Fair Value Disclosures (Tables)

6 Months Ended

May. 31, 2015

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $42.5 million and $42.2 million at May 31, 2015 and November 30, 2014, respectively, by level within the fair value hierarchy (in thousands):

	May 31, 2015
	Level 1(1)		Level 2(1)		Level 3		Counterparty and Cash Collateral Netting (2)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,639,204	$	187,080	$	20,547	$	—		$	2,846,831
Corporate debt securities	—		3,393,526		31,917		—			3,425,443
Collateralized debt obligations	—		166,814		89,007		—			255,821
U.S. government and federal agency securities	2,615,590		307,285		—		—			2,922,875
Municipal securities	—		638,604		—		—			638,604
Sovereign obligations	1,256,242		1,241,493		—		—			2,497,735
Residential mortgage-backed securities	—		2,809,536		88,695		—			2,898,231
Commercial mortgage-backed securities	—		908,809		17,862		—			926,671
Other asset-backed securities	—		88,731		11,857		—			100,588
Loans and other receivables	—		1,599,819		108,756		—			1,708,575
Derivatives	64,371		4,404,136		40,012		(4,106,430		)	402,089
Investments at fair value	—		718		131,343		—			132,061
Physical commodities	—		45,191		—		—			45,191
Total financial instruments owned, excluding Investments at fair value based on NAV	$	6,575,407	$	15,791,742	$	539,996	$	(4,106,430	)	$	18,800,715
Cash and cash equivalents	$	3,288,758	$	—	$	—	$	—		$	3,288,758
Cash and securities segregated and on deposit for     regulatory purposes (3)	$	2,396,114	$	—	$	—	$	—		$	2,396,114
Securities received as collateral	$	9,623	$	—	$	—	$	—		$	9,623
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	2,134,344	$	56,838	$	38	$	—		$	2,191,220
Corporate debt securities	—		1,569,430		452		—			1,569,882
U.S. government and federal agency securities	1,955,173		134,889		—		—			2,090,062
Sovereign obligations	1,228,416		848,551		—		—			2,076,967
Residential mortgage-backed securities	—		48,268		—		—			48,268
Loans	—		957,597		10,732		—			968,329
Derivatives	38,035		4,380,241		38,426		(4,205,980		)	250,722
Total financial instruments sold, not yet      purchased	$	5,355,968	$	7,995,814	$	49,648	$	(4,205,980	)	$	9,195,450
Obligation to return securities received as collateral	$	9,623	$	—	$	—	$	—		$	9,623
Other secured financings	$	—	$	—	$	56,060	$	—		$	56,060
Embedded conversion option	$	—	$	—	$	725	$	—		$	725

(1) There were no material transfers between Level 1 and Level 2 for the six months ended May 31, 2015.

(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

(3) Cash and securities segregated and on deposit for regulatory purposes include U.S. government securities with a fair value of $525.0 million and Commodities Futures Trading Commission (“CFTC”) approved money market funds with a fair value of $190.0 million.

	November 30, 2014
	Level 1 (1)		Level 2 (1)		Level 3			Counterparty and Cash Collateral Netting (2)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,178,837	$	226,441	$	20,964		$	—		$	2,426,242
Corporate debt securities	—		3,342,276		22,766		(4)	—			3,365,042
Collateralized debt obligations	—		306,218		124,650		(4)	—			430,868
U.S. government and federal agency securities	2,694,268		81,273		—			—			2,775,541
Municipal securities	—		590,849		—			—			590,849
Sovereign obligations	1,968,747		790,764		—			—			2,759,511
Residential mortgage-backed securities	—		2,879,954		82,557			—			2,962,511
Commercial mortgage-backed securities	—		966,651		26,655			—			993,306
Other asset-backed securities	—		137,387		2,294			—			139,681
Loans and other receivables	—		1,458,760		97,258			—			1,556,018
Derivatives	65,145		5,046,278		54,190			(4,759,345		)	406,268
Investments at fair value	—		73,148		53,224			—			126,372
Physical commodities	—		62,234		—			—			62,234
Total financial instruments owned, excluding Investments at fair value based on NAV	$	6,906,997	$	15,962,233	$	484,558		$	(4,759,345	)	$	18,594,443
Cash and cash equivalents	$	4,079,968	$	—	$	—		$	—		$	4,079,968
Cash and securities segregated and on deposit for     regulatory purposes (3)	$	3,444,674	$	—	$	—		$	—		$	3,444,674
Securities received as collateral	$	5,418	$	—	$	—		$	—		$	5,418
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,911,145	$	74,681	$	38		$	—		$	1,985,864
Corporate debt securities	—		1,611,994		223			—			1,612,217
Collateralized debt obligations	—		4,557		—			—			4,557
U.S. government and federal agency securities	2,253,055		—		—			—			2,253,055
Sovereign obligations	1,217,075		574,010		—			—			1,791,085
Loans	—		856,525		14,450			—			870,975
Derivatives	52,778		5,117,803		49,552			(4,856,618		)	363,515
Total financial instruments sold, not yet      purchased	$	5,434,053	$	8,239,570	$	64,263		$	(4,856,618	)	$	8,881,268
Obligation to return securities received as collateral	$	5,418	$	—	$	—		$	—		$	5,418
Other secured financings	$	—	$	—	$	30,825		$	—		$	30,825
Embedded conversion option	$	—	$	—	$	693		$	—		$	693

