JEFFERIES FINANCIAL GROUP INC., 10-Q filed on 7/9/2024
Quarterly Report
v3.24.2
Cover - shares
 6 Months Ended
May 31, 2024
Jun. 28, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 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   205,490,683
Entity Central Index Key 0000096223  
Current Fiscal Year End Date --11-30  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, par value $1 per share  
Trading Symbol JEF  
Security Exchange Name NYSE  
4.850% Senior Notes Due 2027    
Document Information [Line Items]    
Title of 12(b) Security 4.850% Senior Notes Due 2027  
Trading Symbol JEF 27A  
Security Exchange Name NYSE  
5.875% Senior Notes Due 2028    
Document Information [Line Items]    
Title of 12(b) Security 5.875% Senior Notes Due 2028  
Trading Symbol JEF 28  
Security Exchange Name NYSE  
2.750% Senior Notes Due 2032    
Document Information [Line Items]    
Title of 12(b) Security 2.750% Senior Notes Due 2032  
Trading Symbol JEF 32A  
Security Exchange Name NYSE  
6.200% Senior Notes Due 2034    
Document Information [Line Items]    
Title of 12(b) Security 6.200% Senior Notes Due 2034  
Trading Symbol JEF 34  
Security Exchange Name NYSE  
v3.24.2
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Assets    
Cash and cash equivalents $ 10,841,622 $ 8,526,363
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $110,198 at fair value at November 30, 2023) 1,097,400 1,414,593
Financial instruments owned, at fair value (includes securities pledged of $19,087,188 and $17,158,747) 22,786,676 21,747,473
Investments in and loans to related parties 1,307,387 1,239,345
Securities borrowed 7,141,857 7,192,091
Securities purchased under agreements to resell 6,744,567 5,950,549
Securities received as collateral, at fair value 106,229 8,800
Receivables:    
Brokers, dealers and clearing organizations 3,101,851 2,380,732
Customers 2,298,491 1,705,425
Fees, interest and other 714,025 630,142
Premises and equipment 1,206,489 1,065,680
Assets held for sale (includes pledged assets of $181,900 at fair value at November 30, 2023) 617,971 1,545,472
Goodwill 1,822,809 1,847,856
Other assets (includes assets pledged of $339,039 and $244,604) 3,213,156 2,650,640
Total assets 63,000,530 57,905,161
Liabilities and Equity    
Short-term borrowings 1,625,310 989,715
Financial instruments sold, not yet purchased, at fair value 11,926,366 11,251,154
Securities loaned 2,244,127 1,840,518
Securities sold under agreements to repurchase 11,037,113 10,920,606
Other secured financings (includes $3,965 and $3,898 at fair value) 1,545,936 1,430,199
Obligation to return securities received as collateral, at fair value 106,229 8,800
Payables:    
Brokers, dealers and clearing organizations 4,337,336 3,737,810
Customers 3,841,052 3,960,557
Lease liabilities 634,786 544,650
Liabilities held for sale 256,808 1,173,648
Accrued expenses and other liabilities 2,826,275 2,546,211
Long-term debt (includes $1,875,817 and $1,708,443 at fair value) 12,666,600 9,698,752
Total liabilities 53,047,938 48,102,620
Mezzanine Equity    
Redeemable noncontrolling interests 406 406
Equity [Abstract]    
Preferred shares, par value of $1 per share, authorized 70,000 shares; 42,000 shares issued and outstanding; liquidation preference of $17,500 per share 42 42
Additional paid-in capital 2,051,149 2,044,859
Accumulated other comprehensive loss (410,734) (395,545)
Retained earnings 8,022,546 7,849,844
Total Jefferies Financial Group Inc. shareholders’ equity 9,875,056 9,709,827
Noncontrolling interests 77,130 92,308
Total equity 9,952,186 9,802,135
Total liabilities and equity 63,000,530 57,905,161
Voting Common Stock    
Equity [Abstract]    
Common shares and Non-voting common shares 212,053 210,627
Nonvoting Common Stock    
Equity [Abstract]    
Common shares and Non-voting common shares $ 0 $ 0
v3.24.2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
May 31, 2024
Nov. 30, 2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   $ 110,198,000
Financial instruments owned $ 22,786,676,000 21,747,473,000
Assets held for sale 617,971,000 1,545,472,000
Other assets 3,213,156,000 2,650,640,000
Other secured financings 3,965,000 3,898,000
Liabilities and Equity    
Long-term debt $ 1,875,817,000 $ 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) 42,000 42,000
Preferred shares, outstanding (in shares) 42,000 42,000
Preferred shares, liquidation preference (in dollars per share) $ 17,500 $ 17,500
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, authorized (in shares) 565,000,000 565,000,000
Common shares, issued after deducting shares held in treasury (in shares) 212,053,183 210,626,642
Common shares, outstanding after deducting shares held in treasury (in shares) 212,053,183 210,626,642
Treasury stock, shares (in shares) 109,064,887 110,491,428
Structured notes | Unsecured Debt    
Liabilities and Equity    
Long-term debt $ 1,875,817,000 $ 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 $ 339,039,000 244,604,000
Asset Pledged as Collateral    
Financial instruments owned $ 19,087,188,000 $ 17,158,747,000
v3.24.2
Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Revenues        
Revenues $ 2,516,296 $ 1,651,182 $ 5,068,238 $ 3,431,746
Interest expense 859,851 613,572 1,673,590 1,110,644
Net revenues 1,656,445 1,037,610 3,394,648 2,321,102
Non-interest expenses        
Compensation and benefits 861,993 575,868 1,788,864 1,278,926
Brokerage and clearing fees 110,536 96,592 220,206 177,066
Underwriting costs 18,552 13,169 37,036 26,376
Technology and communications 135,238 118,936 272,750 232,321
Occupancy and equipment rental 29,327 24,395 57,480 51,710
Business development 68,630 43,587 126,281 80,425
Professional services 75,493 68,514 153,337 130,675
Depreciation and amortization 49,946 25,310 93,148 58,602
Cost of sales 37,462 2,362 72,133 4,530
Other expenses 41,514 50,958 125,417 104,534
Total non-interest expenses 1,428,691 1,019,691 2,946,652 2,145,165
Earnings from continuing operations before income taxes 227,754 17,919 447,996 175,937
Income tax expense 73,107 9,235 129,066 37,929
Net earnings from continuing operations 154,647 8,684 318,930 138,008
Net earnings (losses) from discontinued operations, net of income tax benefit of $173, $0, $3,176, and $0 40 0 (7,851) 0
Net earnings 154,687 8,684 311,079 138,008
Net losses attributable to noncontrolling interests (4,790) (3,513) (12,228) (9,568)
Net losses attributable to redeemable noncontrolling interests 0 (198) 0 (454)
Preferred stock dividends 13,741 0 27,930 2,016
Net earnings attributable to common shareholders $ 145,736 $ 12,395 $ 295,377 $ 146,014
Earnings (losses) per common share:        
Basic from continuing operations (in USD per share) $ 0.66 $ 0.05 $ 1.37 $ 0.60
Diluted from continuing operations (in USD per share) 0.64 0.05 1.34 0.60
Basic (in USD per share) 0.66 0.05 1.34 0.60
Diluted (in USD per share) $ 0.64 $ 0.05 $ 1.31 $ 0.60
Weighted-average common share shares outstanding        
Basic (in shares) 219,971 242,568 219,935 240,825
Diluted (in shares) 226,146 245,413 225,587 246,870
Investment banking        
Revenues        
Revenues $ 738,584 $ 492,475 $ 1,417,649 $ 995,273
Principal transactions        
Revenues        
Revenues 416,195 320,959 1,056,931 818,205
Commissions and other fees        
Revenues        
Revenues 271,782 235,312 517,325 448,582
Asset management fees and revenues        
Revenues        
Revenues 11,768 13,933 62,140 52,919
Interest        
Revenues        
Revenues 879,727 632,679 1,699,216 1,164,064
Other        
Revenues        
Revenues $ 198,240 $ (44,176) $ 314,977 $ (47,297)
v3.24.2
Consolidated Statements of Earnings (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Income Statement [Abstract]        
Income tax (expense) benefit, discontinued operations $ 173 $ 0 $ 3,176 $ 0
v3.24.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 154,687 $ 8,684 $ 311,079 $ 138,008
Other comprehensive income (loss), net of tax:        
Currency translation adjustments and other [1] (4,018) 17,150 (4,117) 27,366
Changes in fair value related to instrument-specific credit risk [2] (9,950) 34,195 (12,702) (17,958)
Unrealized gains (losses) on available-for-sale securities (328) (292) 1,630 (41)
Total other comprehensive income (loss), net of tax [3] (14,296) 51,053 (15,189) 9,367
Comprehensive income 140,391 59,737 295,890 147,375
Net losses attributable to noncontrolling interests (4,790) (3,513) (12,228) (9,568)
Net losses attributable to redeemable noncontrolling interests 0 (198) 0 (454)
Preferred stock dividends 13,741 0 27,930 2,016
Comprehensive income attributable to common shareholders $ 131,440 $ 63,448 $ 280,188 $ 155,381
[1] Includes income tax benefit of $0.7 million for both the three and six months ended May 31, 2024, and $4.7 million and $1.4 million for the three and six months ended May 31, 2023, respectively.
[2] Includes income tax benefit of $3.9 million and $5.1 million for the three and six months ended May 31, 2024, respectively, and income tax (expense) benefit of $(11.2) million and $8.0 million for the three and six months ended May 31, 2023, respectively. Refer to Note 17, Total Equity for additional information related to fair value changes related to instrument specific-credit risk, which were reclassified to Principal transactions revenues in our Consolidated Statements of Earnings
[3] Includes $1.6 million and $1.9 million for the three and six months ended May 31, 2024, respectively, related to currency translation adjustments attributable to noncontrolling interests.
v3.24.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Statement of Comprehensive Income [Abstract]        
Currency translation adjustments and other, tax expenses $ 0.7 $ 4.7 $ 0.7 $ 1.4
Changes in instrument specific credit risk, tax benefits (expenses) (3.9) $ (11.2) (5.1) $ 8.0
Other comprehensive loss attributable to noncontrolling interest related to foreign currency adjustments $ (1.6)   $ (1.9)  
v3.24.2
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Total Jefferies Financial Group Inc. shareholders’ equity
Preferred Stock
Common Stock
Common Stock
Conversion Of Preferred Shares To Common Shares
Additional paid-in capital
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 $ (14,831) $ 62,633    
Increase (Decrease) in Stockholders' Equity                          
Purchase of common shares for treasury       (4,748)   (160,244)              
Conversion of shares         $ 4,654   $ 120,346            
Share-based compensation expense           24,218              
Change in fair value of redeemable noncontrolling interests           (390)              
Dividend equivalents           15,186              
Change in equity interest related to consolidated subsidiaries / vitesse energy           (6,307)         6,307    
Other       5,375   4,940     76   248    
Other comprehensive income (loss), net of tax $ 9,367 [1]             9,367          
Net earnings attributable to Jefferies Financial Group Inc.                 146,015        
Dividends - common shares ($0.30, $0.30, $0.60, and $0.60 per share)                 (153,884)        
Distribution of Vitesse Energy, Inc.                 (526,964)        
Net earnings attributable to members 138,008                   (9,568)    
Contributions                     35,454    
Distributions                     (31,433)    
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest                       $ 4,558 $ 1,396
Balance, end of period at May. 31, 2023 $ 9,765,250 $ 9,695,655 0 231,411   1,965,530   (370,052) 7,868,766   69,595    
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 (14,831) 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 Feb. 28, 2023     0 233,528   2,012,206   (421,105) 7,930,615   56,185    
Increase (Decrease) in Stockholders' Equity                          
Purchase of common shares for treasury       (2,174)   (64,966)              
Share-based compensation expense           10,492              
Change in fair value of redeemable noncontrolling interests           (198)              
Dividend equivalents           4,334              
Change in equity interest related to consolidated subsidiaries / vitesse energy           (602)              
Other       57   4,264     18   646    
Other comprehensive income (loss), net of tax 51,053 [1]             51,053          
Net earnings attributable to Jefferies Financial Group Inc.                 12,396        
Dividends - common shares ($0.30, $0.30, $0.60, and $0.60 per share)                 (74,263)        
Net earnings attributable to members 8,684                   (3,513)    
Contributions                     14,881    
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest                         1,396
Balance, end of period at May. 31, 2023 9,765,250 9,695,655 0 231,411   1,965,530   (370,052) 7,868,766   69,595    
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                          
Purchase of common shares for treasury       (1,082)   (42,897)              
Share-based compensation expense           34,572              
Dividend equivalents           9,680              
Other       2,508   4,935     (459)   (1,582)    
Other comprehensive income (loss), net of tax (15,189) [1]             (15,189)          
Net earnings attributable to Jefferies Financial Group Inc.                 323,308        
Dividends - common shares ($0.30, $0.30, $0.60, and $0.60 per share)                 (136,903)        
Dividends - preferred shares (12,600)               (12,600)        
Net earnings attributable to members 311,079                   (12,228)    
Contributions                     9,321    
Distributions                     (10,689)    
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest                         $ 0
Balance, end of period at May. 31, 2024 $ 9,952,186 9,875,056 42 212,053   2,051,149   (410,734) 8,022,546   77,130    
Increase (Decrease) in Stockholders' Equity                          
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]                        
Balance, beginning of period at Feb. 29, 2024     42 212,001   2,026,584   (396,438) 7,937,908   87,372    
Increase (Decrease) in Stockholders' Equity                          
Purchase of common shares for treasury       (15)   (931)              
Share-based compensation expense           14,357              
Dividend equivalents           4,926              
Other       67   6,213     0   (1,894)    
Other comprehensive income (loss), net of tax $ (14,296) [1]             (14,296)          
Net earnings attributable to Jefferies Financial Group Inc.                 159,478        
Dividends - common shares ($0.30, $0.30, $0.60, and $0.60 per share)                 (68,540)        
Dividends - preferred shares (6,300)               (6,300)        
Net earnings attributable to members 154,687                   (4,790)    
Contributions                     5    
Distributions                     (3,563)    
Balance, end of period at May. 31, 2024 $ 9,952,186 $ 9,875,056 $ 42 $ 212,053   $ 2,051,149   $ (410,734) $ 8,022,546   $ 77,130    
[1] Includes $1.6 million and $1.9 million for the three and six months ended May 31, 2024, respectively, related to currency translation adjustments attributable to noncontrolling interests.
v3.24.2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended 12 Months Ended
May 15, 2024
Mar. 27, 2024
Jan. 09, 2024
Jan. 08, 2024
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Dividends - common share (in dollars per share) $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.60 $ 0.60  
Preferred Stock                  
Callable preferred shares (in shares)                 42,000
Conversion Of Preferred Shares To Common Shares | Preferred Stock                  
Callable preferred shares (in shares)               125,000  
v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2024
May 31, 2023
Cash flows from operating activities:    
Net earnings $ 311,079 $ 138,008
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 93,722 59,451
Share-based compensation 34,572 24,218
Net bad debt expense 46,593 28,592
Loss (income) on investments and loans to related parties (37,202) 151,788
Distributions received on investments in related parties 874 1,297
Gain on sale of subsidiary and investment in related parties (56,174) 0
Other adjustments 147,851 61,546
Net change in assets and liabilities:    
Securities deposited with clearing and depository organizations 0 (155,508)
Receivables:    
Brokers, dealers and clearing organizations (722,293) 127,320
Customers (594,067) 40,917
Fees, interest and other (114,271) 14,711
Securities borrowed 48,414 (1,323,220)
Financial instruments owned (937,418) (2,328,090)
Securities purchased under agreements to resell (799,421) (888,808)
Other assets (539,351) (788,424)
Payables:    
Brokers, dealers and clearing organizations 601,124 924,482
Customers (119,505) 419,316
Securities loaned 405,066 (146,260)
Financial instruments sold, not yet purchased 680,922 673,369
Securities sold under agreements to repurchase 122,236 2,054,131
Lease liabilities (38,778) (17,692)
Accrued expenses and other liabilities 285,980 (472,814)
Net cash used in operating activities from continuing operations (1,180,047) (1,401,670)
Net cash used in operating activities from discontinued operations (90,174) 0
Cash flows from investing activities:    
Contributions to investments in and loans to related parties (62,543) (55,536)
Capital distributions from investments and repayments of loans from related parties 7,941 17,788
Originations and purchases of automobile loans, notes and other receivables (89,540) (206,062)
Principal collections of automobile loans, notes and other receivables 83,268 176,727
Net payments on premises and equipment (144,857) (50,214)
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold 95,276 0
Net cash used in investing activities from continuing operations (110,455) (117,297)
Cash flows from financing activities:    
Proceeds from short-term borrowings 2,113,633 2,500,000
Payments on short-term borrowings (1,495,796) (2,183,800)
Proceeds from issuance of long-term debt, net of issuance costs 3,527,009 294,863
Repayment of long-term debt (726,019) (287,240)
Purchase of common shares for treasury (43,979) (164,992)
Dividends paid to common and preferred shareholders (139,823) (138,698)
Net proceeds from (payments on) other secured financings 240,898 (252,402)
Net change in bank overdrafts 17,754 2,308
Proceeds from contributions of noncontrolling interests 9,321 0
Payments on distributions to noncontrolling interests (10,689) 0
Other 6,984 5,451
Net cash provided by (used in) financing activities from continuing operations 3,499,293 (224,510)
Net cash provided by financing activities from discontinued operations 4,384 0
Supplemental Cash Flow Elements [Abstract]    
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,513) 2,657
Net increase (decrease) in cash, cash equivalents and restricted cash 2,121,488 (1,740,820)
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 11,939,022 8,966,424
Cash paid during the period for    
Interest 1,579,458 841,572
Income taxes, net 88,988 123,310
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
v3.24.2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Statement of Cash Flows [Abstract]    
Cash and cash equivalents $ 10,841,622 $ 8,526,363
Cash on deposit for regulatory purposes with clearing and depository organizations 1,097,400 1,304,395
Total cash, cash equivalents and restricted cash $ 11,939,022 $ 9,830,758
v3.24.2
Organization and Basis of Presentation
 6 Months Ended
May 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 (“JFIN Parent 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 are now consolidated subsidiaries. In February 2024, we entered into an agreement to sell the wholesale operations of OpNet S.p.A. In April 2024, we finalized the sale of our membership interests in Foursight Capital LLC (“Foursight”). 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.
v3.24.2
Summary of Significant Accounting Policies
 6 Months Ended
May 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 six months ended May 31, 2024, there were no significant changes made to the Company’s significant accounting policies.
v3.24.2
Accounting Developments
 6 Months Ended
May 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 has 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.
v3.24.2
Business Acquisitions
 6 Months Ended
May 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 acquired as part of the OpNet acquisition in the form of purchased technology, trademarks and trade names, and customer relationships. 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 has been considered to be a variable interest entity and we have determined that we are the primary beneficiary of OpNet Accordingly, we consolidate OpNet and the assets and liabilities of OpNet are included 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.
v3.24.2
Assets Held for Sale and Discontinued Operations
 6 Months Ended
May 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 all of our membership interests in Foursight. Assets held for sale are recorded initially at the lower of its carrying value or its 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 sold our membership interests in Foursight and recognized a gain on sale of $24.8 million which is included within Other revenues.
OpNet
We have classified certain net operating assets of OpNet as held for sale in our Consolidated Statements of Financial Condition. The net operating assets that are classified as held for sale are 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 consist of intangible assets relating to radio frequency networks, customer relationships and other branding rights. The liabilities held for sale consist primarily of OpNet’s outstanding publicly listed notes. The fair value of the intangible assets is based on the estimated sale price of the disposal group and the fair value of the publicly listed notes are 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 are classified as held for sale.
In February 2024, we agreed to sell substantially all of OpNet’s wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. (“CKH”). Under the terms of this sale agreement, the total consideration will be €485 million, subject to certain adjustments. This sale is subject to regulatory approvals and is anticipated to close in the third quarter of 2024.
The sale of OpNet meets the criteria for discontinued operations classification. As such, we classified the results of operations for three and six months ended May 31, 2024 as a discontinued operation and presented those results in Net earnings (losses) from discontinued operations, net of tax.
v3.24.2
Fair Value Disclosures
 6 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
May 31, 2024 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty
 and Cash
Collateral
Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities$4,930,895 $172,497 $178,755 $— $5,282,147 
Corporate debt securities— 5,297,248 38,717 — 5,335,965 
Collateralized debt obligations and collateralized loan obligations— 456,701 68,626 — 525,327 
U.S. government and federal agency securities2,720,791 76,065 — — 2,796,856 
Municipal securities— 836,549 — — 836,549 
Sovereign obligations707,852 707,957 — — 1,415,809 
Residential mortgage-backed securities— 2,574,290 644 — 2,574,934 
Commercial mortgage-backed securities— 412,501 477 — 412,978 
Other asset-backed securities— 76,897 168,736 — 245,633 
Loans and other receivables— 1,465,769 92,546 — 1,558,315 
Derivatives298 2,768,214 4,774 (2,396,190)377,096 
Investments at fair value— 9 138,057 — 138,066 
Total financial instruments owned, excluding Investments at fair value based on NAV$8,359,836 $14,844,697 $691,332 $(2,396,190)$21,499,675 
Securities received as collateral106,229 — — — 106,229 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$3,503,955 $72,029 $708 $— $3,576,692 
Corporate debt securities— 2,937,907 506 — 2,938,413 
Collateralized debt obligations and collateralized loan obligations— 3,125 — — 3,125 
U.S. government and federal agency securities2,960,178 107 — — 2,960,285 
Sovereign obligations948,235 515,789 — — 1,464,024 
Residential mortgage-backed securities— 347 — — 347 
Commercial mortgage-backed securities— — 1,049 — 1,049 
Loans— 73,101 1,584 — 74,685 
Derivatives65 3,190,287 39,651 (2,322,257)907,746 
Total financial instruments sold, not yet purchased$7,412,433 $6,792,692 $43,498 $(2,322,257)$11,926,366 
Other secured financings$— $— $3,965 $— $3,965 
Obligation to return securities received as collateral106,229 — — — 106,229 
Long-term debt— 1,091,605 784,212 — 1,875,817 
(1)Excludes Investments at fair value based on net asset value (“NAV”) of $1.29 billion at May 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:
May 31, 2024
$ in thousandsFair
Value (1)		Unfunded
Commitments		Redemption FrequencyRedemption Notice Period
Equity Long/Short Hedge Funds (2)$364,534 $— 
Quarterly (71%)
Monthly (29%)
60 - 90 days
60 days
Equity Funds (3)55,959 31,406 
N/R (100%)
N/R
Commodity Funds (4)23,373 — 
Quarterly (100%)
60 days
Multi-asset Funds (5)369,641 — 
Monthly (87%)
Quarterly (13%)
45 - 60 days
90 days
Other Funds (6)473,494 108,141 
Quarterly (71%)
N/R (29%)
90 days
N/R
Total$1,287,001 $139,547 

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 investments that cannot be redeemed at November 30, 2023 are not redeemable because these investments include restrictions that do not allow for redemption 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 eleven 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 investments that cannot be redeemed at November 30, 2023, are not redeemable because these investments include restrictions that do not allow for redemption 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 May 31, 2024
$ in thousandsBalance at February 29, 2024Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2024
For instruments still held at
 May 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$173,214 $(12,751)$15,398 $(18)$— $— $2,912 $178,755 $(12,404)$— 
Corporate debt securities35,335 1,363 1,091 (16,250)— — 17,178 38,717 89 — 
CDOs and CLOs69,367 1,220 6,810 (1,905)(5,527)— (1,339)68,626 (675)— 
RMBS684 (6)— — (34)— — 644 — — 
CMBS473 4 — — — — — 477 — — 
Other ABS102,256 (2,198)63,554 (15,138)(35,363)— 55,625 168,736 (1,694)— 
Loans and other receivables78,885 1,255 11,329 (4,161)(35)— 5,273 92,546 579 — 
Investments at fair value121,764 1,616 15,224 (547)— — — 138,057 1,616 — 
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$675 $8 $— $25 $— $— $— $708 $(8)$— 
Corporate debt securities124 (23)— 246 — — 159 506 23 — 
CMBS944 — — — 105 — — 1,049 — — 
Loans1,466 (251)(925)2,801 81 — (1,588)1,584 309 — 
Net derivatives (2)52,089 (10,062)— — (9,689)— 2,539 34,877 (178)— 
Other secured financings3,965 — — — — — — 3,965 — — 
Long-term debt779,529 (2,477)— — (2,109)6,616 2,653 784,212 9,334 (6,857)
Six Months Ended May 31, 2024
$ in thousandsBalance at November 30, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2024
For instruments still held at
 May 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 $(12,817)$15,956 $(2,230)$— $— $(3,448)$178,755 $(12,175)$— 
Corporate debt securities26,112 3,830 25,563 (17,217)(200)— 629 38,717 2,997 — 
CDOs and CLOs64,862 9,006 20,333 (15,838)(7,293)— (2,444)68,626 4,904 — 
RMBS20,871 (207)32 (32)(5,395)— (14,625)644 33 — 
CMBS508 (35)4 — — — — 477 (64)— 
Other ABS117,661 (5,913)76,263 (32,817)(26,619)— 40,161 168,736 (3,938)— 
Loans and other receivables130,101 (39,831)18,555 (3,974)(17,892)— 5,587 92,546 (17,220)— 
Investments at fair value130,835 (9,079)16,855 — (547)— (7)138,057 (9,079)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$676 $1 $— $31 $— $— $— $708 $(1)$— 
Corporate debt securities124 (23)— 246 — — 159 506 23 — 
CMBS840 — (245)— 455 — (1)1,049 — — 
Loans1,521 (114)(1,041)3,642 114 — (2,538)1,584 107 — 
Net derivatives (2)50,955 (17,979)(978)2,913 (9,486)— 9,452 34,877 9,057 — 
Other secured financings3,898 4,482 — — (4,415)— — 3,965 (4,482)— 
Long-term debt744,597 9,651 — — (2,109)28,072 4,001 784,212 (5,117)(4,534)
(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 May 31, 2024
Transfers of assets of $99.2 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Other ABS of $61.9 million, Corporate debt securities of $17.3 million, Loan and other receivables of $11.4 million and Corporate equity securities of $5.4 million due to reduced pricing transparency.
