UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2026

OR

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-09305

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware	43-1273600
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

501 North Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class/ Trading Symbol	Name of Each Exchange on Which Registered	Shares or principal amount outstanding - July 30, 2026
Common Stock, $0.15 par value per share (SF)	New York Stock Exchange		151,001,734
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B (SF-PB)	New York Stock Exchange		6,400
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C (SF-PC)	New York Stock Exchange		9,000
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D (SF-PD)	New York Stock Exchange		12,000
5.20% Senior Notes due 2047 (SFB)	New York Stock Exchange	$	225,000,000

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 (“the Exchange Act”) 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, a 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.

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 ☒

STIFEL FINANCIAL CORP.

Form 10-Q

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements	3
Consolidated Statements of Financial Condition as of June 30, 2026 (unaudited) and December 31, 2025	3
Consolidated Statements of Operations for the three and six months ended June 30, 2026 and June 30, 2025 (unaudited)	4
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and June 30, 2025 (unaudited)	5
Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2026 and June 30, 2025 (unaudited)	6
Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and June 30, 2025 (unaudited)	8
Notes to Consolidated Financial Statements (unaudited)	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3. Quantitative and Qualitative Disclosures About Market Risk	77
Item 4. Controls and Procedures	80
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	81
Item 1A. Risk Factors	81
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3. Defaults Upon Senior Securities	81
Item 4. Mine Safety Disclosures	81
Item 5. Other Information	81
Item 6. Exhibits	82
Signatures	83

2

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

	June 30, 2026			December 31, 2025
(in thousands, except share and per share amounts)	(Unaudited)
Assets
Cash and cash equivalents	$	2,191,628		$	2,253,789
Cash segregated for regulatory purposes		30,068			29,018
Receivables:
Brokerage clients, net		1,361,802			1,138,094
Brokers, dealers, and clearing organizations		864,846			571,663
Securities purchased under agreements to resell		798,907			564,162
Financial instruments owned, at fair value		1,699,070			1,427,835
Available-for-sale securities, at fair value		1,529,505			1,593,390
Held-to-maturity securities, at amortized cost		6,881,353			6,549,054
Loans:
Held for investment, net		24,431,513			21,925,257
Held for sale, at lower of cost or fair value		373,591			502,199
Investments, at fair value		85,274			81,825
Fixed assets, net		228,745			197,119
Operating lease right-of-use assets, net		769,245			788,477
Goodwill		1,463,858			1,463,858
Intangible assets, net		88,799			108,045
Loans and advances to financial advisors and other employees, net		672,608			744,635
Deferred tax assets, net		139,522			151,204
Other assets		1,297,275			1,181,158
Total assets	$	44,907,609		$	41,270,782
Liabilities
Payables:
Brokerage clients, net	$	709,823		$	431,583
Brokers, dealers, and clearing organizations		487,190			303,378
Drafts		68,043			142,916
Securities sold under agreements to repurchase		1,095,619			651,236
Bank deposits		32,264,006			29,752,063
Financial instruments sold, but not yet purchased, at fair value		962,970			793,626
Accrued compensation		711,796			988,952
Lease liabilities, net		838,090			855,899
Accounts payable and accrued expenses		633,976			701,369
Federal Home Loan Bank advances		450,000			—
Senior notes, net		617,855			617,443
Debentures to Stifel Financial Capital Trusts		55,000			55,000
Total liabilities		38,894,368			35,293,465
Equity
Preferred stock - $1 par value; authorized 3,000,000 shares; issued 27,400 shares		685,000			685,000
Common stock - $0.15 par value; authorized 291,000,000 shares; issued 167,494,307    and 167,494,164 shares, respectively		25,124			25,124
Additional paid-in-capital		1,857,164			1,907,949
Retained earnings		4,432,191			4,163,363
Accumulated other comprehensive loss		(29,250	)		(17,809	)
Treasury stock, at cost, 15,904,926 and 14,997,515 shares, respectively		(956,988	)		(786,310	)
Total equity		6,013,241			5,977,317
Total liabilities and equity	$	44,907,609		$	41,270,782

See accompanying Notes to Consolidated Financial Statements.

3

STIFEL FINANCIAL CORP.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Revenues:
Commissions	$	221,462	$	200,669	$	429,296	$	394,339
Principal transactions		140,091		172,603		290,312		314,263
Investment banking		331,954		233,460		673,366		471,402
Asset management		456,630		403,608		916,087		813,149
Interest		476,093		477,056		927,142		952,688
Other income		12,549		3,690		68,228		14,271
Total revenues		1,638,779		1,491,086		3,304,431		2,960,112
Interest expense		187,975		206,800		375,466		420,357
Net revenues		1,450,804		1,284,286		2,928,965		2,539,755
Non-interest expenses:
Compensation and benefits		833,018		774,936		1,681,352		1,507,156
Occupancy and equipment rental		100,555		95,678		200,250		186,444
Communications and office supplies		46,341		47,847		97,362		97,360
Commissions and floor brokerage		15,039		17,146		30,080		33,952
Provision for credit losses		12,538		8,328		19,073		20,348
Other operating expenses		143,875		126,531		275,338		417,311
Total non-interest expenses		1,151,366		1,070,466		2,303,455		2,262,571
Income from operations before income tax expense		299,438		213,820		625,510		277,184
Provision for income taxes		72,961		58,765		147,614		69,137
Net income		226,477		155,055		477,896		208,047
Preferred dividends		9,321		9,321		18,641		18,641
Net income available to common shareholders	$	217,156	$	145,734	$	459,255	$	189,406
Earnings per common share:
Basic	$	1.41	$	0.94	$	2.97	$	1.21
Diluted	$	1.34	$	0.89	$	2.83	$	1.15
Cash dividends declared per common share	$	0.34	$	0.31	$	0.68	$	0.62
Weighted-average number of common shares outstanding:
Basic		154,234		155,024		154,869		156,074
Diluted		161,631		163,271		162,556		164,687

See accompanying Notes to Consolidated Financial Statements.

4

STIFEL FINANCIAL CORP.

Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2026			2025		2026			2025
Net income	$	226,477		$	155,055	$	477,896		$	208,047
Other comprehensive income/(loss), net of tax: (1)
Changes in unrealized gains/(losses) on available-for-sale securities (2)		(954	)		9,016		(7,305	)		29,830
Foreign currency translation adjustment		(1,087	)		8,535		(4,136	)		11,608
Total other comprehensive income/(loss), net of tax		(2,041	)		17,551		(11,441	)		41,438
Total comprehensive income	$	224,436		$	172,606	$	466,455		$	249,485

(1)Net of tax benefit of $0.7 million and tax expense of $6.7 million for the three months ended June 30, 2026 and 2025, respectively. Net of tax benefit of $3.5 million and tax expense of $13.8 million for the six months ended June 30, 2026 and 2025, respectively.

(2)There were no reclassifications to earnings for the six months ended June 30, 2026 and 2025.

See accompanying Notes to Consolidated Financial Statements.

5

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

	Three Months Ended June 30,
(in thousands, except per share amounts)	2026			2025
Preferred stock, par value $1.00 per share:
Balance, beginning of period	$	685,000		$	685,000
Issuance of preferred stock		—			—
Balance, end of period		685,000			685,000
Common stock, par value $0.15 per share:
Balance, beginning of period		25,124			25,124
Issuance of common stock		—			—
Balance, end of period		25,124			25,124
Additional paid-in-capital:
Balance, beginning of period		1,821,332			1,803,118
Unit amortization, net of forfeitures		45,897			34,849
Distributions under employee plans		(9,942	)		(8,453	)
Other		(123	)		(106	)
Balance, end of period		1,857,164			1,829,408
Retained earnings:
Balance, beginning of period		4,269,894			3,720,504
Net income		226,477			155,055
Dividends declared:
Common		(57,672	)		(52,707	)
Preferred		(9,321	)		(9,321	)
Distributions under employee plans		516			(324	)
Other		2,297			—
Balance, end of period		4,432,191			3,813,207
Accumulated other comprehensive loss:
Balance, beginning of period		(27,209	)		(51,751	)
Unrealized gains/(losses) on securities, net of tax		(954	)		9,016
Foreign currency translation adjustment, net of tax		(1,087	)		8,535
Balance, end of period		(29,250	)		(34,200	)
Treasury stock, at cost:
Balance, beginning of period		(789,659	)		(643,809	)
Distributions under employee plans		4,754			5,293
Common stock repurchased		(172,083	)		(83,038	)
Balance, end of period		(956,988	)		(721,554	)
Total Shareholders' Equity	$	6,013,241		$	5,596,985

See accompanying Notes to Consolidated Financial Statements.

