JEFFERIES FINANCIAL GROUP INC., 10-Q filed on 10/9/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Aug. 31, 2024
Sep. 30, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 31, 2024  
Document Transition Report false  
Entity File Number 1-05721  
Entity Registrant Name Jefferies Financial Group Inc.  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 13-2615557  
Entity Address, Address Line One 520 Madison Avenue,  
Entity Address, City or Town New York,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10022  
City Area Code 212  
Local Phone Number 284-2300  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   205,498,605
Entity Central Index Key 0000096223  
Current Fiscal Year End Date --11-30  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, par value $1 per share  
Trading Symbol JEF  
Security Exchange Name NYSE  
4.850% Senior Notes Due 2027    
Document Information [Line Items]    
Title of 12(b) Security 4.850% Senior Notes Due 2027  
Trading Symbol JEF 27A  
Security Exchange Name NYSE  
5.875% Senior Notes Due 2028    
Document Information [Line Items]    
Title of 12(b) Security 5.875% Senior Notes Due 2028  
Trading Symbol JEF 28  
Security Exchange Name NYSE  
2.750% Senior Notes Due 2032    
Document Information [Line Items]    
Title of 12(b) Security 2.750% Senior Notes Due 2032  
Trading Symbol JEF 32A  
Security Exchange Name NYSE  
6.200% Senior Notes Due 2034    
Document Information [Line Items]    
Title of 12(b) Security 6.200% Senior Notes Due 2034  
Trading Symbol JEF 34  
Security Exchange Name NYSE  
v3.24.3
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Assets    
Cash and cash equivalents $ 10,573,471 $ 8,526,363
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $68,966 and $110,198 of securities at fair value) 1,360,324 1,414,593
Financial instruments owned, at fair value (includes securities pledged of $17,691,280 and $17,158,747) 24,038,659 21,747,473
Investments in and loans to related parties 1,349,629 1,239,345
Securities borrowed 7,056,550 7,192,091
Securities purchased under agreements to resell 6,993,024 5,950,549
Securities received as collateral, at fair value 272,619 8,800
Receivables:    
Brokers, dealers and clearing organizations 2,583,719 2,380,732
Customers 2,060,450 1,705,425
Fees, interest and other 661,038 630,142
Premises and equipment 1,229,028 1,065,680
Assets held for sale (includes pledged assets of $181,900 at fair value at November 30, 2023) 0 1,545,472
Goodwill 1,832,958 1,847,856
Other assets (includes assets pledged of $365,942 and $244,604) 3,263,629 2,650,640
Total assets 63,275,098 57,905,161
Liabilities and Equity    
Short-term borrowings 1,725,864 989,715
Financial instruments sold, not yet purchased, at fair value 12,307,086 11,251,154
Securities loaned 2,550,101 1,840,518
Securities sold under agreements to repurchase 9,603,530 10,920,606
Other secured financings (includes $3,965 and $3,898 at fair value) 1,739,323 1,430,199
Obligation to return securities received as collateral, at fair value 272,619 8,800
Payables:    
Brokers, dealers and clearing organizations 4,421,053 3,737,810
Customers 3,898,469 3,960,557
Lease liabilities 642,527 544,650
Liabilities held for sale 0 1,173,648
Accrued expenses and other liabilities 3,076,747 2,546,211
Long-term debt (includes $2,122,890 and $1,708,443 at fair value) 12,922,012 9,698,752
Total liabilities 53,159,331 48,102,620
Mezzanine Equity    
Redeemable noncontrolling interests 406 406
Equity [Abstract]    
Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 and 42,000 shares issued and outstanding; liquidation preference of $17,500 per share 55 42
Additional paid-in capital 2,086,227 2,044,859
Accumulated other comprehensive loss (369,965) (395,545)
Retained earnings 8,124,134 7,849,844
Total Jefferies Financial Group Inc. shareholders’ equity 10,045,946 9,709,827
Noncontrolling interests 69,415 92,308
Total equity 10,115,361 9,802,135
Total liabilities and equity 63,275,098 57,905,161
Voting Common Stock    
Equity [Abstract]    
Common shares and Non-voting common shares 205,495 210,627
Nonvoting Common Stock    
Equity [Abstract]    
Common shares and Non-voting common shares $ 0 $ 0
v3.24.3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 68,966,000 $ 110,198,000
Financial instruments owned 24,038,659,000 21,747,473,000
Assets held for sale 0 1,545,472,000
Other assets 3,263,629,000 2,650,640,000
Liabilities and Equity    
Other secured financings 3,965,000 3,898,000
Long-term debt $ 2,122,890,000 $ 1,708,443,000
EQUITY    
Preferred shares, par value (in dollars per share) $ 1 $ 1
Preferred shares, authorized (in shares) 70,000 70,000
Preferred shares, issued (in shares) 55,125 42,000
Preferred shares, outstanding (in shares) 55,125 42,000
Preferred shares, liquidation preference (in dollars per share) $ 17,500 $ 17,500
Common shares, par value (in dollars per share) $ 1 $ 1.00
Common shares, authorized (in shares) 565,000,000 565,000,000
Common shares, issued after deducting shares held in treasury (in shares) 205,495,338 210,626,642
Common shares, outstanding after deducting shares held in treasury (in shares) 205,495,338 210,626,642
Treasury stock, shares (in shares) 115,622,732 110,491,428
Structured notes | Unsecured Debt    
Liabilities and Equity    
Long-term debt $ 2,122,890,000 $ 1,708,443,000
Nonvoting Common Stock    
EQUITY    
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, authorized (in shares) 35,000,000 35,000,000
Common shares, issued after deducting shares held in treasury (in shares) 0 0
Common shares, outstanding after deducting shares held in treasury (in shares) 0 0
VIEs, primary beneficiary    
Assets held for sale   $ 181,900
Other assets $ 365,942,000 244,604,000
Asset Pledged as Collateral    
Financial instruments owned $ 17,691,280,000 $ 17,158,747,000
v3.24.3
Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Revenues        
Revenues $ 2,595,589 $ 2,040,915 $ 7,663,827 $ 5,472,661
Interest expense 912,037 858,806 2,585,627 1,969,450
Net revenues 1,683,552 1,182,109 5,078,200 3,503,211
Non-interest expenses        
Compensation and benefits 889,098 644,059 2,677,962 1,922,985
Brokerage and clearing fees 101,119 91,226 321,325 268,292
Underwriting costs 14,017 14,877 51,053 41,253
Technology and communications 136,953 122,579 409,703 354,900
Occupancy and equipment rental 30,078 27,711 87,558 79,421
Business development 68,152 41,467 194,433 121,892
Professional services 64,630 64,897 217,967 195,572
Depreciation and amortization 45,977 25,288 139,125 83,890
Cost of sales 37,400 1,618 109,533 6,148
Other expenses 43,441 57,316 168,858 161,850
Total non-interest expenses 1,430,865 1,091,038 4,377,517 3,236,203
Earnings from continuing operations before income taxes 252,687 91,071 700,683 267,008
Income tax expense 78,011 37,124 207,077 75,053
Net earnings from continuing operations 174,676 53,947 493,606 191,955
Net earnings (losses) from discontinued operations (including gain on disposal of $2,839, $—, $2,839, $—), net of income tax benefit of $9,145, $—, $12,321, and $— 6,363 0 (1,488) 0
Net earnings 181,039 53,947 492,118 191,955
Net losses attributable to noncontrolling interests (6,874) (3,772) (19,102) (13,340)
Net losses attributable to redeemable noncontrolling interests 0 0 0 (454)
Preferred stock dividends 20,785 6,300 48,501 8,316
Net earnings attributable to common shareholders $ 167,128 $ 51,419 $ 462,719 $ 197,433
Earnings (losses) per common share:        
Basic from continuing operations (in USD per share) $ 0.75 $ 0.22 $ 2.12 $ 0.83
Diluted from continuing operations (in USD per share) 0.72 0.22 2.06 0.82
Basic (in USD per share) 0.78 0.22 2.12 0.83
Diluted (in USD per share) $ 0.75 $ 0.22 $ 2.06 $ 0.82
Weighted-average common share shares outstanding        
Basic (in shares) 214,452 228,353 218,106 236,666
Diluted (in shares) 221,699 232,041 224,180 240,658
Investment banking        
Revenues        
Revenues $ 927,094 $ 600,190 $ 2,344,743 $ 1,595,463
Principal transactions        
Revenues        
Revenues 324,501 353,373 1,381,432 1,171,578
Commissions and other fees        
Revenues        
Revenues 270,643 223,712 787,968 672,294
Asset management fees and revenues        
Revenues        
Revenues 11,986 14,812 74,126 67,731
Interest        
Revenues        
Revenues 936,786 898,040 2,636,002 2,062,104
Other        
Revenues        
Revenues $ 124,579 $ (49,212) $ 439,556 $ (96,509)
v3.24.3
Consolidated Statements of Earnings (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Income Statement [Abstract]        
Net earnings (losses) from discontinued operations, gain on disposal $ 2,839 $ 0 $ 2,839 $ 0
Income tax (expense) benefit, discontinued operations $ 9,145 $ 0 $ 12,321 $ 0
v3.24.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 181,039 $ 53,947 $ 492,118 $ 191,955
Other comprehensive income (loss), net of tax:        
Currency translation adjustments and other [1],[2] 22,560 (7,059) 18,443 20,307
Changes in fair value related to instrument-specific credit risk [3] 17,783 (22,315) 5,081 (40,273)
Unrealized gains on available-for-sale securities 426 1,176 2,056 1,135
Total other comprehensive income (loss), net of tax 40,769 (28,198) 25,580 (18,831)
Comprehensive income 221,808 25,749 517,698 173,124
Net losses attributable to noncontrolling interests (6,874) (3,772) (19,102) (13,340)
Net losses attributable to redeemable noncontrolling interests 0 0 0 (455)
Preferred stock dividends 20,785 6,300 48,501 8,316
Comprehensive income attributable to common shareholders $ 207,897 $ 23,221 $ 488,299 $ 178,603
[1] Includes income tax expense of $7.9 million and $7.2 million for the three and nine months ended August 31, 2024, respectively, and income tax expense of $8.6 million and $7.1 million for the three and nine months ended August 31, 2023, respectively.
[2] Includes unrealized gains (losses) of $0.9 million and $(1.0) million for the three and nine months ended August 31, 2024, respectively, related to currency translation adjustments attributable to noncontrolling interests.
[3] Includes income tax expense of $6.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, and income tax benefit of $7.6 million and $15.6 million for the three and nine months ended August 31, 2023, respectively.
v3.24.3
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Statement of Comprehensive Income [Abstract]        
Currency translation adjustments and other, tax expenses $ (7.9) $ (8.6) $ (7.2) $ (7.1)
Changes in instrument specific credit risk, tax benefit (expense) 6.1 $ 7.6 1.0 $ 15.6
Other comprehensive gains (losses) attributable to noncontrolling interest related to foreign currency adjustments $ 0.9   $ (1.0)  
v3.24.3
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Total Jefferies Financial Group Inc. shareholders’ equity
Preferred Stock
Preferred Stock
Conversion of common shares to preferred shares
Common Stock
Common Stock
Conversion of common shares to preferred shares
Common Stock
Conversion of preferred shares to common shares
Additional paid-in capital
Additional paid-in capital
Conversion of common shares to preferred shares
Additional paid-in capital
Conversion of preferred shares to common shares
Accumulated other comprehensive loss, net of tax
Retained earnings
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling interests
Noncontrolling interests
Vitesse Energy
Noncontrolling interests
Other Noncontrolling Interest
Balance, beginning of period at Nov. 30, 2022     $ 0   $ 226,130     $ 1,967,781     $ (379,419) $ 8,418,354 $ (14,813) $ 62,633    
Increase (Decrease) in Stockholders' Equity                                
Conversion of shares       $ 42   $ (21,000) $ 4,654   $ 52,458 $ 120,346            
Purchase of common shares for treasury         (4,757)     (160,515)                
Share-based compensation expense               35,476                
Change in fair value of redeemable noncontrolling interests               (390)                
Dividend equivalents               19,504                
Change in equity interest related to consolidated subsidiaries / vitesse energy               (6,307)           6,307    
Other         5,401     5,753       332   205    
Other comprehensive income (loss), net of tax $ (18,831)                   (18,831)          
Net earnings attributable to Jefferies Financial Group Inc.                       203,734        
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)                       (221,821)        
Dividends - preferred shares (6,300)                     (6,300)        
Distribution of Vitesse Energy, Inc.                       (526,964)        
Net earnings attributable to members 191,955                         (13,340)    
Contributions                           35,958    
Distributions                           (31,433)    
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest                             $ 4,558 $ 1,396
Balance, end of period at Aug. 31, 2023 $ 9,765,132 $ 9,698,848 42   210,428     2,034,106     (398,250) 7,852,522   66,284    
Increase (Decrease) in Stockholders' Equity                                
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]                              
Balance, beginning of period at Nov. 30, 2022     0   226,130     1,967,781     (379,419) 8,418,354 (14,813) 62,633    
Increase (Decrease) in Stockholders' Equity                                
Conversion of shares     42   (21,000)     52,400                
Balance, end of period at Nov. 30, 2023 $ 9,802,135   42   210,627     2,044,859     (395,545) 7,849,844 (644) 92,308    
Balance, beginning of period at May. 31, 2023     0   231,411     1,965,530     (370,052) 7,868,766   69,595    
Increase (Decrease) in Stockholders' Equity                                
Conversion of shares       42   (21,000)     52,458              
Purchase of common shares for treasury         (8)     (271)                
Share-based compensation expense               11,258                
Change in fair value of redeemable noncontrolling interests               0                
Dividend equivalents               4,318                
Other         25     813       274   (43)    
Other comprehensive income (loss), net of tax (28,198)                   (28,198)          
Net earnings attributable to Jefferies Financial Group Inc.                       57,719        
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)                       (67,937)        
Dividends - preferred shares (6,300)                     (6,300)        
Net earnings attributable to members 53,947                         (3,772)    
Contributions                           504    
Balance, end of period at Aug. 31, 2023 9,765,132 9,698,848 42   210,428     2,034,106     (398,250) 7,852,522   66,284    
Balance, beginning of period at Nov. 30, 2023 9,802,135   42   210,627     2,044,859     (395,545) 7,849,844 $ (644) 92,308    
Increase (Decrease) in Stockholders' Equity                                
Conversion of shares       13   (6,562)     16,393              
Purchase of common shares for treasury         (1,089)     (43,222)                
Share-based compensation expense               47,949                
Change in fair value of redeemable noncontrolling interests               0                
Dividend equivalents               14,436                
Other         2,519     5,812       (460)   (652)    
Other comprehensive income (loss), net of tax 25,580                   25,580          
Net earnings attributable to Jefferies Financial Group Inc.                       511,222        
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)                       (213,581)        
Dividends - preferred shares (22,200)                     (22,247)        
Net earnings attributable to members 492,118                         (19,102)    
Contributions                           9,426    
Distributions                           (12,565)    
Balance, end of period at Aug. 31, 2024 $ 10,115,361 10,045,946 55   205,495     2,086,227     (369,965) 8,124,134   69,415    
Increase (Decrease) in Stockholders' Equity                                
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]                              
Balance, beginning of period at May. 31, 2024     42   212,053     2,051,149     (410,734) 8,022,546   77,130    
Increase (Decrease) in Stockholders' Equity                                
Conversion of shares       $ 13   $ (6,562)     $ 16,393              
Purchase of common shares for treasury         (7)     (325)                
Share-based compensation expense               13,377                
Change in fair value of redeemable noncontrolling interests               0                
Dividend equivalents               4,756                
Other         11     877       0   930    
Other comprehensive income (loss), net of tax $ 40,769                   40,769          
Net earnings attributable to Jefferies Financial Group Inc.                       187,913        
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)                       (76,678)        
Dividends - preferred shares (9,600)                     (9,647)        
Net earnings attributable to members 181,039                         (6,874)    
Contributions                           105    
Distributions                           (1,876)    
Balance, end of period at Aug. 31, 2024 $ 10,115,361 $ 10,045,946 $ 55   $ 205,495     $ 2,086,227     $ (369,965) $ 8,124,134   $ 69,415    
v3.24.3
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 20, 2024
Aug. 31, 2024
May 31, 2024
Feb. 29, 2024
Aug. 31, 2023
May 31, 2023
Feb. 28, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Dividends - common share (in dollars per share)   $ 0.35 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.95 $ 0.90  
Preferred Stock                    
Callable preferred shares (in shares) 13,125                 42,000
Conversion of preferred shares to common shares | Preferred Stock                    
Callable preferred shares (in shares)                 125,000  
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Cash flows from operating activities:    
Net earnings $ 492,118 $ 191,955
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 141,584 84,891
Share-based compensation 47,949 35,476
Net bad debt expense 48,305 45,408
Loss (income) on investments and loans to related parties (62,187) 229,917
Distributions received on investments in related parties 36,048 33,973
Gain on sale of subsidiary and investment in related parties (58,452) 0
Other adjustments 208,693 (58,991)
Net change in assets and liabilities:    
Securities deposited with clearing and depository organizations 0 (159,625)
Receivables:    
Brokers, dealers and clearing organizations (188,454) (55,212)
Customers (356,045) (322,279)
Fees, interest and other (59,530) 46,286
Securities borrowed 158,071 (849,753)
Financial instruments owned (2,145,820) (4,142,510)
Securities purchased under agreements to resell (975,592) (785,640)
Other assets (421,913) (579,442)
Payables:    
Brokers, dealers and clearing organizations 663,467 501,040
Customers (62,089) 463,802
Securities loaned 691,548 50,620
Financial instruments sold, not yet purchased 985,256 777,323
Securities sold under agreements to repurchase (1,387,996) 3,020,443
Lease liabilities (56,408) (52,923)
Accrued expenses and other liabilities 451,355 (364,734)
Net cash used in operating activities from continuing operations (1,850,092) (1,889,975)
Net cash used in operating activities from discontinued operations (68,789) 0
Cash flows from investing activities:    
Contributions to investments in and loans to related parties (108,484) (130,445)
Capital distributions from investments and repayments of loans from related parties 1,406 20,631
Originations and purchases of automobile loans, notes and other receivables (89,540) (332,786)
Principal collections of automobile loans, notes and other receivables 83,268 266,772
Net payments on premises and equipment (180,654) (80,210)
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold 610,843 0
Net cash provided by (used in) investing activities from continuing operations 316,839 (256,038)
Cash flows from financing activities:    
Proceeds from short-term borrowings 3,826,758 4,878,000
Payments on short-term borrowings (3,058,475) (4,481,800)
Proceeds from issuance of long-term debt, net of issuance costs 4,646,993 1,546,907
Repayment of long-term debt (1,763,572) (871,645)
Proceeds from conversion of common to preferred shares 9,844 31,500
Purchase of common shares for treasury (44,311) (165,272)
Dividends paid to common and preferred shareholders (221,392) (208,617)
Net proceeds from other secured financings 434,285 282,776
Net change in bank overdrafts (33,795) 300
Proceeds from contributions of noncontrolling interests 9,426 0
Payments on distributions to noncontrolling interests (12,565) 0
Other 7,871 5,733
Net cash provided by financing activities from continuing operations 3,801,067 1,017,882
Net cash used in financing activities from discontinued operations (170,631) 0
Supplemental Cash Flow Elements [Abstract]    
Effect of exchange rate changes on cash, cash equivalents and restricted cash 18,901 (216)
Net increase (decrease) in cash, cash equivalents and restricted cash 2,047,295 (1,128,347)
Net decrease in cash, cash equivalents and restricted cash classified within assets held for sale (13,224) 0
Cash, cash equivalents and restricted cash at beginning of period 9,830,758 10,707,244
Cash, cash equivalents and restricted cash at end of period 11,864,829 9,578,897
Cash paid during the period for    
Interest 2,535,591 1,665,693
Income taxes, net 167,796 151,323
Non cash investing activity, relating to acquisition $ 600 30,600
Conversion of preferred shares to common shares   125,000
Shareholders    
Cash paid during the period for    
Dividend distributions   527,000
Noncontrolling Interest Holders    
Cash paid during the period for    
Dividend distributions   $ 31,400
v3.24.3
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Statement of Cash Flows [Abstract]    
Cash and cash equivalents $ 10,573,471 $ 8,526,363
Cash on deposit for regulatory purposes with clearing and depository organizations 1,291,358 1,304,395
Total cash, cash equivalents and restricted cash $ 11,864,829 $ 9,830,758
v3.24.3
Organization and Basis of Presentation
 9 Months Ended
Aug. 31, 2024
Accounting Policies [Abstract]  
Organization and Basis of Presentation 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 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.
On January 13, 2023, our consolidated subsidiary, Vitesse Energy, Inc. (“Vitesse Energy”), issued shares measured at a total consideration of $30.6 million in exchange for acquiring all of the outstanding capital interests of Vitesse Oil, LLC (“Vitesse Oil”). Prior to the acquisition, Vitesse Oil was controlled by Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), which are private equity funds managed by a team led by our President. Simultaneously, we distributed all of our ownership interests in Vitesse Energy on a tax-free pro rata basis to all of our shareholders, resulting in a distribution of capital of $527.0 million. The distribution of Vitesse Energy resulted in a reduction at the time of spin-off of Total assets of $699.5 million, Total liabilities of $141.1 million and Total equity of $558.4 million inclusive of the distribution of capital to noncontrolling interest holders.
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, 2023. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2023 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.
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Aug. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 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, 2023.
During the nine months ended August 31, 2024, there were no significant changes made to the Company’s significant accounting policies.
v3.24.3
Accounting Developments
 9 Months Ended
Aug. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting Developments 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.
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.
Adopted Accounting Standards
Reference Rate Reform. The FASB issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023.
Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset’s entire life, recorded at inception or purchase. On January 1, 2023, Berkadia, our equity method investee, adopted this guidance and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on January 1, 2023, the new accounting guidance’s adoption resulted in a decrease in retained earnings of $14.8 million, net of tax attributable to an increase in the allowance for credit losses. Our equity method investee, Jefferies Finance, adopted the guidance on December 1, 2023, and the impact on our consolidated financial statements was not material.
v3.24.3
Business Acquisitions
 9 Months Ended
Aug. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisitions Business Acquisitions
We acquired Stratos and OpNet during the fourth quarter of 2023. Stratos is a global provider of online foreign exchange services. OpNet is a fixed wireless broadband service provider in Italy and also owns 59.3% of the common shares of Tessellis S.p.A. (“Tessellis”), a telecommunications company publicly listed on the Italian stock exchange. These companies were investments in our legacy merchant banking portfolio, and these transactions have been accounted for under the acquisition method of accounting which requires that the assets acquired, including identifiable intangible assets, and liabilities assumed to be recognized at their respective fair values as of the acquisition date.
Fair value of assets acquired and liabilities assumed on the acquisition dates:
$ in thousandsStratosOpNetTotal
Cash and cash equivalents$83,006 $7,875 $90,881 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations124,306 — 124,306 
Financial instruments owned, at fair value53,028 — 53,028 
Investments in and loans to related parties— 6,644 6,644 
Receivables:
Brokers, dealers and clearing organizations113,750 — 113,750 
Fees, interest and other4,745 14,728 19,473 
Property and equipment, net31,830 111,458 143,288 
Goodwill (1)5,463 127,051 132,514 
Assets held for sale (2)— 578,820 578,820 
Other assets (3)31,135 98,278 129,413 
Total assets acquired$447,263 $944,854 $1,392,117 
Financial instruments sold, net yet purchased, at fair value$31,293 $— $31,293 
Payables:
Brokers, dealers and clearing organizations236 — 236 
Customers payables297,494 — 297,494 
Short-term borrowings— 7,137 7,137 
Lease liabilities9,308 23,040 32,348 
Liabilities held for sale (2)— 303,447 303,447 
Accrued expenses and other liabilities18,011 176,308 194,319 
Long-term debt— 75,437 75,437 
Total liabilities assumed$356,342 $585,369 $941,711 
Net assets acquired$90,921 $359,485 $450,406 
Noncontrolling interests$— $42,168 $42,168 
(1)All goodwill is attributed to the Asset Management reportable segment.
(2)Relates to the net operating assets of the wholesale operations of OpNet.
(3)Includes intangible assets in the form of purchased technology, trademarks and trade names, and customer relationships related to Tessellis that was acquired as part of obtaining control of OpNet. These intangible assets are being amortized over a finite life of up to 20 years.
Measurement Period Adjustments
The estimated purchase price allocation disclosed as of November 30, 2023 for OpNet 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.
Stratos
We historically held a 49.9% voting interest in Stratos. In March 2023, certain noteholders of Global Brokerage Inc. (“GLBR”) filed an involuntary bankruptcy petition against GLBR and its subsidiary, Global Brokerage Holdings LLC (“Holdings”), which holds a 50.1% voting equity interest in Stratos. On September 14, 2023, we completed a foreclosure on the collateral that GLBR had pledged to secure its obligations under a credit facility, which consisted of GLBR’s equity interest in Stratos. As a result of the foreclosure, we own 100% of the outstanding interests of Stratos; and Stratos has become a consolidated subsidiary.
In connection with the acquisition of the additional 50.1% interests in Stratos, we extinguished our senior secured term loan to Stratos of $39.2 million and recognized a gain of $5.6 million, which is reflected in Principal transactions revenues. Upon the acquisition, we remeasured our previously existing 49.9% interest at fair value and recognized a loss of $4.7 million, in Other revenues, representing the excess of the carrying value of the 49.9% interest of our $47.9 million equity method investment over its fair value at the date of acquisition. The fair value of the previously existing equity interest was measured using an income approach based on estimates of future expected cash flows applying a risk-adjusted discount rate of 24.5%. Critical estimates to derive future expected cash flows includes the use of projected revenues and expenses, applicable tax rates and depreciation factors with the risk-adjusted discount rate based upon an estimated weighted average cost of capital for the acquired business.
No consideration, other than the nonmonetary exchange of our senior secured term loan, was transferred in connection with the foreclosure, which resulted in us obtaining 100% ownership of the outstanding interests of Stratos. In applying acquisition accounting, we estimated the overall enterprise fair value of Stratos consistent with the methodology utilized to fair value our previously existing 49.9% equity interest. The enterprise fair value was allocated based on the fair values of the acquired assets and assumed liabilities resulting in a gain of $0.9 million and goodwill of $5.5 million.
The results of Stratos’ operations have been included in our Consolidated Statements of Earnings from the date of acquisition on September 14, 2023.
OpNet
We historically owned 47.4% of the common shares and 50.0% of the voting rights of OpNet 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 72.6% of the aggregate voting rights of OpNet. Additionally, during the first quarter of 2024, we exchanged €115.1 million of our shareholder loans for additional preferred shares and also subscribed to additional
preferred shares of €25.0 million at a price per share of €10.00. During the second quarter of 2024, we provided an additional shareholder loan of €20.0 million and subscribed to additional preferred shares of €18.7 million at a price per share of €10.00. In June 2024, we provided an additional shareholder loan of €20.0 million.
OpNet was considered to be a variable interest entity and we determined that we were the primary beneficiary of OpNet. Accordingly, we consolidated OpNet and the assets and liabilities of OpNet in our consolidated financial statements. 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 certain net operating assets of OpNet, which have been classified as held for sale, and OpNet’s percentage ownership of Tessellis common shares based on the publicly listed exchange price of Tessellis on November 30, 2023. No consideration was transferred in connection with the consolidation.
The remaining identifiable assets and assumed liabilities of OpNet primarily represent the assets and liabilities of Tessellis. 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 the entity 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. During the first quarter of 2024, we decreased goodwill by $27.0 million to $100.1 million based on measurement period adjustments.
During the nine months ended August 31, 2024, Tessellis executed various acquisitions and, as a result, recognized assets and liabilities of $20.6 million and $17.4 million, respectively, on the acquisition dates. Total assets primarily relate to goodwill and intangible assets. We are in the process of finalizing purchase price allocation adjustments related to the identified assets and may adjust these amounts upon completion of our assessment in subsequent reporting periods.
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 $2.8 million. The sale of OpNet did not include our interest in Tessellis.
v3.24.3
Assets Held for Sale and Discontinued Operations
 9 Months Ended
Aug. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale and Discontinued Operations Assets Held for Sale and Discontinued Operations
Foursight
On November 20, 2023, we entered into an agreement to sell Foursight. Assets held for sale are recorded initially at the lower of their carrying value or estimated fair value, less estimated costs to sell. Upon designation as an asset held for sale, we discontinue recording depreciation expense on such asset.
Foursight’s major classes of assets and liabilities:
$ in thousandsNovember 30, 2023
Assets held for sale:
Cash and cash equivalents$3,555 
Other receivables1,478 
Premises and equipment, net1,175 
Operating lease assets7,635 
Goodwill (1)24,000 
Other assets (2)928,808 
     Total assets held for sale$966,651 
Liabilities held for sale:
Other secured financings$700,615 
Lease liabilities8,821 
Accrued expenses and other liabilities11,503 
Long-term debt149,262 
     Total liabilities held for sale$870,201 
(1)Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale.
(2)Includes $850.8 million of automobile loan receivables and $42.1 million in deposits required under Foursight’s warehouse credit facilities and amounts collected on pledged automobile loan receivables yet to be distributed.
In April 2024, we closed the sale of Foursight and recognized an initial gain on sale of $24.8 million, which is included within Other revenues.
OpNet
We classified certain net operating assets of OpNet as held for sale in our Consolidated Statements of Financial Condition. The net operating assets that were classified as held for sale were recognized at their estimated fair values pursuant to the step-acquisition accounting related to our interests in OpNet. Refer to Note 4, Business Acquisitions for further information.
The major components of the held for sale assets and liabilities in the disposal group primarily consisted of intangible assets relating to radio frequency networks, customer relationships and other branding rights. The liabilities held for sale consisted primarily of OpNet’s outstanding publicly listed notes. The fair value of the intangible assets was based on the estimated sale price of the disposal group and the fair value of the publicly listed notes were based on observations of quoted transaction prices.
Effective with the designation of the disposal group as held for sale, we suspended recording depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets while these assets were classified as held for sale.
The activities of OpNet’s wholesale operations have been classified as discontinued operations for three and nine months ended August 31, 2024 and its results presented in Net earnings (losses) from discontinued operations (including gain on disposal), net of tax.
In February 2024, we agreed to sell substantially all of OpNet’s wholesale operating assets. The sale closed in August 2024.
v3.24.3
Fair Value Disclosures
 9 Months Ended
Aug. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
August 31, 2024 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty
 and Cash
Collateral
Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities$5,132,729 $284,986 $200,643 $— $5,618,358 
Corporate debt securities— 5,399,974 31,178 — 5,431,152 
Collateralized debt obligations and collateralized loan obligations— 628,955 82,081 — 711,036 
U.S. government and federal agency securities3,292,721 86,902 — — 3,379,623 
Municipal securities— 517,810 — — 517,810 
Sovereign obligations952,700 565,919 106 — 1,518,725 
Residential mortgage-backed securities— 2,504,631 624 — 2,505,255 
Commercial mortgage-backed securities— 264,281 492 — 264,773 
Other asset-backed securities— 152,674 145,403 — 298,077 
Loans and other receivables— 1,830,445 87,124 — 1,917,569 
Derivatives1,249 2,795,157 6,323 (2,270,214)532,515 
Investments at fair value— 6 139,380 — 139,386 
Total financial instruments owned, excluding Investments at fair value based on NAV$9,379,399 $15,031,740 $693,354 $(2,270,214)$22,834,279 
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$68,966 $— $— $— $68,966 
Securities received as collateral272,619 — — — 272,619 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$3,720,668 $89,406 $2,970 $— $3,813,044 
Corporate debt securities— 3,526,750 260 — 3,527,010 
U.S. government and federal agency securities2,789,472 — — — 2,789,472 
Sovereign obligations913,115 523,867 — — 1,436,982 
Residential mortgage-backed securities— 26 — — 26 
Commercial mortgage-backed securities— — 1,119 — 1,119 
Loans— 99,533 1,560 — 101,093 
Derivatives411 2,981,236 34,823 (2,378,130)638,340 
Total financial instruments sold, not yet purchased$7,423,666 $7,220,818 $40,732 $(2,378,130)$12,307,086 
Other secured financings$— $— $3,965 $— $3,965 
Obligation to return securities received as collateral272,619 — — — 272,619 
Long-term debt— 1,333,744 789,146 — 2,122,890 
(1)Excludes Investments at fair value based on net asset value (“NAV”) of $1.20 billion at August 31, 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.
