Note 5. Fair Value Disclosures


	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 net asset value (“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.


	November 30, 2024 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$5,238,058	$302,051	$239,364	$—	$5,779,473
Corporate debt securities .....................................................................................	—	5,310,815	24,931	—	5,335,746
Collateralized debt obligations and collateralized loan obligations ...............	—	1,029,662	63,976	—	1,093,638
U.S. government and federal agency securities ................................................	3,583,139	160,227	—	—	3,743,366
Municipal securities ..............................................................................................	—	320,507	—	—	320,507
Sovereign obligations ............................................................................................	749,912	630,681	172	—	1,380,765
Residential mortgage-backed securities ............................................................	—	2,348,862	7,714	—	2,356,576
Commercial mortgage-backed securities ..........................................................	—	146,752	477	—	147,229
Other asset-backed securities .............................................................................	—	110,687	103,214	—	213,901
Loans and other receivables ................................................................................	—	1,706,152	152,586	—	1,858,738
Derivatives ..............................................................................................................	146	3,181,454	3,926	(2,667,751)	517,775
Investments at fair value ......................................................................................	—	6	137,865	—	137,871
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$9,571,255	$15,247,856	$734,225	$(2,667,751)	$22,885,585
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ................................	$120,414	$—	$—	$—	$120,414
Securities received as collateral ..........................................................................	185,588	—	—	—	185,588

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$3,013,877	$73,240	$208	$—	$3,087,325
Corporate debt securities .....................................................................................	—	3,105,010	165	—	3,105,175
U.S. government and federal agency securities ................................................	2,904,379	26	—	—	2,904,405
Sovereign obligations ............................................................................................	667,647	422,124	—	—	1,089,771
Commercial mortgage-backed securities .........................................................	—	—	1,153	—	1,153
Loans .......................................................................................................................	—	92,321	16,864	—	109,185
Derivatives ..............................................................................................................	13	3,477,802	26,212	(2,793,713)	710,314
Total financial instruments sold, not yet purchased .......................................	$6,585,916	$7,170,523	$44,602	$(2,793,713)	$11,007,328
Other secured financings ......................................................................................	$—	$9,964	$14,884	$—	$24,848
Obligation to return securities received as collateral ......................................	185,588	—	—	—	185,588
Long-term debt .......................................................................................................	—	1,529,443	821,903	—	2,351,346

(1)Excludes investments at fair value based on NAV of $1.25 billion at November 30, 2024 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.

The following is a description of the valuation basis, including

valuation techniques and inputs, used in measuring our financial

assets and liabilities that are accounted for at fair value on a

recurring basis:

Cash and securities segregated and on deposit for regulatory

purposes or deposited with clearing and depository organizations

Segregated U.S. Treasury securities are measured based on

quoted market prices obtained from external pricing services and

categorized within Level 1 of the fair value hierarchy.

Corporate Equity Securities

•Exchange-Traded Equity Securities: Exchange-traded equity

securities are measured based on quoted closing exchange

prices, which are generally obtained from external pricing

services, and are categorized within Level 1 of the fair value

hierarchy. Otherwise, they are categorized within Level 2 of the

fair value hierarchy to the extent these securities are actively

traded and valuation adjustments are not applied..

•Non-Exchange-Traded Equity Securities: Non-exchange-traded

equity securities are measured, where available, using broker

quotations, pricing data from external pricing services and

prices observed from recently executed market transactions

and are categorized within Level 2 of the fair value hierarchy.

Where such information is not available, non-exchange-traded

equity securities are categorized within Level 3 of the fair value

hierarchy and measured using valuation techniques involving

quoted prices of or market data for comparable companies,

similar company ratios and multiples (e.g., price/Earnings

before interest, taxes, depreciation and amortization

(“EBITDA”), price/book value), discounted cash flow analyses

and transaction prices observed from subsequent financing or

capital issuance by the company. When using pricing data of

comparable companies, judgment must be applied to adjust

the pricing data to account for differences between the

measured security and the comparable security (e.g., issuer

market capitalization, yield, dividend rate, geographical

concentration).

•Equity Warrants: Non-exchange-traded equity warrants are

measured primarily from observed prices on recently executed

market transactions and broker quotations and are categorized

within Level 2 of the fair value hierarchy. Where such

information is not available, non-exchange-traded equity

warrants are generally categorized within Level 3 of the fair

value hierarchy and can be measured using third-party

valuation services or the Black-Scholes model with key inputs

impacting the valuation including the underlying security price,

implied volatility, dividend yield, interest rate curve, strike price

and maturity date.

