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Borrowings (Tables) | 9 Months Ended
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Aug. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Short-Term Borrowings |
$ in thousands | August 31, 2025 | November 30, 2024
Bank loans and other credit facilities ........................ | $532,232 | $443,160
Fixed rate callable note ............................................... | 699,096 | —
Total short-term borrowings (1) ............................... | $1,231,328 | $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) | August 31, 2025 | November 30, 2024
Parent Co. unsecured borrowings |  |  |
Fixed rate | 2025 | $— | $519,738
| 2026 | 1,330,604 | 818,819
| 2027 | 1,144,352 | 587,631
| 2028 | 1,099,206 | 1,031,076
| 2029 | 643,614 | 742,427
| 2030 and Later | 5,804,542 | 4,561,814
Variable rate | 2026 | 45,608 | 41,230
| 2027 | 350,000 | 570,432
| 2029 | 1,312 | 1,311
| 2030 and Later | 71,920 | 850,273
Structured notes (1) | 2025 | 59,372 | 157,638
| 2026 | 128,932 | 114,308
| 2027 | 99,231 | 97,758
| 2028 | 168,411 | 77,781
| 2029 | 203,443 | 316,139
| 2030 and Later | 2,317,735 | 1,587,721
Total Parent Co. unsecured borrowings (2) .......................................................................................................................................... | 13,468,282 | 12,076,096
Subsidiaries secured borrowings |  |  |
Fixed rate (3) | 2025 | 159,099 | 160,384
| 2026 | 26,255 | 42,643
| 2027 | 625,215 | 13,077
| 2028 | 714,562 | 35,135
| 2029 | 161,710 | 104,912
Variable rate | 2026 | 525,000 | 792,400
| 2027 | 274,356 | 274,026
Total Subsidiaries secured borrowings ................................................................................................................................................. | 2,486,197 | 1,422,577
Subsidiaries unsecured borrowings |  |  |
Fixed rate | 2029 | 4,048 | 4,310
| 2030 and Later | 1,542 | 1,347
Variable rate | 2026 | — | 26,235
| 2027 | 53,565 | —
Total Subsidiaries unsecured borrowings ............................................................................................................................................. | 59,155 | 31,892
Total long-term debt (4) .......................................................................................................................................................................... | $16,013,634 | $13,530,565
Fair value .................................................................................................................................................................................................... | $16,220,465 | $13,734,421
Weighted-average interest rate (5) ....................................................................................................................................................... | 5.47% | 5.30%
Interest rate range (5) .............................................................................................................................................................................. | 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 borrowings, totaling $2.67 billion and $2.04 billion for August 31, 2025 and November 30, 2024, respectively, include cumulative hedging adjustments of $153.5 million and $193.7 million at August 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)Includes $65.5 million maturing on August 31, 2025 which has subsequently been extended. (4)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 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 August 31, 2025, we were in compliance with all covenants under theses credit agreements. (5)Interest rates exclude structured notes.

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- Definition 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 + Details
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