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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024 (in thousands):


		June 30, 2025								December 31, 2024
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	31,519			$	18,368			$	29,277			$	19,509
Money market funds			5,061				—				1,932				—
Mutual funds			616				—				574				—
Private equity funds			289				—				344				—
Total		$	37,485			$	18,368			$	32,127			$	19,509

Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, are presented below (in thousands):


		June 30, 2025
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	24,466			$	24,466			$	—			$	—
U.S. government agency securities			122,226				—				122,226				—
Agency mortgage-backed securities			476,953				—				476,953				—
Asset-backed securities			113,938				—				112,904				1,034
Corporate securities:
Fixed income securities			285,451				33				285,418				—
Equity securities			59,147				59,127				20				—
State and municipal securities			213,226				—				213,226				—
Other (1)			48,106				—				8,296				39,810
Total financial instruments owned			1,343,513				83,626				1,219,043				40,844
Available-for-sale securities:
U.S. government agency securities			2,338				—				2,338				—
State and municipal securities			2,350				—				2,350				—
Mortgage-backed securities:
Agency			948,159				—				948,159				—
Commercial			41,656				—				41,656				—
Non-agency			168				—				168				—
Corporate fixed income securities			434,137				—				434,137				—
Asset-backed securities			117,584				—				117,584				—
Total available-for-sale securities			1,546,392				—				1,546,392				—
Investments:
Corporate equity securities			31,953				14,878				1				17,074
Auction rate securities			554				—				—				554
Other (2)			13,641				1				—				13,640
Investments in funds and partnerships measured at NAV			32,424
Total investments			78,572				14,879				1				31,268
Derivative contracts (3)			82,341				—				82,341				—
Subtotal			3,050,818				98,505				2,847,777				72,112
Cash equivalents measured at NAV			5,061
Total assets at fair value on a recurring basis		$	3,055,879			$	98,505			$	2,847,777			$	72,112

(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.


		June 30, 2025
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	477,514			$	477,514			$	—			$	—
Agency mortgage-backed securities			171,839				—				171,839				—
Corporate securities:
Fixed income securities			137,127				—				137,127				—
Equity securities			31,361				31,361				—				—
Other (4)			1,714				—				473				1,241
Total financial instruments sold, but not yet purchased			819,555				508,875				309,439				1,241
Derivative contracts (5)			82,353				—				82,353				—
Total liabilities at fair value on a recurring basis		$	901,908			$	508,875			$	391,792			$	1,241

(4) Includes syndicated loans 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, 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.

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 June 30, 2025 (in thousands):


		Three Months Ended June 30, 2025
		Financial instruments owned								Investments
		Asset-Backed Securities				Syndicated Loans				Corporate Equity Securities				Auction Rate Securities				Other
Balance at March 31, 2025		$	10,165			$	43,359			$	15,497			$	552			$	13,640
Unrealized gains			—				99				—				2				—
Realized losses			(942	)			—				—				—				—
Purchases			—				1,170				1,577				—				—
Sales			(8,189	)			—				—				—				—
Redemptions			—				(4,818	)			—				—				—
Net change			(9,131	)			(3,549	)			1,577				2				—
Balance at June 30, 2025		$	1,034			$	39,810			$	17,074			$	554			$	13,640

The following table summarizes the change in fair value associated with Level 3 financial instruments during the six months ended June 30, 2025 (in thousands):


		Six Months Ended June 30, 2025
		Financial instruments owned								Investments
		Asset-Backed Securities				Syndicated Loans				Corporate Equity Securities				Auction Rate Securities				Other
Balance at December 31, 2024		$	1,034			$	58,467			$	15,565			$	558			$	14,348
Unrealized gains/(losses)			—				151				—				(4	)			47
Realized losses			(942	)			—				(404	)			—				(755	)
Purchases			9,131				10,070				1,913				—				—
Sales			(8,189	)			—				—				—				—
Redemptions			—				(28,878	)			—				—				—
Net change			—				(18,657	)			1,509				(4	)			(708	)
Balance at June 30, 2025		$	1,034			$	39,810			$	17,074			$	554			$	13,640

Schedule of Fair Value of Financial Instruments

The following reflects the fair value of financial instruments as of June 30, 2025 and December 31, 2024, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).


		June 30, 2025								December 31, 2024
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	1,857,669			$	1,857,669			$	2,648,308			$	2,648,308
Cash segregated for regulatory purposes			68,394				68,394				29,895				29,895
Securities purchased under agreements to resell			637,530				637,530				528,976				528,976
Financial instruments owned			1,343,513				1,343,513				1,169,008				1,169,008
Available-for-sale securities			1,546,392				1,546,392				1,584,598				1,584,598
Held-to-maturity securities			6,584,925				6,602,463				6,524,954				6,547,647
Bank loans			20,647,094				20,168,196				20,731,796				20,229,458
Loans held for sale			800,766				800,766				578,980				578,980
Investments			78,572				78,572				75,358				75,358
Derivative contracts (1)			82,341				82,341				110,814				110,814
Financial liabilities:
Securities sold under agreements to repurchase		$	719,432			$	719,432			$	580,170			$	580,170
Bank deposits			28,673,063				26,896,637				29,102,227				27,164,580
Financial instruments sold, but not yet purchased			819,555				819,555				646,271				646,271
Senior notes			617,030				579,961				616,618				561,851
Debentures to Stifel Financial Capital Trusts			60,000				55,973				60,000				58,788
Derivative contracts (2)			82,353				82,353				110,825				110,825

(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.

Schedule of Estimated Fair Values and Fair Value Hierarchy of Financial Instruments not Recorded or Measured at Fair Value on a Nonrecurring Basis

The following tables present the estimated fair values and fair value hierarchy of financial instruments that are not recorded at fair value in the consolidated statements of financial condition or measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024 (in thousands):


		June 30, 2025
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	1,852,608			$	1,852,608			$	—			$	—
Cash segregated for regulatory purposes			68,394				68,394				—				—
Securities purchased under agreements to resell			637,530				—				637,530				—
Held-to-maturity securities			6,602,463				—				6,531,235				71,228
Bank loans			20,168,196				—				20,055,932				112,264
Loans held for sale			800,766				—				800,766				—
Financial liabilities:
Securities sold under agreements to repurchase		$	719,432			$	—			$	719,432			$	—
Bank deposits			26,896,637				—				26,896,637				—
Senior notes			579,961				579,961				—				—
Debentures to Stifel Financial Capital Trusts			55,973				—				—				55,973


		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				—				20,104,756				124,702
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

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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