Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Revenues | ||||
| Revenues | $ 2,907,674 | $ 2,595,589 | $ 7,874,853 | $ 7,663,827 |
| Interest expense | 860,242 | 912,037 | 2,599,955 | 2,585,627 |
| Net revenues | 2,047,432 | 1,683,552 | 5,274,898 | 5,078,200 |
| Non-interest expenses | ||||
| Compensation and benefits | 1,083,510 | 889,098 | 2,779,476 | 2,677,962 |
| Brokerage and clearing fees | 121,164 | 101,119 | 360,345 | 321,325 |
| Underwriting costs | 20,332 | 14,017 | 52,703 | 51,053 |
| Technology and communications | 157,171 | 136,953 | 442,844 | 409,703 |
| Occupancy and equipment rental | 32,908 | 30,078 | 93,818 | 87,558 |
| Business development | 78,999 | 68,152 | 231,360 | 194,433 |
| Professional services | 73,329 | 64,630 | 223,563 | 217,967 |
| Depreciation and amortization | 53,230 | 45,977 | 136,471 | 139,125 |
| Cost of sales | 34,430 | 37,400 | 118,959 | 109,533 |
| Other expenses | 60,544 | 43,441 | 217,578 | 168,858 |
| Total non-interest expenses | 1,715,617 | 1,430,865 | 4,657,117 | 4,377,517 |
| Earnings from continuing operations before income taxes | 331,815 | 252,687 | 617,781 | 700,683 |
| Income tax expense | 89,311 | 78,011 | 147,033 | 207,077 |
| Net earnings from continuing operations | 242,504 | 174,676 | 470,748 | 493,606 |
| Net earnings (losses) from discontinued operations (including gain on disposal of $0, $2,839, $0, $2,839), net of income tax benefit of $0, $9,145, $0, and $12,321 | 0 | 6,363 | 0 | (1,488) |
| Net earnings | 242,504 | 181,039 | 470,748 | 492,118 |
| Net losses attributable to noncontrolling interests | (10,041) | (6,874) | (24,692) | (19,102) |
| Preferred stock dividends | 28,559 | 20,785 | 55,528 | 48,501 |
| Net earnings attributable to common shareholders | $ 223,986 | $ 167,128 | $ 439,912 | $ 462,719 |
| Earnings per common share | ||||
| Basic from continuing operations (in dollars per share) | $ 1.04 | $ 0.75 | $ 2.05 | $ 2.12 |
| Diluted from continuing operations (in dollars per share) | 1.01 | 0.72 | 1.98 | 2.06 |
| Basic (in dollars per share) | 1.04 | 0.78 | 2.05 | 2.12 |
| Diluted (in dollars per share) | $ 1.01 | $ 0.75 | $ 1.98 | $ 2.06 |
| Weighted-average common shares outstanding | ||||
| Basic (in shares) | 215,293 | 214,452 | 214,977 | 218,106 |
| Diluted (in shares) | 222,715 | 221,699 | 222,539 | 224,180 |
| Investment banking | ||||
| Revenues | ||||
| Revenues | $ 1,088,197 | $ 927,094 | $ 2,606,976 | $ 2,344,743 |
| Principal transactions | ||||
| Revenues | ||||
| Revenues | 486,893 | 324,501 | 1,232,630 | 1,381,432 |
| Commissions and other fees | ||||
| Revenues | ||||
| Revenues | 325,178 | 270,643 | 966,711 | 787,968 |
| Asset management fees and revenues | ||||
| Revenues | ||||
| Revenues | 13,079 | 11,986 | 118,563 | 74,126 |
| Interest | ||||
| Revenues | ||||
| Revenues | 846,894 | 936,786 | 2,570,090 | 2,636,002 |
| Other | ||||
| Revenues | ||||
| Revenues | $ 147,433 | $ 124,579 | $ 379,883 | $ 439,556 |
Consolidated Statements of Earnings (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Income Statement [Abstract] | ||||
| Net earnings (losses) from discontinued operations, gain on disposal | $ 0 | $ 2,839 | $ 0 | $ 2,839 |
| Income tax benefit, discontinued operations | $ 0 | $ 9,145 | $ 0 | $ 12,321 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|||||||||
| Statement of Comprehensive Income [Abstract] | ||||||||||||
| Net earnings | $ 242,504 | $ 181,039 | $ 470,748 | $ 492,118 | ||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||
| Currency translation adjustments and other | [1] | 8,551 | 22,560 | 39,998 | 18,443 | |||||||
| Changes in fair value related to instrument-specific credit risk | [2] | (43,882) | 17,783 | 7,945 | 5,081 | |||||||
| Unrealized gains on available-for-sale-securities | 99 | 426 | 261 | 2,056 | ||||||||
| Total other comprehensive income (loss), net of tax | (35,232) | 40,769 | 48,204 | [3] | 25,580 | [3] | ||||||
| Comprehensive income | 207,272 | 221,808 | 518,952 | 517,698 | ||||||||
| Net losses attributable to noncontrolling interests | (10,041) | (6,874) | (24,692) | (19,102) | ||||||||
| Preferred stock dividends | 28,559 | 20,785 | 55,528 | 48,501 | ||||||||
| Comprehensive income attributable to common shareholders | $ 188,754 | $ 207,897 | $ 488,116 | $ 488,299 | ||||||||
| ||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Currency translation adjustments and other, tax expense | $ 4.5 | $ 7.9 | $ 14.6 | $ 7.2 |
| Changes in instrument specific credit risk, tax benefit (expense) | $ (15.1) | 6.1 | $ 3.4 | 1.0 |
| Other comprehensive gains (losses) attributable to noncontrolling interest related to foreign currency adjustments | $ 0.9 | $ (1.0) | ||
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) |
9 Months Ended |
|---|---|
|
Aug. 31, 2024
$ / shares
| |
| Statement of Stockholders' Equity [Abstract] | |
| Dividends per common share (in dollars per share) | $ 0.95 |
| Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
|||
| Cash flows from operating activities: | ||||
| Net earnings | $ 470,748 | $ 492,118 | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||||
| Depreciation and amortization | 144,434 | 141,584 | ||
| Share-based compensation | 67,810 | 47,949 | ||
| Net bad debt expense | 16,931 | 48,305 | ||
| Income on investments in and loans to related parties | (54,270) | (62,187) | ||
| Distributions received on investments in related parties | 71,368 | 36,048 | ||
| Gain on sale of subsidiaries and investments in related parties | 0 | (58,452) | ||
| Loss on assets held for sale | 12,566 | 0 | ||
| Other adjustments | 434,110 | 208,693 | ||
| Receivables: | ||||
| Brokers, dealers and clearing organizations | (193,514) | (188,454) | ||
| Customers | (533,734) | (356,045) | ||
| Fees, interest and other | (60,040) | (59,530) | ||
| Securities borrowed | (945,232) | 158,071 | ||
| Financial instruments owned | (1,712,385) | (2,145,820) | ||
| Securities purchased under agreements to resell | (1,664,568) | (975,592) | ||
| Other assets | (266,563) | (421,913) | ||
| Payables: | ||||
| Brokers, dealers and clearing organizations | (26,372) | 663,467 | ||
| Customers | 374,518 | (62,089) | ||
| Securities loaned | (62,979) | 691,548 | ||
| Financial instruments sold, not yet purchased | 1,260,915 | 985,256 | ||
| Securities sold under agreements to repurchase | (312,049) | (1,387,996) | ||
| Lease liabilities | (48,280) | (56,408) | ||
| Accrued expenses and other liabilities | (432,723) | 451,355 | ||
| Net cash used in operating activities from continuing operations | (3,459,309) | (1,850,092) | ||
| Net cash used in operating activities from discontinued operations | 0 | (68,789) | ||
| Cash flows from investing activities: | ||||
| Contributions to investments in and loans to related parties | (466,338) | (108,484) | ||
| Capital distributions from investments and repayments of loans from related parties | 379,193 | 1,406 | ||
| Originations and purchases of automobile loans, notes and other receivables | 0 | (89,540) | ||
| Principal collections of automobile loans, notes and other receivables | 0 | 83,268 | ||
| Net payments on premises and equipment | (151,425) | (180,654) | ||
| Proceeds from assets held for sale | 26,843 | 0 | ||
| Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold | 0 | 610,843 | ||
| Net cash (used in) provided by investing activities from continuing operations | (211,727) | 316,839 | ||
| Cash flows from financing activities: | ||||
| Proceeds from short-term borrowings | 7,170,583 | 3,826,758 | ||
| Payments on short-term borrowings | (6,363,688) | (3,058,475) | ||
| Proceeds from issuance of long-term debt, net of issuance costs | 3,852,721 | 4,646,993 | ||
| Repayment of long-term debt | (1,758,422) | (1,763,572) | ||
| Proceeds from conversion of common to preferred shares | 0 | 9,844 | ||
| Purchase of common shares for treasury | (58,486) | (44,311) | ||
| Dividends paid to common and preferred shareholders | (280,589) | (221,392) | ||
| Net proceeds from other secured financings | 497,768 | 434,285 | ||
| Net change in bank overdrafts | (22,050) | (33,795) | ||
| Proceeds from contributions of noncontrolling interests | 18,909 | 9,426 | ||
| Payments on distributions to noncontrolling interests | (8,084) | (12,565) | ||
| Other | 9,573 | 7,871 | ||
| Net cash provided by financing activities from continuing operations | 3,058,235 | 3,801,067 | ||
| Net cash used in financing activities from discontinued operations | 0 | (170,631) | ||
| Supplemental Cash Flow Elements [Abstract] | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 17,281 | 18,901 | ||
| Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale | 0 | (13,224) | ||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (595,520) | 2,047,295 | ||
| Cash, cash equivalents, and restricted cash at beginning of period | 13,165,612 | 9,830,758 | ||
| Cash, cash equivalents, and restricted cash at end of period | 12,570,092 | 11,864,829 | ||
| Cash paid during the period for: | ||||
| Interest | 2,588,490 | 2,535,591 | ||
| Income taxes, net | [1] | 235,549 | 167,796 | |
| Investment tax credit | 149,700 | 149,700 | ||
| Non-cash investing activities related to donated land with a fair market value | 5,700 | |||
| Non-cash investing activities | 400 | $ 600 | ||
| Distributions | $ 6,700 | |||
| ||||
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Statement of Cash Flows [Abstract] | ||
| Cash and cash equivalents | $ 11,458,472 | $ 12,153,414 |
| Cash on deposit for regulatory purposes with clearing and depository organizations | 1,111,620 | 1,012,198 |
| Total cash, cash equivalents and restricted cash | $ 12,570,092 | $ 13,165,612 |
Organization and Basis of Presentation |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation Organization Jefferies Financial Group Inc. is a U.S.-headquartered global full service, integrated investment banking and capital markets firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together, the “Company,” “we” or “us”). We, collectively with our consolidated subsidiaries and through our affiliates, deliver a broad range of financial services across investment banking, capital markets and asset management. We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients. We operate in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture (“Jefferies Finance LLC” or “Jefferies Finance”), our commercial real estate joint venture (“Berkadia Commercial Holding LLC” or “Berkadia”) and historically our automobile lending and servicing activities (sold in April 2024). The Asset Management reportable business segment provides alternative investment management services to investors in the U.S. and overseas and generates investment income from capital invested in and managed by us or our affiliated asset managers, and includes certain remaining businesses and assets of our legacy merchant banking portfolio. During the fourth quarter of 2023, we acquired Stratos Group International (“Stratos”) (formerly FXCM Group, LLC, or “FXCM”) and OpNet S.p.A. (“OpNet,” formerly known as “Linkem”), investments in our legacy merchant banking portfolio which became consolidated subsidiaries. In April 2024, we finalized the sale of Foursight Capital LLC (“Foursight”). In February 2024, OpNet agreed to sell substantially all of its wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. The sale closed in August 2024. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2024. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2024 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in our consolidated financial statements for interim periods are not necessarily indicative of the results for the entire year. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (losses) attributable to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights. Intercompany accounts and transactions are eliminated in consolidation.
|
Summary of Significant Accounting Policies |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2024. During the three and nine months ended August 31, 2025, there were no significant changes made to the Company’s significant accounting policies.
|
Accounting Developments |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Accounting Developments | Note 3. Accounting Developments Accounting Standards to be Adopted in Future Periods Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures and will implement these disclosures commencing with our fiscal year ending November 30, 2025. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures. Credit Losses. In July 2025, the FASB issued ASU No. 2025-05 (“ASU 2025-05”), Financial Instruments–Credit Losses. The guidance provides an optional practical expedient when applying the guidance related to the estimation of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The amendments in ASU 2025-05 are effective for fiscal years beginning after December 15, 2025, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our financial statements. Internal-Use Software. In September 2025, the FASB issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles–Goodwill and Other– Internal-Use Software. The guidance modernizes and clarifies the threshold for when an entity is required to start capitalizing software costs and is based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our disclosures. Derivatives and Hedging and Revenue from Contracts with Customers. In September 2025, the FASB issued ASU No. 2025-07 (“ASU 2025-07”), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our disclosures.
|
Business Acquisitions |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Business Acquisitions | Note 4. Business Acquisitions OpNet We historically owned 47.4% of the common shares and 50.0% of the voting rights of OpNet, a fixed wireless broadband service provider in Italy, and various classes of convertible preferred stock issued by OpNet (the “preferred shares”). On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares and, as a result, we obtained control of OpNet. Upon conversion on May 7, 2024, our ownership increased to 57.5% of the common shares and our voting rights increased to 72.5% of the aggregate voting rights of OpNet. Upon obtaining control of OpNet on November 30, 2023, the assets and liabilities of OpNet have been included in our consolidated financial statements under the acquisition method of accounting. The initial consolidation of OpNet was accounted for under the acquisition method of accounting and we remeasured our previously existing interests at fair value and recognized a gain of $115.8 million, representing the excess of the fair value of our previously existing interests over the carrying value of our investment of $201.6 million. The fair value of the previously existing interests was measured based on an estimate of what could be recognized in a sale transaction for wholesale net operating assets operating assets of OpNet, which have been classified as held for sale. The remaining identifiable assets and assumed liabilities of OpNet represented the assets and liabilities of Tessellis S.p.A. (“Tessellis”), a telecommunications company publicly listed on the Italian stock exchange. An enterprise value for Tessellis was estimated based on its market capitalization at November 30, 2023, which was then allocated to the identifiable assets, including intangible assets, liabilities, and noncontrolling interests of Tessellis using an income approach, which calculates the present value of the estimated economic benefit of future cash flows, in order to determine the fair value of the identified customer relationships and Tessellis trade name. Property and equipment and developed technology assets were valued using a replacement cost methodology. Critical estimates included future expected cash flows, including forecasted revenues and expenses, and applicable discount rates. Discount rates used to compute the present value of expected net cash flows were based upon estimated weighted average cost of capital. The initial allocation of the purchase price resulted in the recognition of goodwill relating to Tessellis of $127.1 million. No consideration was transferred in connection with the consolidation. The initial estimated purchase price allocation as of November 30, 2023 for Tessellis was revised during the first quarter of 2024 as new information was received and analyzed resulting in an increase in intangible assets of $39.3 million, a decrease in property and equipment of $12.3 million, and a decrease in goodwill of $27.0 million. In February 2024, OpNet agreed to sell substantially all of its wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. The sale closed in August 2024 and we received net cash proceeds of $322.8 million and recognized a pre-tax gain on sale of $3.5 million. The sale of OpNet’s operating assets did not include our interest in Tessellis. During 2024, Tessellis executed various acquisitions and, as a result, recognized assets and liabilities of $27.9 million and $20.2 million, respectively, on the acquisition dates. Total assets primarily relate to goodwill, property and equipment, intangible assets, and short-term trade receivables. Total liabilities primarily relate to financial debt assumed and trade payables. The primary acquisition executed during 2024 was the acquisition of a 97.2% ownership interest in Go Internet S.p.A. (“Go Internet”) for a total consideration of €4.2 million. During the second quarter of 2025, purchase price allocation adjustments were finalized.
|
Assets Held for Sale and Discontinued Operations |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Assets Held for Sale and Discontinued Operations | Note 5. Assets Held for Sale and Discontinued Operations Foursight During the second quarter of 2024, we closed the sale of Foursight and recognized a gain on sale of $24.2 million, which is included within . OpNet In August 2024, we substantially sold all of OpNet’s wholesale operating assets and recognized a pre-tax gain on sale of $3.5 million. For the year ended November 30, 2024, the activities of OpNet’s wholesale operations have been classified as discontinued operations and OpNet’s results are presented in Net losses from discontinued operations, net of income tax benefit. Airplanes During 2024, we classified certain airplanes related to a sale leaseback transaction executed with a client by our subsidiary, Aircadia Leasing II LLC as held for sale. Effective with the designation of the airplanes as held for sale, we suspended recording depreciation on these assets. The airplanes are included within Assets held for sale on our Consolidated Statements of Financial Condition and had a carrying amount of $51.9 million at November 30, 2024. During the second quarter of 2025, we agreed to sell the airplanes and we recognized a loss of $12.8 million during the three months ended May 31, 2025. The sale closed in the third quarter of 2025.
|
Fair Value Disclosures |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures | Note 6. Fair Value Disclosures
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.50 billion at August 31, 2025 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
(1)Excludes investments at fair value based on NAV of $1.25 billion at November 30, 2024 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. There have been no significant changes in valuation techniques and inputs used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis. Refer to our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2024. Investments at Fair Value Investments at fair value includes investments in hedge funds, private equity funds, credit funds, real estate funds and other funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Information about our investments in entities that have the characteristics of an investment company:
N/R - Not redeemable (1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets, commodities and multi-asset securities. (3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately to nine years. (4)Primarily includes investments in funds that invest in: •distressed and special situations long/short credit strategies across sectors and asset types; •short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days; and •distressed and event-driven opportunities across structured credit, opportunistic credit, and private credit. (5)Primarily includes investments in corporate real estate strategies focused on buying or building real estate businesses. Level 3 Rollforwards
(1)Realized and unrealized gains/losses are primarily reported in . Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2025 Transfers of assets of $64.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Loan and other receivables of $43.5 million, CDOs and CLOs of $12.6 million and Other ABS of $6.7 million due to reduced pricing transparency. Transfers of assets of $94.5 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Other ABS of $50.7 million, CDOs and CLOs of $27.1 million, Corporate debt securities of $12.3 million and Loans and other receivables of $4.3 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $16.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Structured notes within Long-term debt of $13.1 million, partially offset by net derivatives transfers into Level 3 of $2.4 million due to reduced market and pricing transparency. Transfers of liabilities of $22.2 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within Long-term debt of $14.5 million and Net derivatives of $7.7 million due to greater pricing and market transparency. Net gains on Level 3 assets were $30.0 million and net losses on Level 3 liabilities were $65.5 million for the three months ended August 31, 2025. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities, Investments at fair value, Loans and other receivables and Other ABS, partially offset by decreased market values of CDOs and CLOs. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, certain derivatives and Loans. Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2025 Transfers of assets of $99.5 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Loan and other receivables of $38.2 million, Corporate equity securities of $32.2 million, CDOs and CLOs of $18.6 million and Other ABS of $10.0 million due to reduced pricing transparency. Transfers of assets of $123.5 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Corporate equity securities of $50.8 million, CDOs and CLOs of $35.4 million, Loans and other receivables of $20.3 million, Investments at fair value of $10.0 million, Other ABS of $4.4 million and Corporate debt securities of $2.5 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $21.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Net derivatives of $13.4 million and structured notes within Long-term debt of $7.4 million due to reduced market and pricing transparency. Transfers of liabilities of $42.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within Long-term debt of $32.8 million and certain Derivatives of $9.2 million due to greater pricing and market transparency. Net gains on Level 3 assets were $25.1 million and net losses on Level 3 liabilities were $6.4 million for the nine months ended August 31, 2025. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities and Investments at fair value, partially offset by decreased valuations of CDOs and CLOs and Loans and other receivables. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, partially offset by decreased market values of certain Derivatives and Loans.
(1)Realized and unrealized gains/losses are primarily reported in . Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2024 Transfers of assets of $31.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Loan and other receivables of $15.9 million, CDOs and CLOs of $10.1 million and Other ABS of $3.3 million due to reduced pricing transparency. Transfers of assets of $50.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Oher ABS of $24.0 million, CDOs and CLOs of $13.4 million, Corporate debt securities of $7.1 and Loans and other receivables of $5.9 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $18.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Structured notes within Long-term debt of $9.6 million and Net derivatives of $9.3 million due to reduced market and pricing transparency. Transfers of liabilities of $39.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within Long-term debt of $30.2 million and Net derivatives of $8.8 million due to greater pricing and market transparency. Net losses on Level 3 assets were $7.3 million and net losses on Level 3 liabilities were $16.5 million for the three months ended August 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, partially offset by increased market values of Corporate equity securities and CDOs and CLOs. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, partially offset by decreased valuations of certain derivatives. Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2024 Transfers of assets of $61.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Other ABS of $47.6 million and Loan and other receivables of $11.3 million due to reduced pricing transparency. Transfers of assets of $56.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Other ABS of $18.3 million, RMBS of $14.6 million, Corporate debt securities of $7.5 million, Loans and other receivables of $7.0 million, CDOs and CLOs of $5.2 million and Corporate equity securities of $3.3 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $39.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Net derivatives of $23.2 million and structured notes within Long-term debt of $18.8 million due to reduced market and pricing transparency. Transfers of liabilities of $53.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within Long-term debt of $34.9 million and Net derivatives of $18.2 million due to greater pricing and market transparency. Net losses on Level 3 assets were $53.8 million and net losses on Level 3 liabilities were $23.3 million for the nine months ended August 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, Investments at fair value, Other ABS and Corporate equity securities, partially offset by increased valuations of CDOs and CLOs and Corporate debt securities. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt and Other secured financings, partially offset by decreased valuations of certain derivatives. Significant Unobservable Inputs used in Level 3 Fair Value Measurements The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared to the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.
