Collateralized Transactions

3 Months Ended

Feb. 28, 2025

Investments, Debt and Equity Securities [Abstract]

Note 8. Collateralized Transactions


	February 28, 2025
$ in millions	Securities Lending Arrangements	Repurchase Agreements	Obligation to Return Securities Received as Collateral, at Fair Value	Total
Collateral Pledged:
Corporate equity securities .....................	$1,979.7	$2,190.7	$257.7	$4,428.1
Corporate debt securities .....................	474.9	5,146.5	—	5,621.4
Mortgage-backed and asset-backed securities .....................	—	2,187.7	—	2,187.7
U.S. government and federal agency securities .....................	30.3	8,665.9	—	8,696.2
Municipal securities ........	—	228.3	—	228.3
Sovereign obligations .....	16.8	1,889.9	29.4	1,936.0
Loans and other receivables ..................	—	376.4	—	376.4
Total ..................................	$2,501.6	$20,685.4	$287.1	$23,474.1


	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


	February 28, 2025
$ in millions	Overnight and Continuous	Up to 30 Days	31-90 Days	Greater than 90 Days	Total
Securities lending arrangements ..............	$1,552.0	$138.4	$383.8	$427.4	$2,501.6
Repurchase agreements .	2,601.6	8,388.2	5,671.7	4,023.9	20,685.4
Obligation to return securities received as collateral, at fair value .............................	287.1	—	—	—	287.1
Total ...................................	$4,440.7	$8,526.6	$6,055.5	$4,451.3	$23,474.1


	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

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 February 28, 2025 and

November 30, 2024, the approximate fair value of securities

received as collateral by us that may be sold or repledged was

$44.15 billion and $37.63 billion, respectively. At February 28,

2025 and November 30, 2024, 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).


	February 28, 2025
$ 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 ...................................	$8,402.2	$—	$8,402.2	$(435.3)	$(1,804.9)	$6,162.0
Reverse repurchase agreements .........................................	15,146.3	(7,021.1)	8,125.2	(1,607.0)	(6,418.1)	100.1
Securities received as collateral, at fair value ...................	287.1	—	287.1	—	(287.1)	—
Liabilities:
Securities lending arrangements ........................................	$2,501.6	$—	$2,501.6	$(435.3)	$(1,999.0)	$67.3
Repurchase agreements .......................................................	20,685.4	(7,021.1)	13,664.3	(1,607.0)	(11,182.2)	875.1
Obligation to return securities received as collateral, at fair value .............................................................................	287.1	—	287.1	—	(287.1)	—


	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 (4)
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)	—

(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 $6.10 billion of securities borrowing arrangements, for which we have received securities collateral of $5.94 billion, and $815.0 million of repurchase

agreements, for which we have pledged securities collateral of $831.5 million, which are subject to master netting agreements, but we have not determined the

agreements to be legally enforceable.

(4)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.

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 millions	February 28, 2025	November 30, 2024
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ...................	$1,665.9	$1,132.6