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Borrowings | 3 Months Ended
--- | ---
Feb. 28, 2026
Debt Disclosure [Abstract] |
Borrowings | Note 15. Borrowings Short-Term Borrowings
$ in thousands | February 28, 2026 | November 30, 2025
Bank loans and other credit facilities ........................ | $768,904 | $568,418
Fixed rate callable note ............................................... | 1,148,588 | 1,198,788
Total short-term borrowings (1) ............................... | $1,917,492 | $1,767,206
(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 February 28, 2026 and November 30, 2025, the weighted average interest rate on bank loans outstanding is 4.94% and 4.92% 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 February 28, 2026, we were in compliance with all covenants under these credit facilities. Long-Term Debt
$ in thousands | Maturity (Fiscal Years) | February 28, 2026 | November 30, 2025
Parent Co. unsecured borrowings |  |  |
Fixed rate | 2026 | $925,851 | $869,461
| 2027 | 1,118,840 | 1,117,106
| 2028 | 995,065 | 1,029,501
| 2029 | 597,501 | 586,495
| 2030 | 1,051,878 | 1,063,637
| 2031 and Later | 6,225,104 | 4,782,178
Variable rate | 2026 | 46,087 | 45,235
| 2029 | 1,313 | 1,312
| 2031 and Later | 71,928 | 71,924
Structured notes (1) | 2026 | 69,176 | 102,743
| 2027 | 96,528 | 94,777
| 2028 | 152,160 | 176,009
| 2029 | 138,890 | 178,956
| 2030 | 431,876 | 443,825
| 2031 and Later | 2,206,359 | 2,156,638
Total Parent Co. unsecured borrowings (2) .......................................................................................................................................... | 14,128,556 | 12,719,797
Subsidiaries secured borrowings |  |  |
Fixed rate | 2026 | 112,725 | 166,414
| 2027 | 653,483 | 630,114
| 2028 | 758,938 | 746,556
| 2029 | 230,994 | 191,068
Variable rate | 2026 | — | 525,000
| 2027 | 124,559 | 124,458
| 2028 | 525,000 | —
Total Subsidiaries secured borrowings ................................................................................................................................................. | 2,405,699 | 2,383,610
Subsidiaries unsecured borrowings |  |  |
Fixed rate | 2029 | — | 3,937
| 2030 | — | 1,416
| 2031 and Later | 641,706 | 633,372
Variable rate | 2026 | — | 100,000
| 2027 | 53,458 | 53,759
Total Subsidiaries unsecured borrowings ............................................................................................................................................. | 695,164 | 792,484
Total long-term debt (3) .......................................................................................................................................................................... | $17,229,419 | $15,895,891
Fair value .................................................................................................................................................................................................... | $17,384,685 | $16,122,970
Weighted-average interest rate (4) ....................................................................................................................................................... | 5.10% | 5.11%
Interest rate range (4) .............................................................................................................................................................................. | 0.00% - 7.40% | 0.00% - 7.50%
(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 $2.70 billion and $2.68 billion for February 28, 2026 and November 30, 2025, respectively, include cumulative hedging adjustments of $131.9 million and $142.8 million at February 28, 2026 and November 30, 2025, respectively, associated with interest rate swaps based on designation as fair value hedges. (3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At February 28, 2026 and November 30, 2025, our borrowings under several credit facilities classified within Long-term debt amounted to $703.0 million and $803.2 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. Certain of our long-term borrowings are callable by us prior to maturity reflected at their contractual maturity dates. 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 February 28, 2026, we were in compliance with all covenants under theses credit agreements. (4)Interest rates exclude structured notes. For the three months ended February 28, 2026, long-term debt increased by $1.33 billion to $17.23 billion at February 28, 2026, primarily due to proceeds of $1.63 billion from the issuances of unsecured senior notes and $74.8 million from currency gains on foreign currency borrowings. These increases were partially offset by repayments of $188.2 million on our unsecured senior notes, $52.2 million from net repayments of structured notes, the reclassificatio n of $51.9 million of Tessellis’ borrowings to Held for sale (refer to Note 4, Assets and Liabilities Held for Sale for further information), and $42.3 million from decreased subsidiaries’ borrowings

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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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