Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 (in thousands):


		March 31, 2026								December 31, 2025
		Fair value of investments				Unfunded commitments				Fair value of investments				Unfunded commitments
Partnership interests		$	32,197			$	16,223			$	31,819			$	16,508
Money market funds			2,450				—				2,340				—
Mutual funds			647				—				668				—
Private equity funds			291				—				290				—
Total fair value of funds measured at NAV		$	35,585			$	16,223			$	35,117			$	16,508

Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, are presented below (in thousands):


		March 31, 2026
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	8,227			$	8,227			$	—			$	—
U.S. government agency securities			321,696				—				321,696				—
Agency mortgage-backed securities			497,724				—				497,724				—
Asset-backed securities			132,752				—				132,252				500
Corporate securities:
Fixed income securities			332,056				—				332,056				—
Equity securities			60,180				52,452				7,728				—
State and municipal securities			222,931				—				222,931				—
Other (1)			81,783				—				6,128				75,655
Total financial instruments owned			1,657,349				60,679				1,520,515				76,155
Available-for-sale securities:
U.S. government agency securities			2,386				—				2,386				—
State and municipal securities			2,326				—				2,326				—
Mortgage-backed securities:
Agency			1,151,131				—				1,151,131				—
Commercial			1,318				—				1,318				—
Non-agency			138				—				138				—
Corporate fixed income securities			334,705				—				334,705				—
Asset-backed securities			96,545				—				96,545				—
Total available-for-sale securities			1,588,549				—				1,588,549				—
Investments:
Corporate equity securities			36,530				12,879				4,240				19,411
Auction rate securities			554				—				—				554
Other (2)			14,366				—				—				14,366
Investments in funds and partnerships measured at NAV			33,135
Total investments			84,585				12,879				4,240				34,331
Derivative contracts (3)			65,558								65,558
Subtotal			3,396,041				73,558				3,178,862				110,486
Cash equivalents measured at NAV			2,450
Total assets at fair value on a recurring basis		$	3,398,491			$	73,558			$	3,178,862			$	110,486

(1) Includes syndicated loans and non-agency mortgage-backed securities.

(2) Primarily includes private company investments.

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


		March 31, 2026
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	603,437			$	603,437			$	—			$	—
Agency mortgage-backed securities			154,512				—				154,512				—
Corporate securities:
Fixed income securities			155,972				—				155,972				—
Equity securities			9,248				9,123				125				—
Other (4)			1,216				—				—				1,216
Total financial instruments sold, but not yet purchased			924,385				612,560				310,609				1,216
Derivative contracts (5)			65,570				—				65,570				—
Total liabilities at fair value on a recurring basis		$	989,955			$	612,560			$	376,179			$	1,216

(4) Includes syndicated loans.

(5) 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, 2025, are presented below (in thousands):


		December 31, 2025
		Total				Level 1				Level 2				Level 3
Financial instruments owned:
U.S. government securities		$	5,196			$	5,196			$	—			$	—
U.S. government agency securities			174,478				—				174,478				—
Agency mortgage-backed securities			515,634				—				515,634				—
Asset-backed securities			143,723				—				139,683				4,040
Corporate securities:
Fixed income securities			295,570				517				295,053				—
Equity securities			55,312				55,198				—				114
State and municipal securities			174,579				—				174,579				—
Other (1)			63,343				—				6,445				56,898
Total financial instruments owned			1,427,835				60,911				1,305,872				61,052
Available-for-sale securities:
U.S. government agency securities			2,381				—				2,381				—
State and municipal securities			2,326				—				2,326				—
Mortgage-backed securities:
Agency			1,101,412				—				1,101,412				—
Commercial			2,113				—				2,113				—
Non-agency			152				—				152				—
Corporate fixed income securities			375,750				—				375,750				—
Asset-backed securities			109,256				—				109,256				—
Total available-for-sale securities			1,593,390				—				1,593,390				—
Investments:
Corporate equity securities			34,937				15,490				1				19,446
Auction rate securities			551				—				—				551
Other (2)			13,560				—				—				13,560
Investments in funds and partnerships measured at NAV			32,777
Total investments			81,825				15,490				1				33,557
Derivative contracts (3)			71,297				—				71,297				—
Subtotal			3,174,347				76,401				2,970,560				94,609
Cash equivalents measured at NAV			2,340
Total assets at fair value on a recurring basis		$	3,176,687			$	76,401			$	2,970,560			$	94,609

(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, 2025
		Total				Level 1				Level 2				Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities		$	475,449			$	475,449			$	—			$	—
Agency mortgage-backed securities			154,983				—				154,983				—
Corporate securities:
Fixed income securities			145,582				—				145,582				—
Equity securities			16,363				16,250				113
Other (4)			1,249				—				13				1,236
Total financial instruments sold, but not yet purchased			793,626				491,699				300,691				1,236
Derivative contracts (5)			71,311				—				71,311				—
Total liabilities at fair value on a recurring basis		$	864,937			$	491,699			$	372,002			$	1,236

(4)

Includes syndicated loans and state and municipal securities.

