Financial Analysis

Commitments, Guarantees and Contingencies Commitments Years to Maturity at December 31, 2025 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 23,398 $ 48,607 $ 79,273 $ 5,843 $ 157,121 Secured lending facilities 5,341 8,035 10,429 5,930 29,735 Commercial and Residential real estate 66 115 173 465 819 Securities-based lending and Other 17,663 3,094 230 504 21,491 Forward-starting secured financing receivables 1 138,050 2,782 140,832 Central counterparty 14,062 14,062 Investment activities 2,319 94 80 503 2,996 Letters of credit and other financial guarantees 30 3 5 38 Total $ 200,929 $ 62,730 $ 90,185 $ 13,250 $ 367,094 Lending commitments participated to third parties $ 12,164 1. These amounts primarily include secured financing receivables yet to settle as of December 31, 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. Types of Commitments Lending Commitments. Lending commitments primarily represent the notional amount of legally binding obligations to provide funding to clients for different types of loan transactions. For syndications that are led by the Firm, the lending commitments accepted by the borrower but not yet closed are net of the amounts agreed to by counterparties …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings and Other Secured Financings Maturities and Terms of Borrowings Parent Company Subsidiaries At December 31, 2025 At December 31, 2024 $ in millions Fixed Rate 1 Variable Rate 2 Fixed Rate 1 Variable Rate 2 Original maturities of one year or less: Next 12 months $ $ $ 62 $ 7,192 $ 7,254 $ 4,512 Original maturities greater than one year: 2025 $ 21,921 2026 $ 10,821 $ 747 $ 3,816 $ 10,851 $ 26,235 37,969 2027 19,976 2,090 4,108 13,443 39,617 34,050 2028 12,947 3,133 10,807 17,875 44,762 28,719 2029 21,014 2,535 4,735 8,226 36,510 26,159 2030 15,582 498 2,869 11,971 30,920 20,016 Thereafter 108,593 2,392 21,996 30,656 163,637 115,473 Total greater than one year $ 188,933 $ 11,395 $ 48,331 $ 93,022 $ 341,681 $ 284,307 Total $ 188,933 $ 11,395 $ 48,393 $ 100,214 $ 348,935 $ 288,819 Weighted average coupon at period end 3 4.1 % 3.4 % 4.8 % 4.8 % 4.2 % 4.1 % 1. Fixed rate borrowings include instruments with step-up, step-down and zero coupon features. 2. Variable rate borrowings include those that bear interest based on a variety of indices, including SOFR and federal funds rates, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures. 3. Only includes borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Deferred Compensation Plans and Carried Interest Compensation Stock-Based Compensation Plans Certain current and former employees of the Firm, including financial advisors in the Wealth Management segment, participate in the Firms stock-based compensation plans. These plans include RSUs, PSUs and an ESPP. Stock-Based Compensation Expense $ in millions 2025 2024 2023 RSUs $ 1,690 $ 1,464 $ 1,607 PSUs 225 148 91 ESPP 11 10 11 Total $ 1,926 $ 1,622 $ 1,709 Retirement-eligible awards 1 $ 267 $ 202 $ 178 1. Total expense includes stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. Tax Benefit Related to Stock-Based Compensation Expense $ in millions 2025 2024 2023 Tax benefit 1 $ 413 $ 343 $ 382 1. Excludes income tax consequences related to employee share-based award conversions. Unrecognized Compensation Cost Related to Stock-Based Awards Granted $ in millions At December 31, 2025 1 To be recognized in: 2026 $ 583 2027 248 Thereafter 45 Total $ 876 1. Amounts do not include forfeitures or 2025 performance year compensation awarded in January 2026 which will begin to be amortized in 2026. In connection with awards under its stock-based compensation plans, the Firm is authorized to issue shares of common stock held in treasury or newly issued shares. The Firm generally uses treasury shares, if available, to deliver shares to employees or employee stock trusts and has an ongoing repurchase authoriza …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2025 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 70,801 $ 48,504 $ $ $ 119,305 Other sovereign government obligations 44,790 359 59 45,208 State and municipal securities 3,740 3,740 MABS 2,326 317 2,643 Loans and lending commitments 2 9,520 1,424 10,944 Corporate and other debt 3,720 32,117 1,414 37,251 Corporate equities 3,5 161,160 823 276 162,259 Derivative and other contracts: Interest rate 2,231 125,002 452 127,685 Credit 10,081 263 10,344 Foreign exchange 11 85,969 165 86,145 Equity 7,335 85,077 717 93,129 Commodity and other 222 13,746 2,494 16,462 Netting 1 (7,509) (247,840) (1,049) (40,577) (296,975) Total derivative and other contracts 2,290 72,035 3,042 (40,577) 36,790 Investments 4,5 795 416 1,507 2,718 Physical commodities 685 685 Total trading assets 4 283,556 170,525 8,039 (40,577) 421,543 Investment securities AFS 80,907 29,559 110,466 Total assets at fair value $ 364,463 $ 200,084 $ 8,039 $ (40,577) $ 532,009 At December 31, 2025 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ $ 8,754 $ 1 $ $ 8,755 Trading liabilities: U.S. Treasury and agency securities 19,297 2 19,299 Other sovereign government obligations 23,534 28 2 23,564 Corporate and other debt 1,447 14,138 50 15,635 Corporate equities 3 68,989 27 30 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill Rollforward $ in millions IS WM IM Total At December 31, 2023 $ 424 $ 10,199 $ 6,084 $ 16,707 Foreign currency (12) (8) (3) (23) Acquired 23 23 Disposals (1) (1) December 31, 2024 435 10,190 6,081 16,706 Foreign currency 2 9 9 20 At December 31, 2025 $ 437 $ 10,199 $ 6,090 $ 16,726 Accumulated impairments 2 $ 673 $ $ 27 $ 700 1. Balances represent the amount of the Firms goodwill after accumulated impairments. 