Stifel Financial Corp (SF) 2025 Q3 法說會逐字稿

Good day, and welcome to the Stifel Financial third-quarter 2025 financial results conference call. Today's conference is being recorded.

大家好，歡迎參加 Stifel Financial 2025 年第三季財務業績電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Joel Jeffrey, Head of Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係主管喬爾‧傑弗瑞。請繼續。

Thank you, operator. Good morning, and welcome to Stifel Financial's third-quarter 2025 earnings call.

謝謝您，接線生。早安，歡迎參加 Stifel Financial 2025 年第三季財報電話會議。

On behalf of Stifel Financial Corp., I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at stifel.com.

我謹代表 Stifel Financial Corp.，先向大家介紹以下資訊和免責聲明。本次通話正在錄音。在今天的報告中，我們將參考我們的收益報告和財務補充文件，這些文件的副本可在 stifel.com 上取得。

Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Stifel Financial Corp., does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in our earnings release.

今天的演講可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。Stifel Financial Corp.不承諾更新本討論中的前瞻性聲明。請參閱我們盈利報告中有關前瞻性陳述和非GAAP指標的通知。

I will now turn the call over to our Chairman and Chief Executive Officer, Ron Kruszewski.

現在我將把電話交給我們的董事長兼執行長羅恩·克魯澤夫斯基。

Thanks, Joel, and good morning, everyone.

謝謝喬爾，大家早安。

Stifel delivered another record quarter, once again demonstrating the strength of our diversified business model and the leverage it provides in an improving environment. In my nearly 30 years as CEO, Stifel has grown from a regional firm into a global company by consistently reinvesting in our people and our platform. That same mindset, reinvesting to increase relevancy, has defined our 135-year history.

Stifel 又創下了一個創紀錄的季度業績，再次證明了我們多元化業務模式的實力及其在不斷改善的環境中所提供的優勢。在我擔任執行長的近 30 年裡，Stifel 透過持續投資於我們的員工和平台，從一家區域性公司發展成為一家全球性公司。這種不斷投資以提升自身競爭力的思維模式，定義了我們135年的發展歷程。

This quarter, we achieved record net revenue of more than $1.4 billion in record client assets and produced our third-highest earnings per share in firm history and a record for any third quarter at $1.95. Return on tangible common equity exceeded 24%. Both of our business segments contributed to the performance, with another record in Global Wealth Management and the third-best quarter in terms of revenue for our Institutional Group.

本季度，我們實現了超過 14 億美元的創紀錄淨收入，客戶資產也創下歷史新高，每股收益達到 1.95 美元，創下公司歷史上第三高，也是歷年第三季度的最高紀錄。有形普通股股東權益報酬率超過 24%。我們的兩個業務部門都為業績做出了貢獻，其中全球財富管理業務再次創下紀錄，機構集團的收入也創下第三佳季度業績。

On last quarter's call, I said we expected a strong second half as optimism builds around lower taxes, reduced regulatory burdens, and higher capital spending in technology. And that's exactly how it's played out. The S&P 500 is up roughly 15% this year and more than 35% from its lows following the Liberation Day tariffs. The Fed's first rate cut in September added further momentum. While valuations are elevated and the nominal equity risk premium has narrowed to near to zero, the underlying economy remains constructive.

在上個季度的電話會議上，我曾表示，隨著稅收減少、監管負擔減輕以及科技領域資本支出增加，市場樂觀情緒高漲，我們預計下半年業績將強勁增長。事情的發展正是如此。標普 500 指數今年以來上漲了約 15%，較解放日關稅政策實施後的低點上漲了超過 35%。聯準會9月的首次降息進一步增強了這股勢頭。儘管估值偏高，名目股票風險溢酬已收窄至接近零，但基本經濟仍維持良好態勢。

We've also seen something worth noting. And even with yesterday's pullback, this year, gold and silver have outperformed even as equities are growling. When risk assets and traditional hedges rise together, it often reflects abundant liquidity and a search for stability. It reminds investors that confidence in markets can sometimes outpace confidence in currency. And that's when discipline and fundamentals matter most. In that environment, Stifel's balanced model and disciplined execution continue to deliver results.

我們也發現了一些值得注意的事情。即使昨天有所回調，但今年以來，黃金和白銀的表現仍然優於股市，而股市卻在低迷時期表現不佳。當風險資產和傳統對沖工具同時上升時，通常反映出流動性充裕和對穩定性的追求。它提醒投資者，對市場的信心有時會超過對貨幣的信心。正是在這種時候，紀律和基本功才顯得格外重要。在這種環境下，Stifel 均衡的模式和嚴謹的執行力持續取得成果。

Turning to slide 2, I think it's important to put this year's quarter results into perspective. At our core, Stifel is a growth company. Decades of consistent reinvestment, hiring talented advisors and bankers, making strategic acquisitions, and executing on our integrated banking strategy with a focus on risk-adjusted returns have produced steady, durable growth and meaningful operating scale.

翻到第二張投影片，我認為有必要對今年的季度業績進行全面分析。Stifel 的本質是一家成長型公司。數十年來，我們不斷進行再投資，聘請有才華的顧問和銀行家，進行策略性收購，並執行以風險調整後收益為重點的綜合銀行策略，從而實現了穩定、持久的成長和顯著的營運規模。

I find it worth pointing out that our third-quarter revenue alone exceeded our total annual revenue in 2011. That comparison speaks not only to our growth, but how we've achieved it. We've grown in a balanced way, expanding both of our core businesses while maintaining a consistent mix between Wealth Management and our Institutional Group. Today, Wealth represents about 64% of revenue and Institutional 36%, essentially the same proportion as more than a decade ago.

值得一提的是，我們第三季的營收就超過了 2011 年全年的總收入。這種比較不僅說明了我們的成長，也說明了我們是如何實現成長的。我們實現了均衡發展，在擴大兩項核心業務的同時，也維持了財富管理和機構集團之間的穩定組合。如今，財富管理業務約佔收入的 64%，機構業務約佔 36%，與十多年前的比例基本相同。

Equally important is how that revenue has evolved. What was once primarily transactional is now largely fee-based. Fee-related businesses, asset management, net interest income in wealth and advisory in institutional now account for 62% of total revenue, up from 26% in 2011. That shift has made our earnings more stable, our margins stronger, and our growth more durable.

同樣重要的是，這些收入是如何演變的。曾經以交易為主的業務現在主要以手續費為主。與收費相關的業務、資產管理、財富管理和機構諮詢的淨利息收入目前佔總收入的 62%，高於 2011 年的 26%。這項轉變使我們的收益更加穩定，利潤率更高，成長更加持久。

Our pre-tax margin reached 21.2%, more than 800 basis points higher than 2011. And annualized EPS has grown more than fivefold. Our growth has allowed us to raise our dividend every year since we introduced the dividend in 2017. Looking ahead, milestones that we've talked about, like $10 billion in annual revenue and $1 trillion in client assets, are not distant goals. They're the logical next step in the evolution of our strategy and scale.

我們的稅前利潤率達到 21.2%，比 2011 年高出 800 多個基點。年化每股收益成長超過五倍。自 2017 年推出分紅以來，公司的發展使我們每年都能提高股心。展望未來，我們之前討論過的里程碑，例如年收入 100 億美元和客戶資產 1 兆美元，並非遙不可及的目標。它們是我們策略和規模演進的合乎邏輯的下一步。

As is our custom, we compare results each quarter to consensus estimates. Once again, we've exceeded three expectations across the board. Total net revenue of $1.4 billion, as I said, was about 7% above consensus, reflecting broad-based strength in investment banking, transactional activity, and net interest income. Earnings per share of $1.95 were 5% ahead of estimates, marking another quarter-strong operating leverage. Investment banking outperformed across both underwriting and advisory, and Wealth Management activity was stronger than forecast. Expenses were in line with guidance, and our pre-tax margin came in above expectations. In short, we delivered another quarter of record results, balanced contributions across our businesses, and continued momentum heading into year-end.

