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Borrowings (Tables) | 3 Months Ended
--- | ---
Feb. 28, 2026
Debt Disclosure [Abstract] |
Schedule of 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.
Schedule of Maturities of 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.

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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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