XML 67 R54.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Nov. 30, 2025
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV $ 26,469,132 $ 26,041,216
Counterparty and cash collateral netting, assets (5,186,913) (3,705,764)
Securities received as collateral 393,867 200,495
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 14,459,138 13,320,152
Counterparty and cash collateral netting, liabilities (5,600,436) (3,985,187)
Other secured financings 424,023 425,964
Obligation to return securities received as collateral 393,867 200,495
Long-term debt 3,686,758 3,734,843
Alternative investment 1,610,326 1,681,523
Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 7,912,634 8,133,524
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 6,577,363 5,619,320
Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,451,849 5,404,779
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,196,612 2,765,514
Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 653,182 685,985
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,000 627
U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,592,107 2,449,351
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,590,162 1,913,407
Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 556,120 563,994
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 88  
Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,966,403 1,676,554
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,525,126 1,337,119
Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,129,978 1,833,755
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,041  
Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,505 10,806
Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 874,958 1,042,475
Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,241,450 2,239,237
Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,907,182 1,824,082
Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 180,764 176,674
Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 265,759 194,148
Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,300,987 1,490,017
Level 1    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 10,791,789 10,868,446
Securities received as collateral 393,867 200,495
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 8,736,189 8,281,525
Other secured financings 0 0
Obligation to return securities received as collateral 393,867 200,495
Long-term debt 0 0
Level 1 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 7,339,191 7,664,824
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 6,457,960 5,571,534
Level 1 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,524,173 2,342,718
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,590,146 1,913,403
Level 1 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0  
Level 1 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 928,270 860,832
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 688,027 796,564
Level 1 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0  
Level 1 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 155 72
Level 1 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 56 24
Level 2    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 20,015,078 18,140,766
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 11,278,489 8,964,229
Other secured financings 412,338 412,510
Obligation to return securities received as collateral 0 0
Long-term debt 2,662,691 2,671,485
Level 2 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 354,960 249,847
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 119,236 47,631
Level 2 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,401,094 5,367,201
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,196,057 2,761,794
Level 2 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 591,727 645,798
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,000 627
Level 2 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 67,934 106,633
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 16 4
Level 2 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 556,120 563,994
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 88  
Level 2 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,038,133 815,722
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 837,099 540,555
Level 2 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,123,844 1,827,092
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,041  
Level 2 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,150 10,458
Level 2 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 630,244 909,474
Level 2 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,156,054 2,111,517
Level 2 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 7,079,249 5,519,463
Level 2 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 13,569 13,567
Level 2 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 264,838 184,391
Level 2 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 6,858,114 5,429,227
Level 3    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 849,178 737,768
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 44,896 59,585
Other secured financings 11,685 13,454
Obligation to return securities received as collateral 0 0
Long-term debt 1,024,067 1,063,358
Level 3 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 218,483 218,853
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 167 155
Level 3 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 50,755 37,578
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 555 3,720
Level 3 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 61,455 40,187
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0  
Level 3 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 6,134 6,663
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0  
Level 3 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 355 348
Level 3 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 244,714 133,001
Level 3 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 85,396 127,720
Level 3 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 14,691 10,311
Level 3 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 167,195 163,107
Level 3 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 921 9,757
Level 3 | Derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 43,253 45,953
Fair value based on net asset value    
Financial instruments sold, not yet purchased:    
Alternative investment $ 1,610,000 $ 1,680,000