按照慣例，我們每季都會將業績與市場普遍預期進行比較。我們再次全面超越了三項預期。正如我所說，總淨收入為 14 億美元，比市場普遍預期高出約 7%，反映出投資銀行、交易活動和淨利息收入的全面強勁。每股收益為 1.95 美元，比預期高出 5%，再次實現了強勁的營運槓桿。投資銀行在承銷和諮詢業務方面均表現優異，財富管理業務也強於預期。支出符合預期，稅前利潤率超乎預期。簡而言之，我們又一個季度取得了創紀錄的業績，各業務部門貢獻均衡，並保持了進入年底前的良好勢頭。

And with that, let me turn the call over to our Chief Financial Officer, Jim Marischen, to provide more details on our financial results.

接下來，我將把電話交給我們的財務長吉姆·馬裡申，讓他詳細介紹一下我們的財務表現。

Thanks, Ron, and good morning, everyone.

謝謝你，羅恩，大家早安。

Record quarterly net revenue grew 17% year over year, with gains across the board. Commissioned and principal transactions rose 20% as both Global Wealth and Institutional segments improved from last year. Investment banking revenue was up 33%, our strongest quarter since late 2021. Asset management revenue rose 13% on market appreciation and improved organic growth.

季度淨收入創歷史新高，年增 17%，所有業務部門均成長。委託交易和自營交易成長了 20%，全球財富和機構業務板塊均較去年有所改善。投資銀行業務收入成長了 33%，這是我們自 2021 年底以來表現最好的季度。受市場升值和內生成長改善的影響，資產管理收入成長了 13%。

Net interest income increased 6% as higher interest-earning assets and lower funding costs more than offset lower asset yields. Our compensation ratio was 58%, which is consistent with guidance. Our operating pre-tax margin was 21.2%, and operating EPS was $1.95, up 30% from last year.

淨利息收入成長 6%，因為生息資產增加和融資成本降低足以抵銷資產收益率下降的影響。我們的薪酬比率為 58%，與預期一致。我們的稅前營業利潤率為 21.2%，營業每股收益為 1.95 美元，比去年增長了 30%。

Turning to slide 5, I'll discuss our Wealth business. Global Wealth Management delivered another record quarter, with revenue of $907 million and pre-tax margins of nearly 38%, our highest in almost two years. Transactional revenue reached a record $203 million as clients were active in both equity and fixed income markets. And asset management revenue also reached a record $431 billion.

接下來請看第 5 張投影片，我將討論我們的財富管理業務。全球財富管理業務又創下了一個創紀錄的季度業績，收入達 9.07 億美元，稅前利潤率接近 38%，為近兩年來的最高水準。由於客戶在股票和固定收益市場均十分活躍，交易收入達到創紀錄的 2.03 億美元。資產管理收入也達到了創紀錄的 4,310 億美元。

We ended the quarter with a record total client assets of $544 billion and record fee-based assets of $219 billion, reflecting continued market appreciation and net new asset growth in the low- to mid-single digits. Advisor recruiting remained active and high quality. We added 33 advisors during the quarter, including 17 experienced hires, with trailing 12-month production of $19 million.

本季末，客戶總資產創歷史新高，達到 5,440 億美元；收費資產創歷史新高，達到 2,190 億美元，反映市場持續升值，淨新增資產成長率維持在個位數低至中等水準。顧問招募工作保持活躍且品質很高。本季我們新增了 33 位顧問，其中包括 17 位經驗豐富的顧問，過去 12 個月的業績為 1,900 萬美元。

Retention remained strong. Our recruiting pipeline is healthy heading into year-end. Productivity benefited from a higher client engagement, record asset management revenue, and an expanding suite of wealth and lending solutions.

用戶留存率依然很高。進入年底，我們的招募管道狀況良好。生產力的提高得益於更高的客戶參與度、創紀錄的資產管理收入以及不斷擴大的財富和貸款解決方案。

Moving on to slide 6, our integrated banking model continues to strengthen our wealth platform. Net interest income was $276 million, which was above guidance, as firm-wide net interest margin improved modestly and our cost of funds remained essentially flat. We forecast fourth-quarter NII to be in a range of $270 million to $280 million.

接下來是第 6 張投影片，我們的一體化銀行模式將繼續加強我們的財富平台。淨利息收入為 2.76 億美元，高於預期，原因是公司整體淨利差略有改善，而資金成本基本上保持不變。我們預測第四季淨利息收入將在 2.7 億美元至 2.8 億美元之間。

Client cash levels increased during the quarter, with sweep deposits up $640 million and non-wealth deposits up $760 million, including strong growth from the Venture Banking team, as those deposits increased by more than $1 billion during the quarter. Credit metrics remained solid, with the non-forming asset ratio at 49 basis points, provision expense of $8 million, and an allowance to loans ratio of 81 basis points.

本季客戶現金水準增加，其中自動轉帳存款增加 6.4 億美元，非財富存款增加 7.6 億美元，包括創投銀行團隊的強勁成長，該團隊的存款在本季度增加了 10 億美元以上。信貸指標依然穩健，不良資產比率為 49 個基點，撥備支出為 800 萬美元，貸款撥備比率為 81 個基點。

On the next slide, I'll discuss our Institutional Group. Institutional revenue was $500 million, up 34% from the prior year. Strength was broad-based across investment banking and transactional revenues. Investment banking totaled $323 million, with gains in both capital raising and advisory.

下一張投影片，我將討論我們的機構集團。機構收入為 5 億美元，比上年增長 34%。投資銀行和交易收入全面走強。投資銀行業務總額達 3.23 億美元，資本募集及諮詢業務均取得收益。

Equity capital raising revenue was $79 million, the best since late 2021, with continued activity in financials and renewed issuance in biotech. Fixed income underwriting was $59 million, up from last year, driven by increased public finance activity. Stifel remains the number one negotiated issue manager by deal count, and our calendar remains very active into the fourth quarter.

股權融資收入為 7,900 萬美元，是 2021 年底以來最好的成績，金融領域持續活躍，生技領域也重新發行股票。固定收益承銷額為 5,900 萬美元，比去年有所成長，主要受公共融資活動增加的推動。以交易數量計算，Stifel 仍然是談判發行管理人中排名第一的，而且我們的日程安排在第四季度仍然非常活躍。

Trading results were also strong, with equity trading revenue of $58 million and fixed income trading revenue of $123 million, reflecting higher client activity, healthy secondary market liquidity, and multiple strategic balance sheet restructuring assignments. Advisory revenue was $179 million, with broad contributions across sectors and early benefits from the integration of Bryan Garnier. (technical difficulty) our investment banking and advisory pipelines into the quarter at record levels, providing strong visibility into the fourth quarter and beyond.

交易績效也表現強勁，股票交易收入達 5,800 萬美元，固定收益交易收入達 1.23 億美元，反映出客戶活躍度提高、二級市場流動性良好以及多項戰略性資產負債表重組任務。諮詢業務收入達1.79億美元，各行業均有貢獻，並已初步受益於Bryan Garnier的整合。 （技術故障）本季我們的投資銀行和諮詢業務管道均達到歷史新高，為第四季度及以後的發展提供了清晰的前景。

Moving on to slide 8, expenses remained well controlled. Non-compensation expenses were $298 million, up 7% from a year ago, and the adjusted non-comp operating ratio was 19%. The sequential increases in total expenses reflected deal-related investment banking gross-ups. We expect a similar adjusted non-comp ratio in the fourth quarter, which is at the low end of our annual guidance range.

