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Fair Value Disclosures (Tables)

6 Months Ended

May 31, 2020

Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value

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 $912.9 million and $586.9 million at May 31, 2020 and November 30, 2019, respectively, by level within the fair value hierarchy (in thousands):


	May 31, 2020
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,586,764	$	61,387	$	76,140	$	—	$	2,724,291
Corporate debt securities	—		2,979,801		25,178		—		3,004,979
Collateralized debt obligations and collateralized loan obligations	—		68,748		31,551		—		100,299
U.S. government and federal agency securities	1,808,192		72,411		—		—		1,880,603
Municipal securities	—		462,420		—		—		462,420
Sovereign obligations	2,088,074		1,307,336		—		—		3,395,410
Residential mortgage-backed securities	—		1,688,379		22,339		—		1,710,718
Commercial mortgage-backed securities	—		355,161		4,461		—		359,622
Other asset-backed securities	—		292,158		86,062		—		378,220
Loans and other receivables	—		2,571,394		121,129		—		2,692,523
Derivatives	515		2,125,294		43,124		(1,528,340)		640,593
Investments at fair value	—		71,860		154,238		—		226,098
FXCM term loan	—		—		53,765		—		53,765

Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	6,483,545	$	12,056,349	$	617,987	$	(1,528,340)	$	17,629,541

Securities received as collateral, at fair value	$	9,909	$	—	$	—	$	—	$	9,909









Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,772,771	$	1,283	$	4,190	$	—	$	1,778,244
Corporate debt securities	—		1,491,089		163		—		1,491,252
U.S. government and federal agency securities	2,140,501		—		—		—		2,140,501

Sovereign obligations	1,132,662		878,059		—		—		2,010,721

Commercial mortgage-backed securities	—		—		140		—		140
Loans	—		1,796,591		10,674		—		1,807,265
Derivatives	277		2,012,251		88,255		(1,682,883)		417,900
Total financial instruments sold, not yet purchased, at fair value	$	5,046,211	$	6,179,273	$	103,422	$	(1,682,883)	$	9,646,023

Short-term borrowings	$	—	$	15,671	$	—	$	—	$	15,671
Long-term debt	$	—	$	748,446	$	497,040	$	—	$	1,245,486
Obligation to return securities received as collateral, at fair value	$	9,909	$	—	$	—	$	—	$	9,909


	November 30, 2019
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,507,164	$	218,403	$	58,426	$	—	$	2,783,993
Corporate debt securities	—		2,472,245		7,490		—		2,479,735
Collateralized debt obligations and collateralized loan obligations	—		124,225		28,788		—		153,013
U.S. government and federal agency securities	2,101,624		158,618		—		—		2,260,242
Municipal securities	—		742,326		—		—		742,326
Sovereign obligations	1,330,026		1,405,827		—		—		2,735,853
Residential mortgage-backed securities	—		1,069,066		17,740		—		1,086,806
Commercial mortgage-backed securities	—		424,060		6,110		—		430,170
Other asset-backed securities	—		303,847		42,563		—		346,410
Loans and other receivables	—		2,460,551		114,080		—		2,574,631
Derivatives	2,809		1,833,907		14,889		(1,433,197)		418,408
Investments at fair value	—		32,688		205,412		—		238,100
FXCM term loan	—		—		59,120		—		59,120
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	5,941,623	$	11,245,763	$	554,618	$	(1,433,197)	$	16,308,807

Securities purchased under agreements to resell	$	—	$	—	$	25,000	$	—	$	25,000
Securities received as collateral, at fair value	$	9,500	$	—	$	—	$	—	$	9,500

Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	2,755,601	$	7,438	$	4,487	$	—	$	2,767,526
Corporate debt securities	—		1,471,142		340		—		1,471,482
U.S. government and federal agency securities	1,851,981		—		—		—		1,851,981
Sovereign obligations	1,363,475		941,065		—		—		2,304,540
Commercial mortgage-backed securities	—		—		35		—		35
Loans	—		1,600,228		9,463		—		1,609,691
Derivatives	871		2,066,455		92,057		(1,632,178)		527,205
Total financial instruments sold, not yet purchased, at fair value	$	5,971,928	$	6,086,328	$	106,382	$	(1,632,178)	$	10,532,460

