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Fair Value Disclosures

9 Months Ended

Aug. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Note 6. Fair Value Disclosures

	August 31, 2025 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$5,737,635	$205,768	$272,309	$—	$6,215,712
Corporate debt securities .....................................................................................	—	5,087,057	34,380	—	5,121,437
Collateralized debt obligations and collateralized loan obligations ...............	—	612,592	52,309	—	664,901
U.S. government and federal agency securities ................................................	3,354,090	87,161	—	—	3,441,251
Municipal securities ..............................................................................................	—	518,701	—	—	518,701
Sovereign obligations ............................................................................................	1,043,729	696,809	—	—	1,740,538
Residential mortgage-backed securities ............................................................	—	1,442,778	7,978	—	1,450,756
Commercial mortgage-backed securities ..........................................................	—	83,421	506	—	83,927
Other asset-backed securities .............................................................................	—	688,579	126,175	—	814,754
Loans and other receivables ................................................................................	—	2,531,881	139,922	—	2,671,803
Derivatives ..............................................................................................................	620	4,516,818	7,787	(2,792,740)	1,732,485
Investments at fair value ......................................................................................	—	7	161,500	—	161,507
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$10,136,074	$16,471,572	$802,866	$(2,792,740)	$24,617,772
Securities received as collateral ..........................................................................	$54,155	$—	$—	$—	$54,155
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$4,432,279	$43,021	$796	$—	$4,476,096
Corporate debt securities .....................................................................................	—	3,274,453	488	—	3,274,941
U.S. government and federal agency securities ................................................	1,788,871	30	—	—	1,788,901
Sovereign obligations ............................................................................................	835,790	653,079	—	—	1,488,869
Commercial mortgage-backed securities ..........................................................	—	1	1,188	—	1,189
Loans .......................................................................................................................	—	71,614	1,966	—	73,580
Derivatives ..............................................................................................................	189	4,359,613	44,683	(3,151,209)	1,253,276
Total financial instruments sold, not yet purchased .......................................	$7,057,129	$8,401,811	$49,121	$(3,151,209)	$12,356,852
Other secured financings ......................................................................................	$—	$595,789	$16,114	$—	$611,903
Obligation to return securities received as collateral .......................................	54,155	—	—	—	54,155
Long-term debt .......................................................................................................	—	2,493,370	1,071,164	—	3,564,534

(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.50 billion at August 31, 2025 by level within the fair value hierarchy.

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

	November 30, 2024 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$5,238,058	$302,051	$239,364	$—	$5,779,473
Corporate debt securities .....................................................................................	—	5,310,815	24,931	—	5,335,746
Collateralized debt obligations and collateralized loan obligations ...............	—	1,029,662	63,976	—	1,093,638
U.S. government and federal agency securities ................................................	3,583,139	160,227	—	—	3,743,366
Municipal securities ..............................................................................................	—	320,507	—	—	320,507
Sovereign obligations ............................................................................................	749,912	630,681	172	—	1,380,765
Residential mortgage-backed securities ............................................................	—	2,348,862	7,714	—	2,356,576
Commercial mortgage-backed securities ..........................................................	—	146,752	477	—	147,229
Other asset-backed securities .............................................................................	—	110,687	103,214	—	213,901
Loans and other receivables ................................................................................	—	1,706,152	152,586	—	1,858,738
Derivatives ..............................................................................................................	146	3,181,454	3,926	(2,667,751)	517,775
Investments at fair value ......................................................................................	—	6	137,865	—	137,871
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$9,571,255	$15,247,856	$734,225	$(2,667,751)	$22,885,585
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ................................	$120,414	$—	$—	$—	$120,414
Securities received as collateral ..........................................................................	185,588	—	—	—	185,588
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$3,013,877	$73,240	$208	$—	$3,087,325
Corporate debt securities .....................................................................................	—	3,105,010	165	—	3,105,175
U.S. government and federal agency securities ................................................	2,904,379	26	—	—	2,904,405
Sovereign obligations ............................................................................................	667,647	422,124	—	—	1,089,771
Commercial mortgage-backed securities .........................................................	—	—	1,153	—	1,153
Loans .......................................................................................................................	—	92,321	16,864	—	109,185
Derivatives ..............................................................................................................	13	3,477,802	26,212	(2,793,713)	710,314
Total financial instruments sold, not yet purchased .......................................	$6,585,916	$7,170,523	$44,602	$(2,793,713)	$11,007,328
Other secured financings ......................................................................................	$—	$9,964	$14,884	$—	$24,848
Obligation to return securities received as collateral ......................................	185,588	—	—	—	185,588
Long-term debt .......................................................................................................	—	1,529,443	821,903	—	2,351,346

(1)Excludes investments at fair value based on NAV of $1.25 billion at November 30, 2024 by level within the fair value hierarchy.

