Stifel Education Group

Serving K-14 schools

The country’s leading underwriter of K-12 school bonds and an experienced regional partner to K-12 schools from one sea to the other.

As the country’s leading K-12 underwriter, we understand our job goes beyond underwriting. We are here to listen and provide a tailored value-added service, gain your mutual respect and build a long term partnership. The bonds we value the most are the ones established with you.

Stifel K-12 Public Finance 2025 Year in Review

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Education Subsectors

K-12 Public Schools

As the country’s leading K-12 public school underwriter, Stifel’s bankers know that their jobs go beyond just underwriting. They are there to listen, gain their clients’ respect and build long-term partnerships to solve funding challenges at all levels. The bonds Stifel values the most are the ones we make with our clients.

K-12 Charter Schools

For over a decade, Stifel has partnered with charter schools nationwide, gaining a deep understanding of the unique financial, operational, and competitive challenges they face. A dedicated team of public finance professionals has structured and executed some of the most innovative financings in the sector, including obligated groups, long amortizations (40+ years), and pooled RAN programs. Stifel focus on developing innovative solutions and providing exceptional service, allows schools to concentrate on their missions —serving students and their families.

K-12 Independent Schools

With services ranging from debt management to capital planning and assistance, Stifel is equipped to help independent schools navigate the full range of public and private capital-raising options available to them. Years of industry experience and an in-depth understanding of the K-12 independent school landscape enables Stifel to provide sound guidance and expertise to independent schools nationwide.

Community Colleges

Stifel partners with community colleges to deliver customized capital solutions that support campus growth, infrastructure improvements, and long-term financial sustainability. Our team brings deep expertise in structuring tax-exempt and taxable securities, helping institutions navigate complex funding challenges. Whether you're expanding facilities, upgrading technology, or refinancing existing debt, we provide innovative strategies aligned with your mission and financial goals. With a national reach and local insight, Stifel is committed to helping community colleges thrive.

Representative Transactions

$61,230,000

General Obligation Ref. Bonds

Arapahoe CSD. No. 6

Littleton, Colorado

Public K – 12

K-12 Public Schools

Sep 2024

$30,000,000

School Improvement Bonds

School District of University City

University City, Missouri

Public K – 12

K-12 Public Schools

Jul 2024

$97,476,000

School Improvement Bonds

North Ridgeville CSD

North Ridgeville, Ohio

Public K – 12

K-12 Public Schools

Jun 2024

$87,261,000

School Fac. Improvement Bonds

Shaker Heights CSD

Shaker Heights, Ohio

Public K – 12

K-12 Public Schools

Apr 2024

$143,925,000

School Improvement Bonds

Phoenix UHSD No. 210

Phoenix, Arizona

Public 9 – 12

K-12 Public Schools

Mar 2024

$85,360,000

School Improvement Bonds

Chandler USD No. 80

Chandler, Arizona

Public K – 12

K-12 Public Schools

Mar 2024

$141,550,000

School Improvement Bonds

Agua Fria UHSD No. 216

Avondale, Arizona

Public 9 – 12

K-12 Public Schools

Jan 2024

$108,000,000

School Improvement Bonds

Saint Louis Public Schools

St. Louis, Missouri

Public K – 12

K-12 Public Schools

Apr 2023

$122,475,000

General Obligation Bonds Series

City and County of Denver SD. No. 1

Denver, Colorado

Public K – 12

K-12 Public Schools

Mar 2022

Dollar volume represents full credit to each underwriter. All transaction announcements appear as a matter of record only. Stifel collectively refers to Stifel, Nicolaus & Company, Incorporated and other affiliated broker-dealer subsidiaries of Stifel Financial Corp.

Accolades

Leader

Stifel is the No. 1 underwriter of negotiated issues for public school districts in the United States.*

Innovative

Stifel’s scenario-based financial modeling is being used by more than 186 independent schools. **

Community-Focused

Stifel has more than 250 banking professionals working across the United States.

