	December 31, 2020
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	46,900	$	46,900	$	—	$	—
U.S. government agency securities		56,450		—		56,450		—
Agency mortgage-backed securities		216,434		—		216,434		—
Corporate securities:
Fixed income securities		194,575		4,474		190,101		—
Equity securities		67,593		62,979		4,614		—
State and municipal securities		96,150		—		96,150		—
Other ⁽¹⁾		15,926		—		4,642		11,284
Total financial instruments owned		694,028		114,353		568,391		11,284
Available-for-sale securities:
U.S. government agency securities		4,361		—		4,361		—
State and municipal securities		2,453		—		2,453		—
Mortgage-backed securities:
Agency		793,410		—		793,410		—
Commercial		95,613		—		95,613		—
Non-agency		4,569		—		4,569		—
Corporate fixed income securities		631,758		—		631,758		—
Asset-backed securities		698,133		—		698,133		—
Total available-for-sale securities		2,230,297		—		2,230,297		—
Investments:
Corporate equity securities		29,496		29,496		—		—
Auction rate securities		12,933		—		—		12,933
Other		59,048		10,342		6,593		42,113
Investments in funds and partnerships measured at NAV		12,385
Total investments		113,862		39,838		6,593		55,046
Cash equivalents measured at NAV		34,192
	$	3,072,379	$	154,191	$	2,805,281	$	66,330

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

	December 31, 2020
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	91,974	$	91,974	$	—	$	—
Agency mortgage-backed securities		141,227		—		141,227		—
Corporate securities:
Fixed income securities		162,626		4,094		158,532		—
Equity securities		30,848		30,848		—		—
Other ⁽²⁾		11,303		—		11,303		—
Total financial instruments sold, but not yet purchased	$	437,978	$	126,916	$	311,062	$	—

⁽²⁾	Includes sovereign debt and state and municipal securities.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, are presented below (in thousands):

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	9,266	$	9,266	$	—	$	—
U.S. government agency securities		66,881		—		66,881		—
Agency mortgage-backed securities		388,856		—		388,856		—
Corporate securities:
Fixed income securities		250,783		872		249,911		—
Equity securities		64,009		61,579		2,430		—
State and municipal securities		137,211		—		137,211		—
Other ⁽¹⁾		55,926		—		46,600		9,326
Total financial instruments owned		972,932		71,717		891,889		9,326
Available-for-sale securities:
U.S. government agency securities		5,067		—		5,067		—
State and municipal securities		24,297		—		24,297		—
Mortgage-backed securities:
Agency		837,878		—		837,878		—
Commercial		109,537		—		109,537		—
Non-agency		9,758		—		9,758		—
Corporate fixed income securities		675,311		—		675,311		—
Asset-backed securities		1,592,889		—		1,592,889		—
Total available-for-sale securities		3,254,737		—		3,254,737		—
Investments:
Corporate equity securities		35,083		34,023		—		1,060
Auction rate securities		14,897		—		470		14,427
Other		16,771		9,905		6,013		853
Investments in funds and partnerships measured at NAV		13,221
Total investments		79,972		43,928		6,483		16,340
Cash equivalents measured at NAV		25,734
Derivative contracts ⁽²⁾		1,086		—		1,086		—
	$	4,334,461	$	115,645	$	4,154,195	$	25,666

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

⁽²⁾	Included in other assets in the consolidated statements of financial condition.

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	243,570	$	243,570	$	—	$	—
Agency mortgage-backed securities		231,909		—		231,909		—
Corporate securities:
Fixed income securities		140,100		633		139,467		—
Equity securities		32,047		32,047		—		—
Other ⁽²⁾		15,226		—		14,271		955
Total financial instruments sold, but not yet purchased	$	662,852	$	276,250	$	385,647	$	955

⁽²⁾	Includes sovereign debt, U.S. government agency securities, and loans.

	December 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	2,279,274	$	2,279,274	$	1,142,596	$	1,142,596
Cash segregated for regulatory purposes		172,932		172,932		131,374		131,374
Securities purchased under agreements to resell		217,930		217,930		385,008		385,008
Financial instruments owned		694,028		694,028		972,932		972,932
Available-for-sale securities		2,230,297		2,230,297		3,254,737		3,254,737
Held-to-maturity securities		4,117,384		4,107,960		2,856,219		2,827,883
Bank loans		11,006,760		11,088,058		9,624,042		9,801,986
Loans held for sale		551,248		551,248		389,693		389,693
Investments		113,862		113,862		79,972		79,972
Derivative contracts ⁽¹⁾		—		—		1,086		1,086
Financial liabilities:
Securities sold under agreements to repurchase	$	190,955	$	190,955	$	391,634	$	391,634
Bank deposits		17,396,497		17,192,722		15,332,581		14,467,894
Financial instruments sold, but not yet purchased		437,978		437,978		662,852		662,852
Federal Home Loan Bank advances		—		—		250,000		250,000
Senior notes		1,112,409		1,265,669		1,017,010		1,069,425
Debentures to Stifel Financial Capital Trusts		60,000		41,071		60,000		45,847

⁽¹⁾	^{Included in other assets in the consolidated statements of financial condition.}