🟢 New in Current Filing Accounting Development Updates 🔒

🟢 New in Current Filing Average Common Equity Attribution under the Required Capital Framework1 🔒

🟢 New in Current Filing Proposed Changes to Capital Requirements 🔒

🟢 New in Current Filing Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio 🔒

🟢 New in Current Filing Supervisory Stress Testing 🔒

🟢 New in Current Filing Investments 🔒

🟢 New in Current Filing 6. Derivative Instruments and Hedging Activities 🔒

🟢 New in Current Filing Fair Values of Derivative Contracts 🔒

🟢 New in Current Filing Amounts not offset1 🔒

🟢 New in Current Filing Liabilities at December 31, 2025 🔒

🟢 New in Current Filing Rates for Borrowings with Original Maturities Greater than One Year 🔒

🟢 New in Current Filing Types of Guarantees 🔒

🟢 New in Current Filing Regulatory Capital Requirements 🔒

🟢 New in Current Filing Resolution and Recovery Planning 🔒

🟡 Modified We may be unable to fully capture the expected value from acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances, and certain acquisitions may subject our business to new or increased risk. 🔒

🟡 Modified Our ability to retain and attract qualified employees is critical to the success of our business and the failure to do so may materially adversely affect our performance. 🔒

🟡 Modified Legal, Regulatory and Compliance Risk 🔒

🟢 New in Current Filing Capital ratios9 🔒

🟢 New in Current Filing Income Statement Information 🔒

🟢 New in Current Filing Loans and Lending Commitments 🔒

🟢 New in Current Filing Institutional Securities Loans and Lending Commitments1 🔒

🟢 New in Current Filing Top 10 Non-U.S. Country Exposures 🔒

🟢 New in Current Filing Net Investment Hedges 🔒

🟢 New in Current Filing Deferred Cash-Based Compensation 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Fund Interests 🔒

🟢 New in Current Filing Offsetting of Certain Collateralized Transactions 🔒

🟢 New in Current Filing Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts 🔒

🟢 New in Current Filing December 31, 2025 🔒

🟢 New in Current Filing At December 31, 2025Securities-based lending1Other2$ in millionsIGNIGTotalRevolving$97,840 $639 $1,615 $100,094 20252,437 199 808 3,444 20241,132 690 180 2,002 2023655 126 981 1,762 2022132 170 1,260 1,562 2021— 17 400 417 Prior245 996 2,462 3,703 Total$102,441 $2,837 $7,706 $112,984 🔒

🟢 New in Current Filing Maturities and Terms of Borrowings 🔒

🟢 New in Current Filing Types of Commitments 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Non-consolidated VIEs 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Accumulated Other Comprehensive Income (Loss) Rollforward 🔒

🟢 New in Current Filing Ending Balance 🔒

🟢 New in Current Filing Non-U.S. Defined Contribution Pension Plans 🔒

🟢 New in Current Filing Reconciliation of U.S. Federal Statutory Income Tax to Effective Income Tax 🔒

🟢 New in Current Filing Income Taxes Paid, Net of Refunds 🔒

🟢 New in Current Filing Selected Financial Information by Business Segment 🔒

🟢 New in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🟢 New in Current Filing Equity Compensation Plan Information 🔒

🔴 No Match in Current Filing We may be responsible for representations and warranties associated with commercial and residential real estate loans and may incur losses in excess of our reserves. 🔒

🔴 No Match in Current Filing Economic and Market Conditions 🔒

🟡 Modified Legal, Regulatory and Compliance Risk 🔒

🟡 Modified A failure to address conflicts of interest appropriately could adversely affect our businesses and reputation. 🔒

🟡 Modified Climate-related risks could result in increased costs and adversely affect our operations, businesses and clients. 🔒

🟡 Modified Risk management and strategy 🔒

🟢 New in Current Filing Tangible common equity—non-GAAP 🔒

🟢 New in Current Filing Business Segments 🔒

🟢 New in Current Filing 2025$ in millionsTradingFees1NetInterest2All Other3TotalFinancing$9,714 $635 $(2,543)$4 $7,810 Execution services4,790 2,992 (396)435 7,821 Total Equity$14,504 $3,627 $(2,939)$439 $15,631 Total Fixed Income$7,440 $428 $494 $354 $8,716 🔒