The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices or a percentage of the reported enterprise fair value are excluded from the above tables. At August 31, 2025 and November 30, 2024, asset exclusions consisted of $31.4 million and $23.9 million, respectively, primarily composed of CDOs and CLOs, Investments at fair value, certain derivatives, Other ABS and CMBS. At August 31, 2025 and November 30, 2024, liability exclusions consisted of $2.5 million and $2.7 million, respectively, primarily composed of CMBS, certain derivatives, corporate equity securities and corporate debt securities. Uncertainty of Fair Value Measurement from Use of Significant Unobservable Inputs For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the uncertainty of the fair value measurement due to the use of significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below: •Non-exchange-traded securities, corporate debt securities, CDOs and CLOs, loans and other receivables, other ABS, private equity securities, certain derivatives, other secured financings and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, nonexchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables, other secured financings and structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue or revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the discount rate/security yield related to private equity securities would result in a significantly lower (higher) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of options. •Loans and other receivables, other ABS and other secured financings using a scenario analysis valuation technique. A significant increase (decrease) in the possible recovery rates underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument. •CDOs and CLOs, corporate debt securities, RMBS and other ABS using a discounted cash flows valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severity or cumulative loss rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate and duration would have differing impacts depending on the capital structure and type of security. A significant increase (decrease) in the discount rate/security yield would result in a significantly lower (higher) fair value measurement. •Corporate equity securities and derivative equity options using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement. Fair Value Option ElectionFor a description of our financial assets and liabilities for which we have elected the fair value option, refer to our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2024. Fair value option gains (losses):
(1)Other changes in fair value are included in Principal transactions revenues. (2)Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. Fair value option amounts by which contractual principal is greater than (less than) fair value:
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues. (2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $64.0 million and $48.8 million at August 31, 2025 and November 30, 2024, respectively. The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $129.1 million and $126.9 million at August 31, 2025 and November 30, 2024, respectively, which includes loans and other receivables 90 days or greater past due of $94.3 million and $120.0 million at August 31, 2025 and November 30, 2024, respectively. Assets Measured at Fair Value on a Non-recurring Basis Our shares in Monashee, an equity method investment, were measured at fair value on a nonrecurring basis during the nine months ended August 31, 2024 and are not included in the tables above. During the nine months ended August 31, 2024, we converted our shares in Monashee to a newly created class of nonmarketable preferred shares and remeasured our equity method investment to a fair value of $21.9 million in connection with the nonmonetary exchange and the preferred shares are subsequently accounted for at cost pursuant to the measurement alternative. Financial Instruments Not Measured at Fair ValueCertain of our financial instruments are not carried at fair value but are recorded at amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include Cash and cash equivalents and Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations and would generally be presented within Level 1 of the fair value hierarchy. We have equity securities without readily determinable fair values, which we account for at cost, minus impairment, which are presented within Other assets and were $21.9 million at both August 31, 2025 and November 30, 2024. There were no impairments and downward adjustments on these investments during the three and nine months ended August 31, 2025 and 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Note 7. Derivative Financial Instruments Our derivative activities are recorded at fair value in instruments owned and purchased, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. We enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks. In addition, we apply hedge accounting to: (1) interest rate swaps that have been designated as fair value hedges of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt, and (2) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations. Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties.
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. Gains (losses) recognized in Interest expense related to fair value hedges:
(1)Includes net settlements of $12.3 million and $36.4 million for the three and nine months ended August 31, 2025, respectively, and $16.2 million and $48.2 million for the three and nine months ended August 31, 2024, respectively. Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss):
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:
The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework. OTC Derivatives Remaining contract maturities at August 31, 2025:
(1)At August 31, 2025, we held net exchange-traded derivative assets and liabilities with a fair value of $1.16 billion and $591.4 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At August 31, 2025, cash collateral received and pledged was $273.6 million and $632.1 million, respectively. (3)Derivative fair values include counterparty netting within product category. (4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC derivative assets at August 31, 2025:
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Credit Related Derivative Contracts External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:
Contingent Features Certain of our derivative instruments contain provisions that require our debt to maintain an investment grade credit rating from each of the major credit rating agencies. If our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on our derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit- risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered:
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized Transactions |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Collateralized Transactions | Note 8. Collateralized Transactions
We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans, and in connection with securities-for-securities transactions in which we are the lender of securities. We also receive securities as initial margin on certain derivative transactions. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At August 31, 2025 and November 30, 2024, the approximate fair value of securities received as collateral by us that may be sold or repledged was $45.77 billion and $37.63 billion, respectively. At August 31, 2025 and November 30, 2024, a substantial portion of the securities received by us had been sold or repledged. Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions).
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3)Includes $5.94 billion of securities borrowing arrangements, for which we have received securities collateral of $5.77 billion, and $520.0 million of repurchase agreements, for which we have pledged securities collateral of $529.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations primarily consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitization Activities |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitization Activities | Note 9. Securitization Activities We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. Refer to Note 10, Variable Interest Entities for further discussion on VIEs and our determination of the primary beneficiary. We account for our securitization transactions as sales, provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage-backed and other-asset backed securities or CLOs). These securities are included in Financial instruments owned, at fair value and are generally initially categorized as Level 2 within the fair value hierarchy. Securitizations that were accounted for as sales in which we had continuing involvement:
We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at August 31, 2025 and November 30, 2024. Our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment:
Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included in total Financial instruments owned in our Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market- making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities, and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 10, Variable Interest Entities.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Note 10. Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from: •Purchases of securities in connection with our trading and secondary market making activities; •Retained interests held as a result of securitization activities; •Acting as placement agent and/or underwriter in connection with client-sponsored securitizations; •Financing of agency and non-agency mortgage-backed and other asset-backed securities; •Acting as servicer for a fee to automobile loan financing vehicles; •Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements, and revolving loan and note commitments; and •Loans to, investments in and fees from various investment vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs:
(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. (2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation. (3)$0.5 million and $1.5 million of receivables from brokers at August 31, 2025 and November 30, 2024, respectively, are with related consolidated entities, which are eliminated in consolidation. (4)$3.3 million and $3.4 million of the other assets at August 31, 2025 and November 30, 2024, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5)$713.5 million and $719.0 million of the other secured financings at August 31, 2025 and November 30, 2024, respectively, are with related consolidated entities and are eliminated in consolidation. (6)$27.6 million and $22.0 million of the other liabilities amounts at August 31, 2025 and November 30, 2024, respectively, are with related consolidated entities, which are eliminated in consolidation. Secured Funding Vehicles. We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non- agency residential and commercial mortgage loans, and asset- backed securities pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. In addition, we also from time to time securitize other financial instruments and own variable interests in the securitization vehicles to the extent that we consolidate such vehicles. Other. We are the primary beneficiary of certain investment vehicles that we manage for external investors and certain investment vehicles set up for the benefit of our employees as well as investment vehicles managed by third parties where we have a controlling financial interest. The assets of these VIEs consist primarily of equity securities and broker receivables. Our variable interests in these vehicles consist of equity securities, management and performance fees and revenue share. The creditors of these VIEs do not have recourse to our general credit and each such VIE’s assets are not available to satisfy any other debt. We are the primary beneficiary of a real estate syndication entity that develops multi-family residential property and manages the property. The assets of the VIE consist primarily of real estate and its liabilities primarily consist of accrued expenses and long- term debt secured by the real estate property. Our variable interest in the VIE primarily consists of our limited liability company interest, a sponsor promote and development and asset management fees for managing the project. We are the primary beneficiary of special purpose vehicles that hold risk retention notes issued as part of unsecured loan asset- backed transactions. Our variable interest in the VIEs primarily consists of our ownership of certificates issued by the VIEs. Nonconsolidated VIEs
Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of our variable interests in the VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests, sub-investment grade and senior secured U.S. loans, and senior secured Euro- denominated corporate leveraged loans and bonds. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following: •Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs; •Warehouse funding arrangements in the form of: ◦Participation interests in corporate loans held by CLOs and commitments to fund such participation interests; ◦Reverse repurchase agreements with collateral margin maintenance obligations and commitments to fund such reverse repurchase agreements; and ◦Senior and subordinated notes issued in connection with CLO warehousing activities. •Trading positions in securities issued in CLO transactions; and •Investments in variable funding notes issued by CLOs. Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities, forward purchase agreements and reverse repurchase agreements. We also may transfer originated corporate loans to certain VIEs and hold subordinated interests issued by the vehicle. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans, mortgage loans and corporate loans. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities. Related Party Private Equity Vehicles. We have committed to invest in private equity funds, which are in the process of being fully liquidated (the “JCP Funds”, including JCP Fund V (refer to Note 11, Investments for further information)), managed by Jefferies Capital Partners, LLC (the “JCP Manager”). Additionally, we have committed to invest in the general partners of the JCP Funds (the “JCP General Partners”) and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the “JCP Entities”) consist of equity interests that, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. At both August 31, 2025 and November 30, 2024, our total equity commitment in the JCP Entities was $133.0 million, of which $123.2 million had been funded. The carrying value of our equity investments in the JCP Entities was $3.3 million and $3.2 million at August 31, 2025 and November 30, 2024, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. At both August 31, 2025 and November 30, 2024, we had also committed to invest $1.0 million, of which $0.6 million was funded in a private equity fund managed by us for the benefit of our employees. The carrying value of our equity was $0.6 million and $0.5 million at August 31, 2025 and November 30, 2024, respectively. Other Investment Vehicles. At August 31, 2025 and November 30, 2024, we had equity commitments to invest $1.77 billion and $1.43 billion, respectively, in various other investment vehicles, of which $1.39 billion and $1.17 billion was funded, respectively. The carrying value of our equity investments was $1.47 billion and $1.11 billion at August 31, 2025 and November 30, 2024, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets. Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market- making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned. We have no other involvement with the related SPEs and therefore do not consolidate these entities. We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Federal Home Loan Mortgage Corporation (“Freddie Mac”) or Ginnie Mae) or non-agency- sponsored SPEs and may purchase loans or mortgage-backed securities from third-parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and automobile loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non- agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. At August 31, 2025 and November 30, 2024, we held $1.16 billion and $1.84 billion of agency mortgage-backed securities, respectively, and $189.8 million and $201.1 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Note 11. InvestmentsInvestments for which we exercise significant influence over the investee are accounted for under the equity method of accounting with our shares of the investees’ earnings recognized in Other revenues. Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties.
The following presents summarized financial information about our significant equity method investees. For certain investees, we receive financial information on a lag and the summarized information provided for these investees is based on the latest financial information available as of August 31, 2025, November 30, 2024 and August 31, 2024. Jefferies Finance Jefferies Finance, our 50/50 joint venture with Massachusetts Mutual Life Insurance Company (“MassMutual”) structures, underwrites and syndicates primarily senior secured loans to corporate borrowers; and manages proprietary and third-party investments in both broadly syndicated and direct lending loans. In connection with its Leveraged Finance business, loans are originated primarily through our investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through us. The Asset Management business is a multi-strategy private credit platform that manages proprietary and third-party capital across commingled funds, funds-of-one, separately managed accounts, business development companies, CLOs and levered balance sheet funds. Broadly syndicated loan investments are sourced through transactions arranged by Jefferies Finance and third- party arrangers and managed through its subsidiary, Apex Credit Partners LLC. Direct lending investments are primarily sourced through us. Jefferies Finance and its subsidiaries that are involved in investment management are registered investment advisers with the SEC. At August 31, 2025, we and MassMutual each had equity commitments to Jefferies Finance of $750.0 million, for a combined total commitment of $1.5 billion. The equity commitment is reduced quarterly based on our share of any undistributed earnings from Jefferies Finance and the commitment is increased only to the extent the share of such earnings are distributed. At August 31, 2025, our unfunded commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2026 with automatic one year extensions absent a 60 day termination notice by either party. Jefferies Finance has executed a Secured Revolving Credit Facility with us and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is a committed amount of $500.0 million at August 31, 2025. Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2026 with automatic one year extensions absent a 60 day termination notice by either party. At August 31, 2025, our $250.0 million commitment was undrawn. Activity related to the facility:
Selected financial information for Jefferies Finance:
Activity related to our other transactions with Jefferies Finance:
(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2)We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3)We receive fees from Jefferies Finance, which are recognized in Commissions and other fees, in connection with placement and referral activities. (4)Under a fee and revenue sharing agreement with Jefferies Finance, we receive fees which are included in Asset management fees and revenues. (5)We act as an underwriter in connection with term loans issued by Jefferies Finance. (6)Under a service agreement, we charge Jefferies Finance for various administrative services provided. Additional balances with Jefferies Finance as reported in our Consolidated Statements of Financial Condition.
(1)In connection with our capital markets activities, from time to time we make a market in long-term debt securities of Jefferies Finance (i.e., we buy and sell debt securities issued by Jefferies Finance). (2)Receivable from Jefferies Finance pending settlement. (3)Cash collateral, net, received from Jefferies Finance on OTC foreign currency trading. (4)Payable to Jefferies Finance in connection with loans originated by Jefferies Finance to borrowers who are investment banking clients of ours. We have also entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure on these loans. Berkadia Berkadia is a commercial real estate finance and investment sales joint venture that was formed by us and Berkshire Hathaway Inc. We are entitled to receive 45.0% of the profits of Berkadia. Berkadia originates commercial and multifamily real estate loans that are sold to U.S. government agencies or other investors with Berkadia retaining the servicing rights. Berkadia also provides advisory services in connection with sales of multifamily assets. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs and financial services companies. Commercial paper issued by Berkadia is supported by a $1.50 billion surety policy issued by a Berkshire Hathaway insurance subsidiary, for which we receive a surety fee, and a corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At August 31, 2025, the aggregate amount of commercial paper outstanding was $1.47 billion. Selected financial information for Berkadia:
At August 31, 2025 and November 30, 2024, we had commitments to purchase $13.7 million and $21.8 million, respectively, of agency CMBS from Berkadia. Revenues from other transactions with Berkadia for the nine months ending August 31, 2025 were $0.1 million. Revenues and expenses from other transactions with Berkadia for the nine months ended August 31, 2024 were $0.3 million and $0.4 million, respectively. Real Estate Investments Our real estate equity method investments primarily consist of our equity interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison. Brooklyn Renaissance Plaza is composed of a hotel, office building complex and parking garage located in Brooklyn, New York. We have a 25.4% equity interest in the hotel and a 61.3% equity interest in the office building and garage. Although we have a majority interest in the office building and garage, we do not have control, but only have the ability to exercise significant influence on this investment. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years). We own a 48.1% equity interest in 54 Madison, a fund that most recently owned an interest in one real estate project and the fund is in the process of being liquidated. Selected financial information for our significant real estate investments:
JCP Fund V We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), respectively, which are private equity funds managed by a team led by our President and which are in the process of being fully liquidated. The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value was $3.3 million and $2.9 million at August 31, 2025 and November 30, 2024, respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers. The following summarizes the results from these investments which are included in Principal transactions revenues:
At both August 31, 2025 and November 30, 2024, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both August 31, 2025 and November 30, 2024, our unfunded commitment relating to JCP Fund V was $8.7 million. We do not expect any further capital to be called by JCP Fund V. The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.1% at August 31, 2025 of the combined equity interests:
(1)Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2025 and 2024 is included based on the periods presented. Hildene In July 2024, we invested $25.0 million in the Class A Common Equity Units of Hildene Insurance Holdings, LLC (“Hildene Insurance”), an investment fund with insurance exposures. On March 1, 2025, we made an additional investment of $75.0 million in Hildene Insurance, which resulted in an increase of our effective ownership from 8.83% to 23.5%. The investment is accounted for under the equity method with a carrying amount of $108.0 million and $27.5 million at August 31, 2025 and November 30, 2024, respectively. Selected financial information for Hildene Insurance:
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at August 31, 2025 and November 30, 2024 is based on the dates presented, and in our results of operations for the three and nine months ended August 31, 2025 is based on the periods presented. ApiJect We own shares that represent a 33.6% economic interest in ApiJect at both August 31, 2025 and at November 30, 2024, which are accounted for at fair value by electing the fair value option available under U.S. GAAP, and are included within corporate equity securities in Financial instruments owned, at fair value. At both August 31, 2025 and November 30, 2024, the total fair value of our total equity investment in common shares of ApiJect was $116.1 million, which is classified within Level 3 of the fair value hierarchy. Additionally, we own warrants to purchase up to 950,000 shares of common stock at any time or from time to time on or before April 15, 2032, and we have a right to 1.125% of ApiJect’s future revenues. We also have a term loan agreement with a principal of ApiJect for $23.3 million, which matures on October 31, 2025. The loan is accounted for at amortized cost and is reported within Other assets. The loan has a fair value of $23.3 million at both August 31, 2025 and November 30, 2024, which would be classified as Level 3 in the fair value hierarchy. Aircadia In December 2023, Aircadia Leasing II LLC (“Aircadia”), a wholly owned subsidiary, purchased airplanes from one of our clients and simultaneously entered into a lease with the seller to lease the airplanes for a term of 42 months. The transaction was accounted for as a sale leaseback and the airplanes were recorded within Premises and equipment at $57.7 million.
Also in December 2023, we provided a loan to the seller for $30.0 million, which was paid off on April 1, 2025. The loan was accounted for at amortized cost and included within Investments in and loans to related parties. We recognized interest income of $1.0 million on the loan during the nine months ended August 31, 2025, and $0.8 million and $2.2 million during the three and nine months ended August 31, 2024, respectively. We also hold preferred shares in the seller, which are accounted for at fair value in Financial instruments owned with a fair value of $43.7 million and $37.1 million at August 31, 2025 and November 30, 2024, respectively, and are classified within Level 3 of the fair value hierarchy. In September 2024, we provided a €15.0 million loan, maturing in November 2025, to an individual related to the seller, secured by a privately owned aircraft and guaranteed by the individual. We recognized interest income of $0.5 million and $1.5 million for the three months and nine months ended August 31, 2025, respectively. During 2024, we classified the airplanes related to the sale leaseback transaction as held for sale. Effective with the designation of the airplanes as held for sale, we suspended recording depreciation on these assets. The airplanes were included within Assets held for sale on our Consolidated Statements of Financial Condition and had a carrying amount of $51.9 million at November 30, 2024. During the second quarter of 2025, we agreed to sell the airplanes and we recognized a loss of $12.8 million during the three months ended May 31, 2025. The sale closed in the third quarter of 2025.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Losses on Financial Assets Measured at Amortized Cost |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Credit Losses on Financial Assets Measured at Amortized Cost | Note 12. Credit Losses on Financial Assets Measured at Amortized Cost Secured Financing Receivables. In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements, and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of our secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral’s fair value is equal to or exceeds the asset’s amortized cost basis. In cases where the collateral’s fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Broker Receivables. Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive and receivables and payables for fees and commissions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables. Investment Banking Fee Receivables. Our allowance for credit losses on our investment banking fee receivables uses a provisioning matrix based on the shared risk characteristics and historical loss experience for such receivables. In some instances, we may adjust the allowance calculated based on the provision matrix to incorporate a specific allowance based on the unique credit risk profile of a receivable. The provisioning matrix is periodically updated to reflect changes in the underlying portfolio’s credit characteristics and most recent historical loss data. Allowance for credit losses for investment banking receivables:
(1)Substantially all of the allowance for doubtful accounts relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables. Other Financial Assets. For all other financial assets measured at amortized cost, we estimate expected credit losses over the financial assets’ life as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. During the nine months ended August 31, 2024, we recognized bad debt expense of $26.2 million related to receivables associated with our asset management arrangements with Weiss Multi-Strategy Advisers.
|
||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Note 13. Goodwill and Intangible Assets Goodwill
(1)Relates to a measurement period adjustment recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions for further discussion.
(1)Includes a $27.0 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further discussion. Carrying values of goodwill by reporting unit:
Goodwill Impairment Testing The quantitative goodwill impairment test is performed at the level of the reporting unit. A reporting unit is an operating segment or one level below an operating segment. The fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then an impairment loss is recognized for the amount by which the carrying value of the reporting unit exceeds the reporting unit's fair value. Allocated tangible equity plus allocated goodwill and intangible assets are used for the carrying amount of each reporting unit. We test goodwill allocated to our Investment Banking, Equities, Fixed Income and Asset Management reporting units annually on August 1 and test goodwill allocated to other individual investments annually on November 30. Our annual goodwill impairment testing at August 1, 2025 did not indicate any goodwill impairment in any of our Investment Banking, Equities and Fixed Income reporting units, which are part of our Investment Banking and Capital Markets reportable segment and did not indicate any goodwill impairment in our Asset Management reporting unit. The results of our assessment indicated that each of these reporting units had a fair value in excess of their carrying amounts based on current projections. Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using methodologies that include a market valuation method that incorporated price-toearnings and price-to-book multiples of comparable public companies and/or projected cash flows. Under the market valuation approach, the key assumptions are the selected multiples and our internally developed projections of future profitability, growth and return on equity for each reporting unit. The weight assigned to the multiples requires judgment in qualitatively and quantitatively evaluating the size, profitability and the nature of the business activities of the reporting units as compared to the comparable publicly-traded companies. In addition, as the fair values determined under the market valuation approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process at August 1. Intangible Assets
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. At August 1, 2025 we performed our annual impairment testing of intangible assets with an indefinite useful life consisting of exchange and clearing organization membership interests and registrations. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. With regard to our qualitative assessments of the remaining indefinite life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. Amortization Expense For finite life intangible assets, we recognized aggregate amortization expense of $8.6 million and $25.0 million for the three and nine months ended August 31, 2025, respectively, and $8.2 million and $22.3 million for the three and nine months ended August 31, 2024, respectively. These expenses are included in Depreciation and amortization. Estimated future amortization expense for the next five fiscal years (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from Contracts with Customers |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | Note 14. Revenues from Contracts with Customers
(1)There was an immaterial correction associated with classification of certain revenue as revenue from contracts with customers, which resulted in decreases of $61.3 million and $183.5 million in other revenue and increases of $61.3 million and $183.5 million in internet connection and broadband revenues for the three and nine months ended August 31, 2024, respectively. Disaggregation of Revenue
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. (2)There was an immaterial correction associated with classification of certain revenue as revenue from contracts with customers, which resulted in increases of $61.3 million and $183.5 million in Other Investments within major business activities and increases of $61.3 million and $183.5 million in Europe and the Middle East under primary geographic regions for the three and nine months ended August 31, 2024, respectively. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at August 31, 2025. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price. During the three and nine months ended August 31, 2025, we recognized $36.1 million and $83.8 million, respectively, compared with $39.2 million and $39.7 million during the three and nine months ended August 31, 2024, respectively, of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, three and nine months ended August 31, 2025, we recognized $8.5 million and $24.0 million, respectively, compared with $8.6 million and $23.8 million during the three and nine months ended August 31, 2024, respectively, of revenues primarily associated with distribution services, a portion of which relates to prior periods. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at August 31, 2025 and November 30, 2024 was $84.8 million and $79.1 million, respectively, which is recorded in Accrued expenses and other liabilities. During the three and nine months ended August 31, 2025, we recognized revenues of $44.8 million and $52.8 million, respectively, compared with $35.0 million and $33.2 million for the three and nine months ended August 31, 2024, respectively, that were recorded as deferred revenue at the beginning of the periods. We had receivables related to revenues from contracts with customers of $324.4 million and $275.9 million at August 31, 2025 and November 30, 2024, respectively. Contract Costs We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. At August 31, 2025 and November 30, 2024, capitalized costs to fulfill a contract were $7.7 million and $5.8 million, respectively, which are recorded in Receivables – Fees, interest and other. During the three and nine months ended August 31, 2025, we recognized expenses of $1.3 million and $1.9 million, compared with $1.2 million and $1.9 million during the three and nine months ended August 31, 2024, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three and nine months ended August 31, 2025 and August 31, 2024.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation Plans | Note 15. Compensation Plans For a description of Restricted Stock, Restricted Stock Units, the Senior Executive Compensation Plan and other compensation plans refer to Note 15. Compensation Plans in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2024. At August 31, 2025, there were approximately 2.2 million shares of restricted stock outstanding with future service required, 4.5 million RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 9.7 million RSUs outstanding with no future service required, and 5.1 million stock options outstanding. The maximum potential increase to common shares outstanding resulting from these outstanding awards is 19.3 million at August 31, 2025. In December 2024, the Compensation Committee of our Board of Directors granted RSUs and performance stock units (“PSUs”) to each of our senior executives as follows:
(1)ROTE is defined as return on tangible equity measured over three years. (2)Performance below an ROTE of 7.5% results in forfeiture of all PSUs. An ROTE of 15% or greater results in earning 150% of target PSUs and between 7.5% to 15%, the level of earning PSUs is linearly interpolated. In addition, we sponsor non-share-based compensation plans. Non-share-based compensation plans sponsored by us include a profit sharing plan and other forms of restricted cash awards. Restricted cash awards are subject to ratable vesting terms with service requirements. These awards are amortized as compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year. Components of total compensation cost associated with certain of our compensation plans:
(1)Total compensation cost associated with restricted stock and RSUs includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Remaining unamortized amounts related to certain compensation plans at August 31, 2025:
(1)The remaining unamortized amount is included within Other assets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Note 16. BorrowingsShort-Term Borrowings
(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, 2025 and November 30, 2024, the weighted average interest rate on bank loans outstanding is 5.18% and 6.25% 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, 2025, we were in compliance with all covenants under these credit facilities. Long-Term Debt
(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 $2.04 billion for August 31, 2025 and November 30, 2024, respectively, include cumulative hedging adjustments of $153.5 million and $193.7 million at August 31, 2025 and November 30, 2024, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (3)Includes $65.5 million maturing on August 31, 2025 which has subsequently been extended. (4)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2025 and November 30, 2024, our borrowings under several credit facilities classified within Long-term debt amounted to $1.20 billion and $775.3 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. 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, 2025, we were in compliance with all covenants under theses credit agreements. (5)Interest rates exclude structured notes. During the nine months ended August 31, 2025, long-term debt increased by $2.48 billion to $16.01 billion at August 31, 2025 primarily due to proceeds of $350.0 million from the drawdown of an unsecured credit facility, $1.00 billion from the issuances of unsecured senior notes, $527.2 million from net issuances of structured notes, $1.01 billion from increased subsidiaries borrowings and $326.4 million from currency losses on foreign currency borrowings. These increases were partially offset by repayments of $775.4 million on unsecured senior notes.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | Note 17. Total EquityCommon Stock At August 31, 2025 and November 30, 2024, we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share. At August 31, 2025 and November 30, 2024, we had outstanding 206,280,296 and 205,504,272 common shares outstanding, respectively. The Board of Directors has authorized the repurchase of common stock up to $250.0 million under a share repurchase program. Treasury stock repurchases during the three and nine months ended August 31, 2025 represent repurchases of common stock for net-share tax withholding under our equity compensation plan. Non-Voting Convertible Preferred Shares On April 27, 2023, we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B Preferred Stock”) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and rank senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B Preferred Stock is automatically convertible into 500 shares of non-voting common stock, subject to certain anti-dilution adjustments, three years after issuance. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 2023, we entered into an Exchange Agreement with Sumitomo Mitsui Banking Corporation (“SMBC”), which entitles SMBC to exchange shares of our voting common stock for shares of the Series B Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B Preferred Stock. The Exchange Agreement is limited to 55,125 shares of Preferred Stock and SMBC will pay $1.50 per share of voting common stock so exchanged. As of November 30, 2024, SMBC had cumulatively exchanged approximately 27.6 million shares of voting common stock for 55,125 shares of Series B Preferred Stock. Following this exchange, SMBC increased its ownership of our common stock on an as-converted basis and fully-diluted, as-converted basis. As a result, the CEO of Sumitomo Mitsui Financial Group, Inc. was elected and now serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock. At August 31, 2025, SMBC owns approximately 15.7% of our common stock on an as-converted basis and 14.5% on a fully-diluted, as-converted basis. Refer to Note 22, Related Party Transactions for further information regarding transactions with SMBC. On September 19, 2025, our Board of Directors established Series B-1 Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B-1 Preferred Stock”) and designated 17,500 shares as Series B-1 Preferred Stock. The Series B-1 Preferred Stock has a liquidation preference of $500 per share and ranks senior to our voting common stock and equal to the Series B Preferred Stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B-1 Preferred Stock is automatically convertible into 500 shares of non-voting common stock as soon as such non-voting common stock exists, subject to certain anti-dilution adjustments. The Series B-1 Preferred Stock also participates in cash dividends and distributions alongside our voting common stock on an as- converted basis. Additionally, on September 19, 2025, we entered into an amended and restated Exchange Agreement (the “Amended and Restated Exchange Agreement”) with SMBC, which entitles SMBC to exchange shares of our voting common stock for shares of the Series B-1 Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B-1 Preferred Stock. The Amended and Restated Exchange Agreement is limited to 17,500 shares of Series B-1 Preferred Stock. Under the Amended and Restated Exchange Agreement, SMBC is permitted to increase its economic ownership in the Company to up to 20% on an as- converted and fully diluted basis, while continuing to own less than 5% of a voting interest in the Company. Earnings Per Common ShareBasic and diluted earnings per common share amounts were calculated by dividing net earnings by the weighted-average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per common share are as follows:
(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 nine months ended August 31, 2025, respectively, compared with 26.3 million and 22.9 million for the three and nine months ended August 31, 2024, 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 August 31, 2025 and was 13.4% of the weighted average common shares outstanding for both the three and nine months ended August 31, 2025. Dividends
On January 8, 2025, the Board of Directors increased our quarterly dividend from $0.35 to $0.40 per common share. On September 29, 2025, the Board of Directors declared a dividend of $0.40 per common share to be paid on November 26, 2025 to common shareholders of record at November 17, 2025. During the three and nine months ended August 31, 2025, we paid cash dividends of $11.0 million and $33.1 million, compared to $9.6 million and $22.2 million for the three and nine months ended August 31, 2024, respectively, to the Series B Preferred stockholder. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions and other factors that our Board of Directors may deem to be relevant. Accumulated Other Comprehensive Income (Loss)
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
(1)The amounts include income tax expense of $0.8 million and $3.4 million for the three and nine months ended August 31, 2025, respectively, compared with income tax expense of $0.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, which were reclassified to Principal transactions revenues. (2)The amounts include income tax benefit of $0.3 million for nine months ended August 31, 2025, compared with an income tax benefit of $0.1 million for the nine months ended August 31, 2024, which were reclassified to Compensation and benefits expenses.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 18. Income Taxes At August 31, 2025 and November 30, 2024, our total gross unrecognized tax benefits were $324.1 million and $346.4 million, respectively. At August 31, 2025 and November 30, 2024, we had interest accrued of $186.8 million and $176.6 million, respectively, included in Accrued expenses and other liabilities. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate was $256.1 million and $273.8 million (net of Federal benefit) at August 31, 2025 and November 30, 2024, respectively. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs. Earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:
|
|||||||||||||||||||||||||||||||||||||||||||
Commitments, Contingencies and Guarantees |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments, Contingencies and Guarantees | Note 19. Commitments, Contingencies and Guarantees Commitments
(1)Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2)Loan purchase commitments consist of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at August 31, 2025, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.73 billion. (3)At August 31, 2025, all of the of the forward starting securities purchased under agreements to resell and all of the forward starting securities sold under agreements to repurchase settled within business days. Equity Commitments. Includes commitments to invest in our joint venture, Jefferies Finance, asset management funds and in Jefferies Capital Partners, LLC, a manager of private equity funds, which consists of a team led by our President and a director. At August 31, 2025, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $9.8 million. Additionally, at August 31, 2025, we had other outstanding equity commitments to invest up to $232.1 million with strategic affiliates and $40.7 million to various other investments. Loan Commitments. From time to time, we make commitments to extend credit to clients and to strategic affiliates. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At August 31, 2025, we had outstanding loan commitments of $99.4 million to clients and $9.6 million to a strategic affiliate. Loan commitments outstanding at August 31, 2025 also include our portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. Forward Starting Reverse Repos and Repos. We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes, warehouse financings and debt securities to provide financing to asset- backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Other unfunded commitments also include written put options to certain bondholders of an equity method investee. Guarantees Derivative Contracts. As a dealer, we make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under U.S. GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts. Notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2025:
The derivative contracts deemed to meet the definition of a guarantee under U.S. GAAP are before consideration of hedging transactions and only reflect a partial or “one-sided” component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At August 31, 2025, the fair value of derivative contracts meeting the definition of a guarantee is approximately $382.4 million. HomeFed. For real estate development projects, we are generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee a municipality satisfactory completion of a project. As the planned area is developed and the municipality accepts the improvements, the bonds are released. At August 31, 2025, the aggregate amount of infrastructure improvement bonds outstanding was $68.2 million. Standby Letters of Credit. At August 31, 2025, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $345.6 million, with a weighted average maturity of less than one year. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Other Guarantees. We are members of various exchanges and clearing houses. In the normal course of business, we provide guarantees to securities clearing houses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearing house, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearing houses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. Additionally, we provide certain indemnifications in connection with third-party clearing and execution arrangements whereby a third-party may clear and settle transactions on behalf of our clients. These indemnifications generally have standard contractual terms and are entered into in the ordinary course of business. Our obligations in respect of such transactions are secured by the assets in our client’s account, as well as any proceeds received from the transactions cleared and settled on behalf of our client. However, we believe that it is unlikely we would have to make any material payments under these arrangements and no material liabilities related to these indemnifications have been recognized.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Requirements |
9 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||
| Broker-Dealer [Abstract] | ||||||||||||||||
| Regulatory Requirements | Note 20. Regulatory Requirements Net Capital Jefferies LLC is a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority (“FINRA”) and is subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually- registered U.S. broker-dealer and futures commission merchant (“FCM”), is also subject to Regulation 1.17 of the Commodity Futures Trading Commission (“CFTC”) under the Commodity Exchange Act (“CEA”), which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually registered U.S. broker- dealer and FCM is equal to the greater of the requirement under SEA Rule 15c3-1 or CFTC Regulation 1.17. Accordingly, FINRA is the designated examining authority for Jefferies LLC and the National Futures Association (“NFA”) is the designated self- regulatory organization (“DSRO”) for Jefferies LLC as an FCM. Jefferies Financial Services, Inc. (“JFSI”) is registered with the SEC as a Security-Based Swap Dealer (“SBS Dealer”) and an OTC Derivatives Dealer (“OTCDD”) subject to the SEC’s SBS dealer regulatory rules and the SEC’s net capital requirements pursuant to Rule 18a-1. JFSI is also registered as a swap dealer with the CFTC and is subject to the CFTC’s regulatory capital requirements pursuant to the minimum financial requirements for swap dealers under CFTC Regulation 23.101. Additionally, as a registered member firm, JFSI is subject to the net capital requirements of the NFA. Accordingly, the SEC is the designated examining authority for JFSI in its capacity as an SBS Dealer and OTCDD, while the NFA is the DSRO for JFSI, as a CFTC registered swap dealer. Certain non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions. This includes Jefferies International Limited which is subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the U.K. Jefferies International Limited’s’ own funds requirement represents the highest of the permanent minimum capital requirement, fixed overheads requirement and k-factor requirements set out in the Investment Firms Prudential Regime (“IFPR”) under the FCA’s MIFIDPRU sourcebook. At August 31, 2025, Jefferies LLC’s and JFSI’s net capital and excess net capital were as follows:
In addition, the equivalent capital requirement for Jefferies International Limited, on a consolidated basis, is a total capital of $2.02 billion and an excess capital of $1.15 billion at August 31, 2025. At August 31, 2025, Jefferies LLC, JFSI and JIL are in compliance with their applicable requirements. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries. Customer Protection and Segregation Requirement As a registered broker dealer that clears and carries customer accounts, Jefferies LLC is subject to the customer protection provisions under SEC Rule 15c3-3 and is required to compute a reserve formula requirement for customer accounts and deposit cash or qualified securities into a special reserve bank account for the exclusive benefit of customers. At August 31, 2025, Jefferies LLC had $875.6 million in cash and qualified U.S. Government securities on deposit in special reserve bank accounts for the exclusive benefit of customers. As a registered broker dealer that clears and carries proprietary accounts of brokers or dealers (commonly referred to as “PAB”), Jefferies LLC is also required to compute a reserve requirement for PABs pursuant to SEC Rule 15c3-3. At August 31, 2025, Jefferies LLC had $437.8 million in cash and qualified U.S. Government securities in special reserve bank accounts for the exclusive benefit of PABs. The qualified securities meeting the 15c3-3 customer and PAB requirements are included in Cash and securities segregated and Securities purchased under agreements to resell.
|
Segment Reporting |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Note 21. Segment Reporting We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients. We operate in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture Jefferies Finance, our commercial real estate joint venture Berkadia and historically our automobile lending and servicing activities. The Asset Management reportable business segment provides alternative investment management services to investors in the U.S. and overseas and generates investment income from capital invested in and managed by us or our affiliated asset managers, and includes certain remaining businesses and assets of our legacy merchant banking portfolio. Our reportable business segment information is prepared using the following methodologies: •Net revenues and non-interest expenses directly associated with each reportable business segment are included in determining earnings from continuing operations before income taxes. •Net revenues and non-interest expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors. •Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated long-term debt, which is a function of the mix of each business's associated assets and liabilities and the related funding costs.
(1)Management does not consider debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.
Net Revenues by Geographic Region Net revenues for the Investment Banking and Capital Markets reportable business segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For the Asset Management reportable business segment, net revenues are allocated according to the location of the investment advisor or the location of the invested capital.
(1)Primarily relates to U.S. results. (2)Primarily relates to U.K. results.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Note 22. Related Party Transactions Officers, Directors and Employees The following sets forth information regarding related party transactions with our officers, directors and employees: •At August 31, 2025 and November 30, 2024, we had $19.7 million and $29.4 million, respectively, of loans, net of allowance, outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets. •Receivables from and payables to customers include balances arising from officers’, directors’ and employees’ individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. •Two of our directors and certain of our officers have total investments in entities managed by us of approximately $9.2 million and $5.0 million at August 31, 2025 and November 30, 2024, respectively. SMBC We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (together referred to as “SMBC Group”) to collaborate on corporate and investment banking business opportunities as well as equity sales, trading and research. On September 19, 2025, we and the SMBC Group announced a significant expansion of our global strategic alliance. Key developments include: •A planned formation of a joint venture in Japan to integrate our Japanese equities platform with SMBC Group’s domestic equity research, sales, trading, and equity capital markets businesses, expected to launch in January 2027; •Expansion of joint sponsor coverage in EMEA, targeting larger sponsors with our combined investment banking and corporate banking capabilities; •SMBC Group’s intent to increase its economic ownership from 14.5% to 20% (on an as-converted and fully diluted basis), while maintaining less than 5% voting interest; and •SMBC Group’s commitment to provide approximately $2.5 billion in new credit facilities to us and Jefferies Finance. These initiatives are designed to deepen the partnership, leverage complementary strengths, and deliver enhanced services to clients The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables.
(1)Interest on this credit facility is based on an adjusted SOFR plus a spread. On September 19, 2025, we entered into an amendment to increase the amount drawable on the credit facility to $700.0 million.
(1)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC. Other Related Party Transactions We have other related party transactions with equity method investees. Refer to Note 11, Investments for further information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2024. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2024 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in our consolidated financial statements for interim periods are not necessarily indicative of the results for the entire year. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
|
| Consolidation | Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (losses) attributable to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights. Intercompany accounts and transactions are eliminated in consolidation.
|
| Accounting Standards to be Adopted in Future Periods | Accounting Standards to be Adopted in Future Periods Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures and will implement these disclosures commencing with our fiscal year ending November 30, 2025. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures. Credit Losses. In July 2025, the FASB issued ASU No. 2025-05 (“ASU 2025-05”), Financial Instruments–Credit Losses. The guidance provides an optional practical expedient when applying the guidance related to the estimation of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The amendments in ASU 2025-05 are effective for fiscal years beginning after December 15, 2025, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our financial statements. Internal-Use Software. In September 2025, the FASB issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles–Goodwill and Other– Internal-Use Software. The guidance modernizes and clarifies the threshold for when an entity is required to start capitalizing software costs and is based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our disclosures. Derivatives and Hedging and Revenue from Contracts with Customers. In September 2025, the FASB issued ASU No. 2025-07 (“ASU 2025-07”), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our disclosures.
|
Fair Value Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis |
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.50 billion at August 31, 2025 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
(1)Excludes investments at fair value based on NAV of $1.25 billion at November 30, 2024 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments Measured at Fair Value Based on Net Asset Value Per Share | Information about our investments in entities that have the characteristics of an investment company:
N/R - Not redeemable (1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets, commodities and multi-asset securities. (3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately to nine years. (4)Primarily includes investments in funds that invest in: •distressed and special situations long/short credit strategies across sectors and asset types; •short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days; and •distressed and event-driven opportunities across structured credit, opportunistic credit, and private credit. (5)Primarily includes investments in corporate real estate strategies focused on buying or building real estate businesses.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation | Level 3 Rollforwards
(1)Realized and unrealized gains/losses are primarily reported in . Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives.
(1)Realized and unrealized gains/losses are primarily reported in . Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Inputs Assets and Liabilities Quantitative Information Table |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Option Gains (Losses) and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables | Fair value option gains (losses):
(1)Other changes in fair value are included in Principal transactions revenues. (2)Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. Fair value option amounts by which contractual principal is greater than (less than) fair value:
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues. (2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $64.0 million and $48.8 million at August 31, 2025 and November 30, 2024, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unrealized and Realized Gains (Losses) on Derivative Contracts | Gains (losses) recognized in Interest expense related to fair value hedges:
(1)Includes net settlements of $12.3 million and $36.4 million for the three and nine months ended August 31, 2025, respectively, and $16.2 million and $48.2 million for the three and nine months ended August 31, 2024, respectively. Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss):
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities | Remaining contract maturities at August 31, 2025:
(1)At August 31, 2025, we held net exchange-traded derivative assets and liabilities with a fair value of $1.16 billion and $591.4 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At August 31, 2025, cash collateral received and pledged was $273.6 million and $632.1 million, respectively. (3)Derivative fair values include counterparty netting within product category. (4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of OTC Derivatives Assets | OTC derivative assets at August 31, 2025:
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Credit Related Derivative Contracts | External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments with Contingent Features | The following table presents the aggregate fair value of all derivative instruments with such credit- risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered:
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Collateralized Financing Transactions |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Offsetting Assets |
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3)Includes $5.94 billion of securities borrowing arrangements, for which we have received securities collateral of $5.77 billion, and $520.0 million of repurchase agreements, for which we have pledged securities collateral of $529.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Offsetting Liabilities |
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3)Includes $5.94 billion of securities borrowing arrangements, for which we have received securities collateral of $5.77 billion, and $520.0 million of repurchase agreements, for which we have pledged securities collateral of $529.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Broker-Dealer, Net Capital Requirement, SEC Regulation |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitization Activities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||
| Schedule of Activity Related to Securitizations Accounted for as Sales | Securitizations that were accounted for as sales in which we had continuing involvement:
|
|||||||||||||||||||||||||||||||||||
| Schedule of Retained Interests in SPEs | Our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment:
|
|||||||||||||||||||||||||||||||||||
Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of VIEs | Consolidated VIEs:
(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. (2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation. (3)$0.5 million and $1.5 million of receivables from brokers at August 31, 2025 and November 30, 2024, respectively, are with related consolidated entities, which are eliminated in consolidation. (4)$3.3 million and $3.4 million of the other assets at August 31, 2025 and November 30, 2024, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5)$713.5 million and $719.0 million of the other secured financings at August 31, 2025 and November 30, 2024, respectively, are with related consolidated entities and are eliminated in consolidation. (6)$27.6 million and $22.0 million of the other liabilities amounts at August 31, 2025 and November 30, 2024, respectively, are with related consolidated entities, which are eliminated in consolidation. Nonconsolidated VIEs
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Selected Financial Information related to Equity Method Investment | Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties.
Selected financial information for Jefferies Finance:
Activity related to our other transactions with Jefferies Finance:
(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2)We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3)We receive fees from Jefferies Finance, which are recognized in Commissions and other fees, in connection with placement and referral activities. (4)Under a fee and revenue sharing agreement with Jefferies Finance, we receive fees which are included in Asset management fees and revenues. (5)We act as an underwriter in connection with term loans issued by Jefferies Finance. (6)Under a service agreement, we charge Jefferies Finance for various administrative services provided. Additional balances with Jefferies Finance as reported in our Consolidated Statements of Financial Condition.
(1)In connection with our capital markets activities, from time to time we make a market in long-term debt securities of Jefferies Finance (i.e., we buy and sell debt securities issued by Jefferies Finance). (2)Receivable from Jefferies Finance pending settlement. (3)Cash collateral, net, received from Jefferies Finance on OTC foreign currency trading. (4)Payable to Jefferies Finance in connection with loans originated by Jefferies Finance to borrowers who are investment banking clients of ours. We have also entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure on these loans. Selected financial information for Berkadia:
investments:
from these investments which are included in Principal transactions revenues:
resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.1% at August 31, 2025 of the combined equity interests:
(1)Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2025 and 2024 is included based on the periods presented. Selected financial information for Hildene Insurance:
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at August 31, 2025 and November 30, 2024 is based on the dates presented, and in our results of operations for the three and nine months ended August 31, 2025 is based on the periods presented.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Losses on Financial Assets Measured at Amortized Cost (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Schedule of Allowance for Credit Loss | Allowance for credit losses for investment banking receivables:
(1)Substantially all of the allowance for doubtful accounts relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
|
||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill |
(1)Relates to a measurement period adjustment recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions for further discussion.
(1)Includes a $27.0 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further discussion. Carrying values of goodwill by reporting unit:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets |
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Indefinite-Lived Intangible Assets |
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense for the next five fiscal years (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from Contracts with Customers (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue |
(1)There was an immaterial correction associated with classification of certain revenue as revenue from contracts with customers, which resulted in decreases of $61.3 million and $183.5 million in other revenue and increases of $61.3 million and $183.5 million in internet connection and broadband revenues for the three and nine months ended August 31, 2024, respectively.