Short-term borrowings	$	—	$	20,981	$	—	$	—	$	20,981
Long-term debt	$	—	$	735,216	$	480,069	$	—	$	1,215,285
Obligation to return securities received as collateral, at fair value	$	9,500	$	—	$	—	$	—	$	9,500

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

Investments Measured at Fair Value Based on Net Asset Value

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


	Fair Value (1)		Unfunded Commitments
May 31, 2020
Equity Long/Short Hedge Funds (2)	$	302,790	$	—
Equity Funds (3)	28,634		13,957
Commodity Fund (4)	13,593		—
Multi-asset Funds (5)	543,191		—
Other Funds (6)	24,728		—
Total	$	912,936	$	13,957

November 30, 2019
Equity Long/Short Hedge Funds (2)	$	291,593	$	—
Equity Funds (3)	44,576		14,621
Commodity Fund (4)	16,025		—
Multi-asset Funds (5)	234,583		—
Other Funds (6)	157		—
Total	$	586,934	$	14,621

(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 May 31, 2020 and November 30, 2019, 6% and 6%, respectively, of these 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. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are expected to be liquidated in approximately one to nine years.

(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice.

(5)This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2020 and November 30, 2019, investments representing approximately 58% and 5%, respectively, of the fair value of investments in this category are redeemable monthly with 30 or 60 days prior written notice.

(6)This category includes investments in a fund that trades and invests in structured finance securities. At May 31, 2020 and November 30, 2019, investments in this category representing approximately 99% and 0%, respectively, are redeemable quarterly with 12 months prior written notice.

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 May 31, 2020 (in thousands):


Three Months Ended May 31, 2020
	Balance, February 29, 2020		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, May 31, 2020		Changes in unrealized gains/losses included in earnings relating to instruments still held at May 31, 2020 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	103,683	$	(5,346)	$	63	$	(68)	$	—	$	—	$	(22,192)	$	76,140	$	(5,247)
Corporate debt securities	25,090		(1,480)		328		(365)		(1)		—		1,606		25,178		(1,464)
CDOs and CLOs	29,784		(12,374)		—		(8,471)		(2,598)		—		25,210		31,551		(16,451)


Residential mortgage-backed securities	16,970		(1,773)		1,380		—		(7)		—		5,769		22,339		(1,733)
Commercial mortgage-backed securities	4,264		53		—		—		—		—		144		4,461		53
Other asset-backed securities	41,903		(2,380)		11,038		—		(8,490)		—		43,991		86,062		(5,087)
Loans and other receivables	103,243		(1,113)		45,984		(46,939)		(128)		—		20,082		121,129		(1,069)
Investments at fair value	184,507		(59,962)		10,599		(91)		—		—		19,185		154,238		(59,962)
FXCM term loan	61,628		(7,863)		—		—		—		—		—		53,765		(7,863)


Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,275	$	(60)	$	—	$	—	$	—	$	—	$	(25)	$	4,190	$	60
Corporate debt securities	767		(23)		(20)		—		—		—		(561)		163		—

Commercial mortgage-backed securities	35		—		—		105		—		—		—		140		—
Loans	7,859		1,015		(2,785)		3,290		—		—		1,295		10,674		(1,015)
Net derivatives (2)	110,843		(32,744)		(10,810)		33,196		(603)		—		(54,751)		45,131		34,259
Long-term debt (1)	543,463		(92,480)		—		—		—		66,916		(20,859)		497,040		664

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at May 31, 2020 were gains of $91.8 million during the three months ended May 31, 2020.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - 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 six months ended May 31, 2020 (in thousands):


Six Months Ended May 31, 2020
	Balance, November 30, 2019		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, May 31, 2020		Changes in unrealized gains/losses included in earnings relating to instruments still held at May 31, 2020 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	58,426	$	(12,972)	$	3,016	$	(2,017)	$	—	$	—	$	29,687	$	76,140	$	(12,899)
Corporate debt securities	7,490		1,560		766		(479)		(602)		—		16,443		25,178		1,190
CDOs and CLOs	28,788		(13,589)		9,426		(11,849)		(4,122)		—		22,897		31,551		(17,410)


