Fair Value Disclosures (Tables)
 6 Months Ended
May 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value
The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.31 billion and $1.03 billion at May 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands):

 May 31, 2022
 Level 1Level 2Level 3Counterparty
and
Cash
Collateral
Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities$3,867,049 $157,414 $200,961 $— $4,225,424 
Corporate debt securities— 3,231,505 20,813 — 3,252,318 
Collateralized debt obligations and
collateralized loan obligations
— 323,627 49,858 — 373,485 
U.S. government and federal agency securities2,549,972 32,268 — — 2,582,240 
Municipal securities— 630,483 — — 630,483 
Sovereign obligations1,061,291 1,001,175 — — 2,062,466 
Residential mortgage-backed securities— 1,591,820 1,059 — 1,592,879 
Commercial mortgage-backed securities— 343,744 1,870 — 345,614 
Other asset-backed securities— 202,509 84,778 — 287,287 
Loans and other receivables— 2,824,872 137,752 — 2,962,624 
Derivatives 9,495 3,100,255 26,919 (2,728,569)408,100 
Investments at fair value— 4,311 163,844 — 168,155 
FXCM term loan— — 51,880 — 51,880 
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV
$7,487,807 $13,443,983 $739,734 $(2,728,569)$18,942,955 
Loans to and investments in associated
 companies		$— $1,795 $14,795 $— $16,590 
Securities received as collateral, at fair value$1,322 $— $— $— $1,322 
Liabilities:     
Financial instruments sold, not yet purchased, at fair value:
     
Corporate equity securities$1,801,924 $32,488 $3,749 $— $1,838,161 
Corporate debt securities— 2,308,815 401 — 2,309,216 
U.S. government and federal agency securities3,471,943 — — — 3,471,943 
Sovereign obligations1,371,769 902,107 — — 2,273,876 
Residential mortgage-backed securities— 1,010 — — 1,010 
Commercial mortgage-backed securities— — 385 — 385 
Loans— 2,465,974 18,283 — 2,484,257 
Derivatives2,172 4,066,790 101,916 (2,884,689)1,286,189 
Total financial instruments sold, not yet purchased, at fair value
$6,647,808 $9,777,184 $124,734 $(2,884,689)$13,665,037 
Other secured financings$— $— $2,362 $— $2,362 
Long-term debt$— $877,667 $739,353 $— $1,617,020 
Obligation to return securities received as collateral, at fair value
$1,322 $— $— $— $1,322 
 November 30, 2021
 Level 1Level 2Level 3Counterparty
and
Cash
Collateral
Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities$2,737,255 $257,318 $87,647 $— $3,082,220 
Corporate debt securities — 3,836,341 11,803 — 3,848,144 
Collateralized debt obligations and
collateralized loan obligations
— 579,518 31,946 — 611,464 
U.S. government and federal agency securities3,045,295 68,784 — — 3,114,079 
Municipal securities— 509,559 — — 509,559 
Sovereign obligations899,086 654,199 — — 1,553,285 
Residential mortgage-backed securities— 1,168,246 1,477 — 1,169,723 
Commercial mortgage-backed securities— 196,419 2,333 — 198,752 
Other asset-backed securities— 337,022 93,524 — 430,546 
Loans and other receivables— 3,363,050 135,239 — 3,498,289 
Derivatives4,429 3,861,551 10,248 (3,305,756)570,472 
Investments at fair value— 11,369 154,373 — 165,742 
FXCM term loan— — 50,455 — 50,455 
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV
$6,686,065 $14,843,376 $579,045 $(3,305,756)$18,802,730 
Loans to and investments in associated
 companies		$— $— $30,842 $— $30,842 
Securities received as collateral, at fair value$7,289 $— $— $— $7,289 
Liabilities:     
Financial instruments sold, not yet purchased, at fair value:
     
Corporate equity securities$1,671,696 $19,654 $4,635 $— $1,695,985 
Corporate debt securities— 2,111,777 482 — 2,112,259 
U.S. government and federal agency securities2,457,420 — — — 2,457,420 
Sovereign obligations 935,801 593,040 — — 1,528,841 
Residential mortgage-backed securities— 719 — — 719 
Commercial mortgage-backed securities— — 210 — 210 
Loans— 2,476,087 15,770 — 2,491,857 
Derivatives1,815 5,034,544 78,017 (3,702,200)1,412,176 
Total financial instruments sold, not yet purchased, at fair value
$5,066,732 $10,235,821 $99,114 $(3,702,200)$11,699,467 
Other secured financings$— $76,883 $25,905 $— $102,788 
Long-term debt$— $961,866 $881,732 $— $1,843,598 
Obligation to return securities received as collateral, at fair value
$7,289 $— $— $— $7,289 

