Dividends on the Series N shares will accrue at an annual rate of 6.150% until September 20, 2031. After that date, the rate will reset based on the five-year treasury rate plus 1.868%. Payments remain subject to declaration by the company's board of directors and the availability of legal funds. BNY retains the option to redeem the shares in whole or in part starting September 20, 2031.

Goldman Sachs, J.P. Morgan, Morgan Stanley, RBC Capital Markets, UBS, and BNY Mellon Capital Markets are acting as joint book-running managers for the transaction. The company intends to allocate the net proceeds toward general corporate purposes. BNY, which manages $62.6 trillion in assets under custody and administration as of June 30, 2026, filed the necessary registration materials with the SEC to facilitate the issuance.