Transfers of assets of $19.5 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Other ABS of $6.3 million, Loans and other receivables of $6.2 million, CDOs and CLOs of $4.5 million and Corporate equity securities of $2.5 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $47.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $32.8 million and Net derivatives of $15.9 million due to reduced market and pricing transparency.
Transfers of liabilities of $43.5 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $30.1 million and Net derivatives of $13.4 million due to greater pricing and market transparency.
Net losses on Level 3 assets were $9.5 million and net gains on Level 3 liabilities were $12.8 million for the three months ended May 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Corporate equity securities and Other ABS, partially offset by increased valuations of Investments at fair value, Corporate debt securities, Loans and other receivables and CDOs and CLOs. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain derivatives and structured notes within Long-term debt.

Analysis of Level 3 Assets and Liabilities for the Six Months Ended May 31, 2024
Transfers of assets of $59.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Other ABS of $47.6 million, Loan and other receivables of $6.1 million, CDOs and CLOs of $2.7 million and Corporate debt securities of $2.6 million due to reduced pricing transparency.
Transfers of assets of $33.3 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•RMBS of $14.6 million, Other ABS of $7.4 million, CDOs and CLOs of $5.1 million, Corporate equity securities of $3.6 million and Corporate debt securities of $2.0 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $62.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $38.7 million and Net derivatives of $23.2 million due to reduced market and pricing transparency.
Transfers of liabilities of $50.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $34.7 million and Net derivatives of $13.7 million due to greater pricing and market transparency.
Net losses on Level 3 assets were $55.0 million and net gains on Level 3 liabilities were $4.0 million for the six months ended May 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, Corporate equity securities, Investments at fair value and Other ABS, partially offset by increased valuations of CDOs and CLOs and Corporate debt securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain derivatives, partially offset by increased valuations of structured notes within Long-term debt and Other secured financings.
Three Months Ended May 31, 2023
$ in thousandsBalance at February 28, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2023
For instruments still held at
May 31, 2023, changes in unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$261,634 $8,990 $115 $(192)$— $— $(2,634)$267,913 $9,093 $— 
Corporate debt securities41,793 3,340 1,361 (11,001)— — 7,149 42,642 (888)— 
CDOs and CLOs72,438 4,998 22,199 (9,362)(7,974)— (19,608)62,691 (2,041)— 
RMBS23,987 1,227 100 — (609)— — 24,705 2,040 — 
CMBS486 247 — — — — 28,213 28,946 374 — 
Other ABS100,428 (2,157)38,201 — (8,539)— (1,858)126,075 (4,542)— 
Loans and other receivables148,673 179 6,648 (10,700)(2,139)— (844)141,817 352 — 
Investments at fair value157,863 (192)6,760 — (10,631)— — 153,800 (192)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities628 — — — — — (163)465 — — 
Corporate debt securities285 (5)— — — — (13)267 (1)— 
CMBS525 — — 105 — — — 630 — — 
Loans3,045 185 — 117 — — 1 3,348 (436)— 
Net derivatives (2)87,331 (45,670)— — (149)— 12,748 54,260 46,247 — 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt683,698 680 — — — 4,481 8,198 697,057 (20,226)19,545 
Six Months Ended May 31, 2023
$ in thousandsBalance at November 30, 2022Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2023
For instruments still held at
May 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 $27,252 $402 $(890)$— $— $802 $267,913 $27,743 $— 
Corporate debt securities30,232 3,163 6,541 (19,812)(200)— 22,718 42,642 (1,240)— 
CDOs and CLOs55,824 10,403 36,565 (9,869)(16,243)— (13,989)62,691 (3,661)— 
RMBS27,617 (2,443)114 — (583)— — 24,705 (828)— 
CMBS839 (747)— — — — 28,854 28,946 (60)— 
Other ABS94,677 (5,377)52,725 (4,784)(10,780)— (386)126,075 (6,317)— 
Loans and other receivables168,875 (784)10,080 (14,516)(2,147)— (19,691)141,817 145 — 
Investments at fair value161,992 (2,828)7,768 (2,420)(10,712)— — 153,800 (2,828)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$750 $(285)$— $— $— $— $— $465 $285 $— 
Corporate debt securities500 (10)(187)— — — (36)267 53 — 
CMBS490 — — 140 — — — 630 — — 
Loans3,164 40 — 327 — — (183)3,348 (266)— 
Net derivatives (2)59,524 (46,779)— 127 (629)2,115 39,902 54,260 46,097 — 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt661,123 20,869 — — — 4,684 10,381 697,057 (4,658)(16,212)
(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 May 31, 2023
Transfers of assets of $41.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•CMBS of $28.2 million, Corporate debt securities of $7.2 million and Other ABS of $4.8 million due to reduced pricing transparency.
Transfers of assets of $30.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•CDOs and CLOs of $19.6 million, Other ABS of $6.7 million, Corporate equity securities of $3.1 million and Loans and other receivables of $1.4 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $92.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $61.5 million and structured notes within Long-term debt of $31.1 million due to reduced market and pricing transparency.
Transfers of liabilities of $71.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $48.7 million and Structured notes within Long-term debt of $22.9 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $16.6 million and net gains on Level 3 liabilities were $44.8 million for the three months ended May 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities, CDOs and CLOs, and Corporate debt securities, partially offset by decreases in Other ABS. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain derivatives.

Analysis of Level 3 Assets and Liabilities for the Six Months Ended May 31, 2023
Transfers of assets of $67.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•CMBS of $28.9 million, Corporate debt securities of $22.9 million, Other ABS of $8.5 million and Loans and other receivables of $5.6 million due to reduced pricing transparency.
Transfers of assets of $48.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $25.3 million, CDOs and CLOs of $14.0 million and Other ABS of $8.9 million due to greater pricing transparency supporting classification into Level 2.
Transfers of liabilities of $73.5 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $48.6 million and structured notes within Long-term debt of $25.0 million due to reduced market and pricing transparency.
Transfers of liabilities of $23.4 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within Long-term debt of $14.6 million and Net derivatives of $8.7 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $28.6 million and net gains on Level 3 liabilities were $26.2 million for the six months ended May 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities, CDOs and CLOs, and Corporate debt securities, partially offset by decreases in Other ABS, Investments at fair value and RMBS. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain derivatives, partially offset by increased valuations of structured notes within Long-term debt.

Significant Unobservable Inputs used in Level 3 Fair Value Measurements
May 31, 2024
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$178,755 
Non-exchange-traded securitiesMarket approachPrice$0-$325$56
Corporate debt securities$38,717 Market approachPrice$0-$95$57
CDOs and CLOs$55,917 Discounted cash flowsConstant prepayment rate20%—
Constant default rate2%—
Loss severity30%—
Discount rate/yield15 %-24%21%
Market approachPrice$54-$109$95
Other ABS$151,839 Discounted cash flowsDiscount rate/yield19 %-20%20%
Cumulative loss rate28 %-33%29%
Duration (years)1.4-1.91.8
Market approachPrice$100—
Scenario analysisEstimated recovery percentage100%—
Loans and other receivables$92,546 Market approachPrice$49-$200$92
Scenario analysisEstimated recovery percentage7 %-100%68%
Investments at fair value$133,912 
Private equity securitiesMarket approachPrice$1-$5,000$360
Price€7,760—
Price£0.5—
Discount rate/yield28%—
Revenue$30,253,269—
Financial Instruments Sold, Not Yet Purchased:
Loans$1,584 Market approachPrice$115—
Derivatives$37,154 
Equity optionsVolatility bench-markingVolatility24.6-47.934.6
Embedded optionsMarket approachBasis points upfront0.2-25.413.7
Other secured financings$3,965 Scenario analysisEstimated recovery percentage60 %-100%93%
Long-term debt$784,212 
Structured notesMarket approachPrice$57-$103$78
Price€64-€104€86
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 May 31, 2024 and November 30, 2023, asset exclusions consisted of $39.6 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 and CMBS. At May 31, 2024 and November 30, 2023, liability exclusions consisted of $4.8 million and $4.0 million, respectively, primarily comprised of certain derivatives, loans, CMBS and corporate equity 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 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 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
Financial instruments owned:
Loans and other receivables$(28,264)$(23,439)$(39,691)$(6,651)
Other secured financings:
Other changes in fair value (2)$— $— $(4,482)$— 
Long-term debt:
Changes in instrument-specific credit risk (1)$(13,790)$45,283 $(17,769)$(26,377)
Other changes in fair value (2)16,367 (42,275)(27,451)(6,011)
(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 thousandsMay 31,
2024		November 30,
2023
Financial instruments owned:
Loans and other receivables (1)$1,426,803 $2,344,468 
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)293,648 259,354 
Long-term debt257,630 294,256 
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 $54.2 million and $187.4 million at May 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 $107.3 million and $98.1 million at May 31, 2024 and November 30, 2023, respectively, which includes loans and other receivables 90 days or greater past due of $90.6 million and $37.6 million at May 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 six months ended May 31, 2023 attributable to an equity method investment were $7.3 million and $29.4 million, respectively, and were recognized in Other revenues. The assets of the equity method investment were included within the Asset Management reportable business segment. At May 31, 2024, the
equity method investment had a fair value of zero and would be categorized within Level 3 of the fair value hierarchy. Fair value at May 31, 2024 was based on our best estimate of what could be recognized in a sale transaction for the investment.
During the six months ended May 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.
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 May 31, 2024 and November 30, 2023, respectively. Net losses of $80.3 million and $113.5 million were recognized on these investments during the three and six months ended May 31, 2023, respectively. There were no impairments on these investments during the three and six months ended May 31, 2024. Impairments on these investments during the three and six months ended May 31, 2023 were $71.6 million and $79.9 million, respectively.
v3.24.2
Derivative Financial Instruments
 6 Months Ended
May 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.
May 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$4,062 3 $— — 
Foreign exchange contracts:
Bilateral OTC3,025 2 1,327 1 
Total derivatives designated as accounting hedges7,087 1,327 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded298 56,631 65 48,685 
Cleared OTC786,603 5,747 792,681 5,612 
Bilateral OTC649,436 1,249 1,124,096 1,477 
Foreign exchange contracts:
Bilateral OTC168,385 60,283 123,849 36,912 
Equity contracts:
Exchange-traded512,015 897,795 295,406 788,416 
Bilateral OTC577,057 30,010 830,071 18,475 
Commodity contracts:
Exchange-traded— 940 3 799 
Bilateral OTC4,566 12,251 1,853 5,509 
Credit contracts:
Cleared OTC29,401 68 33,825 46 
Bilateral OTC38,438 21 26,827 36 
Total derivatives not designated as accounting hedges2,766,199 3,228,676 
Total gross derivative assets/ liabilities:
Exchange-traded512,313 295,474 
Cleared OTC820,066 826,506 
Bilateral OTC1,440,907 2,108,023 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(284,905)(284,905)
Cleared OTC(818,971)(823,710)
Bilateral OTC(1,292,314)(1,213,642)
Net amounts per Consolidated Statements of Financial Condition (4)$377,096 $907,746 
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)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 
May 31,		Six Months Ended 
May 31,
Gains (Losses)2024202320242023
Interest rate swaps$(26,253)$19,485 $(30,811)$(18,064)
Long-term debt10,282 (33,517)(985)(7,277)
Total$(15,971)$(14,032)$(31,796)$(25,341)
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 
May 31,		Six Months Ended 
May 31,
Gains (Losses)2024202320242023
Foreign exchange contracts$(10,925)$(34,062)$(8,808)$(31,005)
Total$(10,925)$(34,062)$(8,808)$(31,005)
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 
May 31,		Six Months Ended 
May 31,
Gains (Losses)2024202320242023
Interest rate contracts$36,783 $75,297 $58,505 $131,121 
Foreign exchange contracts42,363 39,558 32,529 37,659 
Equity contracts50,298 (270,829)(259,358)(303,437)
Commodity contracts14,332 214 18,432 (184)
Credit contracts(8,769)(340)(13,342)(824)
Total$135,007 $(156,100)$(163,234)$(135,665)
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 May 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$4,426 $— $— $— $4,426 
Equity options and forwards100,019 40,483 — (10,199)130,303 
Credit default swaps — 12 23,359 (12)23,359 
Total return swaps93,081 55,775 4 (15,478)133,382 
Foreign currency forwards, swaps and options50,908 1,461 — — 52,369 
Fixed income forwards2,585 — — — 2,585 
Interest rate swaps, options and forwards158,236 357,092 47,798 (106,205)456,921 
Total$409,255 $454,823 $71,161 $(131,894)803,345 
Cross product counterparty netting(32,560)
Total OTC derivative assets included in Financial instruments owned$770,785 
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$1,713 $— $— $— $1,713 
Equity options and forwards60,164 159,328 — (10,199)209,293 
Credit default swaps1,563 2,014 5,067 (12)8,632 
Total return swaps129,540 140,100 304 (15,478)254,466 
Foreign currency forwards, swaps and options48,451 687 — — 49,138 
Fixed income forwards19,778 — — — 19,778 
Interest rate swaps, options and forwards149,857 351,360 538,586 (106,205)933,598 
Total$411,066 $653,489 $543,957 $(131,894)1,476,618 
Cross product counterparty netting(32,560)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased$1,444,058 
(1)At May 31, 2024, we held net exchange-traded derivative assets and liabilities with a fair value of $227.4 million and $10.9 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 May 31, 2024, cash collateral received and pledged was $621.1 million and $547.2 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 May 31, 2024 (in thousands):
Counterparty credit quality (1):
A- or higher$441,157 
BBB- to BBB+66,602 
BB+ or lower115,405 
Unrated147,621 
Total$770,785 
(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:
May 31, 2024
External Credit Ratings
$ in millionsInvestment GradeNon-investment GradeTotal Notional
Credit protection sold:
Index credit default swaps$935.9 $499.3 $1,435.2 
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 millionsMay 31,
2024		November 30,
2023
Derivative instrument liabilities with credit-risk-related contingent features$124.9 $139.5 
Collateral posted(57.3)(97.6)
Collateral received359.5 71.0 
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)427.1 112.9 
(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.
v3.24.2
Collateralized Transactions
 6 Months Ended
May 31, 2024
Collateralized Transactions [Abstract]  
Collateralized Transactions Collateralized Transactions
May 31, 2024
$ in millionsSecurities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,730.0 $662.4 $26.2 $2,418.6 
Corporate debt securities478.2 4,197.3 — 4,675.5 
Mortgage-backed and asset-backed securities— 2,052.3 — 2,052.3 
U.S. government and federal agency securities26.7 6,641.3 — 6,668.0 
Municipal securities— 467.4 — 467.4 
Sovereign obligations9.2 2,009.4 80.0 2,098.6 
Loans and other receivables— 818.0 — 818.0 
Total$2,244.1 $16,848.1 $106.2 $19,198.4 
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 
May 31, 2024
$ in millionsOvernight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$1,306.6 $19.0 $440.8 $477.7 $2,244.1 
Repurchase agreements2,585.8 7,251.1 2,428.2 4,583.0 16,848.1 
Obligation to return securities received as collateral, at fair value106.2 — — — 106.2 
Total$3,998.6 $7,270.1 $2,869.0 $5,060.7 $19,198.4 
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 May 31, 2024 and November 30, 2023, the approximate fair value of securities received as collateral by us that may be sold or repledged was $34.67 billion and $33.99 billion, respectively. At May 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).
May 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$7,141.9 $— $7,141.9 $(438.3)$(1,660.4)$5,043.2 
Reverse repurchase agreements12,555.6 (5,811.0)6,744.6 (1,588.5)(5,045.9)110.2 
Securities received as collateral, at fair value106.2 — 106.2 — (106.2)— 
Liabilities:
Securities lending arrangements$2,244.1 $— $2,244.1 $(438.3)$(1,764.3)$41.5 
Repurchase agreements16,848.1 (5,811.0)11,037.1 (1,588.5)(8,905.4)543.2 
Obligation to return securities received as collateral, at fair value106.2 — 106.2 — (106.2)— 
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 $4.99 billion of securities borrowing arrangements for which we have received securities collateral of $4.86 billion, and $495.0 million of repurchase agreements for which we have pledged securities collateral of $504.6 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 thousandsMay 31,
2024		November 30,
2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$1,097,400 $1,414,593 
Securities purchased under agreements to resell (1)210,000 45,490 
Total$1,307,400 $1,460,083 
(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.
v3.24.2
Securitization Activities
 6 Months Ended
May 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 significant 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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Transferred assets$1,910.0 $1,981.7 $3,412.0 $3,456.9 
Proceeds on new securitizations1,910.0 1,981.8 3,412.0 3,456.9 
Cash flows received on retained interests9.0 12.7 19.1 13.2 
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 May 31, 2024 and November 30, 2023.
Securitizations that were accounted for as sales in which we had continuing involvement:
May 31, 2024November 30, 2023
$ in millionsTotal
Assets		Retained
Interests		Total
Assets		Retained
Interests
U.S. government agency RMBS$5,240.9 $104.3 $5,595.1 $417.3 
U.S. government agency CMBS2,551.2 285.3 3,014.3 197.3 
CLOs7,664.7 36.0 6,323.8 23.3 
Consumer and other loans1,031.0 50.3 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.
v3.24.2
Variable Interest Entities
 6 Months Ended
May 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:
May 31, 2024 (1)
$ in millionsSecured Funding VehiclesOther
Cash$— $4.0 
Financial instruments owned 43.1 11.0 
Securities purchased under agreements to resell (2)2,029.6 — 
Receivables from brokers (3)— 20.6 
Other receivables0.5 3.0 
Assets held for sale (7)— 618.0 
Other assets (4)— 131.5 
Total assets$2,073.2 $788.1 
Financial instruments sold, not yet purchased$— $8.1 
Other secured financings (5)2,063.5 — 
Liabilities held for sale (7)— 256.8 
Other liabilities (6)9.7 170.4 
Long-term debt — 70.0 
Total liabilities$2,073.2 $505.3 
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 on related consolidated entities, which are eliminated in consolidation.
(3)$1.5 million and $1.4 million of receivables from brokers at May 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.
(4)$37.6 million and $56.1 million of the other assets at May 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.
(5)$521.6 million and $681.0 million of the other secured financings at May 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation.
(6)$168.6 million and $247.9 million of the other liabilities amounts at May 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 related to Foursight’s automobile financing vehicles, which were considered to be VIEs, and at May 31, 2024 and November 30, 2023, Assets held for sale and Liabilities held for sale relate to the net operating assets of the wholesale operations of OpNet, which has been determined to be a VIE. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale at November 30, 2023, 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 is classified as held for sale and was acquired during the fourth quarter of 2023. Refer to Note 4, Business Acquisitions for further information.
Nonconsolidated VIEs
May 31, 2024
Carrying AmountMaximum Exposure to LossVIE Assets
$ in millionsAssetsLiabilities
CLOs$501.0 $19.8 $4,512.3 $12,391.6 
Asset-backed vehicles757.2 — 1,124.7 3,510.7 
Related party private equity vehicles2.7 — 13.2 27.8 
Other investment vehicles1,103.0 — 1,400.8 19,113.9 
Total$2,363.9 $19.8 $7,051.0 $35,044.0 
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 May 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 $2.7 million and $3.1 million at May 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 May 31, 2024 and November 30, 2023, we had equity commitments to invest $1.49 billion and $1.26 billion, respectively, in various other investment vehicles, of which $1.19 billion and $1.10 billion was funded, respectively. The carrying value of our equity investments was $1.10 billion and $1.07 billion at May 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 May 31, 2024 and November 30, 2023, we held $2.31 billion and $1.89 billion of agency mortgage-backed securities, respectively, and $197.1 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.
v3.24.2
Investments
 6 Months Ended
May 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 millionsMay 31,
2024		November 30,
2023
Total Investments in and loans to related parties$1,307.4 $1,239.3 

Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Total equity method pickup earnings (losses) recognized in Other revenues$28.5 $(87.8)$37.2 $(151.8)
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 May 31, 2024, November 30, 2023 and May 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 May 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 May 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 May 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 May 31, 2024, we had funded $0.0 million of our $250.0 million commitment.
Activity related to the facility:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Unfunded commitment fees0.3 0.3 0.6 0.6 
Selected financial information for Jefferies Finance:
$ in millionsMay 31,
2024		November 30,
2023
Total assets$6,030.3 $5,598.2 
Total liabilities4,716.2 4,352.0 
May 31,
2024		November 30,
2023
Our total equity balance$649.4 $630.1 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net earnings attributable to members$40.2 $12.9 $39.3 $27.8 
Activity related to our other transactions with Jefferies Finance:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Origination and syndication fee revenues (1)$74.9 $20.2 $127.3 $46.2 
Origination fee expenses (1)9.7 6.3 24.6 10.4 
CLO structuring fee revenues (2)0.3 — 0.3 — 
Investment fund placement fee revenues (3)0.4 — 0.9 — 
Service fees (4)20.8 16.9 65.7 61.1 
(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 structuring agent for certain CLOs managed by Jefferies Finance. We receive fees for this service which are included in Investment banking fees.
(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 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 $0.3 million and $3.5 million at May 31, 2024 and November 30, 2023, respectively. At May 31, 2024 and November 30, 2023, payables to Jefferies Finance, related to cash deposited with us and included in Payables to customers, were $0.9 million and $2.6 million, respectively. At May 31, 2024, payables to Jefferies Finance, related to cash deposited with us and included in Accrued expenses and other liabilities, were $0.2 million.
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 May 31, 2024, the aggregate amount of commercial paper outstanding was $1.47 billion.
Selected financial information for Berkadia:
$ in millionsMay 31,
2024		November 30,
2023
Total assets$5,417.8 $5,318.2 
Total liabilities3,919.3 3,816.1 
Total noncontrolling interest546.1 612.8 
May 31,
2024		November 30,
2023
Our total equity balance$430.6 $400.9 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net earnings attributable to members$48.9 $13.5 $78.2 $42.5 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Distributions$2.9 $0.3 $6.7 $0.2 
At May 31, 2024 and November 30, 2023, we had commitments to purchase $36.4 million and $77.5 million, respectively, of agency CMBS from Berkadia.
Activity related to our other transactions with Berkadia:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Transaction referral fee revenue (1)$0.3 $— $0.3 $— 
Loan origination fees paid (2)0.4 — 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.

