| Fair Value Disclosures | Fair Value Disclosures 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 $1.26 billion and $1.29 billion at February 28, 2023 and November 30, 2022, respectively, by level within the fair value hierarchy (in thousands): February 28, 2023 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 3,575,362 $ 99,227 $ 261,634 $ — $ 3,936,223 Corporate debt securities — 4,499,406 41,793 — 4,541,199 Collateralized debt obligations and collateralized loan obligations — 191,584 72,438 — 264,022 U.S. government and federal agency securities 4,828,607 33,667 — — 4,862,274 Municipal securities — 286,611 — — 286,611 Sovereign obligations 750,488 959,837 — — 1,710,325 Residential mortgage-backed securities — 1,556,712 23,987 — 1,580,699 Commercial mortgage-backed securities — 353,227 486 — 353,713 Other asset-backed securities — 371,821 100,428 — 472,249 Loans and other receivables — 1,082,976 148,673 — 1,231,649 Derivatives 1,698 2,551,146 11,898 (2,140,103) 424,639 Investments at fair value — 4,617 157,863 — 162,480 Total financial instruments owned, excluding Investments at fair value based on NAV $ 9,156,155 $ 11,990,831 $ 819,200 $ (2,140,103) $ 19,826,083 Securities received as collateral $ 67,380 $ — $ — $ — $ 67,380 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,117,652 $ 19,021 $ 628 $ — $ 2,137,301 Corporate debt securities — 2,934,248 285 — 2,934,533 U.S. government and federal agency securities 2,916,046 — — — 2,916,046 Sovereign obligations 806,905 666,210 — — 1,473,115 Residential mortgage-backed securities — 78 — — 78 Commercial mortgage-backed securities — 17 525 — 542 Loans — 118,074 3,045 — 121,119 Derivatives 68 3,082,153 99,229 (1,726,088) 1,455,362 Total financial instruments sold, not yet purchased $ 5,840,671 $ 6,819,801 $ 103,712 $ (1,726,088) $ 11,038,096 Other secured financings $ — $ — $ 1,712 $ — $ 1,712 Obligation to return securities received as collateral 67,380 — — — 67,380 Long-term debt — 926,739 683,698 — 1,610,437 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2022 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 3,117,327 $ 140,157 $ 240,347 $ — $ 3,497,831 Corporate debt securities — 3,972,153 30,232 — 4,002,385 Collateralized debt obligations and collateralized loan obligations — 71,640 55,824 — 127,464 U.S. government and federal agency securities 3,442,484 15,111 — — 3,457,595 Municipal securities — 574,903 — — 574,903 Sovereign obligations 896,805 849,558 — — 1,746,363 Residential mortgage-backed securities — 1,314,199 27,617 — 1,341,816 Commercial mortgage-backed securities — 442,471 839 — 443,310 Other asset-backed securities — 333,164 94,677 — 427,841 Loans and other receivables — 1,069,041 168,875 — 1,237,916 Derivatives 3,437 3,427,921 11,052 (3,093,244) 349,166 Investments at fair value — 3,750 161,992 — 165,742 Total financial instruments owned, excluding Investments at fair value based on NAV $ 7,460,053 $ 12,214,068 $ 791,455 $ (3,093,244) $ 17,372,332 Securities received as collateral $ 100,362 $ — $ — $ — $ 100,362 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,097,436 $ 48,931 $ 750 $ — $ 2,147,117 Corporate debt securities — 2,337,691 500 — 2,338,191 U.S. government and federal agency securities 3,223,637 — — — 3,223,637 Sovereign obligations 879,909 771,125 — — 1,651,034 Commercial mortgage-backed securities — — 490 — 490 Loans — 180,147 3,164 — 183,311 Derivatives 204 4,174,082 70,576 (2,732,165) 1,512,697 Total financial instruments sold, not yet purchased $ 6,201,186 $ 7,511,976 $ 75,480 $ (2,732,165) $ 11,056,477 Other secured financings $ — $ — $ 1,712 $ — $ 1,712 Obligation to return securities received as collateral 100,362 — — — 100,362 Long-term debt — 922,705 661,123 — 1,583,828 (1) 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: 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, valuation adjustments are not applied. • Non-Exchange-Traded Equity Securities: Non-exchange-traded equity securities are measured primarily 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 broker quotations and pricing data from external pricing services, 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 primarily on interest-only securities. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities (“CMBS”): Government National Mortgage Association (“Ginnie Mae”) project loan bonds are measured based on 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 from the same issuer 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 transparent. 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 directly through observable and tradeable quotes. 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. Investments at Fair Value Investments at fair value includes investments in hedge funds and private equity 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. The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands): February 28, 2023 Fair Value (1) Unfunded Equity Long/Short Hedge Funds (2) $ 460,061 $ — Equity Funds (3) 47,218 27,598 Commodity Funds (4) 22,894 — Multi-asset Funds (5) 349,719 20,000 Other Funds (6) 377,035 145,388 Total $ 1,256,927 $ 192,986 November 30, 2022 Fair Value (1) Unfunded Equity Long/Short Hedge Funds (2) $ 441,229 $ — Equity Funds (3) 73,176 36,861 Commodity Funds (4) 24,283 — Multi-asset Funds (5) 401,655 — Other Funds (6) 353,621 53,994 Total $ 1,293,964 $ 90,855 (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. At February 28, 2023 and November 30, 2022, approximately 56% and 58%, respectively, are redeemable quarterly with 90 days prior written notice and approximately 6% and 6%, respectively, are redeemable quarterly with 60 days prior written notice. The remaining balance at February 28, 2023 and November 30, 2022 cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023 or August 31, 2025. (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 (4) 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) 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 February 28, 2023 and November 30, 2022, investments representing approximately 78% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At February 28, 2023 and November 30, 2022, approximately 13% and 15%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice. (6) Primarily 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, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types. Investments in this category are primarily redeemable quarterly with 90 days prior written notice. 