In late 2018, Stifel embarked on building a new lending vertical within Stifel Bank designed to serve the innovation economy with treasury solutions, debt financing, and specialized expertise for sponsors and companies across the alternative investment ecosystem. Brad Ellis and Nat Stone (as detailed in Stifel’s 2019 Announcement) were tapped to lead the effort, bringing their industry success and experience from running the New York office at their prior firm. Stifel Bank offered the resources, flexibility, and growth mindset needed to lay the foundation for what would become a national Venture and Fund Banking practice.

Those early months required long days and relentless effort, but the progress was undeniable. With fewer than ten employees, we built credit policy from scratch, mapped rigorous portfolio‑management procedures, and trained internal partners—including loan services, loan coordinators, treasury teams, and legal counsel—to understand the needs of our new client base. The growing pains reinforced what quickly became clear: Stifel’s culture was—at its core—collaborative, low‑bureaucracy, and adaptable. That combination allowed us to scale alongside our clients while still operating with precision and efficiency. The latitude we were given to build a high‑credit‑quality, client‑first practice became a competitive advantage. When paired with the breadth of the Stifel platform—including a leading investment bank, institutional research, fund placement, and a robust wealth management franchise—our early momentum turned into market credibility.

Our origin story mirrors the trajectory of many start-ups and alternative asset managers we serve. Stifel Venture & Fund Banking began as an idea and grew into a reliable, nationally recognized practice with a presence in every major U.S. innovation market. When the 2023 regional banking crisis created unprecedented uncertainty—particularly the venture sector post-March 2023—our team faced a defining moment. While service providers across the alternatives landscape struggled to remain stable, the foundation we built allowed us to show up for the venture community. We worked around the clock to ensure continuity for clients and provide the support, creativity, and stability of the Stifel platform. That period not only strengthened relationships—it elevated Stifel’s visibility across the innovation ecosystem.

While competitors focused on survival, Stifel went on the offensive. In 2023, Stifel hired a deeply experienced roster of senior technology bankers and professionals, (as detailed in Stifel’s 2023 hiring announcement) to accelerate our presence in key West Coast markets. This validated what many in the alternative investment community already recognized: the practice we built had real staying power and a compelling future within a broader institutional platform. The influx of new talent brought new perspectives, expanded networks, and increased operational support—further strengthening our ability to deliver for clients.

By the end of 2025, Stifel Venture and Fund Banking continued to build on that original foundation. We saw stronger integration across the Stifel platform and even greater alignment with sponsors and portfolio companies. In 2025, we expanded our capabilities again by welcoming a senior group of bankers (as detailed in Stifel’s 2025 hiring announcement) with deep expertise across the life sciences and healthcare ecosystem—further reinforcing Stifel’s commitment to being a leading partner to the innovation community. Our outreach also grew meaningfully, hosting events that brought together founders, investors, and operators to leverage the full weight of Stifel’s resources. With more than 100 venture bankers, over $10 billion in loan commitments (1), and venture deposits more than doubling year over year, our momentum is unmistakable.

Looking ahead to 2026, we remain committed to enhancing our processes, improving our technology, attracting top talent, and expanding our market reach. If you operate within the venture or alternative investment space, we encourage you to consider what kind of partner you want—especially in an environment that rewards agility, expertise, and stability. Stifel understands the pace and complexity of the venture economy and has built a platform defined by institutional knowledge, creativity, low bureaucracy, and the work ethic required to help clients achieve their goals.

We look forward to deepening existing partnerships and forming new ones in the year ahead.

¹ Source: Company data as of 12/31/25. For additional information, please see www.stifel.com/investor-relations