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Morgan Stanley
MS
#50
Rank
$289.81 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$182.35
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1.33%
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34.79%
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๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Morgan Stanley - 10-Q quarterly report FY2025 Q3


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
Commission File Number 1-11758
mslogo3q20.jpg
(Exact name of Registrant as specified in its charter)
Delaware1585 Broadway36-3145972(212)761-4000
(State or other jurisdiction of
incorporation or organization)		New York,NY10036(I.R.S. Employer Identification No.)(Registrant’s telephone number, including area code)
(Address of principal executive offices, including Zip Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		Name of exchange on
which registered
Common Stock, $0.01 par valueMSNew York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating RateMS/PANew York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PENew York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PFNew York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PINew York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PKNew York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%MS/PLNew York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%MS/PONew York Stock Exchange
Non-Cumulative Preferred Stock, Series O, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.500%MS/PPNew York Stock Exchange
Non-Cumulative Preferred Stock, Series P, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.625%
MS/PQ
New York Stock Exchange
Non-Cumulative Preferred Stock, Series Q, $0.01 par value
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026MS/26CNew York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029MS/29New York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒
As of October 31, 2025, there were 1,589,309,311 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q
For the quarter ended September 30, 2025
Table of ContentsPartItemPage
I 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I2
4
Introduction
  
4
Executive Summary
  
5
Business Segments
  
9
Institutional Securities
10
Wealth Management
13
Investment Management
16
Supplemental Financial Information
  
18
Accounting Development Updates
  
18
Critical Accounting Estimates
  
18
Liquidity and Capital Resources
  
19
Balance Sheet
  
19
Regulatory Requirements
  
22
Quantitative and Qualitative Disclosures about Risk
I3
28
Market Risk
  
28
Credit Risk
  
30
Country and Other Risks
  
36
Report of Independent Registered Public Accounting Firm
  
38
Consolidated Financial Statements and Notes
I1
39
Consolidated Income Statement (Unaudited)
  
39
Consolidated Comprehensive Income Statement (Unaudited)
  
39
Consolidated Balance Sheet (Unaudited at September 30, 2025)
  
40
Consolidated Statement of Changes in Total Equity (Unaudited)
  
41
Consolidated Cash Flow Statement (Unaudited)
  
42
Notes to Consolidated Financial Statements (Unaudited)
  
43
1.
Introduction and Basis of Presentation
  
43
2.
Significant Accounting Policies
  
44
3.
Cash and Cash Equivalents
44
4.
Fair Values
  
44
5.
Fair Value Option
50
6.
Derivative Instruments and Hedging Activities
  
51
7.
Investment Securities
  
54
8.
Collateralized Transactions
  
56
9.
Loans, Lending Commitments and Related Allowance for Credit Losses
  
58
10.
Other Assets
  
62
11.
Deposits
  
62
12.
Borrowings and Other Secured Financings
  
63
13.
Commitments, Guarantees and Contingencies
  
63
14.
Variable Interest Entities and Securitization Activities
  
67
15.
Regulatory Requirements
  
69
16.
Total Equity
  
71
17.
Interest Income and Interest Expense
  
73
18.
Income Taxes
  
74
19.
Segment, Geographic and Revenue Information
  
74
Financial Data Supplement (Unaudited)
  
77
Glossary of Common Terms and Acronyms
  
78
Controls and Procedures
I4
79
II 
Legal Proceedings
II1
79
Risk Factors
II1A
79
Unregistered Sales of Equity Securities and Use of Proceeds
II2
79
Other Information
II5
79
Exhibits
II6
79
  
79

2
Available Information
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements, and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.
Our website is www.morganstanley.com. You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir. We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act.

You can access information about our corporate governance at www.morganstanley.com/about-us-governance. Our webpages include:
 
•Amended and Restated Certificate of Incorporation;
•Amended and Restated Bylaws;
•Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee;
•Corporate Governance Policies;
•Policy Regarding Corporate Political Activities;
•Policy Regarding Shareholder Rights Plan;
•Equity Ownership Commitment;
•Code of Ethics and Business Conduct;
•Code of Conduct; and
•Integrity Hotline Information.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer and Controller. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.
3
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of our business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Wealth Management covers: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.

The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; legislative, legal and regulatory developments; and other risk factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements”, “Business—Competition”, “Business—Supervision and Regulation” and “Risk Factors” in the 2024 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended September 30, 2025
•The Firm reported net revenues of $18.2 billion and net income applicable to Morgan Stanley of $4.6 billion reflecting strong results across business segments and regions.
•The Firm delivered ROE of 18.0% and ROTCE of 23.5% (see “Selected Non-GAAP Financial Information” herein).
•The Firm’s expense efficiency ratio was 67% for the third quarter and 69% for the year-to-date.
•At September 30, 2025, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%, and its Supplementary Leverage Ratio was 5.5%.
•Institutional Securities reported net revenues of $8.5 billion reflecting strong performance in Equity on higher client activity and a rebound in Investment Banking.
•Wealth Management delivered a pre-tax margin of 30.3%. Net revenues of $8.2 billion reflect higher Asset management and Transactional revenues and higher Net interest income. The business added net new assets of $81 billion and fee-based asset flows were $42 billion.
•Investment Management results reflect net revenues of $1.7 billion, primarily driven by asset management fees on higher average AUM.
Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $18.2 billion in the quarter ended September 30, 2025 (“current quarter,” or “3Q 2025”), which increased by 18% compared with $15.4 billion in the quarter ended September 30, 2024 (“prior year quarter,” or “3Q 2024”). Net income applicable to Morgan Stanley was $4.6 billion in the current quarter, which increased by 45% compared with $3.2 billion in the prior year quarter. Diluted earnings per common share was $2.80 in the current quarter, which increased by 49% compared with $1.88 in the prior year quarter.
We reported net revenues of $52.8 billion in the nine months ended September 30, 2025 (“current year period,” or “YTD 2025”), which increased by 16% compared with $45.5 billion in the nine months ended September 30, 2024 (“prior year period,” or “YTD 2024”). Net income applicable to Morgan Stanley was $12.5 billion in the current year period, which increased by 29% compared with $9.7 billion in the prior year period. Diluted earnings per common share was $7.53 in the current year period, which increased by 31% compared with $5.73 in the prior year period.
September 2025 Form 10-Q
5
Management’s Discussion and Analysis
Image4.jpg
Non-Interest Expenses
($ in millions)
4398046950160
•Compensation and benefits expenses of $7,442 million in the current quarter increased 11% from the prior year quarter, primarily due to an increase in the formulaic payout to Wealth Management advisors on higher revenues, higher expenses related to outstanding deferred compensation and higher salary expenses.

•Compensation and benefits expenses of $22,153 million in the current year period increased 11% from the prior year period, primarily due to an increase in the formulaic payout to Wealth Management advisors and higher discretionary incentive compensation within Institutional Securities, both on higher revenues, and higher expenses related to outstanding deferred compensation.
During the current year period, as a result of a March employee action, we recognized severance costs associated with a reduction in force of $144 million, included in Compensation and Benefits expense. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary” in the Form 10-Q for the quarter ended March 31, 2025.
•Non-compensation expenses of $4,754 million in the current quarter and $14,077 million in the current year period increased 9% and 10%, respectively, compared with the prior year periods, primarily due to higher execution-related expenses and increased technology spend.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments was $0 million in the current quarter, reflecting portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans, offset by improvements in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments in the prior year quarter was $79 million, primarily related to provisions for certain specific commercial real estate and corporate loans and growth across loan
portfolios, partially offset by improvements in the macroeconomic outlook.
The Provision for credit losses on loans and lending commitments of $331 million in the current year period was primarily related to portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans. The Provision for credit losses on loans and lending commitments in the prior year period was $149 million, primarily related to provisions for certain specific commercial real estate and corporate loans and growth across certain loan portfolios, partially offset by improvements in the macroeconomic outlook.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Business Segment Results
Net Revenues by Segment1
($ in millions)
4398046950171
Net Income Applicable to Morgan Stanley by Segment1
($ in millions)
4398046950186
1.The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.
6
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
•Institutional Securities net revenues of $8,523 million in the current quarter and $25,149 million in the current year period increased 25% and 21%, respectively, compared with the prior year periods, primarily reflecting higher results in Equity driven by higher client activity and higher underwriting revenues within Investment Banking.
•Wealth Management net revenues of $8,234 million in the current quarter and $23,325 million in the current year period increased 13% and 11%, respectively, compared with the prior year periods, primarily reflecting higher Asset management revenues on higher market levels and the cumulative impact of positive fee-based flows, and higher Transactional revenues on higher client activity.
•Investment Management net revenues of $1,651 million in the current quarter and $4,805 million in the current year period increased 13% and 14%, respectively, compared with the prior year periods, primarily reflecting higher Asset management and related fees driven by higher AUM on higher market levels and higher Performance-based income and other revenues.
Net Revenues by Region1
($ in millions)
10445360903041
1.For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2024 Form 10-K.
•Americas net revenues increased 18% and 14% in the current quarter and in the current year period, respectively, compared with the prior year periods, driven by higher results across all business segments.
•EMEA net revenues increased 6% and 15% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by higher results in Equity, partially offset by lower results in Investment Banking compared with strong results in the prior year periods, within the Institutional Securities business segment.
•Asia net revenues increased 31% and 29% in the current quarter and in the current year period, respectively,
compared with the prior year periods, primarily driven by higher results in Equity and Investment Banking within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions, except per share data
2025202420252024
Consolidated results
Net revenues$18,224 $15,383 $52,755 $45,538 
Earnings applicable to Morgan Stanley common shareholders$4,450 $3,028 $11,999 $9,236 
Earnings per diluted common share$2.80 $1.88 $7.53 $5.73 
Consolidated financial measures
Expense efficiency ratio1
67 %72 %69 %72 %
ROE2
18.0 %13.1 %16.5 %13.5 %
ROTCE2, 3
23.5 %17.5 %21.6 %18.2 %
Pre-tax margin4
33 %27 %31 %28 %
Effective tax rate22.8 %23.6 %22.2 %22.7 %
Pre-tax margin by segment4
Institutional Securities37 %28 %34 %30 %
Wealth Management30 %28 %29 %27 %
Investment Management22 %18 %21 %17 %
$ in millions, except per share data, worldwide employees and client assets
At
September 30,
2025		At
December 31,
2024
Average liquidity resources for three months ended5
$368,090 $345,440 
Loans6
$277,307 $246,814 
Total assets$1,364,806 $1,215,071 
Deposits$405,480 $376,007 
Borrowings$331,679 $288,819 
Common equity
$100,212 $94,761 
Tangible common equity3
$77,392 $71,604 
Common shares outstanding1,591 1,607 
Book value per common share7
$62.98 $58.98 
Tangible book value per common share3, 7
$48.64 $44.57 
Worldwide employees (in thousands)82 80 
Client assets8 (in billions)
$8,861 $7,860 
Capital Ratios9
Common Equity Tier 1 capital—Standardized15.1 %15.9 %
Tier 1 capital—Standardized16.9 %18.0 %
Common Equity Tier 1 capital—Advanced15.7 %15.7 %
Tier 1 capital—Advanced17.6 %17.8 %
Tier 1 leverage6.8 %6.9 %
SLR5.5 %5.6 %
1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.
3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.
6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet.
7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding.
8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets are invested in Investment Management products and are therefore also included in Investment Management’s AUM.
September 2025 Form 10-Q
7
Management’s Discussion and Analysis
Image4.jpg
9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
Economic and Market Conditions
Client and investor confidence and market sentiment have improved in the third quarter of 2025. The quarter was characterized by increased momentum in capital markets activity and lower interest rates. The rate of economic growth, ongoing geopolitical uncertainty, as well as the timing and pace of further central bank actions have impacted and could continue to impact capital markets and our businesses.
For more information on economic and market conditions, and the potential effects of geopolitical events and acts of war or aggression on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2024 Form 10-K.
Selected Non-GAAP Financial Information
We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.
These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.
We present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends, especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2024 Form 10-K.
Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding.
The principal non-GAAP financial measures presented in this document are set forth in the following tables.
Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Net revenues$18,224 $15,383 $52,755 $45,538 
Adjustment for mark-to-market losses (gains) on DCP1
(248)(239)(476)(372)
Adjusted Net revenues—non-GAAP$17,976 $15,144 $52,279 $45,166 
Compensation expense$7,442 $6,733 $22,153 $19,889 
Adjustment for mark-to-market gains (losses) on DCP1
(300)(276)(669)(580)
Adjusted Compensation expense—non-GAAP$7,142 $6,457 $21,484 $19,309 
Wealth Management Net revenues$8,234 $7,270 $23,325 $20,942 
Adjustment for mark-to-market losses (gains) on DCP1
(206)(170)(369)(265)
Adjusted Wealth Management Net revenues—non-GAAP$8,028 $7,100 $22,956 $20,677 
Wealth Management Compensation expense$4,388 $3,868 $12,534 $11,257 
Adjustment for mark-to-market gains (losses) on DCP1
(222)(184)(469)(373)
Adjusted Wealth Management Compensation expense—non-GAAP$4,166 $3,684 $12,065 $10,884 
1.Net revenues and compensation expense are adjusted for DCP for both Firm and Wealth Management business segment.
$ in millionsAt
September 30,
2025		At
December 31,
2024
Tangible equity
Common equity
$100,212 $94,761 
Less: Goodwill and net intangible assets(22,820)(23,157)
Tangible common equity—non-GAAP
$77,392 $71,604 
8
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Average Monthly Balance
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Tangible equity
Common equity
$98,709 $92,706 $97,134 $91,049 
Less: Goodwill and net intangible assets(22,865)(23,416)(22,971)(23,559)
Tangible common equity—non-GAAP
$75,844 $69,290 $74,163 $67,490 
Non-GAAP Financial Measures by Business Segment
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in billions2025202420252024
Average common equity1
Institutional Securities$48.4 $45.0 $48.4 $45.0 
Wealth Management29.4 29.1 29.4 29.1 
Investment Management10.6 10.8 10.6 10.8 
ROE2
Institutional Securities19 %12 %17 %13 %
Wealth Management25 %21 %23 %19 %
Investment Management10 %7 %10 %7 %
Average tangible common equity1
Institutional Securities$48.0 $44.6 $48.0 $44.6 
Wealth Management16.3 15.5 16.3 15.5 
Investment Management1.0 1.1 1.0 1.1 
ROTCE2
Institutional Securities20 %12 %17 %13 %
Wealth Management45 %39 %41 %37 %
Investment Management105 %68 %102 %65 %
1.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent Company equity.
2.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.
Return on Tangible Common Equity Goal
We have an ROTCE goal of 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors.
See “Risk Factors” and “Forward-Looking Statements” in the 2024 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.
ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net
revenues by income statement line item and information on intersegment transactions.
For an overview of the components of our business segments, net revenues, provision for credit losses, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2024 Form 10-K.


September 2025 Form 10-Q
9
Management’s Discussion and Analysis
Image4.jpg
Institutional Securities
Income Statement Information
Three Months Ended
September 30,		% Change
$ in millions20252024
Revenues
Advisory$684 $546 25 %
Equity652 362 80 %
Fixed Income
772 555 39 %
Total Underwriting1,424 917 55 %
Total Investment Banking
2,108 1,463 44 %
Equity4,116 3,045 35 %
Fixed Income
2,169 2,003 8 %
Other130 304 (57)%
Net revenues$8,523 $6,815 25 %
Provision for credit losses1 68 (99)%
Compensation and benefits2,422 2,271 7 %
Non-compensation expenses2,918 2,565 14 %
Total non-interest expenses5,340 4,836 10 %
Income before provision for income taxes3,182 1,911 67 %
Provision for income taxes672 438 53 %
Net income2,510 1,473 70 %
Net income applicable to noncontrolling interests42 37 14 %
Net income applicable to Morgan Stanley$2,468 $1,436 72 %
Nine Months Ended
September 30,		% Change
$ in millions20252024
Revenues
Advisory$1,755 $1,599 10 %
Equity1,471 1,144 29 %
Fixed Income1,981 1,786 11 %
Total Underwriting3,452 2,930 18 %
Total Investment Banking
5,207 4,529 15 %
Equity11,965 8,905 34 %
Fixed Income
6,953 6,487 7 %
Other1,024 892 15 %
Net revenues$25,149 $20,813 21 %
Provision for credit losses260 124 110 %
Compensation and benefits7,706 6,905 12 %
Non-compensation expenses8,609 7,476 15 %
Total non-interest expenses16,315 14,381 13 %
Income before provision for income taxes8,574 6,308 36 %
Provision for income taxes1,840 1,406 31 %
Net income6,734 4,902 37 %
Net income applicable to noncontrolling interests133 127 5 %
Net income applicable to Morgan Stanley$6,601 $4,775 38 %
Investment Banking
Investment Banking Volumes
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in billions2025202420252024
Completed mergers and acquisitions1
$256 $124 $576 $473 
Equity and equity-related offerings2, 3
24 13 61 43 
Fixed Income offerings2, 4
84 80 276 263 
Source: LSEG Data & Risk Analytics (formerly known as Refinitiv) as of October 1, 2025. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.
1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.
2.Based on full credit for single book managers and equal credit for joint book managers.
3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.
4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.
Investment Banking Revenues
Net revenues of $2,108 million in the current quarter increased 44% from the prior year quarter, reflecting higher results across businesses, particularly in underwriting revenues.
•Advisory revenues increased primarily reflecting higher completed M&A transactions in the Americas in a constructive market environment.
•Equity underwriting revenues increased primarily reflecting higher initial public offerings and convertible issuances.
•Fixed Income underwriting revenues increased primarily reflecting higher non-investment grade and investment grade loan and bond issuances, which benefitted from higher event-related activity.
Net revenues of $5,207 million in the current year period increased 15% from the prior year period reflecting higher results across businesses, particularly in underwriting revenues.
•Advisory revenues increased primarily reflecting higher completed M&A transactions in the Americas in a constructive market environment.
•Equity underwriting revenues increased primarily reflecting higher convertible issuances, initial public offerings and follow-on offerings.
•Fixed Income underwriting revenues increased primarily reflecting higher non-investment grade loan issuances, which benefitted from higher event-related activity.
See “Investment Banking Volumes” herein.
10
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended September 30, 2025
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$2,666 $158 $(717)$3 $2,110 
Execution services1,245 722 (107)146 2,006 
Total Equity$3,911 $880 $(824)$149 $4,116 
Total Fixed Income$1,850 $107 $141 $71 $2,169 
Three Months Ended September 30, 2024
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$1,913 $144 $(686)$— $1,371 
Execution services925 680 (98)167 1,674 
Total Equity$2,838 $824 $(784)$167 $3,045 
Total Fixed Income$2,008 $103 $(169)$61 $2,003 
Nine Months Ended September 30, 2025
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$7,372 $470 $(2,019)$3 $5,826 
Execution services3,774 2,254 (311)422 6,139 
Total Equity$11,146 $2,724 $(2,330)$425 $11,965 
Total Fixed Income$6,150 $322 $273 $208 $6,953 
Nine Months Ended September 30, 2024
   
Net Interest2
All Other3
 
$ in millionsTrading
Fees1
Total
Financing$6,036 $414 $(2,296)$2 $4,156 
Execution services2,830 1,901 (221)239 4,749 
Total Equity$8,866 $2,315 $(2,517)$241 $8,905 
Total Fixed Income$6,705 $303 $(694)$173 $6,487 
1.Includes Commissions and fees and Asset management revenues.
2.Includes funding costs, which are allocated to the businesses based on funding usage.
3.Includes Investments and Other revenues.
Equity
Net revenues of $4,116 million in the current quarter and $11,965 million in the current year period increased 35% and 34%, respectively, compared with the prior year periods, reflecting an increase in Financing and Execution services.
•Financing revenues increased primarily due to increased client activity and higher average client balances, particularly in Asia.
•Execution services revenues increased primarily due to increased client activity and higher gains on inventory held to facilitate client activity in derivatives and cash equities.
Fixed Income
Net revenues of $2,169 million in the current quarter increased 8% from the prior year quarter, reflecting an increase in Credit products and Commodities, partially offset by a decrease in Global macro products.
•Global macro products revenues decreased primarily due to higher losses on inventory held to facilitate client activity
on lower volatility and decreased client activity in foreign exchange products.
•Credit products revenues increased primarily due to increased client activity across products, particularly in securitized products.
•Commodities products and other fixed income revenues increased primarily due to increased client activity in structured transactions and higher gains on inventory held to facilitate client activity.

Net revenues of $6,953 million in the current year period increased 7% from the prior year period, reflecting an increase in Global macro and Credit products, partially offset by a decrease in Commodities.
•Global macro products revenues increased primarily due to increased client activity and gains on inventory held to facilitate client activity in foreign exchange and rates products.
•Credit products revenues increased primarily due to increased client activity across products, particularly in securitized products, partially offset by lower results on inventory held to facilitate client activity.
•Commodities products and other fixed income revenues decreased primarily due to lower gains on inventory held to facilitate client activity, partially offset by increased client activity.
Other Net Revenues
Other net revenues were $130 million in the current quarter, compared with $304 million in the prior year quarter, primarily reflecting lower net interest income and fees, following the sale of corporate loans held-for-sale in the first quarter of 2025, and higher mark-to-market losses on corporate loans, inclusive of hedges.
Other net revenues were $1,024 million in the current year period, compared with $892 million in the prior year period, primarily reflecting gains on the sale of corporate loans held-for-sale compared with mark-to-market losses, inclusive of hedges, in the prior year period, partially offset by lower net interest income and fees on those loans.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $1 million in the current quarter was primarily related to portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans, offset by improvements in the macroeconomic outlook. The Provision for credit losses on loans and lending commitments of $68 million in the prior year quarter was primarily related to growth across loan portfolios and provisions for certain specific commercial real estate and corporate loans, partially offset by improvements in the macroeconomic outlook.
September 2025 Form 10-Q
11
Management’s Discussion and Analysis
Image4.jpg
The Provision for credit losses on loans and lending commitments of $260 million in the current year period was primarily related to portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans. The Provision for credit losses on loans and lending commitments of $124 million in the prior year period was primarily related to growth across loan portfolios and provisions for certain specific commercial real estate loans, partially offset by improvements in the macroeconomic outlook.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-Interest Expenses
Non-interest expenses of $5,340 million in the current quarter increased 10% compared with the prior year quarter, reflecting higher Non-compensation expenses and Compensation and benefits expenses.
•Compensation and benefits expenses increased primarily due to higher expenses related to outstanding deferred compensation and higher salary expenses.
•Non-compensation expenses increased primarily due to higher execution-related expenses on higher volumes.
Non-interest expenses of $16,315 million in the current year period increased 13%, compared with the prior year period, reflecting higher Non-compensation expenses and Compensation and benefits expenses.
•Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues and higher expenses related to outstanding deferred compensation.
•Non-compensation expenses increased primarily due to higher execution-related expenses on higher volumes.

12
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Wealth Management
Income Statement Information
 Three Months Ended
September 30,		% Change
$ in millions20252024
Revenues
Asset management$4,789 $4,266 12 %
Transactional1
1,308 1,076 22 %
Net interest1,991 1,774 12 %
Other2
146 154 (5)%
Net revenues8,234 7,270 13 %
Provision for credit losses(1)11 N/M
Compensation and benefits4,388 3,868 13 %
Non-compensation expenses1,348 1,331 1 %
Total non-interest expenses5,736 5,199 10 %
Income before provision for income taxes2,499 2,060 21 %
Provision for income taxes610 492 24 %
Net income applicable to Morgan Stanley $1,889 $1,568 20 %
 Nine Months Ended
September 30,		% Change
$ in millions20252024
Revenues
Asset management$13,596 $12,084 13 %
Transactional1
3,445 2,891 19 %
Net interest5,803 5,428 7 %
Other2
481 539 (11)%
Net revenues23,325 20,942 11 %
Provision for credit losses71 25 184 %
Compensation and benefits12,534 11,257 11 %
Non-compensation expenses4,070 3,973 2 %
Total non-interest expenses16,604 15,230 9 %
Income before provision for
income taxes
6,650 5,687 17 %
Provision for income taxes1,529 1,313 16 %
Net income applicable to Morgan Stanley $5,121 $4,374 17 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues.
2.Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billionsAt September 30,
2025		At December 31,
2024
Total client assets1
$7,054$6,194
U.S. Bank Subsidiary loans$174$160
Margin and other lending2
$28$28
Deposits3
$398$370
Annualized weighted average cost of deposits4
Period end2.72%2.73%
 Period average for three months ended
2.88%2.94%
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net new assets
$81.0$63.9$234.0$195.2
1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration, and retirement plan services. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information.
2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.
3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits.
4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of September 30, 2025 and December 31, 2024. The period average is based on daily balances and rates for the period.
Net New Assets
NNA represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions. The level of NNA in a given period is influenced by a variety of factors, including macroeconomic factors that impact client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted.
Advisor-Led Channel
$ in billionsAt September 30,
2025		At December 31,
2024
Advisor-led client assets1
$5,414$4,758
Fee-based client assets2
$2,653$2,347
Fee-based client assets as a percentage of advisor-led client assets49%49%
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Fee-based asset flows3
$41.9$35.7$114.5$87.9
1.Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned.
2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets.
3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.
September 2025 Form 10-Q
13
Management’s Discussion and Analysis
Image4.jpg
Self-Directed Channel

At September 30,
2025		At December 31,
2024
Self-directed client assets1 (in billions)
$1,639$1,437
Self-directed households2 (in millions)
8.48.3
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Daily average revenue trades (“DARTs”)3 (in thousands)
1,012815999812
1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.
2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts.
3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.
Workplace Channel1
At September 30,
2025		At December 31,
2024
Stock plan unvested assets2 (in billions)
$534$475
Stock plan participants3,4 (in millions)
6.66.6
1.The workplace channel includes equity compensation solutions for companies, their executives and employees.
2.Stock plan unvested assets represent the market value of public company securities at the end of the period.
3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.
4.The number of stock plan participants declined slightly in the third quarter of 2025, primarily as a result of the previously announced dispositions of the Firm’s EMEA stock plan business. The disposition is expected to complete in the fourth quarter of 2025.
Net Revenues
Asset Management
Asset management revenues of $4,789 million in the current quarter and $13,596 million in the current year period increased 12% and 13%, respectively, compared with the prior year periods, primarily reflecting higher fee-based assets due to higher market levels and the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets Rollforwards” herein.
Transactional Revenues
Transactional revenues of $1,308 million in the current quarter and $3,445 million in the current year period increased 22% and 19%, respectively, compared with the prior year periods, primarily driven by higher client activity across products and channels, and higher gains on DCP investments.
For further information on the impact of DCP, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $1,991 million in the current quarter and $5,803 million in the current year period increased 12% and 7%, respectively, compared with the prior year periods, primarily due to changes in balance sheet mix and the cumulative impact of lending growth, partially offset by the net effect of lower interest rates.

The level and pace of interest rate changes and other macroeconomic factors have impacted client preferences, including cash allocation to higher-yielding products and client demand for loans. These factors, along with other developments, such as pricing changes to certain deposit types due to various competitive dynamics, have impacted our net interest income. To the extent they persist, or other factors arise, such as central bank actions, net interest income may be impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments was a net release of $1 million in the current quarter, primarily related to improvements in the macroeconomic outlook, partially offset by portfolio growth in residential real estate loans. The Provision for credit losses on loans and lending commitments of $11 million in the prior year quarter was primarily related to certain specific commercial real estate loans, partially offset by improvements in the macroeconomic outlook.
The Provision for credit losses on loans and lending commitments of $71 million in the current year period was primarily related to certain specific loans in our tailored lending and residential real estate portfolios, as well as portfolio growth in residential real estate loans. In the prior year period, the Provision for credit losses on loans and lending commitments of $25 million was primarily related to certain specific commercial real estate and securities-based loans, and portfolio growth, partially offset by improvements in the macroeconomic outlook.
Non-Interest Expenses
Non-interest expenses of $5,736 million in the current quarter increased 10%, compared with the prior year quarter, primarily as a result of higher Compensation and benefits expenses.
•Compensation and benefits expenses increased, primarily as a result of an increase in the formulaic payout to Wealth Management advisors driven by higher compensable revenue and higher expenses related to DCP.
•Non-compensation expenses increased, primarily as a result of higher marketing and business development costs and increased technology spend, partially offset by lower amortization of intangible assets.
Non-interest expenses of $16,604 million in the current year period increased 9%, compared with the prior year period,
14
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
primarily as a result of higher Compensation and benefits expenses.
•Compensation and benefits expenses increased, primarily as a result of an increase in the formulaic payout to Wealth Management advisors driven by higher compensable revenue and higher expenses related to DCP.
•Non-compensation expenses increased, primarily as a result of higher marketing and business development costs and increased technology spend, partially offset by lower amortization of intangible assets.
For further information on the impact of DCP, see “Selected Non-GAAP Financial Information” herein.
Fee-Based Client Assets Rollforwards
$ in billionsAt
June 30,
2025
Inflows1
Outflows2
Market Impact3
At
Sept 30,
2025
Separately managed4
$728 $25 $(10)$45 $788 
Unified managed680 39 (18)31 732 
Advisor214 11 (12)12 225 
Portfolio manager793 34 (27)42 842 
Subtotal$2,415 $109 $(67)$130 $2,587 
Cash management63 14 (11)— 66 
Total
$2,478 $123 $(78)$130 $2,653 
$ in billionsAt
June 30,
2024
Inflows1
Outflows2
Market Impact3
At
Sept 30,
2024
Separately managed4
$663 $21 $(8)$7 $683 
Unified managed561 30 (16)30 605 
Advisor199 10 (10)10 209 
Portfolio manager704 33 (24)32 745 
Subtotal$2,127 $94 $(58)$79 $2,242 
Cash management61 11 (12)— 60 
Total
$2,188 $105 $(70)$79 $2,302 
$ in billionsAt
Dec 31,
2024
Inflows1
Outflows2
Market Impact3
At
Sept 30,
2025
Separately managed4
$719 $72 $(30)$27 $788 
Unified managed613 104 (49)64 732 
Advisor207 26 (29)21 225 
Portfolio manager750 92 (72)72 842 
Subtotal$2,289 $294 $(180)$184 $2,587 
Cash management58 40 (32)— 66 
Total
$2,347 $334 $(212)$184 $2,653 
$ in billions
At
Dec 31,
2023
Inflows1
Outflows2
Market Impact3
At
Sept 30,
2024
Separately managed4
$589 $55 $(32)$71 $683 
Unified managed501 88 (41)57 605 
Advisor188 23 (27)25 209 
Portfolio manager645 88 (66)78 745 
Subtotal$1,923 $254 $(166)$231 $2,242 
Cash management60 46 (46)— 60 
Total
$1,983 $300 $(212)$231 $2,302 
1.Inflows include new accounts, account transfers, deposits, dividends and interest.
2.Outflows include closed or terminated accounts, account transfers, withdrawals and client fees.
3.Market impact includes realized and unrealized gains and losses on portfolio investments.
4.Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians.
Average Fee Rates1
 Three Months Ended
September 30,		Nine Months Ended
September 30,
Fee rate in bps2025202420252024
Separately managed12 12 12 12 
Unified managed90 91 90 91 
Advisor78 80 78 79 
Portfolio manager88 89 88 89 
Subtotal64 65 64 65 
Cash management6 7 6 6 
Total
63 63 63 63 
1.Based on Asset management revenues related to advisory services associated with fee-based assets.
For a description of fee-based client assets in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2024 Form 10-K.
September 2025 Form 10-Q
15
Management’s Discussion and Analysis
Image4.jpg
Investment Management
Income Statement Information
 Three Months Ended
September 30,		 % Change
$ in millions20252024
Revenues

Asset management and related fees$1,534 $1,384 11 %
Performance-based income and other1
117 71 65 %
Net revenues1,651 1,455 13 %
Compensation and benefits632 594 6 %
Non-compensation expenses655 601 9 %
Total non-interest expenses1,287 1,195 8 %
Income before provision for income taxes364 260 40 %
Provision for income taxes95 67 42 %
Net income269 193 39 %
Net income (loss) applicable to noncontrolling interests 3 1 N/M
Net income applicable to Morgan Stanley $266 $192 39 %
 Nine Months Ended
September 30,		% Change
$ in millions20252024
Revenues

Asset management and related fees$4,419 $4,072 9 %
Performance-based income and other1
386 146 164 %
Net revenues4,805 4,218 14 %
Compensation and benefits1,913 1,727 11 %
Non-compensation expenses1,882 1,768 6 %
Total non-interest expenses3,795 3,495 9 %
Income before provision for income taxes1,010 723 40 %
Provision for income taxes233 172 35 %
Net income777 551 41 %
Net income (loss) applicable to noncontrolling interests 4 2 N/M
Net income applicable to Morgan Stanley $773 $549 41 %
1.Includes Investments and Trading, Net interest, and Other revenues.
Net Revenues
Asset Management and Related Fees

Asset management and related fees of $1,534 million in the current quarter and $4,419 million in the current year period increased 11% and 9%, respectively, from the prior year periods, primarily driven by higher average AUM on higher market levels from the prior year periods.

Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products
relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes, reflecting client preferences. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted.
See “Assets Under Management or Supervision” herein.
Performance-based Income and Other

Performance-based income and other revenues of $117 million in the current quarter increased from the prior year quarter, primarily due to higher accrued carried interest in certain private credit funds, partially offset by lower gains on DCP investments.

Performance-based income and other revenues of $386 million in the current year period increased from the prior year period, primarily due to higher accrued carried interest in infrastructure funds.
Non-Interest Expenses
Non-interest expenses of $1,287 million in the current quarter and $3,795 million in the current year period increased 8% and 9%, respectively, from the prior year periods, as a result of higher Compensation and benefits expenses and Non-compensation expenses.
•Compensation and benefits expenses increased in both the current quarter and current year period, primarily due to higher compensation associated with carried interest.
•Non-compensation expenses increased in the current quarter and current year period, primarily due to higher distribution expenses on higher AUM and increased technology and infrastructure spend.
16
September 2025 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Assets Under Management or Supervision Rollforwards
$ in billionsAt
June 30,
2025
Inflows1
Outflows2
Market Impact3
Other4
At
Sept 30,
2025
Equity$327 $11 $(16)$10 $(3)$329 
Fixed Income
212 21 (13)3 1 224 
Alternatives and Solutions636 46 (29)34 (4)683 
Long-Term AUM
$1,175 $78 $(58)$47 $(6)$1,236 
Liquidity and Overlay Services538 634 (606)8 (3)571 
Total$1,713 $712 $(664)$55 $(9)$1,807 
$ in billionsAt
June 30,
2024
Inflows1
Outflows2
Market Impact3
Other4
At
Sept 30,
2024
Equity$301 $9 $(14)$15 $5 $316 
Fixed Income
176 17 (12)6 1 188 
Alternatives and Solutions558 37 (28)23 1 591 
Long-Term AUM
$1,035 $63 $(54)44 7 1,095 
Liquidity and Overlay Services483 570 (556)9 (3)503 
Total$1,518 $633 $(610)$53 $4 $1,598 
$ in billions
At
Dec 31,
2024
Inflows1
Outflows2
Market Impact3
Other4
At
Sept 30,
2025
Equity$312 $33 $(45)$27 $2 $329 
Fixed Income
192 64 (43)10 1 224 
Alternatives and Solutions593 121 (90)61 (2)683 
Long-Term AUM
$1,097 $218 $(178)$98 $1 $1,236 
Liquidity and Overlay Services569 1,963 (1,974)21 (8)571 
Total$1,666 $2,181 $(2,152)$119 $(7)$1,807 
$ in billions
At
Dec 31,
2023
Inflows1
Outflows2
Market Impact3
Other4
At
Sept 30,
2024
Equity$295 $29 $(48)$41 $(1)$316 
Fixed Income
171 48 (37)8 (2)188 
Alternatives and Solutions508 105 (78)59 (3)591 
Long-Term AUM
$974 $182 $(163)$108 $(6)$1,095 
Liquidity and Overlay Services485 1,659 (1,648)20 (13)503 
Total$1,459 $1,841 $(1,811)$128 $(19)$1,598 
1.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including reinvestments of client dividends and increases in invested capital. Inflows exclude the impact of exchanges, whereby a client changes positions within the same asset class.
2.Outflows represent redemptions from clients’ funds, transition of funds from the committed capital period to the invested capital period and decreases in invested capital. Outflows exclude the impact of exchanges, whereby a client changes positions within the same asset class.
3.Market impact includes realized and unrealized gains and losses on portfolio investments. This excludes any funds where market impact does not impact management fees.
4.Other contains both distributions and foreign currency impact for all periods. Distributions represent decreases in invested capital due to returns of capital after the investment period of a fund. It also includes fund dividends that the client has not reinvested. Foreign currency impact reflects foreign currency changes for non-U.S. dollar denominated funds.
Average AUM
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in billions2025202420252024
Equity $327 $307 $318 $302 
Fixed income217 182 206 176 
Alternatives and Solutions656 574 623 547 
Long-term AUM subtotal1,200 1,063 1,147 1,025 
Liquidity and Overlay Services558 492 557 485 
Total$1,758 $1,555 $1,704 $1,510 
Average Fee Rates1
 Three Months Ended
September 30,		Nine Months Ended
September 30,
Fee rate in bps2025202420252024
Equity 70 7070 70
Fixed income36 3736 36
Alternatives and Solutions27 2827 29
Long-term AUM40 4141 42
Liquidity and Overlay Services12 1213 12
Total31 32 31 33 
1.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.
For a description of the asset classes in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” in the 2024 Form 10-K.
September 2025 Form 10-Q
17
Management’s Discussion and Analysis
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Supplemental Financial Information
U.S. Bank Subsidiaries
Our U.S. Bank Subsidiaries, Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (together, “U.S. Bank Subsidiaries”), accept deposits, provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals, and invest in securities. Lending activity in our U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans. Lending activity in our U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, other forms of secured loans, including tailored lending to ultra-high net worth clients, and Residential real estate loans.
For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.
U.S. Bank Subsidiaries’ Supplemental Financial Information1
$ in billionsAt
September 30,
2025		At
December 31,
2024
Investment securities
Available-for-sale at fair value$87.4 $76.5 
Held-to-maturity45.2 47.8 
Total Investment securities$132.6 $124.3 
Wealth Management loans2
Residential real estate$70.8 $66.6 
Securities-based lending and Other3
103.1 92.9 
Total Wealth Management loans$173.9 $159.5 
Institutional Securities loans2
Corporate$7.5 $7.1 
Secured lending facilities65.2 50.2 
Commercial and Residential real estate11.4 10.5 
Securities-based lending and Other5.3 5.6 
Total Institutional Securities loans$89.4 $73.4 
Total assets$471.7 $434.8 
Deposits4
$397.9 $369.7 
1.Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.
2.Represents loans, net of ACL. For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
3.Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
4.For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein.
Accounting Development Updates
The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not referenced below were assessed and determined to be either not applicable or to not have a material impact on our financial condition or results of operations upon adoption.

We are currently evaluating the following accounting updates:
•Derivatives Scope Refinements and Share-Based Consideration from a Customer. This update introduces targeted refinements to the derivatives and revenue recognition accounting guidance. It expands an existing scope exception for derivative accounting to exclude certain non-exchange-traded contracts. The update also clarifies that share-based payments from a customer are treated as noncash consideration under the revenue recognition standard until the related performance obligations are fulfilled and the right to the consideration is unconditional. The update is effective beginning January 1, 2027, with early adoption permitted. Transition may be applied prospectively, or under a modified retrospective approach.

•Intangibles—Goodwill and Other—Internal - Use Software. This update introduces targeted improvements to the recognition and capitalization guidance for internal-use software costs. The update eliminates the prior “project stage” framework and instead requires capitalization of software development costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. In assessing the probability threshold, entities are required to evaluate whether significant development uncertainty exists, including whether the software contains novel or unproven functionality or whether significant performance requirements have not been identified or continue to be substantially revised. The update is effective beginning January 1, 2028, with early adoption permitted. Transition may be applied prospectively, retrospectively, or under a modified approach.

We continue to evaluate accounting updates disclosed in the “Accounting Development Updates” section of the 2024 Form 10-K, including the implementation of the Income Tax Disclosures accounting update effective for the annual reporting period beginning January 1, 2025. We do not expect a material impact on our financial condition or results of operations upon adoption.
Critical Accounting Estimates
Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2024 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 14 to the financial statements in the 2024 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2024 Form 10-K.
18
September 2025 Form 10-Q
Management’s Discussion and Analysis
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Liquidity and Capital Resources
Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Corporate Treasury department (“Treasury”), Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.
Balance Sheet
We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.
We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.
Total Assets by Business Segment
At September 30, 2025
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$79,961 $23,735 $38 $103,734 
Trading assets at fair value406,007 12,575 5,241 423,823 
Investment securities34,252 129,280 — 163,532 
Securities purchased under agreements to resell94,155 17,579 — 111,734 
Securities borrowed128,275 838 — 129,113 
Customer and other receivables74,772 36,916 1,569 113,257 
Loans1
93,394 173,902 4 267,300 
Goodwill
437 10,199 6,089 16,725 
Intangible assets
23 2,664 3,410 6,097 
Other assets2
16,855 11,304 1,332 29,491 
Total assets$928,131 $418,992 $17,683 $1,364,806 
At December 31, 2024
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents$74,079 $31,072 $235 $105,386 
Trading assets at fair value320,003 6,915 4,966 331,884 
Investment securities38,096 121,583 — 159,679 
Securities purchased under agreements to resell100,404 18,161 — 118,565 
Securities borrowed121,901 1,958 — 123,859 
Customer and other receivables47,321 37,196 1,641 86,158 
Loans1
78,607 159,542 4 238,153 
Goodwill
435 10,190 6,081 16,706 
Intangible assets
27 2,939 3,487 6,453 
Other assets2
15,735 11,292 1,201 28,228 
Total assets$796,608 $400,848 $17,615 $1,215,071 
1.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements).
2.Other assets primarily includes premises, equipment and software, ROU assets related to leases, other investments, and deferred tax assets.
A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities, including management of the investment portfolio.
Liquidity Risk Management Framework
The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2024 Form 10-K.
At September 30, 2025 and December 31, 2024, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.
Liquidity Resources
We maintain sufficient liquidity resources, which consist of HQLA and cash deposits with banks (“Liquidity Resources”), to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.
The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and
September 2025 Form 10-Q
19
Management’s Discussion and Analysis
Image4.jpg
regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.
Liquidity Resources by Type of Investment
Average Daily Balance
Three Months Ended
$ in millionsSeptember 30,
2025		June 30,
2025
Cash deposits with central banks$56,629 $56,914 
Unencumbered HQLA Securities1:
U.S. government obligations189,861 184,877 
U.S. agency and agency mortgage-backed securities82,958 85,482 
Non-U.S. sovereign obligations2
30,629 28,291 
Other investment grade securities321 325 
Total HQLA1
$360,398 $355,889 
Cash deposits with banks (non-HQLA)7,692 7,500 
Total Liquidity Resources$368,090 $363,389 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered French, U.K., Japanese, Italian, German, and Spanish government obligations.
Liquidity Resources by Non-Bank and Bank Legal Entities
Average Daily Balance
Three Months Ended
$ in millionsSeptember 30,
2025		June 30,
2025
Non-Bank legal entities
U.S.:
Parent Company
$90,626 $94,757 
Non-Parent Company
55,786 55,332 
Total U.S.146,412 150,089 
Non-U.S.70,173 66,830 
Total Non-Bank legal entities216,585 216,919 
Bank legal entities
U.S.145,349 140,280 
Non-U.S.6,156 6,190 
Total Bank legal entities151,505 146,470 
Total Liquidity Resources$368,090 $363,389 
Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt, and estimates of funding needs in a stressed environment, among other factors.
Regulatory Liquidity Framework
Liquidity Coverage Ratio and Net Stable Funding Ratio
We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.
The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of
banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.
The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon.
As of September 30, 2025, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millionsSeptember 30,
2025		June 30,
2025
Eligible HQLA
Cash deposits with central banks$51,867 $52,122 
Securities1
234,905 241,114 
Total Eligible HQLA
$286,772 $293,236 
Net cash outflows
$222,223 $218,347 
LCR129 %134 %
1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.
Funding Management
We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing.
We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies.
Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities.
Secured Financing
For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2024 Form 10-K.
20
September 2025 Form 10-Q
Management’s Discussion and Analysis
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Collateralized Financing Transactions
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Securities purchased under agreements to resell and Securities borrowed$240,847 $242,424 
Securities sold under agreements to repurchase and Securities loaned$77,448 $65,293 
Securities received as collateral1
$2,612 $9,625 
1.Included within Trading assets in the balance sheet.
 Average Daily Balance
Three Months Ended
$ in millionsSeptember 30,
2025		December 31,
2024
Securities purchased under agreements to resell and Securities borrowed$252,101 $250,354 
Securities sold under agreements to repurchase and Securities loaned$86,354 $74,949 
See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2024 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.
In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are held in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework.
Unsecured Financing
For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2024 Form 10-K.
Deposits
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Savings and demand deposits:
Brokerage sweep deposits1
$139,122 $142,550 
Savings and other167,986 157,348 
Total Savings and demand deposits307,108 299,898 
Time deposits2
98,372 76,109 
Total3
$405,480 $376,007 
1.Amounts represent balances swept from client brokerage accounts.
2.Our Time deposits are predominantly brokered certificates of deposit.
3.Our deposits are primarily held in U.S. offices.
Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each
category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current year period increased primarily due to increases in Time and Savings deposits.
Borrowings by Maturity at September 30, 20251
$ in millionsParent CompanySubsidiariesTotal
Original maturities of one year or less$— $7,551 $7,551 
Original maturities greater than one year
2025$2,412 $3,448 $5,860 
202616,454 14,828 31,282 
202721,977 16,000 37,977 
202816,048 23,184 39,232 
202919,636 13,420 33,056 
Thereafter 118,511 58,210 176,721 
Total greater than one year$195,038 $129,090 $324,128 
Total$195,038 $136,641 $331,679 
Maturities over next 12 months2
 $25,439 
1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date.
2.Includes only borrowings with original maturities greater than one year.
Borrowings of $332 billion as of September 30, 2025 increased compared with $289 billion at December 31, 2024, primarily due to non-bank issuances net of maturities and redemptions.
We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit-sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types.
The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.
For further information on Borrowings, see Note 12 to the financial statements.
Credit Ratings
We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors.
September 2025 Form 10-Q
21
Management’s Discussion and Analysis
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See also “Risk Factors—Liquidity Risk” in the 2024 Form 10-K.
Parent Company and U.S. Bank Subsidiaries Issuer Ratings at October 31, 2025
Parent Company
Short-Term DebtLong-Term DebtRating Outlook
DBRS, Inc.R-1 (middle)AA (low)Stable
Fitch Ratings, Inc.F1A+Stable
Moody’s Investors Service, Inc.P-1A1Stable
Rating and Investment Information, Inc.a-1A+Stable
S&P Global RatingsA-2A-Stable
MSBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AA-Stable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
MSPBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AA-Stable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
Incremental Collateral or Terminating Payments
In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features.
While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.
Capital Management
We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements, such as the SCB, and rating agency guidelines. In the future, we may expand or
contract our capital base to address the changing needs of our businesses.
Common Stock Repurchases
 Three Months Ended
September 30,		Nine Months Ended
September 30,
in millions, except for per share data2025202420252024
Number of shares7 8 23 27 
Average price per share$145.77 $99.94 $131.26 $93.14 
Total$1,085 $750 $3,085 $2,500 
For additional information on our common stock repurchases, see Note 16 to the financial statements.
For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
Common Stock Dividend Announcement
Announcement dateOctober 15, 2025
Amount per share
$1.00
Date to be paid
November 14, 2025
Shareholders of record as of
October 31, 2025
For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.
Off-Balance Sheet Arrangements
We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments.
We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2024 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.
Regulatory Requirements
Regulatory Capital Framework
We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended and are subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for us, including
22
September 2025 Form 10-Q
Management’s Discussion and Analysis
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“well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and standards for our U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and also implement certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements.
Regulatory Capital Requirements
We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2024 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Risk-Based Regulatory Capital Ratio Requirements
At September 30, 2025 and December 31, 2024
StandardizedAdvanced
Capital buffers
Capital conservation buffer—%2.5%
SCB1
6.0%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
—%—%
Capital buffer requirement9.0%5.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2024 Form 10-K.
2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2024 Form 10-K.
3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our
ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our capital buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to our 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
Regulatory Minimum
At September 30, 2025 and December 31, 2024
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5%13.5%10.0%
Tier 1 capital ratio6.0%15.0%11.5%
Total capital ratio8.0%17.0%13.5%
1.Required ratios represent the regulatory minimum plus the capital buffer requirement.
Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At September 30, 2025 and December 31, 2024, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced supplementary leverage ratio (“eSLR”) capital buffer of at least 2%.
CECL Deferral. Beginning on January 1, 2020, we elected to defer the effect of the adoption of CECL on our risk-based and leverage-based capital amounts and ratios, as well as our RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022, were phased-in at 75% from January 1, 2024 and were fully phased-in from January 1, 2025.
September 2025 Form 10-Q
23
Management’s Discussion and Analysis
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Regulatory Capital Ratios
Risk-based capital
StandardizedAdvanced
$ in millionsAt
Sept 30,
2025		At
Dec 31,
2024 		At
Sept 30,
2025		At
Dec 31,
2024
Risk-based
capital
CET1 capital$81,303 $75,095 $81,303 $75,095 
Tier 1 capital91,036 84,790 91,036 84,790 
Total capital101,733 95,567 100,929 94,846 
Total RWA539,296 471,834 518,012 477,331 
Risk-based capital ratios
CET1 capital15.1%15.9%15.7%15.7%
Tier 1 capital16.9%18.0%17.6%17.8%
Total capital18.9%20.3%19.5%19.9%
Required ratios1
CET1 capital13.5%13.5%10.0%10.0%
Tier 1 capital15.0%15.0%11.5%11.5%
Total capital17.0%17.0%13.5%13.5%
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt September 30,
2025		At December 31,
2024
Leveraged-based capital
Adjusted average assets1
$1,340,745 $1,223,779 
Supplementary leverage exposure2
1,659,985 1,517,687 
Leveraged-based capital ratios
Tier 1 leverage6.8%6.9%
SLR5.5%5.6%
Required ratios3
Tier 1 leverage4.0%4.0%
SLR5.0%5.0%
1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3.Required ratios are inclusive of any buffers applicable as of the date presented.

