Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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

	June 30, 2018
	Fair value of investments		Unfunded commitments
Money market funds	$	17,883	$	—
Mutual funds		10,060		—
Private equity funds		5,050		1,530
Partnership interests		4,519		1,324
Total	$	37,512	$	2,854

	December 31, 2017
	Fair value of investments		Unfunded commitments
Money market funds	$	77,441	$	—
Mutual funds		11,748		—
Private equity funds		7,677		1,825
Partnership interests		5,124		1,330
Total	$	101,990	$	3,155

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	June 30, 2018
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	19,943	$	19,943	$	—	$	—
U.S. government agency securities		138,884		—		138,884		—
Mortgage-backed securities:
Agency		362,939		—		362,939		—
Non-agency		20,661		—		20,660		1
Asset-backed securities		114,350		—		113,995		355
Corporate securities:
Fixed income securities		359,652		904		358,748		—
Equity securities		54,554		54,265		166		123
Sovereign debt		48,088		—		48,088		—
State and municipal securities		158,352		—		158,352		—
Total financial instruments owned		1,277,423		75,112		1,201,832		479
Available-for-sale securities:
U.S. government agency securities		5,049		515		4,534		—
State and municipal securities		69,461		—		69,461		—
Mortgage-backed securities:
Agency		261,243		—		261,243		—
Commercial		69,480		—		69,480		—
Non-agency		1,406		—		1,406		—
Corporate fixed income securities		1,270,616		—		1,270,616		—
Asset-backed securities		1,798,181		—		1,798,181		—
Total available-for-sale securities		3,475,436		515		3,474,921		—
Investments:
Corporate equity securities		47,648		47,648		—		—
Auction rate securities:
Equity securities		25,303		—		—		25,303
Municipal securities		846		—		—		846
Other		1,056		—		199		857
Investments in funds measured at NAV		19,629
Total investments		94,482		47,648		199		27,006
Cash equivalents measured at NAV		17,883
Derivative contracts ⁽¹⁾		12,038		—		12,038		—
	$	4,877,262	$	123,275	$	4,688,990	$	27,485

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

	June 30, 2018
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	444,941	$	444,941	$	—	$	—
U.S. government agency securities		30,623		—		30,623		—
Mortgage-backed securities:
Agency		143,284		—		143,284		—
Corporate securities:
Fixed income securities		243,333		462		242,871		—
Equity securities		63,916		63,916		—		—
Sovereign debt		18,584		—		18,584		—
Total financial instruments sold, but not yet purchased	$	944,681	$	509,319	$	435,362	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017, are presented below (in thousands):

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	13,466	$	13,466	$	—	$	—
U.S. government agency securities		147,223		—		147,223		—
Mortgage-backed securities:
Agency		302,445		—		302,445		—
Non-agency		29,356		—		29,355		1
Asset-backed securities		76,752		—		76,395		357
Corporate securities:
Fixed income securities		325,471		362		324,867		242
Equity securities		46,802		46,411		138		253
Sovereign debt		32,470		—		32,470		—
State and municipal securities		169,699		—		169,699		—
Total financial instruments owned		1,143,684		60,239		1,082,592		853
Available-for-sale securities:
U.S. government agency securities		4,983		516		4,467		—
State and municipal securities		70,559		—		70,559		—
Mortgage-backed securities:
Agency		305,530		—		305,530		—
Commercial		72,488		—		72,488		—
Non-agency		1,568		—		1,568		—
Corporate fixed income securities		1,211,442		—		1,211,442		—
Asset-backed securities		2,106,938		—		2,106,938		—
Total available-for-sale securities		3,773,508		516		3,772,992		—
Investments:
Corporate equity securities		49,978		49,978		—		—
Auction rate securities:
Equity securities		34,789		—		—		34,789
Municipal securities		846		—		—		846
Other		1,217		—		360		857
Investments measured at NAV		24,549
Total investments		111,379		49,978		360		36,492
Cash equivalents measured at NAV		77,441
Derivative contracts ⁽¹⁾		7,995		—		7,995		—
	$	5,114,007	$	110,733	$	4,863,939	$	37,345

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

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	442,402	$	442,402	$	—	$	—
U.S. government agency securities		10,348		—		10,348		—
Mortgage-backed securities:
Agency		86,612		—		86,612		—
Corporate securities:
Fixed income securities		180,755		—		180,755		—
Equity securities		38,510		38,070		440		—
Sovereign debt		20,236		—		20,236		—
Total financial instruments sold, but not yet purchased	$	778,863	$	480,472	$	298,391	$	—

Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments

	Three Months Ended June 30, 2018
	Financial instruments owned											Investments
	Mortgage- Backed Securities – Non-Agency		Asset-Backed Securities			Fixed Income Securities			Equity Securities			Auction Rate Securities – Equity		Auction Rate Securities – Municipal			Other
Balance at March 31, 2018	$	1	$	357		$	229		$	320		$	25,287	$	847		$	857
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		—		3			—			(197	)		16		(1	)		—
Realized gains/(losses) ⁽¹⁾		—		—			—			—			—		—			—
Purchases		—		—			—			—			—		—			—
Sales		—		—			—			—			—		—			—
Redemptions		—		(5	)		(229	)		—			—		—			—
Transfers:
Into Level 3		—		—			—			—			—		—			—
Out of Level 3		—		—			—			—			—		—			—
Net change		—		(2	)		(229	)		(197	)		16		(1	)		—
Balance at June 30, 2018	$	1	$	355		$	—		$	123		$	25,303	$	846		$	857

⁽¹⁾	Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations.

