Jefferies Financial (JEF) 10-Q5 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Feb. 29, 2024	Mar. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2024
Document Transition Report	false
Entity File Number	1-05721
Entity Registrant Name	JEFFERIES FINANCIAL GROUP INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-2615557
Entity Address, Address Line One	520 Madison Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	284-2300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000096223
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		212,043,560
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Shares, par value $1 per share
Trading Symbol	JEF
Security Exchange Name	NYSE
4.850% Senior Notes Due 2027
Document Information [Line Items]
Title of 12(b) Security	4.850% Senior Notes Due 2027
Trading Symbol	JEF 27A
Security Exchange Name	NYSE
5.875% Senior Notes
Document Information [Line Items]
Title of 12(b) Security	5.875% Senior Notes Due 2028
Trading Symbol	JEF 28
Security Exchange Name	NYSE
2.750% Senior Notes Due 2032
Document Information [Line Items]
Title of 12(b) Security	2.750% Senior Notes Due 2032
Trading Symbol	JEF 32A
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($)	Feb. 29, 2024	Nov. 30, 2023
ASSETS
Cash and cash equivalents	$ 7,615,691,000	$ 8,526,363,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	1,195,346,000	1,414,593,000
Financial instruments owned, at fair value (includes securities pledged of $17,369,731 and $17,158,747)	23,211,546,000	21,747,473,000
Investments in and loans to related parties	1,267,570,000	1,239,345,000
Securities borrowed	6,789,055,000	7,192,091,000
Securities purchased under agreements to resell	7,546,785,000	5,950,549,000
Securities received as collateral, at fair value	110,897,000	8,800,000
Receivables:
Brokers, dealers and clearing organizations	3,008,327,000	2,380,732,000
Customers	1,860,124,000	1,705,425,000
Fees, interest and other	612,296,000	630,142,000
Premises and equipment	1,103,490,000	1,065,680,000
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	1,571,981,000	1,545,472,000
Goodwill	1,824,037,000	1,847,856,000
Other assets (includes assets pledged of $321,367 and $244,604)	3,215,855,000	2,650,640,000
Total assets	60,933,000,000	57,905,161,000
LIABILITIES AND EQUITY
Short-term borrowings	1,254,310,000	989,715,000
Financial instruments sold, not yet purchased, at fair value	12,043,950,000	11,251,154,000
Securities loaned	2,709,170,000	1,840,518,000
Securities sold under agreements to repurchase	11,596,778,000	10,920,606,000
Other secured financings (includes $3,965 and $3,898 at fair value)	1,429,753,000	1,430,199,000
Obligation to return securities received as collateral, at fair value	110,897,000	8,800,000
Payables:
Brokers, dealers and clearing organizations	3,947,779,000	3,737,810,000
Customers	4,202,162,000	3,960,557,000
Lease liabilities	533,761,000	544,650,000
Liabilities held for sale	1,146,802,000	1,173,648,000
Accrued expenses and other liabilities	2,172,485,000	2,546,211,000
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)	9,917,278,000	9,698,752,000
Total liabilities	51,065,125,000	48,102,620,000
MEZZANINE EQUITY
Redeemable noncontrolling interests	406,000	406,000
Equity [Abstract]
Preferred shares, par value of $1 per share, authorized 70,000 shares; 42,000 shares issued and outstanding; liquidation preference of $17,500 per share	42,000	42,000
Additional paid-in capital	2,026,584,000	2,044,859,000
Accumulated other comprehensive loss	(396,438,000)	(395,545,000)
Retained earnings	7,937,908,000	7,849,844,000
Total Jefferies Financial Group Inc. shareholders’ equity	9,780,097,000	9,709,827,000
Noncontrolling interests	87,372,000	92,308,000
Total equity	9,867,469,000	9,802,135,000
Total liabilities and equity	60,933,000,000	57,905,161,000
VIEs, primary beneficiary
Receivables:
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	25,600	181,900
Other assets (includes assets pledged of $321,367 and $244,604)	321,367,000	244,604,000
Nonvoting Common Stock
Equity [Abstract]
Common shares and Non-voting common shares	0	0
Voting Common Stock
Equity [Abstract]
Common shares and Non-voting common shares	$ 212,001,000	$ 210,627,000

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($)	Feb. 29, 2024	Nov. 30, 2023
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 126,340,000	$ 110,198,000
Financial instruments owned	23,211,546,000	21,747,473,000
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	1,571,981,000	1,545,472,000
Other assets (includes assets pledged of $321,367 and $244,604)	3,215,855,000	2,650,640,000
Other secured financings (includes $3,965 and $3,898 at fair value)	3,965,000	3,898,000
LIABILITIES AND EQUITY
Long-term debt	$ 1,751,772,000	$ 1,708,443,000
EQUITY
Preferred shares, par value (in dollars per share)	$ 1
Preferred shares, authorized (in shares)	70,000
Preferred shares, issued (in shares)	42,000
Preferred shares, outstanding (in shares)	42,000
Preferred shares, liquidation preference (in dollars per share)	$ 17,500
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	565,000,000	565,000,000
Common shares, issued after deducting shares held in treasury (in shares)	212,000,515	210,626,642
Common shares, outstanding after deducting shares held in treasury (in shares)	212,000,515	210,626,642
Treasury stock, shares (in shares)	109,122,708	110,491,428
Nonvoting Common Stock
EQUITY
Common shares, par value (in dollars per share)	$ 1
Common shares, authorized (in shares)	35,000,000
Common shares, issued after deducting shares held in treasury (in shares)	0
Common shares, outstanding after deducting shares held in treasury (in shares)	0
VIEs, primary beneficiary
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	$ 25,600	$ 181,900
Other assets (includes assets pledged of $321,367 and $244,604)	321,367,000	244,604,000
Asset Pledged as Collateral
Financial instruments owned	$ 17,369,731,000	$ 17,158,747,000

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Revenues
Revenues	$ 2,551,942	$ 1,780,564
Interest expense	813,739	497,072
Net revenues	1,738,203	1,283,492
Non-interest expenses
Compensation and benefits	926,871	703,058
Floor brokerage and clearing fees	109,670	80,474
Underwriting costs	18,484	13,207
Technology and communications	137,512	113,385
Occupancy and equipment rental	28,153	27,315
Business development	57,651	36,838
Professional services	77,844	62,161
Depreciation and amortization	43,202	33,292
Cost of sales	34,671	2,168
Other expenses	83,903	53,576
Total non-interest expenses	1,517,961	1,125,474
Earnings from continuing operations before income taxes	220,242	158,018
Income tax expense	55,959	28,694
Net earnings from continuing operations	164,283	129,324
Net losses from discontinued operations, net of income tax benefit of $3,003	(7,891)	0
Net earnings	156,392	129,324
Net losses attributable to noncontrolling interests	(7,438)	(6,055)
Net losses attributable to redeemable noncontrolling interests	0	(256)
Preferred stock dividends	14,189	2,016
Net earnings attributable to common shareholders	$ 149,641	$ 133,619
Earnings (losses) per common share:
Basic (in USD per share)	$ 0.68	$ 0.56
Diluted (in USD per share)	$ 0.66	$ 0.54
Investment banking
Revenues
Revenues	$ 679,065	$ 502,798
Principal transactions
Revenues
Revenues	640,736	497,246
Commissions and other fees
Revenues
Revenues	245,543	213,270
Asset management fees and revenues
Revenues
Revenues	50,372	38,986
Interest
Revenues
Revenues	819,489	531,385
Other
Revenues
Revenues	$ 116,737	$ (3,121)

CONSOLIDATED STATEMENTS OF EA_2

CONSOLIDATED STATEMENTS OF EARNINGS - (Parenthetical) $ in Thousands	3 Months Ended
	Feb. 29, 2024 USD ($)
Income Statement [Abstract]
Income tax benefit, discontinued operations	$ 3,003

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2024	Feb. 28, 2023
Statement of Comprehensive Income [Abstract]
Net earnings		$ 156,392	$ 129,324
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other	[1]	(99)	10,216
Changes in instrument specific credit risk	[2]	(2,752)	(52,153)
Unrealized gains (losses) on available-for-sale securities		1,958	251
Total other comprehensive income (loss), net of tax	[3]	(893)	(41,686)
Comprehensive income		155,499	87,638
Net losses attributable to noncontrolling interests		(7,438)	(6,055)
Net losses attributable to redeemable noncontrolling interests		0	(256)
Preferred stock dividends		14,189	2,016
Comprehensive income attributable to common shareholders		$ 148,748	$ 91,933

[1] Includes income tax benefit (expense) of $14 thousand and $(13.6) million during the three months ended February 29, 2024 and February 28, 2023, respectively. Includes income tax benefit of $1.2 million and $19.2 million during the three months ended February 29, 2024 and February 28, 2023, respectively. Refer to Note 17, Total Equity for additional information related to fair value changes related to instrument specific-credit risk, which were reclassified to Principal transactions revenues in our Consolidated Statements of Earnings. None of the components of other comprehensive income (loss) are attributable to noncontrolling interests, redeemable noncontrolling interest or preferred stock dividends.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustments and other, tax expenseds	$ 14	$ (13,600)
Changes in instrument specific credit risk, tax benefits (expenses)	$ 1,200	$ 19,200

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total		Total Jefferies Financial Group Inc. shareholders’ equity	Preferred Stock	Common Stock	Common Stock Conversion Of Preferred Shares To Common Shares	Member's paid-in capital	Member's paid-in capital Conversion Of Preferred Shares To Common Shares	Total accumulated other comprehensive loss, net of tax	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling interests
Balance, beginning of period at Nov. 30, 2022				$ 0	$ 226,130		$ 1,967,781		$ (379,419)	$ 8,418,354		$ 62,633
Increase (Decrease) in Stockholders' Equity
Conversion of shares						$ 4,654		$ 120,346
Share-based compensation expense							13,726
Change in fair value of redeemable noncontrolling interests							(192)
Purchase of common shares for treasury					(2,574)		(95,278)
Dividend equivalents							10,852
Change in equity interest related to Vitesse Energy, Inc.							(5,705)					6,307
Other					5,318		676			58		(398)
Other comprehensive income (loss), net of tax	$ (41,686)	[1]							(41,686)
Net earnings attributable to Jefferies Financial Group Inc.										133,619
Dividends - common shares ($0.30 and $0.30)										(79,621)
Net earnings attributable to members	129,324											(6,055)
Distribution of Vitesse Energy, Inc.										(526,964)
Contributions												20,573
Distributions												(31,433)
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest												4,558
Balance, end of period at Feb. 28, 2023	$ 9,811,429		$ 9,755,244	0	233,528		2,012,206		(421,105)	7,930,615	$ (14,831)	56,185
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Balance, beginning of period at Nov. 30, 2023	$ 9,802,135			42	210,627		2,044,859		(395,545)	7,849,844		92,308
Increase (Decrease) in Stockholders' Equity
Conversion of shares				42	(21,000)		52,400
Share-based compensation expense							20,215
Purchase of common shares for treasury					(1,067)		(41,966)
Dividend equivalents							4,754
Other					2,441		(1,278)			(459)		312
Other comprehensive income (loss), net of tax	(893)	[1]							(893)
Net earnings attributable to Jefferies Financial Group Inc.										163,830
Dividends - common shares ($0.30 and $0.30)										(68,363)
Dividends - preferred shares	6,300									6,300
Net earnings attributable to members	156,392											(7,438)
Distribution of Vitesse Energy, Inc.										0
Contributions												9,316
Distributions												(7,126)
Balance, end of period at Feb. 29, 2024	$ 9,867,469		$ 9,780,097	$ 42	$ 212,001		$ 2,026,584		$ (396,438)	$ 7,937,908	$ (644)	$ 87,372
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]

[1] None of the components of other comprehensive income (loss) are attributable to noncontrolling interests, redeemable noncontrolling interest or preferred stock dividends.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Dividends per common share (in dollars per share)	$ 0.30	$ 0.30
Preferred Stock
Callable preferred shares (in shares)	(42,000)
Conversion of shares	$ 42
Preferred Stock \| Conversion Of Preferred Shares To Common Shares
Callable preferred shares (in shares)	(125,000)
Common Stock
Callable preferred shares (in shares)	(21,000,000)
Conversion of shares	$ (21,000)
Common Stock \| Conversion Of Preferred Shares To Common Shares
Conversion of shares		$ 4,654
Noncontrolling interests
Distributions	$ (7,126)	(31,433)
Change in equity interest related to Vitesse Energy, Inc.		$ 6,307

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Cash flows from operating activities:
Net earnings	$ 156,392	$ 129,324
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	44,199	33,585
Share-based compensation	20,215	13,726
Net bad debt expense	39,712	11,683
Loss (income) on investments and loans to related parties	(8,692)	63,987
Distributions received on investments in related parties	855	1,111
Other adjustments	75,411	(21,842)
Receivables:
Brokers, dealers and clearing organizations	(629,142)	10,609
Customers	(155,699)	(228,283)
Fees, interest and other	(11,191)	20,908
Securities borrowed	401,010	(1,786,916)
Financial instruments owned	(1,492,492)	(2,412,901)
Securities purchased under agreements to resell	(1,604,900)	1,170,236
Other assets	(504,938)	(690,596)
Payables:
Brokers, dealers and clearing organizations	212,200	286,114
Customers	241,605	712,675
Securities loaned	870,714	183,887
Financial instruments sold, not yet purchased	801,138	(20,461)
Securities sold under agreements to repurchase	684,917	1,478,595
Lease liabilities	(27,895)	(10,440)
Accrued expenses and other liabilities	(371,040)	(763,849)
Net cash used in operating activities from continuing operations	(1,257,621)	(1,818,848)
Net cash used in operating activities from discontinued operations	(45,282)	0
Cash flows from investing activities:
Contributions to investments in and loans to related parties	(47,751)	(10,677)
Capital distributions from investments and repayments of loans from related parties	4,977	17,055
Originations and purchases of automobile loans, notes and other receivables	(89,540)	(99,127)
Principal collections of automobile loans, notes and other receivables	83,268	81,808
Net payments on premises and equipment	(96,241)	(25,152)
Net cash used in investing activities from continuing operations	(145,287)	(36,093)
Cash flows from financing activities:
Proceeds from short-term borrowings	847,000	941,000
Payments on short-term borrowings	(568,739)	(993,000)
Proceeds from issuance of long-term debt, net of issuance costs	359,380	125,180
Repayment of long-term debt	(317,794)	(235,766)
Purchase of common shares for treasury	(43,033)	(50,863)
Dividends paid to common and preferred shareholders	(69,909)	(68,769)
Net proceeds from (payments on) other secured financings	124,715	(6,173)
Net change in bank overdrafts	(13,609)	1,372
Proceeds from contributions of noncontrolling interests	9,316	5
Payments on distributions to noncontrolling interests	(7,126)	0
Other	704	5,376
Net cash provided by (used in) financing activities from continuing operations	320,905	(281,638)
Net cash used in financing activities from discontinued operations	(3,297)	0
Supplemental Cash Flow Elements [Abstract]
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,683)	1,682
Net decrease in cash, cash equivalents and restricted cash	(1,132,265)	(2,134,897)
Net decrease in cash, cash equivalents and restricted cash classified within Assets Held for Sale	(13,796)	0
Cash, cash equivalents and restricted cash at beginning of period	9,830,758	10,707,244
Cash, cash equivalents and restricted cash at end of period	8,684,697	8,572,347
Cash paid during the period for
Interest	839,475	493,004
Income taxes, net	25,927	9,535
Non cash investing activity, relating to acquisition	30,600
Purchases of common shares	1,200	47,000
Dividend distributions	527,000	$ 31,400
Conversion of preferred shares to common shares	$ 125,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 7,615,691	$ 8,526,363
Cash on deposit for regulatory purposes with clearing and depository organizations	1,069,006	1,304,395
Total cash, cash equivalents and restricted cash	$ 8,684,697	$ 9,830,758

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Feb. 29, 2024
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Jefferies Financial Group Inc. is a U.S.-headquartered global full service, integrated investment banking and capital markets firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together, the “Company,” “we” or “us”). We, collectively with our consolidated subsidiaries and through our affiliates, deliver a broad range of financial services across investment banking, capital markets and asset management. We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients across most industry sectors. We operate globally in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture (“JFIN Parent LLC” or “Jefferies Finance”), our commercial real estate joint venture (“Berkadia Commercial Holding LLC” or “Berkadia”) and our automobile lending and servicing activities. The Asset Management reportable business segment provides alternative investment management services to investors in the U.S. and overseas and generates investment income from capital invested in and managed by us or our affiliated asset managers. On January 13, 2023, our consolidated subsidiary, Vitesse Energy, Inc. (“Vitesse Energy”), issued shares measured at a total consideration of $30.6 million in exchange for acquiring all of the outstanding capital interests of Vitesse Oil, LLC (“Vitesse Oil”). Prior to the acquisition, Vitesse Oil was controlled by Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), which are private equity funds managed by a team led by our President. Simultaneously, we distributed all of our ownership interests in Vitesse Energy on a tax-free pro rata basis to all of our shareholders, resulting in a distribution of capital of $527.0 million. The distribution of Vitesse Energy resulted in a reduction at the time of spin-off of Total assets of $699.5 million, Total liabilities of $141.1 million and Total equity of $558.4 million inclusive of the distribution of capital to noncontrolling interest holders. During the fourth quarter of 2023, we acquired Stratos Group International (“Stratos”) (formerly FXCM Group, LLC, or “FXCM”) and OpNet S.p.A. (“OpNet,” formerly known as “Linkem”), which are now consolidated subsidiaries. In November 2023, we entered into an agreement to sell all of our membership interests in Foursight Capital LLC (“Foursight”) and closed on the sale of our interests in April 2024. In February 2024, we entered into an agreement to sell the wholesale operations of OpNet S.p.A. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2023. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2023 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in our consolidated financial statements for interim periods are not necessarily indicative of the results for the entire year. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (losses) attributable to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights. Intercompany accounts and transactions are eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Feb. 29, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023. During the three months ended February 29, 2024, there were no significant changes made to the Company’s significant accounting policies.

Accounting Developments

Accounting Developments	3 Months Ended
Accounting Developments	Feb. 29, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Developments	Accounting Developments Accounting Standards to be Adopted in Future Periods Segment Reporting . In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures. Income Taxes . In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Adopted Accounting Standards Reference Rate Reform . The FASB has issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023. Financial Instruments - Credit Losses . In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset’s entire life, recorded at inception or purchase. On January 1, 2023, Berkadia, our equity method investee, adopted this guidance and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on January 1, 2023, the new accounting guidance’s adoption resulted in a decrease in retained earnings of $14.8 million, net of tax attributable to an increase in the allowance for credit losses. Our equity method investee, Jefferies Finance, adopted the guidance on December 1, 2023, and the impact on our consolidated financial statements was not material.

