v3.26.1
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
May 31, 2026
Nov. 30, 2025
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV $ 26,531,636 $ 26,041,216
Counterparty and cash collateral netting, assets (3,475,770) (3,705,764)
Securities received as collateral 310,813 200,495
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 14,547,022 13,320,152
Counterparty and cash collateral netting, liabilities (3,601,670) (3,985,187)
Other secured financings 415,801 425,964
Obligation to return securities received as collateral 310,813 200,495
Long-term debt 3,860,273 3,734,843
Alternative investment 1,506,479 1,681,523
Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 8,659,560 8,133,524
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 7,266,118 5,619,320
Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,265,834 5,404,779
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,027,080 2,765,514
Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 712,925 685,985
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   627
U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,219,109 2,449,351
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,048,108 1,913,407
Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 649,349 563,994
Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,693,360 1,676,554
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,432,206 1,337,119
Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,912,090 1,833,755
Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 10,003 10,806
Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 970,605 1,042,475
Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,827,229 2,239,237
Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,434,936 1,824,082
Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 176,636 176,674
Residential mortgage-backed and other asset-backed securities    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 9,000  
Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 150,081 194,148
Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,614,429 1,490,017
Level 1    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 12,092,661 10,868,446
Securities received as collateral 310,813 200,495
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 9,024,609 8,281,525
Other secured financings 0 0
Obligation to return securities received as collateral 310,813 200,495
Long-term debt 0 0
Level 1 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 8,172,828 7,664,824
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 7,243,037 5,571,534
Level 1 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   0
Level 1 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,112,195 2,342,718
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,048,105 1,913,403
Level 1 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 807,151 860,832
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 733,221 796,564
Level 1 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 487 72
Level 1 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Residential mortgage-backed and other asset-backed securities    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0  
Level 1 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 246 24
Level 2    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 17,075,450 18,140,766
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 9,099,768 8,964,229
Other secured financings 405,725 412,510
Obligation to return securities received as collateral 0 0
Long-term debt 2,790,159 2,671,485
Level 2 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 230,866 249,847
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 22,912 47,631
Level 2 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,211,023 5,367,201
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,026,509 2,761,794
Level 2 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 650,379 645,798
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   627
Level 2 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 106,914 106,633
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3 4
Level 2 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 649,349 563,994
Level 2 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 886,209 815,722
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 698,985 540,555
Level 2 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,906,714 1,827,092
Level 2 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 9,768 10,458
Level 2 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 780,516 909,474
Level 2 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,736,907 2,111,517
Level 2 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 4,901,537 5,519,463
Level 2 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,268 13,567
Level 2 | Residential mortgage-backed and other asset-backed securities    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 9,000  
Level 2 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 148,729 184,391
Level 2 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 5,193,630 5,429,227
Level 3    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 839,295 737,768
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 24,315 59,585
Other secured financings 10,076 13,454
Obligation to return securities received as collateral 0 0
Long-term debt 1,070,114 1,063,358
Level 3 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 255,866 218,853
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 169 155
Level 3 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 54,811 37,578
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 571 3,720
Level 3 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 62,546 40,187
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   0
Level 3 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 3 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,376 6,663
Level 3 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 235 348
Level 3 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 190,089 133,001
Level 3 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 90,322 127,720
Level 3 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 8,682 10,311
Level 3 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 171,368 163,107
Level 3 | Residential mortgage-backed and other asset-backed securities    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0  
Level 3 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,352 9,757
Level 3 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 22,223 45,953
Fair value based on net asset value    
Financial instruments sold, not yet purchased:    
Alternative investment $ 1,510,000 $ 1,680,000