Residential mortgage-backed securities	17,740		(2,248)		2,062		—		(10)		—		4,795		22,339		(2,195)
Commercial mortgage-backed securities	6,110		(95)		—		—		(1,660)		—		106		4,461		(680)
Other asset-backed securities	42,563		(2,848)		33,917		(664)		(17,361)		—		30,455		86,062		(7,226)
Loans and other receivables	114,080		(5,348)		116,047		(76,227)		(56,998)		—		29,575		121,129		(8,989)
Investments at fair value	205,412		(86,594)		35,588		(168)		—		—		—		154,238		(86,594)
FXCM term loan	59,120		(5,355)		—		—		—		—		—		53,765		(5,355)
Securities purchased under agreements to resell	25,000		—		—		—		(25,000)		—		—		—		—

Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,487	$	216	$	(513)	$	—	$	—	$	—	$	—	$	4,190	$	140
Corporate debt securities	340		(27)		(150)		—		—		—		—		163		5

Commercial mortgage-backed securities	35		—		(35)		140		—		—		—		140		—
Loans	9,463		1,072		(12,958)		3,290		—		—		9,807		10,674		(1,075)
Net derivatives (2)	77,168		(44,729)		(11,088)		38,823		(1,010)		—		(14,033)		45,131		32,211
Long-term debt (1)	480,069		(101,267)		—		—		—		175,498		(57,260)		497,040		(4,802)

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at May 31, 2020 were gains of $106.1 million during the six months ended May 31, 2020.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.


Three Months Ended May 31, 2019
	Balance, February 28, 2019		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, May 31, 2019		Changes in unrealized gains/ losses included in earnings relating to instruments still held at May 31, 2019 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	55,576	$	1,808	$	221	$	(179)	$	(551)	$	—	$	2,697	$	59,572	$	1,909
Corporate debt securities	10,930		(306)		816		—		(325)		—		(2,769)		8,346		(307)
CDOs and CLOs	43,144		(1,663)		—		—		(991)		—		(14,578)		25,912		(2,656)


Residential mortgage-backed securities	20,963		(802)		—		—		(18)		—		(2,877)		17,266		(759)
Commercial mortgage-backed securities	12,820		(357)		—		(331)		(3,238)		—		3,636		12,530		(1,292)
Other asset-backed securities	35,886		3,070		16,531		(8,868)		(8,549)		—		5,115		43,185		3,563
Loans and other receivables	78,051		(2,753)		38,780		(13,898)		(2,438)		—		742		98,484		(1,277)
Investments at fair value	421,098		35,594		10,169		(18,302)		—		—		(39,820)		408,739		35,594
FXCM term loan	73,600		(11,412)		1,500		—		(7,088)		—		—		56,600		(11,412)
Securities purchased under agreements to resell	—		—		—		—		—		25,000		—		25,000		—

Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	78	$	(74)	$	(1,520)	$	1,737	$	—	$	—	$	—	$	221	$	—
Corporate debt securities	730		(148)		(7)		1		22		—		71		669		90

Commercial mortgage-backed securities	70		(70)		—		—		—		—		—		—		—
Loans	3,420		(191)		(1,678)		1,537		—		—		6,340		9,428		364
Net derivatives (2)	28,975		(14,760)		(25)		4,175		1,974		—		27,110		47,449		7,565
Long-term debt (1)	283,139		1,163		—		—		(5,585)		39,385		(81,540)		236,562		(813)

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at May 31, 2019 were losses of $0.4 million during the three months ended May 31, 2019.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.


