Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

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

	June 30, 2016
	Fair value of investments		Unfunded commitments
Private company investments	$	28,639	$	10,561
Partnership interests		20,962		1,822
Mutual funds		12,857		—
Private equity funds		12,109		9,337
Money market funds		9,822		—
Total	$	84,389	$	21,720

	December 31, 2015
	Fair value of investments		Unfunded commitments
Private company investments	$	34,385	$	14,178
Partnership interests		22,502		2,018
Mutual funds		20,399		—
Private equity funds		12,970		9,352
Money market funds		77,097		—
Total	$	167,353	$	25,548

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	June 30, 2016
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	11,258	$	11,258	$	—	$	—
U.S. government agency securities		210,849		1,008		209,841		—
Mortgage-backed securities:
Agency		209,021		—		209,021		—
Non-agency		28,954		—		27,719		1,235
Corporate securities:
Fixed income securities		278,643		22,986		255,365		292
Equity securities		125,446		124,827		—		619
State and municipal securities		222,275		—		222,275		—
Total financial instruments owned		1,086,446		160,079		924,221		2,146
Available-for-sale securities:
U.S. government agency securities		2,688		101		2,587		—
State and municipal securities		74,712		—		74,712		—
Mortgage-backed securities:
Agency		395,271		—		395,271		—
Commercial		2,787		—		2,787		—
Non-agency		2,188		—		2,188		—
Corporate fixed income securities		652,093		—		652,093		—
Asset-backed securities		1,336,967		—		1,336,967		—
Total available-for-sale securities		2,466,706		101		2,466,605		—
Investments:
Corporate equity securities		27,898		22,041		1,328		4,529
Auction rate securities:
Equity securities		50,750		—		—		50,750
Municipal securities		1,355		—		—		1,355
Other ¹		1,628		—		388		1,240
Investments in funds measured at NAV		74,567
Total investments		156,198		22,041		1,716		57,874
Cash equivalents measured at NAV		9,822
	$	3,719,172	$	182,221	$	3,392,542	$	60,020

¹	Includes certain private company and other investments.

	June 30, 2016
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	271,337	$	271,337	$	—	$	—
Agency mortgage-backed securities		75,289		—		75,289		—
Corporate securities:
Fixed income securities		210,586		2,901		207,685		—
Equity securities		58,429		58,429		—		—
State and municipal securities		21		—		21		—
Total financial instruments sold, but not yet purchased		615,662		332,667		282,995		—
Derivative contracts ²		17,707		—		17,707		—
	$	633,369	$	332,667	$	300,702	$	—

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, 2015, are presented below (in thousands):

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	45,167	$	45,167	$	—	$	—
U.S. government agency securities		116,949		—		116,949		—
Mortgage-backed securities:
Agency		205,473		—		205,473		—
Non-agency		33,319		—		31,843		1,476
Corporate securities:
Fixed income securities		203,910		13,203		190,707		—
Equity securities		31,642		29,388		1,635		619
State and municipal securities		112,983		—		112,983		—
Total financial instruments owned		749,443		87,758		659,590		2,095
Available-for-sale securities:
U.S. government agency securities		1,698		—		1,698		—
State and municipal securities		74,167		—		74,167		—
Mortgage-backed securities:
Agency		304,893		—		304,893		—
Commercial		11,310		—		11,310		—
Non-agency		2,518		—		2,518		—
Corporate fixed income securities		319,408		—		319,408		—
Asset-backed securities		915,913		—		915,913		—
Total available-for-sale securities		1,629,907		—		1,629,907		—
Investments:
Corporate equity securities		30,737		26,436		1,359		2,942
U.S. government securities		102		102		—		—
Auction rate securities:
Equity securities		55,710		—		5,268		50,442
Municipal securities		1,315		—		—		1,315
Other ¹		2,897		4		2,873		20
Investments measured at NAV		90,256
Total investments		181,017		26,542		9,500		54,719
Cash equivalents measured at NAV		77,097
	$	2,637,464	$	114,300	$	2,298,997	$	56,814

¹	Includes certain private company and other investments.

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	186,030	$	186,030	$	—	$	—
Agency mortgage-backed securities		50,830		—		50,830		—
Corporate securities:
Fixed income securities		255,700		3,601		252,099		—
Equity securities		29,184		22,894		6,290		—
Total financial instruments sold, but not yet purchased		521,744		212,525		309,219		—
Derivative contracts ²		3,591		—		3,591		—
	$	525,335	$	212,525	$	312,810	$	—

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, 2016
	Financial instruments owned							Investments
	Mortgage- Backed Securities – Non-Agency			Fixed Income Securities		Equity Securities		Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal		Other ¹
Balance at March 31, 2016	$	1,433			—	$	619	$	2,979	$	50,864		$	1,351	$	775
Unrealized gains/(losses):
Included in changes in net assets ²		(18	)		—		—		1,550		361			4		—
Included in OCI ³		—			—		—		—		—			—		—
Realized gains ²		2			—		—		—		—			—		—
Purchases		—			292		—		—		—			—		—
Sales		—			—		—		—		—			—		—
Redemptions		(182	)		—		—		—		(475	)		—		—
Transfers:
Into Level 3		—			—		—		—		—			—		465
Out of Level 3		—			—		—		—		—			—		—
Net change		(198	)		292		—		1,550		(114	)		4		465
Balance at June 30, 2016	$	1,235		$	292	$	619	$	4,529	$	50,750		$	1,355	$	1,240

¹	Includes private company and other investments.