🟢 New in Current Filing Total Fixed Income 🔒

🟢 New in Current Filing Transactional Revenues 🔒

🟢 New in Current Filing Morgan Stanley 🔒

🟢 New in Current Filing Critical Accounting Estimates 🔒

🟢 New in Current Filing Leverage-based capital 🔒

🟢 New in Current Filing Non-Trading Risks 🔒

🟢 New in Current Filing Status of Loans Held for Investment 🔒

🟢 New in Current Filing ACL—Lending commitments 🔒

🟢 New in Current Filing Employee Loans 🔒

🟢 New in Current Filing Revenue Recognition 🔒

🟢 New in Current Filing HTM Securities 🔒

🟢 New in Current Filing 40% to 40% (40% / 40%) 🔒

🟢 New in Current Filing Term Extension 🔒

🟢 New in Current Filing Total ending balance 🔒

🟢 New in Current Filing Tax Equity Investments 🔒

🟢 New in Current Filing Lease Liabilities 🔒

🟢 New in Current Filing Transferred Assets with Continuing Involvement 🔒

🟢 New in Current Filing Interests purchased in the secondary market3 🔒

🟢 New in Current Filing Leverage-based capital 🔒

🟢 New in Current Filing OCI Activity 🔒

🟢 New in Current Filing Ending balance1 🔒

🟢 New in Current Filing Fair value of plan assets 🔒

🟢 New in Current Filing Components of Provision for Income Taxes 🔒

🟢 New in Current Filing Cross-border taxes 🔒

🟢 New in Current Filing Effective tax 🔒

🟢 New in Current Filing Total Assets by Region 🔒

🟢 New in Current Filing December 31, 2020 – December 31, 2025 🔒

🔴 No Match in Current Filing Non-Interest Expenses 🔒

🔴 No Match in Current Filing Asset Management 🔒

🔴 No Match in Current Filing Lending commitments3 🔒

🔴 No Match in Current Filing Institutional Securities Event-Driven Loans and Lending Commitments 🔒

🔴 No Match in Current Filing Country Risk 🔒

🔴 No Match in Current Filing Investment Banking 🔒

🔴 No Match in Current Filing Cash Flow Hedges—Interest Rate Risk 🔒

🔴 No Match in Current Filing Reference Rate Reform 🔒

🔴 No Match in Current Filing Assets and Liabilities Measured at Fair Value on a Recurring Basis 🔒

🔴 No Match in Current Filing Fair Values of Derivative Contracts 🔒

🔴 No Match in Current Filing Amounts not offset1 🔒

🔴 No Match in Current Filing Liabilities at December 31, 2024 🔒

🔴 No Match in Current Filing Multiple Modifications - Term Extension and Interest Rate Reduction 🔒

🔴 No Match in Current Filing Types of Guarantees 🔒

🔴 No Match in Current Filing U.K. Government Bond Matter 🔒

🔴 No Match in Current Filing Non-U.S. Defined Contribution Pension Plans 🔒

🔴 No Match in Current Filing Components of Provision for Income Taxes 🔒

🔴 No Match in Current Filing Trading Revenues by Product Type 🔒

🔴 No Match in Current Filing 2024 versus 2023 🔒

🟡 Modified The financial services industry is subject to extensive regulation, and changes in regulation will impact our business. 🔒

🟡 Modified Antitrust Related Matters 🔒

🟡 Modified Our risk management strategies, models and processes may not be fully effective in mitigating our risk exposures in all market environments or against all types of risk, which could result in unexpected losses. 🔒