6

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity (continued)

(Unaudited)

	Six Months Ended June 30,
(in thousands, except per share amounts)	2026			2025
Preferred stock, par value $1.00 per share:
Balance, beginning of period	$	685,000		$	685,000
Issuance of preferred stock		—			—
Balance, end of period		685,000			685,000
Common stock, par value $0.15 per share:
Balance, beginning of period		25,124			25,124
Issuance of common stock		—			—
Balance, end of period		25,124			25,124
Additional paid-in-capital:
Balance, beginning of period		1,907,949			1,887,193
Unit amortization, net of forfeitures		98,919			81,737
Distributions under employee plans		(149,655	)		(139,365	)
Other		(49	)		(157	)
Balance, end of period		1,857,164			1,829,408
Retained earnings:
Balance, beginning of period		4,163,363			3,794,609
Net income		477,896			208,047
Dividends declared:
Common		(115,342	)		(105,485	)
Preferred		(18,641	)		(18,641	)
Distributions under employee plans		(80,616	)		(65,377	)
Other		5,531			54
Balance, end of period		4,432,191			3,813,207
Accumulated other comprehensive loss:
Balance, beginning of period		(17,809	)		(75,638	)
Unrealized gains/(losses) on securities, net of tax		(7,305	)		29,830
Foreign currency translation adjustment, net of tax		(4,136	)		11,608
Balance, end of period		(29,250	)		(34,200	)
Treasury stock, at cost:
Balance, beginning of period		(786,310	)		(629,518	)
Distributions under employee plans		97,813			84,175
Common stock repurchased		(268,491	)		(176,211	)
Balance, end of period		(956,988	)		(721,554	)
Total Shareholders' Equity	$	6,013,241		$	5,596,985

See accompanying Notes to Consolidated Financial Statements.

7

STIFEL FINANCIAL CORP.

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended June 30,
(in thousands)	2026			2025
Cash Flows From Operating Activities:
Net income	$	477,896		$	208,047
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization		31,012			30,281
Amortization of loans and advances to financial advisors and other employees		75,863			70,918
Amortization of premium on investment portfolio		2,800			3,660
Provision for credit losses		19,073			20,348
Amortization of intangible assets		19,099			10,937
Deferred income taxes		14,234			(42,923	)
Stock-based compensation		111,852			93,481
Gain on sale of business		(47,284	)		—
Unrealized gains on investments		(238	)		(4,468	)
Gain on sale of leased aircraft engines		—			(32,063	)
Other, net		10,484			(2,101	)
Decrease/(increase) in operating assets, net of assets acquired:
Receivables:
Brokerage clients, net		(223,708	)		(19,799	)
Brokers, dealers, and clearing organizations		(293,183	)		(150,592	)
Securities purchased under agreements to resell		(234,745	)		(108,554	)
Financial instruments owned		(271,235	)		(174,505	)
Loans originated as held for sale		(1,235,628	)		(986,234	)
Proceeds from loans held for sale		1,383,978			1,403,477
Loans and advances to financial advisors and other employees, net		(23,915	)		(127,850	)
Other assets		(107,717	)		69,236
Increase/(decrease) in operating liabilities, net of liabilities assumed:
Payables:
Brokerage clients, net		278,240			110,388
Brokers, dealers, and clearing organizations		(15,318	)		11,310
Drafts		(74,873	)		(20,047	)
Financial instruments sold, but not yet purchased		169,344			173,284
Accrued compensation		(277,156	)		(247,393	)
Other liabilities and accrued expenses		(55,328	)		107,444
Net cash provided by/(used in) operating activities	$	(266,453	)	$	396,282

See accompanying Notes to Consolidated Financial Statements.

8

STIFEL FINANCIAL CORP.

Consolidated Statements of Cash Flows (continued)

(Unaudited)

	Six Months Ended June 30,
(in thousands)	2026			2025
Cash Flows From Investing Activities:
Proceeds from:
Principal paydowns, maturities, and calls of available-for-sale securities	$	170,190		$	165,343
Principal paydowns, maturities, and calls of held-to-maturity securities		1,206,749			845,032
Sale or maturity of investments		1,280			8
Disposition of business, net		50,456			—
Sale of leased aircraft engines		—			77,803
Increase in loans held for investment, net		(2,550,901	)		(573,871	)
Payments for:
Purchase of fixed assets		(62,638	)		(31,405	)
Purchase of available-for-sale securities		(119,010	)		(90,408	)
Purchase of held-to-maturity securities		(1,539,018	)		(904,935	)
Purchase of investments		(7,470	)		(1,454	)
Acquisitions, net of cash received		—			(72,591	)
Net cash used in investing activities		(2,850,362	)		(586,478	)
Cash Flows From Financing Activities:
Payment of contingent consideration		(113	)		(190	)
Increase in securities sold under agreements to repurchase		444,383			139,262
Increase/(decrease) in bank deposits, net		2,511,943			(429,164	)
Increase in securities loaned		199,130			221,073
Proceeds from Federal Home Loan Bank advances, net		450,000			—
Proceeds from borrowings		145,000			—
Repayment of borrowings		(145,000	)		—
Repayment of short-term debt		—			(75,056	)
Tax payments related to shares withheld for stock-based compensation plans		(130,534	)		(119,068	)
Repurchase of common stock		(268,491	)		(176,211	)
Cash dividends on preferred stock		(18,641	)		(18,641	)
Cash dividends paid to common stock and equity-award holders		(127,837	)		(115,557	)
Net cash provided by/(used in) financing activities		3,059,840			(573,552	)
Effect of exchange rate changes on cash		(4,136	)		11,608
Decrease in cash, cash equivalents, and cash segregated for regulatory purposes		(61,111	)		(752,140	)
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period		2,282,807			2,678,203
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period	$	2,221,696		$	1,926,063
Supplemental disclosure of cash flow information:
Cash paid for interest	$	379,842		$	426,513
Cash paid for income taxes, net of refunds		61,996			81,595
Noncash investing and financing activities:
Transfer of loans held for investment to held for sale		25,314			735,629
Transfer of loans held for sale to held for investment		—			97,464
Unit grants, net of forfeitures		203,040			228,370

The following presents cash, cash equivalents, and cash restricted for regulatory purposes for the periods presented (in thousands):
	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	2,191,628	$	2,253,789
Cash segregated for regulatory purposes		30,068		29,018
Total cash, cash equivalents, and cash segregated for regulatory purposes	$	2,221,696	$	2,282,807

See accompanying Notes to Consolidated Financial Statements.

9

STIFEL FINANCIAL CORP.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies

Nature of Operations

Stifel Financial Corp. (the “Company”), through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. We have organized our operations into three reportable segments: Global Wealth Management, Institutional Group, and Other. See Note 22 for additional information on segment reporting.

Basis of Presentation

The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe, Bruyette & Woods, Inc. (“KBW”), Stifel Bancorp, Inc. (“Stifel Bancorp”), Stifel Nicolaus Canada Inc. (“SNC”), and Stifel Nicolaus Europe Limited (“SNEL”). Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries.

We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise noted) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2025 on file with the SEC.

Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material.

On January 26, 2026, our Board approved a 50% stock dividend, in the form of a three-for-two stock split, of our common stock payable on February 26, 2026, to shareholders of record as of February 12, 2026. All share and per share information has been retroactively adjusted to reflect the stock split.

On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), a wholly owned subsidiary and independent contractor broker-dealer, for cash consideration to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc. We recognized a gain on the sale of $47.3 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.

Consolidation Policies

The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting.

We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 25 for additional information on VIEs.

10

NOTE 2 – Summary of Significant Accounting Policies

See Note 2 of the Notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for a full description of the Company's significant accounting policies.

Loans and Advances to Financial Advisors and Other Employees, Net

We offer transition pay, principally in the form of upfront loans, to financial advisors and certain key revenue producers as part of our company’s overall growth strategy. These loans are generally forgiven by a charge to compensation and benefits over a five- to ten-year period if the individual satisfies certain conditions, usually based on continued employment and certain performance standards. We present the outstanding balance of loans to financial advisors on our consolidated statements of financial condition, net of the allowance for credit losses. Our allowance for credit losses was approximately $30.8 million and $32.3 million at June 30, 2026 and December 31, 2025, respectively.

