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Borrowings | 9 Months Ended
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Aug. 31, 2025
Debt Disclosure [Abstract] |
Borrowings | Note 16. Borrowings 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. At August 31, 2025 and November 30, 2024, the weighted average interest rate on bank loans outstanding is 5.18% 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 August 31, 2025, we were in compliance with all covenants under these credit facilities. 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. During the nine months ended August 31, 2025, long-term debt increased by $2.48 billion to $16.01 billion at August 31, 2025 primarily due to proceeds of $350.0 million from the drawdown of an unsecured credit facility, $1.00 billion from the issuances of unsecured senior notes, $527.2 million from net issuances of structured notes, $1.01 billion from increased subsidiaries borrowings and $326.4 million from currency losses on foreign currency borrowings. These increases were partially offset by repayments of $775.4 million on unsecured senior notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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