²	Realized and unrealized gains 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.

	Six Months Ended June 30, 2016
	Financial instruments owned							Investments
	Mortgage- Backed Securities – Non-Agency			Fixed Income Securities		Equity Securities		Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal		Other ¹
Balance at December 31, 2015	$	1,476			—	$	619	$	2,942	$	50,442		$	1,315	$	20
Unrealized gains/(losses):
Included in changes in net assets ²		(18	)		—		—		1,587		783			40		—
Included in OCI ³		—			—		—		—		—			—		—
Realized gains ²		9			—		—		—		—			—		—
Purchases		—			292		—		—		—			—		755
Sales		—			—		—		—		—			—		—
Redemptions		(232	)		—		—		—		(475	)		—		—
Transfers:
Into Level 3		—			—		—		—		—			—		465
Out of Level 3		—			—		—		—		—			—		—
Net change		(241	)		292		—		1,587		308			40		1,220
Balance at June 30, 2016	$	1,235		$	292	$	619	$	4,529	$	50,750		$	1,355	$	1,240

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	1.7 - 11.7%		5.8%
		Workout period	1 - 3 years	2.5 years
Municipal securities	Discounted cash flow	Discount rate	0.0 - 10.3%		4.9%
		Workout period	1 - 4 years	2.1 years

Schedule Of Fair Value Of Financial Instruments

	June 30, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	364,101	$	364,101	$	811,019	$	811,019
Cash segregated for regulatory purposes		60,132		60,132		227,727		227,727
Securities purchased under agreements to resell		293,766		293,766		160,423		160,423
Financial instruments owned		1,086,446		1,086,446		749,443		749,443
Available-for-sale securities		2,466,706		2,466,706		1,629,907		1,629,907
Held-to-maturity securities		2,119,888		2,178,218		1,855,399		1,874,998
Loans held for sale		250,725		250,725		189,921		189,921
Bank loans		4,170,858		4,213,242		3,143,515		3,188,402
Investments		156,198		156,198		181,017		181,017
Financial liabilities:
Securities sold under agreements to repurchase	$	317,002	$	317,002	$	278,674	$	278,674
Bank deposits		7,881,219		7,738,148		6,638,356		6,627,818
Financial instruments sold, but not yet purchased		615,662		615,662		521,744		521,744
Derivative contracts ¹		17,707		17,707		3,591		3,591
Borrowings		335,157		335,157		89,084		89,084
Federal Home Loan Bank advances		865,000		865,000		148,000		148,000
Senior notes		740,785		760,527		740,136		745,999
Debentures to Stifel Financial Capital Trusts		67,500		51,541		82,500		72,371

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, 2016
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	354,279	$	354,279	$	—	$	—
Cash segregated for regulatory purposes		60,132		60,132		—		—
Securities purchased under agreements to resell		293,766		293,766		—		—
Held-to-maturity securities		2,178,218		—		1,615,409		562,809
Loans held for sale		250,725		—		250,725		—
Bank loans		4,213,242		—		4,213,242		—
Financial liabilities:
Securities sold under agreements to repurchase	$	317,002	$	317,002	$	—	$	—
Bank deposits		7,738,148		—		7,738,148		—
Borrowings		335,157		—		335,157		—
Federal Home Loan Bank advances		865,000		865,000
Senior notes		760,527		760,527		—		—
Debentures to Stifel Financial Capital Trusts		51,541		—		—		51,541

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	733,922	$	733,922	$	—	$	—
Cash segregated for regulatory purposes		227,727		227,727		—		—
Securities purchased under agreements to resell		160,423		160,423		-		—
Held-to-maturity securities		1,874,998		—		1,317,582		557,416
Loans held for sale		189,921		—		189,921		—
Bank loans		3,188,402		—		3,188,402		—
Financial liabilities:
Securities sold under agreements to repurchase	$	278,674	$	278,674	$	—	$	—
Bank deposits		6,627,818		—		6,627,818		—
Borrowings		89,084		—		89,084		—
Federal Home Loan Bank advances		148,000		148,000		—		—
Senior notes		736,135		736,135		—		—
Debentures to Stifel Financial Capital Trusts		72,371		—		—		72,371