Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value

The table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV as of March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022				December 31, 2021
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	15,061	$	12,030	$	13,372	$	12,721
Mutual funds		6,830		—		7,310		—
Money market funds		3,383		—		3,004		—
Private equity funds		1,692		1,179		2,376		1,203
Total	$	26,966	$	13,209	$	26,062	$	13,924

Financial Instruments Sold, But Not Yet Purchased

Fair Value Of Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2022, are presented below (in thousands):

	March 31, 2022
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	60,821	$	60,821	$	—	$	—
U.S. government agency securities		210,855		—		210,855		—
Agency mortgage-backed securities		348,695		—		348,695		—
Asset-backed securities		72,990		—		19,574		53,416
Corporate securities:
Fixed income securities		258,717		1,529		257,188		—
Equity securities		73,050		70,890		1,147		1,013
State and municipal securities		202,737		—		202,737		—
Other (1)		51,771		—		16,811		34,960
Total financial instruments owned		1,279,636		133,240		1,057,007		89,389
Available-for-sale securities:
U.S. government agency securities		2,922		—		2,922		—
State and municipal securities		2,366		—		2,366		—
Mortgage-backed securities:
Agency		853,946		—		853,946		—
Commercial		69,852		—		69,852		—
Non-agency		504		—		504		—
Corporate fixed income securities		730,874		—		730,874		—
Asset-backed securities		265,680		—		265,680		—
Total available-for-sale securities		1,926,144		—		1,926,144		—
Investments:
Corporate equity securities		27,269		13,730		1,661		11,878
Auction rate securities		13,743		—		—		13,743
Other		48,707		127		13,855		34,725
Investments in funds and partnerships measured at NAV		23,583
Total investments		113,302		13,857		15,516		60,346
Cash equivalents measured at NAV		3,383
Derivative contracts (2)		74,646		—		74,646		—
	$	3,397,111	$	147,097	$	3,073,313	$	149,735

(1) Includes loans, non-agency mortgage-backed securities, and sovereign debt.

(2) Included in other assets in the consolidated statements of financial condition.

	March 31, 2022
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	481,889	$	481,889	$	—	$	—
U.S. government agency securities		69,181		—		69,181		—
Agency mortgage-backed securities		164,838		—		164,838		—
Corporate securities:
Fixed income securities		198,815		496		198,319		—
Equity securities		22,485		22,485		—		—
Other (3)		4,207		—		4,207		—
Total financial instruments sold, but not yet purchased		941,415		504,870		436,545		—
Derivative contracts (4)		74,658		—		74,658		—
	$	1,016,073	$	504,870	$	511,203	$	—

(3) Includes sovereign debt and state and municipal securities.

(4) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021, are presented below (in thousands):

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	10,774	$	10,774	$	—	$	—
U.S. government agency securities		143,793		—		143,793		—
Agency mortgage-backed securities		335,050		—		335,050		—
Asset-backed securities		132,087		—		67,381		64,706
Corporate securities:
Fixed income securities		255,999		183		255,816		—
Equity securities		75,056		73,493		1,338		225
State and municipal securities		162,335		—		162,335		—
Other (1)		41,910		—		15,053		26,857
Total financial instruments owned		1,157,004		84,450		980,766		91,788
Available-for-sale securities:
U.S. government agency securities		1,808		—		1,808		—
State and municipal securities		2,399		—		2,399		—
Mortgage-backed securities:
Agency		952,186		—		952,186		—
Commercial		73,985		—		73,985		—
Non-agency		568		—		568		—
Corporate fixed income securities		791,893		—		791,893		—
Asset-backed securities		291,054		—		291,054		—
Total available-for-sale securities		2,113,893		—		2,113,893		—
Investments:
Corporate equity securities		21,308		13,893		1,661		5,754
Auction rate securities		13,032		—		—		13,032
Other		60,406		10,217		14,352		35,837
Investments in funds and partnerships measured at NAV		23,058
Total investments		117,804		24,110		16,013		54,623
Cash equivalents measured at NAV		3,004
Derivative contracts (2)		52,129		—		52,129		—
	$	3,443,834	$	108,560	$	3,162,801	$	146,411

(1)Includes loans, non-agency mortgage-backed securities, and sovereign debt.

(2)Included in other assets in the consolidated statements of financial condition.