🟡 Modified Net Income Applicable to Morgan Stanley by Segment1 🔒

🟡 Modified Pre-tax margin by segment4 🔒

🟡 Modified Country Risk 🔒

🟡 Modified At December 31, 2025 Counterparty Credit Rating1 $ in millionsAAAAAABBBNIGTotalLess than 1 year$969 $12,406 $41,750 $19,551 $10,930 $85,606 1-3 years485 5,978 16,718 9,879 7,556 40,616 3-5 years676 6,324 9,408 7,288 3,223 26,919 Over 5 years3,124 23,497 52,600 28,599 7,471 115,291 Total, gross$5,254 $48,205 $120,476 $65,317 $29,180 $268,432 Counterparty netting(3,041)(39,093)(90,919)(46,335)(16,243)(195,631)Cash and securities collateral(2,114)(7,346)(25,473)(13,043)(5,669)(53,645)Total, net$99 $1,766 $4,084 $5,939 $7,268 $19,156 🔒

🟡 Modified 2025 Compared with 2024 🔒

🟡 Modified Contingencies 🔒

🟡 Modified Fair Value Hedges—Interest Rate Risk 🔒

🟡 Modified Firm Resilience 🔒

🔴 No Match in Current Filing Average tangible common equity1 🔒

🔴 No Match in Current Filing Investments 🔒

🔴 No Match in Current Filing Provision for Credit Losses 🔒

🔴 No Match in Current Filing Income Statement Information 🔒

🔴 No Match in Current Filing Morgan Stanley 🔒

🔴 No Match in Current Filing Critical Accounting Estimates 🔒

🔴 No Match in Current Filing Average Common Equity Attribution under the Required Capital Framework1 🔒

🔴 No Match in Current Filing Daily Net Trading Revenues for 2024 🔒

🔴 No Match in Current Filing commitments 🔒

🔴 No Match in Current Filing Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type 🔒

🔴 No Match in Current Filing At December 31, 2024 Counterparty Credit Rating1 $ in millionsAAAAAABBBNIGTotalLess than 1 year$1,711 $17,625 $50,643 $22,643 $9,793 $102,415 1-3 years541 6,249 19,068 10,248 6,095 42,201 3-5 years973 7,308 9,821 5,631 3,750 27,483 Over 5 years3,330 25,406 49,469 28,206 6,398 112,809 Total, gross$6,555 $56,588 $129,001 $66,728 $26,036 $284,908 Counterparty netting(3,320)(44,604)(98,598)(47,132)(14,691)(208,345)Cash and securities collateral(2,559)(10,632)(25,568)(13,729)(5,558)(58,046)Total, net$676 $1,352 $4,835 $5,867 $5,787 $18,517 🔒

🔴 No Match in Current Filing Presentation Changes in 2024 🔒

🔴 No Match in Current Filing Loans Held for Investment 🔒

🔴 No Match in Current Filing Investments 🔒

🔴 No Match in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🔴 No Match in Current Filing December 31, 2024 🔒

🔴 No Match in Current Filing At December 31, 2024Securities-based lending1Other2$ in millionsIGNIGTotalRevolving$76,432 $6,342 $1,551 $84,325 20241,291 719 453 2,463 2023949 424 685 2,058 2022449 472 1,053 1,974 2021100 14 538 652 202039 219 497 755 Prior231 1,211 2,350 3,792 Total$79,491 $9,401 $7,127 $96,019 🔒

🔴 No Match in Current Filing Total ending balance 🔒

🔴 No Match in Current Filing December 31, 2024 🔒

🔴 No Match in Current Filing Maturities and Terms of Borrowings 🔒

🔴 No Match in Current Filing December 31, 2024 🔒

🔴 No Match in Current Filing Maximum exposure to loss3 🔒

🔴 No Match in Current Filing Investment Securities 🔒

🔴 No Match in Current Filing Assets Sold with Retained Exposure 🔒

🔴 No Match in Current Filing Risk-Weighted Assets 🔒

🔴 No Match in Current Filing Accumulated Other Comprehensive Income (Loss)1 🔒

🔴 No Match in Current Filing Components of Period Changes in OCI 🔒

🔴 No Match in Current Filing Table of Contents Notes to Consolidated Financial Statements 🔒