*LSEG (Full to Book Equal if Joint) negotiated K-12 transactions ranked by number of issues and par amount. As of Jan. 1, 2025
** The Bond Buyer, Bloomberg, Ranked by number of lead managed negotiated issues. As of August 2025

Team

Anne Noble

Managing Director, Chair

Saint Louis

John Kim

Managing Director, Head of K-12 Charter Schools

Los Angeles

Dev Talvadkar

Managing Director, Head of K-12 Independent Schools

Bethesda

Brad Angst

Managing Director

Austin

David Arteberry

Managing Director

Kansas City

Robert Barna

Managing Director

Los Angeles

STF_headshot_Benninghoff_Josh_Public_Finance

Josh Benninghoff

Managing Director

Denver

Lorenzo Boyd

Managing Director

Saint Louis

Megan Burke

Managing Director

Phoenix

Bob Casillas

Managing Director

Phoenix

Chad Christoff

Managing Director

Denver

Toby Cortez

Managing Director

Baton Rouge

Tom Crabtree

Managing Director

Saint Louis

Matt Dugdale

Managing Director

Salt Lake City

Jim Elizondo

Managing Director

Fort Wayne

Ken Funderburk

Managing Director

Montgomery

Guillermo Garcia

Managing Director

San Francisco

Erica Gonzalez

Managing Director

San Francisco

Martin Ghafoori

Managing Director

Saint Louis

Grant Hamill

Managing Director

Phoenix

Kevin Heid

Managing Director

Bloomington

Michelle Hillstrom

Managing Director

Cleveland

Bryan Huskey

Managing Director

Atlanta

Robert Jarosz

Managing Director

Okemos

Bruce Kerns

Managing Director

San Francisco

Patrick King

Managing Director

Columbus

Whitney Laird

Managing Director

Baton Rouge

Michael Lavallee

Managing Director

Phoenix

Bryan Lundberg

Managing Director

Phoenix

Trey Monroe

Managing Director

Atlanta

John McShane

Managing Director

Pittsburgh

Edward Murray

Managing Director

Conshohocken

Ike Papadopoulos

Managing Director

Naples

Mark Quinn

Managing Director

Philadelphia

Tom Reedy

Managing Director

Chicago

Brent Robertson

Managing Director

Columbia

Nancy Rocha

Managing Director

Dallas

Matt Schumaker

Managing Director

Indianapolis

Charlie Sides

Managing Director

Baton Rouge

Michael Short

Managing Director

Kansas City

Randie Stein

Managing Director

Phoenix

Andrew Tritt

Managing Director

Atlanta

Frank Vega

Managing Director

Los Angeles

Amy Canfield

Director

Denver

Gina DiMartino

Director

Saint Louis

Rebecca Esrock

Director

Saint Louis

Nate Fretz

Director

Bloomington

Chris Hoffert

Director

Philadelphia

Matt Johansen

Director

Dallas

Dane Kopinski

Director

San Antonio

Bret Shogren

Director

Wichita

Natasha Walth

Director

Boston

Stan Jones

Vice President

Kansas City

Jeremiah Miller

Vice President

Michelle Woodruff

Vice President

Denver

Stifel Municipal Bond Calendar

Stay up to date on Stifel’s municipal bond activity throughout the United States. Our Municipal Bond Calendar showcases selected negotiated offerings that include anticipated par amounts, pricing dates, and Preliminary Official Statements. See important disclaimer information here.

