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.

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.

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.

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.

The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at September 30, 2025 and December 31, 2024 (in thousands, except percentages):


	September 30, 2025						December 31, 2024
	Balance			Percent			Balance			Percent
Residential real estate	$	9,085,945			42.9	%	$	8,565,193			41.0	%
Fund banking		3,881,895			18.3			3,854,222			18.5
Commercial and industrial		3,760,005			17.8			4,062,029			19.5
Securities-based loans		2,565,897			12.1			2,389,593			11.4
Construction and land		1,166,895			5.5			1,242,002			5.9
Commercial real estate		437,570			2.1			518,923			2.5
Home equity lines of credit		218,320			1.0			193,850			0.9
Other		60,614			0.3			53,933			0.3
Gross bank loans		21,177,141			100.0	%		20,879,745			100.0	%
Loans in process/(unapplied loan payments), net		(4,658	)					(2,885	)
Unamortized loan fees, net		712						(5,756	)
Allowance for credit losses on loans		(134,022	)					(139,308	)
Loans held for investment, net	$	21,039,173					$	20,731,796

At September 30, 2025 and December 31, 2024, Stifel Bancorp had loans outstanding to its executive officers and directors and executive officers and directors of certain affiliated entities in the amount of $52.9 million and $39.6 million, respectively.

At September 30, 2025 and December 31, 2024, we had loans held for sale of $595.5 million and $579.0 million, respectively. For the three months ended September 30, 2025 and 2024, we recognized losses, included in other income in the accompanying consolidated statements of operations, of $1.6 million and $0.1 million, respectively, from the sale of originated loans, net of fees and costs. For the nine months ended September 30, 2025 and 2024, we recognized losses, included in other income in the accompanying consolidated statements of operations, of $6.5 million and $3.0 million, respectively, from the sale of originated loans, net of fees and costs.

At September 30, 2025 and December 31, 2024, loans, primarily consisting of residential and commercial real estate loans of $8.4 billion and $7.9 billion, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings. At September 30, 2025 and December 31, 2024, loans of $2.8 billion and $2.5 billion, respectively, were pledged with the Federal Reserve discount window.

Accrued interest receivable for loans and loans held for sale at September 30, 2025 and December 21, 2024 was $90.8 million and $92.6 million, respectively, and is reported in other assets on the consolidated statement of financial condition.

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


	Three Months Ended September 30, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	84,981	$	11,378		$	(10,529	)	$	—	$	85,830
Residential real estate		13,767		(1,258	)		—			—		12,509
Construction and land		12,854		(629	)		—			—		12,225
Fund banking		10,948		(132	)		—			—		10,816
Commercial real estate		8,795		(192	)		—			—		8,603
Securities-based loans		3,128		52			—			—		3,180
Home equity lines of credit		660		(417	)		—			—		243
Other		601		6			—			9		616
	$	135,734	$	8,808		$	(10,529	)	$	9	$	134,022


	Nine Months Ended September 30, 2025
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	92,698	$	27,652		$	(34,520	)	$	—	$	85,830
Residential real estate		11,061		1,448			—			—		12,509
Construction and land		12,866		(641	)		—			—		12,225
Fund banking		10,792		24			—			—		10,816
Commercial real estate		8,057		546			—			—		8,603
Securities-based loans		2,917		263			—			—		3,180
Home equity lines of credit		317		(74	)		—			—		243
Other		600		(2	)		—			18		616
	$	139,308	$	29,216		$	(34,520	)	$	18	$	134,022

During the three months ended September 30, 2025, we recorded $8.3 million of provision for credit losses, including $8.8 million of the reserve for credit losses for funded loans, partially offset by a release of $0.5 million of the allowance for credit losses on unfunded lending commitments. During the nine months ended September 30, 2025, we recorded $28.7 million of provision for credit losses, including $29.2 million of the reserve for credit losses for funded loans, partially offset by a release of $0.6 million of the allowance for credit losses on unfunded lending commitments. During the three months ended September 30, 2024, we recorded $5.3 million of provision for credit losses, including $9.2 million of the reserve for credit losses for funded loans, partially offset by a release of $3.9 million of the allowance for credit losses on unfunded lending commitments. During the nine months ended September 30, 2024, we recorded $13.5 million of provision for credit losses, including $20.6 million of the reserve for credit losses for funded loans and $0.3 million related to employee retention awards, partially offset by a release of $7.4 million of the allowance for credit losses on unfunded lending commitments. The provision for unfunded lending agreements is included in the provision for credit losses on the consolidated statement of operations. The allowance for credit losses on 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 nine months ended September 30, 2024 (in thousands).


