Fair Value Disclosures (Tables)

9 Months Ended

Aug. 31, 2015

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 NAV of $40.2 million and $42.2 million at August 31, 2015 and November 30, 2014, respectively, by level within the fair value hierarchy (in thousands):

	August 31, 2015
	Level 1(1)		Level 2(1)		Level 3		Counterparty and Cash Collateral Netting (2)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,454,674	$	176,636	$	38,502	$	—		$	2,669,812
Corporate debt securities	—		2,956,190		24,331		—			2,980,521
Collateralized debt obligations	—		151,499		81,050		—			232,549
U.S. government and federal agency securities	2,109,086		592,321		—		—			2,701,407
Municipal securities	—		599,471		—		—			599,471
Sovereign obligations	1,052,681		798,645		—		—			1,851,326
Residential mortgage-backed securities	—		3,824,389		86,422		—			3,910,811
Commercial mortgage-backed securities	—		1,465,115		15,147		—			1,480,262
Other asset-backed securities	—		64,648		32,596		—			97,244
Loans and other receivables	—		1,666,454		95,399		—			1,761,853
Derivatives	2,182		4,827,243		34,345		(4,394,947		)	468,823
Investments at fair value	—		16,866		66,209		—			83,075
Physical commodities	—		14,973		—		—			14,973
Total financial instruments owned, excluding     Investments at fair value based on NAV	$	5,618,623	$	17,154,450	$	474,001	$	(4,394,947	)	$	18,852,127
Cash and cash equivalents	$	3,441,785	$	—	$	—	$	—		$	3,441,785
Cash and securities segregated and on deposit for     regulatory purposes	$	904,009	$	—	$	—	$	—		$	904,009
Securities received as collateral	$	11,365	$	—	$	—	$	—		$	11,365
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,711,938	$	99,051	$	—	$	—		$	1,810,989
Corporate debt securities	—		1,932,534		226		—			1,932,760
U.S. government and federal agency securities	2,414,440		133,181		—		—			2,547,621
Sovereign obligations	1,228,377		874,705		—		—			2,103,082
Residential mortgage-backed securities	—		3,329		—		—			3,329
Loans	—		819,841		10,371		—			830,212
Derivatives	1,931		4,680,726		41,508		(4,504,522		)	219,643
Total financial instruments sold, not yet      purchased	$	5,356,686	$	8,543,367	$	52,105	$	(4,504,522	)	$	9,447,636
Obligation to return securities received as collateral	$	11,365	$	—	$	—	$	—		$	11,365
Other secured financings	$	—	$	70,327	$	574	$	—		$	70,901
Embedded conversion option	$	—	$	—	$	114	$	—		$	114

(1) There were no material transfers between Level 1 and Level 2 for the nine months ended August 31, 2015.

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

	November 30, 2014
	Level 1 (1)		Level 2 (1)		Level 3			Counterparty and Cash Collateral Netting (2)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,178,837	$	226,441	$	20,964		$	—		$	2,426,242
Corporate debt securities	—		3,342,276		22,766		(4)	—			3,365,042
Collateralized debt obligations	—		306,218		124,650		(4)	—			430,868
U.S. government and federal agency securities	2,694,268		81,273		—			—			2,775,541
Municipal securities	—		590,849		—			—			590,849
Sovereign obligations	1,968,747		790,764		—			—			2,759,511
Residential mortgage-backed securities	—		2,879,954		82,557			—			2,962,511
Commercial mortgage-backed securities	—		966,651		26,655			—			993,306
Other asset-backed securities	—		137,387		2,294			—			139,681
Loans and other receivables	—		1,458,760		97,258			—			1,556,018
Derivatives	65,145		5,046,278		54,190			(4,759,345		)	406,268
Investments at fair value	—		73,148		53,224			—			126,372
Physical commodities	—		62,234		—			—			62,234
Total financial instruments owned, excluding     Investments at fair value based on NAV	$	6,906,997	$	15,962,233	$	484,558		$	(4,759,345	)	$	18,594,443
Cash and cash equivalents	$	4,079,968	$	—	$	—		$	—		$	4,079,968
Cash and securities segregated and on deposit for     regulatory purposes (3)	$	3,444,674	$	—	$	—		$	—		$	3,444,674
Securities received as collateral	$	5,418	$	—	$	—		$	—		$	5,418
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,911,145	$	74,681	$	38		$	—		$	1,985,864
Corporate debt securities	—		1,611,994		223			—			1,612,217
Collateralized debt obligations	—		4,557		—			—			4,557
U.S. government and federal agency securities	2,253,055		—		—			—			2,253,055
Sovereign obligations	1,217,075		574,010		—			—			1,791,085
Loans	—		856,525		14,450			—			870,975
Derivatives	52,778		5,117,803		49,552			(4,856,618		)	363,515
Total financial instruments sold, not yet      purchased	$	5,434,053	$	8,239,570	$	64,263		$	(4,856,618	)	$	8,881,268
Obligation to return securities received as collateral	$	5,418	$	—	$	—		$	—		$	5,418
Other secured financings	$	—	$	—	$	30,825		$	—		$	30,825
Embedded conversion option	$	—	$	—	$	693		$	—		$	693

