Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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

	March 31, 2016
	Fair value of investments		Unfunded commitments
Private company investments	$	28,106	$	13,651
Partnership interests		21,574		1,988
Mutual funds		20,521		—
Private equity funds		12,321		9,338
Money market funds		10,377		—
Total	$	92,899	$	24,977

	December 31, 2015
	Fair value of investments		Unfunded commitments
Private company investments	$	34,385	$	14,178
Partnership interests		22,502		2,018
Mutual funds		20,399		—
Private equity funds		12,970		9,352
Money market funds		77,097		—
Total	$	167,353	$	25,548

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	March 31, 2016
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	38,165	$	38,165	$	—	$	—
U.S. government agency securities		71,900		—		71,900		—
Mortgage-backed securities:
Agency		267,056		—		267,056		—
Non-agency		33,774		—		32,341		1,433
Corporate securities:
Fixed income securities		340,946		24,873		316,073		—
Equity securities		75,837		72,662		2,556		619
State and municipal securities		201,103		—		201,103		—
Total financial instruments owned		1,028,781		135,700		891,029		2,052
Available-for-sale securities:
U.S. government agency securities		1,780		101		1,679		—
State and municipal securities		74,105		—		74,105		—
Mortgage-backed securities:
Agency		400,631		—		400,631		—
Commercial		19,565		—		19,565		—
Non-agency		2,283		—		2,283		—
Corporate fixed income securities		541,209		—		541,209		—
Asset-backed securities		1,085,893		—		1,085,893		—
Total available-for-sale securities		2,125,466		101		2,125,365		—
Investments:
Corporate equity securities		27,035		22,714		1,342		2,979
Auction rate securities:
Equity securities		50,864		—		—		50,864
Municipal securities		1,351		—		—		1,351
Other ¹		3,652		5		2,872		775
Investments in funds measured at NAV		82,522
Total investments		165,424		22,719		4,214		55,969
Cash equivalents measured at NAV		10,377
	$	3,330,048	$	158,520	$	3,020,608	$	58,021

¹	Includes certain private company and other investments.

	March 31, 2016
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	257,214	$	257,214	$	—	$	—
Agency mortgage-backed securities		86,624		—		86,624		—
Corporate securities:
Fixed income securities		302,961		7,314		295,647		—
Equity securities		27,999		27,999		—		—
State and municipal securities		43		—		43		—
Total financial instruments sold, but not yet purchased		674,841		292,527		382,314		—
Derivative contracts ²		12,192		—		12,192		—
	$	687,033	$	292,527	$	394,506	$	—

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, 2015, are presented below (in thousands):

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	45,167	$	45,167	$	—	$	—
U.S. government agency securities		116,949		—		116,949		—
Mortgage-backed securities:
Agency		205,473		—		205,473		—
Non-agency		33,319		—		31,843		1,476
Corporate securities:
Fixed income securities		203,910		13,203		190,707		—
Equity securities		31,642		29,388		1,635		619
State and municipal securities		112,983		—		112,983		—
Total financial instruments owned		749,443		87,758		659,590		2,095
Available-for-sale securities:
U.S. government agency securities		1,698		—		1,698		—
State and municipal securities		74,167		—		74,167		—
Mortgage-backed securities:
Agency		304,893		—		304,893		—
Commercial		11,310		—		11,310		—
Non-agency		2,518		—		2,518		—
Corporate fixed income securities		319,408		—		319,408		—
Asset-backed securities		915,913		—		915,913		—
Total available-for-sale securities		1,629,907		—		1,629,907		—
Investments:
Corporate equity securities		30,737		26,436		1,359		2,942
U.S. government securities		102		102		—		—
Auction rate securities:
Equity securities		55,710		—		5,268		50,442
Municipal securities		1,315		—		—		1,315
Other ¹		2,897		4		2,873		20
Investments measured at NAV		90,256
Total investments		181,017		26,542		9,500		54,719
Cash equivalents measured at NAV		77,097
	$	2,637,464	$	114,300	$	2,298,997	$	56,814

¹	Includes certain private company and other investments.

