Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 184

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 184
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. Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. DerivativesDerivatives are valued using quoted market prices for identical instruments when available or observable inputs from forward and futures yield curves. The valuation models used require market observable inputs, including contractual terms, market prices, yield curves, credit curves, and measures of volatility. We have classified our derivatives as Level 2. The counterparties to most of our company’s derivative transactions represent regulated banks, bank holding companies, and derivative clearing houses. Management has determined that the counterparty credit risk associated with its derivative transactions is not significant. Accordingly, the recorded fair values for these transactions have not been adjusted to reflect counterparty credit risk.

88

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