Venture cash lifts Stifel (NYSE: SF) deposits in July update

Q: What operating metrics did STIFEL FINANCIAL CORP (SF) report for July 31, 2026?

Stifel reported total client assets of $578.4 billion, fee-based client assets of $239.8 billion, bank loans, net, of $25.6 billion, client money market and insured product balances of $24.1 billion, and treasury deposits of $11.5 billion as of July 31, 2026.

Q: How did SF’s client assets change year over year as of July 31, 2026?

As of July 31, 2026, Stifel’s total client assets increased 11% year over year to $578.4 billion, while fee-based client assets rose 15% year over year to $239.8 billion.

Q: What loan growth did SF report and how does it relate to guidance?

Bank loans, net, were $25.6 billion, up 19% year over year and 3% from June 30, 2026. Stifel stated it remains on track to reach its full-year loan guidance of $4 billion.

Q: How did SF’s treasury deposits and money market balances move in July 2026?

Treasury deposits were $11.5 billion, up 59% year over year and 6% versus June, with more than $600 million added in July. Client money market and insured product balances were $24.1 billion, down 6% year over year and 5% from June.

Q: Does SF link these July 2026 metrics directly to earnings performance?

No. Stifel explicitly stated that, due to the limited nature of the selected operating data, a consistent correlation to earnings should not be assumed.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Stifel Financial Corp. (SF) furnished an update with selected operating data as of July 31, 2026. Management highlighted record fee-based client assets of $240 billion and total client assets of $578.4 billion, both up year over year after excluding the impact of the SIA sale, driven by strong markets and recruiting. The company noted that, given the limited scope of these metrics, a consistent correlation to earnings should not be assumed.

Total client assets were $578.4 billion, up 11% from July 31, 2025 and roughly flat versus June 30, 2026. Fee-based client assets reached $239.8 billion, up 15% year over year. Bank loans, net, were $25.6 billion, up 19% year over year and 3% from June. Treasury deposits were $11.5 billion, up 59% year over year and 6% month over month, with more than $600 million of growth in July tied to venture deposits. Client money market and insured product balances were $24.1 billion, down 6% year over year and 5% from June, largely reflecting lower sweep balances. The company stated it remains on track to reach full-year loan guidance of $4 billion of originations.

Positive

Record fee-based and strong total client assets: Fee-based client assets reached about $240 billion and total client assets were $578.4 billion, with year-over-year growth of 15% and 11%, respectively, underscoring continued expansion in client assets under administration.
Robust loan growth with guidance on track: Bank loans, net, were $25.6 billion, up 19% year over year and 3% from June, and the company indicated it remains on track to achieve its full-year loan guidance of $4 billion.
Significant growth in treasury deposits: Treasury deposits totaled $11.5 billion, a 59% increase year over year and 6% sequentially, including more than $600 million added in July, reflecting growth in venture-related deposits.

Negative

None.

Filing Explained

The August 27 Form 8-K furnished selected, unaudited operating metrics as of July 31 under Items 7.01 and 2.02; because the release is not deemed filed for Section 18 purposes, this is a limited operating update rather than a complete earnings filing.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total client assets: $578.4 billion Fee-based client assets: $239.8 billion Private Client Group fee-based client assets: $209.9 billion +5 more

8 metrics

Total client assets $578.4 billion As of July 31, 2026; up 11% vs July 31, 2025 and roughly flat vs June 30, 2026

Fee-based client assets $239.8 billion As of July 31, 2026; up 15% vs July 31, 2025 and flat vs June 30, 2026

Private Client Group fee-based client assets $209.9 billion As of July 31, 2026; up 15% year over year and roughly flat vs June 30, 2026

Bank loans, net $25.6 billion As of July 31, 2026; up 19% vs July 31, 2025 and 3% vs June 30, 2026

Client money market and insured product balances $24.1 billion As of July 31, 2026; down 6% vs July 31, 2025 and 5% vs June 30, 2026

Treasury deposits $11.5 billion As of July 31, 2026; up 59% vs July 31, 2025 and 6% vs June 30, 2026

Incremental July treasury deposits More than $600 million Increase in treasury deposits during July 2026, reflecting growth in venture deposits

Full-year loan guidance $4 billion Company stated it remains on track to reach full-year loan guidance

Key Terms

fee-based client assets, Private Client Group, Treasury deposits, client money market and insured product, +1 more

5 terms

fee-based client assets financial

"Record fee-based client assets of $240 billion and total client assets"

Money and investments that a financial firm manages for clients where the firm is paid a regular fee (often a percentage of the assets) rather than earning commissions on trades. Investors care because fee-based arrangements create steadier, predictable revenue for the firm and align its incentive to grow client portfolios over time, much like paying a gardener a steady wage to care for a garden rather than paying per plant trimmed.

