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Fair Value Disclosures

9 Months Ended

Aug. 31, 2022

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 $1.30 billion and $1.01 billion at August 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands):


	August 31, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned:
Corporate equity securities	$	3,270,145	$	92,502	$	195,766	$	—	$	3,558,413
Corporate debt securities	—		3,264,406		18,212		—		3,282,618
Collateralized debt obligations and collateralized loan obligations	—		440,441		49,928		—		490,369
U.S. government and federal agency securities	4,303,598		55,547		—		—		4,359,145
Municipal securities	—		206,214		—		—		206,214
Sovereign obligations	643,476		774,861		—		—		1,418,337
Residential mortgage-backed securities	—		1,564,010		25,743		—		1,589,753
Commercial mortgage-backed securities	—		301,004		31,610		—		332,614
Other asset-backed securities	—		226,140		91,493		—		317,633
Loans and other receivables	—		2,511,984		117,594		—		2,629,578
Derivatives	1,067		3,081,967		15,934		(2,725,042)		373,926
Investments at fair value	—		3,705		139,220		—		142,925
Total financial instruments owned, excluding Investments at fair value based on NAV	$	8,218,286	$	12,522,781	$	685,500	$	(2,725,042)	$	18,701,525

Securities received as collateral	$	149,586	$	—	$	—	$	—	$	149,586

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,793,307	$	37,798	$	2,570	$	—	$	1,833,675
Corporate debt securities	—		1,940,464		427		—		1,940,891
Collateralized debt obligations and collateralized loan obligations	—		328		354		—		682
U.S. government and federal agency securities	2,601,469		—		—		—		2,601,469

Sovereign obligations	697,326		783,199		—		—		1,480,525

Commercial mortgage-backed securities	—		3,800		455		—		4,255
Loans	—		2,209,866		12,694		—		2,222,560
Derivatives	81		3,916,772		88,432		(2,556,284)		1,449,001
Total financial instruments sold, not yet purchased	$	5,092,183	$	8,892,227	$	104,932	$	(2,556,284)	$	11,533,058

Other secured financings	$	—	$	—	$	2,362	$	—	$	2,362
Obligation to return securities received as collateral	$	149,586	$	—	$	—	$	—	$	149,586
Long-term debt	$	—	$	796,295	$	721,115	$	—	$	1,517,410

(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	$	2,567,690	$	199,244	$	76,082	$	—	$	2,843,016
Corporate debt securities	—		3,836,303		11,803		—		3,848,106
Collateralized debt obligations and collateralized loan obligations	—		579,518		31,944		—		611,462
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		74,585		—		3,437,635
Derivatives	4,429		3,858,848		10,248		(3,304,566)		568,959
Investments at fair value	—		4,236		34,557		—		38,793
Total financial instruments owned, excluding Investments at fair value based on NAV	$	6,516,500	$	14,775,428	$	336,553	$	(3,304,566)	$	18,323,915

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	—		2,476,087		15,770		—		2,491,857
Derivatives	1,815		5,024,682		78,017		(3,701,010)		1,403,504
Total financial instruments sold, not yet purchased	$	5,066,732	$	10,225,959	$	99,114	$	(3,701,010)	$	11,690,795

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.

The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis:

Corporate Equity Securities

•Exchange-Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied.

•Non-Exchange-Traded Equity Securities: Non-exchange-traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed from recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/Earnings before interest, taxes, depreciation and amortization (“EBITDA”), price/book value), discounted cash flow analyses and transaction prices observed from subsequent financing or capital issuance by the company. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration).

•Equity Warrants: Non-exchange-traded equity warrants are measured primarily from observed prices on recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and can be measured using third-party valuation services or the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date.

Corporate Debt Securities

•Investment Grade Corporate Bonds: Investment grade corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed from recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Investment grade corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy and are a limited portion of our investment grade corporate bonds.

•High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer’s subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers.

