STIFEL FINANCIAL CORP

Previous wording

On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), a wholly owned subsidiary and independent contractor broker-dealer, to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc. We recognized a gain on the sale of $47.3 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.

Current wording

On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), a wholly owned subsidiary and independent contractor broker-dealer, to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc. We recognized a gain on the sale of $44.1 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.

Previous wording

For the three months ended June 30, 2026, net revenues increased 13.0% to $1.5 billion from $1.3 billion during the comparable period in 2025. Net income available to common shareholders increased 49.0% to $217.2 million, or $1.34 per diluted common share for the three months ended June 30, 2026, compared to $145.7 million, or $0.89 per diluted common share during the comparable period in 2025.

Current wording

For the three months ended September 30, 2026, net revenues decreased 0.2% from the comparable period in 2025 to $1.4 billion. Net income available to common shareholders increased 11.3% to $224.8 million, or $1.40 per diluted common share for the three months ended September 30, 2026, compared to $202.1 million, or $1.22 per diluted common share during the comparable period in 2025.

Previous wording

For the six months ended June 30, 2026, net revenues increased 15.3% to $2.9 billion compared to $2.5 billion during the comparable period in 2025. Net income available to common shareholders increased 142.5% to $459.3 million, or $2.83 per diluted common share for the six months ended June 30, 2026, compared to $189.4 million, or $1.15 per diluted common share during the comparable period in 2025.

Current wording

For the nine months ended September 30, 2026, net revenues increased 9.7% to $4.4 billion compared to $4.0 billion during the comparable period in 2025. Net income available to common shareholders increased 74.8% to $684.1 million, or $4.23 per diluted common share for the nine months ended September 30, 2026, compared to $391.5 million, or $2.37 per diluted common share during the comparable period in 2025.

Previous wording

For the three months ended June 30, 2026, commission revenues increased 10.4% to $221.5 million from $200.7 million in the comparable period in 2025. For the six months ended June 30, 2026, commission revenues increased 8.9% to $429.3 million from $394.3 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2025.

Current wording

For the three months ended September 30, 2026, commission revenues decreased 2.6% to $200.8 million from $206.1 million in the comparable period in 2025. For the nine months ended September 30, 2026, commission revenues increased 4.9% to $630.1 million from $600.4 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2025.

Previous wording

For the three months ended June 30, 2026, principal transactions revenues decreased 18.8% to $140.1 million from $172.6 million in the comparable period in 2025. For the six months ended June 30, 2026, principal transactions revenues decreased 7.6% to $290.3 million from $314.3 million in the comparable period in 2025. The decrease is primarily attributable to lower realized trading gains in our aircraft business over the comparable periods in 2025. Principal transactions for the three months ended June 30, 2025 benefited from a roughly $30 million gain in our aircraft business.

Current wording

For the three months ended September 30, 2026, principal transactions revenues decreased 34.2% to $117.1 million from $177.9 million in the comparable period in 2025. For the nine months ended September 30, 2026, principal transactions revenues decreased 17.2% to $407.4 million from $492.1 million in the comparable period in 2025. The decrease is primarily attributable to lower realized trading gains in our aircraft business over the comparable periods in 2025.

Previous wording

Capital-raising revenues increased 64.3% to $174.5 million for the three months ended June 30, 2026 from $106.2 million in the comparable period in 2025. For the three months ended June 30, 2026, equity capital-raising revenues increased 120.1% to $107.2 million from $48.7 million in the comparable period in 2025 driven by higher volumes and larger deal sizes during the quarter. For the three months ended June 30, 2026, fixed income capital-raising revenues increased 17.1% to $67.3 million from $57.5 million in the comparable period in 2025 driven by higher bond issuances during the quarter.

Current wording

Capital-raising revenues decreased 7.9% to $132.9 million for the three months ended September 30, 2026 from $144.2 million in the comparable period in 2025. For the three months ended September 30, 2026, equity capital-raising revenues decreased 12.7% to $71.4 million from $81.8 million in the comparable period in 2025 driven by lower volumes and smaller deal sizes during the quarter. For the three months ended September 30, 2026, fixed income capital-raising revenues decreased 1.5% to $61.5 million from $62.4 million in the comparable period in 2025 driven by lower bond issuances during the quarter.

Previous wording

Capital-raising revenues increased 43.9% to $297.4 million for the six months ended June 30, 2026 from $206.6 million in the comparable period in 2025. For the six months ended June 30, 2026, equity capital-raising revenues increased 76.7% to $177.4 million from $100.4 million in the comparable period in 2025 driven by higher volumes and larger deal sizes. For the six months ended June 30, 2026, fixed income capital-raising revenues increased 13.0% to $120.0 million from $106.2 million in the comparable period in 2025 driven by higher bond issuances.

