Morgan Stanley (NYSE: MS) adds 6.50% Series P depositary shares

Rhea-AI Filing Summary

Morgan Stanley filed a prospectus addendum for offers of depositary shares, each representing 1/1,000th of a share of 6.500% Non‑Cumulative Preferred Stock, Series P. The addendum relies on the prospectus dated April 8, 2026, which supersedes the prior prospectus dated November 16, 2020. Morgan Stanley & Co. LLC and affiliates may use the addendum for market‑making transactions.

Key Figures

Dividend rate: 6.500% Depositary share ratio: 1/1,000th of a share Prospectus date: April 8, 2026 +1 more

4 metrics

Dividend rate 6.500% Series P non‑cumulative preferred stock

Depositary share ratio 1/1,000th of a share each depositary share represents this fraction of a Series P share

Prospectus date April 8, 2026 accompanying prospectus that the addendum references

Superseded prospectus date November 16, 2020 prior prospectus superseded by April 8, 2026 prospectus

Key Terms

depositary shares, non-cumulative preferred stock, prospectus addendum, market-making transactions

4 terms

depositary shares financial

"DEPOSITARY SHARES EACH REPRESENTING 1/1,000TH OF A SHARE"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

non-cumulative preferred stock financial

"6.500% NON-CUMULATIVE PREFERRED STOCK, SERIES P"

Preferred stock that pays a fixed dividend but does not require the company to make up missed payments later; if a dividend is skipped, shareholders lose that income permanently rather than accumulating a balance the company must repay. Investors care because this structure offers higher priority than common shares for payouts but less protection for dividend income, so it’s a trade-off between steady yield and the risk of permanent missed payments.

prospectus addendum regulatory

"Prospectus Addendum to the Prospectus dated April 8, 2026"

market-making transactions market

"will, and other affiliates of Morgan Stanley may, use this prospectus addendum in connection with offers and sales"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/08/2026 - 11:51 AM Learn about SEC filing dates

FAQ

What does Morgan Stanley's prospectus addendum cover (MS)?

It covers depositary shares tied to Series P preferred stock. The addendum describes depositary shares representing 1/1,000th of a share of 6.500% Non‑Cumulative Preferred Stock, Series P and references the prospectus dated April 8, 2026.

How large is each depositary share in Morgan Stanley's offering (MS)?

Each depositary share represents 1/1,000th of a preferred share. The addendum states the securities are depositary shares, each equal to 1/1,000th of a share of the Series P preferred stock described in the April 8, 2026 prospectus.

What is the dividend rate for Series P in Morgan Stanley's addendum (MS)?

The stated dividend rate is 6.500%. The prospectus addendum identifies the underlying security as 6.500% Non‑Cumulative Preferred Stock, Series P, as described in the accompanying prospectus dated April 8, 2026.

Does the addendum replace an earlier prospectus for Morgan Stanley (MS)?

Yes. The April 8, 2026 prospectus supersedes the November 16, 2020 prospectus. The addendum instructs readers to treat references to the November 16, 2020 prospectus as references to the April 8, 2026 prospectus instead.

Who may sell these depositary shares under the addendum (MS)?

Morgan Stanley & Co. LLC and affiliates may use the addendum for market‑making sales. The addendum states Morgan Stanley & Co. LLC will, and other Morgan Stanley affiliates may, use it in connection with offers and sales in market‑making transactions.

Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-293641

Prospectus Addendum to 

the Prospectus dated April 8, 2026

DEPOSITARY SHARES
EACH REPRESENTING 1/1,000^TH OF A SHARE OF
6.500% NON-CUMULATIVE PREFERRED STOCK, SERIES P

You should read the accompanying prospectus supplement, which gives the specific terms of the offered depositary shares, together with the accompanying prospectus dated April 8, 2026 of Morgan Stanley. When you read the prospectus supplement with the specific terms of the offered depositary shares, please note that all references in the prospectus supplement to the prospectus dated November 16, 2020, or to any sections of that document, should refer instead to the accompanying prospectus dated April 8, 2026, or to the corresponding section of the accompanying prospectus.

The accompanying prospectus dated April 8, 2026 supersedes the prospectus dated November 16, 2020.

Morgan Stanley & Co. LLC will, and other affiliates of Morgan Stanley may, use this prospectus addendum in connection with offers and sales of the depositary shares in market-making transactions.

The depositary shares are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.

MORGAN STANLEY

April 8, 2026