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	377,023	$	377,023	$	—	$	—
U.S. government agency securities		37,395		—		37,395		—
Agency mortgage-backed securities		156,628		—		156,628		—
Corporate securities:
Fixed income securities		153,852		—		153,852		—
Equity securities		28,482		28,482		—		—
Sovereign debt		2,770		—		2,770		—
Total financial instruments sold, but not yet purchased		756,150		405,505		350,645		—
Derivative contracts (3)		52,147		—		52,147		—
	$	808,297	$	405,505	$	402,792	$	—

(3)Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments

	Three Months Ended March 31, 2022
	Financial instruments owned									Investments
	Asset-Backed Securities			Corporate Equity Securities			Loans			Corporate Equity Securities		Auction Rate Securities		Other
Balance at December 31, 2021	$	64,706		$	225		$	26,857		$	5,754	$	13,032	$	35,837
Unrealized gains/(losses)		4,750			839			60			6,124		711		(1,066	)
Realized gains		1,673			336			325			—		—		992
Purchases		—			—			33,222			—		—		—
Sales		—			(387	)		(24,900	)		—		—		(999	)
Redemptions		(17,713	)		—			(604	)		—		—		(39	)
Net change		(11,290	)		788			8,103			6,124		711		(1,112	)
Balance at March 31, 2022	$	53,416		$	1,013		$	34,960		$	11,878	$	13,743	$	34,725

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of March 31, 2022 and December 31, 2021, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	March 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,555,146	$	1,555,146	$	1,963,326	$	1,963,326
Cash segregated for regulatory purposes		169,337		169,337		186,331		186,331
Securities purchased under agreements to resell		807,664		807,664		579,866		579,866
Financial instruments owned		1,279,636		1,279,636		1,157,004		1,157,004
Available-for-sale securities		1,926,144		1,926,144		2,113,893		2,113,893
Held-to-maturity securities		5,316,296		5,251,532		5,348,558		5,343,481
Bank loans		17,592,841		17,528,412		16,627,847		16,704,912
Loans held for sale		315,427		315,427		207,715		207,715
Investments		113,302		113,302		117,804		117,804
Derivative contracts (1)		74,646		74,646		52,129		52,129
Financial liabilities:
Securities sold under agreements to repurchase	$	530,195	$	530,195	$	385,528	$	385,528
Bank deposits		24,195,626		23,793,441		23,280,348		22,998,842
Financial instruments sold, but not yet purchased		941,415		941,415		756,150		756,150
Federal Home Loan Bank advances		28,000		28,000		—		—
Senior notes		1,113,747		1,141,798		1,113,478		1,218,344
Debentures to Stifel Financial Capital Trusts		60,000		50,666		60,000		46,340
Derivative contracts (2)		74,658		74,658		52,147		52,147

(1) Included in other assets in the consolidated statements of financial condition.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value

The following tables present the estimated fair values of financial instruments not measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,551,763	$	1,551,763	$	—	$	—
Cash segregated for regulatory purposes		169,337		169,337		—		—
Securities purchased under agreements to resell		807,664		534,648		273,016		—
Held-to-maturity securities		5,251,532		—		5,125,933		125,599
Bank loans		17,528,412		—		17,528,412		—
Loans held for sale		315,427		—		315,427		—
Financial liabilities:
Securities sold under agreements to repurchase	$	530,195	$	57,928	$	472,267	$	—
Bank deposits		23,793,441		—		23,793,441		—
Federal Home Loan Bank advances		28,000		28,000		—		—
Senior notes		1,141,798		1,141,798		—		—
Debentures to Stifel Financial Capital Trusts		50,666		—		—		50,666

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,960,322	$	1,960,322	$	—	$	—
Cash segregated for regulatory purposes		186,331		186,331		—		—
Securities purchased under agreements to resell		579,866		371,797		208,069		—
Held-to-maturity securities		5,343,481		—		5,205,085		138,396
Bank loans		16,704,912		—		16,704,912		—
Loans held for sale		207,715		—		207,715		—
Financial liabilities:
Securities sold under agreements to repurchase	$	385,528	$	10,000	$	375,528	$	—
Bank deposits		22,998,842		—		22,998,842		—
Senior notes		1,218,344		1,218,344		—		—
Debentures to Stifel Financial Capital Trusts		46,340		—		—		46,340