Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 599

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 599
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 third-party sources. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party 

87

source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments.The table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV (in thousands):

        December 31, 2024

        December 31, 2023

        Fair value of investments

        Unfunded commitments

        Fair value of investments

        Unfunded commitments

        Partnership interests
         
        $
        29,277

        $
        19,509

        $
        24,261

        $
        14,454

        Money market funds

        1,932

        —

        4,706

        —

        Mutual funds

        574

        —

        3,632

        —

        Private equity funds

        344

        —

        368

        1,181

        Total
         
        $
        32,127

        $
        19,509

        $
        32,967

        $
        15,635

      Financial Instruments Sold, But Not Yet PurchasedFinancial instruments sold, but not purchased, recorded at fair value based on quoted prices in active markets and other observable market data include highly liquid instruments with quoted prices, such as U.S. government securities and corporate equity securities listed in active markets, which are reported as Level 1.If quoted prices are not available, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include agency mortgage-backed securities not actively traded, fixed income securities, U.S. government agency securities, sovereign debt, state and municipal securities, and asset-backed securities, included in other