Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 389

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 389
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’s investment in and additional capital commitments to these investment vehicles are considered variable interests. The Company’s additional capital commitments are subject to call and are limited to the amount committed. These investment vehicles have net assets, primarily consisting of investments, aircraft engine-related assets, and debt. We have concluded that we are not the primary beneficiary of these VIEs, and therefore, we do not consolidate these entities. Our maximum exposure to loss is limited to the total of our carrying value.Partnership InterestsWe have formed several non-consolidated investment funds with third-party investors that are typically organized as limited liability companies (“LLCs”) or limited partnerships. These investment vehicles have assets primarily consisting of private and public equity investments. For those funds where we act as the general partner, our company’s economic interest is generally limited to management fee arrangements as stipulated by the fund operating agreements. We have generally provided the third-party investors with rights to terminate the funds or to remove us as the general partner. We have concluded that we are not the primary beneficiary of these VIEs, and therefore, we do not consolidate these entities. The following tables present the aggregate assets, liabilities, and the maximum exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary (in thousands):

        December 31, 2024

        Aggregate Assets

        Aggregate Liabilities

        Maximum Exposure to Loss

        Debt and Equity Investments
         
        $
        400,188

        $
        191,170

        $
        40,130

        Partnership Interests

        331,884

        2,227

        —

        $
        732,072

        $
        193,397

        $
        40,130

        December 31, 2023

        Aggregate Assets

        Aggregate Liabilities

        Maximum Exposure to Loss

        Debt and Equity Investments
         
        $
        456,286

        $
        277,924

        $
        40,088

        Partnership Interests

        341,980

        678

        —

        $
        798,266

        $
        278,602

        $
        40,088

125

Debenture to Stifel Financial Capital TrustsWe have completed private placements of cumulative trust preferred securities through Stifel Financial Capital Trust II, Stifel Financial Capital Trust III, and Stifel