Private Client Group financial

"Private Client Group fee-based client assets"

Treasury deposits financial

"Treasury deposits increased more than $600 million in July"

Treasury deposits are cash that a government’s finance office or a company’s treasury team keeps in bank accounts or very short-term safe instruments to manage day-to-day bills and reserves. Think of it like the checking and savings accounts a household uses to pay rent and cover emergencies; for investors, the size and location of these deposits indicate liquidity, short-term safety, and how much money is parked with particular banks, which can affect credit and counterparty risk.

client money market and insured product financial

"Client money market and insured product balances declined by 5%"

fund banking financial

"led by continued strength in fund banking and residential mortgages"

Fund banking describes specialized banking and credit services tailored to investment funds—such as private equity, venture capital, or hedge funds—including deposit and custodial accounts, short-term loans against a fund’s assets or promised investor commitments, and day-to-day cash management. Investors care because these services determine how quickly a fund can act on opportunities, smooth out cash shortfalls, and protect value; like a bridge loan that keeps a project moving until longer-term money arrives, fund banking affects liquidity and potential returns.

Earnings Snapshot

Total client assets: $578.4 billion · Guidance included

As of July 31, 2026 (monthly operating metrics)

Total client assets $578.4 billion Up 11% vs July 31, 2025; approximately flat vs June 30, 2026

Fee-based client assets $239.8 billion Up 15% vs July 31, 2025; flat vs June 30, 2026

Private Client Group fee-based client assets $209.9 billion Up 15% vs July 31, 2025; approximately flat vs June 30, 2026

Bank loans, net $25.6 billion Up 19% vs July 31, 2025; up 3% vs June 30, 2026

Client money market and insured product balances $24.1 billion Down 6% vs July 31, 2025; down 5% vs June 30, 2026

Treasury deposits $11.5 billion Up 59% vs July 31, 2025; up 6% vs June 30, 2026

Guidance

The company stated it remains on track to reach full-year loan guidance of $4 billion and cautioned that the limited operating data should not be assumed to correlate consistently with earnings.

FAQ

What operating metrics did STIFEL FINANCIAL CORP (SF) report for July 31, 2026?

Stifel reported total client assets of $578.4 billion, fee-based client assets of $239.8 billion, bank loans, net, of $25.6 billion, client money market and insured product balances of $24.1 billion, and treasury deposits of $11.5 billion as of July 31, 2026.

How did SF’s client assets change year over year as of July 31, 2026?

As of July 31, 2026, Stifel’s total client assets increased 11% year over year to $578.4 billion, while fee-based client assets rose 15% year over year to $239.8 billion.

What loan growth did SF report and how does it relate to guidance?

Bank loans, net, were $25.6 billion, up 19% year over year and 3% from June 30, 2026. Stifel stated it remains on track to reach its full-year loan guidance of $4 billion.

How did SF’s treasury deposits and money market balances move in July 2026?

Treasury deposits were $11.5 billion, up 59% year over year and 6% versus June, with more than $600 million added in July. Client money market and insured product balances were $24.1 billion, down 6% year over year and 5% from June.

Does SF link these July 2026 metrics directly to earnings performance?

No. Stifel explicitly stated that, due to the limited nature of the selected operating data, a consistent correlation to earnings should not be assumed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/27/2026 - 04:16 PM Accepted by SEC EDGAR 08/27/2026 - 04:15 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 27, 2026

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-09305

43-1273600

(State of

incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

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

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

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


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share	SF	New York Stock Exchange
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
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
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
5.20% Senior Notes due 2047	SFB	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 7.01 Regulation FD Disclosure.

On August 27, 2026, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for July 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K, and is incorporated by reference.

The exhibit is being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description

99.1		Press release dated August 27, 2026.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


		STIFEL FINANCIAL CORP.
		(Registrant)

Date: August 27, 2026	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

LOGO

Stifel Reports July 2026 Operating Data

ST. LOUIS, MO, August 27, 2026 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for July 31, 2026, to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Record fee-based client assets of $240 billion and total client assets of $578 increased 17% and 13%, respectively, year-over-year after excluding the impact of the SIA sale. Growth was driven by strong markets and solid recruiting. We remain on track to reach our full year loan guidance of $4 billion. Total loans grew more than 3% in the month of July led by continued strength in fund banking and residential mortgages. Treasury deposits increased more than $600 million in July, reflecting continued growth in venture deposits. Client money market and insured product balances declined by 5% during the month, primarily due to lower sweep balances.”



Selected Operating Data (Unaudited)

	As of						% Change

(millions)	7/31/2026		7/31/2025 ⁽¹⁾		6/30/2026		7/31/2025		6/30/2026

Total client assets		$578,402		$522,303		$580,077		11%		(0%)

Fee-based client assets		$239,844		$209,084		$239,777		15%		0%

Private Client Group fee-based client assets		$209,901		$182,534		$210,049		15%		(0%)

Bank loans, net (includes loans held for sale)		$25,624		$21,605		$24,805		19%		3%

Client money market and insured product ⁽²⁾		$24,062		$25,683		$25,398		(6%)		(5%)

Treasury deposits ⁽³⁾		$11,501		$7,246		$10,839		59%		6%

(1)	Total client assets and Private Client Group fee-based client assets as of July 31, 2025, include $9.8 billion and $4.6 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

(2)	Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.

(3)	Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits at Stifel Bancorp and third-party banks.

Filing Exhibits & Attachments

5 documents

Press Releases

EX-99.1 EX-99.1 19.4 KB