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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 (in thousands):


		December 31, 2024								December 31, 2023
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	29,277			$	19,509			$	24,261			$	14,454
Money market funds			1,932				—				4,706				—
Mutual funds			574				—				3,632				—
Private equity funds			344				—				368				1,181
Total		$	32,127			$	19,509			$	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 December 31, 2024, are presented below (in thousands):


		December 31, 2024
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	20,045			$	20,045			$	—			$	—
U.S. government agency securities			149,479				—				149,479				—
Agency mortgage-backed securities			262,629				—				262,629				—
Asset-backed securities			113,033				—				111,999				1,034
Corporate securities:
Fixed income securities			274,207				507				273,700				—
Equity securities			50,787				50,472				315				—
State and municipal securities			229,342				—				229,342				—
Other (1)			69,486				—				11,019				58,467
Total financial instruments owned			1,169,008				71,024				1,038,483				59,501
Available-for-sale securities:
U.S. government agency securities			2,266				—				2,266				—
State and municipal securities			2,349				—				2,349				—
Mortgage-backed securities:
Agency			921,563				—				921,563				—
Commercial			67,956				—				67,956				—
Non-agency			199				—				199				—
Corporate fixed income securities			463,992				—				463,992				—
Asset-backed securities			126,273				—				126,273				—
Total available-for-sale securities			1,584,598				—				1,584,598				—
Investments:
Corporate equity securities			30,227				14,661				1				15,565
Auction rate securities			558				—				—				558
Other (2)			14,378				30				—				14,348
Investments in funds and partnerships measured at NAV			30,195
Total investments			75,358				14,691				1				30,471
Derivative contracts (3)			110,814				—				110,814				—
Subtotal			2,939,778				85,715				2,733,896				89,972
Cash equivalents measured at NAV			1,932
Total assets at fair value on a recurring basis		$	2,941,710			$	85,715			$	2,733,896			$	89,972

(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, 2024
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	370,373			$	370,373			$	—			$	—
Agency mortgage-backed securities			65,946				—				65,946				—
Corporate securities:
Fixed income securities			174,425				—				174,425				—
Equity securities			34,437				34,437				—				—
Other (4)			1,090				—				—				1,090
Total financial instruments sold, but not yet purchased			646,271				404,810				240,371				1,090
Derivative contracts (5)			110,825				—				110,825				—
Total liabilities at fair value on a recurring basis		$	757,096			$	404,810			$	351,196			$	1,090

(4)

Includes 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, 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
Derivative contracts (3)			118,668				—				118,668				—
Subtotal			2,680,200				95,165				2,420,184				136,590
Cash equivalents measured at NAV			4,706
Total assets at fair value on a recurring basis		$	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				—
Total liabilities at fair value on a recurring basis		$	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 year ended December 31, 2024 (in thousands):


		Year Ended December 31, 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)			—				1,673				3,687				-				(119	)
Realized gains/(losses)			1,542				(3,252	)			—				—				—
Purchases			—				54,335				—				—				—
Sales			—				(49,810	)			—				—				—
Redemptions			(2,006	)			(25,718	)			—				(225	)			—
Transfers into Level 3			—				—				—				—				—
Transfers out of Level 3			—				(1,725	)			—				—				(25,000	)
Net change			(464	)			(24,497	)			3,687				(225	)			(25,119	)
Balance at December 31, 2024		$	1,034			$	58,467			$	15,565			$	558			$	14,348

The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2023 (in thousands):


		Year Ended December 31, 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)			—				(15	)			—				2				993
Realized gains/(losses)			1,007				(2,161	)			—				(232	)			—
Purchases			—				69,881				—				—				1,500
Sales			—				(35,988	)			—				—				—
Redemptions			(1,688	)			(18,641	)			—				(13,668	)			—
Net change			(681	)			13,076				—				(13,898	)			2,493
Balance at December 31, 2023		$	1,498			$	82,964			$	11,878			$	783			$	39,467

Schedule Of Fair Value Of Financial Instruments

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


		December 31, 2024								December 31, 2023
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	2,648,308			$	2,648,308			$	3,361,801			$	3,361,801
Cash segregated for regulatory purposes			29,895				29,895				162,048				162,048
Securities purchased under agreements to resell			528,976				528,976				349,849				349,849
Financial instruments owned			1,169,008				1,169,008				918,741				918,741
Available-for-sale securities			1,584,598				1,584,598				1,551,686				1,551,686
Held-to-maturity securities			6,524,954				6,547,647				5,888,798				5,852,176
Bank loans			20,731,796				20,229,458				19,305,805				18,259,923
Loans held for sale			578,980				578,980				423,999				423,999
Investments			75,358				75,358				91,105				91,105
Derivative contracts (1)			110,814				110,814				118,668				118,668
Financial liabilities:
Securities sold under agreements to repurchase		$	580,170			$	580,170			$	417,644			$	417,644
Bank deposits			29,102,227				27,164,580				27,334,579				25,326,174
Financial instruments sold, but not yet purchased			646,271				646,271				497,741				497,741
Senior notes			616,618				561,851				1,115,629				1,041,217
Debentures to Stifel Financial Capital Trusts			60,000				58,788				60,000				55,507
Derivative contracts (2)			110,825				110,825				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 December 31, 2024 and December 31, 2023 (in thousands):


		December 31, 2024
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	2,646,376			$	2,646,376			$	—			$	—
Cash segregated for regulatory purposes			29,895				29,895				—				—
Securities purchased under agreements to resell			528,976				—				528,976				—
Held-to-maturity securities			6,547,647				—				6,474,140				73,507
Bank loans			20,229,458				—				20,229,458				—
Loans held for sale			578,980				—				578,980				—
Financial liabilities:
Securities sold under agreements to repurchase		$	580,170			$	—			$	580,170			$	—
Bank deposits			27,164,580				—				27,164,580				—
Senior notes			561,851				561,851				—				—
Debentures to Stifel Financial Capital Trusts			58,788				—				—				58,788


		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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