(1) At December 1, 2013, equity options presented within Financial instruments owned and Financial instruments sold, not yet purchased of $6.1 million and $6.6 million, respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value.

(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

(3) Cash and securities segregated and on deposit for regulatory purposes include U.S. government securities with a fair value of $453.7 million and CFTC approved money market funds with a fair value of $545.0 million.

(4) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged.

Investments Measured at Fair Value Based on Net Asset Value Per Share

The following tables present information about our investments in entities that have the characteristics of an investment company at May 31, 2015 and November 30, 2014 (in thousands):

	May 31, 2015
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	53,360	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)	2,679		—		—
Fund of Funds (4)	339		94		—
Equity Funds (5)	41,311		25,670		—
Convertible Bond Funds (6)	3,460		—		At Will
Total (7)	$	101,149	$	25,764

	November 30, 2014
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	44,983	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)(8)	2,704		—		—
Fund of Funds (4)	323		94		—
Equity Funds (5)	65,216		26,023		—
Convertible Bond Funds (6)	3,355		—		At Will
Total (7)	$	116,581	$	26,117

(1) Where fair value is calculated based on net asset value, fair value has been derived from each of the funds’ capital statements.

(2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At May 31, 2015 and November 30, 2014, investments representing approximately 100% and 99%, respectively, of the fair value of investments in this category are redeemable with 30-90 days prior written notice.

(3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At May 31, 2015 and November 30, 2014, the underlying assets of 7% and 8%, respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated.

(4) Includes investments in fund of funds that invest in various private equity funds. At May 31, 2015 and November 30, 2014, approximately 96% and 95%, respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in approximately two years. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received.

(5) At May 31, 2015 and November 30, 2014, approximately 99% and 99%, respectively, of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years.

(6) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated.

(7) Investments at fair value within Financial instruments owned in the Consolidated Statements of Financial Condition at May 31, 2015 and November 30, 2014 include $131.2 million and $126.3 million, respectively, of direct investments which do not have the characteristics of investment companies and therefore are not included within this table.

(8) Fixed income and high yield hedge funds was revised by $2.5 million from that previously reported due to the inclusion of a fixed income fund, which has the characteristics of an investment company that is included in Investments at fair value within Financial instruments owned in the Consolidated Statement of Financial Condition. The total amount of Investments at fair value remained unchanged.

Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended May 31, 2015 (in thousands):

