| Schedule of Stock by Class |
| | | | | | | | | | | | May 31, 2026 (1) | | Common Shares | Par Value | Authorized
Shares | Outstanding Shares | | Voting common shares | $1.00 | 552,264,500 | | 194,145,489 | | | Non-voting common shares | $1.00 | 47,735,500 | | 9,247,081 | | | Total | | 600,000,000 | | 203,392,570 | | | | | | | November 30, 2025 | | Common Shares | Par Value | Authorized
Shares | Outstanding Shares | | Voting common shares | $1.00 | 565,000,000 | | 206,296,167 | | | Non-voting common shares | $1.00 | 35,000,000 | | — | | | Total | | 600,000,000 | | 206,296,167 | |
(1) On March 26, 2026, shareholders approved an Amended and Restated Certificate of Incorporation, which authorized the issuance of 552,264,500 shares of voting common stock with a par value of $1.00 per share, and 47,735,500 shares of non-voting common stock with a par value of $1.00 per share.
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| Schedule of Earnings Per Share Computation |
The numerators and denominators used to calculate basic and diluted earnings per common share are as follows: | | | | | | | | | | | | | | | | $ in thousands, except per share amounts | Three Months Ended
May 31, 2026 | Six Months Ended
May 31, 2026 | | Voting | Non-Voting | Voting | Non-Voting | | Basic net earnings per share: | | | | | | Numerator | | | | | | Allocation of distributed earnings (cash dividends paid) | $ | 81,710 | | $ | 3,699 | | $ | 171,338 | | $ | 3,699 | | | Allocation of undistributed earnings | 138,508 | | 2,317 | | 205,424 | | 1,701 | | | Net earnings attributable to common shareholders for basic earnings per share | $ | 220,218 | | $ | 6,016 | | $ | 376,762 | | $ | 5,400 | | | Denominator | | | | | | Weighted average common shares outstanding | 200,567 | | 3,518 | | 205,109 | | 1,778 | | | Weighted average shares of restricted stock outstanding with future service required | (2,080) | | — | | (2,114) | | — | | | Weighted average RSUs outstanding with no future service required | 11,782 | | — | | 11,771 | | — | | | Number of shares used in per share computation | 210,269 | | 3,518 | | 214,766 | | 1,778 | | | Basic net earnings per share (1) | $ | 1.05 | | $ | 1.71 | | $ | 1.75 | | $ | 3.04 | | | | | | | | Diluted net earnings per share: | | | | | | Numerator | | | | | | Allocation of total earnings for basic computation | $ | 220,218 | | $ | 6,016 | | $ | 376,762 | | $ | 5,400 | | | Reallocation of total earnings as a result of participating securities | 3 | | — | | — | | — | | | Reallocation of total earnings as a result of conversion of preferred shares to non-voting common shares | — | | 29,181 | | — | | 48,414 | | | | | | | | Net earnings attributable to common shareholders for diluted earnings per share | $ | 220,221 | | $ | 35,197 | | $ | 376,762 | | $ | 53,814 | | | Denominator | | | | | | Number of shares used in basic computation | 210,269 | | 3,518 | | 214,766 | | 1,778 | | | Weighted average effect of dilutive securities: | | | | | | Add: Participating securities | 5 | | — | | — | | — | | | Add: Conversion of preferred shares to non-voting common shares | — | | 27,563 | | — | | 27,563 | | | Add: Stock options and other share-based awards | 4,082 | | — | | 4,781 | | — | | | Add: Senior executive compensation plan restricted stock unit awards | 2,388 | | — | | 2,400 | | — | | | Number of shares used in per share computation | 216,744 | | 31,081 | | 221,947 | | 29,341 | | | Diluted net earnings per share (1) | $ | 1.02 | | $ | 1.13 | | $ | 1.70 | | $ | 1.83 | |
(1)As a result of the timing of SMBC’s exchange of 9.2 million shares of Jefferies’ voting common stock for shares of non-voting common stock, basic and diluted earnings per share differ between the voting and non-voting common shares. Because non-voting shares were outstanding for only a portion of the three- and six month periods, their weighted share count amplified the impact of distributed dividends, and accordingly, the non-voting common shares reflect higher earnings per share than the voting common shares, despite both classes having identical dividend rates. | | | | | | | | | | | | | | In thousands, except per share amounts | Three Months Ended May 31, 2025 | Six Months Ended May 31, 2025 | | Numerator for earnings