Fair Value Disclosures (Tables)
|
6 Months Ended |
May 31, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis |
| | | | | | | | | | | | | | | | | | | | May 31, 2026 (1) | | | $ in thousands | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (2) | Total | | | Assets: | | | | | | | | Financial instruments owned: | | | | | | | | Corporate equity securities | $ | 8,172,828 | | $ | 230,866 | | $ | 255,866 | | $ | — | | $ | 8,659,560 | | | | Corporate debt securities | — | | 5,211,023 | | 54,811 | | — | | 5,265,834 | | | | Collateralized debt obligations and collateralized loan obligations | — | | 650,379 | | 62,546 | | — | | 712,925 | | | | U.S. government and federal agency securities | 3,112,195 | | 106,914 | | — | | — | | 3,219,109 | | | | Municipal securities | — | | 649,349 | | — | | — | | 649,349 | | | | Sovereign obligations | 807,151 | | 886,209 | | — | | — | | 1,693,360 | | | | Residential mortgage-backed securities | — | | 1,906,714 | | 5,376 | | — | | 1,912,090 | | | | Commercial mortgage-backed securities | — | | 9,768 | | 235 | | — | | 10,003 | | | | Other asset-backed securities | — | | 780,516 | | 190,089 | | — | | 970,605 | | | | Loans and other receivables | — | | 1,736,907 | | 90,322 | | — | | 1,827,229 | | | | Derivatives | 487 | | 4,901,537 | | 8,682 | | (3,475,770) | | 1,434,936 | | | | Investments at fair value | — | | 5,268 | | 171,368 | | — | | 176,636 | | | | Total financial instruments owned, excluding Investments at fair value based on NAV | $ | 12,092,661 | | $ | 17,075,450 | | $ | 839,295 | | $ | (3,475,770) | | $ | 26,531,636 | | | | | | | | | | | Securities received as collateral | $ | 310,813 | | $ | — | | $ | — | | $ | — | | $ | 310,813 | | | | | | | | | | | | Liabilities: | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | Corporate equity securities | $ | 7,243,037 | | $ | 22,912 | | $ | 169 | | $ | — | | $ | 7,266,118 | | | | Corporate debt securities | — | | 3,026,509 | | 571 | | — | | 3,027,080 | | | | | | | | | | | U.S. government and federal agency securities | 1,048,105 | | 3 | | — | | — | | 1,048,108 | | | | | | | | | | | Sovereign obligations | 733,221 | | 698,985 | | — | | — | | 1,432,206 | | | | Residential mortgage-backed and other asset-backed securities | — | | 9,000 | | — | | — | | 9,000 | | | | | | | | | | | Loans | — | | 148,729 | | 1,352 | | — | | 150,081 | | | | Derivatives | 246 | | 5,193,630 | | 22,223 | | (3,601,670) | | 1,614,429 | | | | Total financial instruments sold, not yet purchased | $ | 9,024,609 | | $ | 9,099,768 | | $ | 24,315 | | $ | (3,601,670) | | $ | 14,547,022 | | | | Other secured financings | $ | — | | $ | 405,725 | | $ | 10,076 | | $ | — | | $ | 415,801 | | | | Obligation to return securities received as collateral | 310,813 | | — | | — | | — | | 310,813 | | | | Long-term debt | — | | 2,790,159 | | 1,070,114 | | — | | 3,860,273 | | |
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.51 billion at May 31, 2026 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. | | | | | | | | | | | | | | | | | | | | November 30, 2025 (1) | | | $ in thousands | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (2) | Total | | | Assets: | | | | | | | | Financial instruments owned: | | | | | | | | Corporate equity securities | $ | 7,664,824 | | $ | 249,847 | | $ | 218,853 | | $ | — | | $ | 8,133,524 | | | | Corporate debt securities | — | | 5,367,201 | | 37,578 | | — | | 5,404,779 | | | | Collateralized debt obligations and collateralized loan obligations | — | | 645,798 | | 40,187 | | — | | 685,985 | | | | U.S. government and federal agency securities | 2,342,718 | | 106,633 | | — | | — | | 2,449,351 | | | | Municipal securities | — | | 563,994 | | — | | — | | 563,994 | | | | Sovereign obligations | 860,832 | | 815,722 | | — | | — | | 1,676,554 | | | | Residential mortgage-backed securities | — | | 1,827,092 | | 6,663 | | — | | 1,833,755 | | | | Commercial mortgage-backed securities | — | | 10,458 | | 348 | | — | | 10,806 | | | | Other