Fair Value Disclosures (Tables)

12 Months Ended

Nov. 30, 2019

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 net asset value (“NAV”) of $570.3 million and $322.9 million at November 30, 2019 and 2018, respectively, by level within the fair value hierarchy (in thousands):

	November 30, 2019
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,325,116	$	218,403	$	58,301	$	—		$	2,601,820
Corporate debt securities	—		2,472,213		7,490		—			2,479,703
Collateralized debt obligations and collateralized loan obligations	—		124,225		20,081		—			144,306
U.S. government and federal agency securities	2,101,624		158,618		—		—			2,260,242
Municipal securities	—		742,326		—		—			742,326
Sovereign obligations	1,330,026		1,405,827		—		—			2,735,853
Residential mortgage-backed securities	—		1,069,066		17,740		—			1,086,806
Commercial mortgage-backed securities	—		424,060		6,110		—			430,170
Other asset-backed securities	—		303,847		42,563		—			346,410
Loans and other receivables	—		2,395,211		64,240		—			2,459,451
Derivatives	2,809		1,812,659		14,889		(1,432,806		)	397,551
Investments at fair value	—		32,688		75,738		—			108,426
Total financial instruments owned, excluding Investments at fair value based on NAV	$	5,759,575	$	11,159,143	$	307,152	$	(1,432,806	)	$	15,793,064
Securities purchased under agreements to resell	$	—	$	—	$	25,000	$	—		$	25,000
Securities received as collateral	$	9,500	$	—	$	—	$	—		$	9,500
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	2,755,601	$	7,438	$	4,487	$	—		$	2,767,526
Corporate debt securities	—		1,471,142		340		—			1,471,482
U.S. government and federal agency securities	1,851,981		—		—		—			1,851,981
Sovereign obligations	1,363,475		941,065		—		—			2,304,540
Commercial mortgage-backed securities	—		—		35		—			35
Loans	—		1,600,228		9,463		—			1,609,691
Derivatives	871		2,066,064		92,057		(1,631,787		)	527,205
Total financial instruments sold, not yet purchased	$	5,971,928	$	6,085,937	$	106,382	$	(1,631,787	)	$	10,532,460
Short-term borrowings	$	—	$	20,981	$	—	$	—		$	20,981
Obligation to return securities received as collateral	$	9,500	$	—	$	—	$	—		$	9,500
Long-term debt	$	—	$	735,216	$	480,069	$	—		$	1,215,285

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

	November 30, 2018
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	1,907,945	$	118,681	$	51,040	$	—		$	2,077,666
Corporate debt securities	—		2,683,180		9,484		—			2,692,664
Collateralized debt obligations and collateralized loan obligations	—		72,949		25,815		—			98,764
U.S. government and federal agency securities	1,789,614		56,592		—		—			1,846,206
Municipal securities	—		894,253		—		—			894,253
Sovereign obligations	1,769,556		1,043,409		—		—			2,812,965
Residential mortgage-backed securities	—		2,163,629		19,603		—			2,183,232
Commercial mortgage-backed securities	—		819,406		10,886		—			830,292
Other asset-backed securities	—		239,381		53,175		—			292,556
Loans and other receivables	—		2,056,593		46,985		—			2,103,578
Derivatives	12,186		2,524,988		5,922		(2,412,486		)	130,610
Investments at fair value	—		—		113,831		—			113,831
Total financial instruments owned, excluding Investments at fair value based on NAV	$	5,479,301	$	12,673,061	$	336,741	$	(2,412,486	)	$	16,076,617
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,685,071	$	1,444	$	—	$	—		$	1,686,515
Corporate debt securities	—		1,505,618		522		—			1,506,140
U.S. government and federal agency securities	1,384,295		—		—		—			1,384,295
Sovereign obligations	1,735,242		661,095		—		—			2,396,337
Loans	—		1,371,630		6,376		—			1,378,006
Derivatives	26,471		3,585,249		27,536		(2,511,605		)	1,127,651
Total financial instruments sold, not yet purchased	$	4,831,079	$	7,125,036	$	34,434	$	(2,511,605	)	$	9,478,944
Long-term debt	$	—	$	485,425	$	200,745	$	—		$	686,170

