Jefferies Financial (JEF) 10-Q9 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Aug. 31, 2024	Sep. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 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 Common Stock, Shares Outstanding		205,498,605
Entity Central Index Key	0000096223
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
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 Due 2028
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
6.200% Senior Notes Due 2034
Document Information [Line Items]
Title of 12(b) Security	6.200% Senior Notes Due 2034
Trading Symbol	JEF 34
Security Exchange Name	NYSE

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Assets
Cash and cash equivalents	$ 10,573,471	$ 8,526,363
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $68,966 and $110,198 of securities at fair value)	1,360,324	1,414,593
Financial instruments owned, at fair value (includes securities pledged of $17,691,280 and $17,158,747)	24,038,659	21,747,473
Investments in and loans to related parties	1,349,629	1,239,345
Securities borrowed	7,056,550	7,192,091
Securities purchased under agreements to resell	6,993,024	5,950,549
Securities received as collateral, at fair value	272,619	8,800
Receivables:
Brokers, dealers and clearing organizations	2,583,719	2,380,732
Customers	2,060,450	1,705,425
Fees, interest and other	661,038	630,142
Premises and equipment	1,229,028	1,065,680
Assets held for sale (includes pledged assets of $181,900 at fair value at November 30, 2023)	0	1,545,472
Goodwill	1,832,958	1,847,856
Other assets (includes assets pledged of $365,942 and $244,604)	3,263,629	2,650,640
Total assets	63,275,098	57,905,161
Liabilities and Equity
Short-term borrowings	1,725,864	989,715
Financial instruments sold, not yet purchased, at fair value	12,307,086	11,251,154
Securities loaned	2,550,101	1,840,518
Securities sold under agreements to repurchase	9,603,530	10,920,606
Other secured financings (includes $3,965 and $3,898 at fair value)	1,739,323	1,430,199
Obligation to return securities received as collateral, at fair value	272,619	8,800
Payables:
Brokers, dealers and clearing organizations	4,421,053	3,737,810
Customers	3,898,469	3,960,557
Lease liabilities	642,527	544,650
Liabilities held for sale	0	1,173,648
Accrued expenses and other liabilities	3,076,747	2,546,211
Long-term debt (includes $2,122,890 and $1,708,443 at fair value)	12,922,012	9,698,752
Total liabilities	53,159,331	48,102,620
Mezzanine Equity
Redeemable noncontrolling interests	406	406
Equity [Abstract]
Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 and 42,000 shares issued and outstanding; liquidation preference of $17,500 per share	55	42
Additional paid-in capital	2,086,227	2,044,859
Accumulated other comprehensive loss	(369,965)	(395,545)
Retained earnings	8,124,134	7,849,844
Total Jefferies Financial Group Inc. shareholders’ equity	10,045,946	9,709,827
Noncontrolling interests	69,415	92,308
Total equity	10,115,361	9,802,135
Total liabilities and equity	63,275,098	57,905,161
Voting Common Stock
Equity [Abstract]
Common shares and Non-voting common shares	205,495	210,627
Nonvoting Common Stock
Equity [Abstract]
Common shares and Non-voting common shares	$ 0	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($)	Aug. 31, 2024	Nov. 30, 2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 68,966,000	$ 110,198,000
Financial instruments owned	24,038,659,000	21,747,473,000
Assets held for sale	0	1,545,472,000
Other assets	3,263,629,000	2,650,640,000
Liabilities and Equity
Other secured financings	3,965,000	3,898,000
Long-term debt	$ 2,122,890,000	$ 1,708,443,000
EQUITY
Preferred shares, par value (in dollars per share)	$ 1	$ 1
Preferred shares, authorized (in shares)	70,000	70,000
Preferred shares, issued (in shares)	55,125	42,000
Preferred shares, outstanding (in shares)	55,125	42,000
Preferred shares, liquidation preference (in dollars per share)	$ 17,500	$ 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)	205,495,338	210,626,642
Common shares, outstanding after deducting shares held in treasury (in shares)	205,495,338	210,626,642
Treasury stock, shares (in shares)	115,622,732	110,491,428
Structured notes \| Unsecured Debt
Liabilities and Equity
Long-term debt	$ 2,122,890,000	$ 1,708,443,000
Nonvoting Common Stock
EQUITY
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	35,000,000	35,000,000
Common shares, issued after deducting shares held in treasury (in shares)	0	0
Common shares, outstanding after deducting shares held in treasury (in shares)	0	0
VIEs, primary beneficiary
Assets held for sale		$ 181,900
Other assets	$ 365,942,000	244,604,000
Asset Pledged as Collateral
Financial instruments owned	$ 17,691,280,000	$ 17,158,747,000

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Revenues
Revenues	$ 2,595,589	$ 2,040,915	$ 7,663,827	$ 5,472,661
Interest expense	912,037	858,806	2,585,627	1,969,450
Net revenues	1,683,552	1,182,109	5,078,200	3,503,211
Non-interest expenses
Compensation and benefits	889,098	644,059	2,677,962	1,922,985
Brokerage and clearing fees	101,119	91,226	321,325	268,292
Underwriting costs	14,017	14,877	51,053	41,253
Technology and communications	136,953	122,579	409,703	354,900
Occupancy and equipment rental	30,078	27,711	87,558	79,421
Business development	68,152	41,467	194,433	121,892
Professional services	64,630	64,897	217,967	195,572
Depreciation and amortization	45,977	25,288	139,125	83,890
Cost of sales	37,400	1,618	109,533	6,148
Other expenses	43,441	57,316	168,858	161,850
Total non-interest expenses	1,430,865	1,091,038	4,377,517	3,236,203
Earnings from continuing operations before income taxes	252,687	91,071	700,683	267,008
Income tax expense	78,011	37,124	207,077	75,053
Net earnings from continuing operations	174,676	53,947	493,606	191,955
Net earnings (losses) from discontinued operations (including gain on disposal of $2,839, $—, $2,839, $—), net of income tax benefit of $9,145, $—, $12,321, and $—	6,363	0	(1,488)	0
Net earnings	181,039	53,947	492,118	191,955
Net losses attributable to noncontrolling interests	(6,874)	(3,772)	(19,102)	(13,340)
Net losses attributable to redeemable noncontrolling interests	0	0	0	(454)
Preferred stock dividends	20,785	6,300	48,501	8,316
Net earnings attributable to common shareholders	$ 167,128	$ 51,419	$ 462,719	$ 197,433
Earnings (losses) per common share:
Basic from continuing operations (in USD per share)	$ 0.75	$ 0.22	$ 2.12	$ 0.83
Diluted from continuing operations (in USD per share)	0.72	0.22	2.06	0.82
Basic (in USD per share)	0.78	0.22	2.12	0.83
Diluted (in USD per share)	$ 0.75	$ 0.22	$ 2.06	$ 0.82
Weighted-average common share shares outstanding
Basic (in shares)	214,452	228,353	218,106	236,666
Diluted (in shares)	221,699	232,041	224,180	240,658
Investment banking
Revenues
Revenues	$ 927,094	$ 600,190	$ 2,344,743	$ 1,595,463
Principal transactions
Revenues
Revenues	324,501	353,373	1,381,432	1,171,578
Commissions and other fees
Revenues
Revenues	270,643	223,712	787,968	672,294
Asset management fees and revenues
Revenues
Revenues	11,986	14,812	74,126	67,731
Interest
Revenues
Revenues	936,786	898,040	2,636,002	2,062,104
Other
Revenues
Revenues	$ 124,579	$ (49,212)	$ 439,556	$ (96,509)

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Income Statement [Abstract]
Net earnings (losses) from discontinued operations, gain on disposal	$ 2,839	$ 0	$ 2,839	$ 0
Income tax (expense) benefit, discontinued operations	$ 9,145	$ 0	$ 12,321	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings		$ 181,039	$ 53,947	$ 492,118	$ 191,955
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other	[1],[2]	22,560	(7,059)	18,443	20,307
Changes in fair value related to instrument-specific credit risk	[3]	17,783	(22,315)	5,081	(40,273)
Unrealized gains on available-for-sale securities		426	1,176	2,056	1,135
Total other comprehensive income (loss), net of tax		40,769	(28,198)	25,580	(18,831)
Comprehensive income		221,808	25,749	517,698	173,124
Net losses attributable to noncontrolling interests		(6,874)	(3,772)	(19,102)	(13,340)
Net losses attributable to redeemable noncontrolling interests		0	0	0	(455)
Preferred stock dividends		20,785	6,300	48,501	8,316
Comprehensive income attributable to common shareholders		$ 207,897	$ 23,221	$ 488,299	$ 178,603