asset-backed securities | — | | 909,474 | | 133,001 | | — | | 1,042,475 | | | | Loans and other receivables | — | | 2,111,517 | | 127,720 | | — | | 2,239,237 | | | | Derivatives | 72 | | 5,519,463 | | 10,311 | | (3,705,764) | | 1,824,082 | | | | Investments at fair value | — | | 13,567 | | 163,107 | | — | | 176,674 | | | | Total financial instruments owned, excluding Investments at fair value based on NAV | $ | 10,868,446 | | $ | 18,140,766 | | $ | 737,768 | | $ | (3,705,764) | | $ | 26,041,216 | | | | | | | | | | | Securities received as collateral | $ | 200,495 | | $ | — | | $ | — | | $ | — | | $ | 200,495 | | | | | | | | | | | | Liabilities: | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | Corporate equity securities | $ | 5,571,534 | | $ | 47,631 | | $ | 155 | | $ | — | | $ | 5,619,320 | | | | Corporate debt securities | — | | 2,761,794 | | 3,720 | | — | | 2,765,514 | | | | Collateralized debt obligations and collateralized loan obligations | — | | 627 | | — | | — | | 627 | | | | U.S. government and federal agency securities | 1,913,403 | | 4 | | — | | — | | 1,913,407 | | | | Sovereign obligations | 796,564 | | 540,555 | | — | | — | | 1,337,119 | | | | | | | | | | | | | | | | | | Loans | — | | 184,391 | | 9,757 | | — | | 194,148 | | | | Derivatives | 24 | | 5,429,227 | | 45,953 | | (3,985,187) | | 1,490,017 | | | | Total financial instruments sold, not yet purchased | $ | 8,281,525 | | $ | 8,964,229 | | $ | 59,585 | | $ | (3,985,187) | | $ | 13,320,152 | | | | | | | | | | | Other secured financings | $ | — | | $ | 412,510 | | $ | 13,454 | | $ | — | | $ | 425,964 | | | | Obligation to return securities received as collateral | 200,495 | | — | | — | | — | | 200,495 | | | | Long-term debt | — | | 2,671,485 | | 1,063,358 | | — | | 3,734,843 | | |
(1)Excludes investments at fair value based on NAV of $1.68 billion at November 30, 2025 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
|
| Schedule of Investments Measured at Fair Value Based on Net Asset Value Per Share |
Information about our investments in entities that have the characteristics of an investment company: | | | | | | | | | | | | | | | | May 31, 2026 | | $ in thousands | Fair Value (1) | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | Hedge
Funds (2) | $ | 725,883 | | $ | — | | Quarterly (37%) Monthly (42%) N/R (21%) | 45 - 90 days 45 - 60 days N/R | | Private Equity Funds (3) | 65,920 | | 22,990 | | N/R (100%) | N/R | Credit
Funds (4) | 435,715 | | 23,847 | | Quarterly (48%) Monthly (3%) N/R (49%) | 90 days 30 days N/R | | Real Estate and Other Funds (5) | 278,961 | | 103,610 | | Quarterly (12%) N/R (88%) | 90 days N/R | | Total | $ | 1,506,479 | | $ | 150,447 | | | |
| | | | | | | | | | | | | | | | November 30, 2025 | | $ in thousands | Fair Value (1) | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | Hedge
Funds (2) | $ | 888,880 | | $ | — | | Quarterly (42%) Monthly (41%) N/R (17%) | 45 - 90 days 45 - 60 days N/R | | Private Equity Funds (3) | 66,476 | | 26,828 | | N/R (100%) | N/R | | Credit Funds (4) | 490,321 | | 23,847 | | Quarterly (56%) Monthly (2%) N/R (42%) | 90 days 30 days N/R | | Real Estate and Other Funds (5) | 235,846 | | 114,872 | | Quarterly (19%) N/R (81%) | 90 days N/R | | Total | $ | 1,681,523 | | $ | 165,547 | | | |
N/R - Not redeemable (1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets, commodities and multi-asset securities. (3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one to nine years. (4)Primarily includes investments in funds that invest in: •Distressed and special situations long/short credit strategies across sectors and asset types; •Short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days; and •Distressed and event-driven opportunities across structured credit, opportunistic credit, and private credit. (5)Primarily includes investments in corporate real estate strategies focused on buying or building real estate businesses and investments in venture capital funds.
