v3.26.3
Borrowings
 9 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 15. Borrowings
Short-Term Borrowings
$ in thousandsAugust 31, 2026November 30, 2025
Bank loans and other credit facilities$316,060 $568,418 
Fixed rate callable notes1,149,721 1,198,788 
Total short-term borrowings (1)$1,465,781 $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 August 31, 2026 and November 30, 2025, the weighted average interest rate on bank loans outstanding is 4.90% 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 August 31, 2026, we were in compliance with all covenants under these credit facilities.
Long-Term Debt
$ in thousandsMaturity (Fiscal Years)August 31, 2026November 30, 2025
Parent Co. unsecured borrowings
Fixed rate2026$— $869,461 
20271,121,714 1,117,106 
2028996,038 1,029,501 
2029591,472 586,495 
20301,013,529 1,063,637 
2031 and Later8,600,403 4,782,178 
Variable rate2026— 45,235 
20291,313 1,312 
2031 and Later217,137 71,924 
Structured notes (1)202676,130 102,743 
2027100,489 94,777 
2028188,238 176,009 
2029184,671 178,956 
2030307,098 443,825 
2031 and Later2,504,510 2,156,638 
Total Parent Co. unsecured borrowings (2)15,902,742 12,719,797 
Subsidiaries secured borrowings
Fixed rate202689,923 166,414 
2027645,309 630,114 
2028170,595 746,556 
2029276,495 191,068 
Variable rate202612,935 525,000 
2027— 124,458 
2028670,200 — 
2030 and Later39,606 — 
Total Subsidiaries secured borrowings1,905,063 2,383,610 
Subsidiaries unsecured borrowings
Fixed rate2029— 3,937 
2030— 1,416 
2031 and Later651,190 633,372 
Variable rate2026— 100,000 
2027— 53,759 
Total Subsidiaries unsecured borrowings651,190 792,484 
Total long-term debt (3)$18,458,995 $15,895,891 
Fair value (4)$18,320,516 $16,122,970 
Weighted-average interest rate (5)5.18 %5.11 %
Interest rate range (5)
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.
(2)Carrying values of certain borrowings, totaling $2.08 billion and $2.68 billion for August 31, 2026 and November 30, 2025, respectively, include cumulative hedging adjustments of $157.0 million and $142.8 million at August 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 August 31, 2026 and November 30, 2025, our borrowings under several credit facilities classified within Long-term debt amounted to $670.2 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 August 31, 2026, we were in compliance with all covenants under theses credit agreements.
(4)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.
(5)Interest rates exclude structured notes.
For the nine months ended August 31, 2026, long-term debt increased by $2.56 billion to $18.46 billion at August 31, 2026, primarily due to proceeds of $4.53 billion from the issuances of unsecured senior notes, $169.2 million from net issuances of structured notes, $32.6 million from valuation adjustments and $18.4 million from currency losses on foreign currency borrowings. These increases were partially offset by repayments of $1.55 billion on our unsecured senior notes, paydowns of $556.2 million in subsidiary debt 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).