Collateralized Debt Obligations and Collateralized Loan Obligations

Collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”) are measured based on prices observed from recently executed market transactions of the same or similar security or based on valuations received from third-party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria, including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates and loss severity.

U.S. Government and Federal Agency Securities

•U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy.

•U.S. Agency Debt Securities: Callable and non-callable U.S. agency debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Municipal Securities

Municipal securities are measured based on quoted prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size and are generally categorized within Level 2 of the fair value hierarchy.

Sovereign Obligations

Sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities

•Agency Residential Mortgage-Backed Securities (“RMBS”): Agency RMBS include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency RMBS are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 or Level 3 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age.

•Non-Agency RMBS: The fair value of non-agency RMBS is determined primarily using pricing data from external pricing services, where available, and discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities.

Commercial Mortgage-Backed Securities

•Agency Commercial Mortgage-Backed Securities (“CMBS”): Government National Mortgage Association (“Ginnie Mae”) project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of various factors, including prepayment speeds, default rates and cash flow structures. Ginnie Mae project loan bonds are categorized within Level 2 of the fair value hierarchy. Ginnie Mae multi-family CMOs, variable rate Interest Only Securities (“IOs”) and fixed rate IOs are generally measured by using prices observed from recently executed market transactions or pricing data from external pricing services, where available, to estimate market-clearing spread levels for purposes of estimating fair value and are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability of the pricing inputs used. Federal National Mortgage Association (“Fannie Mae”) Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed from recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. Fannie Mae DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy.

•Non-Agency CMBS: Non-agency CMBS are measured using pricing data obtained from external pricing services, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-Agency CMBS are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs.

Other Asset-Backed Securities

Other asset-backed securities (“ABS”) include, but are not limited to, securities backed by automobile loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal.

Loans and Other Receivables

•Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, for example, derived using market prices for debt securities of the same creditor and estimates of future cash flows incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer’s capital structure.

•Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans and data provider pricing. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing.

•Project Loans and Participation Certificates in Ginnie Mae Project and Construction Loans: Valuations of participation certificates in Ginnie Mae project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions.

•Consumer Loans and Funding Facilities: Consumer and small business whole loans and related funding facilities are valued based on observed market transactions and incorporating valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy.

•Escrow and Claim Receivables: Escrow and claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent observations in the same receivable. Escrow and claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers.

Derivatives

•Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market or consensus pricing services. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy.

•Over-the-Counter (“OTC”) Derivative Contracts: OTC derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current transaction. Where available, valuation inputs are calibrated from observable market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy.

OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as Black-Scholes, with key inputs including the underlying security price, foreign exchange spot rate, commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. Where available, external data is used in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are generally observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services.

Investments at Fair Value

Investments at fair value includes investments in hedge funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques internally or by third-party valuation services involving performance data, company ratios and multiples (e.g., price/EBITDA, price/book value) for comparable companies, discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy.

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


	August 31, 2022
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	452,867	$	—
Equity Funds (3)	61,825		37,307
Commodity Funds (4)	25,671		—
Multi-asset Funds (5)	406,183		—
Other Funds (6)	352,977		65,916
Total	$	1,299,523	$	103,223


	November 30, 2021
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	32,412		10,593
Commodity Funds (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,012,322	$	46,683

(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 August 31, 2022 and November 30, 2021, approximately 57% and 74%, respectively, became redeemable quarterly with 90 days prior written notice on December 31, 2021. At August 31, 2022 and November 30, 2021, approximately 37% and 21%, respectively, of the fair value of investments in this category 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 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 thirteen years.

(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. These investments 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 August 31, 2022 and November 30, 2021, investments representing approximately 76% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At August 31, 2022 and November 30, 2021, approximately 17% and 22%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice. At August 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024.

(6)This category 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 in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are primarily redeemable quarterly with 90 days prior written notice.

