Collateralized Transactions (Tables)
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9 Months Ended |
Aug. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Collateralized Financing Transactions |
| | | | | | | | | | | | | | | | | August 31, 2026 | | | $ in millions | Securities Lending Arrangements | Repurchase Agreements | Obligation to Return Securities Received as Collateral, at Fair Value | Total | | | Collateral Pledged: | | | | | | | | | | | | | Corporate equity securities | $ | 3,214.2 | | $ | 2,493.3 | | $ | 56.0 | | $ | 5,763.5 | | | | Corporate debt securities | 323.7 | | 3,428.4 | | — | | 3,752.1 | | | | Mortgage-backed and asset-backed securities | 397.2 | | 2,128.9 | | — | | 2,526.1 | | | | U.S. government and federal agency securities | 63.4 | | 8,232.7 | | — | | 8,296.1 | | | | Municipal securities | — | | 565.5 | | — | | 565.5 | | | | Sovereign obligations | 24.5 | | 1,638.3 | | 233.9 | | 1,896.7 | | | | Loans and other receivables | — | | 579.5 | | — | | 579.5 | | | | Total | $ | 4,023.0 | | $ | 19,066.6 | | $ | 289.9 | | $ | 23,379.5 | | |
| | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Securities Lending Arrangements | Repurchase Agreements | Obligation to Return Securities Received as Collateral, at Fair Value | Total | | | Collateral Pledged: | | | | | | | | | | | | | Corporate equity securities | $ | 1,875.2 | | $ | 1,028.6 | | $ | — | | $ | 2,903.8 | | | | Corporate debt securities | 589.7 | | 3,271.5 | | — | | 3,861.2 | | | | Mortgage-backed and asset-backed securities | — | | 2,062.6 | | — | | 2,062.6 | | | | U.S. government and federal agency securities | 21.6 | | 9,183.1 | | — | | 9,204.7 | | | | Municipal securities | — | | 422.3 | | — | | 422.3 | | | | Sovereign obligations | 54.3 | | 1,487.7 | | 200.5 | | 1,742.5 | | | | Loans and other receivables | — | | 805.4 | | — | | 805.4 | | | | Total | $ | 2,540.8 | | $ | 18,261.2 | | $ | 200.5 | | $ | 21,002.5 | | |
| | | | | | | | | | | | | | | | | | | | August 31, 2026 | | | $ in millions | Overnight and Continuous | Up to 30 Days | 31-90
Days | Greater than 90 Days | Total | | | Securities lending arrangements | $ | 3,402.3 | | $ | 397.2 | | $ | 144.5 | | $ | 79.0 | | $ | 4,023.0 | | | | Repurchase agreements | 9,625.1 | | 1,689.9 | | 4,342.5 | | 3,409.1 | | 19,066.6 | | | | Obligation to return securities received as collateral, at fair value | 289.9 | | — | | — | | — | | 289.9 | | | | Total | $ | 13,317.3 | | $ | 2,087.1 | | $ | 4,487.0 | | $ | 3,488.1 | | $ | 23,379.5 | | |
| | | | | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Overnight and Continuous | Up to 30 Days | 31-90
Days | Greater than 90 Days | Total | | | Securities lending arrangements | $ | 2,072.7 | | $ | 123.8 | | $ | 81.3 | | $ | 263.0 | | $ | 2,540.8 | | | | Repurchase agreements | 2,108.1 | | 9,569.4 | | 2,959.8 | | 3,623.9 | | 18,261.2 | | | | Obligation to return securities received as collateral, at fair value | 200.5 | | — | | — | | — | | 200.5 | | | | Total | $ | 4,381.3 | | $ | 9,693.2 | | $ | 3,041.1 | | $ | 3,886.9 | | $ | 21,002.5 | | |
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| Schedule of Offsetting Assets |
To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). | | | | | | | | | | | | | | | | | | | | | | | August 31, 2026 | | | $ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (3) | | | Assets: | | | | | | | | | Securities borrowing arrangements | $ | 11,158.4 | | $ | — | | $ | 11,158.4 | | $ | (903.6) | | $ | (2,476.3) | | $ | 7,778.5 | | | | Reverse repurchase agreements | 13,986.6 | | (6,145.9) | | 7,840.7 | | (1,873.0) | | (5,834.5) | | 133.2 | | | | Securities received as collateral, at fair value | 289.9 | | — | | 289.9 | | — | | (289.9) | | — | | | | Liabilities: | | | | | | | | | Securities lending arrangements | $ | 4,023.0 | | $ | — | | $ | 4,023.0 | | $ | (903.6) | | $ | (2,594.8) | | $ | 524.6 | | | | Repurchase agreements | 19,066.6 | | (6,145.9) | | 12,920.7 | | (1,873.0) | | (10,649.5) | | 398.2 | | | | Obligation to return securities received as collateral, at fair value | 289.9 | | — | | 