Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (in thousands):

	March 31, 2023				December 31, 2022
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	20,532	$	8,481	$	18,817	$	9,853
Mutual funds		4,955		—		4,728		—
Money market funds		2,569		—		1,650		—
Private equity funds		416		1,181		417		1,181
Total	$	28,472	$	9,662	$	25,612	$	11,034

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, 2023, are presented below (in thousands):

	March 31, 2023
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	42,530	$	42,530	$	—	$	—
U.S. government agency securities		157,385		—		157,385		—
Agency mortgage-backed securities		276,964		—		276,964		—
Asset-backed securities		46,691		—		44,567		2,124
Corporate securities:
Fixed income securities		203,332		269		203,063		—
Equity securities		46,995		46,735		260		—
State and municipal securities		101,033		—		101,033		—
Other (1)		98,872				5,281		93,591
Total financial instruments owned		973,802		89,534		788,553		95,715
Available-for-sale securities:
U.S. government agency securities		2,189		—		2,189		—
State and municipal securities		2,351		—		2,351		—
Mortgage-backed securities:
Agency		792,969		—		792,969		—
Commercial		66,695		—		66,695		—
Non-agency		392		—		392		—
Corporate fixed income securities		550,322		—		550,322		—
Asset-backed securities		209,540		—		209,540		—
Total available-for-sale securities		1,624,458		—		1,624,458		—
Investments:
Corporate equity securities		23,779		10,221		1,680		11,878
Auction rate securities		14,680		—		—		14,680
Other (2)		37,513		100		45		37,368
Investments in funds and partnerships measured at NAV		25,903
Total investments		101,875		10,321		1,725		63,926
Cash equivalents measured at NAV		2,569
Derivative contracts (3)		116,772		—		116,772		—
	$	2,819,476	$	99,855	$	2,531,508	$	159,641

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

(2) Primarily includes private company investments.

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

	March 31, 2023
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	377,430	$	377,430	$	—	$	—
U.S. government agency securities		29,110		—		29,110		—
Agency mortgage-backed securities		50,768		—		50,768		—
Corporate securities:
Fixed income securities		175,354		193		175,161		—
Equity securities		15,148		15,148		—		—
Other (4)		6,071		—		182		5,889
Total financial instruments sold, but not yet purchased		653,881		392,771		255,221		5,889
Derivative contracts (5)		116,758		—		116,758		—
	$	770,639	$	392,771	$	371,979	$	5,889

(4) Includes syndicated loans and sovereign debt.

(5) 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, 2022, are presented below (in thousands):

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	38,956	$	38,956	$	—	$	—
U.S. government agency securities		73,608		—		73,608		—
Agency mortgage-backed securities		172,642		—		172,642		—
Asset-backed securities		8,270		—		6,091		2,179
Corporate securities:
Fixed income securities		202,169		689		201,480		—
Equity securities		38,129		37,383		746		—
State and municipal securities		126,237		—		126,237		—
Other (1)		71,741		—		1,853		69,888
Total financial instruments owned		731,752		77,028		582,657		72,067
Available-for-sale securities:
U.S. government agency securities		2,148		—		2,148		—
State and municipal securities		2,351		—		2,351		—
Mortgage-backed securities:
Agency		791,022		—		791,022		—
Commercial		66,113		—		66,113		—
Non-agency		388		—		388		—
Corporate fixed income securities		566,294		—		566,294		—
Asset-backed securities		207,725		—		207,725		—
Total available-for-sale securities		1,636,041		—		1,636,041		—
Investments:
Corporate equity securities		23,597		9,928		1,791		11,878
Auction rate securities		14,681		—		—		14,681
Other (2)		37,136		117		45		36,974
Investments in funds and partnerships measured at NAV		23,962
Total investments		99,376		10,045		1,836		63,533
Cash equivalents measured at NAV		1,650
Derivative contracts (3)		142,042		—		142,042		—
	$	2,610,861	$	87,073	$	2,362,576	$	135,600

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

(2)Primarily includes private company investments.

