XML 49 R36.htm IDEA: XBRL DOCUMENT
v3.26.1

Derivative Financial Instruments (Tables) | 3 Months Ended
--- | ---
Feb. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract |
| February 28, 2026 (1)
| Assets | Liabilities
$ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2)
Derivatives designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Cleared OTC ........................................ | $3,515 | 3 | $1,256 | 1
Foreign exchange contracts: |  |  |  |
Bilateral OTC ....................................... | 10,449 | 5 | 2,543 | 6
Total derivatives designated as accounting hedges ............................ | 13,964 |  | 3,799 |
Derivatives not designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Exchange-traded ................................ | 529 | 44,784 | 56 | 48,774
Cleared OTC ........................................ | 2,331,733 | 8,403 | 2,356,258 | 8,865
Bilateral OTC ....................................... | 267,009 | 1,702 | 577,234 | 683
Foreign exchange contracts: |  |  |  |
Exchange-traded ................................ | — | 36 | — | 22
Bilateral OTC ....................................... | 149,495 | 35,501 | 118,551 | 10,816
Equity contracts: |  |  |  |
Exchange-traded ................................ | 2,553,216 | 3,135,250 | 1,875,392 | 2,233,288
Bilateral OTC ....................................... | 1,693,580 | 53,207 | 1,901,935 | 44,644
Commodity contracts: |  |  |  |
Exchange-traded ................................ | 3,197 | 431 | 61 | 427
Bilateral OTC ....................................... | 4,445 | 7,198 | 9,626 | 8,209
Credit contracts: |  |  |  |
Cleared OTC ........................................ | 1,402 | 71 | 4,800 | 10
Bilateral OTC ....................................... | 75,525 | 33 | 53,711 | 19
Total derivatives not designated as accounting hedges ....................... | 7,080,131 |  | 6,897,624 |
Total gross derivative assets/ liabilities: |  |  |  |
Exchange-traded ................................ | 2,556,942 |  | 1,875,509 |
Cleared OTC ........................................ | 2,336,650 |  | 2,362,314 |
Bilateral OTC ....................................... | 2,200,503 |  | 2,663,600 |
Amounts offset in our Consolidated Statements of Financial Condition (3): |  |  |  |
Exchange-traded ................................ | (1,318,353) |  | (1,318,353) |
Cleared OTC ........................................ | (2,335,539) |  | (2,338,936) |
Bilateral OTC ....................................... | (1,533,021) |  | (1,943,147) |
Net amounts per Consolidated Statements of Financial Condition (4) ................................. | $1,907,182 |  | $1,300,987 |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
| November 30, 2025 (1)
| Assets | Liabilities
$ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2)
Derivatives designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Cleared OTC ......................................... | $— | — | $2,519 | 4
Foreign exchange contracts: |  |  |  |
Bilateral OTC ........................................ | 40,444 | 7 | 574 | 2
Total derivatives designated as accounting hedges ............................. | 40,444 |  | 3,093 |
Derivatives not designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Exchange-traded ................................. | 232 | 33,107 | 24 | 36,811
Cleared OTC ......................................... | 806,009 | 8,148 | 804,799 | 8,325
Bilateral OTC ........................................ | 285,053 | 1,576 | 614,104 | 823
Foreign exchange contracts: |  |  |  |
Bilateral OTC ........................................ | 115,068 | 34,418 | 103,297 | 12,028
Equity contracts: |  |  |  |
Exchange-traded ................................. | 2,776,601 | 3,275,468 | 2,156,730 | 2,298,561
Bilateral OTC ........................................ | 1,367,089 | 57,254 | 1,670,215 | 36,481
Commodity contracts: |  |  |  |
Exchange-traded ................................. | 452 | 627 | 73 | 668
Bilateral OTC ....................................... | 6,381 | 18,497 | 7,293 | 15,417
Credit contracts: |  |  |  |
Cleared OTC ......................................... | 10,960 | 58 | 17,120 | 13
Bilateral OTC ........................................ | 121,557 | 17 | 98,456 | 15
Total derivatives not designated as accounting hedges ............................. | 5,489,402 |  | 5,472,111 |
Total gross derivative assets/ liabilities: |  |  |  |
Exchange-traded ................................. | 2,777,285 |  | 2,156,827 |
Cleared OTC ......................................... | 816,969 |  | 824,438 |
Bilateral OTC ........................................ | 1,935,592 |  | 2,493,939 |
Amounts offset in our Consolidated Statements of Financial Condition (3): |  |  |  |
Exchange-traded ................................. | (1,600,969) |  | (1,600,969) |
Cleared OTC ......................................... | (815,810) |  | (819,548) |
Bilateral OTC ........................................ | (1,288,985) |  | (1,564,670) |
Net amounts per Consolidated Statements of Financial Condition (4) .................................. | $1,824,082 |  | $1,490,017 |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
Schedule of Unrealized and Realized Gains (Losses) on Derivative Contracts | Gains (losses) recognized in Interest expense related to fair value hedges:
$ in thousands | Three Months Ended February 28,
Gains (Losses) | 2026 | 2025
Interest rate swaps (1) .............................................................. | $1,121 | $(5,628)
Long-term debt ........................................................................... | (10,916) | (6,691)
Total ............................................................................................. | $(9,795) | $(12,319)
(1)Includes net settlements of $9.6 million and $11.9 million for the three months ended February 28, 2026 and 2025, respectively. Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss), in our Consolidated Statements of Comprehensive Income:
$ in thousands | Three Months Ended February 28,
Gains (Losses) | 2026 | 2025
Foreign exchange contracts ..................................................... | $(27,965) | $16,854
Total ............................................................................................. | $(27,965) | $16,854
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:
$ in thousands | Three Months Ended February 28,
Gains (Losses) | 2026 | 2025
Interest rate contracts ............................................................... | $267 | $(22,502)
Foreign exchange contracts ..................................................... | (1,731) | (4,875)
Equity contracts ......................................................................... | (119,375) | 494,216
Commodity contracts ................................................................ | 4,282 | 5,734
Credit contracts.......................................................................... | (3,058) | 1,051
Total ............................................................................................. | $(119,615) | $473,624
Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities | Remaining contract maturities at February 28, 2026:
| OTC Derivative Assets (1) (2) (3)
$ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross- Maturity Netting (4) | Total
Commodity swaps, options and forwards .................................... | $4,444 | $— | $— | $— | $4,444
Equity options and forwards ........ | 88,003 | 295,129 | 5,110 | (269) | 387,973
Credit default swaps ..................... | 1,012 | 25,469 | — | — | 26,481
Total return swaps ......................... | 174,444 | 180,251 | — | (5,324) | 349,371
Foreign currency forwards, swaps and options ................... | 86,314 | 520 | — | (520) | 86,314
Fixed income forwards ................. | 49,222 | — | — | — | 49,222
Interest rate swaps, options and forwards .................................... | 57,588 | 152,609 | 17,081 | (32,665) | 194,613
Total ................................................. | $461,027 | $653,978 | $22,191 | $(38,778) | 1,098,418
Cross-product counterparty netting ........................................ |  |  |  |  | (61,334)
Total OTC derivative assets included in Financial instruments owned .................. |  |  |  |  | $1,037,084
| OTC Derivative Liabilities (1) (2) (3)
$ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross- Maturity Netting (4) | Total
Commodity swaps, options and forwards .................................... | $9,624 | $— | $— | $— | $9,624
Equity options and forwards ........ | 52,569 | 293,741 | 3,879 | (269) | 349,920
Credit default swaps ...................... | — | 5,643 | — | — | 5,643
Total return swaps ......................... | 331,760 | 316,070 | 28 | (5,324) | 642,534
Foreign currency forwards, swaps and options ................... | 47,768 | 216 | — | (520) | 47,464
Fixed income forwards ................. | 797 | — | — | — | 797
Interest rate swaps, options and forwards .................................... | 34,569 | 108,293 | 421,001 | (32,665) | 531,198
Total ................................................. | $477,087 | $723,963 | $424,908 | $(38,778) | 1,587,180
Cross-product counterparty netting ........................................ |  |  |  |  | (61,334)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased ................................. |  |  |  |  | $1,525,846
(1)At February 28, 2026, we held net exchange-traded derivative assets and liabilities with a fair value of $1.24 billion and $557.2 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At February 28, 2026, cash collateral received and pledged was $368.5 million and $782.0 million, respectively. (3)Derivative fair values include counterparty netting within product category. (4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Schedule of Fair Value of OTC Derivatives Assets | OTC derivative assets at February 28, 2026:
Counterparty credit quality (1): | $ in thousands
A- or higher ............................................................................................... | $180,384
BBB- to BBB+ ........................................................................................... | 100,766
BB+ or lower ............................................................................................. | 332,366
Unrated ..................................................................................................... | 423,568
Total .......................................................................................................... | $1,037,084
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
Schedule of Credit Related Derivative Contracts | External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:
| February 28, 2026
| External Credit Rating |
$ in millions | Investment Grade | Non- investment Grade | Total Notional
Credit protection sold: |  |  |
Index credit default swaps ..................... | $119.8 | $808.5 | $928.3
| November 30, 2025
| External Credit Rating |
$ in millions | Investment Grade | Non- investment Grade | Total Notional
Credit protection sold: |  |  |
Index credit default swaps ..................... | $51.4 | $873.2 | $924.6
Schedule of Derivative Instruments with Contingent Features | The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a net liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we could have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered:
$ in millions | February 28, 2026 | November 30, 2025
Derivative instrument liabilities with credit-risk- related contingent features .................................... | $98.9 | $107.3
Collateral posted ........................................................... | (13.2) | (70.0)
Collateral received ........................................................ | 611.4 | 343.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) ............................................... | 697.1 | 380.5
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

X
- Definition Counterparty credit quality with respect to the fair value of OTC derivatives assets. + References No definition available. + Details
Name: | jef_CounterpartyCreditQualityWithRespectToFairValueOfOtcDerivativesAssetsTableTableTextBlock
Namespace Prefix: | jef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Derivative Instruments With Contingent Features [Table Text Block] + References No definition available. + Details
Name: | jef_DerivativeInstrumentsWithContingentFeaturesTableTextBlock
Namespace Prefix: | jef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition OTC derivatives by risk exposure and maturity profile. + References No definition available. + Details
Name: | jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTableTextBlock
Namespace Prefix: | jef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
Name: | us-gaap_DisclosureOfCreditDerivativesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration