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Fair Value Disclosures | 3 Months Ended
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Feb. 28, 2026
Fair Value Disclosures [Abstract] |
Fair Value Disclosures | Note 5. Fair Value Disclosures
| February 28, 2026 (1)
$ in thousands | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (2) | Total
Assets: |  |  |  |  |
Financial instruments owned: |  |  |  |  |
Corporate equity securities .................................................................................. | $7,339,191 | $354,960 | $218,483 | $— | $7,912,634
Corporate debt securities ..................................................................................... | — | 5,401,094 | 50,755 | — | 5,451,849
Collateralized debt obligations and collateralized loan obligations ............... | — | 591,727 | 61,455 | — | 653,182
U.S. government and federal agency securities ................................................ | 2,524,173 | 67,934 | — | — | 2,592,107
Municipal securities .............................................................................................. | — | 556,120 | — | — | 556,120
Sovereign obligations ............................................................................................ | 928,270 | 1,038,133 | — | — | 1,966,403
Residential mortgage-backed securities ............................................................ | — | 2,123,844 | 6,134 | — | 2,129,978
Commercial mortgage-backed securities .......................................................... | — | 2,150 | 355 | — | 2,505
Other asset-backed securities ............................................................................. | — | 630,244 | 244,714 | — | 874,958
Loans and other receivables ................................................................................ | — | 2,156,054 | 85,396 | — | 2,241,450
Derivatives .............................................................................................................. | 155 | 7,079,249 | 14,691 | (5,186,913) | 1,907,182
Investments at fair value ...................................................................................... | — | 13,569 | 167,195 | — | 180,764
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................... | $10,791,789 | $20,015,078 | $849,178 | $(5,186,913) | $26,469,132
Securities received as collateral .......................................................................... | $393,867 | $— | $— | $— | $393,867
Liabilities: |  |  |  |  |
Financial instruments sold, not yet purchased: |  |  |  |  |
Corporate equity securities .................................................................................. | $6,457,960 | $119,236 | $167 | $— | $6,577,363
Corporate debt securities ..................................................................................... | — | 3,196,057 | 555 | — | 3,196,612
Collateralized debt obligations and collateralized loan obligations ............... | — | 1,000 | — | — | 1,000
U.S. government and federal agency securities ................................................ | 1,590,146 | 16 | — | — | 1,590,162
Municipal securities .............................................................................................. | — | 88 | — | — | 88
Sovereign obligations ............................................................................................ | 688,027 | 837,099 | — | — | 1,525,126
Residential mortgage-backed securities ............................................................ | — | 2,041 | — | — | 2,041
Loans ....................................................................................................................... | — | 264,838 | 921 | — | 265,759
Derivatives .............................................................................................................. | 56 | 6,858,114 | 43,253 | (5,600,436) | 1,300,987
Total financial instruments sold, not yet purchased ....................................... | $8,736,189 | $11,278,489 | $44,896 | $(5,600,436) | $14,459,138
Other secured financings ...................................................................................... | $— | $412,338 | $11,685 | $— | $424,023
Obligation to return securities received as collateral ....................................... | 393,867 | — | — | — | 393,867
Long-term debt ....................................................................................................... | — | 2,662,691 | 1,024,067 | — | 3,686,758
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.61 billion at February 28, 2026 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, 2025 (1)
$ in thousands | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (2) | Total
Assets: |  |  |  |  |
Financial instruments owned: |  |  |  |  |
Corporate equity securities .................................................................................. | $7,664,824 | $249,847 | $218,853 | $— | $8,133,524
Corporate debt securities ..................................................................................... | — | 5,367,201 | 37,578 | — | 5,404,779
