Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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

	December 31, 2016				December 31, 2015
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Private company investments	$	18,763	$	8,526	$	34,385	$	14,178
Partnership interests		15,798		1,822		22,502		2,018
Mutual funds		11,301		—		20,399		—
Private equity funds		9,310		2,020		12,970		9,352
Money market funds		35,637		—		77,097		—
Total	$	90,809	$	12,368	$	167,353	$	25,548

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	December 31, 2016
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	9,951	$	9,951	$	—	$	—
U.S. government agency securities		89,833		—		89,833		—
Mortgage-backed securities:
Agency		305,774		—		305,774		—
Non-agency		28,402		—		27,320		1,082
Corporate securities:
Fixed income securities		299,946		1,944		297,729		273
Equity securities		32,044		31,444		—		600
State and municipal securities		159,095		—		159,095		—
Total financial instruments owned		925,045		43,339		879,751		1,955
Available-for-sale securities:
U.S. government agency securities		4,197		300		3,897		—
State and municipal securities		72,490		—		72,490		—
Mortgage-backed securities:
Agency		338,732		—		338,732		—
Commercial		72,773		—		72,773		—
Non-agency		1,892		—		1,892		—
Corporate fixed income securities		823,511		—		823,511		—
Asset-backed securities		1,867,718		—		1,867,718		—
Total available-for-sale securities		3,181,313		300		3,181,013		—
Investments:
Corporate equity securities		27,247		23,414		—		3,833
Auction rate securities:
Equity securities		48,689		—		—		48,689
Municipal securities		832		—		—		832
Other		1,623		—		383		1,240
Investments measured at NAV		55,172
Total investments		133,563		23,414		383		54,594
Cash equivalents measured at NAV		35,637
Derivative contracts ⁽¹⁾		10,390		—		10,390		—
	$	4,285,948	$	67,053	$	4,071,537	$	56,549

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

	December 31, 2016
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	362,536	$	362,536	$	—	$	—
U.S. government agency securities		20,549		—		20,549		—
Mortgage-backed securities:
Agency		94,552		—		94,552		—
Non-agency		1		—		1		—
Corporate securities:
Fixed income securities		202,968		980		201,988		—
Equity securities		18,395		18,395		—		—
State and municipal securities		31		—		31		—
Total financial instruments sold, but not yet purchased		699,032		381,911		317,121		—
Derivative contracts ⁽²⁾		1,823		—		1,823		—
	$	700,855	$	381,911	$	318,944	$	—

⁽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		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

	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

	Year Ended December 31, 2016
	Financial instruments owned
	Mortgage- Backed Securities – Non-Agency			Corporate Fixed Income Securities			Equity Securities
Balance at December 31, 2015	$	1,476		$	—		$	619
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		(18	)		—			(279	)
Included in OCI ⁽²⁾		—			—			—
Realized gains/(losses) ⁽¹⁾		54			—			—
Purchases		—			292			253
Sales		—			—			—
Redemptions		(430	)		(19	)		—
Transfers:
Into Level 3		—			—			7
Out of Level 3		—			—			—
Net change		(394	)		273			(19	)
Balance at December 31, 2016	$	1,082		$	273		$	600

	Year Ended December 31, 2016
	Investments
	Corporate Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other
Balance at December 31, 2015	$	2,942		$	50,442		$	1,315		$	20
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		(361	)		547			67			—
Included in OCI ⁽²⁾		—			—			—			—
Realized gains ⁽¹⁾		2,453			—			—			—
Purchases		3,593			50			—			3,782
Sales		—			—			—			—
Redemptions		(4,794	)		(2,350	)		(550	)		—
Transfers:
Into Level 3		—			—			—			465
Out of Level 3		—			—			—			(3,027	)
Net change		891			(1,753	)		(483	)		1,220
Balance at December 31, 2016	$	3,833		$	48,689		$	832		$	1,240

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

⁽²⁾	Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition.

	Year Ended December 31, 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 assets ⁽¹⁾		(241	)		84			—			—
Included in OCI ⁽²⁾		—			—			—			342
Realized gains/(losses) ⁽¹⁾		127			53			—			(2,136	)
Purchases		—			11,643			—			—
Sales		—			(13,773	)		(525	)		(42,251	)
Redemptions		(332	)		—			—			—
Transfers:
Into Level 3		1,116			—			—			—
Out of Level 3		—			—			—			—
Net change		670			(1,993	)		(525	)		(44,045	)
Balance at December 31, 2015	$	1,476		$	—		$	619		$	—

	Year Ended December 31, 2015
	Investments
	Corporate Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other
Balance at December 31, 2014	$	7,550		$	46,197		$	1,326		$	2,026
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		1,410			(413	)		(11	)		(938	)
Included in OCI ⁽²⁾		—			—			—			—
Realized gains ⁽¹⁾		—			—			—			—
Purchases		—			15,176			—			—
Sales		—			—			—			—
Redemptions		—			(5,250	)		—			—
Transfers:
Into Level 3		182			—			—			—
Out of Level 3		(6,200	)		(5,268	)		—			(1,068	)
Net change		(4,608	)		4,245			(11	)		(2,006	)
Balance at December 31, 2015	$	2,942		$	50,442		$	1,315		$	20

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

⁽²⁾	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:
Corporate equity securities	Market comparable companies	Tangible book value multiple	1.41 - 2.28	1.95
Auction rate securities:
Equity securities	Discounted cash flow	Discount rate	2.0% - 12.6%		6.5%
		Workout period	1-3 years	2.5 years
Municipal securities	Discounted cash flow	Discount rate	2.2% - 10.6%		4.9%
		Workout period	1-4 years	1.9 years

Schedule Of Fair Value Of Financial Instruments

	December 31, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	912,932	$	912,932	$	811,019	$	811,019
Cash segregated for regulatory purposes		73,235		73,235		227,727		227,727
Securities purchased under agreements to resell		248,588		248,588		160,423		160,423
Financial instruments owned		925,045		925,045		749,443		749,443
Available-for-sale securities		3,181,313		3,181,313		1,629,907		1,629,907
Held-to-maturity securities		3,038,405		3,040,554		1,855,399		1,874,998
Loans held for sale		228,588		228,588		189,921		189,921
Bank loans		5,591,190		5,633,804		3,143,515		3,188,402
Investments		133,563		133,563		181,017		181,017
Derivative contracts ⁽¹⁾		10,390		10,390		—		—
Financial liabilities:
Securities sold under agreements to repurchase	$	268,546	$	268,546	$	278,674	$	278,674
Bank deposits		11,527,483		11,092,185		6,638,356		6,627,818
Financial instruments sold, but not yet purchased		699,032		699,032		521,744		521,744
Derivative contracts ⁽²⁾		1,823		1,823		3,591		3,591
Borrowings		377,000		377,000		89,084		89,084
Federal Home Loan Bank advances		500,000		500,000		148,000		148,000
Senior notes		795,891		799,632		740,136		736,135
Debentures to Stifel Financial Capital Trusts		67,500		52,525		82,500		72,371

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

⁽²⁾	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

	December 31, 2016
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	877,295	$	877,295	$	—	$	—
Cash segregated for regulatory purposes		73,235		73,235		—		—
Securities purchased under agreements to resell		248,588		227,983		20,605		—
Held-to-maturity securities		3,040,554		—		2,830,869		209,685
Loans held for sale		228,588		—		228,588		—
Bank loans		5,633,804		—		5,633,804		—
Financial liabilities:
Securities sold under agreements to repurchase	$	268,546	$	149,881	$	118,665	$	—
Bank deposits		11,092,185		—		11,092,185		—
Borrowings		377,000		377,000		—		—
Federal Home Loan Bank advances		500,000		500,000		—		—
Senior notes		799,632		799,632		—		—
Debentures to Stifel Financial Capital Trusts		52,525		—		—		52,525

	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