(1) At December 1, 2013, equity options presented within Financial instruments owned and Financial instruments sold, not yet purchased of $6.1 million and $6.6 million, respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value.

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

(3) Cash and securities segregated and on deposit for regulatory purposes include U.S. government securities with a fair value of $453.7 million and CFTC approved money market funds with a fair value of $545.0 million.

(4) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged.

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 at August 31, 2015 and November 30, 2014 (in thousands):

	August 31, 2015
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	79,431	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)	2,130		—		—
Fund of Funds (4)	286		94		—
Equity Funds (5)	41,691		20,792		—
Convertible Bond Funds (6)	3,472		—		At Will
Total	$	127,010	$	20,886

	November 30, 2014
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	44,983	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)(7)	2,704		—		—
Fund of Funds (4)	323		94		—
Equity Funds (5)	65,216		26,023		—
Convertible Bond Funds (6)	3,355		—		At Will
Total	$	116,581	$	26,117

(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, in primarily equity securities in domestic and international markets in both the public and private sectors. At August 31, 2015 and November 30, 2014, investments representing approximately 100% and 99%, respectively, of the fair value of investments in this category are redeemable with 30-90 days prior written notice.

(3) Includes investments in funds that invest 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. There are no redemption provisions. At August 31, 2015 and November 30, 2014, the underlying assets of 7% and 8%, respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated.

(4) Includes investments in fund of funds that invest in various private equity funds. At August 31, 2015 and November 30, 2014, approximately 95% and 95%, respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next sixteen months. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received.

(5) At August 31, 2015 and November 30, 2014, approximately 100% and 99%, respectively, of the fair value of 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 expected to liquidate in one to eight years.

(6) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated.

(7) Fixed income and high yield hedge funds was revised by $2.5 million from that previously reported due to the inclusion of a fixed income fund, which has the characteristics of an investment company that is included in Investments at fair value within Financial instruments owned in the Consolidated Statement of Financial Condition. The total amount of Investments at fair value remained unchanged.

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

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 three months ended August 31, 2015 (in thousands):

	Three Months Ended August 31, 2015
	Balance at May 31, 2015			Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/  (out of) Level 3			Balance at August 31, 2015		Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2015 (1)
Assets:
Financial instruments    owned:
Corporate equity     securities	$	20,547		$	3,901		$	21,162		$	(5,173	)	$	—		$	—	$	(1,935	)	$	38,502	$	3,803
Corporate debt     securities	31,917			(5,276		)	10,395			(17,197		)	(1		)	—		4,493			24,331		(5,544		)
Collateralized debt     obligations	89,007			(12,560		)	14,961			—			(13,230		)	—		2,872			81,050		(12,561		)
Residential     mortgage-backed     securities	88,695			(3,009		)	10,034			(8,424		)	(195		)	—		(679		)	86,422		655
Commercial     mortgage-backed     securities	17,862			(510		)	—			(680		)	—			—		(1,525		)	15,147		(545		)
Other asset-backed     securities	11,857			870			21,913			—			(1,167		)	—		(877		)	32,596		813
Loans and other     receivables	108,756			(2,111		)	31,269			(603		)	(42,529		)	—		617			95,399		(6,182		)
Investments at fair     value	131,343			83,580			—			(127,427		)	(277		)	—		(21,010		)	66,209		19,675
Liabilities:
Financial instruments     sold, not yet purchased:
Corporate equity     securities	$	38		$	—		$	—		$	—		$	—		$	—	$	(38	)	$	—	$	—
Corporate debt     securities	452			(226		)	—			—			—			—		—			226		226
Net derivatives (2)	(1,586		)	(1,020		)	(1,432		)	11,618			24			416		(857		)	7,163		551
Loans	10,732			109			(3,012		)	—			—			—		2,542			10,371		(110		)
Other secured financings	56,060			—			—			—			(3,914		)	—		(51,572		)	574		—
Embedded conversion     option	725			(611		)	—			—			—			—		—			114		611