Current wording

Capital-raising revenues increased 22.6% to $430.3 million for the nine months ended September 30, 2026 from $350.8 million in the comparable period in 2025. For the nine months ended September 30, 2026, equity capital-raising revenues increased 36.6% to $248.8 million from $182.2 million in the comparable period in 2025 driven by higher volumes and larger deal sizes. For the nine months ended September 30, 2026, fixed income capital-raising revenues increased 7.6% to $181.5 million from $168.6 million in the comparable period in 2025 driven by higher bond issuances.

Previous wording

Advisory revenues increased 23.7% to $157.5 million for the three months ended June 30, 2026 from $127.3 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions during the quarter.

Current wording

Advisory revenues increased 23.7% to $549.3 million for the nine months ended September 30, 2026 from $444.0 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions.

Previous wording

For the three months ended June 30, 2026, asset management revenues increased 13.1% to $456.6 million from $403.6 million in the comparable period in 2025. For the six months ended June 30, 2026, asset management revenues increased 12.7% to $916.1 million from $813.1 million in the comparable period in 2025. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.

Current wording

For the three months ended September 30, 2026, asset management revenues increased 14.1% to $492.2 million from $431.4 million in the comparable period in 2025. For the nine months ended September 30, 2026, asset management revenues increased 13.2% to $1.4 billion from $1.2 billion in the comparable period in 2025. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.

Previous wording

Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended June 30, 2026, other income increased 240.1% to $12.5 million from $3.7 million during the comparable period in 2025. The increase is primarily attributable to increases in investment gains from the comparable period in 2025.

Current wording

Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended September 30, 2026, other income decreased 41.7% to $8.3 million from $14.2 million during the comparable period in 2025. The decrease is primarily attributable to lower investment gains recognized compared to the third quarter of 2025.

Previous wording

For the six months ended June 30, 2026, other income increased 378.1% to $68.2 million from $14.3 million during the comparable period in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA during the first quarter of 2026 and higher loan origination fees from the comparable period in 2025.

Current wording

For the nine months ended September 30, 2026, other income increased 168.5% to $76.5 million from $28.5 million during the comparable period in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA during the first quarter of 2026 and higher loan origination fees from the comparable period in 2025.

Previous wording

The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three and six month periods ended June 30, 2026 compared to the three and six month periods ended June 30, 2025(in thousands):

Current wording

The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three and nine month periods ended September 30, 2026 compared to the three and nine month periods ended September 30, 2025(in thousands):

Previous wording

Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the three months ended June 30, 2026, net interest income increased 6.6% to $288.1 million from $270.3 million during the comparable period in 2025. For the six months ended June 30, 2026, net interest income increased 3.6% to $551.7 million from $532.3 million during the comparable period in 2025.

Current wording

Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the three months ended September 30, 2026, net interest income increased 9.2% to $301.7 million from $276.3 million during the comparable period in 2025. For the nine months ended September 30, 2026, net interest income increased 5.5% to $853.3 million from $808.7 million during the comparable period in 2025.

Previous wording

For the three months ended June 30, 2026, interest revenue decreased 0.2% to $476.1 million from $477.1 million in the comparable period in 2025, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $33.0 billion during the three months ended June 30, 2026 compared to $31.0 billion during the comparable period in 2025 at average interest rates of 5.24% and 5.66%, respectively.

Current wording

For the three months ended September 30, 2026, interest revenue increased 6.0% to $510.6 million from $481.5 million in the comparable period in 2025, principally as a result of higher interest-earning assets, partially offset by a decrease in interest rates. The average interest-earning assets of Stifel Bancorp increased to $34.6 billion during the three months ended September 30, 2026 compared to $31.0 billion during the comparable period in 2025 at average interest rates of 5.36% and 5.72%, respectively.

Previous wording

For the six months ended June 30, 2026, interest revenue decreased 2.7% to $927.1 million from $952.7 million in the comparable period in 2025, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $32.4 billion during the six months ended June 30, 2026 compared to $31.1 billion during the comparable period in 2025 at average interest rates of 5.19% and 5.62%, respectively.

Current wording

For the nine months ended September 30, 2026, interest revenue increased 0.2% to $1.44 billion from $1.43 billion in the comparable period in 2025, principally as a result of a higher interest-earning assets, partially offset by lower interest rates. The average interest-earning assets of Stifel Bancorp increased to $33.1 billion during the nine months ended September 30, 2026 compared to $31.1 billion during the comparable period in 2025 at average interest rates of 5.25% and 5.65%, respectively.

Previous wording

For the three months ended June 30, 2026, interest expense decreased 9.1% to $188.0 million from $206.8 million during the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $30.5 billion during the three months ended June 30, 2026 compared to $28.6 billion during the comparable period in 2025 at average interest rates of 2.17% and 2.65%, respectively.

Current wording

For the three months ended September 30, 2026, interest expense increased 1.8% to $209.0 million from $205.2 million during the comparable period in 2025. The increase is primarily attributable to higher interest-bearing liabilities, partially offset by lower interest rates. The average interest-bearing liabilities of Stifel Bancorp increased to $31.7 billion during the three months ended September 30, 2026 compared to $28.6 billion during the comparable period in 2025 at average interest rates of 2.32% and 2.66%, respectively.

Previous wording

For the six months ended June 30, 2026, interest expense decreased 10.7% to $375.5 million from $420.4 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $29.9 billion during the six months ended June 30, 2026 compared to $28.7 billion during the comparable period in 2025 at average interest rates of 2.13% and 2.68%, respectively.

Current wording

For the nine months ended September 30, 2026, interest expense decreased 6.6% to $584.4 million from $625.5 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $30.6 billion during the nine months ended September 30, 2026 compared to $28.6 billion during the comparable period in 2025 at average interest rates of 2.19% and 2.67%, respectively.

Previous wording

For the three months ended June 30, 2026, compensation and benefits expense increased 7.5% to $833.0 million from $774.9 million during the comparable period in 2025. For the six months ended June 30, 2026, compensation and benefits expense increased 11.6% to $1.7 billion from $1.5 billion during the comparable period in 2025. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation costs over the comparable periods in 2025.

Current wording

For the three months ended September 30, 2026, compensation and benefits expense decreased 3.1% to $813.5 million from $839.8 million during the comparable period in 2025. The decrease in compensation and benefits expense is primarily attributable to lower variable compensation costs over the comparable period in 2025. For the nine months ended September 30, 2026, compensation and benefits expense increased 6.3% to $2.5 billion from $2.3 billion during the comparable period in 2025. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation costs over the comparable periods in 2025.

Previous wording

Occupancy and equipment rental – For the three months ended June 30, 2026, occupancy and equipment rental expense increased 5.1% to $100.6 million from $95.7 million during the comparable period in 2025. For the six months ended June 30, 2026, occupancy and equipment rental expense increased 7.4% to $200.3 million from $186.4 million during the comparable period in 2025. The increase is primarily attributable to higher data processing expense and furniture and equipment costs associated with an increase in business activity over the comparable periods in 2025.

Current wording

Occupancy and equipment rental – For the three months ended September 30, 2026, occupancy and equipment rental expense increased 7.5% to $102.8 million from $95.6 million during the comparable period in 2025. For the nine months ended September 30, 2026, occupancy and equipment rental expense increased 7.4% to $303.0 million from $282.0 million during the comparable period in 2025. The increase is primarily attributable to higher data processing expense and furniture and equipment costs associated with an increase in business activity over the comparable periods in 2025.

Previous wording

Communications and office supplies – Communications expense includes costs for telecommunication and data transmission, primarily for obtaining third-party market data information. For the three months ended June 30, 2026, communications and office supplies expense decreased 3.1% to $46.3 million from $47.8 million during the comparable period in 2025. The decrease is primarily attributable to lower communication and quote equipment expenses, office supplies expenses, and telecommunication expenses, partially offset by higher postage and shipping expenses over the comparable period in 2025. For the six months ended June 30, 2026, communications and office supplies expense of $97.4 million was consistent with the comparable period in 2025.

Current wording

Communications and office supplies – Communications expense includes costs for telecommunication and data transmission, primarily for obtaining third-party market data information. For the three months ended September 30, 2026, communications and office supplies expense decreased 0.1% to $48.8 million from $48.9 million during the comparable period in 2025. The decrease is primarily attributable to lower office supplies expenses, and telecommunication expenses, partially offset by higher postage and shipping expenses over the comparable period in 2025. For the nine months ended September 30, 2026, communications and office supplies expense remained relatively consistent with the comparable period in 2025 at $146.2 million .

