Fair Value Disclosures (Tables)

9 Months Ended

Aug. 31, 2024

Fair Value Disclosures [Abstract]

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

	August 31, 2024 (1)
$ in thousands	Level 1		Level 2		Level 3		Counterparty  and Cash Collateral Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities	$	5,132,729	$	284,986	$	200,643	$	—	$	5,618,358
Corporate debt securities	—		5,399,974		31,178		—		5,431,152
Collateralized debt obligations and collateralized loan obligations	—		628,955		82,081		—		711,036
U.S. government and federal agency securities	3,292,721		86,902		—		—		3,379,623
Municipal securities	—		517,810		—		—		517,810
Sovereign obligations	952,700		565,919		106		—		1,518,725
Residential mortgage-backed securities	—		2,504,631		624		—		2,505,255
Commercial mortgage-backed securities	—		264,281		492		—		264,773
Other asset-backed securities	—		152,674		145,403		—		298,077
Loans and other receivables	—		1,830,445		87,124		—		1,917,569
Derivatives	1,249		2,795,157		6,323		(2,270,214)		532,515
Investments at fair value	—		6		139,380		—		139,386
Total financial instruments owned, excluding Investments at fair value based on NAV	$	9,379,399	$	15,031,740	$	693,354	$	(2,270,214)	$	22,834,279
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$	68,966	$	—	$	—	$	—	$	68,966
Securities received as collateral	272,619		—		—		—		272,619
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	3,720,668	$	89,406	$	2,970	$	—	$	3,813,044
Corporate debt securities	—		3,526,750		260		—		3,527,010
U.S. government and federal agency securities	2,789,472		—		—		—		2,789,472
Sovereign obligations	913,115		523,867		—		—		1,436,982
Residential mortgage-backed securities	—		26		—		—		26
Commercial mortgage-backed securities	—		—		1,119		—		1,119
Loans	—		99,533		1,560		—		101,093
Derivatives	411		2,981,236		34,823		(2,378,130)		638,340
Total financial instruments sold, not yet purchased	$	7,423,666	$	7,220,818	$	40,732	$	(2,378,130)	$	12,307,086
Other secured financings	$	—	$	—	$	3,965	$	—	$	3,965
Obligation to return securities received as collateral	272,619		—		—		—		272,619
Long-term debt	—		1,333,744		789,146		—		2,122,890

(1)Excludes Investments at fair value based on net asset value (“NAV”) of $1.20 billion at August 31, 2024 by level within the fair value hierarchy.

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

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

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

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

Schedule of Investments Measured at Fair Value Based on Net Asset Value Per Share

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

	August 31, 2024
$ in thousands	Fair Value (1)		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity Long/Short Hedge Funds (2)	$	264,698	$	—	Quarterly (100%)	45 - 90 days
Equity Funds (3)	56,759		31,268		N/R (100%)	N/R
Commodity Funds (4)	20,731		—		Quarterly (100%)	60 days
Multi-asset Funds (5)	346,533		—		Monthly (86%) Quarterly (14%)	45 - 60 days 90 days
Other Funds (6)	515,659		223,813		Quarterly (64%) N/R (36%)	90 days N/R
Total	$	1,204,380	$	255,081

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

N/R - Not redeemable

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

(2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. The non-redeemable investments at November 30, 2023 included restrictions before November 30, 2023 or August 31, 2025.

(3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one to ten years.

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

(5)Includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. The non-redeemable investments at November 30, 2023 included restrictions before April 1, 2024.

(6)Primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types.

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

Level 3 Rollforwards

	Three Months Ended August 31, 2024
$ in thousands	Balance at May 31, 2024		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at August 31, 2024		For instruments still held at  August 31, 2024, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities	$	178,755	$	9,887	$	12,874	$	(1,035)	$	(198)	$	—	$	360	$	200,643	$	10,184	$	—
Corporate debt securities	38,717		93		—		(1,753)		—		—		(5,879)		31,178		1,181		—
CDOs and CLOs	68,626		1,477		17,704		(1,147)		(1,323)		—		(3,256)		82,081		649		—
Sovereign obligations	—		—		—		—		—		—		106		106		—		—
RMBS	644		24		—		—		(12)		—		(32)		624		34		—
CMBS	477		15		—		—		—		—		—		492		—		—
Other ABS	168,736		(966)		29,502		(27,528)		(3,608)		—		(20,733)		145,403		(1,988)		—
Loans and other receivables	92,546		(18,742)		10,138		(4,489)		(2,258)		—		9,929		87,124		(5,863)		—
Investments at fair value	138,057		952		371		—		—		—		—		139,380		952		—
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	708	$	4	$	—	$	2,264	$	—	$	—	$	(6)	$	2,970	$	(4)	$	—
Corporate debt securities	506		—		(246)		—		—		—		—		260		—		—
CMBS	1,049		—		—		—		70		—		—		1,119		—		—
Loans	1,584		(1,000)		—		964		12		—		—		1,560		1		—
Net derivatives (2)	34,877		(7,588)		—		—		734		—		477		28,500		4,363		—
Other secured financings	3,965		—		—		—		—		—		—		3,965		—		—
Long-term debt	784,212		25,080		—		—		—		542		(20,688)		789,146		(37,145)		12,065