NOTE 3 – Receivables From and Payables to Brokers, Dealers, and Clearing Organizations

Amounts receivable from brokers, dealers, and clearing organizations at June 30, 2026 and December 31, 2025, included (in thousands):

	June 30, 2026		December 31, 2025
Deposits paid for securities borrowed	$	434,785	$	315,561
Receivable from clearing organizations		363,822		248,371
Securities failed to deliver		66,239		7,731
Total receivables from brokers, dealers, and clearing organizations	$	864,846	$	571,663

Amounts payable to brokers, dealers, and clearing organizations at June 30, 2026 and December 31, 2025, included (in thousands):

	June 30, 2026		December 31, 2025
Deposits received from securities loaned	$	451,267	$	252,137
Securities failed to receive		30,306		30,906
Payable to clearing organizations		5,617		20,335
Total payables to brokers, dealers, and clearing organizations	$	487,190	$	303,378

Deposits paid for securities borrowed approximate the market value of the securities. Securities failed to deliver and receive represent the contract value of securities that have not been delivered or received on settlement date.

NOTE 4 – Fair Value Measurements

We measure certain financial assets and liabilities at fair value on a recurring basis, including financial instruments owned, available-for-sale securities, investments, financial instruments sold, but not yet purchased, and derivatives.

We generally utilize third-party pricing services to value Level 1 and Level 2 available-for-sale investment securities, as well as certain derivatives designated as cash flow hedges. We review the methodologies and assumptions used by the third-party pricing services and evaluate the values provided, principally by comparison with other available market quotes for similar instruments and/or analysis based on internal models using available third-party market data. We may occasionally adjust certain values provided by the third-party pricing service when we believe, as the result of our review, that the adjusted price most appropriately reflects the fair value of the particular security.

Following are descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value. The descriptions include an indication of the level of the fair value hierarchy in which the assets or liabilities are classified.

Financial Instruments Owned and Available-For-Sale Securities

When available, the fair value of financial instruments is based on quoted prices in active markets and reported in Level 1. Level 1 financial instruments include highly liquid instruments with quoted prices, primarily U.S. government securities and corporate fixed income and equity securities listed in active markets.

If quoted prices are not available for identical instruments, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include U.S. government agency securities, agency mortgage-backed securities, asset-backed securities, fixed income and equity securities infrequently traded, state and municipal securities, and non-agency mortgage-backed securities and sovereign debt securities, included in other in the table below.

11

We have identified Level 3 financial instruments to include certain asset-backed securities and syndicated loans, included in other in the table below, with unobservable pricing inputs. Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

Investments

Investments carried at fair value primarily include corporate equity securities, auction-rate securities (“ARS”), and private company investments.

Corporate equity securities are primarily valued based on quoted prices in active markets and reported in Level 1. Corporate equity securities that have little to no pricing observability are reported in Level 3.

ARS are primarily valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. ARS are reported as Level 3 assets. Private company investments are primarily valued based upon internally developed models. These valuations require significant management judgment due to the absence of quoted market prices, the inherent lack of liquidity, and their long-term nature. Typically, the initial costs of these investments are considered to represent fair market value, as such amounts are negotiated between willing market participants. Private company investments are primarily reported as Level 3 assets.

Investments at fair value include investments in funds, including certain money market funds that are measured at net asset value (“NAV”). The Company uses NAV to measure the fair value of its fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value.

The Company’s investments in funds measured at NAV include partnership interests, money market funds, mutual funds, and private equity funds. Private equity funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations, growth investments and distressed investments. The private equity funds are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed.

The general and limited partnership interests in investment partnerships were primarily valued based upon NAVs received from third-party fund managers. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the funds to utilize pricing/valuation information, including independent appraisals, from third-party sources. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments.

The table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV as of June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026				December 31, 2025
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	34,946	$	16,857	$	31,819	$	16,508
Money market funds		3,168		—		2,340		—
Mutual funds		728		—		668		—
Private equity funds		292		—		290		—
Total fair value of funds measured at NAV	$	39,134	$	16,857	$	35,117	$	16,508

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Financial Instruments Sold, But Not Yet Purchased

Financial instruments sold, but not purchased, recorded at fair value based on quoted prices in active markets and other observable market data include highly liquid instruments with quoted prices, such as U.S. government securities and corporate equity securities listed in active markets, which are reported as Level 1.

If quoted prices are not available, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include agency mortgage-backed securities not actively traded, fixed income securities, and equity securities infrequently traded.

We have identified Level 3 financial instruments to include syndicated loans, included in other in the table below. Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

Derivatives

Derivatives are valued using quoted market prices for identical instruments when available or observable inputs from forward and futures yield curves. The valuation models used require market observable inputs, including contractual terms, market prices, yield curves, credit curves, and measures of volatility. We have classified our derivatives as Level 2. The counterparties to most of our company’s derivative transactions represent regulated banks, bank holding companies, and derivative clearing houses. Management has determined that the counterparty credit risk associated with its derivative transactions is not significant. Accordingly, the recorded fair values for these transactions have not been adjusted to reflect counterparty credit risk.

13

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, are presented below (in thousands):

	June 30, 2026
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	32,340	$	32,340	$	—	$	—
U.S. government agency securities		240,600		—		240,600		—
Agency mortgage-backed securities		515,218		—		515,218		—
Asset-backed securities		206,923		—		206,423		500
Corporate securities:
Fixed income securities		307,044		106		306,938		—
Equity securities		47,009		46,023		882		104
State and municipal securities		275,626		—		275,626		—
Other (1)		74,310		—		6,407		67,903
Total financial instruments owned		1,699,070		78,469		1,552,094		68,507
Available-for-sale securities:
U.S. government agency securities		2,395		—		2,395		—
State and municipal securities		2,320		—		2,320		—
Mortgage-backed securities:
Agency		1,109,680		—		1,109,680		—
Commercial		1,269		—		1,269		—
Non-agency		133		—		133		—
Corporate fixed income securities		336,461		—		336,461		—
Asset-backed securities		77,247		—		77,247		—
Total available-for-sale securities		1,529,505		—		1,529,505		—
Investments:
Corporate equity securities		34,219		10,671		4,412		19,136
Auction rate securities		184		—		—		184
Other (2)		14,905		—		—		14,905
Investments in funds and partnerships measured at NAV		35,966
Total investments		85,274		10,671		4,412		34,225
Derivative contracts (3)		70,457		—		70,457		—
Subtotal		3,384,306		89,140		3,156,468		102,732
Cash equivalents measured at NAV		3,168
Total assets at fair value on a recurring basis	$	3,387,474	$	89,140	$	3,156,468	$	102,732

(1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

(2) Primarily includes private company investments.

(3) Included in other assets in the consolidated statements of financial condition.

	June 30, 2026
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	661,011	$	661,011	$	—	$	—
Agency mortgage-backed securities		156,073		—		156,073		—
Corporate securities:
Fixed income securities		141,150		—		141,150		—
Equity securities		4,362		4,362		—		—
Other (4)		374		—		—		374
Total financial instruments sold, but not yet purchased		962,970		665,373		297,223		374
Derivative contracts (5)		70,466		—		70,466		—
Total liabilities at fair value on a recurring basis	$	1,033,436	$	665,373	$	367,689	$	374

(4) Includes syndicated loans.

(5) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

14

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, are presented below (in thousands):

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	5,196	$	5,196	$	—	$	—
U.S. government agency securities		174,478		—		174,478		—
Agency mortgage-backed securities		515,634		—		515,634		—
Asset-backed securities		143,723		—		139,683		4,040
Corporate securities:
Fixed income securities		295,570		517		295,053		—
Equity securities		55,312		55,198		—		114
State and municipal securities		174,579		—		174,579		—
Other (1)		63,343		—		6,445		56,898
Total financial instruments owned		1,427,835		60,911		1,305,872		61,052
Available-for-sale securities:
U.S. government agency securities		2,381		—		2,381		—
State and municipal securities		2,326		—		2,326		—
Mortgage-backed securities:
Agency		1,101,412		—		1,101,412		—
Commercial		2,113		—		2,113		—
Non-agency		152		—		152		—
Corporate fixed income securities		375,750		—		375,750		—
Asset-backed securities		109,256		—		109,256		—
Total available-for-sale securities		1,593,390		—		1,593,390		—
Investments:
Corporate equity securities		34,937		15,490		1		19,446
Auction rate securities		551		—		—		551
Other (2)		13,560		—		—		13,560
Investments in funds and partnerships measured at NAV		32,777
Total investments		81,825		15,490		1		33,557
Derivative contracts (3)		71,297		—		71,297		—
Subtotal		3,174,347		76,401		2,970,560		94,609
Cash equivalents measured at NAV		2,340
Total assets at fair value on a recurring basis	$	3,176,687	$	76,401	$	2,970,560	$	94,609

(1)Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

(2)Primarily includes private company investments.