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

There have been no significant changes in valuation techniques

and inputs used in measuring our financial assets and liabilities

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

our consolidated financial statements included in Part II, Item 8

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

November 30, 2024.

Investments at Fair Value

Investments at fair value includes investments in hedge funds,

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

funds, which are measured at the NAV of the funds, provided by

the fund managers and are excluded from the fair value

hierarchy. Investments at fair value also include direct equity

investments in private companies, which are measured at fair

value using valuation techniques involving quoted prices of or

market data for comparable companies, similar company ratios

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

cash flow analyses and transaction prices observed for

subsequent financing or capital issuance by the company. Direct

equity investments in private companies are categorized within

Level 2 or Level 3 of the fair value hierarchy.

Information about our investments in entities that have the

characteristics of an investment company:

	August 31, 2025
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ..............	$704,965	$—	Quarterly (49%) Monthly (51%)	45 - 90 days 45 - 60 days
Private Equity Funds (3) ..............	71,189	27,069	N/R (100%)	N/R
Credit Funds (4) ..............	511,884	23,856	Quarterly (60%) Monthly (2%) N/R (38%)	90 days 30 days N/R
Real Estate and Other Funds (5) ....	211,254	151,128	Quarterly (25%) N/R (75%)	90 days N/R
Total ......................	$1,499,292	$202,053

	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, 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 nine 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; and

•distressed and event-driven opportunities across structured credit,

opportunistic credit, and private credit.

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

buying or building real estate businesses.

Level 3 Rollforwards

	Three Months Ended August 31, 2025
$ in thousands	Balance at May 31, 2025	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at August 31, 2025	For instruments still held at August 31, 2025, changes in unrealized gains (losses) included in:
									Earnings (1)	Other comprehensive income (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities ....................	$231,160	$21,824	$20,785	$(1,487)	$(788)	$—	$815	$272,309	$21,916	$—
Corporate debt securities ......................	44,682	872	1,221	(788)	—	—	(11,607)	34,380	860	—
CDOs and CLOs .......................................	70,948	(3,654)	20,718	(17,731)	(3,463)	—	(14,509)	52,309	(4,188)	—
RMBS ........................................................	7,947	46	—	—	(15)	—	—	7,978	50	—
CMBS ........................................................	505	1	—	—	—	—	—	506	1	—
Other ABS .................................................	153,681	(2,589)	23,586	(1,579)	(2,888)	—	(44,036)	126,175	(732)	—
Loans and other receivables .................	92,168	3,213	65,988	(44,566)	(16,129)	—	39,248	139,922	4,862	—
Investments at fair value ........................	153,379	10,308	1,000	(2,446)	(741)	—	—	161,500	9,502	—
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ....................	$161	$(312)	$(1)	$426	$—	$—	$522	$796	$309	$—
Corporate debt securities ......................	644	126	(119)	—	(270)	—	107	488	(117)	—
CMBS ........................................................	1,153	—	—	35	—	—	—	1,188	—	—
Loans ........................................................	313	1,691	—	—	—	—	(38)	1,966	(1,101)	—
Net derivatives (2) ...................................	33,288	9,477	(533)	719	(748)	—	(5,307)	36,896	(9,313)	—
Other secured financings .......................	18,876	143	—	—	(2,905)	—	—	16,114	(255)	—
Long-term debt ........................................	991,156	54,332	—	—	(2,050)	29,155	(1,429)	1,071,164	(7,342)	(44,940)