289.9 | | — | | (289.9) | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (4) | | | Assets: | | | | | | | | | Securities borrowing arrangements | $ | 8,295.2 | | $ | — | | $ | 8,295.2 | | $ | (512.3) | | $ | (1,913.5) | | $ | 5,869.4 | | | | Reverse repurchase agreements | 14,553.6 | | (6,104.5) | | 8,449.1 | | (2,727.2) | | (5,670.2) | | 51.7 | | | | Securities received as collateral, at fair value | 200.5 | | — | | 200.5 | | — | | (200.5) | | — | | | | Liabilities: | | | | | | | | | Securities lending arrangements | $ | 2,540.8 | | $ | — | | $ | 2,540.8 | | $ | (512.3) | | $ | (1,920.0) | | $ | 108.5 | | | | Repurchase agreements | 18,261.2 | | (6,104.5) | | 12,156.7 | | (2,727.2) | | (8,666.7) | | 762.8 | | | | Obligation to return securities received as collateral, at fair value | 200.5 | | — | | 200.5 | | — | | (200.5) | | — | | |
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3)Includes $7.64 billion of securities borrowing arrangements, for which we have received securities collateral of $7.40 billion, and $320.0 million of repurchase agreements, for which we have pledged securities collateral of $342.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.81 billion of securities borrowing arrangements, for which we have received securities collateral of $5.69 billion, and $670.0 million of repurchase agreements, for which we have pledged securities collateral of $688.0 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
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| Schedule of Offsetting Liabilities |
To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). | | | | | | | | | | | | | | | | | | | | | | | August 31, 2026 | | | $ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (3) | | | Assets: | | | | | | | | | Securities borrowing arrangements | $ | 11,158.4 | | $ | — | | $ | 11,158.4 | | $ | (903.6) | | $ | (2,476.3) | | $ | 7,778.5 | | | | Reverse repurchase agreements | 13,986.6 | | (6,145.9) | | 7,840.7 | | (1,873.0) | | (5,834.5) | | 133.2 | | | | Securities received as collateral, at fair value | 289.9 | | — | | 289.9 | | — | | (289.9) | | — | | | | Liabilities: | | | | | | | | | Securities lending arrangements | $ | 4,023.0 | | $ | — | | $ | 4,023.0 | | $ | (903.6) | | $ | (2,594.8) | | $ | 524.6 | | | | Repurchase agreements | 19,066.6 | | (6,145.9) | | 12,920.7 | | (1,873.0) | | (10,649.5) | | 398.2 | | | | Obligation to return securities received as collateral, at fair value | 289.9 | | — | | 289.9 | | — | | (289.9) | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | November 30, 2025 | | | $ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (4) | | | Assets: | | | | | | | | | Securities borrowing arrangements | $ | 8,295.2 | | $ | — | | $ | 8,295.2 | | $ | (512.3) | | $ | (1,913.5) | | $ | 5,869.4 | | | | Reverse repurchase agreements | 14,553.6 | | (6,104.5) | | 8,449.1 | | (2,727.2) | | (5,670.2) | | 51.7 | | | | Securities received as collateral, at fair value | 200.5 | | — | | 200.5 | | — | | (200.5) | | — | | | | Liabilities: | | | | | | | | | Securities lending arrangements | $ | 2,540.8 | | $ | — | | $ | 2,540.8 | | $ | (512.3) | | $ | (1,920.0) | | $ | 108.5 | | | | Repurchase agreements | 18,261.2 | | (6,104.5) | | 12,156.7 | | (2,727.2) | | (8,666.7) | | 762.8 | | | | Obligation to return securities received as collateral, at fair value | 200.5 | | — | | 200.5 | | — | | (200.5) | | — | | |
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3)Includes $7.64 billion of securities borrowing arrangements, for which we have received securities collateral of $7.40 billion, and $320.0 million of repurchase agreements, for which we have pledged securities collateral of $342.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.81 billion of securities borrowing arrangements, for which we have received securities collateral of $5.69 billion, and $670.0 million of repurchase agreements, for which we have pledged securities collateral of $688.0 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
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