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Fair Value Disclosures
 9 Months Ended
Aug. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
August 31, 2024 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty
 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 securities3,292,721 86,902 — — 3,379,623 
Municipal securities— 517,810 — — 517,810 
Sovereign obligations952,700 565,919 106 — 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 
Derivatives1,249 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 collateral272,619 — — — 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 securities2,789,472 — — — 2,789,472 
Sovereign obligations913,115 523,867 — — 1,436,982 
Residential mortgage-backed securities— 26 — — 26 
Commercial mortgage-backed securities— — 1,119 — 1,119 
Loans— 99,533 1,560 — 101,093 
Derivatives411 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 collateral272,619 — — — 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 thousandsLevel 1Level 2Level 3Counterparty 
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 securities3,563,164 65,566 — — 3,628,730 
Municipal securities— 223,502 — — 223,502 
Sovereign obligations1,051,494 609,452 — — 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 
Derivatives314 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 collateral8,800 — — — 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 securities2,957,787 — — — 2,957,787 
Sovereign obligations1,229,795 579,302 — — 1,809,097 
Residential mortgage-backed securities— 463 — — 463 
Commercial mortgage-backed securities— — 840 — 840 
Loans— 173,828 1,521 — 175,349 
Derivatives54 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 collateral8,800 — — — 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.
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, 2023.
Investments at Fair Value
Investments at fair value includes investments in hedge funds and private equity 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.
Investments in entities that have the characteristics of an investment company:
August 31, 2024
$ in thousandsFair
Value (1)		Unfunded
Commitments		Redemption FrequencyRedemption 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 thousandsFair 
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.
Level 3 Rollforwards
Three Months Ended August 31, 2024
$ in thousandsBalance at May 31, 2024Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet 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 securities38,717 93 — (1,753)— — (5,879)31,178 1,181 — 
CDOs and CLOs68,626 1,477 17,704 (1,147)(1,323)— (3,256)82,081 649 — 
Sovereign obligations— — — — — — 106 106 — — 
RMBS644 24 — — (12)— (32)624 34 — 
CMBS477 15 — — — — — 492 — — 
Other ABS168,736 (966)29,502 (27,528)(3,608)— (20,733)145,403 (1,988)— 
Loans and other receivables92,546 (18,742)10,138 (4,489)(2,258)— 9,929 87,124 (5,863)— 
Investments at fair value138,057 952 371 — — — — 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 securities506 — (246)— — — — 260 — — 
CMBS1,049 — — — 70 — — 1,119 — — 
Loans1,584 (1,000)— 964 12 — — 1,560 1 — 
Net derivatives (2)34,877 (7,588)— — 734 — 477 28,500 4,363 — 
Other secured financings3,965 — — — — — — 3,965 — — 
Long-term debt784,212 25,080 — — — 542 (20,688)789,146 (37,145)12,065 
Nine Months Ended August 31, 2024
$ in thousandsBalance at November 30, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet 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 securities26,112 3,060 14,894 (6,735)(200)— (5,953)31,178 7,309 — 
CDOs and CLOs64,862 8,771 41,690 (22,797)(5,214)— (5,231)82,081 4,351 — 
Sovereign obligations— (16)11,147 (11,025)— — — 106 3 — 
RMBS20,871 (185)— (5,374)(63)— (14,625)624 33 — 
CMBS508 (16)— — — — — 492 (64)— 
Other ABS117,661 (7,724)94,754 (68,622)(19,929)— 29,263 145,403 (5,778)— 
Loans and other receivables130,101 (43,105)20,220 (4,856)(19,523)— 4,287 87,124 (17,949)— 
Investments at fair value130,835 (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 securities124 (23)— — — — 159 260 23 — 
CMBS840 — (245)— 525 — (1)1,119 (2)— 
Loans1,521 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 financings3,898 4,482 — — (4,415)— — 3,965 (4,482)— 
Long-term debt744,597 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.
Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2024
Transfers of assets of $31.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Loan and other receivables of $15.9 million, CDOs and CLOs of $10.1 million and Other ABS of $3.3 million due to reduced pricing transparency.
Transfers of assets of $50.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Other ABS of $24.0 million, CDOs and CLOs of $13.4 million, Corporate debt securities of $7.1 million and Loans and other receivables of $5.9 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $18.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $9.6 million and Net derivatives of $9.3 million due to reduced market and pricing transparency.
Transfers of liabilities of $39.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $30.2 million and Net derivatives of $8.8 million due to greater pricing and market transparency.
Net losses on Level 3 assets were $7.3 million and net losses on Level 3 liabilities were $16.5 million for the three months ended August 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, partially offset by increased market values of Corporate equity securities and CDOs and CLOs. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, partially offset by decreased valuations of certain derivatives.

Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2024
Transfers of assets of $61.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Other ABS of $47.6 million and Loan and other receivables of $11.3 million due to reduced pricing transparency.
Transfers of assets of $56.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Other ABS of $18.3 million, RMBS of $14.6 million, Corporate debt securities of $7.5 million, Loans and other receivables of $7.0 million, CDOs and CLOs of $5.2 million and Corporate equity securities of $3.3 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $39.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $23.2 million and structured notes within Long-term debt of $18.8 million due to reduced market and pricing transparency.
Transfers of liabilities of $53.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $34.9 million and Net derivatives of $18.2 million due to greater pricing and market transparency.
Net losses on Level 3 assets were $53.8 million and net losses on Level 3 liabilities were $23.3 million for the nine months ended August 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, Investments at fair value, Other ABS and Corporate equity securities, partially offset by increased valuations of CDOs and CLOs and Corporate debt securities. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt and Other secured financings, partially offset by decreased valuations of certain derivatives.
Three Months Ended August 31, 2023
$ in thousandsBalance at May 31, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet 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 securities42,642 (176)4,685 (4,157)— — (11,282)31,712 416 — 
CDOs and CLOs62,691 12,133 9,848 (648)(17,331)— (9,208)57,485 (8,000)— 
RMBS24,705 (1,796)324 — (4)— — 23,229 (686)— 
CMBS28,946 (535)— — — — — 28,411 (368)— 
Other ABS126,075 (2,768)50,945 (2,534)— — 5,324 177,042 (3,995)— 
Loans and other receivables141,817 6,776 7,342 (7,967)— — 2,239 150,207 7,955 — 
Investments at fair value153,800 114,681 575 — (196)— (12,747)256,113 114,681 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities465 — — — — — — 465 — — 
Corporate debt securities267 1 — — — — (42)226 (1)— 
CMBS630 (11)— — 210 — (105)724 11 — 
Loans3,348 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 financings1,712 — — — — — — 1,712 — — 
Long-term debt697,057 20,768 — — — 5,572 (17,482)705,915 (5,770)(14,998)
Nine Months Ended August 31, 2023
$ in thousandsBalance at November 30, 2022Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet 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 securities30,232 2,087 11,519 (20,410)(200)— 8,484 31,712 (1,394)— 
CDOs and CLOs55,824 23,622 30,744 (1,062)(43,798)— (7,845)57,485 (13,103)— 
RMBS27,617 (4,239)— — (149)— — 23,229 (1,513)— 
CMBS839 (1,282)— — — — 28,854 28,411 (428)— 
Other ABS94,677 (9,162)90,507 (4,387)— — 5,407 177,042 (11,922)— 
Loans and other receivables168,875 4,626 12,769 (28,171)(186)— (7,706)150,207 10,380 — 
Investments at fair value161,992 112,094 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 securities500 (40)(234)— — — — 226 29 — 
CMBS490 (11)— — 245 — — 724 11 — 
Loans3,164 (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 financings1,712 — — — — — — 1,712 — — 
Long-term debt661,123 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.
Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2023
Transfers of assets of $21.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $7.0 million, Other ABS of $6.8 million, CDOs and CLOs of $3.7 million and Corporate debt securities of $3.2 million due to reduced pricing transparency.
Transfers of assets of $51.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Corporate debt securities of $14.5 million, CDOs and CLOs of $12.9 million, Investments at fair value of $12.7 million, Loans and other receivables of $4.7 million, Corporate equity securities of $4.6 million and Other ABS of $1.5 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $31.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $21.7 million, Net derivatives of $6.5 million and Loans of $3.0 million due to reduced market and pricing transparency.
Transfers of liabilities of $77.3 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 Net derivatives of $37.8 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $42.9 million and net losses on Level 3 liabilities were $27.5 million for the three months ended August 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value, CDOs and CLOs, and Loans and other receivables, partially offset by decreased valuations of Corporate equity securities and Other ABS. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, certain derivatives and loans.

Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2023
Transfers of assets of $77.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•CMBS of $28.9 million, Loans and other receivables of $26.3 million, Other ABS of $9.9 million, Corporate debt securities of $8.7 million and Corporate equity securities of $3.3 million due to reduced pricing transparency.
Transfers of assets of $64.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $34.0 million, Investments at fair value of $12.7 million, CDOs and CLOs of $7.8 million, Corporate equity securities of $5.6 million and Other ABS of $4.5 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $46.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $27.9 million, Net derivatives of $12.6 million and Loans of $5.7 million due to reduced market and pricing transparency.
Transfers of liabilities of $74.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $44.8 million and Structured notes within Long-term debt of $29.2 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $69.4 million and net losses on Level 3 liabilities were $31.7 million for the nine months ended August 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value and CDOs and CLOs, partially offset by decreased valuations of Corporate equity securities and other ABS. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, partially offset by decreased valuations of certain derivatives.

