Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Of Assets And Liabilities Measured On Recurring Basis


	March 31, 2015
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	85,576	$	85,576	$	-	$	-
Financial instruments owned:
U.S. government securities		39,200		39,200		-		-
U.S. government agency securities		96,319		-		96,319		-
Mortgage-backed securities:
Agency		184,796		-		184,796		-
Non-agency		28,618		-		27,899		719
Corporate securities:
Fixed income securities		184,591		48,819		133,092		2,680
Equity securities		89,982		80,297		9,066		619
State and municipal securities		188,726		-		188,726		-
Total financial instruments owned		812,232		168,316		639,898		4,018
Available-for-sale securities:
U.S. government agency securities		1,712		-		1,712		-
State and municipal securities		75,247		-		75,247		-
Mortgage-backed securities:
Agency		199,640		-		199,640		-
Commercial		93,784		-		93,784		-
Non-agency		3,039		-		3,039		-
Corporate fixed income securities		305,352		55,415		249,937		-
Asset-backed securities		772,486		-		728,099		44,387
Total available-for-sale securities		1,451,260		55,415		1,351,458		44,387
Investments:
Corporate equity securities		52,222		52,215		7		-
Mutual funds		14,860		14,860		-		-
U.S. government securities		13,518		104		13,414		-
Auction rate securities:
Equity securities		42,518		-		-		42,518
Municipal securities		1,330		-		-		1,330
Other (1)		73,812		4,849		2,406		66,557
Total investments		198,260		72,028		15,827		110,405
	$	2,547,328	$	381,335	$	2,007,183	$	158,810
Liabilities:
Financial instruments sold, but not yet purchased
U.S. government securities	$	227,211	$	227,211	$	-	$	-
U.S. government agency securities		4,965		-		4,965		-
Mortgage-backed securities:
Agency		44,605		-		44,605		-
Commercial		-		-		-		-
Corporate securities:
Fixed income securities		159,976		4,238		155,738		-
Equity securities		108,114		89,577		18,537		-
State and municipal securities		10		-		10		-
Total financial instruments sold, but not yet purchased		544,881		321,026		223,855		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		5,932		-		5,932		-
	$	550,813	$	321,026	$	229,787	$	-

(1) Includes $48.4 million of partnership interests, $13.3 million of private company investments, and $4.8 million of private equity and other investments.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 are presented below:


	December 31, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	122,875	$	122,875	$	-	$	-
Financial instruments owned:
U.S. government agency securities		58,992		58,992		-		-
U.S. government securities		101,439		-		101,439		-
Mortgage-backed securities:
Agency		159,057		-		159,057		-
Non-agency		13,366		189		12,371		806
Corporate securities:
Fixed income securities		245,909		75,236		168,680		1,993
Equity securities		77,548		76,316		88		1,144
State and municipal securities		130,544		-		130,544		-
Total financial instruments owned		786,855		210,733		572,179		3,943
Available-for-sale securities:
U.S. government agency securities		1,610		-		1,610		-
State and municipal securities		74,401		-		74,401		-
Mortgage-backed securities:
Agency		209,206		-		209,206		-
Commercial		107,644		-		107,644		-
Non-agency		3,137		-		3,137		-
Corporate fixed income securities		337,406		50,892		286,514		-
Asset-backed securities		780,074		-		736,029		44,045
Total available-for-sale securities		1,513,478		50,892		1,418,541		44,045
Investments:
Corporate equity securities		59,203		35,123		24,080		-
Mutual funds		18,144		18,144		-		-
U.S. government securities		6,555		104		6,451		-
Auction rate securities:
Equity securities		46,197		-		-		46,197
Municipal securities		1,326		-		-		1,326
Other (1)		78,830		1,283		4,557		72,990
Total investments		210,255		54,654		35,088		120,513
	$	2,633,463	$	439,154	$	2,025,808	$	168,501


Liabilities:
Financial instruments sold, but not yet purchased
U.S. government securities	$	146,592	$	146,592	$	-	$	-
U.S. government agency securities		10,029		-		10,029		-
Mortgage-backed securities:
Agency		28,067		-		28,067		-
Commercial		4,556		401		4,155		-
Corporate securities:
Fixed income securities		293,008		17,116		275,892		-
Equity securities		105,013		105,013		-		-
Total financial instruments sold, but not yet purchased		587,265		269,122		318,143		-
Securities sold, but not yet purchased		-		-		-		-
Derivative contracts (2)		5,641		-		5,641		-
	$	592,906	$	269,122	$	323,784	$	-

