Bank of New York Mellon Corp

(a) Beginning in the first quarter of 2025, certain rebate agreements, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for all quarterly periods presented and impacted the year-over-year variances for investment management and performance fees and related revenue subtotals in the table above.

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

(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, Pershing and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $2.0 trillion at June 30, 2025, $1.9 trillion at March 31, 2025 and $1.7 trillion at June 30, 2024.

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

Fee revenue increased 7% compared with the second quarter of 2024 and first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher investment services fees and foreign exchange revenue. The increase compared with the first quarter of 2025 primarily reflects higher investment services fees, foreign exchange revenue and investment management and performance fees.

Investment and other revenue increased $15 million compared with the second quarter of 2024 and decreased $46 million compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects favorable seed capital and other investments results, partially offset by higher net securities losses. The decrease compared with the first quarter of 2025 primarily reflects a disposal gain recorded in the first quarter of 2025 and higher net securities losses, partially offset by favorable seed capital results.

Investment services fees

Investment services fees increased 9% compared with the second quarter of 2024 and 7% compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher client

activity and Depositary Receipts revenue, net new business and higher market values. The increase compared with the first quarter of 2025 primarily reflects higher Depositary Receipts revenue and client activity.

AUC/A totaled $55.8 trillion at June 30, 2025, an increase of 13% compared with June 30, 2024, primarily reflecting client inflows, higher market values and the favorable impact of the weaker U.S. dollar. AUC/A consisted of 37% equity securities and 63% fixed income securities at June 30, 2025 and June 30, 2024.

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 were flat compared with the second quarter of 2024 and increased 3% compared with the first quarter of 2025. Compared with the second quarter of 2024, investment management and performance fees reflect the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense), offset by

6 BNY higher market values, the favorable impact of a weaker U.S. dollar and higher equity investment income. The increase compared with the first quarter of 2025 primarily reflects higher equity investment income and the favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows. Performance fees were $10 million in the second quarter of 2025, $8 million in the second quarter of 2024 and $5 million in the first quarter of 2025. On a constant currency basis, investment management and performance fees decreased 2% (Non-GAAP) compared with the second quarter of 2024. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of Non-GAAP measures.

AUM was $2.1 trillion at June 30, 2025, an increase of 3% compared with June 30, 2024, 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.

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 16% compared with the second quarter of 2024 and 37% compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher volatility and volumes, partially offset by corporate treasury activities. The increase compared with the first quarter of 2025 primarily reflects higher volumes and volatility. 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 decreased 4% compared with the second quarter of 2024 and 15% compared with the first quarter of 2025. The decreases compared with the second quarter of 2024 and first quarter of 2025 primarily reflect lower underwriting 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 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.

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

(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 second quarter of 2024 primarily reflects favorable seed capital and other investments (primarily renewable energy and corporate/bank-owned life insurance) results, partially offset by higher net securities losses. The decrease compared with the first quarter of 2025 primarily reflects a disposal gain recorded in the first quarter of 2025 and higher net securities losses, partially offset by favorable seed capital results.

Fee revenue increased 5% compared with the first six months of 2024, primarily reflecting higher investment services fees and foreign exchange revenue, partially offset by lower investment

management and performance fees. The 8% increase in investment services fees primarily reflects higher client activity, net new business, higher market values and Depositary Receipts revenue. Investment management and performance fees decreased 3%, primarily reflecting the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense), partially offset by higher market values. The 10% increase in foreign exchange revenue primarily reflects higher volatility.

Investment and other revenue increased $63 million compared with the first six months of 2024, primarily reflecting a disposal gain recorded in the first quarter of 2025 and higher renewable energy and corporate/bank owned life insurance investment results, partially offset by higher net securities losses.

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