Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Assets And Liabilities Measured On Recurring Basis


	June 30, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	67,640	$	67,640	$	-	$	-
Financial instruments owned:
U.S. government agency securities		179,240		-		179,240		-
U.S. government securities		31,244		31,244		-		-
Corporate securities:
Fixed income securities		571,650		64,795		503,487		3,368
Equity securities		84,758		84,515		243		-
State and municipal securities		164,989		-		164,989		-
Total financial instruments owned		1,031,881		180,554		847,959		3,368
Available-for-sale securities:
U.S. government agency securities		1,718		-		1,718		-
State and municipal securities		73,172		-		73,172		-
Mortgage-backed securities:
Agency		218,876		-		218,876		-
Commercial		154,457		-		154,457		-
Non-agency		30,146		-		30,146		-
Corporate fixed income securities		421,286		72,660		348,626		-
Asset-backed securities		747,124		-		688,754		58,370
Total available-for-sale securities		1,646,779		72,660		1,515,749		58,370
Investments:
Corporate equity securities		64,568		32,801		31,767		-
Corporate preferred securities		-		-		-		-
Mutual funds		17,899		17,899		-		-
U.S. government securities		-		-		-		-
Auction rate securities:
Equity securities		52,184		-		-		52,184
Municipal securities		1,930		-		-		1,930
Other (1)		88,489		4,211		3,934		80,344
Total investments		225,070		54,911		35,701		134,458
	$	2,971,370	$	375,765	$	2,399,409	$	196,196

Liabilities:
Financial instruments sold, but not yet purchased
U.S. government securities	$	248,224	$	248,224	$	-	$	-
U.S. government agency securities		99,186		-		99,186		-
Corporate securities:
Fixed income securities		217,165		24,365		192,800		-
Equity securities		119,690		119,685		5		-
State and municipal securities		1,078		-		1,078		-
Total financial instruments sold, but not yet purchased		685,343		392,274		293,069		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		7,616		-		7,616		-
	$	692,959	$	392,274	$	300,685	$	-

(1) Includes $49.4 million of partnership interests, $16.4 million of private company investments, and $14.5 million of private equity and other investments.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.


	December 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	78,163	$	78,163	$	-	$	-
Financial instruments owned:
U.S. government agency securities		88,930		-		88,930		-
U.S. government securities		10,594		10,594		-		-
Corporate securities:
Fixed income securities		483,987		23,413		458,535		2,039
Equity securities		76,709		76,462		6		241
State and municipal securities		141,274		-		141,274		-
Total financial instruments owned		801,494		110,469		688,745		2,280
Available-for-sale securities:
U.S. government agency securities		1,072		-		1,072		-
State and municipal securities		90,677		-		84,477		6,200
Mortgage-backed securities:
Agency		183,987		-		183,987		-
Commercial		211,246		-		211,246		-
Non-agency		4,619		-		4,619		-
Corporate fixed income securities		498,316		83,655		414,661		-
Asset-backed securities		766,336		-		708,258		58,078
Total available-for-sale securities		1,756,253		83,655		1,608,320		64,278
Investments:
Corporate equity securities		32,402		32,402		-		-
Corporate preferred securities		-		-		-		-
Mutual funds		16,994		16,994		-		-
U.S. government securities		-		-		-		-
Auction rate securities:
Equity securities		56,693		-		-		56,693
Municipal securities		10,939		-		-		10,939
Other (1)		100,200		10		2,422		97,768
Total investments		217,228		49,406		2,422		165,400
	$	2,853,138	$	321,693	$	2,299,487	$	231,958

Liabilities:
Financial instruments sold, but not yet purchased
U.S. government securities	$	253,221	$	253,221	$	-	$	-
U.S. government agency securities		2,068		-		2,068		-
Corporate securities:
Fixed income securities		135,878		17,857		118,021		-
Equity securities		90,015		86,933		3,082		-
State and municipal securities		32		-		32		-
Total financial instruments sold, but not yet purchased		481,214		358,011		123,203		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		9,349		-		9,349		-
	$	490,563	$	358,011	$	132,552	$	-

(1) Includes $56.0 million of partnership interests, $22.5 million of private company investments, and $21.7 million of private equity and other investments.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Schedule Of Changes In Fair Value Carrying Values Associated With Level 3 Financial Instruments


	Three Months Ended June 30, 2014
	Financial instruments Owned				Available-for-sale securities				Investments
	Corporate Fixed Income Securities (1)		Equity Securities		State & Municipal Securities		Asset-Backed Securities		Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other (2)

Balance at March 31, 2014	$	1,340	$	241	$	6,262	$	58,351	$	53,702	$	11,634	$	92,959
Unrealized gains/(losses):
Included in changes in net assets (3)		(3)		-		-		-		407		790		2,619
Included in OCI (4)		-		-		-		19		-		-		-
Realized gains/(losses) (3)		(1,295)		4,964		-		-		-		-		164
Purchases		3,356		-		-		-		-		-		222
Sales		-		(5,205)		-		-		(1,725)		(10,324)		(10,060)
Redemptions		(30)		-		-		-		(200)		(170)		(1,678)
Transfers:
Into Level 3		-		-		-		-		-		-		-
Out of Level 3		-		-		(6,262)		-		-		-		(3,882)
Net change		2,028		(241)		(6,262)		19		(1,518)		(9,704)		(12,615)
Balance at June 30, 2014	$	3,368	$	-		-	$	58,370	$	52,184	$	1,930	$	80,344