Regulatory Capital
$ in millionsAt
September 30,
2025		At
December 31,
2024 		Change
CET1 capital
Common shareholders' equity
$100,212 $94,761 $5,451 
Regulatory adjustments and deductions:
Net goodwill(16,382)(16,354)(28)
Net intangible assets(4,731)(5,003)272 
Impact of CECL transition
— 62 (62)
Other adjustments and deductions1
2,204 1,629 575 
Total CET1 capital
$81,303 $75,095 $6,208 
Additional Tier 1 capital
Preferred stock$9,750 $9,750 $— 
Noncontrolling interests925 807 118 
Additional Tier 1 capital$10,675 $10,557 $118 
Deduction for investments in covered funds(942)(862)(80)
Total Tier 1 capital$91,036 $84,790 $6,246 
Standardized Tier 2 capital
Subordinated debt$8,372 $8,851 $(479)
Eligible ACL2,455 2,065 390 
Other adjustments and deductions(130)(139)9 
Total Standardized Tier 2 capital$10,697 $10,777 $(80)
Total Standardized capital$101,733 $95,567 $6,166 
Advanced Tier 2 capital
Subordinated debt$8,372 $8,851 $(479)
Eligible credit reserves1,651 1,344 307 
Other adjustments and deductions(130)(139)9 
Total Advanced Tier 2 capital$9,893 $10,056 $(163)
Total Advanced capital$100,929 $94,846 $6,083 
1.Other adjustments and deductions used in the calculation of CET1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets.
24
September 2025 Form 10-Q
Management’s Discussion and Analysis
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RWA Rollforward
 Nine Months Ended
September 30, 2025
$ in millionsStandardizedAdvanced
Credit risk RWA
Balance at December 31, 2024$417,982 $316,429 
Change related to the following items:
Derivatives23,847 12,678 
Securities financing transactions10,007 1,289 
Investment securities(597)(19)
Commitments, guarantees and loans15,676 9,861 
Equity investments4,073 4,576 
Other credit risk8,300 7,328 
Total change in credit risk RWA$61,306 $35,713 
Balance at September 30, 2025$479,288 $352,142 
Market risk RWA
Balance at December 31, 2024$53,852 $54,322 
Change related to the following items:
Regulatory VaR2,900 2,900 
Regulatory stressed VaR2,660 2,660 
Incremental risk charge(2,076)(2,076)
Comprehensive risk measure(644)(954)
Specific risk3,316 3,316 
Total change in market risk RWA$6,156 $5,846 
Balance at September 30, 2025$60,008 $60,168 
Operational risk RWA
Balance at December 31, 2024N/A$106,580 
Change in operational risk RWAN/A(878)
Balance at September 30, 2025N/A$105,702 
Total RWA $539,296 $518,012 
Regulatory VaR—VaR for regulatory capital requirements

In the current year period, Credit risk RWA increased under both the Standardized and Advanced Approaches. Under the Standardized Approach, the increase was primarily due to higher Derivatives exposures, particularly in foreign exchange, growth in lending within the Institutional Securities business segment, Securities financing transactions, Other credit risk driven by higher warehouse loan securitizations, cash and deferred tax assets, and growth in Equity investments. Under the Advanced Approach, the increase was primarily due to higher Derivatives exposures, particularly in foreign exchange, growth in lending within the Institutional Securities business segment, Other credit risk driven by higher warehouse loan securitizations, cash and deferred tax assets, and growth in Equity investments.

Market risk RWA increased in the current year period under both the Standardized and Advanced Approaches, primarily driven by higher Specific Risk due to Non-Securitization standardized charges, Regulatory VaR and Regulatory Stressed VaR, partially offset by lower incremental risk charges driven by decreased exposures to non-investment grade issuances.

The decrease in Operational risk RWA in the current year period is primarily related to lower execution-related losses, partially offset by an increase in litigation-related incidents.
Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements
The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
Required and Actual TLAC and Eligible LTD Ratios
 Actual Amount/Ratio
$ in millionsRegulatory Minimum
Required Ratio1
At
September 30,
2025 		At
December 31,
2024
External TLAC2
$275,931 $266,146 
External TLAC as a % of RWA18.0%21.5%51.2%55.8%
External TLAC as a % of leverage exposure7.5%9.5%16.6%17.5%
Eligible LTD3
$172,554 $169,690 
Eligible LTD as a % of RWA9.0%9.0%32.0%35.5%
Eligible LTD as a % of leverage exposure4.5%4.5%10.4%11.2%
1.Required ratios are inclusive of applicable buffers.
2.External TLAC consists of CET1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD.
3.Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date.
We are in compliance with all TLAC requirements as of September 30, 2025 and December 31, 2024.
For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2024 Form 10-K.
Capital Plans, Stress Tests and the Stress Capital Buffer
The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.
We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As insured depository institutions (“IDIs”) with less than $250 billion of average total assets over the four most recent consecutive quarters, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements.
September 2025 Form 10-Q
25
Management’s Discussion and Analysis
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As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.
Our SCB remained at 6.0% through September 30, 2025. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach CET1 required ratio of 13.5%.
For the 2025 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 7, 2025. On September 30, 2025, the Federal Reserve announced that it had reduced Morgan Stanley’s SCB from 5.1% to 4.3%, effective on October 1, 2025 in response to the Firm seeking reconsideration of its preliminary SCB announced in June 2025. Together with other features of the regulatory capital framework, this SCB results in an aggregate Standardized Approach CET1 ratio of 11.8%. Generally, our SCB is determined annually based on the results of the supervisory stress test.
On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks. See “Regulatory Developments and Other Matters—Proposed Changes to Capital Requirements” herein. If relevant, the Firm will provide updated information on applicable regulatory capital standards in response to a final rulemaking, including any change in the Firm’s SCB.
We also disclosed a summary of the results of our company-run stress tests on our Investor Relations website and increased our quarterly common stock dividend to $1.00 per share from $0.925, beginning with the common stock dividend announced on July 16, 2025.
For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2024 Form 10-K.
Attribution of Average Common Equity According to the Required Capital Framework
Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.
The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change
occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. We generally hold Parent Company common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.
Average Common Equity Attribution under the Required Capital Framework1
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in billions2025202420252024
Institutional Securities$48.4 $45.0 $48.4 $45.0 
Wealth Management29.4 29.1 29.4 29.1 
Investment Management10.6 10.8 10.6 10.8 
Parent Company
10.3 7.8 8.7 6.1 
Total$98.7 $92.7 $97.1 $91.0 
1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.
Resolution and Recovery Planning
We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2025 targeted resolution plan on June 30, 2025.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy, which would impose losses on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.
For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2024 Form 10-K.
26
September 2025 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Developments and Other Matters
Proposed Changes to Capital Requirements

On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks applicable to us, aimed at reducing the volatility of the capital requirements stemming from the Federal Reserve’s annual stress test results. Under the proposal, our SCB would be based, in part, on the average of the post-stress capital decline embedded in the Federal Reserve’s stress test results over two consecutive years. Additionally, the proposal would shift the annual effective date of the revised SCB from October 1 to January 1 of the following year and modify certain elements of the Federal Reserve’s CCAR program.
Proposed Changes to the Enhanced Supplementary Leverage Ratio
On June 25, 2025, the U.S. banking agencies released a proposal to modify eSLR requirements applicable to U.S. G-SIBs and their U.S. IDI subsidiaries. If adopted, the proposal would modify the eSLR buffer applicable to U.S. G-SIBs to equal 50 percent of each BHC’s Method 1 G-SIB capital surcharge, applied above the 3.0% minimum SLR requirement, and would modify eSLR standards for U.S. G-SIBs’ IDI subsidiaries to have the same form and calibration as the BHC-level standard. As a result, under the proposal, the Firm and its U.S. Bank Subsidiaries would each have been subject to a 3.5% SLR requirement (inclusive of a 0.5% eSLR buffer) as of June 30, 2025, as compared with current standards, which impose a 5.0% SLR requirement on the Firm (inclusive of a 2.0% eSLR buffer) and require the U.S. Bank Subsidiaries to meet a 6.0% SLR requirement above the minimum 3.0% SLR requirement to be deemed “well capitalized.” The Federal Reserve has also proposed conforming modifications to the SLR component of TLAC and LTD requirements, which currently incorporate the U.S. G-SIB 2.0% eSLR buffer. For more information on the leverage-based regulatory capital standards, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements” in the 2024 Form 10-K.
Supervisory Stress Testing Proposals

On October 24, 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals. The first proposal would modify the timeline and operation of the annual supervisory stress test, including through revisions to the Federal Reserve’s supervisory stress testing policy statements, and solicits comment on the Federal Reserve’s supervisory stress testing models. The second proposal solicits comment on the Federal Reserve’s proposed scenarios for the 2026 supervisory stress test. We continue to monitor developments related to these proposals.
September 2025 Form 10-Q
27
Quantitative and Qualitative Disclosures about Risk
Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2024 Form 10-K.
Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2024 Form 10-K.
Trading Risks
We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities.
The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.
For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2024 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
 Three Months Ended
September 30, 2025
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$26 $32 $43 $26 
Equity price39 38 44 33 
Foreign exchange rate15 12 17 9 
Commodity price14 17 21 11 
Less: Diversification benefit2
(37)(44)N/AN/A
Primary Risk Categories$57 $55 $61 $49 
Credit portfolio
18 19 21 18 
Less: Diversification benefit2
(20)(15)N/AN/A
Total Management VaR$55 $59 $64 $53 
 Three Months Ended
June 30, 2025
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$31 $30 $42 $20 
Equity price33 27 43 17 
Foreign exchange rate11 14 22 8 
Commodity price16 16 26 12 
Less: Diversification benefit2
(37)(40)N/AN/A
Primary Risk Categories$54 $47 $63 $34 
Credit portfolio
19 18 19 17 
Less: Diversification benefit2
(18)(15)N/AN/A
Total Management VaR$55 $50 $63 $38 
1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.
2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also taken into account within each component.

Average Total Management VaR and average Management VaR for the Primary Risk Categories increased from the three months ended June 30, 2025 primarily driven by increased exposures in the equity price category.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were no trading loss days in the current quarter.
28
September 2025 Form 10-Q
Risk Disclosures
Image17.jpg
Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
13743895359416
Daily Net Trading Revenues for the Current Quarter
($ in millions)
13743895359372
Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.
Non-Trading Risks
We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading market risk in our portfolio.
Credit Spread Risk Sensitivity1
$ in millionsAt
September 30,
2025		At
June 30,
2025
Derivatives$6 $6 
Borrowings carried at fair value58 55 
1.Amounts represent the potential gain for each 1 bps widening of our credit spread.
The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.
Wealth Management Net Interest Income Sensitivity Analysis
$ in millionsAt
September 30,
2025		At
June 30,
2025
Basis point change
+200
$364 $438 
+100188 222
-100(228)(251)
-200
(517)(567)
The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.
We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.
Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities,
September 2025 Form 10-Q
29
Risk Disclosures
Image17.jpg
resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent products available to depositors. Further, the level of interest rates could also impact client demand for loans.

Net interest income sensitivity to interest rates at September 30, 2025 decreased from June 30, 2025, primarily driven by the effects of changes in the balance sheet mix.
Investments Sensitivity, Including Related Carried Interest
 Loss from 10% Decline
$ in millionsAt
September 30,
2025		At
June 30,
2025
Investments related to Investment Management activities$579 $572 
Other investments:
MUMSS136 136 
Other Firm investments491 483 
We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable. The measures reflected in the table above do not reflect the effect of any economic hedges or diversification that may reduce the risk of loss.
Asset Management Revenue Sensitivity
Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets.
Credit Risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2024 Form 10-K.
Loans and Lending Commitments
 At September 30, 2025
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$7,839 $8,270 $— $16,109 
Secured lending facilities63,610 2,707 — 66,317 
Commercial and Residential real estate7,853 421 4,297 12,571 
Securities-based lending and Other3,486 30 5,665 9,181 
Total Institutional Securities82,788 11,428 9,962 104,178 
Wealth Management:
Residential real estate70,910 5 — 70,915 
Securities-based lending and Other103,378 — — 103,378 
Total Wealth Management174,288 5 — 174,293 
Total Investment Management2
4 — 45 49 
Total loans257,080 11,433 10,007 278,520 
ACL(1,213)(1,213)
Total loans, net of ACL$255,867 $11,433 $10,007 $277,307 
Lending commitments3
$159,769 $40,831 $1,541 $202,141 
Total exposure$415,636 $52,264 $11,548 $479,448 
 At December 31, 2024
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$6,889 $9,183 $— $16,072 
Secured lending facilities48,842 2,507 — 51,349 
Commercial and Residential real estate8,412 628 2,420 11,460 
Securities-based lending and Other2,876 — 6,041 8,917 
Total Institutional Securities67,019 12,318 8,461 87,798 
Wealth Management:
Residential real estate66,738 — — 66,738 
Securities-based lending and Other93,139 1 — 93,140 
Total Wealth Management159,877 1 — 159,878 
Total Investment Management2
4 — 200 204 
Total loans226,900 12,319 8,661 247,880 
ACL(1,066)(1,066)
Total loans, net of ACL$225,834 $12,319 $8,661 $246,814 
Lending commitments3
$148,818 $26,955 $758 $176,531 
Total exposure$374,652 $39,274 $9,419 $423,345 
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1.FVO includes the fair value of certain unfunded lending commitments.
2.Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.
3.Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
30
September 2025 Form 10-Q
Risk Disclosures
Image17.jpg
We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2024 Form 10-K.
Total loans and lending commitments increased by approximately $56 billion since December 31, 2024, primarily due to an increase in secured lending facilities and event-driven corporate lending commitments within the Institutional Securities business segment and growth in securities-based loans within the Wealth Management business segment.
See Notes 4, 5, 9 and 13 to the financial statements for further information.
Allowance for Credit Losses—Loans and Lending Commitments
$ in millionsThree Months Ended September 30, 2025Nine Months Ended September 30, 2025
ACL—Loans
Beginning balance$1,271 $1,066 
Gross charge-offs(64)(126)
Recoveries1 21 
Net (charge-offs)/recoveries
(63)(105)
Provision for credit losses6 225 
Other(1)27 
Ending balance
$1,213 $1,213 
ACL—Lending commitments
Beginning balance$790 $656 
Provision for credit losses(6)106 
Other— 22 
Ending balance
$784 $784 
Total ending balance
$1,997 $1,997 
Provision for Credit Losses by Business Segment
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
$ in millionsISWMTotalISWMTotal
Loans$5 $1 $6 $154 $71 $225 
Lending commitments(4)(2)(6)106 — 106 
Total$1 $(1)$— $260 $71 $331 
Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial condition, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.
The allowance for credit losses for loans and lending commitments increased since December 31, 2024, primarily related to portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans. Charge-offs in the current year period were primarily related to commercial real estate lending.
The base scenario used in our ACL models as of September 30, 2025 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2025, followed by a gradual improvement in 2026, as well as lower interest rates relative to the prior quarter forecast. Our ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on our ACL models varies depending on portfolio composition and economic conditions.
Forecasted U.S. Real GDP Growth Rates in Base Scenario
4Q 20254Q 2026
Year-over-year growth rate1.2 %1.7 %
Other key macroeconomic variables used in our ACL models include corporate credit spreads, interest rates and commercial real estate indices. See Note 2 to the financial statements in the 2024 Form 10-K for a discussion of the Firm’s ACL methodology under CECL.
Status of Loans Held for Investment
At September 30, 2025At December 31, 2024
ISWMISWM
Accrual99.0%99.7%99.2%99.7%
Nonaccrual1
1.0%0.3%0.8%0.3%
1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more unless the obligation is well-secured and is in the process of collection.
September 2025 Form 10-Q
31
Risk Disclosures
Image17.jpg
Net Charge-off Ratios for Loans Held for Investment
Three Months Ended September 30,
20252024
$ in millions
Net Charge-off Ratio1
Average
Loans
Net Charge-off Ratio1
Average
Loans
Corporate0.12 %$8,055 0.58 %$6,706 
Secured Lending Facilities— %60,956 — %45,136 
Commercial Real Estate0.45 %8,023 0.71 %8,749 
Residential Real Estate— %69,973 — %64,029 
SBL and Other0.02 %105,214 — %91,366 
Total0.02 %$252,221 0.05 %$215,986 
Nine Months Ended September 30,
20252024
$ in millions
Net Charge-off Ratio1
Average
Loans
Net Charge-off Ratio1
Average
Loans
Corporate0.13 %$7,763 0.56 %$6,946 
Secured Lending Facilities
— %55,365 0.03 %42,003 
Commercial Real Estate
0.93 %8,368 1.14 %8,682 
Residential Real Estate
— %68,457 — %62,326 
SBL and Other0.02 %101,422 — %90,106 
Total0.04 %$241,375 0.07 %$210,063 
SBL—Securities-based lending
1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.
Institutional Securities Loans and Lending Commitments1
 At September 30, 2025
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$— $67 $18 $— $85 
A1,106 1,106 167 — 2,379 
BBB3,858 16,539 782 182 21,361 
BB11,599 35,609 3,230 424 50,862 
Other NIG6,070 12,820 4,206 164 23,260 
Unrated2
204 1,288 861 3,056 5,409 
Total loans, net of ACL22,837 67,429 9,264 3,826 103,356 
Lending commitments
AAA— 75 — — 75 
AA2,428 4,122 275 — 6,825 
A4,979 28,890 578 — 34,447 
BBB11,498 62,107 1,392 133 75,130 
BB3,179 27,272 10,028 1,253 41,732 
Other NIG1,463 20,568 3,099 3 25,133 
Unrated2
15 338 — — 353 
Total lending commitments23,562 143,372 15,372 1,389 183,695 
Total exposure$46,399 $210,801 $24,636 $5,215 $287,051 
 At December 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Loans
AA$3 $575 $187 $— $765 
A894 588 164 — 1,646 
BBB5,165 13,185 91 124 18,565 
BB11,235 24,467 2,592 358 38,652 
Other NIG8,520 12,776 1,673 145 23,114 
Unrated2
227 1,176 420 2,503 4,326 
Total loans, net of ACL26,044 52,767 5,127 3,130 87,068 
Lending commitments
AAA— 75 — — 75 
AA2,560 4,285 88 — 6,933 
A8,226 21,372 1,091 — 30,689 
BBB10,135 54,752 1,507 146 66,540 
BB3,174 23,239 3,062 941 30,416 
Other NIG1,074 17,436 3,956 2 22,468 
Unrated2
14 93 33 — 140 
Total lending commitments25,183 121,252 9,737 1,089 157,261 
Total exposure$51,227 $174,019 $14,864 $4,219 $244,329 
NIG–Non-investment grade
1.Counterparty credit ratings are internally determined by the CRM.
2.Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Industry
Financials$79,953 $68,512 
Real estate48,871 40,041 
Healthcare20,964 15,455 
Communications Services19,947 20,425 
Industrials19,737 20,024 
Information Technology18,263 15,666 
Consumer discretionary15,804 14,699 
Consumer staples15,704 12,098 
Utilities13,177 11,755 
Energy12,554 9,036 
Materials8,057 7,378 
Insurance7,253 6,812 
Other6,767 2,428 
Total exposure$287,051 $244,329 
Institutional Securities Lending Activities
The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of September 30, 2025 and December 31, 2024, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2024 Form 10-K.
32
September 2025 Form 10-Q
Risk Disclosures
Image17.jpg
Institutional Securities Event-Driven Loans and Lending Commitments
At September 30, 2025
Contractual Years to Maturity
$ in millions<11-55-15Total
Loans, net of ACL$741 $997 $2,983 $4,721 
Lending commitments3,660 11,430 8,103 23,193 
Total exposure$4,401 $12,427 $11,086 $27,914 
 At December 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15Total
Loans, net of ACL$2,253 $2,839 $733 $5,825 
Lending commitments5,153 2,152 2,918 10,223 
Total exposure$7,406 $4,991 $3,651 $16,048 
Event-driven loans and lending commitments are associated with certain underwritings and/or syndications to finance a specific transaction, such as a merger, acquisition, recapitalization or project finance activity. Balances may fluctuate as such lending is related to transactions that vary in timing and size from period to period.
Institutional Securities Loans and Lending Commitments Held for Investment
At September 30, 2025
$ in millionsLoansLending CommitmentsTotal
Corporate$7,839 $113,792 $121,631 
Secured lending facilities63,610 25,767 89,377 
Commercial real estate7,853 471 8,324 
Securities-based lending and Other3,486 1,293 4,779 
Total, before ACL$82,788 $141,323 $224,111 
ACL$(822)$(769)$(1,591)
At December 31, 2024
$ in millionsLoansLending CommitmentsTotal
Corporate$6,889 $105,824 $112,713 
Secured lending facilities48,842 20,971 69,813 
Commercial real estate8,412 1,249 9,661 
Securities-based lending and Other2,876 1,504 4,380 
Total, before ACL$67,019 $129,548 $196,567 
ACL$(730)$(640)$(1,370)
Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At September 30, 2025At December 31, 2024
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Americas$5,391 $822 $6,213 $5,066 $820 $5,886 
EMEA3,697 221 3,918 3,806 522 4,328 
Asia550 83 633 467 13 480 
Total
$9,638 $1,126 $10,764 $9,339 $1,355 $10,694 
By Property Type
At September 30, 2025At December 31, 2024
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Industrial$3,088 $214 $3,302 $2,610 $125 $2,735 
Office2,624 169 2,793 2,846 109 2,955 
Multifamily1,927 660 2,587 2,042 80 2,122 
Retail1,035 6 1,041 1,105 971 2,076 
Hotel871 62 933 736 70 806 
Other93 15 108 — — — 
Total$9,638 $1,126 $10,764 $9,339 $1,355 $10,694 
LC–Lending Commitments
1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.
As of September 30, 2025 and December 31, 2024, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $10.8 billion and $10.7 billion, respectively. This represents 3.7% and 4.4%, respectively, of total exposure reflected in the Institutional Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.
In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.

