MORGAN STANLEY SEC Filings

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Structured Investments: Enhanced Buffered Jump Securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $850,000. The securities mature on April 2, 2027 with an observation date of March 30, 2027. If the final level is at or above the buffer level (85), holders receive the stated principal plus a fixed upside payment of $227.50 (22.75%). If the final level is below the buffer level, holders incur losses equal to 1.1765% for each 1% decline beyond the 15% buffer; there is no minimum payment and investors could lose their entire investment. The estimated value on the pricing date was $961.60 and the issue price is $1,000 (agent commission $10, proceeds $990). All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of Buffered PLUS notes linked to the S&P 500® Index with a stated principal of $1,000 per security and a maturity of June 17, 2027. The securities provide 150% leveraged upside on positive index performance capped at a $1,126 per security maximum and include a 10% buffer (losses below the buffer are pro rata). The observation date is June 14, 2027 and the strike/pricing date is May 14, 2026. The estimated value on the pricing date is approximately $985.70 per security and the minimum payment at maturity is 10% of principal. All payments are subject to the issuer and guarantor credit risk and U.S. federal tax treatment is described as uncertain in this preliminary supplement.

Morgan Stanley Finance LLC offers structured, principal-at-risk notes due June 4, 2027, fully guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.

The securities have a $1,000 stated principal amount and $1,000 original issue price. At maturity investors receive either the stated principal plus an upside payment (capped at $1,125 per security), a positive absolute-return payment if the worst underlier finishes between its initial level and the 80% buffer level, or a reduced principal if the worst underlier finishes below the buffer; the minimum payment at maturity is 20% of principal.

Morgan Stanley Finance LLC offers Structured Investments Buffered Participation Securities linked to a 22-stock basket, with a $1,000 stated principal amount per security and maturity on November 10, 2026. The securities provide a 5% buffer, a downside factor of 1.0526, a 100% participation rate in appreciation subject to a $1,240 maximum payment, and no guaranteed interest or principal. The estimated value on the pricing date was approximately $992.30. Payments at maturity depend solely on the basket closing level on the observation date, and all payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced contingent income auto-callable securities due November 12, 2027. The notes have a 1-year initial non-call period, pay a contingent semi-annual coupon at an annual rate of 25.30% (approximately $126.50 per semi-annual period per $1,000 security) and reference the worst performing of Micron Technology, Inc., Amazon.com, Inc. and Applied Materials, Inc. on specified observation dates. Coupons are paid only if each underlying stock is at or above a 50% downside threshold on an observation date; automatic early redemption is triggered if each underlying stock is at or above its 100% redemption threshold on a redemption determination date beginning approximately one year after issuance. At maturity investors face 1-for-1 exposure to the worst performing underlying stock if that stock is below its downside threshold, potentially losing more than 50% or all principal. Pricing date was May 6, 2026 and original issue date May 11, 2026.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $525,000. The securities reference a performance-allocated basket of the DAX, IBEX 35 and CAC 40 and mature on April 1, 2031.

At maturity the payout is determined by a basket performance factor: if positive, holders receive principal plus a leveraged upside using a leverage factor of 111.60%; if performance is within a 20% buffer, holders receive principal; if performance falls below the buffer, holders lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. All payments are unsecured and subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Principal at Risk Enhanced Trigger Jump Securities linked to the S&P 500® and Russell 2000®. The securities have a $1,000 stated principal per security and aggregate principal of $1,551,000 and mature on February 10, 2028.

At maturity the payout depends on the worst performing underlier on the observation date: if each final level is ≥ its downside threshold, holders receive $1,000 plus an upside payment of $193.50 (19.35%); if the worst performing underlier is below its downside threshold (75% of initial), holders suffer proportional principal loss (1% loss per 1% decline), with no minimum payment. All payments are subject to issuer and guarantor credit risk; estimated value on pricing date was $981.20 per security.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced Buffered Jump Securities with an Auto-Callable Feature linked to the worst performer of the State Street SPDR S&P Regional Banking ETF (KRE) and the State Street Consumer Staples Select Sector SPDR ETF (XLP). The offering totals $1,464,000 in aggregate principal at $1,000 per security. Each security has a 15% buffer and a minimum payment at maturity equal to 15% of principal. If neither underlier meets its call threshold on a determination date, the securities continue; automatic early redemption is possible on scheduled determination dates that deliver fixed early redemption payments (approximate return 11.15% per annum on those dates). If the worst performing underlier finishes below its buffer at maturity, investors lose 1% of principal for each 1% decline beyond the buffer. The estimated value on the pricing date was $911.10 per security and the agent received a commission of $45 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley reported strong first‑quarter 2026 results, with net revenues of $20.6 billion and net income applicable to shareholders of $5.4 billion, up 16% and 30% from a year earlier. Diluted EPS rose to $3.43 from $2.60, and ROE reached 21.0% with ROTCE of 27.1%, above the firm’s 20% ROTCE goal.

Institutional Securities net revenues increased 19% to $10.7 billion, driven by stronger Markets performance and a 36% rebound in Investment Banking, especially Advisory. Wealth Management net revenues grew 16% to $8.5 billion, with a 30.4% pre‑tax margin, $118.4 billion of net new assets and $53.7 billion in fee‑based asset flows. Investment Management net revenues slipped 4% to $1.5 billion as lower performance‑based income offset higher fee revenues on larger AUM.

The firm kept its expense efficiency ratio at 65% despite $178 million of severance tied to a workforce action affecting about 2% of employees. Credit quality remained manageable, with a consolidated provision for credit losses of $98 million, mainly on commercial real estate and macro uncertainty.

Capital and liquidity stayed robust: the Standardized Common Equity Tier 1 capital ratio was 15.1%, Tier 1 leverage 6.1% and the Liquidity Coverage Ratio 130%. Average liquidity resources were $395.1 billion. The firm returned capital through repurchasing $1.75 billion of stock at an average price of $169.15 per share and declared a quarterly common dividend of $1.00 per share.