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Borrowings (Tables)

9 Months Ended

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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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))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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