Fair Value Disclosures (Tables)

12 Months Ended

Nov. 30, 2022

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 $1.29 billion and $1.05 billion at November 30, 2022 and 2021, respectively, by level within the fair value hierarchy (in thousands):

	November 30, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned:
Corporate equity securities	$	3,117,327	$	140,157	$	240,347	$	—	$	3,497,831
Corporate debt securities	—		3,972,153		30,232		—		4,002,385
Collateralized debt obligations and collateralized loan obligations	—		71,640		55,824		—		127,464
U.S. government and federal agency securities	3,442,484		15,111		—		—		3,457,595
Municipal securities	—		574,903		—		—		574,903
Sovereign obligations	896,805		849,558		—		—		1,746,363
Residential mortgage-backed securities	—		1,314,199		27,617		—		1,341,816
Commercial mortgage-backed securities	—		442,471		839		—		443,310
Other asset-backed securities	—		333,164		94,677		—		427,841
Loans and other receivables	—		1,069,041		168,875		—		1,237,916
Derivatives	3,437		3,427,921		11,052		(3,093,244)		349,166
Investments at fair value	—		3,750		161,992		—		165,742
Total financial instruments owned, excluding Investments at fair value based on NAV	$	7,460,053	$	12,214,068	$	791,455	$	(3,093,244)	$	17,372,332
Securities received as collateral	$	100,362	$	—	$	—	$	—	$	100,362
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	2,097,436	$	48,931	$	750	$	—	$	2,147,117
Corporate debt securities	—		2,337,691		500		—		2,338,191
U.S. government and federal agency securities	3,223,637		—		—		—		3,223,637
Sovereign obligations	879,909		771,125		—		—		1,651,034
Commercial mortgage-backed securities	—		—		490		—		490
Loans	—		180,147		3,164		—		183,311
Derivatives	204		4,174,082		70,576		(2,732,165)		1,512,697
Total financial instruments sold, not yet purchased	$	6,201,186	$	7,511,976	$	75,480	$	(2,732,165)	$	11,056,477
Other secured financings	$	—	$	—	$	1,712	$	—	$	1,712
Obligation to return securities received as collateral	$	100,362	$	—	$	—	$	—	$	100,362
Long-term debt	$	—	$	922,705	$	661,123	$	—	$	1,583,828

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

	November 30, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,737,255	$	257,318	$	118,489	$	—	$	3,113,062
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	—		1,515,314		178,417		—		1,693,731
Derivatives	4,429		3,861,551		10,248		(3,305,756)		570,472
Investments at fair value	—		11,369		154,373		—		165,742
Total financial instruments owned, excluding Investments at fair value based on NAV	$	6,686,065	$	12,995,640	$	602,610	$	(3,305,756)	$	16,978,559
Securities received as collateral	$	7,289	$	—	$	—	$	—	$	7,289
Liabilities:
Financial instruments sold, not yet purchased:
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	—		49,555		9,925		—		59,480
Derivatives	1,815		5,034,544		78,017		(3,702,200)		1,412,176
Total financial instruments sold, not yet purchased	$	5,066,732	$	7,809,289	$	93,269	$	(3,702,200)	$	9,267,090
Other secured financings	$	—	$	76,883	$	25,905	$	—	$	102,788
Obligation to return securities received as collateral	$	7,289	$	—	$	—	$	—	$	7,289
Long-term debt	$	—	$	961,866	$	881,732	$	—	$	1,843,598

(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, 2022
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	441,229	$	—
Equity Funds (3)	73,176		36,861
Commodity Fund (4)	24,283		—
Multi-asset Funds (5)	401,655		—
Other Funds (6)	353,621		53,994
Total	$	1,293,964	$	90,855

	November 30, 2021
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	66,152		18,888
Commodity Fund (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,046,062	$	54,978

(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, 2022 and 2021, approximately 58% and 74%, respectively, became redeemable quarterly with 90 days written notice on December 31, 2021. At November 30, 2022 and 2021, approximately 34% and 21%, respectively, of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. At November 30, 2022 and 2021, approximately 6% and 5%, respectively, of the investments are redeemable quarterly with 60 days prior written notice. At November 30, 2022, the remaining balance cannot be redeemed because these investments include restrictions that do not allow for redemption before August 31, 2025.

