XML 50 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 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 as of September 30, 2023 and December 31, 2022 (in thousands):

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Fair value of investments

 

 

Unfunded commitments

 

 

Fair value of investments

 

 

Unfunded commitments

 

Partnership interests

 

$

22,413

 

 

$

7,056

 

 

$

18,817

 

 

$

9,853

 

Mutual funds

 

 

3,278

 

 

 

—

 

 

 

4,728

 

 

 

—

 

Money market funds

 

 

1,870

 

 

 

—

 

 

 

1,650

 

 

 

—

 

Private equity funds

 

 

407

 

 

 

1,181

 

 

 

417

 

 

 

1,181

 

Total

 

$

27,968

 

 

$

8,237

 

 

$

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 September 30, 2023, are presented below (in thousands):

 

 

September 30, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial instruments owned:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

10,479

 

 

$

10,479

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

158,086

 

 

 

—

 

 

 

158,086

 

 

 

—

 

Agency mortgage-backed securities

 

 

199,294

 

 

 

—

 

 

 

199,294

 

 

 

—

 

Asset-backed securities

 

 

63,046

 

 

 

—

 

 

 

61,377

 

 

 

1,669

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

321,842

 

 

 

197

 

 

 

321,645

 

 

 

—

 

Equity securities

 

 

43,091

 

 

 

42,817

 

 

 

274

 

 

 

—

 

State and municipal securities

 

 

163,139

 

 

 

—

 

 

 

163,139

 

 

 

—

 

Other (1)

 

 

97,768

 

 

 

—

 

 

 

9,251

 

 

 

88,517

 

Total financial instruments owned

 

 

1,056,745

 

 

 

53,493

 

 

 

913,066

 

 

 

90,186

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

 

2,135

 

 

 

—

 

 

 

2,135

 

 

 

—

 

State and municipal securities

 

 

2,294

 

 

 

—

 

 

 

2,294

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

715,250

 

 

 

—

 

 

 

715,250

 

 

 

—

 

Commercial

 

 

65,695

 

 

 

—

 

 

 

65,695

 

 

 

—

 

Non-agency

 

 

332

 

 

 

—

 

 

 

332

 

 

 

—

 

Corporate fixed income securities

 

 

537,850

 

 

 

—

 

 

 

537,850

 

 

 

—

 

Asset-backed securities

 

 

188,677

 

 

 

—

 

 

 

188,677

 

 

 

—

 

Total available-for-sale securities

 

 

1,512,233

 

 

 

—

 

 

 

1,512,233

 

 

 

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

 

24,877

 

 

 

10,888

 

 

 

2,111

 

 

 

11,878

 

Auction rate securities

 

 

783

 

 

 

—

 

 

 

—

 

 

 

783

 

Other (2)

 

 

39,396

 

 

 

71

 

 

 

115

 

 

 

39,210

 

Investments in funds and partnerships measured at NAV

 

 

26,098

 

 

 

 

 

 

 

 

 

 

Total investments

 

 

91,154

 

 

 

10,959

 

 

 

2,226

 

 

 

51,871

 

Cash equivalents measured at NAV

 

 

1,870

 

 

 

 

 

 

 

 

 

 

Derivative contracts (3)

 

 

166,038

 

 

 

—

 

 

 

166,038

 

 

 

—

 

 

 

$

2,828,040

 

 

$

64,452

 

 

$

2,593,563

 

 

$

142,057

 

(1) Includes syndicated loans and non-agency mortgage-backed securities.

(2) Primarily includes private company investments.

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

 

 

September 30, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

334,630

 

 

$

334,630

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

5,439

 

 

 

—

 

 

 

5,439

 

 

 

—

 

Agency mortgage-backed securities

 

 

70,344

 

 

 

—

 

 

 

70,344

 

 

 

—

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

135,080

 

 

 

—

 

 

 

135,080

 

 

 

—

 

Equity securities

 

 

20,114

 

 

 

20,114

 

 

 

—

 

 

 

—

 

Other (4)

 

 

12,683

 

 

 

—

 

 

 

6,974

 

 

 

5,709

 

Total financial instruments sold, but not yet purchased

 

 

578,290

 

 

 

354,744

 

 

 

217,837

 

 

 

5,709

 

Derivative contracts (5)

 

 

166,015

 

 

 

—

 

 

 

166,015

 

 

 

—

 

 

 

$

744,305

 

 

$

354,744

 

 

$

383,852

 

 

$

5,709

 

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

(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 three months ended September 30, 2023 (in thousands):

 

 

Three Months Ended September 30, 2023

 

 

 

Financial instruments owned

 

 

Investments

 

 

 

Asset-Backed Securities

 

 

Syndicated Loans

 

 

Corporate Equity Securities

 

 

Auction Rate
Securities

 

 

Other

 

Balance at June 30, 2023

 

$

1,979

 

 

$

105,541

 

 

$

11,878

 

 

$

14,683

 

 

$

37,342

 

Unrealized gains/(losses)

 

 

—

 

 

 

(158

)

 

 

—

 

 

 

—

 

 

 

368

 

Realized gains/(losses)

 

 

502

 

 

 

(1,323

)

 

 

—

 

