Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

	June 30, 2021
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	19,998	$	19,998	$	—	$	—
U.S. government agency securities		171,470		—		171,470		—
Agency mortgage-backed securities		389,828		—		389,828		—
Asset-backed securities		25,780		—		23,965		1,815
Corporate securities:
Fixed income securities		377,349		700		376,649		—
Equity securities		102,567		100,865		1,702		—
Sovereign debt		26,375		—		26,375		—
State and municipal securities		106,967		—		106,967		—
Loans		22,839		—		—		22,839
Other		1,840		—		1,840		—
Total financial instruments owned		1,245,013		121,563		1,098,796		24,654
Available-for-sale securities:
U.S. government agency securities		3,180		—		3,180		—
State and municipal securities		2,430		—		2,430		—
Mortgage-backed securities:
Agency		1,011,876		—		1,011,876		—
Commercial		80,561		—		80,561		—
Non-agency		1,752		—		1,752		—
Corporate fixed income securities		809,569		—		809,569		—
Asset-backed securities		370,789		—		370,789		—
Total available-for-sale securities		2,280,157		—		2,280,157		—
Investments:
Corporate equity securities		26,137		17,382		1		8,754
Auction rate securities		12,959		—		—		12,959
Other		51,340		10,568		6,106		34,666
Investments in funds and partnerships measured at NAV		19,729
Total investments		110,165		27,950		6,107		56,379
Cash equivalents measured at NAV		8,493
	$	3,643,828	$	149,513	$	3,385,060	$	81,033

	June 30, 2021
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	370,149	$	370,149	$	—	$	—
U.S. government agency securities		60,502		—		60,502		—
Agency mortgage-backed securities		188,946		—		188,946		—
Corporate securities:
Fixed income securities		175,477		137		175,340		—
Equity securities		40,931		39,972		959		—
Other ⁽¹⁾		12,905		—		12,905		—
Total financial instruments sold, but not yet purchased	$	848,910	$	410,258	$	438,652	$	—

⁽¹⁾

Includes sovereign debt and state and municipal securities.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020, are presented below (in thousands):

	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.}

				Three Months Ended June 30, 2021
	Financial instruments owned						Investments
	Asset-backed Securities			Loans			Corporate Equity Securities		Auction Rate Securities		Other
Balance at March 31, 2021	$	9		$	14,268		$	2,000	$	12,959	$	41,828
Unrealized losses		(3,000	)		(27	)		—		—		(232	)
Realized gains		7,361			—			—		—		—
Purchases		76			8,598			1,000		—		—
Redemptions		(9,561	)		—			—		—		—
Transfers into Level 3		—			—			5,754		—		—
Category transfers		6,930			—			—		—		(6,930	)
Net change		1,806			8,571			6,754		—		(7,162	)
Balance at June 30, 2021	$	1,815		$	22,839		$	8,754	$	12,959	$	34,666

	Six Months Ended June 30, 2021
	Financial instruments owned						Investments
	Asset-backed Securities			Loans			Corporate Equity Securities		Auction Rate Securities		Other
Balance at December 31, 2020	$	9		$	11,275		$	—	$	12,933	$	42,113
Unrealized gains/(losses)		(3,000	)		(48	)		—		26		(517	)
Realized gains		7,361			—			—		—		—
Purchases		76			11,612			3,000		—		—
Redemptions		(9,561	)		—			—		—		—
Transfers into Level 3		—			—			5,754		—		—
Category transfers		6,930			—			—		—		(6,930	)
Net change		1,806			11,564			8,754		26		(7,447	)
Balance at June 30, 2021	$	1,815		$	22,839		$	8,754	$	12,959	$	34,666

	June 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,361,521	$	1,361,521	$	2,279,274	$	2,279,274
Cash segregated for regulatory purposes		144,587		144,587		172,932		172,932
Securities purchased under agreements to resell		622,930		622,930		217,930		217,930
Financial instruments owned		1,245,013		1,245,013		694,028		694,028
Available-for-sale securities		2,280,157		2,280,157		2,230,297		2,230,297
Held-to-maturity securities		4,987,612		4,992,139		4,117,384		4,107,960
Bank loans		12,770,941		12,808,962		11,006,760		11,088,058
Loans held for sale		394,017		394,017		551,248		551,248
Investments		110,165		110,165		113,862		113,862
Financial liabilities:
Securities sold under agreements to repurchase	$	407,246	$	407,246	$	190,955	$	190,955
Bank deposits		19,608,800		19,420,005		17,396,497		17,192,722
Financial instruments sold, but not yet purchased		848,910		848,910		437,978		437,978
Senior notes		1,112,941		1,243,851		1,112,409		1,265,669
Debentures to Stifel Financial Capital Trusts		60,000		45,174		60,000		41,071

	June 30, 2021
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,353,028	$	1,353,028	$	—	$	—
Cash segregated for regulatory purposes		144,587		144,587		—		—
Securities purchased under agreements to resell		622,930		379,935		242,995		—
Held-to-maturity securities		4,992,139		—		4,825,661		166,478
Bank loans		12,808,962		—		12,808,962		—
Loans held for sale		394,017		—		394,017		—
Financial liabilities:
Securities sold under agreements to repurchase	$	407,246	$	—	$	407,246	$	—
Bank deposits		19,420,005		—		19,420,005		—
Senior notes		1,243,851		1,243,851		—		—
Debentures to Stifel Financial Capital Trusts		45,174		—		—		45,174

	December 31, 2020
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,245,082	$	2,245,082	$	—	$	—
Cash segregated for regulatory purposes		172,932		172,932		—		—
Securities purchased under agreements to resell		217,930		164,094		53,836		—
Held-to-maturity securities		4,107,960		—		3,943,944		164,016
Bank loans		11,088,058		—		11,088,058		—
Loans held for sale		551,248		—		551,248		—
Financial liabilities:
Securities sold under agreements to repurchase	$	190,955	$	—	$	190,955	$	—
Bank deposits		17,192,722		—		17,192,722		—
Senior notes		1,265,669		1,265,669		—		—
Debentures to Stifel Financial Capital Trusts		41,071		—		—		41,071