(3)Included in other assets in the consolidated statements of financial condition.

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	475,449	$	475,449	$	—	$	—
Agency mortgage-backed securities		154,983		—		154,983		—
Corporate securities:
Fixed income securities		145,582		—		145,582		—
Equity securities		16,363		16,250		113
Other (4)		1,249		—		13		1,236
Total financial instruments sold, but not yet purchased		793,626		491,699		300,691		1,236
Derivative contracts (5)		71,311		—		71,311		—
Total liabilities at fair value on a recurring basis	$	864,937	$	491,699	$	372,002	$	1,236

(4)Includes syndicated loans and state and municipal securities.

(5)Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

15

The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended June 30, 2026 (in thousands):

	Three Months Ended June 30, 2026
	Financial instruments owned							Investments
	Asset-Backed Securities		Corporate Equity Securities		Syndicated Loans			Corporate Equity Securities			Auction Rate Securities			Other
Balance at March 31, 2026	$	500	$	—	$	75,655		$	19,411		$	554		$	14,366
Unrealized gains/(losses)		—		6		(4	)		(930	)		5			539
Realized losses		—		—		(3	)		—			(7	)		—
Purchases		—		—		13,469			655			—			—
Sales		—		—		(1,369	)		—			(368	)		—
Redemptions		—		—		(19,845	)		—			—			—
Transfers into Level 3		—		98		—			—			—			—
Net change		—		104		(7,752	)		(275	)		(370	)		539
Balance at June 30, 2026	$	500	$	104	$	67,903		$	19,136		$	184		$	14,905

The following table summarizes the change in fair value associated with Level 3 financial instruments during the six months ended June 30, 2026 (in thousands):

	Six Months Ended June 30, 2026
	Financial instruments owned									Investments
	Asset-Backed Securities			Corporate Equity Securities			Syndicated Loans			Corporate Equity Securities			Auction Rate Securities			Other
Balance at December 31, 2025	$	4,040		$	114		$	56,898		$	19,446		$	551		$	13,560
Unrealized gains/(losses)		(534	)		6			(24	)		(965	)		8			1,345
Realized losses		(2	)		(10	)		(3	)		—			(7	)		—
Purchases		—			—			41,574			655			—			—
Sales		(3,004	)		(104	)		(1,369	)		—			(368	)		—
Redemptions		—			—			(29,173	)		—			—			—
Transfers into Level 3		—			98			—			—			—			—
Net change		(3,540	)		(10	)		11,005			(310	)		(367	)		1,345
Balance at June 30, 2026	$	500		$	104		$	67,903		$	19,136		$	184		$	14,905

The results included in the tables above are only a component of the overall investment strategies of our company. The tables above do not present Level 1 or Level 2 valued assets or liabilities. The changes in unrealized gains/(losses) recorded in earnings for the three and six months ended June 30, 2026, relating to Level 3 assets still held at June 30, 2026, were immaterial.

The fair value of certain Level 3 assets was determined using various methodologies, as appropriate, including third-party pricing vendors and broker quotes. These inputs are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of current market environment, and other analytical procedures.

The fair value for our auction rate securities was determined using an income approach based on an internally developed discounted cash flow model. The discounted cash flow model utilizes two significant unobservable inputs: discount rate and workout period. Significant increases in any of these inputs in isolation would result in a significantly lower fair value. On an ongoing basis, management verifies the fair value by reviewing the appropriateness of the discounted cash flow model and its significant inputs.

16

Fair Value of Financial Instruments

The following reflects the fair value of financial instruments as of June 30, 2026 and December 31, 2025, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	June 30, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	2,191,628	$	2,191,628	$	2,253,789	$	2,253,789
Cash segregated for regulatory purposes		30,068		30,068		29,018		29,018
Securities purchased under agreements to resell		798,907		798,907		564,162		564,162
Financial instruments owned		1,699,070		1,699,070		1,427,835		1,427,835
Available-for-sale securities		1,529,505		1,529,505		1,593,390		1,593,390
Held-to-maturity securities		6,881,353		6,895,122		6,549,054		6,565,484
Bank loans		24,431,513		24,251,223		21,925,257		21,610,180
Loans held for sale		373,591		373,591		502,199		502,199
Investments		85,274		85,274		81,825		81,825
Derivative contracts (1)		70,457		70,457		71,297		71,297
Financial liabilities:
Securities sold under agreements to repurchase	$	1,095,619	$	1,095,619	$	651,236	$	651,236
Bank deposits		32,264,006		32,263,766		29,752,063		29,752,095
Financial instruments sold, but not yet purchased		962,970		962,970		793,626		793,626
Federal Home Loan Bank advances		450,000		450,000		—		—
Senior notes		617,855		563,264		617,443		576,180
Debentures to Stifel Financial Capital Trusts		55,000		50,493		55,000		51,582
Derivative contracts (2)		70,466		70,466		71,311		71,311

(1) Included in other assets in the consolidated statements of financial condition.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

The following tables present the estimated fair values and fair value hierarchy of financial instruments that are not recorded at fair value in the consolidated statements of financial condition or measured at fair value on a nonrecurring basis as of June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,188,460	$	2,188,460	$	—	$	—
Cash segregated for regulatory purposes		30,068		30,068		—		—
Securities purchased under agreements to resell		798,907		—		798,907		—
Held-to-maturity securities		6,895,122		—		6,827,323		67,799
Bank loans		24,251,223		—		24,167,955		83,268
Loans held for sale		373,591		—		373,591		—
Financial liabilities:
Securities sold under agreements to repurchase	$	1,095,619	$	—	$	1,095,619	$	—
Bank deposits		32,263,766		—		32,263,766		—
Federal Home Loan Bank advances		450,000		450,000		—		—
Senior notes		563,264		563,264		—		—
Debentures to Stifel Financial Capital Trusts		50,493		—		—		50,493

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	December 31, 2025
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,251,449	$	2,251,449	$	—	$	—
Cash segregated for regulatory purposes		29,018		29,018		—		—
Securities purchased under agreements to resell		564,162		—		564,162		—
Held-to-maturity securities		6,565,484		—		6,495,393		70,091
Bank loans		21,610,180		—		21,515,785		94,395
Loans held for sale		502,199		—		502,199		—
Financial liabilities:
Securities sold under agreements to repurchase	$	651,236	$	—	$	651,236	$	—
Bank deposits		29,752,095		—		29,752,095		—
Senior notes		576,180		576,180		—		—
Debentures to Stifel Financial Capital Trusts		51,582		—		—		51,582

The following, as supplemented by the discussion above, describes the valuation techniques used in estimating the fair value of our financial instruments as of June 30, 2026 and December 31, 2025.

Financial Assets

Securities Purchased Under Agreements to Resell

Securities purchased under agreements to resell are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. The carrying values at June 30, 2026 and December 31, 2025 approximate fair value due to their short-term nature.

Held-to-Maturity Securities

Securities held to maturity are recorded at amortized cost based on our company’s positive intent and ability to hold these securities to maturity. Securities held to maturity include asset-backed securities, consisting of collateralized loan obligation securities and student loan ARS. The estimated fair value, included in the above table, is determined using several factors; however, primary weight is given to discounted cash flow modeling techniques that incorporated an estimated discount rate based upon recent observable debt security issuances with similar characteristics.

Bank Loans

The fair values of mortgage loans and commercial loans were primarily estimated using a discounted cash flow method, a form of the income approach. Discount rates were determined considering rates at which similar portfolios of loans, with similar remaining maturities, would be made and considering liquidity spreads applicable to each loan portfolio based on the secondary market. The estimated fair value of individually evaluated loans may include peer multiples, discounted cash flow, and collateral liquidation each of which includes unobservable inputs and judgments within.

Loans Held for Sale

Loans held for sale consist of the guaranteed portion of Small Business Administration (“SBA”) loans, fixed-rate and adjustable-rate residential real estate mortgage loans, as well as commercial loans intended for sale. Loans held for sale are stated at lower of cost or fair value. Fair value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices.

Financial Liabilities

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase are collateralized financing transactions that are recorded at their contractual amounts plus accrued interest. The carrying values at June 30, 2026 and December 31, 2025 approximate fair value due to the short-term nature.