November 30, 2023 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty 
and Cash 
Collateral
Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities$3,831,698 $211,182 $181,294 $— $4,224,174 
Corporate debt securities— 4,921,222 26,112 — 4,947,334 
Collateralized debt obligations and collateralized loan obligations— 869,246 64,862 — 934,108 
U.S. government and federal agency securities3,563,164 65,566 — — 3,628,730 
Municipal securities— 223,502 — — 223,502 
Sovereign obligations1,051,494 609,452 — — 1,660,946 
Residential mortgage-backed securities— 2,048,309 20,871 — 2,069,180 
Commercial mortgage-backed securities— 344,902 508 — 345,410 
Other asset-backed securities— 255,048 117,661 — 372,709 
Loans and other receivables— 1,320,217 130,101 — 1,450,318 
Derivatives314 3,649,814 8,336 (3,107,620)550,844 
Investments at fair value— — 130,835 — 130,835 
Total financial instruments owned, excluding Investments at fair value based on NAV$8,446,670 $14,518,460 $680,580 $(3,107,620)$20,538,090 
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$110,198 $— $— $— $110,198 
Securities received as collateral8,800 — — — 8,800 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$2,235,049 $83,180 $676 $— $2,318,905 
Corporate debt securities— 2,842,776 124 — 2,842,900 
Collateralized debt obligations and collateralized loan obligations— 36 — — 36 
U.S. government and federal agency securities2,957,787 — — — 2,957,787 
Sovereign obligations1,229,795 579,302 — — 1,809,097 
Residential mortgage-backed securities— 463 — — 463 
Commercial mortgage-backed securities— — 840 — 840 
Loans— 173,828 1,521 — 175,349 
Derivatives54 3,851,004 59,291 (2,764,572)1,145,777 
Total financial instruments sold, not yet purchased$6,422,685 $7,530,589 $62,452 $(2,764,572)$11,251,154 
Other secured financings$— $— $3,898 $— $3,898 
Obligation to return securities received as collateral8,800 — — — 8,800 
Long-term debt— 963,846 744,597 — 1,708,443 
(1)Excludes Investments at fair value based on NAV of $1.21 billion at November 30, 2023 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, 2023.
Investments at Fair Value
Investments at fair value includes investments in hedge funds and private equity 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.
Investments in entities that have the characteristics of an investment company:
August 31, 2024
$ in thousandsFair
Value (1)		Unfunded
Commitments		Redemption FrequencyRedemption Notice Period
Equity Long/Short Hedge Funds (2)$264,698 $— 
Quarterly (100%)
45 - 90 days
Equity Funds (3)56,759 31,268 
N/R (100%)
N/R
Commodity Funds (4)20,731 — 
Quarterly (100%)
60 days
Multi-asset Funds (5)346,533 — 
Monthly (86%)
Quarterly (14%)
45 - 60 days
90 days
Other Funds (6)515,659 223,813 
Quarterly (64%)
N/R (36%)
90 days
N/R
Total$1,204,380 $255,081 

November 30, 2023
$ in thousandsFair 
Value (1)		Unfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Equity Long/Short Hedge Funds (2)$341,530 $— 
Quarterly (57%)
N/R (43%)
60 - 90 days
N/R
Equity Funds (3)55,701 37,534 
N/R (100%)
N/R
Commodity Funds (4)21,747 — 
Quarterly (100%)
60 days
Multi-asset Funds (5)357,445 — 
Monthly (83%)
Quarterly (13%)
N/R (4%)
60 days
90 days
N/R
Other Funds (6)432,960 132,662 
Quarterly (75%)
N/R (25%)
90 days
N/R
Total$1,209,383 $170,196 
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. The non-redeemable investments at November 30, 2023 included restrictions before November 30, 2023 or August 31, 2025.
(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 one to ten years.
(4)Includes investments in a hedge fund that invests, long and short, primarily in commodities.
(5)Includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. The non-redeemable investments at November 30, 2023 included restrictions before April 1, 2024.
(6)Primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types.
Level 3 Rollforwards
Three Months Ended August 31, 2024
$ in thousandsBalance at May 31, 2024Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2024
For instruments still held at
 August 31, 2024, changes in
unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities$178,755 $9,887 $12,874 $(1,035)$(198)$— $360 $200,643 $10,184 $— 
Corporate debt securities38,717 93 — (1,753)— — (5,879)31,178 1,181 — 
CDOs and CLOs68,626 1,477 17,704 (1,147)(1,323)— (3,256)82,081 649 — 
Sovereign obligations— — — — — — 106 106 — — 
RMBS644 24 — — (12)— (32)624 34 — 
CMBS477 15 — — — — — 492 — — 
Other ABS168,736 (966)29,502 (27,528)(3,608)— (20,733)145,403 (1,988)— 
Loans and other receivables92,546 (18,742)10,138 (4,489)(2,258)— 9,929 87,124 (5,863)— 
Investments at fair value138,057 952 371 — — — — 139,380 952 — 
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$708 $4 $— $2,264 $— $— $(6)$2,970 $(4)$— 
Corporate debt securities506 — (246)— — — — 260 — — 
CMBS1,049 — — — 70 — — 1,119 — — 
Loans1,584 (1,000)— 964 12 — — 1,560 1 — 
Net derivatives (2)34,877 (7,588)— — 734 — 477 28,500 4,363 — 
Other secured financings3,965 — — — — — — 3,965 — — 
Long-term debt784,212 25,080 — — — 542 (20,688)789,146 (37,145)12,065 
Nine Months Ended August 31, 2024
$ in thousandsBalance at November 30, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2024
For instruments still held at
 August 31, 2024, changes in
unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$181,294 $(3,969)$28,576 $(2,480)$— $— $(2,778)$200,643 $(3,179)$— 
Corporate debt securities26,112 3,060 14,894 (6,735)(200)— (5,953)31,178 7,309 — 
CDOs and CLOs64,862 8,771 41,690 (22,797)(5,214)— (5,231)82,081 4,351 — 
Sovereign obligations— (16)11,147 (11,025)— — — 106 3 — 
RMBS20,871 (185)— (5,374)(63)— (14,625)624 33 — 
CMBS508 (16)— — — — — 492 (64)— 
Other ABS117,661 (7,724)94,754 (68,622)(19,929)— 29,263 145,403 (5,778)— 
Loans and other receivables130,101 (43,105)20,220 (4,856)(19,523)— 4,287 87,124 (17,949)— 
Investments at fair value130,835 (10,626)19,725 — (547)— (7)139,380 (10,626)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$676 $5 $— $2,289 $— $— $— $2,970 $(5)$— 
Corporate debt securities124 (23)— — — — 159 260 23 — 
CMBS840 — (245)— 525 — (1)1,119 (2)— 
Loans1,521 1,879 (180)1,367 152 — (3,179)1,560 (26)— 
Net derivatives (2)50,955 (17,212)(3,236)2,471 (9,504)— 5,026 28,500 5,659 — 
Other secured financings3,898 4,482 — — (4,415)— — 3,965 (4,482)— 
Long-term debt744,597 34,157 — — (2,109)28,614 (16,113)789,146 (41,836)7,679 
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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:
•Other ABS of $24.0 million, CDOs and CLOs of $13.4 million, Corporate debt securities of $7.1 million 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.
Three Months Ended August 31, 2023
$ in thousandsBalance at May 31, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2023
For instruments still held at
August 31, 2023, changes in unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$267,913 $(85,416)$333 $(331)$— $— $(3,710)$178,789 $(84,507)$— 
Corporate debt securities42,642 (176)4,685 (4,157)— — (11,282)31,712 416 — 
CDOs and CLOs62,691 12,133 9,848 (648)(17,331)— (9,208)57,485 (8,000)— 
RMBS24,705 (1,796)324 — (4)— — 23,229 (686)— 
CMBS28,946 (535)— — — — — 28,411 (368)— 
Other ABS126,075 (2,768)50,945 (2,534)— — 5,324 177,042 (3,995)— 
Loans and other receivables141,817 6,776 7,342 (7,967)— — 2,239 150,207 7,955 — 
Investments at fair value153,800 114,681 575 — (196)— (12,747)256,113 114,681 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities465 — — — — — — 465 — — 
Corporate debt securities267 1 — — — — (42)226 (1)— 
CMBS630 (11)— — 210 — (105)724 11 — 
Loans3,348 2,522 (1,655)247 — — 2,977 7,439 (4,508)— 
Net derivatives (2)54,260 4,259 (9,406)22,236 — — (31,313)40,036 (4,177)— 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt697,057 20,768 — — — 5,572 (17,482)705,915 (5,770)(14,998)
Nine Months Ended August 31, 2023
$ in thousandsBalance at November 30, 2022Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2023
For instruments still held at
August 31, 2023, changes in unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$240,347 $(58,302)$895 $(1,228)$(630)$— $(2,293)$178,789 $(51,782)$— 
Corporate debt securities30,232 2,087 11,519 (20,410)(200)— 8,484 31,712 (1,394)— 
CDOs and CLOs55,824 23,622 30,744 (1,062)(43,798)— (7,845)57,485 (13,103)— 
RMBS27,617 (4,239)— — (149)— — 23,229 (1,513)— 
CMBS839 (1,282)— — — — 28,854 28,411 (428)— 
Other ABS94,677 (9,162)90,507 (4,387)— — 5,407 177,042 (11,922)— 
Loans and other receivables168,875 4,626 12,769 (28,171)(186)— (7,706)150,207 10,380 — 
Investments at fair value161,992 112,094 7,994 (2,420)(10,887)— (12,660)256,113 113,807 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$750 $(285)$— $— $— $— $— $465 $285 $— 
Corporate debt securities500 (40)(234)— — — — 226 29 — 
CMBS490 (11)— — 245 — — 724 11 — 
Loans3,164 (124)(1,655)354 — — 5,700 7,439 (908)— 
Net derivatives (2)59,524 (8,176)(5,300)17,037 (854)10,035 (32,230)40,036 7,718 — 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt661,123 40,321 — — — 5,775 (1,304)705,915 (8,970)(31,351)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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, 2023
Transfers of assets of $21.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $7.0 million, Other ABS of $6.8 million, CDOs and CLOs of $3.7 million and Corporate debt securities of $3.2 million due to reduced pricing transparency.
Transfers of assets of $51.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Corporate debt securities of $14.5 million, CDOs and CLOs of $12.9 million, Investments at fair value of $12.7 million, Loans and other receivables of $4.7 million, Corporate equity securities of $4.6 million and Other ABS of $1.5 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $31.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $21.7 million, Net derivatives of $6.5 million and Loans of $3.0 million due to reduced market and pricing transparency.
Transfers of liabilities of $77.3 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $39.1 million and Net derivatives of $37.8 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $42.9 million and net losses on Level 3 liabilities were $27.5 million for the three months ended August 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value, CDOs and CLOs, and Loans and other receivables, partially offset by decreased valuations of Corporate equity securities and Other ABS. 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, 2023
Transfers of assets of $77.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•CMBS of $28.9 million, Loans and other receivables of $26.3 million, Other ABS of $9.9 million, Corporate debt securities of $8.7 million and Corporate equity securities of $3.3 million due to reduced pricing transparency.
Transfers of assets of $64.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $34.0 million, Investments at fair value of $12.7 million, CDOs and CLOs of $7.8 million, Corporate equity securities of $5.6 million and Other ABS of $4.5 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $46.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $27.9 million, Net derivatives of $12.6 million and Loans of $5.7 million due to reduced market and pricing transparency.
Transfers of liabilities of $74.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $44.8 million and Structured notes within Long-term debt of $29.2 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $69.4 million and net losses on Level 3 liabilities were $31.7 million for the nine months ended August 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value and CDOs and CLOs, partially offset by decreased valuations of Corporate equity securities and other ABS. 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.

Significant Unobservable Inputs used in Level 3 Fair Value Measurements
August 31, 2024
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$200,643 
Non-exchange-traded securitiesMarket approachPrice$0-$325$56
EBITDA multiple5.4—
Corporate debt securities$31,178 Market approachPrice$0-$95$58
CDOs and CLOs$77,965 Discounted cash flowsConstant prepayment rate15%-20%18%
Constant default rate2%—
Loss severity30%—
Discount rate/yield13 %-20%18%
Market approachPrice$70-$110$96
Other ABS$137,548 Discounted cash flowsDiscount rate/yield18 %-21%19%
Cumulative loss rate28 %-33%30%
Duration (years)1.1-1.81.6
Market approachPrice$100—
Scenario analysisEstimated recovery percentage92%—
Loans and other receivables$87,124 Market approachPrice$81-$100$97
Scenario analysisEstimated recovery percentage2 %-198%67%
Investments at fair value$134,284 
Private equity securitiesMarket approachPrice$1-$5,000$360
Price€8,040—
Price£0.5—
Discount rate/yield28%—
Revenue$30,067,142—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities$2,970 
Non-exchange-traded securitiesMarket approachEBITDA multiple5.4—
Derivatives$33,608 
Equity optionsVolatility bench-markingVolatility33 %-57%47%
Embedded optionsMarket approachBasis points upfront8.2-21.814.9
Other secured financings$3,965 Scenario analysisEstimated recovery percentage60 %-100%93%
Long-term debt$789,146 
Structured notesMarket approachPrice$62-$100$81
Price€65-€106€87
November 30, 2023
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$181,294 
Non-exchange-traded securitiesMarket approachPrice$0-$325$59
Corporate debt securities$26,112 Market approachPrice$40-$94$50
Discounted cash flowsDiscount rate/yield11%—
Scenario analysisEstimated recovery percentage4%—
CDOs and CLOs$64,862 Discounted cash flowsConstant prepayment rate15 %-20%19%
Constant default rate2%—
Loss severity35 %-40%36%
Discount rate/yield21 %-26%24%
Market approachPrice$48-$100$88
CMBS$508 Scenario analysisEstimated recovery percentage28%—
Other ABS$102,423 Discounted cash flowsDiscount rate/yield10 %-21%18%
Cumulative loss rate9 %-32%25%
Duration (years)1.1-2.21.7
Market approachPrice$100—
Loans and other receivables$130,101 Market approachPrice$82-$157$127
Scenario analysisEstimated recovery percentage7 %-73%40%
Derivatives$2,395 
Equity optionsVolatility bench-markingVolatility60%—
Investments at fair value$127,237 
Private equity securitiesMarket approachPrice$1-$6,819$484
Discount rate/yield28%—
Revenue$30,538,979—
Financial Instruments Sold, Not Yet Purchased:
Corporate debt securities$124 Scenario analysisEstimated recovery percentage4%—
Loans $1,521 Market approach Price$101—
Derivatives$56,779 
Equity optionsVolatility bench-markingVolatility31 %-87%42%
Embedded optionsMarket approachBasis points upfront0.4-25.517.9
Other secured financings$3,898 Scenario analysisEstimated recovery percentage18 %-73%53%
Long-term debt$744,597 
Structured notes Market approach Price$57-$114$78
Price€60-€103€84
The tables above 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 with 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, 2024 and November 30, 2023, asset exclusions consisted of $24.6 million and $45.6 million, respectively, primarily comprised of CDOs and CLOs, Other ABS, Loans and other receivables, Investments at fair value, certain derivatives, RMBS, CMBS and sovereign obligations. At August 31, 2024 and November 30, 2023, liability exclusions consisted of $4.2 million and $4.0 million, respectively, primarily comprised of certain derivatives, loans, CMBS, 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 and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables or structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the EBITDA multiple related to non-exchange-traded 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, corporate debt securities, CMBS, other ABS and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument.
•CDOs and CLOs, corporate debt securities and other ABS using a discounted cash flow 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.
•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 Election
For a description of our financial assets and liabilities 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, 2023.
Fair value option gains (losses):
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
Financial instruments owned:
Loans and other receivables$(690)$15,998 $(39,664)$31,172 
Other secured financings:
Other changes in fair value (2)$— $— $(4,482)$— 
Long-term debt:
Changes in instrument-specific credit risk (1)$23,779 $(29,980)$6,009 $(56,357)
Other changes in fair value (2)(84,266)17,882 (111,716)21,432 
(1)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.
(2)Other changes in fair value are included in Principal transactions revenues.
Fair value option amounts by which contractual principal is greater than (less than) fair value:
$ in thousandsAugust 31,
2024		November 30,
2023
Financial instruments owned:
Loans and other receivables (1)$1,413,079 $2,344,468 
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)246,720 259,354 
Long-term debt199,404 294,256 
Other secured financings459 1,377 
(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 $58.7 million and $187.4 million at August 31, 2024 and November 30, 2023, respectively.
The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $88.2 million and $98.1 million at August 31, 2024 and November 30, 2023, respectively, which includes loans and other receivables 90 days or greater past due of $76.4 million and $37.6 million at August 31, 2024 and November 30, 2023, respectively.
Assets Measured at Fair Value on a Non-recurring Basis
Certain assets were measured at fair value on a non-recurring basis and are not included in the tables above. Impairment losses for the three and nine months ended August 31, 2023 attributable to an equity method investment were $27.8 million and $57.2 million, respectively, and were recognized in Other revenues. The assets of the equity method investment were included within the Asset Management reportable business segment. The equity method investment was sold during the fourth quarter of 2023 and we recognized a gain of $1.7 million. The equity method investment would be categorized within Level 3 of the fair value hierarchy. Fair value was based on our best estimate of what could be recognized in a sale transaction for the investment.
During the nine months ended August 31, 2024, our shares in Monashee, an equity method investment, were converted to a newly created class of nonmarketable preferred shares. Our equity method investment was remeasured to a fair value of $21.9 million in connection with its nonmonetary exchange into the preferred shares, which are accounted for at cost pursuant to the measurement alternative subsequent to the nonmonetary exchange.
Financial Instruments Not Measured at Fair Value
Certain 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 and $0.0 million at August 31, 2024 and November 30, 2023, respectively. Net losses of $0.4 million and $122.2 million were recognized on these investments during the three and nine months ended August 31, 2023, respectively. There were no impairments on these investments during the three and nine months ended August 31, 2024. Impairments on these investments during the three and nine months ended August 31, 2023 were $0.4 million and $80.3 million, respectively.
v3.24.3
Derivative Financial Instruments
 9 Months Ended
Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Our derivative activities are recorded at fair value in Financial instruments owned and Financial instruments sold, not yet 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.
August 31, 2024 (1)
AssetsLiabilities
$ in thousandsFair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$— — $3,557 3 
Foreign exchange contracts:
Bilateral OTC— — 37,891 3 
Total derivatives designated as accounting hedges— 41,448 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded1,248 76,019 411 74,671 
Cleared OTC854,712 6,146 860,359 6,185 
Bilateral OTC513,138 1,728 783,131 874 
Foreign exchange contracts:
Bilateral OTC106,721 53,117 110,132 33,513 
Equity contracts:
Exchange-traded537,457 1,044,597 430,790 914,419 
Bilateral OTC743,300 30,924 748,483 18,918 
Commodity contracts:
Exchange-traded12 629 21 574 
Bilateral OTC5,263 12,739 1,530 5,490 
Credit contracts:
Cleared OTC9,924 40 21,178 23 
Bilateral OTC30,954 15 18,987 38 
Total derivatives not designated as accounting hedges2,802,729 2,975,022 
Total gross derivative assets/ liabilities:
Exchange-traded538,717 431,222 
Cleared OTC864,636 885,094 
Bilateral OTC1,399,376 1,700,154 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(389,719)(389,719)
Cleared OTC(863,799)(869,789)
Bilateral OTC(1,016,696)(1,118,622)
Net amounts per Consolidated Statements of Financial Condition (4)$532,515 $638,340 
November 30, 2023 (1)
AssetsLiabilities
$ in thousandsFair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$— — $6,070 3 
Foreign exchange contracts:
Bilateral OTC259 1 19,638 3 
Total derivatives designated as accounting hedges259 25,708 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded316 88,354 63 67,643 
Cleared OTC1,156,937 4,415 1,185,503 4,544 
Bilateral OTC893,983 1,179 1,266,506 786 
Foreign exchange contracts:
Exchange-traded— — — 4 
Bilateral OTC147,470 66,254 129,770 38,585 
Equity contracts:
Exchange-traded678,542 1,180,832 393,220 1,174,298 
Bilateral OTC715,754 31,116 850,088 16,234 
Commodity contracts:
Exchange-traded59 735 33 940 
Bilateral OTC5,662 15,497 1,398 6,455 
Credit contracts:
Cleared OTC38,046 133 38,487 81 
Bilateral OTC21,436 22 19,573 29 
Total derivatives not designated as accounting hedges3,658,205 3,884,641 
Total gross derivative assets/liabilities:
Exchange-traded678,917 393,316 
Cleared OTC 1,194,983 1,230,060 
Bilateral OTC1,784,564 2,286,973 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(384,392)(384,392)
Cleared OTC(1,189,517)(1,189,513)
Bilateral OTC(1,533,711)(1,190,667)
Net amounts per Consolidated Statements of Financial Condition (4)$550,844 $1,145,777 
(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:
$ in thousandsThree Months Ended 
August 31,		Nine Months Ended 
August 31,
Gains (Losses)2024202320242023
Interest rate swaps$43,765 $(46,783)$12,954 $(64,847)
Long-term debt(61,068)30,345 (62,053)23,068 
Total$(17,303)$(16,438)$(49,099)$(41,779)
Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss):
$ in thousandsThree Months Ended 
August 31,		Nine Months Ended 
August 31,
Gains (Losses)2024202320242023
Foreign exchange contracts$(38,878)$(22,086)$(47,686)$(53,091)
Total$(38,878)$(22,086)$(47,686)$(53,091)
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:
$ in thousandsThree Months Ended 
August 31,		Nine Months Ended 
August 31,
Gains (Losses)2024202320242023
Interest rate contracts$72,271 $44,277 $107,103 $175,398 
Foreign exchange contracts15,760 26,173 48,289 63,832 
Equity contracts72,741 185,215 (186,617)(118,222)
Commodity contracts6,270 (105)24,702 (289)
Credit contracts(222)(7,623)(13,592)(8,447)
Total$166,820 $247,937 $(20,115)$112,272 
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, 2024:
OTC Derivative Assets (1) (2) (3)
$ in thousands0 – 12 
Months		1 – 5
Years		Greater 
Than 
5 Years		Cross-Maturity Netting (4)Total
Commodity swaps, options and forwards$5,262 $— $— $— $5,262 
Equity options and forwards163,004 49,776 — (6,461)206,319 
Credit default swaps — 24,419 — — 24,419 
Total return swaps108,223 71,606 — (4,171)175,658 
Foreign currency forwards, swaps and options43,871 1,053 — (189)44,735 
Fixed income forwards6,257 — — — 6,257 
Interest rate swaps, options and forwards120,851 244,808 38,644 (77,836)326,467 
Total$447,468 $391,662 $38,644 $(88,657)789,117 
Cross product counterparty netting(20,924)
Total OTC derivative assets included in Financial instruments owned$768,193 
OTC Derivative Liabilities (1) (2) (3)
$ in thousands0 – 12 
Months		1 – 5
Years		Greater 
Than 
5 Years		Cross-Maturity Netting (4)Total
Commodity swaps, options and forwards$1,530 $— $— $— $1,530 
Equity options and forwards108,263 108,550 — (6,461)210,352 
Credit default swaps1,985 13,008 — — 14,993 
Total return swaps97,836 82,521 44 (4,171)176,230 
Foreign currency forwards, swaps and options85,864 378 — (189)86,053 
Fixed income forwards14,978 — — — 14,978 
Interest rate swaps, options and forwards107,139 131,627 444,730 (77,836)605,660 
Total$417,595 $336,084 $444,774 $(88,657)1,109,796 
Cross product counterparty netting(20,924)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased$1,088,872 
(1)At August 31, 2024, we held net exchange-traded derivative assets and liabilities with a fair value of $149.0 million and $42.1 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, 2024, cash collateral received and pledged was $384.7 million and $492.6 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, 2024 (in thousands):
Counterparty credit quality (1):
A- or higher$167,768 
BBB- to BBB+72,300 
BB+ or lower267,516 
Unrated260,609 
Total$768,193 
(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:
August 31, 2024
External Credit Ratings
$ in millionsInvestment GradeNon-investment GradeTotal Notional
Credit protection sold:
Index credit default swaps$270.0 $348.4 $618.4 
November 30, 2023
External Credit Ratings
$ in millionsInvestment GradeNon-investment GradeTotal Notional
Credit protection sold:
Index credit default swaps$1,451.5 $893.9 $2,345.4 
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:
$ in millionsAugust 31,
2024		November 30,
2023
Derivative instrument liabilities with credit-risk-related contingent features$79.9 $139.5 
Collateral posted(65.4)(97.6)
Collateral received101.3 71.0 
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)115.8 112.9 
(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.
v3.24.3
Collateralized Transactions
 9 Months Ended
Aug. 31, 2024
Collateralized Transactions [Abstract]  
Collateralized Transactions Collateralized Transactions
August 31, 2024
$ in millionsSecurities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,570.8 $744.4 $166.1 $2,481.3 
Corporate debt securities919.6 3,598.0 — 4,517.6 
Mortgage-backed and asset-backed securities— 1,958.2 — 1,958.2 
U.S. government and federal agency securities46.7 7,084.8 — 7,131.5 
Municipal securities— 184.9 — 184.9 
Sovereign obligations13.0 2,303.0 106.5 2,422.5 
Loans and other receivables— 1,199.5 — 1,199.5 
Total$2,550.1 $17,072.8 $272.6 $19,895.5 
November 30, 2023
$ in millionsSecurities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,221.4 $627.0 $4.4 $1,852.8 
Corporate debt securities576.4 4,297.9 — 4,874.3 
Mortgage-backed and asset-backed securities— 1,950.9 — 1,950.9 
U.S. government and federal agency securities39.2 9,474.2 3.4 9,516.8 
Municipal securities— 141.1 — 141.1 
Sovereign obligations3.5 2,511.6 1.0 2,516.1 
Loans and other receivables— 838.5 — 838.5 
Total$1,840.5 $19,841.2 $8.8 $21,690.5 
August 31, 2024
$ in millionsOvernight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$1,675.4 $37.4 $350.0 $487.3 $2,550.1 
Repurchase agreements2,644.3 7,997.6 2,150.4 4,280.5 17,072.8 
Obligation to return securities received as collateral, at fair value272.6 — — — 272.6 
Total$4,592.3 $8,035.0 $2,500.4 $4,767.8 $19,895.5 
November 30, 2023
$ in millionsOvernight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$1,068.6 $— $244.2 $527.7 $1,840.5 
Repurchase agreements10,548.3 2,442.4 1,939.9 4,910.6 19,841.2 
Obligation to return securities received as collateral, at fair value8.8 — — — 8.8 
Total$11,625.7 $2,442.4 $2,184.1 $5,438.3 $21,690.5 
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, 2024 and November 30, 2023, the approximate fair value of securities received as collateral by us that may be sold or repledged was $40.78 billion and $33.99 billion, respectively. At August 31, 2024 and November 30, 2023, 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).
August 31, 2024
$ in millionsGross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets:
Securities borrowing arrangements$7,056.6 $— $7,056.6 $(279.4)$(1,945.2)$4,832.0 
Reverse repurchase agreements14,462.3 (7,469.3)6,993.0 (984.9)(5,922.7)85.4 
Securities received as collateral, at fair value272.6 — 272.6 — (272.6)— 
Liabilities:
Securities lending arrangements$2,550.1 $— $2,550.1 $(279.4)$(2,226.9)$43.8 
Repurchase agreements17,072.8 (7,469.3)9,603.5 (984.9)(8,125.9)492.7 
Obligation to return securities received as collateral, at fair value272.6 — 272.6 — (272.6)— 
November 30, 2023
$ in millionsGross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets:
Securities borrowing arrangements$7,192.1 $— $7,192.1 $(327.7)$(1,642.9)$5,221.4 
Reverse repurchase agreements14,871.1 (8,920.6)5,950.5 (1,304.0)(4,582.6)63.9 
Securities received as collateral, at fair value8.8 — 8.8 — (8.8)— 
Liabilities:
Securities lending arrangements$1,840.5 $— $1,840.5 $(327.7)$(1,396.1)$116.7 
Repurchase agreements19,841.2 (8,920.6)10,920.6 (1,304.0)(9,035.4)581.2 
Obligation to return securities received as collateral, at fair value8.8 — 8.8 — (8.8)— 
(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 $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 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.
$ in thousandsAugust 31,
2024		November 30,
2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$1,360,324 $1,414,593 
Securities purchased under agreements to resell (1)343,779 45,490 
Total$1,704,103 $1,460,083 
(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.
v3.24.3
Securitization Activities
 9 Months Ended
Aug. 31, 2024
Transfers and Servicing [Abstract]  
Securitization Activities 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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Transferred assets$878.0 $2,725.6 $3,446.7 $6,576.0 
Proceeds on new securitizations878.0 2,702.7 3,446.7 6,553.0 
Cash flows received on retained interests9.5 13.2 28.8 13.6 
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, 2024 and November 30, 2023.
Our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment:
August 31, 2024November 30, 2023
$ in millionsTotal
Assets		Retained
Interests		Total
Assets		Retained
Interests
U.S. government agency RMBS$5,154.5 $188.9 $5,595.1 $417.3 
U.S. government agency CMBS2,539.9 186.7 3,014.3 197.3 
CLOs7,343.2 32.5 6,323.8 23.3 
Consumer and other loans1,320.6 49.0 1,877.8 68.1 
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.
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.
v3.24.3
Variable Interest Entities
 9 Months Ended
Aug. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Variable Interest Entities 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:
August 31, 2024 (1)
$ in millionsSecured Funding VehiclesOther
Cash$— $2.8 
Financial instruments owned 65.0 12.9 
Securities purchased under agreements to resell (2)2,283.0 — 
Receivables from brokers (3)— 17.8 
Other receivables2.0 3.0 
Other assets (4)— 91.0 
Total assets$2,350.0 $127.5 
Financial instruments sold, not yet purchased$— $7.6 
Other secured financings (5)2,343.0 — 
Other liabilities (6)7.1 18.9 
Long-term debt — 70.0 
Total liabilities$2,350.1 $96.5 
November 30, 2023 (1)
$ in millionsSecured Funding VehiclesOther
Cash$— $1.1 
Financial instruments owned— 7.8 
Securities purchased under agreements to resell (2)1,677.7 — 
Receivables from brokers (3)— 18.0 
Assets held for sale (7)815.6 578.8 
Other assets (4)— 147.9 
Total assets$2,493.3 $753.6 
Financial instruments sold, not yet purchased$— $6.4 
Other secured financings (5)1,667.3 — 
Liabilities held for sale (7)769.2 303.4 
Other liabilities (6)10.5 249.7 
Long-term debt — 49.6 
Total liabilities$2,447.0 $609.1 
(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)$1.5 million and $1.4 million of receivables from brokers at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.
(4)$3.3 million and $56.1 million of the other assets at August 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.
(5)$642.6 million and $681.0 million of the other secured financings at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation.
(6)$18.7 million and $247.9 million of the other liabilities amounts at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.
(7)At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information.

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.
Prior to the sale of Foursight in April 2024, we were the primary beneficiary of automobile loan financing vehicles to which we transferred automobile loans, acted as servicer of the automobile loans for a fee and retained equity interests in the vehicles. The assets of these VIEs primarily consisted of automobile loans, which were accounted for as loans held for investment at amortized cost included within Other assets. The liabilities of these VIEs consisted of notes issued by the VIEs, which were accounted for at amortized cost and included within Other secured financings and did not have recourse to our general credit. The automobile loans were pledged as collateral for the related notes and available only for the benefit of the note holders.
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.
During the fourth quarter of 2023, we became the primary beneficiary of OpNet’s wholesale wireless broadband business, which was classified as held for sale during the fourth quarter of 2023 and subsequently sold during the third quarter of 2024. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information.
Nonconsolidated VIEs
August 31, 2024
Carrying AmountMaximum Exposure to LossVIE Assets
$ in millionsAssetsLiabilities
CLOs$779.1 $15.0 $5,538.2 $12,908.9 
Asset-backed vehicles816.6 — 1,155.4 3,774.4 
Related party private equity vehicles2.5 — 13.1 26.5 
Other investment vehicles1,061.3 — 1,336.9 20,343.4 
Total$2,659.5 $15.0 $8,043.6 $37,053.2 
November 30, 2023
Carrying AmountMaximum Exposure to LossVIE Assets
$ in millionsAssetsLiabilities
CLOs$913.3 $14.1 $4,414.0 $9,455.5 
Asset-backed vehicles661.7 — 661.7 3,734.8 
Related party private equity vehicles3.1 — 14.2 10.3 
Other investment vehicles1,071.2 — 1,233.7 15,059.2 
Total$2,649.3 $14.1 $6,323.6 $28,259.8 
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, (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 August 31, 2024 and November 30, 2023, our total equity commitment in the JCP Entities was $133.0 million, of which $123.1 million and $122.6 million had been funded, respectively. The carrying value of our equity investments in the JCP Entities was $2.1 million and $3.1 million at August 31, 2024 and November 30, 2023, 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.
