Fair Value Disclosures

3 Months Ended

Feb. 28, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Note 6. Fair Value Disclosures

	February 28, 2025 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ................................................................................	$6,246,599	$213,504	$212,409	$—	$6,672,512
Corporate debt securities ...................................................................................	—	6,641,104	25,925	—	6,667,029
Collateralized debt obligations and collateralized loan obligations ............	—	1,140,317	71,827	—	1,212,144
U.S. government and federal agency securities .............................................	2,481,241	92,098	—	—	2,573,339
Municipal securities ............................................................................................	—	427,829	—	—	427,829
Sovereign obligations .........................................................................................	978,901	734,661	—	—	1,713,562
Residential mortgage-backed securities .........................................................	—	1,971,845	7,526	—	1,979,371
Commercial mortgage-backed securities .......................................................	—	84,937	471	—	85,408
Other asset-backed securities ...........................................................................	—	380,601	147,319	—	527,920
Loans and other receivables ..............................................................................	—	1,891,354	153,764	—	2,045,118
Derivatives ............................................................................................................	263	4,271,426	4,305	(3,617,326)	658,668
Investments at fair value ....................................................................................	—	8	157,881	—	157,889
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................	$9,707,004	$17,849,684	$781,427	$(3,617,326)	$24,720,789
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ............................	$381,467	$—	$—	$—	$381,467
Securities received as collateral .......................................................................	287,078	—	—	—	287,078
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ................................................................................	$4,600,182	$124,726	$590	$—	$4,725,498
Corporate debt securities ...................................................................................	—	4,369,662	1,113	—	4,370,775
U.S. government and federal agency securities .............................................	2,433,696	—	—	—	2,433,696
Sovereign obligations .........................................................................................	889,042	759,466	—	—	1,648,508
Residential mortgage-backed securities .........................................................	—	—	15	—	15
Commercial mortgage-backed securities .......................................................	—	—	1,154	—	1,154
Loans.....................................................................................................................	—	138,269	848	—	139,117
Derivatives ............................................................................................................	—	4,209,460	46,381	(3,577,377)	678,464
Total financial instruments sold, not yet purchased ....................................	$7,922,920	$9,601,583	$50,101	$(3,577,377)	$13,997,227
Other secured financings ...................................................................................	$—	$9,526	$12,705	$—	$22,231
Obligation to return securities received as collateral ....................................	287,078	—	—	—	287,078
Long-term debt ....................................................................................................	—	2,214,719	860,684	—	3,075,403

(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.37 billion at February 28, 2025 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, 2024 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ................................................................................	$5,238,058	$302,051	$239,364	$—	$5,779,473
Corporate debt securities ...................................................................................	—	5,310,815	24,931	—	5,335,746
Collateralized debt obligations and collateralized loan obligations ............	—	1,029,662	63,976	—	1,093,638
U.S. government and federal agency securities .............................................	3,583,139	160,227	—	—	3,743,366
Municipal securities ............................................................................................	—	320,507	—	—	320,507
Sovereign obligations .........................................................................................	749,912	630,681	172	—	1,380,765
Residential mortgage-backed securities .........................................................	—	2,348,862	7,714	—	2,356,576
Commercial mortgage-backed securities .......................................................	—	146,752	477	—	147,229
Other asset-backed securities ...........................................................................	—	110,687	103,214	—	213,901
Loans and other receivables ..............................................................................	—	1,706,152	152,586	—	1,858,738
Derivatives ............................................................................................................	146	3,181,454	3,926	(2,667,751)	517,775
Investments at fair value ....................................................................................	—	6	137,865	—	137,871
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................	$9,571,255	$15,247,856	$734,225	$(2,667,751)	$22,885,585
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .............................	$120,414	$—	$—	$—	$120,414
Securities received as collateral .......................................................................	185,588	—	—	—	185,588
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ................................................................................	$3,013,877	$73,240	$208	$—	$3,087,325
Corporate debt securities ...................................................................................	—	3,105,010	165	—	3,105,175
U.S. government and federal agency securities .............................................	2,904,379	26	—	—	2,904,405
Sovereign obligations .........................................................................................	667,647	422,124	—	—	1,089,771
Commercial mortgage-backed securities ......................................................	—	—	1,153	—	1,153
Loans.....................................................................................................................	—	92,321	16,864	—	109,185
Derivatives ............................................................................................................	13	3,477,802	26,212	(2,793,713)	710,314
Total financial instruments sold, not yet purchased ....................................	$6,585,916	$7,170,523	$44,602	$(2,793,713)	$11,007,328
Other secured financings ...................................................................................	$—	$9,964	$14,884	$—	$24,848
Obligation to return securities received as collateral ...................................	185,588	—	—	—	185,588
Long-term debt ....................................................................................................	—	1,529,443	821,903	—	2,351,346

