Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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

	March 31, 2018
	Fair value of investments		Unfunded commitments
Money market funds	$	17,397	$	—
Mutual funds		11,770		—
Private equity funds		7,530		1,813
Partnership interests		4,981		1,330
Total	$	41,678	$	3,143

	December 31, 2017
	Fair value of investments		Unfunded commitments
Money market funds	$	77,441	$	—
Mutual funds		11,748		—
Private equity funds		7,677		1,825
Partnership interests		5,124		1,330
Total	$	101,990	$	3,155

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	March 31, 2018
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	21,087	$	21,087	$	—	$	—
U.S. government agency securities		111,921		—		111,921		—
Mortgage-backed securities:
Agency		361,747		—		361,747		—
Non-agency		29,081		—		29,080		1
Asset-backed securities		85,987		—		85,630		357
Corporate securities:
Fixed income securities		364,917		616		364,072		229
Equity securities		39,090		38,662		108		320
Sovereign debt		19,341		—		19,341		—
State and municipal securities		147,876		—		147,876		—
Total financial instruments owned		1,181,047		60,365		1,119,775		907
Available-for-sale securities:
U.S. government agency securities		5,026		515		4,511		—
State and municipal securities		69,865				69,865
Mortgage-backed securities:
Agency		283,703		—		283,703		—
Commercial		70,449		—		70,449		—
Non-agency		1,441		—		1,441		—
Corporate fixed income securities		1,281,095		—		1,281,095		—
Asset-backed securities		2,001,222		—		2,001,222		—
Total available-for-sale securities		3,712,801		515		3,712,286		—
Investments:
Corporate equity securities		47,287		47,287		—		—
Auction rate securities:
Equity securities		25,287		—		—		25,287
Municipal securities		847		—		—		847
Other		1,218		—		361		857
Investments in funds measured at NAV		24,281
Total investments		98,920		47,287		361		26,991
Cash equivalents measured at NAV		17,397
Derivative contracts ⁽¹⁾		11,606		—		11,606		—
	$	5,021,771	$	108,167	$	4,844,028	$	27,898

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

	March 31, 2018
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	527,073	$	527,073	$	—	$	—
U.S. government agency securities		20,618		—		20,618		—
Mortgage-backed securities:
Agency		144,169		—		144,169		—
Corporate securities:
Fixed income securities		223,865		—		223,865		—
Equity securities		20,235		20,219		16		—
Sovereign debt		23,575		—		23,575		—
Total financial instruments sold, but not yet purchased	$	959,535	$	547,292	$	412,243	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017, are presented below (in thousands):

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	13,466	$	13,466	$	—	$	—
U.S. government agency securities		147,223		—		147,223		—
Mortgage-backed securities:
Agency		302,445		—		302,445		—
Non-agency		29,356		—		29,355		1
Asset-backed securities		76,752		—		76,395		357
Corporate securities:
Fixed income securities		325,471		362		324,867		242
Equity securities		46,802		46,411		138		253
Sovereign debt		32,470		—		32,470		—
State and municipal securities		169,699		—		169,699		—
Total financial instruments owned		1,143,684		60,239		1,082,592		853
Available-for-sale securities:
U.S. government agency securities		4,983		516		4,467		—
State and municipal securities		70,559		—		70,559		—
Mortgage-backed securities:
Agency		305,530		—		305,530		—
Commercial		72,488		—		72,488		—
Non-agency		1,568		—		1,568		—
Corporate fixed income securities		1,211,442		—		1,211,442		—
Asset-backed securities		2,106,938		—		2,106,938		—
Total available-for-sale securities		3,773,508		516		3,772,992		—
Investments:
Corporate equity securities		49,978		49,978		—		—
Auction rate securities:
Equity securities		34,789		—		—		34,789
Municipal securities		846		—		—		846
Other		1,217		—		360		857
Investments measured at NAV		24,549
Total investments		111,379		49,978		360		36,492
Cash equivalents measured at NAV		77,441
Derivative contracts ⁽¹⁾		7,995		—		7,995		—
	$	5,114,007	$	110,733	$	4,863,939	$	37,345

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

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	442,402	$	442,402	$	—	$	—
U.S. government agency securities		10,348		—		10,348		—
Mortgage-backed securities:
Agency		86,612		—		86,612		—
Corporate securities:
Fixed income securities		180,755		—		180,755		—
Equity securities		38,510		38,070		440		—
Sovereign debt		20,236		—		20,236		—
Total financial instruments sold, but not yet purchased	$	778,863	$	480,472	$	298,391	$	—

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

	Three Months Ended March 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⁾		—		—		—			67		73			1		—
Realized gains/(losses) ⁽¹⁾		—		—		—			—		—			—		—
Purchases		—		—		—			—		—			—		—
Sales		—		—		—			—		—			—		—
Redemptions		—		—		(13	)		—		(9,575	)		—		—
Transfers:
Into Level 3		—		—		—			—		—			—		—
Out of Level 3		—		—		—			—		—			—		—
Net change		—		—		(13	)		67		(9,502	)		1		—
Balance at March 31, 2018	$	1	$	357	$	229		$	320	$	25,287		$	847	$	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.

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	1.5% - 10.2%	6.2%
		Workout period	2-3 years	2.6 years
Municipal securities	Discounted cash flow	Discount rate	0.6% to 9.0%	3.2%
		Workout period	1-4 years	1.9 years

Schedule Of Fair Value Of Financial Instruments

	March 31, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	450,343	$	450,343	$	696,283	$	696,283
Cash segregated for regulatory purposes		26,611		26,611		90,802		90,802
Securities purchased under agreements to resell		669,002		669,002		512,220		512,220
Financial instruments owned		1,181,047		1,181,047		1,143,684		1,143,684
Available-for-sale securities		3,712,801		3,712,801		3,773,508		3,773,508
Held-to-maturity securities		3,846,526		3,825,399		3,698,098		3,710,478
Loans held for sale		261,467		261,467		226,068		226,068
Bank loans		7,076,282		7,005,857		6,947,759		6,953,328
Investments		98,920		98,920		111,379		111,379
Derivative contracts ⁽¹⁾		11,606		11,606		7,995		7,995

Financial liabilities:
Securities sold under agreements to repurchase	$	346,202	$	346,202	$	233,704	$	233,704
Bank deposits		13,329,623		12,570,404		13,411,935		12,702,746
Financial instruments sold, but not yet purchased		959,535		959,535		778,863		778,863
Federal Home Loan Bank advances		827,000		827,000		745,000		745,000
Borrowings		316,000		316,000		256,000		256,000
Senior notes		1,015,195		1,028,534		1,014,940		1,044,768
Debentures to Stifel Financial Capital Trusts		67,500		57,718		67,500		64,962

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

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value

	March 31, 2018
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	432,946	$	432,946	$	—	$	—
Cash segregated for regulatory purposes		26,611		26,611		—		—
Securities purchased under agreements to resell		669,002		602,359		66,643		—
Held-to-maturity securities		3,825,399		—		3,664,272		161,127
Loans held for sale		261,467		—		261,467		—
Bank loans		7,005,857		—		7,005,857		—
Financial liabilities:
Securities sold under agreements to repurchase	$	346,202	$	94,608	$	251,594	$	—
Bank deposits		12,570,404		—		12,570,404		—
Federal Home Loan Bank advances		827,000		827,000		—		—
Borrowings		316,000		316,000		—		—
Senior notes		1,028,534		1,028,534		—		—
Debentures to Stifel Financial Capital Trusts		57,718		—		—		57,718

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	618,842	$	618,842	$	—	$	—
Cash segregated for regulatory purposes		90,802		90,802		—		—
Securities purchased under agreements to resell		512,220		428,740		83,480		—
Held-to-maturity securities		3,710,478		—		3,517,781		192,697
Loans held for sale		226,068		—		226,068		—
Bank loans		6,953,328		—		6,953,328		—
Financial liabilities:
Securities sold under agreements to repurchase	$	233,704	$	92,278	$	141,426	$	—
Bank deposits		12,702,746		—		12,702,746		—
Federal Home Loan Bank advances		745,000		745,000		—		—
Borrowings		256,000		256,000		—		—
Senior notes		1,044,768		1,044,768		—		—
Debentures to Stifel Financial Capital Trusts		64,962		—		—		64,962