🔴 No Match in Current Filing Monte Carlo Simulation Assumptions 🔒

🔴 No Match in Current Filing Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate 🔒

🔴 No Match in Current Filing Total Assets by Region 🔒

🟡 Modified Economic and Market Conditions 🔒

🟡 Modified Climate Risk 🔒

🟡 Modified Net Interest 🔒

🟡 Modified Valuation Techniques 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Single Modifications 🔒

🟡 Modified Investments 🔒

🟡 Modified Resolution and Recovery Planning 🔒

🟡 Modified Deferred Tax Assets and Liabilities 🔒

🟡 Modified Liquidity Risk 🔒

🟡 Modified Three Months Ended December 31, 2025 🔒

🟡 Modified Non-Interest Expenses 🔒

🟡 Modified Asset Management 🔒

🟡 Modified Fair Value of Plan Assets 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Net Interest 🔒

🟡 Modified Non-Interest Expenses 🔒

🟡 Modified Trading Revenues by Product Type 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Non-Interest Expenses 🔒

🟡 Modified Rollforward of Level 3 Plan Assets 🔒

🟡 Modified Assets Sold with Retained Exposure 🔒

🟡 Modified Credit Protection Purchased through Credit-Linked Notes 🔒

🟡 Modified U.K. Government Bond Matter 🔒

🟡 Modified Average Balances and Interest Rates and Net Interest Income 🔒

🟡 Modified 66 to 113 bps (82 bps) 🔒

🟡 Modified European Matters 🔒

🟡 Modified Cash and Cash Equivalents 🔒

🟡 Modified Assets and Liabilities Measured at Fair Value on a Recurring Basis 🔒

🟡 Modified Rollforward of Unrecognized Tax Benefits 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Total ending balance 🔒

🟡 Modified Cybersecurity 🔒

🟡 Modified 2025 versus 2024 🔒

🟡 Modified Borrowings Measured at Fair Value on a Recurring Basis 🔒

🟡 Modified Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts 🔒

🟡 Modified 18. Interest Income and Interest Expense 🔒

🟡 Modified Capital Buffer Requirements 🔒

🟡 Modified Improvements to Income Tax Disclosures 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified Goodwill and Intangible Assets 🔒

🟡 Modified Margin Loans and Other Lending 🔒

🟡 Modified Forecasted U.S. Real GDP Growth Rates in Base Scenario 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Other Secured Financings 🔒

🟡 Modified Common Shares Outstanding for Basic and Diluted EPS 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Cumulative Foreign Currency Translation Adjustments 🔒

🟡 Modified Net Revenues by Region1 🔒

🟡 Modified Loans at Fair Value 🔒

🟡 Modified Leverage-based capital ratio 🔒

🟡 Modified Institutional Securities Loans and Lending Commitments Held for Investment 🔒

🟡 Modified Receivables from Contracts with Customers 🔒

🟡 Modified Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers 🔒

🟡 Modified At December 31, 2025Residential Real Estateby FICO Scoresby LTV RatioTotal$ in millions≥ 740680-739≤ 679≤ 80%> 80%Revolving$172 $40 $7 $219 $— $219 20259,096 1,666 189 9,900 1,051 10,951 20247,825 1,480 184 8,571 918 9,489 20236,099 1,315 187 6,788 813 7,601 20229,613 2,138 355 11,159 947 12,106 20219,906 2,086 204 11,361 835 12,196 Prior15,637 3,755 449 18,583 1,258 19,841 Total$58,348 $12,480 $1,575 $66,581 $5,822 $72,403 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Fair Value Measurement—Definition and Hierarchy 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Form 10-K Summary 🔒

🟡 Modified Documents filed as part of this report 🔒

🟡 Modified Total Fixed Income 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Restricted Stock Units 🔒

🟡 Modified December 31, 2025 🔒

🔴 No Match in Current Filing At December 31, 🔒

🔴 No Match in Current Filing Basel III Endgame and G-SIB Surcharge Proposals 🔒

🔴 No Match in Current Filing Institutional Securities Loans and Lending Commitments by Industry 🔒