Securities Received as Collateral / Obligations to Return Securities Received as Collateral

In connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral. Valuation is based on the price of the underlying security and is categorized within the corresponding leveling guidance above. These financial instruments are typically categorized within Level 1 of the fair value hierarchy.

Other Secured Financings

Other secured financings that are accounted for at fair value are classified within Level 2 or Level 3 of the fair value hierarchy. Fair value is based on estimates of future cash flows incorporating assumptions regarding recovery rates.

Long-term Debt

Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate our own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy where market trades have been observed during the period or model pricing is available, otherwise the notes are categorized within Level 3.

Level 3 Rollforwards

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, 2022 (in thousands):


	Three Months Ended August 31, 2022
	Balance at May 31, 2022		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at August 31, 2022		For instruments still held at August 31, 2022, changes in unrealized gains/(losses) included in:
																	Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	199,468	$	(2,161)	$	92	$	(189)	$	—	$	—	$	(1,444)	$	195,766	$	(2,254)	$	—
Corporate debt securities	20,813		(605)		759		(1,183)		—		—		(1,572)		18,212		699		—
CDOs and CLOs	49,858		685		13,133		(4,553)		(3,604)		—		(5,591)		49,928		(9,369)		—


RMBS	1,059		(3,596)		94		—		(32)		—		28,218		25,743		(2,158)		—
CMBS	1,870		(2,663)		—		—		—		—		32,403		31,610		(621)		—
Other ABS	84,778		(1,800)		17,487		—		(13,217)		—		4,245		91,493		(7,432)		—
Loans and other receivables	137,752		1,616		7,065		(21,492)		(325)		—		(7,022)		117,594		1,536		—
Investments at fair value	118,319		19,405		2,184		(48)		(640)		—		—		139,220		19,381		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	3,749	$	(278)	$	(940)	$	39	$	—	$	—	$	—	$	2,570	$	(268)	$	—
Corporate debt securities	401		26		—		—		—		—		—		427		(28)		—
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29		—

CMBS	385		—		—		70		—		—		—		455		—		—
Loans	18,283		157		(16,983)		1,937		—		—		9,300		12,694		(1,428)		—
Net derivatives (2)	74,997		(23,380)		(1,929)		—		(20,954)		—		43,764		72,498		19,719		—
Other secured financings	2,362		—		—		—		—		—		—		2,362		—		—
Long-term debt	739,353		(59,521)		—		—		—		—		41,283		721,115		75,930		(16,409)

(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.

Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2022

During the three months ended August 31, 2022, transfers of assets of $76.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•CMBS of $32.4 million, RMBS of $28.2 million, Other ABS of $9.2 million and Loans and other receivables of $6.3 million due to reduced pricing transparency.

During the three months ended August 31, 2022, transfers of assets of $27.6 million from Level 3 to Level 2 are primarily attributed to:

•Loans and other receivables of $13.4 million, CDOs and CLOs of $5.6 million, Other ABS of $4.9 million and Corporate debt securities of $2.1 million due to greater pricing transparency supporting classification into Level 2.

During the three months ended August 31, 2022, transfers of liabilities of $112.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $52.0 million, Net derivatives of $49.4 million and Loans of $10.6 million due to reduced market and pricing transparency.

During the three months ended August 31, 2022, transfers of liabilities of $17.7 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $10.8 million and Net derivatives of $5.7 million due to greater pricing and market transparency.

Net gains on Level 3 assets were $10.9 million and net gains on Level 3 liabilities were $83.0 million for the three months ended August 31, 2022. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value, partially offset by decreases in RMBS, CMBS and Corporate equity securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within Long-term debt and certain 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, 2022 (in thousands):


	Nine Months Ended August 31, 2022
	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 August 31, 2022		For instruments still held at August 31, 2022, changes in unrealized gains/(losses) included in:
																	Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	76,082	$	46,147	$	79,729	$	(2,941)	$	(298)	$	—	$	(2,953)	$	195,766	$	45,408	$	—
Corporate debt securities	11,803		3,596		12,689		(16,513)		(9)		—		6,646		18,212		1,537		—
CDOs and CLOs	31,944		2,573		34,756		(18,933)		(8,178)		—		7,766		49,928		(10,371)		—