While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given its sensitivity to economic and secular factors.
September 2025 Form 10-Q
33
Risk Disclosures
Image17.jpg
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
Nine Months Ended September 30, 2025
$ in millionsCorporate Secured Lending Facilities
CRE
SBL and Other
Total
ACL—Loans
Beginning balance
$200 $140 $373 $17 $730 
Gross charge-offs(10)— (99)— (109)
Recoveries— — 21 — 21 
Net (charge-offs)/ recoveries
(10)— (78)— (88)
Provision (release)
41 55 55 3 154 
Other8 5 14 (1)26 
Ending balance
$239 $200 $364 $19 $822 
ACL—Lending commitments
Beginning balance
$507 $88 $40 $5 $640 
Provision (release)
93 39 (25)(1)106 
Other17 4 — 2 23 
Ending balance
$617 $131 $15 $6 $769 
Total ending balance
$856 $331 $379 $25 $1,591 
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
September 30,
2025 		At
December 31,
2024
Corporate3.0%2.9%
Secured lending facilities0.3%0.3%
Commercial real estate4.6%4.4%
Securities-based lending and Other0.5%0.6%
Total Institutional Securities loans1.0%1.1%
Wealth Management Loans and Lending Commitments
 At September 30, 2025
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$90,947 $11,263 $754 $144 $103,108 
Residential real estate
1 115 1,014 69,664 70,794 
Total loans, net of ACL$90,948 $11,378 $1,768 $69,808 $173,902 
Lending commitments14,865 3,099 53 429 18,446 
Total exposure$105,813 $14,477 $1,821 $70,237 $192,348 
 At December 31, 2024
 Contractual Years to Maturity 
$ in millions<11-55-15>15Total
Securities-based lending and Other
$82,788 $8,944 $1,024 $145 $92,901 
Residential real estate
1 111 1,106 65,423 66,641 
Total loans, net of ACL$82,789 $9,055 $2,130 $65,568 $159,542 
Lending commitments16,318 2,523 43 386 19,270 
Total exposure$99,107 $11,578 $2,173 $65,954 $178,812 
The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.
For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2024 Form 10-K.
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At September 30, 2025At December 31, 2024
$ in millions
Loans1
LC1
Total exposure
Loans1
LC1
Total exposure
Retail$2,362 $— $2,362 $2,293 $— $2,293 
Office2,135 1 2,136 1,951 11 1,962 
Multifamily1,804 222 2,026 1,928 261 2,189 
Industrial441 — 441 456 — 456 
Hotel440 — 440 442 — 442 
Other384 — 384 309 — 309 
Total
$7,566 $223 $7,789 $7,379 $272 $7,651 
LC–Lending Commitments
1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.
As of September 30, 2025 and December 31, 2024, our direct lending against CRE properties totaled $7.8 billion and $7.7 billion, respectively, within the Wealth Management business segment. This represents 4.0% and 4.3%, respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our private banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both September 30, 2025 and December 31, 2024, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. All of our lending against CRE properties within Wealth Management are in the Americas region.
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
Nine Months Ended September 30, 2025
$ in millions
Residential Real Estate
SBL and Other
Total
ACL—Loans
Beginning balance$97 $239 $336 
Gross charge-offs— (17)(17)
Provision (release)26 45 71 
Other(1)2 1 
Ending balance
$122 $269 $391 
ACL—Lending commitments
Beginning balance$4 $12 $16 
Other1 (2)(1)
Ending balance
$5 $10 $15 
Total ending balance
$127 $279 $406 
As of September 30, 2025 and December 31, 2024, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.
34
September 2025 Form 10-Q
Risk Disclosures
Image17.jpg
Customer and Other Receivables
Margin Loans and Other Lending
$ in millionsAt
September 30,
2025		At
December 31,
2024
Institutional Securities$41,717 $27,612 
Wealth Management27,853 28,270 
Total$69,570 $55,882 
The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.
Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2024 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
Derivatives
Fair Value of OTC Derivative Assets
At September 30, 2025
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$1,507 $14,033 $34,920 $18,993 $11,551 $81,004 
1-3 years498 5,625 16,165 10,165 8,013 40,466 
3-5 years743 7,342 9,901 7,326 3,466 28,778 
Over 5 years3,172 25,564 50,768 28,550 7,316 115,370 
Total, gross$5,920 $52,564 $111,754 $65,034 $30,346 $265,618 
Counterparty netting(3,340)(43,216)(83,367)(46,006)(16,967)(192,896)
Cash and securities collateral(2,347)(8,426)(24,101)(12,925)(5,874)(53,673)
Total, net$233 $922 $4,286 $6,103 $7,505 $19,049 
At December 31, 2024
 
Counterparty Credit Rating1
 
$ in millionsAAAAAABBBNIGTotal
Less 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 
$ in millionsAt
September 30,
2025		At
December 31,
2024
Industry
Financials$6,777 $5,678 
Utilities3,346 3,733 
Industrials1,381 1,315 
Consumer discretionary1,080 1,046 
Healthcare786 353 
Energy761 987 
Regional governments712 799 
Communications Services708 914 
Consumer staples639 734 
Information technology632 634 
Materials532 409 
Real estate323 91 
Sovereign governments296 683 
Not-for-profit organizations110 94 
Insurance95 207 
Other871 840 
Total$19,049 $18,517 
1.Counterparty credit ratings are determined internally by the CRM.
We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2024 Form 10-K and Note 6 to the financial statements.
September 2025 Form 10-Q
35
Risk Disclosures
Image17.jpg
Country Risk
Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2024 Form 10-K.
Top 10 Non-U.S. Country Exposures
At September 30, 2025
$ in millionsUnited KingdomFranceJapanGermanyBrazil
Sovereign
Net inventory1
$148 $6,206 $3,634 $(1,341)$5,358 
Net counterparty exposure2
12 — 4 77 2 
Exposure before hedges160 6,206 3,638 (1,264)5,360 
Hedges3
(55)(21)(169)(148)(129)
Net exposure$105 $6,185 $3,469 $(1,412)$5,231 
Non-sovereign
Net inventory1
$1,049 $422 $659 $234 $129 
Net counterparty exposure2
8,168 3,468 3,692 3,130 480 
Loans10,976 720 1,111 1,734 238 
Lending commitments10,099 3,281 (60)6,659 375 
Exposure before hedges30,292 7,891 5,402 11,757 1,222 
Hedges3
(2,041)(1,543)(264)(1,782)(92)
Net exposure$28,251 $6,348 $5,138 $9,975 $1,130 
Total net exposure$28,356 $12,533 $8,607 $8,563 $6,361 
$ in millionsSpainAustraliaKoreaIndiaNetherlands
Sovereign
Net inventory1
$1,491 $(122)$2,587 $974 $(102)
Net counterparty exposure2
— 7 293 8 — 
Exposure before hedges1,491 (115)2,880 982 (102)
Hedges3
(8)— (35)— (12)
Net exposure$1,483 $(115)$2,845 $982 $(114)
Non-sovereign
Net inventory1
$361 $477 $246 $1,257 $874 
Net counterparty exposure2
444 872 838 1,146 823 
Loans1,618 1,502 42 176 1,250 
Lending commitments956 1,744 107 449 1,056 
Exposure before hedges3,379 4,595 1,233 3,028 4,003 
Hedges3
(268)(416)(30)(10)(142)
Net exposure$3,111 $4,179 $1,203 $3,018 $3,861 
Total net exposure$4,594 $4,064 $4,048 $4,000 $3,747 
1.Net inventory represents exposure to both long and short single-name and index positions (i.e., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).
2.Net counterparty exposure (e.g., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place.
3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS
notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2024 Form 10-K.
Operational Risk
Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, human factors (e.g., inappropriate or unlawful conduct) or external events (e.g., cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may incur operational risk across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., IT and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2024 Form 10-K.
Model Risk
Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making, noncompliance with applicable laws and/or regulations or damage to the Firm's reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2024 Form 10-K.
Liquidity Risk
Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2024 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
Legal, Regulatory and Compliance Risk
Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes
36
September 2025 Form 10-Q
Risk Disclosures
Image17.jpg
of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2024 Form 10-K.
Climate Risk
Climate risk consists of physical and transition risks. Physical risks include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. Transition risks include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure or regulation of carbon emissions. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2024 Form 10-K.
September 2025 Form 10-Q
37


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of September 30, 2025, and the related condensed consolidated income statements, comprehensive income statements and statements of changes in total equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and the cash flow statements for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2024, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 21, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.






/s/ Deloitte & Touche LLP
 
New York, New York
November 3, 2025


38
September 2025 Form 10-Q
Consolidated Income Statement
(Unaudited)
Image20.jpg

 Three Months Ended
September 30,		Nine Months Ended
September 30,
in millions, except per share data2025202420252024
Revenues
Investment banking$2,266 $1,590 $5,621 $4,914 
Trading5,020 4,002 14,876 12,985 
Investments374 315 1,131 609 
Commissions and fees1,473 1,294 4,379 3,704 
Asset management6,441 5,747 18,357 16,440 
Other159 239 1,200 827 
Total non-interest revenues15,733 13,187 45,564 39,479 
Interest income
15,456 14,185 44,109 40,644 
Interest expense
12,965 11,989 36,918 34,585 
Net interest2,491 2,196 7,191 6,059 
Net revenues18,224 15,383 52,755 45,538 
Provision for credit losses— 79 331 149 
Non-interest expenses
Compensation and benefits7,442 6,733 22,153 19,889 
Brokerage, clearing and exchange fees1,141 1,044 3,551 2,960 
Information processing and communications1,119 1,042 3,258 3,029 
Professional services685 711 2,070 2,103 
Occupancy and equipment473 473 1,381 1,378 
Marketing and business development280 224 815 686 
Other1,056 856 3,002 2,654 
Total non-interest expenses12,196 11,083 36,230 32,699 
Income before provision for income taxes6,028 4,221 16,194 12,690 
Provision for income taxes1,373 995 3,593 2,885 
Net income$4,655 $3,226 $12,601 $9,805 
Net income applicable to noncontrolling interests45 38 137 129 
Net income applicable to Morgan Stanley$4,610 $3,188 $12,464 $9,676 
Preferred stock dividends 160 160 465 440 
Earnings applicable to Morgan Stanley common shareholders$4,450 $3,028 $11,999 $9,236 
Earnings per common share
Basic$2.83 $1.91 $7.61 $5.79 
Diluted$2.80 $1.88 $7.53 $5.73 
Average common shares outstanding
Basic1,571 1,588 1,577 1,594 
Diluted1,590 1,609 1,594 1,612 
Consolidated Comprehensive Income Statement
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Net income$4,655 $3,226 $12,601 $9,805 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(21)284 371 (31)
Change in net unrealized gains (losses) on available-for-sale securities349 723 749 900 
Pension and other4 3 8 16 
Change in net debt valuation adjustment(848)(175)(684)(463)
Net change in cash flow hedges42 34 75 6 
Total other comprehensive income (loss)$(474)$869 $519 $428 
Comprehensive income$4,181 $4,095 $13,120 $10,233 
Net income applicable to noncontrolling interests45 38 137 129 
Other comprehensive income (loss) applicable to noncontrolling interests(41)95 51 (7)
Comprehensive income applicable to Morgan Stanley$4,177 $3,962 $12,932 $10,111 
See Notes to Consolidated Financial Statements
39
September 2025 Form 10-Q
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
September 30,
2025
At
December 31,
2024
Assets
Cash and cash equivalents$103,734 $105,386 
Trading assets at fair value ($199,429 and $148,945 pledged as collateral)
423,823 331,884 
Investment securities:
Available-for-sale at fair value (amortized cost of $110,695 and $101,960)
108,327 98,608 
Held-to-maturity (fair value of $47,369 and $51,203)
55,205 61,071 
Securities purchased under agreements to resell (includes $— and $— at fair value)
111,734 118,565 
Securities borrowed129,113 123,859 
Customer and other receivables113,257 86,158 
Loans:
Held for investment (net of allowance for credit losses of $1,213 and $1,066)
255,867 225,834 
Held for sale11,433 12,319 
Goodwill16,725 16,706 
Intangible assets (net of accumulated amortization of $1,798 and $5,445)
6,097 6,453 
Other assets29,491 28,228 
Total assets$1,364,806 $1,215,071 
Liabilities
Deposits (includes $8,477 and $6,499 at fair value)
$405,480 $376,007 
Trading liabilities at fair value162,408 153,764 
Securities sold under agreements to repurchase (includes $703 and $956 at fair value)
61,504 50,067 
Securities loaned15,944 15,226 
Other secured financings (includes $16,687 and $14,088 at fair value)
21,441 21,602 
Customer and other payables226,445 175,938 
Other liabilities and accrued expenses28,854 28,220 
Borrowings (includes $127,285 and $103,332 at fair value)
331,679 288,819 
Total liabilities1,253,755 1,109,643 
Commitments and contingent liabilities (see Note 13)


Equity
Morgan Stanley shareholders’ equity:
Preferred stock9,750 9,750 
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,591,091,689 and 1,606,653,706
20 20 
Additional paid-in capital30,730 30,179 
Retained earnings112,426 104,989 
Employee stock trusts5,058 5,103 
Accumulated other comprehensive income (loss)(6,346)(6,814)
Common stock held in treasury at cost, $0.01 par value (447,802,290 and 432,240,273 shares)
(36,618)(33,613)
Common stock issued to employee stock trusts(5,058)(5,103)
Total Morgan Stanley shareholders’ equity109,962 104,511 
Noncontrolling interests1,089 917 
Total equity111,051 105,428 
Total liabilities and equity$1,364,806 $1,215,071 
September 2025 Form 10-Q
40
See Notes to Consolidated Financial Statements
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg
                                                                                                                                                                                                                                                                
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Preferred stock
Beginning balance
$9,750 $8,750 $9,750 $8,750 
Issuance of preferred stock— 1,000 — 1,000 
Ending balance9,750 9,750 9,750 9,750 
Common stock
Beginning and ending balance20 20 20 20 
Additional paid-in capital
Beginning balance30,263 29,459 30,179 29,832 
Share-based award activity467 366 551 (7)
Issuance of preferred stock— (5)— (5)
Ending balance30,730 29,820 30,730 29,820 
Retained earnings
Beginning balance109,567 101,374 104,989 97,996 
Cumulative adjustment related to the adoption of an accounting standard update1
— — — (60)
Net income applicable to Morgan Stanley4,610 3,188 12,464 9,676 
Preferred stock dividends2
(160)(160)(465)(440)
Common stock dividends2
(1,592)(1,492)(4,562)(4,259)
Other net increases (decreases)1 1 — (2)
Ending balance112,426 102,911 112,426 102,911 
Employee stock trusts
Beginning balance5,085 5,110 5,103 5,314 
Share-based award activity(27)(15)(45)(219)
Ending balance5,058 5,095 5,058 5,095 
Accumulated other comprehensive income (loss)
Beginning balance(5,913)(6,760)(6,814)(6,421)
Net change in Accumulated other comprehensive income (loss)(433)774 468 435 
Ending balance(6,346)(5,986)(6,346)(5,986)
Common stock held in treasury at cost
Beginning balance(35,503)(32,129)(33,613)(31,139)
Share-based award activity41 74 1,294 1,629 
Repurchases of common stock and employee tax withholdings(1,156)(813)(4,299)(3,358)
Ending balance(36,618)(32,868)(36,618)(32,868)
Common stock issued to employee stock trusts
Beginning balance(5,085)(5,110)(5,103)(5,314)
Share-based award activity27 15 45 219 
Ending balance(5,058)(5,095)(5,058)(5,095)
Noncontrolling interests
Beginning balance1,086 892 917 944 
Net income applicable to noncontrolling interests45 38 137 129 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests(41)95 51 (7)
Other net increases (decreases)(1)(1)(16)(42)
Ending balance1,089 1,024 1,089 1,024 
Total equity
$111,051 $104,671 $111,051 $104,671 
1.The Firm adopted the Investments - Tax Credit Structures accounting standard update on January 1, 2024. Refer to Note 2 to the financial statements in the 2024 Form 10-K for further information.
2. See Note 16 for information regarding dividends per share for each class of stock.

See Notes to Consolidated Financial Statements
41
September 2025 Form 10-Q
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

 Nine Months Ended
September 30,
$ in millions20252024
Cash flows from operating activities
Net income$12,601 $9,805 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense1,457 1,231 
Depreciation and amortization3,520 3,516 
Provision for credit losses331 149 
Other operating adjustments268 121 
Changes in assets and liabilities:
Trading assets, net of Trading liabilities(69,812)12,358 
Securities borrowed(5,254)(11,321)
Securities loaned718 2,398 
Customer and other receivables and other assets(27,142)(10,317)
Customer and other payables and other liabilities49,566 12,556 
Securities purchased under agreements to resell6,831 (26,612)
Securities sold under agreements to repurchase11,437 (4,322)
Net cash provided by (used for) operating activities(15,479)(10,438)
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software(2,189)(2,583)
Changes in loans, net(28,560)(13,934)
AFS securities:
Purchases(28,767)(27,717)
Proceeds from sales4,650 5,540 
Proceeds from paydowns and maturities16,123 15,616 
HTM securities:
Purchases— (3,523)
Proceeds from paydowns and maturities6,107 8,279 
Other investing activities(746)(988)
Net cash provided by (used for) investing activities(33,382)(19,310)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings849 1,384 
Deposits29,111 11,519 
Issuance of preferred stock, net of issuance costs— 995 
Proceeds from issuance of Borrowings94,184 80,369 
Payments for:
Borrowings(71,194)(54,596)
Repurchases of common stock and employee tax withholdings(4,305)(3,347)
Cash dividends(4,905)(4,553)
Other financing activities48 (270)
Net cash provided by (used for) financing activities43,788 31,501 
Effect of exchange rate changes on cash and cash equivalents3,421 99 
Net increase (decrease) in cash and cash equivalents(1,652)1,852 
Cash and cash equivalents, at beginning of period105,386 89,232 
Cash and cash equivalents, at end of period$103,734 $91,084 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$34,682 $34,498 
Income taxes, net of refunds2,684 1,449 

September 2025 Form 10-Q
42
See Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is as follows:
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Wealth Management covers: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations,
endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Basis of Financial Information
The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.
The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2024 Form 10-K. Certain footnote disclosures included in the 2024 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.
Consolidation
The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.
For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2024 Form 10-K.