🔴 No Match in Current Filing Collateral Held Against Net Counterparty Exposure1 🔒

🔴 No Match in Current Filing AtDecember 31,2024 🔒

🔴 No Match in Current Filing Retirement-Eligible Employee Compensation 🔒

🔴 No Match in Current Filing 27 to 98 points (67 points) 🔒

🔴 No Match in Current Filing -52% to 24% (-12%) 🔒

🔴 No Match in Current Filing Fund Interests 🔒

🔴 No Match in Current Filing Year Ended December 31, 2022 🔒

🔴 No Match in Current Filing Intangible Assets Estimated Future Amortization Expense 🔒

🔴 No Match in Current Filing Lease Liabilities 🔒

🔴 No Match in Current Filing Interests purchased in the secondary market3 🔒

🔴 No Match in Current Filing Change in fair value of cash flow hedge derivatives 🔒

🔴 No Match in Current Filing RSUs at end of period1 🔒

🔴 No Match in Current Filing Unvested RSU Activity 🔒

🔴 No Match in Current Filing Unvested RSUs at end of period1 🔒

🔴 No Match in Current Filing Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) 🔒

🔴 No Match in Current Filing Receivables from Contracts with Customers 🔒

🔴 No Match in Current Filing December 31, 2019 – December 31, 2024 🔒

🔴 No Match in Current Filing Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 🔒

🟡 Modified Investment Securities 🔒

🟡 Modified The financial services industry faces substantial litigation and is subject to extensive regulatory and law enforcement investigations, and we may face damage to our reputation and legal liability. 🔒

🟡 Modified Offsetting of Derivative Instruments 🔒

🟡 Modified Regulatory Capital Requirements 🔒

🟡 Modified Maturities and Terms of Other Secured Financings1 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Credit Evaluation 🔒

🟡 Modified Investment Banking 🔒

🟡 Modified Other Guarantees and Indemnities 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Average Fee Rates1 🔒

🟡 Modified Other Regulated Subsidiaries 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified Cash Flow Hedges—Interest Rate Risk 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Mine Safety Disclosures 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Other Secured Financings 🔒

🟡 Modified Investment Securities by Contractual Maturity 🔒

🟡 Modified commitments 🔒

🟡 Modified Loans by Type 🔒

🟡 Modified Cash flow hedges—Interest rate contracts1 🔒

🟡 Modified Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis 🔒

🟡 Modified Assets Under Management or Supervision Rollforwards 🔒

🟡 Modified Daily Net Trading Revenues for 2025 🔒

🟡 Modified Selected Non-GAAP Financial Information 🔒

🟡 Modified AFS Investment Securities 🔒

🟡 Modified Gains (Losses) on Accounting Hedges 🔒

🟡 Modified Risk-Weighted Assets 🔒

🟡 Modified Average Fee Rates1 🔒

🟡 Modified Unsecured Financing 🔒

🟡 Modified Hedge Accounting 🔒

🟡 Modified Intangible Assets Estimated Future Amortization Expense 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Consolidation 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) 🔒

🟡 Modified Wealth Management Loans and Lending Commitments 🔒

🟡 Modified Average tangible common equity1 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Directors, Executive Officers and Corporate Governance 🔒

🟡 Modified CET1 capital 🔒

🟡 Modified U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios 🔒

🟡 Modified Period-end loans held for investment modified during the following periods1 🔒

🟡 Modified Financial Instruments Not Measured at Fair Value 🔒

🟡 Modified State and Municipal Securities 🔒

🟡 Modified Asset Management 🔒

🟡 Modified Loan Modifications to Borrowers Experiencing Financial Difficulty 🔒

🟡 Modified Lending commitments3 🔒

🟡 Modified Other Secured Financings 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified 22. Segment, Geographic and Revenue Information 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Share Repurchases 🔒

🟡 Modified 0 to 98 points (66 points) 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Single Modifications 🔒