2. There were no impairments recorded in 2025, 2024 or 2023. Intangible Assets Rollforward $ in millions IS WM IM Total At December 31, 2023 $ 26 $ 3,427 $ 3,602 $ 7,055 Acquired 13 13 Disposals (6) (6) Amortization expense (10) (479) (113) (602) Other (2) (3) (2) (7) At December 31, 2024 $ 27 $ 2,939 $ 3,487 $ 6,453 Acquired 1 1 Amortization expense (7) (334) (113) (454) Other 2 8 10 At December 31, 2025 $ 21 $ 2,607 $ 3,382 $ 6,010 Intangible Assets by Type Non-amortizable Amortizable $ in millions Gross Carrying Amount Gross Carrying Amount Accumulated Amortization At December 31, 2025 Management contracts $ 2,117 $ 235 $ 100 Customer relationships 4,746 1,514 Trade names 766 259 Other 28 9 Total $ 2,117 $ 5,775 $ 1,882 At December 31, 2024 Management contracts 2,112 245 93 Customer relationships 8,746 5,121 Trade names 769 223 Other 26 8 Total $ 2,112 $ 9,786 $ 5,445 Intangible Assets Estimated Future Amortization Expense $ in millions At December 31, 2025 2026 $ 345 2027 341 2028 337 2029 335 2030 331 The Firms annual goodwil …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Components of Provision for Income Taxes $ in millions 2025 2024 2023 Current U.S. federal $ 2,232 $ 2,011 $ 1,190 State and local 601 660 542 Foreign 1,535 1,244 1,314 Total $ 4,368 $ 3,915 $ 3,046 Deferred U.S. federal $ 394 $ 8 $ (295) State and local 91 (6) (59) Foreign 76 150 (109) Total $ 561 $ 152 $ (463) Provision for income taxes $ 4,929 $ 4,067 $ 2,583 Reconciliation of U.S. Federal Statutory Income Tax to Effective Income Tax Year Ended December 31, $ in millions 2025 2024 2023 $ % $ % $ % U.S. federal statutory tax $ 4,610 21.0 % $ 3,695 21.0 % $ 2,481 21.0 % State and local taxes 1 430 2.0 378 2.1 292 2.5 Foreign taxes India Capital gains tax 115 0.5 205 1.2 50 0.4 Other 14 0.1 15 0.1 11 0.1 Brazil Capital gains tax 17 0.1 21 0.1 347 2.9 Other 22 0.1 15 0.1 15 0.1 Other jurisdictions 252 1.1 161 0.9 80 0.7 Changes in tax laws and rates 0.0 15 0.1 0.0 Cross-border taxes 12 0.1 30 0.2 47 0.4 U.S. tax credits General business credits (260) (1.2) (295) (1.7) (285) (2.4) Foreign tax credit (28) (0.1) (50) (0.3) (375) (3.2) Changes in valuation allowances 9 0.0 14 0.1 (2) 0.0 Nontaxable or nondeductible items Income/(loss) from affiliates (413) (1.9) (368) (2.1) (241) (2.0) Employee share-based compensation (167) (0.8) (71) (0.4) (138) (1.2) Other 30 0.1 36 0.2 79 0.7 Unrecognized tax benefits 99 0.5 77 0.4 66 0.6 Other Proportional amortization 187 0.9 189 1.1 156 1.3 Effective tax $ 4,929 22.5 % $ 4,067 23.1 % $ 2,583 21.9 % 1. Amounts are net of U.S. fe …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Updates Adopted in 2024 Segment Reporting The Firm adopted the ASU 2023-07 - Segment ReportingImprovements to Reportable Segment Disclosures accounting update retrospectively, effective January 1, 2024. This accounting update requires additional reportable segment disclosures on an annual and interim basis, primarily about significant segment expenses and other segment items that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss. See Note 22 to the financial statements for disclosures on the Firms reportable segments. Investments - Tax Credit Structures The Firm adopted the ASU 2023-02 - InvestmentsEquity Method and Joint VenturesAccounting for Investments in Tax Credit Structures Using the Proportional Amortization Method accounting update on January 1, 2024 using the modified retrospective method. This accounting update permits an election to account for tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received and recognized net in the income statement as a component of provision for income taxes. The update requires a separate accounting policy election to be made for each tax credit program. Additional disclosures are required regarding (i) the nature of our tax equity investme …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans Pension Plans Net Periodic Benefit Expense (Income) Pension Plans $ in millions 2025 2024 2023 Service cost, benefits earned during the period $ 23 $ 20 $ 20 Interest cost on projected benefit obligation 145 137 140 Expected return on plan assets (92) (99) (99) Net amortization of prior service cost 1 1 1 Amortization of net (gains) losses 21 21 (9) Plan settlements 1 2 Net periodic benefit expense $ 99 $ 80 $ 55 Certain current and former U.S. employees of the Firm and its U.S. affiliates who were hired before July 1, 2007 are covered by the U.S. pension plan, a non-contributory defined benefit pension plan that is qualified under Section 401(a) of the Internal Revenue Code (U.S. Qualified Plan). The U.S. Qualified Plan has ceased future benefit accruals. The Firm also operates the Morgan Stanley Supplemental Executive Retirement and Excess Plan (SEREP). This is a non-contributory defined benefit plan that is not qualified under Section 401(a) of the Internal Revenue Code and has ceased accrual of future benefits. Certain of the Firms non-U.S. subsidiaries also have defined benefit pension plans covering their eligible current and former employees. The Firms pension