Bank Deposits

The fair value of demand deposits is equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of money market and savings accounts approximate their fair values as substantially all of these deposits are variable-rate and short-term in nature. The fair values of fixed-rate certificates of deposit are calculated by discounting the future cash flows using discount rates based on the replacement cost of funding of similar structures and terms.

Federal Home Loan Bank Advances

Federal Home Loan Bank advances reflect terms that approximate current market rates for similar borrowings.

Senior Notes

The fair value of our senior notes is estimated based upon quoted market prices.

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Debentures to Stifel Financial Capital Trusts

The fair value of our trust preferred securities is based on the discounted value of contractual cash flows. We have assumed a discount rate based on similar type debt instruments.

These fair value disclosures represent our best estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates.

NOTE 5 – Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

The components of financial instruments owned and financial instruments sold, but not yet purchased, at June 30, 2026 and December 31, 2025 are as follows (in thousands):

	June 30, 2026		December 31, 2025
Financial instruments owned:
U.S. government securities	$	32,340	$	5,196
U.S. government agency securities		240,600		174,478
Agency mortgage-backed securities		515,218		515,634
Asset-backed securities		206,923		143,723
Corporate securities:
Fixed income securities		307,044		295,570
Equity securities		47,009		55,312
State and municipal securities		275,626		174,579
Other (1)		74,310		63,343
Total financial instruments owned	$	1,699,070	$	1,427,835
Financial instruments sold, but not yet purchased:
U.S. government securities	$	661,011	$	475,449
Agency mortgage-backed securities		156,073		154,983
Corporate securities:
Fixed income securities		141,150		145,582
Equity securities		4,362		16,363
Other (2)		374		1,249
Total financial instruments sold, but not yet purchased	$	962,970	$	793,626

(1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

(2) Includes syndicated loans and state and municipal securities.

At June 30, 2026 and December 31, 2025, financial instruments owned in the amount of $870.1 million and $523.4 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition.

Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition.

19

NOTE 6 – Available-for-Sale and Held-to-Maturity Securities

The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,457	$	1	$	(63	)	$	2,395
State and municipal securities		2,325		—		(5	)		2,320
Mortgage-backed securities:
Agency		1,199,849		2,776		(92,945	)		1,109,680
Commercial		1,302		—		(33	)		1,269
Non-agency		134		—		(1	)		133
Corporate fixed income securities		360,966		117		(24,622	)		336,461
Asset-backed securities		77,552		51		(356	)		77,247
Total available-for-sale securities	$	1,644,585	$	2,945	$	(118,025	)	$	1,529,505
Held-to-maturity securities (2)
Asset-backed securities	$	6,881,353	$	17,267	$	(3,498	)	$	6,895,122

	December 31, 2025
	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Fair Value
Available-for-sale securities
U.S. government agency securities	$	2,440	$	6	$	(65	)	$	2,381
State and municipal securities		2,325		1		—			2,326
Mortgage-backed securities:
Agency		1,181,888		4,652		(85,128	)		1,101,412
Commercial		2,136		—		(23	)		2,113
Non-agency		156		—		(4	)		152
Corporate fixed income securities		400,053		94		(24,397	)		375,750
Asset-backed securities		109,591		108		(443	)		109,256
Total available-for-sale securities	$	1,698,589	$	4,861	$	(110,060	)	$	1,593,390
Held-to-maturity securities (2)
Asset-backed securities	$	6,549,054	$	18,943	$	(2,513	)	$	6,565,484

(1)Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive income.

(2)Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements.

We are required to evaluate our available-for-sale and held-to-maturity debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. At June 30, 2026, we did not have an allowance for credit losses recorded on our investment portfolio.

Accrued interest receivable for our investment portfolio at June 30, 2026 and December 31, 2025 was $79.5 million and $84.1 million, respectively, and is reported in other assets in the consolidated statements of financial condition. We do not include reserves for interest receivable in the measurement of the allowance for credit losses.

There were no sales of available-for-sale securities during the three and six months ended June 30, 2026 and 2025.

20

The table below summarizes the amortized cost and fair values of our securities by contractual maturity at June 30, 2026 and December 31, 2025 (in thousands). Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	June 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities
Within one year	$	97,889	$	97,619	$	104,503	$	103,686
After one year through three years		26,054		24,924		38,192		36,763
After three years through five years		229,576		208,045		105,181		98,421
After five years through ten years		105,670		98,855		260,454		241,770
After ten years		1,185,396		1,100,062		1,190,259		1,112,750
Total available-for-sale securities	$	1,644,585	$	1,529,505	$	1,698,589	$	1,593,390
Held-to-maturity securities
After three years through five years		237,510		237,570		157,770		157,868
After five years through ten years		717,517		718,208		1,494,530		1,495,893
After ten years		5,926,326		5,939,344		4,896,754		4,911,723
Total held-to-maturity securities	$	6,881,353	$	6,895,122	$	6,549,054	$	6,565,484

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2026, are as follows (in thousands):

	Within 1 Year		1-5 Years		5-10 Years		After 10 Years		Total
Available-for-sale securities
U.S. government agency securities	$	—	$	2,395	$	—	$	—	$	2,395
State and municipal securities		—		2,320		—		—		2,320
Mortgage-backed securities:
Agency		4		15,812		69,409		1,024,455		1,109,680
Commercial		—		—		—		1,269		1,269
Non-agency		—		—		133		—		133
Corporate fixed income securities		97,615		212,442		26,404		—		336,461
Asset-backed securities		—		—		2,909		74,338		77,247
Total available-for-sale securities	$	97,619	$	232,969	$	98,855	$	1,100,062	$	1,529,505
Held-to-maturity securities
Asset-backed securities	$	—	$	237,510	$	717,517	$	5,926,326	$	6,881,353

At June 30, 2026 and December 31, 2025, securities of $1.2 billion and $880.5 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At June 30, 2026 and December 31, 2025, securities of $3.7 billion and $3.3 billion, respectively, were pledged with the Federal Reserve discount window.

21

The following tables show the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026
	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Available-for-sale securities
U.S. government agency securities	$	—		$	—	$	(63	)	$	1,916	$	(63	)	$	1,916
State and municipal securities		—			—		(5	)		2,320		(5	)		2,320
Mortgage-backed securities:
Agency		(4,826	)		326,441		(88,119	)		552,962		(92,945	)		879,403
Commercial		—			—		(33	)		1,269		(33	)		1,269
Non-agency		—			—		(1	)		133		(1	)		133
Corporate fixed income securities		(1,275	)		13,098		(23,347	)		318,246		(24,622	)		331,344
Asset-backed securities		(26	)		23,786		(330	)		37,398		(356	)		61,184
Total available-for-sale securities	$	(6,127	)	$	363,325	$	(111,898	)	$	914,244	$	(118,025	)	$	1,277,569

At June 30, 2026, the amortized cost of 219 securities classified as available for sale exceeded their fair value by $118.0 million, of which $111.9 million related to investment securities that had been in a loss position for 12 months or longer. These unrealized losses are primarily driven by changes in interest rates and market spreads subsequent to purchase and are not indicative of credit deterioration. The total fair value of these investments at June 30, 2026, was $1.3 billion, which was 83.5% of our available-for-sale portfolio.

	December 31, 2025
	Less than 12 months					12 months or more					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Available-for-sale securities
U.S. government agency securities	$	—		$	—	$	(65	)	$	1,905	$	(65	)	$	1,905
Mortgage-backed securities:
Agency		(178	)		132,279		(84,950	)		599,689		(85,128	)		731,968
Commercial		—			—		(23	)		2,113		(23	)		2,113
Non-agency		—			—		(4	)		152		(4	)		152
Corporate fixed income securities		(1,201	)		23,252		(23,196	)		333,905		(24,397	)		357,157
Asset-backed securities		—			—		(443	)		61,717		(443	)		61,717
Total available-for-sale securities	$	(1,379	)	$	155,531	$	(108,681	)	$	999,481	$	(110,060	)	$	1,155,012

At December 31, 2025, the amortized cost of 204 securities classified as available for sale exceeded their fair value by $110.1 million, of which $108.7 million related to investment securities that had been in a loss position for 12 months or longer. The total fair value of these investments at December 31, 2025, was $1.2 billion, which was 72.5% of our available-for-sale portfolio.

