Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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

	March 31, 2019
	Fair value of investments		Unfunded commitments
Money market funds	$	20,691	$	—
Mutual funds		7,018		—
Private equity funds		3,426		1,480
Partnership interests		4,153		1,018
Total	$	35,288	$	2,498

	December 31, 2018
	Fair value of investments		Unfunded commitments
Money market funds	$	19,719	$	—
Mutual funds		9,122		—
Private equity funds		3,461		1,480
Partnership interests		3,976		1,024
Total	$	36,278	$	2,504

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	March 31, 2019
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	27,326	$	27,326	$	—	$	—
U.S. government agency securities		117,701		—		117,701		—
Mortgage-backed securities:
Agency		514,718		—		514,718		—
Non-agency		8,159		—		8,159		—
Asset-backed securities		56,514		—		56,339		175
Corporate securities:
Fixed income securities		336,317		1,946		334,371		—
Equity securities		54,779		54,711		68		—
Sovereign debt		2,351		—		2,351		—
State and municipal securities		179,626		—		179,626		—
Total financial instruments owned		1,297,491		83,983		1,213,333		175
Available-for-sale securities:
U.S. government agency securities		5,368		418		4,950		—
State and municipal securities		49,118		—		49,118		—
Mortgage-backed securities:
Agency		215,417		—		215,417		—
Commercial		71,377		—		71,377		—
Non-agency		1,148		—		1,148		—
Corporate fixed income securities		947,588		—		947,588		—
Asset-backed securities		1,713,751		—		1,713,751		—
Total available-for-sale securities		3,003,767		418		3,003,349		—
Investments:
Corporate equity securities		37,264		36,077		1,187		—
Auction rate securities:
Equity securities		16,632		—		—		16,632
Municipal securities		704		—		—		704
Other		1,028		—		175		853
Investments in funds measured at NAV		14,597
Total investments		70,225		36,077		1,362		18,189
Cash equivalents measured at NAV		20,691
Derivative contracts ⁽¹⁾		4,896		—		4,896		—
	$	4,397,070	$	120,478	$	4,222,940	$	18,364

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

	March 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	548,357	$	548,357	$	—	$	—
U.S. government agency securities		49		—		49		—
Mortgage-backed securities:
Agency		180,287		—		180,287		—
Corporate securities:
Fixed income securities		195,642		269		195,373		—
Equity securities		53,182		53,182		—		—
Sovereign debt		1,599		—		1,599		—
Total financial instruments sold, but not yet purchased	$	979,116	$	601,808	$	377,308	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018, are presented below (in thousands):

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	42,121	$	42,121	$	—	$	—
U.S. government agency securities		72,532		—		72,532		—
Mortgage-backed securities:
Agency		564,111		—		564,111		—
Non-agency		25,727		—		25,726		1
Asset-backed securities		25,905		—		25,730		175
Corporate securities:
Fixed income securities		310,457		1,100		309,357		—
Equity securities		57,911		57,125		786		—
Sovereign debt		14,063		—		14,063		—
State and municipal securities		154,622		—		154,622		—
Total financial instruments owned		1,267,449		100,346		1,166,927		176
Available-for-sale securities:
U.S. government agency securities		5,215		417		4,798		—
State and municipal securities		68,226		—		68,226		—
Mortgage-backed securities:
Agency		230,408		—		230,408		—
Commercial		69,715		—		69,715		—
Non-agency		1,219		—		1,219		—
Corporate fixed income securities		931,604		—		931,604		—
Asset-backed securities		1,764,060		—		1,764,060		—
Total available-for-sale securities		3,070,447		417		3,070,030		—
Investments:
Corporate equity securities		33,046		31,670		1,376		—
Auction rate securities:
Equity securities		16,632		—		—		16,632
Municipal securities		704		—		—		704
Other		1,041		—		184		857
Investments measured at NAV		16,559
Total investments		67,982		31,670		1,560		18,193
Cash equivalents measured at NAV		19,719
Derivative contracts ⁽¹⁾		7,683		—		7,683		—
	$	4,433,280	$	132,433	$	4,246,200	$	18,369

