Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	June 30, 2015
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	89,423	$	89,423	$	—	$	—
Financial instruments owned:
U.S. government securities		29,280		29,280		—		—
U.S. government agency securities		151,895		—		151,895		—
Mortgage-backed securities:
Agency		259,968		—		259,968		—
Non-agency		16,377		—		15,707		670
Corporate securities:
Fixed income securities		270,594		30,389		235,633		4,572
Equity securities		41,628		40,898		111		619
State and municipal securities		175,071		—		175,071		—
Total financial instruments owned		944,813		100,567		838,385		5,861
Available-for-sale securities:
U.S. government agency securities		1,710		—		1,710		—
State and municipal securities		73,733		—		73,733		—
Mortgage-backed securities:
Agency		27,903		—		27,903		—
Commercial		36,654		—		36,654		—
Non-agency		2,934		—		2,934		—
Corporate fixed income securities		188,533		—		188,533		—
Asset-backed securities		456,430		—		456,430		—
Total available-for-sale securities		787,897		—		787,897		—
Investments:
Corporate equity securities		54,126		51,157		7		2,962
Mutual funds		14,907		14,907		—		—
U.S. government securities		103		103		—		—
Auction rate securities:
Equity securities		48,355		—		—		48,355
Municipal securities		1,324		—		—		1,324
Other ¹		71,637		—		2,395		69,242
Total investments		190,452		66,167		2,402		121,883
	$	2,012,585	$	256,157	$	1,628,684	$	127,744

¹	Includes $51.2 million of partnership interests, $13.2 million of private company investments, and $4.8 million of private equity and other investments.

	June 30, 2015
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	236,053	$	236,053	$	—	$	—
U.S. government agency securities		5,061		—		5,061		—
Mortgage-backed securities:
Agency		70,715		—		70,715
Non-agency		163		—		163		—
Corporate securities:
Fixed income securities		189,758		1,194		188,564		—
Equity securities		64,970		64,923		47		—
State and municipal securities		6		—		6
Total financial instruments sold, but not yet purchased		566,726		302,170		264,556	$	—
Derivative contracts ²		4,322		—		4,322		—
	$	571,048	$	302,170	$	268,878	$	—

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 securities		58,992		58,992		—		—
U.S. government agency 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

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.

	December 31, 2014
	Total		Level 1		Level 2		Level 3
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		—
Non-agency		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		—
Derivative contracts ²		5,641		—		5,641		—
	$	592,906	$	269,122	$	323,784	$	—

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, 2015
	Financial instruments owned								Available- for-sale securities
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities		Asset- Backed Securities
Balance at March 31, 2015	$	719		$	2,680		$	619	$	44,387
Unrealized gains/(losses):
Included in changes in net assets ²		(23	)		210			—		—
Included in OCI ³		—			—			—		—
Realized gains/(losses) ²		19			—			—		(2,136	)
Purchases		—			8,963			—		—
Sales					(7,281	)				(42,251	)
Redemptions		(45	)		—			—		—
Transfers:
Into Level 3		—			—			—		—
Out of Level 3		—			—			—		—
Net change		(49	)		1,892			—		(44,387	)
Balance at June 30, 2015	$	670		$	4,572		$	619	$	—

	Three Months Ended June 30, 2015
	Investments
	Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other ¹
Balance at March 31, 2015	$	—	$	42,518		$	1,330		$	66,557
Unrealized gains/(losses):
Included in changes in net assets ²		85		(788	)		(6	)		3,030
Included in OCI ³		—		—			—			—
Realized gains ²		—		—			—			126
Purchases		—		6,625			—			2,701
Sales		—		—			—			(266	)
Redemptions		—		—			—			(29	)
Transfers:
Into Level 3		2,877		—			—			—
Out of Level 3		—		—			—			(2,877	)
Net change		2,962		5,837			(6	)		2,685
Balance at June 30, 2015	$	2,962	$	48,355		$	1,324		$	69,242

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.