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. We consolidate OpNet’s wholesale business, which is considered to be a VIE and is classified as held for sale at May 31, 2024 and November 30, 2023. 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 six months ending May 31, 2023, we contributed $23.4 million and $82.9 million, respectively, to OpNet through direct subscription, settlement of subscription advances, and conversion of a shareholder loan. We recognized equity method pickup losses of $83.0 million and $121.8 million during the three and six months ending May 31, 2023, respectively.
Selected financial information for OpNet:
$ in millionsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Net losses$(90.4)$(142.0)
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 six months ended May 31, 2023, we contributed additional capital of $5.0 million and $10.0 million, respectively.
Selected financial information for Stratos:
$ in millionsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Net losses$(5.4)$(25.8)
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 six months ended May 31, 2023, we recognized other-than-temporary impairment charges of $7.3 million and $29.4 million, respectively, on our investment within Other revenues.
Selected financial information for Golden Queen:
$ in millionsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Net losses$(1.4)$(2.3)
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 millionsMay 31,
2024		November 30,
2023
Total assets$325.9 $329.5 
Total liabilities496.2 500.0 
May 31,
2024		November 30,
2023
Our total equity balance$92.3 $90.0 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net earnings (losses) $(2.4)$(3.4)$0.1 $(2.3)
54 Madison:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Distributions$— $— $— $17.1 
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 $1.9 million and $2.2 million at May 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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net gains (losses) from our investments in JCP Fund V$0.1 $(1.7)$(0.2)$(8.3)
At both May 31, 2024 and November 30, 2023, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both May 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 May 31, 2024 of the combined equity interests:
Three Months Ended
$ in millionsMarch 31, 2024December 31, 2023March 31, 2023December 31, 2022
Net increase (decrease) in net assets resulting from operations (1)$0.1 $(0.9)$(4.9)$(54.6)
(1)Financial information for JCP Fund V within our results of operations for the three and six months ended May 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
May 31, 2023		Six Months Ended 
May 31, 2023
Investment losses (1)$(0.6)$(0.3)
Management fees (2)0.2 0.4 
(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 May 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 $0.2 million on the two notes during the three and six months ended May 31, 2024. 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 three and six months ended May 31, 2024, we recognized a gain of $1.2 million relating to the conversion of the convertible promissory note.
At May 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 $30.4 million, which matures on July 31, 2024. The loan is accounted for at amortized cost and is reported within Other assets. The loan has a fair value of $30.4 million at both May 31, 2024 and November 30, 2023, 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.
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 six months ended May 31, 2024, we recognized $5.6 million and $9.4 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 $1.4 million on the loan during the three and six months ended May 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 May 31, 2024 and November 30, 2023, and are classified within Level 3 of the fair value hierarchy.
v3.24.2
Credit Losses on Financial Assets Measured at Amortized Cost
 6 Months Ended
May 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 
May 31, 2023		Six Months Ended 
May 31, 2023
Beginning balance $78,055 $79,614 
Provision for doubtful accounts9,781 17,610 
Charge-offs, net of recoveries(9,214)(18,602)
Ending balance$78,622 $78,622 
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 six month ended May 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 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
Beginning balance$2,963 $7,270 $6,306 $5,914 
Bad debt expense1,077 239 2,088 1,747 
Charge-offs(219)(2,981)(2,719)(3,067)
Recoveries collected(953)(2,459)(2,807)(2,525)
  Ending balance (1)$2,868 $2,069 $2,868 $2,069 
(1)Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
v3.24.2
Goodwill and Intangible Assets
 6 Months Ended
May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Six Months Ended May 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 adjustments357 (424)(67)
Measurement period adjustment (1)— (28,346)(28,346)
Goodwill relating to acquisitions by Tessellis— 3,366 3,366 
Balance, at end of period$1,532,529 $290,280 $1,822,809 
(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.
Six Months Ended May 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 adjustments2,076 — 2,076 
Balance, at end of period$1,555,020 $183,170 $1,738,190 
Intangible Assets
May 31, 2024Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Accumulated AmortizationNet Carrying Amount
Customer relationships$136,153 $32,547 $(99,952)$68,748 5.9
Trademarks and trade names146,478 4,984 (42,035)109,427 22.3
Exchange and clearing organization membership interests and registrations8,684 — — 8,684 N/A
Other51,754 14,778 (18,898)47,634 4.5
Total$343,069 $52,309 $(160,885)$234,493 
(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.
Amortization Expense
For finite life intangible assets, we recognized aggregate amortization expense of $8.5 million and $14.1 million for the three and six months ended May 31, 2024, respectively, and $2.3 million and $4.7 million for the three and six months ended May 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$15,156 
Year ending November 30, 202528,847 
Year ending November 30, 202628,809 
Year ending November 30, 202728,775 
Year ending November 30, 202828,532 
v3.24.2
Revenues from Contracts with Customers
 6 Months Ended
May 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
 
Investment banking$738,584 $492,475 $1,417,649 $995,273 
Commissions and other fees 271,782 235,312 517,325 448,582 
Asset management fees6,989 4,864 36,350 22,621 
Oil and gas revenues233 263 441 25,769 
Real estate revenues3,540 7,456 6,689 10,203 
Other contracts with customers14,418 13,031 28,309 25,961 
Total revenue from contracts with customers1,035,546 753,401 2,006,763 1,528,409 
Other sources of revenue:
Principal transactions416,195 320,959 1,056,931 818,205 
Revenues from strategic affiliates4,779 9,069 25,790 30,298 
Interest879,727 632,679 1,699,216 1,164,064 
Other180,049 (64,926)279,538 (109,230)
Total revenues$2,516,296 $1,651,182 $5,068,238 $3,431,746 
Disaggregation of Revenue
Three Months Ended May 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$283,898 $— $283,898 
Investment banking - Underwriting454,686 — 454,686 
Equities (1)269,189 — 269,189 
Fixed income (1)2,120 — 2,120 
Asset management— 6,989 6,989 
Other investments— 18,664 18,664 
Total$1,009,893 $25,653 $1,035,546 
Primary geographic region:
Americas$735,377 $23,568 $758,945 
Europe and the Middle East169,344 1,046 170,390 
Asia-Pacific105,172 1,039 106,211 
Total$1,009,893 $25,653 $1,035,546 
Three Months Ended May 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$254,157 $— $254,157 
Investment banking - Underwriting238,318 — 238,318 
Equities (1)232,304 — 232,304 
Fixed income (1)3,008 — 3,008 
Asset management— 4,864 4,864 
Other investments— 20,750 20,750 
Total$727,787 $25,614 $753,401 
Primary geographic region:
Americas$540,001 $24,434 $564,435 
Europe and the Middle East121,913 596 122,509 
Asia-Pacific65,873 584 66,457 
Total$727,787 $25,614 $753,401 
Six Months Ended May 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$622,466 $— $622,466 
Investment banking - Underwriting795,183 — 795,183 
Equities (1)511,765 — 511,765 
Fixed income (1)4,550 — 4,550 
Asset management— 36,350 36,350 
Other investments— 36,449 36,449 
Total$1,933,964 $72,799 $2,006,763 
Primary geographic region:
Americas$1,465,754 $68,767 $1,534,521 
Europe and the Middle East295,346 2,152 297,498 
Asia-Pacific172,864 1,880 174,744 
Total$1,933,964 $72,799 $2,006,763 
Six Months Ended May 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$551,335 $— $551,335 
Investment banking - Underwriting443,938 — 443,938 
Equities (1)442,766 — 442,766 
Fixed income (1)5,816 — 5,816 
Asset management— 22,621 22,621 
Other investments— 61,933 61,933 
Total$1,443,855 $84,554 $1,528,409 
Primary geographic region:
Americas$1,095,928 $82,227 $1,178,155 
Europe and the Middle East238,132 1,173 239,305 
Asia-Pacific109,795 1,154 110,949 
Total$1,443,855 $84,554 $1,528,409 
(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 May 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 six months ended May 31, 2024, we recognized $16.7 million and $25.6 million, respectively, compared with $12.2 million and $28.5 million, during the three and six months ended May 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 six months ended May 31, 2024, we recognized $8.9 million and $15.2 million, respectively, compared with $7.8 million and $15.5 million, during the three and six months ended May 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 May 31, 2024 and November 30, 2023 were $56.5 million and $48.3 million, respectively, which are recorded in Accrued expenses and other liabilities. During the three and six months ended May 31, 2024, we recognized revenues of $36.4 million and $32.9 million, respectively, compared with $12.4 million and $16.0 million during the three and six months ended May 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 $238.3 million and $248.2 million at May 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 May 31, 2024 and November 30, 2023, capitalized costs to fulfill a contract were $6.2 million and $5.3 million, respectively, which are recorded in Receivables—Fees, interest and other. For the three and six months ended May 31, 2024, we recognized expenses of $1.3 million and $2.0 million, respectively, compared with $0.7 million and $1.3 million, during the three and six months ended May 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 six months ended May 31, 2024 and May 31, 2023.
v3.24.2
Compensation Plans
 6 Months Ended
May 31, 2024
Compensation Related Costs [Abstract]  
Compensation Plans Compensation Plans
For a description of Restricted Stock, Restricted Stock Units, 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 May 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), 9.1 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 19.2 million at May 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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Restricted cash awards $104.2 $54.9 $212.1 $122.5 
Restricted stock and RSUs (1)14.4 10.5 34.6 24.2 
Profit sharing plan2.2 2.1 9.1 8.3 
Total compensation cost$120.8 $67.5 $255.8 $155.0 
(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 May 31, 2024:
$ in millionsRemaining Unamortized AmountsWeighted Average
 Vesting Period
(in Years)
Non-vested share-based awards$139.1 3.2
Restricted cash awards (1)1,070.8 3.0
Total$1,209.9 
(1)The remaining unamortized amount is included within Other assets.
v3.24.2
Borrowings
 6 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
Short-Term Borrowings
$ in thousandsMay 31,
2024		November 30,
2023
Bank loans$1,025,684 $989,715 
Fixed rate callable note599,626 — 
Total short-term borrowings (1)$1,625,310 $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 May 31, 2024 and November 30, 2023, our borrowings under bank loans in Short-term borrowings were $955.4 million and $937.1 million, respectively, with a weighted average interest rate of 6.01% and 6.06%, respectively.
Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the bank’s cost of funding. At May 31, 2024, we were in compliance with all covenants under these credit facilities.
Long-Term Debt
$ in thousandsMaturity (Fiscal Years)May 31,
2024		November 30,
2023
Parent Co. unsecured borrowings
Fixed rate2024$542,066 $544,222 
2025125,763 117,180 
2026905,243 90,315 
2027525,363 526,660 
20281,029,870 1,028,966 
2029 and Later4,964,441 2,715,503 
Variable rate2025— 350,000 
202642,242 42,417 
2027563,368 562,833 
2029 and Later813,337 810,761 
Structured notes (1)202410,248 48,002 
202585,624 40,868 
202661,472 36,178 
202748,268 83,306 
202821,936 19,768 
2029 and Later1,648,268 1,480,321 
Total Parent Co. unsecured borrowings (2)11,387,509 8,497,300 
$ in thousandsMaturity (Fiscal Years)May 31,
2024		November 30,
2023
Subsidiaries secured borrowings
Fixed rate2024130,462 135,202 
2025116,460 117,814 
202610,342 23,313 
20273,921 4,412 
202837,542 37,305 
2029 and Later91,517 — 
Variable rate2024100,000 883,406 
2026525,000 — 
2027263,847 — 
Total Subsidiaries secured borrowings1,279,091 1,201,452 
Total long-term debt (3)$12,666,600 $9,698,752 
Fair value$12,593,857 $9,572,842 
Weighted-average interest rate (4)5.35 %5.52 %
Interest rate range (4)
0.25% - 8.19%
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 $1.99 billion for both May 31, 2024 and November 30, 2023, include net losses of $1.0 million and $7.3 million during the six months ended May 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 May 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.8 million and $735.2 million, respectively. Interest on these credit facilities are 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, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At May 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 six months ended May 31, 2024, long-term debt increased by $2.97 billion to $12.67 billion at May 31, 2024, primarily due to proceeds of $3.07 billion from the issuance of unsecured senior notes, $124.8 million from net issuances of structured notes and $79.2 million from increased subsidiaries secured borrowings, and valuation losses on structured notes of $45.2 million. These increases were partially offset by a $350.0 million paydown of a revolving credit facility.
v3.24.2
Total Equity
 6 Months Ended
May 31, 2024
Equity [Abstract]  
Total Equity Total Equity
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.
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.
At May 31, 2024, SMBC owned 9.0% of our common stock on an as-converted basis and 8.3% on a fully-diluted, as-converted basis. During the three and six months ended May 31, 2024, we paid $6.3 million and $12.6 million, respectively, or $0.30 per share on an as-converted basis, of cash dividends in respect of the Series B Preferred Stock. As of today, SMBC owns approximately 11.8% of our common stock on an as-converted basis and 10.9% on a fully-diluted, as-converted basis.
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 
May 31,		Six Months Ended 
May 31,
In thousands, except per share amounts
2024202320242023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations$154,647 $8,684 $318,930 $138,008 
Less: Net losses attributable to noncontrolling interests(3,785)(3,711)(10,237)(10,022)
Mandatorily redeemable convertible preferred share dividends— — — (2,016)
Allocation of earnings to participating securities (1)(13,741)(4)(27,930)(830)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share$144,691 $12,391 $301,237 $145,184 
Adjustment to allocation of earnings to participating securities related to diluted shares (1)— (1)— (31)
Mandatorily redeemable convertible preferred share dividends— — — 2,016 
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share$144,691 $12,390 $301,237 $147,169 
Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations, net of income taxes40 — (7,851)— 
Less: Net losses attributable to noncontrolling interests(1,005)— (1,991)— 
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share$1,045 $— $(5,860)$— 
Net earnings attributable to common shareholders for basic earnings per share$145,736 $12,391 $295,377 $145,184 
Net earnings attributable to common shareholders for diluted earnings per share$145,736 $12,390 $295,377 $147,169 
Denominator for earnings per common share:
Weighted average common shares outstanding212,039 232,842 211,787 230,193 
Weighted average shares of restricted stock outstanding with future service required(2,329)(1,853)(2,366)(1,989)
Weighted average RSUs outstanding with no future service required10,261 11,579 10,514 12,621 
Weighted average common shares219,971 242,568 219,935 240,825 
Stock options and other share-based awards 3,470 1,618 3,124 2,086 
Senior executive compensation plan RSU awards2,705 1,227 2,528 2,072 
Preferred shares and mandatorily redeemable convertible preferred shares (2)— — — 1,887 
Weighted average diluted common shares (3)226,146 245,413 225,587 246,870 
Earnings (losses) per common share:
Basic from continuing operations$0.66 $0.05 $1.37 $0.60 
Basic from discontinued operations— — (0.03)— 
Basic$0.66 $0.05 $1.34 $0.60 
Diluted from continuing operations$0.64 $0.05 $1.34 $0.60 
Diluted from discontinued operations— — (0.03)— 
Diluted$0.64 $0.05 $1.31 $0.60 
(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 21.1 million and 21.2 million, for the three and six months ended May 31, 2024, respectively, compared with 0.3 million and 0.5 million, during the three and six months ended May 31, 2023, respectively. Dividends paid on participating securities were not material for the three and six months ended May 31, 2024 and May 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)The two-class method was more dilutive for each period presented.
(3)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 May 31, 2024, were 9.9% of the weighted average common shares outstanding for the both the three and six months ended May 31, 2024.
Dividends
Six Months Ended May 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
Six Months Ended May 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
On June 26, 2024, our Board of Directors increased our quarterly dividend by 16.7% to $0.35 per common share, payable on August 30, 2024 to common shareholders of record at August 19, 2024. Holders of our non-voting convertible preferred shares are entitled to the increased dividend on an as-converted basis. 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 thousandsMay 31,
2024		November 30,
2023
Net unrealized losses on available-for-sale securities$(2,965)$(4,595)
Net currency translation adjustments and other(166,837)(162,541)
Net unrealized losses related to instrument-specific credit risk (194,648)(181,946)
Net minimum pension liability(46,284)(46,463)
Total accumulated other comprehensive loss, net of tax$(410,734)$(395,545)
Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1)$516 $82 $2,633 $(164)
Amortization of defined benefit pension plan actuarial losses (2)(90)(149)(180)(546)
Total reclassifications for the period, net of income taxes$426 $(67)$2,453 $(710)
(1)Includes income tax expense of $0.2 million and $0.9 million for the three and six months ended May 31, 2024, respectively, compared with a tax benefit of $0.1 million for the six months ended May 31, 2023, which were reclassified to Principal transactions revenues.
(2)Includes income tax benefit of $0.1 million for the six months ended May 31, 2024 and $0.1 million for the six months ended May 31, 2023, which were reclassified to Compensation and benefits expenses
v3.24.2
Income Taxes
 6 Months Ended
May 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
At May 31, 2024 and November 30, 2023, our total gross unrecognized tax benefits were $348.3 million and $332.3 million, respectively.
At May 31, 2024 and November 30, 2023, we had interest accrued $160.3 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 $275.8 million and $263.0 million (net of Federal benefit) at May 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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Income tax expense$73.1 $9.2 $129.1 $37.9 
Effective tax rate32.1 %51.5 %28.8 %21.6 %
v3.24.2
Commitments, Contingencies and Guarantees
 6 Months Ended
May 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)$177.3 $16.5 $89.9 $0.2 $114.8 $398.7 
Loan commitments (1)— 252.2 88.1 — 5.2 345.5 
Loan purchase commitments (2)2,928.8 — — — — 2,928.8 
Underwriting commitments157.3 — — — — 157.3 
Forward starting reverse repos (3)5,344.6 — — — — 5,344.6 
Forward starting repos (3)2,856.9 — — — — 2,856.9 
Other unfunded commitments (1)238.6 196.8 519.5 — — 954.9 
Total commitments$11,703.5 $465.5 $697.5 $0.2 $120.0 $12,986.7 
(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 May 31, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.73 billion.
(3)At May 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 May 31, 2024, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $9.9 million.
Additionally, at May 31, 2024, we had other outstanding equity commitments to invest up to $339.8 million with strategic affiliates and $33.6 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 May 31, 2024, we had outstanding loan commitments of $88.1 million to clients and $7.4 million to strategic affiliates.
Loan commitments outstanding at May 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$6,513.3 $15,474.2 $16,550.5 $475.0 $39,013.0 
Total derivative contracts$6,513.3 $15,474.2 $16,550.5 $475.0 $39,013.0 
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 May 31, 2024, the fair value of derivative contracts meeting the definition of a guarantee is approximately $325.1 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 May 31, 2024, the aggregate amount of infrastructure improvement bonds outstanding was $50.9 million.
Standby Letters of Credit. At May 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.
v3.24.2
Regulatory Requirements
 6 Months Ended
May 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 May 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 May 31, 2024
$ in thousandsNet CapitalExcess Net Capital
Jefferies LLC$1,454,635 $1,329,526 
JFSI - SEC325,330 302,029 
JFSI - CFTC325,330 296,563 
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 May 31, 2024, Jefferies LLC had $428.6 million in cash and qualified U.S. Government
securities on deposit in special reserve bank accounts for the exclusive benefit of customers.
As a registered broker dealer that clears and carries proprietary accounts of brokers (commonly referred to as “PAB”), Jefferies is also required to compute a reserve requirement for PABs pursuant to SEC Rule 15c3-3. At May 31, 2024, Jefferies had $272.7 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.
v3.24.2
Segment Reporting
 6 Months Ended
May 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. During the quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology.
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Investment Banking and Capital Markets:
Net revenues$1,494.4 $1,061.0 $2,945.7 $2,278.2 
Non-interest expenses1,243.1 948.0 2,539.4 1,983.1 
Earnings from continuing operations before income taxes251.3 113.0 406.3 295.1 
Asset Management:
Net revenues156.5 (30.9)429.9 37.5 
Non-interest expenses185.6 71.7 407.3 162.1 
Earnings (losses) from continuing operations before income taxes(29.1)(102.6)22.6 (124.6)
Total of Reportable Business Segments:
Net revenues1,650.9 1,030.1 3,375.6 2,315.7 
Non-interest expenses1,428.7 1,019.7 2,946.7 2,145.2 
Earnings from continuing operations before income taxes222.2 10.4 428.9 170.5 
Reconciliation to consolidated amounts:
Net revenues5.5 7.5 19.0 5.4 
Non-interest expenses— — — — 
Earnings from continuing operations before income taxes (1)5.5 7.5 19.0 5.4 
Total:
Net revenues1,656.4 1,037.6 3,394.6 2,321.1 
Non-interest expenses1,428.7 1,019.7 2,946.7 2,145.2 
Earnings from continuing operations before income taxes$227.7 $17.9 $447.9 $175.9 
(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 millionsMay 31,
2024		November 30,
2023
Investment Banking and Capital Markets$56,842.7 $51,776.9 
Asset Management6,157.8 6,128.3 
Total assets$63,000.5 $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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Americas (1)$1,145.3 $832.2 $2,453.0 $1,814.5 
Europe and the Middle East (2)370.2 143.0 702.1 360.9 
Asia-Pacific140.9 62.4 239.5 145.7 
Net revenues$1,656.4 $1,037.6 $3,394.6 $2,321.1 
(1)Primarily relates to U.S. results.
(2)Primarily relates to U.K. results.
v3.24.2
Related Party Transactions
 6 Months Ended
May 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Officers, Directors and Employees
•At May 31, 2024 and November 30, 2023, we had $34.0 million and $31.0 million, respectively, of loans 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 $4.0 million and $3.0 million at May 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 six months ended May 31, 2023, included within Investment banking revenues.
v3.24.2
Insider Trading Arrangements
 3 Months Ended
May 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
v3.24.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
May 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/ 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 has 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
v3.24.2
Business Acquisitions (Tables)
 6 Months Ended
May 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 acquired as part of the OpNet acquisition in the form of purchased technology, trademarks and trade names, and customer relationships. These intangible assets are being amortized over a finite life of up to 20 years.
v3.24.2
Assets Held for Sale and Discontinued Operations (Tables)
 6 Months Ended
May 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
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.
v3.24.2
Fair Value Disclosures (Tables)
 6 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis
May 31, 2024 (1)
$ in thousandsLevel 1Level 2Level 3Counterparty
 and Cash
Collateral
Netting (2)		Total
Assets:
Financial instruments owned:
Corporate equity securities$4,930,895 $172,497 $178,755 $— $5,282,147 
Corporate debt securities— 5,297,248 38,717 — 5,335,965 
Collateralized debt obligations and collateralized loan obligations— 456,701 68,626 — 525,327 
U.S. government and federal agency securities2,720,791 76,065 — — 2,796,856 
Municipal securities— 836,549 — — 836,549 
Sovereign obligations707,852 707,957 — — 1,415,809 
Residential mortgage-backed securities— 2,574,290 644 — 2,574,934 
Commercial mortgage-backed securities— 412,501 477 — 412,978 
Other asset-backed securities— 76,897 168,736 — 245,633 
Loans and other receivables— 1,465,769 92,546 — 1,558,315 
Derivatives298 2,768,214 4,774 (2,396,190)377,096 
Investments at fair value— 9 138,057 — 138,066 
Total financial instruments owned, excluding Investments at fair value based on NAV$8,359,836 $14,844,697 $691,332 $(2,396,190)$21,499,675 
Securities received as collateral106,229 — — — 106,229 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$3,503,955 $72,029 $708 $— $3,576,692 
Corporate debt securities— 2,937,907 506 — 2,938,413 
Collateralized debt obligations and collateralized loan obligations— 3,125 — — 3,125 
U.S. government and federal agency securities2,960,178 107 — — 2,960,285 
Sovereign obligations948,235 515,789 — — 1,464,024 
Residential mortgage-backed securities— 347 — — 347 
Commercial mortgage-backed securities— — 1,049 — 1,049 
Loans— 73,101 1,584 — 74,685 
Derivatives65 3,190,287 39,651 (2,322,257)907,746 
Total financial instruments sold, not yet purchased$7,412,433 $6,792,692 $43,498 $(2,322,257)$11,926,366 
Other secured financings$— $— $3,965 $— $3,965 
Obligation to return securities received as collateral106,229 — — — 106,229 
Long-term debt— 1,091,605 784,212 — 1,875,817 
(1)Excludes Investments at fair value based on net asset value (“NAV”) of $1.29 billion at May 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.