	Nine Months Ended August 31, 2024
$ in thousands	Balance at November 30, 2023		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at August 31, 2024		For instruments still held at  August 31, 2024, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	181,294	$	(3,969)	$	28,576	$	(2,480)	$	—	$	—	$	(2,778)	$	200,643	$	(3,179)	$	—
Corporate debt securities	26,112		3,060		14,894		(6,735)		(200)		—		(5,953)		31,178		7,309		—
CDOs and CLOs	64,862		8,771		41,690		(22,797)		(5,214)		—		(5,231)		82,081		4,351		—
Sovereign obligations	—		(16)		11,147		(11,025)		—		—		—		106		3		—
RMBS	20,871		(185)		—		(5,374)		(63)		—		(14,625)		624		33		—
CMBS	508		(16)		—		—		—		—		—		492		(64)		—
Other ABS	117,661		(7,724)		94,754		(68,622)		(19,929)		—		29,263		145,403		(5,778)		—
Loans and other receivables	130,101		(43,105)		20,220		(4,856)		(19,523)		—		4,287		87,124		(17,949)		—
Investments at fair value	130,835		(10,626)		19,725		—		(547)		—		(7)		139,380		(10,626)		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	676	$	5	$	—	$	2,289	$	—	$	—	$	—	$	2,970	$	(5)	$	—
Corporate debt securities	124		(23)		—		—		—		—		159		260		23		—
CMBS	840		—		(245)		—		525		—		(1)		1,119		(2)		—
Loans	1,521		1,879		(180)		1,367		152		—		(3,179)		1,560		(26)		—
Net derivatives (2)	50,955		(17,212)		(3,236)		2,471		(9,504)		—		5,026		28,500		5,659		—
Other secured financings	3,898		4,482		—		—		(4,415)		—		—		3,965		(4,482)		—
Long-term debt	744,597		34,157		—		—		(2,109)		28,614		(16,113)		789,146		(41,836)		7,679

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

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

	Three Months Ended August 31, 2023
$ in thousands	Balance at May 31, 2023		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at August 31, 2023		For instruments still held at August 31, 2023, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	267,913	$	(85,416)	$	333	$	(331)	$	—	$	—	$	(3,710)	$	178,789	$	(84,507)	$	—
Corporate debt securities	42,642		(176)		4,685		(4,157)		—		—		(11,282)		31,712		416		—
CDOs and CLOs	62,691		12,133		9,848		(648)		(17,331)		—		(9,208)		57,485		(8,000)		—
RMBS	24,705		(1,796)		324		—		(4)		—		—		23,229		(686)		—
CMBS	28,946		(535)		—		—		—		—		—		28,411		(368)		—
Other ABS	126,075		(2,768)		50,945		(2,534)		—		—		5,324		177,042		(3,995)		—
Loans and other receivables	141,817		6,776		7,342		(7,967)		—		—		2,239		150,207		7,955		—
Investments at fair value	153,800		114,681		575		—		(196)		—		(12,747)		256,113		114,681		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	465		—		—		—		—		—		—		465		—		—
Corporate debt securities	267		1		—		—		—		—		(42)		226		(1)		—
CMBS	630		(11)		—		—		210		—		(105)		724		11		—
Loans	3,348		2,522		(1,655)		247		—		—		2,977		7,439		(4,508)		—
Net derivatives (2)	54,260		4,259		(9,406)		22,236		—		—		(31,313)		40,036		(4,177)		—
Other secured financings	1,712		—		—		—		—		—		—		1,712		—		—
Long-term debt	697,057		20,768		—		—		—		5,572		(17,482)		705,915		(5,770)		(14,998)