	Six Months Ended May 31, 2015
	Balance at November 30, 2014			Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at May 31, 2015			Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2015 (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	20,964		$	7,066		$	1,469		$	(262	)	$	—		$	—	$	(8,690	)	$	20,547		$	7,077
Corporate debt securities	22,766			(796		)	3,095			(3,445		)	—			—		10,297			31,917			(929		)
Collateralized debt obligations	124,650			(17,229		)	66,246			(59,532		)	(147		)	—		(24,981		)	89,007			(8,989		)
Residential mortgage-backed securities	82,557			(3,735		)	24,083			(18,899		)	(477		)	—		5,166			88,695			(822		)
Commercial mortgage-backed securities	26,655			(1,124		)	4,685			(12,128		)	(6,971		)	—		6,745			17,862			(496		)
Other asset-backed securities	2,294			(258		)	8,385			(79		)	(207		)	—		1,722			11,857			(97		)
Loans and other receivables	97,258			(5,795		)	71,865			(29,184		)	(33,895		)	—		8,507			108,756			(3,166		)
Investments, at fair value	53,224			4,615			5,270			(427		)	(541		)	—		69,202			131,343			4,882
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	38		$	—		$	—		$	—		$	—		$	—	$	—		$	38		$	—
Corporate debt securities	223			225			(6,677		)	6,804			—			—		(123		)	452			(339		)
Net derivatives (2)	(4,638		)	1,925			(8,848		)	120			8,395			1,460		—			(1,586		)	(3,586		)
Loans	14,450			(277		)	(759		)	350			—			—		(3,032		)	10,732			277
Other secured financings	30,825			—			—			—			(11,760		)	36,995		—			56,060			—
Embedded conversion option	693			32			—			—			—			—		—			725			(32		)

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2015 (in thousands):

	Three Months Ended May 31, 2015
	Balance at February 28, 2015		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/  (out of) Level 3			Balance at May 31, 2015			Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2015 (1)
Assets:
Financial instruments    owned:
Corporate equity     securities	$	18,210	$	8,030		$	—		$	(73	)	$	—		$	—	$	(5,620	)	$	20,547		$	8,073
Corporate debt     securities	24,795		(532		)	2,183			(2,368		)	—			—		7,839			31,917			(922		)
Collateralized debt     obligations	96,837		(5,120		)	29,021			(25,430		)	—			—		(6,301		)	89,007			(2,328		)
Sovereign    obligations	333		(12		)	320			(641		)	—			—		—			—			—
Residential     mortgage-backed     securities	79,953		(1,820		)	8,733			(4,915		)	(323		)	—		7,067			88,695			315
Commercial     mortgage-backed     securities	24,629		(789		)	1,256			(9,237		)	(173		)	—		2,176			17,862			(759		)
Other asset-backed     securities	7,146		(19		)	8,322			(80		)	(270		)	—		(3,242		)	11,857			41
Loans and other     receivables	111,410		(748		)	40,602			(26,335		)	(16,314		)	—		141			108,756			(669		)
Investments at fair     value	128,232		3,380			73			(78		)	(264		)	—		—			131,343			3,482
Liabilities:
Financial instruments     sold, not yet purchased:
Corporate equity     securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38		$	—
Corporate debt     securities	—		339			—			113			—			—		—			452			(339		)
Net derivatives (2)	3,314		(4,912		)	(11,963		)	—			12,078			389		(492		)	(1,586		)	4,912
Loans	9,327		(332		)	(1,170		)	350			2,557			—		—			10,732			332
Other secured financings	65,602		—			—			—			(9,542		)	—		—			56,060			—
Embedded conversion      option	825		(100		)	—			—			—			—		—			725			100

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended May 31, 2014 (in thousands):

	Six Months Ended May 31, 2014
	Balance at November 30, 2013		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at May 31, 2014		Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2014 (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	9,884	$	(1,583	)	$	608		$	(370	)	$	—		$	—	$	7,863		$	16,402	$	(494	)
Corporate debt securities	25,666		5,116			3,835			(3,224		)	—			—		255			31,648		7,420
Collateralized debt obligations	37,216		14,169			36,200			(55,963		)	—			—		10,691			42,313		5,656
Residential mortgage-backed securities	105,492		(4,114		)	21,893			(37,356		)	(529		)	—		(13,424		)	71,962		(1,324		)
Commercial mortgage-backed securities	17,568		(2,191		)	32,449			(29,864		)	(1,710		)	—		7,994			24,246		(3,236		)
Other asset-backed securities	12,611		(537		)	17,361			(5,496		)	(438		)	—		21,943			45,444		(569		)
Loans and other receivables	145,890		3,946			92,579			(88,674		)	(26,685		)	—		11,587			138,643		3,382
Investments, at fair value	66,931		24,601			27,660			(32,648		)	—			—		(7,228		)	79,316		21,954
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38	$	—
Corporate debt securities	—		(203		)	(28,319		)	31,431			—			—		(129		)	2,780		203
Net derivatives (2)	6,905		11,591			(179		)	(21		)	318			—		(3,332		)	15,282		(11,591		)
Loans	22,462		754			(22,491		)	27,908			139			—		2,762			31,534		(57		)
Other secured financings	8,711		—			—			—			(9,114		)	20,691		—			20,288		—
Embedded conversion option	9,574		(5,679		)	—			—			—			—		—			3,895		5,679