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. (2)There was an immaterial correction associated with classification of certain revenue as revenue from contracts with customers, which resulted in increases of $61.3 million and $183.5 million in Other Investments within major business activities and increases of $61.3 million and $183.5 million in Europe and the Middle East under primary geographic regions for the three and nine months ended August 31, 2024, respectively.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||
| Compensation Related Costs [Abstract] | ||||||||||||||||||||||||||||||||||||
| Schedule of Nonvested Restricted Stock Units and Performance Based Units Activity | In December 2024, the Compensation Committee of our Board of Directors granted RSUs and performance stock units (“PSUs”) to each of our senior executives as follows:
(1)ROTE is defined as return on tangible equity measured over three years. (2)Performance below an ROTE of 7.5% results in forfeiture of all PSUs. An ROTE of 15% or greater results in earning 150% of target PSUs and between 7.5% to 15%, the level of earning PSUs is linearly interpolated.
|
|||||||||||||||||||||||||||||||||||
| Schedule of Components of Compensation Cost | Components of total compensation cost associated with certain of our compensation plans:
(1)Total compensation cost associated with restricted stock and RSUs includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks.
|
|||||||||||||||||||||||||||||||||||
| Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans | Remaining unamortized amounts related to certain compensation plans at August 31, 2025:
(1)The remaining unamortized amount is included within Other assets.
|
|||||||||||||||||||||||||||||||||||
Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-Term Borrowings |
(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 |
(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 $2.04 billion for August 31, 2025 and November 30, 2024, respectively, include cumulative hedging adjustments of $153.5 million and $193.7 million at August 31, 2025 and November 30, 2024, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (3)Includes $65.5 million maturing on August 31, 2025 which has subsequently been extended. (4)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2025 and November 30, 2024, our borrowings under several credit facilities classified within Long-term debt amounted to $1.20 billion and $775.3 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. 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, 2025, we were in compliance with all covenants under theses credit agreements. (5)Interest rates exclude structured notes.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share Computation | The numerators and denominators used to calculate basic and diluted earnings per common share are as follows:
(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 nine months ended August 31, 2025, respectively, compared with 26.3 million and 22.9 million for the three and nine months ended August 31, 2024, 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 August 31, 2025 and was 13.4% of the weighted average common shares outstanding for both the three and nine months ended August 31, 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Dividends Declared | Dividends
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
(1)The amounts include income tax expense of $0.8 million and $3.4 million for the three and nine months ended August 31, 2025, respectively, compared with income tax expense of $0.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, which were reclassified to Principal transactions revenues. (2)The amounts include income tax benefit of $0.3 million for nine months ended August 31, 2025, compared with an income tax benefit of $0.1 million for the nine months ended August 31, 2024, which were reclassified to Compensation and benefits expenses.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||
| Schedule of Tax Years Subject to Examination | Earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:
|
|||||||||||||||||||||||||
| Schedule of Provision for Income Taxes |
|
|||||||||||||||||||||||||
Commitments, Contingencies and Guarantees (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Commitments and Contingencies |
(1)Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2)Loan purchase commitments consist of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at August 31, 2025, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.73 billion. (3)At August 31, 2025, all of the of the forward starting securities purchased under agreements to resell and all of the forward starting securities sold under agreements to repurchase settled within business days.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Guarantees | Notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2025:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Requirements (Tables) |
9 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||
| Broker-Dealer [Abstract] | ||||||||||||||||
| Schedule of Net Capital, Adjusted and Excess Net Capital | At August 31, 2025, Jefferies LLC’s and JFSI’s net capital and excess net capital were as follows:
|
Segment Reporting (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Revenues, Expenses and Total Assets by Segment |
(1)Management does not consider debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Revenues by Geographic Region |
(1)Primarily relates to U.S. results. (2)Primarily relates to U.K. results.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables.
(1)Interest on this credit facility is based on an adjusted SOFR plus a spread. On September 19, 2025, we entered into an amendment to increase the amount drawable on the credit facility to $700.0 million.
(1)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation (Details) |
9 Months Ended |
|---|---|
|
Aug. 31, 2025
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
Business Acquisitions (Details) € in Millions |
1 Months Ended | 3 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Aug. 31, 2024
USD ($)
|
Feb. 29, 2024
USD ($)
|
Aug. 31, 2025
USD ($)
|
Nov. 30, 2024
USD ($)
|
Nov. 30, 2024
EUR (€)
|
May 07, 2024 |
Nov. 30, 2023
USD ($)
|
|
| Business Combination [Line Items] | |||||||
| Goodwill | $ 1,832,958,000 | $ 1,840,432,000 | $ 1,827,938,000 | $ 1,847,856,000 | |||
| Discontinued Operations, Disposed of by Sale | OpNet | |||||||
| Business Combination [Line Items] | |||||||
| Sale of subsidiary | 322,800,000 | ||||||
| Gain on sale of disposal | $ 3,500,000 | ||||||
| OpNet | |||||||
| Business Combination [Line Items] | |||||||
| Goodwill | 127,100,000 | ||||||
| Intangible assets increase (decrease) | $ 39,300,000 | ||||||
| Tessellis | |||||||
| Business Combination [Line Items] | |||||||
| Intangible assets increase (decrease) | 39,300,000 | ||||||
| Property and equipment increase (decrease) | 12,300,000 | ||||||
| Goodwill increase (decrease) | $ 27,000,000 | ||||||
| OpNet | |||||||
| Business Combination [Line Items] | |||||||
| Ownership percentage | 47.40% | 72.50% | |||||
| Investment voting percentage | 50.00% | ||||||
| Increase (decrease) in ownership percentage | 57.50% | ||||||
| Difference between carrying amount and underlying equity | 115,800,000 | ||||||
| Our total equity balance | 201,600,000 | ||||||
| Tessellis | |||||||
| Business Combination [Line Items] | |||||||
| Ownership percentage | 97.20% | 97.20% | |||||
| Our total equity balance | € 4.2 | $ 0 | |||||
| Tessellis | OpNet | |||||||
| Business Combination [Line Items] | |||||||
| Assets recognized | $ 27,900,000 | ||||||
| Liabilities assumed | $ 20,200,000 | ||||||
Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2024 |
May 31, 2025 |
May 31, 2024 |
Aug. 31, 2025 |
Nov. 30, 2024 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Premises and equipment | $ 1,255,000 | $ 1,194,720 | |||
| Airplanes | Aircadia | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Premises and equipment | $ 51,900 | ||||
| Foursight Capital | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain on sale of disposal | $ 24,200 | ||||
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | ||||
| OpNet | Discontinued Operations, Disposed of by Sale | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain on sale of disposal | $ 3,500 | ||||
| Aircadia | Discontinued Operations, Disposed of by Sale | Airplanes | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain on sale of disposal | $ 12,800 | ||||
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Alternative investment | $ 1,499,292 | $ 1,252,689 |
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 24,617,772 | 22,885,585 |
| Counterparty and cash collateral netting, assets | (2,792,740) | (2,667,751) |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 120,414 | |
| Securities received as collateral | 54,155 | 185,588 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 12,356,852 | 11,007,328 |
| Counterparty and cash collateral netting, liabilities | (3,151,209) | (2,793,713) |
| Other secured financings | 611,903 | 24,848 |
| Obligation to return securities received as collateral | 54,155 | 185,588 |
| Long-term debt | 3,564,534 | 2,351,346 |
| Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 6,215,712 | 5,779,473 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 4,476,096 | 3,087,325 |
| Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 5,121,437 | 5,335,746 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,274,941 | 3,105,175 |
| Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 664,901 | 1,093,638 |
| U.S. government and federal agency securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 3,441,251 | 3,743,366 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,788,901 | 2,904,405 |
| Municipal securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 518,701 | 320,507 |
| Sovereign obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,740,538 | 1,380,765 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,488,869 | 1,089,771 |
| Residential mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,450,756 | 2,356,576 |
| Commercial mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 83,927 | 147,229 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,189 | 1,153 |
| Other asset-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 814,754 | 213,901 |
| Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 2,671,803 | 1,858,738 |
| Derivatives | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,732,485 | 517,775 |
| Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 161,507 | 137,871 |
| Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 73,580 | 109,185 |
| Derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,253,276 | 710,314 |
| Level 1 | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 10,136,074 | 9,571,255 |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 120,414 | |
| Securities received as collateral | 54,155 | 185,588 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 7,057,129 | 6,585,916 |
| Other secured financings | 0 | 0 |
| Obligation to return securities received as collateral | 54,155 | 185,588 |
| Long-term debt | 0 | 0 |
| Level 1 | Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 5,737,635 | 5,238,058 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 4,432,279 | 3,013,877 |
| Level 1 | Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
| Level 1 | Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 1 | U.S. government and federal agency securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 3,354,090 | 3,583,139 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,788,871 | 2,904,379 |
| Level 1 | Municipal securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 1 | Sovereign obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,043,729 | 749,912 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 835,790 | 667,647 |
| Level 1 | Residential mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 1 | Commercial mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
| Level 1 | Other asset-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 1 | Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 1 | Derivatives | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 620 | 146 |
| Level 1 | Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 1 | Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
| Level 1 | Derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 189 | 13 |
| Level 2 | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 16,471,572 | 15,247,856 |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 0 | |
| Securities received as collateral | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 8,401,811 | 7,170,523 |
| Other secured financings | 595,789 | 9,964 |
| Obligation to return securities received as collateral | 0 | 0 |
| Long-term debt | 2,493,370 | 1,529,443 |
| Level 2 | Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 205,768 | 302,051 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 43,021 | 73,240 |
| Level 2 | Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 5,087,057 | 5,310,815 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,274,453 | 3,105,010 |
| Level 2 | Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 612,592 | 1,029,662 |
| Level 2 | U.S. government and federal agency securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 87,161 | 160,227 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 30 | 26 |
| Level 2 | Municipal securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 518,701 | 320,507 |
| Level 2 | Sovereign obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 696,809 | 630,681 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 653,079 | 422,124 |
| Level 2 | Residential mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,442,778 | 2,348,862 |
| Level 2 | Commercial mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 83,421 | 146,752 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1 | 0 |
| Level 2 | Other asset-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 688,579 | 110,687 |
| Level 2 | Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 2,531,881 | 1,706,152 |
| Level 2 | Derivatives | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 4,516,818 | 3,181,454 |
| Level 2 | Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 7 | 6 |
| Level 2 | Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 71,614 | 92,321 |
| Level 2 | Derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 4,359,613 | 3,477,802 |
| Level 3 | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 802,866 | 734,225 |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 0 | |
| Securities received as collateral | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 49,121 | 44,602 |
| Other secured financings | 16,114 | 14,884 |
| Obligation to return securities received as collateral | 0 | 0 |
| Long-term debt | 1,071,164 | 821,903 |
| Level 3 | Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 272,309 | 239,364 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 796 | 208 |
| Level 3 | Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 34,380 | 24,931 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 488 | 165 |
| Level 3 | Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 52,309 | 63,976 |
| Level 3 | U.S. government and federal agency securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
| Level 3 | Municipal securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 0 |
| Level 3 | Sovereign obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 0 | 172 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
| Level 3 | Residential mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 7,978 | 7,714 |
| Level 3 | Commercial mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 506 | 477 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,188 | 1,153 |
| Level 3 | Other asset-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 126,175 | 103,214 |
| Level 3 | Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 139,922 | 152,586 |
| Level 3 | Derivatives | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 7,787 | 3,926 |
| Level 3 | Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 161,500 | 137,865 |
| Level 3 | Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,966 | 16,864 |
| Level 3 | Derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 44,683 | 26,212 |
| Fair value based on net asset value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Alternative investment | $ 1,500,000 | $ 1,250,000 |
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
|---|---|---|---|
Feb. 28, 2025 |
Aug. 31, 2025 |
Nov. 30, 2024 |
|
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Fair Value | $ 1,499,292 | $ 1,252,689 | |
| Unfunded Commitments | 202,053 | 293,780 | |
| Hedge Funds | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Fair Value | 704,965 | 660,720 | |
| Unfunded Commitments | $ 0 | $ 0 | |
| Hedge Funds | Debt Instrument, Redemption, Period One | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 53.00% | ||
| Hedge Funds | Debt Instrument, Redemption, Period One | 90 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 49.00% | ||
| Notice period redemption of investment prior written notice period | 90 days | 90 days | |
| Hedge Funds | Debt Instrument, Redemption, Period One | 45 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Notice period redemption of investment prior written notice period | 45 days | 45 days | |
| Hedge Funds | Debt Instrument, Redemption, Period Two | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 47.00% | ||
| Hedge Funds | Debt Instrument, Redemption, Period Two | 60 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 51.00% | ||
| Notice period redemption of investment prior written notice period | 60 days | 60 days | |
| Hedge Funds | Debt Instrument, Redemption, Period Two | 45 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Notice period redemption of investment prior written notice period | 45 days | 45 days | |
| Private Equity Funds | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Fair Value | $ 71,189 | $ 60,215 | |
| Unfunded Commitments | $ 27,069 | $ 30,530 | |
| Percentage of not redeemable investments | 100.00% | 100.00% | |
| Estimated period for the liquidation of the underlying assets, minimum | 1 year | 1 year | |
| Expected period for the liquidation of the underlying assets, maximum | 9 years | 9 years | |
| Credit Funds | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Fair Value | $ 511,884 | $ 430,429 | |
| Unfunded Commitments | $ 23,856 | $ 30,554 | |
| Percentage of not redeemable investments | 38.00% | 25.00% | |
| Credit Funds | Debt Instrument, Redemption, Period One | 90 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 60.00% | 72.00% | |
| Notice period redemption of investment prior written notice period | 90 days | 90 days | |
| Credit Funds | Debt Instrument, Redemption, Period Two | 30 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 2.00% | 3.00% | |
| Notice period redemption of investment prior written notice period | 30 days | 30 days | |
| Real Estate and Other Funds | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Fair Value | $ 211,254 | $ 101,325 | |
| Unfunded Commitments | $ 151,128 | $ 232,696 | |
| Percentage of not redeemable investments | 75.00% | 100.00% | |
| Real Estate and Other Funds | 90 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Percentage of redeemable investments | 25.00% | ||
| Notice period redemption of investment prior written notice period | 90 days | ||
| Short-term Investments | 90 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Notice period redemption of investment prior written notice period | 90 days | 90 days | |
| Short-term Investments | 120 Days Prior Written Notice | |||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
| Notice period redemption of investment prior written notice period | 120 days | 120 days |
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Assets: | ||||
| Total gains/(losses) (realized and unrealized) | $ (30,000) | $ 7,300 | $ (25,100) | $ 53,800 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | |||
| Liabilities: | ||||
| Total gains/(losses) (realized and unrealized) | $ 65,500 | $ 16,500 | $ 6,400 | $ 23,300 |
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues |
| Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues |
| Corporate equity securities | ||||
| Assets: | ||||
| Beginning balance | $ 231,160 | $ 178,755 | $ 239,364 | $ 181,294 |
| Total gains/(losses) (realized and unrealized) | (21,824) | (9,887) | (31,303) | 3,969 |
| Purchases | (20,785) | (12,874) | (28,748) | (28,576) |
| Sales | (1,487) | (1,035) | (8,940) | (2,480) |
| Settlements | (788) | (198) | 494 | 0 |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 815 | 360 | (18,660) | (2,778) |
| Ending balance | 272,309 | 200,643 | 272,309 | 200,643 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 21,916 | 10,184 | 29,840 | (3,179) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Liabilities: | ||||
| Beginning balance | 161 | 708 | 208 | 676 |
| Total gains/(losses) (realized and unrealized) | (312) | 4 | (864) | 5 |
| Purchases | (1) | 0 | (72,161) | 0 |
| Sales | 426 | 2,264 | 73,148 | 2,289 |
| Settlements | 0 | 0 | 0 | 0 |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 522 | (6) | 465 | 0 |
| Ending balance | 796 | 2,970 | 796 | 2,970 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 309 | (4) | 999 | (5) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Corporate debt securities | ||||
| Assets: | ||||
| Beginning balance | 44,682 | 38,717 | 24,931 | 26,112 |
| Total gains/(losses) (realized and unrealized) | (872) | (93) | (2,385) | (3,060) |
| Purchases | (1,221) | 0 | (12,455) | (14,894) |
| Sales | (788) | (1,753) | (1,168) | (6,735) |
| Settlements | 0 | 0 | (2,197) | (200) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (11,607) | (5,879) | (2,026) | (5,953) |
| Ending balance | 34,380 | 31,178 | 34,380 | 31,178 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 860 | 1,181 | 1,472 | 7,309 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Liabilities: | ||||
| Beginning balance | 644 | 506 | 165 | 124 |
| Total gains/(losses) (realized and unrealized) | 126 | 0 | 60 | (23) |
| Purchases | (119) | (246) | (280) | 0 |
| Sales | 0 | 0 | 351 | 0 |
| Settlements | (270) | 0 | 192 | 0 |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 107 | 0 | 0 | 159 |
| Ending balance | 488 | 260 | 488 | 260 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (117) | 0 | (90) | 23 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| CDOs and CLOs | ||||
| Assets: | ||||
| Beginning balance | 70,948 | 68,626 | 63,976 | 64,862 |
| Total gains/(losses) (realized and unrealized) | 3,654 | (1,477) | 14,474 | (8,771) |
| Purchases | (20,718) | (17,704) | (69,479) | (41,690) |
| Sales | (17,731) | (1,147) | (39,811) | (22,797) |
| Settlements | (3,463) | (1,323) | (10,013) | (5,214) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (14,509) | (3,256) | (16,848) | (5,231) |
| Ending balance | 52,309 | 82,081 | 52,309 | 82,081 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (4,188) | 649 | (15,237) | 4,351 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Sovereign obligations | ||||
| Assets: | ||||
| Beginning balance | 0 | 172 | 0 | |
| Total gains/(losses) (realized and unrealized) | 0 | (2) | 16 | |
| Purchases | 0 | 0 | (11,147) | |
| Sales | 0 | (174) | (11,025) | |
| Settlements | 0 | 0 | 0 | |
| Issuances | 0 | 0 | 0 | |
| Net transfers into/ (out of) Level 3 | 106 | 0 | 0 | |
| Ending balance | 0 | 106 | 0 | 106 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 0 | 0 | 3 | |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | |
| RMBS | ||||
| Assets: | ||||
| Beginning balance | 7,947 | 644 | 7,714 | 20,871 |
| Total gains/(losses) (realized and unrealized) | (46) | (24) | (315) | 185 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | (5,374) |
| Settlements | (15) | (12) | (51) | (63) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | (32) | 0 | (14,625) |
| Ending balance | 7,978 | 624 | 7,978 | 624 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 50 | 34 | 331 | 33 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| CMBS | ||||
| Assets: | ||||
| Beginning balance | 505 | 477 | 477 | 508 |
| Total gains/(losses) (realized and unrealized) | (1) | (15) | (29) | 16 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | 0 |
| Settlements | 0 | 0 | 0 | 0 |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 |
| Ending balance | 506 | 492 | 506 | 492 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 1 | 0 | 29 | (64) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Liabilities: | ||||