Six Months Ended May 31, 2019
	Balance, November 30, 2018		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, May 31, 2019		Changes in unrealized gains/ losses included in earnings relating to instruments still held at May 31, 2019 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	52,192	$	5,239	$	785	$	(2,031)	$	(720)	$	—	$	4,107	$	59,572	$	7,085
Corporate debt securities	9,484		(108)		2,181		(2,130)		(1,177)		—		96		8,346		(53)
CDOs and CLOs	36,105		(1,233)		4,782		—		(2,130)		—		(11,612)		25,912		(3,127)


Residential mortgage-backed securities	19,603		(316)		39		—		(45)		—		(2,015)		17,266		(271)
Commercial mortgage-backed securities	10,886		(180)		11		(331)		(3,278)		—		5,422		12,530		(1,183)
Other asset-backed securities	53,175		(1,014)		25,316		(13,247)		(9,529)		—		(11,516)		43,185		(522)
Loans and other receivables	46,985		2,434		77,004		(33,549)		(3,378)		—		8,988		98,484		844
Investments at fair value	396,254		29,454		41,512		(18,302)		—		—		(40,179)		408,739		29,454
FXCM term loan	73,150		(10,962)		1,500		—		(7,088)		—		—		56,600		(10,962)
Securities purchased under agreements to resell	—		—		—		—		—		25,000		—		25,000		—

Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	—	$	(76)	$	(1,546)	$	1,843	$	—	$	—	$	—	$	221	$	—
Corporate debt securities	522		(382)		(73)		93		22		—		487		669		305


Loans	6,376		(401)		(3,946)		7,963		—		—		(564)		9,428		579
Net derivatives (2)	21,614		(29,079)		(2,829)		7,259		2,031		—		48,453		47,449		19,607
Long-term debt (1)	200,745		(12,854)		—		—		(11,250)		101,872		(41,951)		236,562		3,827

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at May 31, 2019 were gains of $9.0 million during the six months ended May 31, 2019.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.


May 31, 2020
	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input/Range						Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	75,712
Non-exchange-traded securities			Market approach	Price	$1		to	$213	$94
				Underlying stock price	$3						—
				EBITDA multiple	$3		to	$8	$4

Corporate debt securities	$	25,178	Market approach	Price	$69						—
			Scenario analysis	Estimated recovery percentage	22%						—

CDOs and CLOs	$	31,551	Discounted cash flows	Constant prepayment rate	10	%	to	20%	16	%
				Constant default rate	2%						—
				Loss severity	25	%	to	30%	28	%
				Discount rate/yield	14	%	to	32%	22	%
			Scenario analysis	Estimated recovery percentage	3	%	to	35%	24	%

Residential mortgage- backed securities	$	22,339	Discounted cash flows	Cumulative loss rate	3	%	to	33%	11	%
				Duration (years)	2.0 years		to	6.1 years	5.6 years
				Discount rate/yield	4	%	to	15%	5	%

Commercial mortgage- backed securities	$	4,461	Scenario analysis	Estimated recovery percentage	44%						—

Other asset-backed securities	$	86,062	Discounted cash flows	Cumulative loss rate	7	%	to	31%	14	%
				Duration (years)	0.4 years		to	2.8 years	1.4 years
				Discount rate/yield	5	%	to	15%	9	%
			Market approach	Price	$100						—

Loans and other receivables	$	67,207	Market approach	Price	$1		to	$100	$81
			Scenario analysis	Estimated recovery percentage	1	%	to	100%	61	%

Derivatives	$	41,769
Equity options			Volatility benchmarking	Volatility	49%						—
Interest rate swaps			Market approach	Basis points upfront	1		to	16	8

Investments at fair value	$	92,194
Private equity securities			Market approach	Price	$2		to	$169	$40
			Scenario analysis	Estimated recovery percentage	86%						—
				Discount rate/yield	19	%	to	21%	20	%
				Revenue growth	0%						—

Investment in FXCM	$	53,765
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	1.7 years	1.7 years




Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,190	Market approach	Transaction level	$1						—

Corporate debt securities	$	163	Scenario analysis	Estimated recovery percentage	22%						—

Loans	$	10,674	Market approach	Price	$1		to	$50	$33
			Scenario analysis	Estimated recovery percentage	1%						—

Derivatives	$	83,576
Equity options			Volatility benchmarking	Volatility	33	%	to	62%	47	%
Interest rate swaps			Market approach	Basis points upfront	0		to	16	7
Unfunded commitments				Price	$90						—

Long-term debt
Structured notes	$	497,040	Market approach	Price	$78		to	$94	$84
				Price	€63		to	€109	€85


November 30, 2019
	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input/Range						Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	29,017
Non-exchange-traded securities			Market approach	Price	$1		to	$140	$55
				Underlying stock price	$3		to	$5	$4