|
| Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation |
Level 3 Rollforwards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2026 | | | | $ in thousands | Balance at February 28, 2026 | Total gains/losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/
(out of) Level 3 | Balance at May 31, 2026 | For instruments still held at May 31, 2026, changes in unrealized gains (losses) included in: | | | Earnings (1) | Other comprehensive income
(loss) (1) | | | Level 3 assets: | | | | | | | | | | | | | Financial instruments owned: | | | | | | | | | | | | | Corporate equity securities | $ | 218,483 | | $ | 24,352 | | $ | 14,242 | | $ | (4,487) | | $ | (103) | | $ | — | | $ | 3,379 | | $ | 255,866 | | $ | 24,802 | | $ | — | | | | Corporate debt securities | 50,755 | | (184) | | 4,717 | | (20) | | (432) | | — | | (25) | | 54,811 | | 267 | | — | | | | CDOs and CLOs | 61,455 | | (4,425) | | 37,442 | | (4,026) | | — | | — | | (27,900) | | 62,546 | | (4,703) | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 6,134 | | (443) | | — | | — | | (315) | | — | | — | | 5,376 | | (443) | | — | | | | CMBS | 355 | | (105) | | — | | — | | — | | — | | (15) | | 235 | | (105) | | — | | | | Other ABS | 244,714 | | (22,349) | | 25,936 | | (27,041) | | (7,345) | | — | | (23,826) | | 190,089 | | (24,387) | | — | | | | Loans and other receivables | 85,396 | | 18,797 | | 25,427 | | (28,760) | | (7,607) | | — | | (2,931) | | 90,322 | | 21,162 | | — | | | | Investments at fair value | 167,195 | | (1,100) | | 9,225 | | (685) | | (3,267) | | — | | — | | 171,368 | | (1,387) | | — | | | | Level 3 liabilities: | | | | | | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | | | | | | Corporate equity securities | $ | 167 | | $ | 2 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 169 | | $ | (2) | | $ | — | | | | Corporate debt securities | 555 | | — | | — | | — | | — | | — | | 16 | | 571 | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans | 921 | | 135 | | — | | 375 | | — | | — | | (79) | | 1,352 | | (473) | | — | | | | Net derivatives (2) | 28,562 | | 2,873 | | (821) | | — | | (4,485) | | — | | (12,588) | | 13,541 | | (3,266) | | — | | | | Other secured financings | 11,685 | | (245) | | — | | — | | (1,364) | | — | | — | | 10,076 | | (72) | | — | | | | Long-term debt | 1,024,067 | | (6,329) | | — | | — | | — | | 29,344 | | 23,032 | | 1,070,114 | | 40,009 | | (33,680) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 2026 | | | | $ in thousands | Balance at November 30, 2025 | Total gains/losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/
(out of) Level 3 | Balance at May 31, 2026 | For instruments still held at May 31, 2026, changes in unrealized gains (losses) included in: | | | Earnings (1) | Other comprehensive income
(loss) (1) | | | Assets: | | | | | | | | | | | | | Financial instruments owned: | | | | | | | | | | | | | Corporate equity securities | $ | 218,853 | | $ | 19,100 | | $ | 25,895 | | $ | (7,026) | | $ | (103) | | $ | — | | $ | (853) | | $ | 255,866 | | $ | 19,153 | | $ | — | | | | Corporate debt securities | 37,578 | | 1,110 | | 14,323 | | — | | (1,061) | | — | | 2,861 | | 54,811 | | 1,518 | | — | | | | CDOs and CLOs | 40,187 | | (9,155) | | 68,668 | | (15,658) | | (23) | | — | | (21,473) | | 