🟡 Modified Amounts not offset1 🔒

🟡 Modified Loans by Interest Rate Type 🔒

🟡 Modified Institutional Securities—Other Net Revenues 🔒

🟡 Modified Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets 🔒

🟡 Modified Performance-Based Stock Units 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Assets and Liabilities Measured at Fair Value on a Non-recurring Basis 🔒

🟡 Modified Net Periodic Benefit Expense (Income) 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Equity-Linked Notes 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Employee Loans 🔒

🟡 Modified Provision for Credit Losses 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type 🔒

🟡 Modified Gross Secured Financing Balances by Class of Collateral Pledged 🔒

🟡 Modified 3. Cash and Cash Equivalents 🔒

🟡 Modified Year Ended December 31, 2025 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Average AUM 🔒

🟡 Modified Income Statement Information 🔒

🟡 Modified Regulatory Capital 🔒

🟡 Modified Non-GAAP Financial Measures by Business Segment 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Interest earning assets 🔒

🟡 Modified Vested and Unvested RSU Activity 🔒

🟡 Modified Liquidity Coverage Ratio 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified MSBNA’s Regulatory Capital 🔒

🟡 Modified Net Charge-off Ratios for Loans Held for Investment 🔒

🟡 Modified Amounts Recognized in Compensation Expense by Segment 🔒

🟡 Modified Loans Held for Investment before Allowance by Credit Quality and Origination Year 🔒

🟡 Modified Income Statement Information 🔒

🟡 Modified Risk-based capital 🔒

🟡 Modified Fair Value of PSU Awards 🔒

🟡 Modified Expected Future Benefit Payments 🔒

🟡 Modified Time Deposit Maturities 🔒

🟡 Modified Commitments 🔒

🟡 Modified Leverage-based capital 🔒

🟡 Modified Risk-based capital 🔒

🟡 Modified Effect of Volume and Rate Changes on Net Interest Income 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified We are a holding company and depend on payments from our subsidiaries. 🔒

🟡 Modified 95%/One-Day Management VaR 🔒

🟡 Modified Distribution of VaR Statistics and Net Revenues 🔒

🟡 Modified Fair Value of Financial Instruments 🔒

🟡 Modified Wealth Management Net Interest Income Sensitivity Analysis 🔒

🟡 Modified Earliest Tax Year Subject to Examination in Major Jurisdictions 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Liquidity Coverage Ratio and Net Stable Funding Ratio 🔒

🟡 Modified Introduction 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Investment Banking 🔒

🟡 Modified Retirement-Eligible Employee Compensation 🔒

🟡 Modified Capital Plans, Stress Tests and the Stress Capital Buffer 🔒

🟡 Modified Loans Held for Investment 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Valuation of Level 3 Financial Assets and Certain Level 3 Financial Liabilities Carried at Fair Value on a Recurring Basis and Level 3 Loans Held for Sale — Refer to Note 4 to the financial statements 🔒

🟡 Modified Net Revenues from Liabilities under the Fair Value Option 🔒

🟡 Modified Corporate and Other Debt 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Accumulated Benefit Obligation 🔒

🟡 Modified Cash Flows Statement Supplemental Information 🔒

🟡 Modified Fair Value of Collateral Received with Right to Sell or Repledge 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Lending commitments3 🔒

🟡 Modified Fee-Based Client Assets Rollforwards 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified U.S. Bank Subsidiaries 🔒

🟡 Modified Operational Risk 🔒

🟡 Modified Common Stock Repurchases 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Other Expenses—Transaction Taxes 🔒

🟡 Modified Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis 🔒

🟡 Modified Performance-based Income and Other 🔒

🟡 Modified Parent Company and U.S. Bank Subsidiaries Issuer Ratings at February 13, 2026 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Tax Equity Investments under the Proportional Amortization Method 🔒

🟡 Modified ACL—Lending commitments 🔒

🟡 Modified Projected Future Compensation Obligation1 🔒

🟡 Modified Maximum Potential Payout/Notional of Credit Protection Sold1 🔒

🟡 Modified Rollforward of Pre-tax AOCI 🔒

🟡 Modified Unrecognized Compensation Cost Related to Stock-Based Awards Granted 🔒