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2014 (in thousands):

	Three Months Ended May 31, 2014 (1)
	Balance at February 28, 2014		Total gains/ losses (realized and unrealized) (2)			Purchases			Sales			Settlements			Net transfers into/ (out of) Level 3			Balance at May 31, 2014		Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2014 (2)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	12,341	$	(178	)	$	90		$	(84	)	$	—		$	4,233		$	16,402	$	(178	)
Corporate debt     securities	29,315		5,659			1,937			(5,831		)	—			568			31,648		7,999
Collateralized debt     obligations	66,028		4,706			19,146			(49,636		)	(331		)	2,400			42,313		238
Residential     mortgage-backed     securities	116,992		(791		)	10,955			(24,618		)	(459		)	(30,117		)	71,962		(422		)
Commercial     mortgage-backed     securities	17,486		(903		)	18,026			(21,038		)	(1,189		)	11,864			24,246		(1,933		)
Other asset-backed     securities	2,375		(314		)	15,686			—			(438		)	28,135			45,444		(314		)
Loans and other     receivables	128,832		11,933			42,278			(48,064		)	(21,482		)	25,146			138,643		11,922
Investments at fair     value	82,205		2,349			5,160			(3,946		)	—			(6,452		)	79,316		(299		)
Liabilities:
Financial instruments     sold, not yet purchased:
Corporate equity     securities	$	1,015	$	(977	)	$	—		$	—		$	—		$	—		$	38	$	558
Corporate debt securities	—		(84		)	(4,082		)	3,012			—			3,934			2,780		84
Net derivatives (3)	5,773		9,485			(2,150		)	2,149			25			—			15,282		(9,485		)
Loans	10,260		62			(9,629		)	18,995			139			11,707			31,534		(57		)
Other secured financings	30,394		—			(992		)	—			(9,114		)	—			20,288		—
Embedded conversion      option	7,607		(3,712		)	—			—			—			—			3,895		3,712

(1) There were no issuances during the three months ended May 31, 2014.

(2) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(3) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

May 31, 2015
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	18,647
Non-exchange traded securities			Market approach	EBITDA (a) multiple	4.8 to 5.9	5.4
			Discounted cash flows	Underlying stock price	5.3	—
			Scenario analysis	Estimated recovery percentage	79%	—
Corporate debt securities	$	31,917

			Convertible bond model	Discount rate/yield	35%	—
			Discounted cash flows	Discount rate/yield	22%	—
Collateralized debt obligations	$	46,565	Discounted cash flows	Constant prepayment rate	0% to 20%	17		%
				Constant default rate	0% to 2%	2		%
				Loss severity	25% to 100%	39		%
				Yield	10% to 22%	11		%
Residential mortgage-backed      securities	$	88,695	Discounted cash flows	Constant prepayment rate	0% to 50%	13		%
				Constant default rate	1% to 100%	17		%
				Loss severity	30% to 90%	59		%
				Yield	0% to 12%	5		%
Commercial mortgage-backed       securities	$	17,862	Discounted cash flows	Yield	12% to 21%	16		%
				Cumulative loss rate	2% to 49%	10		%
Other asset-backed securities	$	11,857	Discounted cash flows	Constant prepayment rate	3% to 6%	3		%
				Constant default rate	3% to 6%	5		%
				Loss severity	60% to 70%	69		%
				Yield	5% to 7%	5		%
Loans and other receivables	$	99,094	Comparable pricing	Comparable loan price	$99 to $100	$	99.9
			Market approach	Yield	3% to 10%	8		%
				EBITDA (a) multiple	7.3	—
			Scenario analysis	Estimated recovery percentage	10% to 75%	36		%
			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	30%	—
				Yield	11%	—
Derivatives	40,012
Foreign exchange options			Option Model	Volatility	11% to 23%	13		%
Commodity forwards			Discounted cash flows	Discount rate	24%	—
Unfunded commitment			Comparable pricing	Comparable loan price	$83 to $100	$	99.9
			Market approach	Yield	8%	—
Investments at fair value
Private equity securities	$	6,627	Market approach	Transaction Level	$56	—
Liabilities	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Financial Instruments Sold, Not Yet     Purchased:
Derivatives	$	38,426
Foreign exchange options			Option model	Volatility	11% to 23%	13		%
Unfunded commitment			Comparable pricing	Comparable loan price	$83 to $100	$	88.7
			Market approach	Yield	5% to 8%	8		%
			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	30%	—
				Yield	11%	—
Loans and other receivables	$	10,732	Comparable pricing	Comparable loan price	$100	—
Other secured financings	$	56,060	Comparable pricing	Comparable loan price	$71 to $100	$	97.0
Embedded conversion option	$	725	Option valuation model	Historical volatility	20%	—

