STATE STREET CORP

Previous wording

As of December 31, 2024, we had consolidated total assets of $353.24 billion, consolidated total deposits of $261.92 billion, consolidated total shareholders’ equity of $25.33 billion and approximately 53,000 employees. Through our two lines of business, Investment Servicing and Investment Management, we operate in more than 100 geographic markets worldwide, including the United States, Canada, Latin America, Europe, the Middle East and Asia.

Current wording

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

Previous wording

•Total fee revenue increased 7% compared to 2023, primarily reflecting higher management fees, foreign exchange trading services revenue, other fee revenue and servicing fees.

Current wording

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

Previous wording

•Pre-tax margin of 26.1% increased from 19.4% in 2023, primarily reflecting higher total revenue and lower total expenses. Return on equity of 11.1% increased from 8.2% in 2023, primarily reflecting higher total revenue and lower total expenses.

Current wording

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

Previous wording

•EPS of $8.21, increased from $5.58 in 2023, primarily reflecting higher total revenue and lower total expenses, including the net impact of notable items in the current and prior year periods, which in aggregate represented $1.62 of the EPS increase. See “Notable Items” below.

Current wording

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

Previous wording

◦Loss on sale of investment securities of $81 million related to an investment portfolio repositioning reflected in other income.

Current wording

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

Previous wording

•AUC/A of $46.56 trillion as of December 31, 2024 increased 11% compared to December 31, 2023, primarily due to higher period-end market levels and client flows. In 2024, newly announced asset servicing mandates totaled approximately $2.33 trillion of AUC/A. We onboarded approximately $1.35 trillion of AUC/A during 2024. Servicing assets remaining to be installed in future periods totaled approximately $2.99 trillion as of December 31, 2024.

Current wording

•AUC/A of $53.80 trillion as of December 31, 2025 increased 16% compared to December 31, 2024, primarily due to higher market levels and client flows. In 2025, newly announced investment servicing mandates totaled approximately $2.12 trillion of AUC/A. We onboarded approximately $2.12 trillion of AUC/A during 2025. Investment servicing assets remaining to be installed in future periods totaled approximately $2.50 trillion as of December 31, 2025.

Previous wording

•Returned approximately $2.2 billion to our shareholders in the form of common share repurchases and common stock dividends compared to approximately $4.6 billion in 2023.

Current wording

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

Previous wording

◦We declared aggregate common stock dividends of $2.90 per share, totaling

Current wording

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

Previous wording

◦We increased the quarterly common stock dividend declared per common share by 10% in the third quarter of 2024.

Current wording

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

Previous wording

◦We acquired an aggregate of 15.1 million shares of common stock at an average per share cost of $85.89 and an aggregate cost of approximately $1.3 billion. In 2023, we acquired an aggregate of 49.2 million shares of common stock, at an average per share cost of $77.22 and an aggregate cost of approximately $3.8 billion. These purchases were all conducted under the share repurchase programs approved by our Board of Directors.

Current wording

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

Previous wording

•Our standardized CET1 capital ratio was 10.9% as of December 31, 2024, compared to 11.6% as of December 31, 2023, primarily driven by increased capital return and higher deployment of RWA for business growth, partially offset by capital generated from earnings. Our Tier 1 leverage ratio decreased to 5.2% as of December 31, 2024, compared to 5.5% as of December 31, 2023, mainly driven by higher average balance sheet levels. Given the current global economic environment, and our plans for capital actions, we expect our CET1 capital ratio and Tier 1 leverage ratio to remain within or above our target ranges of 10-11% and 5.25-5.75%, respectively.

Current wording

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

Previous wording

Table 2: Total Revenue, provides the breakout of fee revenue for the years ended December 31, 2024, 2023 and 2022. Servicing and management fees collectively made up approximately 70%, 72% and 73% of the total fee revenue in 2024, 2023 and 2022, respectively.