Corporate Debt Securities

•Investment Grade Corporate Bonds: Investment grade

corporate bonds are measured primarily using pricing data

from external pricing services and broker quotations, where

available, prices observed from recently executed market

transactions and bond spreads. Investment grade corporate

bonds measured using these valuation methods are

categorized within Level 2 of the fair value hierarchy. If broker

quotes, pricing data or spread data is not available, alternative

valuation techniques may be used. Investment grade corporate

bonds measured using alternative valuation techniques are

categorized within Level 2 or Level 3 of the fair value hierarchy.

•High Yield Corporate and Convertible Bonds: A significant

portion of our high yield corporate and convertible bonds are

categorized within Level 2 of the fair value hierarchy and are

measured primarily using pricing data from external pricing

services and broker quotations, where available, and prices

observed from recently executed market transactions of

institutional size. Where pricing data is less observable,

valuations are categorized within Level 3 of the fair value

hierarchy and are based on pending transactions involving the

issuer or comparable issuers, prices implied from an issuer’s

subsequent financing or recapitalization, models incorporating

financial ratios and projected cash flows of the issuer and

market prices for comparable issuers.

Collateralized Debt Obligations and Collateralized Loan

Obligations

Collateralized debt obligations (“CDOs”) and collateralized loan

obligations (“CLOs”) are measured based on prices observed

from recently executed market transactions of the same or

similar security or based on valuations received from third-party

brokers or data providers and are categorized within Level 2 or

Level 3 of the fair value hierarchy depending on the observability

and significance of the pricing inputs. Valuation that is based on

recently executed market transactions of similar securities

incorporates additional review and analysis of pricing inputs and

comparability criteria, including, but not limited to, collateral type,

tranche type, rating, origination year, prepayment rates, default

rates and loss severity.

U.S. Government and Federal Agency Securities

•U.S. Treasury Securities: U.S. Treasury securities are measured

based on quoted market prices obtained from external pricing

services and categorized within Level 1 of the fair value

hierarchy.

•U.S. Agency Debt Securities: Callable and non-callable U.S.

agency debt securities are measured primarily based on

quoted market prices obtained from external pricing services

and are generally categorized within Level 1 or Level 2 of the

fair value hierarchy.

Municipal Securities

Municipal securities are measured based on quoted prices

obtained from external pricing services, where available, or

recently executed independent transactions of comparable size

and are generally categorized within Level 2 of the fair value

hierarchy.

Sovereign Obligations

Sovereign government obligations are measured based on

quoted market prices obtained from external pricing services,

where available, or recently executed independent transactions of

comparable size. Sovereign government obligations, with

consideration given to the country of issuance, are generally

categorized within Level 1 or Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities

•Agency Residential Mortgage-Backed Securities (“RMBS”):

Agency RMBS include mortgage pass-through securities (fixed

and adjustable rate), collateralized mortgage obligations and

principal-only and interest-only (including inverse interest-only)

securities. Agency RMBS are generally measured using recent

transactions, pricing data from external pricing services or

expected future cash flow techniques that incorporate

prepayment models and other prepayment assumptions to

amortize the underlying mortgage loan collateral and are

categorized within Level 2 or Level 3 of the fair value hierarchy.

We use prices observed from recently executed transactions to

develop market-clearing spread and yield assumptions.

Valuation inputs with regard to the underlying collateral

incorporate factors such as weighted average coupon, loan-to-

value, credit scores, geographic location, maximum and

average loan size, originator, servicer and weighted average

loan age.

•Non-Agency RMBS: The fair value of non-agency RMBS is

determined primarily using pricing data from external pricing

services, where available, and discounted cash flow

methodologies and securities are categorized within Level 2 or

Level 3 of the fair value hierarchy based on the observability

and significance of the pricing inputs used. Performance

attributes of the underlying mortgage loans are evaluated to

estimate pricing inputs, such as prepayment rates, default

rates and the severity of credit losses. Attributes of the

underlying mortgage loans that affect the pricing inputs

include, but are not limited to, weighted average coupon;

average and maximum loan size; loan-to-value; credit scores;

documentation type; geographic location; weighted average

loan age; originator; servicer; historical prepayment, default

and loss severity experience of the mortgage loan pool; and

delinquency rate. Yield curves used in the discounted cash flow

models are based on observed market prices for comparable

securities and published interest rate data to estimate market

yields. In addition, broker quotes, where available, are also

referenced to compare prices.

