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Get filing alertsState Street completes $500M preferred stock offering, nets ~$495.7M
Filed August 12, 2026 · Period ending August 12, 2026 · ~1 min read
Key Changes
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high
Issued 500,000 depositary shares representing fractional interests in new Series L Preferred Stock with $1,000 liquidation preference per share, with expected proceeds of $500M net in public offering.
Item 8.01 verify on EDGAR → -
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Net proceeds of ~$495.7M after underwriting discount and expenses; use of proceeds not disclosed in filing.
Item 8.01 verify on EDGAR → -
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Series L Preferred is fixed-rate reset, non-cumulative perpetual with no maturity date; dividends do not accumulate if unpaid.
Item 8.01 verify on EDGAR →
Summary
State Street closed a $500 million public offering of depositary shares representing fractional interests in newly created Series L Preferred Stock, netting approximately $495.7 million after fees. The preferred shares carry a $1,000 liquidation preference per depositary share, are perpetual with no maturity, and feature a fixed-rate-reset structure where dividends are non-cumulative—meaning unpaid dividends do not accrue.For a Tier 1 capital instrument at a major custody bank, typical uses include regulatory capital management, balance sheet optimization, or general corporate purposes, but absent specific disclosure, common equity holders cannot assess whether the capital raise addresses a particular need or opportunity.
Goldman Sachs and Morgan Stanley led the underwriting. This is a routine capital markets transaction for a large financial institution managing its capital structure.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
State Street expects to receive net proceeds from the offering of the Depositary Shares of approximately $495.7 million, after deducting the underwriting discount and estimated offering expenses.
The company will receive approximately $495.7 million in net proceeds after underwriting fees and expenses, representing about 99.1% of the gross offering amount. The filing does not disclose the intended use of these proceeds.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The sale of the Depositary Shares was made pursuant to the terms of an underwriting agreement dated August 5, 2026 (the “Underwriting Agreement”), entered into among State Street and Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of the underwriters named therein.
Goldman Sachs and Morgan Stanley served as lead underwriters for the offering under an agreement dated August 5, 2026. This is a standard underwritten public offering structure for preferred stock issuances by large financial institutions.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 13, 2026 · How we verify