Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

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

	Three Months Ended June 30, 2020
	Financial instruments owned					Investments
	Asset-Backed Securities		Loans			Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal		Other
Balance at March 31, 2020	$	175	$	10,259		$	1,060	$	14,243		$	183	$	833
Unrealized losses		—		(786	)		—		(1,622	)		—		(478	)
Purchases		—		139			—		—			—		—
Sales		—		(1	)		—		—			—		—
Transfers into Level 3		—		—			—		—			—		34,646
Net change		—		(648	)		—		(1,622	)		—		34,168
Balance at June 30, 2020	$	175	$	9,611		$	1,060	$	12,621		$	183	$	35,001

	Six Months Ended June 30, 2020
	Financial instruments owned					Investments
	Asset-Backed Securities		Loans			Corporate Equity Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other
Balance at December 31, 2019	$	175	$	9,151		$	1,060	$	14,243		$	184		$	853
Unrealized losses		—		(3,613	)		—		(1,622	)		(1	)		(478	)
Purchases		—		7,081			—		—			—			—
Sales		—		(3,005	)		—		—			—			(20	)
Redemptions		—		(3	)		—		—			—			—
Transfers into Level 3		—		—			—		—			—			34,646
Net change		—		460			—		(1,622	)		(1	)		34,148
Balance at June 30, 2020	$	175	$	9,611		$	1,060	$	12,621		$	183		$	35,001

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

	June 30, 2020				December 31, 2019
	Fair value of investments		Unfunded commitments		Fair value of investments		Unfunded commitments
Money market funds	$	51,541	$	—	$	25,734	$	—
Mutual funds		5,698		—		7,875		—
Private equity funds		1,697		1,203		2,288		1,203
Partnership interests		3,289		895		3,058		953
Total	$	62,225	$	2,098	$	38,955	$	2,156

Fair Value Of Assets And Liabilities Measured On Recurring Basis

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	27,722	$	27,722	$	—	$	—
U.S. government agency securities		122,160		—		122,160		—
Mortgage-backed securities:
Agency		222,722		—		222,722		—
Non-agency		1,510		—		1,510		—
Asset-backed securities		7,843		—		7,668		175
Corporate securities:
Fixed income securities		232,618		2,062		230,556		—
Equity securities		78,510		57,221		21,289		—
Sovereign debt		19,976		—		19,976		—
State and municipal securities		123,546		—		123,546		—
Loans		9,611		—		—		9,611
Total financial instruments owned		846,218		87,005		749,427		9,786
Available-for-sale securities:
U.S. government agency securities		5,146		—		5,146		—
State and municipal securities		2,461		—		2,461		—
Mortgage-backed securities:
Agency		770,729		—		770,729		—
Commercial		105,447		—		105,447		—
Non-agency		6,923		—		6,923		—
Corporate fixed income securities		557,969		—		557,969		—
Asset-backed securities		1,723,814		—		1,723,814		—
Total available-for-sale securities		3,172,489		—		3,172,489		—
Investments:
Corporate equity securities		21,586		20,526		—		1,060
Auction rate securities:
Equity securities		12,621		—		—		12,621
Municipal securities		183		—		—		183
Other		50,333		9,293		6,039		35,001
Investments in funds and partnerships measured at NAV		10,684
Total investments		95,407		29,819		6,039		48,865
Cash equivalents measured at NAV		51,541
	$	4,165,655	$	116,824	$	3,927,955	$	58,651

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	208,591	$	208,591	$	—	$	—
U.S. government agency securities		28,361		—		28,361		—
Agency mortgage-backed securities		114,673		—		114,673		—
Asset-backed securities		675		—		675		—
Corporate securities:
Fixed income securities		197,111		188		196,923		—
Equity securities		26,680		26,680		—		—
Sovereign debt		22,231		—		22,231		—
Total financial instruments sold, but not yet purchased	$	598,322	$	235,459	$	362,863	$	—
Derivative contracts (1)		1,805		—		1,805		—
	$	600,127	$	235,459	$	364,668	$	—

^{(1) 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, 2019, are presented below (in thousands):