	Three Months Ended September 30, 2024
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	76,354	$	10,321		$	(6,813	)	$	—	$	79,862
Construction and land		16,379		3,396			—			—		19,775
Commercial real estate		15,312		(2,997	)		—			—		12,315
Residential real estate		11,242		28			—			—		11,270
Fund banking		12,179		(1,642	)		—			—		10,537
Securities-based loans		2,813		40			—			—		2,853
Home equity lines of credit		362		(143	)		—			—		219
Other		473		205			(159	)		—		519
	$	135,114	$	9,208		$	(6,972	)	$	—	$	137,350


	Nine Months Ended September 30, 2024
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	67,077	$	22,476		$	(10,624	)	$	933	$	79,862
Construction and land		11,817		7,958			—			—		19,775
Commercial real estate		21,386		(7,381	)		(1,690	)		—		12,315
Residential real estate		13,855		(2,585	)		—			—		11,270
Fund banking		10,173		364			—			—		10,537
Securities-based loans		3,035		(182	)		—			—		2,853
Home equity lines of credit		371		(152	)		—			—		219
Other		578		100			(159	)		—		519
	$	128,292	$	20,598		$	(12,473	)	$	933	$	137,350

The following tables present the aging of the recorded investment in past due loans at September 30, 2025 and December 31, 2024 by portfolio segment (in thousands):


	As of September 30, 2025
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	4,540	$	12,501	$	17,041	$	9,068,904	$	9,085,945
Fund banking		—		—		—		3,881,895		3,881,895
Commercial and industrial		16,185		78,341		94,526		3,665,479		3,760,005
Securities-based loans		90		—		90		2,565,807		2,565,897
Construction and land		—		—		—		1,166,895		1,166,895
Commercial real estate		—		—		—		437,570		437,570
Home equity lines of credit		574		1,504		2,078		216,242		218,320
Other		39		83		122		60,492		60,614
Total	$	21,428	$	92,429	$	113,857	$	21,063,284	$	21,177,141


	As of September 30, 2025*
	Nonaccrual		Nonperforming loans with no allowance		Total
Commercial and industrial	$	103,505	$	2,336	$	105,841
Construction and land		—		39,145		39,145
Residential real estate		5,049		7,452		12,501
Home equity lines of credit		409		1,095		1,504
Other		56		27		83
Total	$	109,019	$	50,055	$	159,074

* There were no loans past due 90 days and still accruing interest at September 30, 2025.


	As of December 31, 2024
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	12,057	$	4,273	$	16,330	$	8,548,863	$	8,565,193
Commercial and industrial		59,396		27,190		86,586		3,975,443		4,062,029
Fund banking		—		—		—		3,854,222		3,854,222
Securities-based loans		—		—		—		2,389,593		2,389,593
Construction and land		—		—		—		1,242,002		1,242,002
Commercial real estate		—		—		—		518,923		518,923
Home equity lines of credit		640		315		955		192,895		193,850
Other		7		78		85		53,848		53,933
Total	$	72,100	$	31,856	$	103,956	$	20,775,789	$	20,879,745


	As of December 31, 2024*
	Nonaccrual		Nonperforming loans with no allowance		Total
Commercial and industrial	$	76,254	$	13,504	$	89,758
Construction and land		—		41,412		41,412
Commercial real estate		—		25,441		25,441
Residential real estate		1,433		2,463		3,896
Home equity lines of credit		201		114		315
Other		78		—		78
Total	$	77,966	$	82,934	$	160,900

* There were no loans past due 90 days and still accruing interest at December 31, 2024.

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 nine months ended September 30, 2025 and 2024 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 nine months ended September 30, 2025 and 2024, were immaterial to the consolidated financial statements.

As of September 30, 2025, 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 September 30, 2025 and December 31, 2024, 97.1% and 96.8% 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.

Substandard loans are regularly reviewed for impairment. Doubtful loans are considered impaired. When a loan is impaired the impairment is measured 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.

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


	As of September 30, 2025
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	9,072,915	$	529	$	12,501	$	—	$	9,085,945
Fund banking		3,881,895		—		—		—		3,881,895
Commercial and industrial		3,479,761		130,925		43,478		105,841		3,760,005
Securities-based loans		2,565,897		—		—		—		2,565,897
Construction and land		1,062,495		20,100		45,155		39,145		1,166,895
Commercial real estate		316,396		47,748		73,426		—		437,570
Home equity lines of credit		216,794		22		1,504		—		218,320
Other		60,506		25		—		83		60,614
Total	$	20,656,659	$	199,349	$	176,064	$	145,069	$	21,177,141


	As of December 31, 2024
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,557,320	$	3,600	$	4,273	$	—	$	8,565,193
Commercial and industrial		3,662,866		169,637		152,515		77,011		4,062,029
Fund banking		3,854,222		—		—		—		3,854,222
Securities-based loans		2,389,593		—		—		—		2,389,593
Construction and land		1,200,590		—		—		41,412		1,242,002
Commercial real estate		437,062		—		56,420		25,441		518,923
Home equity lines of credit		193,535		—		315		—		193,850
Other		53,855		—		—		78		53,933
Total	$	20,349,043	$	173,237	$	213,523	$	143,942	$	20,879,745