43
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2024 Form 10-K.
During the nine months ended September 30, 2025 there were no significant updates to the Firm’s significant accounting policies.
3. Cash and Cash Equivalents
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Cash and due from banks$5,516 $4,436 
Interest bearing deposits with banks98,218 100,950 
Total Cash and cash equivalents$103,734 $105,386 
Restricted cash$30,261 $29,643 
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2024 Form 10-K.
4. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At September 30, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$59,141 $42,287 $— $— $101,428 
Other sovereign government obligations54,861 417 64 — 55,342 
State and municipal securities— 3,932 — — 3,932 
MABS— 2,176 506 — 2,682 
Loans and lending commitments2
— 8,741 1,266 — 10,007 
Corporate and other debt6
3,797 35,436 1,499 — 40,732 
Corporate equities3,5
159,387 1,934 267 — 161,588 
Derivative and other contracts:
Interest rate3,494 125,160 340 — 128,994 
Credit— 12,671 287 — 12,958 
Foreign exchange584 73,915 141 — 74,640 
Equity8,488 108,419 707 — 117,614 
Commodity and other615 12,335 2,844 — 15,794 
Netting1
(10,634)(259,969)(884)(41,072)(312,559)
Total derivative and other contracts2,547 72,531 3,435 (41,072)37,441 
Investments4,5
822 498 1,461 — 2,781 
Physical commodities— 1,184 — — 1,184 
Total trading assets4
280,555 169,136 8,498 (41,072)417,117 
Investment securities—AFS78,245 30,082 — — 108,327 
Total assets at fair value$358,800 $199,218 $8,498 $(41,072)$525,444 
At September 30, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $8,476 $1 $— $8,477 
Trading liabilities:
U.S. Treasury and agency securities18,093 598 — — 18,691 
Other sovereign government obligations26,456 77 2 — 26,535 
Corporate and other debt6
1,518 16,121 68 — 17,707 
Corporate equities3
62,663 287 65 — 63,015 
Derivative and other contracts:
Interest rate3,408 112,188 713 — 116,309 
Credit— 13,608 194 — 13,802 
Foreign exchange676 68,567 396 — 69,639 
Equity10,951 129,151 1,728 — 141,830 
Commodity and other623 11,830 1,819 — 14,272 
Netting1
(10,634)(259,969)(884)(47,905)(319,392)
Total derivative and other contracts5,024 75,375 3,966 (47,905)36,460 
Total trading liabilities113,754 92,458 4,101 (47,905)162,408 
Securities sold under agreements to repurchase— 251 452 — 703 
Other secured financings— 16,569 118 — 16,687 
Borrowings— 125,934 1,351 — 127,285 
Total liabilities at fair value$113,754 $243,688 $6,023 $(47,905)$315,560 
 At December 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$54,436 $44,332 $— $— $98,768 
Other sovereign government obligations25,179 9,969 17 — 35,165 
State and municipal securities— 2,993 — — 2,993 
MABS— 2,231 281 — 2,512 
Loans and lending commitments2
— 7,602 1,059 — 8,661 
Corporate and other debt— 30,394 1,258 — 31,652 
Corporate equities3,5
102,874 606 154 — 103,634 
Derivative and other contracts:
Interest rate4,154 124,309 343 — 128,806 
Credit— 8,783 367 — 9,150 
Foreign exchange65 108,037 620 — 108,722 
Equity2,704 72,532 446 — 75,682 
Commodity and other1,366 12,370 2,195 — 15,931 
Netting1
(6,471)(251,771)(645)(40,835)(299,722)
Total derivative and other contracts1,818 74,260 3,326 (40,835)38,569 
Investments4,5
808 933 754 — 2,495 
Physical commodities— 1,229 — — 1,229 
Total trading assets4
185,115 174,549 6,849 (40,835)325,678 
Investment securities—AFS69,834 28,774 — — 98,608 
Total assets at fair value$254,949 $203,323 $6,849 $(40,835)$424,286 
September 2025 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At December 31, 2024
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $6,498 $1 $— $6,499 
Trading liabilities:
U.S. Treasury and agency securities21,505 3 — — 21,508 
Other sovereign government obligations20,724 3,712 84 — 24,520 
Corporate and other debt— 9,032 11 — 9,043 
Corporate equities3
60,653 95 15 — 60,763 
Derivative and other contracts:
Interest rate3,615 114,179 396 — 118,190 
Credit— 9,302 270 — 9,572 
Foreign exchange147 104,793 31 — 104,971 
Equity3,241 90,639 1,594 — 95,474 
Commodity and other1,461 11,215 887 — 13,563 
Netting1
(6,471)(251,771)(645)(44,953)(303,840)
Total derivative and other contracts1,993 78,357 2,533 (44,953)37,930 
Total trading liabilities104,875 91,199 2,643 (44,953)153,764 
Securities sold under agreements to repurchase— 512 444 — 956 
Other secured financings— 14,012 76 — 14,088 
Borrowings— 102,385 947 — 103,332 
Total liabilities at fair value$104,875 $214,606 $4,111 $(44,953)$278,639 
MABS—Mortgage- and asset-backed securities
1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.
2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.
3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.
4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.
5.At September 30, 2025 and December 31, 2024, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
6.Within Corporate and other debt the Firm holds supranational and regional governmental bonds. The Firm’s valuation techniques and valuation hierarchy classification policies for such instruments is consistent with that of the Firm’s holdings in Other sovereign government obligations, which are further described in Note 4 to the financial statements in the 2024 Form 10-K.
Detail of Loans and Lending Commitments at Fair Value
$ in millionsAt
September 30,
2025		At
December 31,
2024
Commercial real estate
$1,582 $498 
Residential real estate
2,715 1,922 
Securities-based lending and Other loans5,710 6,241 
Total$10,007 $8,661 
Unsettled Fair Value of Futures Contracts1
$ in millionsAt
September 30,
2025		At
December 31,
2024
Customer and other receivables (payables), net
$1,802 $1,914 
1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2024 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Other sovereign government obligations
Beginning balance$26 $74 $17 $94 
Realized and unrealized gains (losses)— 3 — 1 
Purchases5 14 5 48 
Sales(18)(27)(5)(74)
Net transfers51 45 47 40 
Ending balance$64 $109 $64 $109 
Unrealized gains (losses)$— $(2)$— $(2)
State and municipal securities
Beginning balance$10 $— $— $34 
Sales— — — (29)
Net transfers(10)13 — 8 
Ending balance$— $13 $— $13 
Unrealized gains (losses)$— $— $— $— 
MABS
Beginning balance$515 $423 $281 $489 
Realized and unrealized gains (losses)12 10 11 27 
Purchases26 43 101 140 
Sales(46)(58)(68)(243)
Net transfers(1)23 181 28 
Ending balance$506 $441 $506 $441 
Unrealized gains (losses)$11 $15 $(2)$9 
Loans and lending commitments
Beginning balance$1,283 $2,176 $1,059 $2,066 
Realized and unrealized gains (losses)20 29 20 19 
Purchases and originations273 130 557 681 
Sales(277)(648)(484)(917)
Settlements— (4)(2)(174)
Net transfers(33)(99)116 (91)
Ending balance$1,266 $1,584 $1,266 $1,584 
Unrealized gains (losses)$13 $(1)$18 $(2)
Corporate and other debt
Beginning balance$1,759 $1,925 $1,258 $1,983 
Realized and unrealized gains (losses)73 9 (84)44 
Purchases and originations225 423 643 834 
Sales(285)(496)(308)(980)
Settlements— (73)— (85)
Net transfers(273)(62)(10)(70)
Ending balance$1,499 $1,726 $1,499 $1,726 
Unrealized gains (losses)$84 $6 $129 $101 
45
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Corporate equities
Beginning balance$205 $217 $154 $199 
Realized and unrealized gains (losses)17 (24)(16)(93)
Purchases63 26 153 65 
Sales(62)(29)(111)(58)
Net transfers44 4 87 81 
Ending balance$267 $194 $267 $194 
Unrealized gains (losses)$39 $(11)$— $(17)
Investments
Beginning balance$780 $843 $754 $949 
Realized and unrealized gains (losses)69 53 345 63 
Purchases56 18 76 42 
Sales(44)(101)(235)(241)
Net transfers600 (3)521 (3)
Ending balance$1,461 $810 $1,461 $810 
Unrealized gains (losses)$94 $24 $342 $6 
Investment securities—AFS
Beginning balance$11 $— $— $— 
Net transfers(11)— — — 
Ending balance$— $— $— $— 
Unrealized gains (losses)$— $— $— $— 
Net derivatives: Interest rate
Beginning balance$(457)$262 $(53)$(73)
Realized and unrealized gains (losses)35 (120)(370)(103)
Purchases64 20 85 27 
Issuances(29)(6)(121)(14)
Settlements(21)(77)44 (18)
Net transfers35 (79)42 181 
Ending balance$(373)$— $(373)$— 
Unrealized gains (losses)$50 $(114)$(326)$(65)
Net derivatives: Credit
Beginning balance$97 $124 $97 $96 
Realized and unrealized gains (losses)(31)108 (115)(42)
Settlements8 (116)117 39 
Net transfers19 (2)(6)21 
Ending balance$93 $114 $93 $114 
Unrealized gains (losses)$(42)$108 $(104)$(21)
Net derivatives: Foreign exchange
Beginning balance$(433)$(118)$589 $(365)
Realized and unrealized gains (losses)66 51 68 57 
Purchases2 — 13 — 
Issuances— — (24)— 
Settlements133 117 (870)264 
Net transfers(23)45 (31)139 
Ending balance$(255)$95 $(255)$95 
Unrealized gains (losses)$60 $51 $68 $61 
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Net derivatives: Equity
Beginning balance$(1,077)$(1,055)$(1,148)$(1,102)
Realized and unrealized gains (losses)(148)(123)110 125 
Purchases53 54 206 186 
Issuances(197)(161)(753)(473)
Settlements(131)265 154 337 
Net transfers479 252 410 159 
Ending balance$(1,021)$(768)$(1,021)$(768)
Unrealized gains (losses)$(104)$(155)$(24)$11 
Net derivatives: Commodity and other
Beginning balance$887 $1,203 $1,308 $1,290 
Realized and unrealized gains (losses)208 223 370 789 
Purchases81 70 206 126 
Issuances(176)(23)(315)(37)
Settlements(119)(398)(296)(909)
Net transfers144 (51)(248)(235)
Ending balance$1,025 $1,024 $1,025 $1,024 
Unrealized gains (losses)$332 $(58)$457 $(48)
Deposits
Beginning balance$30 $34 $1 $33 
Settlements— — (1)— 
Net transfers(29)(33)1 (32)
Ending balance$1 $1 $1 $1 
Unrealized losses (gains)$— $— $— $— 
Nonderivative trading liabilities
Beginning balance$114 $42 $110 $60 
Realized and unrealized losses (gains)16 6 (5)(17)
Purchases(104)(44)8 (50)
Sales118 25 77 78 
Settlements— — — (1)
Net transfers(9)43 (55)2 
Ending balance$135 $72 $135 $72 
Unrealized losses (gains)$46 $9 $(4)$(6)
Securities sold under agreements to repurchase
Beginning balance$446 $449 $444 $449 
Realized and unrealized losses (gains)6 4 8 4 
Ending balance$452 $453 $452 $453 
Unrealized losses (gains)$5 $3 $7 $4 
Other secured financings
Beginning balance$144 $91 $76 $92 
Realized and unrealized losses (gains)(11)1 (1)(4)
Sales— — (231)— 
Issuances4 57 257 94 
Settlements— (16)(152)(58)
Net transfers(19)14 169 23 
Ending balance$118 $147 $118 $147 
Unrealized losses (gains)$(11)$1 $(1)$(4)
September 2025 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Borrowings
Beginning balance$2,678 $1,976 $947 $1,878 
Realized and unrealized losses (gains)115 86 214 90 
Issuances155 95 576 412 
Settlements(178)(105)(181)(212)
Net transfers1
(1,419)(581)(205)(697)
Ending balance$1,351 $1,471 $1,351 $1,471 
Unrealized losses (gains)$124 $109 $210 $115 
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA— (1)— — 
1.Net transfers include the transfer of Borrowings from Level 3 to Level 2 of $1.4 billion and $0.2 billion for the three and nine months ended September 30, 2025, respectively, primarily due to the decrease in the significance of unobservable inputs related to equity structured notes.
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.
The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.
Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputsAt September 30, 2025At December 31, 2024
Other sovereign government obligations$64 $17 
Comparable pricing:
Bond price
60 to 110 points (99 points)
45 to 104 points (75 points)
MABS$506 $281 
Comparable pricing:
Bond price
40 to 106 points (80 points)
27 to 98 points (67 points)
Loans and lending commitments$1,266 $1,059 
Margin loan model:
Margin loan rate
N/M
1% to 4% (3%)
Comparable pricing:
Loan price
50 to 106 points (89 points)
49 to 102 points (90 points)
Balance / Range (Average1)
$ in millions, except inputsAt September 30, 2025At December 31, 2024
Corporate and other debt$1,499 $1,258 
Comparable pricing:
Bond price
29 to 130 points (88 points)
28 to 130 points (83 points)
Discounted cash flow:
Loss given default
54% to 85% (68% / 54%)
54% to 84% (62% / 54%)
Corporate equities$267 $154 
Comparable pricing:
Equity price
100%
100%
Investments$1,461 $754 
Discounted cash flow:
WACC
11% to 21% (17%)
12% to 21% (16%)
Exit multiple
9 to 9 times (9 times)
9 to 10 times (10 times)
Market approach:
EBITDA multiple
18 times
20 times
Comparable pricing:
Equity price
24% to 100% (95%)
24% to 100% (84%)
Net derivative and other contracts:
Interest rate$(373)$(53)
Option model:
IR volatility skew
47% to 96% (75% / 76%)
72% to 97% (81% / 79%)
IR curve correlation
56% to 99% (85% / 87%)
28% to 99% (83% / 86%)
Bond volatility
75% to 149% (87% / 90%)
78% to 148% (92% / 92%)
Inflation volatility
32% to 67% (44% / 40%)
30% to 68% (44% / 38%)
Credit$93 $97 
Credit default swap model:
Cash-synthetic
   basis
7 points
7 points
Bond price
0 to 93 points (51 points)
0 to 90 points (48 points)
Credit spread
22 to 675 bps (105 bps)
10 to 360 bps (90 bps)
Funding spread
6 to 590 bps (73 bps)
10 to 590 bps (76 bps)
Foreign exchange2
$(255)$589 
Option model:
IR curve
-1% to 10% (2% / 0%)
5% to 10% (8% / 8%)
Contingency probability
80% to 95% (85% / 95%)
90% to 95% (91% / 95%)
Equity2
$(1,021)$(1,148)
Option model:
Equity volatility
3% to 126% (26%)
7% to 98% (20%)
Equity volatility skew
 -11% to 7% (-1%)
 -2% to 0% (-1%)
Equity correlation
0% to 100% (66%)
20% to 94% (58%)
FX correlation
 -87% to 90% (-23%)
 -68% to 60% (-36%)
IR correlation
 0% to 15% (6%)
N/M
Commodity and other$1,025 $1,308 
Option model:
Forward power price
$8 to $144 ($64) per MWh
$0 to $185 ($48) per MWh
Commodity volatility
17% to 97% (30%)
0% to 165% (37%)
Cross-commodity correlation
69% to 99% (98%)
54% to 100% (94%)
Liabilities Measured at Fair Value on a Recurring Basis
Corporate and other debt$68 $11 
Comparable pricing:
Bond price
2 to 101 points (32 points)
N/M
47
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Balance / Range (Average1)
$ in millions, except inputsAt September 30, 2025At December 31, 2024
Securities sold under agreements to repurchase$452 $444 
Discounted cash flow:
Funding spread
21 to 139 bps (70 / 69 bps)
11 to 102 bps (36 / 26 bps)
Other secured financings$118 $76 
Comparable pricing:
Loan price
0 to 95 points (70 points)
0 to 100 points (33 points)
Borrowings$1,351 $947 
Option model:
Equity volatility
 9% to 95% (24%)
7% to 71% (21%)
Equity volatility skew
 -5% to 1% (-1%)
 -2% to 0% (0%)
Equity correlation
20% to 100% (89%)
53% to 64% (58%)
Equity - FX correlation
 -65% to 29% (-18%)
 -52% to 24% (-12%)
Credit default swap model:
Credit spread
188 to 472 bps (330 bps)
247 to 433 bps (340 bps)
Discounted cash flow:
Loss given default
54% to 85% (68% / 54%)
54% to 84% (62% / 54%)
Nonrecurring Fair Value Measurement
Loans$2,714 $4,518 
Corporate loan model:
Credit spread
116 to 932 bps (276 bps)
109 to 1,469 bps (1,007 bps)
Comparable pricing:
Loan price
50 to 101 points (86 points)
25 to 100 points (71 points)
Warehouse model:
Credit spread
69 to 182 bps (99 bps)
207 to 280 bps (254 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2.Includes derivative contracts with multiple risks (i.e., hybrid products).
The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.
For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2024 Form 10-K. During the three months ended September 30, 2025, there were no
significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
Net Asset Value Measurements
Fund Interests
 At September 30, 2025At December 31, 2024
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity and other$3,096 $655 $2,653 $644 
Real estate3,537 216 3,461 214 
Hedge
73 2 92 2 
Total$6,706 $873 $6,206 $860 
Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.
For a description of the Firm’s investments in private equity and other funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2024 Form 10-K.
See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
 Carrying Value at September 30, 2025
$ in millions
Private Equity and Other
Real Estate
Less than 5 years$1,092 $2,006 
5-10 years1,698 1,353 
Over 10 years306 178 
Total$3,096 $3,537 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 At September 30, 2025
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$1,383 $2,714 $4,097 
Other assets—Other investments— 60 60 
Other assets—ROU assets19 — 19 
Total$1,402 $2,774 $4,176 
Liabilities
Other liabilities and accrued expenses—Lending commitments$58 $25 $83 
Total$58 $25 $83 
September 2025 Form 10-Q
48
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2024
 Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$1,607 $4,518 $6,125 
Other assets—Other investments— 58 58 
Other assets—ROU assets23 — 23 
Total$1,630 $4,576 $6,206 
Liabilities
Other liabilities and accrued expenses—Lending commitments$48 $33 $81 
Total$48 $33 $81 
1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.
Gains (Losses) from Nonrecurring Fair Value Remeasurements1
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Assets
Loans2
$(148)$(136)$(319)$(190)
Other assets—Other investments3
— — (6)(7)
Other assets—Premises, equipment and software4
(7)(10)(52)(12)
Other assets—ROU assets5
(1)— (1)— 
Total$(156)$(146)$(378)$(209)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$(5)$(2)$(1)$8 
Total$(5)$(2)$(1)$8 
1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.
2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.
3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
5.Losses related to Other Assets—ROU assets include impairments related to the discontinued leased properties.
Financial Instruments Not Measured at Fair Value
 At September 30, 2025
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$103,734 $103,734 $— $— $103,734 
Investment securities—HTM55,205 12,919 33,098 1,352 47,369 
Securities purchased under agreements to resell111,734 — 110,611 1,154 111,765 
Securities borrowed129,113 — 129,113 — 129,113 
Customer and other receivables106,879 — 102,293 4,527 106,820 
Loans1
Held for investment255,867 — 10,700 241,877 252,577 
Held for sale11,433 — 6,208 5,280 11,488 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$397,003 $— $397,686 $— $397,686 
Securities sold under agreements to repurchase60,801 — 60,786 — 60,786 
Securities loaned15,944 — 15,949 — 15,949 
Other secured financings4,754 — 4,751 — 4,751 
Customer and other payables226,430 — 226,430 — 226,430 
Borrowings204,394 — 208,157 199 208,356 
 Commitment
Amount
Lending commitments2
$200,600 $— $1,085 $1,129 $2,214 
49
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2024
 Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$105,386 $105,386 $— $— $105,386 
Investment securities—HTM61,071 15,803 34,180 1,220 51,203 
Securities purchased under agreements to resell118,565 — 117,151 1,450 118,601 
Securities borrowed123,859 — 123,859 — 123,859 
Customer and other receivables79,586 — 75,361 4,056 79,417 
Loans1
Held for investment
225,834 — 17,859 202,297 220,156 
Held for sale
12,319 — 6,324 6,115 12,439 
Other assets839 — 839 — 839 
Financial liabilities
Deposits$369,508 $— $370,039 $— $370,039 
Securities sold under agreements to repurchase49,111 — 49,103 — 49,103 
Securities loaned15,226 — 15,228 — 15,228 
Other secured financings7,514 — 7,511 — 7,511 
Customer and other payables175,890 — 175,890 — 175,890 
Borrowings185,487 — 188,269 93 188,362 
 Commitment
Amount
Lending commitments2
$175,774 $— $1,094 $839 $1,933 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.
5. Fair Value Option
The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.
Borrowings Measured at Fair Value on a Recurring Basis
$ in millionsAt
September 30,
2025		At
December 31,
2024
Business Unit Responsible for Risk Management
Equity$61,119 $49,144 
Interest rates45,095 34,451 
Commodities13,873 14,829 
Credit5,341 3,306 
Foreign exchange1,857 1,602 
Total$127,285 $103,332 
Net Revenues from Liabilities under the Fair Value Option
$ in millions
Trading Revenues
Interest Expense
Net Revenues1
Three Months Ended September 30, 2025
Borrowings$(3,101)$267 $(3,368)
Deposits(91)63 (154)
Three Months Ended September 30, 2024
Borrowings$(6,993)$175 $(7,168)
$ in millions
Trading Revenues
Interest Expense
Net Revenues1
Nine Months Ended September 30, 2025
Borrowings$(10,866)$708 $(11,574)
Deposits(216)170 (386)
Nine Months Ended September 30, 2024
Borrowings$(6,158)$474 $(6,632)
1.Amounts do not reflect any gains or losses from related economic hedges.
Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.
Gains (Losses) Due to Changes in Instrument-Specific Credit Risk
 Three Months Ended September 30,
 20252024
$ in millionsTrading RevenuesOCITrading RevenuesOCI
Loans and other receivables1
$46 $— $(15)$— 
Lending commitments(1)— (3)— 
Deposits— (27)— (3)
Borrowings(5)(1,093)(4)(227)
 Nine Months Ended September 30,
 20252024
$ in millionsTrading
Revenues		OCITrading
Revenues		OCI
Loans and other receivables1
$(5)$— $(13)$— 
Lending commitments(3)— (4)— 
Deposits— 38 — 8 
Borrowings(17)(943)(21)(617)
$ in millionsAt
September 30,
2025		At
December 31,
2024
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(3,773)$(2,868)
1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
September 2025 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Difference Between Contractual Principal and Fair Value1
$ in millionsAt
September 30,
2025		At
December 31,
2024
Loans and other receivables2
$11,021 $10,207 
Nonaccrual loans2
8,401 7,719 
Borrowings3
3,235 3,249 
1.Amounts indicate contractual principal greater than or (less than) fair value.
2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.
3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.
The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.
Fair Value Loans on Nonaccrual Status
$ in millionsAt
September 30,
2025		At
December 31,
2024
Nonaccrual loans$1,159 $647 
Nonaccrual loans 90 or more days past due157 155 
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
 Assets at September 30, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $5 $— $8 
Foreign exchange49 60 — 109 
Total52 65 — 117 
Not designated as accounting hedges
Economic hedges of loans
Credit— 19 — 19 
Other derivatives
Interest rate114,429 14,447 110 128,986 
Credit4,731 8,208 — 12,939 
Foreign exchange68,766 5,141 624 74,531 
Equity36,890 — 80,724 117,614 
Commodity and other12,870 — 2,924 15,794 
Total237,686 27,815 84,382 349,883 
Total gross derivatives$237,738 $27,880 $84,382 $350,000 
Amounts offset
Counterparty netting(166,835)(26,061)(81,034)(273,930)
Cash collateral netting(37,029)(1,600)— (38,629)
Total in Trading assets$33,874 $219 $3,348 $37,441 
Amounts not offset1
Financial instruments collateral(15,044)— — (15,044)
Net amounts$18,830 $219 $3,348 $22,397 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$5,075 
 Liabilities at September 30, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$510 $— $— $510 
Foreign exchange143 39 — 182 
Total653 39 — 692 
Not designated as accounting hedges
Economic hedges of loans
Credit47 638 — 685 
Other derivatives
Interest rate102,606 13,080 113 115,799 
Credit5,297 7,820 — 13,117 
Foreign exchange63,266 5,495 696 69,457 
Equity60,952 — 80,878 141,830 
Commodity and other11,453 — 2,819 14,272 
Total243,621 27,033 84,506 355,160 
Total gross derivatives$244,274 $27,072 $84,506 $355,852 
Amounts offset
Counterparty netting(166,835)(26,061)(81,034)(273,930)
Cash collateral netting(44,457)(1,005)— (45,462)
Total in Trading liabilities$32,982 $6 $3,472 $36,460 
Amounts not offset1
Financial instruments collateral(4,012)— (1,051)(5,063)
Net amounts$28,970 $6 $2,421 $31,397 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable7,296 
 Assets at December 31, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$4 $— $— $4 
Foreign exchange185 122 — 307 
Total189 122 — 311 
Not designated as accounting hedges
Economic hedges of loans
Credit— 28 — 28 
Other derivatives
Interest rate115,520 13,163 119 128,802 
Credit4,711 4,411 — 9,122 
Foreign exchange104,024 4,301 90 108,415 
Equity24,368 — 51,314 75,682 
Commodity and other14,071 — 1,860 15,931 
Total262,694 21,903 53,383 337,980 
Total gross derivatives$262,883 $22,025 $53,383 $338,291 
Amounts offset
Counterparty netting(188,069)(20,276)(51,168)(259,513)
Cash collateral netting(38,511)(1,698)— (40,209)
Total in Trading assets$36,303 $51 $2,215 $38,569 
Amounts not offset1
Financial instruments collateral(17,837)— — (17,837)
Net amounts$18,466 $51 $2,215 $20,732 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$3,354 
51
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Liabilities at December 31, 2024
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$533 $— $— $533 
Foreign exchange3 — — 3 
Total536 — — 536 
Not designated as accounting hedges
Economic hedges of loans
Credit53 718 — 771 
Other derivatives
Interest rate104,495 13,038 124 117,657 
Credit4,941 3,860 — 8,801 
Foreign exchange100,730 4,085 153 104,968 
Equity42,332 — 53,142 95,474 
Commodity and other11,584 — 1,979 13,563 
Total264,135 21,701 55,398 341,234 
Total gross derivatives$264,671 $21,701 $55,398 $341,770 
Amounts offset
Counterparty netting(188,070)(20,276)(51,168)(259,514)
Cash collateral netting(43,126)(1,200)— (44,326)
Total in Trading liabilities$33,475 $225 $4,230 $37,930 
Amounts not offset1
Financial instruments collateral(6,338)— (2,658)(8,996)
Net amounts$27,137 $225 $1,572 $28,934 
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable$4,321 
1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.
Notionals of Derivative Contracts
 Assets at September 30, 2025
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $188 $— $188 
Foreign exchange5 4 — 9 
Total5 192 — 197 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate4,116 7,568 528 12,212 
Credit269 259 — 528 
Foreign exchange4,256 299 18 4,573 
Equity904 — 848 1,752 
Commodity and other151 — 77 228 
Total9,696 8,126 1,471 19,293 
Total gross derivatives$9,701 $8,318 $1,471 $19,490 
 Liabilities at September 30, 2025
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$3 $215 $— $218 
Foreign exchange16 2 — 18 
Total19 217 — 236 
Not designated as accounting hedges
Economic hedges of loans
Credit2 17 — 19 
Other derivatives
Interest rate4,095 7,579 529 12,203 
Credit291 249 — 540 
Foreign exchange4,279 286 22 4,587 
Equity995 — 1,333 2,328 
Commodity and other130 — 85 215 
Total9,792 8,131 1,969 19,892 
Total gross derivatives$9,811 $8,348 $1,969 $20,128 
 Assets at December 31, 2024
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$— $108 $— $108 
Foreign exchange14 4 — 18 
Total14 112 — 126 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate3,713 4,367 442 8,522 
Credit208 149 — 357 
Foreign exchange2,717 171 9 2,897 
Equity591 — 609 1,200 
Commodity and other137 — 77 214 
Total7,366 4,687 1,137 13,190 
Total gross derivatives$7,380 $4,799 $1,137 $13,316 
 Liabilities at December 31, 2024
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$2 $193 $— $195 
Foreign exchange1 — — 1 
Total3 193 — 196 
Not designated as accounting hedges
Economic hedges of loans
Credit2 20 — 22 
Other derivatives
Interest rate3,626 4,468 417 8,511 
Credit230 133 — 363 
Foreign exchange2,763 178 18 2,959 
Equity754 — 826 1,580 
Commodity and other100 — 89 189 
Total7,475 4,799 1,350 13,624 
Total gross derivatives$7,478 $4,992 $1,350 $13,820 
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the
September 2025 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2024 Form 10-K.
Gains (Losses) on Accounting Hedges
 Three Months EndedNine Months Ended
September 30,September 30,
$ in millions2025202420252024
Fair value hedges—Recognized in Interest income
Interest rate contracts$(100)$(1,277)$(903)$(686)
Investment Securities—AFS115 1,302 938 755 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$609 $5,777 $4,471 $3,627 
Deposits(34)(227)(112)(235)
Borrowings(574)(5,561)(4,364)(3,403)
Net investment hedges—Foreign exchange contracts
Recognized in OCI$175 $(533)$(1,229)$122 
Forward points excluded from hedge effectiveness testing—Recognized in Interest income96 50 143 140 
Cash flow hedges—Interest rate contracts1
Recognized in OCI$15 $34 $28 $(26)
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(40)(11)(70)(34)
Net change in cash flow hedges included within AOCI55 45 98 8 
1.During the nine months ended September 30, 2025, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of September 30, 2025, is approximately $(60) million. The maximum length of time over which forecasted cash flows are hedged is 40 months.
Fair Value Hedges—Hedged Items 
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Investment Securities—AFS
Amortized cost basis currently or previously hedged1
$57,275 $54,809 
Basis adjustments included in amortized cost2
$218 $(741)
Deposits
Carrying amount currently or previously hedged
$48,904 $21,524 
Basis adjustments included in carrying amount2
$156 $44 
Borrowings
Carrying amount currently or previously hedged
$189,937 $171,834 
Basis adjustments included in carrying amount—Outstanding hedges
$(5,769)$(10,072)
Basis adjustments included in carrying amount—Terminated hedges
$(631)$(648)
1.Carrying amount represents the amortized cost. As of September 30, 2025, and December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $600 million and $325 million, respectively. The Firm designated $703 million and $178 million as hedged amounts as of September 30, 2025, and December 31, 2024, respectively, representing the total notional value of all outstanding layers in each portfolio, including both spot-starting and forward-starting layers. The cumulative amount of basis adjustments was $2.2 million as of September 30, 2025 and $(2) million as of December 31, 2024. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 7 herein for additional information.
2.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans
 Three Months EndedNine Months Ended
September 30,September 30,
$ in millions2025202420252024
Recognized in Other revenues
Credit contracts1
$(82)$(101)$(172)$(248)
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Net derivative liabilities with credit risk-related contingent features$23,734 $22,414 
Collateral posted18,038 16,252 
The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millionsAt
September 30,
2025
One-notch downgrade$267 
Two-notch downgrade513 
Bilateral downgrade agreements included in the amounts above1
$643 
1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
 Years to Maturity at September 30, 2025
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$15 $34 $38 $16 $103 
Non-investment grade7 18 16 4 45 
Total$22 $52 $54 $20 $148 
Index and basket CDS
Investment grade$4 $12 $8 $2 $26 
Non-investment grade9 26 231 94 360 
Total$13 $38 $239 $96 $386 
Total CDS sold$35 $90 $293 $116 $534 
Other credit contracts— — — 3 3 
Total credit protection sold$35 $90 $293 $119 $537 
CDS protection sold with identical protection purchased$474 
53
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Years to Maturity at December 31, 2024
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$15 $31 $37 $10 $93 
Non-investment grade7 16 16 1 40 
Total$22 $47 $53 $11 $133 
Index and basket CDS
Investment grade$3 $12 $10 $— $25 
Non-investment grade11 22 158 16 207 
Total$14 $34 $168 $16 $232 
Total CDS sold$36 $81 $221 $27 $365 
Other credit contracts— — — 3 3 
Total credit protection sold$36 $81 $221 $30 $368 
CDS protection sold with identical protection purchased$303 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Single-name CDS
Investment grade$2,370 $1,890 
Non-investment grade767 585 
Total$3,137 $2,475 
Index and basket CDS
Investment grade$883 $799 
Non-investment grade3,837 489 
Total$4,720 $1,288 
Total CDS sold$7,857 $3,763 
Other credit contracts145 133 
Total credit protection sold$8,002 $3,896 
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billionsAt
September 30,
2025 		At
December 31,
2024
Single name$170 $156 
Index and basket351 193 
Tranched index and basket31 28 
Total$552 $377 
Fair Value Asset (Liability)
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Single name$(3,499)$(2,693)
Index and basket(4,294)(654)
Tranched index and basket(1,033)(962)
Total$(8,826)$(4,309)
The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.
The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further
information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2024 Form 10-K.
7. Investment Securities
AFS and HTM Securities
 At September 30, 2025
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$78,227 $103 $85 $78,245 
U.S. agency securities2
24,369 17 2,075 22,311 
Agency CMBS5,604 — 309 5,295 
State and municipal securities1,993 10 21 1,982 
FFELP student loan ABS3
500 1 7 494 
Unallocated basis adjustment4
2 — 2 — 
Total AFS securities110,695 131 2,499 108,327 
HTM securities
U.S. Treasury securities13,634 — 715 12,919 
U.S. agency securities2
39,124 59 7,072 32,111 
Agency CMBS808 — 49 759 
Non-agency CMBS1,639 11 70 1,580 
Total HTM securities55,205 70 7,906 47,369 
Total investment securities$165,900 $201 $10,405 $155,696 
 At December 31, 2024
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$70,160 $62 $388 $69,834 
U.S. agency securities2
24,113 6 2,652 21,467 
Agency CMBS5,704 — 388 5,316 
State and municipal securities1,373 18 4 1,387 
FFELP student loan ABS3
612 1 9 604 
Unallocated basis adjustment4
(2)2 — — 
Total AFS securities101,960 89 3,441 98,608 
HTM securities
U.S. Treasury securities16,885 — 1,082 15,803 
U.S. agency securities2
41,582 4 8,592 32,994 
Agency CMBS1,154 — 88 1,066 
Non-agency CMBS1,450 3 113 1,340 
Total HTM securities61,071 7 9,875 51,203 
Total investment securities$163,031 $96 $13,316 $149,811 
1.Amounts are net of any ACL.
2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.
3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 6 herein for additional information.

