Paragraphs with nothing like them in last year's 10-K
Quoted exactly
7 paragraphs in Risk Factors of the 10-K filed Feb 24, 2026
with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
including our interest expense on debt, lease expenses, and salary expenses, are fixed, and our ability to reduce them over short time periods is limited.
We maintain a suite of layered information security controls, including cyber threat analytics, data encryption and monitoring technologies, anti-malware defenses, and vulnerability management programs. However, any one or combination of these controls could fail to detect, mitigate, or remediate these risks in a timely manner. Despite our implementation of protective measures and our efforts
to modify them as circumstances warrant, our computer systems, software, and networks may remain vulnerable to human error, equipment failure, natural disasters, power loss, unauthorized access, supply-chain attacks, distributed denial-of-service (DDoS) attacks, zero-day vulnerabilities, computer viruses and other malicious code, and other events that could result in significant liability, reputational harm, and ongoing disruption to our operations. In addition, although we maintain cybersecurity insurance as one component of our broader risk-mitigation strategy, coverage is subject to policy terms, exclusions, and limits and may be insufficient to cover all losses, including litigation costs or losses that exceed policy limits or are otherwise excluded.
We seek to maintain an AI risk management framework that provides a centralized inventory of AI technologies, risk-based classification, security guardrails, and operational requirements prior to deployment. These frameworks seek to include documented requirements for ongoing monitoring, technical and security controls for AI-enabled capabilities, access and privilege controls, and controls to protect the confidentiality, integrity, and availability of systems and data used to develop, deploy, and operate AI. The Written Information Security Program (“WISP”) incorporates AI governance and risk management and is subject to periodic independent assessment.
For third-party AI technologies, we seek to require appropriate contractual and assurance measures, including data-handling obligations, intellectual property protections, explainability and validation rights, and incident-notification obligations. AI-related risks are evaluated within our broader cybersecurity, operational resilience, and vendor risk programs. The legal and regulatory environment for AI is evolving and could require changes to our use of AI, limiting our ability to integrate AI or increasing compliance costs. While we
maintain policies and governance processes for AI, we cannot guarantee that they will be followed in all cases or that they will prevent all liability or harm arising from AI use.
We are subject to risks relating to environmental, social, and governance matters that could adversely affect our reputation, business, financial condition, and results of operations.
Paragraphs in the 10-Q filed Nov 4, 2026 that were not in the one before
New in the latest 10-Q
11 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like
them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Nine Months Ended September 30, (in thousands) 2026 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash Flows From Operating Activities: Net income $ 712,039 $ 419,418 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 46,668 45,762 Amortization of loans and advances to financial advisors and other employees 116,150 108,515 Amortization of premium on investment portfolio 3,971 5,301 Provision for credit losses 26,999 28,664 Amortization of intangible assets 23,106 16,599 Deferred income taxes 2,958 (54,678) Stock-based compensation 156,225 119,039 Gain on sale of business (44,146) — Unrealized (gains)/loss on investments 96 (4,280) Gain on sale of leased aircraft engines — (41,941) Other, net 18,812 8,337 Decrease/(increase) in operating assets, net of assets acquired: Receivables: Brokerage clients, net 24,535 (125,208) Brokers, dealers, and clearing organizations (435,479) (290,978) Securities purchased under agreements to resell (257,161) 3,355 Financial instruments owned (393,677) (371,470) Loans originated as held for sale (1,856,904) (1,643,940) Proceeds from loans held for sale 2,043,651 2,218,144 Loans and advances to financial advisors and other employees, net (46,727) (173,684) Other assets (94,379) 38,661 Increase/(decrease) in operating liabilities, net of liabilities assumed: Payables: Brokerage clients, net 360,181 197,666 Brokers, dealers, and clearing organizations 162,792 76,149 Drafts (68,266) (24,529) Financial instruments sold, but not yet purchased 238,950 159,849 Accrued compensation (134,095) (64,897) Other liabilities and accrued expenses (71,765) 84,726 Net cash provided by operating activities $ 534,534 $ 734,580
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Nine Months Ended September 30, (in thousands) 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash Flows From Investing Activities: Proceeds from: Principal paydowns, maturities, and calls of available-for-sale securities $308,241 $274,398 Principal paydowns, maturities, and calls of held-to-maturity securities 2,227,555 1,792,737 Sale or maturity of investments 1,330 31 Disposition of business, net 55,388 — Sale of leased aircraft engines — 105,440 Increase in loans held for investment, net (3,862,533) (932,644) Payments for: Purchase of fixed assets (110,703) (48,604) Purchase of available-for-sale securities (304,428) (327,072) Purchase of held-to-maturity securities (2,190,470) (1,725,760) Purchase of investments (9,056) (4,602) Acquisitions, net of cash received — (74,878) Net cash used in investing activities (3,884,676) (940,954) Cash Flows From Financing Activities: Payment of contingent consideration (170) (252) Increase in securities sold under agreements to repurchase 165,962 167,131 Increase in bank deposits, net 3,055,201 1,035,521 Increase in securities loaned 247,967 141,233 Proceeds from borrowings 145,000 — Repayment of borrowings (145,000) — Repayment of short-term debt — (86,877) Tax payments related to shares withheld for stock-based compensation plans (132,204) (120,893) Repurchase of common stock (390,467) (207,449) Cash dividends on preferred stock (27,961) (27,961) Cash dividends paid to common stock and equity-award holders (184,602) (159,076) Extinguishment of Stifel Financial Capital Trust — (4,444) Net cash provided by financing activities 2,733,726 736,933 Effect of exchange rate changes on cash (4,587) 7,994 Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes (621,003) 538,553 Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period 2,282,807 2,678,203 Cash, cash equivalents, and cash segregated for regulatory purposes at end of period $1,661,804 $3,216,756 Supplemental disclosure of cash flow information: Cash paid for interest $590,505 $638,068 Cash paid for income taxes, net of refunds 198,820 122,590 Noncash investing and financing activities: Transfer of loans held for investment to held for sale 25,314 693,515 Transfer of loans held for sale to held for investment — 97,464 Unit grants, net of forfeitures 219,841 237,183
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securities, asset-backed securities, fixed income and equity securities infrequently traded, state and municipal securities, and non-agency mortgage-backed securities, included in other in the table below.
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Investments carried at fair value primarily include corporate equity securities, auction-rate securities (“ARS”), and private company investments.
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ARS are primarily valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. ARS are reported as Level 3 assets. Private company investments are primarily valued based upon internally developed models. These valuations require significant management judgment due to the absence of quoted market prices, the inherent lack of liquidity, and their long-term nature. Typically, the initial costs of these investments are considered to represent fair market value, as such amounts are negotiated between willing market participants. Private company investments are primarily reported as Level 3 assets.
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Show the other 6
Investments at fair value include investments in funds, including certain money market funds that are measured at net asset value (“NAV”). The Company uses NAV to measure the fair value of its fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value.
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The Company’s investments in funds measured at NAV include partnership interests, money market funds, mutual funds, and private equity funds. Private equity funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations, growth investments and distressed investments. The private equity funds are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed.
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The table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV as of September 30, 2026 and December 31, 2025 (in thousands):
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Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments
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September 30, September 30, 2026 2025 2026 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income $ 234,143 $ 211,371 $ 712,039 $ 419,418 Preferred dividends 9,320 9,320 27,961 27,961 Net income available to common shareholders $ 224,823 $ 202,051 $ 684,078 $ 391,457 Shares for basic and diluted calculation: Average shares used in basic computation 151,956 154,679 153,889 155,603 Dilutive effect of stock options and units (1) 8,189 10,408 7,855 9,274 Average shares used in diluted computation 160,145 165,087 161,744 164,877 Earnings per common share: Basic $ 1.48 $ 1.31 $ 4.45 $ 2.52 Diluted $ 1.40 $ 1.22 $ 4.23 $ 2.37 (1) Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include units. For the three and nine months ended September 30, 2026 and 2025, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends
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adoption permitted. The accounting update can be adopted either prospectively, retrospectively, or utilizing a modified transition approach. We are currently evaluating the impact of the accounting update on our consolidated financial statements.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:There have been no material changes in our risk factors from those disclosed under the caption “Item 1A. Risk Factors” to our annual report on Form 10-K for the year ended December 31, 2025.
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Added10-Q Nov 4, 2026 vs 10-K Feb 24, 2026
The discussion of our business and operations should be read together with the information contained in our other reports and periodic filings that we make with the SEC, including, without limitation, the information contained under the caption “Item 1A. Risk Factors” in our annual report on Form 10‑K for the year ended December 31, 2025. Those risk factors could materially affect our business, financial condition, and results of operations. The risks that we describe in our public filings are not the only risks that we face. Additional risks and uncertainties not currently known to us, or that we presently deem to be immaterial, also may materially adversely affect our business, financial condition, and results of operations.
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Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/SF/export.csv") into a cell.
