Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023				December 31, 2022
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	22,413	$	7,056	$	18,817	$	9,853
Mutual funds		3,278		—		4,728		—
Money market funds		1,870		—		1,650		—
Private equity funds		407		1,181		417		1,181
Total	$	27,968	$	8,237	$	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 September 30, 2023, are presented below (in thousands):

	September 30, 2023
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	10,479	$	10,479	$	—	$	—
U.S. government agency securities		158,086		—		158,086		—
Agency mortgage-backed securities		199,294		—		199,294		—
Asset-backed securities		63,046		—		61,377		1,669
Corporate securities:
Fixed income securities		321,842		197		321,645		—
Equity securities		43,091		42,817		274		—
State and municipal securities		163,139		—		163,139		—
Other (1)		97,768		—		9,251		88,517
Total financial instruments owned		1,056,745		53,493		913,066		90,186
Available-for-sale securities:
U.S. government agency securities		2,135		—		2,135		—
State and municipal securities		2,294		—		2,294		—
Mortgage-backed securities:
Agency		715,250		—		715,250		—
Commercial		65,695		—		65,695		—
Non-agency		332		—		332		—
Corporate fixed income securities		537,850		—		537,850		—
Asset-backed securities		188,677		—		188,677		—
Total available-for-sale securities		1,512,233		—		1,512,233		—
Investments:
Corporate equity securities		24,877		10,888		2,111		11,878
Auction rate securities		783		—		—		783
Other (2)		39,396		71		115		39,210
Investments in funds and partnerships measured at NAV		26,098
Total investments		91,154		10,959		2,226		51,871
Cash equivalents measured at NAV		1,870
Derivative contracts (3)		166,038		—		166,038		—
	$	2,828,040	$	64,452	$	2,593,563	$	142,057

(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.

	September 30, 2023
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	334,630	$	334,630	$	—	$	—
U.S. government agency securities		5,439		—		5,439		—
Agency mortgage-backed securities		70,344		—		70,344		—
Corporate securities:
Fixed income securities		135,080		—		135,080		—
Equity securities		20,114		20,114		—		—
Other (4)		12,683		—		6,974		5,709
Total financial instruments sold, but not yet purchased		578,290		354,744		217,837		5,709
Derivative contracts (5)		166,015		—		166,015		—
	$	744,305	$	354,744	$	383,852	$	5,709

(4) Includes asset-backed securities and 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 September 30, 2023 (in thousands):

	Three Months Ended September 30, 2023
	Financial instruments owned						Investments
	Asset-Backed Securities			Syndicated Loans			Corporate Equity Securities		Auction Rate Securities			Other
Balance at June 30, 2023	$	1,979		$	105,541		$	11,878	$	14,683		$	37,342
Unrealized gains/(losses)		—			(158	)		—		—			368
Realized gains/(losses)		502			(1,323	)		—		(232	)		—
Purchases		—			13,909			—		—			1,500
Sales		—			(26,869	)		—		—			—
Redemptions		(812	)		(2,583	)		—		(13,668	)		—
Net change		(310	)		(17,024	)		—		(13,900	)		1,868
Balance at September 30, 2023	$	1,669		$	88,517		$	11,878	$	783		$	39,210

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

	Nine Months Ended September 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/(losses)		—			(72	)		—		2			736
Realized gains/(losses)		728			(1,396	)		—		(232	)		—
Purchases		—			68,669			—		—			1,500
Sales		—			(31,438	)		—		—			—
Redemptions		(1,238	)		(17,134	)		—		(13,668	)		—
Net change		(510	)		18,629			—		(13,898	)		2,236
Balance at September 30, 2023	$	1,669		$	88,517		$	11,878	$	783		$	39,210

Schedule Of Fair Value Of Financial Instruments

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

	September 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	2,768,353	$	2,768,353	$	2,199,985	$	2,199,985
Cash segregated for regulatory purposes		33,399		33,399		29,017		29,017
Securities purchased under agreements to resell		412,367		412,367		348,162		348,162
Financial instruments owned		1,056,745		1,056,745		731,752		731,752
Available-for-sale securities		1,512,233		1,512,233		1,636,041		1,636,041
Held-to-maturity securities		5,900,379		5,811,600		5,990,451		5,738,418
Bank loans		20,292,553		19,353,782		20,465,092		19,752,043
Loans held for sale		142,617		142,617		156,912		156,912
Investments		91,154		91,154		99,376		99,376
Derivative contracts (1)		166,038		166,038		142,042		142,042
Financial liabilities:
Securities sold under agreements to repurchase	$	408,950	$	408,950	$	212,011	$	212,011
Bank deposits		27,594,358		25,358,517		27,117,111		24,274,224
Financial instruments sold, but not yet purchased		578,290		578,290		454,817		454,817
Senior notes		1,115,360		1,020,868		1,114,554		1,016,755
Debentures to Stifel Financial Capital Trusts		60,000		58,262		60,000		53,385
Derivative contracts (2)		166,015		166,015		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 September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,766,483	$	2,766,483	$	—	$	—
Cash segregated for regulatory purposes		33,399		33,399		—		—
Securities purchased under agreements to resell		412,367		—		412,367		—
Held-to-maturity securities		5,811,600		—		5,717,202		94,398
Bank loans		19,353,782		—		19,353,782		—
Loans held for sale		142,617		—		142,617		—
Financial liabilities:
Securities sold under agreements to repurchase	$	408,950	$	—	$	408,950	$	—
Bank deposits		25,358,517		—		25,358,517		—
Senior notes		1,020,868		1,020,868		—		—
Debentures to Stifel Financial Capital Trusts		58,262		—		—		58,262

	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