(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
Investments Measured at Fair Value Based on Net Asset Value
The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):
 Fair Value (1)Unfunded
Commitments
May 31, 2022
Equity Long/Short Hedge Funds (2)$482,004 $— 
Equity Funds (3)57,760 41,191 
Commodity Fund (4)25,461 — 
Multi-asset Funds (5)418,397 — 
Other Funds (6)321,378 15,963 
Total $1,305,000 $57,154 
November 30, 2021  
Equity Long/Short Hedge Funds (2) $466,231 $— 
Equity Funds (3)46,030 17,815 
Commodity Fund (4)24,401 — 
Multi-asset Funds (5)390,224 — 
Other Funds (6)99,054 36,090 
Total $1,025,940 $53,905 

(1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements.
(2)This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At May 31, 2022 and November 30, 2021, approximately 63% and 74%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice on December 31, 2021. At May 31, 2022 and November 30, 2021, approximately 32% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. The remaining investments are redeemable quarterly with 60 days prior written notice.
(3)The investments in this category include 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 thirteen years. 
(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. These investments are redeemable quarterly with 60 days prior written notice.
(5)This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2022 and November 30, 2021, investments representing approximately 77% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At May 31, 2022 and November 30, 2021, approximately 16% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At May 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024.
(6)This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice.
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2022 (in thousands):
 Balance, February 28, 2022Total gains/ losses
(realized and unrealized) (1)		PurchasesSalesSettlementsIssuancesNet transfers
into (out of)
Level 3		Balance, May 31, 2022Changes in
unrealized gains/losses included in earnings relating to instruments still held at
May 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities$113,922 $35,581 $67,540 $(13,415)$— $— $(2,667)$200,961 $35,361 
Corporate debt securities42,358 3,550 38,141 (47,025)(12,604)— (3,607)20,813 (849)
CDOs and CLOs45,219 877 13,264 (28,037)(1,466)— 20,001 49,858 (1,798)
Sovereign obligations23 — — — — — (23)— — 
Residential mortgage-backed securities
1,186 (47)— — (80)— — 1,059 (17)
Commercial mortgage-backed securities
3,732 (439)— — — — (1,423)1,870 — 
Other asset-backed securities62,382 (781)21,501 (1,688)(12,296)— 15,660 84,778 (1,065)
Loans and other receivables137,942 (3,764)15,598 (23,603)(108)— 11,687 137,752 (4,764)
Investments at fair value169,508 1,576 37 — (7,277)— — 163,844 1,576 
FXCM term loan 50,335 1,545 — — — — — 51,880 1,545 
Loans to and investments in associated companies
22,480 (7,685)— — — — — 14,795 — 
Liabilities:         
Financial instruments sold, not yet purchased, at fair value:
         
Corporate equity securities5,666 (234)(1,533)— — — (150)$3,749 (350)
Corporate debt securities7,308 (3,588)(16,091)14,584 — — (1,812)401 5 
Sovereign obligations
1,159 — — — — — (1,159)— — 
Commercial mortgage-backed securities
315 — — 70 — — — 385 — 
Loans11,541 10 (1,911)1,089 — — 7,554 18,283 119 
Net derivatives (2)47,770 (9,100)(1,559)— (8,262)— 46,148 74,997 9,903 
Other secured financings32,377 — — — (30,015)— — 2,362 — 
Long-term debt (1)
794,460 (146,261)— — (4,950)76,443 19,661 739,353 114,362 

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at May 31, 2022 were gains of $31.9 million during the three months ended May 31, 2022.
(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2021 (in thousands):