62,546 | | (7,648) | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 6,663 | | (522) | | — | | — | | (765) | | — | | — | | 5,376 | | (522) | | — | | | | CMBS | 348 | | (98) | | — | | — | | — | | — | | (15) | | 235 | | (98) | | — | | | | Other ABS | 133,001 | | (67,663) | | 139,191 | | (34,939) | | (10,264) | | — | | 30,763 | | 190,089 | | (69,823) | | — | | | | Loans and other receivables | 127,720 | | 22,225 | | 76,044 | | (79,669) | | (8,345) | | — | | (47,653) | | 90,322 | | 23,736 | | — | | | | Investments at fair value | 163,107 | | 3,536 | | 9,475 | | (708) | | (4,042) | | — | | — | | 171,368 | | 2,484 | | — | | | | Liabilities: | | | | | | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | | | | | | Corporate equity securities | $ | 155 | | $ | 14 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 169 | | $ | (14) | | $ | — | | | | Corporate debt securities | 3,720 | | 181 | | — | | — | | — | | — | | (3,330) | | 571 | | (232) | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans | 9,757 | | (345) | | (697) | | 1,100 | | — | | — | | (8,463) | | 1,352 | | (1,805) | | — | | | | Net derivatives (2) | 35,642 | | 2,518 | | (1,492) | | — | | (3,125) | | — | | (20,002) | | 13,541 | | (3,494) | | — | | | | Other secured financings | 13,454 | | (360) | | — | | 120 | | (3,138) | | — | | — | | 10,076 | | 36 | | — | | | | Long-term debt | 1,063,358 | | (25,949) | | — | | — | | (23,695) | | 36,081 | | 20,319 | | 1,070,114 | | 4,737 | | 21,212 | | |
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2025 | | | | $ in thousands | Balance at February 28, 2025 | Total gains/losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/
(out of) Level 3 | Balance at May 31, 2025 | For instruments still held at May 31, 2025, changes in unrealized gains (losses) included in: | | | Earnings (1) | Other comprehensive income
(loss) (1) | | | Assets: | | | | | | | | | | | | | Financial instruments owned: | | | | | | | | | | | | | Corporate equity securities | $ | 212,409 | | $ | 8,245 | | $ | 2,482 | | $ | (2,201) | | $ | — | | $ | — | | $ | 10,225 | | $ | 231,160 | | $ | 5,003 | | $ | — | | | | Corporate debt securities | 25,925 | | 2,547 | | 18,805 | | (15,740) | | (2,177) | | — | | 15,322 | | 44,682 | | 2,194 | | — | | | | CDOs and CLOs | 71,827 | | (4,123) | | 35,644 | | (18,469) | | (6,550) | | — | | (7,381) | | 70,948 | | (4,564) | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 7,526 | | 436 | | — | | — | | (15) | | — | | — | | 7,947 | | 439 | | — | | | | CMBS | 471 | | 34 | | — | | — | | — | | — | | — | | 505 | | 34 | | — | | | | Other ABS | 147,319 | | 6,814 | | 27,523 | | (26,231) | | (1,863) | | — | | 119 | | 153,681 | | 5,985 | | — | | | | Loans and other receivables | 153,764 | | (7,236) | | 18,008 | | (39,475) | | (13,063) | | — | | (19,830) | | 92,168 | | (10,875) | | — | | | | Investments at fair value | 157,881 | | 6,041 | | 261 | | — | | (804) | | — | | (10,000) | | 153,379 | | 3,581 | | — | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | | | | | | Corporate equity securities | $ | 590 | | $ | (256) | | $ | (173) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 161 | | $ | 31 | | $ | — | | | | Corporate debt securities | 1,113 | | 222 | | (41,346) | | 41,436 | | (662) | | — | | (119) | | 