Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

	March 31, 2020
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	12,821	$	12,821	$	—	$	—
U.S. government agency securities		80,138		—		80,138		—
Mortgage-backed securities:
Agency		371,762		—		371,762		—
Non-agency		2,870		—		2,870		—
Asset-backed securities		12,942		—		12,767		175
Corporate securities:
Fixed income securities		275,663		7,850		267,813		—
Equity securities		69,259		64,203		5,056		—
Sovereign debt		21,057		—		21,057		—
State and municipal securities		75,740		—		75,740		—
Loans		10,259		—		—		10,259
Total financial instruments owned		932,511		84,874		837,203		10,434
Available-for-sale securities:
U.S. government agency securities		5,650		—		5,650		—
State and municipal securities		17,142		—		17,142		—
Mortgage-backed securities:
Agency		829,433		—		829,433		—
Commercial		108,186		—		108,186		—
Non-agency		8,644		—		8,644		—
Corporate fixed income securities		727,590		—		727,590		—
Asset-backed securities		1,669,445		—		1,669,445		—
Total available-for-sale securities		3,366,090		—		3,366,090		—
Investments:
Corporate equity securities		14,898		13,838		—		1,060
Auction rate securities:
Equity securities		14,243		—		—		14,243
Municipal securities		183		—		—		183
Other		16,119		9,362		5,924		833
Investments in funds and partnerships measured at NAV		10,245
Total investments		55,688		23,200		5,924		16,319
Cash equivalents measured at NAV		26,567
	$	4,380,856	$	108,074	$	4,209,217	$	26,753

	March 31, 2020
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	239,311	$	239,311	$	—	$	—
U.S. government agency securities		16,320		—		16,320		—
Agency mortgage-backed securities		179,407		—		179,407		—
Corporate securities:
Fixed income securities		192,603		3,882		188,721		—
Equity securities		22,776		22,776		—		—
Sovereign debt		18,178		—		18,178		—
State and municipal securities		200		—		200		—
Total financial instruments sold, but not yet purchased		668,795		265,969		402,826		—
Derivative contracts ⁽¹⁾		1,262		—		1,262		—
	$	670,057	$	265,969	$	404,088	$	—

⁽¹⁾	^{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, 2019, are presented below (in thousands):

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	9,266	$	9,266	$	—	$	—
U.S. government agency securities		66,881		—		66,881		—
Mortgage-backed securities:
Agency		388,856		—		388,856		—
Non-agency		5,155		—		5,155		—
Asset-backed securities		28,385		—		28,210		175
Corporate securities:
Fixed income securities		250,783		872		249,911		—
Equity securities		64,009		61,579		2,430		—
Sovereign debt		12,403		—		12,403		—
State and municipal securities		137,211		—		137,211		—
Loans		9,983		—		832		9,151
Total financial instruments owned		972,932		71,717		891,889		9,326
Available-for-sale securities:
U.S. government agency securities		5,067		—		5,067		—
State and municipal securities		24,297		—		24,297		—
Mortgage-backed securities:
Agency		837,878		—		837,878		—
Commercial		109,537		—		109,537		—
Non-agency		9,758		—		9,758		—
Corporate fixed income securities		675,311		—		675,311		—
Asset-backed securities		1,592,889		—		1,592,889		—
Total available-for-sale securities		3,254,737		—		3,254,737		—
Investments:
Corporate equity securities		35,083		34,023		—		1,060
Auction rate securities:
Equity securities		14,243		—		—		14,243
Municipal securities		654		—		470		184
Other		16,771		9,905		6,013		853
Investments in funds and partnerships measured at NAV		13,221
Total investments		79,972		43,928		6,483		16,340
Cash equivalents measured at NAV		25,734
Derivative contracts ⁽¹⁾		1,086		—		1,086		—
	$	4,334,461	$	115,645	$	4,154,195	$	25,666

⁽¹⁾	^{Included in other assets in the consolidated statements of financial condition.}

