v3.26.3
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Aug. 31, 2026
Nov. 30, 2025
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV $ 25,897,716 $ 26,041,216
Counterparty and cash collateral netting, assets (4,075,515) (3,705,764)
Securities received as collateral 289,869 200,495
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 15,095,989 13,320,152
Counterparty and cash collateral netting, liabilities (4,316,137) (3,985,187)
Other secured financings 413,121 425,964
Obligation to return securities received as collateral 289,869 200,495
Long-term debt 3,941,920 3,734,843
Alternative investment 1,384,917 1,681,523
Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 9,191,328 8,133,524
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 8,091,940 5,619,320
Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,186,927 5,404,779
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,754,939 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 808,554 685,985
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 2,352,277 2,449,351
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,318,883 1,913,407
Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 749,490 563,994
Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,416,614 1,676,554
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,569,571 1,337,119
Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,749,391 1,833,755
Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 15,003 10,806
Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,431,798 1,042,475
Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,832,378 2,239,237
Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 949,283 1,824,082
Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 214,673 176,674
Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 118,229 194,148
Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,242,427 1,490,017
Level 1    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 11,632,900 10,868,446
Securities received as collateral 289,869 200,495
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 10,217,528 8,281,525
Other secured financings 0 0
Obligation to return securities received as collateral 289,869 200,495
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 8,702,348 7,664,824
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 8,056,698 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 2,278,084 2,342,718
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,318,879 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 651,033 860,832
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 841,077 796,564
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 1,435 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 | 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 874 24
Level 2    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 17,448,926 18,140,766
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 9,173,050 8,964,229
Other secured financings 402,403 412,510
Obligation to return securities received as collateral 0 0
Long-term debt 2,920,617 2,671,485
Level 2 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 245,591 249,847
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 35,002 47,631
Level 2 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,121,102 5,367,201
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,754,288 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 716,390 645,798
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 74,193 106,633
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 4 4
Level 2 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 749,490 563,994
Level 2 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 765,581 815,722
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 728,494 540,555
Level 2 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,744,712 1,827,092
Level 2 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 14,766 10,458
Level 2 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,276,842 909,474
Level 2 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,734,057 2,111,517
Level 2 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,003,437 5,519,463
Level 2 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,765 13,567
Level 2 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 116,966 184,391
Level 2 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 5,538,296 5,429,227
Level 3    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 891,405 737,768
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 21,548 59,585
Other secured financings 10,718 13,454
Obligation to return securities received as collateral 0 0
Long-term debt 1,021,303 1,063,358
Level 3 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 243,389 218,853
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 240 155
Level 3 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 65,825 37,578
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 651 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 92,164 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 4,679 6,663
Level 3 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 237 348
Level 3 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 154,956 133,001
Level 3 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 98,321 127,720
Level 3 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 19,926 10,311
Level 3 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 211,908 163,107
Level 3 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,263 9,757
Level 3 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 19,394 45,953
Fair value based on net asset value    
Financial instruments sold, not yet purchased:    
Alternative investment $ 1,380,000 $ 1,680,000