Fair Value Disclosures (Tables)

12 Months Ended

Nov. 30, 2024

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


	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 net asset value (“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.


	November 30, 2023 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (1)	Total
Assets:
Financial instruments owned:
Corporate equity securities ................................................................................	$3,831,698	$211,182	$181,294	$—	$4,224,174
Corporate debt securities ...................................................................................	—	4,921,222	26,112	—	4,947,334
Collateralized debt obligations and collateralized loan obligations ............	—	869,246	64,862	—	934,108
U.S. government and federal agency securities .............................................	3,563,164	65,566	—	—	3,628,730
Municipal securities ............................................................................................	—	223,502	—	—	223,502
Sovereign obligations .........................................................................................	1,051,494	609,452	—	—	1,660,946
Residential mortgage-backed securities .........................................................	—	2,048,309	20,871	—	2,069,180
Commercial mortgage-backed securities .......................................................	—	344,902	508	—	345,410
Other asset-backed securities ...........................................................................	—	255,048	117,661	—	372,709
Loans and other receivables ..............................................................................	—	1,320,217	130,101	—	1,450,318
Derivatives ............................................................................................................	314	3,649,814	8,336	(3,107,620)	550,844
Investments at fair value ....................................................................................	—	—	130,835	—	130,835
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................	$8,446,670	$14,518,460	$680,580	$(3,107,620)	$20,538,090
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .............................	$110,198	$—	$—	$—	$110,198
Securities received as collateral .......................................................................	8,800	—	—	—	8,800

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ................................................................................	$2,235,049	$83,180	$676	$—	$2,318,905
Corporate debt securities ...................................................................................	—	2,842,776	124	—	2,842,900
Collateralized debt obligations and collateralized loan obligations ............	—	36	—	—	36
U.S. government and federal agency securities .............................................	2,957,787	—	—	—	2,957,787
Sovereign obligations .........................................................................................	1,229,795	579,302	—	—	1,809,097
Residential mortgage-backed securities .........................................................	—	463	—	—	463
Commercial mortgage-backed securities ......................................................	—	—	840	—	840
Loans.....................................................................................................................	—	173,828	1,521	—	175,349
Derivatives ............................................................................................................	54	3,851,004	59,291	(2,764,572)	1,145,777
Total financial instruments sold, not yet purchased ....................................	$6,422,685	$7,530,589	$62,452	$(2,764,572)	$11,251,154
Other secured financings ...................................................................................	$—	$—	$3,898	$—	$3,898
Obligation to return securities received as collateral ...................................	8,800	—	—	—	8,800
Long-term debt ....................................................................................................	—	963,846	744,597	—	1,708,443

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

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

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

Information about our investments in entities that have the

characteristics of an investment company:


	November 30, 2024
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Equity Long/ Short Hedge Funds (2) ............	$280,364	$—	Quarterly (100%)	45 - 90 days
Equity Funds (3)	60,215	30,530	N/R (100%)	N/R
Commodity Fund (4) ..............	21,149	—	Quarterly (100%)	60 days
Multi-asset Funds (5) ............	359,207	—	Monthly (86%) Quarterly (14%)	45 - 60 days 90 days
Other Funds (6) .	531,754	263,250	Quarterly (70%) Monthly (2%) N/R (28%)	90 days 30 days N/R
Total ...................	$1,252,689	$293,780


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

N/R - Not redeemable

(1)Where fair value is calculated based on NAV, fair value has been derived from

each of the funds’ capital statements.

(2)Includes investments in hedge funds that invest, long and short, primarily in

both public and private equity securities in domestic and international

markets. The non-redeemable investments at November 30, 2023 included

restrictions before November 30, 2023 or August 31, 2025.

(3)Includes investments in equity funds that invest in the equity of various U.S.

and foreign private companies in a broad range of industries. These

investments cannot be redeemed; instead, distributions are received through

the liquidation of the underlying assets of the funds which are primarily

expected to be liquidated in approximately one to ten years.

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

commodities.

(5)Includes investments in hedge funds that invest, long and short, primarily in

multi-asset securities in domestic and international markets in both the public

and private sectors. The non-redeemable investments at November 30, 2023

included restrictions before April, 1 2024.

(6)Primarily includes investments in a fund that invests in short-term trade

receivables and payables that are expected to generally be outstanding

between 90 to 120 days and short-term credit instruments, as well as

investments in a fund that invests, long and short, in distressed and special

situations credit strategies across sectors and asset types.

