Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value

	March 31, 2021				December 31, 2020
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Money market funds	$	22,590	$	—	$	34,192	$	—
Mutual funds		6,422		—		7,152		—
Partnership interests		4,129		2,139		3,744		2,520
Private equity funds		2,002		1,203		1,489		1,203
Total	$	35,143	$	3,342	$	46,577	$	3,723

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	March 31, 2021
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	61,918	$	61,918	$	—	$	—
U.S. government agency securities		166,501		—		166,501		—
Agency mortgage-backed securities		254,203		—		254,203		—
Corporate securities:
Fixed income securities		223,545		220		223,325		—
Equity securities		82,402		71,714		10,688		—
State and municipal securities		162,083		—		162,083		—
Other ⁽¹⁾		30,630		—		16,353		14,277
Total financial instruments owned		981,282		133,852		833,153		14,277
Available-for-sale securities:
U.S. government agency securities		3,645		—		3,645		—
State and municipal securities		2,428		—		2,428		—
Mortgage-backed securities:
Agency		1,003,691		—		1,003,691		—
Commercial		87,439		—		87,439		—
Non-agency		3,658		—		3,658		—
Corporate fixed income securities		711,559		—		711,559		—
Asset-backed securities		377,708		—		377,708		—
Total available-for-sale securities		2,190,128		—		2,190,128		—
Investments:
Corporate equity securities		35,518		33,517		1		2,000
Auction rate securities		12,959		—		—		12,959
Other		58,515		10,349		6,338		41,828
Investments in funds and partnerships measured at NAV		12,553
Total investments		119,545		43,866		6,339		56,787
Cash equivalents measured at NAV		22,590
	$	3,313,545	$	177,718	$	3,029,620	$	71,064

⁽¹⁾

Includes loans, asset-backed securities, sovereign debt, and non-agency mortgage-backed securities.

	March 31, 2021
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	287,820	$	287,820	$	—	$	—
Agency mortgage-backed securities		121,648		—		121,648		—
Corporate securities:
Fixed income securities		185,728		680		185,048		—
Equity securities		34,443		34,443		—		—
Other ⁽²⁾		15,123		—		15,123		—
Total financial instruments sold, but not yet purchased	$	644,762	$	322,943	$	321,819	$	—

⁽²⁾

Includes U.S. government agency securities, sovereign debt, and state and municipal securities.

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	$	—

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 March 31, 2021 (in thousands):

	Three Months Ended March 31, 2021
	Financial instruments owned			Investments
	Other			Corporate Equity Securities		Auction Rate Securities		Other
Balance at December 31, 2020	$	11,284		$	—	$	12,933	$	42,113
Unrealized gains/(losses)		(21	)		—		26		(285	)
Purchases		3,014			2,000		—		—
Net change		2,993			2,000		26		(285	)
Balance at March 31, 2021	$	14,277		$	2,000	$	12,959	$	41,828

Schedule Of Fair Value Of Financial Instruments

	March 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,425,511	$	1,425,511	$	2,279,274	$	2,279,274
Cash segregated for regulatory purposes		95,074		95,074		172,932		172,932
Securities purchased under agreements to resell		470,025		470,025		217,930		217,930
Financial instruments owned		981,282		981,282		694,028		694,028
Available-for-sale securities		2,190,128		2,190,128		2,230,297		2,230,297
Held-to-maturity securities		4,761,401		4,765,024		4,117,384		4,107,960
Bank loans		12,091,713		12,168,119		11,006,760		11,088,058
Loans held for sale		330,521		330,521		551,248		551,248
Investments		119,545		119,545		113,862		113,862
Financial liabilities:
Securities sold under agreements to repurchase	$	208,228	$	208,228	$	190,955	$	190,955
Bank deposits		18,715,133		18,527,784		17,396,497		17,192,722
Financial instruments sold, but not yet purchased		644,762		644,762		437,978		437,978
Senior notes		1,112,672		1,228,983		1,112,409		1,265,669
Debentures to Stifel Financial Capital Trusts		60,000		46,444		60,000		41,071

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value

	March 31, 2021
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,402,921	$	1,402,921	$	—	$	—
Cash segregated for regulatory purposes		95,074		95,074		—		—
Securities purchased under agreements to resell		470,025		424,621		45,404		—
Held-to-maturity securities		4,765,024		—		4,598,600		166,424
Bank loans		12,168,119		—		12,168,119		—
Loans held for sale		330,521		—		330,521		—
Financial liabilities:
Securities sold under agreements to repurchase	$	208,228	$	—	$	208,228	$	—
Bank deposits		18,527,784		—		18,527,784		—
Senior notes		1,228,983		1,228,983		—		—
Debentures to Stifel Financial Capital Trusts		46,444		—		—		46,444

	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