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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 (in thousands):


		September 30, 2024								December 31, 2023
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	26,025			$	11,692			$	24,261			$	14,454
Money market funds			1,768				—				4,706				—
Mutual funds			570				—				3,632				—
Private equity funds			448				1,181				368				1,181
Total		$	28,811			$	12,873			$	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 September 30, 2024, are presented below (in thousands):


		September 30, 2024
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	19,662			$	19,662			$	—			$	—
U.S. government agency securities			198,038				—				198,038				—
Agency mortgage-backed securities			369,513				—				369,513				—
Asset-backed securities			96,290				—				95,155				1,135
Corporate securities:
Fixed income securities			302,247				—				302,247				—
Equity securities			58,526				56,605				1,921				—
State and municipal securities			244,491				—				244,491				—
Other (1)			62,531				—				4,006				58,525
Total financial instruments owned			1,351,298				76,267				1,215,371				59,660
Available-for-sale securities:
U.S. government agency securities			2,298				—				2,298				—
State and municipal securities			2,351				—				2,351				—
Mortgage-backed securities:
Agency			925,385				—				925,385				—
Commercial			67,898				—				67,898				—
Non-agency			215				—				215				—
Corporate fixed income securities			486,817				—				486,817				—
Asset-backed securities			133,325				—				133,325				—
Total available-for-sale securities			1,618,289				—				1,618,289				—
Investments:
Corporate equity securities			25,887				13,795				214				11,878
Auction rate securities			738				—				—				738
Other (2)			39,382				35				—				39,347
Investments in funds and partnerships measured at NAV			27,043
Total investments			93,050				13,830				214				51,963
Cash equivalents measured at NAV			1,768
Derivative contracts (3)			95,327				—				95,327				—
		$	3,159,732			$	90,097			$	2,929,201			$	111,623

(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.


		September 30, 2024
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	441,703			$	441,703			$	—			$	—
Agency mortgage-backed securities			114,969				—				114,969				—
Corporate securities:
Fixed income securities			186,964				—				186,964				—
Equity securities			24,221				24,221				—				—
Other (4)			1,052				—				334				718
Total financial instruments sold, but not yet purchased			768,909				465,924				302,267				718
Derivative contracts (5)			95,314				—				95,314				—
		$	864,223			$	465,924			$	397,581			$	718

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

(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 September 30, 2024 (in thousands):


		Three Months Ended September 30, 2024
		Financial instruments owned								Investments
		Asset-Backed Securities				Syndicated Loans				Corporate Equity Securities				Auction Rate Securities				Other
Balance at June 30, 2024		$	1,203			$	65,713			$	11,878			$	739			$	39,349
Unrealized gains/(losses)			—				146				—				(1	)			(2	)
Realized gains/(losses)			97				(1,460	)			—				—				—
Purchases			—				19,118				—				—				—
Sales			—				(16,866	)			—				—				—
Redemptions			(165	)			(8,126	)			—				—				—
Net change			(68	)			(7,188	)			—				(1	)			(2	)
Balance at September 30, 2024		$	1,135			$	58,525			$	11,878			$	738			$	39,347

The following table summarizes the change in fair value associated with Level 3 financial instruments during the nine months ended September 30, 2024 (in thousands):


		Nine Months Ended September 30, 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/(losses)			—				1,694				—				(45	)			(120	)
Realized gains/(losses)			1,397				(3,252	)			—				—				—
Purchases			—				47,546				—				—				—
Sales			—				(49,810	)			—				—				—
Redemptions			(1,760	)			(20,617	)			—				—				—
Net change			(363	)			(24,439	)			—				(45	)			(120	)
Balance at September 30, 2024		$	1,135			$	58,525			$	11,878			$	738			$	39,347

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of September 30, 2024 and December 31, 2023, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).


		September 30, 2024								December 31, 2023
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	1,915,767			$	1,915,767			$	3,361,801			$	3,361,801
Cash segregated for regulatory purposes			29,519				29,519				162,048				162,048
Securities purchased under agreements to resell			665,067				665,067				349,849				349,849
Financial instruments owned			1,351,298				1,351,298				918,741				918,741
Available-for-sale securities			1,618,289				1,618,289				1,551,686				1,551,686
Held-to-maturity securities			6,613,793				6,626,453				5,888,798				5,852,176
Bank loans			20,167,686				19,447,489				19,305,805				18,259,923
Loans held for sale			465,739				465,739				423,999				423,999
Investments			93,050				93,050				91,105				91,105
Derivative contracts (1)			95,327				95,327				118,668				118,668
Financial liabilities:
Securities sold under agreements to repurchase		$	657,984			$	657,984			$	417,644			$	417,644
Bank deposits			28,120,518				26,182,382				27,334,579				25,326,174
Financial instruments sold, but not yet purchased			768,909				768,909				497,741				497,741
Senior notes			616,412				592,839				1,115,629				1,041,217
Debentures to Stifel Financial Capital Trusts			60,000				55,508				60,000				55,507
Derivative contracts (2)			95,314				95,314				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 September 30, 2024 and December 31, 2023 (in thousands):


		September 30, 2024
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	1,913,999			$	1,913,999			$	—			$	—
Cash segregated for regulatory purposes			29,519				29,519				—				—
Securities purchased under agreements to resell			665,067				—				665,067				—
Held-to-maturity securities			6,626,453				—				6,555,074				71,379
Bank loans			19,447,489				—				19,447,489				—
Loans held for sale			465,739				—				465,739				—
Financial liabilities:
Securities sold under agreements to repurchase		$	657,984			$	—			$	657,984			$	—
Bank deposits			26,182,382				—				26,182,382				—
Senior notes			592,839				592,839				—				—
Debentures to Stifel Financial Capital Trusts			55,508				—				—				55,508


		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

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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