Business Acquisitions

Business Acquisitions	3 Months Ended
Business Acquisitions	Feb. 29, 2024
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions We acquired Stratos and OpNet during the fourth quarter of 2023. Stratos is a global provider of online foreign exchange services. OpNet is a fixed wireless broadband service provider in Italy and also owns 59.3% of the common shares of Tessellis S.p.A. (“Tessellis”), a telecommunications company publicly listed on the Italian stock exchange. These transactions have been accounted for under the acquisition method of accounting which requires that the assets acquired, including identifiable intangible assets, and liabilities assumed to be recognized at their respective fair values as of the acquisition date. A statement of the fair value of assets acquired and liabilities assumed on the acquisition dates are presented below (in thousands): Stratos OpNet Total Cash and cash equivalents $ 83,006 $ 7,875 $ 90,881 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 124,306 — 124,306 Financial instruments owned, at fair value 53,028 — 53,028 Investments in and loans to related parties — 6,644 6,644 Receivables: Brokers, dealers and clearing organizations 113,750 — 113,750 Fees, interest and other 4,745 14,728 19,473 Property and equipment, net 31,830 111,458 143,288 Goodwill (1) 5,463 127,051 132,514 Assets held for sale (2) — 578,820 578,820 Other assets (3) 31,135 98,278 129,413 Total assets acquired $ 447,263 $ 944,854 $ 1,392,117 Financial instruments sold, net yet purchased, at fair value $ 31,293 $ — $ 31,293 Payables: Brokers, dealers and clearing organizations 236 — 236 Customers payables 297,494 — 297,494 Short-term borrowings — 7,137 7,137 Lease liabilities 9,308 23,040 32,348 Liabilities held for sale (2) — 303,447 303,447 Accrued expenses and other liabilities 18,011 176,308 194,319 Long-term debt — 75,437 75,437 Total liabilities assumed $ 356,342 $ 585,369 $ 941,711 Net assets acquired $ 90,921 $ 359,485 $ 450,406 Noncontrolling interests $ — $ 42,168 $ 42,168 (1) All goodwill is attributed to the Asset Management reportable segment. (2) Relates to the net operating assets of the wholesale operations of OpNet. (3) Includes intangible assets acquired as part of the OpNet acquisition in the form of purchased technology, trademarks and trade names, and customer relationships. These intangible assets are being amortized over a finite life of up to 20 years. Measurement Period Adjustments The estimated purchase price allocation disclosed as of November 30, 2023 for OpNet was revised during the measurement period as new information was received and analyzed resulting in an increase in Intangible assets of $39.3 million, a decrease in Property and equipment of $12.3 million, and a decrease in Goodwill of $27.0 million. Stratos We have historically held a 49.9% voting interest in Stratos. In March 2023, certain noteholders of Global Brokerage Inc. (“GLBR”) filed an involuntary bankruptcy petition against GLBR and its subsidiary, Global Brokerage Holdings LLC (“Holdings”), which holds a 50.1% voting equity interest in Stratos. On September 14, 2023, we completed a foreclosure on the collateral that GLBR had pledged to secure its obligations under a credit facility, which consisted of GLBR’s equity interest in Stratos. As a result of the foreclosure, we own 100% of the outstanding interests of Stratos; and Stratos has become a consolidated subsidiary. In connection with the acquisition of the additional 50.1% interests in Stratos, we extinguished our senior secured term loan to Stratos of $39.2 million and recognized a gain of $5.6 million, which is reflected in Principal transactions revenues. Upon the acquisition, we remeasured our previously existing 49.9% interest at fair value and recognized a loss of $4.7 million, in Other revenues, representing the excess of the carrying value of the 49.9% interest of our $47.9 million equity method investment over its fair value at the date of acquisition. The fair value of the previously existing equity interest was measured using an income approach based on estimates of future expected cash flows applying a risk-adjusted discount rate of 24.5%. Critical estimates to derive future expected cash flows includes the use of projected revenues and expenses, applicable tax rates and depreciation factors with the risk-adjusted discount rate based upon an estimated weighted average cost of capital for the acquired business. No consideration, other than the nonmonetary exchange of our senior secured term loan, was transferred in connection with the foreclosure, which resulted in us obtaining 100% ownership of the outstanding interests of Stratos. In applying acquisition accounting, we estimated the overall enterprise fair value of Stratos consistent with the methodology utilized to fair value our previously existing 49.9% equity interest. The enterprise fair value was allocated based on the fair values of the acquired assets and assumed liabilities resulting in a gain of $0.9 million and goodwill of $5.5 million. The results of Stratos’ operations have been included in our Consolidated Statements of Earnings from the date of acquisition on September 14, 2023. OpNet We own 47.4% of the common shares and 50.0% of the voting rights of OpNet and various classes of convertible preferred stock issued by OpNet (the “preferred shares”). On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares and, as a result, we will obtain control of OpNet. Upon the conversion, we will hold in excess of 50.0% of OpNet’s common shares and the aggregate voting rights over OpNet. Additionally, during the first quarter of 2024, we exchanged €115.1 million of our shareholder loans for additional preferred shares and also subscribed to additional preferred shares of €25.0 million at a price per share of €10.00. OpNet has been considered to be a variable interest entity and we have determined that we are the primary beneficiary of OpNet Accordingly, we consolidate OpNet and the assets and liabilities of OpNet are included in our consolidated financial statements. The initial consolidation of OpNet was accounted for under the acquisition method of accounting and we remeasured our previously existing interests at fair value and recognized a gain of $115.8 million, representing the excess of the fair value of our previously existing interests over the carrying value of our investment of $201.6 million. The fair value of the previously existing interests was measured based on an estimate of what could be recognized in a sale transaction for certain net operating assets of OpNet which have been classified as held for sale and OpNet’s percentage ownership of Tessellis common shares based on the publicly listed exchange price of Tessellis on November 30, 2023. No consideration was transferred in connection with the consolidation.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	3 Months Ended
Assets Held for Sale and Discontinued Operations	Feb. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations Foursight On November 20, 2023, we entered into an agreement to sell all of our membership interests in Foursight. Assets held for sale are recorded initially at the lower of its carrying value or its estimated fair value, less estimated costs to sell. Upon designation as an asset held-for-sale, we discontinue recording depreciation expense on such asset. At February 29, 2024 and November 30, 2023, the assets and liabilities of Foursight have been classified as held for sale and consist of the following major classes of assets and liabilities (in thousands): February 29, 2024 November 30, 2023 Assets held for sale: Cash and cash equivalents $ 8,309 $ 3,555 Other receivables 1,819 1,478 Premises and equipment, net 1,109 1,175 Operating lease assets 7,443 7,635 Goodwill (1) 24,000 24,000 Other assets (2) 929,075 928,808 Total assets held for sale $ 971,755 $ 966,651 Liabilities held for sale: Other secured financings $ 830,258 $ 700,615 Lease liabilities 8,631 8,821 Accrued expenses and other liabilities 10,340 11,503 Long-term debt 21,298 149,262 Total liabilities held for sale $ 870,527 $ 870,201 (1) Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale. (2) Includes $842.6 million and $850.8 million of automobile loan receivables and $51.2 million and $42.1 million at February 29, 2024 and November 30, 2024, respectively, in deposits required under Foursight’s warehouse credit facilities and amounts collected on pledged automobile loan receivables yet to be distributed. In April 2024, we sold our membership interests in Foursight for a purchase price of $115.0 million, subject to purchase price adjustments. OpNet We have classified certain net operating assets of OpNet as held for sale in our Consolidated Statements of Financial Condition. The net operating assets that are classified as held for sale are recognized at their estimated fair values pursuant to the step-acquisition accounting related to our interests in OpNet. Refer to Note 4, Business Acquisitions for further information. The major components of the held for sale assets and liabilities in the disposal group primarily consist of intangible assets relating to radio frequency networks, customer relationships and other branding rights. The liabilities held for sale consist primarily of OpNet’s outstanding publicly listed notes. The fair value of the intangible assets is based on the estimated sale price of the disposal group and the fair value of the publicly listed notes are based on observations of quoted transaction prices. Effective with the designation of the disposal group as held for sale, we suspended recording depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets while these assets are classified as held for sale. In February 2024, we agreed to sell substantially all of OpNet’s wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. (“CKH”). Under the terms of this sale agreement, the total consideration will be €485 million, subject to certain adjustments. This sale is subject to regulatory approvals and is anticipated to close in the second or third quarter of 2024.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
Fair Value Disclosures	Feb. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $1.25 billion and $1.21 billion at February 29, 2024 and November 30, 2023, respectively, by level within the fair value hierarchy (in thousands): February 29, 2024 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 5,507,909 $ 340,379 $ 173,214 $ — $ 6,021,502 Corporate debt securities — 5,809,579 35,335 — 5,844,914 Collateralized debt obligations and collateralized loan obligations — 782,391 69,367 — 851,758 U.S. government and federal agency securities 2,990,863 107,066 — — 3,097,929 Municipal securities — 275,217 — — 275,217 Sovereign obligations 887,739 651,353 — — 1,539,092 Residential mortgage-backed securities — 1,448,311 684 — 1,448,995 Commercial mortgage-backed securities — 318,198 473 — 318,671 Other asset-backed securities — 140,520 102,256 — 242,776 Loans and other receivables — 1,429,594 78,885 — 1,508,479 Derivatives 310 2,898,300 7,019 (2,213,583) 692,046 Investments at fair value — 6 121,764 — 121,770 Total financial instruments owned, excluding Investments at fair value based on NAV $ 9,386,821 $ 14,200,914 $ 588,997 $ (2,213,583) $ 21,963,149 Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 126,340 $ — $ — $ — $ 126,340 Securities received as collateral 110,897 — — — 110,897 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,954,918 $ 86,820 $ 675 $ — $ 3,042,413 Corporate debt securities — 3,631,375 124 — 3,631,499 Collateralized debt obligations and collateralized loan obligations — 672 — — 672 U.S. government and federal agency securities 2,348,603 — — — 2,348,603 Sovereign obligations 1,091,150 614,857 — — 1,706,007 Commercial mortgage-backed securities — — 944 — 944 Loans — 86,293 1,466 — 87,759 Derivatives 390 3,133,838 59,108 (1,967,283) 1,226,053 Total financial instruments sold, not yet purchased $ 6,395,061 $ 7,553,855 $ 62,317 $ (1,967,283) $ 12,043,950 Other secured financings $ — $ — $ 3,965 $ — $ 3,965 Obligation to return securities received as collateral 110,897 — — — 110,897 Long-term debt — 972,243 779,529 — 1,751,772 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2023 (1) Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 3,831,698 $ 211,182 $ 181,294 $ — $ 4,224,174 Corporate debt securities — 4,921,222 26,112 — 4,947,334 Collateralized debt obligations and collateralized loan obligations — 869,246 64,862 — 934,108 U.S. government and federal agency securities 3,563,164 65,566 — — 3,628,730 Municipal securities — 223,502 — — 223,502 Sovereign obligations 1,051,494 609,452 — — 1,660,946 Residential mortgage-backed securities — 2,048,309 20,871 — 2,069,180 Commercial mortgage-backed securities — 344,902 508 — 345,410 Other asset-backed securities — 255,048 117,661 — 372,709 Loans and other receivables — 1,320,217 130,101 — 1,450,318 Derivatives 314 3,649,814 8,336 (3,107,620) 550,844 Investments at fair value — — 130,835 — 130,835 Total financial instruments owned, excluding Investments at fair value based on NAV $ 8,446,670 $ 14,518,460 $ 680,580 $ (3,107,620) $ 20,538,090 Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 110,198 $ — $ — $ — $ 110,198 Securities received as collateral 8,800 — — — 8,800 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,235,049 $ 83,180 $ 676 $ — $ 2,318,905 Corporate debt securities — 2,842,776 124 — 2,842,900 Collateralized debt obligations and collateralized loan obligations — 36 — — 36 U.S. government and federal agency securities 2,957,787 — — — 2,957,787 Sovereign obligations 1,229,795 579,302 — — 1,809,097 Residential mortgage-backed securities — 463 — — 463 Commercial mortgage-backed securities — — 840 — 840 Loans — 173,828 1,521 — 175,349 Derivatives 54 3,851,004 59,291 (2,764,572) 1,145,777 Total financial instruments sold, not yet purchased $ 6,422,685 $ 7,530,589 $ 62,452 $ (2,764,572) $ 11,251,154 Other secured financings $ — $ — $ 3,898 $ — $ 3,898 Obligation to return securities received as collateral 8,800 — — — 8,800 Long-term debt — 963,846 744,597 — 1,708,443 (1) Excludes amounts for financial instruments reclassified to Assets held for sale and Liabilities held for sale. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. For a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis refer to our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023. Investments at Fair Value Investments at fair value includes investments in hedge funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples ( e.g. , price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands): February 29, 2024 Fair Value (1) Unfunded Redemption Frequency Redemption Notice Period Equity Long/Short Hedge Funds (2) $ 316,630 $ — Quarterly (64%) Monthly (36%) 60 - 90 days 60 days Equity Funds (3) 50,224 36,468 N/R (100%) N/R Commodity Funds (4) 20,964 — Quarterly (100%) 60 days Multi-asset Funds (5) 349,971 — Monthly (83%) Quarterly (14%) N/R (3%) 60 days 90 days N/R Other Funds (6) 510,608 131,985 Quarterly (65%) N/R (35%) 90 days N/R Total $ 1,248,397 $ 168,453 November 30, 2023 Fair Value (1) Unfunded Redemption Redemption Equity Long/Short Hedge Funds (2) $ 341,530 $ — Quarterly (57%) N/R (43%) 60 - 90 days N/R Equity Funds (3) 55,701 37,534 N/R (100%) N/R Commodity Funds (4) 21,747 — Quarterly (100%) 60 days Multi-asset Funds (5) 357,445 — Monthly (83%) Quarterly (13%) N/R (4%) 60 days 90 days N/R Other Funds (6) 432,960 132,662 Quarterly (75%) N/R (25%) 90 days N/R Total $ 1,209,383 $ 170,196 N/R - Not redeemable (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2) Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. The investments that cannot be redeemed at November 30, 2023, are not redeemable because these investments include restrictions that do not allow for redemption before November 30, 2023 or August 31, 2025. (3) Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one (4) Includes investments in a hedge fund that invests, long and short, primarily in commodities. (5) Includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. The investments that cannot be redeemed at February 29, 2024 and November 30, 2023 are not redeemable because these investments include restrictions that do not allow for redemption before April 1, 2024. (6) Primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types. Level 3 Rollforwards The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 29, 2024 (in thousands): Three Months Ended February 29, 2024 Balance at November 30, 2023 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at February 29, 2024 For instruments still held at February 29, 2024, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 181,294 $ (197) $ 167 $ (265) $ — $ — $ (7,785) $ 173,214 $ (158) $ — Corporate debt securities 26,112 846 20,437 (513) (200) — (11,347) 35,335 801 — CDOs and CLOs 64,862 11,121 16,997 (13,836) (9,539) — (238) 69,367 1,355 — RMBS 20,871 (202) — — (5,360) — (14,625) 684 32 — CMBS 508 (35) — — — — — 473 (64) — Other ABS 117,661 (3,165) 11,686 (17,650) (5,834) — (442) 102,256 (1,468) — Loans and other receivables 130,101 (15,592) 5,477 (24,382) (3,007) — (13,712) 78,885 (17,991) — Investments at fair value 130,835 (10,691) 1,627 — — — (7) 121,764 (10,691) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 676 $ (7) $ — $ 6 $ — $ — $ — $ 675 $ 7 $ — Corporate debt securities 124 — — — — — — 124 — — CMBS 840 — (245) 350 — — (1) 944 — — Loans 1,521 (54) (81) — — — 80 1,466 (183) — Net derivatives (2) 50,955 (4,833) — 245 — — 5,722 52,089 4,340 — Other secured financings 3,898 4,482 — — (4,415) — — 3,965 (4,482) — Long-term debt 744,597 12,284 — — — 21,456 1,192 779,529 (14,477) 2,193 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended February 29, 2024 During the three months ended February 29, 2024, transfers of assets of $11.2 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Loan and other receivables of $6.5 million, Other ABS of $1.7 million, Corporate debt securities of $1.7 million and Corporate equity securities of $1.3 million due to reduced pricing transparency. During the three months ended February 29, 2024, transfers of assets of $59.4 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Loans and other receivables of $20.2 million, RMBS of $14.6 million, Corporate debt securities of $13.0 million, Corporate equity securities of $9.1 million and Other ABS of $2.2 million due to greater pricing transparency supporting classification into Level 2. During the three months ended February 29, 2024, transfers of liabilities of $31.6 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $16.1 million and Net derivatives of $15.4 million due to reduced market and pricing transparency. During the three months ended February 29, 2024, transfers of liabilities of $24.6 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $14.9 million and Net derivatives of $9.7 million due to greater pricing and market transparency. Net losses on Level 3 assets were $17.9 million and net losses on Level 3 liabilities were $11.9 million for the three months ended February 29, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, Investments at fair value and Other ABS, partially offset by increased valuations of CDOs and CLOs. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt and Other secured financings, partially offset by decreases in certain derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2023 (in thousands): Three Months Ended February 28, 2023 Balance at November 30, 2022 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at February 28, 2023 For instruments still held at February 28, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 240,347 $ 17,688 $ — $ (297) $ — $ — $ 3,896 $ 261,634 $ 17,648 $ — Corporate debt securities 30,232 (1,715) 3,147 (7,305) (200) — 17,634 41,793 (1,834) — CDOs and CLOs 55,824 4,810 36,441 (15,666) (8,971) — — 72,438 (2,985) — RMBS 27,617 (3,605) — — (25) — — 23,987 (2,868) — CMBS 839 (353) — — — — — 486 (356) — Other ABS 94,677 (2,940) 13,740 — (5,959) — 910 100,428 (1,716) — Loans and other receivables 168,875 446 3,267 (10,160) (8) — (13,747) 148,673 38 — Investments at fair value 161,992 (2,636) 5,637 (2,420) (4,710) — — 157,863 (2,636) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 750 $ (135) $ — $ 13 $ — $ — $ — $ 628 $ 135 $ — Corporate debt securities 500 (28) (187) — — — — 285 28 — CMBS 490 — — 35 — — — 525 525 — Loans 3,164 120 (211) — — — (28) 3,045 (199) — Net derivatives (2) 59,524 9,713 — 127 (537) — 18,504 87,331 (10,352) — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 661,123 19,877 — — — 203 2,495 683,698 15,593 (35,470) (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended February 28, 2023 During the three months ended February 28, 2023, transfers of assets of $39.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Corporate debt securities of $17.7 million, Loans and other receivables of $13.9 million, Corporate equity securities of $4.3 million and Other ABS of $3.9 million due to reduced pricing transparency. During the three months ended February 28, 2023, transfers of assets of $31.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Loans and other receivables of $27.7 million and Other ABS of $3.0 million due to greater pricing transparency supporting classification into Level 2. During the three months ended February 28, 2023, transfers of liabilities of $58.2 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Net derivatives of $34.1 million and structured notes within Long-term debt of $24.1 million due to reduced market and pricing transparency. During the three months ended February 28, 2023, transfers of liabilities of $37.2 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $21.6 million and net derivatives of $15.6 million due to greater pricing and market transparency. Net gains on Level 3 assets were $11.7 million and net losses on Level 3 liabilities were $29.5 million for the three months ended February 28, 2023. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities and CDOs and CLOs, partially offset by decreases in RMBS, Other ABS, Investments at fair value and Corporate debt securities. Net losses on Level 3 liabilities were primarily due to decreased valuations of structured notes within Long-term debt and certain derivatives. Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements at February 29, 2024 and November 30, 2023 The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument ( i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period. February 29, 2024 Financial Instruments Owned: Fair Value Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Corporate equity securities $ 173,214 Non-exchange-traded securities Market approach Price $0 - $325 $61 Corporate debt securities $ 35,335 Scenario analysis Estimated recovery percentage 4% — Market approach Price $42 - $102 $85 CDOs and CLOs $ 54,253 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 30% — Discount rate/yield 13 % - 23% 19% Market approach Price $51 - $106 $92 Other ABS $ 88,370 Discounted cash flows Discount rate/yield 9 % - 20% 17% Cumulative loss rate 9 % - 32% 26% Duration (years) 0.9 - 2.2 1.7 Market approach Price $100 — Loans and other receivables $ 73,810 Market approach Price $34 - $125 $84 Scenario analysis Estimated recovery percentage 7 % - 100% 66% Derivatives $ 3,393 Equity options Volatility benchmarking Volatility 64.5 — Investments at fair value $ 117,620 Private equity securities Market approach Price $1 - $7,760 $565 Discount rate/yield 28% — Revenue $30,393,087 — Financial Instruments Sold, Not Yet Purchased: Corporate debt securities $ 124 Scenario analysis Estimated recovery percentage 4% — Derivatives $ 57,337 Equity options Volatility benchmarking Volatility 31.8 - 112.5 47.6 Embedded options Market approach Basis points upfront 0.2 - 24.3 16.2 Other secured financings $ 3,965 Scenario analysis Estimated recovery percentage 60 % - 100% 93% Long-term debt $ 779,529 Structured notes Market approach Price $58 - $117 $83 Price €65 - €105 €87 November 30, 2023 Financial Instruments Owned: Fair Value Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Corporate equity securities $ 181,294 Non-exchange-traded securities Market approach Price $0 - $325 $59 Corporate debt securities $ 26,112 Market approach Price $40 - $94 $50 Discounted cash flows Discount rate/yield 11% — Scenario analysis Estimated recovery percentage 4% — CDOs and CLOs $ 64,862 Discounted cash flows Constant prepayment rate 15 % - 20% 19% Constant default rate 2% — Loss severity 35 % - 40% 36% Discount rate/yield 21 % - 26% 24% Market approach Price $48 - $100 $88 CMBS $ 508 Scenario analysis Estimated recovery percentage 28% — Other ABS $ 102,423 Discounted cash flows Discount rate/yield 10 % - 21% 18% Cumulative loss rate 9 % - 32% 25% Duration (years) 1.1 - 2.2 1.7 Market approach Price $100 — Loans and other receivables $ 130,101 Market approach Price $82 - $157 $127 Scenario analysis Estimated recovery percentage 7 % - 73% 40% Derivatives $ 2,395 Equity options Volatility benchmarking Volatility 60% — Investments at fair value $ 127,237 Private equity securities Market approach Price $1 - $6,819 $484 Discount rate/yield 28% — Revenue $30,538,979 — Financial Instruments Sold, Not Yet Purchased: Corporate debt securities $ 124 Scenario analysis Estimated recovery percentage 4% — Loans $ 1,521 Market approach Price $101 — Derivatives $ 56,779 Equity options Volatility benchmarking Volatility 31 % - 87% 42% Embedded options Market approach Basis points upfront 0.4 - 25.5 17.9 Other secured financings $ 3,898 Scenario analysis Estimated recovery percentage 18 % - 73% 53% Long-term debt $ 744,597 Structured notes Market approach Price $57 - $114 $78 Price €60 - €103 €84 The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices or a percentage of the reported enterprise fair value are excluded from the above tables. At February 29, 2024 and November 30, 2023, asset exclusions consisted of $43.0 million and $45.6 million, respectively, primarily comprised of CDOs and CLOs, Other ABS, Loans and other receivables, Investments at Fair Value, certain derivatives, RMBS and CMBS. At February 29, 2024 and November 30, 2023, liability exclusions consisted of $4.9 million and $4.0 million, respectively, primarily comprised of certain derivatives, loans, CMBS and corporate equity securities. Uncertainty of Fair Value Measurement from Use of Significant Unobservable Inputs For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the uncertainty of the fair value measurement due to the use of significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below: • Non-exchange-traded securities, corporate debt securities, CDOs and CLOs, loans and other receivables, other ABS, private equity securities, certain derivatives and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables or structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the discount rate/security yield related to private equity securities would result in a significantly lower (higher) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of options. • Loans and other receivables, corporate debt securities, CMBS and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument. • CDOs and CLOs, corporate debt securities and other ABS using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severity or cumulative loss rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate and duration would have differing impacts depending on the capital structure and type of security. A significant increase (decrease) in the discount rate/security yield would result in a significantly lower (higher) fair value measurement. • Derivative equity options using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement. Fair Value Option Election For a description of our financial assets and liabilities we have elected the fair value option refer to our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023. The following is a summary of gains (losses) due to changes in fair value related to instrument-specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on Long-term debt measured at fair value under the fair value option (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Financial instruments owned: Loans and other receivables $ (7,410) $ 7,454 Other secured financings: Other changes in fair value (2) $ (4,482) $ — Long-term debt: Changes in instrument-specific credit risk (1) $ (3,980) $ (71,660) Other changes in fair value (2) (43,817) 45,825 (1) Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. (2) Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings. The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands): February 29, 2024 November 30, 2023 Financial instruments owned: Loans and other receivables (1) $ 1,975,612 $ 2,344,468 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 253,784 259,354 Long-term debt 248,547 294,256 Other secured financings 459 1,377 (1) Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings. (2) Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $146.8 million and $187.4 million at February 29, 2024 and November 30, 2023, respectively. The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $67.3 million and $98.1 million at February 29, 2024 and November 30, 2023, respectively, which includes loans and other receivables 90 days or greater past due of $54.0 million and $37.6 million at February 29, 2024 and November 30, 2023, respectively. Assets Measured at Fair Value on a Non-recurring Basis Certain assets were measured at fair value on a non-recurring basis and are not included in the tables above. Impairment losses for the three months ended February 28, 2023 attributable to an equity method investment were $22.1 million and were recognized in Other revenues in our Consolidated Statements of Earnings. The assets of the equity method investment were included within the Asset Management reportable business segment. At November 30, 2023, the equity method investment had a fair value of zero and would be categorized within Level 3 of the fair value hierarchy. Fair value at February 29, 2024 was based on our best estimate of what could be recognized in a sale transaction for the investment. During the three months ended February 29, 2024, our shares in Monashee, an equity method investment, were converted to a newly created class of nonmarketable preferred shares. Our equity method investment was remeasured to a fair value of $21.9 million in connection with its nonmonetary exchange into the preferred shares. Financial Instruments Not Measured at Fair Value Certain of our financial instruments are not carried at fair value but are recorded at amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include Cash and cash equivalents and Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations and would generally be presented within Level 1 of the fair value hierarchy. We have equity securities without readily determinable fair values, which we account for at cost, minus impairment, which are presented within Other assets in our Consolidated Statements of Financial Condition and were $21.9 million and 0.0 million at February 29, 2024 and November 30, 2023, respectively. Net losses of $33.2 million were recognized on these investments during the three months ended February 28, 2023. There were no impairments on these investments during the three months ended February 29, 2024 and February 28, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Feb. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative Financial Instruments Our derivative activities are recorded at fair value in our Consolidated Statements of Financial Condition in Financial instruments owned and Financial instruments sold, not yet purchased, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. We enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks. In addition, we apply hedge accounting to (1) interest rate swaps that have been designated as fair value hedges of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt, and (2) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations. Refer to Note 6, Fair Value Disclosures and Note 19, Commitments, Contingencies and Guarantees for additional disclosures about derivative financial instruments. Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties. Refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023 for further information regarding the offsetting of derivative contracts. The following tables present the fair value and related number of derivative contracts at February 29, 2024 and November 30, 2023 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (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 (in thousands, except contract amounts). February 29, 2024 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 832 3 $ — — Foreign exchange contracts: Bilateral OTC 624 1 18,132 3 Total derivatives designated as accounting hedges 1,456 18,132 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 315 43,935 404 43,259 Cleared OTC 231,212 5,081 223,877 4,902 Bilateral OTC 720,132 728 1,106,992 1,368 Foreign exchange contracts: Bilateral OTC 119,871 64,160 103,604 39,104 Equity contracts: Exchange-traded 854,640 890,720 478,145 884,169 Bilateral OTC 905,684 34,477 1,192,065 16,945 Commodity contracts: Exchange-traded 29 656 1 744 Bilateral OTC 3,271 13,288 885 6,472 Credit contracts: Cleared OTC 34,892 107 40,342 76 Bilateral OTC 34,127 21 28,889 36 Total derivatives not designated as accounting hedges 2,904,173 3,175,204 Total gross derivative assets/ liabilities: Exchange-traded 854,984 478,550 Cleared OTC 266,936 264,219 Bilateral OTC 1,783,709 2,450,567 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (460,355) (460,355) Cleared OTC (258,600) (264,050) Bilateral OTC (1,494,628) (1,242,878) Net amounts per Consolidated Statements of Financial Condition (4) $ 692,046 $ 1,226,053 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. November 30, 2023 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 6,070 3 Foreign exchange contracts: Bilateral OTC 259 1 19,638 3 Total derivatives designated as accounting hedges 259 25,708 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 316 88,354 63 67,643 Cleared OTC 1,156,937 4,415 1,185,503 4,544 Bilateral OTC 893,983 1,179 1,266,506 786 Foreign exchange contracts: Exchange-traded — — — 4 Bilateral OTC 147,470 66,254 129,770 38,585 Equity contracts: Exchange-traded 678,542 1,180,832 393,220 1,174,298 Bilateral OTC 715,754 31,116 850,088 16,234 Commodity contracts: Exchange-traded 59 735 33 940 Bilateral OTC 5,662 15,497 1,398 6,455 Credit contracts: Cleared OTC 38,046 133 38,487 81 Bilateral OTC 21,436 22 19,573 29 Total derivatives not designated as accounting hedges 3,658,205 3,884,641 Total gross derivative assets/liabilities: Exchange-traded 678,917 393,316 Cleared OTC 1,194,983 1,230,060 Bilateral OTC 1,784,564 2,286,973 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (384,392) (384,392) Cleared OTC (1,189,517) (1,189,513) Bilateral OTC (1,533,711) (1,190,667) Net amounts per Consolidated Statements of Financial Condition (4) $ 550,844 $ 1,145,777 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings related to fair value hedges (in thousands): Three Months Ended Gains (Losses) February 29, 2024 February 28, 2023 Interest rate swaps $ (4,558) $ (37,549) Long-term debt (11,267) 26,240 Total $ (15,825) $ (11,309) The following table provides information related to gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss), in our Consolidated Statements of Comprehensive Income (in thousands): Three Months Ended Gains (Losses) February 29, 2024 February 28, 2023 Foreign exchange contracts $ 2,117 $ 3,057 Total $ 2,117 $ 3,057 The following table presents unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands): Three Months Ended Gains (Losses) February 29, 2024 February 28, 2023 Interest rate contracts $ 21,722 $ 55,824 Foreign exchange contracts (9,834) (1,899) Equity contracts (309,656) (32,608) Commodity contracts 4,100 (398) Credit contracts (4,573) (484) Total $ (298,241) $ 20,435 The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework. OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at February 29, 2024 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 3,271 $ — $ — $ — $ 3,271 Equity options and forwards 220,573 30,488 — (45,760) 205,301 Credit default swaps — 21,765 — — 21,765 Total return swaps 70,691 177,062 — (13,301) 234,452 Foreign currency forwards, swaps and options 55,182 7,827 — — 63,009 Interest rate swaps, options and forwards 162,934 434,684 35,368 (116,902) 516,084 Total $ 512,651 $ 671,826 $ 35,368 $ (175,963) 1,043,882 Cross product counterparty netting (38,378) Total OTC derivative assets included in Financial instruments owned $ 1,005,504 (1) At February 29, 2024, we held net exchange-traded derivative assets and other credit agreements with a fair value of $394.6 million, which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in our Consolidated Statements of Financial Condition. At February 29, 2024, cash collateral received was $708.1 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 885 $ — $ — $ — $ 885 Equity options and forwards 170,042 334,264 — (45,760) 458,546 Credit default swaps 1,360 7,863 — — 9,223 Total return swaps 152,682 116,125 211 (13,301) 255,717 Foreign currency forwards, swaps and options 56,361 7,889 — — 64,250 Fixed income forwards 24,600 — — — 24,600 Interest rate swaps, options and forwards 168,029 338,307 505,344 (116,902) 894,778 Total $ 573,959 $ 804,448 $ 505,555 $ (175,963) 1,707,999 Cross product counterparty netting (38,378) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 1,669,621 (1) At February 29, 2024, we held net exchange-traded derivative liabilities with a fair value of $18.2 million, which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At February 29, 2024, cash collateral pledged was $461.8 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at February 29, 2024 (in thousands): Counterparty credit quality (1): A- or higher $ 475,477 BBB- to BBB+ 53,152 BB+ or lower 242,844 Unrated 234,031 Total $ 1,005,504 (1) We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Credit Related Derivative Contracts The following tables present external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): February 29, 2024 External Credit Rating Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 1,507.1 $ 585.0 $ 2,092.1 November 30, 2023 External Credit Rating Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 1,451.5 $ 893.9 $ 2,345.4 Contingent Features Certain of our derivative instruments contain provisions that require our debt to maintain an investment grade credit rating from each of the major credit rating agencies. If our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on our derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): February 29, 2024 November 30, 2023 Derivative instrument liabilities with credit-risk-related contingent features $ 127.8 $ 139.5 Collateral posted (61.8) (97.6) Collateral received 422.5 71.0 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 488.5 112.9 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

Collateralized Transactions

Collateralized Transactions	3 Months Ended
Collateralized Transactions	Feb. 29, 2024
Collateralized Transactions [Abstract]
Collateralized Transactions	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 with 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. The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value by class of collateral pledged (in thousands): February 29, 2024 Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 2,056,981 $ 568,495 $ 49,890 $ 2,675,366 Corporate debt securities 579,817 5,047,768 — 5,627,585 Mortgage-backed and asset-backed securities — 1,364,689 — 1,364,689 U.S. government and federal agency securities 45,930 7,107,197 1,736 7,154,863 Municipal securities — 110,738 — 110,738 Sovereign obligations 26,442 2,265,539 59,271 2,351,252 Loans and other receivables — 748,225 — 748,225 Total $ 2,709,170 $ 17,212,651 $ 110,897 $ 20,032,718 November 30, 2023 Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 1,221,456 $ 627,029 $ 4,347 $ 1,852,832 Corporate debt securities 576,449 4,297,933 — 4,874,382 Mortgage-backed and asset-backed securities — 1,950,908 — 1,950,908 U.S. government and federal agency securities 39,151 9,474,205 3,429 9,516,785 Municipal securities — 141,091 — 141,091 Sovereign obligations 3,462 2,511,560 1,024 2,516,046 Loans and other receivables — 838,468 — 838,468 Total $ 1,840,518 $ 19,841,194 $ 8,800 $ 21,690,512 The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by remaining contractual maturity (in thousands): February 29, 2024 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,759,779 $ 24,000 $ 399,915 $ 525,476 $ 2,709,170 Repurchase agreements 7,615,647 2,897,392 2,755,338 3,944,274 17,212,651 Obligation to return securities received as collateral, at fair value 110,897 — — — 110,897 Total $ 9,486,323 $ 2,921,392 $ 3,155,253 $ 4,469,750 $ 20,032,718 November 30, 2023 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,068,665 $ — $ 244,158 $ 527,695 $ 1,840,518 Repurchase agreements 10,548,263 2,442,446 1,939,891 4,910,594 19,841,194 Obligation to return securities received as collateral, at fair value 8,800 — — — 8,800 Total $ 11,625,728 $ 2,442,446 $ 2,184,049 $ 5,438,289 $ 21,690,512 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 29, 2024 and November 30, 2023, the approximate fair value of securities received as collateral by us that may be sold or repledged was $34.42 billion and $33.99 billion, respectively. At February 29, 2024 and November 30, 2023, a substantial portion of the securities received by us had been sold or repledged. Offsetting of 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). Refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023 for further information regarding the offsetting of securities financing agreements. 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 (in thousands). February 29, 2024 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets: Securities borrowing arrangements $ 6,789,055 $ — $ 6,789,055 $ (378,668) $ (1,683,197) $ 4,727,190 Reverse repurchase agreements 13,162,658 (5,615,873) 7,546,785 (1,602,160) (5,901,391) 43,234 Securities received as collateral, at fair value 110,897 — 110,897 — (110,897) — Liabilities: Securities lending arrangements $ 2,709,170 $ — $ 2,709,170 $ (378,668) $ (2,293,154) $ 37,348 Repurchase agreements 17,212,651 (5,615,873) 11,596,778 (1,602,160) (9,513,391) 481,227 Obligation to return securities received as collateral, at fair value 110,897 — 110,897 — (110,897) — November 30, 2023 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets: Securities borrowing arrangements $ 7,192,091 $ — $ 7,192,091 $ (327,723) $ (1,642,946) $ 5,221,422 Reverse repurchase agreements 14,871,137 (8,920,588) 5,950,549 (1,304,009) (4,582,621) 63,919 Securities received as collateral, at fair value 8,800 — 8,800 — (8,800) — Liabilities: Securities lending arrangements $ 1,840,518 $ — $ 1,840,518 $ (327,723) $ (1,396,069) $ 116,726 Repurchase agreements 19,841,194 (8,920,588) 10,920,606 (1,304,009) (9,035,403) 581,194 Obligation to return securities received as collateral, at fair value 8,800 — 8,800 — (8,800) — (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 $4.65 billion of securities borrowing arrangements for which we have received securities collateral of $4.52 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $439.2 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. The following table summarizes assets segregated or held in separate accounts included in our Consolidated Statements of Financial Condition (in thousands): February 29, 2024 November 30, 2023 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 1,195,346 $ 1,414,593 Securities purchased under agreements to resell (1) 140,220 45,490 Total $ 1,335,566 $ 1,460,083 (1) Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.