(5)

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 March 31, 2026 (in thousands):


		Three Months Ended March 31, 2026
		Financial instruments owned												Investments
		Asset-Backed Securities				Corporate Equity Securities				Syndicated Loans				Corporate Equity Securities				Auction Rate Securities				Other
Balance at December 31, 2025		$	4,040			$	114			$	56,898			$	19,446			$	551			$	13,560
Unrealized gains/(losses)			(534	)			—				(20	)			(35	)			3				806
Realized losses			(2	)			(10	)			—				—				—				—
Purchases			—				—				28,105				—				—				—
Sales			(3,004	)			(104	)			—				—				—				—
Redemptions			—				—				(9,328	)			—				—				—
Net change			(3,540	)			(114	)			18,757				(35	)			3				806
Balance at March 31, 2026		$	500			$	—			$	75,655			$	19,411			$	554			$	14,366

Schedule of Fair Value of Financial Instruments

The following reflects the fair value of financial instruments as of March 31, 2026 and December 31, 2025, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).


		March 31, 2026								December 31, 2025
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial assets:
Cash and cash equivalents		$	2,899,370			$	2,899,370			$	2,253,789			$	2,253,789
Cash segregated for regulatory purposes			29,196				29,196				29,018				29,018
Securities purchased under agreements to resell			746,375				746,375				564,162				564,162
Financial instruments owned			1,657,349				1,657,349				1,427,835				1,427,835
Available-for-sale securities			1,588,549				1,588,549				1,593,390				1,593,390
Held-to-maturity securities			6,861,227				6,850,934				6,549,054				6,565,484
Bank loans			21,836,987				21,588,713				21,925,257				21,610,180
Loans held for sale			348,331				348,331				502,199				502,199
Investments			84,585				84,585				81,825				81,825
Derivative contracts (1)			65,558				65,558				71,297				71,297
Financial liabilities:
Securities sold under agreements to repurchase		$	862,954			$	862,954			$	651,236			$	651,236
Bank deposits			30,797,336				30,797,148				29,752,063				29,752,095
Financial instruments sold, but not yet purchased			924,385				924,385				793,626				793,626
Senior notes			617,649				560,861				617,443				576,180
Debentures to Stifel Financial Capital Trusts			55,000				51,285				55,000				51,582
Derivative contracts (2)			65,570				65,570				71,311				71,311

(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 March 31, 2026 and December 31, 2025 (in thousands):


		March 31, 2026
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	2,896,920			$	2,896,920			$	—			$	—
Cash segregated for regulatory purposes			29,196				29,196				—				—
Securities purchased under agreements to resell			746,375				—				746,375				—
Held-to-maturity securities			6,850,934				—				6,789,467				61,467
Bank loans			21,588,713				—				21,505,798				82,915
Loans held for sale			348,331				—				323,017				25,314
Financial liabilities:
Securities sold under agreements to repurchase		$	862,954			$	—			$	862,954			$	—
Bank deposits			30,797,148				—				30,797,148				—
Senior notes			560,861				560,861				—				—
Debentures to Stifel Financial Capital Trusts			51,285				—				—				51,285


		December 31, 2025
		Total				Level 1				Level 2				Level 3
Financial assets:
Cash		$	2,251,449			$	2,251,449			$	—			$	—
Cash segregated for regulatory purposes			29,018				29,018				—				—
Securities purchased under agreements to resell			564,162				—				564,162				—
Held-to-maturity securities			6,565,484				—				6,495,393				70,091
Bank loans			21,610,180				—				21,515,785				94,395
Loans held for sale			502,199				—				502,199				—
Financial liabilities:
Securities sold under agreements to repurchase		$	651,236			$	—			$	651,236			$	—
Bank deposits			29,752,095				—				29,752,095				—
Senior notes			576,180				576,180				—				—
Debentures to Stifel Financial Capital Trusts			51,582				—				—				51,582

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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