plans generally provide pension benefits that are based on each employees years of credited service and on compensation levels specified in the plans. Rollforward of Pre-tax AOCI Pension Plans $ in millions 2025 2024 2023 Beginning balance $ (812) $ (821) $ (716) Net gain (loss) 10 (12) (10 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segment, Geographic and Revenue Information The Firm structures its segments primarily based upon the nature of the financial products and services provided to customers and its management organization, which is consistent with the approach used by the Firms chief operating decision maker (CODM) to assess the Firms financial performance. The Firm provides a wide range of financial products and services to its customers in each of its business segments: Institutional Securities, Wealth Management and Investment Management. For a further discussion of the business segments, see Note 1. Revenues and expenses directly associated with each respective business segment are included in determining its operating results. Other revenues and expenses that are not directly attributable to a particular business segment are generally allocated based on each business segments respective net revenues, non-interest expenses or other relevant measures. As a result of revenues and expenses from transactions with other operating segments being treated as transactions with external parties for purposes of segment disclosures, the Firm includes an Intersegment Eliminations category to reconcile the business segment results to the consolidated results. The Firms CODM is its Chief Executive Officer, who evaluates segment performance and allocates resources based on numerous business, strategic and financial considerations. The CODMs financial considerations include analysis of multiple segment profi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Revenue Recognition Revenues are recognized when the promised goods or services are delivered to our customers in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal. Investment Banking Revenues from investment banking activities consist of revenues earned from underwriting, primarily equity and fixed income securities and loan syndications, and advisory fees, primarily for mergers, acquisitions and restructurings. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-interest expenses line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when revenues are not probable of a significant reversal. Advisory costs are recognized as incurred in the relevant non-interest expenses line items, including those reimbursed. Commissions and Fees Commission and fee revenues generally result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insura …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Total Equity Morgan Stanley Shareholders Equity Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At December 31, 2025 Liquidation Preference per Share At December 31, 2025 At December 31, 2024 Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 O 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 1,000 Q 40,000 25,000 1,000 1,000 Total $ 9,750 $ 9,750 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. The Firms preferred stock has a preference over its common stock upon liquidation. The Firms preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 16). Description of Preferred Stock as of December 31, 2025 Depositary Shares per Share Redemption Series 1, 2 Shares Issued Price per Share 3 Earliest optional redemption date 4 A 44,000 1,000 $ 25,000 July 15, 2011 C 5 1,160,791 N/A 1,100 October 15, 2011 E 34,500 1,000 25,000 October 15, 2023 F 34,000 1,000 25,000 January 15, 2024 I 40,000 1,000 25,000 October 15, 2024 K 40,000 1,000 25,000 April 15, 2027 L 20,000 1,000 25,000 January 15, 2025 M 400,000 N/A 1,000 September 15, 2026 N 3,000 100 100,000 October 2, 2025 O 52,000 1,000 25,000 January 15, 2027 P 40,000 1,000 25,000 October 15, 2027 Q 40,000 1,000 25,000 Oct …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments, Guarantees and Contingencies Commitments Years to Maturity at September 30, 2025 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 15,253 $ 47,884 $ 77,007 $ 10,225 $ 150,369 Secured lending facilities 7,152 6,604 10,133 6,086 29,975 Commercial and Residential real estate 673 181 215 465 1,534 Securities-based lending and Other 15,349 3,929 526 459 20,263 Forward-starting secured financing receivables 1 141,793 3,554 145,347 Central counterparty 14,298 14,298 Underwriting 1,422 1,422 Investment activities 2,533 313 76 471 3,393 Letters of credit and other financial guarantees 26 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 millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 $ 1,449,384 $ 714 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings and Other Secured Financings Borrowings $ in millions At 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 Subordinated 14,149 13,713 Total greater than one year $ 324,128 $ 284,307 Total $ 331,679 $ 288,819 Weighted average stated maturity, in years 1 6.4 6.6 1. Only includes borrowings with original maturities greater than one year. Other Secured Financings $ in millions At September 30, 2025 At December 31, 2024 Original maturities: One year or less $ 13,373 $ 17,133 Greater than one year 8,068 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.