Investments Measured at Fair Value Based on Net Asset Value Per Share
Investments in entities that have the characteristics of an investment company:
May 31, 2024
$ in thousandsFair
Value (1)		Unfunded
Commitments		Redemption FrequencyRedemption Notice Period
Equity Long/Short Hedge Funds (2)$364,534 $— 
Quarterly (71%)
Monthly (29%)
60 - 90 days
60 days
Equity Funds (3)55,959 31,406 
N/R (100%)
N/R
Commodity Funds (4)23,373 — 
Quarterly (100%)
60 days
Multi-asset Funds (5)369,641 — 
Monthly (87%)
Quarterly (13%)
45 - 60 days
90 days
Other Funds (6)473,494 108,141 
Quarterly (71%)
N/R (29%)
90 days
N/R
Total$1,287,001 $139,547 
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 investments that cannot be redeemed at November 30, 2023 are not redeemable because these investments include restrictions that do not allow for redemption 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 eleven 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 investments that cannot be redeemed at November 30, 2023, are not redeemable because these investments include restrictions that do not allow for redemption 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.
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3
Level 3 Rollforwards
Three Months Ended May 31, 2024
$ in thousandsBalance at February 29, 2024Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2024
For instruments still held at
 May 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$173,214 $(12,751)$15,398 $(18)$— $— $2,912 $178,755 $(12,404)$— 
Corporate debt securities35,335 1,363 1,091 (16,250)— — 17,178 38,717 89 — 
CDOs and CLOs69,367 1,220 6,810 (1,905)(5,527)— (1,339)68,626 (675)— 
RMBS684 (6)— — (34)— — 644 — — 
CMBS473 4 — — — — — 477 — — 
Other ABS102,256 (2,198)63,554 (15,138)(35,363)— 55,625 168,736 (1,694)— 
Loans and other receivables78,885 1,255 11,329 (4,161)(35)— 5,273 92,546 579 — 
Investments at fair value121,764 1,616 15,224 (547)— — — 138,057 1,616 — 
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$675 $8 $— $25 $— $— $— $708 $(8)$— 
Corporate debt securities124 (23)— 246 — — 159 506 23 — 
CMBS944 — — — 105 — — 1,049 — — 
Loans1,466 (251)(925)2,801 81 — (1,588)1,584 309 — 
Net derivatives (2)52,089 (10,062)— — (9,689)— 2,539 34,877 (178)— 
Other secured financings3,965 — — — — — — 3,965 — — 
Long-term debt779,529 (2,477)— — (2,109)6,616 2,653 784,212 9,334 (6,857)
Six Months Ended May 31, 2024
$ in thousandsBalance at November 30, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2024
For instruments still held at
 May 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 $(12,817)$15,956 $(2,230)$— $— $(3,448)$178,755 $(12,175)$— 
Corporate debt securities26,112 3,830 25,563 (17,217)(200)— 629 38,717 2,997 — 
CDOs and CLOs64,862 9,006 20,333 (15,838)(7,293)— (2,444)68,626 4,904 — 
RMBS20,871 (207)32 (32)(5,395)— (14,625)644 33 — 
CMBS508 (35)4 — — — — 477 (64)— 
Other ABS117,661 (5,913)76,263 (32,817)(26,619)— 40,161 168,736 (3,938)— 
Loans and other receivables130,101 (39,831)18,555 (3,974)(17,892)— 5,587 92,546 (17,220)— 
Investments at fair value130,835 (9,079)16,855 — (547)— (7)138,057 (9,079)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$676 $1 $— $31 $— $— $— $708 $(1)$— 
Corporate debt securities124 (23)— 246 — — 159 506 23 — 
CMBS840 — (245)— 455 — (1)1,049 — — 
Loans1,521 (114)(1,041)3,642 114 — (2,538)1,584 107 — 
Net derivatives (2)50,955 (17,979)(978)2,913 (9,486)— 9,452 34,877 9,057 — 
Other secured financings3,898 4,482 — — (4,415)— — 3,965 (4,482)— 
Long-term debt744,597 9,651 — — (2,109)28,072 4,001 784,212 (5,117)(4,534)
(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 May 31, 2023
$ in thousandsBalance at February 28, 2023Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2023
For instruments still held at
May 31, 2023, changes in unrealized gains (losses) included in:
Earnings (1)Other comprehensive income
 (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities$261,634 $8,990 $115 $(192)$— $— $(2,634)$267,913 $9,093 $— 
Corporate debt securities41,793 3,340 1,361 (11,001)— — 7,149 42,642 (888)— 
CDOs and CLOs72,438 4,998 22,199 (9,362)(7,974)— (19,608)62,691 (2,041)— 
RMBS23,987 1,227 100 — (609)— — 24,705 2,040 — 
CMBS486 247 — — — — 28,213 28,946 374 — 
Other ABS100,428 (2,157)38,201 — (8,539)— (1,858)126,075 (4,542)— 
Loans and other receivables148,673 179 6,648 (10,700)(2,139)— (844)141,817 352 — 
Investments at fair value157,863 (192)6,760 — (10,631)— — 153,800 (192)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities628 — — — — — (163)465 — — 
Corporate debt securities285 (5)— — — — (13)267 (1)— 
CMBS525 — — 105 — — — 630 — — 
Loans3,045 185 — 117 — — 1 3,348 (436)— 
Net derivatives (2)87,331 (45,670)— — (149)— 12,748 54,260 46,247 — 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt683,698 680 — — — 4,481 8,198 697,057 (20,226)19,545 
Six Months Ended May 31, 2023
$ in thousandsBalance at November 30, 2022Total gains/losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of) Level 3		Balance at May 31, 2023
For instruments still held at
May 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 $27,252 $402 $(890)$— $— $802 $267,913 $27,743 $— 
Corporate debt securities30,232 3,163 6,541 (19,812)(200)— 22,718 42,642 (1,240)— 
CDOs and CLOs55,824 10,403 36,565 (9,869)(16,243)— (13,989)62,691 (3,661)— 
RMBS27,617 (2,443)114 — (583)— — 24,705 (828)— 
CMBS839 (747)— — — — 28,854 28,946 (60)— 
Other ABS94,677 (5,377)52,725 (4,784)(10,780)— (386)126,075 (6,317)— 
Loans and other receivables168,875 (784)10,080 (14,516)(2,147)— (19,691)141,817 145 — 
Investments at fair value161,992 (2,828)7,768 (2,420)(10,712)— — 153,800 (2,828)— 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$750 $(285)$— $— $— $— $— $465 $285 $— 
Corporate debt securities500 (10)(187)— — — (36)267 53 — 
CMBS490 — — 140 — — — 630 — — 
Loans3,164 40 — 327 — — (183)3,348 (266)— 
Net derivatives (2)59,524 (46,779)— 127 (629)2,115 39,902 54,260 46,097 — 
Other secured financings1,712 — — — — — — 1,712 — — 
Long-term debt661,123 20,869 — — — 4,684 10,381 697,057 (4,658)(16,212)
(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.
Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements
May 31, 2024
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$178,755 
Non-exchange-traded securitiesMarket approachPrice$0-$325$56
Corporate debt securities$38,717 Market approachPrice$0-$95$57
CDOs and CLOs$55,917 Discounted cash flowsConstant prepayment rate20%—
Constant default rate2%—
Loss severity30%—
Discount rate/yield15 %-24%21%
Market approachPrice$54-$109$95
Other ABS$151,839 Discounted cash flowsDiscount rate/yield19 %-20%20%
Cumulative loss rate28 %-33%29%
Duration (years)1.4-1.91.8
Market approachPrice$100—
Scenario analysisEstimated recovery percentage100%—
Loans and other receivables$92,546 Market approachPrice$49-$200$92
Scenario analysisEstimated recovery percentage7 %-100%68%
Investments at fair value$133,912 
Private equity securitiesMarket approachPrice$1-$5,000$360
Price€7,760—
Price£0.5—
Discount rate/yield28%—
Revenue$30,253,269—
Financial Instruments Sold, Not Yet Purchased:
Loans$1,584 Market approachPrice$115—
Derivatives$37,154 
Equity optionsVolatility bench-markingVolatility24.6-47.934.6
Embedded optionsMarket approachBasis points upfront0.2-25.413.7
Other secured financings$3,965 Scenario analysisEstimated recovery percentage60 %-100%93%
Long-term debt$784,212 
Structured notesMarket approachPrice$57-$103$78
Price€64-€104€86
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
Summary 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 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
Financial instruments owned:
Loans and other receivables$(28,264)$(23,439)$(39,691)$(6,651)
Other secured financings:
Other changes in fair value (2)$— $— $(4,482)$— 
Long-term debt:
Changes in instrument-specific credit risk (1)$(13,790)$45,283 $(17,769)$(26,377)
Other changes in fair value (2)16,367 (42,275)(27,451)(6,011)
(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 thousandsMay 31,
2024		November 30,
2023
Financial instruments owned:
Loans and other receivables (1)$1,426,803 $2,344,468 
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)293,648 259,354 
Long-term debt257,630 294,256 
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 $54.2 million and $187.4 million at May 31, 2024 and November 30, 2023, respectively.
v3.24.2
Derivative Financial Instruments (Tables)
 6 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract
May 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$4,062 3 $— — 
Foreign exchange contracts:
Bilateral OTC3,025 2 1,327 1 
Total derivatives designated as accounting hedges7,087 1,327 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded298 56,631 65 48,685 
Cleared OTC786,603 5,747 792,681 5,612 
Bilateral OTC649,436 1,249 1,124,096 1,477 
Foreign exchange contracts:
Bilateral OTC168,385 60,283 123,849 36,912 
Equity contracts:
Exchange-traded512,015 897,795 295,406 788,416 
Bilateral OTC577,057 30,010 830,071 18,475 
Commodity contracts:
Exchange-traded— 940 3 799 
Bilateral OTC4,566 12,251 1,853 5,509 
Credit contracts:
Cleared OTC29,401 68 33,825 46 
Bilateral OTC38,438 21 26,827 36 
Total derivatives not designated as accounting hedges2,766,199 3,228,676 
Total gross derivative assets/ liabilities:
Exchange-traded512,313 295,474 
Cleared OTC820,066 826,506 
Bilateral OTC1,440,907 2,108,023 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(284,905)(284,905)
Cleared OTC(818,971)(823,710)
Bilateral OTC(1,292,314)(1,213,642)
Net amounts per Consolidated Statements of Financial Condition (4)$377,096 $907,746 
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)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.
Unrealized and Realized Gains (Losses) on Derivative Contracts
Gains (losses) recognized in Interest expense related to fair value hedges:
$ in thousandsThree Months Ended 
May 31,		Six Months Ended 
May 31,
Gains (Losses)2024202320242023
Interest rate swaps$(26,253)$19,485 $(30,811)$(18,064)
Long-term debt10,282 (33,517)(985)(7,277)
Total$(15,971)$(14,032)$(31,796)$(25,341)
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 
May 31,		Six Months Ended 
May 31,
Gains (Losses)2024202320242023
Foreign exchange contracts$(10,925)$(34,062)$(8,808)$(31,005)
Total$(10,925)$(34,062)$(8,808)$(31,005)
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 
May 31,		Six Months Ended 
May 31,
Gains (Losses)2024202320242023
Interest rate contracts$36,783 $75,297 $58,505 $131,121 
Foreign exchange contracts42,363 39,558 32,529 37,659 
Equity contracts50,298 (270,829)(259,358)(303,437)
Commodity contracts14,332 214 18,432 (184)
Credit contracts(8,769)(340)(13,342)(824)
Total$135,007 $(156,100)$(163,234)$(135,665)
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities
Remaining contract maturities at May 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$4,426 $— $— $— $4,426 
Equity options and forwards100,019 40,483 — (10,199)130,303 
Credit default swaps — 12 23,359 (12)23,359 
Total return swaps93,081 55,775 4 (15,478)133,382 
Foreign currency forwards, swaps and options50,908 1,461 — — 52,369 
Fixed income forwards2,585 — — — 2,585 
Interest rate swaps, options and forwards158,236 357,092 47,798 (106,205)456,921 
Total$409,255 $454,823 $71,161 $(131,894)803,345 
Cross product counterparty netting(32,560)
Total OTC derivative assets included in Financial instruments owned$770,785 
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$1,713 $— $— $— $1,713 
Equity options and forwards60,164 159,328 — (10,199)209,293 
Credit default swaps1,563 2,014 5,067 (12)8,632 
Total return swaps129,540 140,100 304 (15,478)254,466 
Foreign currency forwards, swaps and options48,451 687 — — 49,138 
Fixed income forwards19,778 — — — 19,778 
Interest rate swaps, options and forwards149,857 351,360 538,586 (106,205)933,598 
Total$411,066 $653,489 $543,957 $(131,894)1,476,618 
Cross product counterparty netting(32,560)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased$1,444,058 
(1)At May 31, 2024, we held net exchange-traded derivative assets and liabilities with a fair value of $227.4 million and $10.9 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 May 31, 2024, cash collateral received and pledged was $621.1 million and $547.2 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.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets
OTC derivative assets at May 31, 2024 (in thousands):
Counterparty credit quality (1):
A- or higher$441,157 
BBB- to BBB+66,602 
BB+ or lower115,405 
Unrated147,621 
Total$770,785 
(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:
May 31, 2024
External Credit Ratings
$ in millionsInvestment GradeNon-investment GradeTotal Notional
Credit protection sold:
Index credit default swaps$935.9 $499.3 $1,435.2 
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 
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 millionsMay 31,
2024		November 30,
2023
Derivative instrument liabilities with credit-risk-related contingent features$124.9 $139.5 
Collateral posted(57.3)(97.6)
Collateral received359.5 71.0 
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)427.1 112.9 
(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.
v3.24.2
Collateralized Transactions (Tables)
 6 Months Ended
May 31, 2024
Collateralized Transactions [Abstract]  
Schedule of Collateralized Financing Transactions
May 31, 2024
$ in millionsSecurities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,730.0 $662.4 $26.2 $2,418.6 
Corporate debt securities478.2 4,197.3 — 4,675.5 
Mortgage-backed and asset-backed securities— 2,052.3 — 2,052.3 
U.S. government and federal agency securities26.7 6,641.3 — 6,668.0 
Municipal securities— 467.4 — 467.4 
Sovereign obligations9.2 2,009.4 80.0 2,098.6 
Loans and other receivables— 818.0 — 818.0 
Total$2,244.1 $16,848.1 $106.2 $19,198.4 
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 
May 31, 2024
$ in millionsOvernight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$1,306.6 $19.0 $440.8 $477.7 $2,244.1 
Repurchase agreements2,585.8 7,251.1 2,428.2 4,583.0 16,848.1 
Obligation to return securities received as collateral, at fair value106.2 — — — 106.2 
Total$3,998.6 $7,270.1 $2,869.0 $5,060.7 $19,198.4 
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 
Offsetting Assets
May 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$7,141.9 $— $7,141.9 $(438.3)$(1,660.4)$5,043.2 
Reverse repurchase agreements12,555.6 (5,811.0)6,744.6 (1,588.5)(5,045.9)110.2 
Securities received as collateral, at fair value106.2 — 106.2 — (106.2)— 
Liabilities:
Securities lending arrangements$2,244.1 $— $2,244.1 $(438.3)$(1,764.3)$41.5 
Repurchase agreements16,848.1 (5,811.0)11,037.1 (1,588.5)(8,905.4)543.2 
Obligation to return securities received as collateral, at fair value106.2 — 106.2 — (106.2)— 
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 $4.99 billion of securities borrowing arrangements for which we have received securities collateral of $4.86 billion, and $495.0 million of repurchase agreements for which we have pledged securities collateral of $504.6 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.
Offsetting Liabilities
May 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$7,141.9 $— $7,141.9 $(438.3)$(1,660.4)$5,043.2 
Reverse repurchase agreements12,555.6 (5,811.0)6,744.6 (1,588.5)(5,045.9)110.2 
Securities received as collateral, at fair value106.2 — 106.2 — (106.2)— 
Liabilities:
Securities lending arrangements$2,244.1 $— $2,244.1 $(438.3)$(1,764.3)$41.5 
Repurchase agreements16,848.1 (5,811.0)11,037.1 (1,588.5)(8,905.4)543.2 
Obligation to return securities received as collateral, at fair value106.2 — 106.2 — (106.2)— 
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 $4.99 billion of securities borrowing arrangements for which we have received securities collateral of $4.86 billion, and $495.0 million of repurchase agreements for which we have pledged securities collateral of $504.6 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.
Broker-Dealer, Net Capital Requirement, SEC Regulation
$ in thousandsMay 31,
2024		November 30,
2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$1,097,400 $1,414,593 
Securities purchased under agreements to resell (1)210,000 45,490 
Total$1,307,400 $1,460,083 
(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.
v3.24.2
Securitization Activities (Tables)
 6 Months Ended
May 31, 2024
Transfers and Servicing [Abstract]  
Activity Related to Securitizations Accounted for as Sales
Securitizations that were accounted for as sales in which we had continuing involvement:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Transferred assets$1,910.0 $1,981.7 $3,412.0 $3,456.9 
Proceeds on new securitizations1,910.0 1,981.8 3,412.0 3,456.9 
Cash flows received on retained interests9.0 12.7 19.1 13.2 
Summary of Retained Interests in SPEs
Securitizations that were accounted for as sales in which we had continuing involvement:
May 31, 2024November 30, 2023
$ in millionsTotal
Assets		Retained
Interests		Total
Assets		Retained
Interests
U.S. government agency RMBS$5,240.9 $104.3 $5,595.1 $417.3 
U.S. government agency CMBS2,551.2 285.3 3,014.3 197.3 
CLOs7,664.7 36.0 6,323.8 23.3 
Consumer and other loans1,031.0 50.3 1,877.8 68.1 
v3.24.2
Variable Interest Entities (Tables)
 6 Months Ended
May 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of VIEs
May 31, 2024 (1)
$ in millionsSecured Funding VehiclesOther
Cash$— $4.0 
Financial instruments owned 43.1 11.0 
Securities purchased under agreements to resell (2)2,029.6 — 
Receivables from brokers (3)— 20.6 
Other receivables0.5 3.0 
Assets held for sale (7)— 618.0 
Other assets (4)— 131.5 
Total assets$2,073.2 $788.1 
Financial instruments sold, not yet purchased$— $8.1 
Other secured financings (5)2,063.5 — 
Liabilities held for sale (7)— 256.8 
Other liabilities (6)9.7 170.4 
Long-term debt — 70.0 
Total liabilities$2,073.2 $505.3 
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 on related consolidated entities, which are eliminated in consolidation.
(3)$1.5 million and $1.4 million of receivables from brokers at May 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation.
(4)$37.6 million and $56.1 million of the other assets at May 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.
(5)$521.6 million and $681.0 million of the other secured financings at May 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation.
(6)$168.6 million and $247.9 million of the other liabilities amounts at May 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 related to Foursight’s automobile financing vehicles, which were considered to be VIEs, and at May 31, 2024 and November 30, 2023, Assets held for sale and Liabilities held for sale relate to the net operating assets of the wholesale operations of OpNet, which has been determined to be a VIE. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale at November 30, 2023, were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information.
May 31, 2024
Carrying AmountMaximum Exposure to LossVIE Assets
$ in millionsAssetsLiabilities
CLOs$501.0 $19.8 $4,512.3 $12,391.6 
Asset-backed vehicles757.2 — 1,124.7 3,510.7 
Related party private equity vehicles2.7 — 13.2 27.8 
Other investment vehicles1,103.0 — 1,400.8 19,113.9 
Total$2,363.9 $19.8 $7,051.0 $35,044.0 
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 
v3.24.2
Investments (Tables)
 6 Months Ended
May 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Summary 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 millionsMay 31,
2024		November 30,
2023
Total Investments in and loans to related parties$1,307.4 $1,239.3 

Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Total equity method pickup earnings (losses) recognized in Other revenues$28.5 $(87.8)$37.2 $(151.8)
Activity related to the facility:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Unfunded commitment fees0.3 0.3 0.6 0.6 
Selected financial information for Jefferies Finance:
$ in millionsMay 31,
2024		November 30,
2023
Total assets$6,030.3 $5,598.2 
Total liabilities4,716.2 4,352.0 
May 31,
2024		November 30,
2023
Our total equity balance$649.4 $630.1 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net earnings attributable to members$40.2 $12.9 $39.3 $27.8 
Activity related to our other transactions with Jefferies Finance:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Origination and syndication fee revenues (1)$74.9 $20.2 $127.3 $46.2 
Origination fee expenses (1)9.7 6.3 24.6 10.4 
CLO structuring fee revenues (2)0.3 — 0.3 — 
Investment fund placement fee revenues (3)0.4 — 0.9 — 
Service fees (4)20.8 16.9 65.7 61.1 
(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 structuring agent for certain CLOs managed by Jefferies Finance. We receive fees for this service which are included in Investment banking fees.
(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 services provided.
Selected financial information for Berkadia:
$ in millionsMay 31,
2024		November 30,
2023
Total assets$5,417.8 $5,318.2 
Total liabilities3,919.3 3,816.1 
Total noncontrolling interest546.1 612.8 
May 31,
2024		November 30,
2023
Our total equity balance$430.6 $400.9 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net earnings attributable to members$48.9 $13.5 $78.2 $42.5 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Distributions$2.9 $0.3 $6.7 $0.2 
Activity related to our other transactions with Berkadia:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Transaction referral fee revenue (1)$0.3 $— $0.3 $— 
Loan origination fees paid (2)0.4 — 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 OpNet:
$ in millionsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Net losses$(90.4)$(142.0)
Selected financial information for Stratos:
$ in millionsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Net losses$(5.4)$(25.8)
Selected financial information for Golden Queen:
$ in millionsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Net losses$(1.4)$(2.3)
Selected financial information for our significant real estate investments:
$ in millionsMay 31,
2024		November 30,
2023
Total assets$325.9 $329.5 
Total liabilities496.2 500.0 
May 31,
2024		November 30,
2023
Our total equity balance$92.3 $90.0 
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net earnings (losses) $(2.4)$(3.4)$0.1 $(2.3)
54 Madison:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Distributions$— $— $— $17.1 
The following summarizes the results from these investments which are included in Principal transactions revenues:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Net gains (losses) from our investments in JCP Fund V$0.1 $(1.7)$(0.2)$(8.3)
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 May 31, 2024 of the combined equity interests:
Three Months Ended
$ in millionsMarch 31, 2024December 31, 2023March 31, 2023December 31, 2022
Net increase (decrease) in net assets resulting from operations (1)$0.1 $(0.9)$(4.9)$(54.6)
(1)Financial information for JCP Fund V within our results of operations for the three and six months ended May 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
May 31, 2023		Six Months Ended 
May 31, 2023
Investment losses (1)$(0.6)$(0.3)
Management fees (2)0.2 0.4 
(1)Included in Principal transactions revenues.
(2)Included in Brokerage and clearing fees.
v3.24.2
Credit Losses on Financial Assets Measured at Amortized Cost (Tables)
 6 Months Ended
May 31, 2024
Credit Loss [Abstract]  
Rollforward of Allowance for Credit Loss
Allowance for credit losses related to our automobile loans:
$ in thousandsThree Months Ended 
May 31, 2023		Six Months Ended 
May 31, 2023
Beginning balance $78,055 $79,614 
Provision for doubtful accounts9,781 17,610 
Charge-offs, net of recoveries(9,214)(18,602)
Ending balance$78,622 $78,622 
Schedule of Allowance for Credit Loss
Allowance for credit losses for investment banking receivables:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
Beginning balance$2,963 $7,270 $6,306 $5,914 
Bad debt expense1,077 239 2,088 1,747 
Charge-offs(219)(2,981)(2,719)(3,067)
Recoveries collected(953)(2,459)(2,807)(2,525)
  Ending balance (1)$2,868 $2,069 $2,868 $2,069 
(1)Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
v3.24.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Six Months Ended May 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 adjustments357 (424)(67)
Measurement period adjustment (1)— (28,346)(28,346)
Goodwill relating to acquisitions by Tessellis— 3,366 3,366 
Balance, at end of period$1,532,529 $290,280 $1,822,809 
(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.