	Six Months Ended June 30, 2018
	Financial instruments owned											Investments
	Mortgage- Backed Securities – Non-Agency		Asset-Backed Securities			Fixed Income Securities			Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal		Other
Balance at December 31, 2017	$	1	$	357		$	242		$	253		$	34,789		$	846	$	857
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		—		3			—			(130	)		89			—		—
Realized gains/(losses) ⁽¹⁾		—		—			—			—			—			—		—
Purchases		—		—			—			—			—			—		—
Sales		—		—			—			—			—			—		—
Redemptions		—		(5	)		(242	)		—			(9,575	)		—		—
Transfers:
Into Level 3		—		—			—			—			—			—		—
Out of Level 3		—		—			—			—			—			—		—
Net change		—		(2	)		(242	)		(130	)		(9,486	)		—		—
Balance at June 30, 2018	$	1	$	355		$	—		$	123		$	25,303		$	846	$	857

⁽¹⁾	Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations.

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	1.3% - 10.2%	6.1%
		Workout period	2-3 years	2.6 years
Municipal securities	Discounted cash flow	Discount rate	0.6% - 9.9%	3.4%
		Workout period	1-4 years	1.9 years

Schedule Of Fair Value Of Financial Instruments

	June 30, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	472,237	$	472,237	$	696,283	$	696,283
Cash segregated for regulatory purposes		112,800		112,800		90,802		90,802
Securities purchased under agreements to resell		566,041		566,041		512,220		512,220
Financial instruments owned		1,277,423		1,277,423		1,143,684		1,143,684
Available-for-sale securities		3,475,436		3,475,436		3,773,508		3,773,508
Held-to-maturity securities		4,519,985		4,478,399		3,698,098		3,710,478
Loans held for sale		210,611		210,611		226,068		226,068
Bank loans		7,347,371		7,291,212		6,947,759		6,953,328
Investments		94,482		94,482		111,379		111,379
Derivative contracts ⁽¹⁾		12,038		12,038		7,995		7,995

Financial liabilities:
Securities sold under agreements to repurchase	$	514,334	$	514,334	$	233,704	$	233,704
Bank deposits		13,890,849		13,164,993		13,411,935		12,702,746
Financial instruments sold, but not yet purchased		944,681		944,681		778,863		778,863
Federal Home Loan Bank advances		760,000		760,000		745,000		745,000
Borrowings		243,000		243,000		256,000		256,000
Senior notes		1,015,455		1,020,200		1,014,940		1,044,768
Debentures to Stifel Financial Capital Trusts		67,500		58,204		67,500		64,962

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

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value

	June 30, 2018
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	454,354	$	454,354	$	—	$	—
Cash segregated for regulatory purposes		112,800		112,800		—		—
Securities purchased under agreements to resell		566,041		502,063		63,978		—
Held-to-maturity securities		4,478,399		—		4,317,604		160,795
Loans held for sale		210,611		—		210,611		—
Bank loans		7,291,212		—		7,291,212		—
Financial liabilities:
Securities sold under agreements to repurchase	$	514,334	$	127,866	$	386,468	$	—
Bank deposits		13,164,993		—		13,164,993		—
Federal Home Loan Bank advances		760,000		760,000		—		—
Borrowings		243,000		243,000		—		—
Senior notes		1,020,200		1,020,200		—		—
Debentures to Stifel Financial Capital Trusts		58,204		—		—		58,204

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	618,842	$	618,842	$	—	$	—
Cash segregated for regulatory purposes		90,802		90,802		—		—
Securities purchased under agreements to resell		512,220		428,740		83,480		—
Held-to-maturity securities		3,710,478		—		3,517,781		192,697
Loans held for sale		226,068		—		226,068		—
Bank loans		6,953,328		—		6,953,328		—
Financial liabilities:
Securities sold under agreements to repurchase	$	233,704	$	92,278	$	141,426	$	—
Bank deposits		12,702,746		—		12,702,746		—
Federal Home Loan Bank advances		745,000		745,000		—		—
Borrowings		256,000		256,000		—		—
Senior notes		1,044,768		1,044,768		—		—
Debentures to Stifel Financial Capital Trusts		64,962		—		—		64,962