	Nine Months Ended August 31, 2025
$ 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 August 31, 2025	For instruments still held at August 31, 2025, changes in unrealized gains (losses) included in:
									Earnings (1)	Other comprehensive income (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities ................	$239,364	$31,303	$28,748	$(8,940)	$494	$—	$(18,660)	$272,309	$29,840	$—
Corporate debt securities ...................	24,931	2,385	12,455	(1,168)	(2,197)	—	(2,026)	34,380	1,472	—
CDOs and CLOs ...................................	63,976	(14,474)	69,479	(39,811)	(10,013)	—	(16,848)	52,309	(15,237)	—
Sovereign obligations .........................	172	2	—	(174)	—	—	—	—	—	—
RMBS .....................................................	7,714	315	—	—	(51)	—	—	7,978	331	—
CMBS ....................................................	477	29	—	—	—	—	—	506	29	—
Other ABS .............................................	103,214	(2,792)	60,151	(31,920)	(8,089)	—	5,611	126,175	(1,256)	—
Loans and other receivables ..............	152,586	(8,455)	213,419	(196,921)	(38,621)	—	17,914	139,922	10,777	—
Investments at fair value ....................	137,865	16,742	22,549	(2,446)	(3,210)	—	(10,000)	161,500	13,540	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ................	$208	$(864)	$(72,161)	$73,148	$—	$—	$465	$796	$999	$—
Corporate debt securities ...................	165	60	(280)	351	192	—	—	488	(90)	—
CMBS ....................................................	1,153	—	—	105	—	—	(70)	1,188	—	—
Loans ....................................................	16,864	(14,097)	(875)	74	—	—	—	1,966	(1,790)	—
Net derivatives (2) ...............................	22,286	(11,263)	(533)	23,307	(1,166)	—	4,265	36,896	2,447	—
Other secured financings ...................	14,884	346	—	—	(7,647)	8,531	—	16,114	(1,366)	—
Long-term debt ....................................	821,903	32,255	—	—	(4,849)	247,279	(25,424)	1,071,164	(28,330)	(3,925)

(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, 2025

Transfers of assets of $64.4 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loan and other receivables of $43.5 million, CDOs and CLOs of

$12.6 million and Other ABS of $6.7 million due to reduced

pricing transparency.

Transfers of assets of $94.5 million from Level 3 to Level 2 of the

fair value hierarchy are primarily attributed to:

•Other ABS of $50.7 million, CDOs and CLOs of $27.1 million,

Corporate debt securities of $12.3 million and Loans and other

receivables of $4.3 million due to greater pricing transparency

supporting classification into Level 2.

Transfers of liabilities of $16.0 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $13.1 million,

partially offset by net derivatives transfers into Level 3 of $2.4

million due to reduced market and pricing transparency.

Transfers of liabilities of $22.2 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $14.5 million and

Net derivatives of $7.7 million due to greater pricing and

market transparency.

Net gains on Level 3 assets were $30.0 million and net losses on

Level 3 liabilities were $65.5 million for the three months ended

August 31, 2025. Net gains on Level 3 assets were primarily due to

increased market values across Corporate equity securities,

Investments at fair value, Loans and other receivables and Other

ABS, partially offset by decreased market values of CDOs and

CLOs. 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, 2025

Transfers of assets of $99.5 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loan and other receivables of $38.2 million, Corporate equity

securities of $32.2 million, CDOs and CLOs of $18.6 million and

Other ABS of $10.0 million due to reduced pricing

transparency.

Transfers of assets of $123.5 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Corporate equity securities of $50.8 million, CDOs and CLOs of

$35.4 million, Loans and other receivables of $20.3 million,

Investments at fair value of $10.0 million, Other ABS of

$4.4 million and Corporate debt securities of $2.5 million due

to greater pricing transparency supporting classification into

Level 2.

Transfers of liabilities of $21.3 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Net derivatives of $13.4 million and structured notes within

Long-term debt of $7.4 million due to reduced market and

pricing transparency.

Transfers of liabilities of $42.1 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $32.8 million and

certain Derivatives of $9.2 million due to greater pricing and

market transparency.

Net gains on Level 3 assets were $25.1 million and net losses on

Level 3 liabilities were $6.4 million for the nine months ended

August 31, 2025. Net gains on Level 3 assets were primarily due

to increased market values across Corporate equity securities

and Investments at fair value, partially offset by decreased

valuations of CDOs and CLOs and Loans and other receivables.