Six Months Ended May 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 adjustments2,076 — 2,076 
Balance, at end of period$1,555,020 $183,170 $1,738,190 
Schedule of Finite-Lived Intangible Assets
May 31, 2024Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Accumulated AmortizationNet Carrying Amount
Customer relationships$136,153 $32,547 $(99,952)$68,748 5.9
Trademarks and trade names146,478 4,984 (42,035)109,427 22.3
Exchange and clearing organization membership interests and registrations8,684 — — 8,684 N/A
Other51,754 14,778 (18,898)47,634 4.5
Total$343,069 $52,309 $(160,885)$234,493 
(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
May 31, 2024Weighted Average Remaining Lives (Years)
$ in thousandsGross CostAssets Acquired (1)Accumulated AmortizationNet Carrying Amount
Customer relationships$136,153 $32,547 $(99,952)$68,748 5.9
Trademarks and trade names146,478 4,984 (42,035)109,427 22.3
Exchange and clearing organization membership interests and registrations8,684 — — 8,684 N/A
Other51,754 14,778 (18,898)47,634 4.5
Total$343,069 $52,309 $(160,885)$234,493 
(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.
Future Amortization Expense Related to Intangible Assets
Estimated future amortization expense for the next five fiscal years (in thousands):
Remainder of fiscal year 2024$15,156 
Year ending November 30, 202528,847 
Year ending November 30, 202628,809 
Year ending November 30, 202728,775 
Year ending November 30, 202828,532 
v3.24.2
Revenues from Contracts with Customers (Tables)
 6 Months Ended
May 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
 
Investment banking$738,584 $492,475 $1,417,649 $995,273 
Commissions and other fees 271,782 235,312 517,325 448,582 
Asset management fees6,989 4,864 36,350 22,621 
Oil and gas revenues233 263 441 25,769 
Real estate revenues3,540 7,456 6,689 10,203 
Other contracts with customers14,418 13,031 28,309 25,961 
Total revenue from contracts with customers1,035,546 753,401 2,006,763 1,528,409 
Other sources of revenue:
Principal transactions416,195 320,959 1,056,931 818,205 
Revenues from strategic affiliates4,779 9,069 25,790 30,298 
Interest879,727 632,679 1,699,216 1,164,064 
Other180,049 (64,926)279,538 (109,230)
Total revenues$2,516,296 $1,651,182 $5,068,238 $3,431,746 
Disaggregation of Revenue
Three Months Ended May 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$283,898 $— $283,898 
Investment banking - Underwriting454,686 — 454,686 
Equities (1)269,189 — 269,189 
Fixed income (1)2,120 — 2,120 
Asset management— 6,989 6,989 
Other investments— 18,664 18,664 
Total$1,009,893 $25,653 $1,035,546 
Primary geographic region:
Americas$735,377 $23,568 $758,945 
Europe and the Middle East169,344 1,046 170,390 
Asia-Pacific105,172 1,039 106,211 
Total$1,009,893 $25,653 $1,035,546 
Three Months Ended May 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$254,157 $— $254,157 
Investment banking - Underwriting238,318 — 238,318 
Equities (1)232,304 — 232,304 
Fixed income (1)3,008 — 3,008 
Asset management— 4,864 4,864 
Other investments— 20,750 20,750 
Total$727,787 $25,614 $753,401 
Primary geographic region:
Americas$540,001 $24,434 $564,435 
Europe and the Middle East121,913 596 122,509 
Asia-Pacific65,873 584 66,457 
Total$727,787 $25,614 $753,401 
Six Months Ended May 31, 2024
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$622,466 $— $622,466 
Investment banking - Underwriting795,183 — 795,183 
Equities (1)511,765 — 511,765 
Fixed income (1)4,550 — 4,550 
Asset management— 36,350 36,350 
Other investments— 36,449 36,449 
Total$1,933,964 $72,799 $2,006,763 
Primary geographic region:
Americas$1,465,754 $68,767 $1,534,521 
Europe and the Middle East295,346 2,152 297,498 
Asia-Pacific172,864 1,880 174,744 
Total$1,933,964 $72,799 $2,006,763 
Six Months Ended May 31, 2023
$ in thousandsInvestment
Banking
and Capital
Markets		Asset ManagementTotal
Major business activity:
Investment banking - Advisory$551,335 $— $551,335 
Investment banking - Underwriting443,938 — 443,938 
Equities (1)442,766 — 442,766 
Fixed income (1)5,816 — 5,816 
Asset management— 22,621 22,621 
Other investments— 61,933 61,933 
Total$1,443,855 $84,554 $1,528,409 
Primary geographic region:
Americas$1,095,928 $82,227 $1,178,155 
Europe and the Middle East238,132 1,173 239,305 
Asia-Pacific109,795 1,154 110,949 
Total$1,443,855 $84,554 $1,528,409 
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
v3.24.2
Compensation Plans (Tables)
 6 Months Ended
May 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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Restricted cash awards $104.2 $54.9 $212.1 $122.5 
Restricted stock and RSUs (1)14.4 10.5 34.6 24.2 
Profit sharing plan2.2 2.1 9.1 8.3 
Total compensation cost$120.8 $67.5 $255.8 $155.0 
(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 May 31, 2024:
$ in millionsRemaining Unamortized AmountsWeighted Average
 Vesting Period
(in Years)
Non-vested share-based awards$139.1 3.2
Restricted cash awards (1)1,070.8 3.0
Total$1,209.9 
(1)The remaining unamortized amount is included within Other assets.
v3.24.2
Borrowings (Tables)
 6 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
$ in thousandsMay 31,
2024		November 30,
2023
Bank loans$1,025,684 $989,715 
Fixed rate callable note599,626 — 
Total short-term borrowings (1)$1,625,310 $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)May 31,
2024		November 30,
2023
Parent Co. unsecured borrowings
Fixed rate2024$542,066 $544,222 
2025125,763 117,180 
2026905,243 90,315 
2027525,363 526,660 
20281,029,870 1,028,966 
2029 and Later4,964,441 2,715,503 
Variable rate2025— 350,000 
202642,242 42,417 
2027563,368 562,833 
2029 and Later813,337 810,761 
Structured notes (1)202410,248 48,002 
202585,624 40,868 
202661,472 36,178 
202748,268 83,306 
202821,936 19,768 
2029 and Later1,648,268 1,480,321 
Total Parent Co. unsecured borrowings (2)11,387,509 8,497,300 
$ in thousandsMaturity (Fiscal Years)May 31,
2024		November 30,
2023
Subsidiaries secured borrowings
Fixed rate2024130,462 135,202 
2025116,460 117,814 
202610,342 23,313 
20273,921 4,412 
202837,542 37,305 
2029 and Later91,517 — 
Variable rate2024100,000 883,406 
2026525,000 — 
2027263,847 — 
Total Subsidiaries secured borrowings1,279,091 1,201,452 
Total long-term debt (3)$12,666,600 $9,698,752 
Fair value$12,593,857 $9,572,842 
Weighted-average interest rate (4)5.35 %5.52 %
Interest rate range (4)
0.25% - 8.19%
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 $1.99 billion for both May 31, 2024 and November 30, 2023, include net losses of $1.0 million and $7.3 million during the six months ended May 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 May 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.8 million and $735.2 million, respectively. Interest on these credit facilities are 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, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At May 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.
v3.24.2
Total Equity (Tables)
 6 Months Ended
May 31, 2024
Equity [Abstract]  
Earnings Per Share Computation The numerators and denominators used to calculate basic and diluted earnings per common share are as follows:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
In thousands, except per share amounts
2024202320242023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations$154,647 $8,684 $318,930 $138,008 
Less: Net losses attributable to noncontrolling interests(3,785)(3,711)(10,237)(10,022)
Mandatorily redeemable convertible preferred share dividends— — — (2,016)
Allocation of earnings to participating securities (1)(13,741)(4)(27,930)(830)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share$144,691 $12,391 $301,237 $145,184 
Adjustment to allocation of earnings to participating securities related to diluted shares (1)— (1)— (31)
Mandatorily redeemable convertible preferred share dividends— — — 2,016 
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share$144,691 $12,390 $301,237 $147,169 
Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations, net of income taxes40 — (7,851)— 
Less: Net losses attributable to noncontrolling interests(1,005)— (1,991)— 
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share$1,045 $— $(5,860)$— 
Net earnings attributable to common shareholders for basic earnings per share$145,736 $12,391 $295,377 $145,184 
Net earnings attributable to common shareholders for diluted earnings per share$145,736 $12,390 $295,377 $147,169 
Denominator for earnings per common share:
Weighted average common shares outstanding212,039 232,842 211,787 230,193 
Weighted average shares of restricted stock outstanding with future service required(2,329)(1,853)(2,366)(1,989)
Weighted average RSUs outstanding with no future service required10,261 11,579 10,514 12,621 
Weighted average common shares219,971 242,568 219,935 240,825 
Stock options and other share-based awards 3,470 1,618 3,124 2,086 
Senior executive compensation plan RSU awards2,705 1,227 2,528 2,072 
Preferred shares and mandatorily redeemable convertible preferred shares (2)— — — 1,887 
Weighted average diluted common shares (3)226,146 245,413 225,587 246,870 
Earnings (losses) per common share:
Basic from continuing operations$0.66 $0.05 $1.37 $0.60 
Basic from discontinued operations— — (0.03)— 
Basic$0.66 $0.05 $1.34 $0.60 
Diluted from continuing operations$0.64 $0.05 $1.34 $0.60 
Diluted from discontinued operations— — (0.03)— 
Diluted$0.64 $0.05 $1.31 $0.60 
(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 21.1 million and 21.2 million, for the three and six months ended May 31, 2024, respectively, compared with 0.3 million and 0.5 million, during the three and six months ended May 31, 2023, respectively. Dividends paid on participating securities were not material for the three and six months ended May 31, 2024 and May 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)The two-class method was more dilutive for each period presented.
(3)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 May 31, 2024, were 9.9% of the weighted average common shares outstanding for the both the three and six months ended May 31, 2024.
Schedule of Dividends Declared
Six Months Ended May 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
Six Months Ended May 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
Schedule of Accumulated Other Comprehensive Income (Loss)
$ in thousandsMay 31,
2024		November 30,
2023
Net unrealized losses on available-for-sale securities$(2,965)$(4,595)
Net currency translation adjustments and other(166,837)(162,541)
Net unrealized losses related to instrument-specific credit risk (194,648)(181,946)
Net minimum pension liability(46,284)(46,463)
Total accumulated other comprehensive loss, net of tax$(410,734)$(395,545)
Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in thousands2024202320242023
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1)$516 $82 $2,633 $(164)
Amortization of defined benefit pension plan actuarial losses (2)(90)(149)(180)(546)
Total reclassifications for the period, net of income taxes$426 $(67)$2,453 $(710)
(1)Includes income tax expense of $0.2 million and $0.9 million for the three and six months ended May 31, 2024, respectively, compared with a tax benefit of $0.1 million for the six months ended May 31, 2023, which were reclassified to Principal transactions revenues.
(2)Includes income tax benefit of $0.1 million for the six months ended May 31, 2024 and $0.1 million for the six months ended May 31, 2023, which were reclassified to Compensation and benefits expenses
v3.24.2
Income Taxes (Tables)
 6 Months Ended
May 31, 2024
Income Tax Disclosure [Abstract]  
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 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Income tax expense$73.1 $9.2 $129.1 $37.9 
Effective tax rate32.1 %51.5 %28.8 %21.6 %
v3.24.2
Commitments, Contingencies and Guarantees (Tables)
 6 Months Ended
May 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)$177.3 $16.5 $89.9 $0.2 $114.8 $398.7 
Loan commitments (1)— 252.2 88.1 — 5.2 345.5 
Loan purchase commitments (2)2,928.8 — — — — 2,928.8 
Underwriting commitments157.3 — — — — 157.3 
Forward starting reverse repos (3)5,344.6 — — — — 5,344.6 
Forward starting repos (3)2,856.9 — — — — 2,856.9 
Other unfunded commitments (1)238.6 196.8 519.5 — — 954.9 
Total commitments$11,703.5 $465.5 $697.5 $0.2 $120.0 $12,986.7 
(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 May 31, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.73 billion.
(3)At May 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$6,513.3 $15,474.2 $16,550.5 $475.0 $39,013.0 
Total derivative contracts$6,513.3 $15,474.2 $16,550.5 $475.0 $39,013.0 
v3.24.2
Regulatory Requirements (Tables)
 6 Months Ended
May 31, 2024
Broker-Dealer [Abstract]  
Schedule of Net Capital, Adjusted and Excess Net Capital
As of May 31, 2024
$ in thousandsNet CapitalExcess Net Capital
Jefferies LLC$1,454,635 $1,329,526 
JFSI - SEC325,330 302,029 
JFSI - CFTC325,330 296,563 
v3.24.2
Segment Reporting (Tables)
 6 Months Ended
May 31, 2024
Segment Reporting [Abstract]  
Schedule of Net Revenues, Expenses and Total Assets by Segment
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Investment Banking and Capital Markets:
Net revenues$1,494.4 $1,061.0 $2,945.7 $2,278.2 
Non-interest expenses1,243.1 948.0 2,539.4 1,983.1 
Earnings from continuing operations before income taxes251.3 113.0 406.3 295.1 
Asset Management:
Net revenues156.5 (30.9)429.9 37.5 
Non-interest expenses185.6 71.7 407.3 162.1 
Earnings (losses) from continuing operations before income taxes(29.1)(102.6)22.6 (124.6)
Total of Reportable Business Segments:
Net revenues1,650.9 1,030.1 3,375.6 2,315.7 
Non-interest expenses1,428.7 1,019.7 2,946.7 2,145.2 
Earnings from continuing operations before income taxes222.2 10.4 428.9 170.5 
Reconciliation to consolidated amounts:
Net revenues5.5 7.5 19.0 5.4 
Non-interest expenses— — — — 
Earnings from continuing operations before income taxes (1)5.5 7.5 19.0 5.4 
Total:
Net revenues1,656.4 1,037.6 3,394.6 2,321.1 
Non-interest expenses1,428.7 1,019.7 2,946.7 2,145.2 
Earnings from continuing operations before income taxes$227.7 $17.9 $447.9 $175.9 
(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 millionsMay 31,
2024		November 30,
2023
Investment Banking and Capital Markets$56,842.7 $51,776.9 
Asset Management6,157.8 6,128.3 
Total assets$63,000.5 $57,905.2 
Summary Net Revenues by Geographic Region
Three Months Ended 
May 31,		Six Months Ended 
May 31,
$ in millions2024202320242023
Americas (1)$1,145.3 $832.2 $2,453.0 $1,814.5 
Europe and the Middle East (2)370.2 143.0 702.1 360.9 
Asia-Pacific140.9 62.4 239.5 145.7 
Net revenues$1,656.4 $1,037.6 $3,394.6 $2,321.1 
(1)Primarily relates to U.S. results.
(2)Primarily relates to U.K. results.
v3.24.2
Organization and Basis of Presentation (Details)
$ in Millions
 6 Months Ended
Jan. 13, 2023
USD ($)
May 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  
v3.24.2
Accounting Developments (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Jan. 01, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Decrease in retained earnings $ (8,022,546) $ (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)
v3.24.2
Business Acquisitions - Narrative (Details)
€ / shares in Units, € in Millions
 3 Months Ended
Nov. 30, 2023
USD ($)
Sep. 14, 2023
USD ($)
May 31, 2024
EUR (€)
Feb. 29, 2024
USD ($)
Feb. 29, 2024
EUR (€)
Nov. 30, 2023
USD ($)
Jun. 30, 2024
EUR (€)
May 31, 2024
USD ($)
May 31, 2024
EUR (€)
€ / shares
May 07, 2024
Feb. 29, 2024
EUR (€)
€ / shares
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Mar. 31, 2023
Nov. 30, 2022
USD ($)
Business Acquisition [Line Items]                              
Goodwill $ 1,847,856,000         $ 1,847,856,000   $ 1,822,809,000         $ 1,738,190,000   $ 1,736,114,000
Additional preferred shares amount | €     € 18.7   € 25.0                    
Nonconsolidated VIEs                              
Business Acquisition [Line Items]                              
Initial consolidation gain   $ 5,600,000                          
Tessellis | OpNet                              
Business Acquisition [Line Items]                              
Ownership percentage 59.30%         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% 47.40%            
Our total equity balance $ 201,600,000         $ 201,600,000           $ 0      
Investment voting percentage               50.00% 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   € 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         115,800,000                  
OpNet | Subsequent event                              
Business Acquisition [Line Items]                              
Conversion of loan receivable for preferred stock issued | €             € 20.0                
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   127,100,000                  
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         $ 5,500,000                  
v3.24.2
Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details)
$ in Thousands
Nov. 30, 2023
USD ($)
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 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
v3.24.2
Assets Held for Sale and Discontinued Operations (Details)
$ in Thousands, € in Millions
 1 Months Ended
Apr. 30, 2024
USD ($)
May 31, 2024
USD ($)
Feb. 29, 2024
EUR (€)
Nov. 30, 2023
USD ($)
Assets held for sale:        
Total assets held for sale   $ 617,971   $ 1,545,472
Liabilities held for sale:        
Total liabilities held for sale   $ 256,808   1,173,648
Foursight Capital        
Liabilities held for sale:        
Other revenues $ 24,800      
OpNet        
Liabilities held for sale:        
Sale of subsidiary | €     € 485  
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
v3.24.2
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative investment $ 1,287,001 $ 1,209,383
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 21,499,675 20,538,090
Counterparty and Cash Collateral Netting (2,396,190) (3,107,620)
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   110,198
Securities received as collateral 106,229 8,800
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 11,926,366 11,251,154
Counterparty and Cash Collateral Netting (2,322,257) (2,764,572)
Other secured financings 3,965 3,898
Obligation to return securities received as collateral 106,229 8,800
Long-term debt 1,875,817 1,708,443
Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,282,147 4,224,174
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,576,692 2,318,905
Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,335,965 4,947,334
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,938,413 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 525,327 934,108
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,125 36
U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,796,856 3,628,730
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,960,285 2,957,787
Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 836,549 223,502
Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,415,809 1,660,946
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,464,024 1,809,097
Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,574,934 2,069,180
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 347 463
Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 412,978 345,410
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,049 840
Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 245,633 372,709
Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,558,315 1,450,318
Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 377,096 550,844
Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 138,066 130,835
Loans    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 74,685 175,349
Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 907,746 1,145,777
Level 1    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 8,359,836 8,446,670
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   110,198
Securities received as collateral 106,229 8,800
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 7,412,433 6,422,685
Other secured financings 0 0
Obligation to return securities received as collateral 106,229 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 4,930,895 3,831,698
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,503,955 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 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 2,720,791 3,563,164
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,960,178 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 707,852 1,051,494
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 948,235 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 298 314
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 65 54
Level 2    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 14,844,697 14,518,460
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   0
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 6,792,692 7,530,589
Other secured financings 0 0
Obligation to return securities received as collateral 0 0
Long-term debt 1,091,605 963,846
Level 2 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 172,497 211,182
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 72,029 83,180
Level 2 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 5,297,248 4,921,222
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 2,937,907 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 456,701 869,246
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,125 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 76,065 65,566
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 107 0
Level 2 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 836,549 223,502
Level 2 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 707,957 609,452
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 515,789 579,302
Level 2 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,574,290 2,048,309
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 347 463
Level 2 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 412,501 344,902
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 76,897 255,048
Level 2 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,465,769 1,320,217
Level 2 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 2,768,214 3,649,814
Level 2 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 9 0
Level 2 | Loans    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 73,101 173,828
Level 2 | Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 3,190,287 3,851,004
Level 3    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 691,332 680,580
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations   0
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 43,498 62,452
Other secured financings 3,965 3,898
Obligation to return securities received as collateral 0 0
Long-term debt 784,212 744,597
Level 3 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 178,755 181,294
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 708 676
Level 3 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 38,717 26,112
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 506 124
Level 3 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 68,626 64,862
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 0 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 0 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 644 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 477 508
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,049 840
Level 3 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 168,736 117,661
Level 3 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 92,546 130,101
Level 3 | Derivatives    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 4,774 8,336
Level 3 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 138,057 130,835
Level 3 | Loans    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 1,584 1,521
Level 3 | Derivative liabilities    
Financial instruments sold, not yet purchased:    
Total financial instruments sold, not yet purchased 39,651 59,291
Fair value based on net asset value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative investment $ 1,290,000 $ 1,210,000
v3.24.2
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 29, 2024
May 31, 2024
Nov. 30, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Fair Value   $ 1,287,001 $ 1,209,383
Unfunded Commitments   139,547 170,196
Equity Long/Short Hedge Funds      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Fair Value   364,534 341,530
Unfunded Commitments   $ 0 $ 0
Equity Long/Short Hedge 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    
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 | Debt Instrument, Redemption, Period One      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Percentage of redeemable investments     57.00%
Percentage of not redeemable investments     43.00%
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]      
Percentage of redeemable investments   71.00%  
Notice period redemption of investment prior written notice period   90 days  
Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period One | 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 | Debt Instrument, Redemption, Period Two | 60 Days Prior Written Notice      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Percentage of redeemable investments   29.00%  
Notice period redemption of investment prior written notice period   60 days  
Equity Funds      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Fair Value   $ 55,959 $ 55,701
Unfunded Commitments   $ 31,406 $ 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   11 years 11 years
Commodity Funds      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Fair Value   $ 23,373 $ 21,747
Unfunded Commitments   $ 0 $ 0
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%
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  
Multi-asset Funds      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Fair Value   $ 369,641 $ 357,445
Unfunded Commitments   $ 0 $ 0
Percentage of not redeemable investments     4.00%
Multi-asset Funds | 90 Days Prior Written Notice      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Percentage of redeemable investments     13.00%
Notice period redemption of investment prior written notice period 90 days    
Multi-asset Funds | 60 Days Prior Written Notice      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Percentage of redeemable investments     83.00%
Notice period redemption of investment prior written notice period 60 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   87.00%  
Notice period redemption of investment prior written notice period   60 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 Two | 90 Days Prior Written Notice      
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]      
Percentage of redeemable investments   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   $ 473,494 $ 432,960
Unfunded Commitments   $ 108,141 $ 132,662
Percentage of not redeemable investments   29.00% 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   71.00% 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
v3.24.2
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Assets:        
Total gains/losses (realized and unrealized) $ (9,500) $ 16,600 $ (55,000) $ 28,600
Liabilities:        
Total gains/losses (realized and unrealized) (12,800) (44,800) (4,000) (26,200)
Corporate equity securities        
Assets:        
Beginning balance 173,214 261,634 181,294 240,347
Total gains/losses (realized and unrealized) (12,751) 8,990 (12,817) 27,252
Purchases 15,398 115 15,956 402
Sales (18) (192) (2,230) (890)
Settlements 0 0 0 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 2,912 (2,634) (3,448) 802
Ending balance 178,755 267,913 178,755 267,913
For instruments still held, changes in unrealized gains/(losses) included in Earnings (12,404) 9,093 (12,175) 27,743
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Liabilities:        
Beginning Balance 675 628 676 750
Total gains/losses (realized and unrealized) 8 0 1 (285)
Purchases 0 0 0 0
Sales 25 0 31 0
Settlements 0 0 0 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 (163) 0 0
Ending Balance 708 465 708 465
For instruments still held, changes in unrealized gains/(losses) included in Earnings (8) 0 (1) 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 35,335 41,793 26,112 30,232
Total gains/losses (realized and unrealized) 1,363 3,340 3,830 3,163
Purchases 1,091 1,361 25,563 6,541
Sales (16,250) (11,001) (17,217) (19,812)
Settlements 0 0 (200) (200)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 17,178 7,149 629 22,718
