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)
9 Months Ended 12 Months Ended
Aug. 31, 2025
USD ($)
$ / shares
Nov. 30, 2024
USD ($)
$ / shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ $ 1,253,276,000 $ 710,314,000
Other secured financings | $ 611,903,000 24,848,000
Long-term debt | $ 3,564,534,000 2,351,346,000
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ 44,683,000 25,045,000
Other secured financings | $ 16,114,000 14,884,000
Long-term debt | $ 1,071,164,000 821,903,000
Level 3 | Non-exchange-traded securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ 272,309,000 239,364,000
Level 3 | Corporate debt securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ 34,380,000 24,931,000
Level 3 | CDOs and CLOs    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 34,377,000 $ 53,388,000
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 | Residential mortgage-backed securities | Discounted Cash Flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 7,978,000 $ 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 0.12 0.20
Level 3 | Residential mortgage-backed securities | Constant default rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.003  
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 0.20 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 0.14 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 | $ $ 122,633,000 $ 98,172,000
Level 3 | Other ABS | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.79 0.92
Level 3 | Loans and other receivables    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 139,922,000 $ 152,586,000
Level 3 | Embedded options | Basis points upfront    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset, measurement input   0.3
Level 3 | Investments at fair value | Market Approach    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned | $ $ 155,554,000 $ 132,769,000
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
Level 3 | Private equity securities | Estimated revenue    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input | $ 29,763,576 29,908,372
Level 3 | Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ $ 1,966,000 $ 16,864,000
Level 3 | Loans | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $ 100  
Level 3 | Equity options    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability | $ $ 4,323,000 $ 1,396,000
Level 3 | Equity options | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset, measurement input 0.34  
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 | Long-term debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt | $ $ 1,071,164,000 $ 821,903,000
Minimum | Level 3 | Non-exchange-traded securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0 0
Minimum | Level 3 | Non-exchange-traded securities | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.30  
Minimum | Level 3 | Corporate debt securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 49 28
Minimum | Level 3 | Corporate debt securities | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.17  
Minimum | Level 3 | CDOs and CLOs | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 98 70
Minimum | Level 3 | CDOs and CLOs | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.13 0.14
Minimum | Level 3 | Other ABS | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 117 106
Minimum | Level 3 | Other ABS | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.14 0.19
Minimum | Level 3 | Other ABS | Cumulative loss rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.13 0.17
Minimum | Level 3 | Other ABS | Duration (years)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input, term 18 days 10 months 24 days
Minimum | Level 3 | Loans and other receivables | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 6 17
Minimum | Level 3 | Loans and other receivables | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.08 0.03
Minimum | Level 3 | Embedded options | Basis points upfront    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset, measurement input 0.0  
Derivative liability, measurement input 0.0 8.0
Minimum | Level 3 | Private equity securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0 1
Minimum | 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 0.16  
Minimum | Level 3 | Loans | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $   17
Minimum | Level 3 | Loans | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input   0
Minimum | Level 3 | Equity options | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.28 0.28
Minimum | Level 3 | Other secured financings: | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 114  
Minimum | Level 3 | Other secured financings: | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 0.76 0.60
Minimum | Level 3 | Long-term debt | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt, measurement input 70 61
Maximum | Level 3 | Non-exchange-traded securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 486 486
Maximum | Level 3 | Non-exchange-traded securities | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.34  
Maximum | Level 3 | Corporate debt securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 119 105
Maximum | Level 3 | Corporate debt securities | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.20  
Maximum | Level 3 | CDOs and CLOs | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 100 106
Maximum | Level 3 | CDOs and CLOs | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.17 0.32
Maximum | Level 3 | Other ABS | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 135 127
Maximum | Level 3 | Other ABS | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.28 0.30
Maximum | Level 3 | Other ABS | Cumulative loss rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.15 0.34
Maximum | Level 3 | Other ABS | Duration (years)    
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
Maximum | Level 3 | Loans and other receivables | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 117 106
Maximum | Level 3 | Loans and other receivables | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 2.56 2.52
Maximum | Level 3 | Embedded options | Basis points upfront    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset, measurement input 0.4  
Derivative liability, measurement input 22.6 22.3
Maximum | Level 3 | Private equity securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 10,956 8,506
Maximum | 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  
Maximum | Level 3 | Loans | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $   100
Maximum | Level 3 | Loans | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input   2.05
Maximum | Level 3 | Equity options | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.72 1.02
Maximum | Level 3 | Other secured financings: | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 118  
Maximum | Level 3 | Other secured financings: | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 1 1
Maximum | Level 3 | Long-term debt | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt, measurement input 122 122
Weighted Average | Level 3 | Non-exchange-traded securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 71 68
Weighted Average | Level 3 | Non-exchange-traded securities | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.33  
Weighted Average | Level 3 | Corporate debt securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 71 74
Weighted Average | Level 3 | Corporate debt securities | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.18  
Weighted Average | Level 3 | CDOs and CLOs | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 99 94
Weighted Average | Level 3 | CDOs and CLOs | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.16 0.26
Weighted Average | Level 3 | Other ABS | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 132 121
Weighted Average | Level 3 | Other ABS | Discount rate/yield    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.16 0.25
Weighted Average | Level 3 | Other ABS | Cumulative loss rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.14 0.24
Weighted Average | Level 3 | Other ABS | Duration (years)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input, term 1 year 1 month 6 days 27 days
Weighted Average | Level 3 | Loans and other receivables | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 101 75
Weighted Average | Level 3 | Loans and other receivables | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 0.50 0.50
Weighted Average | Level 3 | Embedded options | Basis points upfront    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative asset, measurement input 0.4  
Derivative liability, measurement input 14.5 14.9
Weighted Average | Level 3 | Private equity securities | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments owned, measurement input 1,641 501
Weighted Average | 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  
Weighted Average | Level 3 | Loans | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input | $ 0 75
Weighted Average | Level 3 | Loans | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Financial instruments sold, not yet purchased, measurement input   0.50
Weighted Average | Level 3 | Equity options | Volatility    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liability, measurement input 0.61 0.49
Weighted Average | Level 3 | Other secured financings: | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 116  
Weighted Average | Level 3 | Other secured financings: | Estimated recovery percentage    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Other secured financings, measurement input 0.96 0.93
Weighted Average | Level 3 | Long-term debt | Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-term debt, measurement input 102 96