接下來看第 8 張投影片，費用控制得很好。非薪酬支出為 2.98 億美元，比去年同期成長 7%，調整後的非薪酬營運比率為 19%。總支出的連續成長反映了與交易相關的投資銀行業務的毛利增加。我們預期第四季度調整後的非可比比率與此類似，處於我們年度預期範圍的下限。

The tax rate for the quarter was 26.1%. Our share price remains around current levels. We anticipate a full-year effective tax rate of 20% to 22%, implying a fourth-quarter rate of 12% to 14%. The projected decline in the effective tax rate is a result of the excess tax benefit associated with stock-based compensation.

本季稅率為26.1%。我們的股價維持在目前水準附近。我們預計全年實際稅率為 20% 至 22%，這意味著第四季稅率為 12% 至 14%。預計實際稅率下降是由於股票選擇權激勵帶來的超額稅收優惠。

Our balance sheet remains well capitalized. Tier 1 leverage capital rose to 11.1%, and Tier 1 risk-based capital ratio increased to 17.6%. Based on a 10% Tier 1 leverage target, we ended the quarter with approximately $421 million of excess capital.

我們的資產負債表依然資金充足。一級槓桿資本上升至 11.1%，一級創投比率上升至 17.6%。以 10% 的一級資本槓桿目標，我們本季末擁有約 4.21 億美元的超額資本。

We repurchased about 275,000 shares during the quarter and have 7.9 million shares remaining on our current authorization. Assuming no additional repurchases and a stable stock price, the fully diluted share count for the fourth quarter will be about 110.3 million shares.

本季我們回購了約 275,000 股股票，目前授權回購的股票數量還剩 790 萬股。假設沒有額外的股票回購，股價保持穩定，則第四季度完全稀釋後的股份數量約為 1.103 億股。

With that, Ron, back to you.

羅恩，現在把鏡頭交還給你。

Thanks, Jim.

謝謝，吉姆。

I'm pleased with our overall results and how our teams are executing across the firm. We're entering year-end well positioned to capitalize on favorable markets -- on the favorable market environment, supported by continued momentum across both our operating segments. Specifically, in our Wealth business, another record quarter with record client assets and strong profitability, we continue to attract highly productive advisors in our recruiting pipeline remains robust.

我對我們整體的業績以及我們團隊在全公司範圍內的執行情況感到滿意。進入年末，我們已做好充分準備，可以利用有利的市場環境——有利的市場環境，以及我們兩個營運部門持續成長的勢頭。具體來說，在我們的財富管理業務中，又一個創紀錄的季度，客戶資產創歷史新高，盈利能力強勁，我們繼續吸引高產的顧問，我們的招聘渠道依然暢通無阻。

Deposit gathering continues to grow, both through advisor recruiting and the addition of Venture Banking teams, driving strong treasury deposit growth. Earlier this year, as I've mentioned before, Stifel was recognized by J.D. Power for having the highest investor satisfaction among all service wealth management firms, a reflection of our advisor-centric model and trust our clients (inaudible).

透過招募顧問和增加創投銀行團隊，存款規模持續成長，推動了國庫存款的強勁成長。正如我之前提到的，今年早些時候，Stifel榮獲J.D. Power頒發的「投資者滿意度最高」獎，在所有服務型財富管理公司中名列前茅。這體現了我們以顧問為中心的模式以及我們對客戶的信任。（聽不清楚）

In our Institutional business, investment banking pipelines are at record levels, as our earlier investments continue to drive scale. We maintain leading market share in financials through our KBW platform and rank in the top 10 in equity capital market fees year to date. In public finance, as Jim said, we remain number one by number of negotiated issues led. We're also seeing increasing synergies between fixed income trading and investment banking, strengthening client relationships and expanding our reach.

在我們的機構業務方面，投資銀行專案儲備已達到創紀錄的水平，因為我們先前的投資繼續推動擴大。我們透過 KBW 平台在金融領域保持領先的市場份額，並且今年迄今在股票資本市場費用方面排名前 10。正如吉姆所說，在公共財政領域，我們主導談判議題的數量仍然位居第一。我們也看到固定收益交易和投資銀行之間的協同效應日益增強，這有助於加強客戶關係並擴大我們的業務範圍。

Looking at the markets more broadly, there's a lot of optimism out there, and I share that optimism. But we all know markets move in cycles. The best way to navigate them is with discipline, balance, and perspective, qualities that have defined Stifel from the beginning.

從更廣的角度來看，市場普遍充滿樂觀情緒，我也認同這種樂觀情緒。但我們都知道市場波動是有週期性的。應對這些問題的最佳方法是保持自律、平衡和遠見，而這些品質正是 Stifel 從創立之初就秉持的理念。

And sort of in conclusion, I have a little food for thought. In the past, I've illustrated what I believe to be Stifel's valuation gap compared to both the market and our peers. Instead of repeating those metrics, we put it this way. At current prices, you get a growth company at value company prices; I think it's compelling valuation. So as we move forward, we'll keep doing what's always worked for Stifel: staying disciplined, managing risk, and investing for the long term. That approach has built the Stifel today and positions us well for the opportunities ahead.

最後，我還有一些想法想跟大家分享。過去，我曾闡述我認為 Stifel 與市場和同業之間的估值差距。我們不重複這些指標，而是這樣表達。以目前的價格，你可以用價值股的價格買到成長型公司；我認為這是極具吸引力的估值。因此，展望未來，我們將繼續做Stifel一直以來行之有效的事：保持自律、管理風險、進行長期投資。正是這種理念造就了今天的Stifel，也讓我們為未來的機會做好了充分準備。

With that, please open the call for questions.

接下來，請容許我提問。

(Operator Instructions) Devin Ryan, Citizens.

（操作員說明）德文·瑞安，市民。

Hey, team. Good morning, Ron. Good morning, Jim. How are you?

嘿，團隊成員們。早安，羅恩。早安，吉姆。你好嗎？

Good morning.

早安.

Good morning.

早安.

I want to start with a question on investment banking. Obviously, it's been an uneven year, but second best start to a year since 2021. And when we look at Stifel today relative to then, you're obviously quite a bit even bigger than that point.

我想先問一個關於投資銀行的問題。顯然，今年開局並不穩定，但這是自 2021 年以來第二好的開局。當我們把今天的 Stifel 與當時相比，顯然規模要大得多。

So it would just be good to hear a little bit more about the record investment banking pipeline and how you guys are thinking about the upside for revenues in a more normal environment. I'm not sure if there's any way to frame it relative to kind of that prior 2021 peak. And then if you can, just give a little more color on the sector supporting that, and specifically love to hear about what you're seeing in the depository space as well. Thanks.

所以，我們很想多了解創紀錄的投資銀行專案儲備情況，以及你們如何看待在更正常的環境下收入的成長潛力。我不確定是否可以將其與 2021 年的峰值進行比較。如果可以的話，請再詳細介紹一下支持該領域的相關情況，尤其想聽聽您在存款領域看到的情況。謝謝。

Well, look, I think we did, what, $500 million of Institutional revenue, but annualized as that, around, well, obviously, $2 billion. And what did we do? $2.2 billion in 2021. So that just gives you a sense we're not, even on an annualized basis, at the 2021 level.