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

Changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the

year ended November 30, 2024:


									For instruments still held at November 30, 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 November 30, 2024	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities ...	$181,294	$(4,616)	$50,297	$(524)	$—	$—	$12,913	$239,364	$(11,748)	$—
Corporate debt securities ......	26,112	(4,442)	16,219	(7,307)	(400)	—	(5,251)	24,931	(19,872)	—
CDOs and CLOs .......................	64,862	(6,194)	34,964	(21,963)	(2,198)	—	(5,495)	63,976	(2,437)	—
Sovereign obligations .............	—	—	172	—	—	—	—	172	172	—
RMBS ........................................	20,871	(669)	6,874	(5,384)	(51)	—	(13,927)	7,714	(395)	—
CMBS ........................................	508	(31)	—	—	—	—	—	477	(64)	—
Other ABS .................................	117,661	(22,251)	63,704	(74,139)	(10,284)	—	28,523	103,214	(17,242)	—
Loans and other receivables .	130,101	(1,664)	79,399	(41,551)	(20,523)	—	6,824	152,586	(22,108)	—
Investments at fair value .......	130,835	(12,142)	19,726	—	(547)	—	(7)	137,865	(12,142)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ...	$676	$682	$(1,150)	$—	$—	$—	$—	$208	$3	$—
Corporate debt securities ......	124	(3)	—	—	(1,100)	—	1,144	165	105	—
CMBS ........................................	840	(1)	(245)	560	—	—	(1)	1,153	1	—
Loans ........................................	1,521	(148)	(1,443)	16,946	—	—	(12)	16,864	125	—
Net derivatives (2) ...................	50,955	(9,648)	—	—	(12,298)	3,766	(10,489)	22,286	8,110	—
Other secured financings .......	3,898	4,482	—	—	(4,415)	10,919	—	14,884	(4,482)
Long-term debt ........................	744,597	51,747	—	—	(2,109)	28,614	(946)	821,903	(37,526)	(28,442)

(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.

Changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the

year ended November 30, 2023:


									For instruments still held at November 30, 2023, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at November 30, 2022	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at November 30, 2023	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities .......................	$240,347	$(65,037)	$7,865	$(1,228)	$—	$—	$(653)	$181,294	$(11,007)	$—
Corporate debt securities	30,232	1,749	4,132	(18,325)	(200)	—	8,524	26,112	(703)	—
CDOs and CLOs .................	55,824	31,218	51,632	(3,199)	(56,624)	—	(13,989)	64,862	(10,774)	—
RMBS ..................................	27,617	(5,709)	10	—	(247)	—	(800)	20,871	(1,775)	—
CMBS ..................................	839	(331)	—	—	—	—	—	508	(327)	—
Other ABS ...........................	94,677	(17,800)	71,261	(37,088)	(26,936)	—	33,547	117,661	(20,678)	—
Loans and other receivables ....................	168,875	10,995	55,520	(42,999)	(46,383)	—	(15,907)	130,101	4,168	—
Investments at fair value .	161,992	83,382	8,852	(15,080)	(107,963)	—	(348)	130,835	(5,762)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .......................	$750	$348	$(1,477)	$1,055	$—	$—	$—	$676	$284	$—
Corporate debt securities	500	(35)	(187)	—	—	—	(154)	124	29	—
CMBS ..................................	490	—	—	350	—	—	—	840	—	—
Loans ..................................	3,164	(114)	(1,655)	126	—	—	—	1,521	(992)	—
Net derivatives (2) .............	59,524	(10,405)	(527)	170	(3,496)	2,158	3,531	50,955	6,760	—
Other secured financings .	1,712	2,186	—	—	—	—	—	3,898	(2,186)	—
Long-term debt ..................	661,123	70,945	—	—	—	17,140	(4,611)	744,597	(28,327)	(59,706)

(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.

Changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the

year ended November 30, 2022:


									For instruments still held at November 30, 2022, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at November 30, 2021	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at November 30, 2022	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities .......................	$118,489	$(645)	$171,700	$(62,474)	$(298)	$—	$13,575	$240,347	$7,286	$—
Corporate debt securities	11,803	946	18,686	(23,964)	(9)	—	22,770	30,232	(2,087)	—
CDOs and CLOs .................	31,946	7,099	44,995	(22,600)	(16,634)	—	11,018	55,824	(10,938)	—
RMBS ..................................	1,477	(13,210)	35,774	(372)	(240)	—	4,188	27,617	(7,728)	—
CMBS ..................................	2,333	(733)	—	(749)	—	—	(12)	839	(703)	—
Other ABS ...........................	93,524	(6,467)	74,353	(20,362)	(39,647)	—	(6,724)	94,677	(26,982)
Loans and other receivables ....................	178,417	(1,912)	45,536	(33,692)	(48,218)	—	28,744	168,875	(11,610)	—
Investments, at fair value .	154,373	46,735	74,984	(74,742)	(15,951)	—	(23,407)	161,992	33,294	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .......................	$4,635	$(3,611)	$(815)	$4,858	$—	$—	$(4,317)	$750	$2,382	$—
Corporate debt securities	482	88	(70)	—	—	—	—	500	(88)	—
CMBS ..................................	210	—	—	280	—	—	—	490	—	—
Loans ..................................	9,925	1,197	(5,173)	—	96	—	(2,881)	3,164	(2,484)	—
Net derivatives (2) .............	67,769	(181,750)	(1,559)	1,285	—	28,436	145,343	59,524	168,304	—
Other secured financings .	25,905	(650)	—	—	(23,543)	—	—	1,712	650	—
Long-term debt ..................	881,732	(280,967)	—	—	(3,919)	83,874	(19,597)	661,123	239,400	41,567