(1)

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

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 (in thousands):

	November 30, 2019
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	291,593	$	—
Equity Funds (3)	27,952		12,108
Commodity Fund (4)	16,025		—
Multi-asset Funds (5)	234,583		—
Other Funds (6)	157		—
Total	$	570,310	$	12,108

	November 30, 2018
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	15,338	$	—
Equity Funds (3)	40,070		20,996
Commodity Fund (4)	10,129		—
Multi-asset Funds (5)	256,972		—
Other Funds (6)	400		—
Total	$	322,909	$	20,996

(1) Where fair value is calculated based on NAV, 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, primarily in equity securities in domestic and international markets in both the public and private sectors. At November 30, 2019 and 2018, approximately 94% and 0%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption in the first 36 months after acquisition. At November 30, 2019 and 2018, approximately 6% and 97%, respectively, of the fair value of investments in this category are redeemable quarterly with 60 days prior written notice.

(3) At November 30, 2019 and 2018, the 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 primarily expected to be liquidated in approximately one to nine years.

(4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice.

(5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At November 30, 2019 and 2018, investments representing approximately 5% and 15%, respectively, of the fair value of investments in this category are redeemable with 30 days prior written notice.

(6)

This category includes investments in a fund that invests 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 and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by us and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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 year ended November 30, 2018 (in thousands):

	Balance at November  30, 2017		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2018		For instruments still held at November 30, 2018, changes in unrealized gains/(losses) included in:
																						Earnings (1)			Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	22,009	$	24,023		$	31,669		$	(22,759	)	$	(3,977	)	$	—	$	75		$	51,040	$	22,774		$	—
Corporate debt securities	26,036		(439		)	10,352			(23,364		)	(1,679		)	—		(1,422		)	9,484		(2,606		)	—
CDOs and CLOs	30,004		(14,368		)	356,650			(353,330		)	(10,247		)	—		17,106			25,815		(7,605		)	—
RMBS	26,077		(6,970		)	3,118			(12,816		)	(513		)	—		10,707			19,603		521			—
CMBS	12,419		(2,186		)	1,436			(471		)	(16,624		)	—		16,312			10,886		(4,000		)	—
Other ABS	61,129		(9,934		)	706,846			(677,220		)	(27,641		)	—		(5		)	53,175		(5,283		)
Loans and other receivables	47,304		(5,137		)	149,228			(130,832		)	(15,311		)	—		1,733			46,985		(8,457		)	—
Investments at fair value	93,454		2,353			34,648			(17,570		)	—			—		946			113,831		1,759			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	48	$	—		$	—		$	—		$	—		$	—	$	(48	)	$	—	$	—		$	—
Corporate debt securities	522		—			—			—			—			—		—			522		—			—
CMBS	105		(105		)	—			—			—			—		—			—		—			—
Loans	3,486		84			(4,626		)	7,432			—			—		—			6,376		(28		)	—
Net derivatives (2)	6,746		(3,237		)	(17		)	14,920			(1,335		)	—		4,537			21,614		(646		)	—
Long-term debt	—		(30,347		)	—			—			—			84,860		146,232			200,745		10,951			19,396

(1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax.

(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 year ended November 30, 2019 (in thousands):

