Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022				December 31, 2021
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	16,318	$	11,825	$	13,372	$	12,721
Mutual funds		5,836		—		7,310		—
Money market funds		3,189		—		3,004		—
Private equity funds		532		1,179		2,376		1,203
Total	$	25,875	$	13,004	$	26,062	$	13,924

Fair Value Of Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022, are presented below (in thousands):

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	55,870	$	55,870	$	—	$	—
U.S. government agency securities		201,613		—		201,613		—
Agency mortgage-backed securities		349,887		—		349,887		—
Asset-backed securities		128,314		—		83,103		45,211
Corporate securities:
Fixed income securities		230,175		1,639		228,536		—
Equity securities		56,622		51,892		3,717		1,013
State and municipal securities		136,879		—		136,879		—
Other (1)		111,672		—		11,485		100,187
Total financial instruments owned		1,271,032		109,401		1,015,220		146,411
Available-for-sale securities:
U.S. government agency securities		2,272		—		2,272		—
State and municipal securities		2,355		—		2,355		—
Mortgage-backed securities:
Agency		875,784		—		875,784		—
Commercial		68,512		—		68,512		—
Non-agency		487		—		487		—
Corporate fixed income securities		686,906		—		686,906		—
Asset-backed securities		243,588		—		243,588		—
Total available-for-sale securities		1,879,904		—		1,879,904		—
Investments:
Corporate equity securities		24,949		11,410		1,661		11,878
Auction rate securities		13,965		—		—		13,965
Other		34,919		95		45		34,779
Investments in funds and partnerships measured at NAV		22,686
Total investments		96,519		11,505		1,706		60,622
Cash equivalents measured at NAV		3,189
Derivative contracts (2)		102,248		—		102,248		—
	$	3,352,892	$	120,906	$	2,999,078	$	207,033

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

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

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	478,722	$	478,722	$	—	$	—
U.S. government agency securities		56,721		—		56,721		—
Agency mortgage-backed securities		122,369		—		122,369		—
Corporate securities:
Fixed income securities		124,305		63		124,242		—
Equity securities		25,034		22,813		2,221		—
Other (3)		4,751		—		1,629		3,122
Total financial instruments sold, but not yet purchased		811,902		501,598		307,182		3,122
Derivative contracts (4)		102,247		—		102,247		—
	$	914,149	$	501,598	$	409,429	$	3,122

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

(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	$	—

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

The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended June 30, 2022 (in thousands):

	Three Months Ended June 30, 2022
	Financial instruments owned								Investments
	Asset-Backed Securities			Corporate Equity Securities		Loans			Corporate Equity Securities		Auction Rate Securities		Other
Balance at March 31, 2022	$	53,416		$	1,013	$	34,960		$	11,878	$	13,743	$	34,725
Unrealized gains		—			—		152			—		222		54
Realized gains		104			—		243			—		—		—
Purchases		1,590			—		74,982			—		—		—
Sales		—			—		(8,318	)		—		—		—
Redemptions		(9,899	)		—		(1,832	)		—		—		—
Net change		(8,205	)		—		65,227			—		222		54
Balance at June 30, 2022	$	45,211		$	1,013	$	100,187		$	11,878	$	13,965	$	34,779

The following table summarizes the change in fair value associated with Level 3 financial instruments during the six months ended June 30, 2022 (in thousands):

	Six Months Ended June 30, 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			212			6,124		933		(1,012	)
Realized gains		1,777			336			568			—		—		992
Purchases		1,590			—			108,204			—		—		—
Sales		—			(387	)		(33,218	)		—		—		(999	)
Redemptions		(27,612	)		—			(2,436	)		—		—		(39	)
Net change		(19,495	)		788			73,330			6,124		933		(1,058	)
Balance at June 30, 2022	$	45,211		$	1,013		$	100,187		$	11,878	$	13,965	$	34,779

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of June 30, 2022 and December 31, 2021, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	June 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,577,677	$	1,577,677	$	1,963,326	$	1,963,326
Cash segregated for regulatory purposes		30,161		30,161		186,331		186,331
Securities purchased under agreements to resell		608,051		608,051		579,866		579,866
Financial instruments owned		1,271,032		1,271,032		1,157,004		1,157,004
Available-for-sale securities		1,879,904		1,879,904		2,113,893		2,113,893
Held-to-maturity securities		5,883,448		5,595,681		5,348,558		5,343,481
Bank loans		18,983,186		18,740,079		16,627,847		16,704,912
Loans held for sale		288,676		288,676		207,715		207,715
Investments		96,519		96,519		117,804		117,804
Derivative contracts (1)		102,248		102,248		52,129		52,129
Financial liabilities:
Securities sold under agreements to repurchase	$	350,206	$	350,206	$	385,528	$	385,528
Bank deposits		26,009,300		24,856,580		23,280,348		22,998,842
Financial instruments sold, but not yet purchased		811,902		811,902		756,150		756,150
Senior notes		1,114,016		1,076,610		1,113,478		1,218,344
Debentures to Stifel Financial Capital Trusts		60,000		54,468		60,000		46,340
Derivative contracts (2)		102,247		102,247		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 June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,574,488	$	1,574,488	$	—	$	—
Cash segregated for regulatory purposes		30,161		30,161		—		—
Securities purchased under agreements to resell		608,051		425,461		182,590		—
Held-to-maturity securities		5,595,681		—		5,487,075		108,606
Bank loans		18,740,079		—		18,740,079		—
Loans held for sale		288,676		—		288,676		—
Financial liabilities:
Securities sold under agreements to repurchase	$	350,206	$	—	$	350,206	$	—
Bank deposits		24,856,580		—		24,856,580		—
Senior notes		1,076,610		1,076,610		—		—
Debentures to Stifel Financial Capital Trusts		54,468		—		—		54,468

	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