Credit Quality Indicators

The Company uses ratings assigned by nationally recognized rating agencies, which primarily includes S&P, Moody’s, and Fitch Ratings Inc., as the primary credit quality indicator for its investment portfolio. Each security is evaluated at least quarterly. The indicators represent the rating for debt securities, as of the date presented, based on the most recent assessment performed.

At June 30, 2026, approximately 88% of our available-for-sale securities were backed by the United States government or rated A or higher by nationally recognized rating agencies.

The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at June 30, 2026 (in thousands):

	AAA		AA		Total
Held-to-maturity securities
Asset-backed securities	$	4,601,893	$	2,279,460	$	6,881,353

22

NOTE 7 – Bank Loans

Our loan portfolio consists primarily of the following segments:

Real Estate. Real estate loans include residential real estate non-conforming loans, residential real estate conforming loans, commercial real estate, and home equity lines of credit. The allowance methodology related to real estate loans considers several factors, including, but not limited to, loan-to-value ratio, FICO score, home price index, delinquency status, credit limits, and utilization rates.

Commercial and industrial (“C&I”). C&I loans primarily include commercial and industrial lending used for general corporate purposes, working capital and liquidity, and “event-driven.” “Event-driven” loans support client merger, acquisition or recapitalization activities. C&I lending is structured as revolving lines of credit, letter of credit facilities, term loans and bridge loans. Risk factors considered in determining the allowance for credit losses on corporate loans include the borrower’s financial strength, seniority of the loan, collateral type, leverage, volatility of collateral value, debt cushion, and covenants.

Fund banking. Fund banking loans primarily include capital call lines of credit, also known as subscription lines of credit. These credit facilities are used by closed-end private investment funds (“Fund”) that have raised capital commitments from limited partners to effectively manage the Fund’s cash and bridge timing between the Fund’s investments and capital calls. The lines of credit are collateralized by a pledge of the limited partner’s contractually callable capital and the general partner’s right to call such capital as permitted in the Fund’s partnership agreement.

Securities-based loans. Securities-based loans allow clients to borrow money against the value of qualifying securities for any suitable purpose other than purchasing, trading, or carrying securities or refinancing margin debt. The majority of consumer loans are structured as revolving lines of credit and letter of credit facilities and are primarily offered through Stifel’s Pledged Asset (“SPA”) program. The allowance methodology for securities-based lending considers the collateral type underlying the loan, including the liquidity and trading volume of the collateral, position concentration and other borrower specific factors such as personal guarantees.

Construction and land. Short-term loans used to finance the development of commercial real estate projects.

Other. Other loans include consumer and credit card lending.

The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at June 30, 2026 and December 31, 2025 (in thousands, except percentages):

	June 30, 2026						December 31, 2025
	Balance			Percent			Balance			Percent
Residential real estate	$	9,619,618			39.1	%	$	9,254,939			41.9	%
Fund banking		5,767,990			23.5			4,096,649			18.6
Commercial and industrial		4,529,422			18.4			4,135,091			18.7
Securities-based loans		2,977,657			12.1			2,672,431			12.1
Construction and land		977,377			4.0			1,214,450			5.5
Commercial real estate		412,809			1.7			423,474			1.9
Home equity lines of credit		247,016			1.0			225,196			1.0
Other		42,796			0.2			44,533			0.3
Gross bank loans		24,574,685			100.0	%		22,066,763			100.0	%
Loans in process/(unapplied loan payments), net		(19,831	)					(10,779	)
Unamortized loan fees, net		(2,656	)					1,518
Allowance for credit losses on loans		(120,685	)					(132,245	)
Loans held for investment, net	$	24,431,513					$	21,925,257

At June 30, 2026 and December 31, 2025, Stifel Bancorp had loans outstanding to its executive officers and directors and executive officers and directors of certain affiliated entities in the amount of $101.4 million and $98.4 million, respectively.

At June 30, 2026 and December 31, 2025, we had loans held for sale of $373.6 million and $502.2 million, respectively. For the three months ended June 30, 2026 and 2025, we recognized losses, included in other income in the accompanying consolidated statements of operations, of $0.6 million and $4.2 million, respectively, from the sale of originated loans, net of fees and costs. For the six months ended June 30, 2026 and 2025, we recognized losses, included in other income in the accompanying consolidated statements of operations, of $3.1 million and $4.8 million, respectively, from the sale of originated loans, net of fees and costs.

At June 30, 2026 and December 31, 2025, loans, primarily consisting of residential and commercial real estate loans of $8.9 billion and $8.6 billion, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings. At June 30, 2026 and December 31, 2025, loans of $3.3 billion and $3.1 billion, respectively, were pledged with the Federal Reserve discount window.

Accrued interest receivable for loans and loans held for sale at June 30, 2026 and December 21, 2025 was $92.5 million and $90.7 million, respectively, and is reported in other assets on the consolidated statement of financial condition.

23

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and six months ended June 30, 2026 (in thousands).

	Three Months Ended June 30, 2026
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	76,781	$	15,171		$	(12,899	)	$	—	$	79,053
Residential real estate		10,988		1,401			—			—		12,389
Construction and land		10,295		(6,368	)		—			6,760		10,687
Fund banking		7,475		1,334			—			—		8,809
Commercial real estate		5,651		(732	)		—			—		4,919
Securities-based loans		3,300		209			—			—		3,509
Home equity lines of credit		120		620			—			—		740
Other		568		10			—			1		579
Total allowance for credit losses	$	115,178	$	11,645		$	(12,899	)	$	6,761	$	120,685

	Six Months Ended June 30, 2026
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,612	$	24,095		$	(37,654	)	$	—	$	79,053
Residential real estate		11,264		1,125			—			—		12,389
Construction and land		10,567		(6,640	)		—			6,760		10,687
Fund banking		8,193		616			—			—		8,809
Commercial real estate		5,650		(731	)		—			—		4,919
Securities-based loans		3,254		255			—			—		3,509
Home equity lines of credit		134		606			—			—		740
Other		571		6			—			2		579
Total allowance for credit losses	$	132,245	$	19,332		$	(37,654	)	$	6,762	$	120,685

During the three months ended June 30, 2026, we recorded $12.5 million of provision for credit losses, including $11.6 million of the reserve for credit losses for funded loans and $1.9 million of the allowance for credit losses on unfunded lending commitments, partially offset by a release of $1.0 million of the allowance for credit losses on loans and advances to financial advisors and other employees. During the six months ended June 30, 2026, we recorded $19.1 million of provision for credit losses, including $19.3 million of the reserve for credit losses for funded loans and $0.8 million of the allowance for credit losses on unfunded lending commitments, partially offset by a release of $1.0 million of the allowance for credit losses on loans and advances to financial advisors and other employees. During the three months ended June 30, 2025, we recorded $8.3 million of provision for credit losses, including $7.9 million of the reserve for credit losses for funded loans and $0.4 million of the allowance for credit losses on unfunded lending commitments. During the six months ended June 30, 2025, we recorded $20.3 million of provision for credit losses, including $20.4 million of the reserve for credit losses for funded loans, partially offset by a release of $0.1 million of the allowance for credit losses on unfunded lending commitments. The provision for credit losses related to the loan portfolio and the provision for unfunded lending commitments are included in the provision for credit losses on the consolidated statement of operations. The expected credit losses for unfunded lending commitments, including standby letters of credit and binding unfunded loan commitments, are reported on the consolidated statement of financial condition in accounts payable and accrued expenses.

The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and six months ended June 30, 2025 (in thousands).

	Three Months Ended June 30, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,294	$	4,872		$	(12,185	)	$	—	$	84,981
Residential real estate		11,172		2,595			—			—		13,767
Construction and land		13,251		(397	)		—			—		12,854
Fund banking		10,246		702			—			—		10,948
Commercial real estate		9,366		(571	)		—			—		8,795
Securities-based loans		2,928		200			—			—		3,128
Home equity lines of credit		170		490			—			—		660
Other		634		(34	)		—			1		601
Total allowance for credit losses	$	140,061	$	7,857		$	(12,185	)	$	1	$	135,734

24

	Six Months Ended June 30, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,698	$	16,274		$	(23,991	)	$	—	$	84,981
Residential real estate		11,061		2,706			—			—		13,767
Construction and land		12,866		(12	)		—			—		12,854
Fund banking		10,792		156			—			—		10,948
Commercial real estate		8,057		738			—			—		8,795
Securities-based loans		2,917		211			—			—		3,128
Home equity lines of credit		317		343			—			—		660
Other		600		(8	)		—			9		601
Total allowance for credit losses	$	139,308	$	20,408		$	(23,991	)	$	9	$	135,734

The following tables present the aging of the recorded investment in past due loans at June 30, 2026 and December 31, 2025 by portfolio segment (in thousands):

	As of June 30, 2026
	30 – 89 Days Past Due		90 or More Days Past Due *		Total Past Due		Current Balance		Total
Residential real estate	$	8,834	$	3,993	$	12,827	$	9,606,791	$	9,619,618
Fund banking		—		—		—		5,767,990		5,767,990
Commercial and industrial		7,509		35,050		42,559		4,486,863		4,529,422
Securities-based loans		15,354		—		15,354		2,962,303		2,977,657
Construction and land		—		45,434		45,434		931,943		977,377
Commercial real estate		—		—		—		412,809		412,809
Home equity lines of credit		203		662		865		246,151		247,016
Other		94		62		156		42,640		42,796
Total gross bank loans	$	31,994	$	85,201	$	117,195	$	24,457,490	$	24,574,685

* There were no loans past due 90 days and still accruing interest at June 30, 2026.

