Variable Interest Entities (Tables)

9 Months Ended

Aug. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]


	August 31, 2024 (1)
$ in millions	Secured Funding Vehicles		Other
Cash	$	—	$	2.8
Financial instruments owned	65.0		12.9
Securities purchased under agreements to resell (2)	2,283.0		—
Receivables from brokers (3)	—		17.8
Other receivables	2.0		3.0

Other assets (4)	—		91.0
Total assets	$	2,350.0	$	127.5
Financial instruments sold, not yet purchased	$	—	$	7.6
Other secured financings (5)	2,343.0		—

Other liabilities (6)	7.1		18.9
Long-term debt	—		70.0
Total liabilities	$	2,350.1	$	96.5


	November 30, 2023 (1)
$ in millions	Secured Funding Vehicles		Other
Cash	$	—	$	1.1
Financial instruments owned	—		7.8
Securities purchased under agreements to resell (2)	1,677.7		—
Receivables from brokers (3)	—		18.0

Assets held for sale (7)	815.6		578.8
Other assets (4)	—		147.9
Total assets	$	2,493.3	$	753.6
Financial instruments sold, not yet purchased	$	—	$	6.4
Other secured financings (5)	1,667.3		—
Liabilities held for sale (7)	769.2		303.4
Other liabilities (6)	10.5		249.7
Long-term debt	—		49.6
Total liabilities	$	2,447.0	$	609.1

(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.

(2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation.

(3)$1.5 million and $1.4 million of receivables from brokers at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.

(4)$3.3 million and $56.1 million of the other assets at August 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.

(5)$642.6 million and $681.0 million of the other secured financings at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation.

(6)$18.7 million and $247.9 million of the other liabilities amounts at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.

(7)At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information.


	August 31, 2024
	Carrying Amount				Maximum Exposure to Loss		VIE Assets
$ in millions	Assets		Liabilities
CLOs	$	779.1	$	15.0	$	5,538.2	$	12,908.9
Asset-backed vehicles	816.6		—		1,155.4		3,774.4
Related party private equity vehicles	2.5		—		13.1		26.5
Other investment vehicles	1,061.3		—		1,336.9		20,343.4
Total	$	2,659.5	$	15.0	$	8,043.6	$	37,053.2


	November 30, 2023
	Carrying Amount				Maximum Exposure to Loss		VIE Assets
$ in millions	Assets		Liabilities
CLOs	$	913.3	$	14.1	$	4,414.0	$	9,455.5
Asset-backed vehicles	661.7		—		661.7		3,734.8
Related party private equity vehicles	3.1		—		14.2		10.3
Other investment vehicles	1,071.2		—		1,233.7		15,059.2
Total	$	2,649.3	$	14.1	$	6,323.6	$	28,259.8

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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