Fair Value Disclosures (Tables)

12 Months Ended

Nov. 30, 2021

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value

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 $1.03 billion and $965.4 million at November 30, 2021 and 2020, respectively, by level within the fair value hierarchy (in thousands):

	November 30, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,737,255	$	257,318	$	87,647	$	—	$	3,082,220
Corporate debt securities	—		3,836,341		11,803		—		3,848,144
Collateralized debt obligations and collateralized loan obligations	—		579,518		31,946		—		611,464
U.S. government and federal agency securities	3,045,295		68,784		—		—		3,114,079
Municipal securities	—		509,559		—		—		509,559
Sovereign obligations	899,086		654,199		—		—		1,553,285
Residential mortgage-backed securities	—		1,168,246		1,477		—		1,169,723
Commercial mortgage-backed securities	—		196,419		2,333		—		198,752
Other asset-backed securities	—		337,022		93,524		—		430,546
Loans and other receivables	—		3,363,050		135,239		—		3,498,289
Derivatives	4,429		3,861,551		10,248		(3,305,756)		570,472
Investments at fair value	—		11,369		154,373		—		165,742
FXCM term loan	—		—		50,455		—		50,455
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	6,686,065	$	14,843,376	$	579,045	$	(3,305,756)	$	18,802,730
Loans to and investments in associated  companies	$	—	$	—	$	30,842	$	—	$	30,842
Securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,671,696	$	19,654	$	4,635	$	—	$	1,695,985
Corporate debt securities	—		2,111,777		482		—		2,112,259
U.S. government and federal agency securities	2,457,420		—		—		—		2,457,420
Sovereign obligations	935,801		593,040		—		—		1,528,841
Residential mortgage-backed securities	—		719		—		—		719
Commercial mortgage-backed securities	—		—		210		—		210
Loans	—		2,476,087		15,770		—		2,491,857
Derivatives	1,815		5,034,544		78,017		(3,702,200)		1,412,176
Total financial instruments sold, not yet purchased, at fair value	$	5,066,732	$	10,235,821	$	99,114	$	(3,702,200)	$	11,699,467
Other secured financings	$	—	$	76,883	$	25,905	$	—	$	102,788
Long-term debt	$	—	$	961,866	$	881,732	$	—	$	1,843,598
Obligation to return securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289

	November 30, 2020
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,475,887	$	58,159	$	75,904	$	—	$	2,609,950
Corporate debt securities	—		2,954,236		23,146		—		2,977,382
Collateralized debt obligations and collateralized loan obligations	—		64,155		17,972		—		82,127
U.S. government and federal agency securities	2,840,025		91,653		—		—		2,931,678
Municipal securities	—		453,881		—		—		453,881
Sovereign obligations	1,962,346		591,342		—		—		2,553,688
Residential mortgage-backed securities	—		1,100,849		21,826		—		1,122,675
Commercial mortgage-backed securities	—		736,291		2,003		—		738,294
Other asset-backed securities	—		103,611		79,995		—		183,606
Loans and other receivables	—		2,610,746		134,636		—		2,745,382
Derivatives	1,523		2,013,942		21,678		(1,556,136)		481,007
Investments at fair value	—		6,122		213,946		—		220,068
FXCM term loan	—		—		59,455		—		59,455
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	7,279,781	$	10,784,987	$	650,561	$	(1,556,136)	$	17,159,193
Loans to and investments in associated  companies	$	—	$	8,603	$	40,185	$	—	$	48,788
Securities received as collateral, at fair value	$	7,517	$	—	$	—	$	—	$	7,517
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	2,046,441	$	9,046	$	4,434	$	—	$	2,059,921
Corporate debt securities	—		1,237,631		141		—		1,237,772
U.S. government and federal agency securities	2,609,660		—		—		—		2,609,660
Sovereign obligations	1,050,771		624,740		—		—		1,675,511
Residential mortgage-backed securities	—		477		—		—		477
Commercial mortgage-backed securities	—		—		35		—		35
Loans	—		1,776,446		16,635		—		1,793,081
Derivatives	551		2,391,556		47,695		(1,798,659)		641,143
Total financial instruments sold, not yet purchased, at fair value	$	5,707,423	$	6,039,896	$	68,940	$	(1,798,659)	$	10,017,600
Short-term borrowings	$	—	$	5,067	$	—	$	—	$	5,067
Other secured financings	$	—	$	—	$	1,543	$	—	$	1,543
Long-term debt	$	—	$	1,036,217	$	676,028	$	—	$	1,712,245
Obligation to return securities received as collateral, at fair value	$	7,517	$	—	$	—	$	—	$	7,517

(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

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands).