	As of June 30, 2026
	Nonperforming loans with allowance		Nonperforming loans with no allowance		Total
Commercial and industrial	$	67,290	$	7,746	$	75,036
Construction and land		—		45,862		45,862
Residential real estate		1,028		2,965		3,993
Home equity lines of credit		661		—		661
Other		17		46		63
Total nonperforming loans	$	68,996	$	56,619	$	125,615

	As of December 31, 2025
	30 – 89 Days Past Due		90 or More Days Past Due *		Total Past Due		Current Balance		Total
Residential real estate	$	16,269	$	3,488	$	19,757	$	9,235,182	$	9,254,939
Commercial and industrial		51,000		55,236		106,236		4,028,855		4,135,091
Fund banking		1,774		—		1,774		4,094,875		4,096,649
Securities-based loans		514		—		514		2,671,917		2,672,431
Construction and land		—		45,434		45,434		1,169,016		1,214,450
Commercial real estate		—		—		—		423,474		423,474
Home equity lines of credit		499		515		1,014		224,182		225,196
Other		38		3		41		44,492		44,533
Total gross bank loans	$	70,094	$	104,676	$	174,770	$	21,891,993	$	22,066,763

* There were no loans past due 90 days and still accruing interest at December 31, 2025.

25

	As of December 31, 2025
	Nonperforming loans with allowance		Nonperforming loans with no allowance		Total
Commercial and industrial	$	80,429	$	2,307	$	82,736
Construction and land		—		38,417		38,417
Residential real estate		1,033		2,455		3,488
Home equity lines of credit		—		515		515
Other		3		—		3
Total nonperforming loans	$	81,465	$	43,694	$	125,159

In the normal course of business, we may modify the original terms of a loan agreement. In certain circumstances, we may agree to modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Modifications of loans to borrowers experiencing financial difficulty are designed to reduce our loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Loan modifications to borrowers experiencing financial difficulty typically involve principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (i.e., payment or maturity forbearance greater than six months), or a term extension, or any combination thereof. Modified loans to borrowers experiencing financial difficulty are subject to our nonaccrual policies. Loans to borrowers experiencing financial difficulty which were modified during the three and six months ended June 30, 2026 and 2025 were not material.

The gross interest income related to individually evaluated loans, which would have been recorded, had these loans been current in accordance with their original terms, and the interest income recognized on these loans during the three and six months ended June 30, 2026 and 2025, were immaterial to the consolidated financial statements.

Credit quality indicators

As of June 30, 2026, bank loans were primarily extended to non-investment grade borrowers. Substantially all of these loans align with the U.S. Federal bank regulatory agencies’ definition of Pass. Loans meet the definition of Pass when they are performing and do not demonstrate adverse characteristics that are likely to result in a credit loss. A loan is determined to be impaired when principal or interest becomes 90 days past due or when collection becomes uncertain. At the time a loan is determined to be impaired, the accrual of interest and amortization of deferred loan origination fees is discontinued (“nonaccrual status”), and any accrued and unpaid interest income is reversed.

We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency ratios are an indicator, among other considerations, of credit risk within our loan portfolio. The level of nonperforming assets represents another indicator of the potential for future credit losses. Accordingly, key metrics we track and use in evaluating the credit quality of our loan portfolio include delinquency and nonperforming asset rates, as well as charge-off rates and our internal risk ratings of the loan portfolio. In general, we are a secured lender. At June 30, 2026 and December 31, 2025, 97.4% and 97.1% of our loan portfolio was collateralized, respectively. Collateral is required in accordance with the normal credit evaluation process based upon the creditworthiness of the customer and the credit risk associated with the particular transaction. The Company uses the following definitions for risk ratings:

Pass. A credit exposure rated pass has a continued expectation of timely repayment, all obligations of the borrower are current, and the obligor complies with material terms and conditions of the lending agreement.

Special Mention. Extensions of credit that have potential weakness that deserve management’s close attention, and if left uncorrected may, at some future date, result in the deterioration of the repayment prospects or collateral position.

Substandard. Obligor has a well-defined weakness that jeopardizes the repayment of the debt and has a high probability of payment default with the distinct possibility that the Company will sustain some loss if noted deficiencies are not corrected.

Doubtful. Inherent weakness in the exposure makes the collection or repayment in full, based on existing facts, conditions and circumstances, highly improbable, and the amount of loss is uncertain.

Loans rated substandard or below are individually evaluated for loss. Loss amounts are calculated based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. If management determines that the loss amount is uncollectible, the amount is charged off. If the loss amount is determined to be collectible, then the amount is reserved as a specific valuation allowance. The determination of whether the loss is collectible or uncollectible is based on current financial information from the borrower, as well as any facts and information of which the Company may have knowledge.

26

Based on the most recent analysis performed, the risk category of our loan portfolio was as follows (in thousands):

	As of June 30, 2026
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	9,614,634	$	991	$	3,993	$	—	$	9,619,618
Fund banking		5,767,990		—		—		—		5,767,990
Commercial and industrial		4,255,957		47,914		150,515		75,036		4,529,422
Securities-based loans		2,977,657		—		—		—		2,977,657
Construction and land		826,884		59,197		45,434		45,862		977,377
Commercial real estate		375,031		13,603		24,175		—		412,809
Home equity lines of credit		246,355		—		661		—		247,016
Other		42,696		100		—		—		42,796
Total gross bank loans	$	24,107,204	$	121,805	$	224,778	$	120,898	$	24,574,685

	As of December 31, 2025
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	9,247,024	$	4,427	$	3,488	$	—	$	9,254,939
Commercial and industrial		3,851,296		120,212		80,848		82,735		4,135,091
Fund banking		4,096,649		—		—		—		4,096,649
Securities-based loans		2,672,431		—		—		—		2,672,431
Construction and land		1,110,498		20,100		45,434		38,418		1,214,450
Commercial real estate		348,069		—		75,405		—		423,474
Home equity lines of credit		224,182		499		515		—		225,196
Other		44,530		3		—		—		44,533
Total gross bank loans	$	21,594,679	$	145,241	$	205,690	$	121,153	$	22,066,763

