Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023				December 31, 2022
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	21,103	$	7,846	$	18,817	$	9,853
Mutual funds		3,373		—		4,728		—
Money market funds		791		—		1,650		—
Private equity funds		416		1,181		417		1,181
Total	$	25,683	$	9,027	$	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 June 30, 2023, are presented below (in thousands):

	June 30, 2023
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	24,571	$	24,571	$	—	$	—
U.S. government agency securities		351,095		—		351,095		—
Agency mortgage-backed securities		173,629		—		173,629		—
Asset-backed securities		46,022		—		44,043		1,979
Corporate securities:
Fixed income securities		243,240		141		243,099		—
Equity securities		40,392		40,392		—		—
State and municipal securities		159,089		—		159,089		—
Other (1)		106,860		—		1,319		105,541
Total financial instruments owned		1,144,898		65,104		972,274		107,520
Available-for-sale securities:
U.S. government agency securities		2,163		—		2,163		—
State and municipal securities		2,350		—		2,350		—
Mortgage-backed securities:
Agency		768,548		—		768,548		—
Commercial		65,578		—		65,578		—
Non-agency		343		—		343		—
Corporate fixed income securities		545,964		—		545,964		—
Asset-backed securities		197,472		—		197,472		—
Total available-for-sale securities		1,582,418		—		1,582,418		—
Investments:
Corporate equity securities		23,648		10,099		1,671		11,878
Auction rate securities		14,683		—		—		14,683
Other (2)		37,556		99		115		37,342
Investments in funds and partnerships measured at NAV		24,892
Total investments		100,779		10,198		1,786		63,903
Cash equivalents measured at NAV		791
Derivative contracts (3)		136,112		—		136,112		—
	$	2,964,998	$	75,302	$	2,692,590	$	171,423

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

(2) Primarily includes private company investments.

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

	June 30, 2023
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	445,251	$	445,251	$	—	$	—
U.S. government agency securities		12,889		—		12,889		—
Agency mortgage-backed securities		69,150		—		69,150		—
Corporate securities:
Fixed income securities		116,263		45		116,218		—
Equity securities		16,067		16,067		—		—
Other (4)		5,867		—		—		5,867
Total financial instruments sold, but not yet purchased		665,487		461,363		198,257		5,867
Derivative contracts (5)		136,099		—		136,099		—
	$	801,586	$	461,363	$	334,356	$	5,867

(4) Includes syndicated loans.

(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 June 30, 2023 (in thousands):

	Three Months Ended June 30, 2023
	Financial instruments owned						Investments
	Asset-Backed Securities			Syndicated Loans			Corporate Equity Securities		Auction Rate Securities		Other
Balance at March 31, 2023	$	2,124		$	93,591		$	11,878	$	14,680	$	37,368
Unrealized gains/(losses)		—			(22	)		—		3		(26	)
Realized gains		220			61			—		—		—
Purchases		—			23,395			—		—		—
Sales		—			(2,466	)		—		—		—
Redemptions		(365	)		(9,018	)		—		—		—
Net change		(145	)		11,950			—		3		(26	)
Balance at June 30, 2023	$	1,979		$	105,541		$	11,878	$	14,683	$	37,342

The following table summarizes the change in fair value associated with Level 3 financial instruments during the six months ended June 30, 2023 (in thousands):

	Six Months Ended June 30, 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		—			86			—		2		368
Realized gains/(losses)		226			(73	)		—		—		—
Purchases		—			54,760			—		—		—
Sales		—			(4,569	)		—		—		—
Redemptions		(426	)		(14,551	)		—		—		—
Net change		(200	)		35,653			—		2		368
Balance at June 30, 2023	$	1,979		$	105,541		$	11,878	$	14,683	$	37,342

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of June 30, 2023 and December 31, 2022, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	June 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,907,926	$	1,907,926	$	2,199,985	$	2,199,985
Cash segregated for regulatory purposes		21,372		21,372		29,017		29,017
Securities purchased under agreements to resell		542,582		542,582		348,162		348,162
Financial instruments owned		1,144,898		1,144,898		731,752		731,752
Available-for-sale securities		1,582,418		1,582,418		1,636,041		1,636,041
Held-to-maturity securities		5,951,482		5,789,788		5,990,451		5,738,418
Bank loans		20,338,475		19,460,855		20,465,092		19,752,043
Loans held for sale		224,017		224,017		156,912		156,912
Investments		100,779		100,779		99,376		99,376
Derivative contracts (1)		136,112		136,112		142,042		142,042
Financial liabilities:
Securities sold under agreements to repurchase	$	318,321	$	318,321	$	212,011	$	212,011
Bank deposits		27,004,807		24,575,014		27,117,111		24,274,224
Financial instruments sold, but not yet purchased		665,487		665,487		454,817		454,817
Senior notes		1,115,091		1,033,723		1,114,554		1,016,755
Debentures to Stifel Financial Capital Trusts		60,000		52,511		60,000		53,385
Derivative contracts (2)		136,099		136,099		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 June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,907,135	$	1,907,135	$	—	$	—
Cash segregated for regulatory purposes		21,372		21,372		—		—
Securities purchased under agreements to resell		542,582		—		542,582		—
Held-to-maturity securities		5,789,788		—		5,696,680		93,108
Bank loans		19,460,855		—		19,460,855		—
Loans held for sale		224,017		—		224,017		—
Financial liabilities:
Securities sold under agreements to repurchase	$	318,321	$	—	$	318,321	$	—
Bank deposits		24,575,014		—		24,575,014		—
Senior notes		1,033,723		1,033,723		—		—
Debentures to Stifel Financial Capital Trusts		52,511		—		—		52,511

	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