	Fair Value (1)		Unfunded Commitments
November 30, 2021
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	46,030		17,815
Commodity Fund (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,025,940	$	53,905
November 30, 2020
Equity Long/Short Hedge Funds (2)	$	328,096	$	—
Equity Funds (3)	33,221		12,408
Commodity Fund (4)	17,747		—
Multi-asset Funds (5)	561,236		—
Other Funds (6)	25,084		5,000
Total	$	965,384	$	17,408

(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 both public and private equity securities in domestic and international markets. At November 30, 2021 and 2020, approximately 74% and 94%, respectively, of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before December 31, 2021. At November 30, 2021 approximately 21% of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. The remaining investments are redeemable quarterly with 60 days prior written notice.

(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies. 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 seven 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, 2021 and 2020, investments representing approximately 78% and 57%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At November 30, 2021, approximately 22% of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice.

(6)This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments

in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice.

Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3

The following is a summary of changes in the 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, 2021 (in thousands):

	Balance, November 30, 2020		Total gains (losses) (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, November 30, 2021		Changes in unrealized gains/losses included in earnings relating to instruments still held at November 30, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	75,904	$	28,556	$	8,778	$	(34,307)	$	(49)	$	—	$	8,765	$	87,647	$	20,932
Corporate debt securities	23,146		1,565		11,161		(7,978)		(1,417)		—		(14,674)		11,803		1,724
CDOs and CLOs	17,972		8,092		32,618		(27,332)		(5,042)		—		5,638		31,946		(4,390)
Residential mortgage-backed securities	21,826		(243)		708		(1,183)		(354)		—		(19,277)		1,477		(131)
Commercial mortgage-backed securities	2,003		(1,694)		2,445		(393)		(13)		—		(15)		2,333		(733)
Other asset-backed securities	79,995		5,335		65,277		(21,727)		(45,397)		—		10,041		93,524		(14,471)
Loans and other receivables	134,636		6,995		58,993		(61,560)		(20,442)		—		16,617		135,239		3,136
Investments at fair value	213,946		112,012		22,957		(47,243)		(9,809)		—		(137,490)		154,373		25,723
FXCM term loan	59,455		(9,000)		—		—		—		—		—		50,455		(9,000)
Loans to and investments in associated companies	40,185		(9,343)		—		—		—		—		—		30,842		(9,343)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,434	$	(83)	$	(21)	$	318	$	—	$	—	$	(13)	$	4,635	$	83
Corporate debt securities	141		1,205		(815)		—		(49)		—		—		482		(139)
Commercial mortgage-backed securities	35		—		(35)		210		—		—		—		210		—
Loans	16,635		1,826		(8,549)		5,673		—		—		185		15,770		(1,825)
Net derivatives (2)	26,017		7,246		—		—		(1,491)		44,453		(8,456)		67,769		(7,371)
Other secured financings	1,543		(649)		—		—		—		25,011		—		25,905		649
Long-term debt (1)	676,028		(22,132)		—		—		—		169,975		57,861		881,732		85,260

(1)Realized and unrealized gains (losses) are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at November 30, 2021 were losses of $63.1 million.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

The following is a summary of changes in the 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, 2020 (in thousands):

	Balance, November 30, 2019		Total gains (losses) (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, November30, 2020		Changes in unrealized gains/losses included in earnings relating to instruments still held at November 30, 2020 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	58,426	$	(4,086)	$	31,885	$	(37,706)	$	—	$	—	$	27,385	$	75,904	$	(652)
Corporate debt securities	7,490		83		1,607		(391)		(602)		—		14,959		23,146		(270)
CDOs and CLOs	28,788		(3,821)		10,913		(14,389)		(5,201)		—		1,682		17,972		(17,212)
Residential mortgage-backed securities	17,740		(934)		7,887		(969)		(1,053)		—		(845)		21,826		(599)
Commercial mortgage-backed securities	6,110		(827)		393		(1,856)		(1,787)		—		(30)		2,003		(295)
Other asset-backed securities	42,563		(3,848)		69,701		(1,638)		(43,072)		—		16,289		79,995		(5,945)
Loans and other receivables	114,080		(12,341)		123,485		(36,929)		(57,455)		—		3,796		134,636		(11,153)
Investments at fair value	205,412		(31,666)		55,836		(167)		(17,298)		—		1,829		213,946		(33,514)
FXCM term loan	59,120		335		—		—		—		—		—		59,455		335
Loans to and investments in associated companies	—		5,497		—		—		—		—		34,688		40,185		5,497
Securities purchased under agreements to resell	25,000		—		—		—		(25,000)		—		—		—		—
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,487	$	456	$	(513)	$	—	$	—	$	—	$	4	$	4,434	$	(81)
Corporate debt securities	340		(268)		(325)		394		—		—		—		141		27
Commercial mortgage-backed securities	35		—		—		35		—		—		(35)		35		—
Loans	9,463		(520)		(6,061)		13,851		—		—		(98)		16,635		360
Net derivatives (2)	77,168		(40)		(7,446)		19,376		(2,216)		—		(60,825)		26,017		(1,805)
Other secured financings	—		(2,475)		—		—		—		4,018		—		1,543		2,475
Long-term debt (1)	480,069		84,930		—		—		(57,088)		248,718		(80,601)		676,028		(51,567)