| Beginning balance | 1,153 | 1,049 | 1,153 | 840 |
| Total gains/(losses) (realized and unrealized) | 0 | 0 | 0 | 0 |
| Purchases | 0 | 0 | 0 | (245) |
| Sales | 35 | 0 | 105 | 0 |
| Settlements | 0 | 70 | 0 | 525 |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | (70) | (1) |
| Ending balance | 1,188 | 1,119 | 1,188 | 1,119 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 0 | 0 | 0 | (2) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Other ABS | ||||
| Assets: | ||||
| Beginning balance | 153,681 | 168,736 | 103,214 | 117,661 |
| Total gains/(losses) (realized and unrealized) | 2,589 | 966 | 2,792 | 7,724 |
| Purchases | (23,586) | (29,502) | (60,151) | (94,754) |
| Sales | (1,579) | (27,528) | (31,920) | (68,622) |
| Settlements | (2,888) | (3,608) | (8,089) | (19,929) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (44,036) | (20,733) | 5,611 | 29,263 |
| Ending balance | 126,175 | 145,403 | 126,175 | 145,403 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (732) | (1,988) | (1,256) | (5,778) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Loans and other receivables | ||||
| Assets: | ||||
| Beginning balance | 92,168 | 92,546 | 152,586 | 130,101 |
| Total gains/(losses) (realized and unrealized) | (3,213) | 18,742 | 8,455 | 43,105 |
| Purchases | (65,988) | (10,138) | (213,419) | (20,220) |
| Sales | (44,566) | (4,489) | (196,921) | (4,856) |
| Settlements | (16,129) | (2,258) | (38,621) | (19,523) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 39,248 | 9,929 | 17,914 | 4,287 |
| Ending balance | 139,922 | 87,124 | 139,922 | 87,124 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 4,862 | (5,863) | 10,777 | (17,949) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Investments at fair value | ||||
| Assets: | ||||
| Beginning balance | 153,379 | 138,057 | 137,865 | 130,835 |
| Total gains/(losses) (realized and unrealized) | (10,308) | (952) | (16,742) | 10,626 |
| Purchases | (1,000) | (371) | (22,549) | (19,725) |
| Sales | (2,446) | 0 | (2,446) | 0 |
| Settlements | (741) | 0 | (3,210) | (547) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | (10,000) | (7) |
| Ending balance | 161,500 | 139,380 | 161,500 | 139,380 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 9,502 | 952 | 13,540 | (10,626) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Loans | ||||
| Liabilities: | ||||
| Beginning balance | 313 | 1,584 | 16,864 | 1,521 |
| Total gains/(losses) (realized and unrealized) | 1,691 | (1,000) | (14,097) | 1,879 |
| Purchases | 0 | 0 | (875) | (180) |
| Sales | 0 | 964 | 74 | 1,367 |
| Settlements | 0 | 12 | 0 | 152 |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (38) | 0 | 0 | (3,179) |
| Ending balance | 1,966 | 1,560 | 1,966 | 1,560 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (1,101) | 1 | (1,790) | (26) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Net derivatives | ||||
| Liabilities: | ||||
| Beginning balance | 33,288 | 34,877 | 22,286 | 50,955 |
| Total gains/(losses) (realized and unrealized) | 9,477 | (7,588) | (11,263) | (17,212) |
| Purchases | (533) | 0 | (533) | (3,236) |
| Sales | 719 | 0 | 23,307 | 2,471 |
| Settlements | (748) | 734 | (1,166) | (9,504) |
| Issuances | 0 | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (5,307) | 477 | 4,265 | 5,026 |
| Ending balance | 36,896 | 28,500 | 36,896 | 28,500 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (9,313) | 4,363 | 2,447 | 5,659 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 | 0 |
| Other secured financings | ||||
| Liabilities: | ||||
| Beginning balance | 18,876 | 3,965 | 14,884 | 3,898 |
| Total gains/(losses) (realized and unrealized) | 143 | 0 | 346 | 4,482 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | 0 |
| Settlements | (2,905) | 0 | (7,647) | (4,415) |
| Issuances | 0 | 0 | 8,531 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 |
| Ending balance | 16,114 | 3,965 | 16,114 | 3,965 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (255) | 0 | (1,366) | (4,482) |
| Long-term debt | ||||
| Liabilities: | ||||
| Beginning balance | 991,156 | 784,212 | 821,903 | 744,597 |
| Total gains/(losses) (realized and unrealized) | 54,332 | 25,080 | 32,255 | 34,157 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | 0 |
| Settlements | (2,050) | 0 | (4,849) | (2,109) |
| Issuances | 29,155 | 542 | 247,279 | 28,614 |
| Net transfers into/ (out of) Level 3 | (1,429) | (20,688) | (25,424) | (16,113) |
| Ending balance | 1,071,164 | 789,146 | 1,071,164 | 789,146 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (7,342) | (37,145) | (28,330) | (41,836) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | $ (44,940) | $ 12,065 | $ (3,925) | $ 7,679 |
Fair Value Disclosures - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 2 to Level 3 | $ 64,400,000 | $ 31,300,000 | $ 99,500,000 | $ 61,000,000.0 | |
| Transfers of assets from Level 3 to Level 2 | 94,500,000 | 50,800,000 | 123,500,000 | 56,000,000.0 | |
| Transfers of liabilities from Level 2 to Level 3 | 16,000,000.0 | 18,800,000 | 21,300,000 | 39,400,000 | |
| Transfers of liabilities from Level 3 to Level 2 | 22,200,000 | 39,000,000.0 | 42,100,000 | 53,100,000 | |
| Net gains (losses) on Level 3 assets (realized and unrealized) | 30,000,000.0 | (7,300,000) | 25,100,000 | (53,800,000) | |
| Total gains/(losses) (realized and unrealized) | 65,500,000 | 16,500,000 | 6,400,000 | 23,300,000 | |
| Value of asset excluded from significant unobservable inputs | 31,400,000 | 31,400,000 | $ 23,900,000 | ||
| Value of liability excluded from significant unobservable inputs | 2,500,000 | 2,500,000 | 2,700,000 | ||
| Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due | 129,100,000 | 129,100,000 | 126,900,000 | ||
| Loan and other receivables greater than 90 days past due | 94,300,000 | 94,300,000 | 120,000,000.0 | ||
| Equity securities without readily determinable fair value | 21,900,000 | 21,900,000 | $ 21,900,000 | ||
| Impairment | 0 | 0 | 0 | 0 | |
| Monashee | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Our total equity balance | 21,900,000 | 21,900,000 | |||
| Corporate debt securities | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 3 to Level 2 | 12,300,000 | 7,100,000 | 2,500,000 | 7,500,000 | |
| Net gains (losses) on Level 3 assets (realized and unrealized) | 872,000 | 93,000 | 2,385,000 | 3,060,000 | |
| Total gains/(losses) (realized and unrealized) | 126,000 | 0 | 60,000 | (23,000) | |
| Corporate equity securities | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 2 to Level 3 | 32,200,000 | ||||
| Transfers of assets from Level 3 to Level 2 | 50,800,000 | 3,300,000 | |||
| Net gains (losses) on Level 3 assets (realized and unrealized) | 21,824,000 | 9,887,000 | 31,303,000 | (3,969,000) | |
| Total gains/(losses) (realized and unrealized) | (312,000) | 4,000 | (864,000) | 5,000 | |
| Other ABS | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 2 to Level 3 | 6,700,000 | 3,300,000 | 10,000,000.0 | 47,600,000 | |
| Transfers of assets from Level 3 to Level 2 | 50,700,000 | 24,000,000.0 | 4,400,000 | 18,300,000 | |
| Net gains (losses) on Level 3 assets (realized and unrealized) | (2,589,000) | (966,000) | (2,792,000) | (7,724,000) | |
| Loans and other receivables | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 2 to Level 3 | 43,500,000 | 15,900,000 | 38,200,000 | 11,300,000 | |
| Transfers of assets from Level 3 to Level 2 | 4,300,000 | 5,900,000 | 20,300,000 | 7,000,000.0 | |
| Net gains (losses) on Level 3 assets (realized and unrealized) | 3,213,000 | (18,742,000) | (8,455,000) | (43,105,000) | |
| Investments at fair value | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 3 to Level 2 | 10,000,000 | ||||
| Collateralized debt obligations and collateralized loan obligations | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 2 to Level 3 | 12,600,000 | 10,100,000 | 18,600,000 | ||
| Transfers of assets from Level 3 to Level 2 | 27,100,000 | 13,400,000 | 35,400,000 | 5,200,000 | |
| Net gains (losses) on Level 3 assets (realized and unrealized) | (3,654,000) | 1,477,000 | (14,474,000) | 8,771,000 | |
| Structured Notes | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of liabilities from Level 2 to Level 3 | 13,100,000 | 9,600,000 | 7,400,000 | 18,800,000 | |
| Transfers of liabilities from Level 3 to Level 2 | 14,500,000 | 30,200,000 | 32,800,000 | 34,900,000 | |
| Net derivatives | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of liabilities from Level 2 to Level 3 | 2,400,000 | 9,300,000 | 13,400,000 | 23,200,000 | |
| Transfers of liabilities from Level 3 to Level 2 | 7,700,000 | 8,800,000 | 9,200,000 | 18,200,000 | |
| Total gains/(losses) (realized and unrealized) | 9,477,000 | (7,588,000) | (11,263,000) | (17,212,000) | |
| Residential mortgage-backed securities | |||||
| Gain (Loss) on Securities [Line Items] | |||||
| Transfers of assets from Level 3 to Level 2 | 14,600,000 | ||||
| Net gains (losses) on Level 3 assets (realized and unrealized) | $ 46,000 | $ 24,000 | $ 315,000 | $ (185,000) | |
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) |
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Aug. 31, 2025
USD ($)
$ / shares
|
Nov. 30, 2024
USD ($)
$ / shares
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability | $ | $ 1,253,276,000 | $ 710,314,000 |
| Other secured financings | $ | 611,903,000 | 24,848,000 |
| Long-term debt | $ | 3,564,534,000 | 2,351,346,000 |
| Level 3 | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability | $ | 44,683,000 | 25,045,000 |
| Other secured financings | $ | 16,114,000 | 14,884,000 |
| Long-term debt | $ | 1,071,164,000 | 821,903,000 |
| Level 3 | Non-exchange-traded securities | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | 272,309,000 | 239,364,000 |
| Level 3 | Corporate debt securities | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | 34,380,000 | 24,931,000 |
| Level 3 | CDOs and CLOs | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | $ 34,377,000 | $ 53,388,000 |
| Level 3 | CDOs and CLOs | Constant prepayment rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.20 | 0.20 |
| Level 3 | CDOs and CLOs | Constant default rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.02 | 0.02 |
| Level 3 | CDOs and CLOs | Loss severity | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.30 | 0.30 |
| Level 3 | Residential mortgage-backed securities | Discounted Cash Flow | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | $ 7,978,000 | $ 7,714,000 |
| Level 3 | Residential mortgage-backed securities | Constant prepayment rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.12 | 0.20 |
| Level 3 | Residential mortgage-backed securities | Constant default rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.003 | |
| Level 3 | Residential mortgage-backed securities | Loss severity | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.20 | 0.10 |
| Level 3 | Residential mortgage-backed securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.14 | 0.12 |
| Level 3 | Other ABS | Discounted Cash Flows, Market Approach, Scenario Analysis | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | $ 122,633,000 | $ 98,172,000 |
| Level 3 | Other ABS | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.79 | 0.92 |
| Level 3 | Loans and other receivables | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | $ 139,922,000 | $ 152,586,000 |
| Level 3 | Embedded options | Basis points upfront | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative asset, measurement input | 0.3 | |
| Level 3 | Investments at fair value | Market Approach | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned | $ | $ 155,554,000 | $ 132,769,000 |
| Level 3 | Private equity securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.28 | |
| Level 3 | Private equity securities | Estimated revenue | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | $ | 29,763,576 | 29,908,372 |
| Level 3 | Loans | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability | $ | $ 1,966,000 | $ 16,864,000 |
| Level 3 | Loans | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | $ | 100 | |
| Level 3 | Equity options | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability | $ | $ 4,323,000 | $ 1,396,000 |
| Level 3 | Equity options | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative asset, measurement input | 0.34 | |
| Level 3 | Other secured financings: | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 117 | |
| Level 3 | Long-term debt | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Long-term debt | $ | $ 1,071,164,000 | $ 821,903,000 |
| Minimum | Level 3 | Non-exchange-traded securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0 | 0 |
| Minimum | Level 3 | Non-exchange-traded securities | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.30 | |
| Minimum | Level 3 | Corporate debt securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 49 | 28 |
| Minimum | Level 3 | Corporate debt securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.17 | |
| Minimum | Level 3 | CDOs and CLOs | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 98 | 70 |
| Minimum | Level 3 | CDOs and CLOs | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.13 | 0.14 |
| Minimum | Level 3 | Other ABS | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 117 | 106 |
| Minimum | Level 3 | Other ABS | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.14 | 0.19 |
| Minimum | Level 3 | Other ABS | Cumulative loss rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.13 | 0.17 |
| Minimum | Level 3 | Other ABS | Duration (years) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input, term | 18 days | 10 months 24 days |
| Minimum | Level 3 | Loans and other receivables | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 6 | 17 |
| Minimum | Level 3 | Loans and other receivables | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.08 | 0.03 |
| Minimum | Level 3 | Embedded options | Basis points upfront | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative asset, measurement input | 0.0 | |
| Derivative liability, measurement input | 0.0 | 8.0 |
| Minimum | Level 3 | Private equity securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0 | 1 |
| Minimum | Level 3 | Private equity securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.16 | |
| Minimum | Level 3 | Loans | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | $ | 17 | |
| Minimum | Level 3 | Loans | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | 0 | |
| Minimum | Level 3 | Equity options | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability, measurement input | 0.28 | 0.28 |
| Minimum | Level 3 | Other secured financings: | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 114 | |
| Minimum | Level 3 | Other secured financings: | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 0.76 | 0.60 |
| Minimum | Level 3 | Long-term debt | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Long-term debt, measurement input | 70 | 61 |
| Maximum | Level 3 | Non-exchange-traded securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 486 | 486 |
| Maximum | Level 3 | Non-exchange-traded securities | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.34 | |
| Maximum | Level 3 | Corporate debt securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 119 | 105 |
| Maximum | Level 3 | Corporate debt securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.20 | |
| Maximum | Level 3 | CDOs and CLOs | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 100 | 106 |
| Maximum | Level 3 | CDOs and CLOs | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.17 | 0.32 |
| Maximum | Level 3 | Other ABS | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 135 | 127 |
| Maximum | Level 3 | Other ABS | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.28 | 0.30 |
| Maximum | Level 3 | Other ABS | Cumulative loss rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.15 | 0.34 |
| Maximum | Level 3 | Other ABS | Duration (years) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input, term | 1 year 2 months 12 days | 1 year |
| Maximum | Level 3 | Loans and other receivables | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 117 | 106 |
| Maximum | Level 3 | Loans and other receivables | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 2.56 | 2.52 |
| Maximum | Level 3 | Embedded options | Basis points upfront | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative asset, measurement input | 0.4 | |
| Derivative liability, measurement input | 22.6 | 22.3 |
| Maximum | Level 3 | Private equity securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 10,956 | 8,506 |
| Maximum | Level 3 | Private equity securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.28 | |
| Maximum | Level 3 | Loans | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | $ | 100 | |
| Maximum | Level 3 | Loans | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | 2.05 | |
| Maximum | Level 3 | Equity options | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability, measurement input | 0.72 | 1.02 |
| Maximum | Level 3 | Other secured financings: | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 118 | |
| Maximum | Level 3 | Other secured financings: | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 1 | 1 |
| Maximum | Level 3 | Long-term debt | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Long-term debt, measurement input | 122 | 122 |
| Weighted Average | Level 3 | Non-exchange-traded securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 71 | 68 |
| Weighted Average | Level 3 | Non-exchange-traded securities | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.33 | |
| Weighted Average | Level 3 | Corporate debt securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 71 | 74 |
| Weighted Average | Level 3 | Corporate debt securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.18 | |
| Weighted Average | Level 3 | CDOs and CLOs | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 99 | 94 |
| Weighted Average | Level 3 | CDOs and CLOs | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.16 | 0.26 |
| Weighted Average | Level 3 | Other ABS | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 132 | 121 |
| Weighted Average | Level 3 | Other ABS | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.16 | 0.25 |
| Weighted Average | Level 3 | Other ABS | Cumulative loss rate | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.14 | 0.24 |
| Weighted Average | Level 3 | Other ABS | Duration (years) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input, term | 1 year 1 month 6 days | 27 days |
| Weighted Average | Level 3 | Loans and other receivables | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 101 | 75 |
| Weighted Average | Level 3 | Loans and other receivables | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.50 | 0.50 |
| Weighted Average | Level 3 | Embedded options | Basis points upfront | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative asset, measurement input | 0.4 | |
| Derivative liability, measurement input | 14.5 | 14.9 |
| Weighted Average | Level 3 | Private equity securities | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 1,641 | 501 |
| Weighted Average | Level 3 | Private equity securities | Discount rate/yield | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments owned, measurement input | 0.28 | |
| Weighted Average | Level 3 | Loans | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | $ | 0 | 75 |
| Weighted Average | Level 3 | Loans | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Financial instruments sold, not yet purchased, measurement input | 0.50 | |
| Weighted Average | Level 3 | Equity options | Volatility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Derivative liability, measurement input | 0.61 | 0.49 |
| Weighted Average | Level 3 | Other secured financings: | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 116 | |
| Weighted Average | Level 3 | Other secured financings: | Estimated recovery percentage | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Other secured financings, measurement input | 0.96 | 0.93 |
| Weighted Average | Level 3 | Long-term debt | Price | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Long-term debt, measurement input | 102 | 96 |
Fair Value Disclosures - Fair Value Option Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Financial instruments owned: | ||||
| Loans and other receivables | $ (62,934) | $ (690) | $ (35,557) | $ (39,664) |
| Other secured financings: | ||||
| Financial instruments sold, not yet purchased and Long-term debt | ||||
| Other changes in fair value | (2,908) | 0 | (4,566) | (4,482) |
| Long-term debt | ||||
| Financial instruments sold, not yet purchased and Long-term debt | ||||
| Changes in instrument-specific credit risk | (59,163) | 23,779 | 7,356 | 6,009 |
| Other changes in fair value | $ (58,429) | $ (84,266) | $ (27,159) | $ (111,716) |
Fair Value Disclosures - Contractual Principal Exceeds Fair Value for Loans and Other Receivables (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Financial instruments owned: | ||
| Loans and other receivables | $ 1,766,934 | $ 1,603,512 |
| Loans and other receivables on nonaccrual status and/or 90 days or greater past due | 181,250 | 132,838 |
| Long-term debt | 170,430 | 131,107 |
| Other secured financings | (4,107) | 459 |
| Loans and other receivables 90 days or greater past due | $ 64,000 | $ 48,800 |
Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Details) $ in Thousands |
Aug. 31, 2025
USD ($)
Contract
|
Nov. 30, 2024
USD ($)
Contract
|
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Financial instruments owned | Financial instruments owned |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Financial instruments sold, not yet purchased, at fair value | Financial instruments sold, not yet purchased, at fair value |
| Net amounts per consolidated statements of financial condition, assets | $ 1,732,485 | $ 517,775 |
| Net amounts per consolidated statements of financial condition, liabilities | 1,253,276 | 710,314 |
| Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 2,603,904 | 682,622 |
| Fair value, liabilities | 2,037,322 | 521,919 |
| Amounts offset in the consolidated statements of financial condition, assets | (1,445,932) | (476,364) |
| Amounts offset in the consolidated statements of financial condition, liabilities | (1,445,932) | (476,364) |
| Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 510,639 | 1,065,726 |
| Fair value, liabilities | 535,340 | 1,069,382 |
| Amounts offset in the consolidated statements of financial condition, assets | (509,365) | (1,058,995) |
| Amounts offset in the consolidated statements of financial condition, liabilities | (517,824) | (1,066,232) |
| Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 1,410,682 | 1,437,178 |
| Fair value, liabilities | 1,831,823 | 1,912,726 |
| Amounts offset in the consolidated statements of financial condition, assets | (837,443) | (1,132,392) |
| Amounts offset in the consolidated statements of financial condition, liabilities | (1,187,453) | (1,251,117) |
| Derivatives designated as accounting hedges: | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 1,903 | 45,299 |
| Fair value, liabilities | 62,860 | 0 |
| Derivatives designated as accounting hedges: | Interest rate contracts: | Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 57 | $ 3,396 |
| Number of contracts, assets | Contract | 1 | 3 |
| Fair value, liabilities | $ 1,131 | $ 0 |
| Number of contracts, liabilities | Contract | 3 | 0 |
| Derivatives designated as accounting hedges: | Foreign exchange contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 1,846 | $ 41,903 |
| Number of contracts, assets | Contract | 8 | 3 |
| Fair value, liabilities | $ 61,729 | $ 0 |
| Number of contracts, liabilities | Contract | 4 | 0 |
| Derivatives not designated as accounting hedges: | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 4,523,322 | $ 3,140,227 |
| Fair value, liabilities | 4,341,625 | 3,504,027 |
| Derivatives not designated as accounting hedges: | Interest rate contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 562 | $ 273 |
| Number of contracts, assets | Contract | 16,529 | 16,548 |
| Fair value, liabilities | $ 113 | $ 13 |
| Number of contracts, liabilities | Contract | 17,235 | 32,984 |
| Derivatives not designated as accounting hedges: | Interest rate contracts: | Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 508,861 | $ 1,030,842 |
| Number of contracts, assets | Contract | 7,592 | 6,663 |
| Fair value, liabilities | $ 523,997 | $ 1,030,671 |
| Number of contracts, liabilities | Contract | 8,060 | 6,891 |
