Stifel Financial Corp. (NYSE:SF) Q4 2023 Earnings Call Transcript

Ron Kruszewski: Definitely.

Brennan Hawken: Great. Thanks for the color.

Ron Kruszewski: I can expand that if you want me to.

Brennan Hawken: Yes, please. I’d love to if you don’t mind.

Ron Kruszewski: No. No. Again you’re — as markets as the interest rates go up and the spread widens between bid offer, expectations in M&A not just strategic, but the ability to have realizations in private equity, one of the drivers is returning capital. It’s hard to raise a new fund when you haven’t consummated your last one. And so that is driving bid offer expectations tighter and there’s a lot of discussions going on, on this. And that’s again just speaking to the overall tone in that market, which is an improved market environment in that and frankly across the markets. So, absent any external shock to the system, that’s why we see improvement here.

Brennan Hawken: Great. Thanks for that color.

Operator: We do not have any further questions in the queue.

Ron Kruszewski: Well very good. I want to thank everyone for taking the time to listen to our results. Look forward to talking to you about what I believe will be an improving environment in 2024 as we go through the year and into 2025. So, thank you everyone for your time and we look forward to communicating again next quarter. Have a good day.

Operator: This concludes today’s call. Thank you for your participation. You may now disconnect.