The following table summarizes the changes in fair value carrying values associated with Level 3 financial instruments during the six months ended June 30, 2015 (in thousands):

	Six Months Ended June 30, 2015
	Financial instruments owned									Available- for-sale securities
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities			Asset- Backed Securities
Balance at December 31, 2014	$	806		$	1,993		$	1,144		$	44,045
Unrealized gains/(losses):
Included in changes in net assets²		(83	)		210			—			—
Included in OCI ³		—			—			—			342
Realized gains/(losses) ²		33			—			—			(2,136	)
Purchases		—			11,643			—			—
Sales		—			(9,274	)		(525	)		(42,251	)
Redemptions		(86	)		—			—			—
Transfers:
Into Level 3		—			—			—			—
Out of Level 3		—			—			—			—
Net change		(136	)		2,579			(525	)		(44,045	)
Balance at June 30, 2015	$	670		$	4,572		$	619		$	—

	Six Months Ended June 30, 2015
	Investments
	Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other ¹
Balance at December 31, 2014	$	—	$	46,197		$	1,326		$	72,990
Unrealized gains/(losses):
Included in changes in net assets ²		85		(242	)		(2	)		3,968
Included in OCI ³		—		—			—			—
Realized gains ²		—		—			—			(503	)
Purchases		—		6,625			—			4,396
Sales		—		—			—			(2,740	)
Redemptions		—		(4,225	)		—			(84	)
Transfers:
Into Level 3		2,877		—			—			—
Out of Level 3		—		—			—			(8,785	)
Net change		2,962		2,158			(2	)		(3,748	)
Balance at June 30, 2015	$	2,962	$	48,355		$	1,324		$	69,242

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
Investments:
Auction rate securities:
Equity securities	Discounted cash flow	Discount rate	2.3% - 13.4%		7.7%
		Workout period	1 - 3 years	2.4 years
Municipal securities	Discounted cash flow	Discount rate	0.3% - 8.4%		7.1%
		Workout period	1 - 4 years	2.8 years
Other
Investments in partnerships	Market approach	Revenue multiple	1.3 – 3.0		2.1
		EBITDA multiple	9.4 – 11.3		8.9

Schedule Of Fair Value Of Financial Instruments

	June 30, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	552,514	$	552,514	$	689,782	$	689,782
Cash segregated for regulatory purposes		150		150		49,646		49,646
Securities purchased under agreements to resell		242,944		242,944		55,078		55,078
Financial instruments owned		944,813		944,813		786,855		786,855
Available-for-sale securities		787,897		787,897		1,513,478		1,513,478
Held-to-maturity securities		1,125,426		1,148,308		1,177,565		1,211,976
Loans held for sale		183,991		183,991		121,939		121,939
Bank loans		2,420,326		2,450,601		2,065,420		2,086,864
Investments		190,452		190,452		210,255		210,255
Financial liabilities:
Securities sold under agreements to repurchase	$	342,350	$	342,350	$	39,180	$	39,180
Bank deposits		4,313,937		4,259,251		4,790,081		4,246,214
Financial instruments sold, but not yet purchased		566,726		566,726		587,265		587,265
Derivative contracts ¹		4,322		4,322		5,641		5,641
Senior notes		450,000		449,516		625,000		638,690
Debentures to Stifel Financial Capital Trusts		82,500		78,516		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

	June 30, 2015
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	552,514	$	552,514	$	—	$	—
Cash segregated for regulatory purposes		150		150		—		—
Securities purchased under agreements to resell		242,944		242,944		—		—
Held-to-maturity securities		1,148,308		—		907,203		241,105
Loans held for sale		183,991		—		183,991		—
Bank loans		2,450,601		—		2,450,601		—
Financial liabilities:
Securities sold under agreements to repurchase	$	342,350	$	147,518	$	194,832	$	—
Bank deposits		4,259,251		—		4,259,251		—
Senior notes		449,516		449,516		—		—
Debentures to Stifel Financial Capital Trusts		78,516		—		—		78,516

	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