Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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

	December 31, 2019				December 31, 2018
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Money market funds	$	25,734	$	—	$	19,719	$	—
Mutual funds		7,875		—		9,122		—
Private equity funds		2,288		1,203		3,461		1,480
Partnership interests		3,058		953		3,976		1,024
Total	$	38,955	$	2,156	$	36,278	$	2,504

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	9,266	$	9,266	$	—	$	—
U.S. government agency securities		66,881		—		66,881		—
Mortgage-backed securities:
Agency		388,856		—		388,856		—
Non-agency		5,155		—		5,155		—
Asset-backed securities		28,385		—		28,210		175
Corporate securities:
Fixed income securities		250,783		872		249,911		—
Equity securities		64,009		61,579		2,430		—
Sovereign debt		12,403		—		12,403		—
State and municipal securities		137,211		—		137,211		—
Loans		9,983		—		832		9,151
Total financial instruments owned		972,932		71,717		891,889		9,326
Available-for-sale securities:
U.S. government agency securities		5,067		—		5,067		—
State and municipal securities		24,297		—		24,297		—
Mortgage-backed securities:
Agency		837,878		—		837,878		—
Commercial		109,537		—		109,537		—
Non-agency		9,758		—		9,758		—
Corporate fixed income securities		675,311		—		675,311		—
Asset-backed securities		1,592,889		—		1,592,889		—
Total available-for-sale securities		3,254,737		—		3,254,737		—
Investments:
Corporate equity securities		35,083		34,023		—		1,060
Auction rate securities:
Equity securities		14,243		—		—		14,243
Municipal securities		654		—		470		184
Other		16,771		9,905		6,013		853
Investments in funds and partnerships measured at NAV		13,221
Total investments		79,972		43,928		6,483		16,340
Cash equivalents measured at NAV		25,734
Derivative contracts ⁽¹⁾		1,086		—		1,086		—
	$	4,334,461	$	115,645	$	4,154,195	$	25,666

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

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	243,570	$	243,570	$	—	$	—
U.S. government agency securities		1,000		—		1,000		—
Agency mortgage-backed securities		231,909		—		231,909		—
Corporate securities:
Fixed income securities		140,100		633		139,467		—
Equity securities		32,047		32,047		—		—
Sovereign debt		13,271		—		13,271		—
Loans		955		—		—		955
Total financial instruments sold, but not yet purchased	$	662,852	$	276,250	$	385,647	$	955

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018, are presented below (in thousands):

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	42,121	$	42,121	$	—	$	—
U.S. government agency securities		72,532		—		72,532		—
Mortgage-backed securities:
Agency		564,111		—		564,111		—
Non-agency		25,727		—		25,726		1
Asset-backed securities		25,905		—		25,730		175
Corporate securities:
Fixed income securities		310,457		1,100		309,357		—
Equity securities		57,911		57,125		786		—
Sovereign debt		14,063		—		14,063		—
State and municipal securities		154,622		—		154,622		—
Total financial instruments owned		1,267,449		100,346		1,166,927		176
Available-for-sale securities:
U.S. government agency securities		5,215		417		4,798		—
State and municipal securities		68,226		—		68,226		—
Mortgage-backed securities:
Agency		230,408		—		230,408		—
Commercial		69,715		—		69,715		—
Non-agency		1,219		—		1,219		—
Corporate fixed income securities		931,604		—		931,604		—
Asset-backed securities		1,764,060		—		1,764,060		—
Total available-for-sale securities		3,070,447		417		3,070,030		—
Investments:
Corporate equity securities		33,046		31,670		1,376		—
Auction rate securities:
Equity securities		16,632		—		—		16,632
Municipal securities		704		—		—		704
Other		1,041		—		184		857
Investments in funds and partnerships measured at NAV		16,559
Total investments		67,982		31,670		1,560		18,193
Cash equivalents measured at NAV		19,719
Derivative contracts ⁽¹⁾		7,683		—		7,683		—
	$	4,433,280	$	132,433	$	4,246,200	$	18,369

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

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	534,817	$	534,817	$	—	$	—
U.S. government agency securities		32,755		—		32,755		—
Agency mortgage-backed securities		123,456		—		123,456		—
Corporate securities:
Fixed income securities		208,725		1,289		207,436		—
Equity securities		36,117		35,398		719		—
Sovereign debt		11,429		—		11,429		—
State and municipal securities		7		—		7		—
Total financial instruments sold, but not yet purchased	$	947,306	$	571,504	$	375,802	$	—

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

	Year Ended December 31, 2019
	Financial instruments owned									Investments
	Mortgage- Backed Securities – Non-Agency			Asset-Backed Securities			Loans			Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other
Balance at December 31, 2018	$	1		$	175		$	—		$	—	$	16,632		$	704		$	857
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		—			2			—			—		261			—			—
Realized gains/(losses) ⁽¹⁾		(1	)		—			452			—		—			—			—
Purchases		—			—			24,316			—		—			—			—
Sales		—			—			(16,081	)		—		—			—			—
Redemptions		—			(2	)		(1	)		—		(2,650	)		(50	)		(4	)
Transfers:
Into Level 3		—			—			465			1,060		—			—			—
Out of Level 3		—			—			—			—		—			(470	)		—
Net change		(1	)		—			9,151			1,060		(2,389	)		(520	)		(4	)
Balance at December 31, 2019	$	—		$	175		$	9,151		$	1,060	$	14,243		$	184		$	853

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

The change in fair value associated with Level 3 financial instruments sold, but not yet purchased during the year ended December 31, 2019 is attributable to sales during 2019.

The following table summarizes the changes in fair value associated with Level 3 financial instruments during the year ended December 31, 2018 (in thousands):

	Year Ended December 31, 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⁾		—		(164	)		—			(130	)		1,193			8			—
Realized gains ⁽¹⁾		—		—			—			21			—			—			—
Purchases		—		—			—			—			—			—			—
Sales		—		—			—			(144	)		—			—			—
Redemptions		—		(18	)		(242	)		—			(19,350	)		(150	)		—
Transfers:
Into Level 3		—		—			—			—			—			—			—
Out of Level 3		—		—			—			—			—			—			—
Net change		—		(182	)		(242	)		(253	)		(18,157	)		(142	)		—
Balance at December 31, 2018	$	1	$	175		$	—		$	—		$	16,632		$	704		$	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.

Schedule Of Fair Value Of Financial Instruments

	December 31, 2019				December 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,142,596	$	1,142,596	$	1,936,560	$	1,936,560
Cash segregated for regulatory purposes		131,374		131,374		132,814		132,814
Securities purchased under agreements to resell		385,008		385,008		699,900		699,900
Financial instruments owned		972,932		972,932		1,267,449		1,267,449
Available-for-sale securities		3,254,737		3,254,737		3,070,447		3,070,447
Held-to-maturity securities		2,856,219		2,827,883		4,218,854		4,122,907
Bank loans		9,624,042		9,801,986		8,517,615		8,565,347
Loans held for sale		389,693		389,693		205,557		205,557
Investments		79,972		79,972		67,982		67,982
Derivative contracts ⁽¹⁾		1,086		1,086		7,683		7,683
Financial liabilities:
Securities sold under agreements to repurchase	$	391,634	$	391,634	$	535,394	$	535,394
Bank deposits		15,332,581		14,467,894		15,863,613		14,661,996
Financial instruments sold, but not yet purchased		662,852		662,852		947,306		947,306
Federal Home Loan Bank advances		250,000		250,000		540,000		540,000
Borrowings		150		150		180,655		180,655
Senior notes		1,017,010		1,069,425		1,015,973		989,790
Debentures to Stifel Financial Capital Trusts		60,000		45,847		67,500		49,747

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

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,116,862	$	1,116,862	$	—	$	—
Cash segregated for regulatory purposes		131,374		131,374		—		—
Securities purchased under agreements to resell		385,008		342,132		42,876		—
Held-to-maturity securities		2,827,883		—		2,666,773		161,110
Bank loans		9,801,986		—		9,801,986		—
Loans held for sale		389,693		—		389,693		—
Financial liabilities:
Securities sold under agreements to repurchase	$	391,634	$	22,205	$	369,429	$	—
Bank deposits		14,467,894		—		14,467,894		—
Federal Home Loan Bank advances		250,000		250,000		—		—
Borrowings		150		150		—		—
Senior notes		1,069,425		1,069,425		—		—
Debentures to Stifel Financial Capital Trusts		45,847		—		—		45,847

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,916,841	$	1,916,841	$	—	$	—
Cash segregated for regulatory purposes		132,814		132,814		—		—
Securities purchased under agreements to resell		699,900		645,632		54,268		—
Held-to-maturity securities		4,122,907		—		3,960,099		162,808
Bank loans		8,565,347		—		8,565,347		—
Loans held for sale		205,557		—		205,557		—
Financial liabilities:
Securities sold under agreements to repurchase	$	535,394	$	87,273	$	448,121	$	—
Bank deposits		14,661,996		—		14,661,996		—
Federal Home Loan Bank advances		540,000		540,000		—		—
Borrowings		180,655		180,655		—		—
Senior notes		989,790		989,790		—		—
Debentures to Stifel Financial Capital Trusts		49,747		—		—		49,747