Significant Unobservable Inputs used in Level 3 Fair Value Measurements
August 31, 2024
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$200,643 
Non-exchange-traded securitiesMarket approachPrice$0-$325$56
EBITDA multiple5.4—
Corporate debt securities$31,178 Market approachPrice$0-$95$58
CDOs and CLOs$77,965 Discounted cash flowsConstant prepayment rate15%-20%18%
Constant default rate2%—
Loss severity30%—
Discount rate/yield13 %-20%18%
Market approachPrice$70-$110$96
Other ABS$137,548 Discounted cash flowsDiscount rate/yield18 %-21%19%
Cumulative loss rate28 %-33%30%
Duration (years)1.1-1.81.6
Market approachPrice$100—
Scenario analysisEstimated recovery percentage92%—
Loans and other receivables$87,124 Market approachPrice$81-$100$97
Scenario analysisEstimated recovery percentage2 %-198%67%
Investments at fair value$134,284 
Private equity securitiesMarket approachPrice$1-$5,000$360
Price€8,040—
Price£0.5—
Discount rate/yield28%—
Revenue$30,067,142—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities$2,970 
Non-exchange-traded securitiesMarket approachEBITDA multiple5.4—
Derivatives$33,608 
Equity optionsVolatility bench-markingVolatility33 %-57%47%
Embedded optionsMarket approachBasis points upfront8.2-21.814.9
Other secured financings$3,965 Scenario analysisEstimated recovery percentage60 %-100%93%
Long-term debt$789,146 
Structured notesMarket approachPrice$62-$100$81
Price€65-€106€87
November 30, 2023
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$181,294 
Non-exchange-traded securitiesMarket approachPrice$0-$325$59
Corporate debt securities$26,112 Market approachPrice$40-$94$50
Discounted cash flowsDiscount rate/yield11%—
Scenario analysisEstimated recovery percentage4%—
CDOs and CLOs$64,862 Discounted cash flowsConstant prepayment rate15 %-20%19%
Constant default rate2%—
Loss severity35 %-40%36%
Discount rate/yield21 %-26%24%
Market approachPrice$48-$100$88
CMBS$508 Scenario analysisEstimated recovery percentage28%—
Other ABS$102,423 Discounted cash flowsDiscount rate/yield10 %-21%18%
Cumulative loss rate9 %-32%25%
Duration (years)1.1-2.21.7
Market approachPrice$100—
Loans and other receivables$130,101 Market approachPrice$82-$157$127
Scenario analysisEstimated recovery percentage7 %-73%40%
Derivatives$2,395 
Equity optionsVolatility bench-markingVolatility60%—
Investments at fair value$127,237 
Private equity securitiesMarket approachPrice$1-$6,819$484
Discount rate/yield28%—
Revenue$30,538,979—
Financial Instruments Sold, Not Yet Purchased:
Corporate debt securities$124 Scenario analysisEstimated recovery percentage4%—
Loans $1,521 Market approach Price$101—
Derivatives$56,779 
Equity optionsVolatility bench-markingVolatility31 %-87%42%
Embedded optionsMarket approachBasis points upfront0.4-25.517.9
Other secured financings$3,898 Scenario analysisEstimated recovery percentage18 %-73%53%
Long-term debt$744,597 
Structured notes Market approach Price$57-$114$78
Price€60-€103€84
The tables above 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 with 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.
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 August 31, 2024 and November 30, 2023, asset exclusions consisted of $24.6 million and $45.6 million, respectively, primarily comprised of CDOs and CLOs, Other ABS, Loans and other receivables, Investments at fair value, certain derivatives, RMBS, CMBS and sovereign obligations. At August 31, 2024 and November 30, 2023, liability exclusions consisted of $4.2 million and $4.0 million, respectively, primarily comprised of certain derivatives, loans, CMBS, 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 and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables 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 EBITDA multiple related to non-exchange-traded 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.
•Loans and other receivables, corporate debt securities, CMBS, other ABS and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates 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 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, 2023.
Fair value option gains (losses):
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
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 thousandsAugust 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 debt199,404 294,256 
Other secured financings459 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.
The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $88.2 million and $98.1 million at August 31, 2024 and November 30, 2023, respectively, which includes loans and other receivables 90 days or greater past due of $76.4 million and $37.6 million at August 31, 2024 and November 30, 2023, 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. Impairment losses for the three and nine months ended August 31, 2023 attributable to an equity method investment were $27.8 million and $57.2 million, respectively, and were recognized in Other revenues. The assets of the equity method investment were included within the Asset Management reportable business segment. The equity method investment was sold during the fourth quarter of 2023 and we recognized a gain of $1.7 million. The equity method investment would be categorized within Level 3 of the fair value hierarchy. Fair value was based on our best estimate of what could be recognized in a sale transaction for the investment.
During the nine months ended August 31, 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 and $0.0 million at August 31, 2024 and November 30, 2023, respectively. Net losses of $0.4 million and $122.2 million were recognized on these investments during the three and nine months ended August 31, 2023, respectively. There were no impairments on these investments during the three and nine months ended August 31, 2024. Impairments on these investments during the three and nine months ended August 31, 2023 were $0.4 million and $80.3 million, respectively.