RMBS	1,477		(6,099)		28,067		(187)		(152)		—		2,637		25,743		(2,894)		—
CMBS	2,333		(18,549)		—		—		—		—		47,826		31,610		(2,420)		—
Other ABS	93,524		(1,446)		51,966		(18,489)		(36,349)		—		2,287		91,493		(17,168)		—
Loans and other receivables	74,585		(6,635)		107,225		(63,530)		(1,256)		—		7,205		117,594		(6,955)		—
Investments at fair value	34,557		46,109		74,499		(48)		(15,897)		—		—		139,220		45,512		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,635	$	(3,708)	$	(3,255)	$	4,898	$	—	$	—	$	—	$	2,570	$	2,781	$	—
Corporate debt securities	482		15		(70)		—		—		—		—		427		(23)		—
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29		—

CMBS	210		—		—		245		—		—		—		455		—		—
Loans	15,770		94		(22,566)		5,417		—		—		13,979		12,694		(1,478)		—
Net derivatives (2)	67,769		(152,927)		(1,559)		1,285		—		21,024		136,906		72,498		150,713		—
Other secured financings	25,905		—		—		—		(23,543)		—		—		2,362		—		—
Long-term debt	881,732		(316,778)		—		—		—		89,263		66,898		721,115		265,288		51,490

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

Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2022

During the nine months ended August 31, 2022, transfers of assets of $98.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•CMBS of $47.8 million, Other ABS of $23.7 million, CDOs and CLOs of $7.8 million, Loans and other receivables of $9.6 million and Corporate debt securities of $6.7 million due to reduced pricing transparency.

During the nine months ended August 31, 2022, transfers of assets of $27.4 million from Level 3 to Level 2 are primarily attributed to:

•Other ABS of $21.5 million due to greater pricing transparency supporting classification into Level 2.

During the nine months ended August 31, 2022, transfers of liabilities of $264.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $143.9 million, structured notes within Long-term debt of $105.8 million and Loans of $15.0 million due to reduced pricing and market transparency.

During the nine months ended August 31, 2022, transfers of liabilities of $46.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $38.9 million and Net derivatives of $7.0 million due to greater market and pricing transparency.

Net gains on Level 3 assets were $65.7 million and net gains on Level 3 liabilities were $473.3 million for the nine months ended August 31, 2022. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities and Investments at fair value, partially offset by decreases in CMBS and RMBS. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within Long-term debt and certain derivatives.


	Three Months Ended August 31, 2021
	Balance at May 31, 2021		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at August 31, 2021		For instruments still held at August 31, 2021, changes in unrealized gains/(losses) included in:
																	Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	71,724	$	14,302	$	208	$	(1,488)	$	(16)	$	—	$	338	$	85,068	$	15,390	$	—
Corporate debt securities	7,985		405		14,898		(17,317)		(20)		—		2,205		8,156		192		—
CDOs and CLOs	26,466		2,539		50,199		(33,234)		(1,518)		—		8,014		52,466		(730)		—


RMBS	6,033		(42)		—		(417)		(61)		—		(4,077)		1,436		(14)		—
CMBS	1,176		(103)		1,607		—		—		—		—		2,680		1,530		—
Other ABS	70,555		30		18,611		(274)		(14,426)		—		2,937		77,433		(3,145)		—
Loans and other receivables	119,550		(463)		14,796		(29,557)		(5,873)		—		(8,118)		90,335		817		—
Investments at fair value	40,385		151		16		—		(371)		—		—		40,181		151		—

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,462	$	(75)	$	—	$	—	$	—	$	—	$	—	$	4,387	$	75	$	—
Corporate debt securities	927		(7)		—		—		—		—		(392)		528		7		—