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	Term Loans Amortized Cost Basis by Origination Year – June 30, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	1,128,113	$	1,600,304	$	816,509	$	763,329	$	2,176,320	$	3,130,059	$	—	$	9,614,634
Special Mention		—		—		—		367		624		—		—		991
Substandard		—		—		—		—		387		3,606		—		3,993
Doubtful		—		—		—		—		—		—		—		—
Total residential real estate	$	1,128,113	$	1,600,304	$	816,509	$	763,696	$	2,177,331	$	3,133,665	$	—	$	9,619,618
Fund banking:
Pass	$	703,966	$	13,891	$	14,107	$	—	$	991	$	315	$	5,034,720	$	5,767,990
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total fund banking	$	703,966	$	13,891	$	14,107	$	—	$	991	$	315	$	5,034,720	$	5,767,990
Commercial and industrial:
Pass	$	521,655	$	749,693	$	672,913	$	257,176	$	454,503	$	530,505	$	1,069,512	$	4,255,957
Special Mention		3,000		1,167		24,841		—		—		17,201		1,705		47,914
Substandard		33,200		—		37,113		—		30,144		14,214		35,844		150,515
Doubtful		—		1,575		2,150		9,010		14,735		34,818		12,748		75,036
Total commercial and industrial	$	557,855	$	752,435	$	737,017	$	266,186	$	499,382	$	596,738	$	1,119,809	$	4,529,422
Securities-based loans:
Pass	$	400	$	10,008	$	4,307	$	10,056	$	700	$	80,838	$	2,871,348	$	2,977,657
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total securities-based loans	$	400	$	10,008	$	4,307	$	10,056	$	700	$	80,838	$	2,871,348	$	2,977,657
Construction and land:
Pass	$	—	$	165,162	$	87,261	$	209,553	$	306,691	$	58,217	$	—	$	826,884
Special Mention		—		—		—		—		39,097		20,100		—		59,197
Substandard		—		—		—		—		45,434		—		—		45,434
Doubtful		—		—		—		—		—		45,862		—		45,862
Total construction and land	$	—	$	165,162	$	87,261	$	209,553	$	391,222	$	124,179	$	—	$	977,377
Commercial real estate:
Pass	$	27,938	$	41,298	$	4,450	$	16,758	$	189,877	$	91,710	$	3,000	$	375,031
Special Mention		—		—		13,603		—		—		—		—		13,603
Substandard		—		—		—		—		24,175		—		—		24,175
Doubtful		—		—		—		—		—		—		—		—
Total commercial real estate	$	27,938	$	41,298	$	18,053	$	16,758	$	214,052	$	91,710	$	3,000	$	412,809
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	246,355	$	246,355
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		661		661
Doubtful		—		—		—		—		—		—		—		—
Total home equity lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	247,016	$	247,016
Other:
Pass	$	—	$	—	$	—	$	—	$	3,991	$	20,000	$	18,705	$	42,696
Special Mention		—		—		—		—		—		—		100		100
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total other	$	—	$	—	$	—	$	—	$	3,991	$	20,000	$	18,805	$	42,796

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NOTE 8 – Goodwill and Intangible Assets

The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands):

	December 31, 2025		Adjustments		Write-off		June 30, 2026
Goodwill
Global Wealth Management	$	351,708	$	—	$	—	$	351,708
Institutional Group		1,112,150		—		—		1,112,150
Total goodwill	$	1,463,858	$	—	$	—	$	1,463,858

	December 31, 2025		Adjustments			Amortization			June 30, 2026
Intangible assets
Global Wealth Management	$	26,287	$	—		$	(1,944	)	$	24,343
Institutional Group		81,758		(147	)		(17,155	)		64,456
Total intangible assets	$	108,045	$	(147	)	$	(19,099	)	$	88,799

Amortizable intangible assets consist of acquired customer relationships, trade names, acquired technology, non-compete agreements, and investment banking backlog that are amortized over their contractual or determined useful lives. Intangible assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):

	June 30, 2026				December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	197,919	$	117,428	$	198,209	$	111,535
Investment banking backlog		27,263		27,223		27,263		18,071
Trade names		20,916		15,941		20,916		15,387
Acquired technology		19,903		18,133		19,903		15,141
Non-compete agreements		8,729		7,206		8,729		6,841
Total intangible assets	$	274,730	$	185,931	$	275,020	$	166,975

Amortization expense related to intangible assets was $8.6 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively. Amortization expense related to intangible assets was $19.1 million and $10.9 million for the six months ended June 30, 2026 and 2025, respectively. Amortization expense is included in other operating expenses in the consolidated statements of operations.

The weighted-average remaining lives of the following intangible assets at June 30, 2026, are: customer relationships, 8.3 years; trade names, 5.1 years; non-compete agreements, 2.5 years; and acquired technology, 8.0 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of June 30, 2026, we expect amortization expense in future periods to be as follows (in thousands):

Fiscal year
Remainder of 2026	$	7,802
2027		14,479
2028		13,157
2029		12,383
2030		10,199
Thereafter		28,661
Total amortizable intangible assets	$	86,681

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NOTE 9 – Borrowings and Federal Home Loan Bank Advances

Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, securities lending arrangements, repurchase agreements, advances from the Federal Home Loan Bank, term loans, and committed bank line financing on an unsecured basis. We borrow from various banks on a demand basis with company-owned securities pledged as collateral. We also have an unsecured, committed bank line available.

Our uncommitted secured lines of credit at June 30, 2026, totaled $780.0 million with three banks and are dependent on having appropriate collateral, as determined by the bank agreements, to secure an advance under the line. The availability of our uncommitted lines is subject to approval by the individual banks each time an advance is requested and may be denied. There were no borrowings on our uncommitted secured lines during the six months ended June 30, 2026. There are no compensating balance requirements under these arrangements. Any borrowings on secured lines of credit are generally utilized to finance certain fixed income securities. At June 30, 2026, we had no outstanding balances on our uncommitted secured lines of credit.

We entered into an uncommitted, unsecured $100.0 million line of credit with UMB Bank during the first quarter of 2026. Our peak daily borrowing was $100.0 million during the six months ended June 30, 2026. At June 30, 2026, we had no outstanding balance on our uncommitted, unsecured line.

The Federal Home Loan advances of $450.0 million as of June 30, 2026, are floating-rate advances. The weighted average interest rate on these advances during the six months ended June 30, 2026 was 3.35%. The advances are secured by Stifel Bancorp’s residential mortgage loan portfolio and investment portfolio. The interest rates reset on a daily basis. Stifel Bancorp has the option to prepay these advances without penalty on the interest reset date.

On February 4, 2026, the Company and Stifel (the “Borrowers”) entered into the Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with respect to its existing unsecured Credit Agreement, dated September 27, 2023, (the “Credit Agreement”), among the Company and Stifel and a syndicate of lenders led by Bank of America, N.A., as administrative agent. Concurrently with, and conditional upon, the effectiveness of the Amended and Restated Credit Agreement, all the commitments under the Borrowers existing Credit Agreement were terminated.

The Amended and Restated Credit Agreement has a maturity date of February 4, 2031, and provides for a committed unsecured revolving borrowing facility for maximum aggregate borrowings of up to $1.0 billion depending on the outstanding borrowings of the Borrowers from time to time during the duration of the Amended and Restated Credit Agreement. The interest rates on borrowings under the Amended and Restated Credit Agreement are variable and are based on the Secured Overnight Financing Rate.

The Borrowers can draw upon this facility as long as certain restrictive covenants are maintained. Under the Amended and Restated Credit Agreement, the Borrowers are required to maintain compliance with a minimum consolidated tangible net worth covenant, as defined, and a maximum consolidated total capitalization ratio covenant, as defined. In addition, Stifel is required to maintain compliance with a minimum regulatory excess net capital percentage covenant, as defined, and the Parent’s bank subsidiaries are required to maintain their status as well-capitalized, as defined, and our bank subsidiaries are required to maintain their status as well-capitalized, as defined.

Upon the occurrence and during the continuation of an event of default, the Company’s obligations under the Amended and Restated Credit Agreement may be accelerated and the lending commitments thereunder terminated. The Amended and Restated Credit Agreement contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to similar obligations, certain events of bankruptcy and insolvency, change of control, and judgment defaults. At June 30, 2026, we had no advances on the Credit Facility and were in compliance with all covenants and currently do not expect any covenant violations.

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NOTE 10 – Senior Notes

The following table summarizes our senior notes as of June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026			December 31, 2025
4.00% senior notes, due 2030 (1)	$	400,000		$	400,000
5.20% senior notes, due 2047 (2)		225,000			225,000
		625,000			625,000
Debt issuance costs, net		(7,145	)		(7,557	)
Senior notes, net	$	617,855		$	617,443

(1)In May 2020, we sold in a registered underwritten public offering, $400.0 million in aggregate principal amount of 4.00% senior notes due May 2030. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to the greater of a) 100% of their principal amount, or b) discounted present value at Treasury rate plus 50 basis points prior to February 15, 2030, and on or after February 15, 2030, at 100% of their principal amount, and accrued and unpaid interest, if any, to the date of redemption.

(2)In October 2017, we completed the pricing of a registered underwritten public offering of $200.0 million in aggregate principal amount of 5.20% senior notes due October 2047. Interest on the senior notes is payable quarterly in arrears. We may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $25.0 million aggregate principal amount of Notes pursuant to the over-allotment option.

Our senior notes mature as follows, based upon contractual terms (in thousands):

2026	$	—
2027		—
2028		—
2029		—
2030		400,000
Thereafter		225,000
Total senior notes	$	625,000

NOTE 11 – Bank Deposits

Deposits consist of interest-bearing demand deposits (primarily money market and savings accounts), non-interest bearing demand deposits, and certificates of deposit. Deposits at June 30, 2026 and December 31, 2025 were as follows (in thousands):