Stifel Financial Corp. (NYSE: SF) reported selected operating data as of May 31, 2026, showing total client assets of $579.7 billion, a 16% increase from $501.4 billion a year earlier and up 2% from April 30, 2026.

Fee-based client assets reached $238.7 billion, up 20% year-over-year and 3% from the prior month. Excluding the sale of Stifel Independent Advisors, LLC, which closed Feb. 2, 2026, total and fee-based client assets rose 18% and 23%, respectively, on a year-over-year basis.

Bank loans, net of allowances and including loans held for sale, totaled $23.9 billion at month-end, up 13% from a year ago and 2% from April. Treasury deposits declined 3% from April to $10.8 billion, though they remained 76% above the year-earlier level of $6.2 billion.

Client money market and insured product balances were $25.0 billion, down 3% year-over-year and roughly flat from the prior month.

Chairman and Chief Executive Officer Ronald J. Kruszewski said the company expects second-quarter investment banking revenue to increase 25% to 30% compared with the second quarter of 2025, citing increased capital raising activity. He added that treasury deposit declines in May reflected timing of corporate client inflows and outflows.

Stifel noted that the operating data is unaudited and limited in scope, and that a consistent correlation to earnings should not be assumed.