	Balance at November 30, 2018		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2019		For instruments still held at November 30, 2019, changes in unrealized gains/(losses) included in:
																						Earnings (1)			Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	51,040	$	(10,380	)	$	69,065		$	(28,159	)	$	(18,208	)	$	—	$	(5,057	)	$	58,301	$	(12,821	)	$	—
Corporate debt securities	9,484		(4,860		)	8,900			(13,854		)	(379		)	—		8,199			7,490		(6,176		)	—
CDOs and CLOs	25,815		(2,342		)	49,658			(38,147		)	(9,083		)	—		(5,820		)	20,081		(974		)	—
RMBS	19,603		(1,669		)	1,954			(2,472		)	(152		)	—		476			17,740		(530		)	—
CMBS	10,886		(2,888		)	206			(2,346		)	(5,317		)	—		5,569			6,110		(2,366		)	—
Other ABS	53,175		433			104,097			(73,335		)	(51,374		)	—		9,567			42,563		(98		)	—
Loans and other receivables	46,985		(5,505		)	57,403			(48,350		)	(5,068		)	—		18,775			64,240		(3,319		)	—
Investments at fair value	113,831		113			240			(38,446		)	—			—		—			75,738		2,964			—
Securities purchased under agreements to resell	—		—			—			—			—			25,000		—			25,000		—			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	—	$	(2,649	)	$	(4,322	)	$	11,458		$	—		$	—	$	—		$	4,487	$	1,928		$	—
Corporate debt securities	522		(381		)	(457		)	—			(524		)	—		1,180			340		383			—
CMBS	—		35			—			—			—			—		—			35		35			—
Loans	6,376		(1,382		)	(2,573		)	6,494			—			—		548			9,463		1,382			—
Net derivatives (2)	21,614		(21,452		)	(4,323		)	36,144			2,227			—		42,958			77,168		12,098			—
Long-term debt	200,745		(18,662		)	—			—			(11,250		)	348,275		(39,039		)	480,069		29,656			(10,993		)

(1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax.

(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 year ended November 30, 2017 (in thousands):

	Balance at November 30, 2016		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2017		Change in unrealized gain/ (losses) relating to instruments still held at November 30, 2017 (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	21,739	$	3,262		$	896		$	(1,623	)	$	52		$	—	$	(2,317	)	$	22,009	$	2,515
Corporate debt securities	25,005		(3,723		)	36,850			(34,077		)	(1,968		)	—		3,949			26,036		(3,768		)
CDOs and CLOs	54,354		(19,858		)	112,239			(110,907		)	(367		)	—		(5,457		)	30,004		(2,262		)
Municipal securities	27,257		(1,547		)	—			(25,710		)	—			—		—			—		—
RMBS	38,772		(10,817		)	6,805			(26,193		)	(115		)	—		17,625			26,077		(7,201		)
CMBS	20,580		(5,346		)	3,275			(5,263		)	(1,018		)	—		191			12,419		(6,976		)
Other ABS	40,911		(17,705		)	77,508			(8,613		)	(25,799		)	—		(5,173		)	61,129		(12,562		)
Loans and other receivables	81,872		24,794			63,768			(53,095		)	(34,622		)	—		(35,413		)	47,304		17,451
Investments, at fair value	96,369		6,361			1,981			(10,157		)	(1,100		)	—		—			93,454		8,385
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	313	$	60		$	(373	)	$	48		$	—		$	—	$	—		$	48	$	—
Corporate debt securities	523		(1		)	—			—			—			—		—			522		1
CMBS	—		105			—			—			—			—		—			105		(105		)
Loans	378		196			(385		)	2,485			—			—		812			3,486		(2,639		)
Net derivatives (2)	3,441		(1,638		)	—			—			5,558			456		(1,071		)	6,746		(17,740		)
Other secured financings	418		(418		)	—			—			—			—		—			—		—

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

(2)

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

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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 year ended November 30, 2018 (in thousands):