(1)Realized and unrealized gains (losses) are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at November 30, 2020 were losses of $33.4 million.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - 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, November 30, 2018		Total gains (losses) (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, November 30, 2019		Changes in unrealized gains/losses included in earnings relating to instruments still held at November 30, 2019 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	52,192	$	(11,407)	$	69,065	$	(28,159)	$	(18,208)	$	—	$	(5,057)	$	58,426	$	(13,848)
Corporate debt securities	9,484		(4,860)		8,900		(13,854)		(379)		—		8,199		7,490		(6,176)
CDOs and CLOs	36,105		(514)		49,658		(38,147)		(12,494)		—		(5,820)		28,788		(2,330)
Residential mortgage-backed securities	19,603		(1,669)		1,954		(2,472)		(152)		—		476		17,740		(530)
Commercial mortgage-backed securities	10,886		(2,888)		206		(2,346)		(5,317)		—		5,569		6,110		(2,366)
Other asset-backed securities	53,175		433		104,097		(73,335)		(51,374)		—		9,567		42,563		(98)
Loans and other receivables	46,985		(4,507)		106,965		(48,350)		(5,788)		—		18,775		114,080		(2,321)
Investments at fair value	396,254		(183,480)		11,236		(28,749)		—		—		10,151		205,412		(180,629)
FXCM term loan	73,150		(8,139)		1,500		—		(7,391)		—		—		59,120		(8,139)
Securities purchased under agreements to resell	—		—		—		—		—		25,000		—		25,000		—
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	—	$	(2,649)	$	(4,322)	$	11,458	$	—	$	—	$	—	$	4,487	$	1,928
Corporate debt securities	522		(381)		(457)		—		(524)		—		1,180		340		383
Commercial mortgage-backed securities	—		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 (1)	200,745		(18,662)		—		—		(11,250)		348,275		(39,039)		480,069		29,656

(1)Realized and unrealized gains (losses) are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at November 30, 2019 were losses of $11.0 million.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - 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, 2021
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	86,961
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$183
			Volatility benchmarking	Volatility	40	%	to	53%	45	%
Corporate debt securities	$	11,803	Market approach	Price	$13		to	$100	$86
CDOs and CLOs	$	31,944	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	25	%	to	30%	26	%
				Discount rate/yield	8	%	to	19%	16	%
			Market approach	Price	$86		to	$103	$93
Commercial mortgage-   backed securities	$	2,333	Scenario analysis	Estimated recovery percentage	81%				—
Other asset-backed securities	$	86,099	Discounted cash flows	Constant prepayment rate	0	%	to	35%	31	%
				Constant default rate	2	%	to	4%	4	%
				Loss severity	60	%	to	85%	55	%
				Discount rate/yield	3	%	to	16%	10	%
				Cumulative loss rate	7	%	to	20%	14	%
				Duration (years)	0.7 years		to	1.4 years	1.1 years
			Market approach	Price	$37		to	$100	$94
Loans and other receivables	$	134,015	Market approach	Price	$31		to	$101	$54
			Scenario analysis	Estimated recovery percentage	9	%	to	100%	76	%
Derivatives	$	6,501
Equity options			Volatility benchmarking	Volatility	46%				—
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.3
Total return swaps				Price	$100				—
Investments at fair value	$	128,152
Private equity securities			Market approach	Price	$1		to	$152	$32
				EBITDA multiple	16.9				—
				Revenue multiple	4.9		to	5.1	5.0
			Scenario analysis	Estimated recovery percentage	7%				—
				Discount rate/yield	13	%	to	21%	17	%
				Revenue growth	0%				—
Investment in FXCM	$	50,455
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	2.2 years	2.2 years
Loans to and investments in associated companies
Non-exchange-traded warrants	$	30,842	Market approach	Underlying stock price	$662				—
				Underlying stock price	€15		to	€18	€16
				Volatility	25	%	to	59%	31	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,635
Non-exchange-traded   securities			Market approach	Price	$1				—
Loans	$	15,770	Market approach	Price	$31		to	$100	$43
			Scenario analysis	Estimated recovery percentage	50%				—
Derivatives	$	76,533
Equity options			Volatility benchmarking	Volatility	26	%	to	77%	40	%
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.1
Total return swaps				Price	$100				—
Other secured financings	$	25,905	Scenario analysis	Estimated recovery percentage	13	%	to	98%	92	%
Long-term debt
Structured notes	$	881,732	Market approach	Price	$76		to	$115	$94
				Price	€81		to	€113	€103

