XML 73 R60.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)
6 Months Ended 12 Months Ended
May 31, 2025
USD ($)
$ / shares
Nov. 30, 2024
USD ($)
$ / shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ $ 722,726,000 $ 710,314,000
Other secured financings | $ 429,289,000 24,848,000
Long-term debt | $ 3,304,517,000 2,351,346,000
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ 40,701,000 25,045,000
Other secured financings | $ 18,876,000 14,884,000
Long-term debt | $ 991,156,000 821,903,000
Level 3 | Non-exchange-traded securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 205,389,000 $ 239,364,000
Level 3 | Non-exchange-traded securities | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0 0
Level 3 | Non-exchange-traded securities | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 486 486
Level 3 | Non-exchange-traded securities | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 80 68
Level 3 | Corporate debt securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 38,700,000 $ 24,931,000
Level 3 | Corporate debt securities | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 49 28
Level 3 | Corporate debt securities | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 118 105
Level 3 | Corporate debt securities | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 52 74
Level 3 | Corporate debt securities | Discount rate/yield | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.18  
Level 3 | Corporate debt securities | Discount rate/yield | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.26  
Level 3 | Corporate debt securities | Discount rate/yield | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.21  
Level 3 | CDOs and CLOs    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 63,639,000 $ 53,388,000
Level 3 | CDOs and CLOs | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 98 70
Level 3 | CDOs and CLOs | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 114 106
Level 3 | CDOs and CLOs | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 105 94
Level 3 | CDOs and CLOs | Constant prepayment rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.20 0.20
Level 3 | CDOs and CLOs | Constant default rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.02 0.02
Level 3 | CDOs and CLOs | Loss severity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.30 0.30
Level 3 | CDOs and CLOs | Discount rate/yield | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.13 0.14
Level 3 | CDOs and CLOs | Discount rate/yield | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.19 0.32
Level 3 | CDOs and CLOs | Discount rate/yield | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.17 0.26
Level 3 | Residential mortgage-backed securities | Discounted Cash Flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 7,947,000 $ 7,714,000
Level 3 | Residential mortgage-backed securities | Constant prepayment rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.40 0.20
Level 3 | Residential mortgage-backed securities | Loss severity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.90 0.10
Level 3 | Residential mortgage-backed securities | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.18 0.12
Level 3 | Other ABS | Discounted Cash Flows, Market Approach, Scenario Analysis    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 152,664,000 $ 98,172,000
Level 3 | Other ABS | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 114 106
Level 3 | Other ABS | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 135 127
Level 3 | Other ABS | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 122 121
Level 3 | Other ABS | Discount rate/yield | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.10 0.19
Level 3 | Other ABS | Discount rate/yield | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.29 0.30
Level 3 | Other ABS | Discount rate/yield | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.19 0.25
Level 3 | Other ABS | Cumulative loss rate | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.11 0.17
Level 3 | Other ABS | Cumulative loss rate | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.34 0.34
Level 3 | Other ABS | Cumulative loss rate | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.17 0.24
Level 3 | Other ABS | Duration (years) | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input, term 18 days 10 months 24 days
Level 3 | Other ABS | Duration (years) | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input, term 1 year 2 months 12 days 1 year
Level 3 | Other ABS | Duration (years) | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input, term 1 year 27 days
Level 3 | Other ABS | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.83 0.92
Level 3 | Loans and other receivables    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 92,168,000 $ 152,586,000
Level 3 | Loans and other receivables | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 8 17
Level 3 | Loans and other receivables | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 114 106
Level 3 | Loans and other receivables | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 92 75
Level 3 | Loans and other receivables | Estimated recovery percentage | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.17 0.03
Level 3 | Loans and other receivables | Estimated recovery percentage | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 2.51 2.52
Level 3 | Loans and other receivables | Estimated recovery percentage | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.91 0.50
Level 3 | Options | Basis points upfront    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset, measurement input 0.3 0.3
Level 3 | Options | Basis points upfront | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.0 8.0
Level 3 | Options | Basis points upfront | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 23.8 22.3
Level 3 | Options | Basis points upfront | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 15.6 14.9
Level 3 | Investments at fair value | Market Approach    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 148,059,000 $ 132,769,000
Level 3 | Private equity securities | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0 1
Level 3 | Private equity securities | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 9,133 8,506
Level 3 | Private equity securities | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 1,704 501
Level 3 | Private equity securities | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.28 0.28
Level 3 | Private equity securities | Estimated revenue    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input | $ 29,733,947 29,908,372
Level 3 | Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $   $ 16,864,000
Level 3 | Loans | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $   17
Level 3 | Loans | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $   100
Level 3 | Loans | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $   75
Level 3 | Loans | Estimated recovery percentage | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input   0
Level 3 | Loans | Estimated recovery percentage | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input   2.05
Level 3 | Loans | Estimated recovery percentage | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input   0.50
Level 3 | Equity options    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ $ 4,701,000 $ 1,396,000
Level 3 | Equity options | Volatility | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.49 0.28
Level 3 | Equity options | Volatility | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.51 1.02
Level 3 | Equity options | Volatility | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.50 0.49
Level 3 | Other secured financings: | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input   117
Level 3 | Other secured financings: | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 112  
Level 3 | Other secured financings: | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 117  
Level 3 | Other secured financings: | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 114  
Level 3 | Other secured financings: | Estimated recovery percentage | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 0.76 0.60
Level 3 | Other secured financings: | Estimated recovery percentage | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 1 1
Level 3 | Other secured financings: | Estimated recovery percentage | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 0.96 0.93
Level 3 | Long-term debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt | $ $ 990,274,000 $ 821,903,000
Level 3 | Long-term debt | Price | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt, measurement input 66 61
Level 3 | Long-term debt | Price | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt, measurement input 116 122
Level 3 | Long-term debt | Price | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt, measurement input 97 96