Commercial Mortgage-Backed Securities

•Agency Commercial Mortgage-Backed Securities (“CMBS”):

Government National Mortgage Association (“Ginnie Mae”)

project loan bonds are measured using recent transactions,

pricing data from external pricing services or discount cash

flow methodologies with inputs corroborated from and

benchmarked to observed prices of recent securitization

transactions of similar securities with adjustments

incorporating an evaluation of various factors, including

prepayment speeds, default rates and cash flow structures.

Federal National Mortgage Association (“Fannie Mae”)

Delegated Underwriting and Servicing (“DUS”) mortgage-

backed securities are generally measured by using prices

observed from recently executed market transactions to

estimate market-clearing spread levels for purposes of

estimating fair value. Ginnie Mae project loan bonds and

Fannie Mae DUS mortgage-backed securities are categorized

within Level 2 of the fair value hierarchy.

•Non-Agency CMBS: Non-agency CMBS are measured using

pricing data obtained from external pricing services, prices

observed from recently executed market transactions or based

on expected cash flow models that incorporate underlying loan

collateral characteristics and performance. Non-Agency CMBS

are categorized within Level 2 or Level 3 of the fair value

hierarchy depending on the observability of the underlying

inputs.

Other Asset-Backed Securities

Other asset-backed securities (“ABS”) include, but are not limited

to, securities backed by auto loans, credit card receivables,

student loans and other consumer loans and are categorized

within Level 2 or Level 3 of the fair value hierarchy. Valuations are

primarily determined using pricing data obtained from external

pricing services, broker quotes and prices observed from recently

executed market transactions. In addition, recent transaction

data from comparable deals is deployed to develop market

clearing yields and cumulative loss assumptions. The cumulative

loss assumptions are based on the analysis of the underlying

collateral and comparisons to earlier deals with similar collateral

to gauge the relative performance of the deal.

Loans and Other Receivables

•Corporate Loans: Corporate loans categorized within Level 2 of

the fair value hierarchy are measured based on market

consensus pricing service quotations. Where available, market

price quotations from external pricing services are reviewed to

ensure they are supported by transaction data. Corporate loans

categorized within Level 3 of the fair value hierarchy are

measured based on price quotations that are considered to be

less observable. Price quotations are derived using market

prices for debt securities of the same creditor and estimates of

future cash flows. Future cash flows use assumptions

regarding creditor default and recovery rates, credit rating,

effective yield and consideration of the issuer’s capital

structure.

•Participation Certificates in Agency Residential Loans:

Valuations of participation certificates in agency residential

loans are based on observed market prices of recently

executed purchases and sales of similar loans and data

provider pricing. The loan participation certificates are

categorized within Level 2 of the fair value hierarchy given the

observability and volume of recently executed transactions and

availability of data provider pricing.

•Project Loans and Participation Certificates in Ginnie Mae

Project and Construction Loans: Valuations of participation

certificates in Ginnie Mae project and construction loans are

based on inputs corroborated from and benchmarked to

observed prices of recent securitizations with similar

underlying loan collateral to derive an implied spread.

Securitization prices are adjusted to estimate the fair value of

the loans to account for the arbitrage that is realized at the

time of securitization. The measurements are categorized

within Level 2 of the fair value hierarchy given the observability

and volume of recently executed transactions.

•Consumer Loans and Funding Facilities: Consumer and small

business whole loans and related funding facilities are valued

based on observed market transactions and incorporating

valuation inputs including, but not limited to, delinquency and

default rates, prepayment rates, borrower characteristics, loan

risk grades and loan age. These assets are categorized within

Level 2 or Level 3 of the fair value hierarchy.

•Escrow and Claim Receivables: Escrow and claim receivables

are categorized within Level 2 of the fair value hierarchy where

fair value is based on recent observations in the same

receivable. Escrow and claim receivables are categorized

within Level 3 of the fair value hierarchy where fair value is

estimated based on reference to market prices and implied

yields of debt securities of the same or similar issuers.

Derivatives

•Listed Derivative Contracts: Listed derivative contracts that are

actively traded are measured based on quoted exchange

prices, broker quotes or vanilla option valuation models, such

as Black-Scholes, using observable valuation inputs from the

principal market or consensus pricing services. Exchange

quotes and/or valuation inputs are generally obtained from

external vendors and pricing services. Broker quotes are

validated that they are tradeable. Listed derivative contracts

that use exchange close prices are generally categorized within

Level 1 of the fair value hierarchy. All other listed derivative

contracts are generally categorized within Level 2 of the fair

value hierarchy.

•Over-the-Counter (“OTC”) Derivative Contracts: OTC derivative

contracts are generally valued using models, whose inputs

reflect assumptions that we believe market participants would

use in valuing the derivative in a current transaction. Where

available, valuation inputs are calibrated from observable

market data. For many OTC derivative contracts, the valuation

models do not involve material subjectivity as the

methodologies do not entail significant judgment and the

inputs to valuation models do not involve a high degree of

subjectivity as the valuation model inputs are readily

observable or can be derived from actively quoted markets.

OTC derivative contracts are primarily categorized within Level

2 of the fair value hierarchy given the observability and

significance of the inputs to the valuation models. Where

significant inputs to the valuation are unobservable, derivative

instruments are categorized within Level 3 of the fair value

hierarchy.

OTC options include OTC equity, foreign exchange, interest rate

and commodity options measured using various valuation

models, such as Black-Scholes, with key inputs including the

underlying security price, foreign exchange spot rate,

commodity price, implied volatility, dividend yield, interest rate

curve, strike price and maturity date. Discounted cash flow

models are utilized to measure certain OTC derivative

contracts including the valuations of our interest rate swaps,

which incorporate observable inputs related to interest rate

curves, valuations of our foreign exchange forwards and

swaps, which incorporate observable inputs related to foreign

currency spot rates and forward curves and valuations of our

commodity swaps and forwards, which incorporate observable

inputs related to commodity spot prices and forward curves.

Credit default swaps include both index and single-name credit

default swaps. Where available, external data is used in

measuring index credit default swaps and single-name credit

default swaps. For commodity and equity total return swaps,

market prices are generally observable for the underlying asset

and used as the basis for measuring the fair value of the

derivative contracts. Total return swaps executed on other

underlyings are measured based on valuations received from

external pricing services.

Securities Received as Collateral / Obligations to Return Securities

Received as Collateral

In connection with securities-for-securities transactions in which

we are the lender of securities and are permitted to sell or

repledge the securities received as collateral, we report the fair

value of the collateral received and the related obligation to

return the collateral. Valuation is based on the price of the

underlying security and is categorized within the corresponding

leveling guidance above. These financial instruments are typically

categorized within Level 1 of the fair value hierarchy.

Other Secured Financings

Other secured financings that are accounted for at fair value are

classified within Level 2 or Level 3 of the fair value hierarchy. Fair

value is based on estimates of future cash flows incorporating

assumptions regarding recovery rates.

Long-term Debt

Long-term debt includes structured notes where valuation is

linked to the performance of a specific index, a specific equity

security or various interest rate-related features, such as

embedded options (caps, floors, and collars), callable or puttable

provisions, step-up or step-down coupon structures, and floating-

rate components tied to benchmark indices (e.g., SOFR,

EURIBOR). The various valuation models incorporate our own

credit spread, market price quotations from external pricing

sources referencing the appropriate interest rate curves,

volatilities and other inputs as well as prices for transactions in a

given note during the period. Long-term debt notes are generally

categorized within Level 2 of the fair value hierarchy where

market trades have been observed during the period, otherwise

the notes are categorized within Level 3.

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:


	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


	November 30, 2024
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ............	$660,720	$—	Quarterly (53%) Monthly (47%)	45 - 90 days 45 - 60 days
Private Equity Funds (3) ............	60,215	30,530	N/R (100%)	N/R
Credit Funds (4)	430,429	30,554	Quarterly (72%) Monthly (3%) N/R (25%)	90 days 30 days N/R
Real Estate and Other Funds (5) .	101,325	232,696	N/R (100%)	N/R
Total ...................	$1,252,689	$293,780

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.

