Fair Value Disclosures (Tables)

6 Months Ended

May 31, 2024

Fair Value Disclosures [Abstract]

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

	May 31, 2024 (1)
$ in thousands	Level 1		Level 2		Level 3		Counterparty  and Cash Collateral Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities	$	4,930,895	$	172,497	$	178,755	$	—	$	5,282,147
Corporate debt securities	—		5,297,248		38,717		—		5,335,965
Collateralized debt obligations and collateralized loan obligations	—		456,701		68,626		—		525,327
U.S. government and federal agency securities	2,720,791		76,065		—		—		2,796,856
Municipal securities	—		836,549		—		—		836,549
Sovereign obligations	707,852		707,957		—		—		1,415,809
Residential mortgage-backed securities	—		2,574,290		644		—		2,574,934
Commercial mortgage-backed securities	—		412,501		477		—		412,978
Other asset-backed securities	—		76,897		168,736		—		245,633
Loans and other receivables	—		1,465,769		92,546		—		1,558,315
Derivatives	298		2,768,214		4,774		(2,396,190)		377,096
Investments at fair value	—		9		138,057		—		138,066
Total financial instruments owned, excluding Investments at fair value based on NAV	$	8,359,836	$	14,844,697	$	691,332	$	(2,396,190)	$	21,499,675
Securities received as collateral	106,229		—		—		—		106,229
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	3,503,955	$	72,029	$	708	$	—	$	3,576,692
Corporate debt securities	—		2,937,907		506		—		2,938,413
Collateralized debt obligations and collateralized loan obligations	—		3,125		—		—		3,125
U.S. government and federal agency securities	2,960,178		107		—		—		2,960,285
Sovereign obligations	948,235		515,789		—		—		1,464,024
Residential mortgage-backed securities	—		347		—		—		347
Commercial mortgage-backed securities	—		—		1,049		—		1,049
Loans	—		73,101		1,584		—		74,685
Derivatives	65		3,190,287		39,651		(2,322,257)		907,746
Total financial instruments sold, not yet purchased	$	7,412,433	$	6,792,692	$	43,498	$	(2,322,257)	$	11,926,366
Other secured financings	$	—	$	—	$	3,965	$	—	$	3,965
Obligation to return securities received as collateral	106,229		—		—		—		106,229
Long-term debt	—		1,091,605		784,212		—		1,875,817

(1)Excludes Investments at fair value based on net asset value (“NAV”) of $1.29 billion at May 31, 2024 by level within the fair value hierarchy.

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

	November 30, 2023 (1)
$ in thousands	Level 1		Level 2		Level 3		Counterparty  and Cash  Collateral Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities	$	3,831,698	$	211,182	$	181,294	$	—	$	4,224,174
Corporate debt securities	—		4,921,222		26,112		—		4,947,334
Collateralized debt obligations and collateralized loan obligations	—		869,246		64,862		—		934,108
U.S. government and federal agency securities	3,563,164		65,566		—		—		3,628,730
Municipal securities	—		223,502		—		—		223,502
Sovereign obligations	1,051,494		609,452		—		—		1,660,946
Residential mortgage-backed securities	—		2,048,309		20,871		—		2,069,180
Commercial mortgage-backed securities	—		344,902		508		—		345,410
Other asset-backed securities	—		255,048		117,661		—		372,709
Loans and other receivables	—		1,320,217		130,101		—		1,450,318
Derivatives	314		3,649,814		8,336		(3,107,620)		550,844
Investments at fair value	—		—		130,835		—		130,835
Total financial instruments owned, excluding Investments at fair value based on NAV	$	8,446,670	$	14,518,460	$	680,580	$	(3,107,620)	$	20,538,090
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$	110,198	$	—	$	—	$	—	$	110,198
Securities received as collateral	8,800		—		—		—		8,800
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	2,235,049	$	83,180	$	676	$	—	$	2,318,905
Corporate debt securities	—		2,842,776		124		—		2,842,900
Collateralized debt obligations and collateralized loan obligations	—		36		—		—		36
U.S. government and federal agency securities	2,957,787		—		—		—		2,957,787
Sovereign obligations	1,229,795		579,302		—		—		1,809,097
Residential mortgage-backed securities	—		463		—		—		463
Commercial mortgage-backed securities	—		—		840		—		840
Loans	—		173,828		1,521		—		175,349
Derivatives	54		3,851,004		59,291		(2,764,572)		1,145,777
Total financial instruments sold, not yet purchased	$	6,422,685	$	7,530,589	$	62,452	$	(2,764,572)	$	11,251,154
Other secured financings	$	—	$	—	$	3,898	$	—	$	3,898
Obligation to return securities received as collateral	8,800		—		—		—		8,800
Long-term debt	—		963,846		744,597		—		1,708,443

(1)Excludes Investments at fair value based on NAV of $1.21 billion at November 30, 2023 by level within the fair value hierarchy.