Securitization Activities

Securitization Activities	3 Months Ended
Securitization Activities	Feb. 29, 2024
Transfers and Servicing [Abstract]
Securitization Activities	Securitization Activities We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. Refer to Note 10, Variable Interest Entities for further discussion on VIEs and our determination of the primary beneficiary. We account for our securitization transactions as sales, provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in our Consolidated Statements of Earnings prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage-backed and other-asset backed securities or CLOs). These securities are included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition and are generally initially categorized as Level 2 within the fair value hierarchy. For further information on fair value measurements and the fair value hierarchy, refer to Note 6, Fair Value Disclosures, herein, and Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023. The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Three Months Ended February 29, 2024 February 28, 2023 Transferred assets $ 1,502.0 $ 1,475.2 Proceeds on new securitizations 1,502.0 1,475.1 Cash flows received on retained interests 11.0 10.7 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at February 29, 2024 and November 30, 2023. The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): February 29, 2024 November 30, 2023 Securitization Type Total Retained Total Retained U.S. government agency RMBS $ 5,636.6 $ 116.5 $ 5,595.1 $ 417.3 U.S. government agency CMBS 2,378.4 181.4 3,014.3 197.3 CLOs 7,106.6 32.9 6,323.8 23.3 Consumer and other loans 1,527.9 61.8 1,877.8 68.1 Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included in total Financial instruments owned in our Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market-making activities, we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 10, Variable Interest Entities.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Feb. 29, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities	Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from: • Purchases of securities in connection with our trading and secondary market making activities; • Retained interests held as a result of securitization activities; • Acting as placement agent and/or underwriter in connection with client-sponsored securitizations; • Financing of agency and non-agency mortgage-backed and other asset-backed securities; • Acting as servicer for a fee to automobile loan financing vehicles; • Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements, and revolving loan and note commitments; and • Loans to, investments in and fees from various investment vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following table presents information about our consolidated VIEs at February 29, 2024 and November 30, 2023 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. February 29, 2024 November 30, 2023 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash $ — $ 7.8 $ — $ 1.1 Financial instruments owned — 8.7 — 7.8 Securities purchased under agreements to resell (1) 1,671.0 — 1,677.7 — Receivables from brokers (2) — 20.1 — 18.0 Other receivables — 3.0 — — Assets held for sale (6) 858.1 600.2 815.6 578.8 Other assets (3) — 139.0 — 147.9 Total assets $ 2,529.1 $ 778.8 $ 2,493.3 $ 753.6 Financial instruments sold, not yet purchased $ — $ 5.9 $ — $ 6.4 Other secured financings (4) 1,666.7 — 1,667.3 — Liabilities held for sale (6) 841.9 276.3 769.2 303.4 Other liabilities (5) 19.6 145.5 10.5 249.7 Long-term debt (7) 0.8 70.0 — 49.6 Total liabilities $ 2,529.0 $ 497.7 $ 2,447.0 $ 609.1 (1) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.5 million and $1.4 million of receivables from brokers at February 29, 2024 and November 30, 2023 are with related consolidated entities, which are eliminated in consolidation. (3) Approximately $45.4 million and $56.1 million of the other assets at February 29, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $467.3 million and $681.0 million of the other secured financings at February 29, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation. (5) Approximately $159.0 million and $247.9 million of the other liabilities amounts at February 29, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (6) Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to Foursight’s automobile financing vehicles, which are considered to be VIEs, and to the net operating assets of the wholesale operations of OpNet, which has been determined to be a VIE. Approximately $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale at November 30, 2023, were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. (7) Approximately $0.8 million of the long-term debt amount at February 29, 2024 is with related consolidated entities, which is eliminated in consolidation. Secured Funding Vehicles . We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans, and asset-backed securities pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. We are the primary beneficiary of automobile loan financing vehicles to which we transfer automobile loans, act as servicer of the automobile loans for a fee and retain equity interests in the vehicles. The assets of these VIEs primarily consist of automobile loans, which are accounted for as loans held for investment at amortized cost included within Other assets on the Consolidated Statements of Financial Condition. The liabilities of these VIEs consist of notes issued by the VIEs, which are accounted for at amortized cost and included within Other secured financings on the Consolidated Statements of Financial Condition and do not have recourse to our general credit. The automobile loans are pledged as collateral for the related notes and available only for the benefit of the note holders. These assets and liabilities are included in Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition as of February 29, 2024 and November 30, 2023. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. Other. We are the primary beneficiary of certain investment vehicles that we manage for external investors and certain investment vehicles set up for the benefit of our employees as well as investment vehicles managed by third parties where we have a controlling financial interest. The assets of these VIEs consist primarily of equity securities and broker receivables. Our variable interests in these vehicles consist of equity securities, management and performance fees and revenue share. The creditors of these VIEs do not have recourse to our general credit and each such VIE’s assets are not available to satisfy any other debt. We are the primary beneficiary of a real estate syndication entity that develops multi-family residential property and manages the property. The assets of the VIE consist primarily of real estate and its liabilities primarily consist of accrued expenses and long-term debt secured by the real estate property. Our variable interest in the VIE primarily consists of our limited liability company interest, a sponsor promote and development and asset management fees for managing the project. During the fourth quarter of 2023, we became the primary beneficiary of OpNet’s wholesale wireless broadband business, which is classified as held for sale and was acquired during the fourth quarter of 2023. Refer to Note 4, Business Acquisitions for further information. Nonconsolidated VIEs The following tables present information about our variable interests in nonconsolidated VIEs (in millions): February 29, 2024 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 799.2 $ 24.6 $ 3,425.4 $ 9,835.0 Asset-backed vehicles 721.3 — 1,067.3 3,189.4 Related party private equity vehicles 2.8 — 13.3 17.2 Other investment vehicles 1,059.1 — 1,217.4 16,207.6 Total $ 2,582.4 $ 24.6 $ 5,723.4 $ 29,249.2 November 30, 2023 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 913.3 $ 14.1 $ 4,414.0 $ 9,455.5 Asset-backed vehicles 661.7 — 661.7 3,734.8 Related party private equity vehicles 3.1 — 14.2 10.3 Other investment vehicles 1,071.2 — 1,233.7 15,059.2 Total $ 2,649.3 $ 14.1 $ 6,323.6 $ 28,259.8 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of our variable interests in the VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests, sub-investment grade and senior secured U.S. loans, and senior secured Euro denominated corporate leveraged loans and bonds. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs; • Warehouse funding arrangements in the form of: ◦ Participation interests in corporate loans held by CLOs and commitments to fund such participation interests; ◦ Reverse repurchase agreements with collateral margin maintenance obligations and commitments to fund such reverse repurchase agreements; and ◦ Senior and subordinated notes issued in connection with CLO warehousing activities. • Trading positions in securities issued in CLO transactions; and • Investments in variable funding notes issued by CLOs. Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities, forward purchase agreements and reverse repurchase agreements. We also may transfer originated corporate loans to certain VIEs and hold subordinated interests issued by the vehicle. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans, mortgage loans and corporate loans. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities. Related Party Private Equity Vehicles. We have committed to invest in private equity funds, (the “JCP Funds”, including JCP Fund V (refer to Note 11, Investments for further information)) managed by Jefferies Capital Partners, LLC (the “JCP Manager”). Additionally, we have committed to invest in the general partners of the JCP Funds (the “JCP General Partners”) and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the “JCP Entities”) consist of equity interests that, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. At February 29, 2024 and November 30, 2023, our total equity commitment in the JCP Entities was $133.0 million, of which $123.1 million and $122.6 million had been funded, respectively. The carrying value of our equity investments in the JCP Entities was $2.8 million and $3.1 million at February 29, 2024 and November 30, 2023, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Other Investment Vehicles. At both February 29, 2024 and November 30, 2023, we had equity commitments to invest $1.26 billion in various other investment vehicles, of which $1.10 billion was funded. The carrying value of our equity investments was $1.06 billion and $1.07 billion at February 29, 2024 and November 30, 2023, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets. Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market-making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned in our Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities. We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Federal Home Loan Mortgage Corporation (“Freddie Mac”) or Ginnie Mae) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third-parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and automobile loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. At February 29, 2024 and November 30, 2023, we held $1.17 billion and $1.89 billion of agency mortgage-backed securities, respectively, and $173.4 million and $261.2 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.

Investments

Investments	3 Months Ended
Investments	Feb. 29, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments for which we exercise significant influence over the investee are accounted for under the equity method of accounting with our shares of the investees’ earnings recognized in Other revenues in our Consolidated Statements of Earnings. Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties in our Consolidated Statements of Financial Condition are summarized as follows (in millions). February 29, 2024 November 30, 2023 Total Investments in and loans to related parties $ 1,267.6 $ 1,239.3 Three Months Ended February 29, 2024 February 28, 2023 Total equity method pickup earnings (losses) recognized in Other revenues in our Consolidated Statements of Earnings $ 8.7 $ (64.0) The following presents summarized financial information about our significant equity method investees. For certain investees, we receive financial information on a lag and the summarized information provided for these investees is based on the latest financial information available as of February 29, 2024, November 30, 2023 and February 28, 2023. Jefferies Finance Jefferies Finance, our 50/50 joint venture with Massachusetts Mutual Life Insurance Company (“MassMutual”), is a commercial finance company that structures, underwrites and syndicates primarily senior secured loans to corporate borrowers; and manages proprietary and third-party investments in both broadly syndicated and direct lending loans. In connection with its Leveraged Finance business, loans are originated primarily through our investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through us. The Asset Management business is a multi-strategy private credit platform that manages proprietary and third-party capital across commingled funds, separately managed accounts, CLOs and proprietary accounts. Broadly syndicated investments are sourced through transactions arranged by Jefferies Finance and third party arrangers and managed through its subsidiary, Apex Credit Partners LLC. Jefferies Finance may also underwrite and arrange other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. At February 29, 2024, we and MassMutual each had equity commitments to Jefferies Finance of $750.0 million, for a combined total commitment of $1.50 billion. The equity commitment is reduced quarterly based on our share of any undistributed earnings from Jefferies Finance and the commitment is increased only to the extent the share of such earnings are distributed. At February 29, 2024, our remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2025 with automatic one year extensions absent a 60 days termination notice by either party. Jefferies Finance has executed a Secured Revolving Credit Facility with us and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is a committed amount of $500.0 million at February 29, 2024. Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2025 with automatic one year extensions absent a 60 days termination notice by either party. At February 29, 2024, we had funded $0.0 million of our $250.0 million commitment. The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions): Three Months Ended February 29, 2024 February 28, 2023 Interest income $ — $ — Unfunded commitment fees 0.3 0.3 The following is a summary of selected financial information for Jefferies Finance (in millions): February 29, 2024 November 30, 2023 Total assets $ 5,507.9 $ 5,598.2 Total liabilities 4,260.0 4,352.0 February 29, 2024 November 30, 2023 Our total equity balance $ 634.0 $ 630.1 Three Months Ended February 29, 2024 February 28, 2023 Net earnings attributable to members $ 6.9 $ 14.9 The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Three Months Ended February 29, 2024 February 28, 2023 Origination and syndication fee revenues (1) $ 52.4 $ 26.0 Origination fee expenses (1) 14.9 4.1 Investment fund placement fee revenues (2) 0.5 — Service fees (3) 44.9 44.2 (1) We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2) We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees, which are included in Commissions and other fees in our Consolidated Statements of Earnings. (3) Under a service agreement, we charge Jefferies Finance for services provided. In connection with non-U.S. dollar loans originated by Jefferies Finance to borrowers who are investment banking clients of ours, we have entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure. Receivables from Jefferies Finance, included in Other assets in our Consolidated Statements of Financial Condition, were $1.1 million and $3.5 million at February 29, 2024 and November 30, 2023, respectively. At February 29, 2024 and November 30, 2023, payables to Jefferies Finance, related to cash deposited with us and included in Payables to customers in our Consolidated Statements of Financial Condition, were $0.4 million and $2.6 million, respectively. Berkadia Berkadia is a commercial mortgage banking, servicing and finance joint venture that was formed by us and Berkshire Hathaway Inc. We are entitled to receive 45.0% of the profits of Berkadia. Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies or other investors. Berkadia also provides advisory services in connection with sales of multifamily assets. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. Commercial paper issued by Berkadia is supported by a $1.50 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At February 29, 2024, the aggregate amount of commercial paper outstanding was $1.47 billion. The following is a summary of selected financial information for Berkadia (in millions): February 29, 2024 November 30, 2023 Total assets $ 4,201.6 $ 5,318.2 Total liabilities 2,711.7 3,816.1 Total noncontrolling interest 579.8 612.8 February 29, 2024 November 30, 2023 Our total equity balance $ 411.5 $ 400.9 Three Months Ended February 29, 2024 February 28, 2023 Net earnings attributable to members $ 29.3 $ 29.0 We received distributions from Berkadia on our equity interest as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Distributions $ 3.8 $ — At February 29, 2024 and November 30, 2023, we had commitments to purchase $53.4 million and $77.5 million, respectively, of agency CMBS from Berkadia. OpNet On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares of OpNet into common shares and, as a result, we will obtain control of OpNet. Upon the conversion, we will hold in excess of 50.0% of OpNet’s common shares and the aggregate voting rights over OpNet. As of November 30, 2023, we have consolidated OpNet and the assets and liabilities of OpNet are included in our consolidated financial statements. We consolidate OpNet’s wholesale business, which is considered to be a VIE and is classified as held for sale at February 29, 2024 and November 30, 2023. We also consolidate Tessellis, a subsidiary of OpNet, which is not considered to be a VIE. Refer to Note 4, Business Acquisitions for further information. Prior to the acquisition and consolidation of OpNet, we accounted for our equity investment in OpNet under the equity method. We recognized an equity method pickup loss of $38.7 million during the three months ended February 28, 2023, in Other revenues in our Consolidated Statement of Earnings. The following is a summary of selected financial information for OpNet (in millions): Three Months Ended Net losses $ (51.6) Stratos We had a 49.9% voting interest in Stratos and had the ability to significantly influence Stratos through our seats on the board of directors. On September 14, 2023, we acquired the additional 50.1% voting interest in Stratos (refer to Note 4, Business Acquisitions for further information). As a result, the financial statements of Stratos are consolidated in our consolidated financial statements. During the three months ended February 28, 2023, we contributed additional capital of $5.0 million. The following is a summary of selected financial information for Stratos (in millions): Three Months Ended Net losses $ (20.3) Golden Queen Mining Company LLC We had a 50.0% ownership interest in Golden Queen, which owns and operates a gold and silver mine project located in California. We sold our interest in Golden Queen in November 2023. During the three months ended February 28, 2023, we recognized impairment charges of $22.1 million on our investment within Other revenues in our Consolidated Statement of Earnings. The following is a summary of selected financial information for Golden Queen (in millions): Three Months Ended Net losses $ (0.9) Real Estate Investments Our real estate equity method investments primarily consist of equity interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison. Brooklyn Renaissance Plaza is composed of a hotel, office building complex and parking garage located in Brooklyn, New York. We have a 25.4% equity interest in the hotel and a 61.3% equity interest in the office building and garage. Although we have a majority interest in the office building and garage, we do not have control, but only have the ability to exercise significant influence on this investment. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years). We own a 48.1% equity interest in 54 Madison, a fund that most recently owned an interest in one real estate project and is in the process of being liquidated. The following is a summary of selected financial information for our significant real estate investments (in millions): February 29, 2024 November 30, 2023 Total assets $ 330.3 $ 329.5 Total liabilities 498.0 500.0 February 29, 2024 November 30, 2023 Our total equity balance $ 91.4 $ 90.0 Three Months Ended February 29, 2024 February 28, 2023 Net earnings $ 2.5 $ 1.1 We received distributions from 54 Madison on our equity interest as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Distributions $ — $ 17.1 JCP Fund V We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “ JCP Fund V”), respectively, which are private equity funds managed by a team led by our President. The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition was $1.9 million and $2.2 million at February 29, 2024 and November 30, 2023, respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers. The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): Three Months Ended February 29, 2024 February 28, 2023 Net losses from our investments in JCP Fund V $ (0.3) $ (6.6) At both February 29, 2024 and November 30, 2023, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both February 29, 2024 and November 30, 2023, our unfunded commitment relating to JCP Fund V was $8.7 million. The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.3% at February 29, 2024 of the combined equity interests (in millions): Three Months Ended December 31, 2023 2022 Net decrease in net assets resulting from operations (1) $ (0.9) $ (54.6) (1) Financial information for JCP Fund V within our results of operations for the three months ended February 29, 2024 and February 28, 2023 is included based on the periods presented. Asset Management Investments We had an equity method investment with a carrying amount of $15.8 million at November 30, 2023, consisting of our shares in Monashee, an investment management company, registered investment advisor and general partner of various investment management funds, which provided us with 50.0% voting rights interest and the rights to distributions of 47.5% of the annual net profits of Monashee’s operations if certain thresholds were met. A portion of the carrying amount of the investment in Monashee related to contract and customer relationship intangible assets and goodwill. The intangible assets were amortized over their useful life and the goodwill was not amortized. During the three months ended February 29, 2024, our shares were converted to preferred shares, which provide us with rights to be paid dividends based on Monashee’s performance and management fees, and recognized a gain of $6.0 million upon the nonmonetary exchange. In addition, we invested $5.2 million in mandatorily redeemable preferred shares issued by Monashee. The investment in the preferred shares is accounted for at cost, less impairment, if any. The investment in the mandatorily redeemable preferred shares is accounted for at fair value. We also have an investment management agreement whereby Monashee provides asset management services to us for certain separately managed accounts. Our net investment balance in the separately managed accounts was $20.2 million at November 30, 2023. The following table presents the activity included in our Consolidated Statements of Earnings related to these separately managed accounts (in millions): Three Months Ended Investment gains (losses) (1) $ 0.3 Management fees (2) 0.2 (1) Included in Principal transactions revenues in our Consolidated Statements of Earnings. (2) Included in Floor brokerage and clearing fees in our Consolidated Statements of Earnings. ApiJect We own shares which represent a 38.0% economic interest in ApiJect at February 29, 2024, which is accounted for at fair value by electing the fair value option, and is included within corporate equity securities in Financial instruments owned, at fair value, in our Consolidated Statements of Financial Condition. Additionally, we have a right to 1.125% of ApiJect’s future revenues. At both February 29, 2024 and November 30, 2023, the total fair value of our equity investment in common shares of ApiJect was $100.1 million, which is classified within Level 3 of the fair value hierarchy. Additionally, we own warrants to purchase up to 950,000 shares of common stock at any time or from time to time on or before April 15, 2032. In December 2023, we purchased a $4.6 million secured convertible promissory note from ApiJect, which matures on December 14, 2025. The promissory note is accounted for at fair value in Financial instruments owned in our Consolidated Statement of Financial Condition and classified within Level 3 of the fair value hierarchy. We recognized interest income of $0.0 million on the note during the three months ended February 29, 2024. We also have a term loan agreement with a principal of ApiJect for $30.4 million, which matures on April 30, 2024. The loan is accounted for at amortized cost and is reported within Other assets in our Consolidated Statements of Financial Condition. The loan has a fair value of $30.4 million at both February 29, 2024 and November 30, 2023, which would be classified as Level 3 in the fair value hierarchy. SPAC We own 73.4% of the publicly traded units of a special purpose acquisition company (“SPAC”), which represents 25.7% of the voting shares of the SPAC at February 29, 2024. The SPAC is considered a VIE. We have significant influence over the SPAC but we are not considered to be the primary beneficiary as we do not have control. Our investment is accounted for at fair value pursuant to the fair value option and is included within corporate equity securities in Financial instruments owned in our Consolidated Statements of Financial Condition. The fair value of the investment was $23.9 million and $23.8 million at February 29, 2024 and November 30, 2023, respectively, which is included within Level 1 of the fair value hierarchy. Aircadia During the three months ended February 29, 2024, Aircadia Leasing II LLC (“Aircadia”), a wholly owned subsidiary, purchased airplanes and simultaneously entered into a lease with the seller to lease the airplanes for a term of 42 months. The transaction was accounted for as a sale leaseback and the airplanes are recognized within Premises and equipment on our Consolidated Statements of Financial Condition at $57.7 million. During the three months ended February 29, 2024, we recognized $3.8 million of operating lease income in our Consolidated Statements of Earnings. In December 2023, we provided a loan to the seller for $30.0 million, which matures on January 3, 2025. The loan is accounted for at amortized cost and recognized within Investments in and loans to related parties on the Consolidated Statements of Financial Condition. We recognized interest income of $0.6 million on the loan during the three months ended February 29, 2024. We also hold preferred shares in the seller, which are accounted for at fair value in Financial instruments owned in our Consolidated Statement of Financial Condition with a fair value of $37.1 million at both February 29, 2024 and November 30, 2023, and are classified within Level 3 of the fair value hierarchy.

Credit Losses on Financial Asse

Credit Losses on Financial Assets Measured at Amortized Cost	3 Months Ended
	Feb. 29, 2024
Credit Loss [Abstract]
Credit Losses on Financial Assets Measured at Amortized Cost	Credit Losses on Financial Assets Measured at Amortized Cost Automobile Loans. As of February 29, 2024, automobile loans are classified as assets held for sale in our Consolidated Statements of Financial Condition. Refer to Note 5, Assets Held for Sale and Discontinued Operations for additional details. A rollforward of the allowance for credit losses related to our automobile loans for the three months ended February 28, 2023, is as follows (in thousands): Three Months Ended February 28, 2023 Beginning balance $ 79,614 Provision for doubtful accounts 7,829 Charge-offs, net of recoveries (9,388) Ending balance $ 78,055 Refer to Note 12, Credit Losses on Financial Assets Measured at Amortized Cost, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023 for additional information regarding credit losses related to our automobile loans. Secured Financing Receivables . In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements, and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of our secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral’s fair value is equal to or exceeds the asset’s amortized cost basis. In cases where the collateral’s fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Broker Receivables . Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive, receivables and payables for fees and commissions, and receivables arising from unsettled securities or loans transactions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables. Other Financial Assets . For all other financial assets measured at amortized cost, we estimate expected credit losses over the financial assets’ life as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. During the three months ended February 29, 2024, we recognized bad debt expense of $27.0 million related to receivables associated with our asset management arrangements with Weiss Multi-Strategy Advisers. Investment Banking Fee Receivables. Our allowance for credit losses on our investment banking fee receivables uses a provisioning matrix based on the shared risk characteristics and historical loss experience for such receivables. In some instances, we may adjust the allowance calculated based on the provision matrix to incorporate a specific allowance based on the unique credit risk profile of a receivable. The provisioning matrix is periodically updated to reflect changes in the underlying portfolio’s credit characteristics and most recent historical loss data. The allowance for credit losses for investment banking receivables for the three months ended February 29, 2024 and 2023, is as follows (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Beginning balance $ 6,306 $ 5,914 Bad debt expense 1,011 1,508 Charge-offs (2,500) (86) Recoveries collected (1,854) (66) Ending balance (1) $ 2,963 $ 7,270 (1) Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table is a summary of the changes to goodwill by reportable segment (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Investment Banking and Capital Markets Asset Management Total Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,532,172 $ 315,684 $ 1,847,856 $ 1,552,944 $ 183,170 $ 1,736,114 Currency translation and other adjustments (231) — (231) (249) — (249) Measurement period adjustment (1) — (26,954) (26,954) — — — Goodwill relating to acquisitions by Tessellis — 3,366 3,366 — — — Balance, at end of period $ 1,531,941 $ 292,096 $ 1,824,037 $ 1,552,695 $ 183,170 $ 1,735,865 (1) Refer to Note 4, Business Acquisitions for further information. Intangible Assets Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at February 29, 2024 and November 30, 2023 (dollars in thousands): February 29, 2024 Weighted Average Remaining Lives (Years) Gross Cost Assets Acquired (1) Accumulated Amortization Net carrying Amount Customer relationships $ 136,240 $ 30,505 $ (96,707) $ 70,038 6.2 Trademarks and trade names 146,399 3,856 (40,543) 109,712 22.6 Exchange and clearing organization membership interests and registrations 8,707 — — 8,707 N/A Other 51,985 14,457 (14,980) 51,462 4.8 Total $ 343,331 $ 48,818 $ (152,230) $ 239,919 (1) Includes a $39.3 million measurement period adjustment related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. November 30, 2023 Weighted Average Remaining Lives (Years) Gross Cost Assets Acquired (1) Impairment Losses Accumulated Amortization Net Carrying Amount Customer relationships $ 126,449 $ 9,801 $ — $ (93,966) $ 42,284 6.3 Trademarks and trade names 127,899 18,513 — (39,340) 107,072 23.5 Exchange and clearing organization membership interests and registrations 7,405 1,390 (78) — 8,717 N/A Other 14,958 37,026 — (13,137) 38,847 5.0 Total $ 276,711 $ 66,730 $ (78) $ (146,443) $ 196,920 (1) Refer to Note 4, Business Acquisitions for further information. Amortization Expense For finite life intangible assets, we recognized aggregate amortization expense of $5.6 million and $2.4 million for the three months ended February 29, 2024 and February 28, 2023, respectively. These expenses are included in Depreciation and amortization in our Consolidated Statements of Earnings. The estimated future amortization expense for the next five fiscal years is as follows (in thousands): Remainder of fiscal year 2024 $ 21,097 Year ending November 30, 2025 27,811 Year ending November 30, 2026 27,773 Year ending November 30, 2027 26,827 Year ending November 30, 2028 26,794

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
Revenues from Contracts with Customers	Feb. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Revenues from contracts with customers: Investment banking $ 679,065 $ 502,798 Commissions and other fees 245,543 213,270 Asset management fees 29,361 17,757 Oil and gas revenues 208 25,506 Real estate revenues 3,149 2,747 Other contracts with customers 13,891 12,930 Total revenue from contracts with customers 971,217 775,008 Other sources of revenue: Principal transactions 640,736 497,246 Revenues from strategic affiliates 21,011 21,229 Interest 819,489 531,385 Other 99,489 (44,304) Total revenues $ 2,551,942 $ 1,780,564 Refer to Note 14, Revenues from Contracts with Customers in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023 for additional information regarding revenues from contracts with customers. Disaggregation of Revenue The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic region (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Reportable Segment Reportable Segment Investment Asset Management Total Investment Asset Management Total Major business activity: Investment banking - Advisory $ 338,568 $ — $ 338,568 $ 297,178 $ — $ 297,178 Investment banking - Underwriting 340,497 — 340,497 205,620 — 205,620 Equities (1) 242,576 — 242,576 210,462 — 210,462 Fixed income (1) 2,430 — 2,430 2,808 — 2,808 Asset management — 29,361 29,361 — 17,757 17,757 Other investments — 17,785 17,785 — 41,183 41,183 Total $ 924,071 $ 47,146 $ 971,217 $ 716,068 $ 58,940 $ 775,008 Primary geographic region: Americas $ 730,377 $ 45,199 $ 775,576 $ 555,927 $ 57,793 $ 613,720 Europe and the Middle East 126,002 1,106 127,108 116,219 577 116,796 Asia-Pacific 67,692 841 68,533 43,922 570 44,492 Total $ 924,071 $ 47,146 $ 971,217 $ 716,068 $ 58,940 $ 775,008 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Refer to Note 21, Segment Reporting for a further discussion on the allocation of revenues to geographic regions. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at February 29, 2024. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price. During the three months ended February 29, 2024, we recognized $19.2 million, compared with $25.6 million during the three months ended February 28, 2023, of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, during the three months ended February 29, 2024, we recognized $6.3 million, compared with $7.8 million during the three months ended February 28, 2023, of revenues primarily associated with distribution services, a portion of which relates to prior periods. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenues at February 29, 2024 and November 30, 2023 were $52.6 million and $48.3 million, respectively, which are recorded in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. During the three months ended February 29, 2024, we recognized revenues of $23.8 million, compared with $11.8 million during the three months ended February 28, 2023, that were recorded as deferred revenue at the beginning of the periods. We had receivables related to revenues from contracts with customers of $237.7 million and $248.2 million at February 29, 2024 and November 30, 2023, respectively. Contract Costs We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. At February 29, 2024 and November 30, 2023, capitalized costs to fulfill a contract were $5.4 million and $5.3 million, respectively, which are recorded in Receivables—Fees, interest and other in our Consolidated Statements of Financial Condition. For the three months ended February 29, 2024, we recognized expenses of $1.0 million, compared with $0.8 million during the three months ended February 28, 2023, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three months ended February 29, 2024 and February 28, 2023.

Compensation Plans

Compensation Plans	3 Months Ended
Compensation Plans	Feb. 29, 2024
Compensation Related Costs [Abstract]
Compensation Plans	Compensation Plans For a description of Restricted Stock, Restricted Stock Units, Senior Executive Compensation Plan and other compensation plans refer to Note 15, Compensation Plans in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023. At February 29, 2024, there were approximately 2,383,000 shares of restricted stock outstanding with future service required, 5,006,000 RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 9,082,000 RSUs outstanding with no future service required, and 5,065,000 stock options outstanding. The maximum potential increase to common shares outstanding resulting from these outstanding awards is 19,153,000 at February 29, 2024. In December 2023, the Compensation Committee of our Board of Directors granted our senior executives RSUs with an aggregate grant date fair value of $11.7 million and performance stock units (“PSUs”) with a target fair value of $8.8 million. The RSUs have a three-year cliff vesting schedule. With respect to the PSUs, there is a three-year service period, along with a performance goal based on fiscal 2023 through fiscal 2025 ROTE. The target level of ROTE was 10%, with a threshold of 7.5%, and a maximum level of 15%. Any performance below 7.5% will result in forfeiture of all PSUs; 7.5% ROTE will result in earning 75% of target PSUs; and 15% ROTE or greater will result in earning 150% of target PSUs. ROTE performance between 7.5% and 10% and 10% and 15% will be linearly interpolated to determine the level of earning PSUs. In addition, we sponsor non-share-based compensation plans. Non-share-based compensation plans sponsored by us include a profit sharing plan and other forms of restricted cash awards. Restricted cash awards are subject to ratable vesting terms with service requirements. These awards are amortized as compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year. The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Components of compensation cost: Restricted cash awards $ 107.9 $ 67.6 Restricted stock and RSUs (1) 20.2 13.7 Profit sharing plan 6.9 6.2 Total compensation cost $ 135.0 $ 87.5 (1) Total compensation cost associated with restricted stock and RSUs includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Remaining unamortized amounts related to certain compensation plans at February 29, 2024 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Non-vested share-based awards $ 145.0 3.4 Restricted cash awards (1) 1,141.9 3.0 Total $ 1,286.9 (1) The remaining unamortized amount is included within Other assets in our Consolidated Statements of Financial Condition.

Borrowings

Borrowings	3 Months Ended
Borrowings	Feb. 29, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Short-Term Borrowings Short-term borrowings, which mature in one year or less and 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, were $1.25 billion and $0.99 billion at February 29, 2024 and November 30, 2023, respectively. At February 29, 2024, the weighted average interest rate on short-term borrowings outstanding was 6.46% per annum. In March 2024, we issued a $600.0 million one-year callable note maturing in March 2025. At February 29, 2024 and November 30, 2023, our borrowings under bank loans in Short-term borrowings in our Consolidated Statements of Financial Condition were $1.22 billion and $0.94 billion, respectively. Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the bank’s cost of funding. At February 29, 2024, we were in compliance with all covenants under these credit facilities.

