v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025 (in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Fair value of investments

 

 

Unfunded commitments

 

 

Fair value of investments

 

 

Unfunded commitments

 

Partnership interests

 

$

34,946

 

 

$

16,857

 

 

$

31,819

 

 

$

16,508

 

Money market funds

 

 

3,168

 

 

 

 

 

 

2,340

 

 

 

 

Mutual funds

 

 

728

 

 

 

 

 

 

668

 

 

 

 

Private equity funds

 

 

292

 

 

 

 

 

 

290

 

 

 

 

Total fair value of funds measured at NAV

 

$

39,134

 

 

$

16,857

 

 

$

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 June 30, 2026, are presented below (in thousands):

 

 

June 30, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial instruments owned:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

32,340

 

 

$

32,340

 

 

$

 

 

$

 

U.S. government agency securities

 

 

240,600

 

 

 

 

 

 

240,600

 

 

 

 

Agency mortgage-backed securities

 

 

515,218

 

 

 

 

 

 

515,218

 

 

 

 

Asset-backed securities

 

 

206,923

 

 

 

 

 

 

206,423

 

 

 

500

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

307,044

 

 

 

106

 

 

 

306,938

 

 

 

 

Equity securities

 

 

47,009

 

 

 

46,023

 

 

 

882

 

 

 

104

 

State and municipal securities

 

 

275,626

 

 

 

 

 

 

275,626

 

 

 

 

Other (1)

 

 

74,310

 

 

 

 

 

 

6,407

 

 

 

67,903

 

Total financial instruments owned

 

 

1,699,070

 

 

 

78,469

 

 

 

1,552,094

 

 

 

68,507

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

 

2,395

 

 

 

 

 

 

2,395

 

 

 

 

State and municipal securities

 

 

2,320

 

 

 

 

 

 

2,320

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

1,109,680

 

 

 

 

 

 

1,109,680

 

 

 

 

Commercial

 

 

1,269

 

 

 

 

 

 

1,269

 

 

 

 

Non-agency

 

 

133

 

 

 

 

 

 

133

 

 

 

 

Corporate fixed income securities

 

 

336,461

 

 

 

 

 

 

336,461

 

 

 

 

Asset-backed securities

 

 

77,247

 

 

 

 

 

 

77,247

 

 

 

 

Total available-for-sale securities

 

 

1,529,505

 

 

 

 

 

 

1,529,505

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

 

34,219

 

 

 

10,671

 

 

 

4,412

 

 

 

19,136

 

Auction rate securities

 

 

184

 

 

 

 

 

 

 

 

 

184

 

Other (2)

 

 

14,905

 

 

 

 

 

 

 

 

 

14,905

 

Investments in funds and partnerships measured at NAV

 

 

35,966

 

 

 

 

 

 

 

 

 

 

Total investments

 

 

85,274

 

 

 

10,671

 

 

 

4,412

 

 

 

34,225

 

Derivative contracts (3)

 

 

70,457

 

 

 

 

 

 

70,457

 

 

 

 

Subtotal

 

 

3,384,306

 

 

 

89,140

 

 

 

3,156,468

 

 

 

102,732

 

Cash equivalents measured at NAV

 

 

3,168

 

 

 

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

3,387,474

 

 

$

89,140

 

 

$

3,156,468

 

 

$

102,732

 

(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.

 

 

June 30, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

661,011

 

 

$

661,011

 

 

$

 

 

$

 

Agency mortgage-backed securities

 

 

156,073

 

 

 

 

 

 

156,073

 

 

 

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

141,150

 

 

 

 

 

 

141,150

 

 

 

 

Equity securities

 

 

4,362

 

 

 

4,362

 

 

 

 

 

 

 

Other (4)

 

 

374

 

 

 

 

 

 

 

 

 

374

 

Total financial instruments sold, but not yet purchased

 

 

962,970

 

 

 

665,373

 

 

 

297,223

 

 

 

374

 

Derivative contracts (5)

 

 

70,466

 

 

 

 

 

 

70,466

 

 

 

 

Total liabilities at fair value on a recurring basis

 

$

1,033,436

 

 

$

665,373

 

 

$

367,689

 

 

$

374

 

(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 June 30, 2026 (in thousands):

 

 

Three Months Ended June 30, 2026

 

 

 

Financial instruments owned

 

 

Investments

 

 

 

Asset-Backed Securities

 

 

Corporate Equity
Securities

 

 

Syndicated Loans

 

 

Corporate Equity Securities

 

 

Auction Rate
Securities

 

 

Other

 

Balance at March 31, 2026

 

$

500

 

 

$

 

 

$

75,655

 

 

$

19,411

 

 

$

554

 

 

$

14,366

 

Unrealized gains/(losses)

 

 

 

 

 

6

 

 

 

(4

)

 

 

(930

)

 

 

5

 

 

 

539

 

Realized losses

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

(7

)

 

 

 

Purchases

 

 

 

 

 

 

 

 

13,469

 

 

 

655

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

(1,369

)

 

 

 

 

 

(368

)

 

 

 

Redemptions

 

 

 

 

 

 

 

 

(19,845

)

 

 

 

 

 

 

 

 

 

Transfers into Level 3

 

 

 

 

 

98

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change

 

 

 

 

 

104

 

 

 

(7,752

)

 

 

(275

)

 

 

(370

)

 

 

539

 

Balance at June 30, 2026

 

$

500

 

 

$

104

 

 

$

67,903

 

 

$

19,136

 

 

$

184

 

 

$

14,905

 

The following table summarizes the change in fair value associated with Level 3 financial instruments during the six months ended June 30, 2026 (in thousands):

 

 

Six Months Ended June 30, 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

)

 

 

6

 

 

 

(24

)

 

 

(965

)

 

 

8

 

 

 

1,345

 

Realized losses

 

 

(2

)

 

 

(10

)

 

 

(3

)

 

 

 

 

 

(7

)

 

 

 

Purchases

 

 

 

 

 

 

 

 

41,574

 

 

 

655

 

 

 

 

 

 

 

Sales

 

 

(3,004

)

 

 

(104

)

 

 

(1,369

)

 

 

 

 

 

(368

)

 

 

 

Redemptions

 

 

 

 

 

 

 

 

(29,173

)

 

 

 

 

 

 

 

 

 

Transfers into Level 3

 

 

 

 

 

98

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change

 

 

(3,540

)

 

 

(10

)

 

 

11,005

 

 

 

(310

)

 

 

(367

)

 

 

1,345

 

Balance at June 30, 2026

 

$

500

 

 

$

104

 

 

$

67,903

 

 

$

19,136

 

 

$

184

 

 

$

14,905

 

Schedule of Fair Value of Financial Instruments

The following reflects the fair value of financial instruments as of June 30, 2026 and December 31, 2025, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Carrying
Value

 

 

Estimated
Fair Value

 

 

Carrying
Value

 

 

Estimated
Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,191,628

 

 

$

2,191,628

 

 

$

2,253,789

 

 

$

2,253,789

 

Cash segregated for regulatory purposes

 

 

30,068

 

 

 

30,068

 

 

 

29,018

 

 

 

29,018

 

Securities purchased under agreements to resell

 

 

798,907

 

 

 

798,907

 

 

 

564,162

 

 

 

564,162

 

Financial instruments owned

 

 

1,699,070

 

 

 

1,699,070

 

 

 

1,427,835

 

 

 

1,427,835

 

Available-for-sale securities

 

 

1,529,505

 

 

 

1,529,505

 

 

 

1,593,390

 

 

 

1,593,390

 

Held-to-maturity securities

 

 

6,881,353

 

 

 

6,895,122

 

 

 

6,549,054

 

 

 

6,565,484

 

Bank loans

 

 

24,431,513

 

 

 

24,251,223

 

 

 

21,925,257

 

 

 

21,610,180

 

Loans held for sale

 

 

373,591

 

 

 

373,591

 

 

 

502,199

 

 

 

502,199

 

Investments

 

 

85,274

 

 

 

85,274

 

 

 

81,825

 

 

 

81,825

 

Derivative contracts (1)

 

 

70,457

 

 

 

70,457

 

 

 

71,297

 

 

 

71,297

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

1,095,619

 

 

$

1,095,619

 

 

$

651,236

 

 

$

651,236

 

Bank deposits

 

 

32,264,006

 

 

 

32,263,766

 

 

 

29,752,063

 

 

 

29,752,095

 

Financial instruments sold, but not yet purchased

 

 

962,970

 

 

 

962,970

 

 

 

793,626

 

 

 

793,626

 

Federal Home Loan Bank advances

 

 

450,000

 

 

 

450,000

 

 

 

 

 

 

 

Senior notes

 

 

617,855

 

 

 

563,264

 

 

 

617,443

 

 

 

576,180

 

Debentures to Stifel Financial Capital Trusts

 

 

55,000

 

 

 

50,493

 

 

 

55,000

 

 

 

51,582

 

Derivative contracts (2)

 

 

70,466

 

 

 

70,466

 

 

 

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 June 30, 2026 and December 31, 2025 (in thousands):

 

 

June 30, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

2,188,460

 

 

$

2,188,460

 

 

$

 

 

$

 

Cash segregated for regulatory purposes

 

 

30,068

 

 

 

30,068

 

 

 

 

 

 

 

Securities purchased under agreements to resell

 

 

798,907

 

 

 

 

 

 

798,907

 

 

 

 

Held-to-maturity securities

 

 

6,895,122

 

 

 

 

 

 

6,827,323

 

 

 

67,799

 

Bank loans

 

 

24,251,223

 

 

 

 

 

 

24,167,955

 

 

 

83,268

 

Loans held for sale

 

 

373,591

 

 

 

 

 

 

373,591

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

1,095,619

 

 

$

 

 

$

1,095,619

 

 

$

 

Bank deposits

 

 

32,263,766

 

 

 

 

 

 

32,263,766

 

 

 

 

Federal Home Loan Bank advances

 

 

450,000

 

 

 

450,000

 

 

 

 

 

 

 

Senior notes

 

 

563,264

 

 

 

563,264

 

 

 

 

 

 

 

Debentures to Stifel Financial Capital Trusts

 

 

50,493

 

 

 

 

 

 

 

 

 

50,493

 

 

 

 

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