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Borrowings
 3 Months Ended
Feb. 28, 2026
Debt Disclosure [Abstract]  
Borrowings Note 15. BorrowingsShort-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
reclassification 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