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

(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 nine months ended August 31, 2015 (in thousands):

	Nine Months Ended August 31, 2015
	Balance at November 30, 2014			Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at August 31, 2015		Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2015 (1)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	20,964		$	10,247		$	22,631		$	(5,176	)	$	—		$	—	$	(10,164	)	$	38,502	$	10,210
Corporate debt     securities	22,766			(5,425		)	83,613			(88,711		)	(1		)	—		12,089			24,331		(5,797		)
Collateralized debt     obligations	124,650			(28,999		)	63,038			(47,570		)	(20,481		)	—		(9,588		)	81,050		(22,654		)
Residential     mortgage-backed     securities	82,557			(6,776		)	30,865			(25,222		)	(358		)	—		5,356			86,422		(2,507		)
Commercial     mortgage-backed     securities	26,655			(2,053		)	3,366			(9,973		)	(6,981		)	—		4,133			15,147		(1,851		)
Other asset-backed     securities	2,294			666			69,892			(40,000		)	(1,438		)	—		1,182			32,596		607
Loans and other     receivables	97,258			(7,331		)	115,370			(40,978		)	(82,100		)	—		13,180			95,399		(8,850		)
Investments, at fair     value	53,224			88,195			—			(124,854		)	(3,818		)	—		53,462			66,209		24,372
Liabilities:
Financial instruments sold,     not yet purchased:
Corporate equity     securities	$	38		$	—		$	—		$	—		$	—		$	—	$	(38	)	$	—	$	—
Corporate debt     securities	223			(1		)	(6,677		)	6,804			—			—		(123		)	226		(226		)
Net derivatives (2)	(4,638		)	3,022			(4,527		)	11,340			(30		)	1,901		95			7,163		(5,211		)
Loans	14,450			(102		)	(3,487		)	—			—			—		(490		)	10,371		102
Other secured financings	30,825			—			—			—			(15,674		)	36,995		(51,572		)	574		—
Embedded conversion     option	693			(579		)	—			—			—			—		—			114		579

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

(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 three months ended August 31, 2014 (in thousands):

	Three Months Ended August 31, 2014 (1)
	Balance at May 31, 2014		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at August 31, 2014		Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2014 (2)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	16,402	$	(480	)	$	4,528		$	(529	)	$	—		$	—	$	(12,144	)	$	7,777	$	(286	)
Corporate debt     securities	31,648		5,454			21,793			(15,713		)	(34		)	—		(6,264		)	36,884		3,470
Collateralized debt     obligations	42,313		(845		)	7,613			(15,204		)	—			—		9,863			43,740		(1,575		)
U.S. government and federal agency securities	—		(11		)	2,505			—			—			—		—			2,494		(11		)
Residential     mortgage-backed     securities	71,962		(2,557		)	3,981			(9,635		)	(325		)	—		17,608			81,034		(302		)
Commercial     mortgage-backed     securities	24,246		(256		)	641			(7,068		)	—			—		1,764			19,327		(832		)
Other asset-backed     securities	45,444		1,272			50,620			(49,411		)	(8,774		)	—		(37,072		)	2,079		(3		)
Loans and other     receivables	138,643		(8,074		)	194,387			(96,340		)	(40,617		)	—		26			188,025		(7,967		)
Investments at fair     value	79,316		(512		)	500			(5,414		)	(305		)	—		5,416			79,001		(403		)
Liabilities:
Financial instruments     sold, not yet     purchased:
Corporate equity     securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38	$	—
Corporate debt securities	2,780		(101		)	(2,566		)	—			—			—		129			242		67
Net derivatives (3)	15,282		(1,632		)	(74		)	74			(70		)	—		—			13,580		70
Loans	31,534		—			(16,307		)	—			—			—		(8,566		)	6,661		—
Other secured financings	20,288		—			—			—			(7,570		)	18,948		—			31,666		—
Embedded conversion     option	3,895		(2,463		)	—			—			—			—		—			1,432		2,463

