BlackRock New York Municipal Income Trust

Strong Q2 performance + operating leverage (good) - EPS: $2.45 (+27% YoY) (notable items: $2.46; “excluding notable items” essentially flat vs reported). - Revenue: $5.7B (+13% YoY, record) with broad-based growth across businesses. - Operating leverage: ~600 bps positive → pre-tax margin 40% and ROTC E 31%. - Expenses: $3.4B (+7% YoY); 3/4 of the increase is revenue-related expenses, remaining is investments + salary increases partly offset by efficiency.

Segment momentum across the platform (good) - Security Services revenue: $2.8B (+15% YoY); asset servicing fees +12%, issuer services +23%, ETF AUC/A $4.4T (+35% YoY), alternatives +17% YoY. - Market & Wealth Services revenue: $2.0B (+12% YoY); clearance & collateral fees +18%; avg collateral $8.2T (+16% YoY) and double-digit growth in daily clearing volumes; payments & trade fees +7% (e.g., 24/7 USD transfers). - Investment & Wealth Management revenue: $863M (+8% YoY); net inflows $3B (offsetting some LDI index + equity outflows). - Notable “multi-line” effectiveness: >half of asset servicing new wins also included at least one additional BNY line of business.

Digital assets + “always-on” infrastructure thesis (opportunity) - Expanded Circle relationship to combine institutional digital asset custody + mint-and-burn USDC capabilities under one operating model (aim: smoother movement between traditional and blockchain networks). - Management framed growth as part of a broader shift to an always-on financial ecosystem (payments, liquidity, collateral, tokenization, digital cash) where BNY positions itself as trusted infrastructure. - AI positioned as long-term value engine across three dimensions: running the firm better, improving client products/experiences, and expanding the “perimeter” for new capabilities.