(1)Excludes investments at fair value based on NAV of $1.25 billion at November 30, 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.

There have been no significant changes in valuation techniques

and inputs used in measuring our financial assets and liabilities

that are accounted for at fair value on a recurring basis. Refer to

our consolidated financial statements included in Part II, Item 8

of our Annual Report on Form 10-K for the year ended

November 30, 2024.

Investments at Fair Value

Investments at fair value includes investments in hedge funds,

private equity funds, credit funds, real estate funds and other

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 involving quoted prices of or

market data for comparable companies, similar company ratios

and multiples (e.g., price/EBITDA, price/book value), 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.

Information about our investments in entities that have the

characteristics of an investment company:

	February 28, 2025
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ..............	$672,192	$—	Quarterly (52%) Monthly (48%)	45 - 90 days 45 - 60 days
Private Equity Funds (3) ..............	63,573	27,172	N/R (100%)	N/R
Credit Funds (4) ..............	456,714	106	Quarterly (64%) Monthly (3%) N/R (33%)	90 days 30 days N/R
Real Estate and Other Funds (5) ....	174,023	169,928	Quarterly (24%) N/R (76%)	90 days N/R
Total ......................	$1,366,502	$197,206

	November 30, 2024
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ............	$660,720	$—	Quarterly (53%) Monthly (47%)	45 - 90 days 45 - 60 days
Private Equity Funds (3) ............	60,215	30,530	N/R (100%)	N/R
Credit Funds (4)	430,429	30,554	Quarterly (72%) Monthly (3%) N/R (25%)	90 days 30 days N/R
Real Estate and Other Funds (5) .	101,325	232,696	N/R (100%)	N/R
Total ...................	$1,252,689	$293,780

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, in commodities and multi-asset securities.

(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)Primarily includes investments in funds that invest in:

•distressed and special situations long/short credit strategies across

sectors and asset types;

•short-term trade receivables and payables that are expected to generally

be outstanding between 90 to 120 days;

•distressed and event-driven opportunities across structured credit,

opportunistic credit, and private credit.

(5)Primarily includes investments in corporate real estate strategies focused on

buying or building real estate businesses.

Level 3 Rollforwards

									For instruments still held at February 28, 2025, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at November 30, 2024	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at February 28, 2025	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities ...	$239,364	$2,864	$1,703	$(1,016)	$—	$—	$(30,506)	$212,409	$5,300	$—
Corporate debt securities ......	24,931	(1,002)	6,753	(895)	—	—	(3,862)	25,925	(1,248)	—
CDOs and CLOs .......................	63,976	(4,646)	17,177	(9,981)	—	—	5,301	71,827	(4,664)	—
Sovereign obligations .............	172	2	—	(174)	—	—	—	—	(1)	—
RMBS ........................................	7,714	(167)	—	—	(21)	—	—	7,526	(59)	—
CMBS ........................................	477	(6)	—	—	—	—	—	471	—	—
Other ABS .................................	103,214	(1,889)	54,165	(4,709)	(2,312)	—	(1,150)	147,319	(1,318)	—
Loans and other receivables .	152,586	(949)	78,763	(53,590)	(9,170)	—	(13,876)	153,764	(1,545)	—
Investments at fair value .......	137,865	393	21,288	—	(1,665)	—	—	157,881	393	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ...	$208	$(72)	$—	$454	$—	$—	$—	$590	$72	$—
Corporate debt securities ......	165	(40)	(383)	1,025	—	—	346	1,113	24	—
RMBS ........................................	—	—	—	15	—	—	—	15	—	—
CMBS ........................................	1,153	1	—	35	—	—	(35)	1,154	(1)	—
Loans ........................................	16,864	301	(1,917)	75	—	—	(14,475)	848	89	—
Net derivatives (2) ...................	22,286	(16,020)	—	22,588	(279)	299	13,202	42,076	14,559	—
Other secured financings .......	14,884	(1,938)	—	—	(241)	—	—	12,705	1,938
Long-term debt ........................	821,903	(55,177)	—	—	—	124,554	(30,596)	860,684	29,428	25,749

(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.

