Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

	September 30, 2021
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	16,829	$	16,829	$	—	$	—
U.S. government agency securities		182,636		—		182,636		—
Mortgage-backed securities:
Agency		303,684		—		303,684		—
Non-agency		19,697		—		19,697		—
Asset-backed securities		74,783		—		5,849		68,934
Corporate securities:
Fixed income securities		318,288		250		318,038		—
Equity securities		91,874		90,648		1,226		—
Sovereign debt		9,920		—		9,920		—
State and municipal securities		162,821		—		162,821		—
Loans		18,854		—		—		18,854
Total financial instruments owned		1,199,386		107,727		1,003,871		87,788
Available-for-sale securities:
U.S. government agency securities		2,268		—		2,268		—
State and municipal securities		2,414		—		2,414		—
Mortgage-backed securities:
Agency		1,016,730		—		1,016,730		—
Commercial		75,701		—		75,701		—
Non-agency		581		—		581		—
Corporate fixed income securities		820,839		—		820,839		—
Asset-backed securities		323,932		—		323,932		—
Total available-for-sale securities		2,242,465		—		2,242,465		—
Investments:
Corporate equity securities		25,198		16,443		1,001		7,754
Auction rate securities		12,912		—		—		12,912
Other		60,745		10,233		14,547		35,965
Investments in funds and partnerships measured at NAV		22,064
Total investments		120,919		26,676		15,548		56,631
Cash equivalents measured at NAV		1,639
	$	3,564,409	$	134,403	$	3,261,884	$	144,419

	September 30, 2021
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	366,014	$	366,014	$	—	$	—
U.S. government agency securities		44,638		—		44,638		—
Agency mortgage-backed securities		109,887		—		109,887		—
Corporate securities:
Fixed income securities		161,529		—		161,529		—
Equity securities		30,813		30,813		—		—
Other		8,147		—		8,147		—
Total financial instruments sold, but not yet purchased	$	721,028	$	396,827	$	324,201	$	—

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 September 30, 2021
	Financial instruments owned						Investments
	Asset-backed Securities			Loans			Corporate Equity Securities			Auction Rate Securities			Other
Balance at June 30, 2021	$	1,815		$	22,839		$	8,754		$	12,959		$	34,666
Unrealized gains/(losses)		—			—			(1,000	)		(47	)		1,299
Purchases		68,028			3,365			—			—			—
Sales		—			(7,350	)		—			—			—
Redemptions		(839	)		—			—			—			—
Transfers out of Level 3		(70	)		—			—			—			—
Net change		67,119			(3,985	)		(1,000	)		(47	)		1,299
Balance at September 30, 2021	$	68,934		$	18,854		$	7,754		$	12,912		$	35,965

	Nine Months Ended September 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	)		(1,000	)		(21	)		782
Realized gains		7,361			—			—			—			—
Purchases		68,104			14,977			3,000			—			—
Sales		—			(7,350	)		—			—			—
Redemptions		(10,400	)		—			—			—			—
Transfers into Level 3		—			—			5,754			—			—
Transfers out of Level 3		(70	)		—			—			—			—
Category transfers		6,930			—			—			—			(6,930	)
Net change		68,925			7,579			7,754			(21	)		(6,148	)
Balance at September 30, 2021	$	68,934		$	18,854		$	7,754		$	12,912		$	35,965

	September 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	2,054,273	$	2,054,273	$	2,279,274	$	2,279,274
Cash segregated for regulatory purposes		26,095		26,095		172,932		172,932
Securities purchased under agreements to resell		598,535		598,535		217,930		217,930
Financial instruments owned		1,199,386		1,199,386		694,028		694,028
Available-for-sale securities		2,242,465		2,242,465		2,230,297		2,230,297
Held-to-maturity securities		5,347,821		5,354,129		4,117,384		4,107,960
Bank loans		13,502,587		13,584,900		11,006,760		11,088,058
Loans held for sale		156,110		156,110		551,248		551,248
Investments		120,919		120,919		113,862		113,862
Financial liabilities:
Securities sold under agreements to repurchase	$	195,451	$	195,451	$	190,955	$	190,955
Bank deposits		20,398,874		20,161,189		17,396,497		17,192,722
Financial instruments sold, but not yet purchased		721,028		721,028		437,978		437,978
Federal Home Loan Bank advances		52,000		52,000		—		—
Senior notes		1,113,210		1,243,147		1,112,409		1,265,669
Debentures to Stifel Financial Capital Trusts		60,000		46,130		60,000		41,071

	September 30, 2021
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	2,052,634	$	2,052,634	$	—	$	—
Cash segregated for regulatory purposes		26,095		26,095		—		—
Securities purchased under agreements to resell		598,535		393,097		205,438		—
Held-to-maturity securities		5,354,129		—		5,212,387		141,742
Bank loans		13,584,900		—		13,584,900		—
Loans held for sale		156,110		—		156,110		—
Financial liabilities:
Securities sold under agreements to repurchase	$	195,451	$	—	$	195,451	$	—
Bank deposits		20,161,189		—		20,161,189		—
Federal Home Loan Bank advances		52,000		52,000		—		—
Senior notes		1,243,147		1,243,147		—		—
Debentures to Stifel Financial Capital Trusts		46,130		—		—		46,130

	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