 Balance, February 28, 2021Total gains/ losses
(realized and unrealized) (1)		PurchasesSalesSettlementsIssuancesNet transfers
into (out of)
Level 3		Balance, May 31, 2021Changes in
unrealized gains/losses included in earnings relating to instruments still held at
May 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities$102,065 $7,997 $448 $(24,561)$— $— $502 $86,451 $(4,971)
Corporate debt securities6,811 1,292 4,116 (5,870)(132)— 1,768 7,985 963 
CDOs and CLOs33,199 7,478 4,287 (37,324)(1,203)— 20,124 26,561 2,888 
Residential mortgage-backed securities
21,692 205 — — (612)— (15,252)6,033 (36)
Commercial mortgage-backed securities
2,671 201 — — (1,696)— — 1,176 (824)
Other asset-backed securities60,594 3,575 12,835 (1,099)(14,408)— 9,058 70,555 819 
Loans and other receivables149,084 2,814 26,948 (8,070)(156)— 19,792 190,412 706 
Investments at fair value219,541 26,775 6,634 (17,085)(5,031)— — 230,834 11,318 
FXCM term loan 62,132 (2,977)— — — — — 59,155 (2,977)
Loans to and investments in associated companies
39,397 (2,110)— — — — — 37,287 (2,110)
Liabilities:         
Financial instruments sold, not yet purchased, at fair value:
         
Corporate equity securities$4,443 $42 $(23)$— $— $— $— $4,462 $(40)
Corporate debt securities1,571 (22)(665)27 — — 16 927 (38)
Commercial mortgage-backed securities
35 — (35)35 — — — 35 — 
Loans14,916 (7)(637)6,330 44 — (257)20,389 (167)
Net derivatives (2)305,506 (8,965)(36)33,715 593 — (103,755)227,058 8,372 
Other secured financings2,168 — — — — 325 — 2,493 — 
Long-term debt (1)
723,115 15,986 — — — 28,565 27,432 795,098 3,057 

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at May 31, 2021 were losses of $19.0 million during the three months ended May 31, 2021.
(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended May 31, 2022 (in thousands):

 Balance, November 30, 2021Total gains/ losses
(realized and unrealized) (1)		PurchasesSalesSettlementsIssuancesNet transfers
into (out of)
Level 3		Balance, May 31, 2022Changes in
unrealized gains/losses included in earnings relating to instruments still held at
May 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities$87,647 $36,463 $69,837 $(13,839)$— $— $20,853 $200,961 $36,204 
Corporate debt securities11,803 5,631 9,465 (18,345)(9)— 12,268 20,813 2,381 
CDOs and CLOs31,946 254 31,245 (37,305)(5,033)— 28,751 49,858 (1,304)
Residential mortgage-backed securities
1,477 (111)— (204)(103)— — 1,059 (57)
Commercial mortgage-backed securities
2,333 (463)— — — — — 1,870 (29)
Other asset-backed securities93,524 835 37,795 (17,238)(22,812)— (7,326)84,778 1,324 
Loans and other receivables135,239 (9,814)29,962 (25,983)(229)— 8,577 137,752 (9,726)
Investments at fair value154,373 33,310 14,286 — (14,718)— (23,407)163,844 33,380 
FXCM term loan 50,455 1,425 — — — — — 51,880 1,425 
Loans to and investments in associated companies
30,842 (16,047)— — — — — 14,795 — 
Liabilities:         
Financial instruments sold, not yet purchased, at fair value:
         
Corporate equity securities$4,635 $(3,592)$(2,344)$5,050 $— $— $— $3,749 $3,009 
Corporate debt securities482 (11)(70)— — — — 401 5 
Commercial mortgage-backed securities
210 — — 175 — — — 385 — 
Loans15,770 (15)(12,315)10,194 (87)— 4,736 18,283 104 
Net derivatives (2)67,769 (88,018)(1,559)— — 21,024 75,781 74,997 86,050 
Other secured financings25,905 — — — (23,543)— — 2,362 — 
Long-term debt (1)
881,732 (240,698)— — — 100,195 (1,876)739,353 175,615 

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at May 31, 2022 were gains of $65.1 million during the six months ended May 31, 2022.
(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended May 31, 2021 (in thousands):