Level 3 Rollforwards


									For instruments still held at November 30, 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 November 30, 2025	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities ...	$239,364	$(14,552)	$31,127	$(3,286)	$—	$—	$(33,800)	$218,853	$(8,419)	$—
Corporate debt securities ......	24,931	5,015	12,441	(1,767)	(2,961)	—	(81)	37,578	3,998	—
CDOs and CLOs .......................	63,976	(15,633)	75,557	(48,218)	(9,799)	—	(25,696)	40,187	(9,638)	—
Sovereign obligations .............	172	2	—	(174)	—	—	—	—	—	—
RMBS ........................................	7,714	235	—	(845)	(441)	—	—	6,663	(8)	—
CMBS ........................................	477	(129)	—	—	—	—	—	348	(129)	—
Other ABS .................................	103,214	(10,760)	94,034	(52,840)	(10,931)	—	10,284	133,001	(5,738)	—
Loans and other receivables .	152,586	(3,054)	165,778	(113,390)	(39,097)	—	(35,103)	127,720	18,629	—
Investments at fair value .......	137,865	19,273	21,547	(292)	(3,951)	—	(11,335)	163,107	15,330	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ...	$208	$(771)	$(413)	$1,131	$—	$—	$—	$155	$779	$—
Corporate debt securities ......	165	2,158	—	508	—	—	889	3,720	(2,158)	—
CMBS ........................................	1,153	35	(35)	—	—	—	(1,153)	—	—	—
Loans ........................................	16,864	(8,476)	(1,038)	119	—	—	2,288	9,757	(7,322)	—
Net derivatives (2) ...................	22,286	(6,031)	(558)	—	(1,753)	22,588	(890)	35,642	(2,454)	—
Other secured financings .......	14,884	(1,210)	—	—	(8,751)	8,531	—	13,454	(74)
Long-term debt ........................	821,903	19,977	—	—	(24,093)	270,483	(24,912)	1,063,358	(14,506)	(5,473)

(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 Year Ended

November 30, 2025

Transfers of assets of $82.6 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loans and other receivables of $28.4 million, CDOs and CLOs

of $20.1 million, corporate equity securities of $17.0 million

and other ABS of $15.4 million due to reduced pricing

transparency.

Transfers of assets of $178.3 million from Level 3 to Level 2 are

primarily attributed to:

•Loans and other receivables of $63.5 million, corporate equity

securities of $50.8 million, CDOs and CLOs of $45.8 million,

investments at fair value of $11.3 million and other ABS of $5.1

million due to greater pricing transparency.

Transfers of liabilities of $16.0 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $7.2 million, net

derivatives of $5.6 million and loans of $2.3 million due to

reduced pricing and market transparency.

Transfers of liabilities of $39.8 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $32.1 million and net

derivatives of $6.5 million due to greater pricing and market

transparency.

Net losses on Level 3 assets were $19.6 million and net losses

on Level 3 liabilities were $5.7 million for the year ended

November 30, 2025. Net losses on Level 3 assets were primarily

due to decreased market values in CDOs and CLOs, corporate

equity securities, other ABS and loans and other receivables,

partially offset by increases in the market values of investments

at fair value and corporate debt securities. Net losses on Level 3

liabilities were primarily due to increased market valuations of

certain structured notes within long-term debt and corporate debt

securities, partially offset by decreases in the market valuations

of loans, certain derivatives and other secured financings.


									For instruments still held at November 30, 2024, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at November 30, 2023	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at November 30, 2024	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities .......................	$181,294	$(4,616)	$50,297	$(524)	$—	$—	$12,913	$239,364	$(11,718)	$—
Corporate debt securities	26,112	(4,442)	16,219	(7,307)	(400)	—	(5,251)	24,931	(19,872)	—
CDOs and CLOs .................	64,862	(6,194)	34,964	(21,963)	(2,198)	—	(5,495)	63,976	(2,437)	—
Sovereign obligations .......	—	—	172					172	172	—
RMBS ..................................	20,871	(669)	6,874	(5,384)	(51)	—	(13,927)	7,714	(395)	—
CMBS ..................................	508	(31)	—	—	—	—	—	477	(64)	—
Other ABS ...........................	117,661	(22,251)	63,704	(74,139)	(10,284)	—	28,523	103,214	(17,242)	—
Loans and other receivables ....................	130,101	(1,664)	79,399	(41,551)	(20,523)	—	6,824	152,586	(22,108)	—
Investments at fair value .	130,835	(12,142)	19,726	—	(547)	—	(7)	137,865	(12,142)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .......................	$676	$682	$(1,150)	$—	$—	$—	$—	$208	$3	$—
Corporate debt securities	124	(3)	—	—	(1,100)	—	1,144	165	105	—
CMBS ..................................	840	(1)	(245)	560	—	—	(1)	1,153	1	—
Loans ..................................	1,521	(148)	(1,443)	16,946	—	—	(12)	16,864	125	—
Net derivatives (2) .............	50,955	(9,648)	—	—	(12,298)	3,766	(10,489)	22,286	8,110	—
Other secured financings .	3,898	4,482	—	—	(4,415)	10,919	—	14,884	(4,482)	—
Long-term debt ..................	744,597	51,747	—	—	(2,109)	28,614	(946)	821,903	(37,526)	(28,442)

(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 Year Ended

November 30, 2024

Transfers of assets of $90.5 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Other ABS of $47.6 million, corporate equity securities of $22.7

million, loans and other receivables of $14.9 million, CDOs and

CLOs of $2.7 million and corporate debt securities of $2.0

million due to reduced pricing transparency.

Transfers of assets of $66.9 million from Level 3 to Level 2 are

primarily attributed to:

•Other ABS of $19.0 million, RMBS of $14.6 million, corporate

equity securities of $9.7 million, CDOs and CLOs of $8.2 million

and loans and other receivables of $8.1 million due to greater

pricing transparency.

Transfers of liabilities of $30.1 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $26.8 million and net

derivatives of $3.1 million due to reduced pricing and market

transparency.

Transfers of liabilities of $40.4 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $27.8 million and net

derivatives of $13.6 million due to greater pricing and market

transparency.

Net losses on Level 3 assets were $52.0 million and net losses

on Level 3 liabilities were $47.1 million for the year ended

November 30, 2024. Net losses on Level 3 assets were primarily

due to decreased market values in loans and other receivables,

other ABS, investments at fair value, CDOs and CLOs, corporate

equity securities and corporate debt securities. Net losses on

Level 3 liabilities were primarily due to increased market other

secured financings, partially offset by decreases in certain

derivatives.


									For instruments still held at November 30, 2023, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at November 30, 2022	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at November 30, 2023	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities .......................	$240,347	$(65,037)	$7,865	$(1,228)	$—	$—	$(653)	$181,294	$(11,007)	$—
Corporate debt securities	30,232	1,749	4,132	(18,325)	(200)	—	8,524	26,112	(703)	—
CDOs and CLOs .................	55,824	31,218	51,632	(3,199)	(56,624)	—	(13,989)	64,862	(10,774)	—
RMBS ..................................	27,617	(5,709)	10	—	(247)	—	(800)	20,871	(1,775)	—
CMBS ..................................	839	(331)	—	—	—	—	—	508	(327)	—
Other ABS ...........................	94,677	(17,800)	71,261	(37,088)	(26,936)	—	33,547	117,661	(20,678)
Loans and other receivables ....................	168,875	10,995	55,520	(42,999)	(46,383)	—	(15,907)	130,101	4,168	—
Investments, at fair value .	161,992	83,382	8,852	(15,080)	(107,963)	—	(348)	130,835	(5,762)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .......................	$750	$348	$(1,477)	$1,055	$—	$—	$—	$676	$284	$—
Corporate debt securities	500	(35)	(187)	—	—	—	(154)	124	29	—
CMBS ..................................	490	—	—	350	—	—	—	840	—	—
Loans ..................................	3,164	(114)	(1,655)	126	—	—	—	1,521	(992)	—
Net derivatives (2) .............	59,524	(10,405)	(527)	170	(3,496)	2,158	3,531	50,955	6,760	—
Other secured financings .	1,712	2,186	—	—	—	—	—	3,898	(2,186)	—
Long-term debt ..................	661,123	70,945	—	—	—	17,140	(4,611)	744,597	(28,327)	(59,706)

(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 Year Ended

November 30, 2023

Transfers of assets of $88.5 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Other ABS of $57.8 million, loans and other receivables of

$16.5 million, corporate debt securities of $8.9 million and

corporate equity securities of $5.3 million due to reduced price

transparency.

Transfers of assets of $78.2 million from Level 3 to Level 2 are

primarily attributed to:

•Loans and other receivables of $32.4 million, other ABS of

$24.3 million, CDOs and CLOs of $14.0 million and corporate

equity securities of $6.0 million due to greater pricing

transparency supporting classification into Level 2.

Transfers of liabilities of $60.8 million from Level 2 to Level 3 are

primarily attributed to:

•Net derivatives of $35.6 million and structured notes within

long-term debt of $25.2 million due to reduced pricing and

market transparency.

Transfers of liabilities of $62.0 million from Level 3 to Level 2 are

primarily attributed to:

•Net derivatives of $32.0 million and structured notes within

long-term debt of $29.8 million due to greater pricing

transparency.

