Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value

	December 31, 2017				December 31, 2016
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Money market funds	$	77,441	$	—	$	35,637	$	—
Mutual funds		11,748		—		11,301		—
Private equity funds		7,677		1,825		9,310		2,020
Partnership interests		5,124		1,330		15,798		1,822
Private company investments		—		—		18,763		8,526
Total	$	101,990	$	3,155	$	90,809	$	12,368

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	13,466	$	13,466	$	—	$	—
U.S. government agency securities		147,223		—		147,223		—
Mortgage-backed securities:
Agency		329,691		—		329,691		—
Non-agency		75,154		—		74,796		358
Corporate securities:
Fixed income securities		329,179		362		328,575		242
Equity securities		46,802		46,411		138		253
Sovereign debt		32,470		—		32,470		—
State and municipal securities		169,699		—		169,699		—
Total financial instruments owned		1,143,684		60,239		1,082,592		853
Available-for-sale securities:
U.S. government agency securities		4,983		516		4,467		—
State and municipal securities		70,559		—		70,559		—
Mortgage-backed securities:
Agency		305,530		—		305,530		—
Commercial		72,488		—		72,488		—
Non-agency		1,568		—		1,568		—
Corporate fixed income securities		1,211,442		—		1,211,442		—
Asset-backed securities		2,106,938		—		2,106,938		—
Total available-for-sale securities		3,773,508		516		3,772,992		—
Investments:
Corporate equity securities		49,978		49,978		—		—
Auction rate securities:
Equity securities		34,789		—		—		34,789
Municipal securities		846		—		—		846
Other		1,217		—		360		857
Investments measured at NAV		24,549
Total investments		111,379		49,978		360		36,492
Cash equivalents measured at NAV		77,441
Derivative contracts ⁽¹⁾		7,995		—		7,995		—
	$	5,114,007	$	110,733	$	4,863,939	$	37,345

⁽¹⁾	Included in other assets in the consolidated statements of financial condition.

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	442,402	$	442,402	$	—	$	—
U.S. government agency securities		10,348		—		10,348		—
Mortgage-backed securities:
Agency		86,612		—		86,612		—
Corporate securities:
Fixed income securities		180,755		—		180,755		—
Equity securities		38,510		38,070		440		—
Sovereign debt		20,236		—		20,236		—
Total financial instruments sold, but not yet purchased	$	778,863	$	480,472	$	298,391	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, are presented below (in thousands):

	December 31, 2016
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	9,951	$	9,951	$	—	$	—
U.S. government agency securities		89,833		—		89,833		—
Mortgage-backed securities:
Agency		305,774		—		305,774		—
Non-agency		28,402		—		27,320		1,082
Corporate securities:
Fixed income securities		269,561		1,944		267,344		273
Equity securities		32,044		31,444		—		600
Sovereign debt		30,385		—		30,385		—
State and municipal securities		159,095		—		159,095		—
Total financial instruments owned		925,045		43,339		879,751		1,955
Available-for-sale securities:
U.S. government agency securities		4,197		300		3,897		—
State and municipal securities		72,490		—		72,490		—
Mortgage-backed securities:
Agency		338,732		—		338,732		—
Commercial		72,773		—		72,773		—
Non-agency		1,892		—		1,892		—
Corporate fixed income securities		823,511		—		823,511		—
Asset-backed securities		1,867,718		—		1,867,718		—
Total available-for-sale securities		3,181,313		300		3,181,013		—
Investments:
Corporate equity securities		27,247		23,414		—		3,833
Auction rate securities:
Equity securities		48,689		—		—		48,689
Municipal securities		832		—		—		832
Other		1,623		—		383		1,240
Investments measured at NAV		55,172
Total investments		133,563		23,414		383		54,594
Cash equivalents measured at NAV		35,637
Derivative contracts ⁽¹⁾		10,390		—		10,390		—
	$	4,285,948	$	67,053	$	4,071,537	$	56,549

⁽¹⁾	Included in other assets in the consolidated statements of financial condition.

	December 31, 2016
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	362,536	$	362,536	$	—	$	—
U.S. government agency securities		20,549		—		20,549		—
Mortgage-backed securities:
Agency		94,552		—		94,552		—
Non-agency		1		—		1		—
Corporate securities:
Fixed income securities		175,301		980		174,321		—
Equity securities		18,395		18,395		—		—
Sovereign debt		27,667		—		27,667		—
State and municipal securities		31		—		31		—
Total financial instruments sold, but not yet purchased		699,032		381,911		317,121		—
Derivative contracts ⁽²⁾		1,823		—		1,823		—
	$	700,855	$	381,911	$	318,944	$	—

⁽²⁾	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

	Year Ended December 31, 2017
	Financial instruments owned									Investments
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities			Corporate Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal		Other
Balance at December 31, 2016	$	1,082		$	273		$	600		$	3,833		$	48,689		$	832	$	1,240
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		(260	)		—			(88	)		(133	)		785			14		—
Realized gains/(losses) ⁽¹⁾		90			—			(259	)		13			—			—		(383	)
Purchases		—			—			—			—			—			—		—
Sales		(324	)		—			—			(120	)		—			—		—
Redemptions		(230	)		(31	)		—			—			—			—		—
Transfers:
Into Level 3		—			—			—			—			—			—		—
Out of Level 3		—			—			—			(3,593	)		(14,685	)		—		—
Net change		(724	)		(31	)		(347	)		(3,833	)		(13,900	)		14		(383	)
Balance at December 31, 2017	$	358		$	242		$	253		$	—		$	34,789		$	846	$	857

⁽¹⁾	Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations.