November 30, 2020
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	75,409
Non-exchange-traded   securities			Market approach	Price	$1		to	$213	$86
				EBITDA multiple	4.0		to	8.0	5.7
Corporate debt securities	$	23,146	Market approach	Price	$69				—
			Scenario analysis	Estimated recovery percentage	20	%	to	44%	30	%
CDOs and CLOs	$	17,972	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	25	%	to	30%	26	%
				Discount rate/yield	14	%	to	28%	20	%
			Scenario analysis	Estimated recovery percentage	2	%	to	34%	23	%
Residential mortgage-   backed securities	$	21,826	Discounted cash flows	Cumulative loss rate	2	%	to	3%	3	%
				Loss severity	35	%	to	50%	36	%
				Duration (years)	2.0 years		to	12.9 years	5.1 years
				Discount rate/yield	3	%	to	12%	4	%
Other asset-backed securities	$	67,816	Discounted cash flows	Cumulative loss rate	1	%	to	28%	11	%
				Loss severity	50	%	to	85%	54	%
				Duration (years)	0.2 years		to	2.1 years	1.3 years
				Discount rate/yield	1	%	to	16%	9	%
			Market approach	Price	$100				—
Loans and other receivables	$	76,049	Market approach	Price	$31		to	$100	$84
			Scenario analysis	Estimated recovery percentage	19	%	to	100%	52	%
Derivatives	$	19,951
Equity options			Volatility benchmarking	Volatility	47%				—
Interest rate swaps			Market approach	Basis points upfront	1.2		to	8.0	4.8
Investments at fair value	$	96,906
Private equity securities			Market approach	Price	$1		to	$169	$29
			Scenario analysis	Estimated recovery percentage	17%				—
				Discount rate/yield	19	%	to	21%	20	%
				Revenue growth	0%				—
Investment in FXCM	$	59,455
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	1.2 years	1.2 years
Loans to and investments in associated companies
Non-exchange-traded warrants	$	40,185	Market approach	Underlying stock price	$778		to	$805	$792
				Underlying stock price	€15		to	€19	€16
				Volatility	25	%	to	55%	30	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,434	Market approach	Price	$1				—
Corporate debt securities	$	141	Scenario analysis	Estimated recovery percentage	20%				—
Loans	$	16,635	Market approach	Price	$31		to	$99	$55
Derivatives	$	46,971
Equity options			Volatility benchmarking	Volatility	33	%	to	50%	42	%
Interest rate swaps			Market approach	Basis points upfront	1.2		to	8.0	5.4
Other secured financings	$	1,543	Scenario analysis	Estimated recovery percentage	19	%	to	55%	45	%
Long-term debt
Structured notes	$	676,028	Market approach	Price	$100				—
				Price	€76		to	€113	€99

Summary Of Gains (Losses) Due To Changes In Instrument Specific Credit Risk For Loans and Other Receivables And Loan Commitments Measured At Fair Value Under Fair Value Option

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 short-term borrowings, other secured financings and long-term debt measured at fair value under the fair value option (in thousands):

	Year Ended November 30,
	2021		2020		2019
Financial instruments owned, at fair value:
Loans and other receivables	$	11,682	$	(25,623)	$	(2,072)
Financial instruments sold, not yet purchased, at fair value:
Loans	$	1,077	$	—	$	656
Loan commitments	—		464		(1,089)
Short-term borrowings:
Changes in instrument specific credit risk (1)	$	—	$	—	$	114
Other changes in fair value (2)	—		(48)		(863)
Other secured financings:
Other changes in fair value (2)	$	650	$	2,475	$	—
Long-term debt:
Changes in instrument specific credit risk (1)	$	(113,027)	$	70,201	$	(20,332)
Other changes in fair value (2)	108,739		(84,116)		(25,144)

(1)    Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes.

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

Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option

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

	November 30,
	2021		2020
Financial instruments owned, at fair value:
Loans and other receivables (1)	$	5,600,648	$	1,662,647
Loans and other receivables on nonaccrual status and/or 90 days or greater   past due (1) (2)	64,203		287,889
Long-term debt and short-term borrowings	(38,391)		(42,819)
Other secured financings	3,432		2,782

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

(2)Amounts include all loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $19.7 million and $30.0 million at November 30, 2021 and 2020, respectively.