Collateralized debt obligations and collateralized loan obligations ............... | — | 645,798 | 40,187 | — | 685,985
U.S. government and federal agency securities ................................................ | 2,342,718 | 106,633 | — | — | 2,449,351
Municipal securities .............................................................................................. | — | 563,994 | — | — | 563,994
Sovereign obligations ............................................................................................ | 860,832 | 815,722 | — | — | 1,676,554
Residential mortgage-backed securities ............................................................ | — | 1,827,092 | 6,663 | — | 1,833,755
Commercial mortgage-backed securities .......................................................... | — | 10,458 | 348 | — | 10,806
Other asset-backed securities ............................................................................. | — | 909,474 | 133,001 | — | 1,042,475
Loans and other receivables ................................................................................ | — | 2,111,517 | 127,720 | — | 2,239,237
Derivatives .............................................................................................................. | 72 | 5,519,463 | 10,311 | (3,705,764) | 1,824,082
Investments at fair value ...................................................................................... | — | 13,567 | 163,107 | — | 176,674
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................... | $10,868,446 | $18,140,766 | $737,768 | $(3,705,764) | $26,041,216
Securities received as collateral .......................................................................... | $200,495 | $— | $— | $— | $200,495
Liabilities: |  |  |  |  |
Financial instruments sold, not yet purchased: |  |  |  |  |
Corporate equity securities .................................................................................. | $5,571,534 | $47,631 | $155 | $— | $5,619,320
Corporate debt securities ..................................................................................... | — | 2,761,794 | 3,720 | — | 2,765,514
Collateralized debt obligations and collateralized loan obligations ............... | — | 627 | — | — | 627
U.S. government and federal agency securities ................................................ | 1,913,403 | 4 | — | — | 1,913,407
Sovereign obligations ............................................................................................ | 796,564 | 540,555 | — | — | 1,337,119
Loans ....................................................................................................................... | — | 184,391 | 9,757 | — | 194,148
Derivatives .............................................................................................................. | 24 | 5,429,227 | 45,953 | (3,985,187) | 1,490,017
Total financial instruments sold, not yet purchased ....................................... | $8,281,525 | $8,964,229 | $59,585 | $(3,985,187) | $13,320,152
Other secured financings ...................................................................................... | $— | $412,510 | $13,454 | $— | $425,964
Obligation to return securities received as collateral ...................................... | 200,495 | — | — | — | 200,495
Long-term debt ....................................................................................................... | — | 2,671,485 | 1,063,358 | — | 3,734,843
(1)Excludes investments at fair value based on NAV of $1.68 billion at November 30, 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. 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, 2025. 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:
| February 28, 2026
$ in thousands | Fair Value (1) | Unfunded Commitments | Redemption Frequency | Redemption Notice Period
Hedge Funds (2) .............. | $781,873 | $— | Quarterly (41%) Monthly (39%) N/R (20%) | 45 - 90 days 45 - 60 days N/R
Private Equity Funds (3) .............. | 69,295 | 23,473 | N/R (100%) | N/R
Credit Funds (4) .............. | 497,569 | 23,847 | Quarterly (53%) Monthly (2%) N/R (45%) | 90 days 30 days N/R
Real Estate and Other Funds (5) .... | 261,589 | 111,269 | Quarterly (12%) N/R (88%) | 90 days N/R
Total ...................... | $1,610,326 | $158,589 |  |
| November 30, 2025
$ in thousands | Fair Value (1) | Unfunded Commitments | Redemption Frequency | Redemption Notice Period
Hedge Funds (2) ............ | $888,880 | $— | Quarterly (42%) Monthly (41%) N/R (17%) | 45 - 90 days 45 - 60 days N/R
Private Equity Funds (3) ............ | 66,476 | 26,828 | N/R (100%) | N/R
Credit Funds (4) | 490,321 | 23,847 | Quarterly (56%) Monthly (2%) N/R (42%) | 90 days 30 days N/R
Real Estate and Other Funds (5) . | 235,846 | 114,872 | Quarterly (19%) N/R (81%) | 90 days N/R
Total ................... | $1,681,523 | $165,547 |  |
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 and investments in venture capital funds.