September 2025 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
AFS Securities in an Unrealized Loss Position
 At
September 30,
2025 		At
December 31,
2024
$ in millionsFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities
Less than 12 months$12,762 $9 $18,338 $65 
12 months or longer17,063 76 19,629 323 
Total29,825 85 37,967 388 
U.S. agency securities
Less than 12 months426 — 765 11 
12 months or longer18,072 2,075 18,996 2,641 
Total18,498 2,075 19,761 2,652 
Agency CMBS
Less than 12 months214 — — — 
12 months or longer4,948 309 5,018 388 
Total5,162 309 5,018 388 
State and municipal securities
Less than 12 months555 10 242 2 
12 months or longer252 11 62 2 
Total807 21 304 4 
FFELP student loan ABS
Less than 12 months— — — — 
12 months or longer398 7 442 9 
Total398 7 442 9 
Unallocated basis adjustment
— 2 — — 
Total AFS securities in an unrealized loss position
Less than 12 months13,957 19 19,345 78 
12 months or longer40,733 2,478 44,147 3,363 
Unallocated basis adjustment
— 2 — — 
Total$54,690 $2,499 $63,492 $3,441 
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2024 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of September 30, 2025 and December 31, 2024, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at September 30, 2025 and December 31, 2024 reflect an ACL of $62 million and $52 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2024 Form 10-K for a description of the ACL methodology used for HTM Securities.
As of September 30, 2025 and December 31, 2024, 97% of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at September 30, 2025 and December 31, 2024.
See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS.
Investment Securities by Contractual Maturity
 At September 30, 2025
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year$21,899 $21,888 3.2 %
After 1 year through 5 years54,024 54,056 3.9 %
After 5 years through 10 years2,304 2,301 4.1 %
After 10 years— — — %
Total78,227 78,245 
U.S. agency securities:
Due within 1 year18 17 0.2 %
After 1 year through 5 years203 194 1.8 %
After 5 years through 10 years434 402 1.6 %
After 10 years23,714 21,698 3.6 %
Total24,369 22,311 
Agency CMBS:
Due within 1 year567 561 2.0 %
After 1 year through 5 years3,747 3,642 1.9 %
After 5 years through 10 years290 284 1.6 %
After 10 years1,000 808 1.5 %
Total5,604 5,295 
State and municipal securities:
Due within 1 year77 77 4.8 %
After 1 year through 5 years152 151 4.5 %
After 5 years through 10 years113 108 4.3 %
After 10 Years1,651 1,646 4.5 %
Total1,993 1,982 
FFELP student loan ABS:
Due within 1 year61 59 5.5 %
After 1 year through 5 years48 47 5.4 %
After 5 years through 10 years22 22 5.3 %
After 10 years369 366 5.4 %
Total500 494 
Unallocated basis adjustment4
2 — — 
Total AFS securities$110,695 $108,327 3.6 %
55
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At September 30, 2025
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year$6,669 $6,620 2.0 %
After 1 year through 5 years4,909 4,773 2.5 %
After 5 years through 10 years502 438 1.1 %
After 10 years1,554 1,088 2.3 %
Total13,634 12,919 
U.S. agency securities:
Due within 1 year— — — %
After 1 year through 5 years61 59 2.0 %
After 5 years through 10 years121 116 2.1 %
After 10 years38,942 31,936 2.1 %
Total39,124 32,111 
Agency CMBS:
Due within 1 year178 175 0.9 %
After 1 year through 5 years464 443 1.3 %
After 5 years through 10 years143 121 1.6 %
After 10 years23 20 1.3 %
Total808 759 
Non-agency CMBS:
Due within 1 year127 121 5.0 %
After 1 year through 5 years757 735 4.6 %
After 5 years through 10 years373 344 4.3 %
After 10 years382 380 7.3 %
Total1,639 1,580 
Total HTM securities$55,205 $47,369 2.2 %
Total investment securities$165,900 $155,696 3.1 %
1.Amounts are net of any ACL.
2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.
3.At September 30, 2025, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.5% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 to the financial statements in the 2024 Form 10-K and Note 6 herein for additional information.
Gross Realized Gains (Losses) on Sales of AFS Securities
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Gross realized gains$3 $— $25 $50 
Gross realized (losses)— — (1)— 
Total1
$3 $— $24 $50 
1.Realized gains and losses are recognized in Other revenues in the income statement.
8. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
 At September 30, 2025
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$480,516 $(368,782)$111,734 $(109,259)$2,475 
Securities borrowed200,015 (70,902)129,113 (125,492)3,621 
Liabilities
Securities sold under agreements to repurchase$430,286 $(368,782)$61,504 $(56,918)$4,586 
Securities loaned86,846 (70,902)15,944 (15,839)105 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$886 
Securities borrowed80 
Securities sold under agreements to repurchase3,285 
 At December 31, 2024
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$409,635 $(291,070)$118,565 $(116,157)$2,408 
Securities borrowed165,642 (41,783)123,859 (117,573)6,286 
Liabilities
Securities sold under agreements to repurchase$341,137 $(291,070)$50,067 $(45,520)$4,547 
Securities loaned57,009 (41,783)15,226 (15,211)15 
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell$2,054 
Securities borrowed2,079 
Securities sold under agreements to repurchase3,448 
1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2024 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
 At September 30, 2025
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$263,607 $95,211 $32,238 $39,230 $430,286 
Securities loaned76,948 1 338 9,559 86,846 
Total included in the offsetting disclosure$340,555 $95,212 $32,576 $48,789 $517,132 
Trading liabilities—
Obligation to return securities received as collateral		6,093 — — — 6,093 
Total$346,648 $95,212 $32,576 $48,789 $523,225 
September 2025 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 At December 31, 2024
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$180,793 $104,551 $25,071 $30,722 $341,137 
Securities loaned42,473 — 317 14,219 57,009 
Total included in the offsetting disclosure$223,266 $104,551 $25,388 $44,941 $398,146 
Trading liabilities—
Obligation to return securities received as collateral		18,067 — — — 18,067 
Total$241,333 $104,551 $25,388 $44,941 $416,213 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$228,058 $177,464 
Other sovereign government obligations154,104 135,806 
Corporate equities26,552 14,993 
Other21,572 12,874 
Total$430,286 $341,137 
Securities loaned
Other sovereign government obligations$1,605 $1,805 
Corporate equities83,220 54,144 
Other2,021 1,060 
Total$86,846 $57,009 
Total included in the offsetting disclosure$517,132 $398,146 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$5,852 $18,059 
Other241 8 
Total$6,093 $18,067 
Total$523,225 $416,213 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Trading assets$40,097 $30,867 
The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.
Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Collateral received with right to sell or repledge$1,151,503 $932,626 
Collateral that was sold or repledged1
889,923 724,177 
1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.
Securities Segregated for Regulatory Purposes
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Segregated securities1
$22,293 $26,329 
1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.
Customer Margin and Other Lending
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Margin and other lending$69,570 $55,882 
The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.
For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2024 Form 10-K.
Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.
Other Secured Financings
The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12.
57
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $2,629 million and $437 million as of September 30, 2025 and December 31, 2024, respectively.
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
 At September 30, 2025
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,839 $8,270 $16,109 
Secured lending facilities63,610 2,707 66,317 
Commercial real estate7,853 421 8,274 
Residential real estate70,910 5 70,915 
Securities-based lending and Other
106,868 30 106,898 
Total loans257,080 11,433 268,513 
ACL(1,213)(1,213)
Total loans, net$255,867 $11,433 $267,300 
Loans to non-U.S. borrowers, net$30,364 $3,742 $34,106 
 At December 31, 2024
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$6,889 $9,183 $16,072 
Secured lending facilities48,842 2,507 51,349 
Commercial real estate8,412 628 9,040 
Residential real estate66,738 — 66,738 
Securities-based lending and Other
96,019 1 96,020 
Total loans226,900 12,319 239,219 
ACL(1,066)(1,066)
Total loans, net$225,834 $12,319 $238,153 
Loans to non-U.S. borrowers, net$23,335 $4,763 $28,098 
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2024 Form 10-K.
Loans by Interest Rate Type
 At September 30, 2025At December 31, 2024
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$1 $16,108 $— $16,071 
Secured lending facilities525 65,792 — 51,349 
Commercial real estate328 7,946 — 9,041 
Residential real estate32,051 38,864 31,014 35,724 
Securities-based lending and Other
26,178 80,720 25,478 70,542 
Total loans, before ACL$59,083 $209,430 $56,492 $182,727 
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At September 30, 2025At December 31, 2024
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$2,606 $4,876 $7,482 $2,668 $3,963 $6,631 
2025125 38 163 
202479 50 129 76 58 134 
2023— 49 49 — 50 50 
2022— — — — 25 25 
202115 — 15 15 — 15 
Prior— 1 1 31 3 34 
Total
$2,825 $5,014 $7,839 $2,790 $4,099 $6,889 
At September 30, 2025At December 31, 2024
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving$14,662 $34,796 $49,458 $11,405 $27,753 $39,158 
2025988 6,410 7,398 
2024268 2,978 3,246 818 2,863 3,681 
2023555 1,047 1,602 1,371 1,359 2,730 
2022115 991 1,106 279 1,909 2,188 
2021— 12 12 — 198 198 
Prior— 788 788 100 787 887 
Total
$16,588 $47,022 $63,610 $13,973 $34,869 $48,842 
At September 30, 2025At December 31, 2024
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$11 $8 $19 $— $161 $161 
2025330 1,278 1,608 
2024582 1,440 2,022 147 2,202 2,349 
2023265 418 683 351 772 1,123 
2022263 1,236 1,499 305 1,488 1,793 
2021251 1,068 1,319 166 1,603 1,769 
Prior37 666 703 — 1,217 1,217 
Total
$1,739 $6,114 $7,853 $969 $7,443 $8,412 
At September 30, 2025
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$159 $38 $6 $203 $— $203 
20256,748 1,210 151 7,318 791 8,109 
20248,057 1,530 186 8,838 935 9,773 
20236,270 1,344 194 6,973 835 7,808 
20229,804 2,176 359 11,378 961 12,339 
202110,053 2,143 214 11,558 852 12,410 
Prior15,975 3,835 458 18,974 1,294 20,268 
Total$57,066 $12,276 $1,568 $65,242 $5,668 $70,910 
September 2025 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
At December 31, 2024
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$136 $39 $5 $180 $— $180 
20248,653 1,607 191 9,458 993 10,451 
20236,778 1,431 201 7,529 881 8,410 
202210,294 2,298 370 11,941 1,021 12,962 
202110,510 2,247 228 12,094 891 12,985 
Prior
17,088 4,171 491 20,355 1,395 21,750 
Total$53,459 $11,793 $1,486 $61,557 $5,181 $66,738 
At September 30, 2025
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving $86,581 $5,995 $1,556 $94,132 
20251,017 286 800 2,103 
20241,358 780 176 2,314 
2023812 305 900 2,017 
2022238 183 1,265 1,686 
2021100 18 412 530 
Prior238 1,100 2,748 4,086 
Total$90,344 $8,667 $7,857 $106,868 
At December 31, 2024
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving$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 
Prior270 1,430 2,847 4,547 
Total$79,491 $9,401 $7,127 $96,019 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at September 30, 2025 and December 31, 2024, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2024 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance1
$ in millionsAt September 30, 2025At December 31, 2024
Commercial real estate$199 $272 
Residential real estate283 186 
Securities-based lending and Other
145 86 
Total$627 $544 
1.As of September 30, 2025 and December 31, 2024, the majority of the amounts are 90 days or more past due.
Nonaccrual Loans Held for Investment before Allowance1
$ in millionsAt September 30, 2025At December 31, 2024
Corporate$249 $108 
Secured lending facilities5 6 
Commercial real estate561 447 
Residential real estate173 160 
Securities-based lending and Other
293 298 
Total
$1,281 $1,019 
Nonaccrual loans without an ACL$147 $162 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of September 30, 2025 and December 31, 2024. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2024 Form 10-K.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1
 Three Months Ended September 30,
20252024
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$42 0.5 %$30 0.5 %
Commercial real estate146 1.9 %56 0.6 %
Securities-based lending and Other 397 0.4 %21 — %
Total$585 0.5 %$107 — %
Other-than-insignificant Payment Delay
Residential real estate$1 — %$— — %
Total$1 — %$— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate$5 — %$— — %
Total$5 — %$— — %
Total Modifications$591 0.3 %$107 — %
59
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Nine Months Ended September 30,
20252024
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$172 2.2 %$136 2.2 %
Commercial real estate471 6.0 %136 1.6 %
Residential real estate1 — %— — %
Securities-based lending and Other 429 0.4 %149 0.2 %
Total$1,073 0.6 %$421 0.2 %
Other-than-insignificant Payment Delay
Residential real estate$1 — %$— — %
Securities-based lending and Other23 — %— — %
Total$24 — %$— — %
Interest Rate Reduction
Residential real estate$1 — %$— — %
Total$1 — %$— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate$75 1.0 %$— — %
Residential real estate7 — %1 — %
Total$82 0.1 %$1 — %
Total Modifications$1,180 0.6 %$422 0.2 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended September 30, 2025 and 2024, were $174 million and $212 million, as of September 30, 2025 and 2024, respectively. Lending commitments to borrowers for which the Firm has modified terms of the receivable during the nine months ended September 30, 2025 and 2024 were $532 million and $676 million as of September 30, 2025 and 2024, respectively.
2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment
Three Months Ended September 30, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate470$— — %
Commercial real estate240— — %
Residential real estate019— — %
Securities-based lending and Other240— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate1200$— 1 %
Three Months Ended September 30, 20241
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate110$— — %
Commercial real estate270— — %
Securities-based lending and Other120— — %
Nine Months Ended September 30, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate390$— — %
Commercial real estate310— — %
Residential real estate2919— — %
Securities-based lending and Other2312— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate650$— 1 %
Residential real estate1200— 1 %
Nine Months Ended September 30, 20241
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate230$— — %
Commercial real estate140— — %
Securities-based lending and Other210— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Residential real estate1200$— 1 %
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
Past Due Loans Held for Investment Modified in the Last 12 Months
As of September 30, 2025, there were no past due loans held for investment modified in the 12 month period prior.
 At September 30, 2024
$ in millions30-89 Days Past Due90+ days
Past Due		Total
Commercial real estate$— $67 $67 
Securities-based lending and Other
42 — 42 
Total$42 $67 $109 
As of September 30, 2025, there were no loans held for investment that defaulted during the nine months ended September 30, 2025 that had been modified in the 12 month period prior. As of September 30, 2024 there was one commercial real estate loan held for investment with an amortized cost of $67 million that defaulted during the nine months ended September 30, 2024 that had been modified in the 12 month period prior to default.
Provision for Credit Losses
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Loans
$6 $18 $225 $81 
Lending commitments
(6)61 106 68
September 2025 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Nine Months Ended September 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$200 $140 $373 $97 $256 $1,066 
Gross charge-offs(10)— (99)— (17)(126)
Recoveries— — 21 — — 21 
Net (charge-offs)/ recoveries
(10)— (78)— (17)(105)
Provision (release)41 55 55 26 48 225 
Other8 5 14 (1)1 27 
Ending balance$239 $200 $364 $122 $288 $1,213 
Percent of loans to total loans1
3 %25 %3 %28 %41 %100 %
ACL—Lending commitments
Beginning balance$507 $88 $40 $4 $17 $656 
Provision (release)93 39 (25)— (1)106 
Other17 4 — 1 — 22 
Ending balance$617 $131 $15 $5 $16 $784 
Total ending balance
$856 $331 $379 $127 $304 $1,997 
Nine Months Ended September 30, 2024
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance$241 $153 $463 $100 $212 $1,169 
Gross charge-offs
(39)(11)(103)— (2)(155)
Recoveries— — 4 — 3 7 
Net (charge-offs)/ recoveries
(39)(11)(99)— 1 (148)
Provision (release)24 (12)44 (10)35 81 
Other1 — 3 — (2)2 
Ending balance$227 $130 $411 $90 $246 $1,104 
Percent of loans to total loans1
3 %21 %4 %30 %42 %100 %
ACL—Lending commitments
Beginning balance$431 $70 $26 $4 $20 $551 
Provision (release)41 19 9 — (1)68 
Other(1)1 — — — — 
Ending balance$471 $90 $35 $4 $19 $619 
Total ending balance
$698 $220 $446 $94 $265 $1,723 
CRE—Commercial real estate
SBL—Securities-based lending
1.Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment.
The allowance for credit losses for loans and lending commitments increased during the nine months ended September 30, 2025, primarily related to portfolio growth in corporate loans and secured lending facilities and provisions for certain specific commercial real estate loans. Charge-offs in the current year period were primarily related to commercial real estate lending.
The base scenario used in the Firm’s ACL models as of September 30, 2025 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes modest economic growth in 2025, followed by a gradual
improvement in 2026, as well as lower interest rates relative to the prior quarter forecast. The ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL models varies depending on portfolio composition and economic conditions. Other key macroeconomic variables used in the ACL models include corporate credit spreads, interest rates and commercial real estate indices.
For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2024 Form 10-K.
Gross Charge-offs by Origination Year
Three Months Ended September 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$— $— $— $— $(8)$(8)
2025(10)— — — — (10)
2022— — (2)— — (2)
2021— — (34)— (4)(38)
Prior
— — (1)— (5)(6)
Total
$(10)$— $(37)$— $(17)$(64)
Three Months Ended September 30, 2024
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(39)$— $— $— $— $(39)
2022— — (18)— — (18)
Prior
— — (44)— — (44)
Total
$(39)$— $(62)$— $— $(101)
Nine Months Ended September 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$— $— $— $— $(8)$(8)
2025(10)— — — — (10)
2022— — (13)— — (13)
2021— — (45)— (4)(49)
Prior
— — (41)— (5)(46)
Total
$(10)$— $(99)$— $(17)$(126)
Nine Months Ended September 30, 2024
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(39)$— $— $— $— $(39)
2022— — (18)— — (18)
2021— — — — (2)(2)
Prior
— (11)(85)— — (96)
Total
$(39)$(11)$(103)$— $(2)$(155)
CRE—Commercial real estate
SBL—Securities-based lending
Selected Credit Ratios
At
September 30,
2025 		At
December 31,
2024
ACL for loans to total HFI loans0.5 %0.5 %
Nonaccrual HFI loans to total HFI loans
0.5 %0.4 %
ACL for loans to nonaccrual HFI loans
94.7 %104.6 %
61
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Employee Loans
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Currently employed by the Firm1
$4,621 $4,255 
No longer employed by the Firm2
81 83 
Employee loans$4,702 $4,338 
ACL(116)(112)
Employee loans, net of ACL$4,586 $4,226 
Remaining repayment term, weighted average in years5.85.6
1.These loans are predominantly current.
2.These loans are predominantly past due for a period of 90 days or more.
Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2024 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
10. Other Assets
Equity Method Investments
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Investments$2,042 $1,869 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
$ in millions2025202420252024
Income (loss)$68 $75 $189 $185 
Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.
Japanese Securities Joint Venture
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Income (loss) from investment in MUMSS$34 $52 $100 $128 
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2024 Form 10-K.
Tax Equity Investments
The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments.
The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Low-income housing
$1,816 $1,787 
Renewable energy and other
15 67 
Total1,2
$1,831 $1,854 
1.Amounts include unfunded equity contributions of $639 million and $613 million as of September 30, 2025 and December 31, 2024, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.
2.Amounts exclude $48 million and $48 million as of September 30, 2025 and December 31, 2024, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Income tax credits and other income tax benefits$75 $74 $227 $227 
Proportional amortization(60)(59)(184)(177)
Net benefits$15 $15 $43 $50 
11. Deposits
Deposits
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Savings and demand deposits$307,108 $299,898 
Time deposits98,372 76,109 
Total$405,480 $376,007 
Deposits subject to FDIC insurance$323,552 $298,351 
Deposits not subject to FDIC insurance$81,928 $77,656 
Time Deposit Maturities
$ in millionsAt
September 30,
2025
2025$14,034 
202637,267 
202720,025 
202812,202 
20298,135 
Thereafter6,709 
Total$98,372 
September 2025 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
12. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Original maturities of one year or less$7,551 $4,512 
Original maturities greater than one year
Senior$309,979 $270,594 
Subordinated14,149 13,713 
Total greater than one year$324,128 $284,307 
Total$331,679 $288,819 
Weighted average stated maturity, in years1
6.46.6
1.Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Original maturities:
One year or less$13,373 $17,133 
Greater than one year8,068 4,469 
Total$21,441 $21,602 
Transfers of assets accounted for as secured financings$9,479 $10,275 
Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.
13. Commitments, Guarantees and Contingencies
Commitments
 Years to Maturity at September 30, 2025 
$ in millionsLess than 11-33-5Over 5Total
Lending:
Corporate$15,253 $47,884 $77,007 $10,225 $150,369 
Secured lending facilities7,152 6,604 10,133 6,086 29,975 
Commercial and Residential real estate673 181 215 465 1,534 
Securities-based lending and Other15,349 3,929 526 459 20,263 
Forward-starting secured financing receivables1
141,793 3,554 — — 145,347 
Central counterparty14,298 — — — 14,298 
Underwriting1,422 — — — 1,422 
Investment activities2,533 313 76 471 3,393 
Letters of credit and other financial guarantees26 — — 5 31 
Total$198,499 $62,465 $87,957 $17,711 $366,632 
Lending commitments participated to third parties$12,877 
1.These amounts primarily include secured financing receivables yet to settle as of September 30, 2025, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.
Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
For a further description of these commitments, refer to Note 14 to the financial statements in the 2024 Form 10-K.
Guarantees
 At September 30, 2025
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,449,384 $714,985 $211,871 $560,807 $(33,866)
Standby letters of credit and other financial guarantees issued2,3
1,558 734 1,547 2,543 14 
Liquidity facilities2,834 — — — 2 
Whole loan sales guarantees61 17 — 23,077 — 
Securitization representations and warranties4
— — — 94,468 — 
General partner guarantees208 109 72 20 (102)
Client clearing guarantees2,126 — — — — 
1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.
2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.
3.As of September 30, 2025, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $59 million.
4.Related to commercial, residential mortgage and asset backed securitizations.
The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make
63
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.
For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2024 Form 10-K.
Other Guarantees and Indemnities
In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, market value guarantees, exchange and clearinghouse member guarantees, futures and over-the-counter derivatives clearing guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2024 Form 10-K.
In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.
Finance Subsidiary
The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.
Contingencies
Legal
In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable
indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, sales and trading businesses, and our activities in the capital markets.
The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.
The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.
The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Firm.
In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal
September 2025 Form 10-Q
64
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.
While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.
Antitrust Related Matters
The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an
agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement.