Net gains on Level 3 assets were $38.5 million and net losses on

Level 3 liabilities were $62.9 million for the year ended November

30, 2023. Net gains on Level 3 assets were primarily due to

increased market values in investments at fair value, CDOs and

CLOs and loans and other receivables, partially offset by

decreases in corporate equity securities and other ABS. Net

losses on Level 3 liabilities were primarily due to increased

market valuations of certain structured notes within long-term

debt, partially offset by decreases in certain derivatives.

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.


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


November 30, 2024
Financial Instruments Owned	Fair Value (in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			Weighted Average
Corporate equity securities .....................	$239,364
Non-exchange-traded securities		Market approach	Price	$0	-	$486	$68
Corporate debt securities ........................	$24,931	Market approach	Price	$28	-	$105	$74
CDOs and CLOs ..........................................	$53,388	Discounted cash flows	Constant prepayment rate	20%			—
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	14%	-	32%	26%
		Market approach	Price	$70	-	$106	$94
RMBS ...........................................................	$7,714	Discounted cash flows	Constant prepayment rate	20%			—
			Loss severity	10%			—
			Discount rate/yield	12%			—
Other ABS ...................................................	$98,172	Discounted cash flows	Discount rate/yield	19%	-	30%	25%
			Cumulative loss rate	17%	-	34%	24%
			Duration (years)	0.9	-	1.0	0.9
		Market approach	Price	$106	-	$127	$121
		Scenario analysis	Estimated recovery percentage	92%			—
Loans and other receivables ...................	$152,586	Market approach	Price	$17	-	$106	$75
		Scenario analysis	Estimated recovery percentage	3%	-	252%	50%
Derivatives ..................................................	$1,396
Embedded options		Market approach	Basis points upfront	0.3			—
Investments at fair value ..........................	$132,769
Private equity securities		Market approach	Price	$1	-	$8,506	$501
			Discount rate/yield	28%			—
			Estimated revenue	$29,908,372			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$16,864	Market approach	Price	$17	-	$100	$75
		Scenario analysis	Estimated recovery percentage	0%	-	205%	50%
Derivatives ..................................................	$25,045
Equity options		Volatility benchmarking	Volatility	28%	-	102%	49%
Options		Market approach	Basis points upfront	8.0	-	22.3	14.9
Other secured financings .........................	$14,884	Scenario analysis	Estimated recovery percentage	60%	-	100%	93%
		Market approach	Price	$117			—
Long-term debt ..........................................	$821,903
Structured notes		Market approach	Price	$61	-	$122	$96

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 November 30,

2025 and 2024, asset exclusions consisted of $28.2 million and

$23.9 million, respectively, primarily composed of CDOs and

CLOs, Investments at fair value, certain derivatives, other ABS

and CMBS. At November 30, 2025 and 2024, liability exclusions

consisted of $0.2 million and $2.7 million, respectively, primarily

composed of CMBS, certain derivatives, 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, RMBS, 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

We have elected the fair value option for all loans and loan

commitments made by our investment banking and capital

markets businesses. These loans and loan commitments include

loans entered into by our investment banking division in

connection with client bridge financing and loan syndications,

loans purchased by our leveraged credit trading desk as part of

its bank loan trading activities and mortgage and consumer loan

commitments, purchases and fundings in connection with

mortgage-backed and other asset-backed securitization

activities. Loans and loan commitments originated or purchased

by our leveraged credit and mortgage-backed businesses are

managed on a fair value basis. Loans are included in Financial

instruments owned and loan commitments are included in

Financial instruments owned and Financial instruments sold, not

yet purchased. The fair value option election is not applied to

loans made to affiliate entities as such loans are entered into as

part of ongoing, strategic business ventures. Loans to affiliate

entities are included in Investments in and loans to related

parties and are accounted for on an amortized cost basis. We

have also elected the fair value option for certain of our

structured notes which are managed by our investment banking

and capital markets businesses and are included in Long-term

debt. We have elected the fair value option for certain financial

instruments held by subsidiaries as the investments are risk

managed by us on a fair value basis. The fair value option has

been elected for certain other secured financings that arise in

connection with our securitization activities and other structured

financings. Other secured financings, Receivables – Brokers,

dealers and clearing organizations, Receivables – Customers,

Receivables – Fees, interest and other, Payables – Brokers,

dealers and clearing organizations and Payables – Customers,

are accounted for at cost plus accrued interest rather than at fair

value; however, the recorded amounts approximate fair value due

to their liquid or short-term nature.

