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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 (in thousands):


		September 30, 2025								December 31, 2024
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	30,876			$	16,859			$	29,277			$	19,509
Money market funds			1,596				—				1,932				—
Mutual funds			651				—				574				—
Private equity funds			289				—				344				—
Total		$	33,412			$	16,859			$	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 September 30, 2025, are presented below (in thousands):


		September 30, 2025
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	15,370			$	15,370			$	—			$	—
U.S. government agency securities			275,046				—				275,046				—
Agency mortgage-backed securities			446,693				—				446,693				—
Asset-backed securities			60,135				—				57,996				2,139
Corporate securities:
Fixed income securities			311,339				58				311,281				—
Equity securities			123,932				123,927				5				—
State and municipal securities			241,755				—				241,755				—
Other (1)			66,208				—				14,909				51,299
Total financial instruments owned			1,540,478				139,355				1,347,685				53,438
Available-for-sale securities:
U.S. government agency securities			2,361				—				2,361				—
State and municipal securities			2,351				—				2,351				—
Mortgage-backed securities:
Agency			1,152,960				—				1,152,960				—
Commercial			10,976				—				10,976				—
Non-agency			158				—				158				—
Corporate fixed income securities			407,352				—				407,352				—
Asset-backed securities			112,478				—				112,478				—
Total available-for-sale securities			1,688,636				—				1,688,636				—
Investments:
Corporate equity securities			34,305				15,630				1				18,674
Auction rate securities			557				—				—				557
Other (2)			13,589				1				—				13,588
Investments in funds and partnerships measured at NAV			31,816
Total investments			80,267				15,631				1				32,819
Derivative contracts (3)			76,114				—				76,114				—
Subtotal			3,385,495				154,986				3,112,436				86,257
Cash equivalents measured at NAV			1,596
Total assets at fair value on a recurring basis		$	3,387,091			$	154,986			$	3,112,436			$	86,257

(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.


		September 30, 2025
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	366,214			$	366,214			$	—			$	—
Agency mortgage-backed securities			168,692				—				168,692				—
Corporate securities:
Fixed income securities			153,144				—				153,144				—
Equity securities			116,835				116,835				—				—
Syndicated loans			1,235				—				—				1,235
Total financial instruments sold, but not yet purchased			806,120				483,049				321,836				1,235
Derivative contracts (4)			76,125				—				76,125				—
Total liabilities at fair value on a recurring basis		$	882,245			$	483,049			$	397,961			$	1,235

(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, 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				—				—
Syndicated loans			1,090				—				—				1,090
Total financial instruments sold, but not yet purchased			646,271				404,810				240,371				1,090
Derivative contracts (4)			110,825				—				110,825				—
Total liabilities at fair value on a recurring basis		$	757,096			$	404,810			$	351,196			$	1,090

(4)

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 September 30, 2025 (in thousands):


		Three Months Ended September 30, 2025
		Financial instruments owned								Investments
		Asset-Backed Securities				Syndicated Loans				Corporate Equity Securities				Auction Rate Securities				Other
Balance at June 30, 2025		$	1,034			$	39,810			$	17,074			$	554			$	13,640
Unrealized gains/(losses)			(9	)			(6	)			(7	)			3				(79	)
Purchases			1,114				16,893				1,607				—				27
Redemptions			—				(5,398	)			—				—				—
Net change			1,105				11,489				1,600				3				(52	)
Balance at September 30, 2025		$	2,139			$	51,299			$	18,674			$	557			$	13,588

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


		Nine Months Ended September 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)			(9	)			145				(7	)			(1	)			(32	)
Realized losses			(942	)			—				(404	)			—				(755	)
Purchases			10,245				26,963				3,520				—				27
Sales			(8,189	)			—				—				—				—
Redemptions			—				(34,276	)			—				—				—
Net change			1,105				(7,168	)			3,109				(1	)			(760	)
Balance at September 30, 2025		$	2,139			$	51,299			$	18,674			$	557			$	13,588

Schedule of Fair Value of Financial Instruments

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


		September 30, 2025								December 31, 2024
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	3,184,905			$	3,184,905			$	2,648,308			$	2,648,308
Cash segregated for regulatory purposes			31,851				31,851				29,895				29,895
Securities purchased under agreements to resell			525,621				525,621				528,976				528,976
Financial instruments owned			1,540,478				1,540,478				1,169,008				1,169,008
Available-for-sale securities			1,688,636				1,688,636				1,584,598				1,584,598
Held-to-maturity securities			6,458,002				6,477,018				6,524,954				6,547,647
Bank loans			21,039,173				20,571,051				20,731,796				20,229,458
Loans held for sale			595,517				595,517				578,980				578,980
Investments			80,267				80,267				75,358				75,358
Derivative contracts (1)			76,114				76,114				110,814				110,814
Financial liabilities:
Securities sold under agreements to repurchase		$	747,301			$	747,301			$	580,170			$	580,170
Bank deposits			30,137,748				30,137,781				29,102,227				27,164,580
Financial instruments sold, but not yet purchased			806,120				806,120				646,271				646,271
Senior notes			617,236				580,856				616,618				561,851
Debentures to Stifel Financial Capital Trusts			55,000				52,925				60,000				58,788
Derivative contracts (2)			76,125				76,125				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 September 30, 2025 and December 31, 2024 (in thousands):


		September 30, 2025
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	3,183,309			$	3,183,309			$	—			$	—
Cash segregated for regulatory purposes			31,851				31,851				—				—
Securities purchased under agreements to resell			525,621				—				525,621				—
Held-to-maturity securities			6,477,018				—				6,407,209				69,809
Bank loans			20,571,051				—				20,457,654				113,397
Loans held for sale			595,517				—				378,322				217,195
Financial liabilities:
Securities sold under agreements to repurchase		$	747,301			$	—			$	747,301			$	—
Bank deposits			30,137,781				—				30,137,781				—
Senior notes			580,856				580,856				—				—
Debentures to Stifel Financial Capital Trusts			52,925				—				—				52,925


		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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