Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 545

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 545
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 upgraded from S&P Global Ratings to BBB, from BBB-, with a stable outlook. 

Use of Capital Resources

On July 18, 2024, the Company’s 4.25% Senior Notes matured, resulting in the Company's decision to retire the $500.0 million outstanding balance given its significant liquidity position.

On August 1, 2024, the Company acquired Finance 500, Inc. (“Finance 500”) and CB Resource, Inc. (“CBR”), which operate as strategic partners under common ownership. Finance 500 is a brokerage and investment services provider focused on underwriting FDIC-insured Certificates of Deposit and fixed income securities trading. CBR integrates ERM, strategic and capital plan solutions, and industry analytics through its fully integrated tech-enabled platform. Consideration for this acquisition consisted of cash from operations.

57

The Company’s Board of Directors approved a 10% increase in the quarterly dividend to $0.46 per common share starting in the first quarter of 2025.

During the year ended December 31, 2024, we repurchased $144.0 million, or 1.7 million shares, at an average price of $83.42 per share.

As part of our ongoing operations, we also enter into contractual arrangements that may require future cash payments, including certificates of deposit, lease obligations, and other contractual arrangements. See Notes 13 and 20 of the Notes to the Consolidated Financial Statements for information regarding our certificates of deposit and lease obligations, respectively. We have entered into investment commitments, lending commitments, and other commitments to extend credit for which we are unable to reasonably predict the timing of future payments. See Note 24 of the Notes to Consolidated Financial Statements for additional information.

The following table summarizes the activity related to our company’s note receivable from January 1, 2023 to December 31, 2024 (in thousands):

    2024

    2023

    Beginning balance – January 1
     
    $
    683,486

    $
    654,112

    Notes issued – organic growth

    91,786

    170,367

    Restricted cash issued

    67,251

    4,695

    Amortization

    (154,182
    )

    (145,227
    )

    Other

    (6,145
    )

    (461
    )

    Ending balance – December 31
     
    $