v3.26.1
Borrowings
 6 Months Ended
May 31, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 15. Borrowings
Short-Term Borrowings
$ in thousandsMay 31, 2026November 30, 2025
Bank loans and other credit facilities$454,453 $568,418 
Fixed rate callable note1,149,029 1,198,788 
Total short-term borrowings (1)$1,603,482 $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 May 31, 2026 and November 30, 2025, the weighted average interest rate on bank loans outstanding is 4.79% 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 May 31, 2026, we were in compliance with all covenants under these credit facilities.
Long-Term Debt
$ in thousandsMaturity (Fiscal Years)May 31, 2026November 30, 2025
Parent Co. unsecured borrowings
Fixed rate2026$25 $869,461 
20271,119,684 1,117,106 
2028995,548 1,029,501 
2029589,966 586,495 
20301,052,182 1,063,637 
2031 and Later7,381,048 4,782,178 
Variable rate202645,488 45,235 
2027350,000 — 
20291,313 1,312 
2031 and Later71,932 71,924 
Structured notes (1)202652,732 102,743 
202798,602 94,777 
2028150,090 176,009 
2029184,486 178,956 
2030380,072 443,825 
2031 and Later2,412,493 2,156,638 
Total Parent Co. unsecured borrowings (2)14,885,661 12,719,797 
Subsidiaries secured borrowings
Fixed rate202693,558 166,414 
2027646,710 630,114 
2028750,692 746,556 
2029260,596 191,068 
Variable rate202612,958 525,000 
2027124,661 124,458 
2028525,000 — 
2030 and Later39,585 — 
Total Subsidiaries secured borrowings2,453,760 2,383,610 
Subsidiaries unsecured borrowings
Fixed rate2029— 3,937 
2030— 1,416 
2031 and Later647,970 633,372 
Variable rate2026— 100,000 
202753,591 53,759 
Total Subsidiaries unsecured borrowings701,561 792,484 
Total long-term debt (3)$18,040,982 $15,895,891 
Fair value$18,071,116 $16,122,970 
Weighted-average interest rate (4)5.20 %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 $2.67 billion and $2.68 billion for May 31, 2026 and November 30, 2025, respectively, include cumulative hedging adjustments of $151.3 million and $142.8 million at May 31, 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 May 31, 2026 and November 30, 2025, our borrowings under several credit facilities classified within Long-term debt amounted to $1.05 billion 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 May 31, 2026, we were in compliance with all covenants under theses credit agreements.
(4)Interest rates exclude structured notes.
For the six months ended May 31, 2026, long-term debt increased by $2.15 billion to $18.04 billion at May 31, 2026, primarily due to proceeds of $2.81 billion from the issuances of unsecured senior notes, $350.0 million from a drawdown of a revolver, $89.8 million from net issuances of structured notes, $30.1 million from increased subsidiaries’ borrowings, $26.4 million from valuation adjustments and $29.0 million from currency losses on foreign currency borrowings. These increases were partially offset by repayments of $1.12 billion on our unsecured senior notes and the reclassification of $51.9 million of Tessellis’ borrowings to liabilities held for sale (refer to Note 4, Assets and Liabilities Held for Sale for further information).
On July 7, 2026, we priced €850.0 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2033. The offering is expected to close several business days after the pricing date, subject to customary closing conditions.