The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision.
European Matters
Tax
In matters styled Case number 15/3637 and Case number 15/4353, the Dutch Tax Authority (“Dutch Authority”) challenged in the Dutch courts the prior set-off by the Firm of approximately €124 million (approximately $146 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. The Dutch Authority alleged that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319. On January 19, 2024, the Dutch High Court granted the Firm’s appeal in matters re-styled Case number 20/01884 and referred the case to the Court of Appeal in The Hague. On November 11, 2024, the Firm reached an agreement to settle the Dutch Authority’s challenges for the tax years 2007 to 2012 and made payment of the prior set-off amounts and interest indicated above. The case has been withdrawn.
On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Authority concerning the accuracy of the Firm subsidiary’s tax returns for 2007 to 2012. The Dutch criminal authorities have
65
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation. On September 30, 2025, the Dutch Public Prosecutor served the Firm subsidiaries (Morgan Stanley Derivatives Products (Netherlands) B.V. and Morgan Stanley & Co. International plc) with indictments, bringing charges of filing false tax returns for 2007 to 2012. The Firm disputes these charges and will continue to engage with the Prosecutor as the criminal process progresses.
U.K. Government Bond Matter

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm’s activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al., alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, the Firm and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement.
Other

On August 13, 2021, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”) a purported class action complaint alleging violations of federal securities laws against ViacomCBS (“Viacom”), certain of its officers and directors, and the underwriters, including the Firm, of two March 2021 Viacom offerings: a $1.7 billion Viacom Class B Common Stock offering and a $1 billion offering of 5.75% Series A Mandatory Convertible Preferred Stock (collectively, the “Offerings”). The complaint seeks certification of the class of plaintiffs and unspecified compensatory damages and alleges, inter alia, that the Viacom offering documents for both issuances contained material misrepresentations and omissions because they did not disclose that certain of the underwriters, including the Firm, had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos Capital Management LP (“Archegos”), a fund with significant exposure to Viacom securities across multiple prime brokers. The complaint also alleges that the offering documents did not adequately disclose the risks associated with Archegos’s concentrated Viacom positions at the various prime brokers, including that the unwind of those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the complaint was amended to add allegations that defendants failed to disclose that certain underwriters, including the Firm, had intended to unwind Archegos’s Viacom positions while simultaneously distributing the Offerings. On February 6, 2023, the court issued a decision denying motions to dismiss as to the Firm and the other underwriters, but granting the motion to dismiss as to Viacom and the Viacom individual defendants. On February 15, 2023, the underwriters, including the Firm, filed their notices of appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court’s decision as to the Firm and other underwriter defendants that had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos, dismissed the remaining underwriters, and upheld the dismissal of Viacom and its officers and directors. On July 25, 2024, the Appellate Division denied the plaintiff’s and the Firm’s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff’s motion for class certification, which the defendants appealed. In February of 2025, the parties reached an agreement in principle to settle the litigation. On April 3, 2025, the court granted preliminary approval of the settlement and, on August 5, 2025, granted final approval.

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material
September 2025 Form 10-Q
66
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has appealed.

Beginning in February of 2024, Morgan Stanley Smith Barney LLC (“MSSB”) and E*TRADE Securities LLC (“E*TRADE Securities”), among others, have been named as defendants in multiple putative class actions pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have been brought on behalf of brokerage, advisory and retirement account holders, alleging various contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable rate of interest on its cash sweep products. All matters pending in the SDNY (which focus solely on MSSB’s cash sweep program) were consolidated into one action styled Estate of Sherlip, et al. v. Morgan Stanley, et al. An amended class action complaint was filed on August 15, 2025. On September 12, 2025, MSSB moved to dismiss the complaint. The matters pending in the District of New Jersey (which includes claims against both MSSB and E*TRADE Securities) remain subject to requests to consolidate and appoint lead counsel. Together, the complaints seek, inter alia, certification of classes of plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages. The Firm is also responding to requests from state securities regulators regarding brokerage account cash balances swept to the affiliate bank deposit program.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
 At September 30, 2025At December 31, 2024
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS1
$237 $7 $575 $236 
Investment vehicles2
224 35 378 189 
MTOB1,827 1,696 619 578 
Other87 3 156 4 
Total$2,375 $1,741 $1,728 $1,007 
MTOB—Municipal tender option bonds
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.
2.Amounts include investment funds and CLOs.
Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Assets
Cash and cash equivalents$20 $37 
Trading assets at fair value936 1,395 
Investment securities1,402 278 
Customer and other receivables16 16 
Other assets1 2 
Total$2,375 $1,728 
Liabilities
Other secured financings$1,703 $921 
Other liabilities and accrued expenses35 82 
Borrowings3 4 
Total$1,741 $1,007 
Noncontrolling interests$64 $42 
Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.
In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
67
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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Non-consolidated VIEs
 At September 30, 2025
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$176,657 $3,295 $4,092 $4,129 $86,701 
Maximum exposure to loss3
Debt and equity interests$29,770 $161 $— $2,455 $12,101 
Derivative and other contracts— — 2,834 — 4,731 
Commitments, guarantees and other8,614 — — — 231 
Total$38,384 $161 $2,834 $2,455 $17,063 
Carrying value of variable interests—Assets
Debt and equity interests$29,770 $161 $— $1,810 $12,101 
Derivative and other contracts— — 6 — 1,814 
Total$29,770 $161 $6 $1,810 $13,915 
Additional VIE assets owned4
$16,697 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $3 $— $633 
Total$— $— $3 $— $633 
 At December 31, 2024
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$179,686 $1,621 $3,654 $3,603 $74,665 
Maximum exposure to loss3
Debt and equity interests$26,974 $62 $— $2,267 $12,097 
Derivative and other contracts— — 2,454 — 3,936 
Commitments, guarantees and other8,554 — — — 535 
Total$35,528 $62 $2,454 $2,267 $16,568 
Carrying value of variable interests–Assets
Debt and equity interests$26,974 $62 $— $1,821 $12,067 
Derivative and other contracts— — 6 — 1,772 
Total$26,974 $62 $6 $1,821 $13,839 
Additional VIE assets owned4
$15,777 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $4 $— $448 
OSF–Other structured financings
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.
2.Other primarily includes exposures to commercial real estate property and investment funds.
3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.
4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).
The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.
The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.
Liabilities issued by VIEs generally are non-recourse to the Firm.
Detail of Mortgage- and Asset-Backed Securitization Assets
 At September 30, 2025At December 31, 2024
$ in millionsUPBDebt and Equity InterestsUPBDebt and Equity Interests
Residential mortgages$14,893 $2,878 $17,316 $2,497 
Commercial mortgages42,986 9,592 82,730 8,445 
U.S. agency collateralized mortgage obligations87,668 7,719 39,317 6,260 
Other consumer or commercial loans31,110 9,581 40,323 9,772 
Total$176,657 $29,770 $179,686 $26,974 
Transferred Assets with Continuing Involvement
 At September 30, 2025
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$13,509 $80,099 $14,595 $13,080 
Retained interests
Investment grade$268 $457 $530 $— 
Non-investment grade368 1,058 — 119 
Total$636 $1,515 $530 $119 
Interests purchased in the secondary market3
Investment grade$115 $102 $154 $— 
Non-investment grade15 21 — — 
Total$130 $123 $154 $— 
Derivative assets$— $— $— $1,409 
Derivative liabilities — — — 582 
 At December 31, 2024
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$6,989 $78,232 $18,174 $12,725 
Retained interests
Investment grade$198 $543 $967 $— 
Non-investment grade175 923 — 71 
Total$373 $1,466 $967 $71 
Interests purchased in the secondary market3
Investment grade$45 $34 $79 $— 
Non-investment grade5 24 — — 
Total$50 $58 $79 $— 
Derivative assets$— $— $— $1,408 
Derivative liabilities— — — 400 
September 2025 Form 10-Q
68
Notes to Consolidated Financial Statements
(Unaudited)
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 Fair Value At September 30, 2025
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$724 $— $724 
Non-investment grade117 56 173 
Total$841 $56 $897 
Interests purchased in the secondary market3
Investment grade$371 $— $371 
Non-investment grade15 21 36 
Total$386 $21 $407 
Derivative assets$1,409 $— $1,409 
Derivative liabilities582 — 582 
 Fair Value At December 31, 2024
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$1,080 $— $1,080 
Non-investment grade71 50 121 
Total$1,151 $50 $1,201 
Interests purchased in the secondary market3
Investment grade$158 $— $158 
Non-investment grade18 11 29 
Total$176 $11 $187 
Derivative assets$1,408 $— $1,408 
Derivative liabilities400 — 400 
RML—Residential mortgage loans
CML—Commercial mortgage loans
1.Amounts include CLO transactions managed by unrelated third parties.
2.Amounts include assets transferred by unrelated transferors.
3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.
The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2024 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.
Proceeds from New Securitization Transactions and Sales of Loans
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
New transactions1
$11,538 $7,562 $37,984 $24,160 
Retained interests5,092 850 10,332 5,041 
1.Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented.
The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).
Assets Sold with Retained Exposure
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Gross cash proceeds from sale of assets1
$98,694 $92,229 
Fair value
Assets sold$100,308 $92,580 
Derivative assets recognized in the balance sheet1,915 998 
Derivative liabilities recognized in the balance sheet303 648 
1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.
The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.
For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2024 Form 10-K.
15. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2024 Form 10-K.
The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At September 30, 2025 and December 31, 2024, the differences between the actual and required ratios were lower under the Standardized Approach.
CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022, were phased-in at 75% from January 1, 2024 and were fully phased-in from January 1, 2025.
69
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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Capital Buffer Requirements
At September 30, 2025 and December 31, 2024
StandardizedAdvanced
Capital buffers
Capital conservation buffer—%2.5%
SCB6.0%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
—%—%
Capital buffer requirement9.0%5.5%
1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital buffer requirement represents the amount of CET1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB.
Risk-Based Regulatory Capital Ratio Requirements
Regulatory Minimum
At September 30, 2025 and December 31, 2024
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5%13.5%10.0%
Tier 1 capital ratio6.0%15.0%11.5%
Total capital ratio8.0%17.0%13.5%
1.Required ratios represent the regulatory minimum plus the capital buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
Risk-based capital
Standardized
$ in millionsAt September 30,
2025		At December 31,
2024
Risk-based capital
CET1 capital$81,303 $75,095 
Tier 1 capital91,036 84,790 
Total capital101,733 95,567 
Total RWA539,296 471,834 
Risk-based capital ratio
CET1 capital15.1%15.9%
Tier 1 capital16.9%18.0%
Total capital18.9%20.3%
Required ratio1
CET1 capital13.5%13.5%
Tier 1 capital15.0%15.0%
Total capital17.0%17.0%
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt September 30,
2025		At December 31,
2024
Leveraged-based capital
Adjusted average assets1
$1,340,745 $1,223,779 
Supplementary leverage exposure2
1,659,985 1,517,687 
Leveraged-based capital ratio
Tier 1 leverage6.8%6.9%
SLR5.5%5.6%
Required ratio3
Tier 1 leverage4.0%4.0%
SLR5.0%5.0%
1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3.Required ratios are inclusive of any buffers applicable as of the date presented.
U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios
The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.
The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition,
September 2025 Form 10-Q
70
Notes to Consolidated Financial Statements
(Unaudited)
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failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.
At September 30, 2025 and December 31, 2024, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022, were phased-in at 75% from January 1, 2024 and were fully phased-in from January 1, 2025.
MSBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At September 30, 2025At December 31, 2024
$ in millionsAmountRatioAmount Ratio
Risk-based capital
CET1 capital6.5 %7.0 %$25,948 19.8 %$22,165 20.1 %
Tier 1 capital8.0 %8.5 %25,948 19.8 %22,165 20.1 %
Total capital10.0 %10.5 %26,890 20.5 %22,993 20.9 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$25,948 10.5 %$22,165 9.7 %
SLR6.0 %3.0 %25,948 7.8 %22,165 7.4 %
MSPBNA’s Regulatory Capital
 Well-Capitalized Requirement
Required Ratio1
At September 30, 2025At December 31, 2024
$ in millionsAmountRatioAmountRatio
Risk-based capital
CET1 capital6.5 %7.0 %$17,613 26.8 %$16,672 26.1 %
Tier 1 capital8.0 %8.5 %17,613 26.8 %16,672 26.1 %
Total capital10.0 %10.5 %18,007 27.4 %17,004 26.6 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$17,613 7.6 %$16,672 7.7 %
SLR6.0 %3.0 %17,613 7.4 %16,672 7.5 %
1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.
Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.
Other Regulatory Capital Requirements
MS&Co. Regulatory Capital
$ in millionsAt September 30,
2025		At December 31,
2024
Net capital$18,526 $18,483 
Excess net capital13,135 13,883 
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC,
respectively, and is registered as a swap dealer with the CFTC.
As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At September 30, 2025 and December 31, 2024, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of September 30, 2025 and December 31, 2024, as applicable:
•MSSB,
•MSIP,
•MSESE,
•MSMS,
•MSCS, and
•MSCG.
See Note 16 to the financial statements in the 2024 Form 10-K for further information.
16. Total Equity
Preferred Stock
 Shares Outstanding Carrying Value
$ in millions, except per share dataAt
September 30,
2025 		Liquidation
Preference
per Share		At
September 30,
2025 		At
December 31,
2024
Series
A44,000 $25,000 $1,100 $1,100 
C1
519,882 1,000 408 408 
E34,500 25,000 862 862 
F34,000 25,000 850 850 
I40,000 25,000 1,000 1,000 
K40,000 25,000 1,000 1,000 
L20,000 25,000 500 500 
M400,000 1,000 430 430 
N3,000 100,000 300 300 
O52,000 25,000 1,300 1,300 
P40,000 25,000 1,000 1,000 
Q
40,000 25,000 1,000 1,000 
Total$9,750 $9,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2024
71
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).
Share Repurchases
 Three Months Ended September 30,Nine Months Ended September 30,
$ in millions2025202420252024
Repurchases of common stock under the Firm’s Share Repurchase Authorization$1,085 $750 $3,085 $2,500 
On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. For more information on share repurchases, see Note 17 to the financial statements in the 2024 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
 Three Months Ended
September 30,		Nine Months Ended
September 30,
in millions2025202420252024
Weighted average common shares outstanding, basic1,571 1,588 1,577 1,594 
Effect of dilutive RSUs and PSUs19 21 17 18 
Weighted average common shares outstanding and common stock equivalents, diluted1,590 1,609 1,594 1,612 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)— — 2 — 
Dividends
$ in millions, except per
share data		Three Months Ended September 30,
20252024
Per Share1
Total
Per Share1
Total
Preferred stock series
A$337 $15 $400 $17 
C25 13 25 13 
E455 16 455 16 
F439 15 439 15 
I407 16 398 16 
K366 14 366 15 
L305 6 305 6 
M2
29 12 30 12 
N
1,957 6 2,215 6 
O266 14 266 13 
P406 16 406 17 
Q
414 17 345 14 
Total Preferred stock$160 $160 
Common stock$1.00 $1,592 $0.925 $1,492 
$ in millions, except per
share data		Nine Months Ended September 30,
20252024
Per Share1
Total
Per Share1
Total
Preferred stock series
A$996 $44 $1,190 $52 
C75 39 75 39 
E1,351 47 1,351 47 
F1,303 44 1,308 44 
I1,209 48 1,195 48 
K1,097 44 1,097 44 
L914 18 914 18 
M2
59 24 59 24 
N
5,875 18 6,726 20 
O797 41 797 41 
P1,219 48 1,219 49 
Q1,242 50 345 14 
Total Preferred stock$465 $440 
Common stock$2.85 $4,562 $2.625 $4,259 
1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
September 2025 Form 10-Q
72
Notes to Consolidated Financial Statements
(Unaudited)
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Accumulated Other Comprehensive Income (Loss) Rollforward
Three Months Ended September 30, 2025
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance
$(1,164)$(2,173)$(579)$(1,995)$(2)$(5,913)
OCI activity:
Pre-Tax Gain (Loss)
29 462 (1)(1,125)15 (620)
Tax effect
(50)(111)— 273 (3)109 
After-tax Gain (Loss)
(21)351 (1)(852)12 (511)
Non-Controlling Interests
(22)— — (19)— (41)
OCI Activity
1 351 (1)(833)12 (470)
Reclassified to Earnings:
Pre-tax Reclass.
— (3)6 5 40 48 
Tax effect
— 1 (1)(1)(10)(11)
Reclass. After-tax
— (2)5 4 30 37 
Net OCI Activity
1 349 4 (829)42 (433)
Ending Balance
$(1,163)$(1,824)$(575)$(2,824)$40 $(6,346)
Three Months Ended September 30, 2024
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,355)$(2,917)$(582)$(1,894)$(12)$(6,760)
OCI activity:
Pre-Tax Gain (Loss)124 947 1 (234)33 871 
Tax effect160 (224)— 57 (8)(15)
After-tax Gain (Loss)284 723 1 (177)25 856 
Non-Controlling Interests100 — — (5)— 95 
OCI Activity184 723 1 (172)25 761 
Reclassified to Earnings:
Pre-tax Reclass.
— — 5 4 11 20 
Tax effect— — (3)(2)(2)(7)
Reclass. After-tax
— — 2 2 9 13 
Net OCI Activity184 723 3 (170)34 774 
Ending Balance$(1,171)$(2,194)$(579)$(2,064)$22 $(5,986)
Nine Months Ended September 30, 2025
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance
$(1,477)$(2,573)$(583)$(2,146)$(35)$(6,814)
OCI activity:
Pre-Tax Gain (Loss)
4 1,008 (2)(922)28 116 
Tax effect
367 (241)— 225 (6)345 
After-tax Gain (Loss)
371 767 (2)(697)22 461 
Non-Controlling Interests
57 — — (6)— 51 
OCI Activity
314 767 (2)(691)22 410 
Reclassified to Earnings:
Pre-tax Reclass.
— (24)16 17 70 79 
Tax effect
— 6 (6)(4)(17)(21)
Reclass. After-tax
— (18)10 13 53 58 
Net OCI Activity
314 749 8 (678)75 468 
Ending Balance
$(1,163)$(1,824)$(575)$(2,824)$40 $(6,346)
Nine Months Ended September 30, 2024
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,153)$(3,094)$(595)$(1,595)$16 $(6,421)
OCI activity:
Pre-Tax Gain (Loss)(5)1,229 6 (630)(26)574 
Tax effect(26)(291)— 151 6 (160)
After-tax Gain (Loss)(31)938 6 (479)(20)414 
Non-Controlling Interests(13)— — 6 — (7)
OCI Activity(18)938 6 (485)(20)421 
Reclassified to Earnings:
Pre-tax Reclass.
— (50)15 21 34 20 
Tax effect— 12 (5)(5)(8)(6)
Reclass. After-tax
— (38)10 16 26 14 
Net OCI Activity(18)900 16 (469)6 435 
Ending Balance$(1,171)$(2,194)$(579)$(2,064)$22 $(5,986)
17. Interest Income and Interest Expense
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Interest income
Cash and cash equivalents
$608 $680 $1,894 $2,316 
Investment securities1,379 1,335 3,983 3,809 
Loans3,620 3,557 10,406 10,345 
Securities purchased under agreements to resell1
3,837 3,580 11,033 9,121 
Securities borrowed2
1,701 1,384 4,990 4,118 
Trading assets, net of Trading liabilities1,593 1,577 4,605 4,490 
Customer receivables and Other
2,718 2,072 7,198 6,445 
Total interest income$15,456 $14,185 $44,109 $40,644 
Interest expense
Deposits$2,823 $2,751 $7,948 $7,777 
Borrowings3,181 3,434 9,398 9,985 
Securities sold under agreements to repurchase3
3,394 2,994 9,824 8,120 
Securities loaned4
864 274 2,318 767 
Customer payables and Other
2,703 2,536 7,430 7,936 
Total interest expense$12,965 $11,989 $36,918 $34,585 
Net interest$2,491 $2,196 $7,191 $6,059 
1.Includes interest paid on Securities purchased under agreements to resell.
2.Includes fees paid on Securities borrowed.
3.Includes interest received on Securities sold under agreements to repurchase.
4.Includes fees received on Securities loaned.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.
Accrued Interest
$ in millionsAt September 30,
2025		At December 31,
2024
Customer and other receivables$4,126 $3,322 
Customer and other payables4,395 3,938 
73
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
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18. Income Taxes
The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as the U.K., and in states and localities in which it has significant business operations, such as New York.
The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.
19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended September 30, 2025
$ in millionsISWMIMI/ETotal
Investment banking$2,108 $204 $— $(46)$2,266 
Trading4,681 338 (15)16 5,020 
Investments176 41 157 — 374 
Commissions and fees1
796 766 — (89)1,473 
Asset management1,2
192 4,789 1,534 (74)6,441 
Other53 105 3 (2)159 
Total non-interest revenues8,006 6,243 1,679 (195)15,733 
Interest income11,506 4,151 12 (213)15,456 
Interest expense10,989 2,160 40 (224)12,965 
Net interest517 1,991 (28)11 2,491 
Net revenues$8,523 $8,234 $1,651 $(184)$18,224 
Provision for credit losses$1 $(1)$— $— $— 
Compensation and benefits2,422 4,388 632 — 7,442 
Non-compensation expenses3
2,918 1,348 655 (167)4,754 
Total non-interest expenses$5,340 $5,736 $1,287 $(167)$12,196 
Income before provision for income taxes3,182 2,499 364 (17)6,028 
Provision for income taxes672 610 95 (4)1,373 
Net income2,510 1,889 269 (13)4,655 
Net income applicable to noncontrolling interests42 — 3 — 45 
Net income applicable to Morgan Stanley$2,468 $1,889 $266 $(13)$4,610 
Pre-tax margin4
37 %30 %22 %N/M33 %
 Three Months Ended September 30, 2024
$ in millionsISWMIMI/ETotal
Investment banking$1,463 $167 $— $(40)$1,590 
Trading3,708 300 (24)18 4,002 
Investments179 13 123 — 315 
Commissions and fees1
760 609 — (75)1,294 
Asset management1,2
167 4,266 1,384 (70)5,747 
Other99 141 3 (4)239 
Total non-interest revenues6,376 5,496 1,486 (171)13,187 
Interest income10,423 4,148 33 (419)14,185 
Interest expense9,984 2,374 64 (433)11,989 
Net interest439 1,774 (31)14 2,196 
Net revenues$6,815 $7,270 $1,455 $(157)$15,383 
Provision for credit losses$68 $11 $— $— $79 
Compensation and benefits2,271 3,868 594 — 6,733 
Non-compensation expenses3
2,565 1,331 601 (147)4,350 
Total non-interest expenses$4,836 $5,199 $1,195 $(147)$11,083 
Income before provision for income taxes1,911 2,060 260 (10)4,221 
Provision for income taxes438 492 67 (2)995 
Net income1,473 1,568 193 (8)3,226 
Net income applicable to noncontrolling interests37 — 1 — 38 
Net income applicable to Morgan Stanley$1,436 $1,568 $192 $(8)$3,188 
Pre-tax margin4
28 %28 %18 %N/M27 %
 Nine Months Ended September 30, 2025
$ in millionsISWMIMI/ETotal
Investment banking$5,207$537$—$(123)$5,621
Trading14,144759(78)51 14,876
Investments48199551— 1,131
Commissions and fees1
2,4792,149—(249)4,379
Asset management1,2
56613,5964,419 (224)18,357
Other8213828(11)1,200
Total non-interest revenues23,69817,5224,900 (556)45,564
Interest income32,71912,11045(765)44,109
Interest expense31,2686,307140(797)36,918
Net interest1,4515,803(95)32 7,191
Net revenues$25,149$23,325$4,805$(524)$52,755
Provision for credit losses$260$71$—$— $331
Compensation and benefits3
7,70612,5341,913— 22,153
Non-compensation expenses3
8,6094,0701,882(484)14,077
Total non-interest expenses$16,315 $16,604 $3,795 $(484)$36,230 
Income before provision for income taxes8,5746,6501,010(40)16,194
Provision for income taxes1,8401,529233(9)3,593
Net income6,7345,121777(31)12,601
Net income applicable to noncontrolling interests133—4— 137
Net income applicable to Morgan Stanley$6,601 $5,121 $773$(31)$12,464
Pre-tax margin4
34 %29 %21 %N/M31 %

September 2025 Form 10-Q
74
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
 Nine Months Ended September 30, 2024
$ in millionsISWMIMI/ETotal
Investment banking$4,529$483$—$(98)$4,914
Trading12,338638(34)43 12,985
Investments28256271— 609
Commissions and fees1
2,1351,770—(201)3,704
Asset management1,2
48412,0844,072(200)16,440
Other34348310(9)827
Total non-interest revenues20,11115,5144,319(465)39,479
Interest income
29,64212,14786(1,231)40,644
Interest expense
28,9406,719187(1,261)34,585
Net interest7025,428(101)30 6,059
Net revenues$20,813$20,942$4,218$(435)$45,538
Provision for credit losses$124$25$—$— $149
Compensation and benefits3
6,90511,2571,727— 19,889
Non-compensation expenses3
7,4763,9731,768(407)12,810
Total non-interest expenses$14,381 $15,230 $3,495 $(407)$32,699 
Income before provision for income taxes6,3085,687723(28)12,690
Provision for income taxes1,4061,313172(6)2,885
Net income4,9024,374551(22)9,805
Net income applicable to noncontrolling interests127—2— 129
Net income applicable to Morgan Stanley$4,775$4,374$549$(22)$9,676
Pre-tax margin4
30 %27 %17 %N/M28 %
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”).
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2024 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Institutional Securities Advisory$684 $546 $1,755 $1,599 
Institutional Securities Underwriting1,424 917 3,452 2,930 
Firm Investment banking revenues from contracts with customers83 %91 %84 %90 %
Trading Revenues by Product Type
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Interest rate$1,039 $1,450 $3,448 $4,771 
Foreign exchange303 352 1,487 893 
Equity1
3,225 2,100 9,239 6,726 
Commodity and other803 451 1,673 1,528 
Credit(350)(351)(971)(933)
Total$5,020 $4,002 $14,876 $12,985 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and
liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Net cumulative unrealized performance-based fees at risk of reversing$924 $796 
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Fee waivers$29 $25 $85 $70 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Transaction taxes$376 $217 $945 $658 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are
75
September 2025 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Americas$13,663 $11,557 $39,113 $34,392 
EMEA1,939 1,828 6,372 5,525 
Asia2,622 1,998 7,270 5,621 
Total$18,224 $15,383 $52,755 $45,538 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2024 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Non-interest revenues$697 $566 $1,614 $1,416 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Customer and other receivables$2,776 $2,628 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Institutional Securities$928,131 $796,608 
Wealth Management418,992 400,848 
Investment Management17,683 17,615 
Total1
$1,364,806 $1,215,071 
1. Parent assets have been fully allocated to the business segments.

September 2025 Form 10-Q
76
Financial Data Supplement
(Unaudited)
Image28.jpg


Average Balances and Interest Rates and Net Interest Income
 Three Months Ended September 30,
 20252024
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.
$49,585 $407 3.3 %$39,915 $405 4.0 %
Non-U.S.
46,120 201 1.7 %43,911 275 2.5 %
Investment securities1
166,501 1,379 3.3 %158,115 1,335 3.4 %
Loans1
263,730 3,620 5.4 %229,399 3,557 6.2 %
Securities purchased under agreements to resell2:
U.S.69,372 2,727 15.6 %76,150 2,069 10.8 %
Non-U.S.41,496 1,110 10.6 %47,101 1,511 12.8 %
Securities borrowed3:
U.S.120,238 1,649 5.4 %109,809 1,289 4.7 %
Non-U.S.20,995 52 1.0 %18,388 95 2.1 %
Trading assets, net of Trading liabilities:
U.S.111,643 1,330 4.7 %111,904 1,317 4.7 %
Non-U.S.24,810 263 4.2 %19,250 260 5.4 %
Customer receivables and Other:
U.S.70,117 2,158 12.2 %55,738 1,506 10.7 %
Non-U.S.20,060 560 11.1 %15,710 566 14.3 %
Total$1,004,667 $15,456 6.1 %$925,390 $14,185 6.1 %
Interest bearing liabilities
Deposits1
$391,352 $2,823 2.9 %$350,784 $2,751 3.1 %
Borrowings1,4
312,311 3,181 4.0 %274,562 3,434 5.0 %
Securities sold under agreements to repurchase5,7:
U.S.15,240 2,144 55.8 %14,484 1,413 38.8 %
Non-U.S.53,878 1,250 9.2 %52,804 1,581 11.9 %
Securities loaned6,7:
U.S.9,466 628 26.3 %11,507 34 1.2 %
Non-U.S.7,770 236 12.1 %5,837 240 16.4 %
Customer payables and Other:
U.S.137,417 1,900 5.5 %140,966 1,622 4.6 %
Non-U.S.66,891 803 4.8 %60,460 914 6.0 %
Total$994,325 $12,965 5.2 %$911,404 $11,989 5.2 %
Net interest income and net interest rate spread$2,491 0.9 % $2,196 0.9 %
 Nine Months Ended September 30,
 20252024
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.
$51,847 $1,268 3.3 %$45,116 $1,486 4.4 %
Non-U.S.
44,047 626 1.9 %43,953 830 2.5 %
Investment securities1
162,383 3,983 3.3 %155,737 3,809 3.3 %
Loans1
252,810 10,406 5.5 %224,134 10,345 6.2 %
Securities purchased under agreements to resell2:
U.S.70,131 7,488 14.3 %62,127 5,259 11.3 %
Non-U.S.43,331 3,545 10.9 %48,678 3,862 10.6 %
Securities borrowed3:
U.S.119,056 4,799 5.4 %108,510 3,798 4.7 %
Non-U.S.19,321 191 1.3 %18,817 320 2.3 %
Trading assets, net of Trading liabilities:
U.S.111,744 3,905 4.7 %106,242 3,783 4.8 %
Non-U.S.23,039 700 4.1 %14,628 707 6.5 %
Customer receivables and Other:
U.S.62,936 5,614 11.9 %52,726 4,759 12.1 %
Non-U.S.17,899 1,584 11.8 %15,791 1,686 14.3 %
Total$978,544 $44,109 6.0 %$896,459 $40,644 6.1 %
Interest bearing liabilities
Deposits1
$379,031 $7,948 2.8 %$347,548 $7,777 3.0 %
Borrowings1,4
299,973 9,398 4.2 %261,239 9,985 5.1 %
Securities sold under agreements to repurchase5,7:
U.S.17,504 5,929 45.3 %19,104 3,928 27.6 %
Non-U.S.52,571 3,895 9.9 %55,603 4,192 10.1 %
Securities loaned6,7:
U.S.9,967 1,621 21.7 %9,355 75 1.1 %
Non-U.S.7,103 697 13.1 %6,889 692 13.5 %
Customer payables and Other:
U.S.130,464 5,117 5.2 %133,046 5,148 5.2 %
Non-U.S.62,652 2,313 4.9 %61,571 2,788 6.1 %
Total$959,265 $36,918 5.1 %$894,355 $34,585 5.2 %
Net interest income and net interest rate spread$7,191 0.9 % $6,059 0.9 %
1.Amounts include primarily U.S. balances.
2.Includes interest paid on Securities purchased under agreements to resell.
3.Includes fees paid on Securities borrowed.
4.Average daily balance includes borrowings carried at fair value but, for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
5.Includes interest received on Securities sold under agreements to repurchase.
6.Includes fees received on Securities loaned.
7.The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities-loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.




77
September 2025 Form 10-Q
Glossary of Common Terms and Acronyms
Image29.jpg
2024 Form  10-K
Annual report on Form 10-K for year ended December 31, 2024 filed with the SEC
ABSAsset-backed securities
ACLAllowance for credit losses
AFSAvailable-for-sale
AMLAnti-money laundering
AOCIAccumulated other comprehensive income (loss)
AUMAssets under management or supervision
Balance sheetConsolidated balance sheet
BHCBank holding company
bpsBasis points; one basis point equals 1/100th of 1%
Cash flow statementConsolidated cash flow statement
CCARComprehensive Capital Analysis and Review
CCyBCountercyclical capital buffer
CDOCollateralized debt obligation(s), including Collateralized loan obligation(s)
CDSCredit default swaps
CECL
Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update
CET1
Common Equity Tier 1
CFTCU.S. Commodity Futures Trading Commission
CLNCredit-linked note(s)
CLOCollateralized loan obligation(s)
CMBSCommercial mortgage-backed securities
CMOCollateralized mortgage obligation(s)
CRE Commercial real estate
CRMCredit Risk Management Department
CTACumulative foreign currency translation adjustments
DCP
Employee deferred cash-based compensation plans linked to investment performance
DCP investments
Investments associated with certain DCP
DVADebt valuation adjustment
EBITDAEarnings before interest, taxes, depreciation and amortization
EMEAEurope, Middle East and Africa
EPSEarnings per common share
FDICFederal Deposit Insurance Corporation
FFELPFederal Family Education Loan Program
FHCFinancial holding company
FICOFair Isaac Corporation
Financial statementsConsolidated financial statements
FVOFair value option
G-SIB
Global systemically important bank
HFIHeld-for-investment
HFSHeld-for-sale
HQLAHigh-quality liquid assets
HTMHeld-to-maturity
I/EIntersegment eliminations
IMInvestment Management
Income statementConsolidated income statement
IRSInternal Revenue Service
ISInstitutional Securities
LCRLiquidity coverage ratio, as adopted by the U.S. banking agencies
LTVLoan-to-value
M&AMerger, acquisition and restructuring transaction
MSBNAMorgan Stanley Bank, N.A.
MS&Co.Morgan Stanley & Co. LLC
MSCGMorgan Stanley Capital Group Inc.
MSCSMorgan Stanley Capital Services LLC
MSESEMorgan Stanley Europe SE
MSIPMorgan Stanley & Co. International plc
MSMSMorgan Stanley MUFG Securities Co., Ltd.
MSPBNAMorgan Stanley Private Bank, National Association
MSSBMorgan Stanley Smith Barney LLC
MUFGMitsubishi UFJ Financial Group, Inc.
MUMSSMitsubishi UFJ Morgan Stanley Securities Co., Ltd.
MWhMegawatt hour
N/ANot Applicable
N/MNot Meaningful
NAVNet asset value
Non-GAAP
Non-generally accepted accounting principles in the U.S.
NSFRNet stable funding ratio, as adopted by the U.S. banking agencies
OCCOffice of the Comptroller of the Currency
OCIOther comprehensive income (loss)
OTCOver-the-counter
PSUPerformance-based stock unit
ROEReturn on average common equity
ROTCEReturn on average tangible common equity
ROURight-of-use
RSURestricted stock unit
RWARisk-weighted assets
SCBStress capital buffer
SECU.S. Securities and Exchange Commission
SLRSupplementary leverage ratio
S&PStandard & Poor’s
SPESpecial purpose entity
SPOESingle point of entry
TLACTotal loss-absorbing capacity
U.K.United Kingdom
UPBUnpaid principal balance
U.S.United States of America
U.S. Bank Subsidiaries
MSBNA and MSPBNA
U.S. GAAP
Accounting principles generally accepted in the U.S.
VaRValue-at-Risk
VIEVariable interest entity
WACCImplied weighted average cost of capital
WMWealth Management

September 2025 Form 10-Q
78
Image30.jpg
Controls and Procedures
Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.
No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Legal Proceedings
See “Contingencies—Legal” in Note 13 to the Financial Statements for information about our material legal proceedings.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
$ in millions, except per share data
Total Number of Shares Purchased1
Average Price Paid per Share2
Total Shares Purchased as Part of Share Repurchase Authorization3,4
Dollar Value of Remaining Authorized Repurchase
July2,335,883 $141.74 2,267,500 $19,679 
August2,917,652 $143.53 2,572,433 $19,309 
September2,622,552 $151.35 2,600,099 $18,915 
Three Months Ended September 30, 20257,876,087 $145.60 7,440,032 
1.Includes 436,055 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended September 30, 2025.
2.Excludes excise tax of $10 million levied on share repurchases, net of issuances, payable in April 2026.
3.Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time.
4.On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”

Other Information
None.
Exhibits
Exhibit No.Description
4.1
Form of Master Note for Morgan Stanley Global Medium-Term Notes, Series I (Exhibit 4.1 to Morgan Stanley’s current report on Form 8-K dated September 23, 2025).
4.2
Form of Master Note for Morgan Stanley Finance LLC Global Medium-Term Notes, Series A (Fully and Unconditionally Guaranteed by Morgan Stanley) (Exhibit 4.2 to Morgan Stanley’s current report on Form 8-K dated September 23, 2025).
15
Letter of awareness from Deloitte & Touche LLP, dated November 3, 2025, concerning unaudited interim financial information.
31.1
Rule 13a-14(a) Certification of Chief Executive Officer.
31.2
Rule 13a-14(a) Certification of Chief Financial Officer.
32.1
Section 1350 Certification of Chief Executive Officer.
32.2
Section 1350 Certification of Chief Financial Officer.
101Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MORGAN STANLEY
(Registrant)
By:
/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer
By:
/s/ VICTORIA WORSTER
Victoria Worster
Chief Accounting Officer and Controller
Date: November 3, 2025
79
September 2025 Form 10-Q

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