	Six Months Ended June 30, 2014
	Financial instruments Owned				Available-for-sale securities				Investments
	Corporate Fixed Income Securities (1)		Equity Securities		State & Municipal Securities		Asset-Backed Securities		Auction Rate Securities - Equity		Auction Rate Securities - Municipal

Balance at December 31, 2013	$	2,039	$	241	$	6,200	$	58,078	$	56,693	$	10,939
Unrealized gains/(losses):
Included in changes in net assets (3)		(441)		-		-		-		716		637
Included in OCI (4)		-		-		62		292		-		-
Realized gains/(losses) (3)		(1,295)		4,964		-		-		-		-
Purchases		3,356		-		-		-		-		1,650
Sales		(259)		(5,205)		-		-		(1,725)		(10,324)
Redemptions		(32)		-		-		-		(3,500)		(972)
Transfers:
Into Level 3		-		-		-		-		-		-
Out of Level 3		-		-		(6,262)		-		-		-
Net change		1,329		(241)		(6,200)		292		(4,509)		(9,009)
Balance at June 30, 2014	$	3,368	$	-	$	-	$	58,370	$	52,184	$	1,930

⁽¹⁾

Included in financial instruments owned in the consolidated statements of financial condition.

⁽²⁾

Includes partnership interests, private company investments, and private equity investments.

⁽³⁾

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

⁽⁴⁾

Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition.

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



	Valuation technique	Unobservable input	Range	Weighted average
Available-for-sale securities:
Asset-backed securities	Discounted cash flow	Discount rate	5.3% - 10.6%	7.3%
		Workout period	1 - 4 years	3.2 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	1.8% - 12.3%	6.6%
		Workout period	1 - 3 years	2.3 years

Municipal securities	Discounted cash flow	Discount rate	0.0% - 10.6%	7.2%
		Workout period	1 -4 years	3.1 years

Other
Investments in partnerships	Market approach	Revenue multiple	1.3-4.2	3.3
		EBITDA multiple	4.1-15.3	8.7

Private equity investments	Market/Income approach	Revenue multiple	0.5-3.0	1.8
		EBITDA multiple	4.3-11.3	7.8

Schedule Of Fair Value Of Financial Instruments


	June 30, 2014				December 31, 2013
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	$	420,290	$	420,290	$	716,560	$	716,560
Restricted cash		-		-		4,268		4,268
Cash segregated for regulatory purposes		38		38		35		35
Securities purchased under agreements to resell		222,209		222,209		225,075		225,075
Financial instruments owned		1,031,881		1,031,881		801,494		801,494
Available-for-sale securities		1,646,779		1,646,779		1,756,253		1,756,253
Held-to-maturity securities		1,274,765		1,303,305		1,312,115		1,305,959
Loans held for sale		119,477		119,477		109,110		109,110
Bank loans		1,757,129		1,780,909		1,404,353		1,420,068
Investments		225,070		225,070		217,228		217,228
Financial liabilities:
Securities sold under agreements to repurchase	$	289,580	$	289,580	$	263,809	$	263,809
Bank deposits		4,653,656		4,173,240		4,663,323		4,072,038
Financial instruments sold, but not yet purchased		685,343		685,343		481,214		481,214
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (1)		7,616		7,616		9,349		9,349
Senior notes		325,000		333,316		325,000		328,635
Non-recourse debt		-		-		-		-
Debentures to Stifel Financial Capital Trusts		82,500		68,342		82,500		72,201
Liabilities subordinated to claims of general creditors		-		-		3,131		3,122

(1) 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


	June 30, 2014
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	352,650	$	352,650	$	-	$	-
Restricted cash		-		-		-		-
Cash segregated for regulatory purposes		38		38		-		-
Securities purchased under agreements to resell		222,209		222,209		-		-
Held-to-maturity securities		1,303,305		-		1,005,583		297,722
Loans held for sale		119,477		-		119,477		-
Bank loans		1,780,909		-		1,780,909		-
Financial liabilities:
Securities sold under agreements to repurchase	$	289,580	$	7,660	$	281,920	$	-
Bank deposits		-		-				-
Senior notes		333,316		333,316		-		-
Non-recourse debt		-		-		-		-
Debentures to Stifel Financial Capital Trusts		68,342		-		-		68,342
Liabilities subordinated to claims of general creditors		-		-		-		-


	December 31, 2013
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	638,397	$	638,397	$	-	$	-
Restricted cash		4,268		4,268		-		-
Cash segregated for regulatory purposes		35		35		-		-
Securities purchased under agreements to resell		225,075		225,075		-		-
Held-to-maturity securities		1,305,959		-		1,073,953		232,006
Loans held for sale		109,110		-		109,110		-
Bank loans		1,420,068		-		1,420,068		-
Financial liabilities:
Securities sold under agreements to repurchase	$	263,809	$	747	$	263,062	$	-
Bank deposits		4,072,038		-		4,072,038		-
Senior notes		328,635		328,635		-		-
Non-recourse debt		-		-		-		-
Debentures to Stifel Financial Capital Trusts		72,201		-		-		72,201
Liabilities subordinated to claims of general creditors		3,122		-		-		3,122

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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