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	186,030	$	186,030	$	—	$	—
Agency mortgage-backed securities		50,830		—		50,830		—
Corporate securities:
Fixed income securities		255,700		3,601		252,099		—
Equity securities		29,184		22,894		6,290		—
Total financial instruments sold, but not yet purchased		521,744		212,525		309,219		—
Derivative contracts ²		3,591		—		3,591		—
	$	525,335	$	212,525	$	312,810	$	—

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 March 31, 2016
	Financial instruments owned					Investments
	Mortgage- Backed Securities – Non-Agency			Equity Securities		Corporate Equity Securities		Auction Rate Securities – Equity		Auction Rate Securities – Municipal		Other ¹
Balance at December 31, 2015	$	1,476		$	619	$	2,942	$	50,442	$	1,315	$	20
Unrealized gains:
Included in changes in net assets ²		—			—		37		422		36		—
Included in OCI ³		—			—		—		—		—		—
Realized gains ²		7			—		—		—		—		—
Purchases		—			—		—		—		—		755
Sales		—			—		—		—		—		—
Redemptions		(50	)		—		—		—		—		—
Transfers:
Into Level 3		—			—		—		—		—		—
Out of Level 3		—			—		—		—		—		—
Net change		(43	)		—		37		422		36		755
Balance at March 31, 2016	$	1,433		$	619	$	2,979	$	50,864	$	1,351	$	775

¹	Includes private company and other investments.

²	Realized and unrealized gains 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	2.0 - 12.2%		6.5%
		Workout period	1 - 3 years	2.4 years
Municipal securities	Discounted cash flow	Discount rate	0.0 - 11.3%		5.2%
		Workout period	1 - 4 years	2.1 years

Schedule Of Fair Value Of Financial Instruments

	March 31, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	577,350	$	577,350	$	811,019	$	811,019
Cash segregated for regulatory purposes		37,051		37,051		227,727		227,727
Securities purchased under agreements to resell		207,946		207,946		160,423		160,423
Financial instruments owned		1,028,781		1,028,781		749,443		749,443
Available-for-sale securities		2,125,466		2,125,466		1,629,907		1,629,907
Held-to-maturity securities		2,028,179		2,064,996		1,855,399		1,874,998
Loans held for sale		132,900		132,900		189,921		189,921
Bank loans		3,467,187		3,494,993		3,143,515		3,188,402
Investments		165,424		165,424		181,017		181,017
Financial liabilities:
Securities sold under agreements to repurchase	$	290,729	$	290,729	$	278,674	$	278,674
Bank deposits		7,218,100		7,098,427		6,638,356		6,627,818
Financial instruments sold, but not yet purchased		674,841		674,841		521,744		521,744
Derivative contracts ¹		12,192		12,192		3,591		3,591
Borrowings		827,581		827,581		237,084		237,084
Senior notes		740,409		739,058		740,136		736,135
Debentures to Stifel Financial Capital Trusts		82,500		66,779		82,500		72,371

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

	March 31, 2016
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	566,973	$	566,973	$	—	$	—
Cash segregated for regulatory purposes		37,051		37,051		—		—
Securities purchased under agreements to resell		207,946		207,946		—		—
Held-to-maturity securities		2,064,996		—		1,377,031		687,965
Loans held for sale		132,900		—		132,900		—
Bank loans		3,494,993		—		3,494,993		—
Financial liabilities:
Securities sold under agreements to repurchase	$	290,729	$	290,729	$	—	$	—
Bank deposits		7,098,427		—		7,098,427		—
Borrowings		827,581		—		827,581		—
Senior notes		739,058		739,058		—		—
Debentures to Stifel Financial Capital Trusts		66,779		—		—		66,779

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	733,922	$	733,922	$	—	$	—
Cash segregated for regulatory purposes		227,727		227,727		—		—
Securities purchased under agreements to resell		160,423		160,423		—		—
Held-to-maturity securities		1,874,998		—		1,317,582		557,416
Loans held for sale		189,921		—		189,921		—
Bank loans		3,188,402		—		3,188,402		—
Financial liabilities:
Securities sold under agreements to repurchase	$	278,674	$	278,674	$	—	$	—
Bank deposits		6,627,818		—		6,627,818		—
Borrowings		237,084		—		237,084		—
Senior notes		736,135		736,135		—		—
Debentures to Stifel Financial Capital Trusts		72,371		—		—		72,371