Variable Interest Entities (Tables)

6 Months Ended

May 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Consolidated VIEs:


	May 31, 2026 (1)
$ in millions	Secured Funding Vehicles		Other
Cash	$	0.1	$	8.2

Financial instruments owned	2.7		185.7
Securities purchased under agreements to resell (2)	2,885.3		—
Receivables from brokers (3)	—		66.5
Other receivables	0.4		3.1
Other assets (4)	—		85.0
Total assets	$	2,888.5	$	348.5
Financial instruments sold, not yet purchased	$	—	$	107.9
Other secured financings (5)	2,881.0		28.9


Other liabilities (6)	6.5		90.7
Long-term debt	—		70.2
Total liabilities	$	2,887.5	$	297.7


	November 30, 2025 (1)
$ in millions	Secured Funding Vehicles		Other
Cash	$	—	$	1.7
Segregated cash	—		1.4
Financial instruments owned	1.4		142.6
Securities purchased under agreements to resell (2)	3,043.4		121.5
Receivables from brokers (3)	—		104.1
Other receivables	—		3.1
Other assets (4)	—		87.1
Total assets	$	3,044.8	$	461.5
Financial instruments sold, not yet purchased	$	—	$	83.8
Other secured financings (5)	3,042.4		21.6
Repurchase agreement	—		147.8
Other liabilities (6)	7.3		85.1
Long-term debt	—		70.2
Total liabilities	$	3,049.7	$	408.5

(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.

(2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, all of which are eliminated in consolidation.

(3)Includes $0.5 million and $0.5 million at May 31, 2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

(4)Includes $3.0 million and $3.4 million at May 31, 2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

(5)Includes $603.2 million and $780.5 million at May 31, 2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

(6)Includes $89.3 million and $84.0 million at May 31, 2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

Nonconsolidated VIEs


	May 31, 2026
	Carrying Amount				Maximum Exposure to Loss		VIE Assets
$ in millions	Assets		Liabilities
CLOs	$	991.5	$	4.2	$	5,605.9	$	18,305.4
Asset-backed vehicles	1,299.1		—		1,611.8		8,980.8
Related party private equity vehicles	3.9		—		13.7		72.0
Other investment vehicles	1,613.5		—		1,833.6		82,166.8
Total	$	3,908.0	$	4.2	$	9,065.0	$	109,525.0


	November 30, 2025
	Carrying Amount				Maximum Exposure to Loss		VIE Assets
$ in millions	Assets		Liabilities
CLOs	$	1,245.3	$	96.5	$	7,055.5	$	17,600.4
Asset-backed vehicles	1,207.3		—		1,797.1		6,616.0
Related party private equity vehicles	3.5		—		14.3		57.7
Other investment vehicles	1,722.7		—		2,009.6		74,007.9
Total	$	4,178.8	$	96.5	$	10,876.5	$	98,282.0

The proportional amortization method has been elected for this investment and the amortization of the investment and related income tax credits and other income tax benefits are recorded as a component of income tax expense.


$ in thousands			May 31, 2026
Carrying value (1)	$	33,462

$ in thousands			Three and Six Months Ended May 31, 2026
Income tax credits and other income tax benefits	$	30,828
Proportional amortization			(22,728)
Net benefits included in income tax expense			$	8,100

(1)Amounts presented within Other Assets in our Consolidated Statements of Financial Condition and Consolidated Statements of Cash Flows.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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