 31, 2026			Dec. 31, 2025
(dollars in billions)
Cash (a)	$	169		$	115
Securities (b)	115			113
Total consolidated HQLA (c)	$	284		$	228

Total consolidated HQLA – average (c)	$	212		$	209
Average consolidated LCR	111		%	112		%

(a) Primarily includes cash on deposit with central banks.

(b) Primarily includes securities of U.S. government-sponsored enterprises, the U.S. Treasury, sovereigns and U.S. agencies.

(c) Consolidated HQLA presented before adjustments. After haircuts and the impact of trapped liquidity, consolidated HQLA totaled $223 billion at March 31, 2026 and $165 billion at Dec. 31, 2025, and averaged $150 billion for the first quarter of 2026 and $147 billion for the fourth quarter of 2025.

BNY and each of our affected domestic bank subsidiaries were compliant with the U.S. LCR requirements of at least 100% throughout the first quarter of 2026.

Net stable funding ratio (“NSFR”)

The NSFR is a liquidity requirement applicable to large U.S. banking organizations, including BNY. The NSFR is expressed as a ratio of the available stable funding to the required stable funding amount over a one-year horizon. Our average consolidated NSFR was 131% for the first quarter of 2026 and 130% for the fourth quarter of 2025.

30 BNY

BNY and each of our affected domestic bank subsidiaries were compliant with the NSFR requirement of at least 100% throughout the first quarter of 2026.

Statement of cash flows

The following summarizes the activity reflected on the consolidated statement of cash flows. While this information may be helpful to highlight certain macro trends and business strategies, the cash flow analysis may not be as relevant when analyzing changes in our net earnings and net assets. We believe that, in addition to the traditional cash flow analysis, the discussion related to liquidity and dividends and asset/liability management herein may provide more useful context in evaluating our liquidity position and related activity.

Net cash used for operating activities was $3.0 billion in the three months ended March 31, 2026, compared with net cash provided by operating activities of $412 million in the three months ended March 31, 2025. In the three months ended March 31, 2026, cash flows used for operating activities primarily resulted from changes in trading assets and liabilities and changes in accruals and other, net, partially offset by earnings.

In the three months ended March 31, 2025, cash flows provided by operating activities primarily resulted from changes in trading assets and liabilities and earnings, partially offset by changes in accruals and other, net.

Net cash used for investing activities was $83.7 billion in the three months ended March 31, 2026, compared with $18.8 billion in the three months ended March 31, 2025. In the three months ended March 31, 2026, net cash used for investing activities primarily resulted from changes in interest-bearing deposits with the Federal Reserve and other central banks, loans and investment securities. In the three months ended March 31, 2025, net cash used for investing activities primarily resulted from changes in interest-bearing deposits with the Federal Reserve and other central banks and investment securities.

Net cash provided by financing activities was $88.3 billion in the three months ended March 31, 2026, compared with $21.1 billion in the three months ended March 31, 2025. In the three months ended March 31, 2026, and the three months ended March 31, 2025, net cash provided by financing activities primarily resulted from changes in deposits.

Capital


Capital data	March 31, 2026			Dec. 31, 2025
(dollars in millions, except per share amounts; common shares in thousands)



BNY shareholders’ equity to total assets ratio	8.0		%	9.4		%
BNY common shareholders’ equity to total assets ratio	7.0		%	8.4		%
Total BNY shareholders’ equity	$	44,783		$	44,313
Total BNY common shareholders’ equity	$	39,452		$	39,477
BNY tangible common shareholders’ equity – Non-GAAP (a)	$	21,795		$	21,777
Book value per common share	$	57.48		$	57.36
Tangible book value per common share – Non-GAAP (a)	$	31.75		$	31.64
Closing stock price per common share	$	118.63		$	116.09
Market capitalization	$	81,425		$	79,897
Common shares outstanding	686,379			688,236

Quarterly:

Cash dividends per common share	$	0.53		$	0.53
Common dividend payout ratio	24		%	26		%
Common dividend yield (annualized)	1.8		%	1.8		%

(a) See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for a reconciliation of GAAP to Non-GAAP measures.

The Bank of New York Mellon Corporation total shareholders’ equity was $44.8 billion at March 31, 2026 and $44.3 billion at Dec. 31, 2025. The increase primarily reflects capital generated through

earnings and the net increase in preferred stock, partially offset by capital returned through common stock repurchases and dividends and a net decrease in accumulated other comprehensive income.

BNY 31

In March 2026, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series M Noncumulative Perpetual Preferred Stock. Holders of the Series M preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20, June 20, September 20 and December 20 of each year, commencing June 20, 2026. See Note 10 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.

In April 2024, we announced a share repurchase authorization providing for the repurchase of $6.0 billion of common shares. At March 31, 2026, the maximum amount yet to be purchased under this authorization was $814 million. In April 2026, we announced a new share repurchase authorization providing for the repurchase of $10.0 billion of common shares in addition to any remaining capacity under the existing April 2024 authorization. In the first three months of 2026, we repurchased 8.3 million common shares at an average price of $119.06 per common share for a total cost of $983 million.

Capital adequacy

Regulators establish certain levels of capital for bank holding companies (“BHCs”) and banks, including BNY and our bank subsidiaries, in accordance with established quantitative measurements. For the Parent to maintain its status as a financial holding company, our U.S. bank subsidiaries and BNY must, among other things, qualify as “well capitalized.” As of March 31, 2026 and Dec. 31, 2025, BNY and our U.S. bank subsidiaries were “well capitalized.”

Failure to satisfy regulatory standards, including “well capitalized” status or capital adequacy rules more generally, could result in limitations on our activities and adversely affect our financial condition. See the discussion of these matters in “Supervision and Regulation – Regulated Entities of BNY and Ancillary Regulatory Requirements” and “Risk Factors – Capital and Liquidity Risk – Failure to satisfy regulatory standards, including “well capitalized” and “well managed” status or capital adequacy and liquidity rules more generally, could result in limitations on our activities and adversely affect our business and financial condition,” both of which are in our 2025 Annual Report.

The U.S. banking agencies’ capital rules are based on the framework adopted by the Basel Committee on Banking Supervision (“BCBS”), as amended from time to time. For additional information on these capital requirements, see “Supervision and Regulation” in our 2025 Annual Report.

32 BNY

The table below presents our consolidated and largest bank subsidiary regulatory capital ratios.

Consolidated and largest bank subsidiary regulatory capital ratios

March 31, 2026

Dec. 31, 2025

Well capitalized

Minimum required

Capital
ratios

(a)

Bank of New York Mellon Corp 10-Q