Borrowings (Tables)

3 Months Ended

Feb. 28, 2025

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings

$ in thousands	February 28, 2025	November 30, 2024
Bank loans .....................................................................	$474,756	$443,160
Fixed rate callable note ...............................................	698,050	—
Total short-term borrowings (1) ...............................	$1,172,806	$443,160

(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

$ in thousands	Maturity (Fiscal Years)	February 28, 2025	November 30, 2024
Parent Co. unsecured borrowings
Fixed rate	2025	505,972	519,738
	2026	798,366	818,819
	2027	586,928	587,631
	2028	1,056,475	1,031,076
	2029	673,735	742,427
	2030 and Later	4,748,818	4,561,814
Variable rate	2025	350,000	—
	2026	40,405	41,230
	2027	574,959	570,432
	2029	1,311	1,311
	2030 and Later	852,851	850,273
Structured notes (1)	2025	152,123	157,638
	2026	121,951	114,308
	2027	97,529	97,758
	2028	97,399	77,781
	2029	329,635	316,139
	2030 and Later	1,756,860	1,587,721
Total Parent Co. unsecured borrowings (2) ..........................................................................................................................................		12,745,317	12,076,096
Subsidiaries secured borrowings
Fixed rate	2025	148,934	160,384
	2026	42,429	42,643
	2027	19,147	13,077
	2028	54,284	35,135
	2029	112,518	104,912
Variable rate	2026	836,010	792,400
	2027	274,152	274,026
Structured note (1) .......................................................................................................................................	2028	519,906	—
Total Subsidiaries secured borrowings .................................................................................................................................................		2,007,380	1,422,577
Subsidiaries unsecured borrowings
Fixed rate	2025	1,026	—
	2027	352	—
	2029	3,752	4,310
	2030 and Later	1,264	1,347
Variable rate	2026	26,462	26,235
Total Subsidiaries unsecured borrowings .............................................................................................................................................		32,856	31,892
Total long-term debt (3) ..........................................................................................................................................................................		$14,785,553	$13,530,565
Fair value ....................................................................................................................................................................................................		$14,933,050	$13,734,421
Weighted-average interest rate (4) .......................................................................................................................................................		5.52%	5.30%
Interest rate range (4) ..............................................................................................................................................................................		0.00% - 7.52%	0.00% - 7.66%

(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 $2.05 billion and $2.04 billion for February 28, 2025 and November 30, 2024, respectively, include net losses of

$6.7 million and $11.3 million for the three months ended February 28, 2025 and February 29, 2024, 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 February 28, 2025 and November 30, 2024 our

borrowings under several credit facilities classified within Long-term debt amounted to $1.18 billion and $775.3 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 February 28, 2025, 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.