How does the 3-for-2 stock split affect Michael W. Brown’s SF share count?

A footnote states Brown’s reported 103,264-share total is adjusted for Stifel Financial’s 3-for-2 stock split payable February 26, 2026. This means his holdings have been restated to reflect the higher post-split share count disclosed in the Form 4.

Stifel director exercises 2,812 phantom units

Stifel Financial Corp director Michael W. Brown exercised 2,812 Phantom Stock Units into an equal number of Common Stock shares on June 4, 2026.

Filing Impact

(Neutral)

Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Stifel Financial Corp director Michael W. Brown exercised 2,812 Phantom Stock Units into an equal number of Common Stock shares on June 4, 2026. Following this derivative exercise, he directly holds 103,264 Common Stock shares. Footnotes note this total reflects the 3-for-2 stock split payable on February 26, 2026.

Insider Trade Summary

2,812 shares exercised/converted

Exercise 2 txns

Insider BROWN MICHAEL W

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock Units	2,812	$0.00	$0.00
Exercise	Common Stock	2,812	$0.00	$0.00

Holdings After Transaction: Phantom Stock Units — 0 contracts (Direct); Common Stock — 103,264 shares (Direct)

Footnotes (3)

F1. This total has been adjusted to reflect the 3-for-2 stock split payable on February 26, 2026.
F2. Currently exercisable.
F3. No expiration date for these Units

Key Figures

Derivative units exercised: 2,812 units Common shares acquired: 2,812 shares Shares held after transaction: 103,264 shares +1 more

4 metrics

Derivative units exercised 2,812 units Phantom Stock Units converted on June 4, 2026

Common shares acquired 2,812 shares Common Stock received from derivative exercise on June 4, 2026

Shares held after transaction 103,264 shares Direct Common Stock holdings after June 4, 2026 exercise, split-adjusted

Exercise transactions 1 exercise, 2,812 shares Aggregate derivative exercises in this Form 4

Key Terms

Phantom Stock Units, Exercise or conversion of derivative security, 3-for-2 stock split, currently exercisable

4 terms

Phantom Stock Units financial

"security_title": "Phantom Stock Units""

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

3-for-2 stock split financial

"reflect the 3-for-2 stock split payable on February 26, 2026"

currently exercisable financial

"footnote": "Currently exercisable.""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Stifel Financial (SF) report for Michael W. Brown?

Stifel Financial reported that director Michael W. Brown exercised 2,812 Phantom Stock Units into 2,812 shares of Common Stock. This was a derivative exercise, not an open-market buy or sale, and increased his directly held Common Stock position.

How many Stifel Financial (SF) shares does Michael W. Brown hold after this Form 4?

After the June 4, 2026 derivative exercise, Michael W. Brown directly holds 103,264 shares of Stifel Financial Common Stock. A footnote explains this total is adjusted for the company’s 3-for-2 stock split payable February 26, 2026.

Did Michael W. Brown buy or sell Stifel Financial (SF) shares on the market?

The filing shows no open-market purchases or sales. Instead, Michael W. Brown exercised 2,812 Phantom Stock Units into Common Stock. This is a non-cash derivative conversion, not a traditional market trade, and is recorded with transaction code M.

What are Phantom Stock Units in the Stifel Financial (SF) Form 4?

Phantom Stock Units are derivative awards that track the value of Stifel Financial Common Stock and can convert into shares. In this filing, 2,812 Phantom Stock Units were converted into 2,812 Common Stock shares, and those units now show a zero balance.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 06/08/2026 - 05:27 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BROWN MICHAEL W

(Last)

(First)

(Middle)

501 NORTH BROADWAY

(Street)

ST. LOUIS

MISSOURI

63102

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
STIFEL FINANCIAL CORP [ SF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/04/2026		M		2,812	A	$0	103,264⁽¹⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	$0	06/04/2026		M			2,812	⁽²⁾	⁽³⁾	Common Stock	2,812	$0	0	D

Explanation of Responses:

1. This total has been adjusted to reflect the 3-for-2 stock split payable on February 26, 2026.

2. Currently exercisable.

3. No expiration date for these Units

	/s/ Michael Brown	06/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR