Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 350

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 350
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 included in the tables above are only a component of the overall investment strategies of our company. The tables above do not present Level 1 or Level 2 valued assets or liabilities. The changes in unrealized gains/(losses) recorded in earnings for the years ended December 31, 2024 and 2023, relating to Level 3 assets still held at December 31, 2024, were immaterial.The fair value of certain Level 3 assets was determined using various methodologies, as appropriate, including third-party pricing vendors and broker quotes. These inputs are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of current market environment, and other analytical procedures.The fair value for our auction rate securities was determined using an income approach based on an internally developed discounted cash flow model. The discounted cash flow model utilizes two significant unobservable inputs: discount rate and workout period. Significant increases in any of these inputs in isolation would result in a significantly lower fair value. On an ongoing basis, management verifies the fair value by reviewing the appropriateness of the discounted cash flow model and its significant inputs.

91

Fair Value of Financial InstrumentsThe following reflects the fair value of financial instruments as of December 31, 2024 and 2023, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands).

        December 31, 2024

        December 31, 2023

        CarryingValue

        EstimatedFair Value

        CarryingValue

        EstimatedFair Value

        Financial assets:

        Cash and cash equivalents
         
        $
        2,648,308

        $
        2,648,308

        $
        3,361,801

        $
        3,361,801

        Cash segregated for regulatory purposes

        29,895

        29,895

        162,048

        162,048

        Securities purchased under agreements to resell

        528,976

        528,976

        349,849

        349,849

        Financial instruments owned

        1,169,008

        1,169,008

        918,741

        918,741

        Available-for-sale securities

        1,584,598

        1,584,598

        1,551,686

        1,551,686

        Held-to-maturity