Ending balance 38,717 42,642 38,717 42,642
For instruments still held, changes in unrealized gains/(losses) included in Earnings 89 (888) 2,997 (1,240)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Liabilities:        
Beginning Balance 124 285 124 500
Total gains/losses (realized and unrealized) (23) (5) (23) (10)
Purchases 0 0 0 (187)
Sales 246 0 246 0
Settlements 0 0 0 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 159 (13) 159 (36)
Ending Balance 506 267 506 267
For instruments still held, changes in unrealized gains/(losses) included in Earnings 23 (1) 23 53
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
CDOs and CLOs        
Assets:        
Beginning balance 69,367 72,438 64,862 55,824
Total gains/losses (realized and unrealized) 1,220 4,998 9,006 10,403
Purchases 6,810 22,199 20,333 36,565
Sales (1,905) (9,362) (15,838) (9,869)
Settlements (5,527) (7,974) (7,293) (16,243)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (1,339) (19,608) (2,444) (13,989)
Ending balance 68,626 62,691 68,626 62,691
For instruments still held, changes in unrealized gains/(losses) included in Earnings (675) (2,041) 4,904 (3,661)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
RMBS        
Assets:        
Beginning balance 684 23,987 20,871 27,617
Total gains/losses (realized and unrealized) (6) 1,227 (207) (2,443)
Purchases 0 100 32 114
Sales 0 0 (32) 0
Settlements (34) (609) (5,395) (583)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 0 (14,625) 0
Ending balance 644 24,705 644 24,705
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 2,040 33 (828)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
CMBS        
Assets:        
Beginning balance 473 486 508 839
Total gains/losses (realized and unrealized) 4 247 (35) (747)
Purchases 0 0 4 0
Sales 0 0 0 0
Settlements 0 0 0 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 28,213 0 28,854
Ending balance 477 28,946 477 28,946
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 374 (64) (60)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Liabilities:        
Beginning Balance 944 525 840 490
Total gains/losses (realized and unrealized) 0 0 0 0
Purchases 0 0 (245) 0
Sales 0 105 0 140
Settlements 105 0 455 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 0 (1) 0
Ending Balance 1,049 630 1,049 630
For instruments still held, changes in unrealized gains/(losses) included in Earnings 0 0 0 0
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Other ABS        
Assets:        
Beginning balance 102,256 100,428 117,661 94,677
Total gains/losses (realized and unrealized) (2,198) (2,157) (5,913) (5,377)
Purchases 63,554 38,201 76,263 52,725
Sales (15,138) 0 (32,817) (4,784)
Settlements (35,363) (8,539) (26,619) (10,780)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 55,625 (1,858) 40,161 (386)
Ending balance 168,736 126,075 168,736 126,075
For instruments still held, changes in unrealized gains/(losses) included in Earnings (1,694) (4,542) (3,938) (6,317)
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 78,885 148,673 130,101 168,875
Total gains/losses (realized and unrealized) 1,255 179 (39,831) (784)
Purchases 11,329 6,648 18,555 10,080
Sales (4,161) (10,700) (3,974) (14,516)
Settlements (35) (2,139) (17,892) (2,147)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 5,273 (844) 5,587 (19,691)
Ending balance 92,546 141,817 92,546 141,817
For instruments still held, changes in unrealized gains/(losses) included in Earnings 579 352 (17,220) 145
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 121,764 157,863 130,835 161,992
Total gains/losses (realized and unrealized) 1,616 (192) (9,079) (2,828)
Purchases 15,224 6,760 16,855 7,768
Sales (547) 0 0 (2,420)
Settlements 0 (10,631) (547) (10,712)
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 0 0 (7) 0
Ending balance 138,057 153,800 138,057 153,800
For instruments still held, changes in unrealized gains/(losses) included in Earnings 1,616 (192) (9,079) (2,828)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Loans        
Liabilities:        
Beginning Balance 1,466 3,045 1,521 3,164
Total gains/losses (realized and unrealized) (251) 185 (114) 40
Purchases (925) 0 (1,041) 0
Sales 2,801 117 3,642 327
Settlements 81 0 114 0
Issuances 0 0 0 0
Net transfers into/ (out of) Level 3 (1,588) 1 (2,538) (183)
Ending Balance 1,584 3,348 1,584 3,348
For instruments still held, changes in unrealized gains/(losses) included in Earnings 309 (436) 107 (266)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income 0 0 0 0
Net derivatives        
Liabilities:        
Beginning Balance 52,089 87,331 50,955 59,524
Total gains/losses (realized and unrealized) (10,062) (45,670) (17,979) (46,779)
Purchases 0 0 (978) 0
Sales 0 0 2,913 127
Settlements (9,689) (149) (9,486) (629)
Issuances 0 0 0 2,115
Net transfers into/ (out of) Level 3 2,539 12,748 9,452 39,902
Ending Balance 34,877 54,260 34,877 54,260
For instruments still held, changes in unrealized gains/(losses) included in Earnings (178) 46,247 9,057 46,097
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 779,529 683,698 744,597 661,123
Total gains/losses (realized and unrealized) (2,477) 680 9,651 20,869
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements (2,109) 0 (2,109) 0
Issuances 6,616 4,481 28,072 4,684
Net transfers into/ (out of) Level 3 2,653 8,198 4,001 10,381
Ending Balance 784,212 697,057 784,212 697,057
For instruments still held, changes in unrealized gains/(losses) included in Earnings 9,334 (20,226) (5,117) (4,658)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income $ (6,857) $ 19,545 $ (4,534) $ (16,212)
v3.24.2
Fair Value Disclosures - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Transfers of assets from Level 2 to Level 3 $ 99,200,000 $ 41,300,000 $ 59,100,000 $ 67,100,000  
Transfers of assets from Level 3 to Level 2 19,500,000 30,900,000 33,300,000 48,800,000  
Transfers of liabilities from Level 2 to Level 3 47,300,000 92,700,000 62,000,000 73,500,000  
Transfers of liabilities from Level 3 to Level 2 43,500,000 71,900,000 50,900,000 23,400,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) (9,500,000) 16,600,000 (55,000,000) 28,600,000  
Total gains/losses (realized and unrealized) (12,800,000) (44,800,000) (4,000,000) (26,200,000)  
Value of asset excluded from significant unobservable inputs 39,600,000   39,600,000   $ 45,600,000
Value of liability excluded from significant unobservable inputs 4,800,000   4,800,000   4,000,000
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due 107,300,000   107,300,000   98,100,000
Loans and other receivables greater than 90 days past due 90,600,000   90,600,000   37,600,000
Investment, other than temporary impairment   7,300,000   29,400,000  
Fair value, assets 0   0    
Equity securities without readily determinable fair value, amount 21,900,000   21,900,000   0
Realized and unrealized gains (loss)   (80,300,000)   113,500,000  
Equity securities without readily determinable fair value, impairment loss 0 71,600,000 0 79,900,000  
Monashee          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity method investments 21,900,000   21,900,000   $ 15,800,000
Other ABS          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Transfers of assets from Level 2 to Level 3 61,900,000 4,800,000 47,600,000 8,500,000  
Transfers of assets from Level 3 to Level 2 6,300,000 6,700,000 7,400,000 8,900,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) (2,198,000) (2,157,000) (5,913,000) (5,377,000)  
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 17,300,000 7,200,000 2,600,000 22,900,000  
Transfers of assets from Level 3 to Level 2   3,100,000 2,000,000    
Net gains/(losses) on Level 3 assets (realized and unrealized) 1,363,000 3,340,000 3,830,000 3,163,000  
Total gains/losses (realized and unrealized) (23,000) (5,000) (23,000) (10,000)  
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 11,400,000   6,100,000 5,600,000  
Transfers of assets from Level 3 to Level 2 6,200,000 1,400,000   25,300,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) 1,255,000 179,000 (39,831,000) (784,000)  
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 5,400,000        
Transfers of assets from Level 3 to Level 2 2,500,000   3,600,000    
Net gains/(losses) on Level 3 assets (realized and unrealized) (12,751,000) 8,990,000 (12,817,000) 27,252,000  
Total gains/losses (realized and unrealized) 8,000 0 1,000 (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) (6,000) 1,227,000 (207,000) (2,443,000)  
Structured notes          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Transfers of liabilities from Level 2 to Level 3 32,800,000 31,100,000 38,700,000 25,000,000  
Transfers of liabilities from Level 3 to Level 2 30,100,000 22,900,000 34,700,000 14,600,000  
Net derivatives          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Transfers of liabilities from Level 2 to Level 3 15,900,000 61,500,000 23,200,000 48,600,000  
Transfers of liabilities from Level 3 to Level 2 13,400,000 48,700,000 13,700,000 8,700,000  
Total gains/losses (realized and unrealized) (10,062,000) (45,670,000) (17,979,000) (46,779,000)  
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   28,200,000   28,900,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) 4,000 247,000 (35,000) (747,000)  
Total gains/losses (realized and unrealized) 0 0 0 0  
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     2,700,000    
Transfers of assets from Level 3 to Level 2 4,500,000 19,600,000 5,100,000 14,000,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) $ 1,220,000 $ 4,998,000 $ 9,006,000 $ 10,403,000  
v3.24.2
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)
 3 Months Ended 9 Months Ended
May 31, 2024
USD ($)
Aug. 31, 2023
May 31, 2024
$ / shares
May 31, 2024
May 31, 2024
$ / Bond
May 31, 2024
€ / shares
May 31, 2024
poundSterlingPerShare
May 31, 2024
€ / Bond
Nov. 30, 2023
USD ($)
Nov. 30, 2023
$ / shares
Nov. 30, 2023
Nov. 30, 2023
$ / Bond
Nov. 30, 2023
€ / Bond
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned $ 21,499,675,000               $ 20,538,090,000        
Financial instruments sold, not yet purchased 11,926,366,000               11,251,154,000        
Other secured financings 3,965,000               3,898,000        
Long-term debt 1,875,817,000               1,708,443,000        
Corporate debt securities                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 5,335,965,000               4,947,334,000        
Financial instruments sold, not yet purchased 2,938,413,000               2,842,900,000        
CDOs and CLOs                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 525,327,000               934,108,000        
Financial instruments sold, not yet purchased 3,125,000               36,000        
Commercial mortgage-backed securities                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 412,978,000               345,410,000        
Financial instruments sold, not yet purchased 1,049,000               840,000        
Other ABS                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 245,633,000               372,709,000        
Loans and other receivables                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 1,558,315,000               1,450,318,000        
Investments at fair value                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 138,066,000               130,835,000        
Loans                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments sold, not yet purchased 74,685,000               175,349,000        
Level 3                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 691,332,000               680,580,000        
Financial instruments sold, not yet purchased 43,498,000               62,452,000        
Long-term debt 784,212,000               744,597,000        
Level 3 | Scenario analysis                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Other secured financings 3,965,000               3,898,000        
Level 3 | Volatility benchmarking and market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability 37,154,000               56,779,000        
Level 3 | Non-exchange-traded securities | Market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 178,755,000               181,294,000        
Level 3 | Non-exchange-traded securities | Market approach | 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 | Market approach | 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 | Market approach | 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 | Corporate debt securities                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 38,717,000               26,112,000        
Financial instruments sold, not yet purchased 506,000               124,000        
Level 3 | Corporate debt securities | Market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 38,717,000                        
Level 3 | Corporate debt securities | Market approach | 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 | Market approach | 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 | Market approach | 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 | Market approach | Price                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0                  
Level 3 | Corporate debt securities | Market approach | Price | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         95                
Level 3 | Corporate debt securities | Market approach | Price | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / shares     57                    
Level 3 | Corporate debt securities | Scenario analysis                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability                 124,000        
Level 3 | Corporate debt securities | Scenario analysis | 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 | Discounted cash flows | Discount rate/yield                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input                     0.11    
Level 3 | Corporate debt securities | Discounted cash flows, market approach, scenario analysis                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned                 26,112,000        
Level 3 | CDOs and CLOs                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 68,626,000               64,862,000        
Financial instruments sold, not yet purchased 0               0        
Level 3 | CDOs and CLOs | Market approach | Price | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         54             48  
Level 3 | CDOs and CLOs | Market approach | Price | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         109             100  
Level 3 | CDOs and CLOs | Market approach | Price | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         95             88  
Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.20                  
Level 3 | CDOs and CLOs | Discounted cash flows | 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 | Discounted cash flows | 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 | Discounted cash flows | Constant prepayment rate | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input                     0.19    
Level 3 | CDOs and CLOs | Discounted cash flows | 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 | Discounted cash flows | 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 | Discounted cash flows | Discount rate/yield | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.15             0.21    
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.24             0.26    
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.21             0.24    
Level 3 | CDOs and CLOs | Discounted cash flows | 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 | Discounted cash flows | 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 | Discounted cash flows | 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 | Discounted cash flows | 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 | CDOs and CLOs | Discounted cash flows and market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 55,917,000               64,862,000        
Level 3 | Commercial mortgage-backed securities                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 477,000               508,000        
Financial instruments sold, not yet purchased 1,049,000               840,000        
Level 3 | Commercial mortgage-backed securities | Scenario analysis                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned                 508,000        
Level 3 | Commercial mortgage-backed securities | Scenario analysis | 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 $ 168,736,000               $ 117,661,000        
Level 3 | Other ABS | Market approach | Price                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input 100               100        
Level 3 | Other ABS | Scenario analysis | Estimated recovery percentage                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input 1                        
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.19             0.10    
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.20             0.21    
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.20             0.18    
Level 3 | Other ABS | Discounted cash flows | 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 | Discounted cash flows | 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 | Discounted cash flows | 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 | Discounted cash flows | Cumulative loss rate | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.29             0.25    
Level 3 | Other ABS | Discounted cash flows | Duration (years) | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input, term 1 year 4 months 24 days 1 year 1 month 6 days                      
Level 3 | Other ABS | Discounted cash flows | Duration (years) | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input, term 1 year 10 months 24 days 2 years 2 months 12 days                      
Level 3 | Other ABS | Discounted cash flows | Duration (years) | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input, term 1 year 9 months 18 days 1 year 8 months 12 days                      
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 $ 151,839,000               $ 102,423,000        
Level 3 | Loans and other receivables                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 92,546,000               130,101,000        
Level 3 | Loans and other receivables | Market approach and scenario analysis                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned                 130,101,000        
Level 3 | Loans and other receivables | Market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 92,546,000                        
Level 3 | Loans and other receivables | Market approach | Price | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         49             82  
Level 3 | Loans and other receivables | Market approach | Price | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         200             157  
Level 3 | Loans and other receivables | Market approach | Price | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / Bond         92             127  
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.07             0.07    
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       1             0.73    
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input       0.68             0.40    
Level 3 | Embedded options | Market approach | Basis points upfront | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability, measurement input       0.00002             0.00004    
Level 3 | Embedded options | Market approach | Basis points upfront | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability, measurement input       0.00254             0.00255    
Level 3 | Embedded options | Market approach | Basis points upfront | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability, measurement input       0.00137             0.00179    
Level 3 | Embedded options | Volatility benchmarking | Volatility | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative asset, measurement input                     0.60    
Level 3 | Embedded options | Volatility benchmarking | Volatility | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative asset, measurement input                     0    
Level 3 | Investments at fair value                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned 138,057,000               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 $ 133,912,000               $ 127,237,000        
Level 3 | Private equity securities | Market approach | Price                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input           7,760 0.5            
Level 3 | Private equity securities | Market approach | 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 | Market approach | 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 | Market approach | 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 | Market approach | Discount rate/yield                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input | $ / shares     0.28                    
Level 3 | Private equity securities | Market approach | 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 | Market approach | Revenue                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments owned, measurement input 30,253,269                        
Level 3 | Private equity securities | Market approach | 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 $ 1,584,000               $ 1,521,000        
Level 3 | Loans | Market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Debt instrument, fair value 1,584,000                        
Derivative liability                 $ 1,521,000        
Level 3 | Loans | Market approach | Price                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Financial instruments sold, not yet purchased, measurement input                 101        
Level 3 | Loans | Market approach | Price | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Debt instrument, measurement input | $ / Bond         115                
Level 3 | Loans | Market approach | Price | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Debt instrument, measurement input | $ / Bond         0                
Level 3 | Equity options | Volatility benchmarking                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability                 $ 2,395,000        
Level 3 | Equity options | Volatility benchmarking | Volatility | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability, measurement input       24.6             0.31    
Level 3 | Equity options | Volatility benchmarking | Volatility | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability, measurement input       47.9             0.87    
Level 3 | Equity options | Volatility benchmarking | Volatility | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Derivative liability, measurement input       34.6             0.42    
Level 3 | Other secured financings | Scenario analysis | 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 | Scenario analysis | 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 | Scenario analysis | 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 | Market approach                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Long-term debt $ 784,212,000               $ 744,597,000        
Level 3 | Long-term debt | Market approach | Price | Minimum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Long-term debt, measurement input         57     64       57 60
Level 3 | Long-term debt | Market approach | Price | Maximum                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Long-term debt, measurement input         103     104       114 103
Level 3 | Long-term debt | Market approach | Price | Weighted Average                          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                          
Long-term debt, measurement input         78     86       78 84
v3.24.2
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 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Financial instruments owned:        
Loans and other receivables $ (28,264) $ (23,439) $ (39,691) $ (6,651)
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 (13,790) 45,283 (17,769) (26,377)
Other changes in fair value $ 16,367 $ (42,275) $ (27,451) $ (6,011)
v3.24.2
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
May 31, 2024
Nov. 30, 2023
Financial instruments owned:    
Loans and other receivables $ 1,426,803 $ 2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due 293,648 259,354
Long-term debt 257,630 294,256
Other secured financings 459 1,377
Loans and other receivables 90 days or greater past due $ 54,200 $ 187,400
v3.24.2
Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Details)
$ in Thousands
May 31, 2024
USD ($)
Contract
Nov. 30, 2023
USD ($)
Contract
Derivatives, Fair Value [Line Items]    
Net amounts per consolidated statements of financial condition, assets $ 377,096 $ 550,844
Net amounts per consolidated statements of financial condition, liabilities 907,746 1,145,777
Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets 512,313 678,917
Fair value, liabilities 295,474 393,316
Amounts offset in the consolidated statements of financial condition, assets (284,905) (384,392)
Amounts offset in the consolidated statements of financial condition, liabilities (284,905) (384,392)
Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets 820,066 1,194,983
Fair value, liabilities 826,506 1,230,060
Amounts offset in the consolidated statements of financial condition, assets (818,971) (1,189,517)
Amounts offset in the consolidated statements of financial condition, liabilities (823,710) (1,189,513)
Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets 1,440,907 1,784,564
Fair value, liabilities 2,108,023 2,286,973
Amounts offset in the consolidated statements of financial condition, assets (1,292,314) (1,533,711)
Amounts offset in the consolidated statements of financial condition, liabilities (1,213,642) (1,190,667)
Derivatives designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
Fair value, assets 7,087 259
Fair value, liabilities 1,327 25,708
Derivatives designated as accounting hedges | Interest rate contracts | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 4,062 $ 0
Number of contracts, assets | Contract 3 0
Fair value, liabilities $ 0 $ 6,070
Number of contracts, liabilities | Contract 0 3
Derivatives designated as accounting hedges | Foreign exchange contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 3,025 $ 259
Number of contracts, assets | Contract 2 1
Fair value, liabilities $ 1,327 $ 19,638
Number of contracts, liabilities | Contract 1 3
Derivatives not designated as accounting hedges    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 2,766,199 $ 3,658,205
Fair value, liabilities 3,228,676 3,884,641
Derivatives not designated as accounting hedges | Interest rate contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 298 $ 316
Number of contracts, assets | Contract 56,631 88,354
Fair value, liabilities $ 65 $ 63
Number of contracts, liabilities | Contract 48,685 67,643
Derivatives not designated as accounting hedges | Interest rate contracts | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 786,603 $ 1,156,937
Number of contracts, assets | Contract 5,747 4,415
Fair value, liabilities $ 792,681 $ 1,185,503
Number of contracts, liabilities | Contract 5,612 4,544
Derivatives not designated as accounting hedges | Interest rate contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 649,436 $ 893,983
Number of contracts, assets | Contract 1,249 1,179
Fair value, liabilities $ 1,124,096 $ 1,266,506
Number of contracts, liabilities | Contract 1,477 786
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 $ 168,385 $ 147,470
Number of contracts, assets | Contract 60,283 66,254
Fair value, liabilities $ 123,849 $ 129,770
Number of contracts, liabilities | Contract 36,912 38,585
Derivatives not designated as accounting hedges | Equity contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 512,015 $ 678,542
Number of contracts, assets | Contract 897,795 1,180,832
Fair value, liabilities $ 295,406 $ 393,220
Number of contracts, liabilities | Contract 788,416 1,174,298
Derivatives not designated as accounting hedges | Equity contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 577,057 $ 715,754
Number of contracts, assets | Contract 30,010 31,116
Fair value, liabilities $ 830,071 $ 850,088
