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Fair Value Measurements (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2022

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021 (in thousands):

		September 30, 2022								December 31, 2021
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	16,753			$	12,681			$	13,372			$	12,721
Mutual funds			4,368				—				7,310				—
Money market funds			1,301				—				3,004				—
Private equity funds			471				1,182				2,376				1,203
Total		$	22,893			$	13,863			$	26,062			$	13,924

Fair Value Of Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2022, are presented below (in thousands):

		September 30, 2022
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	40,140			$	40,140			$	—			$	—
U.S. government agency securities			137,765				—				137,765				—
Agency mortgage-backed securities			241,377				—				241,377				—
Asset-backed securities			124,339				—				79,223				45,116
Corporate securities:
Fixed income securities			219,271				5,657				213,614				—
Equity securities			44,103				42,037				1,053				1,013
State and municipal securities			113,846				—				113,846				—
Other (1)			76,845				—				6,268				70,577
Total financial instruments owned			997,686				87,834				793,146				116,706
Available-for-sale securities:
U.S. government agency securities			1,894				—				1,894				—
State and municipal securities			2,314				—				2,314				—
Mortgage-backed securities:
Agency			801,461				—				801,461				—
Commercial			66,989				—				66,989				—
Non-agency			464				—				464				—
Corporate fixed income securities			568,751				—				568,751				—
Asset-backed securities			218,974				—				218,974				—
Total available-for-sale securities			1,660,847				—				1,660,847				—
Investments:
Corporate equity securities			30,285				16,325				2,082				11,878
Auction rate securities			14,476				—				—				14,476
Other			34,943				119				45				34,779
Investments in funds and partnerships measured at NAV			21,592
Total investments			101,296				16,444				2,127				61,133
Cash equivalents measured at NAV			1,301
Derivative contracts (2)			152,119				—				152,119				—
		$	2,913,249			$	104,278			$	2,608,239			$	177,839

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

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

		September 30, 2022
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	378,885			$	378,885			$	—			$	—
U.S. government agency securities			31,076				—				31,076				—
Agency mortgage-backed securities			78,025				—				78,025				—
Corporate securities:
Fixed income securities			129,110				7,696				121,414				—
Equity securities			15,794				11,588				4,206				—
Other (3)			4,824				—				—				4,824
Total financial instruments sold, but not yet purchased			637,714				398,169				234,721				4,824
Derivative contracts (4)			152,107				—				152,107				—
		$	789,821			$	398,169			$	386,828			$	4,824

(3) Includes loans, state and municipal securities, and sovereign debt.

(4) 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, 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			$	—

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 September 30, 2022 (in thousands):

		Three Months Ended September 30, 2022
		Financial instruments owned												Investments
		Asset-Backed Securities				Corporate Equity Securities				Other				Corporate Equity Securities				Auction Rate Securities				Other
Balance at June 30, 2022		$	45,211			$	1,013			$	100,187			$	11,878			$	13,965			$	34,779
Unrealized gains			—				—				338				—				511				—
Realized gains			539				—				225				—				—				—
Purchases			1,559				—				25,729				—				—				—
Sales			—				—				(51,824	)			—				—				—
Redemptions			(2,193	)			—				(4,078	)			—				—				—
Net change			(95	)			—				(29,610	)			—				511				—
Balance at September 30, 2022		$	45,116			$	1,013			$	70,577			$	11,878			$	14,476			$	34,779

The following table summarizes the change in fair value associated with Level 3 financial instruments during the nine months ended September 30, 2022 (in thousands):

		Nine Months Ended September 30, 2022
		Financial instruments owned												Investments
		Asset-Backed Securities				Corporate Equity Securities				Other				Corporate Equity Securities				Auction Rate Securities				Other
Balance at December 31, 2021		$	64,706			$	225			$	26,857			$	5,754			$	13,032			$	35,837
Unrealized gains/(losses)			4,750				839				550				6,124				1,444				(1,012	)
Realized gains			2,316				336				793				—				—				992
Purchases			3,149				—				133,933				—				—				—
Sales			—				(387	)			(85,042	)			—				—				(999	)
Redemptions			(29,805	)			—				(6,514	)			—				—				(39	)
Net change			(19,590	)			788				43,720				6,124				1,444				(1,058	)
Balance at September 30, 2022		$	45,116			$	1,013			$	70,577			$	11,878			$	14,476			$	34,779

Schedule Of Fair Value Of Financial Instruments

The following reflects the fair value of financial instruments as of September 30, 2022 and December 31, 2021, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

		September 30, 2022								December 31, 2021
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	1,414,543			$	1,414,543			$	1,963,326			$	1,963,326
Cash segregated for regulatory purposes			31,869				31,869				186,331				186,331
Securities purchased under agreements to resell			541,840				541,840				579,866				579,866
Financial instruments owned			997,686				997,686				1,157,004				1,157,004
Available-for-sale securities			1,660,847				1,660,847				2,113,893				2,113,893
Held-to-maturity securities			5,991,450				5,665,534				5,348,558				5,343,481
Bank loans			20,675,968				20,229,657				16,627,847				16,704,912
Loans held for sale			234,927				234,927				207,715				207,715
Investments			101,296				101,296				117,804				117,804
Derivative contracts (1)			152,119				152,119				52,129				52,129
Financial liabilities:
Securities sold under agreements to repurchase		$	257,759			$	257,759			$	385,528			$	385,528
Bank deposits			27,190,619				24,638,897				23,280,348				22,998,842
Financial instruments sold, but not yet purchased			637,714				637,714				756,150				756,150
Senior notes			1,114,285				1,040,587				1,113,478				1,218,344
Debentures to Stifel Financial Capital Trusts			60,000				54,771				60,000				46,340
Derivative contracts (2)			152,107				152,107				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 September 30, 2022 and December 31, 2021 (in thousands):

		September 30, 2022
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	1,413,242			$	1,413,242			$	—			$	—
Cash segregated for regulatory purposes			31,869				31,869				—				—
Securities purchased under agreements to resell			541,840				392,539				149,301				—
Held-to-maturity securities			5,665,534				—				5,556,992				108,542
Bank loans			20,229,657				—				20,229,657				—
Loans held for sale			234,927				—				234,927				—
Financial liabilities:
Securities sold under agreements to repurchase		$	257,759			$	12,090			$	245,669			$	—
Bank deposits			24,638,897				—				24,638,897				—
Senior notes			1,040,587				1,040,587				—				—
Debentures to Stifel Financial Capital Trusts			54,771				—				—				54,771

		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

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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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