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Borrowings (Tables)

6 Months Ended

May 31, 2025

Debt Disclosure [Abstract]

Schedule of Short-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.

Schedule of Maturities of 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.

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- References

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- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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