CMBS	35		—		—		105		—		—		—		140		—		—
Loans	20,389		(8)		(3,118)		1,710		—		—		6,239		25,212		6		—
Net derivatives (2)	227,058		20,869		(1,868)		—		665		—		(79,662)		167,062		(22,433)		—
Other secured financings	2,493		—		—		—		—		—		—		2,493		—		—
Long-term debt	795,098		(17,106)		—		—		—		22,330		(14,710)		785,612		13,204		3,902

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

Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2021

During the three months ended August 31, 2021, transfers of assets of $37.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Other ABS of $13.7 million, Loans and other receivables of $13.4 million, CDOs and CLOs of $8.0 million and Corporate debt securities of $2.5 million due to reduced pricing transparency.

During the three months ended August 31, 2021, transfers of assets of $36.6 million from Level 3 to Level 2 are primarily attributed to:

•Loans and other receivables of $21.5 million, Other ABS of $10.7 million and RMBS of $4.1 million due to greater pricing transparency supporting classification into Level 2.

During the three months ended August 31, 2021, transfers of liabilities of $51.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $32.9 million, Loans of $9.7 million and structured notes within Long-term debt of $9.2 million due to reduced pricing and market transparency.

During the three months ended August 31, 2021, transfers of liabilities of $140.3 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $112.5 million and structured notes within Long-term debt of $23.9 million due to greater pricing transparency.

Net gains on Level 3 assets were $16.8 million and net losses on Level 3 liabilities were $3.7 million for the three months ended August 31, 2021. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities and CDOs and CLOs. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivatives, partially offset by decreases in structured notes within Long-term debt.


	Nine Months Ended August 31, 2021
	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 August 31, 2021		For instruments still held at August 31, 2021, changes in unrealized gains/(losses) included in:
																	Earnings (1)		Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	75,797	$	29,430	$	7,900	$	(37,794)	$	(16)	$	—	$	9,751	$	85,068	$	14,231	$	—
Corporate debt securities	23,146		1,600		1,513		(3,721)		(128)		—		(14,254)		8,156		331		—
CDOs and CLOs	10,513		6,745		58,868		(29,277)		(1,916)		—		7,533		52,466		(4,716)		—


RMBS	21,826		(195)		157		(784)		(291)		—		(19,277)		1,436		(123)		—
CMBS	2,003		134		2,590		(393)		(1,639)		—		(15)		2,680		741		—
Other ABS	79,995		4,770		38,785		(26,642)		(25,966)		—		6,491		77,433		(6,955)		—
Loans and other receivables	77,042		10,062		51,933		(55,693)		(5,509)		—		12,500		90,335		1,714		—
Investments at fair value	67,108		(1,942)		144		(23,575)		(1,554)		—		—		40,181		(3,832)		—

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	4,434	$	(12)	$	(22)	$	—	$	—	$	—	$	(13)	$	4,387	$	13	$	—
Corporate debt securities	141		375		—		12		—		—		—		528		(375)		—

CMBS	35		—		(35)		140		—		—		—		140		—		—
Loans	16,635		1,308		(7,182)		14,083		—		—		368		25,212		(4,094)		—
Net derivatives (2)	26,017		33,173		(1,548)		49,871		768		—		58,781		167,062		(33,007)		—
Other secured financings	1,543		—		—		—		—		950		—		2,493		—		—
Long-term debt	676,028		25,323		—		—		—		58,000		26,261		785,612		31,992		(57,315)

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

Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2021

During the nine months ended August 31, 2021, transfers of assets of $50.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Loans and other receivables of $17.4 million, Other ABS of $12.5 million, Corporate equity securities of $10.2 million and CDOs and CLOs of $7.6 million due to reduced pricing transparency.

During the nine months ended August 31, 2021, transfers of assets of $48.2 million from Level 3 to Level 2 are primarily attributed to:

•RMBS of $19.3 million, Corporate debt securities of $17.5 million, Other ABS of $6.0 million and Loans and other receivables of $4.9 million due to greater pricing transparency supporting classification into Level 2.