嗯，你看，我認為我們實現了 5 億美元的機構收入，但按年計算，大約是 20 億美元。我們做了什麼？2021年為22億美元。所以這就能讓你明白，即使按年計算，我們也沒有達到 2021 年的水準。

Of course, the mix has changed. Our capabilities are more than they were in 2021. So in terms of just where we are relative to what we can do, we're making progress. And the market environment certainly is helping, as we said it would, starting with regulatory attitude as much as anything else. Clearly, this administration is more open to M&A and even strategic -- other strategic initiatives than was the prior. I think -- I don't think there's much argument about that.

當然，成分已經改變了。我們的能力比 2021 年更強了。所以就我們目前所處的位置以及我們能夠做到的事情而言，我們正在取得進展。正如我們之前所說，市場環境確實起到了積極作用，這首先要歸功於監管態度。顯然，本屆政府比前政府更樂於進行併購，甚至更樂於採取其他策略性措施。我認為——我覺得這一點沒什麼好爭論的。

So the environment's good. A little caveat, the government shutdown hasn't helped IPOs at this point. So I think we all know that. I think the good news is that what's sitting on the desk not being reviewed will get off those desks. But that's not too perceivable from across the street.

所以環境很好。需要指出的是，政府停擺目前對IPO並沒有幫助。所以我想我們都知道這一點。我認為好消息是，那些堆在辦公桌上沒有被審查的文件將會被處理掉。但從街對面看不太明顯。

And clearly, financials have been a strength, not only on the capital side, but also what we are doing in fixed income, balance sheet restructuring related to mergers. And just look at the lead tables and you can see that, as it relates to depository M&A, we are doing quite well, not only in absolute terms, but on relative terms as it relates to market share.

顯然，財務一直是我們的優勢所在，不僅在資本方面，而且在固定收益、與併購相關的資產負債表重組方面也是如此。看看領先企業名單，你會發現，就存管機構併購而言，我們做得相當不錯，不僅從絕對值來看，而且從市場份額的相對值來看也是如此。

And I would note that across the industry, healthcare, I think, is on a lagger, not yet Stifel, but just across the board, healthcare volumes are not what they were nor what we think they're going to be. So I view that as upside. Clearly, technology has been a strength. I think we can do better in technology. It's a lot of big deals, but it's a strength. Industrials is a strength. We've seen strength there.

我想指出的是，就整個行業而言，醫療保健行業的發展相對滯後，雖然Stifel的情況還沒有完全反映出來，但總體而言，醫療保健行業的業務量既不如以前，也不如我們預期的那樣增長。所以我認為這是一個有利因素。顯然，科技一直是我們的優勢。我認為我們在科技領域可以做得更好。雖然涉及很多大事，但這也是我們的優勢。工業板塊是優勢領域。我們已經看到了那裡的實力。

So it's kind of across the board with -- big is obviously doing quite well. And our second biggest vertical, healthcare, has upside to what we're seeing. We're beginning to see -- I'm not going to use that word, what are they always talking about, green shoots, let's not -- let's put that one in the used bin for a while. But certainly, the environment is better.

所以情況大致如此——顯然，規模較大的公司發展得相當不錯。我們第二大垂直領域——醫療保健——也存在著比我們目前看到的更大的成長空間。我們開始看到──我不想用那個詞，他們總是說的那個詞是什麼來著，萌芽，我們還是別用了──我們暫時把這個字放到舊詞堆裡吧。但可以肯定的是，環境確實改善了。

Jim, I hope you have something to add.

吉姆，希望你有什麼補充。

Yeah, that's great. Thanks, Ron. And just to follow up just on the credit backdrop, obviously, several recent credit hiccups in the market, several private credit players and banks disclosing losses, and that's received some attention. So I'm just curious what you are all seeing in the market right now, how you feel about the position at Stifel just across both the loan book and the CLO exposure as well. Just any other thoughts more broadly? Thanks.

是的，太棒了。謝謝你，羅恩。至於信貸市場方面，顯然，最近市場上出現了一些信貸波動，一些私人信貸機構和銀行揭露了虧損，這引起了一些關注。所以我很好奇大家目前對市場的看法，以及你們對 Stifel 在貸款組合和 CLO 曝險方面的地位有何看法。還有其他更廣泛的想法嗎？謝謝。

Yeah. Well, I think that there's a lot of commentary you've heard, whether it's one cockroach or more, et cetera, things like that as it relates to the credit. It feels to me still a little idiosyncratic about things that have happened, at least in terms of the two bankruptcies and then the one with the asset management. But it doesn't feel like a broad-based sector type thing, I would say, that in general.

是的。嗯，我想你已經聽到了很多評論，無論是一隻蟑螂還是更多蟑螂等等，諸如此類與信用有關的事情。在我看來，他對已經發生的事情仍然有些特立獨行，至少就這兩起破產案以及後來的資產管理事件而言是如此。但總的來說，我覺得這並不是一個普遍存在的行業性問題。

But you're giving me an opportunity, Devin, just to maybe point out that I think it's very important to understand, and I know that you do, first of all, Stifel is not a regional bank. So I'll give you some commentary as it relates to my view from KBW and all our great bank clients that we've talked to. But as you know, many regional banks have 85% to 90% of their revenues generated by NII. Consequently, lending and the lending environment is very important to their ability to grow.

但你給了我一個機會，德文，我想指出一點，我認為首先要理解的是，我知道你也明白，Stifel 不是一家區域性銀行。所以，我將根據我在 KBW 的觀點以及我們所有交談過的優秀銀行客戶的意見，對大家發表一些評論。但如您所知，許多地區性銀行 85% 到 90% 的收入都來自淨利息收入。因此，貸款和貸款環境對它們的發展能力至關重要。

At Stifel, as we've pointed out many times, a little over 20%, maybe a little bit more of our revenue is NII. We're fee-based, and NII with PCG and institutional accounting, the vast majority of our revenue. And we don't look nor are we a regional bank. We really drive our revenue growth without greater exposure to credit.

正如我們多次指出的那樣，在 Stifel，我們收入的 20% 以上，甚至可能更多，都是 NII。我們以收費為基礎，淨收入（NII）加上個人照護小組（PCG）和機構會計，是我們收入的絕大部分。我們既不像也並非一家區域性銀行。我們真正實現了營收成長，而無需增加信貸風險敞口。

When we do grow our loan book, it's relatively low-risk categories, mortgages to our high-net-worth clients, security-based loans, fund banking. And in fact, Jim, those account for what?

當我們擴大貸款規模時，都是風險相對較低的類別，例如向高淨值客戶提供的抵押貸款、證券抵押貸款和基金銀行服務。事實上，吉姆，這些又能解釋什麼呢？

It's about $3 billion, $4 billion. 70% in total of the entire retained loan portfolio.

大約有30億到40億美元，佔全部保留貸款組合的70%。

Yeah. So we fund these loans with deposits from our Wealth clients, our Venture business. These are highly complementary for our Wealth and Institutional business.

是的。因此，我們用來自財富管理客戶和創投業務的存款來為這些貸款提供資金。這些與我們的財富管理和機構業務高度互補。

And your second part of your question regarding CLOs, Devin, I've dealt with this question for about, it feels like, 10-plus years. I think I'll let Marischen handle it this time.

Devin，關於你提出的第二個問題，即首席學習官（CLO）的問題，我已經處理這個問題大約有 10 年了。我想這次還是讓瑪莉申來處理吧。

Certainly. Whenever we get questions on the CLO book, the first thing we like to do is point out where in the CLO structure we are investing. Our entire portfolio is comprised of AAA and AA CLOs. So that breaks down roughly 60% in the AAA class and remain 40% in the AA class.