	Year Ended December 31, 2016
	Financial instruments owned									Investments
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities			Corporate Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other
Balance at December 31, 2015	$	1,476		$	—		$	619		$	2,942		$	50,442		$	1,315		$	20
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		(18	)		—			(279	)		(361	)		547			67			—
Realized gains ⁽¹⁾		54			—			—			2,453			—			—			—
Purchases		—			292			253			3,593			50			—			3,782
Sales		—			—			—			—			—			—			—
Redemptions		(430	)		(19	)		—			(4,794	)		(2,350	)		(550	)		—
Transfers:
Into Level 3		—			—			7			—			—			—			465
Out of Level 3		—			—			—			—			—			—			(3,027	)
Net change		(394	)		273			(19	)		891			(1,753	)		(483	)		1,220
Balance at December 31, 2016	$	1,082		$	273		$	600		$	3,833		$	48,689		$	832		$	1,240

⁽¹⁾	Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations.

Quantitative Information Related To The Significant Unobservable Inputs Utilized In Level 3 Recurring Fair Value Measurements

	Valuation technique	Unobservable input	Range	Weighted average
Investments:
Auction rate securities:
Equity securities	Discounted cash flow	Discount rate	0.8% to 9.8%	4.8%
		Workout period	1-3 years	2.2 years
Municipal securities	Discounted cash flow	Discount rate	1.0% to 9.1%	3.4%
		Workout period	1-4 years	1.9 years

Schedule Of Fair Value Of Financial Instruments

	December 31, 2017				December 31, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	696,283	$	696,283	$	912,932	$	912,932
Cash segregated for regulatory purposes		90,802		90,802		73,235		73,235
Securities purchased under agreements to resell		512,220		512,220		248,588		248,588
Financial instruments owned		1,143,684		1,143,684		925,045		925,045
Available-for-sale securities		3,773,508		3,773,508		3,181,313		3,181,313
Held-to-maturity securities		3,698,098		3,710,478		3,038,405		3,040,554
Loans held for sale		226,068		226,068		228,588		228,588
Bank loans		6,947,759		6,953,328		5,591,190		5,633,804
Investments		111,379		111,379		133,563		133,563
Derivative contracts ⁽¹⁾		7,995		7,995		10,390		10,390
Financial liabilities:
Securities sold under agreements to repurchase	$	233,704	$	233,704	$	268,546	$	268,546
Bank deposits		13,411,935		12,702,746		11,527,483		11,092,185
Financial instruments sold, but not yet purchased		778,863		778,863		699,032		699,032
Derivative contracts ⁽²⁾		—		—		1,823		1,823
Borrowings		256,000		256,000		377,000		377,000
Federal Home Loan Bank advances		745,000		745,000		500,000		500,000
Senior notes		1,014,940		1,044,768		795,891		799,632
Debentures to Stifel Financial Capital Trusts		67,500		64,962		67,500		52,525

⁽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.

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	618,842	$	618,842	$	—	$	—
Cash segregated for regulatory purposes		90,802		90,802		—		—
Securities purchased under agreements to resell		512,220		428,740		83,480		—
Held-to-maturity securities		3,710,478		—		3,517,781		192,697
Loans held for sale		226,068		—		226,068		—
Bank loans		6,953,328		—		6,953,328		—
Financial liabilities:
Securities sold under agreements to repurchase	$	233,704	$	92,278	$	141,426	$	—
Bank deposits		12,702,746		—		12,702,746		—
Borrowings		256,000		256,000		—		—
Federal Home Loan Bank advances		745,000		745,000		—		—
Senior notes		1,044,768		1,044,768		—		—
Debentures to Stifel Financial Capital Trusts		64,962		—		—		64,962

	December 31, 2016
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	877,295	$	877,295	$	—	$	—
Cash segregated for regulatory purposes		73,235		73,235		—		—
Securities purchased under agreements to resell		248,588		227,983		20,605		—
Held-to-maturity securities		3,040,554		—		2,830,869		209,685
Loans held for sale		228,588		—		228,588		—
Bank loans		5,633,804		—		5,633,804		—
Financial liabilities:
Securities sold under agreements to repurchase	$	268,546	$	149,881	$	118,665	$	—
Bank deposits		11,092,185		—		11,092,185		—
Borrowings		377,000		377,000		—		—
Federal Home Loan Bank advances		500,000		500,000		—		—
Senior notes		799,632		799,632		—		—
Debentures to Stifel Financial Capital Trusts		52,525		—		—		52,525