Previous wording

Commissions and floor brokerage – For the three months ended June 30, 2026, commissions and floor brokerage expense decreased 12.3% to $15.0 million from $17.1 million during the comparable period in 2025. For the six months ended June 30, 2026, commissions and floor brokerage expense decreased 11.4% to $30.1 million from $34.0 million during the comparable period in 2025. The decrease is primarily attributable to lower clearing expenses, electronic communication network (“ECN”) trading costs, processing expenses, and transaction fees.

Current wording

Commissions and floor brokerage – For the three months ended September 30, 2026, commissions and floor brokerage expense decreased 14.3% to $13.5 million from $15.8 million during the comparable period in 2025. For the nine months ended September 30, 2026, commissions and floor brokerage expense decreased 12.3% to $43.6 million from $49.8 million during the comparable period in

Previous wording

Provision for credit losses –For the three months ended June 30, 2026, provision for credit losses increased 50.6% to $12.5 million from $8.3 million during the comparable period in 2025. The increase is primarily attributable to overall loan growth in the retained portfolio and specific reserves on individual credits. For the six months ended June 30, 2026, provision for credit losses decreased 6.3% to $19.1 million from $20.3 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.

Current wording

Provision for credit losses –For the three months ended September 30, 2026, provision for credit losses decreased 4.7% to $7.9 million from $8.3 million during the comparable period in 2025. For the nine months ended September 30, 2026, provision for credit losses decreased 5.8% to $27.0 million from $28.7 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.

Previous wording

For the three months ended June 30, 2026, other operating expenses increased 13.7% to $143.9 million from $126.5 million during the comparable period in 2025. The increase is primarily attributable to higher travel-related expenses, investment banking expenses, advertising, amortization of identifiable intangible assets, bank service charges, insurance expenses, and subscriptions, partially offset by lower legal-related expenses, conference-related expenses, professional fees, and licensing fees.

Current wording

For the three months ended September 30, 2026, other operating expenses decreased 3.7% to $130.0 million from $134.9 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, professional fees, licensing fees, investment banking expenses, and amortization of identifiable intangible assets.

Previous wording

For the six months ended June 30, 2026, other operating expenses decreased 34.0% to $275.3 million from $417.3 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, and licensing fees, partially offset by higher amortization of identifiable intangible assets, travel-related expenses, advertising, professional fees, investment banking expenses, insurance expenses, and subscriptions. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.

Current wording

For the nine months ended September 30, 2026, other operating expenses decreased 26.6% to $405.3 million from $552.2 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, and licensing fees, partially offset by higher travel-related expenses, advertising, professional fees, insurance expenses, and subscriptions. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.

Previous wording

Provision for income taxes – For the three and six months ended June 30, 2026, our provision for income taxes was $73.0 million and $147.6 million, representing an effective tax rate of 24.4% and 23.6%, respectively, compared to $58.8 million and $69.1 million for the comparable periods in 2025, representing an effective tax rate of 27.5% and 24.9%, respectively.

Current wording

Provision for income taxes – For the three and nine months ended September 30, 2026, our provision for income taxes was $75.5 million and $223.1 million, representing an effective tax rate of 24.4% and 23.9%, respectively, compared to $74.7 million and $143.8 million for the comparable periods in 2025, representing an effective tax rate of 26.1% and 25.5%, respectively.

Previous wording

For the three months ended June 30, 2026, Global Wealth Management net revenues increased 13.1% to a record $956.5 million from $845.6 million for the comparable period in 2025. For the six months ended June 30, 2026, Global Wealth Management net revenues increased 11.3% to a record $1.9 billion from $1.7 billion for the comparable period in 2025. The increase in net revenues over the comparable periods in 2025 is primarily attributable to higher asset management revenues, transactional revenues, net interest income, and investment banking revenues.

Current wording

For the three months ended September 30, 2026, Global Wealth Management net revenues increased 8.0% to a record $980.3 million from $907.4 million for the comparable period in 2025. For the nine months ended September 30, 2026, Global Wealth Management net revenues increased 10.2% to a record $2.9 billion from $2.6 billion for the comparable period in 2025. The increase in net revenues over the comparable periods in 2025 is primarily attributable to higher asset management revenues, transactional revenues, net interest income, and investment banking revenues.

Previous wording

Commissions – For the three months ended June 30, 2026, commission revenues increased 14.8% to $147.2 million from $128.2 million in the comparable period in 2025. For the six months ended June 30, 2026, commission revenues increased 13.1% to $287.2 million from $254.0 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2025.