Total Equity

Total Equity	3 Months Ended
Total Equity	Feb. 29, 2024
Equity [Abstract]
Total Equity	Total Equity Non-Voting Convertible Preferred Shares On April 27, 2023, we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B Preferred Stock”) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and ranks senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B Preferred Stock is automatically convertible into 500 shares of non-voting common stock, subject to certain anti-dilution adjustments, three years after issuance. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 2023, we entered into an Exchange Agreement with Sumitomo Mitsui Banking Corporation (“SMBC”), which entitles SMBC to exchange shares of our voting common stock for shares of the Series B Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B Preferred Stock. The Exchange Agreement is limited to 55,125 shares of Preferred Stock and SMBC will pay $1.50 per share of voting common stock so exchanged. During the year ended November 30, 2023, SMBC exchanged 21.0 million shares of voting common stock for 42,000 shares of Series B Preferred Stock and we received cash of $31.5 million from SMBC in connection with the exchange. As a result of the exchange, our equity attributed to our voting common stock decreased by $21.0 million, our equity attributed to the Series B Preferred Stock increased by $42,000 and additional paid-in capital increased by $52.4 million. At February 29, 2024, SMBC owns 9.0% of our common stock on an as-converted basis and 8.3% on a fully-diluted, as-converted, basis. During the three months ended February 29, 2024, we paid $6.3 million, or $0.30 per share on an as-converted basis, of cash dividends in respect of the Series B Preferred Stock. On June 28, 2023, shareholders approved an Amended and Restated Certificate of Incorporation, which authorized the issuance of non-voting common stock with a par value of $1.00 per share (the “Non-Voting Common Shares”). The Non-Voting Common Shares are entitled to share equally, on a per share basis, with the voting common stock, in dividends and distributions. Upon the effectiveness of the Amended and Restated Certificate of Incorporation on June 30, 2023, the number of authorized shares of common stock remains at 600,000,000 shares, comprised of 565,000,000 shares of voting common stock and 35,000,000 shares of Non-Voting Common Shares. Mandatorily Redeemable Convertible Preferred Shares Our $125.0 million of callable mandatorily redeemable cumulative convertible preferred shares (“Preferred Shares”) were converted during the first quarter of 2023 at a price of $1,000 per preferred share, plus accrued interest, into 4,654,362 common shares for $125.0 million, or $26.86 per common share. Earnings Per Common Share Basic and diluted earnings per common share amounts were calculated by dividing net earnings by the weighted-average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per common share are as follows (in thousands, except per share amounts): Three Months Ended February 29, 2024 February 28, 2023 Numerator for earnings per common share from continuing operations: Net earnings from continuing operations $ 164,283 $ 129,324 Less: Net losses attributable to noncontrolling interests (6,452) (6,311) Mandatorily redeemable convertible preferred share dividends — (2,016) Allocation of earnings to participating securities (1) (14,189) (528) Net earnings from continuing operations attributable to common shareholders for basic earnings per share $ 156,546 $ 133,091 Adjustment to allocation of earnings to participating securities related to diluted shares (1) — (54) Mandatorily redeemable convertible preferred share dividends — 2,016 Net earnings from continuing operations attributable to common shareholders for diluted earnings per share $ 156,546 $ 135,053 Numerator for earnings per common share from discontinued operations: Net loss from discontinued operations, net of income tax benefit (7,891) — Less: Net losses attributable to noncontrolling interests (986) — Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share $ (6,905) $ — Net earnings attributable to common shareholders for basic earnings per share $ 149,641 $ 133,091 Net earnings attributable to common shareholders for diluted earnings per share $ 149,641 $ 135,053 Denominator for earnings per common share: Weighted average common shares outstanding 211,535 227,543 Weighted average shares of restricted stock outstanding with future service required (2,402) (2,128) Weighted average RSUs outstanding with no future service required 10,913 13,686 Weighted average common shares 220,046 239,101 Stock options and other share-based awards 2,894 2,303 Senior executive compensation plan RSU awards 2,351 2,917 Preferred shares and mandatorily redeemable convertible preferred shares (2) — 3,774 Weighted average diluted common shares (3) 225,291 248,095 Earnings (losses) per common share: Basic from continuing operations $ 0.71 $ 0.56 Basic from discontinued operations (0.03) — Basic $ 0.68 $ 0.56 Diluted from continuing operations $ 0.69 $ 0.54 Diluted from discontinued operations (0.03) — Diluted $ 0.66 $ 0.54 (1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 21.2 million for the three months ended February 29, 2024, compared with 0.7 million during the three months ended February 28, 2023. Dividends paid on participating securities were not material during the three months ended February 29, 2024 and February 28, 2023. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. (2) The two-class method was more dilutive for each period presented. (3) Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per common share in the future. Antidilutive shares at February 29, 2024, were 10.0% of the weighted average common shares outstanding for the three months ended February 29, 2024. Accumulated Other Comprehensive Income (Loss ) Activity in accumulated other comprehensive income (loss) is reflected in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Earnings. A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands): February 29, November 30, Net unrealized losses on available-for-sale securities $ (2,637) $ (4,595) Net currency translation adjustments and other (162,729) (162,541) Net unrealized losses related to instrument-specific credit risk (184,698) (181,946) Net minimum pension liability (46,374) (46,463) Total accumulated other comprehensive loss, net of tax $ (396,438) $ (395,545) Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings are as follows (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) $ 2,119 $ (246) Amortization of defined benefit pension plan actuarial losses (2) (121) (397) Total reclassifications for the period, net of tax $ 1,998 $ (643) (1) Includes income tax expense of approximately $0.7 million during the three months ended February 29, 2024, compared with a tax benefit of approximately $0.1 million during the three months ended February 28, 2023, which were reclassified to Principal transactions revenues in our Consolidated Statements of Earnings. (2) Include income tax benefit of approximately $31 thousand during the three months ended February 29, 2024, compared with tax benefit of approximately $49 thousand during the three months ended February 28, 2023, which were reclassified to Compensation and benefits expenses in our Consolidated Statements of Earnings. Refer to Note 16, Benefit Plans, for information included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Feb. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At February 29, 2024 and November 30, 2023, our total gross unrecognized tax benefits were $338.4 million and $332.3 million, respectively. At February 29, 2024 and November 30, 2023, we had interest accrued of approximately $150.8 million and $142.1 million, respectively, included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate was $267.9 million and $263.0 million (net of Federal benefit) at February 29, 2024 and November 30, 2023, respectively. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense in our Consolidated Statements of Earnings. We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs. The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2020 New York State 2001 New York City 2006 United Kingdom 2021 Germany 2018 Hong Kong 2017 India 2010 For the three months ended February 29, 2024, the provision for income taxes was $56.0 million, representing an effective tax rate of 25.4%. For the three months ended February 28, 2023, the provision for income taxes was $28.7 million, representing an effective tax rate of 18.2%.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
Commitments, Contingencies and Guarantees	Feb. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments The following table summarizes our commitments at February 29, 2024 (in millions): Expected Maturity Date (Fiscal Years) 2024 2025 2026 2028 2030 Maximum Payout Equity commitments (1) $ 56.0 $ 16.8 $ 39.1 $ 0.2 $ 122.2 $ 234.3 Loan commitments (1) 0.3 252.2 82.6 — 5.2 340.3 Loan purchase commitments (2) 2,957.8 — — — — 2,957.8 Underwriting commitments 157.3 — — — — 157.3 Forward starting reverse repos (3) 8,538.6 — — — — 8,538.6 Forward starting repos (3) 4,508.0 — — — — 4,508.0 Other unfunded commitments (1) 189.6 293.4 321.1 — — 804.1 Total commitments $ 16,407.6 $ 562.4 $ 442.8 $ 0.2 $ 127.4 $ 17,540.4 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2) Loan purchase commitments consist of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at February 29, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.71 billion. (3) At February 29, 2024, all of forward starting securities purchased under agreements to resell and all of forward starting securities sold under agreements to repurchase settled within three Equity Commitments. Includes commitments to invest in our joint venture, Jefferies Finance, asset management funds and in Jefferies Capital Partners, LLC, a manager of private equity funds, which consists of a team led by our President and a director. At February 29, 2024, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $9.9 million. Additionally, at February 29, 2024, we had other outstanding equity commitments to invest up to $171.0 million with strategic affiliates and $38.0 million to various other investments. Loan Commitments. From time to time, we make commitments to extend credit to clients and to strategic affiliates. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At February 29, 2024, we had outstanding loan commitments of $82.6 million to clients and $7.7 million to strategic affiliates. Loan commitments outstanding at February 29, 2024 also include our portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. Forward Starting Reverse Repos and Repos. We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes, warehouse financings and debt securities to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Other unfunded commitments also include written put options to certain bondholders of an equity method investee. Guarantees Derivative Contracts. As a dealer, we make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under U.S. GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts. The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at February 29, 2024 (in millions): Expected Maturity Date (Fiscal Years) 2024 2025 2026 2028 2030 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 6,761.8 $ 18,757.4 $ 13,162.5 $ 476.0 $ — $ 39,157.7 Total derivative contracts $ 6,761.8 $ 18,757.4 $ 13,162.5 $ 476.0 $ — $ 39,157.7 The derivative contracts deemed to meet the definition of a guarantee under U.S. GAAP are before consideration of hedging transactions and only reflect a partial or “one-sided” component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments ( e.g. , equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At February 29, 2024, the fair value of derivative contracts meeting the definition of a guarantee is approximately $359.7 million. HomeFed. For real estate development projects, we are generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee a municipality satisfactory completion of a project. As the planned area is developed and the municipality accepts the improvements, the bonds are released. At February 29, 2024, the aggregate amount of infrastructure improvement bonds outstanding was $49.0 million. Standby Letters of Credit. At February 29, 2024, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $57.2 million, with a weighted average maturity of less than one year. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Other Guarantees. We are members of various exchanges and clearing houses. In the normal course of business, we provide guarantees to securities clearing houses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearing house, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearing houses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. Additionally, we provide certain indemnifications in connection with third-party clearing and execution arrangements whereby a third-party may clear and settle transactions on behalf of our clients. These indemnifications generally have standard contractual terms and are entered into in the ordinary course of business. Our obligations in respect of such transactions are secured by the assets in our client’s account, as well as any proceeds received from the transactions cleared and settled on behalf of our client. However, we believe that it is unlikely we would have to make any material payments under these arrangements and no material liabilities related to these indemnifications have been recognized.

Net Capital Requirements

Net Capital Requirements	3 Months Ended
Net Capital Requirements	Feb. 29, 2024
Broker-Dealer [Abstract]
Net Capital Requirements	Regulatory Requirements Net Capital Jefferies LLC is a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority (“FINRA”) and is subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant (“FCM”), is also subject to Regulation 1.17 of the Commodity Futures Trading Commission (“CFTC”) under the Commodity Exchange Act, which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Regulation 1.17. Jefferies Financial Services, Inc. (“JFSI”) is a registered swap dealer subject to the CFTC’s regulatory capital requirements and is a registered security-based swap dealer with the SEC subject to the SEC’s security-based swap dealer regulatory rules and is approved by the SEC as an OTC derivatives dealer subject to compliance with the SEC’s net capital requirements. At February 29, 2024, JFSI is in compliance with these SEC and CFTC requirements. Additionally, JFSI is subject to the net capital requirements of the National Futures Association (“NFA”), as a member of the NFA. JFSI is required to maintain minimum net capital, as defined under SEC Rule 18a-1 of not less than the greater of 2% of the risk margin amount, as defined, or $20 million. Under CFTC Regulation 23.101, JFSI is required to maintain minimum net capital of not less than the greater of 2% of the uncleared swap margin, as defined in CFTC Regulation 23.100, or $20 million. At February 29, 2024, Jefferies LLC and JFSI’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 633,069 $ 522,230 JFSI - SEC 254,563 233,958 JFSI - CFTC 254,563 229,837 FINRA is the designated examining authority for Jefferies LLC and the NFA is the designated self-regulatory organization for Jefferies LLC as an FCM. Certain other U.S. and non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited which is subject to the regulatory supervision and requirements of the Financial Conduct Authority in the U.K. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries. Customer Protection and Segregation Requirement As a registered broker dealer that clears and carries customer accounts, Jefferies LLC is subject to the customer protection provisions under SEC Rule 15c3-3 and is required to compute a reserve formula requirement for customer accounts and deposit cash or qualified securities into a special reserve bank account for the exclusive benefit of customers. At February 29, 2024, Jefferies LLC had $425.5 million in cash and qualified U.S. Government securities on deposit in special reserve bank accounts for the exclusive benefit of customers. As a registered broker dealer that clears and carries proprietary accounts of brokers (commonly referred to as “PAB”), Jefferies is also required to compute a reserve requirement for PABs pursuant to SEC Rule 15c3-3. At February 29, 2024, Jefferies had $222.7 million in cash and qualified U.S. Government securities in special reserve bank accounts for the exclusive benefit of PABs. The qualified securities meeting the 15c3-3 customer and PAB requirements are included in Cash and securities segregated and Securities purchased under agreements to resell in our Consolidated Statements of Financial Condition.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Feb. 29, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our securities, commodities, futures and foreign exchange capital markets activities and investment banking business, which is composed of financial advisory and underwriting activities. The Investment Banking and Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business segment provides investment management services to investors in the U.S. and overseas and invests capital in hedge funds, separately managed accounts and third-party asset managers. Our reportable business segment information is prepared using the following methodologies: • Net revenues and non-interest expenses directly associated with each reportable business segment are included in determining earnings (losses) before income taxes. • Net revenues and non-interest expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors. • Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated long-term debt, which is a function of the mix of each business’s associated assets and liabilities and the related funding costs. During the quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. Our net revenues, non-interest expenses and earnings from continuing operations before income taxes by reportable business segment are summarized below (in millions): Three Months Ended February 29, 2024 February 28, 2023 Investment Banking and Capital Markets: Net revenues $ 1,451.3 $ 1,217.1 Non-interest expenses 1,296.3 1,035.1 Earnings from continuing operations before income taxes 155.0 182.0 Asset Management: Net revenues 273.4 68.5 Non-interest expenses 221.7 89.3 Earnings (losses) from continuing operations before income taxes 51.7 (20.8) Total of Reportable Business Segments: Net revenues 1,724.7 1,285.6 Non-interest expenses 1,518.0 1,124.4 Earnings from continuing operations before income taxes 206.7 161.2 Reconciliation to consolidated amounts: Net revenues 13.5 (2.1) Non-interest expenses — 1.1 Earnings (losses) from continuing operations before income taxes (1) 13.5 (3.2) Total: Net revenues 1,738.2 1,283.5 Non-interest expenses 1,518.0 1,125.5 Earnings from continuing operations before income taxes $ 220.2 $ 158.0 (1) Management does not consider certain foreign currency transaction gains or losses, debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts. The following table summarizes our total assets by reportable business segment (in millions): February 29, 2024 November 30, 2023 Investment Banking and Capital Markets $ 54,289.3 $ 51,776.9 Asset Management 6,643.7 6,128.3 Total assets $ 60,933.0 $ 57,905.2 Net Revenues by Geographic Region Net revenues for the Investment Banking and Capital Markets reportable business segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For the Asset Management reportable business segment, net revenues are allocated according to the location of the investment advisor or the location of the invested capital. Net revenues by geographic region were as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Americas (1) $ 1,307.8 $ 982.3 Europe and the Middle East (2) 331.8 217.9 Asia-Pacific 98.6 83.3 Net revenues $ 1,738.2 $ 1,283.5 (1) Primarily relates to U.S. results. (2) Primarily relates to U.K. results.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Feb. 29, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Officers, Directors and Employees. The following sets forth information regarding related party transactions with our officers, directors and employees: • At February 29, 2024 and November 30, 2023, we had $34.5 million and $31.0 million, respectively, of loans outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets in our Consolidated Statements of Financial Condition. • Receivables from and payables to customers include balances arising from officers’, directors’ and employees’ individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. • One of our directors has investments in hedge funds managed by us of approximately $3.9 million and $3.0 million at February 29, 2024 and November 30, 2023, respectively. Vitesse Energy

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Feb. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2023. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2023 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in our consolidated financial statements for interim periods are not necessarily indicative of the results for the entire year. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Consolidation	Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (losses) attributable to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights. Intercompany accounts and transactions are eliminated in consolidation.
Adopted Accounting Standards	Accounting Standards to be Adopted in Future Periods Segment Reporting . In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures. Income Taxes . In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Adopted Accounting Standards Reference Rate Reform . The FASB has issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023. Financial Instruments - Credit Losses

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
Business Acquisitions (Tables)	Feb. 29, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	A statement of the fair value of assets acquired and liabilities assumed on the acquisition dates are presented below (in thousands): Stratos OpNet Total Cash and cash equivalents $ 83,006 $ 7,875 $ 90,881 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 124,306 — 124,306 Financial instruments owned, at fair value 53,028 — 53,028 Investments in and loans to related parties — 6,644 6,644 Receivables: Brokers, dealers and clearing organizations 113,750 — 113,750 Fees, interest and other 4,745 14,728 19,473 Property and equipment, net 31,830 111,458 143,288 Goodwill (1) 5,463 127,051 132,514 Assets held for sale (2) — 578,820 578,820 Other assets (3) 31,135 98,278 129,413 Total assets acquired $ 447,263 $ 944,854 $ 1,392,117 Financial instruments sold, net yet purchased, at fair value $ 31,293 $ — $ 31,293 Payables: Brokers, dealers and clearing organizations 236 — 236 Customers payables 297,494 — 297,494 Short-term borrowings — 7,137 7,137 Lease liabilities 9,308 23,040 32,348 Liabilities held for sale (2) — 303,447 303,447 Accrued expenses and other liabilities 18,011 176,308 194,319 Long-term debt — 75,437 75,437 Total liabilities assumed $ 356,342 $ 585,369 $ 941,711 Net assets acquired $ 90,921 $ 359,485 $ 450,406 Noncontrolling interests $ — $ 42,168 $ 42,168 (1) All goodwill is attributed to the Asset Management reportable segment. (2) Relates to the net operating assets of the wholesale operations of OpNet. (3) Includes intangible assets acquired as part of the OpNet acquisition in the form of purchased technology, trademarks and trade names, and customer relationships. These intangible assets are being amortized over a finite life of up to 20 years.

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Tables)	3 Months Ended
Assets Held for Sale and Discontinued Operations (Tables)	Feb. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	At February 29, 2024 and November 30, 2023, the assets and liabilities of Foursight have been classified as held for sale and consist of the following major classes of assets and liabilities (in thousands): February 29, 2024 November 30, 2023 Assets held for sale: Cash and cash equivalents $ 8,309 $ 3,555 Other receivables 1,819 1,478 Premises and equipment, net 1,109 1,175 Operating lease assets 7,443 7,635 Goodwill (1) 24,000 24,000 Other assets (2) 929,075 928,808 Total assets held for sale $ 971,755 $ 966,651 Liabilities held for sale: Other secured financings $ 830,258 $ 700,615 Lease liabilities 8,631 8,821 Accrued expenses and other liabilities 10,340 11,503 Long-term debt 21,298 149,262 Total liabilities held for sale $ 870,527 $ 870,201 (1) Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale. (2)

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
Fair Value Disclosures (Tables)	Feb. 29, 2024
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $1.25 billion and $1.21 billion at February 29, 2024 and November 30, 2023, respectively, by level within the fair value hierarchy (in thousands): February 29, 2024 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 5,507,909 $ 340,379 $ 173,214 $ — $ 6,021,502 Corporate debt securities — 5,809,579 35,335 — 5,844,914 Collateralized debt obligations and collateralized loan obligations — 782,391 69,367 — 851,758 U.S. government and federal agency securities 2,990,863 107,066 — — 3,097,929 Municipal securities — 275,217 — — 275,217 Sovereign obligations 887,739 651,353 — — 1,539,092 Residential mortgage-backed securities — 1,448,311 684 — 1,448,995 Commercial mortgage-backed securities — 318,198 473 — 318,671 Other asset-backed securities — 140,520 102,256 — 242,776 Loans and other receivables — 1,429,594 78,885 — 1,508,479 Derivatives 310 2,898,300 7,019 (2,213,583) 692,046 Investments at fair value — 6 121,764 — 121,770 Total financial instruments owned, excluding Investments at fair value based on NAV $ 9,386,821 $ 14,200,914 $ 588,997 $ (2,213,583) $ 21,963,149 Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 126,340 $ — $ — $ — $ 126,340 Securities received as collateral 110,897 — — — 110,897 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,954,918 $ 86,820 $ 675 $ — $ 3,042,413 Corporate debt securities — 3,631,375 124 — 3,631,499 Collateralized debt obligations and collateralized loan obligations — 672 — — 672 U.S. government and federal agency securities 2,348,603 — — — 2,348,603 Sovereign obligations 1,091,150 614,857 — — 1,706,007 Commercial mortgage-backed securities — — 944 — 944 Loans — 86,293 1,466 — 87,759 Derivatives 390 3,133,838 59,108 (1,967,283) 1,226,053 Total financial instruments sold, not yet purchased $ 6,395,061 $ 7,553,855 $ 62,317 $ (1,967,283) $ 12,043,950 Other secured financings $ — $ — $ 3,965 $ — $ 3,965 Obligation to return securities received as collateral 110,897 — — — 110,897 Long-term debt — 972,243 779,529 — 1,751,772 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2023 (1) Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 3,831,698 $ 211,182 $ 181,294 $ — $ 4,224,174 Corporate debt securities — 4,921,222 26,112 — 4,947,334 Collateralized debt obligations and collateralized loan obligations — 869,246 64,862 — 934,108 U.S. government and federal agency securities 3,563,164 65,566 — — 3,628,730 Municipal securities — 223,502 — — 223,502 Sovereign obligations 1,051,494 609,452 — — 1,660,946 Residential mortgage-backed securities — 2,048,309 20,871 — 2,069,180 Commercial mortgage-backed securities — 344,902 508 — 345,410 Other asset-backed securities — 255,048 117,661 — 372,709 Loans and other receivables — 1,320,217 130,101 — 1,450,318 Derivatives 314 3,649,814 8,336 (3,107,620) 550,844 Investments at fair value — — 130,835 — 130,835 Total financial instruments owned, excluding Investments at fair value based on NAV $ 8,446,670 $ 14,518,460 $ 680,580 $ (3,107,620) $ 20,538,090 Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 110,198 $ — $ — $ — $ 110,198 Securities received as collateral 8,800 — — — 8,800 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,235,049 $ 83,180 $ 676 $ — $ 2,318,905 Corporate debt securities — 2,842,776 124 — 2,842,900 Collateralized debt obligations and collateralized loan obligations — 36 — — 36 U.S. government and federal agency securities 2,957,787 — — — 2,957,787 Sovereign obligations 1,229,795 579,302 — — 1,809,097 Residential mortgage-backed securities — 463 — — 463 Commercial mortgage-backed securities — — 840 — 840 Loans — 173,828 1,521 — 175,349 Derivatives 54 3,851,004 59,291 (2,764,572) 1,145,777 Total financial instruments sold, not yet purchased $ 6,422,685 $ 7,530,589 $ 62,452 $ (2,764,572) $ 11,251,154 Other secured financings $ — $ — $ 3,898 $ — $ 3,898 Obligation to return securities received as collateral 8,800 — — — 8,800 Long-term debt — 963,846 744,597 — 1,708,443 (1) Excludes amounts for financial instruments reclassified to Assets held for sale and Liabilities held for sale. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
Investments Measured at Fair Value Based on Net Asset Value Per Share	The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands): February 29, 2024 Fair Value (1) Unfunded Redemption Frequency Redemption Notice Period Equity Long/Short Hedge Funds (2) $ 316,630 $ — Quarterly (64%) Monthly (36%) 60 - 90 days 60 days Equity Funds (3) 50,224 36,468 N/R (100%) N/R Commodity Funds (4) 20,964 — Quarterly (100%) 60 days Multi-asset Funds (5) 349,971 — Monthly (83%) Quarterly (14%) N/R (3%) 60 days 90 days N/R Other Funds (6) 510,608 131,985 Quarterly (65%) N/R (35%) 90 days N/R Total $ 1,248,397 $ 168,453 November 30, 2023 Fair Value (1) Unfunded Redemption Redemption Equity Long/Short Hedge Funds (2) $ 341,530 $ — Quarterly (57%) N/R (43%) 60 - 90 days N/R Equity Funds (3) 55,701 37,534 N/R (100%) N/R Commodity Funds (4) 21,747 — Quarterly (100%) 60 days Multi-asset Funds (5) 357,445 — Monthly (83%) Quarterly (13%) N/R (4%) 60 days 90 days N/R Other Funds (6) 432,960 132,662 Quarterly (75%) N/R (25%) 90 days N/R Total $ 1,209,383 $ 170,196 N/R - Not redeemable (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2) Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. The investments that cannot be redeemed at November 30, 2023, are not redeemable because these investments include restrictions that do not allow for redemption before November 30, 2023 or August 31, 2025. (3) Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one (4) Includes investments in a hedge fund that invests, long and short, primarily in commodities. (5) Includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. The investments that cannot be redeemed at February 29, 2024 and November 30, 2023 are not redeemable because these investments include restrictions that do not allow for redemption before April 1, 2024. (6) Primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types.
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 29, 2024 (in thousands): Three Months Ended February 29, 2024 Balance at November 30, 2023 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at February 29, 2024 For instruments still held at February 29, 2024, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 181,294 $ (197) $ 167 $ (265) $ — $ — $ (7,785) $ 173,214 $ (158) $ — Corporate debt securities 26,112 846 20,437 (513) (200) — (11,347) 35,335 801 — CDOs and CLOs 64,862 11,121 16,997 (13,836) (9,539) — (238) 69,367 1,355 — RMBS 20,871 (202) — — (5,360) — (14,625) 684 32 — CMBS 508 (35) — — — — — 473 (64) — Other ABS 117,661 (3,165) 11,686 (17,650) (5,834) — (442) 102,256 (1,468) — Loans and other receivables 130,101 (15,592) 5,477 (24,382) (3,007) — (13,712) 78,885 (17,991) — Investments at fair value 130,835 (10,691) 1,627 — — — (7) 121,764 (10,691) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 676 $ (7) $ — $ 6 $ — $ — $ — $ 675 $ 7 $ — Corporate debt securities 124 — — — — — — 124 — — CMBS 840 — (245) 350 — — (1) 944 — — Loans 1,521 (54) (81) — — — 80 1,466 (183) — Net derivatives (2) 50,955 (4,833) — 245 — — 5,722 52,089 4,340 — Other secured financings 3,898 4,482 — — (4,415) — — 3,965 (4,482) — Long-term debt 744,597 12,284 — — — 21,456 1,192 779,529 (14,477) 2,193 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2023 (in thousands): Three Months Ended February 28, 2023 Balance at November 30, 2022 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at February 28, 2023 For instruments still held at February 28, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 240,347 $ 17,688 $ — $ (297) $ — $ — $ 3,896 $ 261,634 $ 17,648 $ — Corporate debt securities 30,232 (1,715) 3,147 (7,305) (200) — 17,634 41,793 (1,834) — CDOs and CLOs 55,824 4,810 36,441 (15,666) (8,971) — — 72,438 (2,985) — RMBS 27,617 (3,605) — — (25) — — 23,987 (2,868) — CMBS 839 (353) — — — — — 486 (356) — Other ABS 94,677 (2,940) 13,740 — (5,959) — 910 100,428 (1,716) — Loans and other receivables 168,875 446 3,267 (10,160) (8) — (13,747) 148,673 38 — Investments at fair value 161,992 (2,636) 5,637 (2,420) (4,710) — — 157,863 (2,636) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 750 $ (135) $ — $ 13 $ — $ — $ — $ 628 $ 135 $ — Corporate debt securities 500 (28) (187) — — — — 285 28 — CMBS 490 — — 35 — — — 525 525 — Loans 3,164 120 (211) — — — (28) 3,045 (199) — Net derivatives (2) 59,524 9,713 — 127 (537) — 18,504 87,331 (10,352) — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 661,123 19,877 — — — 203 2,495 683,698 15,593 (35,470) (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives.
Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements	The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument ( i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period. February 29, 2024 Financial Instruments Owned: Fair Value Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Corporate equity securities $ 173,214 Non-exchange-traded securities Market approach Price $0 - $325 $61 Corporate debt securities $ 35,335 Scenario analysis Estimated recovery percentage 4% — Market approach Price $42 - $102 $85 CDOs and CLOs $ 54,253 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 30% — Discount rate/yield 13 % - 23% 19% Market approach Price $51 - $106 $92 Other ABS $ 88,370 Discounted cash flows Discount rate/yield 9 % - 20% 17% Cumulative loss rate 9 % - 32% 26% Duration (years) 0.9 - 2.2 1.7 Market approach Price $100 — Loans and other receivables $ 73,810 Market approach Price $34 - $125 $84 Scenario analysis Estimated recovery percentage 7 % - 100% 66% Derivatives $ 3,393 Equity options Volatility benchmarking Volatility 64.5 — Investments at fair value $ 117,620 Private equity securities Market approach Price $1 - $7,760 $565 Discount rate/yield 28% — Revenue $30,393,087 — Financial Instruments Sold, Not Yet Purchased: Corporate debt securities $ 124 Scenario analysis Estimated recovery percentage 4% — Derivatives $ 57,337 Equity options Volatility benchmarking Volatility 31.8 - 112.5 47.6 Embedded options Market approach Basis points upfront 0.2 - 24.3 16.2 Other secured financings $ 3,965 Scenario analysis Estimated recovery percentage 60 % - 100% 93% Long-term debt $ 779,529 Structured notes Market approach Price $58 - $117 $83 Price €65 - €105 €87 November 30, 2023 Financial Instruments Owned: Fair Value Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Corporate equity securities $ 181,294 Non-exchange-traded securities Market approach Price $0 - $325 $59 Corporate debt securities $ 26,112 Market approach Price $40 - $94 $50 Discounted cash flows Discount rate/yield 11% — Scenario analysis Estimated recovery percentage 4% — CDOs and CLOs $ 64,862 Discounted cash flows Constant prepayment rate 15 % - 20% 19% Constant default rate 2% — Loss severity 35 % - 40% 36% Discount rate/yield 21 % - 26% 24% Market approach Price $48 - $100 $88 CMBS $ 508 Scenario analysis Estimated recovery percentage 28% — Other ABS $ 102,423 Discounted cash flows Discount rate/yield 10 % - 21% 18% Cumulative loss rate 9 % - 32% 25% Duration (years) 1.1 - 2.2 1.7 Market approach Price $100 — Loans and other receivables $ 130,101 Market approach Price $82 - $157 $127 Scenario analysis Estimated recovery percentage 7 % - 73% 40% Derivatives $ 2,395 Equity options Volatility benchmarking Volatility 60% — Investments at fair value $ 127,237 Private equity securities Market approach Price $1 - $6,819 $484 Discount rate/yield 28% — Revenue $30,538,979 — Financial Instruments Sold, Not Yet Purchased: Corporate debt securities $ 124 Scenario analysis Estimated recovery percentage 4% — Loans $ 1,521 Market approach Price $101 — Derivatives $ 56,779 Equity options Volatility benchmarking Volatility 31 % - 87% 42% Embedded options Market approach Basis points upfront 0.4 - 25.5 17.9 Other secured financings $ 3,898 Scenario analysis Estimated recovery percentage 18 % - 73% 53% Long-term debt $ 744,597 Structured notes Market approach Price $57 - $114 $78 Price €60 - €103 €84
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables	The following is a summary of gains (losses) due to changes in fair value related to instrument-specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on Long-term debt measured at fair value under the fair value option (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Financial instruments owned: Loans and other receivables $ (7,410) $ 7,454 Other secured financings: Other changes in fair value (2) $ (4,482) $ — Long-term debt: Changes in instrument-specific credit risk (1) $ (3,980) $ (71,660) Other changes in fair value (2) (43,817) 45,825 (1) Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. (2) Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings. The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands): February 29, 2024 November 30, 2023 Financial instruments owned: Loans and other receivables (1) $ 1,975,612 $ 2,344,468 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 253,784 259,354 Long-term debt 248,547 294,256 Other secured financings 459 1,377 (1) Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings. (2) Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $146.8 million and $187.4 million at February 29, 2024 and November 30, 2023, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Feb. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract	The following tables present the fair value and related number of derivative contracts at February 29, 2024 and November 30, 2023 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (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 (in thousands, except contract amounts). February 29, 2024 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 832 3 $ — — Foreign exchange contracts: Bilateral OTC 624 1 18,132 3 Total derivatives designated as accounting hedges 1,456 18,132 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 315 43,935 404 43,259 Cleared OTC 231,212 5,081 223,877 4,902 Bilateral OTC 720,132 728 1,106,992 1,368 Foreign exchange contracts: Bilateral OTC 119,871 64,160 103,604 39,104 Equity contracts: Exchange-traded 854,640 890,720 478,145 884,169 Bilateral OTC 905,684 34,477 1,192,065 16,945 Commodity contracts: Exchange-traded 29 656 1 744 Bilateral OTC 3,271 13,288 885 6,472 Credit contracts: Cleared OTC 34,892 107 40,342 76 Bilateral OTC 34,127 21 28,889 36 Total derivatives not designated as accounting hedges 2,904,173 3,175,204 Total gross derivative assets/ liabilities: Exchange-traded 854,984 478,550 Cleared OTC 266,936 264,219 Bilateral OTC 1,783,709 2,450,567 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (460,355) (460,355) Cleared OTC (258,600) (264,050) Bilateral OTC (1,494,628) (1,242,878) Net amounts per Consolidated Statements of Financial Condition (4) $ 692,046 $ 1,226,053 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. November 30, 2023 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 6,070 3 Foreign exchange contracts: Bilateral OTC 259 1 19,638 3 Total derivatives designated as accounting hedges 259 25,708 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 316 88,354 63 67,643 Cleared OTC 1,156,937 4,415 1,185,503 4,544 Bilateral OTC 893,983 1,179 1,266,506 786 Foreign exchange contracts: Exchange-traded — — — 4 Bilateral OTC 147,470 66,254 129,770 38,585 Equity contracts: Exchange-traded 678,542 1,180,832 393,220 1,174,298 Bilateral OTC 715,754 31,116 850,088 16,234 Commodity contracts: Exchange-traded 59 735 33 940 Bilateral OTC 5,662 15,497 1,398 6,455 Credit contracts: Cleared OTC 38,046 133 38,487 81 Bilateral OTC 21,436 22 19,573 29 Total derivatives not designated as accounting hedges 3,658,205 3,884,641 Total gross derivative assets/liabilities: Exchange-traded 678,917 393,316 Cleared OTC 1,194,983 1,230,060 Bilateral OTC 1,784,564 2,286,973 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (384,392) (384,392) Cleared OTC (1,189,517) (1,189,513) Bilateral OTC (1,533,711) (1,190,667) Net amounts per Consolidated Statements of Financial Condition (4) $ 550,844 $ 1,145,777 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
Unrealized and Realized Gains (Losses) on Derivative Contracts	The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings related to fair value hedges (in thousands): Three Months Ended Gains (Losses) February 29, 2024 February 28, 2023 Interest rate swaps $ (4,558) $ (37,549) Long-term debt (11,267) 26,240 Total $ (15,825) $ (11,309) The following table provides information related to gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss), in our Consolidated Statements of Comprehensive Income (in thousands): Three Months Ended Gains (Losses) February 29, 2024 February 28, 2023 Foreign exchange contracts $ 2,117 $ 3,057 Total $ 2,117 $ 3,057 The following table presents unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands): Three Months Ended Gains (Losses) February 29, 2024 February 28, 2023 Interest rate contracts $ 21,722 $ 55,824 Foreign exchange contracts (9,834) (1,899) Equity contracts (309,656) (32,608) Commodity contracts 4,100 (398) Credit contracts (4,573) (484) Total $ (298,241) $ 20,435
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities	The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at February 29, 2024 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 3,271 $ — $ — $ — $ 3,271 Equity options and forwards 220,573 30,488 — (45,760) 205,301 Credit default swaps — 21,765 — — 21,765 Total return swaps 70,691 177,062 — (13,301) 234,452 Foreign currency forwards, swaps and options 55,182 7,827 — — 63,009 Interest rate swaps, options and forwards 162,934 434,684 35,368 (116,902) 516,084 Total $ 512,651 $ 671,826 $ 35,368 $ (175,963) 1,043,882 Cross product counterparty netting (38,378) Total OTC derivative assets included in Financial instruments owned $ 1,005,504 (1) At February 29, 2024, we held net exchange-traded derivative assets and other credit agreements with a fair value of $394.6 million, which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in our Consolidated Statements of Financial Condition. At February 29, 2024, cash collateral received was $708.1 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 885 $ — $ — $ — $ 885 Equity options and forwards 170,042 334,264 — (45,760) 458,546 Credit default swaps 1,360 7,863 — — 9,223 Total return swaps 152,682 116,125 211 (13,301) 255,717 Foreign currency forwards, swaps and options 56,361 7,889 — — 64,250 Fixed income forwards 24,600 — — — 24,600 Interest rate swaps, options and forwards 168,029 338,307 505,344 (116,902) 894,778 Total $ 573,959 $ 804,448 $ 505,555 $ (175,963) 1,707,999 Cross product counterparty netting (38,378) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 1,669,621 (1) At February 29, 2024, we held net exchange-traded derivative liabilities with a fair value of $18.2 million, which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At February 29, 2024, cash collateral pledged was $461.8 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at February 29, 2024 (in thousands): Counterparty credit quality (1): A- or higher $ 475,477 BBB- to BBB+ 53,152 BB+ or lower 242,844 Unrated 234,031 Total $ 1,005,504 (1) We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
Credit Related Derivative Contracts	The following tables present external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): February 29, 2024 External Credit Rating Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 1,507.1 $ 585.0 $ 2,092.1 November 30, 2023 External Credit Rating Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 1,451.5 $ 893.9 $ 2,345.4
Derivative Instruments with Contingent Features	The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): February 29, 2024 November 30, 2023 Derivative instrument liabilities with credit-risk-related contingent features $ 127.8 $ 139.5 Collateral posted (61.8) (97.6) Collateral received 422.5 71.0 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 488.5 112.9 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	3 Months Ended
Collateralized Transactions (Tables)	Feb. 29, 2024
Collateralized Transactions [Abstract]
Schedule of Collateralized Financing Transactions	The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value by class of collateral pledged (in thousands): February 29, 2024 Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 2,056,981 $ 568,495 $ 49,890 $ 2,675,366 Corporate debt securities 579,817 5,047,768 — 5,627,585 Mortgage-backed and asset-backed securities — 1,364,689 — 1,364,689 U.S. government and federal agency securities 45,930 7,107,197 1,736 7,154,863 Municipal securities — 110,738 — 110,738 Sovereign obligations 26,442 2,265,539 59,271 2,351,252 Loans and other receivables — 748,225 — 748,225 Total $ 2,709,170 $ 17,212,651 $ 110,897 $ 20,032,718 November 30, 2023 Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 1,221,456 $ 627,029 $ 4,347 $ 1,852,832 Corporate debt securities 576,449 4,297,933 — 4,874,382 Mortgage-backed and asset-backed securities — 1,950,908 — 1,950,908 U.S. government and federal agency securities 39,151 9,474,205 3,429 9,516,785 Municipal securities — 141,091 — 141,091 Sovereign obligations 3,462 2,511,560 1,024 2,516,046 Loans and other receivables — 838,468 — 838,468 Total $ 1,840,518 $ 19,841,194 $ 8,800 $ 21,690,512 The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by remaining contractual maturity (in thousands): February 29, 2024 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,759,779 $ 24,000 $ 399,915 $ 525,476 $ 2,709,170 Repurchase agreements 7,615,647 2,897,392 2,755,338 3,944,274 17,212,651 Obligation to return securities received as collateral, at fair value 110,897 — — — 110,897 Total $ 9,486,323 $ 2,921,392 $ 3,155,253 $ 4,469,750 $ 20,032,718 November 30, 2023 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,068,665 $ — $ 244,158 $ 527,695 $ 1,840,518 Repurchase agreements 10,548,263 2,442,446 1,939,891 4,910,594 19,841,194 Obligation to return securities received as collateral, at fair value 8,800 — — — 8,800 Total $ 11,625,728 $ 2,442,446 $ 2,184,049 $ 5,438,289 $ 21,690,512
Offsetting Assets	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 (in thousands). February 29, 2024 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets: Securities borrowing arrangements $ 6,789,055 $ — $ 6,789,055 $ (378,668) $ (1,683,197) $ 4,727,190 Reverse repurchase agreements 13,162,658 (5,615,873) 7,546,785 (1,602,160) (5,901,391) 43,234 Securities received as collateral, at fair value 110,897 — 110,897 — (110,897) — Liabilities: Securities lending arrangements $ 2,709,170 $ — $ 2,709,170 $ (378,668) $ (2,293,154) $ 37,348 Repurchase agreements 17,212,651 (5,615,873) 11,596,778 (1,602,160) (9,513,391) 481,227 Obligation to return securities received as collateral, at fair value 110,897 — 110,897 — (110,897) — November 30, 2023 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets: Securities borrowing arrangements $ 7,192,091 $ — $ 7,192,091 $ (327,723) $ (1,642,946) $ 5,221,422 Reverse repurchase agreements 14,871,137 (8,920,588) 5,950,549 (1,304,009) (4,582,621) 63,919 Securities received as collateral, at fair value 8,800 — 8,800 — (8,800) — Liabilities: Securities lending arrangements $ 1,840,518 $ — $ 1,840,518 $ (327,723) $ (1,396,069) $ 116,726 Repurchase agreements 19,841,194 (8,920,588) 10,920,606 (1,304,009) (9,035,403) 581,194 Obligation to return securities received as collateral, at fair value 8,800 — 8,800 — (8,800) — (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 $4.65 billion of securities borrowing arrangements for which we have received securities collateral of $4.52 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $439.2 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.
Offsetting Liabilities	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 (in thousands). February 29, 2024 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets: Securities borrowing arrangements $ 6,789,055 $ — $ 6,789,055 $ (378,668) $ (1,683,197) $ 4,727,190 Reverse repurchase agreements 13,162,658 (5,615,873) 7,546,785 (1,602,160) (5,901,391) 43,234 Securities received as collateral, at fair value 110,897 — 110,897 — (110,897) — Liabilities: Securities lending arrangements $ 2,709,170 $ — $ 2,709,170 $ (378,668) $ (2,293,154) $ 37,348 Repurchase agreements 17,212,651 (5,615,873) 11,596,778 (1,602,160) (9,513,391) 481,227 Obligation to return securities received as collateral, at fair value 110,897 — 110,897 — (110,897) — November 30, 2023 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets: Securities borrowing arrangements $ 7,192,091 $ — $ 7,192,091 $ (327,723) $ (1,642,946) $ 5,221,422 Reverse repurchase agreements 14,871,137 (8,920,588) 5,950,549 (1,304,009) (4,582,621) 63,919 Securities received as collateral, at fair value 8,800 — 8,800 — (8,800) — Liabilities: Securities lending arrangements $ 1,840,518 $ — $ 1,840,518 $ (327,723) $ (1,396,069) $ 116,726 Repurchase agreements 19,841,194 (8,920,588) 10,920,606 (1,304,009) (9,035,403) 581,194 Obligation to return securities received as collateral, at fair value 8,800 — 8,800 — (8,800) — (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 $4.65 billion of securities borrowing arrangements for which we have received securities collateral of $4.52 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $439.2 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.
Broker-Dealer, Net Capital Requirement, SEC Regulation	The following table summarizes assets segregated or held in separate accounts included in our Consolidated Statements of Financial Condition (in thousands): February 29, 2024 November 30, 2023 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 1,195,346 $ 1,414,593 Securities purchased under agreements to resell (1) 140,220 45,490 Total $ 1,335,566 $ 1,460,083 (1) Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.