 Balance, November 30, 2020Total gains/ losses
(realized and unrealized) (1)		PurchasesSalesSettlementsIssuancesNet transfers
into (out of)
Level 3		Balance, May 31, 2021Changes in
unrealized gains/ losses included in earnings relating to instruments still held at
May 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities$75,904 $11,299 $8,288 $(37,297)$— $— $28,257 $86,451 $(3,683)
Corporate debt securities23,146 2,466 4,370 (5,960)(132)— (15,905)7,985 1,492 
CDOs and CLOs17,972 10,616 16,510 (35,251)(1,427)— 18,141 26,561 6,808 
Residential mortgage-backed securities
21,826 33 799 (784)(1,126)— (14,715)6,033 88 
Commercial mortgage-backed securities
2,003 158 1,119 (393)(1,696)— (15)1,176 (740)
Other asset-backed securities79,995 6,373 34,476 (27,647)(26,465)— 3,823 70,555 1,158 
Loans and other receivables134,636 17,580 37,431 (50,556)(273)— 51,594 190,412 14,146 
Investments at fair value213,946 103,032 11,489 (47,244)(8,573)— (41,816)230,834 80,099 
FXCM term loan59,455 (300)— — — — — 59,155 (300)
Loans to and investments in associated companies
40,185 (2,898)— — — — — 37,287 (2,898)
Liabilities:         
Financial instruments sold, not yet purchased, at fair value:
         
Corporate equity securities$4,434 $64 $(23)$— $— $— $(13)$4,462 $(62)
Corporate debt securities141 1,349 (563)— — — — 927 (414)
Commercial mortgage-backed securities
35 — (35)35 — — — 35 — 
Loans16,635 1,441 (6,872)8,817 — — 368 20,389 (884)
Net derivatives (2)26,017 16,813 (82)66,304 506 — 117,500 227,058 (17,358)
Other secured financings1,543 — — — — 950 — 2,493 — 
Long-term debt (1)
676,028 41,064 — — — 50,295 27,711 795,098 20,565 