Current wording

Commissions – For the three months ended September 30, 2026, commission revenues decreased 3.8% to $136.5 million from $141.9 million in the comparable period in 2025. For the nine months ended September 30, 2026, commission revenues increased 7.0% to $423.7 million from $395.9 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2025.

Previous wording

Principal transactions – For the three months ended June 30, 2026, principal transactions revenues increased 10.6% to $60.2 million from $54.5 million in the comparable period in 2025. For the six months ended June 30, 2026, principal transactions revenues increased 6.8% to $122.8 million from $115.0 million in the comparable period in 2025. The increase is primarily attributable to an increase in client activity and higher realized trading gains over the comparable periods in 2025.

Current wording

For the nine months ended September 30, 2026, principal transactions revenues increased 3.6% to $182.5 million from $176.2 million in the comparable period in 2025. The increase is primarily attributable to an increase in client activity and higher realized trading gains in the first half of 2026, partially offset by lower revenues in the third quarter of 2026 previously described.

Previous wording

Asset management – For the three months ended June 30, 2026, asset management revenues increased 13.1% to $456.6 million from $403.6 million in the comparable period in 2025. For the six months ended June 30, 2026, asset management revenues increased 12.7% to $916.0 million from $813.1 million in the comparable period in 2025. The increase is primarily attributable to higher asset values and net new asset growth. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.

Current wording

Asset management – For the three months ended September 30, 2026, asset management revenues increased 14.1% to $492.1 million from $431.4 million in the comparable period in 2025. For the nine months ended September 30, 2026, asset management revenues increased 13.2% to $1.4 billion from $1.2 billion in the comparable period in 2025. The increase is primarily attributable to higher asset values and net new asset growth. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.

Previous wording

(1) Total client assets as of June 30, 2025, include $9.7 billion, and fee-based client assets include $4.6 billion, of client assets from the SIA business that was sold on February 2, 2026.

Current wording

(1) Total client assets as of September 30, 2025, include $10.2 billion, and fee-based client assets include $4.8 billion, of client assets from the SIA business that was sold on February 2, 2026.

Previous wording

Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 39.7% to $8.7 million for the three months ended June 30, 2026 from $6.2 million during the comparable period in 2025. For the six months ended June 30, 2026, investment banking revenues increased 21.7% to $14.8 million from $12.1 million during the comparable period in 2025. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.

Current wording

Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 3.1% to $6.7 million for the three months ended September 30, 2026 from $6.5 million during the comparable period in 2025. For the nine months ended September 30, 2026, investment banking revenues increased 15.2% to $21.5 million from $18.7 million during the comparable period in 2025. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.

Previous wording

Other income – For the three months ended June 30, 2026, other income decreased 6.6% to $4.0 million from $4.3 million in the comparable period in 2025. For the six months ended June 30, 2026, other income decreased 20.1% to $9.5 million from $11.9 million during the comparable period in 2025. The decrease is primarily attributable to reduced rental income generated from our aircraft engine leasing business due to the sale of engines.

Current wording

Other income – For the three months ended September 30, 2026, other income decreased to $0.6 million from $9.1 million in the comparable period in 2025. For the nine months ended September 30, 2026, other income decreased 16.6% to $9.5 million from $11.4 million during the comparable period in 2025. The decrease is primarily attributable to lower investment gains.

Previous wording

For the three months ended June 30, 2026, Global Wealth Management non-interest expenses increased 10.2% to $594.7 million from $539.6 million for the comparable period in 2025. For the six months ended June 30, 2026, Global Wealth Management non-interest expenses decreased 5.4% to $1.2 billion from $1.3 billion for the comparable period in 2025.

Current wording

For the three months ended September 30, 2026, Global Wealth Management non-interest expenses increased 7.3% to $605.9 million from $564.8 million for the comparable period in 2025. For the nine months ended September 30, 2026, Global Wealth Management non-interest expenses decreased 1.5% to $1.80 billion from $1.83 billion for the comparable period in 2025.

Previous wording

Compensation and benefits – For the three months ended June 30, 2026, compensation and benefits expense increased 9.6% to $460.6 million from $420.2 million during the comparable period in 2025. For the six months ended June 30, 2026, compensation and benefits expense increased 10.7% to $933.0 million from $842.5 million during the comparable period in 2025. The increase is primarily attributable to increased variable compensation over the comparable periods in 2025.

Current wording

Compensation and benefits – For the three months ended September 30, 2026, compensation and benefits expense increased 8.4% to $478.9 million from $441.6 million during the comparable period in 2025. For the nine months ended September 30, 2026, compensation and benefits expense increased 9.9% to $1.4 billion from $1.3 billion during the comparable period in 2025. The increase is primarily attributable to increased variable compensation over the comparable periods in 2025.

