Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	September 30, 2015
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	90,582	$	90,582	$	—	$	—
Financial instruments owned:
U.S. government securities		15,750		15,750		—		—
U.S. government agency securities		124,292		—		124,292		—
Mortgage-backed securities:
Agency		202,480		—		202,480		—
Non-agency		18,704		—		18,304		400
Corporate securities:
Fixed income securities		251,416		40,361		211,055		—
Equity securities		25,641		25,022		—		619
State and municipal securities		174,693		—		174,693		—
Total financial instruments owned		812,976		81,133		730,824		1,019
Available-for-sale securities:
U.S. government agency securities		1,708		—		1,708		—
State and municipal securities		74,179		—		74,179		—
Mortgage-backed securities:
Agency		27,420		—		27,420		—
Commercial		17,983		—		17,983		—
Non-agency		2,785		—		2,785		—
Corporate fixed income securities		88,725		—		88,725		—
Asset-backed securities		447,032		—		447,032		—
Total available-for-sale securities		659,832		—		659,832		—
Investments:
Corporate equity securities		30,305		27,074		—		3,231
Mutual funds		14,836		14,836		—		—
U.S. government securities		103		103		—		—
Auction rate securities:
Equity securities		56,224		—		—		56,224
Municipal securities		1,324		—		—		1,324
Other ¹		57,448		—		2,887		54,561
Total investments		160,240		42,013		2,887		115,340
	$	1,723,630	$	213,728	$	1,393,543	$	116,359

¹	Includes $36.6 million of partnership interests, $14.3 million of private company investments, and $3.7 million of private equity and other investments.

	September 30, 2015
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	217,648	$	217,648	$	—	$	—
U.S. government agency securities		—		—		—		—
Mortgage-backed securities:
Agency		38,927		—		38,927
Non-agency		—		—		—		—
Corporate securities:
Fixed income securities		234,429		20,795		213,634		—
Equity securities		21,089		21,084		5		—
State and municipal securities		230		—		230		—
Total financial instruments sold, but not yet purchased		512,323		259,527		252,796	$	—
Derivative contracts ²		4,652		—		4,652		—
	$	516,975	$	259,527	$	257,448	$	—

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, 2014, are presented below (in thousands):

	December 31, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	122,875	$	122,875	$	—	$	—
Financial instruments owned:
U.S. government securities		58,992		58,992		—		—
U.S. government agency securities		101,439		—		101,439		—
Mortgage-backed securities:
Agency		159,057		—		159,057		—
Non-agency		13,366		189		12,371		806
Corporate securities:
Fixed income securities		245,909		75,236		168,680		1,993
Equity securities		77,548		76,316		88		1,144
State and municipal securities		130,544		—		130,544		—
Total financial instruments owned		786,855		210,733		572,179		3,943
Available-for-sale securities:
U.S. government agency securities		1,610		—		1,610		—
State and municipal securities		74,401		—		74,401		—
Mortgage-backed securities:
Agency		209,206		—		209,206		—
Commercial		107,644		—		107,644		—
Non-agency		3,137		—		3,137		—
Corporate fixed income securities		337,406		50,892		286,514		—
Asset-backed securities		780,074		—		736,029		44,045
Total available-for-sale securities		1,513,478		50,892		1,418,541		44,045
Investments:
Corporate equity securities		59,203		35,123		24,080		—
Mutual funds		18,144		18,144		—		—
U.S. government securities		6,555		104		6,451		—
Auction rate securities:
Equity securities		46,197		—		—		46,197
Municipal securities		1,326		—		—		1,326
Other ¹		78,830		1,283		4,557		72,990
Total investments		210,255		54,654		35,088		120,513
	$	2,633,463	$	439,154	$	2,025,808	$	168,501

¹	Includes $42.1 million of partnership interests, $16.4 million of private company investments, and $14.3 million of private equity and other investments.

	December 31, 2014
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	146,592	$	146,592	$	—	$	—
U.S. government agency securities		10,029		—		10,029		—
Mortgage-backed securities:
Agency		28,067		—		28,067		—
Non-agency		4,556		401		4,155		—
Corporate securities:
Fixed income securities		293,008		17,116		275,892		—
Equity securities		105,013		105,013		—		—
Total financial instruments sold, but not yet purchased		587,265		269,122		318,143		—
Derivative contracts ²		5,641		—		5,641		—
	$	592,906	$	269,122	$	323,784	$	—

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 September 30, 2015
	Financial instruments owned								Available- for-sale securities
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities		Asset- Backed Securities
Balance at June 30, 2015	$	670		$	4,572		$	619	$	—
Unrealized gains/(losses):
Included in changes in net assets ²		(157	)		(126	)		—		—
Included in OCI ³		—			—			—		—
Realized gains/(losses) ²		86			53			—		—
Purchases		—			—			—		—
Sales		—			(4,499	)		—		—
Redemptions		(199	)		—			—		—
Transfers:
Into Level 3		—			—			—		—
Out of Level 3		—			—			—		—
Net change		(270	)		(4,572	)		—		—
Balance at September 30, 2015	$	400		$	—		$	619	$	—

	Three Months Ended September 30, 2015
	Investments
	Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal		Other ¹
Balance at June 30, 2015	$	2,962	$	48,355		$	1,324	$	69,242
Unrealized gains/(losses):
Included in changes in net assets ²		269		(631	)		—		(1,576	)
Included in OCI ³		—		—			—		—
Realized gains ²		—		—			—		293
Purchases		—		8,500			—		1,117
Sales		—		—			—		(11,533	)
Redemptions		—		—			—		(2,982	)
Transfers:
Into Level 3		—		—			—		—
Out of Level 3		—		—			—		—
Net change		269		7,869			—		(14,681	)
Balance at September 30, 2015	$	3,231	$	56,224		$	1,324	$	54,561

¹	Includes partnership interests, private company investments, and private equity investments.

