Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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

	March 31, 2017
	Fair value of investments		Unfunded commitments
Private company investments	$	18,702	$	10,238
Partnership interests		14,857		1,790
Mutual funds		11,981		—
Private equity funds		8,843		1,853
Money market funds		15,420		—
Total	$	69,803	$	13,881

	December 31, 2016
	Fair value of investments		Unfunded commitments
Private company investments	$	18,763	$	8,526
Partnership interests		15,798		1,822
Mutual funds		11,301		—
Private equity funds		9,310		2,020
Money market funds		35,637		—
Total	$	90,809	$	12,368

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	March 31, 2017
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	19,784	$	19,784	$	—	$	—
U.S. government agency securities		170,659		—		170,659		—
Mortgage-backed securities:
Agency		293,654		—		293,654		—
Non-agency		28,595		—		27,576		1,019
Corporate securities:
Fixed income securities		356,364		8,995		347,102		267
Equity securities		39,791		39,208		—		583
State and municipal securities		149,242		—		149,242		—
Total financial instruments owned		1,058,089		67,987		988,233		1,869
Available-for-sale securities:
U.S. government agency securities		4,419		199		4,220		—
State and municipal securities		72,417		—		72,417		—
Mortgage-backed securities:
Agency		341,054		—		341,054		—
Commercial		72,758		—		72,758		—
Non-agency		1,731		—		1,731		—
Corporate fixed income securities		824,192		—		824,192		—
Asset-backed securities		2,061,410		—		2,061,410		—
Total available-for-sale securities		3,377,981		199		3,377,782		—
Investments:
Corporate equity securities		27,866		24,033		—		3,833
Auction rate securities:
Equity securities		49,055		—		—		49,055
Municipal securities		837		—		—		837
Other		1,620		—		380		1,240
Investments in funds measured at NAV		54,383		—		—		—
Total investments		133,761		24,033		380		54,965
Cash equivalents measured at NAV		15,420
Derivative contracts ⁽¹⁾		11,300		—		11,300		—
	$	4,596,551	$	92,219	$	4,377,695	$	56,834

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

	March 31, 2017
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	351,765	$	351,765	$	—	$	—
Mortgage-backed securities
Agency		96,975		—		96,975		—
Corporate securities:
Fixed income securities		260,410		—		260,410		—
Equity securities		45,308		45,308		—		—
Total financial instruments sold, but not yet purchased		754,458		397,073		357,385		—
Derivative contracts ⁽²⁾		1,191		—		1,191		—
	$	755,649	$	397,073	$	358,576	$	—

⁽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, 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		299,946		1,944		297,729		273
Equity securities		32,044		31,444		—		600
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⁾	Includes certain private company and other investments.

	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		202,968		980		201,988		—
Equity securities		18,395		18,395		—		—
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

	Three Months Ended March 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⁾		—			—			(17	)		—		366		5		—
Included in OCI ⁽²⁾		—			—			—			—		—		—		—
Realized gains ⁽¹⁾		1			—			—			—		—		—		—
Purchases		—			—			—			—		—		—		—
Sales		—			—			—			—		—		—		—
Redemptions		(64	)		(6	)		—			—		—		—		—
Transfers:
Into Level 3		—			—			—			—		—		—		—
Out of Level 3		—			—			—			—		—		—		—
Net change		(63	)		(6	)		(17	)		—		366		5		—
Balance at March 31, 2017	$	1,019		$	267		$	583		$	3,833	$	49,055	$	837	$	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.

⁽²⁾	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:
Corporate equity securities	Market comparable companies	Tangible book value multiple	1.4 - 2.2		1.9
Auction rate securities:
Equity securities	Discounted cash flow	Discount rate	1.6% - 11.5%		5.8%
		Workout period	1 - 3 years	2.5 years
Municipal securities	Discounted cash flow	Discount rate	1.9% - 10.1%		4.4%
		Workout period	1 - 4 years	1.9 years

Schedule Of Fair Value Of Financial Instruments

	March 31, 2017				December 31, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	658,387	$	658,387	$	912,932	$	912,932
Cash segregated for regulatory purposes		214		214		73,235		73,235
Securities purchased under agreements to resell		318,848		318,848		248,588		248,588
Financial instruments owned		1,058,089		1,058,089		925,045		925,045
Available-for-sale securities		3,377,981		3,377,981		3,181,313		3,181,313
Held-to-maturity securities		3,189,767		3,199,113		3,038,405		3,040,554
Loans held for sale		206,724		206,724		228,588		228,588
Bank loans		5,864,548		5,916,155		5,591,190		5,633,804
Investments		133,761		133,761		133,563		133,563
Derivative contracts ⁽¹⁾		11,300		11,300		10,390		10,390

Financial liabilities:
Securities sold under agreements to repurchase	$	219,727	$	219,727	$	268,546	$	268,546
Bank deposits		11,700,961		12,701,075		11,527,483		11,092,185
Financial instruments sold, but not yet purchased		754,458		754,458		699,032		699,032
Derivative contracts ⁽²⁾		1,191		1,191		1,823		1,823
Federal Home Loan Bank advances		790,000		790,000		500,000		500,000
Borrowings		199,000		199,000		377,000		377,000
Senior notes		795,192		810,193		795,891		799,632
Debentures to Stifel Financial Capital Trusts		67,500		51,469		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

	March 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	642,967	$	642,967	$	—	$	—
Cash segregated for regulatory purposes		214		214		—		—
Securities purchased under agreements to resell		318,848		318,848		—		—
Held-to-maturity securities		3,199,113		—		2,978,710		220,403
Loans held for sale		206,724		—		206,724		—
Bank loans		5,916,155		—		5,916,155		—
Financial liabilities:
Securities sold under agreements to repurchase	$	219,727	$	—	$	219,727	$	—
Bank deposits		12,701,075		—		12,701,075		—
Federal Home Loan Bank advances		790,000		790,000		—		—
Borrowings		199,000		199,000		—		—
Senior notes		810,193		810,193		—		—
Debentures to Stifel Financial Capital Trusts		51,469		—		—		51,469

	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		—
Federal Home Loan Bank advances		500,000		500,000		—		—
Borrowings		377,000		377,000		—		—
Senior notes		799,632		799,632		—		—
Debentures to Stifel Financial Capital Trusts		52,525		—		—		52,525