Analysis of Level 3 Assets and Liabilities for the Three Months

Ended February 28, 2025

Transfers of assets of $52.5 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loans and other receivables of $24.8 million, corporate equity

securities of $20.5 million and CDOs and CLOs of $5.7 million

due to reduced pricing transparency.

Transfers of assets of $96.6 million from Level 3 to Level 2 are

primarily attributed to:

•Corporate equity securities of $51.0 million, loans and other

receivables of $38.7 million, corporate debt securities of $4.2

million and other ABS of $2.3 million due to greater pricing

transparency.

Transfers of liabilities of $22.1 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Net derivatives of $13.2 million and structured notes within

long-term debt of $8.6 million due to reduced pricing and

market transparency.

Transfers of liabilities of $53.7 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $39.1 million and

loans of $14.5 million due to greater pricing and market

transparency.

Net losses on Level 3 assets were $5.4 million and net gains on

Level 3 liabilities were $72.9 million for the three months ended

February 28, 2025. Net losses on Level 3 assets were primarily

due to decreased market values in CDOs and CLOs, other ABS,

corporate debt securities and loans and other receivables,

partially offset by an increase in corporate equity securities. Net

gains on Level 3 liabilities were primarily due to decreased

market valuations of certain structured notes within long-term

debt, certain derivatives and other secured financings.

									For instruments still held at February 29, 2024, changes in unrealized gains/(losses) included in:
$ 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 February 29, 2024	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities .......................	$181,294	$(197)	$167	$(265)	$—	$—	$(7,785)	$173,214	$(158)	$—
Corporate debt securities	26,112	846	20,437	(513)	(200)	—	(11,347)	35,335	801	—
CDOs and CLOs .................	64,862	11,121	16,997	(13,836)	(9,539)	—	(238)	69,367	1,355	—
RMBS ..................................	20,871	(202)	—	—	(5,360)	—	(14,625)	684	32	—
CMBS ..................................	508	(35)	—	—	—	—	—	473	(64)	—
Other ABS ...........................	117,661	(3,165)	11,686	(17,650)	(5,834)	—	(442)	102,256	(1,468)	—
Loans and other receivables ....................	130,101	(15,592)	5,477	(24,382)	(3,007)	—	(13,712)	78,885	(17,991)	—
Investments at fair value .	130,835	(10,691)	1,627	—	—	—	(7)	121,764	(10,691)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .......................	$676	$(7)	$—	$6	$—	$—	$—	$675	$7	$—
Corporate debt securities	124	—	—	—	—	—	—	124	—	—
CMBS ..................................	840	—	(245)	350	—	—	(1)	944	—	—
Loans ..................................	1,521	(54)	(81)	—	—	—	80	1,466	(183)	—
Net derivatives (2) .............	50,955	(4,833)	—	245	—	—	5,722	52,089	4,340	—
Other secured financings .	3,898	4,482	—	—	(4,415)	—	—	3,965	(4,482)	—
Long-term debt ..................	744,597	12,284	—	—	—	21,456	1,192	779,529	(14,477)	2,193

(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.

Analysis of Level 3 Assets and Liabilities for the Three Months

Ended February 29, 2024

Transfers of assets of $11.2 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loans and other receivables of $6.5 million, Other ABS of $1.7

million, corporate debt securities of $1.7 million and corporate

equity securities of $1.3 million due to reduced pricing

transparency.

Transfers of assets of $59.4 million from Level 3 to Level 2 are

primarily attributed to:

•Loans and other receivables of $20.2 million, RMBS of $14.6

million, corporate debt securities of $13.0 million, corporate

equity securities of $9.1 million and other ABS of $2.2 million

due to greater pricing transparency supporting classification

into Level 2.