(1) Includes $42.1 million of partnership interests, $16.4 million of private company investments, and $14.3 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 March 31, 2015
	Financial instruments owned						Available-for-sale securities		Investments
	Mortgage-Backed Securities - Non-Agency		Corporate Fixed Income Securities		Equity Securities		Asset-Backed Securities		Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other (1)

Balance at December 31, 2014	$	806	$	1,993	$	1,144	$	44,045	$	46,197	$	1,326	$	72,990
Unrealized gains/(losses):
Included in changes in net assets (2)		(60)		-		-		-		546		4		938
Included in OCI (3)		-		-		-		342		-		-		-
Realized gains/(losses) (2)		14		-		-		-		-		-		(629)
Purchases		-		2,680		-		-		-		-		1,695
Sales		-		(1,993)		(525)		-		-		-		(2,445)
Redemptions		(41)		-		-		-		(4,225)		-		(84)
Transfers:
Into Level 3		-		-		-		-		-		-		-
Out of Level 3		-		-		-		-		-		-		(5,908)
Net change		(87)		687		(525)		342		(3,679)		4		(6,433)
Balance at March 31, 2015	$	719		2,680	$	619	$	44,387	$	42,518	$	1,330	$	66,557

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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	6.3% - 8.4%	8.2%
		Workout period	3 - 4 years	3.9 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	2.2% - 13.2%	5.8%
		Workout period	1 - 3 years	2.3 years

Municipal securities	Discounted cash flow	Discount rate	0.1% - 8.6%	7.0%
		Workout period	1 - 4 years	2.9 years

Other
Investments in partnerships	Market approach	Revenue multiple	1.3 - 4.2	2.9
		EBITDA multiple	9.4 - 15.3	12.3

Private equity investments	Market approach	Revenue multiple	0.5 - 2.0	1.4
		EBITDA multiple	4.3 - 9.8	6.7

Schedule Of Fair Value Of Financial Instruments


	March 31, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	403,756	$	403,756	$	689,782	$	689,782
Cash segregated for regulatory purposes		127		127		49,646		49,646
Securities purchased under agreements to resell		198,612		198,612		55,078		55,078
Financial instruments owned		812,232		812,232		786,855		786,855
Available-for-sale securities		1,451,260		1,451,260		1,513,478		1,513,478
Held-to-maturity securities		1,154,738		1,194,417		1,177,565		1,211,976
Loans held for sale		188,783		188,783		121,939		121,939
Bank loans		2,253,929		2,272,401		2,065,420		2,086,864
Investments		198,260		198,260		210,255		210,255
Financial liabilities:
Securities sold under agreements to repurchase	$	255,858	$	255,858	$	39,180	$	39,180
Bank deposits		4,834,040		4,331,934		4,790,081		4,246,214
Financial instruments sold, but not yet purchased		544,881		544,881		587,265		587,265
Derivative contracts (1)		5,932		5,932		5,641		5,641
Senior notes		450,000		461,903		625,000		638,690
Debentures to Stifel Financial Capital Trusts		82,500		72,680		82,500		76,714

(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


	March 31, 2015
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	318,180	$	318,180	$	-	$	-
Cash segregated for regulatory purposes		127		127		-		-
Securities purchased under agreements to resell		198,612		193,624		4,988		-
Held-to-maturity securities		1,194,417		-		950,475		243,942
Loans held for sale		188,783		-		188,783		-
Bank loans		2,272,401		-		2,272,401		-
Financial liabilities:
Securities sold under agreements to repurchase	$	255,858	$	109,505	$	146,353	$	-
Bank deposits		4,331,934		-		4,331,934		-
Senior notes		461,903		461,903		-		-
Debentures to Stifel Financial Capital Trusts		72,680		-		-		72,680


	December 31, 2014
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	566,907	$	566,907	$	-	$	-
Cash segregated for regulatory purposes		49,646		49,646		-		-
Securities purchased under agreements to resell		55,078		44,996		10,082		-
Held-to-maturity securities		1,211,976		-		969,913		242,063
Loans held for sale		121,939		-		121,939		-
Bank loans		2,086,864		-		2,086,864		-
Financial liabilities:
Securities sold under agreements to repurchase	$	39,180	$	39,180	$	-	$	-
Bank deposits		4,246,214		-		4,246,214		-
Senior notes		638,690		638,690		-		-
Debentures to Stifel Financial Capital Trusts		76,714		-		-		76,714

- 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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