	Nine Months Ended August 31, 2023
$ in thousands	Balance at November 30, 2022		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at August 31, 2023		For instruments still held at August 31, 2023, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income  (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	240,347	$	(58,302)	$	895	$	(1,228)	$	(630)	$	—	$	(2,293)	$	178,789	$	(51,782)	$	—
Corporate debt securities	30,232		2,087		11,519		(20,410)		(200)		—		8,484		31,712		(1,394)		—
CDOs and CLOs	55,824		23,622		30,744		(1,062)		(43,798)		—		(7,845)		57,485		(13,103)		—
RMBS	27,617		(4,239)		—		—		(149)		—		—		23,229		(1,513)		—
CMBS	839		(1,282)		—		—		—		—		28,854		28,411		(428)		—
Other ABS	94,677		(9,162)		90,507		(4,387)		—		—		5,407		177,042		(11,922)		—
Loans and other receivables	168,875		4,626		12,769		(28,171)		(186)		—		(7,706)		150,207		10,380		—
Investments at fair value	161,992		112,094		7,994		(2,420)		(10,887)		—		(12,660)		256,113		113,807		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	750	$	(285)	$	—	$	—	$	—	$	—	$	—	$	465	$	285	$	—
Corporate debt securities	500		(40)		(234)		—		—		—		—		226		29		—
CMBS	490		(11)		—		—		245		—		—		724		11		—
Loans	3,164		(124)		(1,655)		354		—		—		5,700		7,439		(908)		—
Net derivatives (2)	59,524		(8,176)		(5,300)		17,037		(854)		10,035		(32,230)		40,036		7,718		—
Other secured financings	1,712		—		—		—		—		—		—		1,712		—		—
Long-term debt	661,123		40,321		—		—		—		5,775		(1,304)		705,915		(8,970)		(31,351)

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

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

Schedule of Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

August 31, 2024
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	200,643
Non-exchange-traded securities			Market approach	Price	$0		-	$325	$56
				EBITDA multiple	5.4				—
Corporate debt securities	$	31,178	Market approach	Price	$0		-	$95	$58
CDOs and CLOs	$	77,965	Discounted cash flows	Constant prepayment rate	15%		-	20%	18%
				Constant default rate	2%				—
				Loss severity	30%				—
				Discount rate/yield	13	%	-	20%	18%
			Market approach	Price	$70		-	$110	$96
Other ABS	$	137,548	Discounted cash flows	Discount rate/yield	18	%	-	21%	19%
				Cumulative loss rate	28	%	-	33%	30%
				Duration (years)	1.1		-	1.8	1.6
			Market approach	Price	$100				—
			Scenario analysis	Estimated recovery percentage	92%				—
Loans and other receivables	$	87,124	Market approach	Price	$81		-	$100	$97
			Scenario analysis	Estimated recovery percentage	2	%	-	198%	67%
Investments at fair value	$	134,284
Private equity securities			Market approach	Price	$1		-	$5,000	$360
				Price	€8,040				—
				Price	£0.5				—
				Discount rate/yield	28%				—
				Revenue	$30,067,142				—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities	$	2,970
Non-exchange-traded securities			Market approach	EBITDA multiple	5.4				—
Derivatives	$	33,608
Equity options			Volatility bench-marking	Volatility	33	%	-	57%	47%
Embedded options			Market approach	Basis points upfront	8.2		-	21.8	14.9
Other secured financings	$	3,965	Scenario analysis	Estimated recovery percentage	60	%	-	100%	93%
Long-term debt	$	789,146
Structured notes			Market approach	Price	$62		-	$100	$81
				Price	€65		-	€106	€87

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

Schedule of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables

Fair value option gains (losses):

	Three Months Ended  August 31,				Nine Months Ended  August 31,
$ in thousands	2024		2023		2024		2023
Financial instruments owned:
Loans and other receivables	$	(690)	$	15,998	$	(39,664)	$	31,172
Other secured financings:
Other changes in fair value (2)	$	—	$	—	$	(4,482)	$	—
Long-term debt:
Changes in instrument-specific credit risk (1)	$	23,779	$	(29,980)	$	6,009	$	(56,357)
Other changes in fair value (2)	(84,266)		17,882		(111,716)		21,432

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

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

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

$ in thousands	August 31, 2024		November 30, 2023
Financial instruments owned:
Loans and other receivables (1)	$	1,413,079	$	2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	246,720		259,354
Long-term debt	199,404		294,256
Other secured financings	459		1,377

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

(2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $58.7 million and $187.4 million at August 31, 2024 and November 30, 2023, respectively.