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Fair Value Disclosures (Tables)

9 Months Ended

Aug. 31, 2025

Fair Value Disclosures [Abstract]

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

	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.

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:

	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.

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

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.

	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.

Schedule of Fair Value Inputs Assets and Liabilities Quantitative Information Table

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

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

Fair value option gains (losses):

	Three Months Ended  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.

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