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial instruments owned:
U.S. government securities	$	9,266	$	9,266	$	—	$	—
U.S. government agency securities		66,881		—		66,881		—
Mortgage-backed securities:
Agency		388,856		—		388,856		—
Non-agency		5,155		—		5,155		—
Asset-backed securities		28,385		—		28,210		175
Corporate securities:
Fixed income securities		250,783		872		249,911		—
Equity securities		64,009		61,579		2,430		—
Sovereign debt		12,403		—		12,403		—
State and municipal securities		137,211		—		137,211		—
Loans		9,983		—		832		9,151
Total financial instruments owned		972,932		71,717		891,889		9,326
Available-for-sale securities:
U.S. government agency securities		5,067		—		5,067		—
State and municipal securities		24,297		—		24,297		—
Mortgage-backed securities:
Agency		837,878		—		837,878		—
Commercial		109,537		—		109,537		—
Non-agency		9,758		—		9,758		—
Corporate fixed income securities		675,311		—		675,311		—
Asset-backed securities		1,592,889		—		1,592,889		—
Total available-for-sale securities		3,254,737		—		3,254,737		—
Investments:
Corporate equity securities		35,083		34,023		—		1,060
Auction rate securities:
Equity securities		14,243		—		—		14,243
Municipal securities		654		—		470		184
Other		16,771		9,905		6,013		853
Investments in funds and partnerships measured at NAV		13,221
Total investments		79,972		43,928		6,483		16,340
Cash equivalents measured at NAV		25,734
Derivative contracts (1)		1,086		—		1,086		—
	$	4,334,461	$	115,645	$	4,154,195	$	25,666

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

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Liabilities:
Financial instruments sold, but not yet purchased:
U.S. government securities	$	243,570	$	243,570	$	—	$	—
U.S. government agency securities		1,000		—		1,000		—
Agency mortgage-backed securities		231,909		—		231,909		—
Corporate securities:
Fixed income securities		140,100		633		139,467		—
Equity securities		32,047		32,047		—		—
Sovereign debt		13,271		—		13,271		—
Loans		955		—		—		955
Total financial instruments sold, but not yet purchased	$	662,852	$	276,250	$	385,647	$	955

Schedule Of Fair Value Of Financial Instruments

	June 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	1,791,755	$	1,791,755	$	1,142,596	$	1,142,596
Cash segregated for regulatory purposes		111,017		111,017		131,374		131,374
Securities purchased under agreements to resell		446,766		446,766		385,008		385,008
Financial instruments owned		846,218		846,218		972,932		972,932
Available-for-sale securities		3,172,489		3,172,489		3,254,737		3,254,737
Held-to-maturity securities		3,085,790		2,951,742		2,856,219		2,827,883
Bank loans		10,448,313		10,516,540		9,624,042		9,801,986
Loans held for sale		474,899		474,899		389,693		389,693
Investments		95,407		95,407		79,972		79,972
Derivative contracts (1)		—		—		1,086		1,086
Financial liabilities:
Securities sold under agreements to repurchase	$	219,888	$	219,888	$	391,634	$	391,634
Bank deposits		16,302,821		16,055,206		15,332,581		14,467,894
Financial instruments sold, but not yet purchased		598,322		598,322		662,852		662,852
Federal Home Loan Bank advances		323,000		323,000		250,000		250,000
Senior notes		1,411,904		1,532,955		1,017,010		1,069,425
Debentures to Stifel Financial Capital Trusts		60,000		38,360		60,000		45,847
Derivative contracts (2)		1,805		1,805		—		—

^{(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

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,740,214	$	1,740,214	$	—	$	—
Cash segregated for regulatory purposes		111,017		111,017		—		—
Securities purchased under agreements to resell		446,766		395,998		50,768		—
Held-to-maturity securities		2,951,742		—		2,811,440		140,302
Bank loans		10,516,540		—		10,516,540		—
Loans held for sale		474,899		—		474,899		—
Financial liabilities:
Securities sold under agreements to repurchase	$	219,888	$	—	$	219,888	$	—
Bank deposits		16,055,206		—		16,055,206		—
Federal Home Loan Bank advances		323,000		323,000		—		—
Senior notes		1,532,955		1,532,955		—		—
Debentures to Stifel Financial Capital Trusts		38,360		—		—		38,360

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	1,116,862	$	1,116,862	$	—	$	—
Cash segregated for regulatory purposes		131,374		131,374		—		—
Securities purchased under agreements to resell		385,008		342,132		42,876		—
Held-to-maturity securities		2,827,883		—		2,666,773		161,110
Bank loans		9,801,986		—		9,801,986		—
Loans held for sale		389,693		—		389,693		—
Financial liabilities:
Securities sold under agreements to repurchase	$	391,634	$	22,205	$	369,429	$	—
Bank deposits		14,467,894		—		14,467,894		—
Federal Home Loan Bank advances		250,000		250,000		—		—
Senior notes		1,069,425		1,069,425		—		—
Debentures to Stifel Financial Capital Trusts		45,847		—		—		45,847