Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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

	September 30, 2016
	Fair value of investments		Unfunded commitments
Private company investments	$	28,868	$	9,169
Partnership interests		17,030		1,822
Mutual funds		15,373		—
Private equity funds		9,326		9,335
Money market funds		19,946		—
Total	$	90,543	$	20,326

	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

	September 30, 2016
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	19,616	$	19,616	$	—	$	—
U.S. government agency securities		226,632		—		226,632		—
Mortgage-backed securities:
Agency		295,666		—		295,666		—
Non-agency		35,369		—		34,213		1,156
Corporate securities:
Fixed income securities		271,785		5,099		266,407		279
Equity securities		27,995		26,984		545		466
State and municipal securities		271,722		—		271,722		—
Total financial instruments owned		1,148,785		51,699		1,095,185		1,901
Available-for-sale securities:
U.S. government agency securities		4,446		402		4,044		—
State and municipal securities		73,860		—		73,860		—
Mortgage-backed securities:
Agency		365,636		—		365,636		—
Commercial		77,271		—		77,271		—
Non-agency		2,091		—		2,091		—
Corporate fixed income securities		828,770		—		828,770		—
Asset-backed securities		1,793,193		—		1,793,193		—
Total available-for-sale securities		3,145,267		402		3,144,865		—
Investments:
Corporate equity securities		26,385		22,040		—		4,345
Auction rate securities:
Equity securities		50,607		—		—		50,607
Municipal securities		1,356		—		—		1,356
Other ¹		4,650		—		383		4,267
Investments in funds measured at NAV		70,597
Total investments		153,595		22,040		383		60,575
Cash equivalents measured at NAV		19,946
	$	4,467,593	$	74,141	$	4,240,433	$	62,476

¹	Includes certain private company and other investments.

	September 30, 2016
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	319,219	$	319,219	$	—	$	—
Agency mortgage-backed securities		116,506		—		116,506		—
Corporate securities:
Fixed income securities		207,080		1,487		205,593		—
Equity securities		22,905		22,905		—		—
State and municipal securities		47		—		47		—
Total financial instruments sold, but not yet purchased		665,757		343,611		322,146		—
Derivative contracts ²		10,599		—		10,599		—
	$	676,356	$	343,611	$	332,745	$	—

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		—		4,301
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		8,141		56,078
Cash equivalents measured at NAV		77,097
	$	2,637,464	$	114,300	$	2,297,638	$	58,173

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 Associated With Level 3 Financial Instruments

	Three Months Ended September 30, 2016
	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 ¹
Balance at June 30, 2016	$	1,235			292		$	619		$	4,529		$	50,750		$	1,355	$	1,240
Unrealized gains/(losses):
Included in changes in net assets ²		—			—			(406	)		816			57			1		—
Included in OCI ³		—			—			—			—			—			—		—
Realized gains/(losses) ²		42			—			—			(999	)		—			—		—
Purchases		—			—			253			—			50			—		3,027
Sales		(1	)		—			—			(1	)		—			—		—
Redemptions		(120	)		(13	)		—			—			(250	)		—		—
Transfers:
Into Level 3		—			—			—			—			—			—		—
Out of Level 3		—			—			—			—			—			—		—
Net change		(79	)		(13	)		(153	)		(184	)		(143	)		1		3,027
Balance at September 30, 2016	$	1,156		$	279		$	466		$	4,345		$	50,607		$	1,356	$	4,267

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.

	Nine Months Ended September 30, 2016
	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 ¹
Balance at December 31, 2015	$	1,476			—		$	619		$	2,942		$	50,442		$	1,315	$	20
Unrealized gains/(losses):
Included in changes in net assets ²		(18	)		—			(406	)		2,403			840			41		—
Included in OCI ³		—			—			—			—			—			—		—
Realized gains/(losses) ²		51			—			—			(999	)		—			—		—
Purchases		—			292			253			—			50			—		3,782
Sales		(1	)		—			—			(1	)		—			—		—
Redemptions		(352	)		(13	)		—			—			(725	)		—		—
Transfers:
Into Level 3		—			—			—			—			—			—		465
Out of Level 3		—			—			—			—			—			—		—
Net change		(320	)		279			(153	)		1,403			165			41		4,247
Balance at September 30, 2016	$	1,156		$	279		$	466		$	4,345		$	50,607		$	1,356	$	4,267

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.

³Unrealized 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	1.8 - 11.7%		5.8%
		Workout period	1 - 3 years	2.5 years
Municipal securities	Discounted cash flow	Discount rate	0.0 - 10.4%		4.9%
		Workout period	1 - 4 years	2.1 years

Schedule Of Fair Value Of Financial Instruments

	September 30, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	675,057	$	675,057	$	811,019	$	811,019
Cash segregated for regulatory purposes		166		166		227,727		227,727
Securities purchased under agreements to resell		297,827		297,827		160,423		160,423
Financial instruments owned		1,148,785		1,148,785		749,443		749,443
Available-for-sale securities		3,145,267		3,145,267		1,629,907		1,629,907
Held-to-maturity securities		2,241,203		2,300,092		1,855,399		1,874,998
Loans held for sale		217,316		217,316		189,921		189,921
Bank loans		4,956,676		5,027,419		3,143,515		3,188,402
Investments		153,595		153,595		181,017		181,017
Financial liabilities:
Securities sold under agreements to repurchase	$	261,734	$	261,734	$	278,674	$	278,674
Bank deposits		9,885,441		9,683,872		6,638,356		6,627,818
Financial instruments sold, but not yet purchased		665,757		665,757		521,744		521,744
Derivative contracts ¹		10,599		10,599		3,591		3,591
Borrowings		234,200		234,200		89,084		89,084
Federal Home Loan Bank advances		500,000		500,000		148,000		148,000
Senior notes		795,780		809,971		740,136		736,135
Debentures to Stifel Financial Capital Trusts		67,500		49,466		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

	September 30, 2016
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	655,111	$	655,111	$	—	$	—
Cash segregated for regulatory purposes		166		166		—		—
Securities purchased under agreements to resell		297,827		282,202		15,625		—
Held-to-maturity securities		2,300,092		—		2,078,767		221,325
Loans held for sale		217,316		—		217,316		—
Bank loans		5,027,419		—		5,027,419		—
Financial liabilities:
Securities sold under agreements to repurchase	$	261,734	$	—	$	261,734	$	—
Bank deposits		9,683,872		—		9,683,872		—
Borrowings		234,200		—		234,200		—
Federal Home Loan Bank advances		500,000		500,000		—		—
Senior notes		809,971		809,971		—		—
Debentures to Stifel Financial Capital Trusts		49,466		—		—		49,466

	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		89,084		—		89,084		—
Federal Home Loan Bank advances		148,000		148,000		—		—
Senior notes		736,135		736,135		—		—
Debentures to Stifel Financial Capital Trusts		72,371		—		—		72,371