BlackRock New York Municipal Income Trust

Strong financial performance + meaningful margin expansion (good) - EPS: $2.24, +42% YoY (also up excluding notable items). - Revenue: $5.4B, +13% YoY; fee revenue +11%. - Profitability: Pre-tax margin 37% (+ operating leverage of ~833 bps); ROTCe 29%. - Expenses: $3.4B, +5% YoY (excluding notable items); efficiency savings continued but investment spend + merit increases weighed.

Business momentum broadly based (good/surprising) - Securities Services revenue: $2.7B, +17% YoY; FX revenue +44% YoY. - Markets & Wealth Services revenue: $1.9B, +11% YoY; segment margin 51%. - Alternatives / ETF / custody-type volumes: ETF AUCA +33% YoY; multi-line client wins emphasized (over 50% of Asset Servicing new business also won another line). - Notable “firsts/benchmarks”: Corporate Trust reached $15T of total debt serviced for the first time (market share gains in CLO servicing).

NII strength supported by deposit mix; near-term mean reversion expected (good + challenge) - Net interest income: $1.4B, +18% YoY (also +2% QoQ). - Deposits were stronger than expected: elevated balances and more non-interest-bearing mix boosted NII. - Management expectations: betas peaked ~80% for EUR/GBP as rates rose; overall NII assumes deposits revert toward seasonal patterns: - Q2 expected moderately down from Q1 - Q3 typically weakest; Q4 strongest - Over the year, balances modestly higher vs. 2025. - Risk/negative angle: deposit margin compression remains a known headwind (mentioned as offset to NII gains).