	Balance at November  30, 2017		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2018		For instruments still held at November 30, 2018, changes in unrealized gains/(losses) included in:
																						Earnings (1)			Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	22,009	$	24,023		$	31,669		$	(22,759	)	$	(3,977	)	$	—	$	75		$	51,040	$	22,774		$	—
Corporate debt securities	26,036		(439		)	10,352			(23,364		)	(1,679		)	—		(1,422		)	9,484		(2,606		)	—
CDOs and CLOs	30,004		(14,368		)	356,650			(353,330		)	(10,247		)	—		17,106			25,815		(7,605		)	—
RMBS	26,077		(6,970		)	3,118			(12,816		)	(513		)	—		10,707			19,603		521			—
CMBS	12,419		(2,186		)	1,436			(471		)	(16,624		)	—		16,312			10,886		(4,000		)	—
Other ABS	61,129		(9,934		)	706,846			(677,220		)	(27,641		)	—		(5		)	53,175		(5,283		)
Loans and other receivables	47,304		(5,137		)	149,228			(130,832		)	(15,311		)	—		1,733			46,985		(8,457		)	—
Investments at fair value	93,454		2,353			34,648			(17,570		)	—			—		946			113,831		1,759			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	48	$	—		$	—		$	—		$	—		$	—	$	(48	)	$	—	$	—		$	—
Corporate debt securities	522		—			—			—			—			—		—			522		—			—
CMBS	105		(105		)	—			—			—			—		—			—		—			—
Loans	3,486		84			(4,626		)	7,432			—			—		—			6,376		(28		)	—
Net derivatives (2)	6,746		(3,237		)	(17		)	14,920			(1,335		)	—		4,537			21,614		(646		)	—
Long-term debt	—		(30,347		)	—			—			—			84,860		146,232			200,745		10,951			19,396

(1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax.

(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 year ended November 30, 2019 (in thousands):

	Balance at November 30, 2018		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2019		For instruments still held at November 30, 2019, changes in unrealized gains/(losses) included in:
																						Earnings (1)			Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	51,040	$	(10,380	)	$	69,065		$	(28,159	)	$	(18,208	)	$	—	$	(5,057	)	$	58,301	$	(12,821	)	$	—
Corporate debt securities	9,484		(4,860		)	8,900			(13,854		)	(379		)	—		8,199			7,490		(6,176		)	—
CDOs and CLOs	25,815		(2,342		)	49,658			(38,147		)	(9,083		)	—		(5,820		)	20,081		(974		)	—
RMBS	19,603		(1,669		)	1,954			(2,472		)	(152		)	—		476			17,740		(530		)	—
CMBS	10,886		(2,888		)	206			(2,346		)	(5,317		)	—		5,569			6,110		(2,366		)	—
Other ABS	53,175		433			104,097			(73,335		)	(51,374		)	—		9,567			42,563		(98		)	—
Loans and other receivables	46,985		(5,505		)	57,403			(48,350		)	(5,068		)	—		18,775			64,240		(3,319		)	—
Investments at fair value	113,831		113			240			(38,446		)	—			—		—			75,738		2,964			—
Securities purchased under agreements to resell	—		—			—			—			—			25,000		—			25,000		—			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	—	$	(2,649	)	$	(4,322	)	$	11,458		$	—		$	—	$	—		$	4,487	$	1,928		$	—
Corporate debt securities	522		(381		)	(457		)	—			(524		)	—		1,180			340		383			—
CMBS	—		35			—			—			—			—		—			35		35			—
Loans	6,376		(1,382		)	(2,573		)	6,494			—			—		548			9,463		1,382			—
Net derivatives (2)	21,614		(21,452		)	(4,323		)	36,144			2,227			—		42,958			77,168		12,098			—
Long-term debt	200,745		(18,662		)	—			—			(11,250		)	348,275		(39,039		)	480,069		29,656			(10,993		)

(1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax.

(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 year ended November 30, 2017 (in thousands):

	Balance at November 30, 2016		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2017		Change in unrealized gain/ (losses) relating to instruments still held at November 30, 2017 (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	21,739	$	3,262		$	896		$	(1,623	)	$	52		$	—	$	(2,317	)	$	22,009	$	2,515
Corporate debt securities	25,005		(3,723		)	36,850			(34,077		)	(1,968		)	—		3,949			26,036		(3,768		)
CDOs and CLOs	54,354		(19,858		)	112,239			(110,907		)	(367		)	—		(5,457		)	30,004		(2,262		)
Municipal securities	27,257		(1,547		)	—			(25,710		)	—			—		—			—		—
RMBS	38,772		(10,817		)	6,805			(26,193		)	(115		)	—		17,625			26,077		(7,201		)
CMBS	20,580		(5,346		)	3,275			(5,263		)	(1,018		)	—		191			12,419		(6,976		)
Other ABS	40,911		(17,705		)	77,508			(8,613		)	(25,799		)	—		(5,173		)	61,129		(12,562		)
Loans and other receivables	81,872		24,794			63,768			(53,095		)	(34,622		)	—		(35,413		)	47,304		17,451
Investments, at fair value	96,369		6,361			1,981			(10,157		)	(1,100		)	—		—			93,454		8,385
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	313	$	60		$	(373	)	$	48		$	—		$	—	$	—		$	48	$	—
Corporate debt securities	523		(1		)	—			—			—			—		—			522		1
CMBS	—		105			—			—			—			—		—			105		(105		)
Loans	378		196			(385		)	2,485			—			—		812			3,486		(2,639		)
Net derivatives (2)	3,441		(1,638		)	—			—			5,558			456		(1,071		)	6,746		(17,740		)
Other secured financings	418		(418		)	—			—			—			—		—			—		—