Transfers of liabilities of $31.6 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $16.1 million and net

derivatives of $15.4 million due to reduced pricing and market

transparency.

Transfers of liabilities of $24.6 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $14.9 million and net

derivatives of $9.7 million due to greater pricing and market

transparency.

Net losses on Level 3 assets were $17.9 million and net losses

on Level 3 liabilities were $11.9 million for the three months

ended February 29, 2024. Net losses on Level 3 assets were

primarily due to decreased market values across loans and other

receivables, investments at fair value and other ABS, partially

offset by increased valuations of CDOs and CLOs. Net losses on

Level 3 liabilities were primarily due to increased market

valuations of structured notes within Long-term debt and Other

secured financings, partially offset by decreases in certain

derivatives.

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 to 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.

February 28, 2025
Financial Instruments Owned	Fair Value (in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			Weighted Average
Corporate equity securities .....................	$212,409
Non-exchange-traded securities		Market approach	Price	$0	-	$486	$83
		Scenario Analysis	EBITDA multiple	4.6			—
Corporate debt securities ........................	$25,925	Market approach	Price	$49	-	$117	$71
		Discounted cash flows	Discount rate/yield	22%			—
CDOs and CLOs ..........................................	$57,986	Discounted cash flows	Constant prepayment rate	20%			—
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	13%	-	17%	17%
		Market approach	Price	$70	-	$104	$98
		Scenario analysis	Estimated recovery percentage	49%			—
RMBS ...........................................................	$7,526	Discounted cash flows	Constant prepayment rate	40%			—
			Loss severity	90%			—
			Discount rate/yield	15%			—
Other ABS ...................................................	$146,290	Discounted cash flows	Discount rate/yield	12%	-	34%	22%
			Cumulative loss rate	18%	-	34%	26%
			Duration (years)	0.7	-	0.8	0.8
		Market approach	Price	$104	-	$126	$114
		Scenario analysis	Estimated recovery percentage	92%			—
Loans and other receivables ...................	$153,764	Market approach	Price	$21	-	$104	$77
		Scenario analysis	Estimated recovery percentage	18%	-	245%	84%
Derivatives ..................................................	$2,816
Embedded options		Market approach	Basis points upfront	0.4			—
Investments at fair value ..........................	$152,786
Private equity securities		Market approach	Price	$0	-	$8,335	$1,616
			Discount rate/yield	28%			—
			Revenue	$29,753,075			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$848	Market approach	Price	$21	-	$100	$24
Derivatives ..................................................	$45,281
Equity options		Volatility benchmarking	Volatility	34%	-	95%	49%
Options		Market approach	Basis points upfront	7.8	-	22.6	15.0
Other secured financings .........................	$12,705	Scenario analysis	Estimated recovery percentage	76%	-	100%	96%
		Market approach	Price	$115			—
Long-term debt ..........................................	$860,684
Structured notes		Market approach	Price	$59	-	$113	$92

November 30, 2024
Financial Instruments Owned	Fair Value (in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			Weighted Average
Corporate equity securities .....................	$239,364
Non-exchange-traded securities		Market approach	Price	$0	-	$486	$68
Corporate debt securities ........................	$24,931	Market approach	Price	$28	-	$105	$74
CDOs and CLOs ..........................................	$53,388	Discounted cash flows	Constant prepayment rate	20%			—
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	14%	-	32%	26%
		Market approach	Price	$70	-	$106	$94
RMBS	$7,714	Discounted cash flows	Constant prepayment rate	20%			—
			Loss severity	10%			—
			Discount rate/yield	12%			—
Other ABS ...................................................	$98,172	Discounted cash flows	Discount rate/yield	19%	-	30%	25%
			Cumulative loss rate	17%	-	34%	24%
			Duration (years)	0.9	-	1.0	0.9
		Market approach	Price	$106	-	$127	$121
		Scenario analysis	Estimated recovery percentage	92%			—
Loans and other receivables ...................	$152,586	Market approach	Price	$17	-	$106	$75
		Scenario analysis	Estimated recovery percentage	3%	-	252%	50%
Derivatives ..................................................	$1,396
Embedded options		Market approach	Basis points upfront	0.3			—
Investments at fair value ..........................	$132,769
Private equity securities		Market approach	Price	$1	-	$8,506	$501
			Discount rate/yield	28%			—
			Revenue	$29,908,372			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$16,864	Market approach	Price	$17	-	$100	$75
		Scenario analysis	Estimated recovery percentage	0%	-	205%	50%
Derivatives ..................................................	$25,045
Equity options		Volatility benchmarking	Volatility	28%	-	102%	49%
Options		Market approach	Basis points upfront	8.0	-	22.3	14.9
Other secured financings .........................	$14,884	Scenario analysis	Estimated recovery percentage	60%	-	100%	93%
		Market approach	Price	$117			—
Long-term debt ..........................................	$821,903
Structured notes		Market approach	Price	$61	-	$122	$96