Net losses on Level 3 liabilities were primarily due to increased

valuations of structured notes within Long-term debt, partially

offset by decreased market values of certain Derivatives and

Loans.

	Three Months Ended August 31, 2024
$ in thousands	Balance at May 31, 2024	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net 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 .................	$178,755	$9,887	$12,874	$(1,035)	$(198)	$—	$360	$200,643	$10,184	$—
Corporate debt securities ...................	38,717	93	—	(1,753)	—	—	(5,879)	31,178	1,181	—
CDOs and CLOs ....................................	68,626	1,477	17,704	(1,147)	(1,323)	—	(3,256)	82,081	649	—
Sovereign obligations ..........................	—	—	—	—	—	—	106	106	—	—
RMBS .....................................................	644	24	—	—	(12)	—	(32)	624	34	—
CMBS .....................................................	477	15	—	—	—	—	—	492	—	—
Other ABS ..............................................	168,736	(966)	29,502	(27,528)	(3,608)	—	(20,733)	145,403	(1,988)	—
Loans and other receivables ..............	92,546	(18,742)	10,138	(4,489)	(2,258)	—	9,929	87,124	(5,863)	—
Investments at fair value .....................	138,057	952	371	—	—	—	—	139,380	952	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .................	$708	$4	$—	$2,264	$—	$—	$(6)	$2,970	$(4)	$—
Corporate debt securities ...................	506	—	(246)	—	—	—	—	260	—	—
CMBS .....................................................	1,049	—	—	—	70	—	—	1,119	—	—
Loans .....................................................	1,584	(1,000)	—	964	12	—	—	1,560	1	—
Net derivatives (2) ................................	34,877	(7,588)	—	—	734	—	477	28,500	4,363	—
Other secured financings ....................	3,965	—	—	—	—	—	—	3,965	—	—
Long-term debt .....................................	784,212	25,080	—	—	—	542	(20,688)	789,146	(37,145)	12,065

	Nine Months Ended August 31, 2024
$ 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 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 securities ...................	26,112	3,060	14,894	(6,735)	(200)	—	(5,953)	31,178	7,309	—
CDOs and CLOs ...................................	64,862	8,771	41,690	(22,797)	(5,214)	—	(5,231)	82,081	4,351	—
Sovereign obligations .........................	—	(16)	11,147	(11,025)	—	—	—	106	3	—
RMBS .....................................................	20,871	(185)	—	(5,374)	(63)	—	(14,625)	624	33	—
CMBS ....................................................	508	(16)	—	—	—	—	—	492	(64)	—
Other ABS .............................................	117,661	(7,724)	94,754	(68,622)	(19,929)	—	29,263	145,403	(5,778)	—
Loans and other receivables ..............	130,101	(43,105)	20,220	(4,856)	(19,523)	—	4,287	87,124	(17,949)	—
Investments at fair value ....................	130,835	(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 securities ...................	124	(23)	—	—	—	—	159	260	23	—
CMBS ....................................................	840	—	(245)	—	525	—	(1)	1,119	(2)	—
Loans ....................................................	1,521	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 financings ...................	3,898	4,482	—	—	(4,415)	—	—	3,965	(4,482)	—
Long-term debt ....................................	744,597	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:

•Oher ABS of $24.0 million, CDOs and CLOs of $13.4 million,

Corporate debt securities of $7.1 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.

Significant Unobservable Inputs used in Level 3 Fair Value

Measurements

The tables below present information on the valuation

techniques, significant unobservable inputs and their ranges for

our financial assets and liabilities, subject to threshold levels

related to the market value of the positions held, measured at fair

value on a recurring basis with a significant Level 3 balance. The

range of unobservable inputs could differ significantly across

different firms given the range of products across different firms

in the financial services sector. The inputs are not representative

of the inputs that could have been used in the valuation of any

one financial instrument (i.e., the input used for valuing one

financial instrument within a particular class of financial

instruments may not be appropriate for valuing other financial

instruments within that given class). Additionally, the ranges of

inputs presented below should not be construed to represent

uncertainty regarding the fair values of our financial instruments;

rather, the range of inputs is reflective of the differences in the

underlying characteristics of the financial instruments in each

category.