Previous wording

Occupancy and equipment rental – For the three months ended June 30, 2026, occupancy and equipment rental expense increased 6.5% to $49.1 million from $46.1 million during the comparable period in 2025. For the six months ended June 30, 2026, occupancy and equipment rental expense increased 6.9% to $96.9 million from $90.6 million during the comparable period in 2025. The increase is primarily attributable to higher occupancy costs, furniture and equipment expenses, and data processing expense over the comparable periods in 2025 associated with an increase in business activity.

Current wording

Occupancy and equipment rental – For the three months ended September 30, 2026, occupancy and equipment rental expense increased 6.8% to $49.4 million from $46.2 million during the comparable period in 2025. For the nine months ended September 30, 2026, occupancy and equipment rental expense increased 6.9% to $146.3 million from $136.8 million during the comparable period in 2025. The increase is primarily attributable to higher occupancy costs, furniture and equipment expenses, and data processing expense over the comparable periods in 2025 associated with an increase in business activity.

Previous wording

Communications and office supplies – For the three months ended June 30, 2026, communications and office supplies expense increased 0.7% to $16.1 million from $16.0 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, partially offset by lower telecommunication expenses, postage and shipping, and office supplies expenses over the comparable period in 2025. For the six months ended June 30, 2026, communications and office supplies expense increased 6.1% to $34.3 million from $32.3 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, postage and shipping, and office supplies expenses with the continued growth of our business, partially offset by lower telecommunication expenses.

Current wording

Communications and office supplies – For the three months ended September 30, 2026, communications and office supplies expense increased 7.2% to $17.3 million from $16.2 million during the comparable period in 2025. For the nine months ended September 30, 2026, communications and office supplies expense increased 6.5% to $51.6 million from $48.5 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, postage and shipping, and office supplies expenses with the continued growth of our business, partially offset by lower telecommunication expenses.

Previous wording

Commissions and floor brokerage – For the three months ended June 30, 2026, commissions and floor brokerage expense increased 8.4% to $7.9 million from $7.3 million during the comparable period in 2025. For the six months ended June 30, 2026, commissions and floor brokerage expense increased 5.5% to $15.3 million from $14.5 million during the comparable period in 2025. The increase is primarily attributable to higher clearing expenses, processing fees, and transaction fees over the comparable periods in 2025.

Current wording

The increase is primarily attributable to higher clearing expenses, processing fees, and transaction fees over the comparable periods in 2025.

Previous wording

Provision for credit losses –For the three months ended June 30, 2026, provision for credit losses increased 50.6% to $12.5 million from $8.3 million during the comparable period in 2025. The increase is primarily attributable to overall loan growth in the retained portfolio and specific reserves on individual credits. For the six months ended June 30, 2026, provision for credit losses decreased 6.3% to $19.1 million from $20.3 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.

Current wording

Provision for credit losses –For the three months ended September 30, 2026, provision for credit losses decreased 4.7% to $7.9 million from $8.3 million during the comparable period in 2025. For the nine months ended September 30, 2026, provision for credit losses decreased 5.8% to $27.0 million from $28.7 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.

Previous wording

For the six months ended June 30, 2026, other operating expenses decreased 63.0% to $97.5 million from $263.4 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, dues and assessments, professional fees, and advertising, partially offset by higher travel-related expenses, bank service charges, insurance expenses, subscription costs, and licensing costs. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.

Current wording

Other operating expenses – For the three months ended September 30, 2026, other operating expenses decreased 0.6% to $45.0 million from $45.3 million during the comparable period in 2025. For the nine months ended September 30, 2026, other operating expenses decreased 53.8% to $142.5 million from $308.7 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, dues and assessments, professional fees, and advertising, partially offset by higher travel-related expenses, bank service charges, insurance expenses, subscription costs, and licensing costs. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.

Previous wording

For the three months ended June 30, 2026, income before income taxes increased 18.2% to $361.8 million from $306.1 million during the comparable period in 2025. For the six months ended June 30, 2026, income before income taxes increased 60.1% to $692.6 million from $432.5 million during the comparable period in 2025.

Current wording

For the three months ended September 30, 2026, income before income taxes increased 9.3% to $374.4 million from $342.7 million during the comparable period in 2025. For the nine months ended September 30, 2026, income before income taxes increased 37.7% to $1,1 million from $775.1 million during the comparable period in 2025.