當然。每當我們收到關於 CLO 債券的問題時，我們首先想做的就是指出我們在 CLO 結構中的哪個部分進行投資。我們的所有投資組合均由 AAA 級和 AA 級 CLO 組成。因此，AAA 級車輛約佔 60%，AA 級車輛約佔 40%。

And I think from there, it is important to understand how the diversion of cash flows really protect those senior classes. And the key metric to look at in regards to that is the credit enhancement levels. Our portfolio has a weighted average credit enhancement level of 32%. So it's pretty significant. And the diversion of those cash flows is what protects a senior class.

我認為，由此可見，了解現金流轉移如何真正保護高年級學生群體至關重要。而在這方面需要關注的關鍵指標就是信用增級水準。我們的投資組合加權平均信用增級水準為 32%。所以這意義相當重大。而正是這些現金流的轉移保護了老年人群。

And so when you think back through time, we have never seen a AAA CLO default. And we've only seen one AA CLO default. And that bond was issued prior to the Great Financial Crisis at much lower levels of credit enhancement. So when you think about the structural benefits here, the operating performance over time through a number of different cycles, we feel very, very comfortable with our exposure in the CLO space and where we're at there today.

所以回顧歷史，我們從未見過 AAA 級 CLO 違約。我們只見過一次AA級CLO違約。而且，該債券是在金融危機之前發行的，信用增級水準也低得多。因此，考慮到這裡的結構性優勢，以及在多個不同周期中的長期營運業績，我們對我們在 CLO 領域的投資以及我們目前所處的地位感到非常非常滿意。

Devin, and maybe I can't help myself, but I want to answer on this. But when I get up and I try to think of things to worry about, which I do, that's what my job is, I don't think I ever get up and think to worry about our low-perking CLOs. And I've said this for about 10 years, so enough of that.

德文，也許我忍不住，但我很想回答這個問題。但是，當我起床後，我試著去想一些值得擔憂的事情（我的確會這樣做，因為這就是我的工作），但我從來不會想到去擔心我們那些低收益的 CLO。我已經說了大約10年了，所以就此打住吧。

Yeah. Well, appreciate it. Sorry for giving you the same question 10 years in a row.

是的。嗯，謝謝。很抱歉連續十年問你同樣的問題。

Hey, you're consistent, okay? It's telling me you've been on our call 10 years.

嘿，你一直都很始終如一，好嗎？它告訴我，你已經和我們通話 10 年了。

I think it's been 20, but yeah.

我想應該是20天吧，沒錯。

All right. Thanks, Devin.

好的。謝謝你，德文。

Thanks, Devin.

謝謝你，德文。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Hey, Bill.

嘿，比爾。

Thanks for taking the questions. Apologize for the hoarse voice here. Just to come back to the investment banking opportunity, Ron, you sort of mentioned that you're already running at a run rate of revs equal to 2021, which is a quite robust year.

謝謝您回答問題。我的聲音有點沙啞，請見諒。羅恩，回到投資銀行的機會上來，你剛才提到你們目前的營收運行速度已經達到了 2021 年的水平，而 2021 年的營收成長相當強勁。

Can we talk a little bit about maybe how you sort of see the incremental margin, the Institutional Group margin, improve very nicely both quarter on quarter and year on year? How much more incremental leverage is there to this segment? And then, relatedly, how much that might flow to the bottom line? Thank you.

我們能否稍微談談您如何看待增量利潤率，特別是機構集團利潤率，它們在季度環比和年度同比方面都取得了非常好的改善？該細分市場還有多少增量槓桿空間？那麼，這又能為公司帶來多少利潤呢？謝謝。

I think -- Jim, correct me -- broadly speaking, I think we did 12% margins in the quarter.

我認為——吉姆，請糾正我——總的來說，我認為我們本季的利潤率為 12%。

Institutional was 13.6%. That was year to date.

機構佔比為 13.6%。這是今年迄今的情況。

So 13.6%, that's why you're a CFO. That's really good. So instead of 12%, it's 13.6%. We believe that 20% to low 20s% is achievable. So think about it as about 10 points of margins for the quarter of $500 million, so annualized $2 billion.

所以是 13.6%，這就是你成為財務長的原因。那真不錯。所以不是 12%，而是 13.6%。我們認為20%到20%左右是可以實現的。所以你可以把它看成是季度利潤率提高 10 個百分點，季度利潤率為 5 億美元，年化利潤率為 20 億美元。

So if you're trying to say as we restructure on the right side, including our international operations, that's part of the improvement. We've been making improvement there. But when I look at it snapshot, I think there's 10 points of incremental pickup. So that's a couple hundred million bucks pre-tax.

所以，如果你想說的是，當我們對右邊進行重組，包括我們的國際業務，那也是改進的一部分。我們一直在努力改進那方面。但從快照來看，我認為有 10 個增量提升。所以稅前就有幾億美元。

Right. When you think about it, that's going to be leverage we're going to get both on the comp ratio as well as the non-comp. Year to date, we were about 62% in terms of the comp ratio, and that number could get closer down into the 58% range.

正確的。仔細想想，無論在薪酬比率或非薪酬方面，我們都將獲得這種優勢。今年迄今為止，我們的薪資比率約為 62%，這個數字可能會進一步下降到 58% 左右。

But where you see some even more pickup in terms of the type of margin expansion Ron was talking about, you can see within the non-comp side of the ledger work. But that was running, call it, about 25% year to date as well. So definitely a lot of margin -- a margin increased capacity there.

但是，在羅恩所說的利潤擴張方面，你可以看到一些更大的成長，這可以從帳簿的非競爭性方面看出。但就今年迄今的情況來看，這一數字也增加了約 25%。所以肯定有很大的利潤空間——利潤空間增加了產能。

We're focused on this, Bill.

比爾，我們正專注於這件事。

Yeah, that sounds like it. Okay, another question for you, and thank you for taking the questions. So I want to pick up where you left off, Ron, where you sort of mentioned you get a sort of a growth company at a value opportunity. You've been pretty prescient in terms of calling that over time.

嗯，聽起來是這樣。好的，還有一個問題想問您，謝謝您回答問題。所以我想接著你剛才說的繼續，羅恩，你剛才提到過，你可以以很划算的價格買入一家成長型公司。隨著時間的推移，你的預測相當有先見之明。

How do we think about maybe capital uses from here? How should we think about either expanding the banking opportunities since the deposits are starting to grow again versus maybe inorganic opportunities, which doesn't sound high right now, versus maybe a step-up of capital return through buyback, certainly given the strong balance sheet position? Thank you.

我們該如何考慮接下來的資金用途？鑑於存款開始再次成長，我們應該如何考慮擴大銀行業務機會，還是考慮非內生性成長機會（目前看來機會不多），又或考慮透過回購來提高資本回報（考慮到我們強勁的資產負債表狀況）？謝謝。

Bill, it's always a great question you've asked numerous times. The answer is always the same, which is the -- our capital allocation will be based on opportunity. That opportunity is grounded in our view of what's the best risk-adjusted returns on capital. So as always, we pay a dividend. We buy back stock.

比爾，你問過很多次這個問題，它一直都很好。答案始終如一，那就是——我們的資本配置將基於機會。這個機會源自於我們對最佳風險調整後資本回報的看法。所以，和往常一樣，我們會派發股息。我們回購股票。

I've said this year, and you can look at it, our volume of stock repurchases accelerated when we were in Liberation Day, market suppression, if you will, and our lower equity values. We said we wouldn't grow our balance sheet as much as the stock rebounded. And we saw more opportunities as the economy improved in lending. We allocated more capital to that.

