Fair Value Disclosures (Tables)

3 Months Ended

Feb. 28, 2025

Fair Value Disclosures [Abstract]

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

	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.

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

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.

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation

									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.

									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.

Schedule of Fair Value Inputs Assets and Liabilities Quantitative Information Table

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

Schedule of Fair Value Option Gains (Losses) and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables

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.