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 February 28,

2025 and November 30, 2024, asset exclusions consisted of

$21.9 million and $23.9 million, respectively, primarily composed

of CDOs and CLOs, Other ABS, Investments at fair value, certain

derivatives, RMBS and CMBS. At February 28, 2025 and

November 30, 2024, liability exclusions consisted of $4.0 million

and $2.7 million, respectively, primarily composed of certain

derivatives, loans, CMBS, RMBS, corporate equity securities and

corporate debt securities.

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, loans and other receivables, other ABS, private

equity securities, certain derivatives, other secured financings

and structured notes using a market approach valuation

technique. A significant increase (decrease) in the price of the

private equity securities, nonexchange-traded securities,

corporate debt securities, CDOs and CLOs, other ABS, loans

and other receivables, other secured financings or structured

notes would result in a significantly higher (lower) fair value

measurement. A significant increase (decrease) in the revenue

multiple related to private equity securities would result in a

significantly higher (lower) fair value measurement. A

significant increase (decrease) in the discount rate/security

yield related to private equity securities would result in a

significantly lower (higher) 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 options.

•Non-exchange-traded securities, loans and other receivables,

CDOs and CLOs, other ABS and other secured financings using

scenario analysis. A significant increase (decrease) in the

possible recovery rates and EBITDA multiple 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, corporate debt securities, RMBS 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

For a description of our financial assets and liabilities we have

elected the fair value option refer to our consolidated financial

statements included in Part II, Item 8 of our Annual Report on

Form 10-K for the year ended November 30, 2024.

Fair value option gains (losses):

	Three Months Ended
$ in thousands	February 28, 2025	February 29, 2024
Financial instruments owned:
Loans and other receivables ................................	$13,283	$(7,410)
Other secured financings:
Other changes in fair value (2) .............................	$1,938	$(4,482)
Long-term debt:
Changes in instrument-specific credit risk (1) ..	$37,898	$(3,980)
Other changes in fair value (2) .............................	16,994	(43,817)

(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	February 28, 2025	November 30, 2024
Financial instruments owned:
Loans and other receivables (1) ...........................	$1,317,633	$1,603,512
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) ...........................................................	188,801	132,838
Long-term debt .......................................................	198,249	131,107
Other secured financings ......................................	2,397	459

(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 $62.4 million and $48.8

million at February 28, 2025 and November 30, 2024, respectively.

The aggregate fair value of loans and other receivables on

nonaccrual status and/or 90 days or greater past due was $113.4

million and $126.9 million at February 28, 2025 and

November 30, 2024, respectively, which includes loans and other

receivables 90 days or greater past due of $111.0 million and

$120.0 million at February 28, 2025 and November 30, 2024,

respectively.

Assets Measured at Fair Value on a Non-recurring Basis

Certain assets were measured at fair value on a non-recurring

basis and are not included in the tables above. During the three

months ended February 29, 2024, our shares in Monashee, an

equity method investment, were converted to a newly created

class of nonmarketable preferred shares. Our equity method

investment was remeasured to a fair value of $21.9 million in

connection with its nonmonetary exchange into the preferred

shares, which are accounted for at cost pursuant to the

measurement alternative subsequent to the nonmonetary

exchange.

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.

We have equity securities without readily determinable fair

values, which we account for at cost, minus impairment, which

are presented within Other assets and were $21.9 million at both

February 28, 2025 and November 30, 2024. There were no

impairments and downward adjustments on these investments

during the three months ended February 28, 2025 and

February 29, 2024.