我今年說過，你們也可以看看，在我們經歷「解放日」（Liberation Day，市場受到抑制，或者說是市場低迷）以及我們的股票價值較低的時候，我們的股票回購量加速成長。我們說過，不會隨著股價反彈而大幅擴張資產負債表。隨著經濟好轉，我們在貸款方面看到了更多機會。我們為此投入了更多資金。

Acquisitions are -- obviously, it's in our DNA. It's certainly my DNA as CEO. But as I've said, the level that cash flows and future earnings are trading at which, as I've said before, people come to me and say, what do you think at 20 times adjusted EBITDA. I think, well, I don't think that. And so we've actually been more muted. But we understand the importance to our shareholders, managing our capital, buying back equities. I think it's -- I think the stock is compelling, and that should support buybacks.

收購——顯然，這已經融入了我們的基因。這無疑是我身為CEO的基因。但正如我之前所說，現金流和未來收益的交易水平，正如我之前所說，人們會來問我，你覺得調整後 EBITDA 的 20 倍怎麼樣。我覺得，嗯，我不這麼認為。所以，我們其實一直比較低調。但我們明白，對我們的股東而言，管理好資本、回購股票至關重要。我認為——我認為這支股票很有吸引力，這應該會支撐股票回購。

But we're also going to grow the bank because that supports the integrated bank, supports our Wealth and Institutional businesses. So those are investments. Buybacks are financial transactions. Growing the balance sheet is strategic and builds franchise value. We'll always look at our dividend and we'll consider acquisitions when they think they add accretively to our return on investment.

但我們也將繼續發展銀行業務，因為這有助於整合銀行業務，並支持我們的財富管理和機構業務。所以這些都是投資。回購屬於金融交易。擴大資產負債表規模具有策略意義，能提升特許經營價值。我們會始終關注股息，並且只有在認為收購能夠增加投資回報率時才會考慮收購。

So I can't you give me any numbers on that because I don't know what they are. It would depend on the opportunities as they present themselves.

所以我無法提供任何具體數字，因為我不知道這些數字是多少。這要看機會何時出現。

Okay. Thank you.

好的。謝謝。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi. Good morning, Ron. Good morning, Jim. Thanks for taking my questions. Always appreciated. Well, I did want to start off with a question on the FICC brokerage business. The performance was quite impressive this quarter. It was also pretty strong last quarter.

你好。早安，羅恩。早安，吉姆。謝謝您回答我的問題。永遠感激。嗯，我想先問一個關於固定收益、外匯和大宗商品經紀業務的問題。本季業績相當出色。上季表現也相當強勁。

You cited some enhanced revenue synergies with the banking side of the business and was hoping you could just unpack some of the sources of strength a bit further. And whether those synergies support a higher run rate, if you can contextualize that a bit more, it would be really helpful.

您提到了與銀行業務方面一些增強的收入協同效應，我希望您能進一步詳細闡述其中的一些優勢來源。如果這些綜效能夠支援更高的運行率，您能再詳細解釋一下，那就太好了。

We've been looking in the last few quarters, even at ourselves, at strong fixed income performance. And then we'll say, oh, hey, we want to caution you, it's not sustainable. Let's say that.

在過去的幾個季度裡，我們一直在關注（甚至包括我們自身）強勁的固定收益業績。然後我們會說，哦，嘿，我們想提醒你，這種做法是不可持續的。就這麼說吧。

What I think is happening is that the integration of a lot of the things that we've done over the years from Sterne Agee, First Empire, through some of the smaller acquisitions, and then importantly, Vining Sparks combined with the pickup in depository environment, which has been a normalization of the yield curve, and then M&A activity, which often the restructuring of M&A will lead in an M&A moment to restructuring the balance sheet of either the target or the combined company.

我認為目前正在發生的事情是，我們多年來從 Sterne Agee、First Empire 等公司，透過一些較小的收購，以及後來重要的 Vining Sparks 等公司所做的許多事情的整合，再加上存款環境的回暖（收益率曲線的正常化），以及併購活動（通常，併購重組會導致目標公司或合併後公司的資產負債表重組）。

And so what we've seen is what we talk about. The reason we do these deals is to increase our relevance so that we're able to have a seat at those tables. So instead of just doing advisory, we're also helping restructure balance sheets. We're talking to financial officers as the yield curve adjusts, not only normalized, but appears at least on the short end to be coming down. And frankly, our relevance is equaling more revenue.

所以，我們所看到的，就是我們所談論的。我們進行這些交易的原因是為了提高我們的影響力，從而使我們能夠參與這些決策中。因此，我們不僅提供諮詢服務，也幫助客戶重組資產負債表。我們正在與財務主管交談，他們表示殖利率曲線正在調整，不僅趨於正常化，而且至少短期內似乎正在下降。坦白說，我們的相關性意味著更多的收入。

I think that's fair. Obviously, we've talked about some of the transactions. Obviously, we had some of the gains in the prior quarter related to aircraft. That's in the balance sheet restructuring transaction we're talking about here.

我認為這是公平的。顯然，我們已經討論過一些交易。顯然，上一季我們的一些收益與飛機有關。這就是我們正在討論的資產負債表重組交易的一部分。

If you're thinking about it from a pure run rate perspective, I would think about it along the lines of the traditional transactional revenue around $100 million run rate for the fourth quarter prior to layering on any of those, I guess, what we call in the last quarter recurring, non-recurring items.

如果純粹從運行率的角度來看，我會認為第四季度傳統的交易收入運行率約為 1 億美元，然後再加上我們所說的最後一個季度的經常性或非經常性項目。

That's what you call them.

這就是你們對它們的稱呼。

That's what I call them.

我就是這麼稱呼他們的。

So your guidance has always proven to be low.

所以，你的指導意見一直都很低。

It's a good way to think about it, yeah.

沒錯，這確實是個不錯的思考方式。

Yeah, that's fine.

好的，沒問題。

And a two-parter for my follow-up, and I recognize both questions are unrelated, but the first is just on the recruitment trends. And nice to see the uptick in FA ads and recruitment levels, which hopefully you could speak to what's driving some of that strength, whether you're seeing continued seeding of share from the wire houses, or if you're seeing just more opportunities with some of the regional brokers. And then was hoping for an update on sweep deposit trends in the month of October.

我的後續問題分為兩部分，我知道這兩個問題並不相關，但第一個問題只是關於招募趨勢。很高興看到英足總廣告和招聘水平有所上升，希望您能談談推動這一增長的因素，例如，您是否看到大型券商持續擴大市場份額，或者您是否看到一些區域經紀商提供了更多機會。然後，我原本希望了解10月的自動轉帳存款趨勢。

I'll do the first. I'll let Jim do the second so Jim can think about sweep deposits.

我來做第一個。第二件事就讓吉姆來做吧，這樣吉姆就可以考慮一下自動轉帳存款的問題了。

Recruiting is robust. We've talked about the reasons. We've talked about it's a confluence of events. We've built a great platform. We've built a great service platform. We have good technology. We've made sure that we're competitive on the front because I felt when we were losing, it was not capabilities. It was more financial related.

招聘工作進展順利。我們已經討論過原因了。我們已經討論過，這是多種因素共同作用的結果。我們打造了一個很棒的平台。我們打造了一個優秀的服務平台。我們擁有先進的技術。我們已經確保在前線保持競爭力，因為我覺得當我們輸球的時候，問題不在於能力。這比較是經濟方面的問題。

And recruiting is an ongoing thing. It's like reading a novel or reading War and Peace. You're halfway through it, start over, and you've got a lot more to do. It's an ongoing, everyday thing that we're doing. We have a great alternative for a lot of advisors that are looking for a firm that puts advisors first and has a culture of a wealth management firm with banking and underwriting capabilities.