🟡 Modified Consolidated VIE Assets and Liabilities by Type of Activity 🔒

🟡 Modified Balance Sheet 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Securities Segregated for Regulatory Purposes 🔒

🟡 Modified Fair Value Loans on Nonaccrual Status 🔒

🟡 Modified Deferred Cash-Based Compensation Expense 🔒

🟡 Modified Unsettled Fair Value of Futures Contracts1 🔒

🟡 Modified Maximum exposure to loss3 🔒

🟡 Modified Institutional Securities Loans and Lending Commitments by Industry 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Amounts Recognized in Compensation Expense 🔒

🟡 Modified Parent Company’s Borrowings with Original Maturities Greater than One Year 🔒

🟡 Modified Wealth Management Metrics 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method 🔒

🟡 Modified AFS and HTM Securities 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Difference between Contractual Principal and Fair Value1 🔒

🟡 Modified Past Due Loans Held for Investment before Allowance1 🔒

🟡 Modified Provision for Credit Losses by Business Segment 🔒

🟡 Modified Year Ended December 31, 2025 🔒

🟡 Modified Earnings applicable to Morgan Stanley common shareholders 🔒

🟡 Modified Fair Value Hedges—Hedged Items 🔒

🟡 Modified Lease Costs 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Customer Margin and Other Lending 🔒

🟡 Modified December 31, 🔒

🟡 Modified Investments Sensitivity, Including Related Carried Interest 🔒

🟡 Modified Risk-Based Regulatory Capital Ratio Requirements 🔒

🟡 Modified Liquidity Resources by Type of Investment 🔒

🟡 Modified Investments Revenues—Carried Interest 🔒

🟡 Modified Required ratios3 🔒

🟡 Modified Year Ended December 31, 2025 🔒

🟡 Modified Uninsured Non-U.S. Time Deposit Maturities 🔒

🟡 Modified Restrictions on Payments 🔒

🟡 Modified Nonaccrual and ACL Charge-offs on AFS Securities 🔒

🟡 Modified Goodwill Rollforward 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Balance Sheet Amounts Related to Leases 🔒

🟡 Modified Net Derivative Liabilities and Collateral Posted 🔒

🟡 Modified Required ratios1 🔒

🟡 Modified Maximum exposure to loss3 🔒

🟡 Modified Nonaccrual Loans Held for Investment before Allowance1 🔒

🟡 Modified Table of Contents Consolidated Statement of Changes in Total Equity 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Concentration Based on the Firm’s Total Assets 🔒

🟡 Modified Parent Company Only—Condensed Cash Flow Statement 🔒

🟡 Modified Intangible Assets by Type 🔒

🟡 Modified Weighted Average Assumptions Used to Determine Projected Benefit Obligation 🔒

🟡 Modified Gains (Losses) Due to Changes in Instrument-Specific Credit Risk 🔒

🟡 Modified Detail of Investment Banking Revenues 🔒

🟡 Modified Stock-Based Compensation Expense 🔒

🟡 Modified 8. Collateralized Transactions 🔒

🟡 Modified Gross Secured Financing Balances by Remaining Contractual Maturity 🔒

🟡 Modified Borrowings with Original Maturities Greater than One Year 🔒

🟡 Modified Investment Banking Revenues 🔒

🟡 Modified (Edward Pick) 🔒

🟡 Modified By Property Type 🔒

🟡 Modified Fixed Income 🔒

🟡 Modified MS&Co. Regulatory Capital 🔒

🟡 Modified Intangible Assets Rollforward 🔒

🟡 Modified Investments - Tax Credit Structures 🔒

🟡 Modified Liquidity Resources by Non-Bank and Bank Legal Entities 🔒

🟡 Modified Net Stable Funding Ratio 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Wealth Management Allowance for Credit Losses—Loans and Lending Commitments 🔒

🟡 Modified Stock-Based Compensation 🔒

🟡 Modified Maturities of Transfers of Assets Accounted for as Secured Financings1 🔒

