Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (in thousands):

	March 31, 2024				December 31, 2023
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Partnership interests	$	25,287	$	13,424	$	24,261	$	14,454
Money market funds		2,013		—		4,706		—
Mutual funds		530		—		3,632		—
Private equity funds		448		1,181		368		1,181
Total	$	28,278	$	14,605	$	32,967	$	15,635

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, 2024, are presented below (in thousands):

	March 31, 2024
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	19,071	$	19,071	$	—	$	—
U.S. government agency securities		195,116		—		195,116		—
Agency mortgage-backed securities		208,299		—		208,299		—
Asset-backed securities		80,121		—		78,882		1,239
Corporate securities:
Fixed income securities		340,239		48		340,191		—
Equity securities		62,434		62,076		358		—
State and municipal securities		224,714		—		224,714		—
Other (1)		100,861		—		3,131		97,730
Total financial instruments owned		1,230,855		81,195		1,050,691		98,969
Available-for-sale securities:
U.S. government agency securities		2,209		—		2,209		—
State and municipal securities		2,350		—		2,350		—
Mortgage-backed securities:
Agency		713,939		—		713,939		—
Commercial		66,854		—		66,854		—
Non-agency		248		—		248		—
Corporate fixed income securities		542,997		—		542,997		—
Asset-backed securities		171,385		—		171,385		—
Total available-for-sale securities		1,499,982		—		1,499,982		—
Investments:
Corporate equity securities		22,874		10,780		216		11,878
Auction rate securities		783		—		—		783
Other (2)		39,596		33		96		39,467
Investments in funds and partnerships measured at NAV		26,265
Total investments		89,518		10,813		312		52,128
Cash equivalents measured at NAV		2,013
Derivative contracts (3)		127,701		—		127,701		—
	$	2,950,069	$	92,008	$	2,678,686	$	151,097

(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, 2024
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	411,916	$	411,916	$	—	$	—
Agency mortgage-backed securities		56,755		—		56,755		—
Corporate securities:
Fixed income securities		164,227		45		164,182		—
Equity securities		45,530		45,530		—		—
Other (4)		3,851		—		102		3,749
Total financial instruments sold, but not yet purchased		682,279		457,491		221,039		3,749
Derivative contracts (5)		127,680		—		127,680		—
	$	809,959	$	457,491	$	348,719	$	3,749

(4) Includes syndicated loans, U.S. government agency securities, and state and municipal 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, 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.

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, 2024 (in thousands):

	Three Months Ended March 31, 2024
	Financial instruments owned						Investments
	Asset-Backed Securities			Syndicated Loans			Corporate Equity Securities		Auction Rate Securities		Other
Balance at December 31, 2023	$	1,498		$	82,964		$	11,878	$	783	$	39,467
Unrealized gains		—			1,575			—		—		—
Realized gains/(losses)		397			(1,596	)		—		—		—
Purchases		—			21,636			—		—		—
Sales		—			(257	)		—		—		—
Redemptions		(656	)		(6,592	)		—		—		—
Net change		(259	)		14,766			—		—		—
Balance at March 31, 2024	$	1,239		$	97,730		$	11,878	$	783	$	39,467

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of March 31, 2024 and December 31, 2023, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

	March 31, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	3,408,528	$	3,408,528	$	3,361,801	$	3,361,801
Cash segregated for regulatory purposes		65,827		65,827		162,048		162,048
Securities purchased under agreements to resell		451,056		451,056		349,849		349,849
Financial instruments owned		1,230,855		1,230,855		918,741		918,741
Available-for-sale securities		1,499,982		1,499,982		1,551,686		1,551,686
Held-to-maturity securities		5,793,750		5,792,946		5,888,798		5,852,176
Bank loans		18,949,796		17,981,705		19,305,805		18,259,923
Loans held for sale		534,593		534,593		423,999		423,999
Investments		89,518		89,518		91,105		91,105
Derivative contracts (1)		127,701		127,701		118,668		118,668
Financial liabilities:
Securities sold under agreements to repurchase	$	426,659	$	426,659	$	417,644	$	417,644
Bank deposits		27,554,411		25,540,594		27,334,579		25,326,174
Financial instruments sold, but not yet purchased		682,279		682,279		497,741		497,741
Senior notes		1,115,897		1,073,265		1,115,629		1,041,217
Debentures to Stifel Financial Capital Trusts		60,000		57,520		60,000		55,507
Derivative contracts (2)		127,680		127,680		118,651		118,651

(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, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	3,406,515	$	3,406,515	$	—	$	—
Cash segregated for regulatory purposes		65,827		65,827		—		—
Securities purchased under agreements to resell		451,056		—		451,056		—
Held-to-maturity securities		5,792,946		—		5,698,716		94,230
Bank loans		17,981,705		—		17,981,705		—
Loans held for sale		534,593		—		534,593		—
Financial liabilities:
Securities sold under agreements to repurchase	$	426,659	$	—	$	426,659	$	—
Bank deposits		25,540,594		—		25,540,594		—
Senior notes		1,073,265		1,073,265		—		—
Debentures to Stifel Financial Capital Trusts		57,520		—		—		57,520

	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