招募是一項持續進行的工作。這就像讀小說或讀《戰爭與和平》一樣。你已經完成了一半，現在要從頭再來，而且你還有很多事情要做。這是我們每天都在做的一件持續性的事情。對於許多正在尋找以顧問為先、具有財富管理公司文化、並具備銀行和承銷能力的公司的顧問來說，我們是一個很好的選擇。

So not a lot of us out there like that. We certainly are one of them and we're attracting a lot of people. Now we just need to execute. So I have been and I'm continuing to be optimistic about that part of our business.

所以像我們這樣的人不多。我們當然是其中之一，而且我們吸引了很多人。現在我們只需要執行。所以我一直並將繼續對我們業務的這部分持樂觀態度。

I will note, as I always do when I get to November, recruiting in the fourth quarter slows down. Half of the -- I mean, they shut down the ACAT system in December. So Stifel -- that's known on the screen. You should know that too. And I think you do.

我要指出的是，就像我每年到了11月都會做的那樣，第四季的招募工作會放緩。一半——我的意思是，他們在 12 月關閉了 ACAT 系統。所以，Stifel——這是螢幕上已知的。你也應該知道這一點。我覺得你的確這麼認為。

And then in regards to an update on sweep cash, through yesterday, we were down from quarter-end probably about $500 million plus in terms of those balances. But I would hesitate and say that those balances are moving several hundred million dollars on a day-to-day basis.

至於自動轉帳現金的最新情況，截至昨天，與季度末相比，這些餘額可能減少了 5 億美元以上。但我還是會猶豫一下，說這些資金每天的變動金額高達數億美元。

I'd also highlight that we did generate another $1 billion of deposit growth across the Venture Group. Given the additional investments made in those new team members as well as the strong recruiting that Ron talked about, while it won't always necessarily be on a straight line, we do expect cash balances to continue to grow through the end of the year.

我還要強調，我們在整個創投集團實現了 10 億美元的存款成長。鑑於對這些新團隊成員的額外投資以及羅恩所說的強有力的招聘，雖然這不一定會一直呈直線增長，但我們預計現金餘額將在年底前繼續增長。

And we've also -- it's pretty fun. We've hired some more leaders too that have helped. I just want to note that. We won't name names, but it's all part of a flywheel type thing. You've got to have a platform. You have to have products. And you also have to have the leadership that can go track the people. And we've invested in all of those areas.

而且我們還——這很有趣。我們也聘請了一些其他的領導者，他們也提供了幫助。我只是想提一下這一點。我們不會指名道姓，但這都是某種循環往復的現象。你必須要有平台。你必須要有產品。而且你還需要有能夠追蹤民眾動向的領導階層。我們在所有這些領域都進行了投資。

Well said. Thanks for the additional color, Ron.

說得好。謝謝你補充的色彩，羅恩。

Brennan Hawken, Bank of Montreal.

布倫南·霍肯，蒙特利爾銀行。

Morning, Ron and Jim. Thanks for taking my questions. Ron, you spoke to a valuation gap, which you have spoken to fairly consistently over the years. But the valuation gap has also been persistent. And the interesting thing that's different about the current environment versus recent years is that there's seen as maybe a window for large firms to begin to acquire firms and roll up certain spaces. And the wealth space is an area where a lot of large firms want to grow.

早上好，羅恩和吉姆。謝謝您回答我的問題。羅恩，你談到了估值差距，而多年來你也一直在談論這個問題。但估值差距一直存在。與近年來不同的是，當前環境的一個有趣之處在於，人們認為這可能是大型公司開始收購公司並整合某些領域的一個窗口期。財富管理領域是許多大型企業想要拓展業務的領域。

And Stifel, it's an attractive asset, right? You've got an employee-oriented wealth firm, which fits well with a large entity. Many investors believe that you can make for a good target. But we all know wealth firms are sold, not bought. So could you maybe share your views on that and how you're thinking about it?

而Stifel是一家很有吸引力的公司，對吧？你們是一家以員工為中心的財富管理公司，這與大型企業非常契合。許多投資人認為你可以成為一個不錯的投資目標。但我們都知道，財富管理公司是被賣掉的，而不是被收購的。所以能否分享一下您對此的看法以及您的想法？

Did you just ask me about selling the firm?

你剛剛問我關於出售公司的事嗎？

Welcome back, Brennan.

歡迎回來，布倫南。

Yes, it's -- first of all, I appreciate the compliment. But we've got a great asset, are you kidding? I mean, for many firms that would want to be into our space, there's not very many alternatives: a company that's got 24% return on tangible equity and margins and a great culture, great technology, and all of those things.

是的，首先，我非常感謝你的讚美。但我們擁有一項非常寶貴的資產，你在開玩笑嗎？我的意思是，對於許多想要進入我們這個領域的公司來說，並沒有太多選擇：一家有形股本回報率和利潤率達到 24%，擁有優秀的企業文化、先進的技術以及所有這些優勢的公司。

Yet, maybe my persistent valuation gap comes from the way I answer this question all the time, which is we see no need to sell other than maybe the short-term pop in a share price, which then eliminates a 135-year-old firm and a firm that's gaining market share, as we have over the years. I got asked this question in 2011, why don't you sell? You're an attractive asset. Everyone coming out of the financial crisis, people want to invest. And we've grown the firm, as I showed in the slide, significantly.

然而，或許我持續存在的估值差距源於我一直以來對這個問題的回答方式，那就是我們認為除了股價短期上漲之外，沒有其他出售的必要，這樣一來，一家擁有 135 年曆史的公司和一家像我們多年來一樣不斷擴大市場份額的公司就被排除在外了。2011年有人問過我這個問題：為什麼不賣？你是一位極具吸引力的人才。走出金融危機後，每個人都想投資。正如我在幻燈片中所展示的那樣，我們公司已經取得了顯著的成長。

And maybe some of the questions will go surrounding when the CEO is running out of energy and they want to sell. Well, that ain't the case here, okay? So I'm not looking to do anything. We get phone calls once in a while. I always say, well, can I run it? So the combined thing, they said, what? So then that's there.

或許有些問題會圍繞著CEO何時精力耗盡、公司想要出售股份。但這裡的情況並非如此，好嗎？所以我什麼都不打算做。我們偶爾會接到電話。我總是問，我能運行它嗎？所以他們說，綜合起來，那會是什麼呢？那就這樣了。

But I'm kind of kidding there. My point is that we're in a good spot. We're gaining market share. You should own our stock with a valuation discount, which has been proven by our historical growth, both in revenue, earnings per share, profitability, and relevance. We are a growth company. Our results show it. And we trade like a company that really can't grow and more of a value plan.

但我這只是開玩笑。我的意思是，我們現在處境不錯。我們正在擴大市場份額。您應該以目前的估值折扣持有我們的股票，這一點已由我們過去在收入、每股盈餘、獲利能力和市場相關性方面的成長所證明。我們是一家成長型公司。我們的結果證明了這一點。我們的交易方式就像一家無法真正成長的公司，更像是一種價值投資策略。

I'll say it. I'll continue to say it. It doesn't matter, but it's a fun way to end the calls every once in a while.

我來說吧。我還會繼續這麼說。這無關緊要，但偶爾用這種方式結束通話也挺有趣的。

Fair enough. Thanks, Ron. And then I'd love to hear about some trends that you're seeing in advisory. So you guys have -- sponsors are a fairly big cohort for your advisory business.

很公平。謝謝你，羅恩。然後，我很想聽聽您在諮詢領域觀察到的一些趨勢。所以你們的贊助商——對於你們的諮詢業務來說，這是一個相當龐大的群體。

What are you seeing in your backlogs as far as that group of market participants? Are we starting to see some return there? It looks like your advisory revenue was better than the public data, so it suggests maybe some smaller advisory -- sponsor-oriented deals might have been part of it. Is that the case? And how are you thinking about that cohort going forward? Thanks.

