XML 71 R58.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)
3 Months Ended
Feb. 28, 2026
USD ($)
$ / shares
Feb. 28, 2025
Nov. 30, 2025
USD ($)
$ / shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability | $ $ 1,300,987,000   $ 1,490,017,000
Other secured financings | $ 424,023,000   425,964,000
Long-term debt | $ 3,686,758,000   3,734,843,000
Level 3      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability | $ 43,253,000   45,953,000
Other secured financings | $ 11,685,000   13,454,000
Long-term debt | $ 1,024,067,000   1,063,358,000
Level 3 | Non-exchange-traded securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned | $ 218,483,000   218,853,000
Level 3 | Corporate debt securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned | $ 50,755,000   37,578,000
Derivative liability | $     $ 3,720,000
Level 3 | Corporate debt securities | Estimated recovery percentage      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input     0.30
Financial instruments sold, not yet purchased, measurement input     0.30
Level 3 | CDOs and CLOs      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned | $ $ 31,965,000   $ 25,824,000
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
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 | 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
Level 3 | Residential mortgage-backed securities | Discounted Cash Flow      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned | $ $ 6,134,000   $ 6,663,000
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 0.10   0.12
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 0.005   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 0.45   0.20
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 0.20   0.15
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 | $ $ 242,697,000   $ 129,693,000
Level 3 | Other ABS | Estimated recovery percentage      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input     0.66
Level 3 | Loans and other receivables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned | $ 85,396,000   $ 127,720,000
Level 3 | Equity options      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability | $ $ 11,104,000   $ 6,094,000
Level 3 | Equity options | Volatility      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative asset, measurement input 0.51   0.34
Level 3 | Investments at fair value | Market Approach      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned | $ $ 161,250,000   $ 157,162,000
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   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 | $ 29,760,909   29,818,082
Level 3 | Loans      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability | $     $ 9,757,000
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     0.30
Level 3 | Long-term debt      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Long-term debt | $ $ 1,024,067,000   $ 1,063,358,000
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 0.45   0.44
Minimum | Level 3 | Corporate debt securities | Price      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 58   49
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 0.22   0.18
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   98
Minimum | 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 0.15    
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    
Minimum | Level 3 | Other ABS | Price      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 118   116
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 0.109   0.155
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 0.105   0.160
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 1 year 1 month 6 days 1 year 1 month 6 days  
Minimum | Level 3 | Other ABS | Estimated recovery percentage      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 0.64    
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 8   67
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 0.18   0.08
Minimum | Level 3 | Embedded options | Basis points upfront      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative asset, measurement input 0.3   0.4
Derivative liability, measurement input 7.2   0.0
Minimum | Level 3 | Equity options | Volatility      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability, measurement input 0.39   0.34
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   0
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     100
Minimum | Level 3 | Other secured financings: | Price      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Other secured financings, measurement input 117   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 0.74   0.74
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   72
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 1,115   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 0.49   0.48
Maximum | Level 3 | Corporate debt securities | Price      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 122   121
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 0.26   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 118   100
Maximum | 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    
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 0.15    
Maximum | Level 3 | Other ABS | Price      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 135   133
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 0.158   0.157
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 0.174   0.164
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 6 months 1 year 2 months 12 days  
Maximum | Level 3 | Other ABS | Estimated recovery percentage      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 0.69    
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 118   129
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 2.22   1
Maximum | Level 3 | Embedded options | Basis points upfront      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative asset, measurement input 0.5   0.5
Derivative liability, measurement input 19.9   21.0
Maximum | Level 3 | Equity options | Volatility      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability, measurement input 0.67   0.61
Maximum | Level 3 | Private equity securities | Price      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 27,989   27,989
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     129
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   117
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 120   120
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 90   85
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 0.48   0.47
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 92   72
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 0.24   0.19
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 101   99
Weighted Average | 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 0.16    
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 0.14    
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   130
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 0.152   0.156
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 0.165   0.162
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 2 months 12 days 1 year 1 month 6 days  
Weighted Average | Level 3 | Other ABS | Estimated recovery percentage      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Financial instruments owned, measurement input 0.68    
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 106   97
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 0.92   0.35
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   0.5
Derivative liability, measurement input 12.8   13.3
Weighted Average | Level 3 | Equity options | Volatility      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Derivative liability, measurement input 0.53   0.58
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 2,838   2,722
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     117
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 118   115
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 0.95   0.96
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 100   101