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Credit Losses on Financial Assets Measured at Amortized Cost
 3 Months Ended
Feb. 28, 2026
Credit Loss [Abstract]  
Credit Losses on Financial Assets Measured at Amortized Cost Note 11. Credit Losses on Financial Assets Measured at
Amortized Cost
Secured Financing Receivables. In evaluating secured financing
receivables (reverse repurchases agreements, securities
borrowing arrangements, and margin loans), the underlying
collateral maintenance provisions are taken into consideration.
The underlying contractual collateral maintenance for
significantly all of our secured financing receivables requires that
the counterparty continually adjust the collateralization amount,
securing the credit exposure on these contracts. Collateralization
levels for our secured financing receivables are initially
established based upon the counterparty, the type of acceptable
collateral that is monitored daily and adjusted to mitigate the
potential of any credit losses. Credit losses are not recognized
for secured financing receivables where the underlying
collateral’s fair value is equal to or exceeds the asset’s amortized
cost basis. In cases where the collateral’s fair value does not
equal or exceed the amortized cost basis, the allowance for
credit losses, if any, is limited to the difference between the fair
value of the collateral at the reporting date and the amortized
cost basis of the financial assets.
Broker Receivables. Our receivables from brokers, dealers, and
clearing organizations include deposits of cash with exchange
clearing organizations to meet margin requirements, amounts
due from clearing organizations for daily variation settlements,
securities failed-to-deliver or receive and receivables and
payables for fees and commissions. These receivables generally
do not give rise to material credit risk and have a remote
probability of default either because of their short-term nature or
due to the credit protection framework inherent in the design and
operations of brokers, dealers and clearing organizations. As
such, generally, no allowance for credit losses is held against
these receivables.
Investment Banking Fee Receivables. Our allowance for credit
losses on our investment banking fee receivables uses a
provisioning matrix based on the shared risk characteristics and
historical loss experience for such receivables. In some
instances, we may adjust the allowance calculated based on the
provision matrix to incorporate a specific allowance based on the
unique credit risk profile of a receivable. The provisioning matrix
is periodically updated to reflect changes in the underlying
portfolio’s credit characteristics and most recent historical loss
data.
Allowance for credit losses for investment banking receivables:
Three Months Ended
 February 28,
$ in thousands
2026
2025
Beginning balance ........................................................
$3,681
$5,277
Bad debt expense .........................................................
10,164
1,347
Charge-offs ...................................................................
—
(3,076)
Recoveries collected ....................................................
(1,885)
(1,502)
Ending balance (1) ..............................................................
$11,960
$2,046
(1)Substantially all of the allowance for doubtful accounts relate to mergers and
acquisitions and restructuring fee receivables, which include recoverable
expense receivables.
Other Financial Assets. For all other financial assets measured at
amortized cost, we estimate expected credit losses over the
financial assets’ life as of the reporting date based on relevant
information about past events, current conditions, and
reasonable and supportable forecasts.