|  |  |  |  |  |  |  |  | For instruments still held at February 28, 2026, changes in unrealized gains/(losses) included in:
$ in thousands | Balance at November 30, 2025 | Total gains/ losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/ (out of) Level 3 | Balance at February 28, 2026 | Earnings (1) | Other comprehensive income (1)
Assets: |  |  |  |  |  |  |  |  |  |
Financial instruments owned: |  |  |  |  |  |  |  |  |  |
Corporate equity securities ... | $218,853 | $(6,089) | $12,452 | $(3,342) | $(397) | $— | $(2,994) | $218,483 | $(6,456) | $—
Corporate debt securities ...... | 37,578 | 1,716 | 66,717 | (66,617) | (629) | — | 11,990 | 50,755 | (579) | —
CDOs and CLOs ....................... | 40,187 | (7,026) | 39,519 | (11,654) | — | — | 429 | 61,455 | (5,505) | —
RMBS ........................................ | 6,663 | (127) | — | — | (402) | — | — | 6,134 | (127) | —
CMBS ........................................ | 348 | 7 | — | — | — | — | — | 355 | 7 | —
Other ABS ................................. | 133,001 | (45,135) | 119,288 | (7,909) | (2,919) | — | 48,388 | 244,714 | (45,257) | —
Loans and other receivables . | 127,720 | (973) | 214,243 | (207,158) | (790) | — | (47,646) | 85,396 | 2,488 | —
Investments at fair value ....... | 163,107 | 4,636 | 250 | (23) | (775) | — | — | 167,195 | 3,895 | —
Liabilities: |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased: |  |  |  |  |  |  |  |  |  |
Corporate equity securities ... | $155 | $12 | $— | $— | $— | $— | $— | $167 | $(12) | $—
Corporate debt securities ...... | 3,720 | 192 | — | — | — | — | (3,357) | 555 | (192) | —
CDOs and CLOs ....................... | — | 3 | — | — | (3) | — | — | — | — | —
Loans ........................................ | 9,757 | (40) | (697) | 725 | — | — | (8,824) | 921 | (1,687) | —
Net derivatives (2) ................... | 35,642 | (11,191) | (5,332) | — | 1,484 | 7,638 | 321 | 28,562 | 7,430 | —
Other secured financings ....... | 13,454 | (144) | — | 120 | (1,745) | — | — | 11,685 | 134 |
Long-term debt ........................ | 1,063,358 | (18,984) | — | — | (23,695) | 6,737 | (3,349) | 1,024,067 | (34,884) | 53,868
(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 February 28, 2026 Transfers of assets of $81.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Other ABS of $48.5 million, corporate debt securities of $17.2 million, CDOs and CLOs of $12.0 million and loans and other receivables of $3.5 million due to reduced pricing transparency. Transfers of assets of $71.3 million from Level 3 to Level 2 are primarily attributed to: •Loans and other receivables of $51.1 million, CDOs and CLOs of $11.6 million, corporate debt securities of $5.2 million and corporate equity securities of $3.3 million due to greater pricing transparency. Transfers of liabilities of $10.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Structured notes within long-term debt of $9.2 million and net derivatives of $1.6 million due to reduced pricing and market transparency. Transfers of liabilities of $26.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within long-term debt of $12.6 million, loans of $8.8 million, corporate debt securities of $3.4 million and net derivatives of $1.2 million due to greater pricing and market transparency. Net losses on Level 3 assets were $53.0 million and net gains on Level 3 liabilities were $30.2 million for the three months ended February 28, 2026. Net losses on Level 3 assets were primarily due to decreased market values in other ABS, CDOs and CLOs and corporate equity securities, partially offset by an increase in investments at fair value. Net gains on Level 3 liabilities were primarily due to decreased market valuations of certain structured notes within long-term debt and certain derivatives.