| Derivatives not designated as accounting hedges: | Interest rate contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 316,345 | $ 365,678 |
| Number of contracts, assets | Contract | 1,850 | 1,096 |
| Fair value, liabilities | $ 630,797 | $ 717,255 |
| Number of contracts, liabilities | Contract | 744 | 1,256 |
| Derivatives not designated as accounting hedges: | Foreign exchange contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 215 | |
| Number of contracts, assets | Contract | 80 | |
| Fair value, liabilities | $ 76 | |
| Number of contracts, liabilities | Contract | 120 | |
| Derivatives not designated as accounting hedges: | Foreign exchange contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 106,449 | $ 132,240 |
| Number of contracts, assets | Contract | 42,732 | 57,786 |
| Fair value, liabilities | $ 84,671 | $ 138,608 |
| Number of contracts, liabilities | Contract | 13,109 | 35,545 |
| Derivatives not designated as accounting hedges: | Equity contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 2,602,854 | $ 682,327 |
| Number of contracts, assets | Contract | 3,463,187 | 1,777,822 |
| Fair value, liabilities | $ 2,037,083 | $ 521,889 |
| Number of contracts, liabilities | Contract | 2,161,112 | 1,574,498 |
| Derivatives not designated as accounting hedges: | Equity contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 918,891 | $ 855,169 |
| Number of contracts, assets | Contract | 44,140 | 33,516 |
| Fair value, liabilities | $ 1,008,462 | $ 1,024,129 |
| Number of contracts, liabilities | Contract | 34,433 | 20,587 |
| Derivatives not designated as accounting hedges: | Commodity contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 273 | $ 22 |
| Number of contracts, assets | Contract | 622 | 806 |
| Fair value, liabilities | $ 50 | $ 17 |
| Number of contracts, liabilities | Contract | 530 | 697 |
| Derivatives not designated as accounting hedges: | Commodity contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 4,606 | $ 4,570 |
| Number of contracts, assets | Contract | 11,850 | 11,691 |
| Fair value, liabilities | $ 3,127 | $ 1,381 |
| Number of contracts, liabilities | Contract | 5,642 | 5,180 |
| Derivatives not designated as accounting hedges: | Credit contracts: | Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 1,721 | $ 31,488 |
| Number of contracts, assets | Contract | 51 | 66 |
| Fair value, liabilities | $ 10,212 | $ 38,711 |
| Number of contracts, liabilities | Contract | 6 | 32 |
| Derivatives not designated as accounting hedges: | Credit contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 62,545 | $ 37,618 |
| Number of contracts, assets | Contract | 14 | 16 |
| Fair value, liabilities | $ 43,037 | $ 31,353 |
| Number of contracts, liabilities | Contract | 19 | 32 |
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) recognized in interest expense on fair value hedge | $ (12,486) | $ (17,303) | $ (37,188) | $ (49,099) |
| Net settlements | 12,300 | 16,200 | 36,400 | 48,200 |
| Unrealized and realized gains (losses) | 423,528 | 166,820 | 1,742,353 | (20,115) |
| Interest rate contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Unrealized and realized gains (losses) | 242 | 72,271 | (30,970) | 107,103 |
| Foreign exchange contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Unrealized and realized gains (losses) | (15,402) | 15,760 | 1,309 | 48,289 |
| Equity contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Unrealized and realized gains (losses) | 444,317 | 72,741 | 1,762,483 | (186,617) |
| Commodity contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Unrealized and realized gains (losses) | 3,476 | 6,270 | 16,932 | 24,702 |
| Credit contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Unrealized and realized gains (losses) | (9,105) | (222) | (7,401) | (13,592) |
| Net investment hedging | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on net investment hedges recognized in other comprehensive income (loss) | (3,238) | (38,878) | (77,370) | (47,686) |
| Net investment hedging | Foreign exchange contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on net investment hedges recognized in other comprehensive income (loss) | (3,238) | (38,878) | (77,370) | (47,686) |
| Long-term debt | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) recognized in interest expense on fair value hedge | (21,388) | (61,068) | (40,047) | (62,053) |
| Interest rate swaps | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) recognized in interest expense on fair value hedge | $ 8,902 | $ 43,765 | $ 2,859 | $ 12,954 |
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands |
Aug. 31, 2025
USD ($)
|
|---|---|
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | $ 584,885 |
| 1 – 5 Years | 304,241 |
| Greater Than 5 Years | 28,366 |
| Cross-Maturity Netting | (33,620) |
| Total OTC derivative assets, net of cross-maturity netting | 883,872 |
| Cross-product counterparty netting | (35,717) |
| Total OTC derivative assets included in Financial instruments owned | 848,155 |
| 0 – 12 Months | 399,025 |
| 1 – 5 Years | 510,190 |
| Greater Than 5 Years | 454,117 |
| Cross-Maturity Netting | (33,620) |
| Total OTC derivative liabilities, net of cross-maturity netting | 1,329,712 |
| Cross-product counterparty netting | (35,717) |
| Total OTC derivative liabilities included in Financial instruments sold, not yet purchased | 1,293,995 |
| Exchange traded derivative assets, with fair value | 1,160,000 |
| Exchange traded derivative liabilities, with fair value | 591,400 |
| Cash collateral received | 273,600 |
| Cash collateral pledged | 632,100 |
| Commodity swaps, options and forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 4,308 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative assets, net of cross-maturity netting | 4,308 |
| 0 – 12 Months | 2,829 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 2,829 |
| Equity options and forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 297,427 |
| 1 – 5 Years | 7,350 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (220) |
| Total OTC derivative assets, net of cross-maturity netting | 304,557 |
| 0 – 12 Months | 104,168 |
| 1 – 5 Years | 323,381 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (220) |
| Total OTC derivative liabilities, net of cross-maturity netting | 427,329 |
| Credit default swaps | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 0 |
| 1 – 5 Years | 24,840 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative assets, net of cross-maturity netting | 24,840 |
| 0 – 12 Months | 251 |
| 1 – 5 Years | 9,583 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 9,834 |
| Total return swaps | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 137,965 |
| 1 – 5 Years | 113,782 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (15,878) |
| Total OTC derivative assets, net of cross-maturity netting | 235,869 |
| 0 – 12 Months | 161,468 |
| 1 – 5 Years | 90,507 |
| Greater Than 5 Years | 37 |
| Cross-Maturity Netting | (15,878) |
| Total OTC derivative liabilities, net of cross-maturity netting | 236,134 |
| Foreign currency forwards, swaps and options | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 51,979 |
| 1 – 5 Years | 863 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (555) |
| Total OTC derivative assets, net of cross-maturity netting | 52,287 |
| 0 – 12 Months | 90,526 |
| 1 – 5 Years | 420 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (555) |
| Total OTC derivative liabilities, net of cross-maturity netting | 90,391 |
| Fixed income forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 39,641 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative assets, net of cross-maturity netting | 39,641 |
| 0 – 12 Months | 5,839 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 5,839 |
| Interest rate swaps, options and forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 53,565 |
| 1 – 5 Years | 157,406 |
| Greater Than 5 Years | 28,366 |
| Cross-Maturity Netting | (16,967) |
| Total OTC derivative assets, net of cross-maturity netting | 222,370 |
| 0 – 12 Months | 33,944 |
| 1 – 5 Years | 86,299 |
| Greater Than 5 Years | 454,080 |
| Cross-Maturity Netting | (16,967) |
| Total OTC derivative liabilities, net of cross-maturity netting | $ 557,356 |
Derivative Financial Instruments - Fair Value of OTC Derivatives Assets (Details) $ in Thousands |
Aug. 31, 2025
USD ($)
|
|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| A- or higher | $ 156,293 |
| BBB- to BBB+ | 44,065 |
| BB+ or lower | 305,776 |
| Unrated | 342,021 |
| Total OTC derivative assets included in Financial instruments owned | $ 848,155 |
Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - Index credit default swaps - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Derivative [Line Items] | ||
| Notional amount | $ 395.2 | $ 948.6 |
| Investment Grade | ||
| Derivative [Line Items] | ||
| Notional amount | 31.1 | 395.2 |
| Non-investment Grade | ||
| Derivative [Line Items] | ||
| Notional amount | $ 364.1 | $ 553.4 |
Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Derivative instrument liabilities with credit-risk-related contingent features | $ 139.5 | $ 102.3 |
| Collateral posted | (87.9) | (50.6) |
| Collateral received | 285.8 | 296.1 |
| Return of and additional collateral required in the event of a credit rating downgrade below investment grade | $ 337.4 | $ 347.8 |
Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | $ 2,498.0 | $ 2,540.9 |
| Repurchase Agreements | 18,011.7 | 18,088.9 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 54.2 | 185.6 |
| Total | 20,563.9 | 20,815.4 |
| Corporate equity securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 1,982.5 | 2,059.8 |
| Repurchase Agreements | 1,643.2 | 1,394.2 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 3.9 |
| Total | 3,625.7 | 3,457.8 |
| Corporate debt securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 448.9 | 416.4 |
| Repurchase Agreements | 3,252.0 | 4,522.5 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 3,700.9 | 4,938.9 |
| Mortgage-backed and asset-backed securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 0.0 | 0.0 |
| Repurchase Agreements | 1,455.0 | 2,384.8 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 1,455.0 | 2,384.8 |
| U.S. government and federal agency securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 36.7 | 30.9 |
| Repurchase Agreements | 8,764.4 | 6,837.1 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 8,801.1 | 6,868.0 |
| Municipal securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 1.1 | 0.0 |
| Repurchase Agreements | 493.8 | 212.1 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 494.9 | 212.1 |
| Sovereign obligations | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 28.8 | 33.7 |
| Repurchase Agreements | 1,857.6 | 1,981.0 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 54.2 | 181.7 |
| Total | 1,940.6 | 2,196.4 |
| Loans and other receivables | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 0.0 | 0.0 |
| Repurchase Agreements | 545.7 | 757.4 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | $ 545.7 | $ 757.4 |
Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | $ 2,498.0 | $ 2,540.9 |
| Repurchase Agreements | 18,011.7 | 18,088.9 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 54.2 | 185.6 |
| Total | 20,563.9 | 20,815.4 |
| Overnight and Continuous | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 1,788.8 | 1,617.8 |
| Repurchase Agreements | 2,083.7 | 2,258.1 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 54.2 | 185.6 |
| Total | 3,926.7 | 4,061.5 |
| Up to 30 Days | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 70.8 | 154.3 |
| Repurchase Agreements | 8,998.9 | 7,055.1 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 9,069.7 | 7,209.4 |
| 31-90 Days | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 135.7 | 250.4 |
| Repurchase Agreements | 3,485.2 | 4,182.8 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 3,620.9 | 4,433.2 |
| Greater than 90 Days | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 502.7 | 518.4 |
| Repurchase Agreements | 3,443.9 | 4,592.9 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | $ 3,946.6 | $ 5,111.2 |
Collateralized Transactions - Narrative (Details) - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Fair value of securities received as collateral | $ 45,770 | $ 37,630 |
Collateralized Transactions - Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Securities borrowing arrangements | ||
| Gross Amounts | $ 8,175,100 | $ 7,213,400 |
| Netting in Consolidated Statements of Financial Condition | 0 | 0 |
| Net Amounts in Consolidated Statements of Financial Condition | 8,175,141 | 7,213,421 |
| Additional amounts available for setoff | (359,800) | (325,400) |
| Available collateral | (1,807,900) | (1,537,300) |
| Net amount | 6,007,400 | 5,350,700 |
| Reverse repurchase agreements | ||
| Gross Amounts | 13,838,600 | 11,930,700 |
| Netting in Consolidated Statements of Financial Condition | (5,921,100) | (5,751,000) |
| Net Amounts in Consolidated Statements of Financial Condition | 7,917,487 | 6,179,653 |
| Additional amounts available for setoff | (2,007,400) | (1,475,900) |
| Available collateral | (5,809,400) | (4,574,000) |
| Net amount | 100,700 | 129,800 |
| Securities lending arrangements | ||
| Securities received as collateral | 54,155 | 185,588 |
| Available collateral | (54,200) | (185,600) |
| Gross Amounts | 2,498,000 | 2,540,900 |
| Netting in Consolidated Statements of Financial Condition | 0 | 0 |
| Net Amounts in Consolidated Statements of Financial Condition | 2,498,013 | 2,540,861 |
| Additional amounts available for setoff | (359,800) | (325,400) |
| Available collateral | (2,088,400) | (2,091,400) |
| Net amount | 49,800 | 124,100 |
| Repurchase agreements | ||
| Gross Amounts | 18,011,700 | 18,088,900 |
| Netting in Consolidated Statements of Financial Condition | (5,921,100) | (5,751,000) |
| Net Amounts in Consolidated Statements of Financial Condition | 12,090,567 | 12,337,935 |
| Additional amounts available for setoff | (2,007,400) | (1,475,900) |
| Available collateral | (9,471,100) | (10,274,600) |
| Obligation to return securities received as collateral, at fair value | 54,155 | 185,588 |
| Net amount | 612,100 | 587,400 |
| Securities borrowing arrangements | 5,940,000 | 5,310,000 |
| Securities borrowing arrangements, collateral | 5,770,000 | 5,190,000 |
| Repurchase agreements | 520,000 | 645,000 |
| Repurchase agreements, pledged securities collateral | $ 529,500 | $ 656,900 |
Collateralized Transactions - Cash and Securities Segregated (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 1,111,620 | $ 1,132,612 |
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Transfers and Servicing [Abstract] | ||||
| Transferred assets | $ 1,451.8 | $ 878.0 | $ 4,085.3 | $ 3,446.7 |
| Proceeds on new securitizations | 1,451.8 | 878.0 | 4,085.3 | 3,446.7 |
| Cash flows received on retained interests | $ 6.7 | $ 9.5 | $ 18.1 | $ 28.8 |
Securitization Activities - Retained Interests in SPEs (Details) - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Securitization Vehicles [Line Items] | ||
| Total RMBS securitization assets | $ 461.8 | $ 3,956.8 |
| Total CMBS securitization assets | 919.9 | 1,817.1 |
| CLOs | 10,238.3 | 9,001.9 |
| Consumer and other loans | 2,138.2 | 1,424.4 |
| U.S. government agency RMBS | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | 12.6 | 105.7 |
| U.S. government agency CMBS | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | 24.9 | 91.8 |
| CLOs | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | 48.4 | 37.2 |
| Consumer and other loans | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | $ 80.1 | $ 52.1 |
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Financial instruments owned | $ 26,117,064 | $ 24,138,274 |
| Securities purchased under agreements to resell | 7,917,487 | 6,179,653 |
| Receivables from brokers | 2,878,285 | 2,666,591 |
| Other assets | 3,304,448 | 3,072,302 |
| Total assets | 69,319,709 | 64,360,309 |
| Financial instruments sold, not yet purchased | 12,356,852 | 11,007,328 |
| Other secured financings | 2,683,269 | 2,183,000 |
| Long-term debt | 16,013,634 | 13,530,565 |
| Total liabilities | 58,818,393 | 54,134,916 |
| VIEs, Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Other assets | 545,419 | 429,347 |
| VIEs, Primary Beneficiary | Secured Funding Vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Cash | 0 | 0 |
| Financial instruments owned | 0 | 0 |
| Securities purchased under agreements to resell | 3,196,000 | 2,829,700 |
| Receivables from brokers | 0 | 0 |
| Other receivables | 1,700 | 0 |
| Other assets | 0 | 0 |
| Total assets | 3,197,700 | 2,829,700 |
| Financial instruments sold, not yet purchased | 0 | 0 |
| Other secured financings | 3,195,800 | 2,823,000 |
| Other Liabilities | 6,200 | 6,700 |
| Long-term debt | 0 | 0 |
| Total liabilities | 3,202,000 | 2,829,700 |
| VIEs, Primary Beneficiary | Other | ||
| Variable Interest Entity [Line Items] | ||
| Cash | 2,100 | 1,600 |
| Financial instruments owned | 64,500 | 40,000 |
| Securities purchased under agreements to resell | 0 | 0 |
| Receivables from brokers | 22,200 | 23,500 |
| Other receivables | 3,000 | 3,000 |
| Other assets | 87,600 | 90,300 |
| Total assets | 179,400 | 158,400 |
| Financial instruments sold, not yet purchased | 6,500 | 7,600 |
| Other secured financings | 25,700 | 26,100 |
| Other Liabilities | 28,900 | 23,100 |
| Long-term debt | 70,100 | 70,100 |
| Total liabilities | 131,200 | 126,900 |
| Consolidation, Eliminations | ||
| Variable Interest Entity [Line Items] | ||
| Receivables from brokers | 500 | 1,500 |
| Variable Interest Entity, Assets, Eliminated In Consolidation | ||
| Variable Interest Entity [Line Items] | ||
| Other assets | 3,300 | 3,400 |
| Variable Interest Entity, Liabilities, Eliminated In Consolidation | ||
| Variable Interest Entity [Line Items] | ||
| Other secured financings | 713,500 | 719,000 |
| Other Liabilities | $ 27,600 | $ 22,000 |
Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Assets | $ 69,319,709 | $ 64,360,309 |
| Liabilities | 58,818,393 | 54,134,916 |
| Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 3,176,600 | 2,890,700 |
| Liabilities | 41,300 | 26,500 |
| Maximum Exposure to Loss | 10,410,700 | 8,837,200 |
| VIE Assets | 48,978,700 | 38,237,600 |
| Nonconsolidated VIEs | CLOs | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 716,900 | 951,800 |
| Liabilities | 41,300 | 26,500 |
| Maximum Exposure to Loss | 7,295,800 | 6,511,100 |
| VIE Assets | 15,893,200 | 14,872,400 |
| Nonconsolidated VIEs | Asset-backed vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 987,400 | 827,400 |
| Liabilities | 0 | 0 |
| Maximum Exposure to Loss | 1,249,700 | 946,300 |
| VIE Assets | 4,917,300 | 4,266,700 |
| Nonconsolidated VIEs | Related party private equity vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 3,900 | 3,700 |
| Liabilities | 0 | 0 |
| Maximum Exposure to Loss | 15,000 | 14,000 |
| VIE Assets | 51,000 | 34,400 |
| Nonconsolidated VIEs | Other investment vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 1,468,400 | 1,107,800 |
| Liabilities | 0 | 0 |
| Maximum Exposure to Loss | 1,850,200 | 1,365,800 |
| VIE Assets | $ 28,117,200 | $ 19,064,100 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Total assets | $ 69,319,709 | $ 64,360,309 |
| Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 3,176,600 | 2,890,700 |
| Related party private equity vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Equity investments | 600 | 600 |
| Funded equity commitments | 600 | 500 |
| Carrying amount of equity investment | 1,000 | 1,000 |
| Related party private equity vehicles | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 3,900 | 3,700 |
| Other investment vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Equity investments | 1,770,000 | 1,430,000 |
| Funded equity commitments | 1,390,000 | 1,170,000 |
| Carrying amount of equity investment | 1,470,000 | 1,110,000 |
| Other investment vehicles | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 1,468,400 | 1,107,800 |
| Agency mortgage-backed securities | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 1,160,000 | 1,840,000 |
| Non-agency mortgage and other asset-backed securities | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 189,800 | 201,100 |
| JCP Entities | Related party private equity vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Equity investments | 133,000 | 133,000 |
| Funded equity commitments | 123,200 | 123,200 |
| Carrying amount of equity investment | $ 3,300 | $ 3,200 |
Investments - Loans and Investments In Related Parties (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Equity Method Investments and Joint Ventures [Abstract] | |||||
| Total Investments in and loans to related parties | $ 1,458,250 | $ 1,458,250 | $ 1,385,658 | ||
| Total equity method pickup earnings recognized in Other revenues | $ 39,100 | $ 25,000 | $ 54,300 | $ 62,200 | |
Investments - Jefferies Finance - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Aug. 31, 2025 |
Nov. 30, 2024 |
|
| Guarantor Obligations [Line Items] | ||
| Other assets | $ 3,304,448 | $ 3,072,302 |
| Payables | (4,448,494) | (4,073,975) |
| Jefferies Finance | ||
| Guarantor Obligations [Line Items] | ||
| Equity commitment | 750,000 | |
| Total committed equity capitalization of JFIN | 1,500,000 | |
| Unfunded portion of equity commitment to subsidiary | $ 15,400 | |
| Extension period | 1 year | |
| Termination notice period | 60 days | |
| Committed line of credit facility amount | $ 500,000 | |
| Loan commitment | 250,000 | |
| Jefferies Finance | Corporate Joint Venture | ||
| Guarantor Obligations [Line Items] | ||
| Other assets | 5,300 | 1,900 |
| Payables | $ (2,200) | $ (13,700) |
| Jefferies Finance | Jefferies Finance | ||
| Guarantor Obligations [Line Items] | ||
| Ownership percentage | 50.00% |
Investments - Summary of Selected Financial Information for Jefferies Finance (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Guarantor Obligations [Line Items] | |||||
| Total assets | $ 69,319,709 | $ 69,319,709 | $ 64,360,309 | ||
| Total liabilities | 58,818,393 | 58,818,393 | 54,134,916 | ||
| Total mezzanine equity | 406 | 406 | 406 | ||
| Net earnings attributable to members | 242,504 | $ 181,039 | 470,748 | $ 492,118 | |
| Financial instruments owned, at fair value | 26,117,064 | 26,117,064 | 24,138,274 | ||
| Other assets | 3,304,448 | 3,304,448 | 3,072,302 | ||
| Financial instruments sold, not yet purchased, at fair value | 12,356,852 | 12,356,852 | 11,007,328 | ||
| Brokers, dealers and clearing organizations | 3,680,047 | 3,680,047 | 3,686,367 | ||
| Customers | 4,448,494 | 4,448,494 | 4,073,975 | ||
| Jefferies Finance | |||||
| Guarantor Obligations [Line Items] | |||||
| Total assets | 7,239,500 | 7,239,500 | 5,762,600 | ||
| Total liabilities | 5,867,500 | 5,867,500 | 4,415,600 | ||
| Total mezzanine equity | 14,300 | 14,300 | 14,400 | ||
| Net earnings attributable to members | 27,000 | 28,800 | 25,400 | 68,100 | |
| Jefferies Finance | |||||
| Guarantor Obligations [Line Items] | |||||
| Unfunded commitment fees | 300 | 300 | 900 | 900 | |
| Equity method investments | 678,800 | 678,800 | 666,300 | ||
| Origination and syndication fee revenues | 73,300 | 72,900 | 191,900 | 200,200 | |
| Origination fee expenses | 18,300 | 16,200 | 50,700 | 40,800 | |
| CLO placement and structuring fee revenues | 800 | 800 | 2,300 | 1,100 | |
| Placement and referral fees | 6,100 | 2,400 | 16,100 | 3,300 | |
| Asset management fee revenues | 0 | 0 | 7,500 | 0 | |
| Underwriting fees | 500 | 0 | 500 | 0 | |
| Service fee revenues | 24,000 | $ 15,300 | 101,000 | $ 81,000 | |
| Jefferies Finance | Corporate Joint Venture | |||||
| Guarantor Obligations [Line Items] | |||||
| Financial instruments owned, at fair value | 4,600 | 4,600 | 0 | ||
| Other assets | 5,300 | 5,300 | 1,900 | ||
| Financial instruments sold, not yet purchased, at fair value | 400 | 400 | 0 | ||
| Brokers, dealers and clearing organizations | 15,700 | 15,700 | 0 | ||
| Customers | $ 2,200 | $ 2,200 | $ 13,700 | ||
Investments - Berkadia - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Berkadia | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Surety policy issued | $ 1,500.0 | |||
| Berkadia | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Percentage of profits received from joint venture | 45.00% | |||
| Commercial paper outstanding | $ 1,470.0 | |||
| Purchase commitment amount | 13.7 | $ 21.8 | ||
| Revenues from other transactions | $ 0.1 | |||
| Other income (expense) | $ 0.3 | $ 0.4 | ||
Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Total assets | $ 69,319,709 | $ 69,319,709 | $ 64,360,309 | ||