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

(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 nine months ended August 31, 2014 (in thousands):

	Nine Months Ended August 31, 2014
	Balance at November 30, 2013		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at August 31, 2014		Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2014 (1)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	9,884	$	(1,528	)	$	36,661		$	(31,444	)	$	—		$	—	$	(5,796	)	$	7,777	$	(400	)
Corporate debt     securities	25,666		10,727			137,164			(128,733		)	—			—		(7,940		)	36,884		10,177
Collateralized debt     obligations	37,216		5,198			94,743			(99,661		)	—			—		6,244			43,740		(6,283		)
U.S. government and     federal agency     securities	—		(11		)	2,505			—			—			—		—			2,494		(11		)
Residential     mortgage-backed     securities	105,492		(6,974		)	44,454			(65,229		)	(812		)	—		4,103			81,034		(3,564		)
Commercial     mortgage-backed     securities	17,568		(3,120		)	34,959			(32,774		)	(1,315		)	—		4,009			19,327		(3,380		)
Other asset-backed     securities	12,611		256			52,495			(52,282		)	(8,804		)	—		(2,197		)	2,079		—
Loans and other     receivables	145,890		(9,028		)	247,383			(147,851		)	(61,791		)	—		13,422			188,025		(8,961		)
Investments, at fair     value	66,931		23,615			28,160			(38,062		)	(945		)	—		(698		)	79,001		9,126
Liabilities:
Financial instruments sold,     not yet purchased:
Corporate equity      securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38	$	—
Corporate debt     securities	—		163			(7		)	97			—			—		(11		)	242		(163		)
Net derivatives (2)	6,905		9,959			(124		)	(76		)	248			—		(3,332		)	13,580		—
Loans	22,462		—			(15,472		)	3,549			—			—		(3,878		)	6,661		(10,519		)
Other secured financings	8,711		—			—			—			(16,684		)	39,639		—			31,666		—
Embedded conversion     option	9,574		(8,142		)	—			—			—			—		—			1,432		8,142

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the 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 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.

August 31, 2015
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	17,340
Non-exchange traded securities			Market approach	EBITDA (a) multiple	4.6 to 8.5	6.6
			Discounted cash flows	Underlying stock price	$5 to $7	$	6
Corporate debt securities	$	24,331
			Convertible bond model	Discount rate/yield	74%	—
			Market approach	Discount rate/yield	19%	—
				Transaction level	$138	—
Collateralized debt obligations	$	33,075	Discounted cash flows	Constant prepayment rate	0% to 20%	17		%
				Constant default rate	0% to 2%	2		%
				Loss severity	25% to 100%	40		%
				Yield	10% to 13%	11		%
Residential mortgage-backed      securities	$	86,422	Discounted cash flows	Constant prepayment rate	0% to 50%	12		%
				Constant default rate	1% to 8%	5		%
				Loss severity	25% to 80%	52		%
				Yield	1% to 11%	5		%
Commercial mortgage-backed       securities	$	15,147	Discounted cash flows	Yield	8% to 20%	14		%
				Cumulative loss rate	2% to 54%	15		%
Other asset-backed securities	$	32,596	Discounted cash flows	Constant prepayment rate	0% to 24%	10		%
				Constant default rate	0% to 9%	5		%
				Loss severity	0% to 100%	77		%
				Yield	1% to 25%	10		%
			Over-collateralization	Over-collateralization percentage	111% to 125%	123		%
Loans and other receivables	$	85,445	Comparable pricing	Comparable loan price	$91 to $100	$	97.0
			Market approach	Discount rate/yield	2% to 13%	10		%
				EBITDA (a) multiple	6.9	—
			Scenario analysis	Estimated recovery percentage	34% to 77%	39		%
Derivatives	20,308
Foreign exchange options			Option Model	Volatility	11%	—		%
Unfunded commitment			Comparable pricing	Comparable loan price	$91 to $100	$	100
			Market approach	Discount rate/yield	12% to 15%	13		%
Foreign exchange forwards				Credit spread	500 bps	—
Investments at fair value
Private equity securities	$	38,497	Market approach	Transaction level	$3 to $56	$	10
Liabilities
Financial Instruments Sold, Not Yet Purchased:
Derivatives	$	41,508
Foreign exchange options			Option model	Volatility	11%	—		%
Equity options			Option model	Volatility	42%	—
			Default rate	Default probability	0%	—
Unfunded commitments			Comparable pricing	Comparable loan price	$91 to $100	$	95.8
			Market approach	Discount rate/yield	4% to 15%	13		%
			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	30%	—
				Yield	11%	—
Loans and other receivables	$	10,371	Comparable pricing	Comparable loan price	$100	—
Embedded conversion option	$	114	Option valuation model	Historical volatility	22%	—

