Stifel Financial (NYSE: SF) director Victor Nesi exercises units, updates holdings

Rhea-AI Filing Summary

Stifel Financial Corp director Victor Nesi reported several equity transactions dated January 26, 2026. He exercised 25,591 Phantom Stock Units at an exercise price of $0, receiving the same number of common shares, and held 56,660 Phantom Stock Units directly afterward.

Following the exercise, he reported a direct holding of 155,550 common shares. A separate code F transaction covered the disposition of 11,981 common shares at $129.20 per share, leaving 143,569 common shares held directly. He also reported indirect common stock holdings of 41,975 shares by a trust, 31,000 shares by a family trust, and 44,232 shares by a children's trust.

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

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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^*

Nesi Victor

(Last) (First) (Middle)

787 7TH AVENUE

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/26/2026		M		25,591	A	$0	155,550	D
Common Stock	01/26/2026		F		11,981	D	$129.2	143,569	D
Common Stock								41,975	I	by Trust
Common Stock								31,000	I	Family Trust
Common Stock								44,232	I	Children's Trust

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	$0	01/26/2026		M			25,591	(1)	(2)	Common Stock	25,591	$0	56,660	D

Explanation of Responses:

1. Currently exercisable.

2. No expiration date for these Units

	Victor Nesi	01/28/2026
	** 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.
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FAQ

What insider activity did SF director Victor Nesi report on this Form 4?

Victor Nesi reported exercising 25,591 Phantom Stock Units into the same number of Stifel Financial common shares on January 26, 2026. He also reported a related code F transaction disposing of 11,981 common shares at $129.20 per share and updated his direct and indirect holdings.

How many Stifel Financial (SF) shares does Victor Nesi hold directly after the reported transactions?

After the reported transactions, Victor Nesi directly holds 143,569 Stifel Financial common shares. This reflects his holdings following the exercise of 25,591 Phantom Stock Units and the separate code F disposition of 11,981 shares on January 26, 2026.

What Phantom Stock Units transactions did Victor Nesi disclose for SF?

He disclosed a transaction involving 25,591 Phantom Stock Units with an exercise price of $0 on January 26, 2026, converting into an equal number of common shares. After this transaction, he reported holding 56,660 Phantom Stock Units directly, which are currently exercisable with no expiration date.

What indirect holdings in Stifel Financial (SF) stock did Victor Nesi report?

Victor Nesi reported indirect ownership of Stifel Financial common stock through several trusts: 41,975 shares held by a trust, 31,000 shares held by a family trust, and 44,232 shares held by a children's trust, all as of the reported date.

What is the significance of the code F transaction in Victor Nesi’s SF Form 4?

The Form 4 shows a code F transaction where 11,981 Stifel Financial common shares were disposed of at $129.20 per share on January 26, 2026. This updated his direct common stock position to 143,569 shares following the earlier stock unit exercise.

What does the Form 4 reveal about the exercisability of Victor Nesi’s Phantom Stock Units?

The footnotes state that the reported Phantom Stock Units are currently exercisable and have no expiration date. On January 26, 2026, Nesi exercised 25,591 of these units at an exercise price of $0 for common shares.