(2)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

Investments in entities that have the characteristics of an investment company:

	May 31, 2024
$ in thousands	Fair Value (1)		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity Long/Short Hedge Funds (2)	$	364,534	$	—	Quarterly (71%) Monthly (29%)	60 - 90 days 60 days
Equity Funds (3)	55,959		31,406		N/R (100%)	N/R
Commodity Funds (4)	23,373		—		Quarterly (100%)	60 days
Multi-asset Funds (5)	369,641		—		Monthly (87%) Quarterly (13%)	45 - 60 days 90 days
Other Funds (6)	473,494		108,141		Quarterly (71%) N/R (29%)	90 days N/R
Total	$	1,287,001	$	139,547

	November 30, 2023
$ in thousands	Fair  Value (1)		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity Long/Short Hedge Funds (2)	$	341,530	$	—	Quarterly (57%) N/R (43%)	60 - 90 days N/R
Equity Funds (3)	55,701		37,534		N/R (100%)	N/R
Commodity Funds (4)	21,747		—		Quarterly (100%)	60 days
Multi-asset Funds (5)	357,445		—		Monthly (83%) Quarterly (13%) N/R (4%)	60 days 90 days N/R
Other Funds (6)	432,960		132,662		Quarterly (75%) N/R (25%)	90 days N/R
Total	$	1,209,383	$	170,196

N/R - Not redeemable

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

(2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. The investments that cannot be redeemed at November 30, 2023 are not redeemable because these investments include restrictions that do not allow for redemption before November 30, 2023 or August 31, 2025.

(3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of 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 eleven years.

(4)Includes investments in a hedge fund that invests, long and short, primarily in commodities.

(5)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. The investments that cannot be redeemed at November 30, 2023, are not redeemable because these investments include restrictions that do not allow for redemption before April 1, 2024.

(6)Primarily 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, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types.

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

Level 3 Rollforwards

	Three Months Ended May 31, 2024
$ in thousands	Balance at February 29, 2024		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at May 31, 2024		For instruments still held at  May 31, 2024, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities	$	173,214	$	(12,751)	$	15,398	$	(18)	$	—	$	—	$	2,912	$	178,755	$	(12,404)	$	—
Corporate debt securities	35,335		1,363		1,091		(16,250)		—		—		17,178		38,717		89		—
CDOs and CLOs	69,367		1,220		6,810		(1,905)		(5,527)		—		(1,339)		68,626		(675)		—
RMBS	684		(6)		—		—		(34)		—		—		644		—		—
CMBS	473		4		—		—		—		—		—		477		—		—
Other ABS	102,256		(2,198)		63,554		(15,138)		(35,363)		—		55,625		168,736		(1,694)		—
Loans and other receivables	78,885		1,255		11,329		(4,161)		(35)		—		5,273		92,546		579		—
Investments at fair value	121,764		1,616		15,224		(547)		—		—		—		138,057		1,616		—
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	675	$	8	$	—	$	25	$	—	$	—	$	—	$	708	$	(8)	$	—
Corporate debt securities	124		(23)		—		246		—		—		159		506		23		—
CMBS	944		—		—		—		105		—		—		1,049		—		—
Loans	1,466		(251)		(925)		2,801		81		—		(1,588)		1,584		309		—
Net derivatives (2)	52,089		(10,062)		—		—		(9,689)		—		2,539		34,877		(178)		—
Other secured financings	3,965		—		—		—		—		—		—		3,965		—		—
Long-term debt	779,529		(2,477)		—		—		(2,109)		6,616		2,653		784,212		9,334		(6,857)

