Borrowings (Tables)

12 Months Ended

Nov. 30, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings

	November 30,
$ in thousands	2024	2023
Bank loans .....................................................................	$443,160	$989,715
Total short-term borrowings (1) ...............................	$443,160	$989,715

(1)Short-term borrowings, mature in one year or less and are recorded at cost,

which is a reasonable approximation of their fair values due to their liquid and

short-term nature.

Schedule of Maturities of Long-Term Debt

		November 30,
$ in thousands	Maturity (Fiscal Years)	2024	2023
Parent Co. unsecured borrowings
Fixed rate	2024	$—	$544,222
	2025	519,738	117,180
	2026	818,819	90,315
	2027	587,631	526,660
	2028	1,031,076	1,028,966
	2029	742,427	—
	2030 and Later	4,561,814	2,715,503
Variable rate	2025	—	350,000
	2026	41,230	42,417
	2027	570,432	562,833
	2029	1,311	—
	2030 and Later	850,273	810,761
Structured notes (1)	2024	—	48,002
	2025	157,638	40,868
	2026	114,308	36,178
	2027	97,758	83,306
	2028	77,781	19,768
	2029	316,139	4,206
	2030 and Later	1,587,721	1,476,115
Total Parent Co. unsecured borrowings (2) ..........................................................................................................................................		12,076,096	8,497,300
Subsidiaries secured borrowings
Fixed rate	2024	—	135,202
	2025	160,384	117,814
	2026	42,643	23,313
	2027	13,077	4,412
	2028	35,135	37,305
	2029	104,912	—
Variable rate	2024	—	883,406
	2026	792,400	—
	2027	274,026	—
Total Subsidiaries secured borrowings .................................................................................................................................................		1,422,577	1,201,452
Subsidiaries unsecured borrowings
Fixed rate	2029	4,310	—
	2030 and Later	1,347	—
Variable rate	2026	26,235	—
Total Subsidiaries unsecured borrowings .............................................................................................................................................		31,892	—
Total long-term debt (3) ..........................................................................................................................................................................		$13,530,565	$9,698,752
Fair value ....................................................................................................................................................................................................		$13,734,421	$9,572,842
Weighted-average interest rate (4) .......................................................................................................................................................		5.30%	5.52%
Interest rate range (4) ..............................................................................................................................................................................		0.00% - 7.66%	0.25% - 8.21%

(1)Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components

recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception

of certain of the structured notes would be classified as Level 2 in the fair value hierarchy.

(2)Carrying values of certain unsecured borrowings, totaling $2.04 billion and $1.99 billion for November 30, 2024 and November 30, 2023, respectively, include net losses

of $50.4 million and net gains of $21.6 million for the year ended November 30, 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 November 30, 2024 and 2023 our borrowings under

several credit facilities classified within Long-term debt amounted to $775.3 million and $735.2 million, respectively. Interest on these credit facilities is based on an

adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our

borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts,

certain credit and rating levels and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of

our subsidiaries. At November 30, 2024, we were in compliance with all covenants under theses credit agreements.

(4)Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships.