Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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

	September 30, 2018
	Fair value of investments		Unfunded commitments
Money market funds	$	18,696	$	—
Mutual funds		10,506		—
Private equity funds		3,394		1,535
Partnership interests		4,405		1,324
Total	$	37,001	$	2,859

	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

	September 30, 2018
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	36,214	$	36,214	$	—	$	—
U.S. government agency securities		167,886		—		167,886		—
Mortgage-backed securities:
Agency		380,044		—		380,044		—
Non-agency		23,747		—		23,746		1
Asset-backed securities		29,806		—		29,451		355
Corporate securities:
Fixed income securities		290,627		262		290,365		—
Equity securities		69,205		68,892		212		101
Sovereign debt		15,996		—		15,996		—
State and municipal securities		149,207		—		149,207		—
Total financial instruments owned		1,162,732		105,368		1,056,907		457
Available-for-sale securities:
U.S. government agency securities		5,165		516		4,649		—
State and municipal securities		68,876		—		68,876		—
Mortgage-backed securities:
Agency		250,808		—		250,808		—
Commercial		68,823		—		68,823		—
Non-agency		1,269		—		1,269		—
Corporate fixed income securities		1,177,315		—		1,177,315		—
Asset-backed securities		1,777,351		—		1,777,351		—
Total available-for-sale securities		3,349,607		516		3,349,091		—
Investments:
Corporate equity securities		42,495		42,495		—		—
Auction rate securities:
Equity securities		16,525		—		—		16,525
Municipal securities		799		—		—		799
Other		1,046		—		189		857
Investments in funds measured at NAV		18,305
Total investments		79,170		42,495		189		18,181
Cash equivalents measured at NAV		18,696
Derivative contracts ⁽¹⁾		11,117				11,117
	$	4,621,322	$	148,379	$	4,417,304	$	18,638

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

	September 30, 2018
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	512,275	$	512,275	$	—	$	—
Mortgage-backed securities:
Agency		95,312		—		95,312		—
Corporate securities:
Fixed income securities		213,335		96		213,239		—
Equity securities		78,895		78,895		—		—
Sovereign debt		11,557		—		11,557		—
Total financial instruments sold, but not yet purchased	$	911,374	$	591,266	$	320,108	$	—

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 September 30, 2018
	Financial instruments owned							Investments
	Mortgage- Backed Securities – Non-Agency		Asset-Backed Securities		Equity Securities			Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other
Balance at June 30, 2018	$	1	$	355	$	123		$	25,303		$	846		$	857
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		—		—		—			997			3			—
Realized gains/(losses) ⁽¹⁾		—		—		(22	)		—			—			—
Purchases		—		—		—			—			—			—
Sales		—		—		—			—			—			—
Redemptions		—		—		—			(9,775	)		(50	)		—
Transfers:
Into Level 3		—		—		—			—			—			—
Out of Level 3		—		—		—			—			—			—
Net change		—		—		(22	)		(8,778	)		(47	)		—
Balance at September 30, 2018	$	1	$	355	$	101		$	16,525		$	799		$	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.

	Nine Months Ended September 30, 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⁾		—		3			—			(130	)		1,086			3			—
Realized gains/(losses) ⁽¹⁾		—		—			—			(22	)		—			—			—
Purchases		—		—			—			—			—			—			—
Sales		—		—			—			—			—			—			—
Redemptions		—		(5	)		(242	)		—			(19,350	)		(50	)		—
Transfers:
Into Level 3		—		—			—			—			—			—			—
Out of Level 3		—		—			—			—			—			—			—
Net change		—		(2	)		(242	)		(152	)		(18,264	)		(47	)		—
Balance at September 30, 2018	$	1	$	355		$	—		$	101		$	16,525		$	799		$	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	0.6% - 6.5%	3.8%
		Workout period	2-3 years	2.4 years
Municipal securities	Discounted cash flow	Discount rate	0.5% - 9.9%	3.2%
		Workout period	1-4 years	2.0 years

Schedule Of Fair Value Of Financial Instruments

	September 30, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	694,302	$	694,302	$	696,283	$	696,283
Cash segregated for regulatory purposes		21,585		21,585		90,802		90,802
Securities purchased under agreements to resell		622,361		622,361		512,220		512,220
Financial instruments owned		1,162,732		1,162,732		1,143,684		1,143,684
Available-for-sale securities		3,349,607		3,349,607		3,773,508		3,773,508
Held-to-maturity securities		4,565,453		4,506,385		3,698,098		3,710,478
Loans held for sale		262,063		262,063		226,068		226,068
Bank loans		8,253,989		8,330,974		6,947,759		6,953,328
Investments		79,170		79,170		111,379		111,379
Derivative contracts ⁽¹⁾		11,117		11,117		7,995		7,995

Financial liabilities:
Securities sold under agreements to repurchase	$	495,484	$	495,484	$	233,704	$	233,704
Bank deposits		14,502,952		13,711,447		13,411,935		12,702,746
Financial instruments sold, but not yet purchased		911,374		911,374		778,863		778,863
Federal Home Loan Bank advances		1,064,000		1,064,000		745,000		745,000
Borrowings		140,030		140,030		256,000		256,000
Senior notes		1,015,714		1,012,374		1,014,940		1,044,768
Debentures to Stifel Financial Capital Trusts		67,500		68,839		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

	September 30, 2018
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	675,606	$	675,606	$	—	$	—
Cash segregated for regulatory purposes		21,585		21,585		—		—
Securities purchased under agreements to resell		622,361		586,829		35,532		—
Held-to-maturity securities		4,506,385		—		4,345,021		161,364
Loans held for sale		262,063		—		262,063		—
Bank loans		8,330,974		—		8,330,974		—
Financial liabilities:
Securities sold under agreements to repurchase	$	495,484	$	126,378	$	369,106	$	—
Bank deposits		13,711,447		—		13,711,447		—
Federal Home Loan Bank advances		1,064,000		1,064,000		—		—
Borrowings		140,030		140,030		—		—
Senior notes		1,012,374		1,012,374		—		—
Debentures to Stifel Financial Capital Trusts		68,839		—		—		68,839

	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