Securitization Activities (Tabl

Securitization Activities (Tables)	3 Months Ended
Securitization Activities (Tables)	Feb. 29, 2024
Transfers and Servicing [Abstract]
Activity Related to Securitizations Accounted for as Sales	The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Three Months Ended February 29, 2024 February 28, 2023 Transferred assets $ 1,502.0 $ 1,475.2 Proceeds on new securitizations 1,502.0 1,475.1 Cash flows received on retained interests 11.0 10.7
Summary of Retained Interests in SPEs	The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): February 29, 2024 November 30, 2023 Securitization Type Total Retained Total Retained U.S. government agency RMBS $ 5,636.6 $ 116.5 $ 5,595.1 $ 417.3 U.S. government agency CMBS 2,378.4 181.4 3,014.3 197.3 CLOs 7,106.6 32.9 6,323.8 23.3 Consumer and other loans 1,527.9 61.8 1,877.8 68.1

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Feb. 29, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of VIEs	The following table presents information about our consolidated VIEs at February 29, 2024 and November 30, 2023 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. February 29, 2024 November 30, 2023 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash $ — $ 7.8 $ — $ 1.1 Financial instruments owned — 8.7 — 7.8 Securities purchased under agreements to resell (1) 1,671.0 — 1,677.7 — Receivables from brokers (2) — 20.1 — 18.0 Other receivables — 3.0 — — Assets held for sale (6) 858.1 600.2 815.6 578.8 Other assets (3) — 139.0 — 147.9 Total assets $ 2,529.1 $ 778.8 $ 2,493.3 $ 753.6 Financial instruments sold, not yet purchased $ — $ 5.9 $ — $ 6.4 Other secured financings (4) 1,666.7 — 1,667.3 — Liabilities held for sale (6) 841.9 276.3 769.2 303.4 Other liabilities (5) 19.6 145.5 10.5 249.7 Long-term debt (7) 0.8 70.0 — 49.6 Total liabilities $ 2,529.0 $ 497.7 $ 2,447.0 $ 609.1 (1) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.5 million and $1.4 million of receivables from brokers at February 29, 2024 and November 30, 2023 are with related consolidated entities, which are eliminated in consolidation. (3) Approximately $45.4 million and $56.1 million of the other assets at February 29, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $467.3 million and $681.0 million of the other secured financings at February 29, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation. (5) Approximately $159.0 million and $247.9 million of the other liabilities amounts at February 29, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (6) Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to Foursight’s automobile financing vehicles, which are considered to be VIEs, and to the net operating assets of the wholesale operations of OpNet, which has been determined to be a VIE. Approximately $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale at November 30, 2023, were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. (7) Approximately $0.8 million of the long-term debt amount at February 29, 2024 is with related consolidated entities, which is eliminated in consolidation. The following tables present information about our variable interests in nonconsolidated VIEs (in millions): February 29, 2024 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 799.2 $ 24.6 $ 3,425.4 $ 9,835.0 Asset-backed vehicles 721.3 — 1,067.3 3,189.4 Related party private equity vehicles 2.8 — 13.3 17.2 Other investment vehicles 1,059.1 — 1,217.4 16,207.6 Total $ 2,582.4 $ 24.6 $ 5,723.4 $ 29,249.2 November 30, 2023 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 913.3 $ 14.1 $ 4,414.0 $ 9,455.5 Asset-backed vehicles 661.7 — 661.7 3,734.8 Related party private equity vehicles 3.1 — 14.2 10.3 Other investment vehicles 1,071.2 — 1,233.7 15,059.2 Total $ 2,649.3 $ 14.1 $ 6,323.6 $ 28,259.8

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Feb. 29, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Selected Financial Information related to Equity Method Investment	Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties in our Consolidated Statements of Financial Condition are summarized as follows (in millions). February 29, 2024 November 30, 2023 Total Investments in and loans to related parties $ 1,267.6 $ 1,239.3 Three Months Ended February 29, 2024 February 28, 2023 Total equity method pickup earnings (losses) recognized in Other revenues in our Consolidated Statements of Earnings $ 8.7 $ (64.0) Three Months Ended February 29, 2024 February 28, 2023 Interest income $ — $ — Unfunded commitment fees 0.3 0.3 The following is a summary of selected financial information for Jefferies Finance (in millions): February 29, 2024 November 30, 2023 Total assets $ 5,507.9 $ 5,598.2 Total liabilities 4,260.0 4,352.0 February 29, 2024 November 30, 2023 Our total equity balance $ 634.0 $ 630.1 Three Months Ended February 29, 2024 February 28, 2023 Net earnings attributable to members $ 6.9 $ 14.9 The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Three Months Ended February 29, 2024 February 28, 2023 Origination and syndication fee revenues (1) $ 52.4 $ 26.0 Origination fee expenses (1) 14.9 4.1 Investment fund placement fee revenues (2) 0.5 — Service fees (3) 44.9 44.2 (1) We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2) We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees, which are included in Commissions and other fees in our Consolidated Statements of Earnings. (3) Under a service agreement, we charge Jefferies Finance for services provided. The following is a summary of selected financial information for Berkadia (in millions): February 29, 2024 November 30, 2023 Total assets $ 4,201.6 $ 5,318.2 Total liabilities 2,711.7 3,816.1 Total noncontrolling interest 579.8 612.8 February 29, 2024 November 30, 2023 Our total equity balance $ 411.5 $ 400.9 Three Months Ended February 29, 2024 February 28, 2023 Net earnings attributable to members $ 29.3 $ 29.0 We received distributions from Berkadia on our equity interest as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Distributions $ 3.8 $ — The following is a summary of selected financial information for OpNet (in millions): Three Months Ended Net losses $ (51.6) The following is a summary of selected financial information for Stratos (in millions): Three Months Ended Net losses $ (20.3) Three Months Ended Net losses $ (0.9) The following is a summary of selected financial information for our significant real estate investments (in millions): February 29, 2024 November 30, 2023 Total assets $ 330.3 $ 329.5 Total liabilities 498.0 500.0 February 29, 2024 November 30, 2023 Our total equity balance $ 91.4 $ 90.0 Three Months Ended February 29, 2024 February 28, 2023 Net earnings $ 2.5 $ 1.1 We received distributions from 54 Madison on our equity interest as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Distributions $ — $ 17.1 Three Months Ended February 29, 2024 February 28, 2023 Net losses from our investments in JCP Fund V $ (0.3) $ (6.6) The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.3% at February 29, 2024 of the combined equity interests (in millions): Three Months Ended December 31, 2023 2022 Net decrease in net assets resulting from operations (1) $ (0.9) $ (54.6) (1) Financial information for JCP Fund V within our results of operations for the three months ended February 29, 2024 and February 28, 2023 is included based on the periods presented. Three Months Ended Investment gains (losses) (1) $ 0.3 Management fees (2) 0.2 (1) Included in Principal transactions revenues in our Consolidated Statements of Earnings. (2) Included in Floor brokerage and clearing fees in our Consolidated Statements of Earnings.

Credit Losses on Financial As_2

Credit Losses on Financial Assets Measured at Amortized Cost (Tables)	3 Months Ended
	Feb. 29, 2024
Credit Loss [Abstract]
Rollforward of Allowance for Credit Loss	A rollforward of the allowance for credit losses related to our automobile loans for the three months ended February 28, 2023, is as follows (in thousands): Three Months Ended February 28, 2023 Beginning balance $ 79,614 Provision for doubtful accounts 7,829 Charge-offs, net of recoveries (9,388) Ending balance $ 78,055
Schedule of Allowance for Credit Loss	The allowance for credit losses for investment banking receivables for the three months ended February 29, 2024 and 2023, is as follows (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Beginning balance $ 6,306 $ 5,914 Bad debt expense 1,011 1,508 Charge-offs (2,500) (86) Recoveries collected (1,854) (66) Ending balance (1) $ 2,963 $ 7,270 (1) Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table is a summary of the changes to goodwill by reportable segment (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Investment Banking and Capital Markets Asset Management Total Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,532,172 $ 315,684 $ 1,847,856 $ 1,552,944 $ 183,170 $ 1,736,114 Currency translation and other adjustments (231) — (231) (249) — (249) Measurement period adjustment (1) — (26,954) (26,954) — — — Goodwill relating to acquisitions by Tessellis — 3,366 3,366 — — — Balance, at end of period $ 1,531,941 $ 292,096 $ 1,824,037 $ 1,552,695 $ 183,170 $ 1,735,865 (1) Refer to Note 4, Business Acquisitions for further information.
Schedule of Finite-Lived Intangible Assets	The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at February 29, 2024 and November 30, 2023 (dollars in thousands): February 29, 2024 Weighted Average Remaining Lives (Years) Gross Cost Assets Acquired (1) Accumulated Amortization Net carrying Amount Customer relationships $ 136,240 $ 30,505 $ (96,707) $ 70,038 6.2 Trademarks and trade names 146,399 3,856 (40,543) 109,712 22.6 Exchange and clearing organization membership interests and registrations 8,707 — — 8,707 N/A Other 51,985 14,457 (14,980) 51,462 4.8 Total $ 343,331 $ 48,818 $ (152,230) $ 239,919 (1) Includes a $39.3 million measurement period adjustment related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. November 30, 2023 Weighted Average Remaining Lives (Years) Gross Cost Assets Acquired (1) Impairment Losses Accumulated Amortization Net Carrying Amount Customer relationships $ 126,449 $ 9,801 $ — $ (93,966) $ 42,284 6.3 Trademarks and trade names 127,899 18,513 — (39,340) 107,072 23.5 Exchange and clearing organization membership interests and registrations 7,405 1,390 (78) — 8,717 N/A Other 14,958 37,026 — (13,137) 38,847 5.0 Total $ 276,711 $ 66,730 $ (78) $ (146,443) $ 196,920 (1) Refer to Note 4, Business Acquisitions for further information.
Schedule of Indefinite-Lived Intangible Assets	The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at February 29, 2024 and November 30, 2023 (dollars in thousands): February 29, 2024 Weighted Average Remaining Lives (Years) Gross Cost Assets Acquired (1) Accumulated Amortization Net carrying Amount Customer relationships $ 136,240 $ 30,505 $ (96,707) $ 70,038 6.2 Trademarks and trade names 146,399 3,856 (40,543) 109,712 22.6 Exchange and clearing organization membership interests and registrations 8,707 — — 8,707 N/A Other 51,985 14,457 (14,980) 51,462 4.8 Total $ 343,331 $ 48,818 $ (152,230) $ 239,919 (1) Includes a $39.3 million measurement period adjustment related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. November 30, 2023 Weighted Average Remaining Lives (Years) Gross Cost Assets Acquired (1) Impairment Losses Accumulated Amortization Net Carrying Amount Customer relationships $ 126,449 $ 9,801 $ — $ (93,966) $ 42,284 6.3 Trademarks and trade names 127,899 18,513 — (39,340) 107,072 23.5 Exchange and clearing organization membership interests and registrations 7,405 1,390 (78) — 8,717 N/A Other 14,958 37,026 — (13,137) 38,847 5.0 Total $ 276,711 $ 66,730 $ (78) $ (146,443) $ 196,920 (1) Refer to Note 4, Business Acquisitions for further information.
Future Amortization Expense Related to Intangible Assets	The estimated future amortization expense for the next five fiscal years is as follows (in thousands): Remainder of fiscal year 2024 $ 21,097 Year ending November 30, 2025 27,811 Year ending November 30, 2026 27,773 Year ending November 30, 2027 26,827 Year ending November 30, 2028 26,794

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
Revenues from Contracts with Customers (Tables)	Feb. 29, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Revenues from contracts with customers: Investment banking $ 679,065 $ 502,798 Commissions and other fees 245,543 213,270 Asset management fees 29,361 17,757 Oil and gas revenues 208 25,506 Real estate revenues 3,149 2,747 Other contracts with customers 13,891 12,930 Total revenue from contracts with customers 971,217 775,008 Other sources of revenue: Principal transactions 640,736 497,246 Revenues from strategic affiliates 21,011 21,229 Interest 819,489 531,385 Other 99,489 (44,304) Total revenues $ 2,551,942 $ 1,780,564 The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic region (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Reportable Segment Reportable Segment Investment Asset Management Total Investment Asset Management Total Major business activity: Investment banking - Advisory $ 338,568 $ — $ 338,568 $ 297,178 $ — $ 297,178 Investment banking - Underwriting 340,497 — 340,497 205,620 — 205,620 Equities (1) 242,576 — 242,576 210,462 — 210,462 Fixed income (1) 2,430 — 2,430 2,808 — 2,808 Asset management — 29,361 29,361 — 17,757 17,757 Other investments — 17,785 17,785 — 41,183 41,183 Total $ 924,071 $ 47,146 $ 971,217 $ 716,068 $ 58,940 $ 775,008 Primary geographic region: Americas $ 730,377 $ 45,199 $ 775,576 $ 555,927 $ 57,793 $ 613,720 Europe and the Middle East 126,002 1,106 127,108 116,219 577 116,796 Asia-Pacific 67,692 841 68,533 43,922 570 44,492 Total $ 924,071 $ 47,146 $ 971,217 $ 716,068 $ 58,940 $ 775,008 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
Schedule of Allowance for Credit Loss	The allowance for credit losses for investment banking receivables for the three months ended February 29, 2024 and 2023, is as follows (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Beginning balance $ 6,306 $ 5,914 Bad debt expense 1,011 1,508 Charge-offs (2,500) (86) Recoveries collected (1,854) (66) Ending balance (1) $ 2,963 $ 7,270 (1) Substantially all of the allowance for doubtful accounts balances relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.

Compensation Plans (Tables)

Compensation Plans (Tables)	3 Months Ended
Compensation Plans (Tables)	Feb. 29, 2024
Compensation Related Costs [Abstract]
Schedule of Components of Compensation Cost	The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Components of compensation cost: Restricted cash awards $ 107.9 $ 67.6 Restricted stock and RSUs (1) 20.2 13.7 Profit sharing plan 6.9 6.2 Total compensation cost $ 135.0 $ 87.5 (1)
Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans	Remaining unamortized amounts related to certain compensation plans at February 29, 2024 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Non-vested share-based awards $ 145.0 3.4 Restricted cash awards (1) 1,141.9 3.0 Total $ 1,286.9 (1) The remaining unamortized amount is included within Other assets in our Consolidated Statements of Financial Condition.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Feb. 29, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums	The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (dollars in thousands): Maturity Effective Interest Rate February 29, November 30, Unsecured long-term debt: 1.000% Euro Medium Term Notes July 2024 1.00% $ 539,982 $ 544,222 4.850% Senior Notes (1) January 2027 7.53% 705,636 703,542 6.450% Senior Debentures June 2027 5.46% 360,405 361,126 5.875% Senior Notes July 2028 6.01% 991,268 990,838 4.150% Senior Notes January 2030 4.26% 992,821 992,554 2.625% Senior Debentures (1) October 2031 4.72% 906,250 901,692 2.750% Senior Debentures (1) October 2032 7.06% 388,160 382,957 6.250% Senior Notes January 2036 6.03% 484,764 484,890 6.500% Senior Notes January 2043 6.05% 405,725 405,850 6.625% Senior Notes October 2043 6.97% 247,028 247,010 Floating Rate Senior Notes September 2053 5.60% 15,255 15,253 Floating Rate Senior Notes October 2071 5.22% 61,731 61,728 Unsecured Credit Facility November 2025 6.93% 350,000 350,000 Floating Euro Medium Term Notes June 2026 4.64% 42,083 42,417 Callable Notes February 2025 - November 2053 4.84% - 7.66% 442,706 304,778 Structured Notes (2) Various —% 1,751,772 1,708,443 Total unsecured long-term debt 8,685,586 8,497,300 Secured long-term debt: Tessellis Secured Debt 75,718 75,440 HomeFed EB-5 Program Debt 252,978 242,608 HomeFed Construction Loans 67,664 48,182 Secured Credit Facilities 735,332 735,222 Secured Bank Loan 100,000 100,000 Total long-term debt (3) $ 9,917,278 $ 9,698,752 (1) Carrying values of these senior notes include a net loss of $11.3 million and a net gain of $26.2 million for the three months ended February 29, 2024 and February 28, 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (2) Structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value. (3) Total Long-term debt has a fair value of $9.92 billion and $9.57 billion at February 29, 2024 and November 30, 2023, respectively, which would be classified as Level 2 or Level 3 in the fair value hierarchy.