|  |  |  |  |  |  |  |  | For instruments still held at February 28, 2025, changes in unrealized gains/(losses) included in:
$ 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 February 28, 2025 | Earnings (1) | Other comprehensive income (1)
Assets: |  |  |  |  |  |  |  |  |  |
Financial instruments owned: |  |  |  |  |  |  |  |  |  |
Corporate equity securities ....................... | $239,364 | $2,864 | $1,703 | $(1,016) | $— | $— | $(30,506) | $212,409 | $5,300 | $—
Corporate debt securities | 24,931 | (1,002) | 6,753 | (895) | — | — | (3,862) | 25,925 | (1,248) | —
CDOs and CLOs ................. | 63,976 | (4,646) | 17,177 | (9,981) | — | — | 5,301 | 71,827 | (4,664) | —
Sovereign obligations ....... | 172 | 2 | — | (174) | — |  |  | — | (1) | —
RMBS .................................. | 7,714 | (167) | — | — | (21) | — | — | 7,526 | (59) | —
CMBS .................................. | 477 | (6) | — | — | — | — | — | 471 | — | —
Other ABS ........................... | 103,214 | (1,889) | 54,165 | (4,709) | (2,312) | — | (1,150) | 147,319 | (1,318) | —
Loans and other receivables .................... | 152,586 | (949) | 78,763 | (53,590) | (9,170) | — | (13,876) | 153,764 | (1,545) | —
Investments at fair value . | 137,865 | 393 | 21,288 | — | (1,665) | — | — | 157,881 | 393 | —
Liabilities: |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased: |  |  |  |  |  |  |  |  |  |
Corporate equity securities ....................... | $208 | $(72) | $— | $454 | $— | $— | $— | $590 | $72 | $—
Corporate debt securities | 165 | (40) | (383) | 1,025 | — | — | 346 | 1,113 | 24 | —
RMBs .................................. | — | — | — | 15 | — | — | — | 15 | — | —
CMBS .................................. | 1,153 | 1 | — | 35 | — | — | (35) | 1,154 | (1) | —
Loans .................................. | 16,864 | 301 | (1,917) | 75 | — | — | (14,475) | 848 | 89 | —
Net derivatives (2) ............. | 22,286 | (16,020) | — | 22,588 | (279) | 299 | 13,202 | 42,076 | 14,559 | —
Other secured financings . | 14,884 | (1,938) | — | — | (241) | — | — | 12,705 | 1,938 | —
Long-term debt .................. | 821,903 | (55,177) | — | — | — | 124,554 | (30,596) | 860,684 | 29,428 | 25,749
(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 February 28, 2025 Transfers of assets of $52.5 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Loans and other receivables of $24.8 million, corporate equity securities of $20.5 million and CDOs and CLOs of $5.7 million due to reduced pricing transparency. Transfers of assets of $96.6 million from Level 3 to Level 2 are primarily attributed to: •Corporate equity securities of $51.0 million, loans and other receivables of $38.7 million, corporate debt securities of $4.2 million and other ABS of $2.3 million due to greater pricing transparency. Transfers of liabilities of $22.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Net derivatives of $13.2 million and structured notes within long-term debt of $8.6 million due to reduced pricing and market transparency. Transfers of liabilities of $53.7 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within long-term debt of $39.1 million and loans of $14.5 million due to greater pricing and market transparency. Net losses on Level 3 assets were $5.4 million and net gains on Level 3 liabilities were $72.9 million for the three months ended February 28, 2025. Net losses on Level 3 assets were primarily due to decreased market values in CDOs and CLOs, other ABS, corporate debt securities and loans and other receivables, partially offset by an increase in corporate equity securities. Net gains on Level 3 liabilities were primarily due to decreased market valuations of certain structured notes within long-term debt, certain derivatives and other secured financings. 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.
