Short-Term Borrowings (Tables)

3 Months Ended

Feb. 28, 2021

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings

Short-term borrowings at February 28, 2021 and November 30, 2020 mature in one year or less and include the following (in thousands):

	February 28, 2021		November 30, 2020
Bank loans (1)	$	876,141	$	752,848
Floating rate puttable notes (1)	6,800		6,800
Equity-linked notes (2)	—		5,067
Total short-term borrowings	$	882,941	$	764,715

(1)These Short-term borrowings are recorded at cost in our Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

(2)See Note 4, Fair Value Disclosures, for further information on these notes.

Schedule of Line of Credit Facilities

Our facilities included within bank loans at February 28, 2021 and November 30, 2020 were as follows (in thousands):

	February 28, 2021		November 30, 2020
Bank of New York Mellon Master Loan Agreement (1)	$	300,000	$	300,000
JPMorgan Chase Bank, N.A. Credit Facility (2)	274,000		246,000
Royal Bank of Canada Credit Facility (3)	200,000		200,000
Bank of New York Mellon Credit Facility (4)	100,000		—
Total	$	874,000	$	746,000

(1)Interest is generally based at spreads over the Federal Funds Rate as defined in this master loan agreement.

(2)Interest is based on an annual alternative base rate or an adjusted London Interbank Offered Rate (“LIBOR”), as defined in this credit facility agreement.

(3)Interest is based on a rate per annum equal to LIBOR plus an applicable margin of 2.05%.

(4)Interest is based on a rate per annum equal to the Federal Funds Rate plus 2%.