Total Equity (Tables)

Total Equity (Tables)	3 Months Ended
Total Equity (Tables)	Feb. 29, 2024
Equity [Abstract]
Earnings Per Share Computation	The numerators and denominators used to calculate basic and diluted earnings per common share are as follows (in thousands, except per share amounts): Three Months Ended February 29, 2024 February 28, 2023 Numerator for earnings per common share from continuing operations: Net earnings from continuing operations $ 164,283 $ 129,324 Less: Net losses attributable to noncontrolling interests (6,452) (6,311) Mandatorily redeemable convertible preferred share dividends — (2,016) Allocation of earnings to participating securities (1) (14,189) (528) Net earnings from continuing operations attributable to common shareholders for basic earnings per share $ 156,546 $ 133,091 Adjustment to allocation of earnings to participating securities related to diluted shares (1) — (54) Mandatorily redeemable convertible preferred share dividends — 2,016 Net earnings from continuing operations attributable to common shareholders for diluted earnings per share $ 156,546 $ 135,053 Numerator for earnings per common share from discontinued operations: Net loss from discontinued operations, net of income tax benefit (7,891) — Less: Net losses attributable to noncontrolling interests (986) — Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share $ (6,905) $ — Net earnings attributable to common shareholders for basic earnings per share $ 149,641 $ 133,091 Net earnings attributable to common shareholders for diluted earnings per share $ 149,641 $ 135,053 Denominator for earnings per common share: Weighted average common shares outstanding 211,535 227,543 Weighted average shares of restricted stock outstanding with future service required (2,402) (2,128) Weighted average RSUs outstanding with no future service required 10,913 13,686 Weighted average common shares 220,046 239,101 Stock options and other share-based awards 2,894 2,303 Senior executive compensation plan RSU awards 2,351 2,917 Preferred shares and mandatorily redeemable convertible preferred shares (2) — 3,774 Weighted average diluted common shares (3) 225,291 248,095 Earnings (losses) per common share: Basic from continuing operations $ 0.71 $ 0.56 Basic from discontinued operations (0.03) — Basic $ 0.68 $ 0.56 Diluted from continuing operations $ 0.69 $ 0.54 Diluted from discontinued operations (0.03) — Diluted $ 0.66 $ 0.54 (1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 21.2 million for the three months ended February 29, 2024, compared with 0.7 million during the three months ended February 28, 2023. Dividends paid on participating securities were not material during the three months ended February 29, 2024 and February 28, 2023. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. (2) The two-class method was more dilutive for each period presented. (3) Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per common share in the future. Antidilutive shares at February 29, 2024, were 10.0% of the weighted average common shares outstanding for the three months ended February 29, 2024.
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands): February 29, November 30, Net unrealized losses on available-for-sale securities $ (2,637) $ (4,595) Net currency translation adjustments and other (162,729) (162,541) Net unrealized losses related to instrument-specific credit risk (184,698) (181,946) Net minimum pension liability (46,374) (46,463) Total accumulated other comprehensive loss, net of tax $ (396,438) $ (395,545) Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings are as follows (in thousands): Three Months Ended February 29, 2024 February 28, 2023 Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) $ 2,119 $ (246) Amortization of defined benefit pension plan actuarial losses (2) (121) (397) Total reclassifications for the period, net of tax $ 1,998 $ (643) (1) Includes income tax expense of approximately $0.7 million during the three months ended February 29, 2024, compared with a tax benefit of approximately $0.1 million during the three months ended February 28, 2023, which were reclassified to Principal transactions revenues in our Consolidated Statements of Earnings. (2) Include income tax benefit of approximately $31 thousand during the three months ended February 29, 2024, compared with tax benefit of approximately $49 thousand during the three months ended February 28, 2023, which were reclassified to Compensation and benefits expenses in our Consolidated Statements of Earnings. Refer to Note 16, Benefit Plans, for information included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Feb. 29, 2024
Income Tax Disclosure [Abstract]
Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates	The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2020 New York State 2001 New York City 2006 United Kingdom 2021 Germany 2018 Hong Kong 2017 India 2010

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
Commitments, Contingencies and Guarantees (Tables)	Feb. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments and Contingencies	The following table summarizes our commitments at February 29, 2024 (in millions): Expected Maturity Date (Fiscal Years) 2024 2025 2026 2028 2030 Maximum Payout Equity commitments (1) $ 56.0 $ 16.8 $ 39.1 $ 0.2 $ 122.2 $ 234.3 Loan commitments (1) 0.3 252.2 82.6 — 5.2 340.3 Loan purchase commitments (2) 2,957.8 — — — — 2,957.8 Underwriting commitments 157.3 — — — — 157.3 Forward starting reverse repos (3) 8,538.6 — — — — 8,538.6 Forward starting repos (3) 4,508.0 — — — — 4,508.0 Other unfunded commitments (1) 189.6 293.4 321.1 — — 804.1 Total commitments $ 16,407.6 $ 562.4 $ 442.8 $ 0.2 $ 127.4 $ 17,540.4 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2) Loan purchase commitments consist of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at February 29, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.71 billion. (3) three
Schedule of Guarantees	The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at February 29, 2024 (in millions): Expected Maturity Date (Fiscal Years) 2024 2025 2026 2028 2030 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 6,761.8 $ 18,757.4 $ 13,162.5 $ 476.0 $ — $ 39,157.7 Total derivative contracts $ 6,761.8 $ 18,757.4 $ 13,162.5 $ 476.0 $ — $ 39,157.7

Net Capital Requirements (Table

Net Capital Requirements (Tables)	3 Months Ended
Net Capital Requirements (Tables)	Feb. 29, 2024
Broker-Dealer [Abstract]
Schedule of Net Capital, Adjusted and Excess Net Capital	At February 29, 2024, Jefferies LLC and JFSI’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 633,069 $ 522,230 JFSI - SEC 254,563 233,958 JFSI - CFTC 254,563 229,837

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Feb. 29, 2024
Segment Reporting [Abstract]
Schedule of Net Revenues, Expenses and Total Assets by Segment	Our net revenues, non-interest expenses and earnings from continuing operations before income taxes by reportable business segment are summarized below (in millions): Three Months Ended February 29, 2024 February 28, 2023 Investment Banking and Capital Markets: Net revenues $ 1,451.3 $ 1,217.1 Non-interest expenses 1,296.3 1,035.1 Earnings from continuing operations before income taxes 155.0 182.0 Asset Management: Net revenues 273.4 68.5 Non-interest expenses 221.7 89.3 Earnings (losses) from continuing operations before income taxes 51.7 (20.8) Total of Reportable Business Segments: Net revenues 1,724.7 1,285.6 Non-interest expenses 1,518.0 1,124.4 Earnings from continuing operations before income taxes 206.7 161.2 Reconciliation to consolidated amounts: Net revenues 13.5 (2.1) Non-interest expenses — 1.1 Earnings (losses) from continuing operations before income taxes (1) 13.5 (3.2) Total: Net revenues 1,738.2 1,283.5 Non-interest expenses 1,518.0 1,125.5 Earnings from continuing operations before income taxes $ 220.2 $ 158.0 (1) Management does not consider certain foreign currency transaction gains or losses, debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts. The following table summarizes our total assets by reportable business segment (in millions): February 29, 2024 November 30, 2023 Investment Banking and Capital Markets $ 54,289.3 $ 51,776.9 Asset Management 6,643.7 6,128.3 Total assets $ 60,933.0 $ 57,905.2
Summary Net Revenues by Geographic Region	Net revenues by geographic region were as follows (in millions): Three Months Ended February 29, 2024 February 28, 2023 Americas (1) $ 1,307.8 $ 982.3 Europe and the Middle East (2) 331.8 217.9 Asia-Pacific 98.6 83.3 Net revenues $ 1,738.2 $ 1,283.5 (1) Primarily relates to U.S. results. (2) Primarily relates to U.K. results.

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details) $ in Millions		3 Months Ended
	Jan. 13, 2023 USD ($)	Feb. 29, 2024 USD ($) segment	Feb. 28, 2023 USD ($)
Subsidiary or Equity Method Investee [Line Items]
Number of reportable segments \| segment		2
Dividend distributions	$ 527	$ 527	$ 31.4
Decrease in assets, spinoff transaction	699.5
Decrease in total liabilities, spinoff transaction	141.1
Decrease in equity, spinoff transaction	558.4
Vitesse Energy \| Subsidiaries
Subsidiary or Equity Method Investee [Line Items]
Sale of subsidiary	$ 30.6

Accounting Developments (Detail

Accounting Developments (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023	Jan. 01, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in retained earnings	$ (7,937,908)	$ (7,849,844)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in retained earnings			$ (14,800)

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) € / shares in Units, € in Millions			3 Months Ended		12 Months Ended
	Nov. 30, 2023 USD ($)	Sep. 14, 2023 USD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 EUR (€)	Nov. 30, 2023 USD ($)	Feb. 29, 2024 EUR (€) € / shares	Jan. 26, 2024	Dec. 31, 2023 USD ($)	Mar. 31, 2023	Feb. 28, 2023 USD ($)	Nov. 30, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,847,856,000		$ 1,824,037,000		$ 1,847,856,000					$ 1,735,865,000	$ 1,736,114,000
Additional preferred shares amount \| €				€ 25
Nonconsolidated VIEs
Business Acquisition [Line Items]
Initial consolidation gain		$ 5,600,000
Stratos
Business Acquisition [Line Items]
Our total equity balance		$ 47,900,000
Stratos \| Discount rate/yield
Business Acquisition [Line Items]
Equity method investment, measurement input	24.50%				24.50%
Stratos \| Global Brokerage Inc
Business Acquisition [Line Items]
Ownership percentage									50.10%
OpNet
Business Acquisition [Line Items]
Ownership percentage	50%		47.40%		50%	47.40%
Our total equity balance	$ 201,600,000				$ 201,600,000			$ 0
Investment voting percentage	50%		50%		50%	50%
Conversion of loan receivable for preferred stock issued \| €						€ 115.1
Conversion price of loan receivable for preferred stock (in euros per share) \| € / shares						€ 10
Difference between carrying amount and underlying equity	$ 115,800,000				$ 115,800,000
Tessellis \| OpNet
Business Acquisition [Line Items]
Ownership percentage	59.30%				59.30%
Stratos
Business Acquisition [Line Items]
Interest at fair value		49.90%
Fair value percent of identifiable assets and assumed liabilities		100%
Extinguishment of debt					$ 39,200,000
Acquisition of additional interests		50.10%
Step acquisition remeasurement gain	$ 900,000	$ 4,700,000
Consideration transferred		$ 0
Goodwill	5,500,000				5,500,000
OpNet
Business Acquisition [Line Items]
Intangible assets increase (decrease)					39,300,000
Property and equipment increase (decrease)					12,300,000
Increase (decrease) in goodwill			$ 27,000,000		27,000,000
Fair value percent of identifiable assets and assumed liabilities							50%
Goodwill	$ 127,100,000		$ 100,100,000		$ 127,100,000

Business Acquisitions (Details)

Business Acquisitions (Details) $ in Thousands	Nov. 30, 2023 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 90,881
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	124,306
Financial instruments owned, at fair value	53,028
Investments in and loans to related parties	6,644
Receivables:
Brokers, dealers and clearing organizations	113,750
Fees, interest and other	19,473
Property and equipment, net	143,288
Assets held for sale (2)	578,820
Other assets	129,413
Total assets acquired	1,392,117
Financial instruments sold, net yet purchased, at fair value	31,293
Payables:
Brokers, dealers and clearing organizations	236
Customers payables	297,494
Short-term borrowings	7,137
Lease liabilities	32,348
Liabilities held for sale (2)	303,447
Accrued expenses and other liabilities	194,319
Long-term debt	75,437
Total liabilities assumed	941,711
Net assets acquired	450,406
Noncontrolling interests	42,168
Asset Management
Receivables:
Goodwill acquired during period	132,514
Stratos
Business Acquisition [Line Items]
Cash and cash equivalents	83,006
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	124,306
Financial instruments owned, at fair value	53,028
Investments in and loans to related parties	0
Receivables:
Brokers, dealers and clearing organizations	113,750
Fees, interest and other	4,745
Property and equipment, net	31,830
Assets held for sale (2)	0
Other assets	31,135
Total assets acquired	447,263
Financial instruments sold, net yet purchased, at fair value	31,293
Payables:
Brokers, dealers and clearing organizations	236
Customers payables	297,494
Short-term borrowings	0
Lease liabilities	9,308
Liabilities held for sale (2)	0
Accrued expenses and other liabilities	18,011
Long-term debt	0
Total liabilities assumed	356,342
Net assets acquired	90,921
Noncontrolling interests	0
Stratos \| Asset Management
Receivables:
Goodwill acquired during period	5,463
OpNet
Business Acquisition [Line Items]
Cash and cash equivalents	7,875
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	0
Financial instruments owned, at fair value	0
Investments in and loans to related parties	6,644
Receivables:
Brokers, dealers and clearing organizations	0
Fees, interest and other	14,728
Property and equipment, net	111,458
Assets held for sale (2)	578,820
Other assets	98,278
Total assets acquired	944,854
Financial instruments sold, net yet purchased, at fair value	0
Payables:
Brokers, dealers and clearing organizations	0
Customers payables	0
Short-term borrowings	7,137
Lease liabilities	23,040
Liabilities held for sale (2)	303,447
Accrued expenses and other liabilities	176,308
Long-term debt	75,437
Total liabilities assumed	585,369
Net assets acquired	359,485
Noncontrolling interests	$ 42,168
Weighted Average Remaining Lives (Years)	20 years
OpNet \| Asset Management
Receivables:
Goodwill acquired during period	$ 127,051

Assets Held for Sale and Disc_3

Assets Held for Sale and Discontinued Operations (Details) $ in Thousands, € in Millions	Aug. 30, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Feb. 29, 2024 USD ($)	Nov. 30, 2023 USD ($)
Assets held for sale:
Total assets held for sale			$ 1,571,981	$ 1,545,472
Liabilities held for sale:
Total liabilities held for sale			1,146,802	1,173,648
Foursight Capital \| Subsequent event
Liabilities held for sale:
Sale of subsidiary		$ 115,000
OpNet \| Forecast
Liabilities held for sale:
Sale of subsidiary \| €	€ 485
Disposal Group, Held-for-Sale, Not Discontinued Operations
Liabilities held for sale:
Deposits			51,200	42,100
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Financing Receivable
Assets held for sale:
Other assets			842,600	850,800
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Foursight Capital
Assets held for sale:
Cash and cash equivalents			8,309	3,555
Other receivables			1,819	1,478
Premises and equipment, net			1,109	1,175
Operating lease assets			7,443	7,635
Goodwill			24,000	24,000
Other assets			929,075	928,808
Total assets held for sale			971,755	966,651
Liabilities held for sale:
Other secured financings			830,258	700,615
Lease liabilities			8,631	8,821
Accrued expenses and other liabilities			10,340	11,503
Long-term debt			21,298	149,262
Total liabilities held for sale			$ 870,527	$ 870,201

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	$ 1,248,397	$ 1,209,383
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	21,963,149	20,538,090
Counterparty and Cash Collateral Netting	(2,213,583)	(3,107,620)
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	126,340	110,198
Securities received as collateral	110,897	8,800
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	12,043,950	11,251,154
Counterparty and Cash Collateral Netting	(1,967,283)	(2,764,572)
Other secured financings	3,965	3,898
Obligation to return securities received as collateral	110,897	8,800
Long-term debt	1,751,772	1,708,443
Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	6,021,502	4,224,174
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,042,413	2,318,905
Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	5,844,914	4,947,334
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,631,499	2,842,900
Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	851,758	934,108
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	672	36
U.S. government and federal agency securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	3,097,929	3,628,730
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,348,603	2,957,787
Municipal securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	275,217	223,502
Sovereign obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,539,092	1,660,946
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,706,007	1,809,097
Residential mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,448,995	2,069,180
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		463
Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	318,671	345,410
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	944	840
Other asset-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	242,776	372,709
Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,508,479	1,450,318
Derivative assets
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	692,046	550,844
Investments at fair value
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	121,770	130,835
Loans
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	87,759	175,349
Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,226,053	1,145,777
Fair value based on net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	1,250,000	1,210,000
Level 1
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	9,386,821	8,446,670
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	126,340	110,198
Securities received as collateral	110,897	8,800
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	6,395,061	6,422,685
Other secured financings	0	0
Obligation to return securities received as collateral	110,897	8,800
Long-term debt	0	0
Level 1 \| Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	5,507,909	3,831,698
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,954,918	2,235,049
Level 1 \| Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 1 \| Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 1 \| U.S. government and federal agency securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	2,990,863	3,563,164
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,348,603	2,957,787
Level 1 \| Municipal securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 \| Sovereign obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	887,739	1,051,494
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,091,150	1,229,795
Level 1 \| Residential mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		0
Level 1 \| Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 1 \| Other asset-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 \| Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 \| Derivative assets
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	310	314
Level 1 \| Investments at fair value
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 \| Loans
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 1 \| Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	390	54
Level 2
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	14,200,914	14,518,460
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	0	0
Securities received as collateral	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	7,553,855	7,530,589
Other secured financings	0	0
Obligation to return securities received as collateral	0	0
Long-term debt	972,243	963,846
Level 2 \| Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	340,379	211,182
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	86,820	83,180
Level 2 \| Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	5,809,579	4,921,222
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,631,375	2,842,776
Level 2 \| Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	782,391	869,246
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	672	36
Level 2 \| U.S. government and federal agency securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	107,066	65,566
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 2 \| Municipal securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	275,217	223,502
Level 2 \| Sovereign obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	651,353	609,452
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	614,857	579,302
Level 2 \| Residential mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,448,311	2,048,309
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		463
Level 2 \| Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	318,198	344,902
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 2 \| Other asset-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	140,520	255,048
Level 2 \| Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,429,594	1,320,217
Level 2 \| Derivative assets
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	2,898,300	3,649,814
Level 2 \| Investments at fair value
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	6	0
Level 2 \| Loans
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	86,293	173,828
Level 2 \| Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,133,838	3,851,004
Level 3
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	588,997	680,580
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	0	0
Securities received as collateral	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	62,317	62,452
Other secured financings	3,965	3,898
Obligation to return securities received as collateral	0	0
Long-term debt	779,529	744,597
Level 3 \| Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	173,214	181,294
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	675	676
Level 3 \| Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	35,335	26,112
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	124	124
Level 3 \| Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	69,367	64,862
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 3 \| U.S. government and federal agency securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 3 \| Municipal securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 3 \| Sovereign obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 3 \| Residential mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	684	20,871
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		0
Level 3 \| Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	473	508
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	944	840
Level 3 \| Other asset-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	102,256	117,661
Level 3 \| Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	78,885	130,101
Level 3 \| Derivative assets
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	7,019	8,336
Level 3 \| Investments at fair value
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	121,764	130,835
Level 3 \| Loans
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,466	1,521
Level 3 \| Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	$ 59,108	$ 59,291

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2024	Nov. 30, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,248,397	$ 1,209,383
Unfunded Commitments	168,453	170,196
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	316,630	341,530
Unfunded Commitments	$ 0	$ 0
Equity Long/Short Hedge Funds \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period		90 days
Equity Long/Short Hedge Funds \| 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	36%
Notice period redemption of investment prior written notice period		60 days
Equity Long/Short Hedge Funds \| Debt Instrument, Redemption, Period One
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	64%	57%
Percentage of not redeemable investments		43%
Equity Long/Short Hedge Funds \| Debt Instrument, Redemption, Period One \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	90 days
Equity Long/Short Hedge Funds \| Debt Instrument, Redemption, Period One \| 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	60 days
Equity Long/Short Hedge Funds \| Debt Instrument, Redemption, Period Two \| 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	60 days
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 50,224	$ 55,701
Unfunded Commitments	$ 36,468	$ 37,534
Percentage of not redeemable investments	100%	100%
Estimated period for the liquidation of the underlying assets, minimum	1 year	1 year
Expected period for the liquidation of the underlying assets, maximum	11 years	11 years
Commodity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 20,964	$ 21,747
Unfunded Commitments	$ 0	$ 0
Commodity Funds \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments		100%
Commodity Funds \| 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	100%
Notice period redemption of investment prior written notice period	60 days	60 days
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 349,971	$ 357,445
Unfunded Commitments	$ 0	$ 0
Percentage of not redeemable investments	3%	4%
Multi-asset Funds \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments		13%
Notice period redemption of investment prior written notice period		90 days
Multi-asset Funds \| 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments		83%
Notice period redemption of investment prior written notice period		60 days
Multi-asset Funds \| Debt Instrument, Redemption, Period One \| 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	83%
Notice period redemption of investment prior written notice period	60 days
Multi-asset Funds \| Debt Instrument, Redemption, Period Two \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	14%
Notice period redemption of investment prior written notice period	90 days
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 510,608	$ 432,960
Unfunded Commitments	$ 131,985	$ 132,662
Percentage of redeemable investments	35%
Percentage of not redeemable investments		25%
Other Funds \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	65%	75%
Notice period redemption of investment prior written notice period	90 days	90 days
Short-term Investments \| 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	90 days	90 days
Short-term Investments \| 120 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	120 days	120 days

Fair Value Disclosures - Level

Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Assets:
Total gains/losses (realized and unrealized)	$ (17,900)	$ 11,700
Liabilities:
Total gains/losses (realized and unrealized)	11,900	29,500
Corporate equity securities
Assets:
Beginning balance	181,294	240,347
Total gains/losses (realized and unrealized)	(197)	17,688
Purchases	167	0
Sales	(265)	(297)
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	(7,785)	3,896
Ending balance	173,214	261,634
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(158)	17,648
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Liabilities:
Beginning Balance	676	750
Total gains/losses (realized and unrealized)	(7)	(135)
Purchases	0	0
Sales	6	13
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	675	628
For instruments still held, changes in unrealized gains/(losses) included in Earnings	7	135
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Corporate debt securities
Assets:
Beginning balance	26,112	30,232
Total gains/losses (realized and unrealized)	846	(1,715)
Purchases	20,437	3,147
Sales	(513)	(7,305)
Settlements	(200)	(200)
Issuances	0	0
Net transfers into/ (out of) Level 3	(11,347)	17,634
Ending balance	35,335	41,793
For instruments still held, changes in unrealized gains/(losses) included in Earnings	801	(1,834)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Liabilities:
Beginning Balance	124	500
Total gains/losses (realized and unrealized)	0	(28)
Purchases	0	(187)
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	124	285
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0	28
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
CDOs and CLOs
Assets:
Beginning balance	64,862	55,824
Total gains/losses (realized and unrealized)	11,121	4,810
Purchases	16,997	36,441
Sales	(13,836)	(15,666)
Settlements	(9,539)	(8,971)
Issuances	0	0
Net transfers into/ (out of) Level 3	(238)	0
Ending balance	69,367	72,438
For instruments still held, changes in unrealized gains/(losses) included in Earnings	1,355	(2,985)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
RMBS
Assets:
Beginning balance	20,871	27,617
Total gains/losses (realized and unrealized)	(202)	(3,605)
Purchases	0	0
Sales	0	0
Settlements	(5,360)	(25)
Issuances	0	0
Net transfers into/ (out of) Level 3	(14,625)	0
Ending balance	684	23,987
For instruments still held, changes in unrealized gains/(losses) included in Earnings	32	(2,868)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
CMBS
Assets:
Beginning balance	508	839
Total gains/losses (realized and unrealized)	(35)	(353)
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending balance	473	486
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(64)	(356)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Liabilities:
Beginning Balance	840	490
Total gains/losses (realized and unrealized)	0	0
Purchases	(245)	0
Sales	350	35
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	(1)	0
Ending Balance	944	525
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0	525
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Other ABS
Assets:
Beginning balance	117,661	94,677
Total gains/losses (realized and unrealized)	(3,165)	(2,940)
Purchases	11,686	13,740
Sales	(17,650)	0
Settlements	(5,834)	(5,959)
Issuances	0	0
Net transfers into/ (out of) Level 3	(442)	910
Ending balance	102,256	100,428
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(1,468)	(1,716)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Loans and other receivables
Assets:
Beginning balance	130,101	168,875
Total gains/losses (realized and unrealized)	(15,592)	446
Purchases	5,477	3,267
Sales	(24,382)	(10,160)
Settlements	(3,007)	(8)
Issuances	0	0
Net transfers into/ (out of) Level 3	(13,712)	(13,747)
Ending balance	78,885	148,673
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(17,991)	38
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Investments at fair value
Assets:
Beginning balance	130,835	161,992
Total gains/losses (realized and unrealized)	(10,691)	(2,636)
Purchases	1,627	5,637
Sales	0	(2,420)
Settlements	0	(4,710)
Issuances	0	0
Net transfers into/ (out of) Level 3	(7)	0
Ending balance	121,764	157,863
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(10,691)	(2,636)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Loans
Liabilities:
Beginning Balance	1,521	3,164
Total gains/losses (realized and unrealized)	(54)	120
Purchases	(81)	(211)
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	80	(28)
Ending Balance	1,466	3,045
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(183)	(199)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Net derivatives
Liabilities:
Beginning Balance	50,955	59,524
Total gains/losses (realized and unrealized)	(4,833)	9,713
Purchases	0	0
Sales	245	127
Settlements	0	(537)
Issuances	0	0
Net transfers into/ (out of) Level 3	5,722	18,504
Ending Balance	52,089	87,331
For instruments still held, changes in unrealized gains/(losses) included in Earnings	4,340	(10,352)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Other secured financings
Liabilities:
Beginning Balance	3,898	1,712
Total gains/losses (realized and unrealized)	4,482	0
Purchases	0	0
Sales	0	0
Settlements	(4,415)	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	3,965	1,712
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(4,482)	0
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0
Long-term debt
Liabilities:
Beginning Balance	744,597	661,123
Total gains/losses (realized and unrealized)	12,284	19,877
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	21,456	203
Net transfers into/ (out of) Level 3	1,192	2,495
Ending Balance	779,529	683,698
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(14,477)	15,593
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	$ 2,193	$ (35,470)

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Details)	3 Months Ended
Fair Value Disclosures - Additional Information (Details)	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Nov. 30, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	$ 11,200,000	$ 39,800,000
Transfers of assets from Level 3 to Level 2	59,400,000	31,100,000
Transfers of liabilities from Level 2 to Level 3	31,600,000	58,200,000
Transfers of liabilities from Level 3 to Level 2	24,600,000	37,200,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(17,900,000)	11,700,000
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	(11,900,000)	(29,500,000)
Value of asset excluded from significant unobservable inputs	43,000,000		$ 45,600,000
Value of liability excluded from significant unobservable inputs	4,900,000		4,000,000
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due	67,300,000		98,100,000
Loans and other receivables greater than 90 days past due	54,000,000		37,600,000
Investment, other than temporary impairment	22,100,000
Fair value, assets			0
Equity securities without readily determinable fair value, amount	21,900,000		0
Realized and unrealized gains (loss)		(33,200,000)
Equity securities without readily determinable fair value, impairment loss	0	0
Golden Queen Mining Company
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment, other than temporary impairment		22,100,000
Monashee
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Our total equity balance	21,900,000		$ 15,800,000
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	$ 11,121,000	4,810,000
CDOs and CLOs \| Level 3 \| Minimum \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.13		0.21
CDOs and CLOs \| Level 3 \| Maximum \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.23		0.26
CDOs and CLOs \| Level 3 \| Weighted Average \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.19		0.24
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	$ 1,700,000	17,700,000
Transfers of assets from Level 3 to Level 2	13,000,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	846,000	(1,715,000)
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	0	28,000
Corporate debt securities \| Level 3 \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.11
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	6,500,000	13,900,000
Transfers of assets from Level 3 to Level 2	20,200,000	27,700,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(15,592,000)	446,000
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	1,300,000	4,300,000
Transfers of assets from Level 3 to Level 2	9,100,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(197,000)	17,688,000
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	7,000	135,000
Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	1,700,000	3,900,000
Transfers of assets from Level 3 to Level 2	2,200,000	3,000,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	$ (3,165,000)	(2,940,000)
Other ABS \| Level 3 \| Minimum \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.09		0.10
Other ABS \| Level 3 \| Maximum \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.20		0.21
Other ABS \| Level 3 \| Weighted Average \| Discount rate/yield \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	0.17		0.18
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 2 to Level 3	$ 15,400,000	34,100,000
Transfers of liabilities from Level 3 to Level 2	9,700,000	15,600,000
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	4,833,000	(9,713,000)
Structured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 2 to Level 3	16,100,000	24,100,000
Transfers of liabilities from Level 3 to Level 2	14,900,000	21,600,000
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	54,000	(120,000)
RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 3 to Level 2	14,600,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(202,000)	(3,605,000)
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	(35,000)	(353,000)
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	$ 0	$ 0