就這部分市場參與者而言，您在積壓訂單中看到了什麼情況？我們是不是開始看到一些成效了？看來您的諮詢收入比公開數據要好，所以這表明其中可能包含了一些規模較小的、以贊助商為導向的諮詢交易。真是這樣嗎？那麼，您對這群體未來的發展有何看法？謝謝。

First of all, I thought our reported numbers are consistently above what you would try to anticipate in the public data. And I think that is because we do small and mid-cap deals as well. And that's been true not just last quarter, but for years. So that's the case.

首先，我認為我們公佈的數據一直高於您在公開數據中可能預期的數據。我認為這是因為我們也進行中小市值交易。而這種情況不僅發生在上個季度，而是已經持續多年。事實就是如此。

Brennan, in terms of pipeline, we're seeing strength across the board, every single vertical, every single product. We built a company here really to take advantage of the markets when it is accommodative, and we're starting to see that. And so we're optimistic as we look forward to fourth quarter and 2026.

布倫南，就產品線而言，我們看到各方面都表現強勁，每個垂直領域、每個產品都是如此。我們在這裡建立公司的初衷就是為了在市場環境有利時抓住機遇，而我們現在也開始看到這種趨勢了。因此，我們對第四季和2026年充滿樂觀。

Yeah, that's a good -- hey, let's not underestimate importance of the environment, and we're doing well. I'm sure a lot of my peers and competitors are doing well. I just feel from my perspective that we're gaining market share, and we see a very nice growth pattern, growth picture in front of us, just like I saw in 2011. So that's why we're optimistic.

是的，這很好——嘿，我們不要低估環境的重要性，我們做得很好。我相信我的許多同行和競爭對手都發展得很好。從我的角度來看，我覺得我們正在獲得市場份額，而且我們看到了一個非常好的成長模式，前景一片光明，就像我在 2011 年看到的那樣。這就是我們保持樂觀的原因。

Great. Thanks for taking my questions.

偉大的。謝謝您回答我的問題。

(Operator Instructions) Our next question is going to come from Michael Cho.

（操作說明）下一個問題將來自 Michael Cho。

Hi. Good morning. Thanks for taking my question. I just wanted to follow up on the corporate M&A discussion that we were just having. There's some news about Stifel's independent advisor business. I mean, I recognize it's a small part of the business and something Stifel's maybe strategically de-emphasized for some time, but maybe it's a good time.

你好。早安.感謝您回答我的問題。我只是想就我們剛才討論的企業併購問題做個後續說明。Stifel的獨立顧問業務有一些新消息。我的意思是，我承認這只是公司業務的一小部分，而且Stifel可能在一段時間內出於戰略考慮而淡化了這部分業務，但也許現在正是時候。

I was hoping maybe I could just get your broader perspective on some key considerations around this prospective exit of this segment. And how do you think Stifel's be better positioned longer term from this reshuffling of the business?

我希望能夠從您更廣闊的視角，了解一下關於此次可能退出該業務板塊的一些關鍵考慮因素。那麼，您認為透過這次業務重組，Stifel 從長遠來看將如何更好地定位自己？

Well, I mean, a fair question. Nothing's announced on this, so you can appreciate my inability to talk in any specifics. That said, I think that the article that was written, I'm not really going to comment on the article other than context. And I think that the context in the article that sort of -- I didn't talk to the reporter, but I thought, wow, they had a little bit of the history and the way we think about the business correct. I think that it's very -- it's immaterial to us and doesn't really change what we believe we will grow.

嗯，這確實是個好問題。目前還沒有任何官方消息，所以您能理解我無法透露任何具體細節。話雖如此，但就這篇文章而言，除了提供一些背景資訊外，我不會對文章內容本身做任何評論。我認為文章中的背景資訊——我沒有和記者交談，但我當時想，哇，他們對歷史以及我們看待這個行業的方式有一些正確的理解。我認為這對我們來說無關緊要，也不會真正改變我們相信我們將要發展的方向。

So I can't really answer your question. I hope you appreciate that. Yet, a lot of the thought process was captured well, so I will say that.

所以我真的無法回答你的問題。我希望你能理解這一點。不過，很多思考過程都被很好地捕捉到了，所以我要說這一點。

Okay, great. No, fair enough. It's just a quick small follow-up, Jim. Just on balance sheet growth outlook from here, you called out Venture Banking during quarter. And I think maybe last quarter, you were talking about maybe $1 billion of loan growth into the end of '25. Just kind of curious, any updates in terms of balance sheet growth from here? Any key segments you might call out outside of Venture Banking? Thanks.

好的，太好了。不，很公平。吉姆，這只是個簡短的後續問題。單就資產負債表成長前景而言，您在季度中提到了創投銀行業務。我認為上個季度你們可能談到到 2025 年底貸款成長可能達到 10 億美元。只是有點好奇，資產負債表成長有什麼最新進展嗎？除了創投銀行業務之外，您還有哪些重點領域需要特別指出？謝謝。

Right. In some of our prepared remarks, we talked about the confirmation of the goal to get into $1 billion of loan growth for the back half of the year, and we still feel confident in that. When you think about the component line items that are comprising that growth, I think you will continue to see what you've seen historically. You're going to continue to see fund banking being a large contributor there.

正確的。在我們事先準備好的演講稿中，我們談到了確認下半年貸款成長達到 10 億美元的目標，我們仍然對此充滿信心。當你思考構成這種成長的各個組成部分時，我認為你會看到與歷史上相同的情況。未來，基金銀行業務仍將是其中的重要貢獻者。

We continue to add one to four family residential loans. And then, again, as we talked about, you'll continue to see some additional Venture balances there as well. That's much more of a deposit generation play more than the loan growth -- what loan growth will see from that.

我們繼續增加一至四戶家庭的房屋貸款。然後，正如我們之前討論過的，您還會繼續在那裡看到一些額外的風險投資餘額。這更體現了存款成長而非貸款成長——貸款成長將如何受到影響。

Great. Thank you.

偉大的。謝謝。

And there are no further questions at this time. I will turn the conference back over to Joel Jeffrey for any additional or closing remarks.

目前沒有其他問題了。我將把會議交還給喬爾·傑弗裡，讓他作補充或總結發言。

I appreciate you asking for my opinions, but I'm going to turn it over to Ron to have his closing remarks.

感謝你徵求我的意見，但我接下來要把發言權交給羅恩，讓他做總結陳詞。

Yes, I'll interpret what you were going to say. We thank you all for attending and your interest in Stifel.

是的，我會翻譯你原本要說的話。感謝各位的蒞臨以及對Stifel的關注。

I'll reiterate what we said at the call. We talked about the back half of the year being where we could see some nice pickup in activity driven by the environment. We see that. Let's get the government shutdown done so we can get some get regoing on some of the capital market transactions. But the environment is good and the company, Stifel, is well positioned.

我重申一下我們在電話會議上說的話。我們討論過，下半年受環境因素影響，經濟活動可能會出現不錯的回升。我們看到了。讓我們盡快結束政府停擺，這樣我們就可以重新啟動一些資本市場交易了。但市場環境良好，公司 Stifel 也處於有利地位。

So I look forward to reporting to you our fourth-quarter and full-year results. And everyone, have a great remainder of the day and holidays and everything until we meet again. Thank you.

因此，我期待向大家報告我們第四季和全年的業績。祝大家今天餘下的時間以及假期都過得愉快，期待下次再見。謝謝。

And this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。