(3)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 twelve 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 both November 30, 2022 and 2021, investments representing approximately 78% of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At November 30, 2022 and 2021, approximately 15% and 22%, respectively, 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.

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, 2022 (in thousands):

																	For instruments still held at November 30, 2022, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at November 30, 2022		Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	118,489	$	(645)	$	171,700	$	(62,474)	$	(298)	$	—	$	13,575	$	240,347	$	7,286	$	—
Corporate debt securities	11,803		946		18,686		(23,964)		(9)		—		22,770		30,232		(2,087)		—
CDOs and CLOs	31,946		7,099		44,995		(22,600)		(16,634)		—		11,018		55,824		(10,938)		—
RMBS	1,477		(13,210)		35,774		(372)		(240)		—		4,188		27,617		(7,728)		—
CMBS	2,333		(733)		—		(749)		—		—		(12)		839		(703)		—
Other ABS	93,524		(6,467)		74,353		(20,362)		(39,647)		—		(6,724)		94,677		(26,982)		—
Loans and other receivables	178,417		(1,912)		45,536		(33,692)		(48,218)		—		28,744		168,875		(11,610)		—
Investments at fair value	154,373		46,735		74,984		(74,742)		(15,951)		—		(23,407)		161,992		33,294		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,635	$	(3,611)	$	(815)	$	4,858	$	—	$	—	$	(4,317)	$	750	$	2,382	$	—
Corporate debt securities	482		88		(70)		—		—		—		—		500		(88)		—
CMBS	210		—		—		280		—		—		—		490		—		—
Loans	9,925		1,197		(5,173)		—		96		—		(2,881)		3,164		(2,484)		—
Net derivatives (2)	67,769		(181,750)		(1,559)		1,285		—		28,436		145,343		59,524		168,304		—
Other secured financings	25,905		(650)		—		—		(23,543)		—		—		1,712		650
Long-term debt	881,732		(280,967)		—		—		(3,919)		83,874		(19,597)		661,123		239,400		41,567

(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 within long-term debt 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, 2021 (in thousands):

																	For instruments still held at November 30, 2021, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2020		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at November 30, 2021		Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	116,089	$	19,213	$	8,778	$	(34,307)	$	(49)	$	—	$	8,765	$	118,489	$	11,589	$	—
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)		—
RMBS	21,826		(243)		708		(1,183)		(354)		—		(19,277)		1,477		(131)		—
CMBS	2,003		(1,694)		2,445		(393)		(13)		—		(15)		2,333		(733)		—
Other ABS	79,995		5,335		65,277		(21,727)		(45,397)		—		10,041		93,524		(14,471)		—
Loans and other receivables	186,568		1,250		50,167		(55,848)		(20,442)		—		16,722		178,417		(4,905)		—
Investments at fair value	213,946		112,012		22,957		(47,243)		(9,809)		—		(137,490)		154,373		25,723		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,434	$	(83)	$	(21)	$	318	$	—	$	—	$	(13)	$	4,635	$	83	$	—
Corporate debt securities	141		1,205		(815)		—		(49)		—		—		482		(139)		—
CMBS	35		—		(35)		210		—		—		—		210		—		—
Loans	6,913		3,384		(469)		220		—		—		(123)		9,925		(1,523)		—
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	676,028		(22,132)		—		—		—		169,975		57,861		881,732		85,260		(63,126)

(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 within long-term debt 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, 2020 (in thousands):