Other Investment Vehicles. At August 31, 2024 and November 30, 2023, we had equity commitments to invest $1.42 billion and $1.26 billion, respectively, in various other investment vehicles, of which $1.14 billion and $1.10 billion was funded, respectively. The carrying value of our equity investments was $1.06 billion and $1.07 billion at August 31, 2024 and November 30, 2023, 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, 2024 and November 30, 2023, we held $2.09 billion and $1.89 billion of agency mortgage-backed securities, respectively, and $95.6 million and $261.2 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.
v3.24.3
Investments
 9 Months Ended
Aug. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Investments 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.
$ in millionsAugust 31,
2024		November 30,
2023
Total Investments in and loans to related parties$1,349.6 $1,239.3 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Total equity method pickup earnings (losses) recognized in Other revenues$25.0 $(78.1)$62.2 $(229.9)
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, 2024, November 30, 2023 and August 31, 2023.
Jefferies Finance
Jefferies Finance, our 50/50 joint venture with Massachusetts Mutual Life Insurance Company (“MassMutual”), is a commercial finance company that 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, which includes direct lending activities, that manages proprietary and third-party capital across commingled funds, business development companies, separately managed accounts, CLOs and proprietary accounts. Broadly syndicated investments are sourced through transactions arranged by Jefferies Finance and third-party arrangers and managed through its subsidiary, Apex Credit Partners LLC. Jefferies Finance may also underwrite and arrange other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments.
At August 31, 2024, we and MassMutual each had equity commitments to Jefferies Finance of $750.0 million, for a combined total commitment of $1.50 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, 2024, our remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2025 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, 2024. Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2025 with automatic one year extensions absent a 60 day termination notice by either party. At August 31, 2024, we had funded $0.0 million of our $250.0 million commitment.
Activity related to the facility:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Unfunded commitment fees$0.3 $0.3 $0.9 $0.9 
Selected financial information for Jefferies Finance:
$ in millionsAugust 31,
2024		November 30,
2023
Total assets$5,374.4 $5,598.2 
Total liabilities4,031.3 4,352.0 
August 31,
2024		November 30,
2023
Our total equity balance$664.2 $630.1 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net earnings (losses) attributable to members$28.8 $(31.5)$68.1 $(3.7)
Activity related to our other transactions with Jefferies Finance:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Origination and syndication fee revenues (1)$72.9 $37.9 $200.2 $84.1 
Origination fee expenses (1)16.2 10.1 40.8 20.5 
CLO placement and structuring fee revenues (2) 0.8 1.7 1.1 1.7 
Investment fund placement fee revenues (3)2.4 — 3.3 — 
Service fees (4)15.3 20.1 81.0 81.2 
(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 act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees and are included in Commissions and other fees.
(4)Under a service agreement, we charge Jefferies Finance for various administrative services provided.
In connection with non-U.S. dollar loans originated by Jefferies Finance to borrowers who are investment banking clients of ours, we have entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure.
Receivables from Jefferies Finance, included in Other assets, were $2.6 million and $3.5 million at August 31, 2024 and November 30, 2023, respectively. At August 31, 2024 and November 30, 2023, payables to Jefferies Finance, related to cash deposited with us and included in Payables to customers, were $3.8 million and $2.6 million, respectively.










Berkadia
Berkadia is a commercial mortgage banking, servicing and finance 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/multifamily real estate loans that are sold to U.S. government agencies or other investors. 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, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions.
Commercial paper issued by Berkadia is supported by a $1.50 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At August 31, 2024, the aggregate amount of commercial paper outstanding was $1.47 billion.
Selected financial information for Berkadia:
$ in millionsAugust 31,
2024		November 30,
2023
Total assets$4,662.5 $5,318.2 
Total liabilities3,189.7 3,816.1 
Total noncontrolling interest540.1 612.8 
August 31,
2024		November 30,
2023
Our total equity balance$421.8 $400.9 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net earnings attributable to members$41.4 $53.9 $119.6 $96.4 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Distributions$28.0 $33.6 $34.7 $33.8 
At August 31, 2024 and November 30, 2023, we had commitments to purchase $24.8 million and $77.5 million, respectively, of agency CMBS from Berkadia.
Activity related to our other transactions with Berkadia:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Transaction referral fee revenue (1)$— $— $0.3 $— 
Loan origination fees paid (2)— — 0.4 — 
(1)We refer Berkadia to our clients to act as a transaction servicer and receive fees, which are included in Commissions and other fees.
(2)We pay fees to Berkadia for loan originations, which are capitalized as debt issuance costs and amortized over the life of the loan.

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:
$ in millionsAugust 31,
2024		November 30,
2023
Total assets$328.6 $329.5 
Total liabilities488.9 500.0 
August 31,
2024		November 30,
2023
Our total equity balance$96.6 $90.0 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net earnings$2.9 $4.1 $3.0 $1.8 
54 Madison:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Distributions$— $1.1 $— $18.2 
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. The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value was $1.8 million and $2.2 million at August 31, 2024 and November 30, 2023, 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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net losses from our investments in JCP Fund V$(0.1)$(0.2)$(0.3)$(8.5)
At both August 31, 2024 and November 30, 2023, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both August 31, 2024 and November 30, 2023, our unfunded commitment relating to JCP Fund V was $8.7 million.
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 35.0% at August 31, 2024 of the combined equity interests:
Three Months Ended
$ in millionsJune 30, 2024March 31, 2024December 31, 2023June 30, 2023March 31, 2023December 31, 2022
Net increase (decrease) in net assets resulting from operations (1)$(0.3)$0.1 $(0.9)$(0.4)$(4.9)$(54.6)
(1)Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2024 and 2023 is included based on the periods presented.
Asset Management Investments
We had an equity method investment with a carrying amount of $15.8 million at November 30, 2023, consisting of our shares in Monashee, an investment management company, registered investment advisor and general partner of various investment management funds, which provided us with 50.0% voting rights interest and the rights to distributions of 47.5% of the annual net profits of Monashee’s operations if certain thresholds were met. A portion of the carrying amount of the investment in Monashee related to contract and customer relationship intangible assets and goodwill. The intangible assets were amortized over their useful life and the goodwill was not amortized.
During the three months ended February 29, 2024, our shares were converted to preferred shares, which provide us with rights to be paid dividends based on Monashee’s performance and management fees, and we recognized a gain of $6.0 million upon the nonmonetary exchange. In addition, we invested $5.2 million in mandatorily redeemable preferred shares issued by Monashee. The investment in the preferred shares is accounted for at cost, less impairment, if any. The investment in the mandatorily redeemable preferred shares is accounted for at fair value.
We also have an investment management agreement whereby Monashee provides asset management services to us for certain separately managed accounts. Our net investment balance in the separately managed accounts was $20.2 million at November 30, 2023.
Activity related to these separately managed accounts is as follows:
$ in millionsThree Months Ended
August 31, 2023		Nine Months Ended 
August 31, 2023
Investment gains (1)$0.7 $0.4 
Management fees (2)0.2 0.6 
(1)Included in Principal transactions revenues.
(2)Included in Brokerage and clearing fees.
ApiJect
We own shares which represent a 33.6% economic interest in ApiJect at August 31, 2024, which is accounted for at fair value by electing the fair value option, and is included within corporate equity securities in Financial instruments owned, at fair value. Additionally, we have a right to 1.125% of ApiJect’s future revenues.
In December 2023, we purchased a $4.6 million secured convertible promissory note from ApiJect, which matures on December 14, 2025. In April 2024, we purchased a $1.3 million promissory note from ApiJect. These promissory notes were accounted for at fair value in Financial instruments owned and classified within Level 3 of the fair value hierarchy. We
recognized interest income of $0.0 million and $0.2 million on the two notes during the three and nine months ended August 31, 2024, respectively. In May 2024, we converted our notes into common shares and also paid $8.8 million for an additional investment in common shares of ApiJect. During the nine months ended August 31, 2024, we recognized a gain of $1.2 million, relating to the conversion of the convertible promissory note.
At August 31, 2024 and November 30, 2023, the total fair value of our total equity investment in common shares of ApiJect was $116.1 million and $100.1 million, respectively, 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.
We also have a term loan agreement with a principal of ApiJect for $23.3 million, which will mature on October 31, 2024. The loan is accounted for at amortized cost and is reported within Other assets. The loan has a fair value of $23.3 million and $30.4 million at August 31, 2024 and November 30, 2023, respectively, which would be classified as Level 3 in the fair value hierarchy.
SPAC
Prior to May 2024, we owned 73.4% of the publicly traded units of a special purpose acquisition company (“SPAC”), which represented 25.7% of its voting shares. We considered the SPAC a VIE and had significant influence over the SPAC but were not considered to be the primary beneficiary as we did not have control. Our investment was accounted for at fair value pursuant to the fair value option and was included within corporate equity securities in Financial instruments owned. The fair value of the investment was $23.8 million at November 30, 2023 and included within Level 1 of the fair value hierarchy. In May 2024, the company redeemed all of its outstanding units issued in its initial public offering, and our investment in the SPAC was redeemed in cash for approximately $24.3 million.
Stratos
We had a 49.9% voting interest in Stratos and had the ability to significantly influence Stratos through our seats on the board of directors. On September 14, 2023, we acquired the additional 50.1% voting interest in Stratos (refer to Note 4, Business Acquisitions for further information). As a result, the financial statements of Stratos are consolidated in our consolidated financial statements. During the three and nine months ended August 31, 2023, we contributed additional capital of $10.0 million and $20.0 million, respectively.
Selected financial information for Stratos:
$ in millionsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Net losses$(8.8)$(34.6)
Aircadia
In December 2023, Aircadia Leasing II LLC (“Aircadia”), a wholly owned subsidiary, purchased airplanes 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 are recognized within Premises and equipment at $57.7 million. During the three and nine months ended August 31, 2024, we recognized $5.6 million and $15.0 million, respectively, of operating lease income.
In December 2023, we provided a loan to the seller for $30.0 million, which matures on January 3, 2025. The loan is accounted for at amortized cost and included within Investments in and loans to related parties. We recognized interest income of $0.8 million and $2.2 million on the loan 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 $37.1 million and at both August 31, 2024 and November 30, 2023, and are classified within Level 3 of the fair value hierarchy.
In September 2024, we provided a €15.0 million loan, maturing in May 2025, to an individual related to the seller, secured by a privately owned aircraft and guaranteed by the individual.
OpNet
On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares. As a result, we obtained control of OpNet and consolidated its assets and liabilities in our consolidated financial statements as of November 30, 2023. Upon conversion on May 7, 2024, our ownership increased to 57.5% of the common shares and our voting rights increased to 72.6% of the aggregate voting rights of OpNet. From the time we obtained control of OpNet to its sale in August 2024, its wholesale business was considered a VIE and classified as held for sale. We also consolidate Tessellis, a subsidiary of OpNet, which is not considered to be a VIE. Refer to Note 4, Business Acquisitions for further information. Prior to the acquisition and consolidation of OpNet, we accounted for our equity investment in OpNet under the equity method.

During the three and nine months ending August 31, 2023, we contributed $54.2 million and $142.8 million, respectively, to OpNet through direct subscription, settlement of subscription advances, and conversion of a shareholder loan. We recognized equity method pickup losses of $35.3 million and $157.1 million during the three and nine months ending August 31, 2023, respectively.
Selected financial information for OpNet:
$ in millionsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Net losses$(37.1)$(179.1)
Golden Queen Mining Company LLC
We had a 50.0% ownership interest in Golden Queen, which owns and operates a gold and silver mine project located in California. We sold our interest in Golden Queen in November 2023.
During the three and nine months ending August 31, 2023, we recognized other-than-temporary impairment charges of $27.8 million and $57.2 million, respectively, on our investment within Other revenues.
Selected financial information for Golden Queen:
$ in millionsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Net earnings (losses)$0.7 $(1.6)
v3.24.3
Credit Losses on Financial Assets Measured at Amortized Cost
 9 Months Ended
Aug. 31, 2024
Credit Loss [Abstract]  
Credit Losses on Financial Assets Measured at Amortized Cost Credit Losses on Financial Assets Measured at Amortized Cost
Automobile Loans. On November 20, 2023, we entered into an agreement to sell all of our membership interests in our automobile loans business, Foursight. Refer to Note 5, Assets
Held for Sale and Discontinued Operations for additional details.
Allowance for credit losses related to our automobile loans:
$ in thousandsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Beginning balance $78,622 $79,614 
Provision for doubtful accounts11,788 29,398 
Charge-offs, net of recoveries(10,635)(29,237)
Ending balance$79,775 $79,775 
Refer to Note 12, Credit Losses on Financial Assets Measured at Amortized Cost, 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, 2023 for additional information regarding credit losses related to our automobile loans.
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, receivables and payables for fees and commissions, and receivables arising from unsettled securities or loans transactions. 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.
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.
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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
Beginning balance$2,868 $2,069 $6,306 $5,914 
Bad debt expense1,059 1,827 3,146 3,574 
Charge-offs(1)(39)(2,720)(3,106)
Recoveries collected(197)(111)(3,003)(2,636)
  Ending balance (1)$3,729 $3,746 $3,729 $3,746 
(1)Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Nine Months Ended August 31, 2024
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Balance, at beginning of period$1,532,172 $315,684 $1,847,856 
Currency translation and other adjustments3,335 1,535 4,870 
Measurement period adjustment (1)— (28,346)(28,346)
Goodwill relating to acquisitions by Tessellis— 8,578 8,578 
Balance, at end of period$1,535,507 $297,451 $1,832,958 
(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 information.
Nine Months Ended August 31, 2023
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Balance, at beginning of period$1,552,944 $183,170 $1,736,114 
Currency translation and other adjustments3,354 — 3,354 
Balance, at end of period$1,556,298 $183,170 $1,739,468 
The carrying values of goodwill by reporting unit at August 31, 2024 are as follows: $701.8 million in Investment Banking, $255.8 million in Equities and Wealth Management, $577.9 million in Fixed Income, $143.0 million in Asset Management and $154.5 million attributed to various individual other investments.
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, 2024 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-to-earnings 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
August 31, 2024Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Impairment LossesAccumulated AmortizationNet Carrying Amount
Customer relationships$136,848 $27,628 $— $(103,756)$60,720 6.0
Trademarks and trade names147,321 8,730 — (43,944)112,107 21.6
Exchange and clearing organization membership interests and registrations8,769 — (10)— 8,759 N/A
Other52,533 27,318 — (22,093)57,758 4.3
Total$345,471 $63,676 $(10)$(169,793)$239,344 
(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.
November 30, 2023Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Impairment LossesAccumulated AmortizationNet Carrying Amount
Customer relationships $126,449 $9,801 $— $(93,966)$42,284 6.3
Trademarks and trade names127,899 18,513 — (39,340)107,072 23.5
Exchange and clearing organization membership interests and registrations7,405 1,390 (78)— 8,717 N/A
Other14,958 37,026 — (13,137)38,847 5.0
Total$276,711 $66,730 $(78)$(146,443)$196,920 
(1)Refer to Note 4, Business Acquisitions for further information.
At August 1, 2024, 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. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. 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 $8.2 million and $22.3 million for the three and nine months ended August 31, 2024, respectively, and $2.3 million and $7.0 million for the three and nine months ended August 31, 2023, respectively. These expenses are included in Depreciation and amortization.
Estimated future amortization expense for the next five fiscal years (in thousands):
Remainder of fiscal year 2024$9,720 
Year ending November 30, 202533,121 
Year ending November 30, 202633,083 
Year ending November 30, 202733,049 
Year ending November 30, 202832,806 
v3.24.3
Revenues from Contracts with Customers
 9 Months Ended
Aug. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
 
Investment banking$925,635 $600,190 $2,343,284 $1,595,463 
Commissions and other fees 270,643 223,712 787,968 672,294 
Asset management fees7,189 5,344 43,539 27,965 
Oil and gas revenues358 228 799 25,997 
Real estate revenues4,038 1,902 10,727 12,105 
Other contracts with customers14,782 13,583 43,091 39,544 
Total revenue from contracts with customers1,222,645 844,959 3,229,408 2,373,368 
Other sources of revenue:
Principal transactions324,501 353,373 1,381,432 1,171,578 
Revenues from affiliates6,256 9,468 32,046 39,766 
Interest936,786 898,040 2,636,002 2,062,104 
Other105,401 (64,925)384,939 (174,155)
Total revenues$2,595,589 $2,040,915 $7,663,827 $5,472,661 
Disaggregation of Revenue
Three Months Ended August 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$592,462 $— $592,462 
Investment banking - Underwriting333,173 — 333,173 
Equities (1)267,697 — 267,697 
Fixed income (1)2,486 — 2,486 
Asset management— 7,189 7,189 
Other investments— 19,638 19,638 
Total$1,195,818 $26,827 $1,222,645 
Primary geographic region:
Americas$885,377 $24,858 $910,235 
Europe and the Middle East223,570 1,040 224,610 
Asia-Pacific86,871 929 87,800 
Total$1,195,818 $26,827 $1,222,645 
Three Months Ended August 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$335,271 $— $335,271 
Investment banking - Underwriting264,919 — 264,919 
Equities (1)221,191 — 221,191 
Fixed income (1)2,521 — 2,521 
Asset management— 5,344 5,344 
Other investments— 15,713 15,713 
Total$823,902 $21,057 $844,959 
Primary geographic region:
Americas$648,511 $19,769 $668,280 
Europe and the Middle East100,419 631 101,050 
Asia-Pacific74,972 657 75,629 
Total$823,902 $21,057 $844,959 
Nine Months Ended August 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$1,214,927 $— $1,214,927 
Investment banking - Underwriting1,128,356 — 1,128,356 
Equities (1)779,462 — 779,462 
Fixed income (1)7,036 — 7,036 
Asset management— 43,539 43,539 
Other investments— 56,088 56,088 
Total$3,129,781 $99,627 $3,229,408 
Primary geographic region:
Americas$2,351,130 $93,626 $2,444,756 
Europe and the Middle East518,916 3,192 522,108 
Asia-Pacific259,735 2,809 262,544 
Total$3,129,781 $99,627 $3,229,408 
Nine Months Ended August 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$886,606 $— $886,606 
Investment banking - Underwriting708,857 — 708,857 
Equities (1)663,957 — 663,957 
Fixed income (1)8,337 — 8,337 
Asset management— 27,965 27,965 
Other investments— 77,646 77,646 
Total$2,267,757 $105,611 $2,373,368 
Primary geographic region:
Americas$1,744,439 $101,996 $1,846,435 
Europe and the Middle East338,551 1,804 340,355 
Asia-Pacific184,767 1,811 186,578 
Total$2,267,757 $105,611 $2,373,368 
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
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, 2024. 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, 2024, we recognized $39.2 million and $39.7 million, respectively, compared with $13.2 million and $32.7 million, during the three and nine months ended August 31, 2023, 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, during the three and nine months ended August 31, 2024, we recognized $8.6 million and $23.8 million, respectively, compared with $8.1 million and $23.6 million, during the three and nine months ended August 31, 2023, 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, 2024 and November 30, 2023 were $55.6 million and $48.3 million, respectively, which are recorded in Accrued expenses and other liabilities. During the three and nine months ended August 31, 2024, we recognized revenues of $35.0 million and $33.2 million, respectively, compared with $12.5 million and $19.2 million during the three and nine months ended August 31, 2023, respectively, that were recorded as deferred revenue at the beginning of the periods.
We had receivables related to revenues from contracts with customers of $256.8 million and $248.2 million at August 31, 2024 and November 30, 2023, 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, 2024 and November 30, 2023, capitalized costs to fulfill a contract were $6.1 million and $5.3 million, respectively, which are recorded in Receivables—Fees, interest and other. For the three and nine months ended August 31, 2024, we recognized expenses of $2.4 million and $2.7 million, respectively, compared with $1.2 million and $1.9 million, during the three and nine months ended August 31, 2023, respectively, 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, 2024 and August 31, 2023.
v3.24.3
Compensation Plans
 9 Months Ended
Aug. 31, 2024
Compensation Related Costs [Abstract]  
Compensation Plans 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, 2023.
At August 31, 2024, there were approximately 2.3 million shares of restricted stock outstanding with future service required, 5.1 million RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 9.2 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 19.4 million at August 31, 2024.
In December 2023, the Compensation Committee of our Board of Directors granted our senior executives RSUs with an aggregate grant date fair value of $11.7 million and performance stock units (“PSUs”) with a target fair value of $8.8 million. The RSUs have a three-year cliff vesting schedule. With respect to the PSUs, there is a three-year service period, along with a performance goal based on fiscal 2023 through fiscal 2025 ROTE. The target level of ROTE was 10%, with a threshold of 7.5%, and a maximum level of 15%. Any performance below 7.5% will result in forfeiture of all PSUs; 7.5% ROTE will result in earning 75% of target PSUs; and 15% ROTE or greater will result in earning 150% of target PSUs. ROTE performance between 7.5% and 10% and 10% and 15% will be linearly interpolated to determine the level of earning PSUs.
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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Restricted cash awards $103.7 $61.9 $315.8 $184.4 
Restricted stock and RSUs (1)13.4 11.3 47.9 35.5 
Profit sharing plan2.1 1.8 11.2 10.1 
Total compensation cost$119.2 $75.0 $374.9 $230.0 
(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, 2024:
$ in millionsRemaining Unamortized AmountsWeighted Average
 Vesting Period
(in Years)
Non-vested share-based awards$123.4 3.1
Restricted cash awards (1)1,036.4 3.0
Total$1,159.8 
(1)The remaining unamortized amount is included within Other assets.
v3.24.3
Borrowings
 9 Months Ended
Aug. 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
Short-Term Borrowings
$ in thousandsAugust 31,
2024		November 30,
2023
Bank loans$1,118,783 $989,715 
Fixed rate callable note599,751 — 
Total short-term borrowings (1)$1,718,534 $989,715 
(1)Short-term borrowings, which 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, 2024 and November 30, 2023, the weighted average interest rate on our bank loans were 5.99% and 6.06%, respectively.
Our banks loans 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, 2024, we were in compliance with all covenants under these credit facilities.
Long-Term Debt
$ in thousandsMaturity (Fiscal Years)August 31,
2024		November 30,
2023
Parent Co. unsecured borrowings
Fixed rate2024$— $544,222 
202574,924 117,180 
2026871,569 90,315 
2027383,792 526,660 
20281,030,332 1,028,966 
2029 and Later4,698,975 2,715,503 
Variable rate2025— 350,000 
202643,062 42,417 
2027721,781 562,833 
2029 and Later1,346,811 810,761 
Structured notes (1)20245,508 48,002 
2025100,231 40,868 
202666,166 36,178 
202761,794 83,306 
202838,019 19,768 
2029 and Later1,851,173 1,480,321 
Total Parent Co. unsecured borrowings (2)11,294,137 8,497,300 
Subsidiaries secured borrowings
Fixed rate2024200,969 135,202 
202581,264 117,814 
202648,859 23,313 
20277,098 4,412 
202834,923 37,305 
2029 and Later100,858 — 
Variable rate2024— 883,406 
2026856,545 — 
2027263,949 — 
Total Subsidiaries secured borrowings1,594,465 1,201,452 
Subsidiaries unsecured borrowings
Fixed rate20296,662 — 
Variable rate202426,748 — 
Total Subsidiaries unsecured borrowings33,410 — 
Total long-term debt (3)$12,922,012 $9,698,752 
Fair value$13,090,184 $9,572,842 
Weighted-average interest rate (4)5.61 %5.52 %
Interest rate range (4)
0.25% - 7.97%
0.25% - 8.21%
(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 unsecured borrowings, totaling $2.05 billion and $1.99 billion for August 31, 2024 and November 30, 2023, respectively, include net losses of $62.1 million and net gains of $23.1 million for the nine months ended August 31, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information.
(3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.9 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. 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, 2024, we were in compliance with all covenants under these credit agreements.
(4)Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships.
During the nine months ended August 31, 2024, long-term debt increased by $3.22 billion to $12.92 billion at August 31, 2024, primarily due to proceeds of $3.29 billion from the net issuance of unsecured senior notes, $297.9 million from net issuances of structured notes, $427.9 million from increased subsidiaries borrowings, and valuation losses on structured notes of $105.7 million. These increases were partially offset by a $350.0 million paydown of a revolving credit facility and repayments of $645.0 million on our unsecured senior notes.
v3.24.3
Total Equity
 9 Months Ended
Aug. 31, 2024
Equity [Abstract]  
Total Equity Total Equity
Common Stock
At both August 31, 2024 and November 30, 2023, we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share and had 205,495,338 and 210,626,642 common shares outstanding, respectively.
The Board of Directors has authorized the repurchase of common stock under a share repurchase program. For the nine months ended August 31, 2024, we did not repurchase any shares under our share repurchase program and at August 31, 2024, we had $250.0 million remaining authorization of future repurchases. Additionally, treasury stock repurchases include repurchases of common stock for net-share withholding under our equity compensation plans.
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 ranks 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. During the year ended November 30, 2023, SMBC exchanged 21.0 million shares of voting common stock for 42,000 shares of Series B Preferred Stock and we received cash of $31.5 million from SMBC in connection with the exchange. As a result of the exchange, our equity attributed to our voting common stock decreased by $21.0 million, our equity attributed to the Series B Preferred Stock increased by $42,000 and additional paid-in capital increased by $52.4 million. On June 20, 2024, SMBC exchanged an additional 6.6 million shares of voting common stock for 13,125 shares of Series B Preferred Stock and we received $9.8 million from SMBC in connection with the exchange. Following this exchange, SMBC increased its ownership to 11.8% of our common stock on an as-converted basis and 10.9% on a fully-diluted, as-converted basis. As a result, an executive officer of SMBC was elected and now serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock. As of today, SMBC owns approximately 15.8% 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 June 28, 2023, shareholders approved an Amended and Restated Certificate of Incorporation, which authorized the issuance of non-voting common stock with a par value of $1.00 per share (the “Non-Voting Common Shares”). The Non-Voting Common Shares are entitled to share equally, on a per share basis, with the voting common stock, in dividends and distributions. Upon the effectiveness of the Amended and Restated Certificate of Incorporation on June 30, 2023, the number of authorized shares of common stock remains at 600,000,000 shares, comprised of 565,000,000 shares of voting common stock and 35,000,000 shares of Non-Voting Common Shares.
Mandatorily Redeemable Convertible Preferred Shares
Our $125.0 million of callable mandatorily redeemable cumulative convertible preferred shares (“Preferred Shares”) were converted during the first quarter of 2023 at a price of $1,000 per preferred share, plus accrued interest, into 4,654,362 common shares for $125.0 million, or $26.86 per common share. 

Earnings Per Common Share
Basic 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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
In thousands, except per share amounts
2024202320242023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations$174,676 $53,947 $493,606 $191,955 
Less: Net losses attributable to noncontrolling interests(6,304)(3,772)(16,541)(13,794)
Mandatorily redeemable convertible preferred share dividends— — — (2,016)
Allocation of earnings to participating securities (1)(20,785)(6,369)(48,501)(7,344)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share$160,195 $51,350 $461,646 $196,389 
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share$160,195 $51,350 $461,646 $196,389 
Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations (including loss on disposal), net of income taxes6,363 — (1,488)— 
Less: Net losses attributable to noncontrolling interests(570)— (2,561)— 
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share$6,933 $— $1,073 $— 
Net earnings attributable to common shareholders for basic earnings per share$167,128 $51,350 $462,719 $196,389 
Net earnings attributable to common shareholders for diluted earnings per share$167,128 $51,350 $462,719 $196,389 
Denominator for earnings per common share:
Weighted average common shares outstanding206,418 218,411 209,997 226,265 
Weighted average shares of restricted stock outstanding with future service required(2,305)(1,793)(2,346)(1,923)
Weighted average RSUs outstanding with no future service required10,339 11,735 10,455 12,324 
Weighted average basic common shares214,452 228,353 218,106 236,666 
Stock options and other share-based awards 4,189 2,047 3,369 2,064 
Senior executive compensation plan RSU awards3,058 1,641 2,705 1,928 
Weighted average diluted common shares (2)221,699 232,041 224,180 240,658 
Earnings (losses) per common share:
Basic from continuing operations$0.75 $0.22 $2.12 $0.83 
Basic from discontinued operations0.03 — — — 
Basic$0.78 $0.22 $2.12 $0.83 
Diluted from continuing operations$0.72 $0.22 $2.06 $0.82 
Diluted from discontinued operations0.03 — — — 
Diluted$0.75 $0.22 $2.06 $0.82 
(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 26.3 million and 22.9 million, for the three and nine months ended August 31, 2024, respectively, compared with 0.7 million and 1.1 million, during the three and nine months ended August 31, 2023, respectively. Dividends paid on participating securities were not material for the three and nine months ended August 31, 2024 and August 31, 2023. 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 common share in the future. Antidilutive shares at August 31, 2024, were 12.7% and 12.5% of the weighted average common shares outstanding for the three and nine months ended August 31, 2024, respectively.
Dividends
Nine Months Ended August 31, 2024
Declaration DateRecord DatePayment DatePer Common Share Amount
January 8, 2024February 16, 2024February 27, 2024$0.30
March 27, 2024May 20, 2024May 30, 2024$0.30
June 26, 2024August 19, 2024August 30, 2024$0.35
Nine Months Ended August 31, 2023
Declaration DateRecord DatePayment DatePer Common Share Amount
January 9, 2023February 13, 2023February 24, 2023$0.30
March 28, 2023May 15, 2023May 26, 2023$0.30
June 27, 2023August 14, 2023August 25, 2023$0.30
On June 26, 2024, our Board of Directors increased our quarterly dividend from $0.30 to $0.35 per common share. On September 25, 2024, the Board of Directors declared a dividend of $0.35 per common share to be paid on November 27, 2024 to common shareholders of record at November 18, 2024.
We paid cash dividends on our Series B Preferred Stock of $9.6 million and $22.2 million for the three and nine months ended August 31, 2024, respectively, and $6.3 million for both the three and nine months ended August 31, 2023. 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)
$ in thousandsAugust 31,
2024		November 30,
2023
Net unrealized losses on available-for-sale securities$(2,539)$(4,595)
Net currency translation adjustments and other(144,345)(162,541)
Net unrealized losses related to instrument-specific credit risk (176,865)(181,946)
Net minimum pension liability(46,216)(46,463)
Total accumulated other comprehensive loss, net of tax$(369,965)$(395,545)
Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1)$150 $13 $2,783 $(151)
Amortization of defined benefit pension plan actuarial losses (2)(67)(42)(247)(588)
Total reclassifications for the period, net of income taxes$83 $(29)$2,536 $(739)
(1)Includes income tax expense of $0.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, compared with a tax benefit of $0.1 million for the nine months ended August 31, 2023, which were reclassified to Principal transactions revenues.
(2)Includes income tax benefit of $0.1 million for the nine months ended August 31, 2024 and $0.1 million for the nine months ended August 31, 2023, which were reclassified to Compensation and benefits expenses
v3.24.3
Income Taxes
 9 Months Ended
Aug. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
At August 31, 2024 and November 30, 2023, our total gross unrecognized tax benefits were $358.6 million and $332.3 million, respectively.
At August 31, 2024 and November 30, 2023, we had interest accrued of $171.3 million and $142.1 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 $283.9 million and $263.0 million (net of Federal benefit) at August 31, 2024 and November 30, 2023, 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:
JurisdictionTax Year
United States2020
New York State2001
New York City2006
United Kingdom2021
Germany2018
Hong Kong2018
India2010
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Income tax expense$78.0 $37.1 $207.1 $75.1 
Effective tax rate30.9 %40.8 %29.6 %28.1 %
v3.24.3
Commitments, Contingencies and Guarantees
 9 Months Ended
Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees
Commitments
Expected Maturity Date (Fiscal Years)
$ in millions202420252026 
and 
2027		2028 
and 
2029		2030 
and 
Later		Maximum Payout
Equity commitments (1)$14.2 $25.3 $34.9 $0.2 $261.6 $336.2 
Loan commitments (1)— 679.7 87.9 — 5.2 772.8 
Loan purchase commitments (2)3,315.4 — — — — 3,315.4 
Underwriting commitments57.3 — — — — 57.3 
Forward starting reverse repos (3)4,406.9 — — — — 4,406.9 
Forward starting repos (3)3,512.1 — — — — 3,512.1 
Other unfunded commitments (1)210.2 179.0 490.2 — — 879.4 
Total commitments$11,516.1 $884.0 $613.0 $0.2 $266.8 $13,280.1 
(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, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $3.20 billion.