February 28, 2026
Financial Instruments Owned | Fair Value (in thousands) | Valuation Technique | Significant Unobservable Input(s) | Input / Range | Weighted Average
Corporate equity securities ..................... | $218,483 |  |  |  |  |  |
Non-exchange-traded securities | Market approach | Price | $0 | - | $1,115 | $90
| Volatility benchmarking | Volatility | 45% | - | 49% | 48%
Corporate debt securities ........................ | $50,755 | Market approach | Price | $58 | - | $122 | $92
|  | Discounted cash flows | Discount rate/yield | 22% | - | 26% | 24%
CDOs and CLOs .......................................... | $31,965 | Discounted cash flows | Constant prepayment rate | 15% | - | 20% | 16%
|  |  | Constant default rate | 2% | —
|  |  | Loss severity | 30% | —
|  |  | Discount rate/yield | 13% | - | 15% | 14%
|  | Market approach | Price | $98 | - | $118 | $101
RMBS ........................................................... | $6,134 | Discounted cash flows | Constant prepayment rate | 10% | —
|  |  | Constant default rate | 0.5% | —
|  |  | Loss severity | 45% | —
|  |  | Discount rate/yield | 20% | —
Other ABS ................................................... | $242,697 | Discounted cash flows | Discount rate/yield | 10.9% | - | 15.8% | 15.2%
|  |  | Cumulative loss rate | 10.5% | - | 17.4% | 16.5%
|  |  | Duration (years) | 1.1 | - | 1.5 | 1.2
|  | Market approach | Price | $118 | - | $135 | $132
|  | Scenario analysis | Estimated recovery percentage | 64% | - | 69% | 68%
Loans and other receivables ................... | $85,396 | Market approach | Price | $8 | - | $118 | $106
|  | Scenario analysis | Estimated recovery percentage | 18% | - | 222% | 92%
Derivatives .................................................. | $11,104 |  |  |  |  |  |
Embedded options |  | Market approach | Basis points upfront | 0.3 | - | 0.5 | 0.4
Equity options |  | Volatility benchmarking | Volatility | 51% | —
Investments at fair value .......................... | $161,250 |  |  |  |  |  |
Private equity securities |  | Market approach | Price | $0 | - | $27,989 | $2,838
|  |  | Discount rate/yield | 28% | —
|  |  | Estimated revenue | $29,760,909 | —
Financial Instruments Sold, Not Yet Purchased: |  |  |  |  |  |
Derivatives .................................................. | $43,253 |  |  |  |  |  |
Equity options |  | Volatility benchmarking | Volatility | 39% | - | 67% | 53%
Embedded options |  | Market approach | Basis points upfront | 7.2 | - | 19.9 | 12.8
Other secured financings ......................... | $11,685 | Scenario analysis | Estimated recovery percentage | 74% | - | 100% | 95%
|  | Market approach | Price | $117 | - | $118 | $118
Long-term debt .......................................... | $1,024,067 |  |  |  |  |  |
Structured notes |  | Market approach | Price | $70 | - | $120 | $100
November 30, 2025
Financial Instruments Owned | Fair Value (in thousands) | Valuation Technique | Significant Unobservable Input(s) | Input / Range | Weighted Average
Corporate equity securities ..................... | $218,853 |  |  |  |  |  |
Non-exchange-traded securities | Market approach | Price | $0 | - | $486 | $85
|  | Volatility benchmarking | Volatility | 44% | - | 48% | 47%
Corporate debt securities ........................ | $37,578 | Market approach | Price | $49 | - | $121 | $72
|  | Discounted cash flows | Discount rate/yield | 18% | - | 20% | 19%
|  | Scenario analysis | Estimated recovery percentage | 30% | —
CDOs and CLOs .......................................... | $25,824 | Discounted cash flows | Constant prepayment rate | 20% | —
|  |  | Constant default rate | 2% | —
|  |  | Loss severity | 30% | —
|  |  | Discount rate/yield | 17% | —
|  | Market approach | Price | $98 | - | $100 | $99
RMBS ........................................................... | $6,663 | Discounted cash flows | Constant prepayment rate | 12% | —
|  |  | Constant default rate | 0.3% | —
|  |  | Loss severity | 20% | —
|  |  | Discount rate/yield | 15% | —
Other ABS ................................................... | $129,693 | Discounted cash flows | Discount rate/yield | 15.5% | - | 15.7% | 15.6%
|  |  | Cumulative loss rate | 16.0% | - | 16.4% | 16.2%
|  |  | Duration (years) | 1.1 | - | 1.2 | 1.1
|  | Market approach | Price | $116 | - | $133 | $130
|  | Scenario analysis | Estimated recovery percentage | 66% | —
Loans and other receivables ................... | $127,720 | Market approach | Price | $67 | - | $129 | $97