(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


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


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

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

Gains (losses) due to changes in fair value related to instrument-

specific credit risk on loans, other receivables and debt

instruments and gains (losses) due to other changes in fair value

on Long-term debt measured at fair value under the fair value

option:


	Year Ended November 30,
$ in thousands	2024	2023	2022
Financial instruments owned:
Loans and other receivables ..........	$(24,029)	$46,421	$(20,529)
Other secured financings:
Other changes in fair value (2) ......	(4,482)	(2,186)	695
Long-term debt:
Changes in instrument-specific credit risk (1) ....................................	(32,580)	(106,801)	63,344
Other changes in fair value (2) ......	(115,912)	21,373	345,050

(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.

Amounts by which contractual principal is greater than (less

than) fair value for loans and other receivables, Other secured

financings and Long-term debt measured at fair value under the

fair value option:


	November 30,
$ in thousands	2024	2023
Financial instruments owned:
Loans and other receivables (1) ................................	$1,603,512	$2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) ...............	132,838	259,354
Long-term debt .............................................................	131,107	294,356
Other secured financings ............................................	459	1,377

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

is included in Interest revenues.

(2)Amounts include loans and other receivables 90 days or greater past due by

which contractual principal exceeds fair value of $48.8 million and $187.4

million at November 30, 2024 and 2023, respectively.

Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Assets measured

at fair value on a non-recurring basis for which we recognized a

non-recurring fair value adjustment for the periods presented:


November 30, 2024	Level 3	Gains (Losses)
Premises and equipment (1) .........................................	$—	$(1,323)
Exchange ownership interests and registrations (2) .	—	(10)
Other assets (3) ..............................................................	21,900	21,900


November 30, 2023	Level 3	Gains (Losses)
Exchange ownership interests and registrations (2) .	$—	$(78)
Investments in and loans to related parties (4) .........	—	(57,248)
Other assets (5) ..............................................................	1,755	(2,101)


November 30, 2022	Level 3	Gains (Losses)
Exchange ownership interests and registrations (2) .	$—	$(39)
Investments in and loans to related parties (6)	106,172	(27,119)
Other assets (7)	1,709	(6,701)

(1)Premises and equipment losses represent impairments of leasehold

improvements, furniture, fixtures, computer and communications equipment

and capitalized software and were recognized in Technology and

communications and Occupancy and equipment rental in our Consolidated

Statements of Earnings.

(2)These impairment losses, which represent ownership interests in market

exchanges on which trading business is conducted, and registrations, were

recognized in Other expenses and the assets were in the Investment Banking

and Capital Markets reportable business segment. The fair value is based on

observed quoted sales prices for each individual membership. Refer to Note

13, Goodwill and Intangible Assets.

(3)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 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. The gain

was recognized in Other revenues and the asset was in the Asset

Management reportable business segment.

(4)These impairment losses, which are related to an equity method investments,

were recognized in Other revenues and the asset was in the Asset

Management reportable business segment. Fair value was based on our best

estimate of what could be recognized in a sale transaction for the investment.

(5)These impairment losses, which are related to real estate held for

development, were recognized in Other revenues and are held in the Asset

Management reportable business segment. Fair value was based on

estimated future cash flows using discounts rates ranging from 10.0% to

14.0%.

(6)These impairment losses, which are related to certain equity method

investments, were recognized in Other revenues and the assets were in the

Asset Management reportable business segment. The fair values were based

on estimated future cash flows using discount rates ranging from 10.0% to

23.0%. Refer to Note 11, Investments.

(7)These impairment losses, which relate to a real estate property, were

recognized in Other expenses and the assets were in the Asset Management

reportable business segment. The fair values were based on estimated future

cash flows discounted at 12.0%.