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

6 Months Ended

May 31, 2023

Credit Loss [Abstract]

Rollforward of Allowance for Credit Loss

A rollforward of the allowance for credit losses related to our automobile loans for the three and six months ended May 31, 2023 and 2022, is as follows (in thousands):

	Three Months Ended  May 31,				Six Months Ended  May 31,
	2023		2022		2023		2022
Beginning balance	$	78,055	$	70,109	$	79,614	$	67,236
Provision for doubtful accounts	9,781		8,935		17,610		16,480
Charge-offs, net of recoveries	(9,214)		(3,384)		(18,602)		(8,056)
Ending balance	$	78,622	$	75,660	$	78,622	$	75,660

Financing Receivable Credit Quality Indicators

The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at May 31, 2023 for each vintage of the loan portfolio (dollars in thousands):

	Year of Origination
	2023		2022		2021		2020		2019		Prior Years		Total		Percent
Credit scores of 680 and above	$	26,609	$	50,561	$	37,271	$	12,808	$	12,044	$	5,261	$	144,554	16.3	%
Credit scores between 620 to 679	75,584		155,727		106,224		34,126		25,460		14,975		412,096		46.6
Credit scores below 620	56,456		156,061		77,402		16,166		14,097		8,352		328,534		37.1
Total	$	158,649	$	362,349	$	220,897	$	63,100	$	51,601	$	28,588	$	885,184	100.0	%

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

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

Schedule of Aging Loans

The aging of automobile loans held for investment at May 31, 2023 is as follows (dollars in thousands):

	Year of Origination
	2023		2022		2021		2020		2019		Prior Years		Total		Percent
Current accounts	$	156,324	$	336,307	$	200,178	$	58,000	$	47,363	$	25,686	$	823,858	93.1	%
Delinquent accounts
30 - 59 days	1,783		19,466		15,507		4,036		3,331		2,262		46,385		5.2
60 - 89 days	363		4,349		3,358		748		684		429		9,931		1.1
90 days and over	179		2,227		1,854		316		223		211		5,010		0.6
Total	$	158,649	$	362,349	$	220,897	$	63,100	$	51,601	$	28,588	$	885,184	100.0	%

The aging of automobile loans held for investment at November 30, 2022 is as follows (dollars in thousands):

	Year of Origination
	2022		2021		2020		2019		2018		Prior Years		Total		Percent
Current accounts	$	380,863	$	255,412	$	76,841	$	66,339	$	31,269	$	13,290	$	824,014	93.7	%
Delinquent accounts
30 - 59 days	12,720		15,550		4,307		3,380		2,020		1,097		39,074		4.4
60 - 89 days	3,718		4,156		1,090		734		569		181		10,448		1.2
90 days and over	2,309		2,031		504		539		248		59		5,690		0.7
Total	$	399,610	$	277,149	$	82,742	$	70,992	$	34,106	$	14,627	$	879,226	100.0	%

Schedule of Allowance for Credit Loss

The allowance for credit losses for investment banking receivables for the three and six months ended May 31, 2023 and 2022, is as follows (in thousands):

	Three Months Ended  May 31,				Six Months Ended  May 31,
	2023		2022		2023		2022
Beginning balance	$	7,270	$	4,509	$	5,914	$	4,824
Bad debt expense, net of reversals	239		499		1,747		839
Charge-offs	(2,981)		—		(3,067)		(50)
Recoveries collected	(2,459)		(138)		(2,525)		(743)
Ending balance (1)	$	2,069	$	4,870	$	2,069	$	4,870

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