	Six Months Ended May 31, 2024
$ in thousands	Balance at November 30, 2023		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at May 31, 2024		For instruments still held at  May 31, 2024, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	181,294	$	(12,817)	$	15,956	$	(2,230)	$	—	$	—	$	(3,448)	$	178,755	$	(12,175)	$	—
Corporate debt securities	26,112		3,830		25,563		(17,217)		(200)		—		629		38,717		2,997		—
CDOs and CLOs	64,862		9,006		20,333		(15,838)		(7,293)		—		(2,444)		68,626		4,904		—
RMBS	20,871		(207)		32		(32)		(5,395)		—		(14,625)		644		33		—
CMBS	508		(35)		4		—		—		—		—		477		(64)		—
Other ABS	117,661		(5,913)		76,263		(32,817)		(26,619)		—		40,161		168,736		(3,938)		—
Loans and other receivables	130,101		(39,831)		18,555		(3,974)		(17,892)		—		5,587		92,546		(17,220)		—
Investments at fair value	130,835		(9,079)		16,855		—		(547)		—		(7)		138,057		(9,079)		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	676	$	1	$	—	$	31	$	—	$	—	$	—	$	708	$	(1)	$	—
Corporate debt securities	124		(23)		—		246		—		—		159		506		23		—
CMBS	840		—		(245)		—		455		—		(1)		1,049		—		—
Loans	1,521		(114)		(1,041)		3,642		114		—		(2,538)		1,584		107		—
Net derivatives (2)	50,955		(17,979)		(978)		2,913		(9,486)		—		9,452		34,877		9,057		—
Other secured financings	3,898		4,482		—		—		(4,415)		—		—		3,965		(4,482)		—
Long-term debt	744,597		9,651		—		—		(2,109)		28,072		4,001		784,212		(5,117)		(4,534)

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income.

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

	Three Months Ended May 31, 2023
$ in thousands	Balance at February 28, 2023		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at May 31, 2023		For instruments still held at May 31, 2023, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	261,634	$	8,990	$	115	$	(192)	$	—	$	—	$	(2,634)	$	267,913	$	9,093	$	—
Corporate debt securities	41,793		3,340		1,361		(11,001)		—		—		7,149		42,642		(888)		—
CDOs and CLOs	72,438		4,998		22,199		(9,362)		(7,974)		—		(19,608)		62,691		(2,041)		—
RMBS	23,987		1,227		100		—		(609)		—		—		24,705		2,040		—
CMBS	486		247		—		—		—		—		28,213		28,946		374		—
Other ABS	100,428		(2,157)		38,201		—		(8,539)		—		(1,858)		126,075		(4,542)		—
Loans and other receivables	148,673		179		6,648		(10,700)		(2,139)		—		(844)		141,817		352		—
Investments at fair value	157,863		(192)		6,760		—		(10,631)		—		—		153,800		(192)		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	628		—		—		—		—		—		(163)		465		—		—
Corporate debt securities	285		(5)		—		—		—		—		(13)		267		(1)		—
CMBS	525		—		—		105		—		—		—		630		—		—
Loans	3,045		185		—		117		—		—		1		3,348		(436)		—
Net derivatives (2)	87,331		(45,670)		—		—		(149)		—		12,748		54,260		46,247		—
Other secured financings	1,712		—		—		—		—		—		—		1,712		—		—
Long-term debt	683,698		680		—		—		—		4,481		8,198		697,057		(20,226)		19,545

	Six Months Ended May 31, 2023
$ in thousands	Balance at November 30, 2022		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at May 31, 2023		For instruments still held at May 31, 2023, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	240,347	$	27,252	$	402	$	(890)	$	—	$	—	$	802	$	267,913	$	27,743	$	—
Corporate debt securities	30,232		3,163		6,541		(19,812)		(200)		—		22,718		42,642		(1,240)		—
CDOs and CLOs	55,824		10,403		36,565		(9,869)		(16,243)		—		(13,989)		62,691		(3,661)		—
RMBS	27,617		(2,443)		114		—		(583)		—		—		24,705		(828)		—
CMBS	839		(747)		—		—		—		—		28,854		28,946		(60)		—
Other ABS	94,677		(5,377)		52,725		(4,784)		(10,780)		—		(386)		126,075		(6,317)		—
Loans and other receivables	168,875		(784)		10,080		(14,516)		(2,147)		—		(19,691)		141,817		145		—
Investments at fair value	161,992		(2,828)		7,768		(2,420)		(10,712)		—		—		153,800		(2,828)		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	750	$	(285)	$	—	$	—	$	—	$	—	$	—	$	465	$	285	$	—
Corporate debt securities	500		(10)		(187)		—		—		—		(36)		267		53		—
CMBS	490		—		—		140		—		—		—		630		—		—
Loans	3,164		40		—		327		—		—		(183)		3,348		(266)		—
Net derivatives (2)	59,524		(46,779)		—		127		(629)		2,115		39,902		54,260		46,097		—
Other secured financings	1,712		—		—		—		—		—		—		1,712		—		—
Long-term debt	661,123		20,869		—		—		—		4,684		10,381		697,057		(4,658)		(16,212)

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income.

(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

May 31, 2024
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	178,755
Non-exchange-traded securities			Market approach	Price	$0		-	$325	$56
Corporate debt securities	$	38,717	Market approach	Price	$0		-	$95	$57
CDOs and CLOs	$	55,917	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	30%				—
				Discount rate/yield	15	%	-	24%	21%
			Market approach	Price	$54		-	$109	$95
Other ABS	$	151,839	Discounted cash flows	Discount rate/yield	19	%	-	20%	20%
				Cumulative loss rate	28	%	-	33%	29%
				Duration (years)	1.4		-	1.9	1.8
			Market approach	Price	$100				—
			Scenario analysis	Estimated recovery percentage	100%				—
Loans and other receivables	$	92,546	Market approach	Price	$49		-	$200	$92
			Scenario analysis	Estimated recovery percentage	7	%	-	100%	68%
Investments at fair value	$	133,912
Private equity securities			Market approach	Price	$1		-	$5,000	$360
				Price	€7,760				—
				Price	£0.5				—
				Discount rate/yield	28%				—
				Revenue	$30,253,269				—
Financial Instruments Sold, Not Yet Purchased:
Loans	$	1,584	Market approach	Price	$115				—
Derivatives	$	37,154
Equity options			Volatility bench-marking	Volatility	24.6		-	47.9	34.6
Embedded options			Market approach	Basis points upfront	0.2		-	25.4	13.7
Other secured financings	$	3,965	Scenario analysis	Estimated recovery percentage	60	%	-	100%	93%
Long-term debt	$	784,212
Structured notes			Market approach	Price	$57		-	$103	$78
				Price	€64		-	€104	€86

November 30, 2023
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	181,294
Non-exchange-traded securities			Market approach	Price	$0		-	$325	$59
Corporate debt securities	$	26,112	Market approach	Price	$40		-	$94	$50
			Discounted cash flows	Discount rate/yield	11%				—
			Scenario analysis	Estimated recovery percentage	4%				—
CDOs and CLOs	$	64,862	Discounted cash flows	Constant prepayment rate	15	%	-	20%	19%
				Constant default rate	2%				—
				Loss severity	35	%	-	40%	36%
				Discount rate/yield	21	%	-	26%	24%
			Market approach	Price	$48		-	$100	$88
CMBS	$	508	Scenario analysis	Estimated recovery percentage	28%				—
Other ABS	$	102,423	Discounted cash flows	Discount rate/yield	10	%	-	21%	18%
				Cumulative loss rate	9	%	-	32%	25%
				Duration (years)	1.1		-	2.2	1.7
			Market approach	Price	$100				—
Loans and other receivables	$	130,101	Market approach	Price	$82		-	$157	$127
			Scenario analysis	Estimated recovery percentage	7	%	-	73%	40%
Derivatives	$	2,395
Equity options			Volatility bench-marking	Volatility	60%				—
Investments at fair value	$	127,237
Private equity securities			Market approach	Price	$1		-	$6,819	$484
				Discount rate/yield	28%				—
				Revenue	$30,538,979				—
Financial Instruments Sold, Not Yet Purchased:
Corporate debt securities	$	124	Scenario analysis	Estimated recovery percentage	4%				—
Loans	$	1,521	Market approach	Price	$101				—
Derivatives	$	56,779
Equity options			Volatility bench-marking	Volatility	31	%	-	87%	42%
Embedded options			Market approach	Basis points upfront	0.4		-	25.5	17.9
Other secured financings	$	3,898	Scenario analysis	Estimated recovery percentage	18	%	-	73%	53%
Long-term debt	$	744,597
Structured notes			Market approach	Price	$57		-	$114	$78
				Price	€60		-	€103	€84

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

Fair value option gains (losses):

	Three Months Ended  May 31,				Six Months Ended  May 31,
$ in thousands	2024		2023		2024		2023
Financial instruments owned:
Loans and other receivables	$	(28,264)	$	(23,439)	$	(39,691)	$	(6,651)
Other secured financings:
Other changes in fair value (2)	$	—	$	—	$	(4,482)	$	—
Long-term debt:
Changes in instrument-specific credit risk (1)	$	(13,790)	$	45,283	$	(17,769)	$	(26,377)
Other changes in fair value (2)	16,367		(42,275)		(27,451)		(6,011)

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

(2)Other changes in fair value are included in Principal transactions revenues.

Fair value option amounts by which contractual principal is greater than (less than) fair value:

$ in thousands	May 31, 2024		November 30, 2023
Financial instruments owned:
Loans and other receivables (1)	$	1,426,803	$	2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	293,648		259,354
Long-term debt	257,630		294,256
Other secured financings	459		1,377

(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues.

(2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $54.2 million and $187.4 million at May 31, 2024 and November 30, 2023, respectively.