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

(2)

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 tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. 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.

November 30, 2019
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	29,017
Non-exchange-traded securities			Market approach	Price	$1		-	$140	$	55
				Underlying stock price	$3		-	$5	$	4
Corporate debt securities	$	7,490	Scenario analysis	Estimated recovery percentage	23	%	-	85%	46		%
				Volatility	44%				—
				Credit spread	750				—
				Underlying stock price	£0.4				—
CDOs and CLOs	$	20,081	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	1	%	-	2%	2		%
				Loss severity	25	%	-	37%	29		%
				Discount rate/yield	12	%	-	21%	15		%
RMBS	$	17,740	Discounted cash flows	Cumulative loss rate	2%				—
				Duration (years)	6.3				—
				Discount rate/yield	3%				—
CMBS	$	6,110	Discounted cash flows	Cumulative loss rate	7.3%				—
				Duration (years)	0.2				—
				Discount rate/yield	85%				—
			Scenario analysis	Estimated recovery percentage	44%				—
Other ABS	$	42,563	Discounted cash flows	Cumulative loss rate	7	%	-	31%	16		%
				Duration (years)	0.5		-	3.0	1.5
				Discount rate/yield	7	%	-	15%	11		%
Loans and other receivables	$	62,734	Market approach	Price	$36		-	$100	$	90
			Scenario analysis	Estimated recovery percentage	87	%	-	104%	99		%
Derivatives	$	13,826
Interest rate swaps			Market approach	Basis points upfront	0		-	16	6
Unfunded commitments				Price	$88				—
Equity options			Volatility benchmarking	Volatility	45%				—
Investments at fair value	$	75,736
Private equity securities			Market approach	Price	$8		-	$250	$	125
Securities purchased under agreements to resell	$	25,000	Market approach	Spread to 6 month LIBOR	500				—
				Duration (years)	1.5				—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities	$	4,487	Market approach	Transaction level	$1				—
Loans	$	9,463	Market approach	Price	$50		-	$100	$	88
			Scenario analysis	Estimated recovery percentage	1%				—
Derivatives	$	92,057
Equity options			Volatility benchmarking	Volatility	21	%	-	61%	43		%
Interest rate swaps			Market approach	Basis points upfront	0		-	22	13
Cross currency swaps				Basis points upfront	2				—
Unfunded commitments				Price	$88				—
Long-term debt
Structured notes	$	480,069	Market approach	Price	$84		-	$108	$	96
				Price	€74		-	€103	€	91