644 | | (86) | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 15 | | (15) | | — | | — | | — | | — | | — | | — | | — | | — | | | | CMBS | 1,154 | | (1) | | — | | 35 | | — | | — | | (35) | | 1,153 | | 1 | | — | | | | Loans | 848 | | (658) | | (37) | | — | | 183 | | — | | (23) | | 313 | | (226) | | — | | | | Net derivatives (2) | 42,076 | | (1,132) | | — | | — | | (4) | | — | | (7,652) | | 33,288 | | (6,385) | | — | | | | Other secured financings | 12,705 | | — | | — | | — | | (2,360) | | 8,531 | | — | | 18,876 | | — | | — | | | | Long-term debt | 860,684 | | 34,729 | | — | | — | | (5,893) | | 93,570 | | 8,066 | | 991,156 | | (49,509) | | 14,781 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 2025 | | | | $ in thousands | Balance at November 30, 2024 | Total gains/losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/
(out of) Level 3 | Balance at May 31, 2025 | For instruments still held at May 31, 2025, changes in unrealized gains (losses) included in: | | | Earnings (1) | Other comprehensive income
(loss) (1) | | | Assets: | | | | | | | | | | | | | Financial instruments owned: | | | | | | | | | | | | | Corporate equity securities | $ | 239,364 | | $ | 9,940 | | $ | 7,049 | | $ | (5,366) | | $ | 494 | | $ | — | | $ | (20,321) | | $ | 231,160 | | $ | 8,292 | | $ | — | | | | Corporate debt securities | 24,931 | | 2,147 | | 37,129 | | (23,787) | | (2,197) | | — | | 6,459 | | 44,682 | | 2,419 | | — | | | | CDOs and CLOs | 63,976 | | (10,286) | | 52,875 | | (23,728) | | (6,550) | | — | | (5,339) | | 70,948 | | (10,336) | | — | | | | | | | | | | | | | | | | Sovereign obligations | 172 | | 2 | | — | | (174) | | — | | — | | — | | — | | — | | — | | | | RMBS | 7,714 | | 269 | | — | | — | | (36) | | — | | — | | 7,947 | | 279 | | — | | | | CMBS | 477 | | 28 | | — | | — | | — | | — | | — | | 505 | | 28 | | — | | | | Other ABS | 103,214 | | (264) | | 86,866 | | (30,929) | | (4,175) | | — | | (1,031) | | 153,681 | | (565) | | — | | | | Loans and other receivables | 152,586 | | (5,759) | | 72,851 | | (82,603) | | (21,549) | | 3,670 | | (27,028) | | 92,168 | | (9,134) | | — | | | | Investments at fair value | 137,865 | | 6,434 | | 21,549 | | — | | (2,469) | | — | | (10,000) | | 153,379 | | 3,974 | | — | | | | Liabilities: | | | | | | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | | | | | | Corporate equity securities | $ | 208 | | $ | 126 | | $ | (173) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 161 | | $ | (126) | | $ | — | | | | Corporate debt securities | 165 | | 52 | | (135,198) | | 135,433 | | — | | — | | 192 | | 644 | | (123) | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CMBS | 1,153 | | — | | — | | 35 | | — | | — | | (35) | | 1,153 | | — | | — | | | | Loans | 16,864 | | (1,673) | | (1,046) | | — | | 698 | | — | | (14,530) | | 313 | | 39 | | — | | | | Net derivatives (2) | 22,286 | | (13,925) | | — | | 22,588 | | (484) | | — | | 2,823 | | 33,288 | | 5,076 | | — | | | | Other secured financings | 14,884 | | 241 | | — | | — | | (4,780) | | 8,531 | | — | | 18,876 | | (241) | | — | | | | Long-term debt | 821,903 | | (21,118) | | — | | — | | (2,799) | | 218,124 | | (24,954) | | 991,156 | | (19,522) | | 40,640 | | |
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives.