|  | Scenario analysis | Estimated recovery percentage | 8% | - | 100% | 35%
Derivatives .................................................. | $6,094 |  |  |  |  |  |
Embedded options |  | Market approach | Basis points upfront | 0.4 | - | 0.5 | 0.5
Equity options |  | Volatility benchmarking | Volatility | 34% | —
Investments at fair value .......................... | $157,162 |  |  |  |  |  |
Private equity securities |  | Market approach | Price | $0 | - | $27,989 | $2,722
|  |  | Discount rate/yield | 28% | —
|  |  | Estimated revenue | $29,818,082 | —
Financial Instruments Sold, Not Yet Purchased: |  |  |  |  |  |
Corporate debt securities ........................ | $3,720 | Scenario analysis | Estimated recovery percentage | 30% | —
Loans ........................................................... | $9,757 | Market approach | Price | $100 | - | $129 | $117
|  | Scenario analysis | Estimated recovery percentage | 30% | —
Derivatives .................................................. | $45,953 |  |  |  |  |  |
Equity options |  | Volatility benchmarking | Volatility | 34% | - | 61% | 58%
Embedded options |  | Market approach | Basis points upfront | 0.0 | - | 21.0 | 13.3
Other secured financings ......................... | $13,454 | Scenario analysis | Estimated recovery percentage | 74% | - | 100% | 96%
|  | Market approach | Price | $114 | - | $117 | $115
Long-term debt .......................................... | $1,063,358 |  |  |  |  |  |
Structured notes |  | Market approach | Price | $72 | - | $120 | $101
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 February 28, 2026 and November 30, 2025, asset exclusions consisted of $41.4 million and $28.2 million, respectively, primarily composed of CDOs and CLOs, Investments at fair value, certain derivatives, other ABS and CMBS. At February 28, 2026 and November 30, 2025, liability exclusions consisted of $1.7 million and $0.2 million, respectively, primarily composed of loans, 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, RMBS, 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. •Corporate debt securities, 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, 2025. Fair value option gains (losses):
| Three Months Ended February 28,
$ in thousands | 2026 | 2025
Financial instruments owned: |  |
Loans and other receivables (1) ............................................. | $(28,722) | $13,283
Other secured financings: |  |
Other changes in fair value (1) ................................................ | $(309) | $1,938
Long-term debt: |  |
Changes in instrument-specific credit risk (2) ...................... | $77,896 | $37,898
Other changes in fair value (1) ................................................ | (58,916) | 16,944
(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. Difference between contractual principal and fair value (1):
$ in thousands | February 28, 2026 | November 30, 2025
Financial instruments owned: |  |
Loans and other receivables (2) ................................ | $2,219,310 | $2,378,747
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (2) ..... | 420,878 | 319,394
Loans and other receivables 90 days or greater past due (2) .............................................. | 70,748 | 100,300
Long-term debt ............................................................ | 222,020 | 166,273
Other secured financings ........................................... | (4,798) | 237
(1)Amounts indicate contractual principal greater than or (less than) fair value. (2)Interest income is recognized separately from other changes in fair value and is included in Interest revenues. Fair value of loans and other receivables on nonaccrual status:
$ in thousands | February 28, 2026 | November 30, 2025
Financial instruments owned: |  |
Loans and other receivables on nonaccrual status and/or 90 days or greater past due ........................... | $109,143 | $119,900
Loans and other receivables 90 days or greater past due ..................................................................... | 66,657 | 47,000
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 February 28, 2026 and November 30, 2025. There were no impairments and downward adjustments on these investments during the three months ended February 28, 2026 and 2025.

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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