Morgan Stanley offers Series N depositary shares

Morgan Stanley files a prospectus addendum to offer depositary shares tied to Series N preferred stock.

Rhea-AI Filing Summary

Morgan Stanley files a prospectus addendum to offer depositary shares tied to Series N preferred stock. The addendum covers depositary shares, each representing 1/100th of a share, of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series N, and references the accompanying prospectus dated April 8, 2026 which supersedes the prior prospectus.

Key Figures

Registration Statement: No. 333-293641 Depositary share ratio: 1/100th of a share Prospectus date: April 8, 2026

3 metrics

Registration Statement No. 333-293641 Prospectus addendum heading

Depositary share ratio 1/100th of a share Each depositary share represents 1/100th of one Series N preferred share

Prospectus date April 8, 2026 Accompanying prospectus date that supersedes prior prospectus

Key Terms

depositary shares, Fixed-to-Floating Rate, non-cumulative preferred stock, prospectus supplement

4 terms

depositary shares financial

"DEPOSITARY SHARES EACH REPRESENTING 1/100TH 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.

Fixed-to-Floating Rate financial

"FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK"

A fixed-to-floating rate is a type of loan or investment that starts with a fixed interest rate for a certain period, meaning the payments stay the same, then switches to a variable rate that can change over time based on market conditions. This matters because it offers the stability of fixed payments initially, but also the flexibility to benefit if interest rates drop later.

non-cumulative preferred stock financial

"NON-CUMULATIVE PREFERRED STOCK, SERIES N"

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 supplement regulatory

"read the accompanying prospectus supplement, which gives the specific terms"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Morgan Stanley (MS) offering in this prospectus addendum?

Answer: Morgan Stanley is offering depositary shares, each representing 1/100th of a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series N. The addendum points investors to the prospectus dated April 8, 2026 for specific terms.

How do the depositary shares relate to the underlying preferred stock (MS)?

Answer: Each depositary share corresponds to 1/100th of one share of the Series N preferred stock. Holders of depositary shares receive rights tied to the underlying preferred stock as described in the prospectus supplement.

Does the prospectus addendum replace any earlier Morgan Stanley prospectus?

Answer: Yes. The addendum states the accompanying prospectus dated April 8, 2026 supersedes the prospectus dated November 16, 2020, and references to the old prospectus should refer to the April 8, 2026 prospectus.

Are the depositary shares bank deposits or FDIC-insured (MS)?

Answer: No. The addendum explicitly states the depositary shares are not deposits or savings accounts and are not insured by the FDIC nor guaranteed by any bank or governmental agency.

Who may sell these depositary shares in the market?

Answer: Morgan Stanley & Co. LLC will act as a market-maker and other Morgan Stanley affiliates may use the prospectus addendum in offers and sales, including market-making transactions, as described in the addendum.

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

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Accepted by SEC EDGAR 04/08/2026 - 11:44 AM EDT Learn about SEC filing dates

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 1/100^TH OF A SHARE OF 

FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK,

SERIES N

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