Collateralized Transactions

12 Months Ended

Nov. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Collateralized Transactions

Note 8. Collateralized Transactions

Our repurchase agreements and securities borrowing and lending

arrangements are generally recorded at cost in our Consolidated

Statements of Financial Condition, which is a reasonable

approximation of their fair values due to their short-term nature.

We enter into secured borrowing and lending arrangements to

obtain collateral necessary to effect settlement, finance inventory

positions, meet customer needs or re-lend as part of our dealer

operations. We monitor the fair value of the securities loaned and

borrowed on a daily basis as compared to the related payable or

receivable, and request additional collateral or return excess

collateral, as appropriate. We pledge financial instruments as

collateral under repurchase agreements, securities lending

agreements and other secured arrangements, including clearing

arrangements. Our agreements with counterparties generally

contain contractual provisions allowing the counterparty the right

to sell or repledge the collateral. Pledged securities owned that

can be sold or repledged by the counterparty are included in

Financial instruments owned, at fair value and noted

parenthetically as Securities pledged in our Consolidated

Statements of Financial Condition.

In instances where we receive securities as collateral in

connection with securities-for-securities transactions in which we

are the lender of securities and are permitted to sell or repledge

the securities received as collateral, we report the fair value of

the collateral received and the related obligation to return the

collateral in our Consolidated Statements of Financial Condition.

	November 30, 2024
$ in millions	Securities Lending Arrangements	Repurchase Agreements	Obligation to Return Securities Received as Collateral, at Fair Value	Total
Collateral Pledged:
Corporate equity securities .....................	$2,059.8	$1,394.2	$3.9	$3,457.8
Corporate debt securities .....................	416.4	4,522.5	—	4,938.9
Mortgage-backed and asset-backed securities .....................	—	2,384.8	—	2,384.8
U.S. government and federal agency securities .....................	30.9	6,837.1	—	6,868.0
Municipal securities ........	—	212.1	—	212.1
Sovereign obligations .....	33.7	1,981.0	181.7	2,196.4
Loans and other receivables ..................	—	757.4	—	757.4
Total ..................................	$2,540.9	$18,088.9	$185.6	$20,815.4

	November 30, 2023
$ in millions	Securities Lending Arrangements	Repurchase Agreements	Obligation to Return Securities Received as Collateral, at Fair Value	Total
Collateral Pledged:
Corporate equity securities .....................	$1,221.4	$627.0	$4.4	$1,852.8
Corporate debt securities .....................	576.4	4,297.9	—	4,874.3
Mortgage-backed and asset-backed securities .....................	—	1,950.9	—	1,950.9
U.S. government and federal agency securities .....................	39.2	9,474.2	3.4	9,516.8
Municipal securities ........	—	141.1	—	141.1
Sovereign obligations .....	3.5	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

	November 30, 2024
$ in millions	Overnight and Continuous	Up to 30 Days	31-90 Days	Greater than 90 Days	Total
Securities lending arrangements ..............	$1,617.8	$154.3	$250.4	$518.4	$2,540.9
Repurchase agreements .	2,258.1	7,055.1	4,182.8	4,592.9	18,088.9
Obligation to return securities received as collateral, at fair value .............................	185.6	—	—	—	185.6
Total ...................................	$4,061.5	$7,209.4	$4,433.2	$5,111.2	$20,815.4

	November 30, 2023
$ in millions	Overnight and Continuous	Up to 30 Days	31-90 Days	Greater than 90 Days	Total
Securities lending arrangements ..............	$1,068.6	$—	$244.2	$527.7	$1,840.5
Repurchase agreements .	10,548.3	2,442.4	1,939.9	4,910.6	19,841.2
Obligation to return securities received as collateral, at fair value .............................	8.8	—	—	—	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 November 30, 2024 and 2023, the approximate fair value of

securities received as collateral by us that may be sold or repledged was $37.63 billion and $33.99 billion, respectively. At November 30,

2024 and 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).

The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and

securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized

in our Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements,

such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S.GAAP and (2) the

extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position.

	November 30, 2024
$ in millions	Gross Amounts	Netting in Consolidated Statements of Financial Condition	Net Amounts in Consolidated Statements of Financial Condition	Additional Amounts Available for Setoff (1)	Available Collateral (2)	Net Amount (3)
Assets:
Securities borrowing arrangements ...................................	$7,213.4	$—	$7,213.4	$(325.4)	$(1,537.3)	$5,350.7
Reverse repurchase agreements .........................................	11,930.7	(5,751.0)	6,179.7	(1,475.9)	(4,574.0)	129.8
Securities received as collateral, at fair value ...................	185.6	—	185.6	—	(185.6)	—
Liabilities:
Securities lending arrangements ........................................	$2,540.9	$—	$2,540.9	$(325.4)	$(2,091.4)	$124.1
Repurchase agreements .......................................................	18,088.9	(5,751.0)	12,337.9	(1,475.9)	(10,274.6)	587.4
Obligation to return securities received as collateral, at fair value .............................................................................	185.6	—	185.6	—	(185.6)	—

	November 30, 2023
$ in millions	Gross Amounts	Netting in Consolidated Statements of Financial Condition	Net Amounts in Consolidated Statements of Financial Condition	Additional 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 agreements .........................................	14,871.1	(8,920.6)	5,950.5	(1,304.0)	(4,582.6)	63.9
Securities received as collateral, at fair value ...................	8.8	—	8.8	—	(8.8)	—
Liabilities:
Securities lending arrangements ........................................	$1,840.5	$—	$1,840.5	$(327.7)	$(1,396.1)	$116.7
Repurchase agreements .......................................................	19,841.2	(8,920.6)	10,920.6	(1,304.0)	(9,035.4)	581.2
Obligation to return securities received as collateral, at fair value .............................................................................	8.8	—	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 $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase

agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the

agreements to be legally enforceable.

(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.

	November 30,
$ in thousands	2024	2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ...................	$1,132,612	$1,414,593