(3)At August 31, 2024, all of forward starting securities purchased under agreements to resell and all of forward starting securities sold under agreements to repurchase settled within three 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, 2024, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $9.9 million.
Additionally, at August 31, 2024, we had other outstanding equity commitments to invest up to $265.6 million with strategic affiliates and $45.3 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, 2024, we had outstanding loan commitments of $515.4 million to clients and $7.4 million to strategic affiliates.
Loan commitments outstanding at August 31, 2024 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.
Expected Maturity Date (Fiscal Years)
$ in millions202420252026 
and 
2027		2028 
and 
2029		Notional/ Maximum Payout
Guarantee Type:
Derivative contracts—non-credit related$7,230.2 $22,670.8 $22,552.0 $825.0 $53,278.0 
Total derivative contracts$7,230.2 $22,670.8 $22,552.0 $825.0 $53,278.0 
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, 2024, the fair value of derivative contracts meeting the definition of a guarantee is approximately $200.4 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, 2024, the aggregate amount of infrastructure improvement bonds outstanding was $50.1 million.
Standby Letters of Credit. At August 31, 2024, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $221.4 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.
v3.24.3
Regulatory Requirements
 9 Months Ended
Aug. 31, 2024
Broker-Dealer [Abstract]  
Regulatory Requirements 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, 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 Rule 15c3-1 or CFTC Regulation 1.17.
Jefferies Financial Services, Inc. (“JFSI”) is a registered swap dealer subject to the CFTC’s regulatory capital requirements and is a registered security-based swap dealer with the SEC subject to the SEC’s security-based swap dealer regulatory rules and is approved by the SEC as an OTC derivatives dealer subject to compliance with the SEC’s net capital requirements. At August 31, 2024, JFSI is in compliance with these SEC and CFTC requirements. Additionally, JFSI is subject to the net capital requirements of the National Futures Association (“NFA”), as a member of the NFA. JFSI is required to maintain minimum net capital, as defined under SEC Rule 18a-1 of not less than the greater of 2% of the risk margin amount, as defined, or $20 million. Under CFTC Regulation 23.101, JFSI is required to maintain minimum net capital of not less than the greater of 2% of the uncleared swap margin, as defined in CFTC Regulation 23.100, or $20 million.
As of August 31, 2024
$ in thousandsNet CapitalExcess Net Capital
Jefferies LLC$1,754,381 $1,640,845 
JFSI - SEC251,099 227,718 
JFSI - CFTC251,099 224,227 
FINRA is the designated examining authority for Jefferies LLC and the NFA is the designated self-regulatory organization for Jefferies LLC as an FCM.
Certain other U.S. and non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited which is subject to the regulatory supervision and requirements of the Financial Conduct Authority in the U.K.
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, 2024, Jefferies LLC had $658.7 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 (commonly referred to as “PAB”), Jefferies is also required to compute a reserve requirement for PABs pursuant to SEC Rule 15c3-3. At August 31, 2024, Jefferies had $383.2 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.
v3.24.3
Segment Reporting
 9 Months Ended
Aug. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting 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 securities, commodities, futures and foreign exchange capital markets activities and investment banking business, which is composed of financial advisory and underwriting activities. The Investment Banking and Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business segment provides investment management services to investors in the U.S. and overseas and invests capital in hedge funds, separately managed accounts and third-party asset managers.
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 (losses) 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.
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Investment Banking and Capital Markets:
Net revenues$1,620.1 $1,168.2 $4,565.8 $3,446.4 
Non-interest expenses1,251.6 1,013.1 3,791.0 2,996.2 
Earnings from continuing operations before income taxes368.5 155.1 774.8 450.2 
Asset Management:
Net revenues59.0 10.1 488.9 47.7 
Non-interest expenses179.3 77.9 586.5 240.0 
Losses from continuing operations before income taxes(120.3)(67.8)(97.6)(192.3)
Total of Reportable Business Segments:
Net revenues1,679.1 1,178.3 5,054.7 3,494.1 
Non-interest expenses1,430.9 1,091.0 4,377.5 3,236.2 
Earnings from continuing operations before income taxes248.2 87.3 677.2 257.9 
Reconciliation to consolidated amounts:
Net revenues4.5 3.7 23.5 9.1 
Non-interest expenses— — — — 
Earnings from continuing operations before income taxes (1)4.5 3.7 23.5 9.1 
Total:
Net revenues1,683.6 1,182.1 5,078.2 3,503.2 
Non-interest expenses1,430.9 1,091.1 4,377.5 3,236.2 
Earnings from continuing operations before income taxes$252.7 $91.0 $700.7 $267.0 
(1)Management does not consider certain foreign currency transaction gains or losses, debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial 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.

$ in millionsAugust 31,
2024		November 30,
2023
Investment Banking and Capital Markets$57,712.7 $51,776.9 
Asset Management5,562.4 6,128.3 
Total assets$63,275.1 $57,905.2 
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.
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Americas (1)$1,159.3 $936.9 $3,612.2 $2,751.4 
Europe and the Middle East (2)404.3 173.9 1,106.5 534.8 
Asia-Pacific120.0 71.3 359.5 217.0 
Net revenues$1,683.6 $1,182.1 $5,078.2 $3,503.2 
(1)Primarily relates to U.S. results.
(2)Primarily relates to U.K. results.
v3.24.3
Related Party Transactions
 9 Months Ended
Aug. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Officers, Directors and Employees
•At August 31, 2024 and November 30, 2023, we had $31.8 million and $31.0 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.
•One of our directors has investments in hedge funds managed by us of approximately $3.9 million and $3.0 million at August 31, 2024 and November 30, 2023, respectively.
Vitesse Energy
On January 13, 2023, our consolidated subsidiary, Vitesse Energy, issued shares measured at a total consideration of $30.6 million in exchange for acquiring all of the outstanding capital interests of Vitesse Oil, which was controlled by JCP Fund V. We provided investment banking services to Vitesse Energy and recognized revenue of $3.0 million for the nine months ended August 31, 2023, included within Investment banking revenues.
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. At August 31, 2024, SMBC owns 11.8% of our common stock on an as-converted basis and 10.9% on a fully-diluted basis and an executive officer of SMBC serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock.
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.
$ in thousandsAugust 31, 2024
Assets
Cash and cash equivalents$521,701 
Financial instruments owned, at fair value9,607 
Securities borrowed15,357 
Securities purchased under agreements to resell431,802 
Receivables:
Brokers, dealers and clearing organizations121,618 
Customers4,163 
Fees, interest and other3,022 
Other assets269 
Total assets$1,107,539 
Liabilities
Financial instruments sold, not yet purchased, at fair value$14,983 
Securities sold under agreements to repurchase538,239 
Payables:
Brokers, dealers and clearing organizations 130,852 
Customers 4,891 
Fees, interest and other326 
Long-term debt (1)— 
Total liabilities$689,291 
(1)We have an undrawn revolving credit facility of $750.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread.
$ in thousandsNine Months Ended
August 31, 2024 (1)
Revenues
Investment banking$455 
Principal transactions (2)(38,301)
Commissions and other fees180 
Interest4,116 
Total revenues(33,550)
Interest expense2,411 
Net revenues$(35,961)
Non-interest expenses
Business development$4,570 
Total non-interest expenses$4,570 
(1)Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024.
(2)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.
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Aug. 31, 2024
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
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Aug. 31, 2024
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, 2023. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2023 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 and Adopted Accounting Standards
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.
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.
Adopted Accounting Standards
Reference Rate Reform. The FASB issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023.
Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset’s entire life, recorded at inception or purchase. On January 1, 2023, Berkadia, our equity method investee, adopted this guidance and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on January 1, 2023, the new accounting guidance’s adoption resulted in a decrease in retained earnings of $14.8 million, net of tax attributable to an increase in the allowance for credit losses. Our equity method investee, Jefferies Finance, adopted the guidance on December 1, 2023, and the impact on our consolidated financial statements was not material
v3.24.3
Business Acquisitions (Tables)
 9 Months Ended
Aug. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Fair value of assets acquired and liabilities assumed on the acquisition dates:
$ in thousandsStratosOpNetTotal
Cash and cash equivalents$83,006 $7,875 $90,881 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations124,306 — 124,306 
Financial instruments owned, at fair value53,028 — 53,028 
Investments in and loans to related parties— 6,644 6,644 
Receivables:
Brokers, dealers and clearing organizations113,750 — 113,750 
Fees, interest and other4,745 14,728 19,473 
Property and equipment, net31,830 111,458 143,288 
Goodwill (1)5,463 127,051 132,514 
Assets held for sale (2)— 578,820 578,820 
Other assets (3)31,135 98,278 129,413 
Total assets acquired$447,263 $944,854 $1,392,117 
Financial instruments sold, net yet purchased, at fair value$31,293 $— $31,293 
Payables:
Brokers, dealers and clearing organizations236 — 236 
Customers payables297,494 — 297,494 
Short-term borrowings— 7,137 7,137 
Lease liabilities9,308 23,040 32,348 
Liabilities held for sale (2)— 303,447 303,447 
Accrued expenses and other liabilities18,011 176,308 194,319 
Long-term debt— 75,437 75,437 
Total liabilities assumed$356,342 $585,369 $941,711 
Net assets acquired$90,921 $359,485 $450,406 
Noncontrolling interests$— $42,168 $42,168 
(1)All goodwill is attributed to the Asset Management reportable segment.
(2)Relates to the net operating assets of the wholesale operations of OpNet.
(3)Includes intangible assets in the form of purchased technology, trademarks and trade names, and customer relationships related to Tessellis that was acquired as part of obtaining control of OpNet. These intangible assets are being amortized over a finite life of up to 20 years.
v3.24.3
Assets Held for Sale and Discontinued Operations (Tables)
 9 Months Ended
Aug. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
Foursight’s major classes of assets and liabilities:
$ in thousandsNovember 30, 2023
Assets held for sale:
Cash and cash equivalents$3,555 
Other receivables1,478 
Premises and equipment, net1,175 
Operating lease assets7,635 
Goodwill (1)24,000 
Other assets (2)928,808 
     Total assets held for sale$966,651 
Liabilities held for sale:
Other secured financings$700,615 
Lease liabilities8,821 
Accrued expenses and other liabilities11,503 
Long-term debt149,262 
     Total liabilities held for sale$870,201 
(1)Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale.
(2)Includes $850.8 million of automobile loan receivables and $42.1 million in deposits required under Foursight’s warehouse credit facilities and amounts collected on pledged automobile loan receivables yet to be distributed.
v3.24.3
Fair Value Disclosures (Tables)
 9 Months Ended
Aug. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis
August 31, 2024 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty
 and Cash
Collateral
Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities$5,132,729 $284,986 $200,643 $— $5,618,358 
Corporate debt securities— 5,399,974 31,178 — 5,431,152 
Collateralized debt obligations and collateralized loan obligations— 628,955 82,081 — 711,036 
U.S. government and federal agency securities3,292,721 86,902 — — 3,379,623 
Municipal securities— 517,810 — — 517,810 
Sovereign obligations952,700 565,919 106 — 1,518,725 
Residential mortgage-backed securities— 2,504,631 624 — 2,505,255 
Commercial mortgage-backed securities— 264,281 492 — 264,773 
Other asset-backed securities— 152,674 145,403 — 298,077 
Loans and other receivables— 1,830,445 87,124 — 1,917,569 
Derivatives1,249 2,795,157 6,323 (2,270,214)532,515 
Investments at fair value— 6 139,380 — 139,386 
Total financial instruments owned, excluding Investments at fair value based on NAV$9,379,399 $15,031,740 $693,354 $(2,270,214)$22,834,279 
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$68,966 $— $— $— $68,966 
Securities received as collateral272,619 — — — 272,619 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$3,720,668 $89,406 $2,970 $— $3,813,044 
Corporate debt securities— 3,526,750 260 — 3,527,010 
U.S. government and federal agency securities2,789,472 — — — 2,789,472 
Sovereign obligations913,115 523,867 — — 1,436,982 
Residential mortgage-backed securities— 26 — — 26 
Commercial mortgage-backed securities— — 1,119 — 1,119 
Loans— 99,533 1,560 — 101,093 
Derivatives411 2,981,236 34,823 (2,378,130)638,340 
Total financial instruments sold, not yet purchased$7,423,666 $7,220,818 $40,732 $(2,378,130)$12,307,086 
Other secured financings$— $— $3,965 $— $3,965 
Obligation to return securities received as collateral272,619 — — — 272,619 
Long-term debt— 1,333,744 789,146 — 2,122,890 
(1)Excludes Investments at fair value based on net asset value (“NAV”) of $1.20 billion at August 31, 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.
November 30, 2023 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty 
and Cash 
Collateral
Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities$3,831,698 $211,182 $181,294 $— $4,224,174 
Corporate debt securities— 4,921,222 26,112 — 4,947,334 
Collateralized debt obligations and collateralized loan obligations— 869,246 64,862 — 934,108 
U.S. government and federal agency securities3,563,164 65,566 — — 3,628,730 
Municipal securities— 223,502 — — 223,502 
Sovereign obligations1,051,494 609,452 — — 1,660,946 
Residential mortgage-backed securities— 2,048,309 20,871 — 2,069,180 
Commercial mortgage-backed securities— 344,902 508 — 345,410 
Other asset-backed securities— 255,048 117,661 — 372,709 
Loans and other receivables— 1,320,217 130,101 — 1,450,318 
Derivatives314 3,649,814 8,336 (3,107,620)550,844 
Investments at fair value— — 130,835 — 130,835 
Total financial instruments owned, excluding Investments at fair value based on NAV$8,446,670 $14,518,460 $680,580 $(3,107,620)$20,538,090 
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$110,198 $— $— $— $110,198 
Securities received as collateral8,800 — — — 8,800 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$2,235,049 $83,180 $676 $— $2,318,905 
Corporate debt securities— 2,842,776 124 — 2,842,900 
Collateralized debt obligations and collateralized loan obligations— 36 — — 36 
U.S. government and federal agency securities2,957,787 — — — 2,957,787 
Sovereign obligations1,229,795 579,302 — — 1,809,097 
Residential mortgage-backed securities— 463 — — 463 
Commercial mortgage-backed securities— — 840 — 840 
Loans— 173,828 1,521 — 175,349 
Derivatives54 3,851,004 59,291 (2,764,572)1,145,777 
Total financial instruments sold, not yet purchased$6,422,685 $7,530,589 $62,452 $(2,764,572)$11,251,154 
Other secured financings$— $— $3,898 $— $3,898 
Obligation to return securities received as collateral8,800 — — — 8,800 
Long-term debt— 963,846 744,597 — 1,708,443 
(1)Excludes Investments at fair value based on NAV of $1.21 billion at November 30, 2023 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
Investments in entities that have the characteristics of an investment company:
August 31, 2024
$ in thousandsFair
Value (1)		Unfunded
Commitments		Redemption FrequencyRedemption Notice Period
Equity Long/Short Hedge Funds (2)$264,698 $— 
Quarterly (100%)
45 - 90 days
Equity Funds (3)56,759 31,268 
N/R (100%)
N/R
Commodity Funds (4)20,731 — 
Quarterly (100%)
60 days
Multi-asset Funds (5)346,533 — 
Monthly (86%)
Quarterly (14%)
45 - 60 days
90 days
Other Funds (6)515,659 223,813 
Quarterly (64%)
N/R (36%)
90 days
N/R
Total$1,204,380 $255,081 
November 30, 2023
$ in thousandsFair 
Value (1)		Unfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Equity Long/Short Hedge Funds (2)$341,530 $— 
Quarterly (57%)
N/R (43%)
60 - 90 days
N/R
Equity Funds (3)55,701 37,534 
N/R (100%)
N/R
Commodity Funds (4)21,747 — 
Quarterly (100%)
60 days
Multi-asset Funds (5)357,445 — 
Monthly (83%)
Quarterly (13%)
N/R (4%)
60 days
90 days
N/R
Other Funds (6)432,960 132,662 
Quarterly (75%)
N/R (25%)
90 days
N/R
Total$1,209,383 $170,196 
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. The non-redeemable investments at November 30, 2023 included restrictions before November 30, 2023 or August 31, 2025.
(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 one to ten years.
(4)Includes investments in a hedge fund that invests, long and short, primarily in commodities.
(5)Includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. The non-redeemable investments at November 30, 2023 included restrictions before April 1, 2024.
(6)Primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types.
Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3
Level 3 Rollforwards
Three Months Ended August 31, 2024
$ in thousandsBalance at May 31, 2024Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2024
For instruments still held at
 August 31, 2024, changes in
unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities$178,755 $9,887 $12,874 $(1,035)$(198)$— $360 $200,643 $10,184 $— 
Corporate debt securities38,717 93 — (1,753)— — (5,879)31,178 1,181 — 
CDOs and CLOs68,626 1,477 17,704 (1,147)(1,323)— (3,256)82,081 649 — 
Sovereign obligations— — — — — — 106 106 — — 
RMBS644 24 — — (12)— (32)624 34 — 
CMBS477 15 — — — — — 492 — — 
Other ABS168,736 (966)29,502 (27,528)(3,608)— (20,733)145,403 (1,988)— 
Loans and other receivables92,546 (18,742)10,138 (4,489)(2,258)— 9,929 87,124 (5,863)— 
Investments at fair value138,057 952 371 — — — — 139,380 952 — 
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$708 $4 $— $2,264 $— $— $(6)$2,970 $(4)$— 
Corporate debt securities506 — (246)— — — — 260 — — 
CMBS1,049 — — — 70 — — 1,119 — — 
Loans1,584 (1,000)— 964 12 — — 1,560 1 — 
Net derivatives (2)34,877 (7,588)— — 734 — 477 28,500 4,363 — 
Other secured financings3,965 — — — — — — 3,965 — — 
Long-term debt784,212 25,080 — — — 542 (20,688)789,146 (37,145)12,065 
Nine Months Ended August 31, 2024
$ in thousandsBalance at November 30, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2024
For instruments still held at
 August 31, 2024, changes in
unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$181,294 $(3,969)$28,576 $(2,480)$— $— $(2,778)$200,643 $(3,179)$— 
Corporate debt securities26,112 3,060 14,894 (6,735)(200)— (5,953)31,178 7,309 — 
CDOs and CLOs64,862 8,771 41,690 (22,797)(5,214)— (5,231)82,081 4,351 — 
Sovereign obligations— (16)11,147 (11,025)— — — 106 3 — 
RMBS20,871 (185)— (5,374)(63)— (14,625)624 33 — 
CMBS508 (16)— — — — — 492 (64)— 
Other ABS117,661 (7,724)94,754 (68,622)(19,929)— 29,263 145,403 (5,778)— 
Loans and other receivables130,101 (43,105)20,220 (4,856)(19,523)— 4,287 87,124 (17,949)— 
Investments at fair value130,835 (10,626)19,725 — (547)— (7)139,380 (10,626)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$676 $5 $— $2,289 $— $— $— $2,970 $(5)$— 
Corporate debt securities124 (23)— — — — 159 260 23 — 
CMBS840 — (245)— 525 — (1)1,119 (2)— 
Loans1,521 1,879 (180)1,367 152 — (3,179)1,560 (26)— 
Net derivatives (2)50,955 (17,212)(3,236)2,471 (9,504)— 5,026 28,500 5,659 — 
Other secured financings3,898 4,482 — — (4,415)— — 3,965 (4,482)— 
Long-term debt744,597 34,157 — — (2,109)28,614 (16,113)789,146 (41,836)7,679 
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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.
Three Months Ended August 31, 2023
$ in thousandsBalance at May 31, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2023
For instruments still held at
August 31, 2023, changes in unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$267,913 $(85,416)$333 $(331)$— $— $(3,710)$178,789 $(84,507)$— 
Corporate debt securities42,642 (176)4,685 (4,157)— — (11,282)31,712 416 — 
CDOs and CLOs62,691 12,133 9,848 (648)(17,331)— (9,208)57,485 (8,000)— 
RMBS24,705 (1,796)324 — (4)— — 23,229 (686)— 
CMBS28,946 (535)— — — — — 28,411 (368)— 
Other ABS126,075 (2,768)50,945 (2,534)— — 5,324 177,042 (3,995)— 
Loans and other receivables141,817 6,776 7,342 (7,967)— — 2,239 150,207 7,955 — 
Investments at fair value153,800 114,681 575 — (196)— (12,747)256,113 114,681 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities465 — — — — — — 465 — — 
Corporate debt securities267 1 — — — — (42)226 (1)— 
CMBS630 (11)— — 210 — (105)724 11 — 
Loans3,348 2,522 (1,655)247 — — 2,977 7,439 (4,508)— 
Net derivatives (2)54,260 4,259 (9,406)22,236 — — (31,313)40,036 (4,177)— 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt697,057 20,768 — — — 5,572 (17,482)705,915 (5,770)(14,998)
Nine Months Ended August 31, 2023
$ in thousandsBalance at November 30, 2022Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at August 31, 2023
For instruments still held at
August 31, 2023, changes in unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$240,347 $(58,302)$895 $(1,228)$(630)$— $(2,293)$178,789 $(51,782)$— 
Corporate debt securities30,232 2,087 11,519 (20,410)(200)— 8,484 31,712 (1,394)— 
CDOs and CLOs55,824 23,622 30,744 (1,062)(43,798)— (7,845)57,485 (13,103)— 
RMBS27,617 (4,239)— — (149)— — 23,229 (1,513)— 
CMBS839 (1,282)— — — — 28,854 28,411 (428)— 
Other ABS94,677 (9,162)90,507 (4,387)— — 5,407 177,042 (11,922)— 
Loans and other receivables168,875 4,626 12,769 (28,171)(186)— (7,706)150,207 10,380 — 
Investments at fair value161,992 112,094 7,994 (2,420)(10,887)— (12,660)256,113 113,807 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$750 $(285)$— $— $— $— $— $465 $285 $— 
Corporate debt securities500 (40)(234)— — — — 226 29 — 
CMBS490 (11)— — 245 — — 724 11 — 
Loans3,164 (124)(1,655)354 — — 5,700 7,439 (908)— 
Net derivatives (2)59,524 (8,176)(5,300)17,037 (854)10,035 (32,230)40,036 7,718 — 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt661,123 40,321 — — — 5,775 (1,304)705,915 (8,970)(31,351)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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 Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements
August 31, 2024
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$200,643 
Non-exchange-traded securitiesMarket approachPrice$0-$325$56
EBITDA multiple5.4—
Corporate debt securities$31,178 Market approachPrice$0-$95$58
CDOs and CLOs$77,965 Discounted cash flowsConstant prepayment rate15%-20%18%
Constant default rate2%—
Loss severity30%—
Discount rate/yield13 %-20%18%
Market approachPrice$70-$110$96
Other ABS$137,548 Discounted cash flowsDiscount rate/yield18 %-21%19%
Cumulative loss rate28 %-33%30%
Duration (years)1.1-1.81.6
Market approachPrice$100—
Scenario analysisEstimated recovery percentage92%—
Loans and other receivables$87,124 Market approachPrice$81-$100$97
Scenario analysisEstimated recovery percentage2 %-198%67%
Investments at fair value$134,284 
Private equity securitiesMarket approachPrice$1-$5,000$360
Price€8,040—
Price£0.5—
Discount rate/yield28%—
Revenue$30,067,142—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities$2,970 
Non-exchange-traded securitiesMarket approachEBITDA multiple5.4—
Derivatives$33,608 
Equity optionsVolatility bench-markingVolatility33 %-57%47%
Embedded optionsMarket approachBasis points upfront8.2-21.814.9
Other secured financings$3,965 Scenario analysisEstimated recovery percentage60 %-100%93%
Long-term debt$789,146 
Structured notesMarket approachPrice$62-$100$81
Price€65-€106€87
November 30, 2023
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$181,294 
Non-exchange-traded securitiesMarket approachPrice$0-$325$59
Corporate debt securities$26,112 Market approachPrice$40-$94$50
Discounted cash flowsDiscount rate/yield11%—
Scenario analysisEstimated recovery percentage4%—
CDOs and CLOs$64,862 Discounted cash flowsConstant prepayment rate15 %-20%19%
Constant default rate2%—
Loss severity35 %-40%36%
Discount rate/yield21 %-26%24%
Market approachPrice$48-$100$88
CMBS$508 Scenario analysisEstimated recovery percentage28%—
Other ABS$102,423 Discounted cash flowsDiscount rate/yield10 %-21%18%
Cumulative loss rate9 %-32%25%
Duration (years)1.1-2.21.7
Market approachPrice$100—
Loans and other receivables$130,101 Market approachPrice$82-$157$127
Scenario analysisEstimated recovery percentage7 %-73%40%
Derivatives$2,395 
Equity optionsVolatility bench-markingVolatility60%—
Investments at fair value$127,237 
Private equity securitiesMarket approachPrice$1-$6,819$484
Discount rate/yield28%—
Revenue$30,538,979—
Financial Instruments Sold, Not Yet Purchased:
Corporate debt securities$124 Scenario analysisEstimated recovery percentage4%—
Loans $1,521 Market approach Price$101—
Derivatives$56,779 
Equity optionsVolatility bench-markingVolatility31 %-87%42%
Embedded optionsMarket approachBasis points upfront0.4-25.517.9
Other secured financings$3,898 Scenario analysisEstimated recovery percentage18 %-73%53%
Long-term debt$744,597 
Structured notes Market approach Price$57-$114$78
Price€60-€103€84
Schedule of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables
Fair value option gains (losses):
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
Financial instruments owned:
Loans and other receivables$(690)$15,998 $(39,664)$31,172 
Other secured financings:
Other changes in fair value (2)$— $— $(4,482)$— 
Long-term debt:
Changes in instrument-specific credit risk (1)$23,779 $(29,980)$6,009 $(56,357)
Other changes in fair value (2)(84,266)17,882 (111,716)21,432 
(1)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.
(2)Other changes in fair value are included in Principal transactions revenues.
Fair value option amounts by which contractual principal is greater than (less than) fair value:
$ in thousandsAugust 31,
2024		November 30,
2023
Financial instruments owned:
Loans and other receivables (1)$1,413,079 $2,344,468 
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)246,720 259,354 
Long-term debt199,404 294,256 
Other secured financings459 1,377 
(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 $58.7 million and $187.4 million at August 31, 2024 and November 30, 2023, respectively.
v3.24.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract
August 31, 2024 (1)
AssetsLiabilities
$ in thousandsFair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$— — $3,557 3 
Foreign exchange contracts:
Bilateral OTC— — 37,891 3 
Total derivatives designated as accounting hedges— 41,448 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded1,248 76,019 411 74,671 
Cleared OTC854,712 6,146 860,359 6,185 
Bilateral OTC513,138 1,728 783,131 874 
Foreign exchange contracts:
Bilateral OTC106,721 53,117 110,132 33,513 
Equity contracts:
Exchange-traded537,457 1,044,597 430,790 914,419 
Bilateral OTC743,300 30,924 748,483 18,918 
Commodity contracts:
Exchange-traded12 629 21 574 
Bilateral OTC5,263 12,739 1,530 5,490 
Credit contracts:
Cleared OTC9,924 40 21,178 23 
Bilateral OTC30,954 15 18,987 38 
Total derivatives not designated as accounting hedges2,802,729 2,975,022 
Total gross derivative assets/ liabilities:
Exchange-traded538,717 431,222 
Cleared OTC864,636 885,094 
Bilateral OTC1,399,376 1,700,154 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(389,719)(389,719)
Cleared OTC(863,799)(869,789)
Bilateral OTC(1,016,696)(1,118,622)
Net amounts per Consolidated Statements of Financial Condition (4)$532,515 $638,340 
November 30, 2023 (1)
AssetsLiabilities
$ in thousandsFair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$— — $6,070 3 
Foreign exchange contracts:
Bilateral OTC259 1 19,638 3 
Total derivatives designated as accounting hedges259 25,708 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded316 88,354 63 67,643 
Cleared OTC1,156,937 4,415 1,185,503 4,544 
Bilateral OTC893,983 1,179 1,266,506 786 
Foreign exchange contracts:
Exchange-traded— — — 4 
Bilateral OTC147,470 66,254 129,770 38,585 
Equity contracts:
Exchange-traded678,542 1,180,832 393,220 1,174,298 
Bilateral OTC715,754 31,116 850,088 16,234 
Commodity contracts:
Exchange-traded59 735 33 940 
Bilateral OTC5,662 15,497 1,398 6,455 
Credit contracts:
Cleared OTC38,046 133 38,487 81 
Bilateral OTC21,436 22 19,573 29 
Total derivatives not designated as accounting hedges3,658,205 3,884,641 
Total gross derivative assets/liabilities:
Exchange-traded678,917 393,316 
Cleared OTC 1,194,983 1,230,060 
Bilateral OTC1,784,564 2,286,973 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(384,392)(384,392)
Cleared OTC(1,189,517)(1,189,513)
Bilateral OTC(1,533,711)(1,190,667)
Net amounts per Consolidated Statements of Financial Condition (4)$550,844 $1,145,777 
(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:
$ in thousandsThree Months Ended 
August 31,		Nine Months Ended 
August 31,
Gains (Losses)2024202320242023
Interest rate swaps$43,765 $(46,783)$12,954 $(64,847)
Long-term debt(61,068)30,345 (62,053)23,068 
Total$(17,303)$(16,438)$(49,099)$(41,779)
Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss):
$ in thousandsThree Months Ended 
August 31,		Nine Months Ended 
August 31,
Gains (Losses)2024202320242023
Foreign exchange contracts$(38,878)$(22,086)$(47,686)$(53,091)
Total$(38,878)$(22,086)$(47,686)$(53,091)
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:
$ in thousandsThree Months Ended 
August 31,		Nine Months Ended 
August 31,
Gains (Losses)2024202320242023
Interest rate contracts$72,271 $44,277 $107,103 $175,398 
Foreign exchange contracts15,760 26,173 48,289 63,832 
Equity contracts72,741 185,215 (186,617)(118,222)
Commodity contracts6,270 (105)24,702 (289)
Credit contracts(222)(7,623)(13,592)(8,447)
Total$166,820 $247,937 $(20,115)$112,272 
Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities
Remaining contract maturities at August 31, 2024:
OTC Derivative Assets (1) (2) (3)
$ in thousands0 – 12 
Months		1 – 5
Years		Greater 
Than 
5 Years		Cross-Maturity Netting (4)Total
Commodity swaps, options and forwards$5,262 $— $— $— $5,262 
Equity options and forwards163,004 49,776 — (6,461)206,319 
Credit default swaps — 24,419 — — 24,419 
Total return swaps108,223 71,606 — (4,171)175,658 
Foreign currency forwards, swaps and options43,871 1,053 — (189)44,735 
Fixed income forwards6,257 — — — 6,257 
Interest rate swaps, options and forwards120,851 244,808 38,644 (77,836)326,467 
Total$447,468 $391,662 $38,644 $(88,657)789,117 
Cross product counterparty netting(20,924)
Total OTC derivative assets included in Financial instruments owned$768,193 
OTC Derivative Liabilities (1) (2) (3)
$ in thousands0 – 12 
Months		1 – 5
Years		Greater 
Than 
5 Years		Cross-Maturity Netting (4)Total
Commodity swaps, options and forwards$1,530 $— $— $— $1,530 
Equity options and forwards108,263 108,550 — (6,461)210,352 
Credit default swaps1,985 13,008 — — 14,993 
Total return swaps97,836 82,521 44 (4,171)176,230 
Foreign currency forwards, swaps and options85,864 378 — (189)86,053 
Fixed income forwards14,978 — — — 14,978 
Interest rate swaps, options and forwards107,139 131,627 444,730 (77,836)605,660 
Total$417,595 $336,084 $444,774 $(88,657)1,109,796 
Cross product counterparty netting(20,924)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased$1,088,872 
(1)At August 31, 2024, we held net exchange-traded derivative assets and liabilities with a fair value of $149.0 million and $42.1 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, 2024, cash collateral received and pledged was $384.7 million and $492.6 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 Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets
OTC derivative assets at August 31, 2024 (in thousands):
Counterparty credit quality (1):
A- or higher$167,768 
BBB- to BBB+72,300 
BB+ or lower267,516 
Unrated260,609 
Total$768,193 
(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:
August 31, 2024
External Credit Ratings
$ in millionsInvestment GradeNon-investment GradeTotal Notional
Credit protection sold:
Index credit default swaps$270.0 $348.4 $618.4 
November 30, 2023
External Credit Ratings
$ in millionsInvestment GradeNon-investment GradeTotal Notional
Credit protection sold:
Index credit default swaps$1,451.5 $893.9 $2,345.4 
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:
$ in millionsAugust 31,
2024		November 30,
2023
Derivative instrument liabilities with credit-risk-related contingent features$79.9 $139.5 
Collateral posted(65.4)(97.6)
Collateral received101.3 71.0 
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)115.8 112.9 
(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.
