Morgan Stanley Group Inc.

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	16,325	13,529	9,230	11,179	15,120	11,179	9,237	8,883	6,216	6,123	6,279
Net Income
Depreciation & Amortization	5,165	5,161	4,256	3,998	4,216	3,769	2,643	1,844	1,753	1,736	1,433
Depreciation and Amortization
Stock Based Compensation	1,848	1,622	1,709	1,875	2,085	1,312	1,153	920	1,026	1,136	1,104
Stock-Based Compensation Expense
Other Adjustments	151	420	377	49	-139	785	131	633	2,929	1,621	1,505
Loss from Equity Method Investments
Cumulative Effect of Accounting Change, Net
Deferred Income Taxes
Net Gain on Business Dispositions
Gain on Sale of Stake in China International Capital Corporation Limited
Gains on Curtailments of Pension and Postretirement Plans
Loss on Retirement of Long-Term Debt
Insurance Settlement
Circuit-Related Charges
Insurable Reimbursement
Loss on Revol
Net Gain on Sale of Available-for-Sale Securities
Impairment Charges
Provision for Credit Losses
Loan Adjustment
Other Operating Adjustments
Changes in Restricted Cash and Segregated Assets	25,618	-7,825	3,167	6,092	-3,765	-28,010	10,298	-14,264	17,697	-14,298	-4,369
Cash and Securities Deposited with Clearing Organizations or Segregated Under Federal and Other Regulations or Requirements
Cash Deposited with Clearing Organizations or Segregated Under Federal and Other Regulations or Requirements
Securities Purchased Under Agreements to Resell
Changes in Securities Borrowed	3,299	-2,768	12,283	-3,661	-17,322	-5,076	9,764	7,697	1,226	17,180	-5,708
Securities Borrowed
Changes in Trading Assets	-47,674	34,496	-61,026	-39,422	9,075	15,551	-13,667	23,732	-27,588	-24,079	30,212
Trading Assets, Net of Trading Liabilities
Changes in Trade Receivables	-22,133	-5,308	602	14,664	774	-29,774	233	-728	-9,315	-371	-434
Receivables, Loans and Other Assets
Receivables and Other Assets
Customer and Other Receivables and Other Assets
Changes in Securities Loaned	-1,511	169	-622	3,380	4,568	-1,541	-3,402	-1,684	-2,252	-3,514	-5,861
Securities Loaned
Changes in Trading Liabilities	3,175	-12,584	117	346	11,601	-3,613	4,441	-6,665	1,796	17,936	-33,257
Securities Sold Under Agreements to Repurchase
Changes in Accounts Payable	11,460	-25,550	-3,629	-4,897	7,758	10,187	19,942	-13,063	2,007	1,913	4,633
Payables and Other Liabilities
Customer and Other Payables and Other Liabilities
Cash from Operating Activities	-3,679	1,362	-33,536	-6,397	33,971	-25,231	40,773	7,305	-4,505	5,383	-4,463
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-3,068	-3,462	-3,412	-3,078	-2,308	-1,444	-1,826	-1,865	-1,629	-1,276	-1,373
Office Facilities and Aircraft Under Operating Leases
Other Assets-Premises, Equipment and Software
Purchases of Investments	-36,377	-39,187	-23,078	-29,833	-69,571	-59,777	-42,586	-27,800	-23,962	-50,911	-47,291
Purchases
Purchases
Purchases
Proceeds from Sale of Investments	34,737	37,292	28,388	45,278	61,568	38,267	29,163	15,876	25,576	42,083	43,589
Sale of Stake in China International Capital Corporation Limited
Sale of Consumer Loans
Sale of Interest in POSIT
Sales of Consumer Loans
Proceeds from Sales
Proceeds from Paydowns and Maturities
Proceeds from Paydowns and Maturities
Proceeds from Paydowns and Maturities
Payments for Business Acquisitions	—	—	—	—	-2,648	—	—	—	—	—	—