																	For instruments still held at November 30, 2020, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2019		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at November 30, 2020		Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	58,426	$	1,411	$	31,885	$	(37,706)	$	—	$	34,688	$	27,385	$	116,089	$	4,845	$	—
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)		—
RMBS	17,740		(934)		7,887		(969)		(1,053)		—		(845)		21,826		(599)		—
CMBS	6,110		(827)		393		(1,856)		(1,787)		—		(30)		2,003		(295)		—
Other ABS	42,563		(3,848)		69,701		(1,638)		(43,072)		—		16,289		79,995		(5,945)
Loans and other receivables	154,322		(6,203)		110,116		(25,568)		(57,455)		—		11,356		186,568		(5,522)		—
Investments, at fair value	205,412		(31,666)		55,836		(167)		(17,298)		—		1,829		213,946		(33,514)		—
Securities purchased under agreements to resell	25,000		—		—		—		(25,000)		—		—		—		—		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,487	$	456	$	(513)	$	—	$	—	$	—	$	4	$	4,434	$	(81)	$	—
Corporate debt securities	340		(268)		(325)		394		—		—		—		141		27		—
CMBS	35		—		—		35		—		—		(35)		35		—		—
Loans	1,690		5,297		(440)		—		—		—		366		6,913		(5,409)		—
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	480,069		84,930		—		—		(57,088)		248,718		(80,601)		676,028		(51,567)		(33,363)

(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 within long-term debt 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.

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, 2022 (in thousands):

																	For instruments still held at November 30, 2022, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at November 30, 2022		Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	118,489	$	(645)	$	171,700	$	(62,474)	$	(298)	$	—	$	13,575	$	240,347	$	7,286	$	—
Corporate debt securities	11,803		946		18,686		(23,964)		(9)		—		22,770		30,232		(2,087)		—
CDOs and CLOs	31,946		7,099		44,995		(22,600)		(16,634)		—		11,018		55,824		(10,938)		—
RMBS	1,477		(13,210)		35,774		(372)		(240)		—		4,188		27,617		(7,728)		—
CMBS	2,333		(733)		—		(749)		—		—		(12)		839		(703)		—
Other ABS	93,524		(6,467)		74,353		(20,362)		(39,647)		—		(6,724)		94,677		(26,982)		—
Loans and other receivables	178,417		(1,912)		45,536		(33,692)		(48,218)		—		28,744		168,875		(11,610)		—
Investments at fair value	154,373		46,735		74,984		(74,742)		(15,951)		—		(23,407)		161,992		33,294		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,635	$	(3,611)	$	(815)	$	4,858	$	—	$	—	$	(4,317)	$	750	$	2,382	$	—
Corporate debt securities	482		88		(70)		—		—		—		—		500		(88)		—
CMBS	210		—		—		280		—		—		—		490		—		—
Loans	9,925		1,197		(5,173)		—		96		—		(2,881)		3,164		(2,484)		—
Net derivatives (2)	67,769		(181,750)		(1,559)		1,285		—		28,436		145,343		59,524		168,304		—
Other secured financings	25,905		(650)		—		—		(23,543)		—		—		1,712		650
Long-term debt	881,732		(280,967)		—		—		(3,919)		83,874		(19,597)		661,123		239,400		41,567

(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 within long-term debt 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, 2021 (in thousands):

																	For instruments still held at November 30, 2021, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2020		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at November 30, 2021		Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	116,089	$	19,213	$	8,778	$	(34,307)	$	(49)	$	—	$	8,765	$	118,489	$	11,589	$	—
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)		—
RMBS	21,826		(243)		708		(1,183)		(354)		—		(19,277)		1,477		(131)		—
CMBS	2,003		(1,694)		2,445		(393)		(13)		—		(15)		2,333		(733)		—
Other ABS	79,995		5,335		65,277		(21,727)		(45,397)		—		10,041		93,524		(14,471)		—
Loans and other receivables	186,568		1,250		50,167		(55,848)		(20,442)		—		16,722		178,417		(4,905)		—
Investments at fair value	213,946		112,012		22,957		(47,243)		(9,809)		—		(137,490)		154,373		25,723		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,434	$	(83)	$	(21)	$	318	$	—	$	—	$	(13)	$	4,635	$	83	$	—
Corporate debt securities	141		1,205		(815)		—		(49)		—		—		482		(139)		—
CMBS	35		—		(35)		210		—		—		—		210		—		—
Loans	6,913		3,384		(469)		220		—		—		(123)		9,925		(1,523)		—
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	676,028		(22,132)		—		—		—		169,975		57,861		881,732		85,260		(63,126)

(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 within long-term debt 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, 2020 (in thousands):