November 30, 2018
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	43,664
Non-exchange-traded securities			Market approach	Price	$1		-	$75	$	12
				Transaction level	$47				—
Corporate debt securities	$	9,484	Market approach	Estimated recovery percentage	46%				—
				Transaction level	$80				—
CDOs and CLOs	$	25,815	Discounted cash flows	Constant prepayment rate	10	%	-	20%	18		%
				Constant default rate	1	%	-	2%	2		%
				Loss severity	25	%	-	30%	26		%
				Discount rate/yield	11	%	-	16%	14		%
			Scenario analysis	Estimated recovery percentage	2%				—
RMBS	$	19,603	Discounted cash flows	Cumulative loss rate	4%				—
				Duration (years)	13				—
				Loss severity	0%				—
				Discount rate/yield	3%				—
			Market approach	Price	$100				—
CMBS	$	9,444	Discounted cash flows	Cumulative loss rate	8	%	-	85%	45		%
				Duration (years)	1		-	3	1
				Loss severity	64%				—
				Discount rate/yield	2	%	-	15%	6		%
			Scenario analysis	Estimated recovery percentage	26%				—
				Price	$49				—
Other ABS	$	53,175	Discounted cash flows	Cumulative loss rate	12	%	-	30%	22		%
				Duration (years)	1		-	2	1
				Discount rate/yield	6	%	-	12%	8		%
			Market approach	Price	$100				—
Loans and other receivables	$	46,078	Market approach	Price	$50		-	$100	$	96
			Scenario analysis	Estimated recovery percentage	13	%	-	117%	105		%
Derivatives	$	4,602
Total return swaps			Market approach	Price	$97				—
Investments at fair value	$	113,831
Private equity securities			Market approach	Price	$3		-	$250	$	108
				Transaction level	$169				—
			Scenario analysis	Discount rate/yield	20%				—
				Revenue growth	0%				—
Financial Instruments Sold, Not Yet Purchased:
Loans	$	6,376	Market approach	Price	$50		-	$101	$	74
Derivatives	$	27,536
Equity options			Option model/default rate	Default probability	0%				—
			Volatility benchmarking	Volatility	39	%	-	62%	50		%
Interest rate swaps			Market approach	Price	$20				—
Total return swaps				Price	$97				—
Long-term debt
Structured notes	$	200,745	Market approach	Price	$78		-	$94	$	86
				Price	€68		-	€110	€	96

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, other receivables and debt instruments and gains (losses) due to other changes in fair value on Long-term debt and Short-term borrowings measured at fair value under the fair value option (in thousands):

	Year Ended November 30,
	2019			2018			2017
Financial instruments owned:
Loans and other receivables	$	(2,072	)	$	(3,856	)	$	22,088
Financial instruments sold, not yet purchased:
Loans	$	656		$	(46	)	$	—
Loan commitments	(1,089		)	(739		)	230
Long-term debt:
Changes in instrument specific credit risk (1)	$	(20,332	)	$	38,064		$	(34,609	)
Other changes in fair value (2)	(25,144		)	48,748			47,291
Short-term borrowings:
Changes in instrument specific credit risk (1)	$	114		$	—		$	—
Other changes in fair value (2)	(863		)	—			(681		)

(1) Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax.

(2) Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings.

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

	November 30,
	2019		2018
Financial instruments owned:
Loans and other receivables (1)	$	1,546,516	$	961,554
Loans and other receivables on nonaccrual status and/or 90 days or     greater past due (1) (2)	197,215		158,392
Long-term debt and short-term borrowings	74,408		114,669

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

(2)

Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $22.2 million and $20.5 million at November 30, 2019 and 2018, respectively.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

The following table presents those assets measured at fair value on a non-recurring basis for which we recognized a non-recurring fair value adjustment during the years ended November 30, 2019, 2018 and 2017 (in thousands):

	Carrying Value at November 30, 2019		Level 2		Level 3		Impairment Losses for the Year Ended November 30, 2019
Exchange ownership interests and registrations (1)	$	2,443	$	2,443	$	—	$	291

	Carrying Value at November 30, 2018		Level 2		Level 3		Impairment Losses for the Year Ended November 30, 2018
Exchange ownership interests and registrations (1)	$	2,663	$	2,663	$	—	$	9

	Carrying Value at November 30, 2017		Level 2		Level 3		Impairment Losses for the Year Ended November 30, 2017
Exchange ownership interests and registrations (1)	$	2,672	$	2,672	$	—	$	613

(1)

Impairment losses for exchange memberships, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in Other expenses. The fair value of these exchange memberships is based on observed quoted sales prices for each individual membership. (See Note 10, Goodwill and Intangible Assets.) The intangible assets are recognized for the years ended November 30, 2019, 2018 and 2017, primarily in the Fixed income reporting unit.