Description of Firm Stifel Capital Management, LLC (“SCM” or “firm”) is a limited liability company organized under the laws of the State of Delaware in 2023 with a principal place of business in New York, New York. SCM is a wholly-owned subsidiary of Stifel Financial Corp., a financial services holding company whose stock is publicly traded on the New York Stock Exchange under the symbol “SF.” As used in this brochure, the words “we,” “our,” and “us” refer to SCM, and the words “you,” “your,” and “client” refer to you as either a client or prospective client of our firm. Our Advisory Services We are a fixed income manager offering a range of fixed income strategies described in “Methods of Analysis, Investment Strategies and Risk of Loss” in Item 8 of this brochure. We provide discretionary investment management services through separately managed accounts for public finance institutions, private institutions, corporations, universities, foundations, and high net worth individuals. Under these relationships, we enter into an investment advisory agreement with each separately managed account client in which the client grants us discretionary authority to manage the client’s account and to determine the specific securities, and the amount of securities to be purchased or sold for the account without obtaining the client’s approval prior to each transaction. We also provide discretionary investment management services to wrap fee programs (“Wrap Program”) sponsored by other financial institutions in the U.S. (a “Wrap Sponsor”), including our affiliated broker-dealer, Stifel, Nicolaus & Company, Incorporated. We manage wrap accounts in accordance with their investment policies. There are certain differences between how we manage separately managed accounts

and how we manage other client accounts. For example, when participating in a Wrap Program, the Wrap Sponsor is typically responsible for determining the suitability of the Wrap Program, including SCM and our investment strategy, for the client. We typically are only responsible for managing client assets in accordance with the designated investment strategy. In addition, we may be restricted by Wrap Sponsors from communicating directly with clients; all communications, including communications with respect to the clients’ investment objectives, financial condition and reasonable investment restrictions, typically must be directed through the Wrap Sponsor. We generally permit clients to impose reasonable restrictions on investment in certain securities or types of securities. A restriction is reasonable if, in our judgment, the restriction does not impose any material or significant impairment on our ability to manage a client’s assets in accordance with the investment strategy and guidelines established for that client’s account. There may be differences in the performance of wrap portfolios among SCM clients, resulting from differences in the number of securities held in the portfolio, cash availability, investment restrictions, account sizes, tax considerations, and other factors. Clients participating in a Wrap Program are charged a wrap fee by the Wrap Sponsor. For our services, the Wrap Sponsor generally pays SCM a fee based on assets managed by SCM, which is a portion of the total wrap fee the Wrap Sponsor charges clients. The fees we receive in connection with Wrap Programs may vary from fees charged to other clients and between Wrap Programs. Assets Under Management As of March 27, 2024 SCM had assets under management of $745,405,535.