Schedule I (PARENT COMPANY ONLY)

12 Months Ended

Nov. 30, 2024

Condensed Financial Information Disclosure [Abstract]


	November 30,
$ in thousands, except per share amounts	2024	2023
Assets
Cash and cash equivalents ..............................................................................................................................................	$1,862,275	$2,455,437
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .............................................................................................................................................	68,076	68,076
Financial instruments owned, at fair value ....................................................................................................................	117,941	80,567
Investments in and loans to related parties ..................................................................................................................	682,637	630,705
Investment in subsidiaries ...............................................................................................................................................	7,694,585	7,248,785
Advances to subsidiaries .................................................................................................................................................	7,644,604	4,393,104
Subordinated notes receivable ........................................................................................................................................	5,463,472	4,277,788
Other assets .......................................................................................................................................................................	1,012,283	1,025,140
Total assets ........................................................................................................................................................................	$24,545,873	$20,179,602
Liabilities and Equity
Financial instruments sold, not yet purchased, at fair value .......................................................................................	$5,135	$690
Advances from subsidiaries ............................................................................................................................................	1,509,676	1,253,151
Accrued expenses and other liabilities ..........................................................................................................................	798,194	718,634
Long-term debt ..................................................................................................................................................................	12,076,096	8,497,300
Total liabilities ...................................................................................................................................................................	14,389,101	10,469,775
Equity
Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 and 42,000 shares issued and outstanding; liquidation preference $17,500 per share ...........................................................................................	55	42
Common shares, par value $1 per share, authorized 565,000,000 shares; 205,504,272 and 210,626,642 shares issued and outstanding, after deducting 115,613,798 and 110,491,428 shares held in treasury ........	205,504	210,627
Non-voting common shares, par value $1 per share, authorized 35,000,000, shares; no shares issued and outstanding ....................................................................................................................................................................	—	—
Additional paid-in capital ..................................................................................................................................................	2,104,199	2,044,859
Accumulated other comprehensive loss .......................................................................................................................	(423,131)	(395,545)
Retained earnings ..............................................................................................................................................................	8,270,145	7,849,844
Total Jefferies Financial Group Inc. shareholders’ equity .........................................................................................	10,156,772	9,709,827
Total liabilities and equity ...............................................................................................................................................	$24,545,873	$20,179,602

See accompanying notes to condensed financial statements.


	Year Ended November 30,
$ in thousands	2024	2023	2022
Revenues:
Principal transactions ..........................................................................................................................................	$(104,505)	$(95,642)	$(61,407)
Interest ...................................................................................................................................................................	803,068	580,485	317,020
Other .......................................................................................................................................................................	66,438	(3,654)	(66,539)
Total revenues ......................................................................................................................................................	765,001	481,189	189,074
Interest expense ....................................................................................................................................................	630,994	446,786	317,916
Net revenues .........................................................................................................................................................	134,007	34,403	(128,842)
Non-interest expenses:
Total non-interest expenses ..............................................................................................................................	34,285	34,462	69,962
Earnings (losses) before income taxes .............................................................................................................	99,722	(59)	(198,804)
Income tax expense (benefit) .............................................................................................................................	22,352	(42,322)	(78,338)
Net earnings (losses) before undistributed earnings of subsidiaries ...........................................................	77,370	42,263	(120,466)
Undistributed earnings of subsidiaries from continuing operations .............................................................	662,346	235,425	905,915
Undistributed earnings of subsidiaries from discontinued operations (including gain on disposal of $3,493 million, $—, $—), net of income taxes ...............................................................................................	3,667	—	—
Net earnings .........................................................................................................................................................	743,383	277,688	785,449
Preferred stock dividends ....................................................................................................................................	74,110	14,616	8,281
Net earnings attributable to Jefferies Financial Group Inc. common shareholders ................................	669,273	263,072	777,168
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other ...................................................................................................	(11,300)	57,530	(53,572)
Change in fair value related to instrument-specific credit risk ......................................................................	(24,718)	(77,420)	49,146
Minimum pension liability adjustments ............................................................................................................	6,243	2,467	3,311
Unrealized gain (losses) on available-for-sale securities ...............................................................................	2,189	1,297	(6,161)
Total other comprehensive loss, net of tax .....................................................................................................	(27,586)	(16,126)	(7,276)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders .............	$641,687	$246,946	$769,892

See accompanying notes to condensed financial statements.

Condensed Statements of Cash Flows


	Year Ended November 30,
$ in thousands	2024	2023	2022
Cash flows from operating activities:
Net earnings ..........................................................................................................................................................	$743,383	$277,688	$785,449
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes .........................................................................................................................................	16,777	53,728	(38,875)
Share-based compensation ................................................................................................................................	63,119	45,360	43,919
Amortization ..........................................................................................................................................................	7,046	1,040	1,322
Undistributed earnings of subsidiaries ..............................................................................................................	(666,013)	(235,425)	(905,915)
(Income) loss on investments in and loans to related parties .......................................................................	(36,403)	6,808	71,405
Other adjustments ................................................................................................................................................	149,077	(438,649)	(560,325)
Net change in assets and liabilities:
Financial instruments owned ..............................................................................................................................	(37,374)	17,303	200,903
Other assets ..........................................................................................................................................................	175,338	(67,626)	129,322
Financial instruments sold, not yet purchased .................................................................................................	4,445	(4,183)	1,382
Income taxes receivable/payable, net ...............................................................................................................	(179,259)	(189,608)	(158,732)
Accrued expenses and other liabilities ..............................................................................................................	79,561	49,916	233,217
Net cash provided by (used in) operating activities from continuing operations ......................................	319,697	(483,648)	(196,928)
Cash flows from investing activities:
Contributions to investments in and loans to related parties ........................................................................	(950,123)	(211)	(118)
Capital distributions from investments and repayments of loans from related parties ............................	934,594	—	22
Distribution (to) from subsidiaries, net ..............................................................................................................	190,919	887,895	2,921,528
Net cash provided by investing activities from continuing operations .......................................................	175,390	887,684	2,921,432
Net cash provided by investing activities from discontinued operations ...................................................	29,294	—	—
Cash flows from financing activities:
Proceeds from short-term borrowings ..............................................................................................................	—	—	4,068
Payments on short-term borrowings .................................................................................................................	—	(10,868)	—
Proceeds from issuance of long-term debt, net of issuance costs ..............................................................	5,336,634	1,718,992	400,059
Repayments of long-term debt ...........................................................................................................................	(1,936,085)	(813,182)	(202,172)
Advances (to) from subsidiaries, net .................................................................................................................	(4,180,659)	(828,114)	30,428
Issuances of common shares ............................................................................................................................	—	—	2,752
Purchase of common shares for treasury ........................................................................................................	(44,313)	(169,402)	(859,593)
Proceeds from conversion of common to preferred shares ..........................................................................	9,844	31,500	—
Dividends paid .......................................................................................................................................................	(302,964)	(278,595)	(280,104)
Net cash used in financing activities from continuing operations ...............................................................	(1,117,543)	(349,669)	(904,562)
Net increase (decrease) in cash and cash equivalents and restricted cash ...............................................	(593,162)	54,367	1,819,942
Cash, cash equivalents and restricted cash at beginning of period .............................................................	2,523,513	2,469,146	649,204
Cash, cash equivalents and restricted cash at end of period .......................................................................	$1,930,351	$2,523,513	$2,469,146

Supplemental disclosures of cash flow information:
Cash paid (received) during the period for
Interest ...................................................................................................................................................................	$632,040	$176,981	$484,349
Income taxes, net ..................................................................................................................................................	186,177	95,634	124,516

Parent Company’s cash, cash equivalents and restricted cash by category within the Condensed Statements of Financial Condition:


	November 30,
$ in thousands	2024	2023
Cash and cash equivalents ...............................................................................................................................................................	$1,862,275	$2,455,437
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations .....	68,076	68,076
Total cash, cash equivalents and restricted cash ........................................................................................................................	$1,930,351	$2,523,513

See accompanying notes to condensed financial statements.

Introduction and Basis of Presentation

The accompanying condensed financial statements (the “Parent

Company Financial Statements”), including the notes thereto,

should be read in conjunction with the consolidated financial

statements of Jefferies Financial Group Inc. (the “Company”) and

the notes thereto found in the Company’s Annual Report on Form

10-K for the year ended November 30, 2024. For purposes of

these condensed financial statements, the Company’s wholly-

owned and majority owned subsidiaries are accounted for using

the equity method of accounting (“equity method subsidiaries”).

The Parent Company Financial Statements have been prepared in

accordance with U.S. generally accepted accounting principles

(“U.S. GAAP”) for financial information. The significant

accounting policies of the Parent Company Financial Statements

are those used by the Company on a consolidated basis, to the

extent applicable. For further information regarding the

significant accounting policies refer to Note 2, Summary of

Significant Accounting Policies in the Company’s consolidated

financial statements included in the Annual Report on Form 10-K

for the year ended November 30, 2024.

The Company has made a number of estimates and assumptions

relating to the reporting of assets and liabilities and the

disclosure of contingent assets and liabilities to prepare these

financial statements in conformity with U.S. GAAP. The most

important of these estimates and assumptions relate to fair value

measurements, compensation and benefits, goodwill and

intangible assets, the ability to realize deferred tax assets and the

recognition and measurement of uncertain tax positions.

Although these and other estimates and assumptions are based

on the best available information, actual results could be

materially different from these estimates.

Transactions with Subsidiaries

The Parent Company has transactions with its consolidated

subsidiaries and certain other affiliated entities determined on an

agreed upon basis and has guaranteed certain unsecured lines of

credit and contractual obligations of certain equity method

subsidiaries.

Guarantees

In the normal course of its business, the Parent Company issues

guarantees in respect of obligations of certain of its wholly-

owned subsidiaries under trading and other financial

arrangements, including guarantees to various trading

counterparties and banks. The Parent Company records all

derivative contracts and Financial instruments owned and

Financial instruments sold, not yet purchased at fair value in its

Consolidated Statements of Financial Condition.

Certain of the Parent Company’s equity method subsidiaries are

members of various exchanges and clearing houses. In the

normal course of business, the Parent Company provides

guarantees to securities clearinghouses and exchanges. These

guarantees generally are required under the standard

membership agreements, such that members are required to

guarantee the performance of other members. Additionally, if a

member becomes unable to satisfy its obligations to the

clearinghouse, other members would be required to meet these

shortfalls. To mitigate these performance risks, the exchanges

and clearinghouses often require members to post collateral. The

Parent Company’s obligations under such guarantees could

exceed the collateral amounts posted. The maximum potential

liability under these arrangements cannot be quantified; however,

the potential for the Parent Company to be required to make

payments under such guarantees is deemed remote. Accordingly,

no liability has been recognized for these arrangements.

The Parent Company guarantees certain financing arrangements

of subsidiaries. The maximum amount payable under these

guarantees is $1.10 billion at November 30, 2024. For further

information, refer to Note 18, Borrowings in the Company’s

consolidated financial statements included in the Annual Report

on Form 10-K for the year ended November 30, 2024.