🟡 Modified Total Assets by Business Segment 🔒

🟡 Modified Stock-Based Compensation Plans 🔒

🟡 Modified Income Taxes 🔒

🟡 Modified MSPBNA’s Regulatory Capital 🔒

🟡 Modified AFS Securities in an Unrealized Loss Position 🔒

🟡 Modified Projected Future Compensation Expense1 🔒

🟡 Modified Equity Method Investments 🔒

🟡 Modified Rollforward of the Projected Benefit Obligation and Fair Value of Plan Assets 🔒

🟡 Modified Allowance for Credit Losses—Loans and Lending Commitments 🔒

🟡 Modified Parent Company Only—Condensed Balance Sheet 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Gross Charge-offs by Origination Year 🔒

🟡 Modified Selected Financial Information and Other Statistical Data 🔒

🟡 Modified Total equity 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Consolidated Results—Full Year Ended December 31, 2025 🔒

🟡 Modified Detail of Loans and Lending Commitments at Fair Value 🔒

🟡 Modified Other Net Revenues 🔒

🟡 Modified Revenues Recognized from Prior Services 🔒

🟡 Modified Fair Value Asset (Liability) of Credit Protection Sold1 🔒

🟡 Modified Detail of Mortgage- and Asset-Backed Securitization Assets 🔒

🟡 Modified Interests purchased in the secondary market3 🔒

🟡 Modified Issuer Purchases of Equity Securities 🔒

🟡 Modified 12. Deposits 🔒

🟡 Modified Valuation Techniques and Unobservable Inputs 🔒

🟡 Modified Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments 🔒

🟡 Modified Parent Company Only—Condensed Income Statement and Comprehensive Income Statement 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified RWA Rollforward 🔒

🟡 Modified December 31, 2025 🔒

🟡 Modified Net Revenues by Region 🔒

🟡 Modified Institutional Securities Commercial Real Estate Loans and Lending Commitments 🔒

🟡 Modified Accrued Interest 🔒

🟡 Modified Interests purchased in the secondary market3 🔒

🟡 Modified Consolidated VIE Assets and Liabilities by Balance Sheet Caption 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified U.S. Bank Subsidiaries’ Supplemental Financial Information1 🔒

🟡 Modified Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments 🔒

🟡 Modified Assets by Business Segment 🔒

🟡 Modified Asset Management Revenues 🔒

🟡 Modified Guarantees under Subsidiary Lease Obligations 🔒

🟡 Modified A default by a large financial institution or financial services firm could adversely affect financial markets. 🔒

🟡 Modified Investment Banking Volumes 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Expected Contributions 🔒

🟡 Modified Protection Purchased with CDS 🔒

🟡 Modified Liquidity Stress Tests 🔒

🟡 Modified 1. Introduction and Basis of Presentation 🔒

🟡 Modified Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade 🔒

🟡 Modified Tax Benefit Related to Stock-Based Compensation Expense 🔒

🟡 Modified Gains (Losses) on Economic Hedges of Loans 🔒

🟡 Modified Gross Realized Gains (Losses) on Sales of AFS Securities 🔒

🟡 Modified Total assets 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified (Megan Butler) 🔒

🟡 Modified Collateralized Financing Transactions 🔒

🟡 Modified Net New Assets (NNA) 🔒

🟡 Modified Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures 🔒

🟡 Modified Premises, Equipment and Capitalized Software Costs 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Credit Quality 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Nonredeemable Funds by Contractual Maturity 🔒

🟡 Modified Table of Contents Notes to Consolidated Financial Statements 🔒

🟡 Modified Borrowings by Maturity at December 31, 20251 🔒

🟡 Modified Fair Value of RSU Activity1 🔒

🟡 Modified Workplace Channel1 🔒

🟡 Modified Senior Debt Subject to Put Options or Liquidity Obligations 🔒

🟡 Modified Loans Held for Sale 🔒

🟡 Modified Gains (Losses) from Nonrecurring Fair Value Remeasurements1 🔒