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Borrowings
 6 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
Borrowings Note 16. BorrowingsShort-Term Borrowings
$ in thousands
May 31, 2025
November 30,
2024
Bank loans and other credit facilities ........................
$615,770
$443,160
Fixed rate callable note ...............................................
699,333
—
Total short-term borrowings (1) ...............................
$1,315,103
$443,160
(1)Short-term borrowings mature in one year or less and are recorded at cost,
which is a reasonable approximation of their fair values due to their liquid and
short-term nature.
At May 31, 2025 and November 30, 2024, the weighted average
interest rate on bank loans outstanding is 5.50% and 6.25% per
annum, respectively.
Our borrowings include credit facilities that contain certain
covenants that, among other things, require us to maintain a
specified level of tangible net worth, require a minimum
regulatory net capital requirement for our U.S. broker-dealer,
Jefferies LLC, and impose certain restrictions on the future
indebtedness of certain of our subsidiaries that are borrowers.
Interest is based on rates at spreads over the federal funds rate
or other adjusted rates, as defined in the various credit
agreements, or at a rate as agreed between the bank and us in
reference to the bank’s cost of funding. At May 31, 2025, we were
in compliance with all covenants under these credit facilities.
Long-Term Debt
$ in thousands
Maturity (Fiscal Years)
May 31, 2025
November 30, 2024
Parent Co. unsecured borrowings
Fixed rate
2025
6,203
519,738
2026
1,304,514
818,819
2027
1,165,138
587,631
2028
1,098,720
1,031,076
2029
664,938
742,427
2030 and Later
5,697,602
4,561,814
Variable rate
2025
350,000
—
2026
44,277
41,230
2027
—
570,432
2029
1,312
1,311
2030 and Later
71,916
850,273
Structured notes (1)
2025
81,836
157,638
2026
139,700
114,308
2027
100,865
97,758
2028
143,633
77,781
2029
267,167
316,139
2030 and Later
2,000,286
1,587,721
Total Parent Co. unsecured borrowings (2) ..........................................................................................................................................
13,138,107
12,076,096
Subsidiaries secured borrowings
Fixed rate
2025
163,529
160,384
2026
26,042
42,643
2027
34,799
13,077
2028
86,375
35,135
2029
132,230
104,912
Variable rate
2026
865,770
792,400
2027
274,254
274,026
Structured note (1) .......................................................................................................................................
2028
571,030
—
Total Subsidiaries secured borrowings .................................................................................................................................................
2,154,029
1,422,577
Subsidiaries unsecured borrowings
Fixed rate
2029
4,015
4,310
2030 and Later
1,606
1,347
Variable rate
2026
—
26,235
2027
54,210
—
Total Subsidiaries unsecured borrowings .............................................................................................................................................
59,831
31,892
Total long-term debt (3) ..........................................................................................................................................................................
$15,351,967
$13,530,565
Fair value ....................................................................................................................................................................................................
$15,386,322
$13,734,421
Weighted-average interest rate (4) .......................................................................................................................................................
5.27%
5.30%
Interest rate range (4) ..............................................................................................................................................................................
0.00% - 7.52%
0.00% - 7.66%
(1)Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components
recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception
of certain of the structured notes would be classified as Level 2 in the fair value hierarchy.
(2)Carrying values of certain unsecured borrowings, totaling $2.06 billion and $2.04 billion for May 31, 2025 and November 30, 2024, respectively, include cumulative
hedging adjustments of $175.0 million and $193.7 million at May 31, 2025 and November 30, 2024, respectively, associated with interest rate swaps based on
designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information.
(3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At May 31, 2025 and November 30, 2024, our borrowings
under several credit facilities classified within Long-term debt amounted to $1.20 billion and $775.3 million, respectively. Interest on these credit facilities is based on an
adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our
borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts,
certain credit and rating levels and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of
our subsidiaries. At May 31, 2025, we were in compliance with all covenants under theses credit agreements.
(4)Interest rates exclude structured notes.
During the six months ended May 31, 2025, long-term debt
increased by $1.82 billion to $15.35 billion at May 31, 2025
primarily due to proceeds of $350.0 million from the drawdown
of an unsecured credit facility, $874.5 million from the issuances
of unsecured senior notes, $438.1 million from net issuances of
structured notes, $690.0 million from increased subsidiaries
borrowings and $237.2 million from currency losses on foreign
currency borrowings. These increases were partially offset by
repayments of $666.9 million on unsecured senior notes and
$116.9 million of valuation gains on structured notes.