
$ in thousands	Maturity (Fiscal Years)	May 31, 2026			November 30, 2025


Parent Co. unsecured borrowings
Fixed rate	2026	$	25		$	869,461
	2027	1,119,684			1,117,106
	2028	995,548			1,029,501
	2029	589,966			586,495
	2030	1,052,182			1,063,637
	2031 and Later	7,381,048			4,782,178

Variable rate	2026	45,488			45,235
	2027	350,000			—

	2029	1,313			1,312

	2031 and Later	71,932			71,924

Structured notes (1)	2026	52,732			102,743
	2027	98,602			94,777
	2028	150,090			176,009
	2029	184,486			178,956
	2030	380,072			443,825
	2031 and Later	2,412,493			2,156,638
Total Parent Co. unsecured borrowings (2)		14,885,661			12,719,797

Subsidiaries secured borrowings
Fixed rate	2026	93,558			166,414
	2027	646,710			630,114
	2028	750,692			746,556
	2029	260,596			191,068



Variable rate	2026	12,958			525,000
	2027	124,661			124,458
	2028	525,000			—


	2030 and Later	39,585			—


Total Subsidiaries secured borrowings		2,453,760			2,383,610
Subsidiaries unsecured borrowings
Fixed rate	2029	—			3,937
	2030	—			1,416
	2031 and Later	647,970			633,372

Variable rate	2026	—			100,000
	2027	53,591			53,759




Total Subsidiaries unsecured borrowings		701,561			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.