For certain categories, we have provided a weighted average of

the inputs allocated based on the fair values of the financial

instruments comprising the category. We do not believe that the

range or weighted average of the inputs is indicative of the

reasonableness of uncertainty of our Level 3 fair values. The

range and weighted average are driven by the individual financial

instruments within each category and their relative distribution in

the population. The disclosed inputs when compared to the

inputs as disclosed in other periods should not be expected to

necessarily be indicative of changes in our estimates of

unobservable inputs for a particular financial instrument as the

population of financial instruments comprising the category will

vary from period to period based on purchases and sales of

financial instruments during the period as well as transfers into

and out of Level 3 each period.

August 31, 2025
Financial Instruments Owned	Fair Value (in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			Weighted Average
Corporate equity securities .....................	$272,309
Non-exchange-traded securities		Market approach	Price	$0	-	$486	$71
		Volatility Benchmarking	Volatility	30%	-	34%	33%
Corporate debt securities ........................	$34,380	Market approach	Price	$49	-	$119	$71
		Discounted cash flows	Discount rate/yield	17%	-	20%	18%
CDOs and CLOs ..........................................	$34,377	Discounted cash flows	Constant prepayment rate	20%			—
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	13%	-	17%	16%
		Market approach	Price	$98	-	$100	$99
RMBS ...........................................................	$7,978	Discounted cash flows	Constant prepayment rate	12%			—
			Constant default rate	0.3%			—
			Loss severity	20%			—
			Discount rate/yield	14%			—
Other ABS ...................................................	$122,633	Discounted cash flows	Discount rate/yield	14%	-	28%	16%
			Cumulative loss rate	13%	-	15%	14%
			Duration (years)	0.6	-	1.2	1.1
		Market approach	Price	$117	-	$135	$132
		Scenario analysis	Estimated recovery percentage	79%			—
Loans and other receivables ...................	$139,922	Market approach	Price	$6	-	$117	$101
		Scenario analysis	Estimated recovery percentage	8%	-	256%	50%
Derivatives ..................................................	$4,323
Embedded options		Market approach	Basis points upfront	0.0	-	0.4	0.4
Equity options		Volatility Benchmarking	Volatility	34%			—
Investments at fair value ..........................	$155,554
Private equity securities		Market approach	Price	$0	-	$10,956	$1,641
			Discount rate/yield	16%	-	28%	28%
			Estimated revenue	$29,763,576			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$1,966	Market approach	Price	$100			—
Derivatives ..................................................	$44,683
Equity options		Volatility benchmarking	Volatility	28%	-	72%	61%
Embedded options		Market approach	Basis points upfront	0.0	-	22.6	14.5
Other secured financings .........................	$16,114	Scenario analysis	Estimated recovery percentage	76%	-	100%	96%
		Market approach	Price	$114	-	$118	$116
Long-term debt ..........................................	$1,071,164
Structured notes		Market approach	Price	$70	-	$122	$102

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%			—
			Estimated revenue	$29,908,372			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$16,864	Market approach	Price	$17	-	$100	$75
		Scenario analysis	Estimated recovery percentage	0%	-	205%	50%
Derivatives ..................................................	$25,045
Equity options		Volatility benchmarking	Volatility	28%	-	102%	49%
Options		Market approach	Basis points upfront	8.0	-	22.3	14.9
Other secured financings .........................	$14,884	Scenario analysis	Estimated recovery percentage	60%	-	100%	93%
		Market approach	Price	$117			—
Long-term debt ..........................................	$821,903
Structured notes		Market approach	Price	$61	-	$122	$96

The fair values of certain Level 3 assets and liabilities that were

determined based on third-party pricing information, unadjusted

past transaction prices or a percentage of the reported enterprise

fair value are excluded from the above tables. At August 31, 2025

and November 30, 2024, asset exclusions consisted of $31.4

million and $23.9 million, respectively, primarily composed of

CDOs and CLOs, Investments at fair value, certain derivatives,

Other ABS and CMBS. At August 31, 2025 and November 30,

2024, liability exclusions consisted of $2.5 million and $2.7

million, respectively, primarily composed of CMBS, certain

derivatives, corporate equity securities and corporate debt

securities.