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

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	254,265	$	254,265	$	—	$	—
U.S. government agency securities		3,971		—		3,971		—
Agency mortgage-backed securities		44,793		—		44,793		—
Corporate securities:
Fixed income securities		134,381		88		134,293		—
Equity securities		11,590		11,590		—		—
Other (4)		5,817		—		36		5,781
Total financial instruments sold, but not yet purchased		454,817		265,943		183,093		5,781
Derivative contracts (5)		142,028		—		142,028		—
	$	596,845	$	265,943	$	325,121	$	5,781

(4)Includes syndicated loans and state and municipal securities.

(5)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

The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended March 31, 2023 (in thousands):

	Three Months Ended March 31, 2023
	Financial instruments owned						Investments
	Asset-Backed Securities			Syndicated Loans			Corporate Equity Securities		Auction Rate Securities			Other
Balance at December 31, 2022	$	2,179		$	69,888		$	11,878	$	14,681		$	36,974
Unrealized gains/(losses)		—			108			—		(1	)		394
Realized gains/(losses)		6			(134	)		—		—			—
Purchases		—			31,365			—		—			—
Sales		—			(2,103	)		—		—			—
Redemptions		(61	)		(5,533	)		—		—			—
Net change		(55	)		23,703			—		(1	)		394
Balance at March 31, 2023	$	2,124		$	93,591		$	11,878	$	14,680		$	37,368

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of March 31, 2023 and December 31, 2022, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	March 31, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	2,765,747	$	2,765,747	$	2,199,985	$	2,199,985
Cash segregated for regulatory purposes		20,551		20,551		29,017		29,017
Securities purchased under agreements to resell		549,215		549,215		348,162		348,162
Financial instruments owned		973,802		973,802		731,752		731,752
Available-for-sale securities		1,624,458		1,624,458		1,636,041		1,636,041
Held-to-maturity securities		5,984,822		5,779,545		5,990,451		5,738,418
Bank loans		20,709,768		19,847,907		20,465,092		19,752,043
Loans held for sale		225,365		225,365		156,912		156,912
Investments		101,875		101,875		99,376		99,376
Derivative contracts (1)		116,772		116,772		142,042		142,042
Financial liabilities:
Securities sold under agreements to repurchase	$	429,726	$	429,726	$	212,011	$	212,011
Bank deposits		28,325,327		25,611,711		27,117,111		24,274,224
Financial instruments sold, but not yet purchased		653,881		653,881		454,817		454,817
Senior notes		1,114,822		1,027,532		1,114,554		1,016,755
Debentures to Stifel Financial Capital Trusts		60,000		52,958		60,000		53,385
Derivative contracts (2)		116,758		116,758		142,028		142,028

(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, 2023 and December 31, 2022 (in thousands):

	March 31, 2023
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,763,178	$	2,763,178	$	—	$	—
Cash segregated for regulatory purposes		20,551		20,551		—		—
Securities purchased under agreements to resell		549,215		362,868		186,347		—
Held-to-maturity securities		5,779,545		—		5,666,895		112,650
Bank loans		19,847,907		—		19,847,907		—
Loans held for sale		225,365		—		225,365		—
Financial liabilities:
Securities sold under agreements to repurchase	$	429,726	$	12,825	$	416,901	$	—
Bank deposits		25,611,711		—		25,611,711		—
Senior notes		1,027,532		1,027,532		—		—
Debentures to Stifel Financial Capital Trusts		52,958		—		—		52,958

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,198,335	$	2,198,335	$	—	$	—
Cash segregated for regulatory purposes		29,017		29,017		—		—
Securities purchased under agreements to resell		348,162		218,515		129,647		—
Held-to-maturity securities		5,738,418		—		5,624,042		114,376
Bank loans		19,752,043		—		19,752,043		—
Loans held for sale		156,912		—		156,912		—
Financial liabilities:
Securities sold under agreements to repurchase	$	212,011	$	—	$	212,011	$	—
Bank deposits		24,274,224		—		24,274,224		—
Senior notes		1,016,755		1,016,755		—		—
Debentures to Stifel Financial Capital Trusts		53,385		—		—		53,385