Number of contracts, liabilities | Contract 18,475 16,234
Derivatives not designated as accounting hedges | Commodity contracts | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 0 $ 59
Number of contracts, assets | Contract 940 735
Fair value, liabilities $ 3 $ 33
Number of contracts, liabilities | Contract 799 940
Derivatives not designated as accounting hedges | Commodity contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 4,566 $ 5,662
Number of contracts, assets | Contract 12,251 15,497
Fair value, liabilities $ 1,853 $ 1,398
Number of contracts, liabilities | Contract 5,509 6,455
Derivatives not designated as accounting hedges | Credit contracts | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 29,401 $ 38,046
Number of contracts, assets | Contract 68 133
Fair value, liabilities $ 33,825 $ 38,487
Number of contracts, liabilities | Contract 46 81
Derivatives not designated as accounting hedges | Credit contracts | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 38,438 $ 21,436
Number of contracts, assets | Contract 21 22
Fair value, liabilities $ 26,827 $ 19,573
Number of contracts, liabilities | Contract 36 29
v3.24.2
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in interest expense on fair value hedge $ (15,971) $ (14,032) $ (31,796) $ (25,341)
Unrealized and realized gains (losses) 135,007 (156,100) (163,234) (135,665)
Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 36,783 75,297 58,505 131,121
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 42,363 39,558 32,529 37,659
Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 50,298 (270,829) (259,358) (303,437)
Commodity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) 14,332 214 18,432 (184)
Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized and realized gains (losses) (8,769) (340) (13,342) (824)
Foreign exchange contracts | Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) on net investment hedges recognized in other comprehensive income (loss) (10,925) (34,062) (8,808) (31,005)
Long-term debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in interest expense on fair value hedge 10,282 (33,517) (985) (7,277)
Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in interest expense on fair value hedge $ (26,253) $ 19,485 $ (30,811) $ (18,064)
v3.24.2
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
OTC Derivative Assets [Abstract]    
0 – 12  Months $ 409,255  
1 – 5 Years 454,823  
Greater  Than  5 Years 71,161  
Cross-Maturity Netting (131,894)  
Total OTC derivative assets, net of cross-maturity netting 803,345  
Cross product counterparty netting (32,560)  
Total OTC derivative assets included in Financial instruments owned 770,785  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   $ 411,066
1 – 5 Years   653,489
Greater  Than  5 Years   543,957
Cross-Maturity Netting   (131,894)
Total OTC derivative liabilities, net of cross-maturity netting   1,476,618
Cross product counterparty netting   (32,560)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased   1,444,058
Exchange traded derivative assets, with fair value 227,400  
Cash collateral received 621,100  
Exchange traded derivative liabilities, with fair value 10,900  
Cash collateral pledged 547,200  
Commodity swaps, options and forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 4,426 1,713
1 – 5 Years 0 0
Greater  Than  5 Years 0 0
Cross-Maturity Netting 0 0
Total OTC derivative assets, net of cross-maturity netting 4,426 1,713
Equity options and forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 100,019  
1 – 5 Years 40,483  
Greater  Than  5 Years 0  
Cross-Maturity Netting (10,199)  
Total OTC derivative assets, net of cross-maturity netting 130,303  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   60,164
1 – 5 Years   159,328
Greater  Than  5 Years   0
Cross-Maturity Netting   (10,199)
Total OTC derivative liabilities, net of cross-maturity netting   209,293
Credit default swaps    
OTC Derivative Assets [Abstract]    
0 – 12  Months 0  
1 – 5 Years 12  
Greater  Than  5 Years 23,359  
Cross-Maturity Netting (12)  
Total OTC derivative assets, net of cross-maturity netting 23,359  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   1,563
1 – 5 Years   2,014
Greater  Than  5 Years   5,067
Cross-Maturity Netting   (12)
Total OTC derivative liabilities, net of cross-maturity netting   8,632
Total return swaps    
OTC Derivative Assets [Abstract]    
0 – 12  Months 93,081  
1 – 5 Years 55,775  
Greater  Than  5 Years 4  
Cross-Maturity Netting (15,478)  
Total OTC derivative assets, net of cross-maturity netting 133,382  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   129,540
1 – 5 Years   140,100
Greater  Than  5 Years   304
Cross-Maturity Netting   (15,478)
Total OTC derivative liabilities, net of cross-maturity netting   254,466
Foreign currency forwards, swaps and options    
OTC Derivative Assets [Abstract]    
0 – 12  Months 50,908  
1 – 5 Years 1,461  
Greater  Than  5 Years 0  
Cross-Maturity Netting 0  
Total OTC derivative assets, net of cross-maturity netting 52,369  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   48,451
1 – 5 Years   687
Greater  Than  5 Years   0
Cross-Maturity Netting   0
Total OTC derivative liabilities, net of cross-maturity netting   49,138
Fixed income forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 2,585  
1 – 5 Years 0  
Greater  Than  5 Years 0  
Cross-Maturity Netting 0  
Total OTC derivative assets, net of cross-maturity netting 2,585  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   19,778
1 – 5 Years   0
Greater  Than  5 Years   0
Cross-Maturity Netting   0
Total OTC derivative liabilities, net of cross-maturity netting   19,778
Interest rate swaps, options and forwards    
OTC Derivative Assets [Abstract]    
0 – 12  Months 158,236  
1 – 5 Years 357,092  
Greater  Than  5 Years 47,798  
Cross-Maturity Netting (106,205)  
Total OTC derivative assets, net of cross-maturity netting $ 456,921  
OTC Derivative Liabilities [Abstract]    
0 – 12  Months   149,857
1 – 5 Years   351,360
Greater  Than  5 Years   538,586
Cross-Maturity Netting   (106,205)
Total OTC derivative liabilities, net of cross-maturity netting   $ 933,598
v3.24.2
Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details)
$ in Thousands
May 31, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
A- or higher $ 441,157
BBB- to BBB+ 66,602
BB+ or lower 115,405
Unrated 147,621
Total OTC derivative assets included in Financial instruments owned $ 770,785
v3.24.2
Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - Index credit default swaps - USD ($)
$ in Millions
May 31, 2024
Nov. 30, 2023
Derivative [Line Items]    
Derivative notional amount $ 1,435.2 $ 2,345.4
Investment Grade    
Derivative [Line Items]    
Derivative notional amount 935.9 1,451.5
Non-investment Grade    
Derivative [Line Items]    
Derivative notional amount $ 499.3 $ 893.9
v3.24.2
Derivative Financial Instruments - Contingent Features (Details) - USD ($)
$ in Millions
May 31, 2024
Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative instrument liabilities with credit-risk-related contingent features $ 124.9 $ 139.5
Collateral posted (57.3) (97.6)
Collateral received 359.5 71.0
Return of and additional collateral required in the event of a credit rating downgrade below investment grade $ 427.1 $ 112.9
v3.24.2
Collateralized Transactions - Collateral Pledged (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements $ 2,244,100 $ 1,840,500
Repurchase Agreements 16,848,100 19,841,200
Obligation to Return Securities Received as Collateral, at Fair Value 106,200 8,800
Total 19,198,400 21,690,500
Corporate equity securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 1,730,000 1,221,400
Repurchase Agreements 662,400 627,000
Obligation to Return Securities Received as Collateral, at Fair Value 26,200 4,400
Total 2,418,600 1,852,800
Corporate debt securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 478,200 576,400
Repurchase Agreements 4,197,300 4,297,900
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 4,675,500 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 2,052,300 1,950,900
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 2,052,300 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 26,700 39,200
Repurchase Agreements 6,641,300 9,474,200
Obligation to Return Securities Received as Collateral, at Fair Value 0 3,400
Total 6,668,000 9,516,800
Municipal securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 467,400 141,100
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 467,400 141,100
Sovereign obligations    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities Lending Arrangements 9,200 3,500
Repurchase Agreements 2,009,400 2,511,600
Obligation to Return Securities Received as Collateral, at Fair Value 80,000 1,000
Total 2,098,600 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 818,000 838,500
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total $ 818,000 $ 838,500
v3.24.2
Collateralized Transactions - Contractual Maturity (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements $ 2,244,100 $ 1,840,500
Repurchase agreements 16,848,100 19,841,200
Obligation to return securities received as collateral, at fair value 106,200 8,800
Total 19,198,400 21,690,500
Overnight and Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 1,306,600 1,068,600
Repurchase agreements 2,585,800 10,548,300
Obligation to return securities received as collateral, at fair value 106,200 8,800
Total 3,998,600 11,625,700
Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 19,000 0
Repurchase agreements 7,251,100 2,442,400
Obligation to return securities received as collateral, at fair value 0 0
Total 7,270,100 2,442,400
31-90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 440,800 244,200
Repurchase agreements 2,428,200 1,939,900
Obligation to return securities received as collateral, at fair value 0 0
Total 2,869,000 2,184,100
Greater than 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Securities lending arrangements 477,700 527,700
Repurchase agreements 4,583,000 4,910,600
Obligation to return securities received as collateral, at fair value 0 0
Total $ 5,060,700 $ 5,438,300
v3.24.2
Collateralized Transactions - Narrative (Details) - USD ($)
$ in Millions
May 31, 2024
Nov. 30, 2023
Collateralized Transactions [Abstract]    
Fair value of securities received as collateral $ 34,670 $ 33,990
v3.24.2
Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Securities borrowing arrangements    
Gross Amounts $ 7,141,900 $ 7,192,100
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 7,141,857 7,192,091
Additional Amounts Available for Setoff (438,300) (327,700)
Available Collateral (1,660,400) (1,642,900)
Net Amount 5,043,200 5,221,400
Reverse repurchase agreements    
Gross Amounts 12,555,600 14,871,100
Netting in Consolidated Statement of Financial Condition (5,811,000) (8,920,600)
Net Amounts in Consolidated Statement of Financial Condition 6,744,567 5,950,549
Additional Amounts Available for Setoff (1,588,500) (1,304,000)
Available Collateral (5,045,900) (4,582,600)
Net Amount 110,200 63,900
Securities lending arrangements    
Gross Amounts 2,244,100 1,840,500
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 2,244,127 1,840,518
Additional Amounts Available for Setoff (438,300) (327,700)
Available Collateral (1,764,300) (1,396,100)
Net Amount 41,500 116,700
Repurchase agreements    
Gross Amounts 16,848,100 19,841,200
Netting in Consolidated Statement of Financial Condition (5,811,000) (8,920,600)
Net Amounts in Consolidated Statement of Financial Condition 11,037,113 10,920,606
Additional Amounts Available for Setoff (1,588,500) (1,304,000)
Available Collateral (8,905,400) (9,035,400)
Net Amount 543,200 581,200
Securities borrowing arrangements 4,990,000 5,170,000
Securities borrowing arrangements, collateral 4,860,000 5,040,000
Repurchase agreements 495,000 505,000
Repurchase agreements, pledged securities collateral 504,600 520,400
Obligation to return securities received as collateral    
Securities lending arrangements    
Gross Amounts 106,200 8,800
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 106,200 8,800
Additional Amounts Available for Setoff 0 0
Available Collateral (106,200) (8,800)
Net Amount 0 0
Securities received as collateral    
Securities borrowing arrangements    
Gross Amounts 106,200 8,800
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 106,200 8,800
Additional Amounts Available for Setoff 0 0
Available Collateral (106,200) (8,800)
Net Amount $ 0 $ 0
v3.24.2
Collateralized Transactions - Cash and Securities Segregated (Details) - USD ($)
$ in Thousands
May 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 $ 1,097,400 $ 1,414,593
Securities purchased under agreements to resell 210,000 45,490
Total $ 1,307,400 $ 1,460,083
v3.24.2
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Transfers and Servicing [Abstract]        
Transferred assets $ 1,910.0 $ 1,981.7 $ 3,412.0 $ 3,456.9
Proceeds on new securitizations 1,910.0 1,981.8 3,412.0 3,456.9
Cash flows received on retained interests $ 9.0 $ 12.7 $ 19.1 $ 13.2
v3.24.2
Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($)
$ in Millions
May 31, 2024
Nov. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Total RMBS securitization assets $ 5,240.9 $ 5,595.1
Total CMBS securitization assets 2,551.2 3,014.3
CLOs 7,664.7 6,323.8
Consumer and other loans 1,031.0 1,877.8
U.S. government agency RMBS    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests 104.3 417.3
U.S. government agency CMBS    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests 285.3 197.3
CLOs    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests 36.0 23.3
Consumer and other loans    
Debt and Equity Securities, FV-NI [Line Items]    
Retained Interests $ 50.3 $ 68.1
v3.24.2
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($)
May 31, 2024
Nov. 30, 2023
Variable Interest Entity [Line Items]    
Financial instruments owned $ 22,786,676,000 $ 21,747,473,000
Securities purchased under agreements to resell 6,744,567,000 5,950,549,000
Brokers, dealers and clearing organizations 3,101,851,000 2,380,732,000
Assets held for sale 617,971,000 1,545,472,000
Other assets 3,213,156,000 2,650,640,000
Total assets 63,000,530,000 57,905,161,000
Financial instruments sold, not yet purchased, at fair value 11,926,366,000 11,251,154,000
Other secured financings 1,545,936,000 1,430,199,000
Liabilities held for sale 256,808,000 1,173,648,000
Long-term debt 12,666,600,000 9,698,752,000
Total liabilities 53,047,938,000 48,102,620,000
VIEs, primary beneficiary    
Variable Interest Entity [Line Items]    
Assets held for sale   181,900
Other assets 339,039,000 244,604,000
VIEs, primary beneficiary | Secured Funding Vehicles    
Variable Interest Entity [Line Items]    
Cash 0 0
Financial instruments owned 43,100,000 0
Securities purchased under agreements to resell 2,029,600,000 1,677,700,000
Brokers, dealers and clearing organizations 0 0
Other receivables 500,000  
Assets held for sale 0 815,600,000
Other assets 0 0
Total assets 2,073,200,000 2,493,300,000
Financial instruments sold, not yet purchased, at fair value 0 0
Other secured financings 2,063,500,000 1,667,300,000
Liabilities held for sale 0 769,200,000
Other Liabilities 9,700,000 10,500,000
Long-term debt 0 0
Total liabilities   2,447,000,000
VIEs, primary beneficiary | Other    
Variable Interest Entity [Line Items]    
Cash 4,000,000.0 1,100,000
Financial instruments owned 11,000,000.0 7,800,000
Securities purchased under agreements to resell 0 0
Brokers, dealers and clearing organizations 20,600,000 18,000,000.0
Other receivables 3,000,000.0  
Assets held for sale 618,000,000.0 578,800,000
Other assets 131,500,000 147,900,000
Total assets 788,100,000 753,600,000
Financial instruments sold, not yet purchased, at fair value 8,100,000 6,400,000
Other secured financings 0 0
Liabilities held for sale 256,800,000 303,400,000
Other Liabilities 170,400,000 249,700,000
Long-term debt 70,000,000.0 49,600,000
Total liabilities   609,100,000
Variable Interest Entity, Assets, Eliminated In Consolidation    
Variable Interest Entity [Line Items]    
Assets held for sale 31,900,000  
Other assets 37,600,000 56,100,000
Variable Interest Entity, Liabilities, Eliminated In Consolidation    
Variable Interest Entity [Line Items]    
Other secured financings 521,600,000 681,000,000
Liabilities held for sale   5,300,000
Other Liabilities 168,600,000 247,900,000
Consolidation, Eliminations    
Variable Interest Entity [Line Items]    
Brokers, dealers and clearing organizations $ 1,500,000 $ 1,400,000
v3.24.2
Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Variable Interest Entity [Line Items]    
Assets $ 63,000,530 $ 57,905,161
Liabilities 53,047,938 48,102,620
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Assets 2,363,900 2,649,300
Liabilities 19,800 14,100
Maximum Exposure to Loss 7,051,000 6,323,600
VIE Assets 35,044,000 28,259,800
Nonconsolidated VIEs | CLOs    
Variable Interest Entity [Line Items]    
Assets 501,000 913,300
Liabilities 19,800 14,100
Maximum Exposure to Loss 4,512,300 4,414,000
VIE Assets 12,391,600 9,455,500
Nonconsolidated VIEs | Asset-backed vehicles    
Variable Interest Entity [Line Items]    
Assets 757,200 661,700
Liabilities 0 0
Maximum Exposure to Loss 1,124,700 661,700
VIE Assets 3,510,700 3,734,800
Nonconsolidated VIEs | Related party private equity vehicles    
Variable Interest Entity [Line Items]    
Assets 2,700 3,100
Liabilities 0 0
Maximum Exposure to Loss 13,200 14,200
VIE Assets 27,800 10,300
Nonconsolidated VIEs | Other investment vehicles    
Variable Interest Entity [Line Items]    
Assets 1,103,000 1,071,200
Liabilities 0 0
Maximum Exposure to Loss 1,400,800 1,233,700
VIE Assets $ 19,113,900 $ 15,059,200
v3.24.2
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Variable Interest Entity [Line Items]    
Carrying amount $ 63,000,530 $ 57,905,161
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 2,363,900 2,649,300
Related party private equity vehicles | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 2,700 3,100
Other investment vehicles    
Variable Interest Entity [Line Items]    
Equity investments 1,490,000 1,260,000
Funded equity commitments 1,190,000 1,100,000
Carrying amount of equity investment 1,100,000 1,070,000
Other investment vehicles | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 1,103,000 1,071,200
Agency mortgage-backed securities | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 2,310,000 1,890,000
Non-agency mortgage and other asset-backed securities | Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying amount 197,100 261,200
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 $ 2,700 $ 3,100
v3.24.2
Investments - Loans and Investments In Related Parties (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]          
Investments in and loans to related parties $ 1,307,387   $ 1,307,387   $ 1,239,345
Total equity method pickup earnings (losses) recognized in Other revenues $ 28,500 $ (87,800) $ 37,200 $ (151,800)  
v3.24.2
Investments - Jefferies Finance - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2024
Nov. 30, 2023
Guarantee Obligations [Line Items]    
Other assets $ 3,213,156 $ 2,650,640
Payables to customers 3,841,052 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  
Payables to customers 200  
Jefferies Finance, LLC | Corporate Joint Venture    
Guarantee Obligations [Line Items]    
Other assets 300 3,500
Payables to customers $ 900 $ 2,600
Jefferies Finance, LLC | Jefferies Finance, LLC    
Guarantee Obligations [Line Items]    
Ownership percentage 50.00%  
v3.24.2
Investments - Summary of Selected Financial Information for Jefferies Finance (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Total assets $ 63,000,530   $ 63,000,530   $ 57,905,161
Total liabilities 53,047,938   53,047,938   48,102,620
Net earnings attributable to members 154,687 $ 8,684 311,079 $ 138,008  
Jefferies Finance, LLC          
Schedule of Equity Method Investments [Line Items]          
Total assets 6,030,300   6,030,300   5,598,200
Total liabilities 4,716,200   4,716,200   4,352,000
Net earnings attributable to members 40,200 12,900 39,300 27,800  
Jefferies Finance, LLC          
Schedule of Equity Method Investments [Line Items]          
Unfunded commitment fees 300 300 600 600  
Our total equity balance 649,400   649,400   $ 630,100
Origination and syndication fee revenues 74,900 20,200 127,300 46,200  
Origination fee expenses 9,700 6,300 24,600 10,400  
CLO structuring fee revenues 300 0 300 0  
Investment fund placement fee revenues 400 0 900 0  
Service fees $ 20,800 $ 16,900 $ 65,700 $ 61,100  
v3.24.2
Investments - Berkadia - Narrative (Details) - USD ($)
May 31, 2024
Nov. 30, 2023
Berkadia    
Schedule of Equity Method Investments [Line Items]    
Surety policy issued $ 1,500,000,000  
Berkadia    
Schedule of Equity Method Investments [Line Items]    
Percentage of profits received from joint venture 45.00%  
Commercial paper outstanding $ 1,470,000,000  
Purchase commitment amount $ 36,400,000 $ 77,500,000
v3.24.2
Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Total assets $ 63,000,530   $ 63,000,530   $ 57,905,161
Total liabilities 53,047,938   53,047,938   48,102,620
Total noncontrolling interest 77,130   77,130   92,308
Net earnings attributable to members 154,687 $ 8,684 311,079 $ 138,008  
Berkadia          
Schedule of Equity Method Investments [Line Items]          
Our total equity balance 430,600   430,600   400,900
Distributions 2,900 300 6,700 200  
Transaction referral fee revenue 300 0 300 0  
Loan origination fees paid 400 0 400 0  
Berkadia          
Schedule of Equity Method Investments [Line Items]          
Total assets 5,417,800   5,417,800   5,318,200
Total liabilities 3,919,300   3,919,300   3,816,100
Total noncontrolling interest 546,100   546,100   $ 612,800
Net earnings attributable to members $ 48,900 $ 13,500 $ 78,200 $ 42,500  
v3.24.2
Investments - OpNet - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
May 07, 2024
Schedule of Equity Method Investments [Line Items]          
Total equity method pickup earnings (losses) recognized in Other revenues $ 28.5 $ (87.8) $ 37.2 $ (151.8)  
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   23.4   82.9  
Total equity method pickup earnings (losses) recognized in Other revenues   $ 83.0   $ 121.8  
v3.24.2
Investments - Summary of Selected Financial Information for OpNet (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) $ 154,687 $ 8,684 $ 311,079 $ 138,008
OpNet        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses)   $ (90,400)   $ (142,000)
v3.24.2
Investments - Stratos - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2023
May 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 $ 5.0 $ 10.0  
v3.24.2
Investments - Summary of Selected Financial Information For Stratos (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) $ 154,687 $ 8,684 $ 311,079 $ 138,008
Stratos        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses)   $ (5,400)   $ (25,800)
v3.24.2
Investments - Golden Queen Mining Company - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2023
May 31, 2023
May 31, 2024
Schedule of Equity Method Investments [Line Items]      
Investment, other than temporary impairment $ 7.3 $ 29.4  
Golden Queen Mining Company      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage     50.00%
v3.24.2
Investments - Summary of Selected Financial Information For Golden Queen Mining Company (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) $ 154,687 $ 8,684 $ 311,079 $ 138,008
Golden Queen Mining Company        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses)   $ (1,400)   $ (2,300)
v3.24.2
Investments - Real Estate Investments - Narrative (Details)
 6 Months Ended
May 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
v3.24.2
Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Assets $ 63,000,530   $ 63,000,530   $ 57,905,161
Liabilities 53,047,938   53,047,938   48,102,620
Net earnings (losses) 154,687 $ 8,684 311,079 $ 138,008  
Real Estate Investments          
Schedule of Equity Method Investments [Line Items]          
Assets 325,900   325,900   329,500
Liabilities 496,200   496,200   500,000
Net earnings (losses) (2,400) (3,400) 100 (2,300)  
Real Estate Investments          
Schedule of Equity Method Investments [Line Items]          
Our total equity balance 92,300   92,300   $ 90,000
Distributions $ 0 $ 0 $ 0 $ 17,100  
v3.24.2
Investments - JCP Fund V - Narrative (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]    
Financial instruments owned $ 22,786,676 $ 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 $ 1,900 2,200
Equity investments 85,000 85,000
Unfunded portion of equity commitment to subsidiary $ 8,700 $ 8,700
v3.24.2
Investments - Summary of Selected Financial Information for JCP Fund V (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
Mar. 31, 2024
Dec. 31, 2023
May 31, 2023
Mar. 31, 2023
Dec. 31, 2022
May 31, 2024
May 31, 2023
Schedule of Equity Method Investments [Line Items]                
Net gains (losses) from our investments in JCP Fund V       $ (80,300)       $ 113,500
JCP Fund V                
Schedule of Equity Method Investments [Line Items]                
Net gains (losses) from our investments in JCP Fund V $ 100     $ (1,700)     $ (200) $ (8,300)
Percent of financial information presented             100.00%  
Ownership percentage 35.00%           35.00%  
Net increase (decrease) in net assets resulting from operations   $ 100 $ (900)   $ (4,900) $ (54,600)    
v3.24.2
Investments - Other Asset Management Companies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 29, 2024
May 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
v3.24.2
Investments - Summary of Selected Financial information for Other Asset Management Companies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Schedule of Equity Method Investments [Line Items]        
Revenues $ 2,516,296 $ 1,651,182 $ 5,068,238 $ 3,431,746
Brokerage and clearing fees 110,536 96,592 220,206 177,066
Monashee's Separate Managed Accounts        
Schedule of Equity Method Investments [Line Items]        
Brokerage and clearing fees   200   400
Principal transactions        
Schedule of Equity Method Investments [Line Items]        
Revenues $ 416,195 320,959 $ 1,056,931 818,205
Principal transactions | Monashee's Separate Managed Accounts        
Schedule of Equity Method Investments [Line Items]        
Revenues   $ (600)   $ (300)
v3.24.2
Investments - ApiJect - Narrative (Details) - USD ($)
shares in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2024
Apr. 30, 2024
Dec. 31, 2023
May 31, 2024
May 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 $ 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% 33.60%  
Percentage of future revenue         1.125%  
Interest income       $ 0.2 $ 0.2  
Cash consideration $ 8.8          
Gain on conversion of convertible promissory notes       1.2 1.2  
Fair value of equity investment 116.1     116.1 116.1 $ 116.1
Equity securities, cost $ 100.1     $ 100.1 $ 100.1  
Warrants purchased (in shares) 950     950 950  
ApiJect | Term loan            
Schedule of Equity Method Investments [Line Items]            
Loans, face amount $ 30.4     $ 30.4 $ 30.4  
Loans, fair value $ 30.4     $ 30.4 $ 30.4 $ 30.4
v3.24.2
Investments - SPAC (Details) - USD ($)
$ in Millions
 6 Months Ended
May 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    
v3.24.2
Investments - Aircadia Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Lease term     42 months
Property and equipment     $ 57.7
Operating lease income $ 5.6 $ 9.4  
Interest income 0.8 1.4  
Fair value of equity investment $ 37.1 $ 37.1  
Term loan      
Schedule of Equity Method Investments [Line Items]      
Loans, face amount     $ 30.0
v3.24.2
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 6 Months Ended
May 31, 2024
May 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 78,055 $ 79,614
Provision for doubtful accounts 9,781 17,610
Charge-offs, net of recoveries (9,214) (18,602)
Ending balance $ 78,622 $ 78,622
v3.24.2
Credit Losses on Financial Assets Measured at Amortized Cost - Narrative (Details)
$ in Millions
 6 Months Ended
May 31, 2024
USD ($)
Weiss Multi-Strategy Advisers  
Financing Receivable, Allowance for Credit Loss [Line Items]  
Provision for doubtful accounts $ 26.2
v3.24.2
Credit Losses on Financial Assets Measured at Amortized Cost - Schedule of Allowance for Credit Loss - Investing Banking (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Credit Loss [Abstract]        
Beginning balance $ 2,963 $ 7,270 $ 6,306 $ 5,914
Bad debt expense 1,077 239 2,088 1,747
Charge-offs (219) (2,981) (2,719) (3,067)