During the nine months ended August 31, 2021, transfers of liabilities of $100.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $73.4 million and structured notes within Long-term debt of $26.3 million due to reduced pricing and market transparency.

During the nine months ended August 31, 2021, transfers of liabilities of $14.6 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $14.6 million due to greater pricing transparency.

Net gains on Level 3 assets were $50.6 million and net losses on Level 3 liabilities were $60.2 million for the nine months ended August 31, 2021. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities, CDOs and CLOs, Loans and other receivables and Other ABS. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivatives and structured notes within Long-term debt.

Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements at August 31, 2022 and November 30, 2021

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.


August 31, 2022
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	195,766
Non-exchange-traded securities			Market approach	Price	$1		-	$366	$81
Corporate debt securities	$	18,212	Market approach	EBITDA multiple	3.8				—
			Scenario analysis	Estimated recovery percentage	6%				—
CDOs and CLOs	$	49,928	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	70%				—
				Discount rate/yield	20	%	-	22%	20%
			Market approach	Price	$69		-	$102	$87




CMBS	$	31,610	Market approach	Spreads (basis points (“bps”))	322 bps		-	334 bps	326 bps
Other ABS	$	75,439	Discounted cash flows	Constant default rate	2%				—
				Loss severity	85%				—
				Discount rate/yield	7	%	-	21%	15%
				Cumulative loss rate	7	%	-	24%	19%
				Duration (years)	0.9		-	1.6	1.2
			Market approach	Price	$32		-	$100	$97
Loans and other receivables	$	117,594	Market approach	Price	$45		-	$154	$118

			Scenario analysis	Estimated recovery percentage	32	%	-	100%	97%
Derivatives	$	8,440
Equity options			Volatility benchmarking	Volatility	23	%	-	52%	41%

Investments at fair value	$	139,220
Private equity securities			Market approach	Price	$0		-	$14,919	$487
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities	$	2,570
Non-exchange-traded securities			Market approach	Price	$1				—
Corporate debt securities	$	427	Scenario analysis	Estimated recovery percentage	6%				—
Loans	$	12,694	Market approach	Price	$90		-	$96	$92
			Scenario analysis	Estimated recovery percentage	5%				—
Derivatives	$	82,721
Equity options			Volatility benchmarking	Volatility	29	%	-	68%	50%


Other secured financings	$	2,362	Scenario analysis	Estimated recovery percentage	13	%	-	39%	30%
Long-term debt
Structured notes	$	721,115	Market approach	Price	$51		-	$104	$72
				Price	€60		-	€102	€78


November 30, 2021
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	75,694
Non-exchange-traded securities			Market approach	Price	$1		-	$366	$208
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	$	73,361	Market approach	Price	$31		-	$101	$54
			Scenario analysis	Estimated recovery percentage	9	%	-	100%	42%
Derivatives	$	6,501
Equity options			Volatility benchmarking	Volatility	46%				—
Interest rate swaps			Market approach	Basis points upfront	0.1		-	8.7	3.3
Total return swaps				Price	$100				—
Investments at fair value	$	34,557
Private equity securities			Market approach	Price	$1		-	$152	$48
			Scenario analysis	Estimated recovery percentage	7%				—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities	$	4,635
Non-exchange-traded securities			Market approach	Price	$1				—
Loans	$	15,770	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
Structured notes	$	881,732	Market approach	Price	$76		-	$115	$94
				Price	€81		-	€113	€103

The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices or a percentage of the reported enterprise fair value are excluded from the above tables. At August 31, 2022 and November 30, 2021, asset exclusions consisted of $49.3 million and $14.3 million, respectively, primarily comprised of other ABS, certain derivatives, corporate equity securities, loans and other receivables and RMBS. At August 31, 2022 and November 30, 2021, liability exclusions consisted of $6.5 million and $2.2 million, respectively, primarily comprised of certain derivatives, corporate debt securities, CDOs and CLOs and CMBS.

