v3.26.3
Borrowings (Tables)
 9 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term 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.
Schedule of Maturities of Long-Term Debt
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.