|
| Schedule of Fair Value Inputs Assets and Liabilities Quantitative Information Table |
| | | | | | | | | | | | | | | | | | | | | | | | | May 31, 2026 | | Financial Instruments Owned | Fair Value
(in thousands) | Valuation Technique | Significant Unobservable Input(s) | Input / Range | Weighted
Average | | Corporate equity securities | $ | 255,866 | | | | | | | | | Non-exchange-traded securities | Market approach | Price | $0 | - | $486 | $81 | | Volatility benchmarking | Volatility | 31% | — | | Corporate debt securities | $ | 54,811 | | Market approach | Price | $67 | - | $124 | $92 | | | Discounted cash flows | Discount rate/yield | 25 | % | - | 30% | 26% | | | | | | | | CDOs and CLOs | $ | 51,753 | | Discounted cash flows | Constant prepayment rate | 15 | % | - | 20% | 18% | | | | Constant default rate | 2% | — | | | | Loss severity | 30% | — | | | | Discount rate/yield | 12 | % | - | 16% | 14% | | | Market approach | Price | $100 | - | $117 | $105 | | | | | | | | RMBS | $ | 5,376 | | Discounted cash flows | Constant prepayment rate | 10% | — | | | | Constant default rate | 0.5% | — | | | | Loss severity | 45% | — | | | | Discount rate/yield | 20% | — | | | | | | | | | | | | | | Other ABS | $ | 185,232 | | Discounted cash flows | Discount rate/yield | 15.5 | % | - | 16.1% | 15.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cumulative loss rate | 16.2 | % | - | 17.1% | 16.6% | | | | Duration (years) | 1.1 | - | 1.2 | 1.2 | | | Market approach | Price | $117 | - | $135 | $130 | | | Scenario analysis | Estimated recovery percentage | 56 | % | - | 58% | 57% | | Loans and other receivables | $ | 90,322 | | Market approach | Price | $8 | - | $117 | $103 | | | Scenario analysis | Estimated recovery percentage | 7 | % | - | 100% | 76% | | Derivatives | $ | 6,224 | | | | | | | | | Interest rate swaps | | Market approach | Basis points upfront | 0.2 | — | | | | | | | | | | | | | | Investments at fair value | $ | 168,327 | | | | | | | | | Private equity securities | | Market approach | Price | $0 | - | $170,363 | $7,711 | | | | Discount rate/yield | 28% | — | | | | Estimated revenue | $30,087,431 | — | | Financial Instruments Sold, Not Yet Purchased: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives | $ | 22,223 | | | | | | | | | Equity options | | Volatility benchmarking | Volatility | 53% | — | | Interest rate swaps | | Market approach | Basis points upfront | 6.9 | - | 22.2 | 13.9 | | | | | | | | Other secured financings | $ | 10,076 | | Scenario analysis | Estimated recovery percentage | 74 | % | - | 100% | 96% | | | Market approach | Price | $117 | - | $118 | $118 | | Long-term debt | $ | 1,070,114 | | | | | | | | | Structured notes | | Market approach | Price | $64 | - | $120 | $99 |
| | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2025 | | Financial Instruments Owned | Fair Value
(in thousands) | Valuation Technique | Significant Unobservable Input(s) | Input / Range | Weighted
Average | | Corporate equity securities | $ | 218,853 | | | | | | | | | Non-exchange-traded securities | Market approach | Price | $0 | - | $486 | $85 | | | Volatility benchmarking | Volatility | 44 | % | - | 48% | 47% | | Corporate debt securities | $ | 37,578 | | Market approach | Price | $49 | - | $121 | $72 | | | Discounted cash flows | Discount rate/yield | 18 | % | - | 20% | 19% | | | Scenario analysis | Estimated recovery percentage | 30% | — | | CDOs and CLOs | $ | 25,824 | | Discounted cash flows | Constant prepayment rate | 20% | — | | | | Constant default rate | 2% | — | | | | Loss severity | 30% | — | | | | Discount rate/yield | 17% | — | | | Market approach | Price | $98 | - | $100 | $99 | | | | | | | | RMBS | $ | 6,663 | | Discounted cash flows | Constant prepayment rate | 12% | — | | | | Constant default rate | 0.3% | — | | | | Loss severity | 20% | — | | | | Discount rate/yield | 15% | — | | | | | | | | Other ABS | $ | 129,693 | | Discounted cash flows | Discount rate/yield | 15.5 | % | - | 15.7% | 15.