																	For instruments still held at November 30, 2020, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2019		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at November 30, 2020		Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	58,426	$	1,411	$	31,885	$	(37,706)	$	—	$	34,688	$	27,385	$	116,089	$	4,845	$	—
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)		—
RMBS	17,740		(934)		7,887		(969)		(1,053)		—		(845)		21,826		(599)		—
CMBS	6,110		(827)		393		(1,856)		(1,787)		—		(30)		2,003		(295)		—
Other ABS	42,563		(3,848)		69,701		(1,638)		(43,072)		—		16,289		79,995		(5,945)
Loans and other receivables	154,322		(6,203)		110,116		(25,568)		(57,455)		—		11,356		186,568		(5,522)		—
Investments, at fair value	205,412		(31,666)		55,836		(167)		(17,298)		—		1,829		213,946		(33,514)		—
Securities purchased under agreements to resell	25,000		—		—		—		(25,000)		—		—		—		—		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,487	$	456	$	(513)	$	—	$	—	$	—	$	4	$	4,434	$	(81)	$	—
Corporate debt securities	340		(268)		(325)		394		—		—		—		141		27		—
CMBS	35		—		—		35		—		—		(35)		35		—		—
Loans	1,690		5,297		(440)		—		—		—		366		6,913		(5,409)		—
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	480,069		84,930		—		—		(57,088)		248,718		(80,601)		676,028		(51,567)		(33,363)

(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 within long-term debt 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.

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, 2022
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	240,347
Non-exchange-traded securities			Market approach	Price	$0		-	$325	$43
Corporate debt securities	$	30,232	Market approach	Price	$48		-	$82	$65
				EBITDA multiple	4.2				—
			Scenario analysis	Estimated recovery percentage	7%				—
CDOs and CLOs	$	55,824	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2	%	-	3%	2%
				Loss severity	30	%	-	40%	32%
				Discount rate/yield	18	%	-	23%	22%
			Market approach	Price	$67		-	$102	$89
			Scenario analysis	Estimated recovery percentage	69%				—
CMBS	$	839	Scenario analysis	Estimated recovery percentage	45%				—
Other ABS	$	55,858	Discounted cash flows	Discount rate/yield	6	%	-	20%	17%
				Cumulative loss rate	8	%	-	22%	19%
				Duration (years)	0.8		-	1.6	1.2
Loans and other receivables	$	168,875	Market approach	Price	$1		-	$150	$82
			Scenario analysis	Estimated recovery percentage	6	%	-	78%	30%
Investments at fair value	$	159,304
Private equity securities			Market approach	Price	$0		-	$14,919	$604
				Discount rate/yield	23%				—
				Revenue	$30,194,338				—
Financial Instruments Sold, Not Yet Purchased:
Derivatives	$	65,841
Equity options			Volatility benchmarking	Volatility	26	%	-	75%	51%
Other secured financings	$	1,712	Scenario analysis	Estimated recovery percentage	9	%	-	30%	23%
Long-term debt	$	661,123
Structured notes			Market approach	Price	$51		-	$97	$64
				Price	€59		-	€99	€77