| Total liabilities | 58,818,393 | 58,818,393 | 54,134,916 | ||
| Total noncontrolling interest | 62,186 | 62,186 | 68,215 | ||
| Net earnings | 242,504 | $ 181,039 | 470,748 | $ 492,118 | |
| Distributions | 6,700 | ||||
| Berkadia | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Our total investment balance | 427,100 | 427,100 | 427,700 | ||
| Distributions | 42,300 | 28,000 | 69,300 | 34,700 | |
| Berkadia | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Total assets | 5,579,900 | 5,579,900 | 4,963,200 | ||
| Total liabilities | 4,247,200 | 4,247,200 | 3,515,600 | ||
| Total noncontrolling interest | 390,500 | 390,500 | $ 502,100 | ||
| Net earnings | $ 70,900 | $ 41,400 | $ 152,900 | $ 119,600 | |
Investments - Real Estate Investments - Narrative (Details) |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| 54 Madison Capital, LLC | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership percentage | 48.10% |
| Hotel | Brooklyn Renaissance Plaza Office | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership percentage | 25.40% |
| Office Building | Brooklyn Renaissance Plaza Office | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership percentage | 61.30% |
| Weighted average life of assets and liabilities | 39 years |
Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Total assets | $ 69,319,709 | $ 69,319,709 | $ 64,360,309 | ||
| Total liabilities | 58,818,393 | 58,818,393 | 54,134,916 | ||
| Net earnings attributable to members | 242,504 | $ 181,039 | 470,748 | $ 492,118 | |
| Distributions we received | 6,700 | ||||
| Real Estate Investments | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Our total investment balance | 98,200 | 98,200 | 97,800 | ||
| Distributions we received | 0 | 0 | 1,200 | 0 | |
| Real Estate Investments | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Total assets | 313,400 | 313,400 | 326,000 | ||
| Total liabilities | 473,300 | 473,300 | $ 484,700 | ||
| Net earnings attributable to members | $ 400 | $ 2,900 | $ 1,700 | $ 3,000 | |
Investments - JCP Fund V - Narrative (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Financial instruments owned | $ 26,117,064 | $ 24,138,274 |
| Jefferies Capital Partners V L.P. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 11.00% | |
| SBI USA Fund L.P. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 50.00% | |
| JCP Fund V | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 35.10% | |
| Financial instruments owned | $ 3,300 | 2,900 |
| Equity investments | 85,000 | 85,000 |
| Unfunded portion of equity commitment to subsidiary | $ 8,700 | $ 8,700 |
Investments - Summary of Selected Financial Information for JCP Fund V (Details) - JCP Fund V - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 |
May 31, 2025 |
Feb. 28, 2025 |
Aug. 31, 2024 |
May 31, 2024 |
Feb. 29, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Net gains (losses) from our investments in JCP Fund V | $ 0.6 | $ (0.1) | $ 0.4 | $ (0.3) | ||||
| Percent of financial information presented | 100.00% | |||||||
| Ownership percentage | 35.10% | 35.10% | ||||||
| Net increase (decrease) in net assets resulting from operations | $ 1.7 | $ 0.1 | $ (0.6) | $ (0.3) | $ 0.1 | $ (0.9) | ||
Investments - Hildene - Narrative (Details) - Hildene Insurance Holdings, LLC - USD ($) $ in Millions |
Aug. 31, 2025 |
Mar. 01, 2025 |
Feb. 28, 2025 |
Nov. 30, 2024 |
Jul. 31, 2024 |
|---|---|---|---|---|---|
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity investments | $ 75.0 | $ 25.0 | |||
| Ownership percentage | 23.50% | 8.83% | |||
| Funded equity commitments | $ 108.0 | $ 27.5 |
Investments - Summary of Selected Financial information for Hildene (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Aug. 31, 2025 |
May 31, 2025 |
Feb. 28, 2025 |
Jun. 30, 2025 |
Nov. 30, 2024 |
Sep. 30, 2024 |
Aug. 31, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | |||||||
| Total assets | $ 69,319,709 | $ 64,360,309 | |||||
| Total liabilities | 58,818,393 | 54,134,916 | |||||
| Total members’ equity | 10,500,910 | $ 10,224,987 | $ 10,115,361 | ||||
| Hildene Insurance Holdings, LLC | |||||||
| Schedule of Equity Method Investments [Line Items] | |||||||
| Net increase in members’ equity resulting from operations | $ 44,900 | $ 27,500 | $ 8,400 | ||||
| Hildene Insurance Holdings, LLC | |||||||
| Schedule of Equity Method Investments [Line Items] | |||||||
| Total assets | $ 466,300 | $ 304,200 | |||||
| Total liabilities | 700 | 200 | |||||
| Total members’ equity | $ 465,600 | $ 304,000 | |||||
Investments - ApiJect - Narrative (Details) - USD ($) shares in Thousands, $ in Millions |
9 Months Ended | ||
|---|---|---|---|
Aug. 31, 2025 |
Nov. 30, 2024 |
Dec. 31, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Fair value of equity investment | $ 43.7 | $ 37.1 | |
| Term loan | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Loans, face amount | $ 30.0 | ||
| ApiJect | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 33.60% | 33.60% | |
| Fair value of equity investment | $ 116.1 | $ 116.1 | |
| Warrants purchased (in shares) | 950 | ||
| Percentage of future revenue | 1.125% | ||
| ApiJect | Term loan | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Loans, face amount | $ 23.3 | ||
| Loans, fair value | $ 23.3 | $ 23.3 |
Investments - Aircadia - Narrative (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Aug. 31, 2025
USD ($)
|
May 31, 2025
USD ($)
|
Aug. 31, 2024
USD ($)
|
Aug. 31, 2025
USD ($)
|
Aug. 31, 2024
USD ($)
|
Nov. 30, 2024
USD ($)
|
Sep. 30, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
|
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Lease term | 42 months | |||||||
| Property and equipment | $ 57,700 | |||||||
| Operating lease income | $ 0 | $ 5,600 | $ 6,900 | $ 15,000 | ||||
| Interest income | $ 800 | 1,000 | $ 2,200 | |||||
| Fair value of equity investment | 43,700 | 43,700 | $ 37,100 | |||||
| Premises and equipment | 1,255,000 | 1,255,000 | 1,194,720 | |||||
| Arcadia Leasing II LLC | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Interest income | $ 500 | $ 1,500 | ||||||
| Premises and equipment | $ 51,900 | |||||||
| Loss on disposal | $ 12,800 | |||||||
| Term loan | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Loans, face amount | $ 30,000 | |||||||
| Additional loans, face amount | € | € 15.0 | |||||||
Credit Losses on Financial Assets Measured at Amortized Cost - Allowance for Credit Loss - Investing Banking (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
| Beginning balance | $ 2,315 | $ 2,868 | $ 5,277 | $ 6,306 |
| Bad debt expense | 2,156 | 1,059 | 4,974 | 3,146 |
| Charge-offs | 0 | (1) | (3,076) | (2,720) |
| Recoveries collected | (1,274) | (197) | (3,978) | (3,003) |
| Ending balance | $ 3,197 | $ 3,729 | $ 3,197 | $ 3,729 |
Credit Losses on Financial Assets Measured at Amortized Cost - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Aug. 31, 2024
USD ($)
| |
| Weiss Multi-Strategy Advisers | |
| Financing Receivable, Allowance for Credit Loss [Line Items] | |
| Bad debt expense | $ 26.2 |
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 29, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | $ 1,847,856 | $ 1,827,938 | $ 1,847,856 | |
| Currency translation and other adjustments | 16,255 | 4,870 | ||
| Measurement period adjustments | 1,802 | (28,346) | ||
| Goodwill relating to acquisitions by Tessellis | 8,578 | |||
| Write-off related to disposals | (5,563) | |||
| Goodwill, ending balance | 1,840,432 | 1,832,958 | ||
| Goodwill | 1,840,400 | $ 1,827,900 | ||
| OpNet | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | 127,100 | 127,100 | ||
| Measurement period adjustments | 27,000 | |||
| Investment Banking and Capital Markets | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | 1,532,172 | 1,533,013 | 1,532,172 | |
| Currency translation and other adjustments | 4,866 | 3,335 | ||
| Measurement period adjustments | 0 | 0 | ||
| Goodwill relating to acquisitions by Tessellis | 0 | |||
| Write-off related to disposals | 0 | |||
| Goodwill, ending balance | 1,537,879 | 1,535,507 | ||
| Asset Management | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | $ 315,684 | 294,925 | 315,684 | |
| Currency translation and other adjustments | 11,389 | 1,535 | ||
| Measurement period adjustments | 1,802 | (28,346) | ||
| Goodwill relating to acquisitions by Tessellis | 8,578 | |||
| Write-off related to disposals | (5,563) | |||
| Goodwill, ending balance | 302,553 | $ 297,451 | ||
| Goodwill | 143,000 | 143,000 | ||
| Investment banking | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill | 702,900 | 700,700 | ||
| Equities and wealth management | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill | 256,200 | 255,400 | ||
| Fixed income | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill | 578,700 | 576,900 | ||
| Other investments | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill | $ 159,600 | $ 151,900 | ||
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended |
|---|---|---|---|
Feb. 29, 2024 |
Aug. 31, 2025 |
Nov. 30, 2024 |
|
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Assets Acquired - finite-lived intangible assets | $ 721 | $ 61,299 | |
| Impairment losses - indefinite lived intangible assets | (10) | ||
| Accumulated amortization - finite lived intangible assets | (212,901) | (176,644) | |
| Total gross costs - intangible assets | 424,488 | 341,726 | |
| Total net carrying amount - intangible assets | 212,308 | 226,371 | |
| OpNet | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Intangible assets increase (decrease) | $ 39,300 | ||
| Exchange and clearing organization membership interests and registrations | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - indefinite lived intangible assets | 8,781 | 8,715 | |
| Assets Acquired - indefinite-lived intangible assets | 0 | 0 | |
| Impairment losses - indefinite lived intangible assets | (10) | ||
| Net carrying amount - indefinite lived intangible assets | 8,781 | 8,705 | |
| Customer relationships | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - finite lived intangible assets | 166,958 | 136,049 | |
| Assets Acquired - finite-lived intangible assets | 622 | 26,450 | |
| Impairment losses - indefinite lived intangible assets | 0 | ||
| Accumulated amortization - finite lived intangible assets | (114,341) | (104,539) | |
| Net carrying amount - finite lived intangible assets | $ 53,239 | $ 57,960 | |
| Weighted Average Remaining Lives (Years) | 5 years 1 month 6 days | 5 years 7 months 6 days | |
| Trademarks and trade names | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - finite lived intangible assets | $ 161,280 | $ 146,032 | |
| Assets Acquired - finite-lived intangible assets | 0 | 8,533 | |
| Impairment losses - indefinite lived intangible assets | 0 | ||
| Accumulated amortization - finite lived intangible assets | (54,358) | (45,412) | |
| Net carrying amount - finite lived intangible assets | $ 106,922 | $ 109,153 | |
| Weighted Average Remaining Lives (Years) | 20 years 10 months 24 days | 21 years 4 months 24 days | |
| Other | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - finite lived intangible assets | $ 87,469 | $ 50,930 | |
| Assets Acquired - finite-lived intangible assets | 99 | 26,316 | |
| Impairment losses - indefinite lived intangible assets | 0 | ||
| Accumulated amortization - finite lived intangible assets | (44,202) | (26,693) | |
| Net carrying amount - finite lived intangible assets | $ 43,366 | $ 50,553 | |
| Weighted Average Remaining Lives (Years) | 3 years 7 months 6 days | 3 years 10 months 24 days |
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Aggregate amortization expense | $ 8,600 | $ 8,200 | $ 25,000 | $ 22,300 |
| Estimated future amortization expense | ||||
| Remainder of fiscal year 2025 | 12,953 | 12,953 | ||
| Year ending November 30, 2026 | 33,652 | 33,652 | ||
| Year ending November 30, 2027 | 29,988 | 29,988 | ||
| Year ending November 30, 2028 | 28,672 | 28,672 | ||
| Year ending November 30, 2029 | $ 16,280 | $ 16,280 | ||
Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 1,504,162 | $ 1,283,913 | $ 3,875,528 | $ 3,412,945 |
| Revenues | 2,907,674 | 2,595,589 | 7,874,853 | 7,663,827 |
| Investment banking | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 1,086,307 | 925,635 | 2,597,559 | 2,343,284 |
| Revenues | 1,088,197 | 927,094 | 2,606,976 | 2,344,743 |
| Commissions and other fees | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 319,784 | 270,643 | 951,933 | 787,968 |
| Revenues | 325,178 | 270,643 | 966,711 | 787,968 |
| Asset management fees | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 8,236 | 7,189 | 61,539 | 43,539 |
| Revenues | 13,079 | 11,986 | 118,563 | 74,126 |
| Real estate revenues | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 16,621 | 4,038 | 43,913 | 10,727 |
| Internet connection and broadband revenues | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 56,598 | 61,268 | 171,069 | 183,537 |
| Internet connection and broadband revenues | Revision of Prior Period, Error Correction, Adjustment | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues not from contracts with customers | (61,300) | (183,500) | ||
| Other contracts with customers | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 16,616 | 15,140 | 49,515 | 43,890 |
| Revenues | 147,433 | 124,579 | 379,883 | 439,556 |
| Principal transactions | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues not from contracts with customers | 486,893 | 324,501 | 1,232,630 | 1,381,432 |
| Revenues | 486,893 | 324,501 | 1,232,630 | 1,381,432 |
| Revenues from strategic affiliates | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues not from contracts with customers | 11,933 | 6,256 | 76,582 | 32,046 |
| Interest | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues not from contracts with customers | 846,894 | 936,786 | 2,570,090 | 2,636,002 |
| Revenues | 846,894 | 936,786 | 2,570,090 | 2,636,002 |
| Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues not from contracts with customers | $ 57,792 | 44,133 | $ 120,023 | 201,402 |
| Other | Revision of Prior Period, Error Correction, Adjustment | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues not from contracts with customers | $ 61,300 | $ 183,500 | ||
Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 1,504,162 | $ 1,283,913 | $ 3,875,528 | $ 3,412,945 |
| Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 1,406,091 | 1,195,818 | 3,549,492 | 3,129,781 |
| Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 98,071 | 88,095 | 326,036 | 283,164 |
| Americas | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 1,078,060 | 910,235 | 2,724,602 | 2,444,756 |
| Americas | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 1,038,469 | 885,377 | 2,575,418 | 2,351,130 |
| Americas | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 39,591 | 24,858 | 149,184 | 93,626 |
| Europe and the Middle East | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 309,927 | 285,878 | 838,065 | 705,645 |
| Europe and the Middle East | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 252,336 | 223,570 | 663,986 | 518,916 |
| Europe and the Middle East | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 57,591 | 62,308 | 174,079 | 186,729 |
| Asia-Pacific | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 116,175 | 87,800 | 312,861 | 262,544 |
| Asia-Pacific | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 115,286 | 86,871 | 310,088 | 259,735 |
| Asia-Pacific | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 889 | 929 | 2,773 | 2,809 |
| Investment banking - Advisory | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 655,578 | 592,462 | 1,511,218 | 1,214,927 |
| Investment banking - Advisory | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 655,578 | 592,462 | 1,511,218 | 1,214,927 |
| Investment banking - Advisory | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 0 | 0 | 0 | 0 |
| Investment banking - Underwriting | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 430,730 | 333,173 | 1,086,341 | 1,128,356 |
| Investment banking - Underwriting | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 430,730 | 333,173 | 1,086,341 | 1,128,356 |
| Investment banking - Underwriting | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 0 | 0 | 0 | 0 |
| Equities | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 318,319 | 267,697 | 946,549 | 779,462 |
| Equities | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 318,319 | 267,697 | 946,549 | 779,462 |
| Equities | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 0 | 0 | 0 | 0 |
| Fixed income | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 1,464 | 2,486 | 5,384 | 7,036 |
| Fixed income | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 1,464 | 2,486 | 5,384 | 7,036 |
| Fixed income | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 0 | 0 | 0 | 0 |
| Asset management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 8,236 | 7,189 | 61,539 | 43,539 |
| Asset management | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 0 | 0 | 0 | 0 |
| Asset management | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 8,236 | 7,189 | 61,539 | 43,539 |
| Other investments | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 89,835 | 80,906 | 264,497 | 239,625 |
| Other investments | Investment Banking and Capital Markets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 0 | 0 | 0 | 0 |
| Other investments | Asset Management | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 89,835 | $ 80,906 | $ 264,497 | $ 239,625 |
Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Revenue from Contract with Customer [Abstract] | |||||
| Revenue related to performance obligations satisfied | $ 36.1 | $ 39.2 | $ 83.8 | $ 39.7 | |
| Revenue associated with distribution services, a portion of which related to prior periods | 8.5 | 8.6 | 24.0 | 23.8 | |
| Deferred revenue | 84.8 | 84.8 | $ 79.1 | ||
| Revenue recognized | (44.8) | (35.0) | (52.8) | (33.2) | |
| Receivables related to revenue from contracts with customers | 324.4 | 324.4 | 275.9 | ||
| Capitalized contract cost | 7.7 | 7.7 | $ 5.8 | ||
| Expenses to fulfill a contract | $ 1.3 | $ 1.2 | $ 1.9 | $ 1.9 | |
Compensation Plans - Narrative (Details) shares in Millions |
Aug. 31, 2025
shares
|
|---|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Stock options, outstanding (in shares) | 5.1 |
| Potential maximum increase to common shares outstanding from outstanding awards (in shares) | 19.3 |
| Restricted stock with future service required | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Non option equity, outstanding (in shares) | 2.2 |
| Restricted stock units with future service required | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Non option equity, outstanding (in shares) | 4.5 |
| Restricted stock units with no future service required | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Non option equity, outstanding (in shares) | 9.7 |
Compensation Plans - Nonvested Restricted Stock Units and Performance Based Units Activity (Details) $ in Millions |
1 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| RSUs | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Grant date fair value | $ 18.0 |
| Vesting period (in years) | 3 years |
| PSUs | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Grant date fair value | $ 18.0 |
| Service period (in years) | 3 years |
| Target level of ROTE | 10.00% |
| PSUs | Minimum | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Target level of ROTE | 7.50% |
| ROTE threshold level | 7.50% |
| PSUs | Maximum | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Target level of ROTE | 15.00% |
| Percentage of target PSUs | 150.00% |
Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Compensation costs | $ 142.5 | $ 119.2 | $ 452.1 | $ 374.9 |
| Profit sharing plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Compensation costs | 2.2 | 2.1 | 11.4 | 11.2 |
| Restricted cash awards | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Compensation costs | 126.3 | 103.7 | 372.9 | 315.8 |
| Restricted stock and RSUs | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Compensation costs | $ 14.0 | $ 13.4 | $ 67.8 | $ 47.9 |
Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Aug. 31, 2025
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Remaining Unamortized Amounts | $ 1,089.7 |
| Weighted Average Vesting Period (in Years) | |
| Non-vested share-based awards | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Remaining Unamortized Amounts | $ 112.3 |
| Weighted Average Vesting Period (in Years) | 2 years 6 months |
| Restricted cash awards | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Remaining Unamortized Amounts | $ 977.4 |
| Weighted Average Vesting Period (in Years) | 2 years 7 months 6 days |
Borrowings - Short-Term Borrowings (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Short-term debt | $ 1,231,328 | $ 443,160 |
| Bank loans and other credit facilities | ||
| Short-term Debt [Line Items] | ||
| Short-term debt | 532,232 | 443,160 |
| Fixed rate callable note | ||
| Short-term Debt [Line Items] | ||
| Short-term debt | $ 699,096 | $ 0 |
Borrowings - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Aug. 31, 2025 |
Nov. 30, 2024 |
|
| Debt Instrument [Line Items] | ||
| Interest rate on short-term borrowings outstanding | 5.18% | 6.25% |
| Increase of long-term debt | $ 2,480,000 | |
| Long-term debt | 16,013,634 | $ 13,530,565 |
| Structured Notes | ||
| Debt Instrument [Line Items] | ||
| Net proceeds from long term debt | 527,200 | |
| Drawdown of Unsecured Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Net proceeds from long term debt | 350,000 | |
| Unsecured Debt | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 13,468,282 | 12,076,096 |
| Net proceeds from long term debt | 1,000,000 | |
| Net repayments | 775,400 | |
| Unsecured Debt | Subsidiaries | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 59,155 | 31,892 |
| Secured Debt | Subsidiaries | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 2,486,197 | $ 1,422,577 |
| Net proceeds from long term debt | 1,010,000 | |
| Foreign Currency Borrowing | Subsidiaries | ||
| Debt Instrument [Line Items] | ||
| Currency losses on foreign currency borrowings | $ 326,400 |
Borrowings - Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
May 31, 2025 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Debt Instrument [Line Items] | ||||||
| Total | $ 16,013,634 | $ 16,013,634 | $ 13,530,565 | |||
| Long-term debt | $ 3,564,534 | $ 3,564,534 | $ 2,351,346 | |||
| Weighted-average interest rate | 5.47% | 5.47% | 5.30% | |||
| Gains (losses) recognized in interest expense on fair value hedge | $ (12,486) | $ (17,303) | $ (37,188) | $ (49,099) | ||
| Long-term debt | ||||||
| Debt Instrument [Line Items] | ||||||
| Gains (losses) recognized in interest expense on fair value hedge | (21,388) | $ (61,068) | (40,047) | $ (62,053) | ||
| Fair value, inputs, level 2 and level 3 | ||||||
| Debt Instrument [Line Items] | ||||||
| Long-term debt | 16,220,465 | 16,220,465 | $ 13,734,421 | |||
| Unsecured Debt | ||||||
| Debt Instrument [Line Items] | ||||||
| Total | 13,468,282 | 13,468,282 | 12,076,096 | |||
| Long-term debt gross | 2,670,000 | 2,670,000 | 2,040,000 | |||
| Unsecured Debt | Long-term debt | ||||||
| Debt Instrument [Line Items] | ||||||
| Gains (losses) recognized in interest expense on fair value hedge | $ 153,500 | 193,700 | ||||
| Unsecured Debt | Minimum | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate range | 0.00% | 0.00% | ||||
| Unsecured Debt | Maximum | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate range | 7.66% | 7.52% | ||||
| Unsecured Debt | Subsidiaries | ||||||
| Debt Instrument [Line Items] | ||||||
| Total | 59,155 | $ 59,155 | 31,892 | |||
| Secured Debt | Secured Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Total | 1,200,000 | 1,200,000 | 775,300 | |||
| Secured Debt | Subsidiaries | ||||||
| Debt Instrument [Line Items] | ||||||
| Total | 2,486,197 | 2,486,197 | 1,422,577 | |||
| Fixed rate | Unsecured Debt | ||||||
| Debt Instrument [Line Items] | ||||||
| 2025 | 0 | 0 | 519,738 | |||
| 2026 | 1,330,604 | 1,330,604 | 818,819 | |||
| 2027 | 1,144,352 | 1,144,352 | 587,631 | |||
| 2028 | 1,099,206 | 1,099,206 | 1,031,076 | |||
| 2029 | 643,614 | 643,614 | 742,427 | |||
| 2030 and Later | 5,804,542 | 5,804,542 | 4,561,814 | |||
| Fixed rate | Unsecured Debt | Subsidiaries | ||||||
| Debt Instrument [Line Items] | ||||||
| 2029 | 4,048 | 4,048 | 4,310 | |||
| 2030 and Later | 1,542 | 1,542 | 1,347 | |||
| Fixed rate | Secured Debt | Subsidiaries | ||||||
| Debt Instrument [Line Items] | ||||||
| 2025 | 159,099 | 159,099 | 160,384 | |||
| 2026 | 26,255 | 26,255 | 42,643 | |||
