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Morgan Stanley Finance LLC (Series A Global MTN Program) has filed Pricing Supplement No. 9,145 for $5.07 million of unsecured Market-Linked Notes due January 7 2027 that are fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the performance of the S&P 500 Index (initial level 6,279.35) and are designed for investors seeking principal protection with limited equity-linked upside.

Key economic terms

• Denomination / Issue price: $1,000 per note
• Aggregate principal: $5,070,000
• Maturity: 18 months (Issue 9 Jul 2025 â€� Maturity 7 Jan 2027)
• Payment at maturity: â€� If Final Level > Initial Level: Principal + 100% of Underlier % Change, capped at $1,081.50 (108.15% of principal) â€� If Final Level â‰� Initial Level: return of principal only
• Participation rate: 100%
• Maximum return: 8.15% over 18 months
• Interest: None; zero-coupon structure
• Estimated value on pricing date: $985.00 (1.5% below issue price) driven by issuer funding rate and structuring costs
• Distribution: Sold through Morgan Stanley & Co. to fee-based advisory accounts; no sales commission, but MS affiliates earn structuring/hedging income
• Listing: Not listed; secondary liquidity only through MS&Co., if any
• CUSIP / ISIN: 61778NER8 / US61778NER89

Investor considerations

• Principal protection: The notes repay at least the $1,000 face amount at maturity, subject to Morgan Stanley credit risk.
• Limited upside: Returns are capped at 8.15%, so any S&P 500 gain above ~8.15% over the term does not increase investor payout.
• No current income: Investors forgo coupons and may face negative real returns if the index is flat or down.
• Credit & liquidity risk: Unsecured obligations of MSFL/Morgan Stanley; notes are unlisted and secondary trading may be limited and at a discount.
• Tax treatment: Expected to be treated as contingent payment debt instruments (CPDIs); U.S. holders must accrue OID income annually; projected comparable yield 4.118%.

Risk highlights (excerpted)

• Market value driven by underlier performance, volatility, interest rates and Morgan Stanley credit spreads.
• Estimated value is model-based and may differ from secondary prices.
• Adjustment, calculation-agent discretion and potential conflicts of interest reside with MS & Co.
• Non-U.S. holders: issuer expects Section 871(m) not to apply (delta<1); no gross-up for any withholding tax.

Use of proceeds & conflicts

• Proceeds used for general corporate purposes and hedging.
• FINRA Rule 5121 applies; Morgan Stanley affiliates face inherent conflicts as issuer, guarantor, calculation agent and market-maker.

Overall, the product offers short-dated principal protection with modest equity-linked upside, appropriate for fee-based clients prioritising capital preservation over high return potential. From a corporate perspective, the $5.07 million issuance is immaterial to Morgan Stanley’s balance sheet and earnings.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

Omega Healthcare Investors, Inc. (NYSE: OHI) has filed an 8-K disclosing the completion of a $600 million underwritten public offering of 5.200% Senior Notes due July 1, 2030. The Notes were priced at 99.118% of par, generating gross proceeds of approximately $594.7 million before expenses. They are unsecured, rank pari passu with the company’s other senior debt, and are guaranteed by OHI Healthcare Properties Limited Partnership along with any future subsidiaries that guarantee at least $100 million of Omega’s unsecured borrowings.

Interest accrues semi-annually beginning January 1, 2026. Omega may redeem the Notes at a make-whole premium before June 1, 2030 (the “Par Call Date�) or at par thereafter. Covenants restrict additional indebtedness, asset sales, and require maintenance of an unencumbered asset pool; customary events of default include cross-acceleration and insolvency. Net proceeds are earmarked for general corporate purposes, potentially including repayment of existing debt and future healthcare real-estate investments.

This issuance extends Omega’s debt maturity profile to 2030, adds liquidity for potential acquisitions, and modestly increases fixed-rate leverage at a coupon reflective of current REIT bond markets.