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 variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that 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 or model pricing is available, otherwise the notes are categorized within Level 3. Level 3 Rollforwards 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 February 28, 2023 (in thousands): Three Months Ended February 28, 2023 Balance at November 30, 2022 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at February 28, 2023 For instruments still held at February 28, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 240,347 $ 17,688 $ — $ (297) $ — $ — $ 3,896 $ 261,634 $ 17,648 $ — Corporate debt securities 30,232 (1,715) 3,147 (7,305) (200) — 17,634 41,793 (1,834) — CDOs and CLOs 55,824 4,810 36,441 (15,666) (8,971) — — 72,438 (2,985) — RMBS 27,617 (3,605) — — (25) — — 23,987 (2,868) — CMBS 839 (353) — — — — — 486 (356) — Other ABS 94,677 (2,940) 13,740 — (5,959) — 910 100,428 (1,716) — Loans and other receivables 168,875 446 3,267 (10,160) (8) — (13,747) 148,673 38 — Investments at fair value 161,992 (2,636) 5,637 (2,420) (4,710) — — 157,863 (2,636) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 750 $ (135) $ — $ 13 $ — $ — $ — $ 628 $ 135 $ — Corporate debt securities 500 (28) (187) — — — — 285 28 — CMBS 490 — — 35 — — — 525 525 — Loans 3,164 120 (211) — — — (28) 3,045 (199) — Net derivatives (2) 59,524 9,713 — 127 (537) — 18,504 87,331 (10,352) — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 661,123 19,877 — — — 203 2,495 683,698 15,593 (35,470) (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax. (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 Three Months Ended February 28, 2023 During the three months ended February 28, 2023, transfers of assets of $39.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Corporate debt securities of $17.7 million, Loans and other receivables of $13.9 million, Corporate equity securities of $4.3 million and Other ABS of $3.9 million due to reduced pricing transparency. During the three months ended February 28, 2023, transfers of assets of $31.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Loans and other receivables of $27.7 million and Other ABS of $3.0 million due to greater pricing transparency supporting classification into Level 2. During the three months ended February 28, 2023, transfers of liabilities of $58.2 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Net derivatives of $34.1 million and Structured notes within Long-term debt of $24.1 million due to reduced market and pricing transparency. During the three months ended February 28, 2023, transfers of liabilities of $37.2 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $21.6 million and Net derivatives of $15.6 million due to greater pricing and market transparency. Net gains on Level 3 assets were $11.7 million and net losses on Level 3 liabilities were $29.5 million for the three months ended February 28, 2023. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities and CDOs and CLOs, partially offset by decreases in RMBS, Other ABS, Investments at fair value and Corporate debt securities. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt and certain 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 February 28, 2022 (in thousands): Three Months Ended February 28, 2022 Balance at November 30, 2021 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at February 28, 2022 For instruments still held at February 28, 2022, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 118,489 $ (6,538) $ 2,079 $ (706) $ (651) $ — $ 23,729 $ 136,402 $ (7,297) $ — Corporate debt securities 11,803 (1,176) 118,970 (103,602) (9) — 16,372 42,358 (1,929) — CDOs and CLOs 31,946 (671) 13,523 (7,740) (1,643) — 9,804 45,219 (906) — RMBS 1,477 (69) — (187) (35) — — 1,186 (44) — CMBS 2,333 1,177 — — — — 222 3,732 1,655 — Other ABS 93,524 2,033 11,588 (14,485) (14,269) — (16,009) 62,382 (3,661) — Loans and other receivables 178,417 (3,707) 10,554 (13,078) — — 11,904 184,090 (2,956) — Investments at fair value 154,373 32,034 14,249 (6,826) (615) — (23,407) 169,808 28,557 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 4,635 $ (3,447) $ (812) $ 5,050 $ — $ — $ 240 $ 5,666 $ 3,447 $ — Corporate debt securities 482 (8,866) (63,714) 66,976 — — 12,430 7,308 5,210 — CMBS 210 — — 105 — — — 315 — — Loans 9,925 372 (4,637) — — — — 5,660 (781) — Net derivatives (2) 67,769 (54,836) — — — 35,069 (232) 47,770 53,352 — Other secured financings 25,905 — — — — 6,472 — 32,377 — — Long-term debt 881,732 (92,871) — — — 23,753 (18,154) 794,460 60,739 32,132 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in our Consolidated Statements of Comprehensive Income, net of tax. (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 Three Months Ended February 28, 2022 During the three months ended February 28, 2022, transfers of assets of $63.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • CDOs and CLOs of $18.8 million, Loans and other receivables of $14.4 million, Other ABS of $12.9 million, Corporate debt securities of $9.4 million and Corporate equity securities of $7.4 million due to reduced pricing transparency. During the three months ended February 28, 2022, transfers of assets of $40.5 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Other ABS of $28.9 million, CDOs and CLOs of $9.0 million and Loans and other receivables of $2.4 million due to greater pricing transparency supporting classification into Level 2. During the three months ended February 28, 2022, transfers of liabilities of $66.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Net derivatives of $27.9 million, structured notes within Long-term debt of $25.8 million and Corporate debt securities of $12.4 million due to reduced pricing and mark |