Uncertainty of Fair Value Measurement from Use of Significant

Unobservable Inputs

For recurring fair value measurements categorized within Level 3

of the fair value hierarchy, the uncertainty of the fair value

measurement due to the use of significant unobservable inputs

and interrelationships between those unobservable inputs (if any)

are described below:

•Non-exchange-traded securities, corporate debt securities,

CDOs and CLOs, loans and other receivables, other ABS, private

equity securities, certain derivatives, other secured financings

and structured notes using a market approach valuation

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

private equity securities, nonexchange-traded securities,

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

and other receivables, other secured financings and structured

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

measurement. A significant increase (decrease) in the revenue

or revenue multiple related to private equity securities would

result in a significantly higher (lower) fair value measurement.

A significant increase (decrease) in the discount rate/security

yield related to private equity securities would result in a

significantly lower (higher) fair value measurement. Depending

on whether we are a receiver or (payer) of basis points upfront,

a significant increase in basis points would result in a

significant increase (decrease) in the fair value measurement

of options.

•Loans and other receivables, other ABS and other secured

financings using a scenario analysis valuation technique. A

significant increase (decrease) in the possible recovery rates

underlying the financial instrument would result in a

significantly higher (lower) fair value measurement for the

financial instrument.

•CDOs and CLOs, corporate debt securities, RMBS and other

ABS using a discounted cash flows 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.

•Corporate equity securities and 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 for which

we have elected the fair value option, refer to our consolidated

financial statements included in Part II, Item 8 of our Annual

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

Fair value option gains (losses):

	Three Months Ended  August 31,		Nine Months Ended  August 31,
$ in thousands	2025	2024	2025	2024
Financial instruments owned:
Loans and other receivables (1) .	$(62,934)	$(690)	$(35,557)	$(39,664)
Other secured financings:
Other changes in fair value (1) ...	$(2,908)	$—	$(4,566)	$(4,482)
Long-term debt:
Changes in instrument-specific credit risk (2) ............................	$(59,163)	$23,779	$7,356	$6,009
Other changes in fair value (1) ...	(58,429)	(84,266)	(27,159)	(111,716)

(1)Other changes in fair value are included in Principal transactions revenues.

(2)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.

Fair value option amounts by which contractual principal is

greater than (less than) fair value:

$ in thousands	August 31,  2025	November 30, 2024
Financial instruments owned:
Loans and other receivables (1) ...............................	$1,766,934	$1,603,512
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) ...............................................................	181,250	132,838
Long-term debt ...........................................................	170,430	131,107
Other secured financings .........................................	(4,107)	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 $64.0 million and $48.8

million at August 31, 2025 and November 30, 2024, respectively.

The aggregate fair value of loans and other receivables on

nonaccrual status and/or 90 days or greater past due was $129.1

million and $126.9 million at August 31, 2025 and November 30,

2024, respectively, which includes loans and other receivables 90

days or greater past due of $94.3 million and $120.0 million at

August 31, 2025 and November 30, 2024, respectively.

Assets Measured at Fair Value on a Non-recurring Basis

Our shares in Monashee, an equity method investment, were

measured at fair value on a nonrecurring basis during the nine

months ended August 31, 2024 and are not included in the tables

above. During the nine months ended August 31, 2024, we

converted our shares in Monashee to a newly created class of

nonmarketable preferred shares and remeasured our equity

method investment to a fair value of $21.9 million in connection

with the nonmonetary exchange and the preferred shares are

subsequently accounted for at cost pursuant to the

measurement alternative.

Financial Instruments Not Measured at Fair Value

Certain of our financial instruments are not carried at fair value

but are recorded at amounts that approximate fair value due to

their liquid or short-term nature and generally negligible credit

risk. These financial assets include Cash and cash equivalents

and Cash and securities segregated and on deposit for regulatory

purposes or deposited with clearing and depository organizations

and would generally be presented within Level 1 of the fair value

hierarchy.

We have equity securities without readily determinable fair

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

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

August 31, 2025 and November 30, 2024. There were no

impairments and downward adjustments on these investments

during the three and nine months ended August 31, 2025 and

2024.

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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