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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021								December 31, 2020
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	13,372			$	12,721			$	3,744			$	2,520
Mutual funds			7,310				—				7,152				—
Money market funds			3,004				—				34,192				—
Private equity funds			2,376				1,203				1,489				1,203
Total		$	26,062			$	13,924			$	46,577			$	3,723

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, 2021, are presented below (in thousands):

		December 31, 2021
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	10,774			$	10,774			$	—			$	—
U.S. government agency securities			143,793				—				143,793				—
Agency mortgage-backed securities			335,050				—				335,050				—
Asset-backed securities			132,087				—				67,381				64,706
Corporate securities:
Fixed income securities			255,999				183				255,816				—
Equity securities			75,056				73,493				1,338				225
State and municipal securities			162,335				—				162,335				—
Other (1)			41,910				—				15,053				26,857
Total financial instruments owned			1,157,004				84,450				980,766				91,788
Available-for-sale securities:
U.S. government agency securities			1,808				—				1,808				—
State and municipal securities			2,399				—				2,399				—
Mortgage-backed securities:
Agency			952,186				—				952,186				—
Commercial			73,985				—				73,985				—
Non-agency			568				—				568				—
Corporate fixed income securities			791,893				—				791,893				—
Asset-backed securities			291,054				—				291,054				—
Total available-for-sale securities			2,113,893				—				2,113,893				—
Investments:
Corporate equity securities			21,308				13,893				1,661				5,754
Auction rate securities			13,032				—				—				13,032
Other			60,406				10,217				14,352				35,837
Investments in funds and partnerships measured at NAV			23,058
Total investments			117,804				24,110				16,013				54,623
Cash equivalents measured at NAV			3,004
Derivative contracts (2)			52,129				—				52,129				—
		$	3,443,834			$	108,560			$	3,162,801			$	146,411

(1)Includes loans, non-agency mortgage-backed securities, and sovereign debt.

(2)Included in other assets in the consolidated statements of financial condition.

		December 31, 2021
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	377,023			$	377,023			$	—			$	—
U.S. government agency securities			37,395				—				37,395				—
Agency mortgage-backed securities			156,628				—				156,628				—
Corporate securities:
Fixed income securities			153,852				—				153,852				—
Equity securities			28,482				28,482				—				—
Sovereign debt			2,770				—				2,770				—
Total financial instruments sold, but not yet purchased			756,150				405,505				350,645				—
Derivative contracts (3)			52,147				—				52,147				—
		$	808,297			$	405,505			$	402,792			$	—

(3)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, 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				—
Asset-backed securities			3,394				—				3,385				9
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)			12,532				—				1,257				11,275
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, 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			$	—

(2)Includes sovereign debt and state and municipal securities.

Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments

		Year Ended December 31, 2021
		Financial instruments owned												Investments
		Asset-Backed Securities				Corporate Equity Securities				Loans				Corporate Equity Securities				Auction Rate Securities				Other
Balance at December 31, 2020		$	9			$	—			$	11,275			$	—			$	12,933			$	42,113
Unrealized gains/(losses)			(3,002	)			—				(68	)			(1,000	)			124				654
Realized gains			9,485				—				—				—				—				—
Purchases			68,104				—				23,600				3,000				—				—
Sales			—				—				(7,725	)			(2,000	)			—				—
Redemptions			(16,750	)			—				—				—				(25	)			—
Transfers into Level 3			6,930				225				—				5,754				—				—
Transfers out of Level 3			(70	)			—				(225	)			—				—				(6,930	)
Net change			64,697				225				15,582				5,754				99				(6,276	)
Balance at December 31, 2021		$	64,706			$	225			$	26,857			$	5,754			$	13,032			$	35,837

		Year Ended December 31, 2020
		Financial instruments owned				Investments
		Other (1)				Corporate Equity Securities				Auction Rate Securities				Other
Balance at December 31, 2019		$	9,326			$	1,060			$	14,427			$	853
Unrealized losses			(3,126	)			—				(1,494	)			(296	)
Realized losses			(71	)			—				—				—
Purchases			25,852				—				—				—
Sales			(20,000	)			—				—				(20	)
Redemptions			(697	)			—				—				—
Transfers into Level 3			—				—				—				41,576
Transfers out of Level 3			—				(1,060	)			—				—
Net change			1,958				(1,060	)			(1,494	)			41,260
Balance at December 31, 2020		$	11,284			$	—			$	12,933			$	42,113

(1)Includes asset-backed securities and loans.

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of December 31, 2021 and 2020, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

		December 31, 2021								December 31, 2020
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	1,963,326			$	1,963,326			$	2,279,274			$	2,279,274
Cash segregated for regulatory purposes			186,331				186,331				172,932				172,932
Securities purchased under agreements to resell			579,866				579,866				217,930				217,930
Financial instruments owned			1,157,004				1,157,004				694,028				694,028
Available-for-sale securities			2,113,893				2,113,893				2,230,297				2,230,297
Held-to-maturity securities			5,348,558				5,343,481				4,117,384				4,107,960
Bank loans			16,627,847				16,704,912				11,006,760				11,088,058
Loans held for sale			207,715				207,715				551,248				551,248
Investments			117,804				117,804				113,862				113,862
Derivative contracts (1)			52,129				52,129				—				—
Financial liabilities:
Securities sold under agreements to repurchase		$	385,528			$	385,528			$	190,955			$	190,955
Bank deposits			23,280,348				22,998,842				17,396,497				17,192,722
Financial instruments sold, but not yet purchased			756,150				756,150				437,978				437,978
Senior notes			1,113,478				1,218,344				1,112,409				1,265,669
Debentures to Stifel Financial Capital Trusts			60,000				46,340				60,000				41,071
Derivative contracts (2)			52,147				52,147				—				—

(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, 2021 and December 31, 2020 (in thousands):

		December 31, 2021
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	1,960,322			$	1,960,322			$	—			$	—
Cash segregated for regulatory purposes			186,331				186,331				—				—
Securities purchased under agreements to resell			579,866				371,797				208,069				—
Held-to-maturity securities			5,343,481				—				5,205,085				138,396
Bank loans			16,704,912				—				16,704,912				—
Loans held for sale			207,715				—				207,715				—
Financial liabilities:
Securities sold under agreements to repurchase		$	385,528			$	10,000			$	375,528			$	—
Bank deposits			22,998,842				—				22,998,842				—
Senior notes			1,218,344				1,218,344				—				—
Debentures to Stifel Financial Capital Trusts			46,340				—				—				46,340

		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

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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