November 30, 2021
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	117,803
Non-exchange-traded securities			Market approach	Price	$1		-	$662	$227
				Price	€15		-	€18	€16
				Volatility	25	%	-	59%	31%
			Volatility benchmarking	Volatility	40	%	-	53%	45%
Corporate debt securities	$	11,803	Market approach	Price	$13		-	$100	$86
CDOs and CLOs	$	31,944	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	25	%	-	30%	26%
				Discount rate/yield	8	%	-	19%	16%
			Market approach	Price	$86		-	$103	$93
CMBS	$	2,333	Scenario analysis	Estimated recovery percentage	81%				—
Other ABS	$	86,099	Discounted cash flows	Constant prepayment rate	0	%	-	35%	31%
				Constant default rate	2	%		4%	4%
				Loss severity	60	%	-	85%	55%
				Discount rate/yield	3	%	-	16%	10%
				Cumulative loss rate	7	%	-	20%	14%
				Duration (years)	0.7		-	1.4	1.1
			Market approach	Price	$37		-	$100	$94
Loans and other receivables	$	177,193	Market approach	Price	$31		-	$101	$54
			Discounted cash flows	Duration (years)	0		-	2.2	2.2
			Scenario analysis	Estimated recovery percentage	9	%	-	100%	76%
Derivatives	$	6,501
Equity options			Volatility benchmarking	Volatility	46%				—
Interest rate swaps			Market approach	Basis points upfront	0.1		-	8.1	3.3
Total return swaps				Price	$100				—
Investments at fair value	$	128,152
Private equity securities			Market approach	Price	$1		-	$152	$32
				EBITDA multiple	16.9				—
				Revenue multiple	4.9		-	5.1	5.0
			Scenario analysis	Estimated recovery percentage	7%				—
				Discount rate/yield	13%		-	21%	17
				Revenue growth	0%				—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities
Non-exchange-traded securities	$	4,635	Market approach	Price	$1				—
Loans	$	9,925	Market approach	Price	$31		-	$100	$43
			Scenario analysis	Estimated recovery percentage	50%				—
Derivatives	$	76,533
Equity options			Volatility benchmarking	Volatility	26	%	-	77%	40%
Interest rate swaps			Market approach	Basis points upfront	0.1		-	8.7	3.1
Total return swaps				Price	$100				—
Other secured financings	$	25,905	Scenario analysis	Estimated recovery percentage	13	%	-	98%	92%
Long-term debt	$	881,732
Structured notes			Market approach	Price	$76		-	$115	$94
				Price	€81		-	€113	€103

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 fair value related to 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,
	2022		2021		2020
Financial instruments owned:
Loans and other receivables	$	(20,529)	$	11,682	$	(25,623)
Financial instruments sold, not yet purchased:
Loans	—		1,077		—
Loan commitments	—		—		464
Short-term borrowings:
Other changes in fair value (2)	—		—		(48)
Other secured financings:
Other changes in fair value (2)	695		650		2,475
Long-term debt:
Changes in fair value of instrument specific credit risk (1)	63,344		(113,027)		70,201
Other changes in fair value (2)	345,050		108,739		(84,116)

(1)Changes in fair value of 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 amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, short-term borrowings, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands):

	November 30,
	2022		2021
Financial instruments owned:
Loans and other receivables (1)	$	2,144,632	$	5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or     greater past due (1) (2)	181,766		64,203
Long-term debt and short-term borrowings	369,990		(38,391)
Other secured financings	3,563		3,432

(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 $83.4 million and $19.7 million at November 30, 2022 and 2021, 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, 2022, 2021 and 2020 (in thousands):

November 30, 2022	Level 2		Level 3		Impairment Losses
Exchange ownership interests and registrations (1)	$	—	$	—	$	39
Investments in and loans to related parties (2)	—		106,172		27,119
Other assets (3)	—		1,709		6,701

November 30, 2021	Level 2		Level 3		Impairment Losses
Exchange ownership interests and registrations (1)	$	1,935	$	—	$	66

November 30, 2020	Level 2		Level 3		Impairment Losses
Exchange ownership interests and registrations (1)	$	1,974	$	—	$	468
Intangible assets (4)	—		—		300
Investments in and loans to related parties (5)	—		—		55,612
Other assets (6)			36,400		46,200

(1)These impairment losses, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Investment Banking and Capital Markets reportable business segment. The fair value is based on observed quoted sales prices for each individual membership. (See Note 11, Goodwill and Intangible Assets.)

(2)These impairment losses, which are related to certain equity method investments, were recognized in Other revenues in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows using discount rates ranging from 10.0% to 23.0%. (See Note 9, Investments.)

(3)These impairment losses, which relate to a real estate property, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows discounted at 12.0%.

(4)These impairment losses were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. (See Note 11, Goodwill and Intangible Assets.)

(5)These impairment losses, which are related to a real estate equity method investment, were recognized in Other revenues in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair value was based on a third party appraisal which incorporates Level 3 inputs of comparable property prices. (See Note 9, Investments.)

(6)These impairment losses, which are related to certain oil and gas properties, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows of reserves discounted at 10.0%.