Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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

	June 30, 2017
	Fair value of investments		Unfunded commitments
Partnership interests	$	5,806	$	1,348
Mutual funds		12,441		—
Private equity funds		8,673		1,856
Money market funds		16,365		—
Total	$	43,285	$	3,204

	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

	June 30, 2017
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	16,924	$	16,924	$	—	$	—
U.S. government agency securities		119,703		—		119,703		—
Mortgage-backed securities:
Agency		313,463		—		313,463		—
Non-agency		54,566		—		54,041		525
Corporate securities:
Fixed income securities		367,866		7,443		360,167		256
Equity securities		43,671		43,304		—		367
State and municipal securities		147,458		—		147,458		—
Total financial instruments owned		1,063,651		67,671		994,832		1,148
Available-for-sale securities:
U.S. government agency securities		4,565		199		4,366		—
State and municipal securities		72,382		—		72,382		—
Mortgage-backed securities:
Agency		319,062		—		319,062		—
Commercial		72,688		—		72,688		—
Non-agency		1,617		—		1,617		—
Corporate fixed income securities		971,131		—		971,131		—
Asset-backed securities		2,013,928		—		2,013,928		—
Total available-for-sale securities		3,455,373		199		3,455,174		—
Investments:
Corporate equity securities		50,384		50,144		—		240
Auction rate securities:
Equity securities		48,577		—		13,956		34,621
Municipal securities		841		—		—		841
Other		1,610		—		370		1,240
Investments in funds measured at NAV		26,920
Total investments		128,332		50,144		14,326		36,942
Cash equivalents measured at NAV		16,365
Derivative contracts ⁽¹⁾		8,442			$	8,442
	$	4,672,163	$	118,014	$	4,472,774	$	38,090

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

	June 30, 2017
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	298,832	$	298,832	$	—	$	—
U.S. government agency securities		1,995		—		1,995		—
Mortgage-backed securities
Agency		118,458		—		118,458		—
Non-agency		16		—		16		—
Corporate securities:
Fixed income securities		245,148		317		244,831		—
Equity securities		41,091		41,091		—		—
State and municipal securities		37		—		37		—
Total financial instruments sold, but not yet purchased		705,577		340,240		365,337		—
Derivative contracts ⁽²⁾		939				939
	$	706,516	$	340,240	$	366,276	$	—

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

	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 June 30, 2017
	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
Balance at March 31, 2017	$	1,019		$	267		$	583		$	3,833		$	49,055		$	837	$	1,240
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		(100	)		—			(216	)		—			251			4		—
Included in OCI ⁽²⁾		—			—			—			—			—			—		—
Realized gains/(losses) ⁽¹⁾		96			—			—			—			—			—		—
Purchases		—			—			—			—			—			—		—
Sales		(324	)		—			—			—			—			—		—
Redemptions		(166	)		(11	)		—			—			—			—		—
Transfers:
Into Level 3		—			—			—			—			—			—		—
Out of Level 3		—			—			—			(3,593	)		(14,685	)		—		—
Net change		(494	)		(11	)		(216	)		(3,593	)		(14,434	)		4		—
Balance at June 30, 2017	$	525		$	256		$	367		$	240		$	34,621		$	841	$	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.

	Six Months Ended June 30, 2017
	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
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⁾		(100	)		—			(233	)		—			617			9		—
Included in OCI ⁽²⁾		—			—			—			—			—			—		—
Realized gains/(losses)⁽¹⁾		97			—			—			—			—			—		—
Purchases		—			—			—			—			—			—		—
Sales		(324	)		—			—			—			—			—		—
Redemptions		(230	)		(17	)		—			—			—			—		—
Transfers:
Into Level 3		—			—			—			—			—			—		—
Out of Level 3		—			—			—			(3,593	)		(14,685	)		—		—
Net change		(557	)		(17	)		(233	)		(3,593	)		(14,068	)		9		—
Balance at June 30, 2017	$	525		$	256		$	367		$	240		$	34,621		$	841	$	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.

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	1.2% - 10.5%		5.2%
		Workout period	1 - 3 years	2.2 years
Municipal securities	Discounted cash flow	Discount rate	1.6% - 9.4%		3.9%
		Workout period	1 - 4 years	1.9 years

Schedule Of Fair Value Of Financial Instruments

	June 30, 2017				December 31, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	678,054	$	678,054	$	912,932	$	912,932
Cash segregated for regulatory purposes		150		150		73,235		73,235
Securities purchased under agreements to resell		478,091		478,091		248,588		248,588
Financial instruments owned		1,063,651		1,063,651		925,045		925,045
Available-for-sale securities		3,455,373		3,455,373		3,181,313		3,181,313
Held-to-maturity securities		3,307,970		3,321,880		3,038,405		3,040,554
Loans held for sale		139,676		139,676		228,588		228,588
Bank loans		6,160,093		5,994,527		5,591,190		5,633,804
Investments		128,332		128,332		133,563		133,563
Derivative contracts ⁽¹⁾		8,442		8,442		10,390		10,390

Financial liabilities:
Securities sold under agreements to repurchase	$	243,999	$	243,999	$	268,546	$	268,546
Bank deposits		12,050,474		11,366,970		11,527,483		11,092,185
Financial instruments sold, but not yet purchased		705,577		705,577		699,032		699,032
Derivative contracts ⁽²⁾		939		939		1,823		1,823
Federal Home Loan Bank advances		790,000		790,000		500,000		500,000
Borrowings		105,000		105,000		377,000		377,000
Senior notes		796,296		811,318		795,891		799,632
Debentures to Stifel Financial Capital Trusts		67,500		50,413		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

	June 30, 2017
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	661,689	$	661,689	$	—	$	—
Cash segregated for regulatory purposes		150		150		—		—
Securities purchased under agreements to resell		478,091		478,091		—		—
Held-to-maturity securities		3,321,880		—		3,119,542		202,338
Loans held for sale		139,676		—		139,676		—
Bank loans		5,994,527		—		5,994,527		—
Financial liabilities:
Securities sold under agreements to repurchase	$	243,999	$	—	$	243,999	$	—
Bank deposits		11,366,970		—		11,366,970		—
Federal Home Loan Bank advances		790,000		790,000		—		—
Borrowings		105,000		105,000		—		—
Senior notes		811,318		811,318		—		—
Debentures to Stifel Financial Capital Trusts		50,413		—		—		50,413

	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