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

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	534,817	$	534,817	$	—	$	—
U.S. government agency securities		32,755		—		32,755		—
Mortgage-backed securities:
Agency		123,456		—		123,456		—
Corporate securities:
Fixed income securities		208,725		1,289		207,436		—
Equity securities		36,117		35,398		719		—
Sovereign debt		11,429		—		11,429		—
State and municipal securities		7		—		7		—
Total financial instruments sold, but not yet purchased	$	947,306	$	571,504	$	375,802	$	—

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

	Three Months Ended March 31, 2019
	Financial instruments owned					Investments
	Mortgage- Backed Securities – Non-Agency			Asset-Backed Securities		Auction Rate Securities – Equity		Auction Rate Securities – Municipal		Other
Balance at December 31, 2018	$	1		$	175	$	16,632	$	704	$	857
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾		—			—		—		—		—
Realized gains/(losses) ⁽¹⁾		(1	)		—		—		—		—
Purchases		—			—		—		—		—
Sales		—			—		—		—		—
Redemptions		—			—		—		—		(4	)
Transfers:
Into Level 3		—			—		—		—		—
Out of Level 3		—			—		—		—		—
Net change		(1	)		—		—		—		(4	)
Balance at March 31, 2019	$	—		$	175	$	16,632	$	704	$	853

⁽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	0.0% - 5.6%	3.2%
		Workout period	2-3 years	2.4 years
Municipal securities	Discounted cash flow	Discount rate	0.7% - 8.3%	2.8%
		Workout period	1-4 years	2.0 years

Schedule Of Fair Value Of Financial Instruments

	March 31, 2019				December 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	777,781	$	777,781	$	1,936,560	$	1,936,560
Cash segregated for regulatory purposes		73,684		73,684		132,814		132,814
Securities purchased under agreements to resell		568,034		568,034		699,900		699,900
Financial instruments owned		1,297,491		1,297,491		1,267,449		1,267,449
Available-for-sale securities		3,003,767		3,003,767		3,070,447		3,070,447
Held-to-maturity securities		4,103,562		4,056,845		4,218,854		4,122,907
Bank loans		8,706,689		8,782,968		8,517,615		8,565,347
Loans held for sale		144,216		144,216		205,557		205,557
Investments		70,225		70,225		67,982		67,982
Derivative contracts ⁽¹⁾		4,896		4,896		7,683		7,683
Financial liabilities:
Securities sold under agreements to repurchase	$	466,284	$	466,284	$	535,394	$	535,394
Bank deposits		15,049,877		14,065,660		15,863,613		14,661,996
Financial instruments sold, but not yet purchased		979,116		979,116		947,306		947,306
Federal Home Loan Bank advances		250,000		250,000		540,000		540,000
Borrowings		398,970		398,970		180,655		180,655
Senior notes		1,016,116		1,034,487		1,015,973		989,790
Debentures to Stifel Financial Capital Trusts		60,000		47,513		60,000		49,747

⁽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, 2019
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	757,090	$	757,090	$	—	$	—
Cash segregated for regulatory purposes		73,684		73,684		—		—
Securities purchased under agreements to resell		568,034		552,229		15,805		—
Held-to-maturity securities		4,056,845		—		3,895,569		161,276
Bank loans		8,782,968		—		8,782,968		—
Loans held for sale		144,216		—		144,216		—
Financial liabilities:
Securities sold under agreements to repurchase	$	466,284	$	51,978	$	414,306	$	—
Bank deposits		14,065,660		—		14,065,660		—
Federal Home Loan Bank advances		250,000		250,000		—		—
Borrowings		398,970		398,970		—		—
Senior notes		1,034,487		1,034,487		—		—
Debentures to Stifel Financial Capital Trusts		47,513		—		—		47,513

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,916,841	$	1,916,841	$	—	$	—
Cash segregated for regulatory purposes		132,814		132,814		—		—
Securities purchased under agreements to resell		699,900		645,632		54,268		—
Held-to-maturity securities		4,122,907		—		3,960,099		162,808
Bank loans		8,565,347		—		8,565,347		—
Loans held for sale		205,557		—		205,557		—
Financial liabilities:
Securities sold under agreements to repurchase	$	535,394	$	87,273	$	448,121	$	—
Bank deposits		14,661,996		—		14,661,996		—
Federal Home Loan Bank advances		540,000		540,000		—		—
Borrowings		180,655		180,655		—		—
Senior notes		989,790		989,790		—		—
Debentures to Stifel Financial Capital Trusts		49,747		—		—		49,747