State Street Corporation

Strong Q3 results + operating leverage (good): - EPS: $3.69, +33% YoY - Total revenue: ~$4.0B, +13% YoY - Fee revenue: +11% YoY (with record servicing & management fees) - NII: +21% YoY (net interest margin +16 bps YoY to 112 bps) - Expenses: ~$2.6B, +8% YoY - Operating leverage: ~+530 bps positive (excluding notable items) = 11th consecutive quarter of positive YoY operating leverage - Margins/returns: Pretax margin 35% (+350 bps YoY); ROTCE 25% (+4+ pts YoY)

Core business momentum + records (good, with concrete scale): - Custody & administration AUC/A: record $59.2T, +15% YoY - Investment Management: AUM record $6.3T, +16% YoY; 6th consecutive quarter of organic net inflows; Q3 net inflows $7B (long-term net inflows $69B after $79B prior quarter) - ETF strength: ETF AUM record $2.3T; strong flows in U.S. + EMEA; equity/fixed income demand - Markets/FX: record quarterly FX client volumes (+30% YoY) with strength across EMEA + APAC

Strategic bets driving medium-term opportunity (opportunities): - 3 growth initiatives: Alternatives, Digital assets, Wealth—positioned as extensions of existing franchise + “One State Street” integration. - Alternatives: Alternative servicing fees grew double-digit YoY; focus on transparency/technology for evolving private markets. - Digital assets: On track to deliver tokenized fund servicing capability by year-end (subject to regulatory approval); example: Galaxy Onchain Liquidity Sweep Fund on Stellar. - Wealth: - Won a servicing mandate from a large U.S. RIA (validation of wealth services strategy) - Strategy aims to leverage wealth platform adoption (and partnerships like Apex Fintech Solutions) to expand distribution and tech-enabled wealth workflows.