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)	3 Months Ended	6 Months Ended
	Feb. 29, 2024 USD ($)	May 31, 2023	Feb. 29, 2024 $ / shares	Feb. 29, 2024	Feb. 29, 2024 $ / Bond	Feb. 29, 2024 € / Bond	Nov. 30, 2023 USD ($)	Nov. 30, 2023 $ / shares	Nov. 30, 2023	Nov. 30, 2023 $ / Bond	Nov. 30, 2023 € / Bond
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 21,963,149,000						$ 20,538,090,000
Financial instruments sold, not yet purchased	12,043,950,000						11,251,154,000
Other secured financings (includes $3,965 and $3,898 at fair value)	3,965,000						3,898,000
Long-term debt	1,751,772,000						1,708,443,000
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	5,844,914,000						4,947,334,000
Financial instruments sold, not yet purchased	3,631,499,000						2,842,900,000
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	851,758,000						934,108,000
Financial instruments sold, not yet purchased	672,000						36,000
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	318,671,000						345,410,000
Financial instruments sold, not yet purchased	944,000						840,000
Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	242,776,000						372,709,000
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	1,508,479,000						1,450,318,000
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	121,770,000						130,835,000
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased	87,759,000						175,349,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	588,997,000						680,580,000
Financial instruments sold, not yet purchased	62,317,000						62,452,000
Long-term debt	779,529,000						744,597,000
Level 3 \| Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other secured financings (includes $3,965 and $3,898 at fair value)	3,965,000						3,898,000
Level 3 \| Volatility benchmarking
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset	3,393,000
Level 3 \| Volatility benchmarking and market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	57,337,000						56,779,000
Level 3 \| Non-exchange-traded securities \| Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	173,214,000						181,294,000
Level 3 \| Non-exchange-traded securities \| Market approach \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			0					0
Level 3 \| Non-exchange-traded securities \| Market approach \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			325					325
Level 3 \| Non-exchange-traded securities \| Market approach \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			61					59
Level 3 \| Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	35,335,000						26,112,000
Financial instruments sold, not yet purchased	124,000						124,000
Level 3 \| Corporate debt securities \| Market approach and scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	35,335,000
Level 3 \| Corporate debt securities \| Market approach \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares								40
Level 3 \| Corporate debt securities \| Market approach \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares								94
Level 3 \| Corporate debt securities \| Market approach \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares								50
Level 3 \| Corporate debt securities \| Market approach \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			42
Level 3 \| Corporate debt securities \| Market approach \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			102
Level 3 \| Corporate debt securities \| Market approach \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			85
Level 3 \| Corporate debt securities \| Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased	124,000
Derivative liability							124,000
Level 3 \| Corporate debt securities \| Scenario analysis \| Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.04					0.04
Financial instruments sold, not yet purchased, measurement input				0.04					0.04
Level 3 \| Corporate debt securities \| Discounted cash flows \| Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.11
Level 3 \| Corporate debt securities \| Discounted cash flows, market approach, scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned							26,112,000
Level 3 \| CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	69,367,000						64,862,000
Financial instruments sold, not yet purchased	0						0
Level 3 \| CDOs and CLOs \| Market approach \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / Bond					51					48
Level 3 \| CDOs and CLOs \| Market approach \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / Bond					106					100
Level 3 \| CDOs and CLOs \| Market approach \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / Bond					92					88
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Constant prepayment rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.20
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Constant prepayment rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.15
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Constant prepayment rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.20
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Constant prepayment rate \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.19
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Constant default rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Constant default rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.02
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Discount rate/yield \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.13					0.21
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Discount rate/yield \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.23					0.26
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Discount rate/yield \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.19					0.24
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Loss severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.30
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Loss severity \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.35
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Loss severity \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.40
Level 3 \| CDOs and CLOs \| Discounted cash flows \| Loss severity \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.36
Level 3 \| CDOs and CLOs \| Discounted cash flows and market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	54,253,000
Level 3 \| CDOs and CLOs \| Discounted cash flows, market approach, scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned							64,862,000
Level 3 \| CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	473,000						508,000
Financial instruments sold, not yet purchased	944,000						840,000
Level 3 \| CMBS \| Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned							508,000
Level 3 \| CMBS \| Scenario analysis \| Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.28
Level 3 \| Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 102,256,000						$ 117,661,000
Level 3 \| Other ABS \| Market approach \| Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	100						100
Level 3 \| Other ABS \| Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned							$ 102,423,000
Level 3 \| Other ABS \| Discounted cash flows \| Discount rate/yield \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.09					0.10
Level 3 \| Other ABS \| Discounted cash flows \| Discount rate/yield \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.20					0.21
Level 3 \| Other ABS \| Discounted cash flows \| Discount rate/yield \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.17					0.18
Level 3 \| Other ABS \| Discounted cash flows \| Cumulative loss rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.09
Level 3 \| Other ABS \| Discounted cash flows \| Cumulative loss rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.09
Level 3 \| Other ABS \| Discounted cash flows \| Cumulative loss rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.32					0.32
Level 3 \| Other ABS \| Discounted cash flows \| Cumulative loss rate \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.26					0.25
Level 3 \| Other ABS \| Discounted cash flows \| Duration (years) \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	10 months 24 days	1 year 1 month 6 days
Level 3 \| Other ABS \| Discounted cash flows \| Duration (years) \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	2 years 2 months 12 days	2 years 2 months 12 days
Level 3 \| Other ABS \| Discounted cash flows \| Duration (years) \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year 8 months 12 days	1 year 8 months 12 days
Level 3 \| Other ABS \| Discounted cash flows and market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 88,370,000
Level 3 \| Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	78,885,000						130,101,000
Level 3 \| Loans and other receivables \| Market approach and scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	73,810,000						130,101,000
Level 3 \| Loans and other receivables \| Market approach \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / Bond					34					82
Level 3 \| Loans and other receivables \| Market approach \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / Bond					125					157
Level 3 \| Loans and other receivables \| Market approach \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / Bond					84					127
Level 3 \| Loans and other receivables \| Scenario analysis \| Estimated recovery percentage \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.07					0.07
Level 3 \| Loans and other receivables \| Scenario analysis \| Estimated recovery percentage \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				1					0.73
Level 3 \| Loans and other receivables \| Scenario analysis \| Estimated recovery percentage \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.66					0.40
Level 3 \| Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	121,764,000						130,835,000
Level 3 \| Investments at fair value \| Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned							$ 127,237,000
Level 3 \| Private equity securities \| Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 117,620,000
Level 3 \| Private equity securities \| Market approach \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			1					1
Level 3 \| Private equity securities \| Market approach \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			7,760					6,819
Level 3 \| Private equity securities \| Market approach \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			565					484
Level 3 \| Private equity securities \| Market approach \| Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			0.28
Level 3 \| Private equity securities \| Market approach \| Discount rate/yield \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input									0.28
Level 3 \| Private equity securities \| Market approach \| Revenue
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	30,393,087
Level 3 \| Private equity securities \| Market approach \| Revenue \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input							30,538,979
Level 3 \| Equity options \| Volatility benchmarking
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability							$ 2,395,000
Level 3 \| Equity options \| Volatility benchmarking \| Volatility \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				31.8					0.31
Level 3 \| Equity options \| Volatility benchmarking \| Volatility \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				112.5					0.87
Level 3 \| Equity options \| Volatility benchmarking \| Volatility \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				47.6					0.42
Level 3 \| Other secured financings \| Scenario analysis \| Estimated recovery percentage \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other secured financings, measurement input				0.60					0.18
Level 3 \| Other secured financings \| Scenario analysis \| Estimated recovery percentage \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other secured financings, measurement input				1					0.73
Level 3 \| Other secured financings \| Scenario analysis \| Estimated recovery percentage \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other secured financings, measurement input				0.93					0.53
Level 3 \| Long-term debt \| Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	$ 779,529,000						744,597,000
Level 3 \| Long-term debt \| Market approach \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					58	65				57	60
Level 3 \| Long-term debt \| Market approach \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					117	105				114	103
Level 3 \| Long-term debt \| Market approach \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					83	87				78	84
Level 3 \| Embedded options \| Market approach \| Basis points upfront \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.00002					0.00004
Level 3 \| Embedded options \| Market approach \| Basis points upfront \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.00243					0.00255
Level 3 \| Embedded options \| Market approach \| Basis points upfront \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.00162					0.00179
Level 3 \| Embedded options \| Volatility benchmarking \| Volatility \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				64.5					0.60
Level 3 \| Embedded options \| Volatility benchmarking \| Volatility \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				0					0
Level 3 \| Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased	$ 1,466,000						1,521,000
Level 3 \| Loans \| Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability							$ 1,521,000
Level 3 \| Loans \| Market approach \| Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input							101

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value under Fair Value Option (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Financial instruments owned:
Loans and other receivables	$ (7,410)	$ 7,454
Other secured financings
Financial instruments sold, not yet purchased and Long-term debt
Other changes in fair value	(4,482)	0
Long-term debt
Financial instruments sold, not yet purchased and Long-term debt
Changes in instrument specific credit risk	(3,980)	(71,660)
Other changes in fair value	$ (43,817)	$ 45,825

Fair Value Disclosures - Summ_2

Fair Value Disclosures - Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value under Fair Value Option (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Financial instruments owned:
Loans and other receivables	$ 1,975,612	$ 2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	253,784	259,354
Long-term debt	248,547	294,256
Other secured financings	459	1,377
Loans and other receivables 90 days or greater past due	$ 146,800	$ 187,400

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Details) $ in Thousands	Feb. 29, 2024 USD ($) Contract	Nov. 30, 2023 USD ($) Contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statements of financial condition, assets	$ 692,046	$ 550,844
Net amounts per consolidated statements of financial condition, liabilities	1,226,053	1,145,777
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	854,984	678,917
Fair value, liabilities	478,550	393,316
Amounts offset in the consolidated statements of financial condition, assets	(460,355)	(384,392)
Amounts offset in the consolidated statements of financial condition, liabilities	(460,355)	(384,392)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	266,936	1,194,983
Fair value, liabilities	264,219	1,230,060
Amounts offset in the consolidated statements of financial condition, assets	(258,600)	(1,189,517)
Amounts offset in the consolidated statements of financial condition, liabilities	(264,050)	(1,189,513)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,783,709	1,784,564
Fair value, liabilities	2,450,567	2,286,973
Amounts offset in the consolidated statements of financial condition, assets	(1,494,628)	(1,533,711)
Amounts offset in the consolidated statements of financial condition, liabilities	(1,242,878)	(1,190,667)
Derivatives designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	1,456	259
Fair value, liabilities	18,132	25,708
Derivatives designated as accounting hedges \| Interest rate contracts \| Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 832	$ 0
Number of contracts, assets \| Contract	3	0
Fair value, liabilities	$ 0	$ 6,070
Number of contracts, liabilities \| Contract	0	3
Derivatives designated as accounting hedges \| Foreign exchange contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 624	$ 259
Number of contracts, assets \| Contract	1	1
Fair value, liabilities	$ 18,132	$ 19,638
Number of contracts, liabilities \| Contract	3	3
Derivatives not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 2,904,173	$ 3,658,205
Fair value, liabilities	3,175,204	3,884,641
Derivatives not designated as accounting hedges \| Interest rate contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 315	$ 316
Number of contracts, assets \| Contract	43,935	88,354
Fair value, liabilities	$ 404	$ 63
Number of contracts, liabilities \| Contract	43,259	67,643
Derivatives not designated as accounting hedges \| Interest rate contracts \| Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 231,212	$ 1,156,937
Number of contracts, assets \| Contract	5,081	4,415
Fair value, liabilities	$ 223,877	$ 1,185,503
Number of contracts, liabilities \| Contract	4,902	4,544
Derivatives not designated as accounting hedges \| Interest rate contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 720,132	$ 893,983
Number of contracts, assets \| Contract	728	1,179
Fair value, liabilities	$ 1,106,992	$ 1,266,506
Number of contracts, liabilities \| Contract	1,368	786
Derivatives not designated as accounting hedges \| Foreign exchange contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets		$ 0
Number of contracts, assets \| Contract		0
Fair value, liabilities		$ 0
Number of contracts, liabilities \| Contract		4
Derivatives not designated as accounting hedges \| Foreign exchange contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 119,871	$ 147,470
Number of contracts, assets \| Contract	64,160	66,254
Fair value, liabilities	$ 103,604	$ 129,770
Number of contracts, liabilities \| Contract	39,104	38,585
Derivatives not designated as accounting hedges \| Equity contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 854,640	$ 678,542
Number of contracts, assets \| Contract	890,720	1,180,832
Fair value, liabilities	$ 478,145	$ 393,220
Number of contracts, liabilities \| Contract	884,169	1,174,298
Derivatives not designated as accounting hedges \| Equity contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 905,684	$ 715,754
Number of contracts, assets \| Contract	34,477	31,116
Fair value, liabilities	$ 1,192,065	$ 850,088
Number of contracts, liabilities \| Contract	16,945	16,234
Derivatives not designated as accounting hedges \| Commodity contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 29	$ 59
Number of contracts, assets \| Contract	656	735
Fair value, liabilities	$ 1	$ 33
Number of contracts, liabilities \| Contract	744	940
Derivatives not designated as accounting hedges \| Commodity contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 3,271	$ 5,662
Number of contracts, assets \| Contract	13,288	15,497
Fair value, liabilities	$ 885	$ 1,398
Number of contracts, liabilities \| Contract	6,472	6,455
Derivatives not designated as accounting hedges \| Credit contracts \| Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 34,892	$ 38,046
Number of contracts, assets \| Contract	107	133
Fair value, liabilities	$ 40,342	$ 38,487
Number of contracts, liabilities \| Contract	76	81
Derivatives not designated as accounting hedges \| Credit contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 34,127	$ 21,436
Number of contracts, assets \| Contract	21	22
Fair value, liabilities	$ 28,889	$ 19,573
Number of contracts, liabilities \| Contract	36	29

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ (15,825)	$ (11,309)
Unrealized and realized gains (losses)	(298,241)	20,435
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	21,722	55,824
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(9,834)	(1,899)
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(309,656)	(32,608)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	4,100	(398)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(4,573)	(484)
Foreign exchange contracts \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	2,117	3,057
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	(11,267)	26,240
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ (4,558)	$ (37,549)

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
OTC Derivative Assets [Abstract]
0 – 12 Months	$ 512,651
1 – 5 Years	671,826
Greater Than 5 Years	35,368
Cross-Maturity Netting	(175,963)
Total OTC derivative assets, net of cross-maturity netting	1,043,882
Cross product counterparty netting	(38,378)
Total OTC derivative assets included in Financial instruments owned	1,005,504
OTC Derivative Liabilities [Abstract]
0 – 12 Months	573,959
1 – 5 Years	804,448
Greater Than 5 Years	505,555
Cross-Maturity Netting	(175,963)
Total OTC derivative liabilities, net of cross-maturity netting	1,707,999
Cross product counterparty netting	(38,378)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased	1,669,621
Exchange traded derivative assets, with fair value	394,600
Cash collateral received	708,100
Exchange traded derivative liabilities, with fair value	18,200
Cash collateral pledged	461,800
Commodity swaps, options and forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	3,271	$ 885
1 – 5 Years	0	0
Greater Than 5 Years	0	0
Cross-Maturity Netting	0	0
Total OTC derivative assets, net of cross-maturity netting	3,271	$ 885
Equity options and forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	220,573
1 – 5 Years	30,488
Greater Than 5 Years	0
Cross-Maturity Netting	(45,760)
Total OTC derivative assets, net of cross-maturity netting	205,301
OTC Derivative Liabilities [Abstract]
0 – 12 Months	170,042
1 – 5 Years	334,264
Greater Than 5 Years	0
Cross-Maturity Netting	(45,760)
Total OTC derivative liabilities, net of cross-maturity netting	458,546
Credit default swaps
OTC Derivative Assets [Abstract]
0 – 12 Months	0
1 – 5 Years	21,765
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	21,765
OTC Derivative Liabilities [Abstract]
0 – 12 Months	1,360
1 – 5 Years	7,863
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative liabilities, net of cross-maturity netting	9,223
Total return swaps
OTC Derivative Assets [Abstract]
0 – 12 Months	70,691
1 – 5 Years	177,062
Greater Than 5 Years	0
Cross-Maturity Netting	(13,301)
Total OTC derivative assets, net of cross-maturity netting	234,452
OTC Derivative Liabilities [Abstract]
0 – 12 Months	152,682
1 – 5 Years	116,125
Greater Than 5 Years	211
Cross-Maturity Netting	(13,301)
Total OTC derivative liabilities, net of cross-maturity netting	255,717
Foreign currency forwards, swaps and options
OTC Derivative Assets [Abstract]
0 – 12 Months	55,182
1 – 5 Years	7,827
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	63,009
OTC Derivative Liabilities [Abstract]
0 – 12 Months	56,361
1 – 5 Years	7,889
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative liabilities, net of cross-maturity netting	64,250
Fixed income forwards
OTC Derivative Liabilities [Abstract]
0 – 12 Months	24,600
1 – 5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative liabilities, net of cross-maturity netting	24,600
Interest rate swaps, options and forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	162,934
1 – 5 Years	434,684
Greater Than 5 Years	35,368
Cross-Maturity Netting	(116,902)
Total OTC derivative assets, net of cross-maturity netting	516,084
OTC Derivative Liabilities [Abstract]
0 – 12 Months	168,029
1 – 5 Years	338,307
Greater Than 5 Years	505,344
Cross-Maturity Netting	(116,902)
Total OTC derivative liabilities, net of cross-maturity netting	$ 894,778

Derivative Financial Instrume_6

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details) $ in Thousands	Feb. 29, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 475,477
BBB- to BBB+	53,152
BB+ or lower	242,844
Unrated	234,031
Total OTC derivative assets included in Financial instruments owned	$ 1,005,504

Derivative Financial Instrume_7

Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - Index credit default swaps - USD ($) $ in Millions	Feb. 29, 2024	Nov. 30, 2023
Derivative [Line Items]
Derivative notional amount	$ 2,092.1	$ 2,345.4
Investment Grade
Derivative [Line Items]
Derivative notional amount	1,507.1	1,451.5
Non-investment Grade
Derivative [Line Items]
Derivative notional amount	$ 585	$ 893.9

Derivative Financial Instrume_8

Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions	Feb. 29, 2024	Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 127.8	$ 139.5
Collateral posted	(61.8)	(97.6)
Collateral received	422.5	71
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 488.5	$ 112.9

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 2,709,170	$ 1,840,518
Repurchase Agreements	17,212,651	19,841,194
Obligation to Return Securities Received as Collateral, at Fair Value	110,897	8,800
Total	20,032,718	21,690,512
Corporate equity securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	2,056,981	1,221,456
Repurchase Agreements	568,495	627,029
Obligation to Return Securities Received as Collateral, at Fair Value	49,890	4,347
Total	2,675,366	1,852,832
Corporate debt securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	579,817	576,449
Repurchase Agreements	5,047,768	4,297,933
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	5,627,585	4,874,382
Mortgage-backed and asset-backed securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	1,364,689	1,950,908
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	1,364,689	1,950,908
U.S. government and federal agency securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	45,930	39,151
Repurchase Agreements	7,107,197	9,474,205
Obligation to Return Securities Received as Collateral, at Fair Value	1,736	3,429
Total	7,154,863	9,516,785
Municipal securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	110,738	141,091
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	110,738	141,091
Sovereign obligations
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	26,442	3,462
Repurchase Agreements	2,265,539	2,511,560
Obligation to Return Securities Received as Collateral, at Fair Value	59,271	1,024
Total	2,351,252	2,516,046
Loans and other receivables
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	748,225	838,468
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	$ 748,225	$ 838,468

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	$ 2,709,170	$ 1,840,518
Repurchase agreements	17,212,651	19,841,194
Obligation to return securities received as collateral, at fair value	110,897	8,800
Total	20,032,718	21,690,512
Overnight and Continuous
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	1,759,779	1,068,665
Repurchase agreements	7,615,647	10,548,263
Obligation to return securities received as collateral, at fair value	110,897	8,800
Total	9,486,323	11,625,728
Up to 30 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	24,000	0
Repurchase agreements	2,897,392	2,442,446
Obligation to return securities received as collateral, at fair value	0	0
Total	2,921,392	2,442,446
31-90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	399,915	244,158
Repurchase agreements	2,755,338	1,939,891
Obligation to return securities received as collateral, at fair value	0	0
Total	3,155,253	2,184,049
Greater than 90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	525,476	527,695
Repurchase agreements	3,944,274	4,910,594
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 4,469,750	$ 5,438,289

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Collateralized Transactions [Abstract]
Fair value of securities received as collateral	$ 34,420,000	$ 33,990,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $126,340 and $110,198 at fair value)	$ 1,335,566	$ 1,460,083

Collateralized Transactions - S

Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Securities borrowing arrangements
Gross Amounts	$ 6,789,055	$ 7,192,091
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	6,789,055	7,192,091
Additional Amounts Available for Setoff	(378,668)	(327,723)
Available Collateral	(1,683,197)	(1,642,946)
Net Amount	4,727,190	5,221,422
Reverse repurchase agreements
Gross Amounts	13,162,658	14,871,137
Netting in Consolidated Statement of Financial Condition	(5,615,873)	(8,920,588)
Net Amounts in Consolidated Statement of Financial Condition	7,546,785	5,950,549
Additional Amounts Available for Setoff	(1,602,160)	(1,304,009)
Available Collateral	(5,901,391)	(4,582,621)
Net Amount	43,234	63,919
Securities lending arrangements
Gross Amounts	2,709,170	1,840,518
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	2,709,170	1,840,518
Additional Amounts Available for Setoff	(378,668)	(327,723)
Available Collateral	(2,293,154)	(1,396,069)
Net Amount	37,348	116,726
Repurchase agreements
Gross Amounts	17,212,651	19,841,194
Netting in Consolidated Statement of Financial Condition	(5,615,873)	(8,920,588)
Net Amounts in Consolidated Statement of Financial Condition	11,596,778	10,920,606
Additional Amounts Available for Setoff	(1,602,160)	(1,304,009)
Available Collateral	(9,513,391)	(9,035,403)
Net Amount	481,227	581,194
Securities borrowing arrangements	4,650,000	5,170,000
Securities borrowing arrangements, collateral	4,520,000	5,040,000
Repurchase agreements	420,000	505,000
Repurchase agreements, pledged securities collateral	439,200	520,400
Obligation to return securities received as collateral
Securities lending arrangements
Gross Amounts	110,897	8,800
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	110,897	8,800
Additional Amounts Available for Setoff	0	0
Available Collateral	(110,897)	(8,800)
Net Amount	0	0
Securities received as collateral
Securities borrowing arrangements
Gross Amounts	110,897	8,800
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	110,897	8,800
Additional Amounts Available for Setoff	0	0
Available Collateral	(110,897)	(8,800)
Net Amount	$ 0	$ 0

Collateralized Transactions -_3

Collateralized Transactions - Cash and Securities Segregated (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 1,195,346	$ 1,414,593
Securities purchased under agreements to resell	140,220	45,490
Total	$ 1,335,566	$ 1,460,083

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Transfers and Servicing [Abstract]
Transferred assets	$ 1,502	$ 1,475.2
Proceeds on new securitizations	1,502	1,475.1
Cash flows received on retained interests	$ 11	$ 10.7

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions	Feb. 29, 2024	Nov. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total RMBS securitization assets	$ 5,636.6	$ 5,595.1
Total CMBS securitization assets	2,378.4	3,014.3
CLOs	7,106.6	6,323.8
Consumer and other loans	1,527.9	1,877.8
U.S. government agency RMBS
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	116.5	417.3
U.S. government agency CMBS
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	181.4	197.3
CLOs
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	32.9	23.3
Consumer and other loans
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	$ 61.8	$ 68.1

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($)	Feb. 29, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Financial instruments owned	$ 23,211,546,000	$ 21,747,473,000
Securities purchased under agreements to resell	7,546,785,000	5,950,549,000
Brokers, dealers and clearing organizations	3,008,327,000	2,380,732,000
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	1,571,981,000	1,545,472,000
Other assets (includes assets pledged of $321,367 and $244,604)	3,215,855,000	2,650,640,000
Assets	60,933,000,000	57,905,161,000
Financial instruments sold, not yet purchased, at fair value	12,043,950,000	11,251,154,000
Other secured financings (includes $3,965 and $3,898 at fair value)	1,429,753,000	1,430,199,000
Liabilities held for sale	1,146,802,000	1,173,648,000
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)	9,917,278,000	9,698,752,000
Liabilities	51,065,125,000	48,102,620,000
VIEs, primary beneficiary
Variable Interest Entity [Line Items]
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	25,600	181,900
Other assets (includes assets pledged of $321,367 and $244,604)	321,367,000	244,604,000
VIEs, primary beneficiary \| Secured Funding Vehicles
Variable Interest Entity [Line Items]
Cash	0	0
Financial instruments owned	0	0
Securities purchased under agreements to resell	1,671,000,000	1,677,700,000
Brokers, dealers and clearing organizations	0	0
Other receivables	0	0
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	858,100,000	815,600,000
Other assets (includes assets pledged of $321,367 and $244,604)	0	0
Assets	2,529,100,000	2,493,300,000
Financial instruments sold, not yet purchased, at fair value	0	0
Other secured financings (includes $3,965 and $3,898 at fair value)	1,666,700,000	1,667,300,000
Liabilities held for sale	841,900,000	769,200,000
Other Liabilities	19,600,000	10,500,000
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)	800,000	0
Liabilities	2,529,000,000	2,447,000,000
VIEs, primary beneficiary \| Other
Variable Interest Entity [Line Items]
Cash	7,800,000	1,100,000
Financial instruments owned	8,700,000	7,800,000
Securities purchased under agreements to resell	0	0
Brokers, dealers and clearing organizations	20,100,000	18,000,000
Other receivables	3,000,000	0
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	600,200,000	578,800,000
Other assets (includes assets pledged of $321,367 and $244,604)	139,000,000	147,900,000
Assets	778,800,000	753,600,000
Financial instruments sold, not yet purchased, at fair value	5,900,000	6,400,000
Other secured financings (includes $3,965 and $3,898 at fair value)	0	0
Liabilities held for sale	276,300,000	303,400,000
Other Liabilities	145,500,000	249,700,000
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)	70,000,000	49,600,000
Liabilities	497,700,000	609,100,000
Variable Interest Entity, Assets, Eliminated In Consolidation
Variable Interest Entity [Line Items]
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)	31,900,000
Other assets (includes assets pledged of $321,367 and $244,604)	45,400,000	56,100,000
Variable Interest Entity, Liabilities, Eliminated In Consolidation
Variable Interest Entity [Line Items]
Other secured financings (includes $3,965 and $3,898 at fair value)	467,300,000	681,000,000
Liabilities held for sale		5,300,000
Other Liabilities	159,000,000	247,900,000
Consolidation, Eliminations
Variable Interest Entity [Line Items]
Brokers, dealers and clearing organizations	1,500,000	$ 1,400,000
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)	$ 800,000

Variable Interest Entities - Va

Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Assets	$ 60,933,000	$ 57,905,161
Liabilities	51,065,125	48,102,620
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Assets	2,582,400	2,649,300
Liabilities	24,600	14,100
Maximum Exposure to Loss	5,723,400	6,323,600
VIE Assets	29,249,200	28,259,800
Nonconsolidated VIEs \| CLOs
Variable Interest Entity [Line Items]
Assets	799,200	913,300
Liabilities	24,600	14,100
Maximum Exposure to Loss	3,425,400	4,414,000
VIE Assets	9,835,000	9,455,500
Nonconsolidated VIEs \| Asset-backed vehicles
Variable Interest Entity [Line Items]
Assets	721,300	661,700
Liabilities	0	0
Maximum Exposure to Loss	1,067,300	661,700
VIE Assets	3,189,400	3,734,800
Nonconsolidated VIEs \| Related party private equity vehicles
Variable Interest Entity [Line Items]
Assets	2,800	3,100
Liabilities	0	0
Maximum Exposure to Loss	13,300	14,200
VIE Assets	17,200	10,300
Nonconsolidated VIEs \| Other investment vehicles
Variable Interest Entity [Line Items]
Assets	1,059,100	1,071,200
Liabilities	0	0
Maximum Exposure to Loss	1,217,400	1,233,700
VIE Assets	$ 16,207,600	$ 15,059,200

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Carrying amount	$ 60,933,000	$ 57,905,161
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	2,582,400	2,649,300
Related party private equity vehicles \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	2,800	3,100
Other investment vehicles
Variable Interest Entity [Line Items]
Equity investments	1,260,000
Funded equity commitments	1,100,000
Carrying amount of equity investment	1,060,000	1,070,000
Other investment vehicles \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	1,059,100	1,071,200
Agency mortgage-backed securities \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	1,170,000	1,890,000
Non-agency mortgage and other asset-backed securities \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	173,400	261,200
JCP Entities \| Related party private equity vehicles
Variable Interest Entity [Line Items]
Equity investments	133,000	133,000
Funded equity commitments	123,100	122,600
Carrying amount of equity investment	$ 2,800	$ 3,100

Investments - Loans and Investm

Investments - Loans and Investments In Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and loans to related parties	$ 1,267,570		$ 1,239,345
Total equity method pickup earnings (losses) recognized in Other revenues in our Consolidated Statements of Earnings	$ 8,700	$ (64,000)

Investments - Jefferies Finance

Investments - Jefferies Finance - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Nov. 30, 2023
Guarantee Obligations [Line Items]
Other assets (includes assets pledged of $321,367 and $244,604)	$ 3,215,855	$ 2,650,640
Payables to customers	4,202,162	3,960,557
Jefferies Finance, LLC
Guarantee Obligations [Line Items]
Equity commitment	750,000
Total committed equity capitalization of JFIN	1,500,000
Unfunded portion of equity commitment to subsidiary	$ 15,400
Extension period	1 year
Termination notice period	60 days
Committed line of credit facility amount	$ 500,000
Funded portion of loan commitment	0
Loan commitment	250,000
Jefferies Finance, LLC \| Corporate Joint Venture
Guarantee Obligations [Line Items]
Other assets (includes assets pledged of $321,367 and $244,604)	1,100	3,500
Payables to customers	$ 400	$ 2,600
Jefferies Finance, LLC \| Jefferies Finance, LLC
Guarantee Obligations [Line Items]
Ownership percentage	50%

Investments - Summary of Select

Investments - Summary of Selected Financial Information for Jefferies Finance (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Interest income	$ 600
Assets	60,933,000		$ 57,905,161
Liabilities	51,065,125		48,102,620
Net losses	156,392	$ 129,324
Jefferies Finance, LLC
Schedule of Equity Method Investments [Line Items]
Assets	5,507,900		5,598,200
Liabilities	4,260,000		4,352,000
Net losses	6,900	14,900
Jefferies Finance, LLC
Schedule of Equity Method Investments [Line Items]
Interest income	0	0
Unfunded commitment fees	300	300
Our total equity balance	634,000		$ 630,100
Origination and syndication fee revenues	52,400	26,000
Origination fee expenses	14,900	4,100
Investment Fund Placement Fee Revenue	500	0
Service fees	$ 44,900	$ 44,200

Investments - Berkadia - Narrat

Investments - Berkadia - Narrative (Details) - USD ($)	Feb. 29, 2024	Nov. 30, 2023
Berkadia
Schedule of Equity Method Investments [Line Items]
Surety policy issued	$ 1,500,000,000
Berkadia
Schedule of Equity Method Investments [Line Items]
Percentage of profits received from joint venture	45%
Commercial paper outstanding	$ 1,470,000,000
Purchase commitment amount	$ 53,400,000	$ 77,500,000

Investments - Summary of Sele_2

Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Assets	$ 60,933,000		$ 57,905,161
Liabilities	51,065,125		48,102,620
Noncontrolling interests	87,372		92,308
Net earnings attributable to members	156,392	$ 129,324
Berkadia
Schedule of Equity Method Investments [Line Items]
Our total equity balance	411,500		400,900
Distributions	3,800	0
Berkadia
Schedule of Equity Method Investments [Line Items]
Assets	4,201,600		5,318,200
Liabilities	2,711,700		3,816,100
Noncontrolling interests	579,800		$ 612,800
Net earnings attributable to members	$ 29,300	$ 29,000

Investments - OpNet - Narrative

Investments - OpNet - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Total equity method pickup earnings (losses) recognized in Other revenues in our Consolidated Statements of Earnings	$ 8.7	$ (64)
OpNet
Schedule of Equity Method Investments [Line Items]
Ownership percentage	47.40%		50%
Investment voting percentage	50%		50%
Total equity method pickup earnings (losses) recognized in Other revenues in our Consolidated Statements of Earnings		$ 38.7

Investments - Summary of Sele_3

Investments - Summary of Selected Financial Information for OpNet (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Net losses	$ 156,392	$ 129,324
OpNet
Schedule of Equity Method Investments [Line Items]
Net losses		$ (51,600)

Investments - Stratos - Narrati

Investments - Stratos - Narrative (Details) $ in Millions	Sep. 14, 2023 USD ($)
Stratos
Schedule of Equity Method Investments [Line Items]
Interest at fair value	49.90%
Acquisition of additional interests	50.10%
Stratos
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments	$ 5

Investments - Summary of Sele_4

Investments - Summary of Selected Financial Information For Stratos (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Net losses	$ 156,392	$ 129,324
Stratos
Schedule of Equity Method Investments [Line Items]
Net losses		$ (20,300)