Gains (losses) due to changes in fair value related to instrument-

specific credit risk on loans, other receivables and debt

instruments and gains (losses) due to other changes in fair value

on Long-term debt measured at fair value under the fair value

option:


	Year Ended November 30,
$ in thousands	2025	2024	2023
Financial instruments owned:
Loans and other receivables ..........	$20,329	$(24,029)	$46,421
Other secured financings:
Other changes in fair value (2) ......	(4,948)	(4,482)	(2,186)
Long-term debt:
Changes in instrument-specific credit risk (1) ....................................	9,563	(32,580)	(106,801)
Other changes in fair value (2) ......	(45,492)	(115,912)	21,373

(1)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.

(2)Other changes in fair value are included in Principal transactions revenues.

Difference between contractual principal and fair value (1):


	November 30,
$ in thousands	2025	2024
Financial instruments owned:
Loans and other receivables (2) ................................	$2,378,747	$1,603,512
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (2) .....	319,394	132,838
Loans and other receivables 90 days or greater past due (2) ..............................................	100,300	48,800
Long-term debt .............................................................	166,273	131,107
Other secured financings ............................................	237	459

(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:


	November 30,
$ in thousands	2025	2024
Financial instruments owned:
Loans and other receivables on nonaccrual status and/or 90 days or greater past due ...........................	$119,900	$126,900
Loans and other receivables 90 days or greater past due .....................................................................	47,000	120,000

Assets Measured at Fair Value on a Non-recurring Basis

Certain assets were measured at fair value on a non-recurring

basis and are not included in the tables above. There were no

non-recurring fair value adjustments for the year ended

November 30, 2025. Assets measured at fair value on a non-

recurring basis for which we recognized a non-recurring fair value

adjustment for the periods presented:


November 30, 2024 (in thousands)	Level 3	Gains (Losses)
Premises and equipment (1) .........................................	$—	$(1,323)
Exchange ownership interests and registrations (2) .	—	(10)
Other assets (3) ..............................................................	21,900	21,900


November 30, 2023 (in thousands)	Level 3	Gains (Losses)
Exchange ownership interests and registrations (2) .	$—	$(78)
Investments in and loans to related parties (4) .........	—	(57,248)
Other assets (5) ..............................................................	1,755	(2,101)

(1)Premises and equipment losses represent impairments of leasehold

improvements, furniture, fixtures, computer and communications equipment

and capitalized software and were recognized in Technology and

communications and Occupancy and equipment rental in our Consolidated

Statements of Earnings.

(2)These impairment losses, which represent ownership interests in market

exchanges on which trading business is conducted, and registrations, were

recognized in Other expenses and the assets were in the Investment Banking

and Capital Markets reportable business segment. The fair value is based on

observed quoted sales prices for each individual membership.

(3)Our shares in Monashee, an equity method investment, were converted to a

newly created class of nonmarketable preferred shares. Our equity method

investment was remeasured in connection with its nonmonetary exchange

into the preferred shares, which are accounted for at cost pursuant to the

measurement alternative subsequent to the nonmonetary exchange. The gain

was recognized in Other revenues and the asset was in the Asset

Management reportable business segment.

(4)These impairment losses, which are related to an equity method investments,

were recognized in Other revenues and the asset was in the Asset

Management reportable business segment. Fair value was based on our best

estimate of what could be recognized in a sale transaction for the investment.

(5)These impairment losses, which are related to real estate held for

development, were recognized in Other revenues and are held in the Asset

Management reportable business segment. Fair value was based on

estimated future cash flows using discounts rates ranging from 10.0% to

14.0%.

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

November 30, 2025 and 2024. There were no net gains or

(losses) recognized on these investments during the years ended

November 30, 2025 and 2024. Net losses of $122.2 million were

recognized on these investments during the year ended

November 30, 2023. Impairments and downward adjustments on

these investments during the year ended November 30, 2023

were $80.3 million. There were no impairments and downward

adjustments on these investments during the years ended

November 30, 2025 and 2024. These investments would

generally be presented within Level 3 of the fair value hierarchy.

Historical Timeline

Fiscal Year	Filed
2025	Jan 28, 2026	Showing above
2024	Jan 28, 2025

2023	Jan 26, 2024

2022	Jan 27, 2023

2021	Jan 28, 2022

2020	Jan 29, 2021

2019	Jan 29, 2020

2017	Feb 27, 2018

2016	Feb 27, 2017

2015	Feb 19, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Jefferies Financial Group Inc. Fair Value Disclosure

Historical Timeline

About Fair Value Disclosures

Other Available Disclosures