Current wording

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

Previous wording

Servicing fees generated outside the United States were approximately 47% of total servicing fees in 2024, compared to approximately 46% of total servicing fees in 2023.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Over the five years ended December 31, 2024, we estimate that worldwide equity and fixed income market valuations impacted our servicing fees revenue by approximately 2% on average with a range of (4)% to 8% annually and approximately 5% and 1% in 2024 and 2023, respectively. See Table 3: Daily Averages, Month-End Averages and Year-End Equity Indices for selected indices. While the specific indices presented are indicative of general market trends, the asset types and classes relevant to individual client portfolios can and do differ, and the performance of associated relevant indices and of client portfolios can therefore differ from the performance of the indices presented. In addition, our asset classifications may differ from those industry classifications presented.

Current wording

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

Previous wording

Assuming that all other factors remain constant, including client activity, asset flows and pricing, we estimate, using relevant information as of December 31, 2024, that a 10% increase or decrease in worldwide equity valuations, on a weighted average basis, over the relevant periods for which our servicing fees are calculated, would result in a corresponding change in our total servicing fee revenues, on average and over multiple quarters, of approximately 3%. We estimate, similarly assuming all other factors remain constant and using relevant information as of December 31, 2024, that changes in worldwide fixed income markets, which on a weighted average basis and over time are typically less volatile than worldwide equity markets, have a smaller corresponding impact on our servicing fee revenues on average and over time.

Current wording

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

Previous wording

Our clients may change the asset classes in which their assets are invested, based on their market outlook, risk acceptance tolerance or other considerations. Over the five years ended December 31, 2024, we estimate that client activity and asset flows, together, impacted our servicing fees revenue by approximately (1)% on average with a range of (3)% to 1% annually and approximately 0% and (3)% in 2024 and 2023, respectively. See Table 5: Industry Asset Flows for selected asset flow information. While the asset flows presented are indicative of general market trends, the asset types and classes relevant to individual client portfolios can and do differ, and our flows may differ from those market trends. In addition, our asset classifications may differ from those industry classifications presented.

Current wording

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

Previous wording

Over the five years ended December 31, 2024, net new business, which includes business both won and lost, has affected our servicing fee revenues by approximately 0% on average with a range of 0% to 1% annually and approximately 0% and 1% in 2024 and 2023, respectively.

Current wording

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

Previous wording

Gross investment servicing mandates were $2.33 trillion of AUC/A in 2024 and $1.90 trillion of AUC/A per year on average over the five years ended December 31, 2024, ranging from approximately $0.79 trillion to $3.52 trillion of AUC/A annually in any given year.

Current wording

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

Previous wording

Servicing fee revenue associated with new servicing mandates may vary based on the breadth of services provided, the time required to install the assets, and the types of assets installed.

Current wording

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

Previous wording

Revenues associated with new mandates are not reflected in our servicing fee revenue until the assets have been installed. Our installation timeline, in general, can range from 6 to 36 months, with the average installation timeline being approximately 9 to 12 months over the past 2 full fiscal years. We expect that our more complex installations, including new State Street Alpha mandates, will generally be on the longer end of the 6 to 36 months range. With respect to the current asset mandates of approximately $2.99 trillion of AUC/A that are yet to be installed as of December 31, 2024, we expect the conversion will mostly occur over the coming 24 months, with approximately 60% expected to be installed in 2025 and approximately 30% in 2026, with the balance expected to be installed largely in 2027. The expected timing of these installations is subject to change due to a variety of factors, including adjusted implementation schedules agreed with clients, scope adjustments, and product and functionality changes.

Current wording

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

Previous wording

The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing AUC/A wins, as the amount of revenue associated with AUC/A, once installed, can vary materially. On average, over the five years ended December 31, 2024, we estimate that pricing pressure with respect to existing clients has impacted our servicing fees by approximately (2)% annually, with the impact ranging from (2)% to (3)% in any given year and approximately (3)% and (2)% in 2024 and 2023, respectively. Pricing concessions can be a part of a contract renegotiation with a client including terms that may benefit us, such as extending the term of our relationship with the client, expanding the scope of services that we provide or reducing our dependency on manual processes through the standardization of the services we provide. In 2024, the impact was primarily driven by several multi-year renewals of large strategic clients. The timing of the impact of additional revenue generated by anticipated additional services and the amount of revenue generated may differ from expectations due to the impact of pricing concessions on existing services due to the necessary time required to onboard those new services or process changes, the nature of those services and client investment practices and other factors. These same market pressures also impact the fees we negotiate when we win business from new clients.