Recoveries collected (953) (2,459) (2,807) (2,525)
Ending balance $ 2,868 $ 2,069 $ 2,868 $ 2,069
v3.24.2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2024
May 31, 2023
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 1,847,856 $ 1,736,114
Currency translation and other adjustments (67) 2,076
Measurement period adjustment (28,346)  
Goodwill relating to acquisitions by Tessellis 3,366  
Goodwill, ending balance 1,822,809 1,738,190
Investment Banking and Capital Markets    
Goodwill [Roll Forward]    
Goodwill, beginning balance 1,532,172 1,552,944
Currency translation and other adjustments 357 2,076
Measurement period adjustment 0  
Goodwill relating to acquisitions by Tessellis 0  
Goodwill, ending balance 1,532,529 1,555,020
Asset Management    
Goodwill [Roll Forward]    
Goodwill, beginning balance 315,684 183,170
Currency translation and other adjustments (424) 0
Measurement period adjustment (28,346)  
Goodwill relating to acquisitions by Tessellis 3,366  
Goodwill, ending balance $ 290,280 $ 183,170
v3.24.2
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 29, 2024
May 31, 2024
Nov. 30, 2023
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Assets Acquired - finite-lived intangible assets   $ 52,309 $ 66,730
Impairment losses - indefinite lived intangible assets     (78)
Accumulated amortization - finite lived intangible assets   (160,885) (146,443)
Total gross costs - intangible assets   343,069 276,711
Total net carrying amount - intangible assets   234,493 $ 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   8,684 $ 7,405
Assets Acquired - indefinite-lived intangible assets   0 1,390
Impairment losses - indefinite lived intangible assets     (78)
Net carrying amount - indefinite lived intangible assets   8,684 8,717
Customer relationships      
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Gross costs - finite lived intangible assets   136,153 126,449
Assets Acquired - finite-lived intangible assets   32,547 9,801
Impairment losses - indefinite lived intangible assets     0
Accumulated amortization - finite lived intangible assets   (99,952) (93,966)
Net carrying amount - finite lived intangible assets   $ 68,748 $ 42,284
Weighted Average Remaining Lives (Years)   5 years 10 months 24 days 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   $ 146,478 $ 127,899
Assets Acquired - finite-lived intangible assets   4,984 18,513
Impairment losses - indefinite lived intangible assets     0
Accumulated amortization - finite lived intangible assets   (42,035) (39,340)
Net carrying amount - finite lived intangible assets   $ 109,427 $ 107,072
Weighted Average Remaining Lives (Years)   22 years 3 months 18 days 23 years 6 months
Other      
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]      
Gross costs - finite lived intangible assets   $ 51,754 $ 14,958
Assets Acquired - finite-lived intangible assets   14,778 37,026
Impairment losses - indefinite lived intangible assets     0
Accumulated amortization - finite lived intangible assets   (18,898) (13,137)
Net carrying amount - finite lived intangible assets   $ 47,634 $ 38,847
Weighted Average Remaining Lives (Years)   4 years 6 months 5 years
v3.24.2
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Aggregate amortization expense $ 8,500 $ 2,300 $ 14,100 $ 4,700
Estimated future amortization expense        
Remainder of fiscal year 2024 15,156   15,156  
Year ending November 30, 2025 28,847   28,847  
Year ending November 30, 2026 28,809   28,809  
Year ending November 30, 2027 28,775   28,775  
Year ending November 30, 2028 $ 28,532   $ 28,532  
v3.24.2
Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 1,035,546 $ 753,401 $ 2,006,763 $ 1,528,409
Revenues 2,516,296 1,651,182 5,068,238 3,431,746
Investment banking        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 738,584 492,475 1,417,649 995,273
Revenues 738,584 492,475 1,417,649 995,273
Commissions and other fees        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 271,782 235,312 517,325 448,582
Revenues 271,782 235,312 517,325 448,582
Asset management fees and revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 6,989 4,864 36,350 22,621
Revenues 11,768 13,933 62,140 52,919
Oil and gas revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 233 263 441 25,769
Real estate revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 3,540 7,456 6,689 10,203
Other contracts with customers        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 14,418 13,031 28,309 25,961
Revenues 198,240 (44,176) 314,977 (47,297)
Principal transactions        
Disaggregation of Revenue [Line Items]        
Revenues 416,195 320,959 1,056,931 818,205
Revenues from strategic affiliates        
Disaggregation of Revenue [Line Items]        
Revenues 4,779 9,069 25,790 30,298
Interest        
Disaggregation of Revenue [Line Items]        
Revenues 879,727 632,679 1,699,216 1,164,064
Other        
Disaggregation of Revenue [Line Items]        
Revenues $ 180,049 $ (64,926) $ 279,538 $ (109,230)
v3.24.2
Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 1,035,546 $ 753,401 $ 2,006,763 $ 1,528,409
Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 1,009,893 727,787 1,933,964 1,443,855
Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 25,653 25,614 72,799 84,554
Americas        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 758,945 564,435 1,534,521 1,178,155
Americas | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 735,377 540,001 1,465,754 1,095,928
Americas | Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 23,568 24,434 68,767 82,227
Europe and the Middle East        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 170,390 122,509 297,498 239,305
Europe and the Middle East | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 169,344 121,913 295,346 238,132
Europe and the Middle East | Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 1,046 596 2,152 1,173
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 106,211 66,457 174,744 110,949
Asia-Pacific | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 105,172 65,873 172,864 109,795
Asia-Pacific | Asset Management        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 1,039 584 1,880 1,154
Investment banking - Advisory        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 283,898 254,157 622,466 551,335
Investment banking - Advisory | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 283,898 254,157 622,466 551,335
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 454,686 238,318 795,183 443,938
Investment banking - Underwriting | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 454,686 238,318 795,183 443,938
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 269,189 232,304 511,765 442,766
Equities | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 269,189 232,304 511,765 442,766
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 2,120 3,008 4,550 5,816
Fixed income | Investment Banking and Capital Markets        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 2,120 3,008 4,550 5,816
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 6,989 4,864 36,350 22,621
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 6,989 4,864 36,350 22,621
Other investments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 18,664 20,750 36,449 61,933
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 $ 18,664 $ 20,750 $ 36,449 $ 61,933
v3.24.2
Revenues from Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Revenue from Contract with Customer [Abstract]          
Revenue related to performance obligations satisfied $ 16.7 $ 12.2 $ 25.6 $ 28.5  
Revenue associated with distribution services, a portion of which related to prior periods 8.9 7.8 15.2 15.5  
Deferred revenue 56.5   56.5   $ 48.3
Revenue recognized (36.4) 12.4 (32.9) 16.0  
Receivables related to revenue from contracts with customers 238.3   238.3   248.2
Capitalized contract cost 6.2   6.2   $ 5.3
Expenses to fulfill a contract $ (1.3) $ (0.7) $ (2.0) $ (1.3)  
v3.24.2
Compensation Plans - Senior Executive Compensation Plan (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended
Dec. 31, 2023
May 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)   19.2
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)   9.1
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%  
v3.24.2
Compensation Plans - Compensation Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost $ 120.8 $ 67.5 $ 255.8 $ 155.0
Profit sharing plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost 2.2 2.1 9.1 8.3
Restricted cash awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost 104.2 54.9 212.1 122.5
Restricted stock and RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost $ 14.4 $ 10.5 $ 34.6 $ 24.2
v3.24.2
Compensation Plans - Remaining Unamortized Amounts (Details)
$ in Millions
 6 Months Ended
May 31, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 1,209.9
Non-vested share-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 139.1
Weighted Average Vesting Period (in Years) 3 years 2 months 12 days
Restricted cash awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 1,070.8
Weighted Average Vesting Period (in Years) 3 years
v3.24.2
Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Short-term Debt [Line Items]    
Short-term debt $ 1,625,310 $ 989,715
Bank loans    
Short-term Debt [Line Items]    
Short-term debt 1,025,684 989,715
Fixed Rate, Callable Notes    
Short-term Debt [Line Items]    
Short-term debt $ 599,626 $ 0
v3.24.2
Borrowings - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2024
May 31, 2023
Nov. 30, 2023
Debt Instrument [Line Items]      
Short-term debt $ 1,625,310   $ 989,715
Interest rate on short-term borrowings outstanding 6.01%   6.06%
Increase (decrease) of long-term debt $ 2,970,000    
Long-term debt 12,666,600   $ 9,698,752
Paydown on a credit facility 726,019 $ 287,240  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Paydown on a credit facility 350,000    
Unsecured Debt      
Debt Instrument [Line Items]      
Long-term debt 11,387,509   8,497,300
Net proceeds from long term debt 3,070,000    
Secured Debt      
Debt Instrument [Line Items]      
Long-term debt 1,279,091   1,201,452
Secured Debt | Subsidiaries      
Debt Instrument [Line Items]      
Net proceeds from long term debt 79,200    
Structured notes      
Debt Instrument [Line Items]      
Net proceeds from long term debt 124,800    
Structured notes | Subsidiaries      
Debt Instrument [Line Items]      
Net proceeds from long term debt 45,200    
Line of credit      
Debt Instrument [Line Items]      
Short-term debt $ 955,400   $ 937,100
v3.24.2
Borrowings - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Debt Instrument [Line Items]          
Total $ 12,666,600   $ 12,666,600   $ 9,698,752
Long-term debt, fair value $ 1,875,817   $ 1,875,817   $ 1,708,443
Weighted-average interest rate 5.35%   5.35%   5.52%
Gains (losses) recognized in interest expense on fair value hedge $ (15,971) $ (14,032) $ (31,796) $ (25,341)  
Level 2 and Level 3          
Debt Instrument [Line Items]          
Long-term debt, fair value 12,593,857   12,593,857   $ 9,572,842
Long-term debt          
Debt Instrument [Line Items]          
Gains (losses) recognized in interest expense on fair value hedge 10,282 $ (33,517) (985) (7,277)  
Unsecured Debt          
Debt Instrument [Line Items]          
Total 11,387,509   11,387,509   8,497,300
Long-term debt, outstanding 1,990,000   1,990,000   $ 1,990,000
Unsecured Debt | Long-term debt          
Debt Instrument [Line Items]          
Gains (losses) recognized in interest expense on fair value hedge     $ (1,000) $ (7,300)  
Unsecured Debt | Minimum          
Debt Instrument [Line Items]          
Interest rate range     0.25%   0.25%
Unsecured Debt | Maximum          
Debt Instrument [Line Items]          
Interest rate range     8.19%   8.21%
Secured Debt          
Debt Instrument [Line Items]          
Total 1,279,091   $ 1,279,091   $ 1,201,452
Secured Debt | Secured And Unsecured Credit Facility          
Debt Instrument [Line Items]          
Total 788,800   788,800    
Secured Debt | Secured Credit Facility          
Debt Instrument [Line Items]          
Total         735,200
Fixed rate | Unsecured Debt          
Debt Instrument [Line Items]          
2024 542,066   542,066   544,222
2025 125,763   125,763   117,180
2026 905,243   905,243   90,315
2027 525,363   525,363   526,660
2028 1,029,870   1,029,870   1,028,966
2029 and Later 4,964,441   4,964,441   2,715,503
Fixed rate | Secured Debt          
Debt Instrument [Line Items]          
2024 130,462   130,462   135,202
2025 116,460   116,460   117,814
2026 10,342   10,342   23,313
2027 3,921   3,921   4,412
2028 37,542   37,542   37,305
2029 and Later 91,517   91,517   0
Variable rate | Unsecured Debt          
Debt Instrument [Line Items]          
2025 0   0   350,000
2026 42,242   42,242   42,417
2027 563,368   563,368   562,833
2029 and Later 813,337   813,337   810,761
Variable rate | Secured Debt          
Debt Instrument [Line Items]          
2024 100,000   100,000   883,406
2025 0   0   0
2026 525,000   525,000   0
2027 263,847   263,847   0
Structured notes | Unsecured Debt          
Debt Instrument [Line Items]          
2024 10,248   10,248   48,002
2025 85,624   85,624   40,868
2026 61,472   61,472   36,178
2027 48,268   48,268   83,306
2028 21,936   21,936   19,768
2029 and Later 1,648,268   1,648,268   1,480,321
Long-term debt, fair value $ 1,875,817   $ 1,875,817   $ 1,708,443
v3.24.2
Total Equity - Narrative (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 20, 2024
USD ($)
shares
Apr. 27, 2023
$ / shares
shares
May 31, 2024
USD ($)
$ / shares
shares
May 31, 2024
USD ($)
$ / shares
shares
Nov. 30, 2023
USD ($)
$ / shares
shares
Jul. 09, 2024
Jun. 30, 2023
shares
Jun. 28, 2023
$ / shares
Feb. 28, 2023
USD ($)
$ / shares
shares
Purchase Requirement [Line Items]                  
Preferred shares, par value (in dollars per share) | $ / shares   $ 1.00 $ 1 $ 1 $ 1        
Preferred shares, authorized (in shares)   70,000 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 | $         $ 31,500,000        
Common shares, par value (in dollars per share) | $ / shares     $ 1 $ 1 $ 1        
Common shares, authorized (in shares)     565,000,000 565,000,000 565,000,000   600,000,000    
Dividends - preferred shares | $     $ 6,300,000 $ 12,600,000          
Preferred stock, as converted (in dollars per share) | $ / shares     $ 0.30            
Sumitomo Mitsui Banking Corporation Agreement                  
Purchase Requirement [Line Items]                  
Common stock, as-converted basis     9.00% 9.00%          
Common stock, fully diluted, as-converted basis     8.30% 8.30%          
Sumitomo Mitsui Banking Corporation Agreement | Subsequent event                  
Purchase Requirement [Line Items]                  
Common stock, as-converted basis           11.80%      
Common stock, fully diluted, as-converted basis           10.90%      
Common Stock                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares)         21,000,000        
Conversion of shares | $         $ (21,000,000)        
Common Stock | Subsequent event                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares) 6,600,000                
Preferred Stock                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares)         42,000        
Conversion of shares | $         $ 42,000        
Preferred Stock | Subsequent event                  
Purchase Requirement [Line Items]                  
Callable preferred shares (in shares) 13,125                
Proceeds from issuance of preferred stock | $ $ 9,800,000                
Member's paid-in capital                  
Purchase Requirement [Line Items]                  
Conversion of shares | $         $ 52,400,000        
Nonvoting Common Stock                  
Purchase Requirement [Line Items]                  
Common shares, par value (in dollars per share) | $ / shares     $ 1 $ 1 $ 1     $ 1.00  
Common shares, authorized (in shares)     35,000,000 35,000,000 35,000,000   35,000,000    
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 | $                 $ 125,000,000
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) | $ / shares                 $ 26.86
v3.24.2
Total Equity - Earnings Per Share Computation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Numerator for earnings per common share from continuing operations:        
Net earnings from continuing operations $ 154,647 $ 8,684 $ 318,930 $ 138,008
Net losses attributable to noncontrolling interests (3,785) (3,711) (10,237) (10,022)
Mandatorily redeemable convertible preferred share dividends 0 0 0 (2,016)
Allocation of earnings to participating securities (13,741) (4) (27,930) (830)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share 144,691 12,391 301,237 145,184
Adjustment to allocation of earnings to participating securities related to diluted shares 0 (1) 0 (31)
Mandatorily redeemable convertible preferred share dividends 0 0 0 (2,016)
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share 144,691 12,390 301,237 147,169
Numerator for earnings per common share from discontinued operations:        
Net earnings (losses) from discontinued operations, net of income taxes 40 0 (7,851) 0
Less: Net losses attributable to noncontrolling interests (1,005) 0 (1,991) 0
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share 1,045 0 (5,860) 0
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share 1,045 0 (5,860) 0
Net earnings attributable to common shareholders for basic earnings per share 145,736 12,391 295,377 145,184
Net earnings attributable to common shareholders for diluted earnings per share $ 145,736 $ 12,390 $ 295,377 $ 147,169
Denominator for earnings per common share:        
Weighted average common shares outstanding (in shares) 212,039 232,842 211,787 230,193
Weighted average common shares (in shares) 219,971 242,568 219,935 240,825
Preferred shares and mandatorily redeemable convertible preferred shares (in shares) 0 0 0 1,887
Weighted average diluted common shares (in shares) 226,146 245,413 225,587 246,870
Earnings (losses) per common share:        
Basic from continuing operations (in USD per share) $ 0.66 $ 0.05 $ 1.37 $ 0.60
Basic from discontinued operations (in USD per share) 0 0 (0.03) 0
Basic (in USD per share) 0.66 0.05 1.34 0.60
Diluted from continuing operations (in USD per share) 0.64 0.05 1.34 0.60
Diluted from discontinued operations (in USD per share) 0 0 (0.03) 0
Diluted (in USD per share) $ 0.64 $ 0.05 $ 1.31 $ 0.60
Weighted average shares of participating securities (in shares) 21,100 300 21,200 500
Percent of weighted average common shares outstanding 9.90%   9.90%  
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) (2,329) (1,853) (2,366) (1,989)
RSU with no future service required        
Denominator for earnings per common share:        
Weighted average RSUs outstanding with no future service required (in shares) 10,261 11,579 10,514 12,621
Stock options        
Denominator for earnings per common share:        
Dilutive effect of share-based payment arrangements (in shares) 3,470 1,618 3,124 2,086
Restricted stock units (RSUs)        
Denominator for earnings per common share:        
Dilutive effect of share-based payment arrangements (in shares) 2,705 1,227 2,528 2,072
v3.24.2
Total Equity - Dividends (Details) - $ / shares
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 26, 2024
May 30, 2024
May 15, 2024
Mar. 27, 2024
Feb. 27, 2024
Jan. 09, 2024
Jan. 08, 2024
May 26, 2023
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Feb. 24, 2024
Dividends Payabale [Line Items]                          
Dividends - common share (in dollars per share)     $ 0.30 $ 0.30   $ 0.30 $ 0.30   $ 0.30 $ 0.30 $ 0.60 $ 0.60  
Common stock, dividends, cash paid (in dollars per share)   $ 0.30     $ 0.30     $ 0.30         $ 0.30
Subsequent event                          
Dividends Payabale [Line Items]                          
Dividends - common share (in dollars per share) $ 0.35                        
Common stock, dividend rate 16.70%                        
v3.24.2
Total Equity - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($)
$ in Thousands
May 31, 2024
Feb. 29, 2024
Nov. 30, 2023
May 31, 2023
Feb. 28, 2023
Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax $ 9,952,186   $ 9,802,135 $ 9,765,250    
Total accumulated other comprehensive loss, net of tax            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax (410,734) $ (396,438) (395,545) $ (370,052) $ (421,105) $ (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 (2,965)   (4,595)      
Net currency translation adjustments and other            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax (166,837)   (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 (194,648)   (181,946)      
Net minimum pension liability            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Total accumulated other comprehensive loss, net of tax $ (46,284)   $ (46,463)      
v3.24.2
Total Equity - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Revenues $ 2,516,296 $ 1,651,182 $ 5,068,238 $ 3,431,746
Compensation and benefits (861,993) (575,868) (1,788,864) (1,278,926)
Net earnings 154,687 8,684 311,079 138,008
Income tax expense (73,107) (9,235) (129,066) (37,929)
Principal transactions        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Revenues 416,195 320,959 1,056,931 818,205
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net earnings 426 (67) 2,453 (710)
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 (200)   (900) 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 516 82 2,633 (164)
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 $ (90) $ (149) (180) (546)
Income tax expense     $ 100 $ 100
v3.24.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Income Tax Disclosure [Abstract]          
Unrecognized tax benefits $ 348,300   $ 348,300   $ 332,300
Accrued interest on unrecognized tax benefits 160,300   160,300   142,100
Unrecognized tax benefits that would impact effective tax rate in future 275,800   275,800   $ 263,000
Income tax expense $ 73,107 $ 9,235 $ 129,066 $ 37,929  
Effective income tax rate 32.10% 51.50% 28.80% 21.60%  
v3.24.2
Commitments, Contingencies and Guarantees - Commitments (Details)
$ in Millions
 6 Months Ended
May 31, 2024
USD ($)
Commitments and Guarantees Obligations [Line Items]  
2024 $ 11,703.5
2025 465.5
2026  and  2027 697.5
2028  and  2029 0.2
2030  and  Later 120.0
Maximum Payout $ 12,986.7
Repurchase obligation settlement period 3 days
Equity commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 $ 177.3
2025 16.5
2026  and  2027 89.9
2028  and  2029 0.2
2030  and  Later 114.8
Maximum Payout 398.7
Loan commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 0.0
2025 252.2
2026  and  2027 88.1
2028  and  2029 0.0
2030  and  Later 5.2
Maximum Payout 345.5
Loan Purchase Commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 2,928.8
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 2,928.8
Underwriting commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 157.3
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 157.3
Forward starting reverse repos  
Commitments and Guarantees Obligations [Line Items]  
2024 5,344.6
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 5,344.6
Forward starting repos  
Commitments and Guarantees Obligations [Line Items]  
2024 2,856.9
2025 0.0
2026  and  2027 0.0
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 2,856.9
Other unfunded commitments  
Commitments and Guarantees Obligations [Line Items]  
2024 238.6
2025 196.8
2026  and  2027 519.5
2028  and  2029 0.0
2030  and  Later 0.0
Maximum Payout 954.9
Back-To-Back Committed Sales Contracts  
Commitments and Guarantees Obligations [Line Items]  
Maximum Payout $ 2,730.0
v3.24.2
Commitments, Contingencies and Guarantees - Narrative (Details)
$ in Millions
 6 Months Ended
May 31, 2024
USD ($)
Loss Contingencies [Line Items]  
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee $ 325.1
HomeFed LLC  
Loss Contingencies [Line Items]  
Aggregate amount of infrastructure improvement bonds, outstanding 50.9
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 $ 88.1
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 339.8
Other Investments  
Loss Contingencies [Line Items]  
Outstanding equity commitments $ 33.6
v3.24.2
Commitments, Contingencies and Guarantees - Guarantees (Details)
$ in Millions
May 31, 2024
USD ($)
Derivative contracts—non-credit related  
Guarantee Obligations [Line Items]  
2024 $ 6,513.3
2025 15,474.2
2026  and  2027 16,550.5
2028  and  2029 475.0
Notional/ Maximum Payout 39,013.0
Total derivative contracts  
Guarantee Obligations [Line Items]  
2024 6,513.3
2025 15,474.2
2026  and  2027 16,550.5
2028  and  2029 475.0
Notional/ Maximum Payout $ 39,013.0
v3.24.2
Regulatory Requirements (Details) - USD ($)
$ in Thousands
May 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 $ 1,097,400 $ 1,414,593
Jefferies LLC    
Net Capital Requirements [Line Items]    
Net Capital 1,454,635  
Excess Net Capital 1,329,526  
JFSI - SEC    
Net Capital Requirements [Line Items]    
Net Capital 325,330  
Excess Net Capital 302,029  
JFSI - CFTC    
Net Capital Requirements [Line Items]    
Net Capital 325,330  
Excess Net Capital 296,563  
Jefferies LLC    
Net Capital Requirements [Line Items]    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 428,600  
Jefferies Inc    
Net Capital Requirements [Line Items]    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 272,700  
v3.24.2
Segment Reporting - Narrative (Details)
 6 Months Ended
May 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.2
Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues $ 1,656,445 $ 1,037,610 $ 3,394,648 $ 2,321,102  
Non-interest expenses 1,428,691 1,019,691 2,946,652 2,145,165  
Non-interest expenses 1,428,700 1,019,700 2,946,700 2,145,200  
Earnings from continuing operations before income taxes 227,754 17,919 447,996 175,937  
Assets 63,000,530   63,000,530   $ 57,905,161
Minimum          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Earnings from continuing operations before income taxes 227,700   447,900    
Operating Segments          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 1,650,900 1,030,100 3,375,600 2,315,700  
Non-interest expenses 1,428,700 1,019,700 2,946,700 2,145,200  
Earnings from continuing operations before income taxes 222,200 10,400 428,900 170,500  
Segment Reconciling Items          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 5,500 7,500 19,000 5,400  
Non-interest expenses 0 0 0 0  
Earnings from continuing operations before income taxes 5,500 7,500 19,000 5,400  
Investment Banking and Capital Markets          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Assets 56,842,700   56,842,700   51,776,900
Investment Banking and Capital Markets | Operating Segments          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 1,494,400 1,061,000 2,945,700 2,278,200  
Non-interest expenses 1,243,100 948,000 2,539,400 1,983,100  
Earnings from continuing operations before income taxes 251,300 113,000 406,300 295,100  
Asset Management          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Assets 6,157,800   6,157,800   $ 6,128,300
Asset Management | Operating Segments          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net revenues 156,500 (30,900) 429,900 37,500  
Non-interest expenses 185,600 71,700 407,300 162,100  
Earnings from continuing operations before income taxes $ (29,100) $ (102,600) $ 22,600 $ (124,600)  
v3.24.2
Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Revenues        
Net revenues $ 1,656,445 $ 1,037,610 $ 3,394,648 $ 2,321,102
Americas        
Revenues        
Net revenues 1,145,300 832,200 2,453,000 1,814,500
Europe and the Middle East        
Revenues        
Net revenues 370,200 143,000 702,100 360,900
Asia-Pacific        
Revenues        
Net revenues $ 140,900 $ 62,400 $ 239,500 $ 145,700
v3.24.2
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 13, 2023
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Related Party Transaction [Line Items]            
Other assets   $ 3,213,156   $ 3,213,156   $ 2,650,640
Investments in and loans to related parties   1,307,387   1,307,387   1,239,345
Revenues   2,516,296 $ 1,651,182 5,068,238 $ 3,431,746  
Officers and Employees            
Related Party Transaction [Line Items]            
Other assets   34,000   34,000   31,000
Director            
Related Party Transaction [Line Items]            
Investments in and loans to related parties   $ 4,000   $ 4,000   $ 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