(a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”).

November 30, 2014
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable  Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	19,814
Non-exchange traded      securities			Market approach	EBITDA multiple	3.4 to 4.7	3.6
			Scenario analysis	Estimated recovery percentage	24%	—
Corporate debt securities	$	22,766	Convertible bond model	Discount rate/yield	32%	—
Collateralized debt obligations	$	41,784	Discounted cash flows	Constant prepayment rate	0% to 20%	13		%
				Constant default rate	0% to 2%	2		%
				Loss severity	0% to 70%	39		%
				Yield	2% to 51%	16		%
Residential mortgage-backed      securities	$	82,557	Discounted cash flows	Constant prepayment rate	1% to 50%	13		%
				Constant default rate	1% to 100%	14		%
				Loss severity	20% to 80%	50		%
				Yield	3% to 13%	7		%
Commercial mortgage-backed      securities	$	26,655	Discounted cash flows	Yield	8% to 12%	11		%
				Cumulative loss rate	4% to 72%	15		%
			Scenario analysis	Estimated recovery percentage	90%	—
Other asset-backed securities	$	2,294	Discounted cash flows	Constant prepayment rate	8%	—
				Constant default rate	3%	—
				Loss severity	70%	—
				Yield	7%	—
Loans and other receivables	$	88,154	Comparable pricing	Comparable loan price	$100 to $101	$	100.3
			Market approach	Yield	3% to 5%	4		%
				EBITDA multiple	3.4 to 8.2	7.6
			Scenario analysis	Estimated recovery percentage	10% to 41%	36		%
Derivatives	$	54,190
Foreign exchange options			Option Model	Volatility	13% to 23%	17		%
Commodity forwards			Discounted cash flows	Discount rate	17%	—
Loan commitments			Comparable pricing	Comparable loan price	$100	—
Investments at fair value	$	8,500
Private equity securities			Market approach	Transaction level	$50	—
Liabilities	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Financial Instruments Sold, Not     Yet Purchased:
Derivatives	$	49,552
FX options			Option model	Volatility	13% to 23%	17		%
Unfunded commitment			Comparable pricing	Comparable loan price	$89 to $100	$	92.0
				Credit spread	45bps	—
			Market approach	Yield	5%	—
Loans and other receivables	$	14,450	Comparable pricing	Comparable loan price	$100	—
Other secured financings	$	30,825	Comparable pricing	Comparable loan price	$81 to $100	$	98.7
Embedded conversion option	$	693	Option valuation model	Historical volatility	19%	—

Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables

The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option (in thousands):

	Three Months Ended May 31,						Six Months Ended May 31,
	2015			2014			2015			2014
Financial Instruments Owned:
Loans and other receivables	$	(5,294	)	$	2,038		$	(2,377	)	$	1,430
Financial Instruments Sold:
Loans	$	110		$	(1,555	)	$	238		$	(2,591	)
Loan commitments	5,544			(9,024		)	(1,622		)	(11,090		)

The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands):

	May 31, 2015			November 30, 2014
Financial Instruments Owned:
Loans and other receivables (1)	$	466,404		$	403,119
Loans and other receivables greater than 90 days past due (1)	29,109			5,594
Loans and other receivables on nonaccrual status (1) (2)	(16,684		)	(22,360		)

(1) Interest income is recognized separately from other changes in fair value and is included within Interest revenues on the Consolidated Statements of Earnings.

(2) Amounts include all loans and other receivables greater than 90 days past due.