Credit Losses on Financial Assets Measured at Amortized Cost (Tables)

12 Months Ended

Nov. 30, 2022

Credit Loss [Abstract]

Schedule of Allowance for Credit Loss, Automobiles

A rollforward of the allowance for credit losses related to our automobile loans for the years ended November 30, 2022, 2021 and 2020 is as follows (in thousands):

	Year Ended November 30,
	2022		2021		2020
Beginning balance	$	67,236	$	29,710	$	23,606
Adjustment for change in accounting principle for current expected credit losses	—		30,148		—
Provision for doubtful accounts	35,173		18,768		27,974
Charge-offs, net of recoveries	(22,795)		(11,390)		(21,870)
Ending balance	$	79,614	$	67,236	$	29,710

Financing Receivable Credit Quality Indicators

The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at November 30, 2022 for each vintage of the loan portfolio:

	Year of Origination
	2022		2021		2020		2019		2018		Prior Years		Total		Percent
Credit scores of 680 and above	$	53,700	$	46,668	$	17,276	$	16,560	$	7,631	$	1,378	$	143,213	16.3	%
Credit scores between 620 to 679	170,220		132,528		44,095		35,393		17,635		7,647		407,518		46.3
Credit scores below 620	175,690		97,953		21,371		19,039		8,840		5,602		328,495		37.4
Total	$	399,610	$	277,149	$	82,742	$	70,992	$	34,106	$	14,627	$	879,226	100.0	%

The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at November 30, 2021 for each vintage of the loan portfolio:

	Year of Origination
	2021		2020		2019		2018		2017		Prior Years		Total		Percent
Credit scores of 680 and above	$	71,724	$	31,215	$	31,143	$	16,695	$	3,642	$	805	$	155,224	19.4	%
Credit scores between 620 to 679	198,097		79,315		66,247		37,714		17,637		6,509		405,519		50.6
Credit scores below 620	132,374		38,322		34,638		18,277		11,689		5,644		240,944		30.0
Total	$	402,195	$	148,852	$	132,028	$	72,686	$	32,968	$	12,958	$	801,687	100.0	%

Schedule of Aging Loans

The aging of automobile loans held for investment at November 30, 2022 is as follows:

	Year of Origination
	2022		2021		2020		2019		2018		Prior Years		Total		Percent
Current Accounts	$	380,863	$	255,412	$	76,841	$	66,338	$	31,269	$	13,291	$	824,014	93.7	%
Delinquent Accounts
30 - 59 days	12,720		15,550		4,307		3,380		2,020		1,097		39,074		4.4
60 - 89 days	3,718		4,156		1,090		734		569		181		10,448		1.2
90 days and over	2,309		2,031		504		539		248		59		5,690		0.7
Total	$	399,610	$	277,149	$	82,742	$	70,991	$	34,106	$	14,628	$	879,226	100.0	%

The aging of automobile loans held for investment at November 30, 2021 is as follows:

	Year of Origination
	2021		2020		2019		2018		2017		Prior Years		Total		Percent
Current Accounts	$	391,366	$	142,210	$	125,580	$	68,852	$	31,147	$	12,041	$	771,196	96.2	%
Delinquent Accounts
30 - 59 days	7,387		4,444		4,330		2,979		1,472		698		21,310		2.7
60 - 89 days	2,613		1,586		1,620		616		305		157		6,897		0.8
90 days and over	829		612		498		240		44		61		2,284		0.3
Total	$	402,195	$	148,852	$	132,028	$	72,687	$	32,968	$	12,957	$	801,687	100.0	%

Schedule of Allowance for Credit Loss, Investment Banking

The allowance for credit losses for investment banking receivables for the years ended November 30, 2022, 2021 and 2020 is as follows (in thousands):

	Year Ended November 30,
	2022		2021		2020
Beginning balance	$	4,824	$	19,788	$	6,817
Adjustment for change in accounting principle for current expected credit losses	—		(3,594)		—
Bad debt expense, net of reversals	4,141		2,287		19,582
Charge-offs	(910)		(6,409)		(2,083)
Recoveries collected	(2,141)		(7,248)		(4,528)
Ending balance (1)	$	5,914	$	4,824	$	19,788

(1)The allowance for doubtful accounts balances are substantially all related to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.