Current wording

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

Previous wording

Historically, and based on an indicative sample of revenue, we estimate that approximately 60%, on average, of our servicing fee revenues have been variable due to changes in asset valuations including changes in daily average valuations of AUC/A; another approximately 20%, on average, of our servicing fees are impacted by the volume of activity in the funds we serve; and the remaining approximately 20% of our servicing fees tend not to be variable in nature nor impacted by market fluctuations or values.

Current wording

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

Previous wording

Asset servicing mandates newly announced in 2024 totaled approximately $2.33 trillion of AUC/A. Servicing assets remaining to be installed in future periods totaled approximately $2.99 trillion as of December 31, 2024, which will be reflected in AUC/A in future periods after installation and will generate servicing fee revenue in subsequent periods. The full revenue impact of such mandates will be realized as the assets are installed and additional services are added over that period.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Management fees generated outside the United States were approximately 25% of total management fees in 2024, compared to approximately 26% of total management fees in 2023.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Foreign exchange trading services revenue, as presented in Table 2: Total Revenue, increased 11% in 2024 compared to 2023, primarily due to higher client volumes, partially offset by lower spreads associated with lower average FX volatility. Foreign exchange trading services revenue comprises revenue generated by FX trading and revenue generated by brokerage and other trading services, which made up 63% and 37%, respectively, of foreign exchange trading services revenue in both 2024 and 2023.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Securities finance revenue, as presented in Table 2: Total Revenue, increased 3% in 2024 compared to 2023, mainly due to higher client lending balances, partially offset by lower spreads primarily resulting from muted industry specials activity.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Software and processing fees revenue, as presented in Table 2: Total Revenue, increased 9% in 2024 compared to 2023, primarily due to higher front office software and data revenue associated with CRD.

Current wording

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

Previous wording

Software and processing fees revenue includes diverse types of fees and revenue, including fees from front office software and data and lending related and other fees.

Current wording

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

Previous wording

Front office software and data revenue, which primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services, increased 10% in 2024 compared to 2023, primarily due to software-enabled revenue growth, partially offset by lower on-premises renewals.

Current wording

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

Previous wording

Revenue related to the front office solutions provided by CRD is primarily driven by the sale of term software licenses and SaaS, including professional services such as consulting and implementation services, software support and maintenance. Approximately 50%-70% of revenue associated with a sale of software to be installed on-premises is recognized at a point in time when the customer benefits from obtaining access to and use of the software license, with the percentage varying based on the length of the contract and other contractual terms. The remainder of revenue for on-premise installations is recognized over the length of the contract as maintenance and other services are provided. Upon renewal of an on-premises software contract, the same pattern of revenue recognition is followed with 50%-70% recognized upon renewal and the remaining balance recognized over the term of the contract. Revenue for a SaaS related arrangement, where the customer does not take possession of the software, is recognized over the term of the contract as services are provided. Upon renewal of a SaaS arrangement, revenue continues to be recognized as services are provided under the new contract. As a result of these differences in how portions of CRD revenue are accounted for, CRD revenue may vary more than other business units quarter to quarter.

Current wording

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

Previous wording

Lending related and other fees increased 8% in 2024 compared to 2023, reflecting higher unfunded commitments primarily relating to our fund finance products. Lending related and other fees primarily consists of fee revenue associated with our fund finance, leveraged loans, municipal finance, insurance and stable value wrap businesses.

Current wording

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

Previous wording

Other fee revenue includes market-related adjustments and income associated with other equity method investments.

Current wording

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