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	243,570	$	243,570	$	—	$	—
U.S. government agency securities		1,000		—		1,000		—
Agency mortgage-backed securities		231,909		—		231,909		—
Corporate securities:
Fixed income securities		140,100		633		139,467		—
Equity securities		32,047		32,047		—		—
Sovereign debt		13,271		—		13,271		—
Loans		955		—		—		955
Total financial instruments sold, but not yet purchased	$	662,852	$	276,250	$	385,647	$	955

	Three Months Ended March 31, 2020
	Financial instruments owned					Investments
	Asset-Backed Securities		Loans			Corporate Equity Securities		Auction Rate Securities – Equity		Auction Rate Securities – Municipal			Other
Balance at December 31, 2019	$	175	$	9,151		$	1,060	$	14,243	$	184		$	853
Unrealized losses		—		(2,827	)		—		—		(1	)		—
Purchases		—		6,942			—		—		—			—
Sales		—		(3,004	)		—		—		—			(20	)
Redemptions		—		(3	)		—		—		—			—
Net change		—		1,108			—		—		(1	)		(20	)
Balance at March 31, 2020	$	175	$	10,259		$	1,060	$	14,243	$	183		$	833

	March 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,382,920	$	1,382,920	$	1,142,596	$	1,142,596
Cash segregated for regulatory purposes		196,950		196,950		131,374		131,374
Securities purchased under agreements to resell		458,968		458,968		385,008		385,008
Financial instruments owned		932,511		932,511		972,932		972,932
Available-for-sale securities		3,366,090		3,366,090		3,254,737		3,254,737
Held-to-maturity securities		3,085,824		2,697,830		2,856,219		2,827,883
Bank loans		9,994,500		10,017,518		9,624,042		9,801,986
Loans held for sale		570,787		570,787		389,693		389,693
Investments		55,688		55,688		79,972		79,972
Derivative contracts ⁽¹⁾		—		—		1,086		1,086
Financial liabilities:
Securities sold under agreements to repurchase	$	475,528	$	475,528	$	391,634	$	391,634
Bank deposits		16,880,933		16,076,448		15,332,581		14,467,894
Financial instruments sold, but not yet purchased		668,795		668,795		662,852		662,852
Federal Home Loan Bank advances		250,000		250,000		250,000		250,000
Borrowings		198,150		198,150		150		150
Senior notes		1,017,269		1,016,578		1,017,010		1,069,425
Debentures to Stifel Financial Capital Trusts		60,000		37,860		60,000		45,847
Derivative contracts ⁽²⁾		1,262		1,262		—		—

⁽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.}

	March 31, 2020
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,356,353	$	1,356,353	$	—	$	—
Cash segregated for regulatory purposes		196,950		196,950		—		—
Securities purchased under agreements to resell		458,968		431,737		27,231		—
Held-to-maturity securities		2,697,830		—		2,584,305		113,525
Bank loans		10,017,518		—		10,017,518		—
Loans held for sale		570,787		—		570,787		—
Financial liabilities:
Securities sold under agreements to repurchase	$	475,528	$	—	$	475,528	$	—
Bank deposits		16,076,448		—		16,076,448		—
Federal Home Loan Bank advances		250,000		250,000		—		—
Borrowings		198,150		198,150		—		—
Senior notes		1,016,578		1,016,578		—		—
Debentures to Stifel Financial Capital Trusts		37,860		—		—		37,860

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,116,862	$	1,116,862	$	—	$	—
Cash segregated for regulatory purposes		131,374		131,374		—		—
Securities purchased under agreements to resell		385,008		342,132		42,876		—
Held-to-maturity securities		2,827,883		—		2,666,773		161,110
Bank loans		9,801,986		—		9,801,986		—
Loans held for sale		389,693		—		389,693		—
Financial liabilities:
Securities sold under agreements to repurchase	$	391,634	$	22,205	$	369,429	$	—
Bank deposits		14,467,894		—		14,467,894		—
Federal Home Loan Bank advances		250,000		250,000		—		—
Borrowings		150		150		—		—
Senior notes		1,069,425		1,069,425		—		—
Debentures to Stifel Financial Capital Trusts		45,847		—		—		45,847