per common share from continuing operations: | | | | Net earnings from continuing operations | $ | 91,395 | | $ | 228,244 | | | Less: Net losses attributable to noncontrolling interests | (7,668) | | (14,651) | | | | | | Allocation of earnings to participating securities (1) | (11,046) | | (26,940) | | | Net earnings from continuing operations attributable to common shareholders for basic earnings per share | $ | 88,017 | | $ | 215,955 | | | | | | | | | Net earnings from continuing operations attributable to common shareholders for diluted earnings per share | $ | 88,017 | | $ | 215,955 | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator for earnings per common share: | | | | Weighted average common shares outstanding | 206,254 | | 206,150 | | | Weighted average shares of restricted stock outstanding with future service required | (2,248) | | (2,276) | | | Weighted average RSUs outstanding with no future service required | 11,091 | | 10,944 | | | Weighted average basic common shares | 215,097 | | 214,818 | | | Stock options and other share-based awards | 4,262 | | 4,984 | | | Senior executive compensation plan RSU awards | 2,538 | | 2,581 | | | | | | Weighted average diluted common shares (2) | 221,897 | | 222,383 | | | | | | Earnings per common share: | | | | | | | | | | Basic | $ | 0.41 | | $ | 1.01 | | | | | | | | | Diluted | $ | 0.40 | | $ | 0.97 | |
(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 27.6 million for both the three and six months ended May 31, 2025. Dividends paid on participating securities were $11.0 million and $22.1 million for the three and six months ended May 31, 2025, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. (2)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the future. Antidilutive shares at May 31, 2025 were 13.4% of the weighted average common shares outstanding for three and six months ended May 31, 2025.
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Gains (losses) on our cash flow hedge recognized as a component of Other comprehensive income (loss) (“OCI”), in our Consolidated Statements of Comprehensive Income: | | | | | | | | | | | | | | | | $ in thousands | Three Months Ended May 31, | Six Months Ended May 31, | | Gains (Losses) | 2026 | 2025 | 2026 | 2025 | | Interest rate contracts | | | | | | Recognized in OCI | $ | (254) | | $ | — | | $ | (254) | | $ | — | | | | | | | | Net change included within AOCI | $ | (254) | | $ | — | | $ | (254) | | $ | — | |
Accumulated Other Comprehensive Income (Loss) | | | | | | | | | | | $ in thousands | May 31,
2026 | November 30, 2025 | | | Net unrealized losses on available-for-sale securities | $ | (304) | | $ | (1,796) | | | | Net currency translation adjustments and other | (141,600) | | (145,280) | | | | Net unrealized losses related to instrument-specific credit risk | (177,521) | | (200,688) | | | | Net cash flow hedges | (254) | | — | | | | Net minimum pension liability | (36,364) | | (36,670) | | | | Total accumulated other comprehensive loss, net of tax | $ | (356,043) | | $ | (384,434) | | |
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings: | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended
May 31, | | | | $ in thousands | 2026 | 2025 | 2026 | 2025 | | | | Net unrealized gains on instrument-specific credit risk at fair value (1) | $ | 2,483 | | $ | 5,121 | | $ | 5,790 | | $ | 7,658 | | | | | | | | | | | | Amortization of defined benefit pension plan actuarial losses (2) | (156) | | (67) | | (311) | | (826) | | | | | Total reclassifications for the period, net of tax | $ | 2,327 | | $ | 5,054 | | $ | 5,479 | | $ | 6,832 | | | |
(1)The amounts include income tax expense of $0.8 million and $1.8 million for the three and six months ended May 31, 2026, respectively, compared with income tax expense of $1.8 million and $2.6 million for the three and six months ended May 31, 2025, respectively, which were reclassified to Principal transactions revenues. (2)The amount includes income tax benefit of $0.1 million for the six months ended May 31, 2026, compared with an income tax benefit of $0.3 million for six months ended May 31, 2025, which were reclassified to Compensation and benefits expenses.
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