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 both the first quarter of 2025 and first quarter of 2024 and impacted the 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 $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.7 trillion at March 31, 2024.

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

Fee revenue increased 3% compared with the first quarter of 2024 and decreased 3% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher investment services fees, partially offset by lower investment management and performance fees. The decrease compared with the fourth quarter of 2024 primarily reflects lower investment management and performance fees and investment services fees.

Investment and other revenue increased $48 million compared with the first quarter of 2024 and $90 million compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects a disposal gain recorded in the first quarter of 2025. The increase compared with the fourth quarter of 2024 primarily reflects net securities losses recorded in the fourth quarter of 2024 and a disposal gain recorded in the first quarter of 2025.

Investment services fees

Investment services fees increased 6% compared with the first quarter of 2024 and decreased 1% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects net new business, higher market values and

higher client activity. The decrease compared with the fourth quarter of 2024 primarily reflects lower Depositary Receipts revenue.

AUC/A totaled $53.1 trillion at March 31, 2025, an increase of 9% compared with March 31, 2024, primarily reflecting client inflows, higher market values and net new business. AUC/A consisted of 36% equity securities and 64% fixed income securities at March 31, 2025, and 37% equity securities and 63% fixed income securities at March 31, 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 decreased 5% compared with the first quarter of 2024 and 9% compared with the fourth quarter of 2024. The decrease compared with the first quarter of 2024 primarily reflects the mix of AUM flows, an adjustment for certain rebates (offset in noninterest expense) (refer to note(a) in the table above) and lower equity investment income, partially offset by

6 BNY higher market values. The decrease compared with the fourth quarter of 2024 primarily reflects the adjustment for certain rebates (offset in noninterest expense), timing of performance fees, lower equity investment income and the mix of AUM flows. Performance fees were $5 million in the first quarter of 2025, $10 million in the first quarter of 2024 and $20 million in the fourth quarter of 2024. On a constant currency basis, investment management and performance fees decreased 4% (Non-GAAP) compared with the first quarter of 2024. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 41 for the reconciliation of Non-GAAP measures.

AUM was $2.0 trillion at March 31, 2025, flat compared with March 31, 2024, reflecting higher market values, 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 3% compared with the first quarter of 2024 and decreased 12% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher volatility. The decrease compared with the fourth quarter of 2024 primarily reflects lower volumes. 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 increased 5% compared with the first quarter of 2024 and 13% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher loan commitment fees. The increase compared with the fourth quarter of 2024 primarily reflects higher 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 first quarter of 2024 primarily reflects a disposal gain recorded in the first quarter of 2025. The increase compared with the fourth quarter of 2024 primarily reflects net securities losses recorded in the fourth quarter of 2024 and a disposal gain recorded in the first quarter of 2025.

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