Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 (in thousands):

	December 31, 2023				December 31, 2022
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	24,261	$	14,454	$	18,817	$	9,853
Money market funds		4,706		—		1,650		—
Mutual funds		3,632		—		4,728		—
Private equity funds		368		1,181		417		1,181
Total	$	32,967	$	15,635	$	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 December 31, 2023, are presented below (in thousands):

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	32,411	$	32,411	$	—	$	—
U.S. government agency securities		106,634		—		106,634		—
Agency mortgage-backed securities		159,903		—		159,903		—
Asset-backed securities		19,604		—		18,106		1,498
Corporate securities:
Fixed income securities		237,671		210		237,461		—
Equity securities		52,520		52,158		362		—
State and municipal securities		223,155		—		223,155		—
Other (1)		86,843		—		3,879		82,964
Total financial instruments owned		918,741		84,779		749,500		84,462
Available-for-sale securities:
U.S. government agency securities		2,219		—		2,219		—
State and municipal securities		2,351		—		2,351		—
Mortgage-backed securities:
Agency		746,170		—		746,170		—
Commercial		66,671		—		66,671		—
Non-agency		261		—		261		—
Corporate fixed income securities		556,161		—		556,161		—
Asset-backed securities		177,853		—		177,853		—
Total available-for-sale securities		1,551,686		—		1,551,686		—
Investments:
Corporate equity securities		22,406		10,313		215		11,878
Auction rate securities		783		—		—		783
Other (2)		39,655		73		115		39,467
Investments in funds and partnerships measured at NAV		28,261
Total investments		91,105		10,386		330		52,128
Cash equivalents measured at NAV		4,706
Derivative contracts (3)		118,668		—		118,668		—
	$	2,684,906	$	95,165	$	2,420,184	$	136,590

(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, 2023
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	273,653	$	273,653	$	—	$	—
U.S. government agency securities		4,924		—		4,924		—
Agency mortgage-backed securities		52,664		—		52,664		—
Corporate securities:
Fixed income securities		138,359		—		138,359		—
Equity securities		21,576		21,576		—		—
Other (4)		6,565		—		2,729		3,836
Total financial instruments sold, but not yet purchased		497,741		295,229		198,676		3,836
Derivative contracts (5)		118,651		—		118,651		—
	$	616,392	$	295,229	$	317,327	$	3,836

(4)Includes syndicated loans, state and municipal securities, and asset-backed securities.

(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 year ended December 31, 2023 (in thousands):

	Year Ended December 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)		—			(15	)		—		2			993
Realized gains/(losses)		1,007			(2,161	)		—		(232	)		—
Purchases		—			69,881			—		—			1,500
Sales		—			(35,988	)		—		—			—
Redemptions		(1,688	)		(18,641	)		—		(13,668	)		—
Net change		(681	)		13,076			—		(13,898	)		2,493
Balance at December 31, 2023	$	1,498		$	82,964		$	11,878	$	783		$	39,467

The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2022 (in thousands):

	Year Ended December 31, 2022
	Financial instruments owned									Investments
	Asset-Backed Securities			Corporate Equity Securities			Syndicated 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		4,789			—			550			6,124		1,649		1,183
Realized gains		4,287			1,621			2,653			—		—		992
Purchases		4,820			—			227,548			—		—		—
Sales		—			(1,846	)		(177,895	)		—		—		(999	)
Redemptions		(76,423	)		—			(9,825	)		—		—		(39	)
Net change		(62,527	)		(225	)		43,031			6,124		1,649		1,137
Balance at December 31, 2022	$	2,179		$	—		$	69,888		$	11,878	$	14,681	$	36,974

Schedule Of Fair Value Of Financial Instruments

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

	December 31, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	3,361,801	$	3,361,801	$	2,199,985	$	2,199,985
Cash segregated for regulatory purposes		162,048		162,048		29,017		29,017
Securities purchased under agreements to resell		349,849		349,849		348,162		348,162
Financial instruments owned		918,741		918,741		731,752		731,752
Available-for-sale securities		1,551,686		1,551,686		1,636,041		1,636,041
Held-to-maturity securities		5,888,798		5,852,176		5,990,451		5,738,418
Bank loans		19,305,805		18,259,923		20,465,092		19,752,043
Loans held for sale		423,999		423,999		156,912		156,912
Investments		91,105		91,105		99,376		99,376
Derivative contracts (1)		118,668		118,668		142,042		142,042
Financial liabilities:
Securities sold under agreements to repurchase	$	417,644	$	417,644	$	212,011	$	212,011
Bank deposits		27,334,579		25,326,174		27,117,111		24,274,224
Financial instruments sold, but not yet purchased		497,741		497,741		454,817		454,817
Senior notes		1,115,629		1,041,217		1,114,554		1,016,755
Debentures to Stifel Financial Capital Trusts		60,000		55,507		60,000		53,385
Derivative contracts (2)		118,651		118,651		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 December 31, 2023 and December 31, 2022 (in thousands):

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	3,357,095	$	3,357,095	$	—	$	—
Cash segregated for regulatory purposes		162,048		162,048		—		—
Securities purchased under agreements to resell		349,849		—		349,849		—
Held-to-maturity securities		5,852,176		—		5,758,130		94,046
Bank loans		18,259,923		—		18,259,923		—
Loans held for sale		423,999		—		423,999		—
Financial liabilities:
Securities sold under agreements to repurchase	$	417,644	$	—	$	417,644	$	—
Bank deposits		25,326,174		—		25,326,174		—
Senior notes		1,041,217		1,041,217		—		—
Debentures to Stifel Financial Capital Trusts		55,507		—		—		55,507

	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