(a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”).

November 30, 2014
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable  Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	19,814
Non-exchange traded securities			Market approach	EBITDA multiple	3.4 to 4.7	3.6
			Scenario analysis	Estimated recovery percentage	24%	—
Corporate debt securities	$	22,766	Convertible bond model	Discount rate/yield	32%	—
Collateralized debt obligations	$	41,784	Discounted cash flows	Constant prepayment rate	0% to 20%	13		%
				Constant default rate	0% to 2%	2		%
				Loss severity	0% to 70%	39		%
				Yield	2% to 51%	16		%
Residential mortgage-backed      securities	$	82,557	Discounted cash flows	Constant prepayment rate	1% to 50%	13		%
				Constant default rate	1% to 100%	14		%
				Loss severity	20% to 80%	50		%
				Yield	3% to 13%	7		%
Commercial mortgage-backed      securities	$	26,655	Discounted cash flows	Yield	8% to 12%	11		%
				Cumulative loss rate	4% to 72%	15		%
			Scenario analysis	Estimated recovery percentage	90%	—
Other asset-backed securities	$	2,294	Discounted cash flows	Constant prepayment rate	8%	—
				Constant default rate	3%	—
				Loss severity	70%	—
				Yield	7%	—
Loans and other receivables	$	88,154	Comparable pricing	Comparable loan price	$100 to $101	$	100.3
			Market approach	Yield	3% to 5%	4		%
				EBITDA multiple	3.4 to 8.2	7.6
			Scenario analysis	Estimated recovery percentage	10% to 41%	36		%
Derivatives	$	54,190
Foreign exchange options			Option Model	Volatility	13% to 23%	17		%
Commodity forwards			Discounted cash flows	Discount rate	17%	—
Loan commitments			Comparable pricing	Comparable loan price	$100	—
Investments at fair value	$	8,500
Private equity securities			Market approach	Transaction level	$50	—
Liabilities
Financial Instruments Sold, Not Yet Purchased:
Derivatives	$	49,552
FX options			Option model	Volatility	13% to 23%	17		%
Unfunded commitments			Comparable pricing	Comparable loan price	$89 to $100	$	92.0
				Credit spread	45bps	—
			Market approach	Yield	5%	—
Loans and other receivables	$	14,450	Comparable pricing	Comparable loan price	$100	—
Other secured financings	$	30,825	Comparable pricing	Comparable loan price	$81 to $100	$	98.7
Embedded conversion option	$	693	Option valuation model	Historical volatility	19%	—

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 and other receivables and loan commitments measured at fair value under the fair value option (in thousands):

	Three Months Ended August 31,						Nine Months Ended August 31,
	2015			2014			2015			2014
Financial Instruments Owned:
Loans and other receivables	$	(13,566	)	$	(15,002	)	$	(25,686	)	$	(12,841	)
Financial Instruments Sold:
Loans	$	38		$	103		$	112		$	(751	)
Loan commitments	(51		)	1,338			(1,673		)	(10,299		)

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

	August 31, 2015		November 30, 2014
Financial Instruments Owned:
Loans and other receivables (1)	$	354,262	$	403,119
Loans and other receivables greater than 90 days past due (1)	32,867		5,594
Loans and other receivables on nonaccrual status (1) (2)	3,330		(22,360		)

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

(2) Amounts include all loans and other receivables greater than 90 days past due.