Corporate debt securities	$	7,490	Scenario analysis	Estimated recovery percentage	23	%	to	85%	46	%
				Volatility	44%						—
				Credit spread	750						—
				Underlying stock price	£0.4						—

CDOs and CLOs	$	28,788	Discounted cash flows	Constant prepayment rate	20%						—
				Constant default rate	1	%	to	2%	2	%
				Loss severity	25	%	to	37%	29	%
				Discount rate/yield	12	%	to	21%	15	%
			Scenario analysis	Estimated recovery percentage	3.25	%	to	36.5%	25	%

Residential mortgage- backed securities	$	17,740	Discounted cash flows	Cumulative loss rate	2%						—
				Duration (years)	6.3 years						—
				Discount rate/yield	3%						—

Commercial mortgage- backed securities	$	6,110	Discounted cash flows	Cumulative loss rate	7.3%						—
				Duration (years)	0.2 years						—
				Discount rate/yield	85%						—
			Scenario analysis	Estimated recovery percentage	44%						—

Other asset-backed securities	$	42,563	Discounted cash flows	Cumulative loss rate	7	%	to	31%	16	%
				Duration (years)	0.5 years		to	3 years	1.5 years
				Discount rate/yield	7	%	to	15%	11	%

Loans and other receivables	$	112,574	Market approach	Price	$36		to	$100	$90
			Scenario analysis	Estimated recovery percentage	87	%	to	104%	99	%
			Discounted cash flows	Term based on the pay off (years)	0 months		to	0.1 years	0.1 years

Derivatives	$	13,826
Interest rate swaps			Market approach	Basis points upfront	0		to	16	6
Unfunded commitments				Price	$88						—
Equity options			Volatility benchmarking	Volatility	45%						—

Investments at fair value	$	157,504
Private equity securities			Market approach	Price	$8		to	$250	$80
			Scenario analysis	Discount rate/yield	19	%	to	21%	20	%
				Revenue growth	0%						—

Investment in FXCM	$	59,120
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	1.2 years	1.2 years

Securities purchased under agreements to resell	$	25,000	Market approach	Spread to 6 month LIBOR	500						—
				Duration (years)	1.5 years						—
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,487	Market approach	Transaction level	$1						—

Loans	$	9,463	Market approach	Price	$50		to	$100	$88
			Scenario analysis	Estimated recovery percentage	1%						—

Derivatives	$	92,057
Equity options			Volatility benchmarking	Volatility	21	%	to	61%	43	%
Interest rate swaps			Market approach	Basis points upfront	0		to	22	13
Cross currency swaps				Basis points upfront	2						—
Unfunded commitments				Price	$88						—

Long-term debt
Structured notes	$	480,069	Market approach	Price	$84		to	$108	$96
				Price	€74		to	€103	€91

Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value Under Fair Value Option

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 and short-term borrowings measured at fair value under the fair value option (in thousands):


	For the Three Months Ended						For the Six Months Ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Financial Instruments Owned, at fair value:
Loans and other receivables	$	(13,926)	$	(2,352)	$	(10,830)	$	(3,072)

Financial Instruments Sold, Not Yet Purchased, at fair value:
Loans	$	127	$	—	$	127	$	—
Loan commitments	1,750		(757)		1,089		(678)

Long-term Debt:
Changes in instrument specific credit risk (1)	$	197,737	$	4,009	$	227,169	$	27,492
Other changes in fair value (2)	(30,982)		(36,665)		(68,624)		(47,308)

Short-term borrowings:
Changes in instrument specific credit risk (1)	$	35	$	—	$	91	$	—
Other changes in fair value (2)	(644)		—		(881)		—

(1) Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax.

(2) Other changes in fair value are included in Principal transactions revenues in the Consolidated Statements of Operations

Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value Under Fair Value Option

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


	May 31, 2020		November 30, 2019
Financial Instruments Owned, at fair value:
Loans and other receivables (1)	$	1,881,470	$	1,546,516

Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	331,340		197,215
Long-term debt and short-term borrowings	241,295		74,408

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

(2) Amounts include all loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $27.2 million and $22.2 million at May 31, 2020 and November 30, 2019, respectively