²	Realized and unrealized gains/(losses) 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.

The following table summarizes the changes in fair value carrying values associated with Level 3 financial instruments during the nine months ended September 30, 2015 (in thousands):

	Nine Months Ended September 30, 2015
	Financial instruments owned									Available- for-sale securities
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities			Asset- Backed Securities
Balance at December 31, 2014	$	806		$	1,993		$	1,144		$	44,045
Unrealized gains/(losses):
Included in changes in net assets²		(240	)		84			—			—
Included in OCI ³		—			—			—			342
Realized gains/(losses) ²		119			53			—			(2,136	)
Purchases		—			11,643			—			—
Sales		—			(13,773	)		(525	)		(42,251	)
Redemptions		(285	)		—			—			—
Transfers:
Into Level 3		—			—			—			—
Out of Level 3		—			—			—			—
Net change		(406	)		(1,993	)		(525	)		(44,045	)
Balance at September 30, 2015	$	400		$	—		$	619		$	—

	Nine Months Ended September 30, 2015
	Investments
	Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other ¹
Balance at December 31, 2014	$	—	$	46,197		$	1,326		$	72,990
Unrealized gains/(losses):
Included in changes in net assets ²		354		(873	)		(2	)		2,392
Included in OCI ³		—		—			—			—
Realized gains ²		—		—			—			(210	)
Purchases		—		15,125			—			4,396
Sales		—		—			—			(13,156	)
Redemptions		—		(4,225	)		—			(3,066	)
Transfers:
Into Level 3		2,877		—			—			—
Out of Level 3		—		—			—			(8,785	)
Net change		3,231		10,027			(2	)		(18,429	)
Balance at September 30, 2015	$	3,231	$	56,224		$	1,324		$	54,561

¹	Includes partnership interests, private company investments, and private equity investments.

²	Realized and unrealized gains/(losses) 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.

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	2.3% - 13.5%		7.7%
		Workout period	1 - 3 years	2.5 years
Municipal securities	Discounted cash flow	Discount rate	0.3% - 8.8%		7.1%
		Workout period	1 - 4 years	2.8 years

Schedule Of Fair Value Of Financial Instruments

	September 30, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	607,100	$	607,100	$	689,782	$	689,782
Cash segregated for regulatory purposes		321		321		49,646		49,646
Securities purchased under agreements to resell		88,467		88,467		55,078		55,078
Financial instruments owned		812,976		812,976		786,855		786,855
Available-for-sale securities		659,832		659,832		1,513,478		1,513,478
Held-to-maturity securities		1,095,793		1,132,501		1,177,565		1,211,976
Loans held for sale		179,588		179,588		121,939		121,939
Bank loans		2,409,399		2,427,355		2,065,420		2,086,864
Investments		160,240		160,240		210,255		210,255
Financial liabilities:
Securities sold under agreements to repurchase	$	106,937	$	106,937	$	39,180	$	39,180
Bank deposits		4,116,811		4,070,949		4,790,081		4,246,214
Financial instruments sold, but not yet purchased		512,323		512,323		587,265		587,265
Derivative contracts ¹		4,652		4,652		5,641		5,641
Borrowings		398,338		398,338		—		—
Senior notes		450,000		454,282		625,000		638,690
Debentures to Stifel Financial Capital Trusts		82,500		73,875		82,500		76,714

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

	September 30, 2015
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	516,518	$	516,518	$	—	$	—
Cash segregated for regulatory purposes		321		321		—		—
Securities purchased under agreements to resell		88,467		88,467		—		—
Held-to-maturity securities		1,132,501		—		891,975		240,526
Loans held for sale		179,588		—		179,588		—
Bank loans		2,427,355		—		2,427,355		—
Financial liabilities:
Securities sold under agreements to repurchase	$	106,937	$	19,476	$	—	$	87,461
Bank deposits		4,070,949		—		4,070,949		—
Borrowings		398,338		—		398,338		—
Senior notes		454,282		454,282		—		—
Debentures to Stifel Financial Capital Trusts		73,875		—		—		73,875

	December 31, 2014
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	566,907	$	566,907	$	—	$	—
Cash segregated for regulatory purposes		49,646		49,646		—		—
Securities purchased under agreements to resell		55,078		44,996		10,082		—
Held-to-maturity securities		1,211,976		—		969,913		242,063
Loans held for sale		121,939		—		121,939		—
Bank loans		2,086,864		—		2,086,864		—
Financial liabilities:
Securities sold under agreements to repurchase	$	39,180	$	39,180	$	—	$	—
Bank deposits		4,246,214		—		4,246,214		—
Borrowings		—		—		—		—
Senior notes		638,690		638,690		—		—
Debentures to Stifel Financial Capital Trusts		76,714		—		—		76,714