Business Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	998
Business Dispositions, Net of Cash Disposed
Other Investing Activities	-38,487	-24,103	-4,982	-23,999	-36,938	-14,944	-18,312	-9,092	-12,376	-9,404	-15,918
Changes in Loans, Net
Insurance Settlement
Japanese Securities Joint Venture with MUFG
Cash Acquired as Part of the E*TRADE Acquisition
Other Investing Activities
Cash from Investing Activities	-43,532	-29,460	-3,084	-11,632	-49,897	-37,898	-33,561	-22,881	-12,391	-19,508	-19,995
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	122,180	108,365	78,424	72,460	90,273	60,726	30,605	40,059	55,416	43,626	34,182
Proceeds from Issuance of Borrowings
Issuance of Junior Subordinated Debentures Related to China Investment Corporation
Repayments of Long-Term Debt	-96,828	-80,230	-64,805	-34,898	-70,124	-50,484	-40,548	-34,781	-35,825	-31,596	-27,377
Borrowings
Redemption of Junior Subordinated Debentures Related to China Investment Corporation Limited
Net Issuance / (Repayments) of Long-Term Debt	25,352	28,135	13,619	37,562	20,149	10,242	-9,943	5,278	19,591	12,030	6,805
Issuance of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Public Offerings and Other Issuances of Common Stock
Issuance of Common Stock
Repurchases of Common Shares	-5,157	-4,199	-6,178	-10,871	-12,075	-1,890	-5,954	-5,566	-4,292	-3,933	-2,773
Repurchases of Common Stock Through Capital Management Share Repurchase Program
Repurchases of Common Stock and Employee Tax Withholdings
Net Issuance / (Repurchases) of Common Shares	-5,157	-4,199	-6,178	-10,871	-12,075	-1,890	-5,954	-5,566	-4,292	-3,933	-2,773
Issuance of Preferred Shares	—	995	—	994	1,275	—	497	—	994	—	1,493
Issuance of Preferred Stock, Net of Issuance Costs
Repurchases of Preferred Shares	—	—	—	—	—	—	—	—	—	—	—
Series D Preferred Stock and Warrant
Net Issuance / (Repurchases) of Preferred Shares	—	995	—	994	1,275	—	497	—	994	—	1,493
Common Share Dividends Paid	-6,490	-6,138	-5,763	-5,401	-4,171	-2,739	-2,627	-2,375	-2,085	-1,746	-1,455
Cash Dividends
Other Financing Activities	45,338	27,963	-4,404	430	36,369	78,171	6,061	26,868	2,053	1,012	20,084
Commercial Paper and Other Short-Term Borrowings
Distributions Related to Noncontrolling Interests
Noncontrolling Interests
Other Secured Financings
Deposits
Excess Tax Benefits Associated with Stock-Based Awards
Derivatives Financing Activities
Derivatives Financing Activities
Redemption of Capital Units
Derivatives Financing Activities
Cash Distribution in Connection with the Discover Spin-Off
Purchase of Additional Stake in Wealth Management JV
Other Financing Activities
Cash from Financing Activities	59,043	46,756	-2,726	22,714	41,547	83,784	-11,966	24,205	16,261	7,363	24,154
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	-6,747	-2,100	-36,948	-9,475	31,663	-26,675	38,947	5,440	-6,134	4,107	-5,836
NOPAT	16,325	13,529	9,230	11,179	15,120	11,179	9,237	8,887	6,235	6,122	6,295
Levered Free Cash Flow	37,526	28,572	-26,717	10,860	48,538	10,565	26,762	9,232	18,189	13,136	-1,814
Unlevered Free Cash Flow	12,789	1,166	-39,636	-26,063	28,943	1,002	37,430	4,619	-755	1,720	-7,995
Net Change in Cash	11,832	18,658	-39,346	4,685	25,621	20,655	-4,754	8,629	-635	-6,762	-304