| 2027 | 625,215 | 625,215 | 13,077 | |||
| 2028 | 714,562 | 714,562 | 35,135 | |||
| 2029 | 161,710 | 161,710 | 104,912 | |||
| Total | 65,500 | 65,500 | ||||
| Variable rate | Unsecured Debt | ||||||
| Debt Instrument [Line Items] | ||||||
| 2026 | 45,608 | 45,608 | 41,230 | |||
| 2027 | 350,000 | 350,000 | 570,432 | |||
| 2029 | 1,312 | 1,312 | 1,311 | |||
| 2030 and Later | 71,920 | 71,920 | 850,273 | |||
| Variable rate | Unsecured Debt | Subsidiaries | ||||||
| Debt Instrument [Line Items] | ||||||
| 2026 | 0 | 0 | 26,235 | |||
| 2027 | 53,565 | 53,565 | 0 | |||
| Variable rate | Secured Debt | Subsidiaries | ||||||
| Debt Instrument [Line Items] | ||||||
| 2026 | 525,000 | 525,000 | 792,400 | |||
| 2027 | 274,356 | 274,356 | 274,026 | |||
| Structured Notes | Unsecured Debt | ||||||
| Debt Instrument [Line Items] | ||||||
| 2025 | 59,372 | 59,372 | 157,638 | |||
| 2026 | 128,932 | 128,932 | 114,308 | |||
| 2027 | 99,231 | 99,231 | 97,758 | |||
| 2028 | 168,411 | 168,411 | 77,781 | |||
| 2029 | 203,443 | 203,443 | 316,139 | |||
| 2030 and Later | 2,317,735 | 2,317,735 | 1,587,721 | |||
| Long-term debt | $ 3,564,534 | $ 3,564,534 | $ 2,351,346 | |||
Total Equity - Narrative (Details) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Apr. 27, 2023
$ / shares
shares
|
Nov. 30, 2024
$ / shares
shares
|
Sep. 19, 2025
$ / shares
shares
|
Aug. 31, 2025
USD ($)
$ / shares
shares
|
Sep. 19, 2024
shares
|
|
| Purchase Requirement [Line Items] | |||||
| Common shares, authorized (in shares) | 565,000,000 | 565,000,000 | |||
| Share repurchase program, remaining authorized, amount | $ | $ 250.0 | ||||
| Preferred shares, par value (in dollars per share) | $ / shares | $ 1.00 | $ 1 | $ 1 | ||
| Preferred shares, authorized (in shares) | 70,000 | 70,000 | 70,000 | ||
| Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 17,500 | ||||
| Convertible preferred stock converted | 500 | ||||
| Conversion period | 3 years | ||||
| Exchange agreement, voting common stock to preferred stock ratio | 500 | ||||
| Preferred stock, maximum shares (in shares) | 55,125 | ||||
| Exchange agreement, payment per share of voting common stock exchanged (in dollars per share) | $ / shares | $ 1.50 | ||||
| Subsequent Event | |||||
| Purchase Requirement [Line Items] | |||||
| Preferred shares, par value (in dollars per share) | $ / shares | $ 1.00 | ||||
| Preferred shares, authorized (in shares) | 17,500 | ||||
| Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 500 | ||||
| Exchange agreement, voting common stock to preferred stock ratio | 500 | ||||
| Preferred stock, maximum shares (in shares) | 17,500 | ||||
| Exchange agreement, payment per share of non-voting preferred stock exchanged (in dollars per share) | 500 | ||||
| Related Party | Sumitomo Mitsui Banking Corporation Agreement | Subsequent Event | |||||
| Purchase Requirement [Line Items] | |||||
| Ownership percentage | 5.00% | ||||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | |||||
| Purchase Requirement [Line Items] | |||||
| Common shares, issued (in shares) | 9,200,000 | ||||
| Common stock, as-converted basis | 15.70% | ||||
| Common stock, fully diluted, as-converted basis | 14.50% | ||||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Subsequent Event | |||||
| Purchase Requirement [Line Items] | |||||
| Common stock, as-converted basis | 20.00% | ||||
| Common stock, fully diluted, as-converted basis | 20.00% | ||||
| Common Stock | |||||
| Purchase Requirement [Line Items] | |||||
| Callable preferred shares (in shares) | 27,600,000 | ||||
| Preferred Stock | |||||
| Purchase Requirement [Line Items] | |||||
| Callable preferred shares (in shares) | 55,125 | ||||
| Voting Common Stock | |||||
| Purchase Requirement [Line Items] | |||||
| Common shares, authorized (in shares) | 565,000,000 | 565,000,000 | |||
| Common shares, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | |||
| Common shares, issued (in shares) | 205,504,272 | 206,280,296 | |||
| Common shares, outstanding (in shares) | 205,504,272 | 206,280,296 |
Total Equity - Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Numerator for earnings per common share from continuing operations: | ||||
| Net earnings from continuing operations | $ 242,504 | $ 174,676 | $ 470,748 | $ 493,606 |
| Less: Net losses attributable to noncontrolling interests | (10,041) | (6,304) | (24,692) | (16,541) |
| Allocation of earnings to participating securities | (28,559) | (20,785) | (55,528) | (48,501) |
| Net earnings from continuing operations attributable to common shareholders for basic earnings per share | 223,986 | 160,195 | 439,912 | 461,646 |
| Net earnings from continuing operations attributable to common shareholders for diluted earnings per share | 223,986 | 160,195 | 439,912 | 461,646 |
| Numerator for earnings per common share from discontinued operations: | ||||
| Net earnings (losses) from discontinued operations, net of taxes | 0 | 6,363 | 0 | (1,488) |
| Less: Net losses attributable to noncontrolling interests | 0 | (570) | 0 | (2,561) |
| Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share | 0 | 6,933 | 0 | 1,073 |
| Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share | 0 | 6,933 | 0 | 1,073 |
| Net earnings attributable to common shareholders for basic earnings per share | 223,986 | 167,128 | 439,912 | 462,719 |
| Net earnings attributable to common shareholders for diluted earnings per share | $ 223,986 | $ 167,128 | $ 439,912 | $ 462,719 |
| Denominator for earnings per common share: | ||||
| Weighted average common shares outstanding (in shares) | 206,272 | 206,418 | 206,191 | 209,997 |
| Weighted average basic common shares (in shares) | 215,293 | 214,452 | 214,977 | 218,106 |
| Weighted average diluted common shares (in shares) | 222,715 | 221,699 | 222,539 | 224,180 |
| Earnings per common share: | ||||
| Basic from continuing operations (in dollars per share) | $ 1.04 | $ 0.75 | $ 2.05 | $ 2.12 |
| Basic from discontinued operations (in dollars per share) | 0 | 0.03 | 0 | 0 |
| Basic (in dollars per share) | 1.04 | 0.78 | 2.05 | 2.12 |
| Diluted from continuing operations (in dollars per share) | 1.01 | 0.72 | 1.98 | 2.06 |
| Diluted from discontinued operations (in dollars per share) | 0 | 0.03 | 0 | 0 |
| Diluted (in dollars per share) | $ 1.01 | $ 0.75 | $ 1.98 | $ 2.06 |
| Weighted average shares of participating securities (in shares) | 27,600 | 26,300 | 27,600 | 22,900 |
| Percent of weighted average common shares outstanding | 13.40% | 13.40% | ||
| Restricted stock with future service required | ||||
| Denominator for earnings per common share: | ||||
| Weighted average shares of restricted stock outstanding with future service required (in shares) | (2,224) | (2,305) | (2,259) | (2,346) |
| Restricted stock units with no future service required | ||||
| Denominator for earnings per common share: | ||||
| Weighted average RSUs outstanding with no future service required (in shares) | 11,245 | 10,339 | 11,045 | 10,455 |
| Stock options | ||||
| Denominator for earnings per common share: | ||||
| Dilutive effect of share-based payment arrangements (in shares) | 4,643 | 4,189 | 4,915 | 3,369 |
| RSUs | ||||
| Denominator for earnings per common share: | ||||
| Dilutive effect of share-based payment arrangements (in shares) | 2,779 | 3,058 | 2,647 | 2,705 |
Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 |
May 31, 2025 |
Feb. 28, 2025 |
Nov. 30, 2024 |
Aug. 31, 2024 |
May 31, 2024 |
Feb. 29, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Equity [Abstract] | |||||||||
| Dividends per common share (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.35 | $ 0.35 | $ 0.30 | $ 0.30 | $ 1.20 | $ 0.95 |
| Common stock, dividends, cash paid (in dollars per share) | 0.40 | $ 0.40 | $ 0.40 | $ 0.35 | $ 0.30 | $ 0.30 | |||
| Dividends payable (in dollars per share) | $ 0.40 | $ 0.40 | |||||||
| Dividends - preferred shares | $ 11.0 | $ 9.6 | $ 33.1 | $ 22.2 | |||||
Total Equity - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
May 31, 2025 |
Nov. 30, 2024 |
Aug. 31, 2024 |
May 31, 2024 |
Nov. 30, 2023 |
|---|---|---|---|---|---|---|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total accumulated other comprehensive loss, net of tax | $ 10,500,910 | $ 10,224,987 | $ 10,115,361 | |||
| Total accumulated other comprehensive loss, net of tax | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total accumulated other comprehensive loss, net of tax | (374,927) | $ (339,695) | (423,131) | $ (369,965) | $ (410,734) | $ (395,545) |
| Net unrealized losses on available-for-sale securities | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total accumulated other comprehensive loss, net of tax | (2,145) | (2,406) | ||||
| Net currency translation adjustments and other | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total accumulated other comprehensive loss, net of tax | (134,748) | (173,841) | ||||
| Net unrealized losses related to instrument-specific credit risk | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total accumulated other comprehensive loss, net of tax | (198,719) | (206,664) | ||||
| Net minimum pension liability | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total accumulated other comprehensive loss, net of tax | $ (39,315) | $ (40,220) |
Total Equity - Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Revenues | $ 2,907,674 | $ 2,595,589 | $ 7,874,853 | $ 7,663,827 |
| Compensation and benefits | (1,083,510) | (889,098) | (2,779,476) | (2,677,962) |
| Net earnings | 242,504 | 181,039 | 470,748 | 492,118 |
| Income tax expense (benefit) | (89,311) | (78,011) | (147,033) | (207,077) |
| Principal transactions | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Revenues | 486,893 | 324,501 | 1,232,630 | 1,381,432 |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Net earnings | 2,180 | 83 | 9,012 | 2,536 |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on instrument-specific credit risk at fair value | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Income tax expense (benefit) | (800) | (100) | (3,400) | (1,000) |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on instrument-specific credit risk at fair value | Principal transactions | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Revenues | 2,304 | 150 | 9,962 | 2,783 |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of defined benefit pension plan actuarial losses | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Compensation and benefits | $ (124) | $ (67) | (950) | (247) |
| Income tax expense (benefit) | $ 300 | $ 100 | ||
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Gross, unrecognized tax benefits | $ 324.1 | $ 346.4 |
| Accrued interest on unrecognized tax benefits | 186.8 | 176.6 |
| Unrecognized tax benefits | $ 256.1 | $ 273.8 |
Income Taxes - Reconciliation of Expected Statutory Federal Income Tax to Actual Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Amount | ||||
| Income tax expense | $ 89,311 | $ 78,011 | $ 147,033 | $ 207,077 |
| Percent | ||||
| Effective tax rate | 26.90% | 30.90% | 23.80% | 29.60% |
Commitments, Contingencies and Guarantees - Commitments and Contingencies (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Aug. 31, 2025
USD ($)
| |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | $ 9,108.7 |
| 2026 | 1,765.0 |
| 2027 and 2028 | 1,326.9 |
| 2029 and 2030 | 12.3 |
| 2031 and Later | 172.3 |
| Maximum Payout | $ 12,385.2 |
| Repurchase obligation settlement period | 3 days |
| Equity commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | $ 19.5 |
| 2026 | 26.7 |
| 2027 and 2028 | 100.2 |
| 2029 and 2030 | 0.1 |
| 2031 and Later | 151.5 |
| Maximum Payout | 298.0 |
| Loan commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 1.9 |
| 2026 | 340.5 |
| 2027 and 2028 | 9.0 |
| 2029 and 2030 | 3.3 |
| 2031 and Later | 4.3 |
| Maximum Payout | 359.0 |
| Loan purchase commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 2,870.0 |
| 2026 | 0.0 |
| 2027 and 2028 | 0.0 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 0.0 |
| Maximum Payout | 2,870.0 |
| Forward starting reverse repos | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 3,834.4 |
| 2026 | 0.0 |
| 2027 and 2028 | 0.0 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 0.0 |
| Maximum Payout | 3,834.4 |
| Forward starting repos | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 2,312.5 |
| 2026 | 0.0 |
| 2027 and 2028 | 0.0 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 0.0 |
| Maximum Payout | 2,312.5 |
| Other unfunded commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 70.4 |
| 2026 | 1,397.8 |
| 2027 and 2028 | 1,217.7 |
| 2029 and 2030 | 8.9 |
| 2031 and Later | 16.5 |
| Maximum Payout | 2,711.3 |
| Back-to-back committed sales contracts | |
| Commitments And Guarantee Obligations [Line Items] | |
| Maximum Payout | $ 2,730.0 |
Commitments, Contingencies and Guarantees - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Aug. 31, 2025
USD ($)
| |
| Loss Contingencies [Line Items] | |
| Fair value of derivative contracts approximated deemed to meet the definition of a guarantee | $ (382.4) |
| Standby Letters of Credit | |
| Loss Contingencies [Line Items] | |
| Letters of credit commitments | $ 345.6 |
| Standby Letters of Credit | Maximum | |
| Loss Contingencies [Line Items] | |
| Letters of credit commitments expiration period | 1 year |
| HomeFed LLC | |
| Loss Contingencies [Line Items] | |
| Aggregate amount of infrastructure improvement bonds, outstanding | $ 68.2 |
| Outstanding Loan Commitments to Clients | |
| Loss Contingencies [Line Items] | |
| Loan commitments outstanding to clients | 99.4 |
| Outstanding Loan Commitments to Strategic Affiliates | |
| Loss Contingencies [Line Items] | |
| Loan commitments outstanding to clients | 9.6 |
| Jefferies Capital Partners LLC | |
| Loss Contingencies [Line Items] | |
| Outstanding equity commitments | 9.8 |
| Strategic Affiliates | |
| Loss Contingencies [Line Items] | |
| Outstanding equity commitments | 232.1 |
| Other Investments | |
| Loss Contingencies [Line Items] | |
| Outstanding equity commitments | $ 40.7 |
Commitments, Contingencies and Guarantees - Guarantees (Details) $ in Millions |
Aug. 31, 2025
USD ($)
|
|---|---|
| Derivative contracts—non-credit related | |
| Guarantor Obligations [Line Items] | |
| 2025 | $ 8,100.5 |
| 2026 | 17,983.3 |
| 2027 and 2028 | 18,839.6 |
| 2029 and 2030 | 1,615.0 |
| Notional/ Maximum Payout | 46,538.4 |
| Total derivative contracts | |
| Guarantor Obligations [Line Items] | |
| 2025 | 8,100.5 |
| 2026 | 17,983.3 |
| 2027 and 2028 | 18,839.6 |
| 2029 and 2030 | 1,615.0 |
| Notional/ Maximum Payout | $ 46,538.4 |
Regulatory Requirements - Net Capital and Excess Net Capital (Details) $ in Thousands |
Aug. 31, 2025
USD ($)
|
|---|---|
| Jefferies LLC | |
| Net Capital Requirements [Line Items] | |
| Net Capital | $ 2,204,515 |
| Excess Net Capital | 2,061,318 |
| JFSI - SEC | |
| Net Capital Requirements [Line Items] | |
| Net Capital | 310,701 |
| Excess Net Capital | 290,345 |
| JFSI - CFTC | |
| Net Capital Requirements [Line Items] | |
| Net Capital | 310,701 |
| Excess Net Capital | $ 283,646 |
Regulatory Requirements- Narrative (Details) - USD ($) $ in Thousands |
Aug. 31, 2025 |
Nov. 30, 2024 |
|---|---|---|
| Net Capital Requirements [Line Items] | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 1,111,620 | $ 1,132,612 |
| Jefferies International Limited | ||
| Net Capital Requirements [Line Items] | ||
| Net capital | 2,020,000 | |
| Excess net capital | 1,150,000 | |
| Jefferies LLC | ||
| Net Capital Requirements [Line Items] | ||
| Net capital | 2,204,515 | |
| Excess net capital | 2,061,318 | |
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 875,600 | |
| Jefferies Inc | ||
| Net Capital Requirements [Line Items] | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 437,800 |
Segment Reporting - Narrative (Details) |
9 Months Ended |
|---|---|
|
Aug. 31, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Nov. 30, 2024 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Net revenues | $ 2,047,432 | $ 1,683,552 | $ 5,274,898 | $ 5,078,200 | |
| Non-interest expenses | 1,715,617 | 1,430,865 | 4,657,117 | 4,377,517 | |
| Non-interest expenses | 1,715,600 | 1,430,900 | 4,657,100 | 4,377,500 | |
| Earnings (losses) from continuing operations before income taxes | 331,815 | 252,687 | 617,781 | 700,683 | |
| Assets | 69,319,709 | 69,319,709 | $ 64,360,309 | ||
| Minimum | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Earnings (losses) from continuing operations before income taxes | 331,800 | 252,700 | 617,800 | 700,700 | |
| Operating Segments | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Net revenues | 2,035,600 | 1,679,100 | 5,251,400 | 5,054,700 | |
| Non-interest expenses | 1,715,600 | 1,430,900 | 4,657,100 | 4,377,500 | |
| Earnings (losses) from continuing operations before income taxes | 320,000 | 248,200 | 594,300 | 677,200 | |
| Segment Reconciling Items | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Net revenues | 11,800 | 4,500 | 23,500 | 23,500 | |
| Earnings (losses) from continuing operations before income taxes | 11,800 | 4,500 | 23,500 | 23,500 | |
| Investment Banking and Capital Markets | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Assets | 63,722,700 | 63,722,700 | 59,142,900 | ||
| Investment Banking and Capital Markets | Operating Segments | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Net revenues | 1,858,700 | 1,620,100 | 4,728,200 | 4,565,800 | |
| Non-interest expenses | 1,522,400 | 1,251,600 | 4,036,600 | 3,791,000 | |
| Earnings (losses) from continuing operations before income taxes | 336,300 | 368,500 | 691,600 | 774,800 | |
| Asset Management | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Assets | 5,597,000 | 5,597,000 | $ 5,217,400 | ||
| Asset Management | Operating Segments | |||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
| Net revenues | 176,900 | 59,000 | 523,200 | 488,900 | |
| Non-interest expenses | 193,200 | 179,300 | 620,500 | 586,500 | |
| Earnings (losses) from continuing operations before income taxes | $ (16,300) | $ (120,300) | $ (97,300) | $ (97,600) | |
Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
|
| Revenues | ||||
| Net revenues | $ 2,047,432 | $ 1,683,552 | $ 5,274,898 | $ 5,078,200 |
| Americas | ||||
| Revenues | ||||
| Net revenues | 1,448,000 | 1,159,300 | 3,545,300 | 3,612,200 |
| Europe and the Middle East | ||||
| Revenues | ||||
| Net revenues | 453,800 | 404,300 | 1,312,900 | 1,106,500 |
| Asia-Pacific | ||||
| Revenues | ||||
| Net revenues | $ 145,600 | $ 120,000 | $ 416,700 | $ 359,500 |
Related Party Transactions - Narrative (Details) $ in Thousands |
Sep. 19, 2025
USD ($)
|
Aug. 31, 2025
USD ($)
directorAndOfficer
|
Nov. 30, 2024
USD ($)
directorAndOfficer
|
|---|---|---|---|
| Related Party Transaction [Line Items] | |||
| Other assets | $ 3,304,448 | $ 3,072,302 | |
| Number of directors and officers with investments | directorAndOfficer | 2 | 2 | |
| Investments in and loans to related parties | $ 1,458,250 | $ 1,385,658 | |
| Officers And Employees | |||
| Related Party Transaction [Line Items] | |||
| Other assets | 19,700 | 29,400 | |
| Director | |||
| Related Party Transaction [Line Items] | |||
| Investments in and loans to related parties | 9,200 | 5,000 | |
| Related Party | Sumitomo Mitsui Banking Corporation Agreement | |||
| Related Party Transaction [Line Items] | |||
| Other assets | $ 763 | $ 175 | |
| Related Party | Sumitomo Mitsui Banking Corporation Agreement | Subsequent Event | |||
| Related Party Transaction [Line Items] | |||
| Ownership percentage | 5.00% | ||
| Related Party | Sumitomo Mitsui Banking Corporation Agreement | Subsequent Event | Line of credit | |||
| Related Party Transaction [Line Items] | |||
| Equity investments | $ 2,500,000 | ||
| Related Party | Sumitomo Mitsui Banking Corporation Agreement | Minimum | Subsequent Event | |||
| Related Party Transaction [Line Items] | |||
| Ownership percentage | 14.50% | ||
| Related Party | Sumitomo Mitsui Banking Corporation Agreement | Maximum | Subsequent Event | |||
| Related Party Transaction [Line Items] | |||
| Ownership percentage | 20.00% |
Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Aug. 31, 2025 |
Aug. 31, 2024 |
Aug. 31, 2025 |
Aug. 31, 2024 |
Sep. 19, 2025 |
Nov. 30, 2024 |
|
| Assets | ||||||
| Cash and cash equivalents | $ 11,458,472 | $ 11,458,472 | $ 12,153,414 | |||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 1,111,620 | 1,111,620 | 1,132,612 | |||
| Financial instruments owned, at fair value | 26,117,064 | 26,117,064 | 24,138,274 | |||
| Securities borrowed | 8,175,141 | 8,175,141 | 7,213,421 | |||
| Securities purchased under agreements to resell | 7,917,487 | 7,917,487 | 6,179,653 | |||
| Receivables: | ||||||
| Brokers, dealers and clearing organizations | 2,878,285 | 2,878,285 | 2,666,591 | |||
| Fees, interest and other | 720,912 | 720,912 | 663,536 | |||
| Other assets | 3,304,448 | 3,304,448 | 3,072,302 | |||
| Total assets | 69,319,709 | 69,319,709 | 64,360,309 | |||
| Liabilities | ||||||
| Financial instruments sold, not yet purchased, at fair value | 12,356,852 | 12,356,852 | 11,007,328 | |||
| Securities loaned | 2,498,013 | 2,498,013 | 2,540,861 | |||
| Securities sold under agreements to repurchase | 12,090,567 | 12,090,567 | 12,337,935 | |||
| Payables: | ||||||
| Brokers, dealers and clearing organizations | 3,680,047 | 3,680,047 | 3,686,367 | |||
| Accrued expenses and other liabilities | 3,158,589 | 3,158,589 | 3,510,831 | |||
| Long-term debt | 16,013,634 | 16,013,634 | 13,530,565 | |||
| Total liabilities | 58,818,393 | 58,818,393 | 54,134,916 | |||
| Revenues | ||||||
| Revenues | 2,907,674 | $ 2,595,589 | 7,874,853 | $ 7,663,827 | ||
| Interest expense | 860,242 | 912,037 | 2,599,955 | 2,585,627 | ||
| Net revenues | 2,047,432 | 1,683,552 | 5,274,898 | 5,078,200 | ||
| Non-interest expenses | ||||||
| Business development | 78,999 | 68,152 | 231,360 | 194,433 | ||
| Other expenses | 60,544 | 43,441 | 217,578 | 168,858 | ||
| Total non-interest expenses | 1,715,617 | 1,430,865 | 4,657,117 | 4,377,517 | ||
| Principal transactions | ||||||
| Revenues | ||||||
| Revenues | 486,893 | 324,501 | 1,232,630 | 1,381,432 | ||
| Commissions and other fees | ||||||
| Revenues | ||||||
| Revenues | 325,178 | 270,643 | 966,711 | 787,968 | ||
| Interest | ||||||
| Revenues | ||||||
| Revenues | 846,894 | 936,786 | 2,570,090 | 2,636,002 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | ||||||
| Assets | ||||||
| Cash and cash equivalents | 352,693 | 352,693 | 542,212 | |||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 28,263 | 28,263 | 0 | |||
| Financial instruments owned, at fair value | 348 | 348 | 1,539 | |||
| Securities borrowed | 1,309 | 1,309 | 20,403 | |||
| Securities purchased under agreements to resell | 380,697 | 380,697 | 381,568 | |||
| Receivables: | ||||||
| Brokers, dealers and clearing organizations | 0 | 0 | 3,012 | |||
| Fees, interest and other | 4,548 | 4,548 | 7,851 | |||
| Other assets | 763 | 763 | 175 | |||
| Total assets | 768,621 | 768,621 | 956,760 | |||
| Liabilities | ||||||
| Financial instruments sold, not yet purchased, at fair value | 3,882 | 3,882 | 1,830 | |||
| Securities loaned | 3,380 | 3,380 | 187 | |||
| Securities sold under agreements to repurchase | 468,072 | 468,072 | 631,390 | |||
| Payables: | ||||||
| Brokers, dealers and clearing organizations | 40,353 | 40,353 | 18,701 | |||
| Accrued expenses and other liabilities | 11,090 | 11,090 | 6,767 | |||
| Long-term debt | 350,000 | 350,000 | 0 | |||
| Total liabilities | 876,777 | 876,777 | $ 658,875 | |||
| Revenues | ||||||
| Revenues | (2,216) | (33,550) | 21,722 | (33,550) | ||
| Interest expense | 10,811 | 2,411 | 32,527 | 2,411 | ||
| Net revenues | (13,027) | (35,961) | (10,805) | (35,961) | ||
| Non-interest expenses | ||||||
| Business development | 11,108 | 4,570 | 22,913 | 4,570 | ||
| Other expenses | 1 | 0 | 6 | 0 | ||
| Total non-interest expenses | 11,109 | 4,570 | 22,919 | 4,570 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Line of credit | Revolving Credit Facility | Subsequent Event | ||||||
| Non-interest expenses | ||||||
| Paydown on a credit facility | $ 700,000 | |||||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Investment banking | ||||||
| Revenues | ||||||
| Revenues | 3,114 | 455 | 11,912 | 455 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Principal transactions | ||||||
| Revenues | ||||||
| Revenues | (13,306) | (38,301) | (14,301) | (38,301) | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Commissions and other fees | ||||||
| Revenues | ||||||
| Revenues | 754 | 180 | 2,155 | 180 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Interest | ||||||
| Revenues | ||||||
| Revenues | $ 7,222 | $ 4,116 | $ 21,956 | $ 4,116 | ||