DebtDisclosureTextBlock

Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At September 30, 2025 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 59,141 $ 42,287 $ $ $ 101,428 Other sovereign government obligations 54,861 417 64 55,342 State and municipal securities 3,932 3,932 MABS 2,176 506 2,682 Loans and lending commitments 2 8,741 1,266 10,007 Corporate and other debt 6 3,797 35,436 1,499 40,732 Corporate equities 3,5 159,387 1,934 267 161,588 Derivative and other contracts: Interest rate 3,494 125,160 340 128,994 Credit 12,671 287 12,958 Foreign exchange 584 73,915 141 74,640 Equity 8,488 108,419 707 117,614 Commodity and other 615 12,335 2,844 15,794 Netting 1 (10,634) (259,969) (884) (41,072) (312,559) Total derivative and other contracts 2,547 72,531 3,435 (41,072) 37,441 Investments 4,5 822 498 1,461 2,781 Physical commodities 1,184 1,184 Total trading assets 4 280,555 169,136 8,498 (41,072) 417,117 Investment securitiesAFS 78,245 30,082 108,327 Total assets at fair value $ 358,800 $ 199,218 $ 8,498 $ (41,072) $ 525,444 At September 30, 2025 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ $ 8,476 $ 1 $ $ 8,477 Trading liabilities: U.S. Treasury and agency securities 18,093 598 18,691 Other sovereign government obligations 26,456 77 2 26,535 Corporate and other debt 6 1,518 16,121 68 17,707 Corporate equities …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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.

IncomeTaxDisclosureTextBlock

Segment, Geographic and Revenue Information Selected Financial Information by Business Segment Three Months Ended September 30, 2025 $ in millions IS WM IM I/E Total Investment banking $ 2,108 $ 204 $ $ (46) $ 2,266 Trading 4,681 338 (15) 16 5,020 Investments 176 41 157 374 Commissions and fees 1 796 766 (89) 1,473 Asset management 1,2 192 4,789 1,534 (74) 6,441 Other 53 105 3 (2) 159 Total non-interest revenues 8,006 6,243 1,679 (195) 15,733 Interest income 11,506 4,151 12 (213) 15,456 Interest expense 10,989 2,160 40 (224) 12,965 Net interest 517 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 benefits 2,422 4,388 632 7,442 Non-compensation expenses 3 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 taxes 3,182 2,499 364 (17) 6,028 Provision for income taxes 672 610 95 (4) 1,373 Net income 2,510 1,889 269 (13) 4,655 Net income applicable to noncontrolling interests 42 3 45 Net income applicable to Morgan Stanley $ 2,468 $ 1,889 $ 266 $ (13) $ 4,610 Pre-tax margin 4 37 % 30 % 22 % N/M 33 % Three Months Ended September 30, 2024 $ in millions IS WM IM I/E Total Investment banking $ 1,463 $ 167 $ $ (40) $ 1,590 Trading 3,708 300 (24) 18 4,002 Investments 179 13 123 315 Commissions and fees 1 760 609 (75) 1,294 Asset management 1,2 167 4,266 1,384 (70) 5,747 Other 99 141 3 (4) 239 Total non-interest revenues 6,3 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies For a detailed discussion about the Firms 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 Firms significant accounting policies. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Total Equity Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At September 30, 2025 Liquidation Preference per Share At September 30, 2025 At December 31, 2024 Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 O 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 1,000 Q 40,000 25,000 1,000 1,000 Total $ 9,750 $ 9,750 Shares authorized 30,000,000 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 Form 10-K. The Firms preferred stock has a preference over its common stock upon liquidation. The Firms 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 millions 2025 2024 2025 2024 Repurchases of common stock under the Firms 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 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing