Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

12 Months Ended

Dec. 31, 2025

EBP 002

EBP, Schedule of Asset Held for Investment [Line Items]

Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

THE NORTHERN TRUST COMPANY

THRIFT-INCENTIVE PLAN

Form 5500, Schedule H, line 4i - Schedule of Assets (Held at End of Year)

As of December 31, 2025

Employer Identification Number: 36-1561860; Plan Number: 002

Par value of shares	Identity of Issue, Borrower, Lessor, or Similar Party (b) and Description of Investment (c)		Cost (d)		Current Value (e)
	Northern Trust common stock funds:
1,982,966		Northern Trust Corporation*	$	95,119,294	$	270,853,326
	Collective Trust Funds:
6,363,731		Allspring Core Plus Bond CIT D1	$	64,337,129	$	67,813,188
5,522,908		BlackRock LifePath® Index 2030 Fund	83,058,128		100,820,695
6,146,667		BlackRock LifePath® Index 2035 Fund	97,584,756		121,999,044
5,244,509		BlackRock LifePath® Index 2040 Fund	86,512,723		112,256,622
6,080,411		BlackRock LifePath® Index 2045 Fund	103,468,464		139,021,305
5,034,610		BlackRock LifePath® Index 2050 Fund	86,919,475		120,400,192
3,222,952		BlackRock LifePath® Index 2055 Fund	56,246,660		78,367,367
2,187,641		BlackRock LifePath® Index 2060 Fund	38,282,641		53,231,206
1,105,587		BlackRock LifePath® Index 2065 Fund	17,224,755		22,096,261
127,004		BlackRock LifePath® Index 2070 Fund	1,459,990		1,532,094
5,325,663		BlackRock LifePath® Index Retirement Fund	75,415,526		84,804,801
987,019		Jennison U.S. Small/Mid Cap Equity Fund	97,576,839		113,605,896
4,154,161		MFS International Equity Fund Class 3	69,003,008		94,382,542
22,474,642		Northern Collective Short Term Investment Fund*	22,474,642		22,474,642
1,177,165		Northern Trust Collective Aggregate Bond Index Fund*	125,198,810		135,350,474
1,017,704		Northern Trust Collective All Country World ex-US Investable Market Index Fund*	159,737,884		257,601,252
612,432		Northern Trust Collective Russell 2000 Index Fund*	76,110,533		112,528,202
833,144		Northern Trust Collective S&P 400 Index Fund*	104,929,509		172,877,285
3,324,485		Northern Trust Collective S&P 500 Index Fund*	438,749,966		1,056,355,076
391,556		Northern Trust Treasury-Inflation Protected Securities Fund*	46,225,383		49,872,430
2,755,540		T. Rowe Price Institutional U.S. Structured Research Fund	236,148,006		275,553,938
		Total Collective Trust Funds	$	2,086,664,827	$	3,192,944,512

THE NORTHERN TRUST COMPANY

THRIFT-INCENTIVE PLAN

Form 5500, Schedule H, line 4i - Schedule of Assets (Held at End of Year)

As of December 31, 2025

Employer Identification Number: 36-1561860; Plan Number: 002

Par value of shares	Identity of Issue, Borrower, Lessor, or Similar Party (b) and Description of Investment (c)			Cost (d)		Current Value (e)
	Mutual Funds:
1,972,028		DFA Emerging Markets Core Equity Portfolio		$	44,016,388	$	57,346,587
2,549,224		PIMCO All Asset Fund		29,435,073		29,112,132
1,540,031		PIMCO International Bond Fund		15,644,417		15,292,512
			Total Mutual Funds	$	89,095,878	$	101,751,231
	Stable Value Portfolio:
28,281,941		Metropolitan Tower Life Insurance		$	28,281,941	$	27,521,129
28,756,696		Nationwide Life Insurance Company		28,756,696		27,982,018
28,627,923		Prudential Insurance Company		28,627,923		27,874,567
28,757,628		RGA Reinsurance Company		28,757,628		27,985,846
28,338,907		Transamerica Premier Life Insurance Company		28,338,907		27,506,956
28,664,421		Voya Retirement Insurance		28,664,421		27,836,307
		Total Stable Value Portfolio		$	171,427,516	$	166,706,823
	Participant Loans*
	(Interest rates ranging from 4.25% to 9.50% with varying maturity dates up to March 2041)			$	—	$	28,087,906
				$	2,442,307,515	$	3,760,343,798

* Indicates a party-in-interest asset held by the Plan.