Anticipated Pricing Date	Type of Financing	State	Issuer	Issue	Anticipated Par	Rating (s) Moodys, S&P, Fitch	Federal Taxes	State Taxes	Preliminary Official Statement
05/14/2026	Education (K-12/Public)	New Mexico	Santa Fe Public School District	General Obligation School Building Bonds, Series 2026	40,000,000	- / AA- / -	Exempt	Exempt	View
05/14/2026	Education (K-12/Public)	New Mexico	Santa Fe Public School District	Taxable Education Technology General Obligation Lease Purchase Notes, Series 2026A	6,000,000	- / AA- / -	Non-Exempt	Non-Exempt	View
05/14/2026	Education (K-12/Public)	New Mexico	Santa Fe Public School District	Tax-Exempt Education Technology General Obligation Lease Purchase Notes, Series 2026B	5,000,000	- / AA- / -	Exempt	Exempt	View
05/14/2026	Education (K-12/Public)	California	Coalinga-Huron Joint Unified School District	Election of 2022 General Obligation Bonds, Series B	13,500,000	A1 / - / -	Exempt	Exempt	View
05/14/2026	Education (K-12/Public)	Kansas	Harvey County USD 373 (Newton)	General Obligation School Building Bonds, Series 2026-A	48,255,000	- / A / -	Exempt	Exempt	View
05/18/2026	Education (K-12/Public)	Illinois	Sangamon Cnty Sch Dist No 186 (Springfield)	General Obligation Limited Tax School Bonds, Series 2026B	59,750,000	- / A / -	Exempt	Non-Exempt	View
05/18/2026	Education (K-12/Public)	Illinois	Sangamon Cnty Sch Dist No 186 (Springfield)	General Obligation School Bonds, Series 2026C	5,815,000	- / A / -	Exempt	Non-Exempt	View
05/18/2026	Education (K-12/Public)	Illinois	Sangamon Cnty Sch Dist No 186 (Springfield)	General Obligation School Bonds (Alternate Revenue Source), Series 2026D	34,990,000	- / A / -	Exempt	Non-Exempt	View
05/18/2026	Education (K-12/Public)	Illinois	Sangamon Cnty Sch Dist No 186 (Springfield)	Taxable General Obligation Unlimited Tax Refunding School Bonds, Series 2026E	12,165,000	- / A / -	Non-Exempt	Non-Exempt	View
05/18/2026	Education (K-12/Public)	Illinois	Sangamon Cnty Sch Dist No 186 (Springfield)	Taxable General Obligation Limited Tax Refunding School Bonds, Series 2026A	9,790,000	- / A / -	Non-Exempt	Non-Exempt	View
05/19/2026	Education (K-12/Public)	Michigan	Portage Public Schools	2026 School Building and Site and Refunding Bonds(Unlimited Tax General Obligation)	154,085,000	- / AA- / -	Exempt	Exempt	View
05/19/2026	Education (K-12/Public)	Illinois	Calhoun & Greene Cntys CUSD No 40 (Calhoun)	Taxable General Obligation School Bonds, Series 2026A	760,000	- / A / -	Non-Exempt	Non-Exempt	View
05/19/2026	Education (K-12/Public)	Illinois	Calhoun & Greene Cntys CUSD No 40 (Calhoun)	General Obligation School Bonds, Series 2026B	1,925,000	- / A / -	Exempt	Non-Exempt	View
05/19/2026	Education (K-12/Public)	Ohio	Buckeye Local School District (Medina County)	Certificates of Participation, Series 2026	23,000,000	A1 / - / -	Exempt	Exempt	View
05/19/2026	Education (K-12/Public)	Missouri	Crawford County R-I School District	General Obligation School Building BondsSeries 2026	8,000,000	- / A+ / -	Exempt	Exempt	View
05/19/2026	Education (K-12/Public)	Missouri	Wheaton R-III School District	General Obligation BondsSeries 2026	1,000,000	- / AA+ / -	Exempt	Exempt	View
05/20/2026	Education (K-12/Public)	Michigan	Ferndale Public Schools	2026 School Building and Site BondsUnlimited Tax General Obligation	34,355,000	- / A+ / -	Exempt	Exempt	View
05/21/2026	Education (K-12/Public)	California	Brawley Union High School District	2026 General Obligation Refunding Bonds, Series A	2,260,000	Aa2 / - / -	Exempt	Exempt	View
05/21/2026	Education (K-12/Public)	California	Brawley Union High School District	2026 General Obligation Refunding Bonds, Series B (Federally Taxable)	2,775,000	Aa2 / - / -	Non-Exempt	Exempt	View

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Stifel underwrites debt on behalf of municipalities throughout the nation. The bond issues represent selected negotiated offerings in which the firm will participate in. These bonds are subject to prior sale. This offering calendar is for information purposes only, and is not intended as an offer for solicitation with respect to the purchase or sale of any securities. New issues are offered by Official Statement only, which can be found by clicking the “POS button” for each respective deal under the Preliminary Official Statement column. Stifel encourages investors to work with their personal financial advisor when making decisions about buying or selling any security. These decisions should be guided by an overall financial plan specific to individual objectives, tax considerations and risk tolerance, as well as to market environments that may affect investments. If you have any questions regarding the process for selling municipal bonds at Stifel, please consult your financial advisor.