Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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

	June 30, 2019
	Fair value of investments		Unfunded commitments
Money market funds	$	31,590	$	—
Mutual funds		7,328		—
Private equity funds		2,565		1,477
Partnership interests		3,918		1,013
Total	$	45,401	$	2,490

	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

	June 30, 2019
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	56,478	$	56,478	$	—	$	—
U.S. government agency securities		130,141		—		130,141		—
Mortgage-backed securities:
Agency		545,340		—		545,340		—
Non-agency		11,146		—		11,146		—
Asset-backed securities		5,220		—		5,045		175
Corporate securities:
Fixed income securities		326,407		2,552		323,855		—
Equity securities		82,968		82,937		31		—
Sovereign debt		800		—		800		—
State and municipal securities		193,859		—		193,859		—
Total financial instruments owned		1,352,359		141,967		1,210,217		175
Available-for-sale securities:
U.S. government agency securities		300		300		—		—
State and municipal securities		43,301		—		43,301		—
Mortgage-backed securities:
Agency		200,495		—		200,495		—
Commercial		77,965		—		77,965		—
Non-agency		1,090		—		1,090		—
Corporate fixed income securities		797,521		—		797,521		—
Asset-backed securities		1,582,388		—		1,582,388		—
Total available-for-sale securities		2,703,060		300		2,702,760		—
Investments:
Corporate equity securities		40,318		39,258		1,060		—
Auction rate securities:
Equity securities		16,732		—		—		16,732
Municipal securities		654		—		470		184
Other		10,326		9,199		274		853
Investments in funds measured at NAV		13,811
Total investments		81,841		48,457		1,804		17,769
Cash equivalents measured at NAV		31,590
Derivative contracts ⁽¹⁾		2,187		—		2,187		—
	$	4,171,037	$	190,724	$	3,916,968	$	17,944

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

	June 30, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	389,489	$	389,489	$	—	$	—
U.S. government agency securities		4,011		—		4,011		—
Agency mortgage-backed securities		246,028		—		246,028		—
Corporate securities:
Fixed income securities		248,962		232		248,730		—
Equity securities		66,312		66,312		—		—
Sovereign debt		1,542		—		1,542		—
Total financial instruments sold, but not yet purchased	$	956,344	$	456,033	$	500,311	$	—

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		—
Agency mortgage-backed securities		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 June 30, 2019
	Financial instruments owned				Investments
		Asset-Backed Securities			Auction Rate Securities – Equity		Auction Rate Securities – Municipal			Other
Balance at March 31, 2019		$	175		$	16,632	$	704		$	853
Unrealized gains/(losses):
Included in changes in net assets ⁽¹⁾			2			100		—			—
Realized gains/(losses) ⁽¹⁾			—			—		—			—
Purchases			—			—		—			—
Sales			—			—		—			—
Redemptions			(2	)		—		(50	)		—
Transfers:
Into Level 3			—			—		—			—
Out of Level 3			—			—		(470	)		—
Net change			—			100		(520	)		—
Balance at June 30, 2019		$	175		$	16,732	$	184		$	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.

	Six Months Ended June 30, 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⁾		—			2			100		—			—
Realized gains/(losses) ⁽¹⁾		(1	)		—			—		—			—
Purchases		—			—			—		—			—
Sales		—			—			—		—			—
Redemptions		—			(2	)		—		(50	)		(4	)
Transfers:
Into Level 3		—			—			—		—			—
Out of Level 3		—			—			—		(470	)		—
Net change		(1	)		—			100		(520	)		(4	)
Balance at June 30, 2019	$	—		$	175		$	16,732	$	184		$	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.

Schedule Of Fair Value Of Financial Instruments

	June 30, 2019				December 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	797,357	$	797,357	$	1,936,560	$	1,936,560
Cash segregated for regulatory purposes		21,231		21,231		132,814		132,814
Securities purchased under agreements to resell		596,572		596,572		699,900		699,900
Financial instruments owned		1,352,359		1,352,359		1,267,449		1,267,449
Available-for-sale securities		2,703,060		2,703,060		3,070,447		3,070,447
Held-to-maturity securities		3,960,714		3,946,782		4,218,854		4,122,907
Bank loans		8,964,325		9,057,908		8,517,615		8,565,347
Loans held for sale		163,511		163,511		205,557		205,557
Investments		81,841		81,841		67,982		67,982
Derivative contracts ⁽¹⁾		2,187		2,187		7,683		7,683
Financial liabilities:
Securities sold under agreements to repurchase	$	762,282	$	762,282	$	535,394	$	535,394
Bank deposits		14,901,061		14,020,564		15,863,613		14,661,996
Financial instruments sold, but not yet purchased		956,344		956,344		947,306		947,306
Federal Home Loan Bank advances		250,000		250,000		540,000		540,000
Borrowings		117,845		117,845		180,655		180,655
Senior notes		1,016,492		1,047,702		1,015,973		989,790
Debentures to Stifel Financial Capital Trusts		60,000		45,740		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

	June 30, 2019
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	765,767	$	765,767	$	—	$	—
Cash segregated for regulatory purposes		21,231		21,231		—		—
Securities purchased under agreements to resell		596,572		539,265		57,307		—
Held-to-maturity securities		3,946,782		—		3,779,407		167,375
Bank loans		9,057,908		—		9,057,908		—
Loans held for sale		163,511		—		163,511		—
Financial liabilities:
Securities sold under agreements to repurchase	$	762,282	$	98,626	$	663,656	$	—
Bank deposits		14,020,564		—		14,020,564		—
Federal Home Loan Bank advances		250,000		250,000		—		—
Borrowings		117,845		117,845		—		—
Senior notes		1,047,702		1,047,702		—		—
Debentures to Stifel Financial Capital Trusts		45,740		—		—		45,740

	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