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cumulative loss rate | 16.0 | % | - | 16.4% | 16.2% | | | | Duration (years) | 1.1 | - | 1.2 | 1.1 | | | Market approach | Price | $116 | - | $133 | $130 | | | Scenario analysis | Estimated recovery percentage | 66% | — | | Loans and other receivables | $ | 127,720 | | Market approach | Price | $67 | - | $129 | $97 | | | Scenario analysis | Estimated recovery percentage | 8 | % | - | 100% | 35% | | Derivatives | $ | 6,094 | | | | | | | | | Embedded options | | Market approach | Basis points upfront | 0.4 | - | 0.5 | 0.5 | | Equity options | | Volatility benchmarking | Volatility | 34% | — | | | | | | | | Investments at fair value | $ | 157,162 | | | | | | | | | Private equity securities | | Market approach | Price | $0 | - | $27,989 | $2,722 | | | | Discount rate/yield | 28% | — | | | | Estimated revenue | $29,818,082 | — | | Financial Instruments Sold, Not Yet Purchased: | | | | | | | | | | | | | | | | | | | Corporate debt securities | $ | 3,720 | | Scenario analysis | Estimated recovery percentage | 30% | — | | Loans | $ | 9,757 | | Market approach | Price | $100 | - | $129 | $117 | | | Scenario analysis | Estimated recovery percentage | 30% | — | | Derivatives | $ | 45,953 | | | | | | | | | Equity options | | Volatility benchmarking | Volatility | 34 | % | - | 61% | 58% | | Embedded options | | Market approach | Basis points upfront | 0.0 | - | 21.0 | 13.3 | | | | | | | | Other secured financings | $ | 13,454 | | Scenario analysis | Estimated recovery percentage | 74 | % | - | 100% | 96% | | | Market approach | Price | $114 | - | $117 | $115 | | Long-term debt | $ | 1,063,358 | | | | | | | | | Structured notes | | Market approach | Price | $72 | - | $120 | $101 |
|
| Schedule of Fair Value Option Gains (Losses) and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables |
Fair value option gains (losses): | | | | | | | | | | | | | | | | Three Months Ended
May 31, | Six Months Ended
May 31, | | $ in thousands | 2026 | 2025 | 2026 | 2025 | | | | | | | | | | Financial instruments owned: | | | | | | Loans and other receivables (1) | $ | 8,506 | | $ | 69,578 | | $ | (32,588) | | $ | 103,854 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other secured financings (1) | 6,100 | | (1,418) | | 5,791 | | (1,659) | | | Long-term debt: | | | | | | Changes in instrument-specific credit risk (2) | (47,715) | | 28,763 | | 30,306 | | 66,501 | | | Other changes in fair value (1) | (1,226) | | 13,225 | | (52,838) | | 27,548 | |
(1)Changes in fair value are included in Principal transactions revenues. (2)Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. Difference between contractual principal and fair value: | | | | | | | | | | $ in thousands | May 31,
2026 | November 30, 2025 | | | | | | | Financial instruments owned: | | | | Loans and other receivables (1) | $ | 1,392,673 | | $ | 2,378,747 | | | Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) | 416,067 | | 319,394 | | | Loans and other receivables 90 days or greater past due (1) | 79,757 | | 100,300 | | | Long-term debt | 203,199 | | 166,273 | | | Other secured financings | 1,302 | | 237 | |
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues. Fair value of loans and other receivables on nonaccrual status: | | | | | | | | | | $ in thousands | May 31,
2026 | November 30, 2025 | | | | | | | Financial instruments owned: | | | | Loans and other receivables on nonaccrual status and/or 90 days or greater past due | $ | 73,215 | | $ | 119,900 | | | Loans and other receivables 90 days or greater past due | 53,157 | | 47,000 | |
|