Uncertainty of Fair Value Measurement from Use of Significant Unobservable Inputs

For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the uncertainty of the fair value measurement due to the use of significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below:

•Non-exchange-traded securities, corporate debt securities, CDOs and CLOs, CMBS, loans and other receivables, other ABS, private equity securities, certain derivatives and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables, total return swaps and structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the EBITDA multiple related to corporate debt securities would result in a significantly higher (lower) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of interest rate swaps. A significant increase (decrease) in CMBS spreads would result in a significantly lower (higher) fair value measurement.

•Corporate debt securities, loans and other receivables, CMBS, private equity securities and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument.

•CDOs and CLOs and other ABS using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severity or cumulative loss rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate and duration would have differing impacts depending on the capital structure and type of security. A significant increase (decrease) in the discount rate/security yield would result in a significantly lower (higher) fair value measurement.

•Derivative equity options using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement.

Fair Value Option Election

We have elected the fair value option for all loans and loan commitments made by our investment banking and capital markets businesses. These loans and loan commitments include loans entered into by our investment banking division in connection with client bridge financing and loan syndications, loans purchased by our leveraged credit trading desk as part of its bank loan trading activities and mortgage and consumer loan commitments, purchases and fundings in connection with mortgage-backed and other asset-backed securitization activities. Loans and loan commitments originated or purchased by our leveraged credit and mortgage-backed businesses are managed on a fair value basis. Loans are included in Financial instruments owned and loan commitments are included in Financial instruments owned and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Condition. The fair value option election is not applied to loans made to affiliate entities as such loans are entered into as part of ongoing, strategic business ventures. Loans to affiliate entities are included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition and are accounted for on an amortized cost basis. We have also elected the fair value option for certain of our structured notes which are managed by our investment banking and capital markets businesses and are included in Long-term debt in our Consolidated Statements of Financial Condition. We have elected the fair value option for certain financial instruments held by subsidiaries as the investments are risk managed by us on a fair value basis. The fair value option has been elected for certain other secured financings that arise in connection with our securitization activities and other structured financings. Other secured financings, Receivables—Brokers, dealers and clearing organizations, Receivables—Customers, Receivables—Fees, interest and other, Payables—Brokers, dealers and clearing organizations and Payables—Customers, are accounted for at cost plus accrued interest rather than at fair value; however, the recorded amounts approximate fair value due to their liquid or short-term nature, except for our automobile loans. See Note 2, Summary of Significant Accounting Policies, for further details on our automobile loans.

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 Long-term debt measured at fair value under the fair value option (in thousands):


	Three Months Ended August 31,				Nine Months Ended August 31,
	2022		2021		2022		2021
Financial instruments owned:
Loans and other receivables	$	(9,040)	$	(7,273)	$	4,828	$	17,600
Financial instruments sold, not yet purchased:
Loans	$	(832)	$	(574)	$	(121)	$	945






Long-term debt:
Changes in instrument-specific credit risk (1)	$	(5,824)	$	20,478	$	88,309	$	(103,751)
Other changes in fair value (2)	62,476		(26,093)		318,408		61,695

(1)Changes in 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, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands):


	August 31, 2022		November 30, 2021
Financial instruments owned:
Loans and other receivables (1)	$	5,741,428	$	5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	226,577		64,203
Long-term debt	361,044		(38,391)
Other secured financings	2,913		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 $93.1 million and $19.7 million at August 31, 2022 and November 30, 2021, respectively.

The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $207.3 million and $56.9 million at August 31, 2022 and November 30, 2021, respectively, which includes loans and other receivables 90 days or greater past due of $131.5 million and $23.5 million at August 31, 2022 and November 30, 2021, respectively.

Financial Instruments Not Measured at Fair Value

Certain of our financial instruments are not carried at fair value but are recorded at amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include Cash and cash equivalents and Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations and would generally be presented within Level 1 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details