 

 

(232

)

 

 

—

 

Purchases

 

 

—

 

 

 

13,909

 

 

 

—

 

 

 

—

 

 

 

1,500

 

Sales

 

 

—

 

 

 

(26,869

)

 

 

—

 

 

 

—

 

 

 

—

 

Redemptions

 

 

(812

)

 

 

(2,583

)

 

 

—

 

 

 

(13,668

)

 

 

—

 

Net change

 

 

(310

)

 

 

(17,024

)

 

 

—

 

 

 

(13,900

)

 

 

1,868

 

Balance at September 30, 2023

 

$

1,669

 

 

$

88,517

 

 

$

11,878

 

 

$

783

 

 

$

39,210

 

The following table summarizes the change in fair value associated with Level 3 financial instruments during the nine months ended September 30, 2023 (in thousands):

 

 

Nine Months Ended September 30, 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)

 

 

—

 

 

 

(72

)

 

 

—

 

 

 

2

 

 

 

736

 

Realized gains/(losses)

 

 

728

 

 

 

(1,396

)

 

 

—

 

 

 

(232

)

 

 

—

 

Purchases

 

 

—

 

 

 

68,669

 

 

 

—

 

 

 

—

 

 

 

1,500

 

Sales

 

 

—

 

 

 

(31,438

)

 

 

—

 

 

 

—

 

 

 

—

 

Redemptions

 

 

(1,238

)

 

 

(17,134

)

 

 

—

 

 

 

(13,668

)

 

 

—

 

Net change

 

 

(510

)

 

 

18,629

 

 

 

—

 

 

 

(13,898

)

 

 

2,236

 

Balance at September 30, 2023

 

$

1,669

 

 

$

88,517

 

 

$

11,878

 

 

$

783

 

 

$

39,210

 

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of September 30, 2023 and December 31, 2022, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Carrying
Value

 

 

Estimated
Fair Value

 

 

Carrying
Value

 

 

Estimated
Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,768,353

 

 

$

2,768,353

 

 

$

2,199,985

 

 

$

2,199,985

 

Cash segregated for regulatory purposes

 

 

33,399

 

 

 

33,399

 

 

 

29,017

 

 

 

29,017

 

Securities purchased under agreements to resell

 

 

412,367

 

 

 

412,367

 

 

 

348,162

 

 

 

348,162

 

Financial instruments owned

 

 

1,056,745

 

 

 

1,056,745

 

 

 

731,752

 

 

 

731,752

 

Available-for-sale securities

 

 

1,512,233

 

 

 

1,512,233

 

 

 

1,636,041

 

 

 

1,636,041

 

Held-to-maturity securities

 

 

5,900,379

 

 

 

5,811,600

 

 

 

5,990,451

 

 

 

5,738,418

 

Bank loans

 

 

20,292,553

 

 

 

19,353,782

 

 

 

20,465,092

 

 

 

19,752,043

 

Loans held for sale

 

 

142,617

 

 

 

142,617

 

 

 

156,912

 

 

 

156,912

 

Investments

 

 

91,154

 

 

 

91,154

 

 

 

99,376

 

 

 

99,376

 

Derivative contracts (1)

 

 

166,038

 

 

 

166,038

 

 

 

142,042

 

 

 

142,042

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

408,950

 

 

$

408,950

 

 

$

212,011

 

 

$

212,011

 

Bank deposits

 

 

27,594,358

 

 

 

25,358,517

 

 

 

27,117,111

 

 

 

24,274,224

 

Financial instruments sold, but not yet purchased

 

 

578,290

 

 

 

578,290

 

 

 

454,817

 

 

 

454,817

 

Senior notes

 

 

1,115,360

 

 

 

1,020,868

 

 

 

1,114,554

 

 

 

1,016,755

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

58,262

 

 

 

60,000

 

 

 

53,385

 

Derivative contracts (2)

 

 

166,015

 

 

 

166,015

 

 

 

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 September 30, 2023 and December 31, 2022 (in thousands):

 

 

September 30, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

2,766,483

 

 

$

2,766,483

 

 

$

—

 

 

$

—

 

Cash segregated for regulatory purposes

 

 

33,399

 

 

 

33,399

 

 

 

—

 

 

 

—

 

Securities purchased under agreements to resell

 

 

412,367

 

 

 

—

 

 

 

412,367

 

 

 

—

 

Held-to-maturity securities

 

 

5,811,600

 

 

 

—

 

 

 

5,717,202

 

 

 

94,398

 

Bank loans

 

 

19,353,782

 

 

 

—

 

 

 

19,353,782

 

 

 

—

 

Loans held for sale

 

 

142,617

 

 

 

—

 

 

 

142,617

 

 

 

—

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

408,950

 

 

$

—

 

 

$

408,950

 

 

$

—

 

Bank deposits

 

 

25,358,517

 

 

 

—

 

 

 

25,358,517

 

 

 

—

 

Senior notes

 

 

1,020,868

 

 

 

1,020,868

 

 

 

—

 

 

 

—

 

Debentures to Stifel Financial Capital Trusts

 

 

58,262

 

 

 

—

 

 

 

—

 

 

 

58,262

 

 

 

 

 

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