v3.24.3
Collateralized Transactions (Tables)
 9 Months Ended
Aug. 31, 2024
Collateralized Transactions [Abstract]  
Schedule of Collateralized Financing Transactions
August 31, 2024
$ in millionsSecurities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,570.8 $744.4 $166.1 $2,481.3 
Corporate debt securities919.6 3,598.0 — 4,517.6 
Mortgage-backed and asset-backed securities— 1,958.2 — 1,958.2 
U.S. government and federal agency securities46.7 7,084.8 — 7,131.5 
Municipal securities— 184.9 — 184.9 
Sovereign obligations13.0 2,303.0 106.5 2,422.5 
Loans and other receivables— 1,199.5 — 1,199.5 
Total$2,550.1 $17,072.8 $272.6 $19,895.5 
November 30, 2023
$ in millionsSecurities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,221.4 $627.0 $4.4 $1,852.8 
Corporate debt securities576.4 4,297.9 — 4,874.3 
Mortgage-backed and asset-backed securities— 1,950.9 — 1,950.9 
U.S. government and federal agency securities39.2 9,474.2 3.4 9,516.8 
Municipal securities— 141.1 — 141.1 
Sovereign obligations3.5 2,511.6 1.0 2,516.1 
Loans and other receivables— 838.5 — 838.5 
Total$1,840.5 $19,841.2 $8.8 $21,690.5 
August 31, 2024
$ in millionsOvernight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$1,675.4 $37.4 $350.0 $487.3 $2,550.1 
Repurchase agreements2,644.3 7,997.6 2,150.4 4,280.5 17,072.8 
Obligation to return securities received as collateral, at fair value272.6 — — — 272.6 
Total$4,592.3 $8,035.0 $2,500.4 $4,767.8 $19,895.5 
November 30, 2023
$ in millionsOvernight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$1,068.6 $— $244.2 $527.7 $1,840.5 
Repurchase agreements10,548.3 2,442.4 1,939.9 4,910.6 19,841.2 
Obligation to return securities received as collateral, at fair value8.8 — — — 8.8 
Total$11,625.7 $2,442.4 $2,184.1 $5,438.3 $21,690.5 
Schedule of Offsetting Assets
August 31, 2024
$ in millionsGross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets:
Securities borrowing arrangements$7,056.6 $— $7,056.6 $(279.4)$(1,945.2)$4,832.0 
Reverse repurchase agreements14,462.3 (7,469.3)6,993.0 (984.9)(5,922.7)85.4 
Securities received as collateral, at fair value272.6 — 272.6 — (272.6)— 
Liabilities:
Securities lending arrangements$2,550.1 $— $2,550.1 $(279.4)$(2,226.9)$43.8 
Repurchase agreements17,072.8 (7,469.3)9,603.5 (984.9)(8,125.9)492.7 
Obligation to return securities received as collateral, at fair value272.6 — 272.6 — (272.6)— 
November 30, 2023
$ in millionsGross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets:
Securities borrowing arrangements$7,192.1 $— $7,192.1 $(327.7)$(1,642.9)$5,221.4 
Reverse repurchase agreements14,871.1 (8,920.6)5,950.5 (1,304.0)(4,582.6)63.9 
Securities received as collateral, at fair value8.8 — 8.8 — (8.8)— 
Liabilities:
Securities lending arrangements$1,840.5 $— $1,840.5 $(327.7)$(1,396.1)$116.7 
Repurchase agreements19,841.2 (8,920.6)10,920.6 (1,304.0)(9,035.4)581.2 
Obligation to return securities received as collateral, at fair value8.8 — 8.8 — (8.8)— 
(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 $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
Schedule of Offsetting Liabilities
August 31, 2024
$ in millionsGross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets:
Securities borrowing arrangements$7,056.6 $— $7,056.6 $(279.4)$(1,945.2)$4,832.0 
Reverse repurchase agreements14,462.3 (7,469.3)6,993.0 (984.9)(5,922.7)85.4 
Securities received as collateral, at fair value272.6 — 272.6 — (272.6)— 
Liabilities:
Securities lending arrangements$2,550.1 $— $2,550.1 $(279.4)$(2,226.9)$43.8 
Repurchase agreements17,072.8 (7,469.3)9,603.5 (984.9)(8,125.9)492.7 
Obligation to return securities received as collateral, at fair value272.6 — 272.6 — (272.6)— 
November 30, 2023
$ in millionsGross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets:
Securities borrowing arrangements$7,192.1 $— $7,192.1 $(327.7)$(1,642.9)$5,221.4 
Reverse repurchase agreements14,871.1 (8,920.6)5,950.5 (1,304.0)(4,582.6)63.9 
Securities received as collateral, at fair value8.8 — 8.8 — (8.8)— 
Liabilities:
Securities lending arrangements$1,840.5 $— $1,840.5 $(327.7)$(1,396.1)$116.7 
Repurchase agreements19,841.2 (8,920.6)10,920.6 (1,304.0)(9,035.4)581.2 
Obligation to return securities received as collateral, at fair value8.8 — 8.8 — (8.8)— 
(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 $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 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
$ in thousandsAugust 31,
2024		November 30,
2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$1,360,324 $1,414,593 
Securities purchased under agreements to resell (1)343,779 45,490 
Total$1,704,103 $1,460,083 
(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.
v3.24.3
Securitization Activities (Tables)
 9 Months Ended
Aug. 31, 2024
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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Transferred assets$878.0 $2,725.6 $3,446.7 $6,576.0 
Proceeds on new securitizations878.0 2,702.7 3,446.7 6,553.0 
Cash flows received on retained interests9.5 13.2 28.8 13.6 
Schedule of Retained Interests in SPEs
August 31, 2024November 30, 2023
$ in millionsTotal
Assets		Retained
Interests		Total
Assets		Retained
Interests
U.S. government agency RMBS$5,154.5 $188.9 $5,595.1 $417.3 
U.S. government agency CMBS2,539.9 186.7 3,014.3 197.3 
CLOs7,343.2 32.5 6,323.8 23.3 
Consumer and other loans1,320.6 49.0 1,877.8 68.1 
v3.24.3
Variable Interest Entities (Tables)
 9 Months Ended
Aug. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of VIEs
August 31, 2024 (1)
$ in millionsSecured Funding VehiclesOther
Cash$— $2.8 
Financial instruments owned 65.0 12.9 
Securities purchased under agreements to resell (2)2,283.0 — 
Receivables from brokers (3)— 17.8 
Other receivables2.0 3.0 
Other assets (4)— 91.0 
Total assets$2,350.0 $127.5 
Financial instruments sold, not yet purchased$— $7.6 
Other secured financings (5)2,343.0 — 
Other liabilities (6)7.1 18.9 
Long-term debt — 70.0 
Total liabilities$2,350.1 $96.5 
November 30, 2023 (1)
$ in millionsSecured Funding VehiclesOther
Cash$— $1.1 
Financial instruments owned— 7.8 
Securities purchased under agreements to resell (2)1,677.7 — 
Receivables from brokers (3)— 18.0 
Assets held for sale (7)815.6 578.8 
Other assets (4)— 147.9 
Total assets$2,493.3 $753.6 
Financial instruments sold, not yet purchased$— $6.4 
Other secured financings (5)1,667.3 — 
Liabilities held for sale (7)769.2 303.4 
Other liabilities (6)10.5 249.7 
Long-term debt — 49.6 
Total liabilities$2,447.0 $609.1 
(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)$1.5 million and $1.4 million of receivables from brokers at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.
(4)$3.3 million and $56.1 million of the other assets at August 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.
(5)$642.6 million and $681.0 million of the other secured financings at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation.
(6)$18.7 million and $247.9 million of the other liabilities amounts at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.
(7)At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information.
August 31, 2024
Carrying AmountMaximum Exposure to LossVIE Assets
$ in millionsAssetsLiabilities
CLOs$779.1 $15.0 $5,538.2 $12,908.9 
Asset-backed vehicles816.6 — 1,155.4 3,774.4 
Related party private equity vehicles2.5 — 13.1 26.5 
Other investment vehicles1,061.3 — 1,336.9 20,343.4 
Total$2,659.5 $15.0 $8,043.6 $37,053.2 
November 30, 2023
Carrying AmountMaximum Exposure to LossVIE Assets
$ in millionsAssetsLiabilities
CLOs$913.3 $14.1 $4,414.0 $9,455.5 
Asset-backed vehicles661.7 — 661.7 3,734.8 
Related party private equity vehicles3.1 — 14.2 10.3 
Other investment vehicles1,071.2 — 1,233.7 15,059.2 
Total$2,649.3 $14.1 $6,323.6 $28,259.8 
v3.24.3
Investments (Tables)
 9 Months Ended
Aug. 31, 2024
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.
$ in millionsAugust 31,
2024		November 30,
2023
Total Investments in and loans to related parties$1,349.6 $1,239.3 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Total equity method pickup earnings (losses) recognized in Other revenues$25.0 $(78.1)$62.2 $(229.9)
Activity related to the facility:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Unfunded commitment fees$0.3 $0.3 $0.9 $0.9 
Selected financial information for Jefferies Finance:
$ in millionsAugust 31,
2024		November 30,
2023
Total assets$5,374.4 $5,598.2 
Total liabilities4,031.3 4,352.0 
August 31,
2024		November 30,
2023
Our total equity balance$664.2 $630.1 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net earnings (losses) attributable to members$28.8 $(31.5)$68.1 $(3.7)
Activity related to our other transactions with Jefferies Finance:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Origination and syndication fee revenues (1)$72.9 $37.9 $200.2 $84.1 
Origination fee expenses (1)16.2 10.1 40.8 20.5 
CLO placement and structuring fee revenues (2) 0.8 1.7 1.1 1.7 
Investment fund placement fee revenues (3)2.4 — 3.3 — 
Service fees (4)15.3 20.1 81.0 81.2 
(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 act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees and are included in Commissions and other fees.
(4)Under a service agreement, we charge Jefferies Finance for various administrative services provided.
Selected financial information for Berkadia:
$ in millionsAugust 31,
2024		November 30,
2023
Total assets$4,662.5 $5,318.2 
Total liabilities3,189.7 3,816.1 
Total noncontrolling interest540.1 612.8 
August 31,
2024		November 30,
2023
Our total equity balance$421.8 $400.9 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net earnings attributable to members$41.4 $53.9 $119.6 $96.4 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Distributions$28.0 $33.6 $34.7 $33.8 
Activity related to our other transactions with Berkadia:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Transaction referral fee revenue (1)$— $— $0.3 $— 
Loan origination fees paid (2)— — 0.4 — 
(1)We refer Berkadia to our clients to act as a transaction servicer and receive fees, which are included in Commissions and other fees.
(2)We pay fees to Berkadia for loan originations, which are capitalized as debt issuance costs and amortized over the life of the loan.
Selected financial information for our significant real estate investments:
$ in millionsAugust 31,
2024		November 30,
2023
Total assets$328.6 $329.5 
Total liabilities488.9 500.0 
August 31,
2024		November 30,
2023
Our total equity balance$96.6 $90.0 
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net earnings$2.9 $4.1 $3.0 $1.8 
54 Madison:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Distributions$— $1.1 $— $18.2 
The following summarizes the results from these investments which are included in Principal transactions revenues:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Net losses from our investments in JCP Fund V$(0.1)$(0.2)$(0.3)$(8.5)
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 35.0% at August 31, 2024 of the combined equity interests:
Three Months Ended
$ in millionsJune 30, 2024March 31, 2024December 31, 2023June 30, 2023March 31, 2023December 31, 2022
Net increase (decrease) in net assets resulting from operations (1)$(0.3)$0.1 $(0.9)$(0.4)$(4.9)$(54.6)
(1)Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2024 and 2023 is included based on the periods presented.
Activity related to these separately managed accounts is as follows:
$ in millionsThree Months Ended
August 31, 2023		Nine Months Ended 
August 31, 2023
Investment gains (1)$0.7 $0.4 
Management fees (2)0.2 0.6 
(1)Included in Principal transactions revenues.
(2)Included in Brokerage and clearing fees.
Selected financial information for Stratos:
$ in millionsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Net losses$(8.8)$(34.6)
Selected financial information for OpNet:
$ in millionsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Net losses$(37.1)$(179.1)
Selected financial information for Golden Queen:
$ in millionsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Net earnings (losses)$0.7 $(1.6)
v3.24.3
Credit Losses on Financial Assets Measured at Amortized Cost (Tables)
 9 Months Ended
Aug. 31, 2024
Credit Loss [Abstract]  
Schedule of Rollforward of Allowance for Credit Loss
Allowance for credit losses related to our automobile loans:
$ in thousandsThree Months Ended 
August 31, 2023		Nine Months Ended 
August 31, 2023
Beginning balance $78,622 $79,614 
Provision for doubtful accounts11,788 29,398 
Charge-offs, net of recoveries(10,635)(29,237)
Ending balance$79,775 $79,775 
Schedule of Allowance for Credit Loss
Allowance for credit losses for investment banking receivables:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
Beginning balance$2,868 $2,069 $6,306 $5,914 
Bad debt expense1,059 1,827 3,146 3,574 
Charge-offs(1)(39)(2,720)(3,106)
Recoveries collected(197)(111)(3,003)(2,636)
  Ending balance (1)$3,729 $3,746 $3,729 $3,746 
(1)Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
v3.24.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Nine Months Ended August 31, 2024
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Balance, at beginning of period$1,532,172 $315,684 $1,847,856 
Currency translation and other adjustments3,335 1,535 4,870 
Measurement period adjustment (1)— (28,346)(28,346)
Goodwill relating to acquisitions by Tessellis— 8,578 8,578 
Balance, at end of period$1,535,507 $297,451 $1,832,958 
(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 information.
Nine Months Ended August 31, 2023
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Balance, at beginning of period$1,552,944 $183,170 $1,736,114 
Currency translation and other adjustments3,354 — 3,354 
Balance, at end of period$1,556,298 $183,170 $1,739,468 
Schedule of Finite-Lived Intangible Assets
August 31, 2024Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Impairment LossesAccumulated AmortizationNet Carrying Amount
Customer relationships$136,848 $27,628 $— $(103,756)$60,720 6.0
Trademarks and trade names147,321 8,730 — (43,944)112,107 21.6
Exchange and clearing organization membership interests and registrations8,769 — (10)— 8,759 N/A
Other52,533 27,318 — (22,093)57,758 4.3
Total$345,471 $63,676 $(10)$(169,793)$239,344 
(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.
November 30, 2023Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Impairment LossesAccumulated AmortizationNet Carrying Amount
Customer relationships $126,449 $9,801 $— $(93,966)$42,284 6.3
Trademarks and trade names127,899 18,513 — (39,340)107,072 23.5
Exchange and clearing organization membership interests and registrations7,405 1,390 (78)— 8,717 N/A
Other14,958 37,026 — (13,137)38,847 5.0
Total$276,711 $66,730 $(78)$(146,443)$196,920 
(1)Refer to Note 4, Business Acquisitions for further information.
Schedule of Indefinite-Lived Intangible Assets
August 31, 2024Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Impairment LossesAccumulated AmortizationNet Carrying Amount
Customer relationships$136,848 $27,628 $— $(103,756)$60,720 6.0
Trademarks and trade names147,321 8,730 — (43,944)112,107 21.6
Exchange and clearing organization membership interests and registrations8,769 — (10)— 8,759 N/A
Other52,533 27,318 — (22,093)57,758 4.3
Total$345,471 $63,676 $(10)$(169,793)$239,344 
(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.
November 30, 2023Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Impairment LossesAccumulated AmortizationNet Carrying Amount
Customer relationships $126,449 $9,801 $— $(93,966)$42,284 6.3
Trademarks and trade names127,899 18,513 — (39,340)107,072 23.5
Exchange and clearing organization membership interests and registrations7,405 1,390 (78)— 8,717 N/A
Other14,958 37,026 — (13,137)38,847 5.0
Total$276,711 $66,730 $(78)$(146,443)$196,920 
(1)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):
Remainder of fiscal year 2024$9,720 
Year ending November 30, 202533,121 
Year ending November 30, 202633,083 
Year ending November 30, 202733,049 
Year ending November 30, 202832,806 
v3.24.3
Revenues from Contracts with Customers (Tables)
 9 Months Ended
Aug. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
 
Investment banking$925,635 $600,190 $2,343,284 $1,595,463 
Commissions and other fees 270,643 223,712 787,968 672,294 
Asset management fees7,189 5,344 43,539 27,965 
Oil and gas revenues358 228 799 25,997 
Real estate revenues4,038 1,902 10,727 12,105 
Other contracts with customers14,782 13,583 43,091 39,544 
Total revenue from contracts with customers1,222,645 844,959 3,229,408 2,373,368 
Other sources of revenue:
Principal transactions324,501 353,373 1,381,432 1,171,578 
Revenues from affiliates6,256 9,468 32,046 39,766 
Interest936,786 898,040 2,636,002 2,062,104 
Other105,401 (64,925)384,939 (174,155)
Total revenues$2,595,589 $2,040,915 $7,663,827 $5,472,661 
Disaggregation of Revenue
Three Months Ended August 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$592,462 $— $592,462 
Investment banking - Underwriting333,173 — 333,173 
Equities (1)267,697 — 267,697 
Fixed income (1)2,486 — 2,486 
Asset management— 7,189 7,189 
Other investments— 19,638 19,638 
Total$1,195,818 $26,827 $1,222,645 
Primary geographic region:
Americas$885,377 $24,858 $910,235 
Europe and the Middle East223,570 1,040 224,610 
Asia-Pacific86,871 929 87,800 
Total$1,195,818 $26,827 $1,222,645 
Three Months Ended August 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$335,271 $— $335,271 
Investment banking - Underwriting264,919 — 264,919 
Equities (1)221,191 — 221,191 
Fixed income (1)2,521 — 2,521 
Asset management— 5,344 5,344 
Other investments— 15,713 15,713 
Total$823,902 $21,057 $844,959 
Primary geographic region:
Americas$648,511 $19,769 $668,280 
Europe and the Middle East100,419 631 101,050 
Asia-Pacific74,972 657 75,629 
Total$823,902 $21,057 $844,959 
Nine Months Ended August 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$1,214,927 $— $1,214,927 
Investment banking - Underwriting1,128,356 — 1,128,356 
Equities (1)779,462 — 779,462 
Fixed income (1)7,036 — 7,036 
Asset management— 43,539 43,539 
Other investments— 56,088 56,088 
Total$3,129,781 $99,627 $3,229,408 
Primary geographic region:
Americas$2,351,130 $93,626 $2,444,756 
Europe and the Middle East518,916 3,192 522,108 
Asia-Pacific259,735 2,809 262,544 
Total$3,129,781 $99,627 $3,229,408 
Nine Months Ended August 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$886,606 $— $886,606 
Investment banking - Underwriting708,857 — 708,857 
Equities (1)663,957 — 663,957 
Fixed income (1)8,337 — 8,337 
Asset management— 27,965 27,965 
Other investments— 77,646 77,646 
Total$2,267,757 $105,611 $2,373,368 
Primary geographic region:
Americas$1,744,439 $101,996 $1,846,435 
Europe and the Middle East338,551 1,804 340,355 
Asia-Pacific184,767 1,811 186,578 
Total$2,267,757 $105,611 $2,373,368 
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
v3.24.3
Compensation Plans (Tables)
 9 Months Ended
Aug. 31, 2024
Compensation Related Costs [Abstract]  
Schedule of Components of Compensation Cost
Components of total compensation cost associated with certain of our compensation plans:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Restricted cash awards $103.7 $61.9 $315.8 $184.4 
Restricted stock and RSUs (1)13.4 11.3 47.9 35.5 
Profit sharing plan2.1 1.8 11.2 10.1 
Total compensation cost$119.2 $75.0 $374.9 $230.0 
(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, 2024:
$ in millionsRemaining Unamortized AmountsWeighted Average
 Vesting Period
(in Years)
Non-vested share-based awards$123.4 3.1
Restricted cash awards (1)1,036.4 3.0
Total$1,159.8 
(1)The remaining unamortized amount is included within Other assets.
v3.24.3
Borrowings (Tables)
 9 Months Ended
Aug. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
$ in thousandsAugust 31,
2024		November 30,
2023
Bank loans$1,118,783 $989,715 
Fixed rate callable note599,751 — 
Total short-term borrowings (1)$1,718,534 $989,715 
(1)Short-term borrowings, which mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature.
Schedule of Maturities of Long-Term Debt
Long-Term Debt
$ in thousandsMaturity (Fiscal Years)August 31,
2024		November 30,
2023
Parent Co. unsecured borrowings
Fixed rate2024$— $544,222 
202574,924 117,180 
2026871,569 90,315 
2027383,792 526,660 
20281,030,332 1,028,966 
2029 and Later4,698,975 2,715,503 
Variable rate2025— 350,000 
202643,062 42,417 
2027721,781 562,833 
2029 and Later1,346,811 810,761 
Structured notes (1)20245,508 48,002 
2025100,231 40,868 
202666,166 36,178 
202761,794 83,306 
202838,019 19,768 
2029 and Later1,851,173 1,480,321 
Total Parent Co. unsecured borrowings (2)11,294,137 8,497,300 
Subsidiaries secured borrowings
Fixed rate2024200,969 135,202 
202581,264 117,814 
202648,859 23,313 
20277,098 4,412 
202834,923 37,305 
2029 and Later100,858 — 
Variable rate2024— 883,406 
2026856,545 — 
2027263,949 — 
Total Subsidiaries secured borrowings1,594,465 1,201,452 
Subsidiaries unsecured borrowings
Fixed rate20296,662 — 
Variable rate202426,748 — 
Total Subsidiaries unsecured borrowings33,410 — 
Total long-term debt (3)$12,922,012 $9,698,752 
Fair value$13,090,184 $9,572,842 
Weighted-average interest rate (4)5.61 %5.52 %
Interest rate range (4)
0.25% - 7.97%
0.25% - 8.21%
(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 unsecured borrowings, totaling $2.05 billion and $1.99 billion for August 31, 2024 and November 30, 2023, respectively, include net losses of $62.1 million and net gains of $23.1 million for the nine months ended August 31, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information.
(3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.9 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. 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, 2024, we were in compliance with all covenants under these credit agreements.
(4)Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships.
v3.24.3
Total Equity (Tables)
 9 Months Ended
Aug. 31, 2024
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:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
In thousands, except per share amounts
2024202320242023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations$174,676 $53,947 $493,606 $191,955 
Less: Net losses attributable to noncontrolling interests(6,304)(3,772)(16,541)(13,794)
Mandatorily redeemable convertible preferred share dividends— — — (2,016)
Allocation of earnings to participating securities (1)(20,785)(6,369)(48,501)(7,344)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share$160,195 $51,350 $461,646 $196,389 
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share$160,195 $51,350 $461,646 $196,389 
Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations (including loss on disposal), net of income taxes6,363 — (1,488)— 
Less: Net losses attributable to noncontrolling interests(570)— (2,561)— 
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share$6,933 $— $1,073 $— 
Net earnings attributable to common shareholders for basic earnings per share$167,128 $51,350 $462,719 $196,389 
Net earnings attributable to common shareholders for diluted earnings per share$167,128 $51,350 $462,719 $196,389 
Denominator for earnings per common share:
Weighted average common shares outstanding206,418 218,411 209,997 226,265 
Weighted average shares of restricted stock outstanding with future service required(2,305)(1,793)(2,346)(1,923)
Weighted average RSUs outstanding with no future service required10,339 11,735 10,455 12,324 
Weighted average basic common shares214,452 228,353 218,106 236,666 
Stock options and other share-based awards 4,189 2,047 3,369 2,064 
Senior executive compensation plan RSU awards3,058 1,641 2,705 1,928 
Weighted average diluted common shares (2)221,699 232,041 224,180 240,658 
Earnings (losses) per common share:
Basic from continuing operations$0.75 $0.22 $2.12 $0.83 
Basic from discontinued operations0.03 — — — 
Basic$0.78 $0.22 $2.12 $0.83 
Diluted from continuing operations$0.72 $0.22 $2.06 $0.82 
Diluted from discontinued operations0.03 — — — 
Diluted$0.75 $0.22 $2.06 $0.82 
(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 26.3 million and 22.9 million, for the three and nine months ended August 31, 2024, respectively, compared with 0.7 million and 1.1 million, during the three and nine months ended August 31, 2023, respectively. Dividends paid on participating securities were not material for the three and nine months ended August 31, 2024 and August 31, 2023. 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 common share in the future. Antidilutive shares at August 31, 2024, were 12.7% and 12.5% of the weighted average common shares outstanding for the three and nine months ended August 31, 2024, respectively.
Schedule of Dividends Declared
Nine Months Ended August 31, 2024
Declaration DateRecord DatePayment DatePer Common Share Amount
January 8, 2024February 16, 2024February 27, 2024$0.30
March 27, 2024May 20, 2024May 30, 2024$0.30
June 26, 2024August 19, 2024August 30, 2024$0.35
Nine Months Ended August 31, 2023
Declaration DateRecord DatePayment DatePer Common Share Amount
January 9, 2023February 13, 2023February 24, 2023$0.30
March 28, 2023May 15, 2023May 26, 2023$0.30
June 27, 2023August 14, 2023August 25, 2023$0.30
Schedule of Accumulated Other Comprehensive Income (Loss)
$ in thousandsAugust 31,
2024		November 30,
2023
Net unrealized losses on available-for-sale securities$(2,539)$(4,595)
Net currency translation adjustments and other(144,345)(162,541)
Net unrealized losses related to instrument-specific credit risk (176,865)(181,946)
Net minimum pension liability(46,216)(46,463)
Total accumulated other comprehensive loss, net of tax$(369,965)$(395,545)
Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in thousands2024202320242023
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1)$150 $13 $2,783 $(151)
Amortization of defined benefit pension plan actuarial losses (2)(67)(42)(247)(588)
Total reclassifications for the period, net of income taxes$83 $(29)$2,536 $(739)
(1)Includes income tax expense of $0.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, compared with a tax benefit of $0.1 million for the nine months ended August 31, 2023, which were reclassified to Principal transactions revenues.
(2)Includes income tax benefit of $0.1 million for the nine months ended August 31, 2024 and $0.1 million for the nine months ended August 31, 2023, which were reclassified to Compensation and benefits expenses
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Aug. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates
Earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:
JurisdictionTax Year
United States2020
New York State2001
New York City2006
United Kingdom2021
Germany2018
Hong Kong2018
India2010
Schedule of Components of Income Tax Expense (Benefit)
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Income tax expense$78.0 $37.1 $207.1 $75.1 
Effective tax rate30.9 %40.8 %29.6 %28.1 %
v3.24.3
Commitments, Contingencies and Guarantees (Tables)
 9 Months Ended
Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Commitments and Contingencies
Expected Maturity Date (Fiscal Years)
$ in millions202420252026 
and 
2027		2028 
and 
2029		2030 
and 
Later		Maximum Payout
Equity commitments (1)$14.2 $25.3 $34.9 $0.2 $261.6 $336.2 
Loan commitments (1)— 679.7 87.9 — 5.2 772.8 
Loan purchase commitments (2)3,315.4 — — — — 3,315.4 
Underwriting commitments57.3 — — — — 57.3 
Forward starting reverse repos (3)4,406.9 — — — — 4,406.9 
Forward starting repos (3)3,512.1 — — — — 3,512.1 
Other unfunded commitments (1)210.2 179.0 490.2 — — 879.4 
Total commitments$11,516.1 $884.0 $613.0 $0.2 $266.8 $13,280.1 
(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, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $3.20 billion.
(3)At August 31, 2024, all of forward starting securities purchased under agreements to resell and all of forward starting securities sold under agreements to repurchase settled within three business days.
Schedule of Guarantees
Expected Maturity Date (Fiscal Years)
$ in millions202420252026 
and 
2027		2028 
and 
2029		Notional/ Maximum Payout
Guarantee Type:
Derivative contracts—non-credit related$7,230.2 $22,670.8 $22,552.0 $825.0 $53,278.0 
Total derivative contracts$7,230.2 $22,670.8 $22,552.0 $825.0 $53,278.0 
v3.24.3
Regulatory Requirements (Tables)
 9 Months Ended
Aug. 31, 2024
Broker-Dealer [Abstract]  
Schedule of Net Capital, Adjusted and Excess Net Capital
As of August 31, 2024
$ in thousandsNet CapitalExcess Net Capital
Jefferies LLC$1,754,381 $1,640,845 
JFSI - SEC251,099 227,718 
JFSI - CFTC251,099 224,227 
v3.24.3
Segment Reporting (Tables)
 9 Months Ended
Aug. 31, 2024
Segment Reporting [Abstract]  
Schedule of Net Revenues, Expenses and Total Assets by Segment
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Investment Banking and Capital Markets:
Net revenues$1,620.1 $1,168.2 $4,565.8 $3,446.4 
Non-interest expenses1,251.6 1,013.1 3,791.0 2,996.2 
Earnings from continuing operations before income taxes368.5 155.1 774.8 450.2 
Asset Management:
Net revenues59.0 10.1 488.9 47.7 
Non-interest expenses179.3 77.9 586.5 240.0 
Losses from continuing operations before income taxes(120.3)(67.8)(97.6)(192.3)
Total of Reportable Business Segments:
Net revenues1,679.1 1,178.3 5,054.7 3,494.1 
Non-interest expenses1,430.9 1,091.0 4,377.5 3,236.2 
Earnings from continuing operations before income taxes248.2 87.3 677.2 257.9 
Reconciliation to consolidated amounts:
Net revenues4.5 3.7 23.5 9.1 
Non-interest expenses— — — — 
Earnings from continuing operations before income taxes (1)4.5 3.7 23.5 9.1 
Total:
Net revenues1,683.6 1,182.1 5,078.2 3,503.2 
Non-interest expenses1,430.9 1,091.1 4,377.5 3,236.2 
Earnings from continuing operations before income taxes$252.7 $91.0 $700.7 $267.0 
(1)Management does not consider certain foreign currency transaction gains or losses, debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial 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.

$ in millionsAugust 31,
2024		November 30,
2023
Investment Banking and Capital Markets$57,712.7 $51,776.9 
Asset Management5,562.4 6,128.3 
Total assets$63,275.1 $57,905.2 
Schedule of Net Revenues by Geographic Region
Three Months Ended 
August 31,		Nine Months Ended 
August 31,
$ in millions2024202320242023
Americas (1)$1,159.3 $936.9 $3,612.2 $2,751.4 
Europe and the Middle East (2)404.3 173.9 1,106.5 534.8 
Asia-Pacific120.0 71.3 359.5 217.0 
Net revenues$1,683.6 $1,182.1 $5,078.2 $3,503.2 
(1)Primarily relates to U.S. results.
(2)Primarily relates to U.K. results.
v3.24.3
Related Party Transactions (Tables)
 9 Months Ended
Aug. 31, 2024
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.
$ in thousandsAugust 31, 2024
Assets
Cash and cash equivalents$521,701 
Financial instruments owned, at fair value9,607 
Securities borrowed15,357 
Securities purchased under agreements to resell431,802 
Receivables:
Brokers, dealers and clearing organizations121,618 
Customers4,163 
Fees, interest and other3,022 
Other assets269 
Total assets$1,107,539 
Liabilities
Financial instruments sold, not yet purchased, at fair value$14,983 
Securities sold under agreements to repurchase538,239 
Payables:
Brokers, dealers and clearing organizations 130,852 
Customers 4,891 
Fees, interest and other326 
Long-term debt (1)— 
Total liabilities$689,291 
(1)We have an undrawn revolving credit facility of $750.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread.
$ in thousandsNine Months Ended
August 31, 2024 (1)
Revenues
Investment banking$455 
Principal transactions (2)(38,301)
Commissions and other fees180 
Interest4,116 
Total revenues(33,550)
Interest expense2,411 
Net revenues$(35,961)
Non-interest expenses
Business development$4,570 
Total non-interest expenses$4,570 
(1)Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024.
(2)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.
v3.24.3
Organization and Basis of Presentation (Details)
$ in Millions
 9 Months Ended
Jan. 13, 2023
USD ($)
Aug. 31, 2024
segment
Subsidiary or Equity Method Investee [Line Items]    
Number of reportable segments | segment   2
Dividend distributions $ 527.0  
Decrease in assets, spinoff transaction 699.5  
Decrease in total liabilities, spinoff transaction 141.1  
Decrease in equity, spinoff transaction 558.4  
Vitesse Energy | Subsidiaries    
Subsidiary or Equity Method Investee [Line Items]    
Sale of subsidiary $ 30.6  
v3.24.3
Accounting Developments (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Jan. 01, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Decrease in retained earnings $ (8,124,134) $ (7,849,844)  
Cumulative Effect, Period of Adoption, Adjustment      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Decrease in retained earnings     $ (14,800)
v3.24.3
Business Acquisitions - Narrative (Details)
€ / shares in Units, € in Millions
 1 Months Ended 3 Months Ended
Nov. 30, 2023
USD ($)
Sep. 14, 2023
USD ($)
Aug. 31, 2024
USD ($)
May 31, 2024
EUR (€)
€ / shares
Feb. 29, 2024
USD ($)
Feb. 29, 2024
EUR (€)
Jun. 30, 2024
EUR (€)
May 07, 2024
Feb. 29, 2024
EUR (€)
€ / shares
Dec. 31, 2023
USD ($)
Aug. 31, 2023
USD ($)
Mar. 31, 2023
Nov. 30, 2022
USD ($)
Business Acquisition [Line Items]                          
Goodwill $ 1,847,856,000   $ 1,832,958,000               $ 1,739,468,000   $ 1,736,114,000
Additional preferred shares amount | €       € 18.7   € 25.0              
Assets recognized 1,392,117,000                        
Liabilities assumed $ 941,711,000                        
Discontinued Operations, Disposed of by Sale | OpNet                          
Business Acquisition [Line Items]                          
Sale of subsidiary     322,800,000                    
Gain on sale of disposal     $ 2,800,000                    
Nonconsolidated VIEs                          
Business Acquisition [Line Items]                          
Initial consolidation gain   $ 5,600,000                      
Tessellis | OpNet                          
Business Acquisition [Line Items]                          
Ownership percentage 59.30%                        
Stratos                          
Business Acquisition [Line Items]                          
Our total equity balance   $ 47,900,000                      
Stratos | Discount rate/yield                          
Business Acquisition [Line Items]                          
Equity method investment, measurement input   24.50%                      
Stratos | Global Brokerage Inc                          
Business Acquisition [Line Items]                          
Ownership percentage                       50.10%  
OpNet                          
Business Acquisition [Line Items]                          
Ownership percentage     47.40%                    
Our total equity balance $ 201,600,000                 $ 0      
Investment voting percentage     50.00%                    
Increase (decrease) in ownership percentage               57.50%          
Increase (decrease) in voting percentage               72.60%          
Conversion of loan receivable for preferred stock issued | €       € 20.0     € 20.0   € 115.1        
Conversion price of loan receivable for preferred stock (in euros per share) | € / shares       € 10.00         € 10.00        
Difference between carrying amount and underlying equity 115,800,000                        
OpNet                          
Business Acquisition [Line Items]                          
Intangible assets increase (decrease)         $ 39,300,000                
Property and equipment increase (decrease)         12,300,000                
Goodwill increase (decrease)         27,000,000                
Goodwill 127,100,000       $ 100,100,000                
Assets recognized 944,854,000                        
Liabilities assumed 585,369,000                        
OpNet | Tessellis                          
Business Acquisition [Line Items]                          
Assets recognized     $ 20,600,000                    
Liabilities assumed     $ 17,400,000                    
Stratos                          
Business Acquisition [Line Items]                          
Interest at fair value   49.90%                      
Fair value percent of identifiable assets and assumed liabilities   100.00%                      
Acquisition of additional interests   50.10%                      
Extinguishment of debt   $ 39,200,000                      
Step acquisition remeasurement gain 900,000 4,700,000                      
Consideration transferred   $ 0                      
Goodwill 5,500,000                        
Assets recognized 447,263,000                        
Liabilities assumed $ 356,342,000                        
v3.24.3
Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Business Acquisition [Line Items]    
Cash and cash equivalents   $ 90,881
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   124,306
Financial instruments owned, at fair value   53,028
Investments in and loans to related parties   6,644
Receivables:    
Brokers, dealers and clearing organizations   113,750
Fees, interest and other   19,473
Property and equipment, net   143,288
Assets held for sale   578,820
Other assets   129,413
Total assets acquired   1,392,117
Financial instruments sold, net yet purchased, at fair value   31,293
Payables:    
Brokers, dealers and clearing organizations   236
Customers payables   297,494
Short-term borrowings   7,137
Lease liabilities   32,348
Liabilities held for sale   303,447
Accrued expenses and other liabilities   194,319
Long-term debt   75,437
Total liabilities assumed   941,711
Net assets acquired   450,406
Noncontrolling interests   42,168
Asset Management    
Receivables:    
Goodwill $ 143,000 132,514
Stratos    
Business Acquisition [Line Items]    
Cash and cash equivalents   83,006
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   124,306
Financial instruments owned, at fair value   53,028
Investments in and loans to related parties   0
Receivables:    
Brokers, dealers and clearing organizations   113,750
Fees, interest and other   4,745
Property and equipment, net   31,830
Assets held for sale   0
Other assets   31,135
Total assets acquired   447,263
Financial instruments sold, net yet purchased, at fair value   31,293
Payables:    
Brokers, dealers and clearing organizations   236
Customers payables   297,494
Short-term borrowings   0
Lease liabilities   9,308
Liabilities held for sale   0
Accrued expenses and other liabilities   18,011
Long-term debt   0
Total liabilities assumed   356,342
Net assets acquired   90,921
Noncontrolling interests   0
Stratos | Asset Management    
Receivables:    
Goodwill   5,463
OpNet    
Business Acquisition [Line Items]    
Cash and cash equivalents   7,875
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   0
Financial instruments owned, at fair value   0
Investments in and loans to related parties   6,644
Receivables:    
Brokers, dealers and clearing organizations   0
Fees, interest and other   14,728
Property and equipment, net   111,458
Assets held for sale   578,820
Other assets   98,278
Total assets acquired   944,854
Financial instruments sold, net yet purchased, at fair value   0
Payables:    
Brokers, dealers and clearing organizations   0
Customers payables   0
Short-term borrowings   7,137
Lease liabilities   23,040
Liabilities held for sale   303,447
Accrued expenses and other liabilities   176,308
Long-term debt   75,437
Total liabilities assumed   585,369
Net assets acquired   359,485
Noncontrolling interests   $ 42,168
Weighted Average Remaining Lives (Years)   20 years
OpNet | Asset Management    
Receivables:    
Goodwill   $ 127,051
v3.24.3
Assets Held for Sale and Discontinued Operations (Details) - USD ($)
$ in Thousands
 1 Months Ended
Apr. 30, 2024
Aug. 31, 2024
Nov. 30, 2023
Assets held for sale:      
Total assets held for sale   $ 0 $ 1,545,472
Liabilities held for sale:      
Total liabilities held for sale   $ 0 1,173,648
Foursight Capital      
Liabilities held for sale:      
Gain on sale of disposal $ 24,800    
Disposal Group, Held-for-Sale, Not Discontinued Operations      
Liabilities held for sale:      
Deposits     42,100
Disposal Group, Held-for-Sale, Not Discontinued Operations | Financing Receivable      
Assets held for sale:      
Other assets     850,800
Disposal Group, Held-for-Sale, Not Discontinued Operations | Foursight Capital      
Assets held for sale:      
Cash and cash equivalents     3,555
Other receivables     1,478
Premises and equipment, net     1,175
Operating lease assets     7,635
Goodwill     24,000
Other assets     928,808
Total assets held for sale     966,651
Liabilities held for sale:      
Other secured financings     700,615
Lease liabilities     8,821
Accrued expenses and other liabilities     11,503
Long-term debt     149,262
Total liabilities held for sale     $ 870,201
v3.24.3
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative investment $ 1,204,380 $ 1,209,383
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 22,834,279 20,538,090
Counterparty and Cash Collateral Netting (2,270,214) (3,107,620)
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 68,966 110,198
Securities received as collateral 272,619 8,800
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 12,307,086 11,251,154
Counterparty and Cash Collateral Netting (2,378,130) (2,764,572)
Other secured financings 3,965 3,898
Obligation to return securities received as collateral 272,619 8,800
Long-term debt 2,122,890 1,708,443
Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,618,358 4,224,174
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,813,044 2,318,905
Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,431,152 4,947,334
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,527,010 2,842,900
Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 711,036 934,108
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased   36
U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,379,623 3,628,730
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,789,472 2,957,787
Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 517,810 223,502
Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,518,725 1,660,946
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,436,982 1,809,097
Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,505,255 2,069,180
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 26 463
Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 264,773 345,410
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,119 840
Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 298,077 372,709
Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,917,569 1,450,318
Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 532,515 550,844
Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 139,386 130,835
Loans    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 101,093 175,349
Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 638,340 1,145,777
Level 1    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 9,379,399 8,446,670
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 68,966 110,198
Securities received as collateral 272,619 8,800
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 7,423,666 6,422,685
Other secured financings 0 0
Obligation to return securities received as collateral 272,619 8,800
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 5,132,729 3,831,698
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,720,668 2,235,049
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:    
Total financial instruments sold, not yet purchased 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
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased   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 3,292,721 3,563,164
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,789,472 2,957,787
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 952,700 1,051,494
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 913,115 1,229,795
Level 1 | Residential 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:    
Total financial instruments sold, not yet purchased 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:    
Total financial instruments sold, not yet purchased 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 1,249 314
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:    
Total financial instruments sold, not yet purchased 0 0
Level 1 | Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 411 54
Level 2    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 15,031,740 14,518,460
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 0 0
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 7,220,818 7,530,589
Other secured financings 0 0
Obligation to return securities received as collateral 0 0
Long-term debt 1,333,744 963,846
Level 2 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 284,986 211,182
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 89,406 83,180
Level 2 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,399,974 4,921,222
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,526,750 2,842,776
Level 2 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 628,955 869,246
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased   36
Level 2 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 86,902 65,566
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 0 0
Level 2 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 517,810 223,502
Level 2 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 565,919 609,452
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 523,867 579,302
Level 2 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,504,631 2,048,309
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 26 463
Level 2 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 264,281 344,902
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 0 0
Level 2 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 152,674 255,048
Level 2 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,830,445 1,320,217
Level 2 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,795,157 3,649,814
Level 2 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 6 0
Level 2 | Loans    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 99,533 173,828
Level 2 | Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,981,236 3,851,004
Level 3    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 693,354 680,580
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 0 0
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 40,732 62,452
Other secured financings 3,965 3,898
Obligation to return securities received as collateral 0 0
Long-term debt 789,146 744,597
Level 3 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 200,643 181,294
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,970 676
Level 3 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 31,178 26,112
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 260 124
Level 3 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 82,081 64,862
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased   0
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:    
Total financial instruments sold, not yet purchased 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 106 0
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 0 0
Level 3 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 624 20,871
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 0 0
Level 3 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 492 508
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,119 840
Level 3 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 145,403 117,661
Level 3 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 87,124 130,101
Level 3 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 6,323 8,336
Level 3 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 139,380 130,835
Level 3 | Loans    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,560 1,521
Level 3 | Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 34,823 59,291
Fair value based on net asset value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative investment $ 1,200,000 $ 1,210,000
v3.24.3
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Aug. 31, 2024
Nov. 30, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 1,204,380 $ 1,209,383
Unfunded Commitments 255,081 170,196
Equity Long/Short Hedge Funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 264,698 341,530
Unfunded Commitments $ 0 $ 0
Percentage of not redeemable investments   43.00%
Equity Long/Short Hedge Funds | 60 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   60 days
Equity Long/Short Hedge Funds | 90 Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments 100.00%  
Notice period redemption of investment prior written notice period   90 days
Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period One    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments   57.00%
Equity Long/Short 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  
Equity Long/Short 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]    
Notice period redemption of investment prior written notice period 90 days  
Equity Funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 56,759 $ 55,701
Unfunded Commitments $ 31,268 $ 37,534
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 10 years 10 years
Commodity Funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 20,731 $ 21,747
Unfunded Commitments $ 0 $ 0
Commodity Funds | 60 Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments 100.00%  
Notice period redemption of investment prior written notice period 60 days 60 days
Commodity Funds | 90 Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments   100.00%
Multi-asset Funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 346,533 $ 357,445
Unfunded Commitments $ 0 $ 0
Percentage of not redeemable investments   4.00%
Multi-asset Funds | 60 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   60 days
Multi-asset Funds | 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
Multi-asset 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  
Multi-asset Funds | Debt Instrument, Redemption, Period One | 60 Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments 86.00% 83.00%
Notice period redemption of investment prior written notice period 60 days  
Multi-asset Funds | Debt Instrument, Redemption, Period Two | 90 Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments 14.00% 13.00%
Notice period redemption of investment prior written notice period 90 days  
Other Funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 515,659 $ 432,960
Unfunded Commitments $ 223,813 $ 132,662
Percentage of not redeemable investments 36.00% 25.00%
Other Funds | 90 Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of redeemable investments 64.00% 75.00%
Notice period redemption of investment prior written notice period 90 days 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
v3.24.3
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Assets:        
Total gains/losses (realized and unrealized) $ (7,300) $ 42,900 $ (53,800) $ 69,400
Liabilities:        
Total gains/losses (realized and unrealized) 16,500 27,500 23,300 31,700
Corporate equity securities        
Assets:        
Beginning balance 178,755 267,913 181,294 240,347
Total gains/losses (realized and unrealized) 9,887 (85,416) (3,969) (58,302)
Purchases 12,874 333 28,576 895
Sales (1,035) (331) (2,480) (1,228)
Settlements (198) 0 0 (630)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 360 (3,710) (2,778) (2,293)
Ending balance 200,643 178,789 200,643 178,789
For instruments still held, changes in unrealized gains/(losses) included in Earnings 10,184 (84,507) (3,179) (51,782)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Liabilities:        
Beginning Balance 708 465 676 750
Total gains/losses (realized and unrealized) 4 0 5 (285)
Purchases 0 0 0 0
Sales 2,264 0 2,289 0
Settlements 0 0 0 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (6) 0 0 0
Ending Balance 2,970 465 2,970 465
For instruments still held, changes in unrealized gains/(losses) included in Earnings (4) 0 (5) 285
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Corporate debt securities        
Assets:        
Beginning balance 38,717 42,642 26,112 30,232
Total gains/losses (realized and unrealized) 93 (176) 3,060 2,087
Purchases 0 4,685 14,894 11,519
Sales (1,753) (4,157) (6,735) (20,410)
Settlements 0 0 (200) (200)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (5,879) (11,282) (5,953) 8,484
Ending balance 31,178 31,712 31,178 31,712
For instruments still held, changes in unrealized gains/(losses) included in Earnings 1,181 416 7,309 (1,394)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Liabilities:        
Beginning Balance 506 267 124 500
Total gains/losses (realized and unrealized) 0 1 (23) (40)
Purchases (246) 0 0 (234)
Sales 0 0 0 0
Settlements 0 0 0 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 (42) 159 0
Ending Balance 260 226 260 226
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 (1) 23 29
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
CDOs and CLOs        
Assets:        
Beginning balance 68,626 62,691 64,862 55,824
Total gains/losses (realized and unrealized) 1,477 12,133 8,771 23,622
Purchases 17,704 9,848 41,690 30,744
Sales (1,147) (648) (22,797) (1,062)
Settlements (1,323) (17,331) (5,214) (43,798)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (3,256) (9,208) (5,231) (7,845)
Ending balance 82,081 57,485 82,081 57,485
For instruments still held, changes in unrealized gains/(losses) included in Earnings 649 (8,000) 4,351 (13,103)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Sovereign obligations        
Assets:        
Beginning balance 0   0  
Total gains/losses (realized and unrealized) 0   (16)  
Purchases 0   11,147  
Sales 0   (11,025)  
Settlements 0   0  
Issuances 0   0  
Net transfers into/ (out of) Level 3 106   0  
Ending balance 106   106  
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0   3  
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0   0  
RMBS        
Assets:        
Beginning balance 644 24,705 20,871 27,617
Total gains/losses (realized and unrealized) 24 (1,796) (185) (4,239)
Purchases 0 324 0 0
Sales 0 0 (5,374) 0
Settlements (12) (4) (63) (149)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (32) 0 (14,625) 0
Ending balance 624 23,229 624 23,229
For instruments still held, changes in unrealized gains/(losses) included in Earnings 34 (686) 33 (1,513)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
CMBS        
Assets:        
Beginning balance 477 28,946 508 839
Total gains/losses (realized and unrealized) 15 (535) (16) (1,282)
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 28,854
Ending balance 492 28,411 492 28,411
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 (368) (64) (428)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Liabilities:        
Beginning Balance 1,049 630 840 490
Total gains/losses (realized and unrealized) 0 (11) 0 (11)
Purchases 0 0 (245) 0
Sales 0 0 0 0
Settlements 70 210 525 245
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 (105) (1) 0
Ending Balance 1,119 724 1,119 724
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 11 (2) 11
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Other ABS        
Assets:        
Beginning balance 168,736 126,075 117,661 94,677
Total gains/losses (realized and unrealized) (966) (2,768) (7,724) (9,162)
Purchases 29,502 50,945 94,754 90,507
Sales (27,528) (2,534) (68,622) (4,387)
Settlements (3,608) 0 (19,929) 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (20,733) 5,324 29,263 5,407
Ending balance 145,403 177,042 145,403 177,042
For instruments still held, changes in unrealized gains/(losses) included in Earnings (1,988) (3,995) (5,778) (11,922)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Loans and other receivables        
Assets:        
Beginning balance 92,546 141,817 130,101 168,875
Total gains/losses (realized and unrealized) (18,742) 6,776 (43,105) 4,626
Purchases 10,138 7,342 20,220 12,769
Sales (4,489) (7,967) (4,856) (28,171)
Settlements (2,258) 0 (19,523) (186)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 9,929 2,239 4,287 (7,706)
Ending balance 87,124 150,207 87,124 150,207
For instruments still held, changes in unrealized gains/(losses) included in Earnings (5,863) 7,955 (17,949) 10,380
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Investments at fair value        
Assets:        
Beginning balance 138,057 153,800 130,835 161,992
Total gains/losses (realized and unrealized) 952 114,681 (10,626) 112,094
Purchases 371 575 19,725 7,994
Sales 0 0 0 (2,420)
Settlements 0 (196) (547) (10,887)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 (12,747) (7) (12,660)
Ending balance 139,380 256,113 139,380 256,113
For instruments still held, changes in unrealized gains/(losses) included in Earnings 952 114,681 (10,626) 113,807
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Loans        
Liabilities:        
Beginning Balance 1,584 3,348 1,521 3,164
Total gains/losses (realized and unrealized) (1,000) 2,522 1,879 (124)
Purchases 0 (1,655) (180) (1,655)
Sales 964 247 1,367 354
Settlements 12 0 152 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 2,977 (3,179) 5,700
Ending Balance 1,560 7,439 1,560 7,439
For instruments still held, changes in unrealized gains/(losses) included in Earnings 1 (4,508) (26) (908)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Net derivatives        
Liabilities:        
Beginning Balance 34,877 54,260 50,955 59,524
Total gains/losses (realized and unrealized) (7,588) 4,259 (17,212) (8,176)
Purchases 0 (9,406) (3,236) (5,300)
Sales 0 22,236 2,471 17,037
Settlements 734 0 (9,504) (854)
Issuances 0 0 0 10,035
Net transfers into/ (out of) Level 3 477 (31,313) 5,026 (32,230)
Ending Balance 28,500 40,036 28,500 40,036
For instruments still held, changes in unrealized gains/(losses) included in Earnings 4,363 (4,177) 5,659 7,718
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Other secured financings        
Liabilities:        
Beginning Balance 3,965 1,712 3,898 1,712
Total gains/losses (realized and unrealized) 0 0 4,482 0
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 (4,415) 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 0 0 0
Ending Balance 3,965 1,712 3,965 1,712
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 0 (4,482) 0
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Long-term debt        
Liabilities:        
Beginning Balance 784,212 697,057 744,597 661,123
Total gains/losses (realized and unrealized) 25,080 20,768 34,157 40,321
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 (2,109) 0
Issuances 542 5,572 28,614 5,775
Net transfers into/ (out of) Level 3 (20,688) (17,482) (16,113) (1,304)
Ending Balance 789,146 705,915 789,146 705,915
For instruments still held, changes in unrealized gains/(losses) included in Earnings (37,145) (5,770) (41,836) (8,970)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income $ 12,065 $ (14,998) $ 7,679 $ (31,351)
v3.24.3
Fair Value Disclosures - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Nov. 30, 2023
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Sep. 19, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3 $ 31,300,000   $ 21,700,000 $ 61,000,000.0 $ 77,100,000  
Transfers of assets from Level 3 to Level 2 50,800,000   51,000,000.0 56,000,000.0 64,800,000  
Transfers of liabilities from Level 2 to Level 3 18,800,000   31,300,000 39,400,000 46,100,000  
Transfers of liabilities from Level 3 to Level 2 39,000,000.0   77,300,000 53,100,000 74,000,000.0  
Net gains/(losses) on Level 3 assets (realized and unrealized) (7,300,000)   42,900,000 (53,800,000) 69,400,000  
Total gains/losses (realized and unrealized) 16,500,000   27,500,000 23,300,000 31,700,000  
Value of asset excluded from significant unobservable inputs 24,600,000 $ 45,600,000   24,600,000    
Value of liability excluded from significant unobservable inputs 4,200,000 4,000,000.0   4,200,000    
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due 88,200,000 98,100,000   88,200,000    
Loans and other receivables greater than 90 days past due 76,400,000 37,600,000   76,400,000    
Investment, other than temporary impairment     27,800,000   57,200,000  
Gain from sale   1,700,000        
Equity securities without readily determinable fair value, amount 21,900,000 $ 0   21,900,000    
Realized and unrealized gains (loss)     (400,000)   (122,200,000)  
Equity securities without readily determinable fair value, impairment loss $ 0   400,000 $ 0 80,300,000  
Common shares, issued after deducting shares held in treasury (in shares) 205,495,338 210,626,642   205,495,338    
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Subsequent event            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Common shares, issued after deducting shares held in treasury (in shares)           9,200,000
Monashee            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Equity method investments $ 21,900,000 $ 15,800,000   $ 21,900,000    
Other ABS            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3 3,300,000   6,800,000 47,600,000 9,900,000  
Transfers of assets from Level 3 to Level 2 24,000,000.0   1,500,000 18,300,000 4,500,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) (966,000)   (2,768,000) (7,724,000) (9,162,000)  
Corporate debt securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3     3,200,000   8,700,000  
Transfers of assets from Level 3 to Level 2 7,100,000   14,500,000 7,500,000    
Net gains/(losses) on Level 3 assets (realized and unrealized) 93,000   (176,000) 3,060,000 2,087,000  
Total gains/losses (realized and unrealized) 0   1,000 (23,000) (40,000)  
Loans and other receivables            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3 15,900,000   7,000,000.0 11,300,000 26,300,000  
Transfers of assets from Level 3 to Level 2 5,900,000   4,700,000 7,000,000.0 34,000,000.0  
Net gains/(losses) on Level 3 assets (realized and unrealized) (18,742,000)   6,776,000 (43,105,000) 4,626,000  
Corporate equity securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3         3,300,000  
Transfers of assets from Level 3 to Level 2     4,600,000 3,300,000 5,600,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) 9,887,000   (85,416,000) (3,969,000) (58,302,000)  
Total gains/losses (realized and unrealized) 4,000   0 5,000 (285,000)  
Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 3 to Level 2       14,600,000    
Net gains/(losses) on Level 3 assets (realized and unrealized) 24,000   (1,796,000) (185,000) (4,239,000)  
Structured notes            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of liabilities from Level 2 to Level 3 9,600,000   21,700,000 18,800,000 27,900,000  
Transfers of liabilities from Level 3 to Level 2 30,200,000   39,100,000 34,900,000 29,200,000  
Net derivatives            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of liabilities from Level 2 to Level 3 9,300,000   6,500,000 23,200,000 12,600,000  
Transfers of liabilities from Level 3 to Level 2 8,800,000   37,800,000 18,200,000 44,800,000  
Total gains/losses (realized and unrealized) (7,588,000)   4,259,000 (17,212,000) (8,176,000)  
Commercial mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3         28,900,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) 15,000   (535,000) (16,000) (1,282,000)  
Total gains/losses (realized and unrealized) 0   (11,000) 0 (11,000)  
CDOs and CLOs            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 2 to Level 3 10,100,000   3,700,000      
Transfers of assets from Level 3 to Level 2 13,400,000   12,900,000 5,200,000 7,800,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) 1,477,000   12,133,000 8,771,000 23,622,000  
Investments at fair value            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of assets from Level 3 to Level 2     12,700,000   12,700,000  
Loans            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Transfers of liabilities from Level 2 to Level 3     3,000,000.0   5,700,000  
Total gains/losses (realized and unrealized) $ (1,000,000)   $ 2,522,000 $ 1,879,000 $ (124,000)  
v3.24.3
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)
 3 Months Ended 12 Months Ended
Aug. 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Aug. 31, 2024
$ / shares
Aug. 31, 2024
Aug. 31, 2024
€ / shares
Aug. 31, 2024
poundSterlingPerShare
Nov. 30, 2023
$ / shares
Nov. 30, 2023
Nov. 30, 2023
€ / shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned $ 22,834,279,000 $ 20,538,090,000              
Financial instruments sold, not yet purchased, at fair value 12,307,086,000 11,251,154,000              
Other secured financings 3,965,000 3,898,000              
Long-term debt 2,122,890,000 1,708,443,000              
Corporate debt securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 5,431,152,000 4,947,334,000              
Financial instruments sold, not yet purchased, at fair value 3,527,010,000 2,842,900,000              
CDOs and CLOs                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 711,036,000 934,108,000              
Financial instruments sold, not yet purchased, at fair value   36,000              
Commercial mortgage-backed securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 264,773,000 345,410,000              
Financial instruments sold, not yet purchased, at fair value 1,119,000 840,000              
Other ABS                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 298,077,000 372,709,000              
Loans and other receivables                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 1,917,569,000 1,450,318,000              
Investments at fair value                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 139,386,000 130,835,000              
Loans                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments sold, not yet purchased, at fair value 101,093,000 175,349,000              
Corporate equity securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 5,618,358,000 4,224,174,000              
Financial instruments sold, not yet purchased, at fair value 3,813,044,000 2,318,905,000              
Level 3                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 693,354,000 680,580,000              
Financial instruments sold, not yet purchased, at fair value 40,732,000 62,452,000              
Derivative liability 33,608,000 56,779,000              
Other secured financings 3,965,000 3,898,000              
Long-term debt 789,146,000 744,597,000              
Level 3 | Non-exchange-traded securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 200,643,000 181,294,000              
Level 3 | Non-exchange-traded securities | Price | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     0       0    
Level 3 | Non-exchange-traded securities | Price | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     325       325    
Level 3 | Non-exchange-traded securities | Price | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     56       59    
Level 3 | Non-exchange-traded securities | EBITDA multiple | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     5.4            
Level 3 | Corporate debt securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 31,178,000 26,112,000              
Financial instruments sold, not yet purchased, at fair value 260,000 124,000              
Derivative liability   124,000              
Level 3 | Corporate debt securities | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares             40    
Level 3 | Corporate debt securities | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares             94    
Level 3 | Corporate debt securities | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares             50    
Level 3 | Corporate debt securities | Price                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     0            
Level 3 | Corporate debt securities | Price | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     95            
Level 3 | Corporate debt securities | Price | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     58            
Level 3 | Corporate debt securities | Estimated recovery percentage                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.04  
Financial instruments sold, not yet purchased, measurement input               0.04  
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               0.11  
Level 3 | CDOs and CLOs                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 82,081,000 64,862,000              
Financial instruments sold, not yet purchased, at fair value   0              
Level 3 | CDOs and CLOs | Discounted cash flows and market approach                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 77,965,000                
Level 3 | CDOs and CLOs | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.15          
Level 3 | CDOs and CLOs | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.20          
Level 3 | CDOs and CLOs | Price | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     70       48    
Level 3 | CDOs and CLOs | Price | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     110       100    
Level 3 | CDOs and CLOs | Price | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     96       88    
Level 3 | CDOs and CLOs | Constant prepayment rate | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.15  
Level 3 | CDOs and CLOs | Constant prepayment rate | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.20  
Level 3 | CDOs and CLOs | Constant prepayment rate | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.18       0.19  
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          
Level 3 | CDOs and CLOs | Constant default rate | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.02  
Level 3 | CDOs and CLOs | Discount rate/yield | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.13       0.21  
Level 3 | CDOs and CLOs | Discount rate/yield | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.20       0.26  
Level 3 | CDOs and CLOs | Discount rate/yield | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.18       0.24  
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          
Level 3 | CDOs and CLOs | Loss severity | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.35  
Level 3 | CDOs and CLOs | Loss severity | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.40  
Level 3 | CDOs and CLOs | Loss severity | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.36  
Level 3 | Commercial mortgage-backed securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 492,000 508,000              
Financial instruments sold, not yet purchased, at fair value 1,119,000 840,000              
Level 3 | Commercial mortgage-backed securities | Estimated recovery percentage                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.28  
Level 3 | Other ABS                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 145,403,000 117,661,000              
Level 3 | Other ABS | Discounted cash flows and market approach                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned   $ 102,423,000              
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 $ 137,548,000                
Level 3 | Other ABS | Price                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input 100 100              
Level 3 | Other ABS | Estimated recovery percentage                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.92          
Level 3 | Other ABS | Discount rate/yield | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.18       0.10  
Level 3 | Other ABS | Discount rate/yield | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.21       0.21  
Level 3 | Other ABS | Discount rate/yield | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.19       0.18  
Level 3 | Other ABS | Cumulative loss rate                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.28          
Level 3 | Other ABS | Cumulative loss rate | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.09  
Level 3 | Other ABS | Cumulative loss rate | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.33       0.32  
Level 3 | Other ABS | Cumulative loss rate | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.30       0.25  
Level 3 | Other ABS | Duration (years) | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input, term 1 year 1 month 6 days 1 year 1 month 6 days              
Level 3 | Other ABS | Duration (years) | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input, term 1 year 9 months 18 days 2 years 2 months 12 days              
Level 3 | Other ABS | Duration (years) | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input, term 1 year 7 months 6 days 1 year 8 months 12 days              
Level 3 | Loans and other receivables                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned $ 87,124,000 $ 130,101,000              
Level 3 | Loans and other receivables | Price | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     81       82    
Level 3 | Loans and other receivables | Price | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     100       157    
Level 3 | Loans and other receivables | Price | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     97       127    
Level 3 | Loans and other receivables | Estimated recovery percentage | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.02       0.07  
Level 3 | Loans and other receivables | Estimated recovery percentage | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       1.98       0.73  
Level 3 | Loans and other receivables | Estimated recovery percentage | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input       0.67       0.40  
Level 3 | Embedded options | Volatility | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative asset, measurement input               0.60  
Level 3 | Embedded options | Basis points upfront | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability, measurement input       0.00082       0.00004  
Level 3 | Embedded options | Basis points upfront | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability, measurement input       0.00218       0.00255  
Level 3 | Embedded options | Basis points upfront | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability, measurement input       0.00149       0.00179  
Level 3 | Investments at fair value                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 139,380,000 130,835,000              
Level 3 | Investments at fair value | Market approach                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned $ 134,284,000 $ 127,237,000              
Level 3 | Private equity securities | Price                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input         8,040 0.5      
Level 3 | Private equity securities | Price | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     1       1    
Level 3 | Private equity securities | Price | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     5,000       6,819    
Level 3 | Private equity securities | Price | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input | $ / shares     360       484    
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 | Discount rate/yield | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input               0.28  
Level 3 | Private equity securities | Revenue                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input 30,067,142                
Level 3 | Private equity securities | Revenue | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned, measurement input   30,538,979              
Level 3 | Loans                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments sold, not yet purchased, at fair value $ 1,560,000 $ 1,521,000              
Derivative liability   $ 1,521,000              
Level 3 | Loans | Price                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments sold, not yet purchased, measurement input   101              
Level 3 | Equity options                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability   $ 2,395,000              
Level 3 | Equity options | Volatility | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability, measurement input       0.33       0.31  
Level 3 | Equity options | Volatility | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability, measurement input       0.57       0.87  
Level 3 | Equity options | Volatility | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Derivative liability, measurement input       0.47       0.42  
Level 3 | Other secured financings | Estimated recovery percentage | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Other secured financings, measurement input       0.60       0.18  
Level 3 | Other secured financings | Estimated recovery percentage | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Other secured financings, measurement input       1       0.73  
Level 3 | Other secured financings | Estimated recovery percentage | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Other secured financings, measurement input       0.93       0.53  
Level 3 | Long-term debt                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Long-term debt 789,146,000 744,597,000              
Level 3 | Long-term debt | Price | Minimum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Long-term debt, measurement input     62   65   57   60
Level 3 | Long-term debt | Price | Maximum                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Long-term debt, measurement input     100   106   114   103
Level 3 | Long-term debt | Price | Weighted Average                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Long-term debt, measurement input     81   87   78   84
Level 3 | Corporate equity securities                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments owned 200,643,000 181,294,000              
Financial instruments sold, not yet purchased, at fair value 2,970,000 $ 676,000              
Derivative liability $ 2,970,000                
Level 3 | Corporate equity securities | EBITDA multiple                  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                  
Financial instruments sold, not yet purchased, measurement input | $ / shares     5.4            
v3.24.3
Fair Value Disclosures - Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value under Fair Value Option (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Financial instruments owned:        
Loans and other receivables $ (690) $ 15,998 $ (39,664) $ 31,172
Other secured financings        
Financial instruments sold, not yet purchased and Long-term debt        
Other changes in fair value 0 0 (4,482) 0
Long-term debt        
Financial instruments sold, not yet purchased and Long-term debt        
Changes in instrument specific credit risk 23,779 (29,980) 6,009 (56,357)
Other changes in fair value $ (84,266) $ 17,882 $ (111,716) $ 21,432
v3.24.3
Fair Value Disclosures - Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value under Fair Value Option (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Financial instruments owned:    
Loans and other receivables $ 1,413,079 $ 2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due 246,720 259,354
Long-term debt 199,404 294,256
Other secured financings 459 1,377
Loans and other receivables 90 days or greater past due $ 58,700 $ 187,400
v3.24.3
Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Details)
$ in Thousands
Aug. 31, 2024
USD ($)
Contract
Nov. 30, 2023
USD ($)
Contract
Derivatives, Fair Value [Line Items]    
Net amounts per consolidated statements of financial condition, assets $ 532,515 $ 550,844
Net amounts per consolidated statements of financial condition, liabilities 638,340 1,145,777
Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets 538,717 678,917
Fair value, liabilities 431,222 393,316
Amounts offset in the consolidated statements of financial condition, assets (389,719) (384,392)
Amounts offset in the consolidated statements of financial condition, liabilities (389,719) (384,392)
Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets 864,636 1,194,983
Fair value, liabilities 885,094 1,230,060
Amounts offset in the consolidated statements of financial condition, assets (863,799) (1,189,517)
Amounts offset in the consolidated statements of financial condition, liabilities (869,789) (1,189,513)
Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets 1,399,376 1,784,564
Fair value, liabilities 1,700,154 2,286,973
Amounts offset in the consolidated statements of financial condition, assets (1,016,696) (1,533,711)
Amounts offset in the consolidated statements of financial condition, liabilities (1,118,622) (1,190,667)
Derivatives designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
Fair value, assets 0 259
Fair value, liabilities 41,448 25,708
Derivatives designated as accounting hedges | Interest rate contracts | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 0 $ 0
Number of contracts, assets | Contract 0 0
Fair value, liabilities $ 3,557 $ 6,070
Number of contracts, liabilities | Contract 3 3
Derivatives designated as accounting hedges | Foreign exchange contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 0 $ 259
Number of contracts, assets | Contract 0 1
Fair value, liabilities $ 37,891 $ 19,638
Number of contracts, liabilities | Contract 3 3
Derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 2,802,729 $ 3,658,205
Fair value, liabilities 2,975,022 3,884,641
Derivatives not designated as accounting hedges | Interest rate contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 1,248 $ 316
Number of contracts, assets | Contract 76,019 88,354
Fair value, liabilities $ 411 $ 63
Number of contracts, liabilities | Contract 74,671 67,643
Derivatives not designated as accounting hedges | Interest rate contracts | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 854,712 $ 1,156,937
Number of contracts, assets | Contract 6,146 4,415
Fair value, liabilities $ 860,359 $ 1,185,503
Number of contracts, liabilities | Contract 6,185 4,544
Derivatives not designated as accounting hedges | Interest rate contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 513,138 $ 893,983
Number of contracts, assets | Contract 1,728 1,179
Fair value, liabilities $ 783,131 $ 1,266,506
Number of contracts, liabilities | Contract 874 786
Derivatives not designated as accounting hedges | Foreign exchange contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets   $ 0
Number of contracts, assets | Contract   0
Fair value, liabilities   $ 0
Number of contracts, liabilities | Contract   4
Derivatives not designated as accounting hedges | Foreign exchange contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 106,721 $ 147,470
Number of contracts, assets | Contract 53,117 66,254
Fair value, liabilities $ 110,132 $ 129,770
Number of contracts, liabilities | Contract 33,513 38,585
Derivatives not designated as accounting hedges | Equity contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 537,457 $ 678,542
Number of contracts, assets | Contract 1,044,597 1,180,832
Fair value, liabilities $ 430,790 $ 393,220
Number of contracts, liabilities | Contract 914,419 1,174,298
Derivatives not designated as accounting hedges | Equity contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 743,300 $ 715,754
Number of contracts, assets | Contract 30,924 31,116
Fair value, liabilities $ 748,483 $ 850,088
Number of contracts, liabilities | Contract 18,918 16,234
Derivatives not designated as accounting hedges | Commodity contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 12 $ 59
Number of contracts, assets | Contract 629 735
Fair value, liabilities $ 21 $ 33
Number of contracts, liabilities | Contract 574 940
Derivatives not designated as accounting hedges | Commodity contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 5,263 $ 5,662
Number of contracts, assets | Contract 12,739 15,497
Fair value, liabilities $ 1,530 $ 1,398
Number of contracts, liabilities | Contract 5,490 6,455
Derivatives not designated as accounting hedges | Credit contracts | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 9,924 $ 38,046
Number of contracts, assets | Contract 40 133
Fair value, liabilities $ 21,178 $ 38,487
Number of contracts, liabilities | Contract 23 81
Derivatives not designated as accounting hedges | Credit contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 30,954 $ 21,436
Number of contracts, assets | Contract 15 22
Fair value, liabilities $ 18,987 $ 19,573
Number of contracts, liabilities | Contract 38 29
v3.24.3
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in interest expense on fair value hedge $ (17,303) $ (16,438) $ (49,099) $ (41,779)
Unrealized and realized gains (losses) 166,820 247,937 (20,115) 112,272
Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 72,271 44,277 107,103 175,398
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 15,760 26,173 48,289 63,832
Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 72,741 185,215 (186,617) (118,222)
Commodity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 6,270 (105) 24,702 (289)
Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) (222) (7,623) (13,592) (8,447)
Foreign exchange contracts | Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) on net investment hedges recognized in other comprehensive income (loss) (38,878) (22,086) (47,686) (53,091)
Long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in interest expense on fair value hedge (61,068) 30,345 (62,053) 23,068
Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in interest expense on fair value hedge $ 43,765 $ (46,783) $ 12,954 $ (64,847)
v3.24.3
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
OTC Derivative Assets [Abstract]    
0 – 12  Months $ 447,468  
1 – 5 Years 391,662  
Greater  Than  5 Years 38,644  
Cross-Maturity Netting (88,657)  
Total OTC derivative assets, net of cross-maturity netting 789,117  
Cross product counterparty netting (20,924)  
Total OTC derivative assets included in Financial instruments owned 768,193  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   $ 417,595
1 – 5 Years   336,084
Greater  Than  5 Years   444,774
Cross-Maturity Netting   (88,657)
Total OTC derivative liabilities, net of cross-maturity netting   1,109,796
Cross product counterparty netting   (20,924)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased   1,088,872
Exchange traded derivative assets, with fair value 149,000  
Exchange traded derivative liabilities, with fair value 42,100  
Cash collateral received 384,700  
Cash collateral pledged 492,600  
Commodity swaps, options and forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 5,262  
1 – 5 Years 0  
Greater  Than  5 Years 0  
Cross-Maturity Netting 0  
Total OTC derivative assets, net of cross-maturity netting 5,262  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   1,530
1 – 5 Years   0
Greater  Than  5 Years   0
Cross-Maturity Netting   0
Total OTC derivative liabilities, net of cross-maturity netting   1,530
Equity options and forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 163,004  
1 – 5 Years 49,776  
Greater  Than  5 Years 0  
Cross-Maturity Netting (6,461)  
Total OTC derivative assets, net of cross-maturity netting 206,319  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   108,263
1 – 5 Years   108,550
Greater  Than  5 Years   0
Cross-Maturity Netting   (6,461)
Total OTC derivative liabilities, net of cross-maturity netting   210,352
Credit default swaps    
OTC Derivative Assets [Abstract]    
0 – 12  Months 0  
1 – 5 Years 24,419  
Greater  Than  5 Years 0  
Cross-Maturity Netting 0  
Total OTC derivative assets, net of cross-maturity netting 24,419  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   1,985
1 – 5 Years   13,008
Greater  Than  5 Years   0
Cross-Maturity Netting   0
Total OTC derivative liabilities, net of cross-maturity netting   14,993
Total return swaps    
OTC Derivative Assets [Abstract]    
0 – 12  Months 108,223  
1 – 5 Years 71,606  
Greater  Than  5 Years 0  
Cross-Maturity Netting (4,171)  
Total OTC derivative assets, net of cross-maturity netting 175,658  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   97,836
1 – 5 Years   82,521
Greater  Than  5 Years   44
Cross-Maturity Netting   (4,171)
Total OTC derivative liabilities, net of cross-maturity netting   176,230
Foreign currency forwards, swaps and options    
OTC Derivative Assets [Abstract]    
0 – 12  Months 43,871  
1 – 5 Years 1,053  
Greater  Than  5 Years 0  
Cross-Maturity Netting (189)  
Total OTC derivative assets, net of cross-maturity netting 44,735  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   85,864
1 – 5 Years   378
Greater  Than  5 Years   0
Cross-Maturity Netting   (189)
Total OTC derivative liabilities, net of cross-maturity netting   86,053
Fixed income forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 6,257  
1 – 5 Years 0  
Greater  Than  5 Years 0  
Cross-Maturity Netting 0  
Total OTC derivative assets, net of cross-maturity netting 6,257  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   14,978
1 – 5 Years   0
Greater  Than  5 Years   0
Cross-Maturity Netting   0
Total OTC derivative liabilities, net of cross-maturity netting   14,978
Interest rate swaps, options and forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 120,851  
1 – 5 Years 244,808  
Greater  Than  5 Years 38,644  
Cross-Maturity Netting (77,836)  
Total OTC derivative assets, net of cross-maturity netting $ 326,467  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   107,139
1 – 5 Years   131,627
Greater  Than  5 Years   444,730
Cross-Maturity Netting   (77,836)
Total OTC derivative liabilities, net of cross-maturity netting   $ 605,660
v3.24.3
Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details)
$ in Thousands
Aug. 31, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
A- or higher $ 167,768
BBB- to BBB+ 72,300
BB+ or lower 267,516
Unrated 260,609
Total OTC derivative assets included in Financial instruments owned $ 768,193
v3.24.3
Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - Index credit default swaps - USD ($)
$ in Millions
Aug. 31, 2024
Nov. 30, 2023
Derivative [Line Items]    
Derivative notional amount $ 618.4 $ 2,345.4
Investment Grade    
Derivative [Line Items]    
Derivative notional amount 270.0 1,451.5
Non-investment Grade    
Derivative [Line Items]    
Derivative notional amount $ 348.4 $ 893.9
v3.24.3
Derivative Financial Instruments - Contingent Features (Details) - USD ($)
$ in Millions
Aug. 31, 2024
Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative instrument liabilities with credit-risk-related contingent features $ 79.9 $ 139.5
Collateral posted (65.4) (97.6)
Collateral received 101.3 71.0
Return of and additional collateral required in the event of a credit rating downgrade below investment grade $ 115.8 $ 112.9
v3.24.3
Collateralized Transactions - Collateral Pledged (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements $ 2,550,100 $ 1,840,500
Repurchase Agreements 17,072,800 19,841,200
Obligation to Return Securities Received as Collateral, at Fair Value 272,600 8,800
Total 19,895,500 21,690,500
Corporate equity securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 1,570,800 1,221,400
Repurchase Agreements 744,400 627,000
Obligation to Return Securities Received as Collateral, at Fair Value 166,100 4,400
Total 2,481,300 1,852,800
Corporate debt securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 919,600 576,400
Repurchase Agreements 3,598,000 4,297,900
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 4,517,600 4,874,300
Mortgage-backed and asset-backed securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 1,958,200 1,950,900
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 1,958,200 1,950,900
U.S. government and federal agency securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 46,700 39,200
Repurchase Agreements 7,084,800 9,474,200
Obligation to Return Securities Received as Collateral, at Fair Value 0 3,400
Total 7,131,500 9,516,800
Municipal securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 184,900 141,100
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 184,900 141,100
Sovereign obligations    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 13,000 3,500
Repurchase Agreements 2,303,000 2,511,600
Obligation to Return Securities Received as Collateral, at Fair Value 106,500 1,000
Total 2,422,500 2,516,100
Loans and other receivables    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 1,199,500 838,500
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total $ 1,199,500 $ 838,500
v3.24.3
Collateralized Transactions - Contractual Maturity (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements $ 2,550,100 $ 1,840,500
Repurchase agreements 17,072,800 19,841,200
Obligation to return securities received as collateral, at fair value 272,600 8,800
Total 19,895,500 21,690,500
Overnight and Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 1,675,400 1,068,600
Repurchase agreements 2,644,300 10,548,300
Obligation to return securities received as collateral, at fair value 272,600 8,800
Total 4,592,300 11,625,700
Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 37,400 0
Repurchase agreements 7,997,600 2,442,400
Obligation to return securities received as collateral, at fair value 0 0
Total 8,035,000 2,442,400
31-90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 350,000 244,200
Repurchase agreements 2,150,400 1,939,900
Obligation to return securities received as collateral, at fair value 0 0
Total 2,500,400 2,184,100
Greater than 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 487,300 527,700
Repurchase agreements 4,280,500 4,910,600
Obligation to return securities received as collateral, at fair value 0 0
Total $ 4,767,800 $ 5,438,300
v3.24.3
Collateralized Transactions - Narrative (Details) - USD ($)
$ in Millions
Aug. 31, 2024
Nov. 30, 2023
Collateralized Transactions [Abstract]    
Fair value of securities received as collateral $ 40,780 $ 33,990
v3.24.3
Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Securities borrowing arrangements    
Gross Amounts $ 7,056,600 $ 7,192,100
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 7,056,550 7,192,091
Additional Amounts Available for Setoff (279,400) (327,700)
Available Collateral (1,945,200) (1,642,900)
Net Amount 4,832,000 5,221,400
Reverse repurchase agreements    
Gross Amounts 14,462,300 14,871,100
Netting in Consolidated Statement of Financial Condition (7,469,300) (8,920,600)
Net Amounts in Consolidated Statement of Financial Condition 6,993,024 5,950,549
Additional Amounts Available for Setoff (984,900) (1,304,000)
Available Collateral (5,922,700) (4,582,600)
Net Amount 85,400 63,900
Securities lending arrangements    
Gross Amounts 2,550,100 1,840,500
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 2,550,101 1,840,518
Additional Amounts Available for Setoff (279,400) (327,700)
Available Collateral (2,226,900) (1,396,100)
Net Amount 43,800 116,700
Repurchase agreements    
Gross Amounts 17,072,800 19,841,200
Netting in Consolidated Statement of Financial Condition (7,469,300) (8,920,600)
Net Amounts in Consolidated Statement of Financial Condition 9,603,530 10,920,606
Additional Amounts Available for Setoff (984,900) (1,304,000)
Available Collateral (8,125,900) (9,035,400)
Net Amount 492,700 581,200
Securities borrowing arrangements 4,780,000 5,170,000
Securities borrowing arrangements, collateral 4,640,000 5,040,000
Repurchase agreements 420,000 505,000
Repurchase agreements, pledged securities collateral 436,500 520,400
Obligation to return securities received as collateral    
Securities lending arrangements    
Gross Amounts 272,600 8,800
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 272,600 8,800
Additional Amounts Available for Setoff 0 0
Available Collateral (272,600) (8,800)
Net Amount 0 0
Securities received as collateral    
Securities borrowing arrangements    
Gross Amounts 272,600 8,800
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 272,600 8,800
Additional Amounts Available for Setoff 0 0
Available Collateral (272,600) (8,800)
Net Amount $ 0 $ 0
v3.24.3
Collateralized Transactions - Cash and Securities Segregated (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Investments, Debt and Equity Securities [Abstract]    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 1,360,324 $ 1,414,593
Securities purchased under agreements to resell 343,779 45,490
Total $ 1,704,103 $ 1,460,083
v3.24.3
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Transfers and Servicing [Abstract]        
Transferred assets $ 878.0 $ 2,725.6 $ 3,446.7 $ 6,576.0
Proceeds on new securitizations 878.0 2,702.7 3,446.7 6,553.0
Cash flows received on retained interests $ 9.5 $ 13.2 $ 28.8 $ 13.6
v3.24.3
Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($)
$ in Millions
Aug. 31, 2024
Nov. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Total RMBS securitization assets $ 5,154.5 $ 5,595.1
Total CMBS securitization assets 2,539.9 3,014.3
CLOs 7,343.2 6,323.8
Consumer and other loans 1,320.6 1,877.8
U.S. government agency RMBS    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests 188.9 417.3
U.S. government agency CMBS    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests 186.7 197.3
CLOs    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests 32.5 23.3
Consumer and other loans    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests $ 49.0 $ 68.1
v3.24.3
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Variable Interest Entity [Line Items]    
Financial instruments owned $ 24,038,659,000 $ 21,747,473,000
Securities purchased under agreements to resell 6,993,024,000 5,950,549,000
Receivables from brokers 2,583,719,000 2,380,732,000
Assets held for sale 0 1,545,472,000
Other assets 3,263,629,000 2,650,640,000
Total assets 63,275,098,000 57,905,161,000
Financial instruments sold, not yet purchased 12,307,086,000 11,251,154,000
Other secured financings 1,739,323,000 1,430,199,000
Liabilities held for sale 0 1,173,648,000
Long-term debt 12,922,012,000 9,698,752,000
Total liabilities 53,159,331,000 48,102,620,000
VIEs, primary beneficiary    
Variable Interest Entity [Line Items]    
Assets held for sale   181,900
Other assets 365,942,000 244,604,000
VIEs, primary beneficiary | Secured Funding Vehicles    
Variable Interest Entity [Line Items]    
Cash 0 0
Financial instruments owned 65,000,000.0 0
Securities purchased under agreements to resell 2,283,000,000 1,677,700,000
Receivables from brokers 0 0
Other receivables 2,000,000.0  
Assets held for sale   815,600,000
Other assets 0 0
Total assets 2,350,000,000 2,493,300,000
Financial instruments sold, not yet purchased 0 0
Other secured financings 2,343,000,000 1,667,300,000
Liabilities held for sale   769,200,000
Other Liabilities 7,100,000 10,500,000
Long-term debt 0 0
Total liabilities 2,350,100,000 2,447,000,000
VIEs, primary beneficiary | Other    
Variable Interest Entity [Line Items]    
Cash 2,800,000 1,100,000
Financial instruments owned 12,900,000 7,800,000
Securities purchased under agreements to resell 0 0
Receivables from brokers 17,800,000 18,000,000.0
Other receivables 3,000,000.0  
Assets held for sale   578,800,000
Other assets 91,000,000.0 147,900,000
Total assets 127,500,000 753,600,000
Financial instruments sold, not yet purchased 7,600,000 6,400,000
Other secured financings 0 0
Liabilities held for sale   303,400,000
Other Liabilities 18,900,000 249,700,000
Long-term debt 70,000,000.0 49,600,000
Total liabilities 96,500,000 609,100,000
Consolidation, Eliminations    
Variable Interest Entity [Line Items]    
Receivables from brokers 1,500,000 1,400,000
Variable Interest Entity, Assets, Eliminated In Consolidation    
Variable Interest Entity [Line Items]    
Assets held for sale   31,900,000
Other assets 3,300,000 56,100,000
Variable Interest Entity, Liabilities, Eliminated In Consolidation    
Variable Interest Entity [Line Items]    
Other secured financings 642,600,000 681,000,000.0
Liabilities held for sale   5,300,000
Other Liabilities $ 18,700,000 $ 247,900,000
v3.24.3
Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Variable Interest Entity [Line Items]    
Assets $ 63,275,098 $ 57,905,161
Liabilities 53,159,331 48,102,620
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Assets 2,659,500 2,649,300
Liabilities 15,000 14,100
Maximum Exposure to Loss 8,043,600 6,323,600
VIE Assets 37,053,200 28,259,800
Nonconsolidated VIEs | CLOs    
Variable Interest Entity [Line Items]    
Assets 779,100 913,300
Liabilities 15,000 14,100
Maximum Exposure to Loss 5,538,200 4,414,000
VIE Assets 12,908,900 9,455,500
Nonconsolidated VIEs | Asset-backed vehicles    
Variable Interest Entity [Line Items]    
Assets 816,600 661,700
Liabilities 0 0
Maximum Exposure to Loss 1,155,400 661,700
VIE Assets 3,774,400 3,734,800
Nonconsolidated VIEs | Related party private equity vehicles    
Variable Interest Entity [Line Items]    
Assets 2,500 3,100
Liabilities 0 0
Maximum Exposure to Loss 13,100 14,200
VIE Assets 26,500 10,300
Nonconsolidated VIEs | Other investment vehicles    
Variable Interest Entity [Line Items]    
Assets 1,061,300 1,071,200
Liabilities 0 0
Maximum Exposure to Loss 1,336,900 1,233,700
VIE Assets $ 20,343,400 $ 15,059,200
v3.24.3
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Variable Interest Entity [Line Items]    
Carrying amount $ 63,275,098 $ 57,905,161
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 2,659,500 2,649,300
Related party private equity vehicles | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 2,500 3,100
Other investment vehicles    
Variable Interest Entity [Line Items]    
Equity investments 1,420,000 1,260,000
Funded equity commitments 1,140,000 1,100,000
Carrying amount of equity investment 1,060,000 1,070,000
Other investment vehicles | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 1,061,300 1,071,200
Agency mortgage-backed securities | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 2,090,000 1,890,000
Non-agency mortgage and other asset-backed securities | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 95,600 261,200
JCP Entities | Related party private equity vehicles    
Variable Interest Entity [Line Items]    
Equity investments 133,000 133,000
Funded equity commitments 123,100 122,600
Carrying amount of equity investment $ 2,100 $ 3,100
v3.24.3
Investments - Loans and Investments In Related Parties (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]          
Investments in and loans to related parties $ 1,349,629   $ 1,349,629   $ 1,239,345
Total equity method pickup earnings (losses) recognized in Other revenues $ 25,000 $ (78,100) $ 62,200 $ (229,900)  
v3.24.3
Investments - Jefferies Finance - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2024
Nov. 30, 2023
Guarantee Obligations [Line Items]    
Other assets $ 3,263,629 $ 2,650,640
Payables to customers 3,898,469 3,960,557
Jefferies Finance, LLC    
Guarantee 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  
Funded portion of loan commitment 0  
Loan commitment 250,000  
Jefferies Finance, LLC | Corporate Joint Venture    
Guarantee Obligations [Line Items]    
Other assets 2,600 3,500
Payables to customers $ 3,800 $ 2,600
Jefferies Finance, LLC | Jefferies Finance, LLC    
Guarantee Obligations [Line Items]    
Ownership percentage 50.00%  
v3.24.3
Investments - Summary of Selected Financial Information for Jefferies Finance (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Total assets $ 63,275,098   $ 63,275,098   $ 57,905,161
Total liabilities 53,159,331   53,159,331   48,102,620
Net earnings attributable to members 181,039 $ 53,947 492,118 $ 191,955  
Jefferies Finance, LLC          
Schedule of Equity Method Investments [Line Items]          
Total assets 5,374,400   5,374,400   5,598,200
Total liabilities 4,031,300   4,031,300   4,352,000
Net earnings attributable to members 28,800 (31,500) 68,100 (3,700)  
Jefferies Finance, LLC          
Schedule of Equity Method Investments [Line Items]          
Unfunded commitment fees 300 300 900 900  
Our total equity balance 664,200   664,200   $ 630,100
Origination and syndication fee revenues 72,900 37,900 200,200 84,100  
Origination fee expenses 16,200 10,100 40,800 20,500  
CLO placement and structuring fee revenues 800 1,700 1,100 1,700  
Investment fund placement fee revenues 2,400 0 3,300 0  
Service fees $ 15,300 $ 20,100 $ 81,000 $ 81,200  
v3.24.3
Investments - Berkadia - Narrative (Details) - USD ($)
$ in Millions
Aug. 31, 2024
Nov. 30, 2023
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 $ 24.8 $ 77.5
v3.24.3
Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Total assets $ 63,275,098   $ 63,275,098   $ 57,905,161
Total liabilities 53,159,331   53,159,331   48,102,620
Total noncontrolling interest 69,415   69,415   92,308
Net earnings attributable to members 181,039 $ 53,947 492,118 $ 191,955  
Berkadia          
Schedule of Equity Method Investments [Line Items]          
Our total equity balance 421,800   421,800   400,900
Distributions 28,000 33,600 34,700 33,800  
Transaction referral fee revenue 0 0 300 0  
Loan origination fees paid 0 0 400 0  
Berkadia          
Schedule of Equity Method Investments [Line Items]          
Total assets 4,662,500   4,662,500   5,318,200
Total liabilities 3,189,700   3,189,700   3,816,100
Total noncontrolling interest 540,100   540,100   $ 612,800
Net earnings attributable to members $ 41,400 $ 53,900 $ 119,600 $ 96,400  
v3.24.3
Investments - Real Estate Investments - Narrative (Details)
 9 Months Ended
Aug. 31, 2024
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
v3.24.3
Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Assets $ 63,275,098   $ 63,275,098   $ 57,905,161
Liabilities 53,159,331   53,159,331   48,102,620
Net earnings 181,039 $ 53,947 492,118 $ 191,955  
Real Estate Investments          
Schedule of Equity Method Investments [Line Items]          
Assets 328,600   328,600   329,500
Liabilities 488,900   488,900   500,000
Net earnings 2,900 4,100 3,000 1,800  
Real Estate Investments          
Schedule of Equity Method Investments [Line Items]          
Our total equity balance 96,600   96,600   $ 90,000
Distributions $ 0 $ 1,100 $ 0 $ 18,200  
v3.24.3
Investments - JCP Fund V - Narrative (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]    
Financial instruments owned $ 24,038,659 $ 21,747,473
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 35.00%  
Financial instruments owned $ 1,800 2,200
Equity investments 85,000 85,000
Unfunded portion of equity commitment to subsidiary $ 8,700 $ 8,700
v3.24.3
Investments - Summary of Selected Financial Information for JCP Fund V (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Aug. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Aug. 31, 2024
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]                    
Net losses from our investments in JCP Fund V         $ (0.4)         $ (122.2)
JCP Fund V                    
Schedule of Equity Method Investments [Line Items]                    
Net losses from our investments in JCP Fund V $ (0.1)       $ (0.2)       $ (0.3) $ (8.5)
Percent of financial information presented                 100.00%  
Ownership percentage 35.00%               35.00%  
Net increase (decrease) in net assets resulting from operations   $ (0.3) $ 0.1 $ (0.9)   $ (0.4) $ (4.9) $ (54.6)    
v3.24.3
Investments - Other Asset Management Companies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 29, 2024
Aug. 31, 2024
Nov. 30, 2023
Monashee      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance   $ 21.9 $ 15.8
Ownership percentage     50.00%
Percentage of profits received from joint venture     47.50%
Gain upon nonmonetary exchange $ 6.0    
Payments to acquire investments $ 5.2    
Monashee's Separate Managed Accounts      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance     $ 20.2
v3.24.3
Investments - Summary of Selected Financial information for Other Asset Management Companies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Revenues $ 2,595,589 $ 2,040,915 $ 7,663,827 $ 5,472,661
Brokerage and clearing fees 101,119 91,226 321,325 268,292
Monashee's Separate Managed Accounts        
Schedule of Equity Method Investments [Line Items]        
Brokerage and clearing fees   200   600
Principal transactions        
Schedule of Equity Method Investments [Line Items]        
Revenues $ 324,501 353,373 $ 1,381,432 1,171,578
Principal transactions | Monashee's Separate Managed Accounts        
Schedule of Equity Method Investments [Line Items]        
Revenues   $ 700   $ 400
v3.24.3
Investments - ApiJect - Narrative (Details) - USD ($)
shares in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2024
Apr. 30, 2024
Dec. 31, 2023
Aug. 31, 2024
Aug. 31, 2024
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]            
Secured convertible promissory notes   $ 1.3 $ 4.6      
Fair value of equity investment       $ 37.1 $ 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%  
Percentage of future revenue         1.125%  
Interest income       $ 0.0 $ 0.2  
Cash consideration $ 8.8          
Gain on conversion of convertible promissory notes         1.2  
Fair value of equity investment       116.1 116.1 $ 116.1
Equity securities, cost       $ 100.1 $ 100.1 100.1
Warrants purchased (in shares)       950 950  
ApiJect | Term loan            
Schedule of Equity Method Investments [Line Items]            
Loans, face amount       $ 23.3 $ 23.3  
Loans, fair value       $ 23.3 $ 23.3 $ 30.4
v3.24.3
Investments - SPAC (Details) - USD ($)
$ in Millions
 9 Months Ended
Aug. 31, 2024
Apr. 30, 2024
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]      
Fair value of equity investment $ 37.1    
SPAC      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage   73.40%  
Investments, voting rights percentage   25.70%  
Fair value of equity investment     $ 23.8
Proceeds from investments $ 24.3    
v3.24.3
Investments - Stratos - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2023
Aug. 31, 2023
Sep. 14, 2023
Stratos      
Schedule of Equity Method Investments [Line Items]      
Interest at fair value     49.90%
Acquisition of additional interests     50.10%
Stratos      
Schedule of Equity Method Investments [Line Items]      
Payments to acquire investments $ 10.0 $ 20.0  
v3.24.3
Investments - Summary of Selected Financial Information For Stratos (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Net earnings $ 181,039 $ 53,947 $ 492,118 $ 191,955
Stratos        
Schedule of Equity Method Investments [Line Items]        
Net earnings   $ (8,800)   $ (34,600)
v3.24.3
Investments - Aircadia Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]        
Lease term       42 months
Property and equipment       $ 57.7
Operating lease income $ 5.6 $ 15.0    
Interest income 0.8 2.2    
Fair value of equity investment $ 37.1 $ 37.1    
Term loan        
Schedule of Equity Method Investments [Line Items]        
Loans, face amount       $ 30.0
Term loan | Subsequent event        
Schedule of Equity Method Investments [Line Items]        
Additional loans, face amount | €     € 15.0  
v3.24.3
Investments - OpNet - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
May 07, 2024
Schedule of Equity Method Investments [Line Items]          
Total equity method pickup earnings (losses) recognized in Other revenues $ 25.0 $ (78.1) $ 62.2 $ (229.9)  
OpNet          
Schedule of Equity Method Investments [Line Items]          
Increase (decrease) in ownership percentage         57.50%
Increase (decrease) in voting percentage         72.60%
Payments to acquire investments   54.2   142.8  
Total equity method pickup earnings (losses) recognized in Other revenues   $ 35.3   $ 157.1  
v3.24.3
Investments - Summary of Selected Financial Information for OpNet (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Net earnings $ 181,039 $ 53,947 $ 492,118 $ 191,955
OpNet        
Schedule of Equity Method Investments [Line Items]        
Net earnings   $ (37,100)   $ (179,100)
v3.24.3
Investments - Golden Queen Mining Company - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2023
Aug. 31, 2023
Aug. 31, 2024
Schedule of Equity Method Investments [Line Items]      
Investment, other than temporary impairment $ 27.8 $ 57.2  
Golden Queen Mining Company      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage     50.00%
v3.24.3
Investments - Summary of Selected Financial Information For Golden Queen Mining Company (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) $ 181,039 $ 53,947 $ 492,118 $ 191,955
Golden Queen Mining Company        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses)   $ 700   $ (1,600)
v3.24.3
Credit Losses on Financial Assets Measured at Amortized Cost - Rollforward of the Allowance for Credit Losses Related to Automobile Loans (Details) - Automobile Loan - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 78,622 $ 79,614
Provision for doubtful accounts 11,788 29,398
Charge-offs, net of recoveries (10,635) (29,237)
Ending balance $ 79,775 $ 79,775
v3.24.3
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]  
Provision for doubtful accounts $ 26.2
v3.24.3
Credit Losses on Financial Assets Measured at Amortized Cost - Schedule of Allowance for Credit Loss - Investing Banking (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Credit Loss [Abstract]        
Beginning balance $ 2,868 $ 2,069 $ 6,306 $ 5,914
Bad debt expense 1,059 1,827 3,146 3,574
Charge-offs (1) (39) (2,720) (3,106)
Recoveries collected (197) (111) (3,003) (2,636)
Ending balance $ 3,729 $ 3,746 $ 3,729 $ 3,746
v3.24.3
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Goodwill [Roll Forward]        
Goodwill, beginning balance $ 1,847,856 $ 1,847,856 $ 1,736,114  
Currency translation and other adjustments   4,870 3,354  
Measurement period adjustment   (28,346)    
Goodwill relating to acquisitions by Tessellis   8,578    
Goodwill, ending balance   1,832,958 1,739,468  
OpNet        
Goodwill [Roll Forward]        
Goodwill, beginning balance 127,100 127,100    
Goodwill, ending balance 100,100      
Goodwill increase (decrease) 27,000      
Investment Banking and Capital Markets        
Goodwill [Roll Forward]        
Goodwill, beginning balance 1,532,172 1,532,172 1,552,944  
Currency translation and other adjustments   3,335 3,354  
Measurement period adjustment   0    
Goodwill relating to acquisitions by Tessellis   0    
Goodwill, ending balance   1,535,507 1,556,298  
Asset Management        
Goodwill [Roll Forward]        
Goodwill, beginning balance $ 315,684 315,684 183,170  
Currency translation and other adjustments   1,535 0  
Measurement period adjustment   (28,346)    
Goodwill relating to acquisitions by Tessellis   8,578    
Goodwill, ending balance   297,451 $ 183,170  
Goodwill   143,000   $ 132,514
Asset Management | OpNet        
Goodwill [Roll Forward]        
Goodwill       $ 127,051
Investment Banking        
Goodwill [Roll Forward]        
Goodwill   701,800    
Equities and Wealth Management        
Goodwill [Roll Forward]        
Goodwill   255,800    
Fixed Income        
Goodwill [Roll Forward]        
Goodwill   577,900    
Other investments        
Goodwill [Roll Forward]        
Goodwill   $ 154,500    
v3.24.3
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, 2024
Nov. 30, 2023
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Assets Acquired - finite-lived intangible assets   $ 63,676 $ 66,730
Impairment losses - indefinite lived intangible assets   (10) (78)
Accumulated amortization - finite lived intangible assets   (169,793) (146,443)
Total gross costs - intangible assets   345,471 276,711
Total net carrying amount - intangible assets   239,344 $ 196,920
OpNet      
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Weighted Average Remaining Lives (Years)     20 years
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   8,769 $ 7,405
Assets Acquired - indefinite-lived intangible assets   0 1,390
Impairment losses - indefinite lived intangible assets   (10) (78)
Net carrying amount - indefinite lived intangible assets   8,759 8,717
Customer relationships      
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Gross costs - finite lived intangible assets   136,848 126,449
Assets Acquired - finite-lived intangible assets   27,628 9,801
Impairment losses - indefinite lived intangible assets     0
Accumulated amortization - finite lived intangible assets   (103,756) (93,966)
Net carrying amount - finite lived intangible assets   $ 60,720 $ 42,284
Weighted Average Remaining Lives (Years)   6 years 6 years 3 months 18 days
Trademarks and trade names      
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Gross costs - finite lived intangible assets   $ 147,321 $ 127,899
Assets Acquired - finite-lived intangible assets   8,730 18,513
Impairment losses - indefinite lived intangible assets     0
Accumulated amortization - finite lived intangible assets   (43,944) (39,340)
Net carrying amount - finite lived intangible assets   $ 112,107 $ 107,072
Weighted Average Remaining Lives (Years)   21 years 7 months 6 days 23 years 6 months
Other      
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Gross costs - finite lived intangible assets   $ 52,533 $ 14,958
Assets Acquired - finite-lived intangible assets   27,318 37,026
Impairment losses - indefinite lived intangible assets     0
Accumulated amortization - finite lived intangible assets   (22,093) (13,137)
Net carrying amount - finite lived intangible assets   $ 57,758 $ 38,847
Weighted Average Remaining Lives (Years)   4 years 3 months 18 days 5 years
v3.24.3
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Aggregate amortization expense $ 8,200 $ 2,300 $ 22,300 $ 7,000
Estimated future amortization expense        
Remainder of fiscal year 2024 9,720   9,720  
Year ending November 30, 2025 33,121   33,121  
Year ending November 30, 2026 33,083   33,083  
Year ending November 30, 2027 33,049   33,049  
Year ending November 30, 2028 $ 32,806   $ 32,806  
v3.24.3
Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 1,222,645 $ 844,959 $ 3,229,408 $ 2,373,368
Revenues 2,595,589 2,040,915 7,663,827 5,472,661
Investment banking        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 925,635 600,190 2,343,284 1,595,463
Revenues 927,094 600,190 2,344,743 1,595,463
Commissions and other fees        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 270,643 223,712 787,968 672,294
Revenues 270,643 223,712 787,968 672,294
Asset management fees and revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 7,189 5,344 43,539 27,965
Revenues 11,986 14,812 74,126 67,731
Oil and gas revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 358 228 799 25,997
Real estate revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 4,038 1,902 10,727 12,105
Other contracts with customers        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 14,782 13,583 43,091 39,544
Revenues 124,579 (49,212) 439,556 (96,509)
Principal transactions        
Disaggregation of Revenue [Line Items]        
Revenues 324,501 353,373 1,381,432 1,171,578
Revenues from affiliates        
Disaggregation of Revenue [Line Items]        
Revenues 6,256 9,468 32,046 39,766
Interest        
Disaggregation of Revenue [Line Items]        
Revenues 936,786 898,040 2,636,002 2,062,104
Other        
Disaggregation of Revenue [Line Items]        
Revenues $ 105,401 $ (64,925) $ 384,939 $ (174,155)
v3.24.3
Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 1,222,645 $ 844,959 $ 3,229,408 $ 2,373,368
Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 1,195,818 823,902 3,129,781 2,267,757
Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 26,827 21,057 99,627 105,611
Americas        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 910,235 668,280 2,444,756 1,846,435
Americas | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 885,377 648,511 2,351,130 1,744,439
Americas | Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 24,858 19,769 93,626 101,996
Europe and the Middle East        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 224,610 101,050 522,108 340,355
Europe and the Middle East | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 223,570 100,419 518,916 338,551
Europe and the Middle East | Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 1,040 631 3,192 1,804
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 87,800 75,629 262,544 186,578
Asia-Pacific | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 86,871 74,972 259,735 184,767
Asia-Pacific | Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 929 657 2,809 1,811
Investment banking - Advisory        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 592,462 335,271 1,214,927 886,606
Investment banking - Advisory | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 592,462 335,271 1,214,927 886,606
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 333,173 264,919 1,128,356 708,857
Investment banking - Underwriting | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 333,173 264,919 1,128,356 708,857
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 267,697 221,191 779,462 663,957
Equities | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 267,697 221,191 779,462 663,957
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 2,486 2,521 7,036 8,337
Fixed income | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 2,486 2,521 7,036 8,337
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 7,189 5,344 43,539 27,965
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 7,189 5,344 43,539 27,965
Other investments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 19,638 15,713 56,088 77,646
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 $ 19,638 $ 15,713 $ 56,088 $ 77,646
v3.24.3
Revenues from Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Revenue from Contract with Customer [Abstract]          
Revenue related to performance obligations satisfied $ 39.2 $ 13.2 $ 39.7 $ 32.7  
Revenue associated with distribution services, a portion of which related to prior periods 8.6 8.1 23.8 23.6  
Deferred revenue 55.6   55.6   $ 48.3
Revenue recognized (35.0) (12.5) (33.2) (19.2)  
Receivables related to revenue from contracts with customers 256.8   256.8   248.2
Capitalized contract cost 6.1   6.1   $ 5.3
Expenses to fulfill a contract $ (2.4) $ (1.2) $ (2.7) $ (1.9)  
v3.24.3
Compensation Plans - Senior Executive Compensation Plan (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended
Dec. 31, 2023
Aug. 31, 2024
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)   19.4
Restricted stock with future service required    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Non option equity, outstanding (in shares)   2.3
RSUs with future service required    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Non option equity, outstanding (in shares)   5.1
RSU with no future service required    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Non option equity, outstanding (in shares)   9.2
Restricted stock units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grant date fair value $ 11.7  
Vesting period (in years) 3 years  
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grant date fair value $ 8.8  
Target level of ROTE 10.00%  
ROTE threshold level 7.50%  
Performance Shares | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Target level of ROTE 15.00%  
Percentage of target PSUs 150.00%  
Performance Shares | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Target level of ROTE 7.50%  
Percentage of target PSUs 75.00%  
v3.24.3
Compensation Plans - Compensation Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost $ 119.2 $ 75.0 $ 374.9 $ 230.0
Profit sharing plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost 2.1 1.8 11.2 10.1
Restricted cash awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost 103.7 61.9 315.8 184.4
Restricted stock and RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost $ 13.4 $ 11.3 $ 47.9 $ 35.5
v3.24.3
Compensation Plans - Remaining Unamortized Amounts (Details)
$ in Millions
 9 Months Ended
Aug. 31, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 1,159.8
Non-vested share-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 123.4
Weighted Average Vesting Period (in Years) 3 years 1 month 6 days
Restricted cash awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 1,036.4
Weighted Average Vesting Period (in Years) 3 years
v3.24.3
Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Short-term Debt [Line Items]    
Short-term debt $ 1,718,534 $ 989,715
Bank loans    
Short-term Debt [Line Items]    
Short-term debt 1,118,783 989,715
Fixed rate callable note    
Short-term Debt [Line Items]    
Short-term debt $ 599,751 $ 0
v3.24.3
Borrowings - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Debt Instrument [Line Items]      
Interest rate on short-term borrowings outstanding 5.99%   6.06%
Increase (decrease) of long-term debt $ 3,220,000    
Long-term debt 12,922,012   $ 9,698,752
Paydown on a credit facility 1,763,572 $ 871,645  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Paydown on a credit facility 350,000    
Unsecured Debt      
Debt Instrument [Line Items]      
Long-term debt 11,294,137   8,497,300
Net proceeds from long term debt 3,290,000    
Net repayments 645,000    
Unsecured Debt | Subsidiaries      
Debt Instrument [Line Items]      
Long-term debt 33,410   0
Secured Debt | Subsidiaries      
Debt Instrument [Line Items]      
Long-term debt 1,594,465   $ 1,201,452
Net proceeds from long term debt 427,900    
Structured notes      
Debt Instrument [Line Items]      
Net proceeds from long term debt 297,900    
Structured notes | Subsidiaries      
Debt Instrument [Line Items]      
Net proceeds from long term debt $ 105,700    
v3.24.3
Borrowings - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Debt Instrument [Line Items]          
Total $ 12,922,012   $ 12,922,012   $ 9,698,752
Long-term debt, fair value $ 2,122,890   $ 2,122,890   $ 1,708,443
Weighted-average interest rate 5.61%   5.61%   5.52%
Gains (losses) recognized in interest expense on fair value hedge $ (17,303) $ (16,438) $ (49,099) $ (41,779)  
Level 2 and Level 3          
Debt Instrument [Line Items]          
Long-term debt, fair value 13,090,184   13,090,184   $ 9,572,842
Long-term debt          
Debt Instrument [Line Items]          
Gains (losses) recognized in interest expense on fair value hedge (61,068) $ 30,345 (62,053) 23,068  
Unsecured Debt          
Debt Instrument [Line Items]          
Total 11,294,137   11,294,137   8,497,300
Long-term debt, outstanding 2,050,000   2,050,000   1,990,000
Unsecured Debt | Subsidiaries          
Debt Instrument [Line Items]          
Total 33,410   33,410   $ 0
Unsecured Debt | Long-term debt          
Debt Instrument [Line Items]          
Gains (losses) recognized in interest expense on fair value hedge     $ (62,100) $ 23,100  
Unsecured Debt | Minimum          
Debt Instrument [Line Items]          
Interest rate range     0.25%   0.25%
Unsecured Debt | Maximum          
Debt Instrument [Line Items]          
Interest rate range     7.97%   8.21%
Secured Debt | Subsidiaries          
Debt Instrument [Line Items]          
Total 1,594,465   $ 1,594,465   $ 1,201,452
Secured Debt | Secured Credit Facility          
Debt Instrument [Line Items]          
Total 788,900   788,900   735,200
Fixed rate | Unsecured Debt          
Debt Instrument [Line Items]          
2024 0   0   544,222
2025 74,924   74,924   117,180
2026 871,569   871,569   90,315
2027 383,792   383,792   526,660
2028 1,030,332   1,030,332   1,028,966
2029 and Later 4,698,975   4,698,975   2,715,503
Fixed rate | Unsecured Debt | Subsidiaries          
Debt Instrument [Line Items]          
2029 6,662   6,662   0
Fixed rate | Secured Debt | Subsidiaries          
Debt Instrument [Line Items]          
2024 200,969   200,969   135,202
2025 81,264   81,264   117,814
2026 48,859   48,859   23,313
2027 7,098   7,098   4,412
2028 34,923   34,923   37,305
2029 and Later 100,858   100,858   0
Variable rate | Unsecured Debt          
Debt Instrument [Line Items]          
2025 0   0   350,000
2026 43,062   43,062   42,417
2027 721,781   721,781   562,833
2029 and Later 1,346,811   1,346,811   810,761
Variable rate | Unsecured Debt | Subsidiaries          
Debt Instrument [Line Items]          
2024 26,748   26,748   0
Variable rate | Secured Debt          
Debt Instrument [Line Items]          
2024 0   0   883,406
2025 0   0   0
Variable rate | Secured Debt | Subsidiaries          
Debt Instrument [Line Items]          
2026 856,545   856,545   0
2027 263,949   263,949   0
Structured notes | Unsecured Debt          
Debt Instrument [Line Items]          
2024 5,508   5,508   48,002
2025 100,231   100,231   40,868
2026 66,166   66,166   36,178
2027 61,794   61,794   83,306
2028 38,019   38,019   19,768
2029 and Later 1,851,173   1,851,173   1,480,321
Long-term debt, fair value $ 2,122,890   $ 2,122,890   $ 1,708,443
v3.24.3
Total Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 20, 2024
USD ($)
shares
Apr. 27, 2023
$ / shares
shares
Nov. 30, 2023
USD ($)
$ / shares
shares
Oct. 09, 2024
Sep. 19, 2024
shares
Aug. 31, 2024
USD ($)
$ / shares
shares
Jun. 30, 2023
shares
Jun. 28, 2023
$ / shares
Feb. 28, 2023
USD ($)
$ / shares
shares
Purchase Requirement [Line Items]                  
Common shares, authorized (in shares)     565,000,000     565,000,000 600,000,000    
Common shares, par value (in dollars per share) | $ / shares     $ 1.00     $ 1      
Common shares, issued (in shares)     210,626,642     205,495,338      
Common shares, outstanding (in shares)     210,626,642     205,495,338      
Share repurchase program, remaining authorized, amount | $           $ 250,000      
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              
Proceeds from issuance of preferred stock | $     $ 31,500            
Sumitomo Mitsui Banking Corporation Agreement                  
Purchase Requirement [Line Items]                  
Common stock, as-converted basis           11.80%      
Common stock, fully diluted, as-converted basis           10.90%      
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Subsequent event                  
Purchase Requirement [Line Items]                  
Common shares, issued (in shares)         9,200,000        
Common stock, as-converted basis       15.80%          
Common stock, fully diluted, as-converted basis       14.50%          
Common Stock                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares) 6,600,000   21,000,000            
Conversion of shares | $     $ (21,000)            
Preferred Stock                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares) 13,125   42,000            
Proceeds from issuance of preferred stock | $ $ 9,800                
Conversion of shares | $     $ 42            
Member's paid-in capital                  
Purchase Requirement [Line Items]                  
Conversion of shares | $     $ 52,400            
Nonvoting Common Stock                  
Purchase Requirement [Line Items]                  
Common shares, authorized (in shares)     35,000,000     35,000,000 35,000,000    
Common shares, par value (in dollars per share) | $ / shares     $ 1     $ 1   $ 1.00  
Common shares, issued (in shares)     0     0      
Common shares, outstanding (in shares)     0     0      
Voting Common Stock                  
Purchase Requirement [Line Items]                  
Common shares, authorized (in shares)             565,000,000    
Cumulative convertible preferred shares                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares)                 125,000,000
Mandatorily redeemable preferred shares callable price per share (in dollars per share) | $ / shares                 $ 1,000
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)                 4,654,362
Mandatorily redeemable convertible preferred shares redemption value | $                 $ 125,000
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) | $ / shares                 $ 26.86
v3.24.3
Total Equity - Earnings Per Share Computation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Numerator for earnings per common share from continuing operations:        
Net earnings from continuing operations $ 174,676 $ 53,947 $ 493,606 $ 191,955
Less: Net losses attributable to noncontrolling interests (6,304) (3,772) (16,541) (13,794)
Mandatorily redeemable convertible preferred share dividends 0 0 0 (2,016)
Allocation of earnings to participating securities (20,785) (6,369) (48,501) (7,344)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share 160,195 51,350 461,646 196,389
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share 160,195 51,350 461,646 196,389
Numerator for earnings per common share from discontinued operations:        
Net earnings (losses) from discontinued operations (including loss on disposal), net of income taxes 6,363 0 (1,488) 0
Less: Net losses attributable to noncontrolling interests (570) 0 (2,561) 0
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share 6,933 0 1,073 0
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share 6,933 0 1,073 0
Net earnings attributable to common shareholders for basic earnings per share 167,128 51,350 462,719 196,389
Net earnings attributable to common shareholders for diluted earnings per share $ 167,128 $ 51,350 $ 462,719 $ 196,389
Denominator for earnings per common share:        
Weighted average common shares outstanding (in shares) 206,418 218,411 209,997 226,265
Weighted average basic common shares (in shares) 214,452 228,353 218,106 236,666
Weighted average diluted common shares (in shares) 221,699 232,041 224,180 240,658
Earnings (losses) per common share:        
Basic from continuing operations (in USD per share) $ 0.75 $ 0.22 $ 2.12 $ 0.83
Basic from discontinued operations (in USD per share) 0.03 0 0 0
Basic (in USD per share) 0.78 0.22 2.12 0.83
Diluted from continuing operations (in USD per share) 0.72 0.22 2.06 0.82
Diluted from discontinued operations (in USD per share) 0.03 0 0 0
Diluted (in USD per share) $ 0.75 $ 0.22 $ 2.06 $ 0.82
Weighted average shares of participating securities (in shares) 26,300 700 22,900 1,100
Percent of weighted average common shares outstanding 12.70%   12.50%  
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) (2,305) (1,793) (2,346) (1,923)
RSU with no future service required        
Denominator for earnings per common share:        
Weighted average RSUs outstanding with no future service required (in shares) 10,339 11,735 10,455 12,324
Stock options        
Denominator for earnings per common share:        
Dilutive effect of share-based payment arrangements (in shares) 4,189 2,047 3,369 2,064
Restricted stock units (RSUs)        
Denominator for earnings per common share:        
Dilutive effect of share-based payment arrangements (in shares) 3,058 1,641 2,705 1,928
v3.24.3
Total Equity - Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
May 31, 2024
Feb. 29, 2024
Aug. 31, 2023
May 31, 2023
Feb. 28, 2023
Aug. 31, 2024
Aug. 31, 2023
Equity [Abstract]                
Dividends - common share (in dollars per share) $ 0.35 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.95 $ 0.90
Common stock, dividends, cash paid (in dollars per share) $ 0.35 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30    
Dividends - preferred shares $ 9.6     $ 6.3     $ 22.2 $ 6.3
v3.24.3
Total Equity - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
May 31, 2024
Nov. 30, 2023
Aug. 31, 2023
May 31, 2023
Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax $ 10,115,361   $ 9,802,135 $ 9,765,132    
Total accumulated other comprehensive loss, net of tax            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax (369,965) $ (410,734) (395,545) $ (398,250) $ (370,052) $ (379,419)
Net unrealized losses on available-for-sale securities            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax (2,539)   (4,595)      
Net currency translation adjustments and other            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax (144,345)   (162,541)      
Net unrealized losses related to instrument-specific credit risk            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax (176,865)   (181,946)      
Net minimum pension liability            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax $ (46,216)   $ (46,463)      
v3.24.3
Total Equity - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Revenues $ 2,595,589 $ 2,040,915 $ 7,663,827 $ 5,472,661
Compensation and benefits (889,098) (644,059) (2,677,962) (1,922,985)
Net earnings 181,039 53,947 492,118 191,955
Income tax expense (78,011) (37,124) (207,077) (75,053)
Principal transactions        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Revenues 324,501 353,373 1,381,432 1,171,578
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net earnings 83 (29) 2,536 (739)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized losses related to instrument-specific credit risk        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income tax expense (100)   (1,000) 100
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized losses related to instrument-specific credit risk | Principal transactions        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Revenues 150 13 2,783 (151)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net minimum pension liability        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Compensation and benefits $ (67) $ (42) (247) (588)
Income tax expense     $ 100 $ 100
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Income Tax Disclosure [Abstract]          
Unrecognized tax benefits $ 358,600   $ 358,600   $ 332,300
Accrued interest on unrecognized tax benefits 171,300   171,300   142,100
Unrecognized tax benefits that would impact effective tax rate in future 283,900   283,900   $ 263,000
Income tax expense $ 78,011 $ 37,124 $ 207,077 $ 75,053  
Effective tax rate 30.90% 40.80% 29.60% 28.10%  
v3.24.3
Commitments, Contingencies and Guarantees - Commitments (Details)
$ in Millions
 9 Months Ended
Aug. 31, 2024
USD ($)
Commitments and Guarantees Obligations [Line Items]  
2024 $ 11,516.1
2025 884.0
2026  and  2027 613.0
2028  and  2029 0.2
2030  and  Later 266.8
Maximum Payout $ 13,280.1
Repurchase obligation settlement period 3 days
Equity commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 $ 14.2
2025 25.3
2026  and  2027 34.9
2028  and  2029 0.2
2030  and  Later 261.6
Maximum Payout 336.2
Loan commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 0.0
2025 679.7
2026  and  2027 87.9
2028  and  2029 0.0
2030  and  Later 5.2
Maximum Payout 772.8
Loan Purchase Commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 3,315.4
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 3,315.4
Underwriting commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 57.3
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 57.3
Forward starting reverse repos  
Commitments and Guarantees Obligations [Line Items]  
2024 4,406.9
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 4,406.9
Forward starting repos  
Commitments and Guarantees Obligations [Line Items]  
2024 3,512.1
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 3,512.1
Other unfunded commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 210.2
2025 179.0
2026  and  2027 490.2
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 879.4
Back-To-Back Committed Sales Contracts  
Commitments and Guarantees Obligations [Line Items]  
Maximum Payout $ 3,200.0
v3.24.3
Commitments, Contingencies and Guarantees - Narrative (Details)
$ in Millions
 9 Months Ended
Aug. 31, 2024
USD ($)
Loss Contingencies [Line Items]  
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee $ 200.4
HomeFed LLC  
Loss Contingencies [Line Items]  
Aggregate amount of infrastructure improvement bonds, outstanding 50.1
Standby letters of credit  
Loss Contingencies [Line Items]  
Letters of credit commitments $ 221.4
Standby letters of credit | Maximum  
Loss Contingencies [Line Items]  
Standby letters of credit expiration period 1 year
Outstanding loan commitments to clients  
Loss Contingencies [Line Items]  
Loan commitments outstanding to clients $ 515.4
Outstanding loan commitments to strategic affiliates  
Loss Contingencies [Line Items]  
Loan commitments outstanding to clients 7.4
Jefferies Capital Partners LLC  
Loss Contingencies [Line Items]  
Outstanding equity commitments 9.9
Strategic Affiliates  
Loss Contingencies [Line Items]  
Outstanding equity commitments 265.6
Other Investments  
Loss Contingencies [Line Items]  
Outstanding equity commitments $ 45.3
v3.24.3
Commitments, Contingencies and Guarantees - Guarantees (Details)
$ in Millions
Aug. 31, 2024
USD ($)
Derivative contracts—non-credit related  
Guarantee Obligations [Line Items]  
2024 $ 7,230.2
2025 22,670.8
2026  and  2027 22,552.0
2028  and  2029 825.0
Notional/ Maximum Payout 53,278.0
Total derivative contracts  
Guarantee Obligations [Line Items]  
2024 7,230.2
2025 22,670.8
2026  and  2027 22,552.0
2028  and  2029 825.0
Notional/ Maximum Payout $ 53,278.0
v3.24.3
Regulatory Requirements (Details) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Net Capital Requirements [Line Items]    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 1,360,324 $ 1,414,593
Jefferies LLC    
Net Capital Requirements [Line Items]    
Net Capital 1,754,381  
Excess Net Capital 1,640,845  
JFSI - SEC    
Net Capital Requirements [Line Items]    
Net Capital 251,099  
Excess Net Capital 227,718  
JFSI - CFTC    
Net Capital Requirements [Line Items]    
Net Capital 251,099  
Excess Net Capital 224,227  
Jefferies LLC    
Net Capital Requirements [Line Items]    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 658,700  
Jefferies Inc    
Net Capital Requirements [Line Items]    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 383,200  
v3.24.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Aug. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.3
Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues $ 1,683,552 $ 1,182,109 $ 5,078,200 $ 3,503,211  
Non-interest expenses 1,430,865 1,091,038 4,377,517 3,236,203  
Non-interest expenses 1,430,900 1,091,100 4,377,500 3,236,200  
Earnings from continuing operations before income taxes 252,687 91,071 700,683 267,008  
Assets 63,275,098   63,275,098   $ 57,905,161
Minimum          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Earnings from continuing operations before income taxes 252,700 91,000 700,700    
Operating Segments          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 1,679,100 1,178,300 5,054,700 3,494,100  
Non-interest expenses 1,430,900 1,091,000 4,377,500 3,236,200  
Earnings from continuing operations before income taxes 248,200 87,300 677,200 257,900  
Segment Reconciling Items          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 4,500 3,700 23,500 9,100  
Non-interest expenses 0 0 0 0  
Earnings from continuing operations before income taxes 4,500 3,700 23,500 9,100  
Investment Banking and Capital Markets          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Assets 57,712,700   57,712,700   51,776,900
Investment Banking and Capital Markets | Operating Segments          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 1,620,100 1,168,200 4,565,800 3,446,400  
Non-interest expenses 1,251,600 1,013,100 3,791,000 2,996,200  
Earnings from continuing operations before income taxes 368,500 155,100 774,800 450,200  
Asset Management          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Assets 5,562,400   5,562,400   $ 6,128,300
Asset Management | Operating Segments          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 59,000 10,100 488,900 47,700  
Non-interest expenses 179,300 77,900 586,500 240,000  
Earnings from continuing operations before income taxes $ (120,300) $ (67,800) $ (97,600) $ (192,300)  
v3.24.3
Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Revenues        
Net revenues $ 1,683,552 $ 1,182,109 $ 5,078,200 $ 3,503,211
Americas        
Revenues        
Net revenues 1,159,300 936,900 3,612,200 2,751,400
Europe and the Middle East        
Revenues        
Net revenues 404,300 173,900 1,106,500 534,800
Asia-Pacific        
Revenues        
Net revenues $ 120,000 $ 71,300 $ 359,500 $ 217,000
v3.24.3
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 13, 2023
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Oct. 09, 2024
Sep. 19, 2024
Nov. 30, 2023
Related Party Transaction [Line Items]                
Other assets   $ 3,263,629   $ 3,263,629       $ 2,650,640
Investments in and loans to related parties   1,349,629   1,349,629       $ 1,239,345
Revenues   $ 2,595,589 $ 2,040,915 $ 7,663,827 $ 5,472,661      
Common shares, issued (in shares)   205,495,338   205,495,338       210,626,642
Sumitomo Mitsui Banking Corporation Agreement                
Related Party Transaction [Line Items]                
Common stock, as-converted basis   11.80%   11.80%        
Common stock, fully diluted, as-converted basis   10.90%   10.90%        
Officers and Employees                
Related Party Transaction [Line Items]                
Other assets   $ 31,800   $ 31,800       $ 31,000
Director                
Related Party Transaction [Line Items]                
Investments in and loans to related parties   3,900   3,900       $ 3,000
Subsidiaries | Vitesse Energy                
Related Party Transaction [Line Items]                
Sale of subsidiary $ 30,600              
Related Party | Vitesse Energy                
Related Party Transaction [Line Items]                
Revenues         $ 3,000      
Related Party | Sumitomo Mitsui Banking Corporation Agreement                
Related Party Transaction [Line Items]                
Other assets   $ 269   269        
Revenues       $ (33,550)        
Related Party | Sumitomo Mitsui Banking Corporation Agreement | Subsequent event                
Related Party Transaction [Line Items]                
Common stock, as-converted basis           15.80%    
Common stock, fully diluted, as-converted basis           14.50%    
Common shares, issued (in shares)             9,200,000  
v3.24.3
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Assets          
Cash and cash equivalents $ 10,573,471   $ 10,573,471   $ 8,526,363
Financial instruments owned, at fair value 24,038,659   24,038,659   21,747,473
Securities borrowed 7,056,550   7,056,550   7,192,091
Securities purchased under agreements to resell 6,993,024   6,993,024   5,950,549
Receivables:          
Brokers, dealers and clearing organizations 2,583,719   2,583,719   2,380,732
Customers 2,060,450   2,060,450   1,705,425
Fees, interest and other 661,038   661,038   630,142
Other assets 3,263,629   3,263,629   2,650,640
Total assets 63,275,098   63,275,098   57,905,161
Liabilities          
Financial instruments sold, not yet purchased, at fair value 12,307,086   12,307,086   11,251,154
Securities sold under agreements to repurchase 9,603,530   9,603,530   10,920,606
Payables:          
Brokers, dealers and clearing organizations 4,421,053   4,421,053   3,737,810
Customers 3,898,469   3,898,469   3,960,557
Long-term debt 12,922,012   12,922,012   9,698,752
Total liabilities 53,159,331   53,159,331   $ 48,102,620
Revenues          
Revenues 2,595,589 $ 2,040,915 7,663,827 $ 5,472,661  
Interest expense 912,037 858,806 2,585,627 1,969,450  
Net revenues 1,683,552 1,182,109 5,078,200 3,503,211  
Non-interest expenses          
Business development 68,152 41,467 194,433 121,892  
Total non-interest expenses 1,430,865 1,091,038 4,377,517 3,236,203  
Investment banking          
Revenues          
Revenues 927,094 600,190 2,344,743 1,595,463  
Principal transactions          
Revenues          
Revenues 324,501 353,373 1,381,432 1,171,578  
Commissions and other fees          
Revenues          
Revenues 270,643 223,712 787,968 672,294  
Interest          
Revenues          
Revenues 936,786 $ 898,040 2,636,002 $ 2,062,104  
Sumitomo Mitsui Banking Corporation Agreement | Related Party          
Assets          
Cash and cash equivalents 521,701   521,701    
Financial instruments owned, at fair value 9,607   9,607    
Securities borrowed 15,357   15,357    
Securities purchased under agreements to resell 431,802   431,802    
Receivables:          
Brokers, dealers and clearing organizations 121,618   121,618    
Customers 4,163   4,163    
Fees, interest and other 3,022   3,022    
Other assets 269   269    
Total assets 1,107,539   1,107,539    
Liabilities          
Financial instruments sold, not yet purchased, at fair value 14,983   14,983    
Securities sold under agreements to repurchase 538,239   538,239    
Payables:          
Brokers, dealers and clearing organizations 130,852   130,852    
Customers 4,891   4,891    
Fees, interest and other 326   326    
Long-term debt 0   0    
Total liabilities 689,291   689,291    
Revenues          
Revenues     (33,550)    
Interest expense     2,411    
Net revenues     (35,961)    
Non-interest expenses          
Business development     4,570    
Total non-interest expenses     4,570    
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Investment banking          
Revenues          
Revenues     455    
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Principal transactions          
Revenues          
Revenues     (38,301)    
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Commissions and other fees          
Revenues          
Revenues     180    
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Interest          
Revenues          
Revenues     4,116    
Sumitomo Mitsui Banking Corporation Agreement | Related Party | Revolving Credit Facility | Line of credit          
Payables:          
Paydown on a credit facility $ 750,000   $ 750,000