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at May 31, 2021 were losses of $61.6 million during the six months ended May 31, 2021.
(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.
Quantitative Information About 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 with 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.
May 31, 2022
Fair Value
(in thousands)
Valuation
 Technique
Significant
Unobservable Input(s)
Input/Range
Weighted
Average
Financial instruments owned, at fair value
Corporate equity securities$200,961   
Non-exchange-traded
  securities		Market approachPrice$1to$366$80
Volatility benchmarkingVolatility50 %to70%60 %
Corporate debt securities$20,813 Market approachPrice$23— 
EBITDA multiple3.3— 
Scenario analysis
Estimated recovery percentage
6%— 
CDOs and CLOs$49,858 Discounted cash flowsConstant prepayment rate20%— 
     Constant default rate2%— 
     Loss severity70%— 
     Discount rate/yield10 %to22%19 %
Market approachPrice$69to$102$92
Commercial mortgage-
  backed securities		$1,870 Scenario analysis
Estimated recovery percentage
81%— 
Other asset-backed securities$66,623 Discounted cash flowsConstant default rate2%— 
Loss severity88%— 
Discount rate/yield5 %to17%12 %
Cumulative loss rate5 %to21%17 %
     Duration (years)0.8 yearsto1.6 years1.3 years
Market approachPrice$37— 
Loans and other receivables$137,752 Market approachPrice$7to$136$108
  Scenario analysis
Estimated recovery percentage
5 %to94%35 %
Derivatives$18,755     
Equity OptionsVolatility benchmarkingVolatility53%— 
Interest rate swapsMarket approachBasis points upfront2.8to11.16.7
Investments at fair value$158,312     
Private equity securitiesMarket approachPrice$1to$15,852$548
EBITDA multiple15.7—
Discounted cash flowsDiscount rate/yield10 %to14%12 %
Scenario analysisDiscount rate/yield12%— 
Investment in FXCM$51,880     
Term loanDiscounted cash flows
Term based on the pay off (years)
0 monthsto1.7 years1.7 years
Loans to and investments in associated companies
Non-exchange-traded
  warrants		$14,795 Market approachUnderlying stock price$723— 
Underlying stock price€11to€14€13
Volatility25 %to49%30 %
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities$3,749 
Non-exchange-traded
  securities		Market approachPrice$1— 
Loans$18,283 Market approachPrice$91— 
Scenario analysis
Estimated recovery percentage
5%— 
Derivatives$97,612     
Equity optionsVolatility benchmarkingVolatility29 %to63%49 %
Interest rate swapsMarket approachBasis points upfront2.8to11.16.7
Total return swapsPrice$99— 
Other secured financings$2,362 Scenario analysis
Estimated recovery percentage
13 %to36%29 %
Long-term debt
Structured notes
$739,353 Market approachPrice$52to$108$75
Price€60to€102€80
November 30, 2021
Fair Value
(in thousands)		Valuation
 Technique		Significant
Unobservable Input(s)		Input/RangeWeighted
Average
Financial instruments owned, at fair value
Corporate equity securities$86,961   
Non-exchange-traded
  securities		Market approachPrice$1to$366$183
Volatility benchmarkingVolatility40 %to53%45 %
Corporate debt securities$11,803 Market approachPrice$13to$100$86
CDOs and CLOs$31,944 Discounted cash flowsConstant prepayment rate20%— 
     Constant default rate2%— 
     Loss severity25 %to30%26 %
     Discount rate/yield8 %to19%16 %
Market approachPrice$86to$103$93
Commercial mortgage-
  backed securities		$2,333 Scenario analysis
Estimated recovery percentage
81%— 
Other asset-backed securities$86,099 Discounted cash flowsConstant prepayment rate0 %to35%31 %
Constant default rate2 %to4%4 %
Loss severity60 %to85%55 %
Discount rate/yield3 %to16%10 %
Cumulative loss rate7 %to20%14 %
     Duration (years)0.7 yearsto1.4 years1.1 years
Market approachPrice$37to$100$94
Loans and other receivables$134,015 Market approachPrice$31to$101$54
  Scenario analysis
Estimated recovery percentage
9 %to100%76 %
Derivatives$6,501     
Equity optionsVolatility benchmarkingVolatility46%— 
Interest rate swapsMarket approachBasis points upfront0.1to8.73.3
Total return swapsPrice$100— 
Investments at fair value$128,152     
Private equity securitiesMarket approachPrice$1to$152$32
EBITDA multiple16.9—
Revenue multiple4.9to5.15.0
Scenario analysis
Estimated recovery percentage
7%— 
Discount rate/yield13 %to21%17 %
Revenue growth0%— 
Investment in FXCM$50,455     
Term loanDiscounted cash flows
Term based on the pay off (years)
0 monthsto2.2 years2.2 years
Loans to and investments in associated companies
Non-exchange-traded
  warrants		$30,842 Market approachUnderlying stock price$662— 
Underlying stock price€15to€18€16
Volatility25 %to59%31 %
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities$4,635 
Non-exchange-traded securitiesMarket approachPrice$1— 
Loans$15,770 Market approachPrice$31to$100$43
Scenario analysisEstimated recovery percentage50%— 
Derivatives$76,533     
Equity optionsVolatility benchmarkingVolatility26 %to77%40 %
Interest rate swaps    Market approachBasis points upfront0.1to8.73.1
Total return swapsPrice$100— 
Other secured financings$25,905 Scenario analysis
Estimated recovery percentage
13 %to98%92 %
Long-term debt
Structured notes
$881,732 Market approachPrice$76to$115$94
Price€81to€113€103
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value Under Fair Value Option
The following is a summary of gains (losses) due to changes in 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 (in thousands):

For the Three Months Ended May 31,For the Six Months Ended May 31,
2022202120222021
Financial instruments owned, at fair value:
Loans and other receivables$(1,478)$15,520 $(1,294)$23,259 
Financial instruments sold, not yet purchased, at fair value:    
Loans$(882)$(363)$(4,889)$(363)
Long-term debt:    
Changes in instrument-specific credit risk (1)$42,886 $(32,247)$94,133 $(122,898)
Other changes in fair value (2)161,381 6,846 255,932 86,113 

(1)    Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes.
(2)    Other changes in fair value are included in Principal transactions revenues in the Consolidated Statements of Operations
Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value Under Fair Value Option
The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, long-term debt and other secured financings measured at fair value under the fair value option (in thousands):

 May 31,
2022		November 30, 2021
Financial instruments owned, at fair value:
Loans and other receivables (1)
$5,703,268 $5,600,648 
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)
143,521 64,203 
Long-term debt $317,452 $(38,391)
Other secured financings$2,913 $3,432 

(1)    Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations.
(2)    Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $109.7 million and $19.7 million at May 31, 2022 and November 30, 2021, respectively