Investments - Golden Queen Mini

Investments - Golden Queen Mining Company - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Investment, other than temporary impairment	$ (22,100)
Golden Queen Mining Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
Investment, other than temporary impairment		$ (22,100)

Investments - Summary of Sele_5

Investments - Summary of Selected Financial Information For Golden Queen Mining Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Net losses	$ 156,392	$ 129,324
Golden Queen Mining Company
Schedule of Equity Method Investments [Line Items]
Net losses		$ (900)

Investments - Real Estate Inves

Investments - Real Estate Investments - Narrative (Details)	3 Months Ended
Investments - Real Estate Investments - Narrative (Details)	Feb. 29, 2024
54 Madison Capital, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.10%
Hotel \| Brooklyn Renaissance Plaza Office
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.40%
Office Building \| Brooklyn Renaissance Plaza Office
Schedule of Equity Method Investments [Line Items]
Ownership percentage	61.30%
Weighted average life of assets and liabilities	39 years

Investments - Summary of Sele_6

Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Assets	$ 60,933,000		$ 57,905,161
Liabilities	51,065,125		48,102,620
Net losses	156,392	$ 129,324
Real Estate Investments
Schedule of Equity Method Investments [Line Items]
Assets	330,300		329,500
Liabilities	498,000		500,000
Net losses	2,500	1,100
Real Estate Investments
Schedule of Equity Method Investments [Line Items]
Our total equity balance	91,400		$ 90,000
Distributions	$ 0	$ 17,100

Investments - JCP Fund V - Narr

Investments - JCP Fund V - Narrative (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Financial instruments owned	$ 23,211,546	$ 21,747,473
Jefferies Capital Partners V L.P.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11%
SBI USA Fund L.P.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
JCP Fund V
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35.30%
Financial instruments owned	$ 1,900	2,200
Equity investments	85,000	85,000
Unfunded portion of equity commitment to subsidiary	$ 8,700	$ 8,700

Investments - Summary of Sele_7

Investments - Summary of Selected Financial Information for JCP Fund V (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Jun. 30, 2023	Mar. 31, 2023	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Net losses from our investments in JCP Fund V				$ (33,200)
JCP Fund V
Schedule of Equity Method Investments [Line Items]
Net losses from our investments in JCP Fund V	$ (300)			$ (6,600)
Percent of financial information presented	100%
Ownership percentage	35.30%
Net increase (decrease) in net assets resulting from operations		$ (900)	$ (54,600)

Investments - Other Asset Manag

Investments - Other Asset Management Companies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Nov. 30, 2023
Monashee
Schedule of Equity Method Investments [Line Items]
Our total equity balance	$ 21.9	$ 15.8
Ownership percentage		50%
Percentage of profits received from joint venture		47.50%
Gain upon nonmonetary exchange	$ 6
Payments to acquire investments		$ 5.2
Monashee's Separate Managed Accounts
Schedule of Equity Method Investments [Line Items]
Our total equity balance		$ 20.2

Investments - Summary of Sele_8

Investments - Summary of Selected Financial information for Other Asset Management Companies (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 2,551,942	$ 1,780,564
Floor brokerage and clearing fees	109,670	80,474
Monashee's Separate Managed Accounts
Schedule of Equity Method Investments [Line Items]
Floor brokerage and clearing fees		200
Principal transactions
Schedule of Equity Method Investments [Line Items]
Revenues	$ 640,736	497,246
Principal transactions \| Monashee's Separate Managed Accounts
Schedule of Equity Method Investments [Line Items]
Revenues		$ 300

Investments - ApiJect - Narrati

Investments - ApiJect - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Fair value of equity investment		$ 37.1	$ 37.1
Secured convertible promissory notes	$ 4.6
Interest income		0
Interest income		$ 0.6
Term loan
Schedule of Equity Method Investments [Line Items]
Loans, face amount	$ 30
ApiJect
Schedule of Equity Method Investments [Line Items]
Ownership percentage		38%
Percentage of future revenue		1.125%
Fair value of equity investment		$ 100.1	$ 100.1
Warrants purchased (in shares)		950
ApiJect \| Term loan
Schedule of Equity Method Investments [Line Items]
Loans, face amount		$ 30.4
Loans, fair value		$ 30.4

Investments - Summary of Sele_9

Investments - Summary of Selected Financial Information for ApiJect - (Details) $ in Millions	3 Months Ended
	Feb. 29, 2024 USD ($)
Investment Income [Line Items]
Interest income	$ 0.6

Investments - SPAC (Details)

Investments - SPAC (Details) - USD ($) $ in Millions	Feb. 29, 2024	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Fair value of equity investment	$ 37.1	$ 37.1
SPAC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	73.40%
Investments, voting rights percentage	25.70%
Fair value of equity investment	$ 23.9	$ 23.8

Investments - Aircadia Narrativ

Investments - Aircadia Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Dec. 31, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Lease term	42 months
Property and equipment	$ 57.7
Fair value of equity investment	37.1		$ 37.1
Operating lease income	3.8
Interest income	$ 0.6
Term loan
Schedule of Equity Method Investments [Line Items]
Loans, face amount		$ 30

Credit Losses on Financial As_3

Credit Losses on Financial Assets Measured at Amortized Cost - Rollforward of the Allowance for Credit Losses Related to Automobile Loans (Details) $ in Thousands	3 Months Ended
	Feb. 29, 2024 USD ($)
Weiss Multi-Strategy Advisers
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for doubtful accounts	$ 27,000
Automobile Loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	79,614
Provision for doubtful accounts	7,829
Charge-offs, net of recoveries	(9,388)
Ending balance	$ 78,055

Credit Losses on Financial As_4

Credit Losses on Financial Assets Measured at Amortized Cost - Schedule of Allowance for Credit Loss - Investing Banking (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Credit Loss [Abstract]
Beginning balance	$ 6,306	$ 5,914
Bad debt expense	1,011	1,508
Charge-offs	(2,500)	(86)
Recoveries collected	(1,854)	(66)
Ending balance	$ 2,963	$ 7,270

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,847,856	$ 1,736,114
Currency translation and other adjustments	(231)	(249)
Measurement period adjustment (1)	(26,954)	0
Goodwill relating to acquisitions by Tessellis	3,366	0
Goodwill, ending balance	1,824,037	1,735,865
Investment Banking and Capital Markets
Goodwill [Roll Forward]
Goodwill, beginning balance	1,532,172	1,552,944
Currency translation and other adjustments	(231)	(249)
Measurement period adjustment (1)	0	0
Goodwill relating to acquisitions by Tessellis	0	0
Goodwill, ending balance	1,531,941	1,552,695
Asset Management
Goodwill [Roll Forward]
Goodwill, beginning balance	315,684	183,170
Currency translation and other adjustments	0	0
Measurement period adjustment (1)	(26,954)	0
Goodwill relating to acquisitions by Tessellis	3,366	0
Goodwill, ending balance	$ 292,096	$ 183,170

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2024	Nov. 30, 2023
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Assets Acquired - finite-lived intangible assets	$ 48,818	$ 66,730
Impairment losses - indefinite lived intangible assets		(78)
Accumulated amortization - finite lived intangible assets	(152,230)	(146,443)
Total gross costs - intangible assets	343,331	276,711
Total net carrying amount - intangible assets	239,919	196,920
Exchange and clearing organization membership interests and registrations
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross costs - indefinite lived intangible assets	8,707	7,405
Assets Acquired - indefinite-lived intangible assets	0	1,390
Impairment losses - indefinite lived intangible assets		(78)
Net carrying amount - indefinite lived intangible assets	8,707	8,717
Customer relationships
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross costs - finite lived intangible assets	136,240	126,449
Assets Acquired - finite-lived intangible assets	30,505	9,801
Impairment losses - indefinite lived intangible assets		0
Accumulated amortization - finite lived intangible assets	(96,707)	(93,966)
Net carrying amount - finite lived intangible assets	$ 70,038	$ 42,284
Weighted Average Remaining Lives (Years)	6 years 2 months 12 days	6 years 3 months 18 days
Trademarks and trade names
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross costs - finite lived intangible assets	$ 146,399	$ 127,899
Assets Acquired - finite-lived intangible assets	3,856	18,513
Impairment losses - indefinite lived intangible assets		0
Accumulated amortization - finite lived intangible assets	(40,543)	(39,340)
Net carrying amount - finite lived intangible assets	$ 109,712	$ 107,072
Weighted Average Remaining Lives (Years)	22 years 7 months 6 days	23 years 6 months
Other
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross costs - finite lived intangible assets	$ 51,985	$ 14,958
Assets Acquired - finite-lived intangible assets	14,457	37,026
Impairment losses - indefinite lived intangible assets		0
Accumulated amortization - finite lived intangible assets	(14,980)	(13,137)
Net carrying amount - finite lived intangible assets	$ 51,462	$ 38,847
Weighted Average Remaining Lives (Years)	4 years 9 months 18 days	5 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 5,600	$ 2,400
Estimated future amortization expense
Remainder of fiscal year 2024	21,097
Year ending November 30, 2025	27,811
Year ending November 30, 2026	27,773
Year ending November 30, 2027	26,827
Year ending November 30, 2028	$ 26,794

Revenues from Contracts with _3

Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 971,217	$ 775,008
Revenues	2,551,942	1,780,564
Investment banking
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	679,065	502,798
Revenues	679,065	502,798
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	245,543	213,270
Revenues	245,543	213,270
Asset management fees and revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	29,361	17,757
Revenues	50,372	38,986
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	208	25,506
Real estate revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,149	2,747
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,891	12,930
Revenues	116,737	(3,121)
Principal transactions
Disaggregation of Revenue [Line Items]
Revenues	640,736	497,246
Revenues from strategic affiliates
Disaggregation of Revenue [Line Items]
Revenues	21,011	21,229
Interest
Disaggregation of Revenue [Line Items]
Revenues	819,489	531,385
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 99,489	$ (44,304)

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 971,217	$ 775,008
Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	924,071	716,068
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	47,146	58,940
Americas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	775,576	613,720
Americas \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	730,377	555,927
Americas \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	45,199	57,793
Europe and the Middle East
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	127,108	116,796
Europe and the Middle East \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	126,002	116,219
Europe and the Middle East \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,106	577
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	68,533	44,492
Asia-Pacific \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	67,692	43,922
Asia-Pacific \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	841	570
Investment banking - Advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	338,568	297,178
Investment banking - Advisory \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	338,568	297,178
Investment banking - Advisory \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Investment banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	340,497	205,620
Investment banking - Underwriting \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	340,497	205,620
Investment banking - Underwriting \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Equities
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	242,576	210,462
Equities \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	242,576	210,462
Equities \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Fixed income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,430	2,808
Fixed income \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,430	2,808
Fixed income \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	29,361	17,757
Asset management \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset management \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	29,361	17,757
Other Investments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	17,785	41,183
Other Investments \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other Investments \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 17,785	$ 41,183

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligations satisfied	$ 19.2	$ 25.6
Revenue associated with distribution services, a portion of which related to prior periods	6.3	7.8
Deferred revenue	52.6		$ 48.3
Revenue recognized	(23.8)	11.8
Receivables related to revenue from contracts with customers	237.7		248.2
Capitalized contract cost	5.4		$ 5.3
Expenses to fulfill a contract	$ (1)	$ (0.8)

Compensation Plans - Senior Exe

Compensation Plans - Senior Executive Compensation Plan (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended
	Dec. 31, 2023	Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, outstanding (in shares)		5,065
Potential maximum increase to common shares outstanding from outstanding awards (in shares)		19,153
Restricted stock with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity, outstanding (in shares)		2,383
RSUs with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity, outstanding (in shares)		5,006
RSU with no future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity, outstanding (in shares)		9,082
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 11.7
Vesting period (in years)	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 8.8
Target level of ROTE	10%
ROTE threshold level	7.50%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level of ROTE	15%
Percentage of target PSUs	150%
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level of ROTE	7.50%
Percentage of target PSUs	75%

Compensation Plans - Compensati

Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 135	$ 87.5
Profit sharing plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	6.9	6.2
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	107.9	67.6
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 20.2	$ 13.7

Compensation Plans - Remaining

Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions	3 Months Ended
	Feb. 29, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 1,286.9
Non-vested share-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 145
Weighted Average Vesting Period (in Years)	3 years 4 months 24 days
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 1,141.9
Weighted Average Vesting Period (in Years)	3 years

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Short-term Debt [Line Items]
Short-term debt		$ 1,250,000		$ 990,000
Interest rate on short-term borrowings outstanding		6.46%
Increase (decrease) of long-term debt		$ 218,500
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		9,917,278		9,698,752
Paydown on a credit facility		317,794	$ 235,766
HomeFed Construction Loan \| Subsidiaries
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		$ 67,664		48,182
Bank Loan Obligations \| SOFR
Short-term Debt [Line Items]
Basis spread on variable rate (as a percent)		1.25%
HomeFed Construction Loans \| HomeFed LLC
Short-term Debt [Line Items]
Construction loans, maximum borrowing amount		$ 277,000
Weighted average interest rate		7.07%
Callable Notes \| Subsequent event
Short-term Debt [Line Items]
Short-term debt	$ 600,000
Debt term	1 year
HomeFed EB-F Program And Construction Loan \| Subsidiaries
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		$ 29,900
Secured long-term debt:
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		100,000		100,000
Unsecured long-term debt:
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		8,685,586		8,497,300
Unsecured long-term debt: \| Callable Notes
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		442,706		304,778
Unsecured long-term debt: \| Callable And Structured Notes
Short-term Debt [Line Items]
Net proceeds from long term debt		206,300
Unsecured long-term debt: \| Structured notes
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		1,751,772		1,708,443
Valuation of losses on debt		47,800
Paydown on a credit facility		67,800
Secured Credit Facilities \| Secured long-term debt:
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		735,332		735,222
Secured And Unsecured Credit Facility \| Secured long-term debt:
Short-term Debt [Line Items]
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)		1,090,000		735,200
Line of credit
Short-term Debt [Line Items]
Short-term debt		$ 1,220,000		$ 940,000

Borrowings - Summary of Long-Te

Borrowings - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Long-term debt	$ 9,917,278		$ 9,698,752
Gain (loss) associated with an interest rate swap based on its designation as a fair value hedge	(15,825)	$ (11,309)
Long-term debt	1,751,772		1,708,443
Level 2 and Level 3
Debt Instrument [Line Items]
Long-term debt	9,920,000		9,570,000
Tessellis \| Subsidiaries
Debt Instrument [Line Items]
Long-term debt	75,718		75,440
HomeFed EB-5 Program Debt \| Subsidiaries
Debt Instrument [Line Items]
Long-term debt	252,978		242,608
HomeFed Construction Loan \| Subsidiaries
Debt Instrument [Line Items]
Long-term debt	67,664		48,182
Unsecured long-term debt:
Debt Instrument [Line Items]
Long-term debt	$ 8,685,586		8,497,300
Unsecured long-term debt: \| 1.000% Euro Medium Term Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1%
Effective Interest Rate	1%
Long-term debt	$ 539,982		544,222
Unsecured long-term debt: \| 4.850% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.85%
Effective Interest Rate	7.53%
Long-term debt	$ 705,636		703,542
Unsecured long-term debt: \| 4.850% Senior Notes \| Embedded options
Debt Instrument [Line Items]
Gain (loss) associated with an interest rate swap based on its designation as a fair value hedge	$ (11,300)	$ 26,200
Unsecured long-term debt: \| 6.450% Senior Debentures
Debt Instrument [Line Items]
Debt instrument, interest rate	6.45%
Effective Interest Rate	5.46%
Long-term debt	$ 360,405		361,126
Unsecured long-term debt: \| 5.875% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.875%
Effective Interest Rate	6.01%
Long-term debt	$ 991,268		990,838
Unsecured long-term debt: \| 4.150% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.15%
Effective Interest Rate	4.26%
Long-term debt	$ 992,821		992,554
Unsecured long-term debt: \| 2.625% Senior Debenture
Debt Instrument [Line Items]
Debt instrument, interest rate	2.625%
Effective Interest Rate	4.72%
Long-term debt	$ 906,250		901,692
Unsecured long-term debt: \| 2.750% Senior Debenture
Debt Instrument [Line Items]
Debt instrument, interest rate	2.75%
Effective Interest Rate	7.06%
Long-term debt	$ 388,160		382,957
Unsecured long-term debt: \| 6.250% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Effective Interest Rate	6.03%
Long-term debt	$ 484,764		484,890
Unsecured long-term debt: \| 6.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.50%
Effective Interest Rate	6.05%
Long-term debt	$ 405,725		405,850
Unsecured long-term debt: \| 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.625%
Effective Interest Rate	6.97%
Long-term debt	$ 247,028		247,010
Unsecured long-term debt: \| Floating Senior Notes Due 2053
Debt Instrument [Line Items]
Effective Interest Rate	5.60%
Long-term debt	$ 15,255		15,253
Unsecured long-term debt: \| Floating Rate Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	5.22%
Long-term debt	$ 61,731		61,728
Unsecured long-term debt: \| Unsecured Credit Facility
Debt Instrument [Line Items]
Effective Interest Rate	6.93%
Long-term debt	$ 350,000		350,000
Unsecured long-term debt: \| Floating Euro Medium Term Notes
Debt Instrument [Line Items]
Effective Interest Rate	4.64%
Long-term debt	$ 42,083		42,417
Unsecured long-term debt: \| Callable Notes
Debt Instrument [Line Items]
Long-term debt	$ 442,706		304,778
Unsecured long-term debt: \| 4.84% - 7.66%
Debt Instrument [Line Items]
Debt instrument, interest rate	4.84%
Unsecured long-term debt: \| 4.84% - 7.66%
Debt Instrument [Line Items]
Effective Interest Rate	7.66%
Unsecured long-term debt: \| Structured notes
Debt Instrument [Line Items]
Effective Interest Rate	0%
Long-term debt	$ 1,751,772		1,708,443
Secured long-term debt:
Debt Instrument [Line Items]
Long-term debt	100,000		100,000
Secured long-term debt: \| Secured Credit Facilities
Debt Instrument [Line Items]
Long-term debt	$ 735,332		$ 735,222

Total Equity - Narrative (Detai

Total Equity - Narrative (Details)		3 Months Ended
Total Equity - Narrative (Details)	Apr. 27, 2023 $ / shares shares	Feb. 29, 2024 USD ($) $ / shares shares	Nov. 30, 2023 $ / shares shares	Jun. 29, 2023 shares	Jun. 28, 2023 $ / shares	Feb. 28, 2023 USD ($) $ / shares shares
Purchase Requirement [Line Items]
Preferred shares, par value (in dollars per share) \| $ / shares	$ 1	$ 1
Preferred shares, authorized (in shares)	70,000	70,000
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares	$ 17,500
Convertible preferred stock converted	500
Conversion period	3 years
Exchange agreement, voting common stock to preferred stock ratio	500
Preferred stock, maximum shares (in shares)	55,125
Exchange agreement, payment per share of voting common stock exchanged (in dollars per share) \| $ / shares	$ 1.50
Proceeds from issuance of preferred stock \| $		$ 31,500,000
Dividends, Preferred Stock \| $		$ 6,300,000
Preferred stock, as converted (in dollars per share) \| $ / shares		$ 0.30
Common shares, par value (in dollars per share) \| $ / shares		$ 1	$ 1
Common shares, authorized (in shares)		565,000,000	565,000,000	600,000,000
Sumitomo Mitsui Banking Corporation Agreement
Purchase Requirement [Line Items]
Common stock, as-converted basis		9%
Common stock, fully diluted, as-converted basis		8.30%
Common Stock
Purchase Requirement [Line Items]
Callable preferred shares (in shares)		21,000,000
Conversion of shares \| $		$ (21,000,000)
Preferred Stock
Purchase Requirement [Line Items]
Callable preferred shares (in shares)		42,000
Conversion of shares \| $		$ 42,000
Member's paid-in capital
Purchase Requirement [Line Items]
Conversion of shares \| $		$ 52,400,000
Cumulative convertible preferred shares
Purchase Requirement [Line Items]
Callable preferred shares (in shares)						125,000,000
Mandatorily redeemable preferred shares callable price per share (in dollars per share) \| $ / shares						$ 1,000
Mandatoriy redeemable preferred stock, number of shares in conversion (in shares)						4,654,362
Mandatorily redeemable convertible preferred shares redemption value \| $						$ 125,000,000
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) \| $ / shares						$ 26.86
Nonvoting Common Stock
Purchase Requirement [Line Items]
Common shares, par value (in dollars per share) \| $ / shares		$ 1			$ 1
Common shares, authorized (in shares)		35,000,000		35,000,000
Voting Common Stock
Purchase Requirement [Line Items]
Common shares, authorized (in shares)				565,000,000

Total Equity - Earnings Per Sha

Total Equity - Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations	$ 164,283	$ 129,324
Net losses attributable to noncontrolling interests	(6,452)	(6,311)
Mandatorily redeemable convertible preferred share dividends	0	(2,016)
Allocation of earnings to participating securities	(14,189)	(528)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share	156,546	133,091
Adjustment to allocation of earnings to participating securities related to diluted shares	0	(54)
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share	156,546	135,053
Numerator for earnings per common share from discontinued operations:
Net loss from discontinued operations, net of income tax benefit	(7,891)	0
Mandatorily redeemable convertible preferred share dividends	0	(2,016)
Less: Net losses attributable to noncontrolling interests	(986)	0
Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share	(6,905)	0
Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share	(6,905)	0
Net earnings attributable to common shareholders for basic earnings per share	149,641	133,091
Net earnings attributable to common shareholders for diluted earnings per share	$ 149,641	$ 135,053
Denominator for earnings per common share:
Weighted average common shares outstanding (in shares)	211,535	227,543
Denominator for basic earnings per share – weighted average shares (in shares)	220,046	239,101
Mandatorily redeemable convertible preferred shares (in shares)	0	3,774
Denominator for diluted earnings per share (in shares)	225,291	248,095
Earnings (losses) per common share:
Basic from continuing operations (in USD per share)	$ 0.71	$ 0.56
Basic from discontinued operations (in USD per share)	(0.03)	0
Basic (in USD per share)	0.68	0.56
Diluted from continuing operations (in USD per share)	0.69	0.54
Diluted from discontinued operations (in USD per share)	(0.03)	0
Diluted (in USD per share)	$ 0.66	$ 0.54
Weighted average shares of participating securities (in shares)	21,200	700
Percent of weighted average common shares outstanding	10%
Restricted stock with future service required
Denominator for earnings per common share:
Weighted average shares of restricted stock outstanding with future service required (in shares)	(2,402)	(2,128)
RSU with no future service required
Denominator for earnings per common share:
Weighted average RSUs outstanding with no future service required (in shares)	10,913	13,686
Stock options
Denominator for earnings per common share:
Dilutive effect of share-based payment arrangements (in shares)	2,894	2,303
Restricted stock units (RSUs)
Denominator for earnings per common share:
Dilutive effect of share-based payment arrangements (in shares)	2,351	2,917

Total Equity - Summary of Accum

Total Equity - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023	Feb. 28, 2023	Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ 9,867,469	$ 9,802,135	$ 9,811,429
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(396,438)	(395,545)	$ (421,105)	$ (379,419)
Net unrealized losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(2,637)	(4,595)
Net currency translation adjustments and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(162,729)	(162,541)
Net unrealized losses related to instrument-specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(184,698)	(181,946)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ (46,374)	$ (46,463)

Total Equity - Schedule of Accu

Total Equity - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 2,551,942	$ 1,780,564
Compensation and benefits	(926,871)	(703,058)
Net earnings	156,392	129,324
Income tax expense	(55,959)	(28,694)
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	640,736	497,246
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net earnings	1,998	(643)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Net unrealized losses related to instrument-specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	(700)	100
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Net unrealized losses related to instrument-specific credit risk \| Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	2,119	(246)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Net minimum pension liability
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits	(121)	(397)
Income tax expense	$ 31	$ 49

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 338,400		$ 332,300
Accrued interest on unrecognized tax benefits	150,800		142,100
Unrecognized tax benefits that would impact effective tax rate in future	267,900		$ 263,000
Income tax expense	$ 55,959	$ 28,694
Effective income tax rate	25.40%	18.20%

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Commitments (Details) $ in Millions	3 Months Ended
	Feb. 29, 2024 USD ($)
Commitments and Guarantees Obligations [Line Items]
2024	$ 16,407.6
2025	562.4
2026 and 2027	442.8
2028 and 2029	0.2
2030 and Later	127.4
Maximum Payout	$ 17,540.4
Repurchase obligation settlement period	3 days
Equity commitments
Commitments and Guarantees Obligations [Line Items]
2024	$ 56
2025	16.8
2026 and 2027	39.1
2028 and 2029	0.2
2030 and Later	122.2
Maximum Payout	234.3
Loan commitments
Commitments and Guarantees Obligations [Line Items]
2024	0.3
2025	252.2
2026 and 2027	82.6
2028 and 2029	0
2030 and Later	5.2
Maximum Payout	340.3
Loan Purchase Commitments
Commitments and Guarantees Obligations [Line Items]
2024	2,957.8
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	2,957.8
Underwriting commitments
Commitments and Guarantees Obligations [Line Items]
2024	157.3
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	157.3
Forward starting reverse repos
Commitments and Guarantees Obligations [Line Items]
2024	8,538.6
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	8,538.6
Forward starting repos
Commitments and Guarantees Obligations [Line Items]
2024	4,508
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	4,508
Other unfunded commitments
Commitments and Guarantees Obligations [Line Items]
2024	189.6
2025	293.4
2026 and 2027	321.1
2028 and 2029	0
2030 and Later	0
Maximum Payout	804.1
Back-To-Back Committed Sales Contracts
Commitments and Guarantees Obligations [Line Items]
Maximum Payout	$ 2,710

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions	3 Months Ended
	Feb. 29, 2024 USD ($)
Loss Contingencies [Line Items]
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee	$ 359.7
HomeFed LLC
Loss Contingencies [Line Items]
Aggregate amount of infrastructure improvement bonds, outstanding	49
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit commitments	$ 57.2
Standby letters of credit \| Maximum
Loss Contingencies [Line Items]
Standby letters of credit expiration period	1 year
Outstanding loan commitments to clients
Loss Contingencies [Line Items]
Loan commitments outstanding to clients	$ 82.6
Outstanding loan commitments to strategic affiliates
Loss Contingencies [Line Items]
Loan commitments outstanding to clients	7.7
Jefferies Capital Partners LLC
Loss Contingencies [Line Items]
Outstanding equity commitments	9.9
Strategic Affiliates
Loss Contingencies [Line Items]
Outstanding equity commitments	171
Other Investments
Loss Contingencies [Line Items]
Outstanding equity commitments	$ 38

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Guarantees (Details) $ in Millions	Feb. 29, 2024 USD ($)
Derivative contracts—non-credit related
Guarantee Obligations [Line Items]
2024	$ 6,761.8
2025	18,757.4
2026 and 2027	13,162.5
2028 and 2029	476
2030 and Later	0
Notional/ Maximum Payout	39,157.7
Total derivative contracts
Guarantee Obligations [Line Items]
2024	6,761.8
2025	18,757.4
2026 and 2027	13,162.5
2028 and 2029	476
2030 and Later	0
Notional/ Maximum Payout	$ 39,157.7

Net Capital Requirements (Detai

Net Capital Requirements (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Net Capital Requirements [Line Items]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 1,195,346	$ 1,414,593
Jefferies LLC
Net Capital Requirements [Line Items]
Net Capital	633,069
Excess Net Capital	522,230
JFSI - SEC
Net Capital Requirements [Line Items]
Net Capital	254,563
Excess Net Capital	233,958
JFSI - CFTC
Net Capital Requirements [Line Items]
Net Capital	254,563
Excess Net Capital	229,837
Jefferies Inc
Net Capital Requirements [Line Items]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	222,700
Jefferies LLC
Net Capital Requirements [Line Items]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 425,500

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Feb. 29, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Net Revenue

Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 1,738,203	$ 1,283,492
Non-interest expenses	1,517,961	1,125,474
Non-interest expenses	1,518,000	1,125,500
Earnings from continuing operations before income taxes	220,242	158,018
Assets	60,933,000		$ 57,905,161
Minimum
Revenues from External Customers and Long-Lived Assets [Line Items]
Earnings from continuing operations before income taxes	220,200
Maximum
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues		1,283,500
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,724,700	1,285,600
Non-interest expenses	1,518,000	1,124,400
Earnings from continuing operations before income taxes	206,700	161,200
Segment Reconciling Items
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	13,500	(2,100)
Non-interest expenses	0	1,100
Earnings from continuing operations before income taxes	13,500	(3,200)
Investment Banking and Capital Markets
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	54,289,300		51,776,900
Investment Banking and Capital Markets \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,451,300	1,217,100
Non-interest expenses	1,296,300	1,035,100
Earnings from continuing operations before income taxes	155,000	182,000
Asset Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	6,643,700		$ 6,128,300
Asset Management \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	273,400	68,500
Non-interest expenses	221,700	89,300
Earnings from continuing operations before income taxes	$ 51,700	$ (20,800)

Segment Reporting - Net Reven_2

Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Revenues
Net revenues	$ 1,738,203	$ 1,283,492
Americas
Revenues
Net revenues	1,307,800	982,300
Europe and the Middle East
Revenues
Net revenues	331,800	217,900
Asia-Pacific
Revenues
Net revenues	$ 98,600	$ 83,300

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 13, 2023	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Related Party Transaction [Line Items]
Other assets (includes assets pledged of $321,367 and $244,604)		$ 3,215,855		$ 2,650,640
Revenues		2,551,942	$ 1,780,564
Investments in and loans to related parties		1,267,570		1,239,345
Officers and Employees
Related Party Transaction [Line Items]
Other assets (includes assets pledged of $321,367 and $244,604)		34,500		31,000
Subsidiaries \| Vitesse Energy
Related Party Transaction [Line Items]
Sale of subsidiary	$ 30,600
Related Party \| Vitesse Energy
Related Party Transaction [Line Items]
Revenues			$ 3,000
Director
Related Party Transaction [Line Items]
Investments in and loans to related parties		$ 3,900		$ 3,000