[1] Includes income tax expense of $7.9 million and $7.2 million for the three and nine months ended August 31, 2024, respectively, and income tax expense of $8.6 million and $7.1 million for the three and nine months ended August 31, 2023, respectively. Includes unrealized gains (losses) of $0.9 million and $(1.0) million for the three and nine months ended August 31, 2024, respectively, related to currency translation adjustments attributable to noncontrolling interests. Includes income tax expense of $6.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, and income tax benefit of $7.6 million and $15.6 million for the three and nine months ended August 31, 2023, respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustments and other, tax expenses	$ (7.9)	$ (8.6)	$ (7.2)	$ (7.1)
Changes in instrument specific credit risk, tax benefit (expense)	6.1	$ 7.6	1	$ 15.6
Other comprehensive gains (losses) attributable to noncontrolling interest related to foreign currency adjustments	$ 0.9		$ (1)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Jefferies Financial Group Inc. shareholders’ equity	Preferred Stock	Preferred Stock Conversion of common shares to preferred shares	Common Stock	Common Stock Conversion of common shares to preferred shares	Common Stock Conversion of preferred shares to common shares	Additional paid-in capital	Additional paid-in capital Conversion of common shares to preferred shares	Additional paid-in capital Conversion of preferred shares to common shares	Accumulated other comprehensive loss, net of tax	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling interests	Noncontrolling interests Vitesse Energy	Noncontrolling interests Other Noncontrolling Interest
Balance, beginning of period at Nov. 30, 2022			$ 0		$ 226,130			$ 1,967,781			$ (379,419)	$ 8,418,354	$ (14,813)	$ 62,633
Increase (Decrease) in Stockholders' Equity
Conversion of shares				$ 42		$ (21,000)	$ 4,654		$ 52,458	$ 120,346
Purchase of common shares for treasury					(4,757)			(160,515)
Share-based compensation expense								35,476
Change in fair value of redeemable noncontrolling interests								(390)
Dividend equivalents								19,504
Change in equity interest related to consolidated subsidiaries / vitesse energy								(6,307)						6,307
Other					5,401			5,753				332		205
Other comprehensive income (loss), net of tax	$ (18,831)										(18,831)
Net earnings attributable to Jefferies Financial Group Inc.												203,734
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)												(221,821)
Dividends - preferred shares	(6,300)											(6,300)
Distribution of Vitesse Energy, Inc.												(526,964)
Net earnings attributable to members	191,955													(13,340)
Contributions														35,958
Distributions														(31,433)
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest															$ 4,558	$ 1,396
Balance, end of period at Aug. 31, 2023	$ 9,765,132	$ 9,698,848	42		210,428			2,034,106			(398,250)	7,852,522		66,284
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Balance, beginning of period at Nov. 30, 2022			0		226,130			1,967,781			(379,419)	8,418,354	(14,813)	62,633
Increase (Decrease) in Stockholders' Equity
Conversion of shares			42		(21,000)			52,400
Balance, end of period at Nov. 30, 2023	$ 9,802,135		42		210,627			2,044,859			(395,545)	7,849,844	(644)	92,308
Balance, beginning of period at May. 31, 2023			0		231,411			1,965,530			(370,052)	7,868,766		69,595
Increase (Decrease) in Stockholders' Equity
Conversion of shares				42		(21,000)			52,458
Purchase of common shares for treasury					(8)			(271)
Share-based compensation expense								11,258
Change in fair value of redeemable noncontrolling interests								0
Dividend equivalents								4,318
Other					25			813				274		(43)
Other comprehensive income (loss), net of tax	(28,198)										(28,198)
Net earnings attributable to Jefferies Financial Group Inc.												57,719
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)												(67,937)
Dividends - preferred shares	(6,300)											(6,300)
Net earnings attributable to members	53,947													(3,772)
Contributions														504
Balance, end of period at Aug. 31, 2023	9,765,132	9,698,848	42		210,428			2,034,106			(398,250)	7,852,522		66,284
Balance, beginning of period at Nov. 30, 2023	9,802,135		42		210,627			2,044,859			(395,545)	7,849,844	$ (644)	92,308
Increase (Decrease) in Stockholders' Equity
Conversion of shares				13		(6,562)			16,393
Purchase of common shares for treasury					(1,089)			(43,222)
Share-based compensation expense								47,949
Change in fair value of redeemable noncontrolling interests								0
Dividend equivalents								14,436
Other					2,519			5,812				(460)		(652)
Other comprehensive income (loss), net of tax	25,580										25,580
Net earnings attributable to Jefferies Financial Group Inc.												511,222
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)												(213,581)
Dividends - preferred shares	(22,200)											(22,247)
Net earnings attributable to members	492,118													(19,102)
Contributions														9,426
Distributions														(12,565)
Balance, end of period at Aug. 31, 2024	$ 10,115,361	10,045,946	55		205,495			2,086,227			(369,965)	8,124,134		69,415
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Balance, beginning of period at May. 31, 2024			42		212,053			2,051,149			(410,734)	8,022,546		77,130
Increase (Decrease) in Stockholders' Equity
Conversion of shares				$ 13		$ (6,562)			$ 16,393
Purchase of common shares for treasury					(7)			(325)
Share-based compensation expense								13,377
Change in fair value of redeemable noncontrolling interests								0
Dividend equivalents								4,756
Other					11			877				0		930
Other comprehensive income (loss), net of tax	$ 40,769										40,769
Net earnings attributable to Jefferies Financial Group Inc.												187,913
Dividends - common shares ($0.35, $0.30, $0.95, and $0.90 per share)												(76,678)
Dividends - preferred shares	(9,600)											(9,647)
Net earnings attributable to members	181,039													(6,874)
Contributions														105
Distributions														(1,876)
Balance, end of period at Aug. 31, 2024	$ 10,115,361	$ 10,045,946	$ 55		$ 205,495			$ 2,086,227			$ (369,965)	$ 8,124,134		$ 69,415

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares		3 Months Ended						9 Months Ended		12 Months Ended
	Jun. 20, 2024	Aug. 31, 2024	May 31, 2024	Feb. 29, 2024	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Dividends - common share (in dollars per share)		$ 0.35	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.95	$ 0.90
Preferred Stock
Callable preferred shares (in shares)	13,125									42,000
Conversion of preferred shares to common shares \| Preferred Stock
Callable preferred shares (in shares)									125,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Cash flows from operating activities:
Net earnings	$ 492,118	$ 191,955
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	141,584	84,891
Share-based compensation	47,949	35,476
Net bad debt expense	48,305	45,408
Loss (income) on investments and loans to related parties	(62,187)	229,917
Distributions received on investments in related parties	36,048	33,973
Gain on sale of subsidiary and investment in related parties	(58,452)	0
Other adjustments	208,693	(58,991)
Net change in assets and liabilities:
Securities deposited with clearing and depository organizations	0	(159,625)
Receivables:
Brokers, dealers and clearing organizations	(188,454)	(55,212)
Customers	(356,045)	(322,279)
Fees, interest and other	(59,530)	46,286
Securities borrowed	158,071	(849,753)
Financial instruments owned	(2,145,820)	(4,142,510)
Securities purchased under agreements to resell	(975,592)	(785,640)
Other assets	(421,913)	(579,442)
Payables:
Brokers, dealers and clearing organizations	663,467	501,040
Customers	(62,089)	463,802
Securities loaned	691,548	50,620
Financial instruments sold, not yet purchased	985,256	777,323
Securities sold under agreements to repurchase	(1,387,996)	3,020,443
Lease liabilities	(56,408)	(52,923)
Accrued expenses and other liabilities	451,355	(364,734)
Net cash used in operating activities from continuing operations	(1,850,092)	(1,889,975)
Net cash used in operating activities from discontinued operations	(68,789)	0
Cash flows from investing activities:
Contributions to investments in and loans to related parties	(108,484)	(130,445)
Capital distributions from investments and repayments of loans from related parties	1,406	20,631
Originations and purchases of automobile loans, notes and other receivables	(89,540)	(332,786)
Principal collections of automobile loans, notes and other receivables	83,268	266,772
Net payments on premises and equipment	(180,654)	(80,210)
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold	610,843	0
Net cash provided by (used in) investing activities from continuing operations	316,839	(256,038)
Cash flows from financing activities:
Proceeds from short-term borrowings	3,826,758	4,878,000
Payments on short-term borrowings	(3,058,475)	(4,481,800)
Proceeds from issuance of long-term debt, net of issuance costs	4,646,993	1,546,907
Repayment of long-term debt	(1,763,572)	(871,645)
Proceeds from conversion of common to preferred shares	9,844	31,500
Purchase of common shares for treasury	(44,311)	(165,272)
Dividends paid to common and preferred shareholders	(221,392)	(208,617)
Net proceeds from other secured financings	434,285	282,776
Net change in bank overdrafts	(33,795)	300
Proceeds from contributions of noncontrolling interests	9,426	0
Payments on distributions to noncontrolling interests	(12,565)	0
Other	7,871	5,733
Net cash provided by financing activities from continuing operations	3,801,067	1,017,882
Net cash used in financing activities from discontinued operations	(170,631)	0
Supplemental Cash Flow Elements [Abstract]
Effect of exchange rate changes on cash, cash equivalents and restricted cash	18,901	(216)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,047,295	(1,128,347)
Net decrease in cash, cash equivalents and restricted cash classified within assets held for sale	(13,224)	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	11,864,829	9,578,897
Cash paid during the period for
Interest	2,535,591	1,665,693
Income taxes, net	167,796	151,323
Non cash investing activity, relating to acquisition	$ 600	30,600
Conversion of preferred shares to common shares		125,000
Shareholders
Cash paid during the period for
Dividend distributions		527,000
Noncontrolling Interest Holders
Cash paid during the period for
Dividend distributions		$ 31,400

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 10,573,471	$ 8,526,363
Cash on deposit for regulatory purposes with clearing and depository organizations	1,291,358	1,304,395
Total cash, cash equivalents and restricted cash	$ 11,864,829	$ 9,830,758

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Aug. 31, 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. We operate in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture (“Jefferies Finance 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, and includes certain remaining businesses and assets of our legacy merchant banking portfolio. 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”), investments in our legacy merchant banking portfolio which became consolidated subsidiaries. In April 2024, we finalized the sale of Foursight Capital LLC (“Foursight”). In February 2024, OpNet agreed to sell substantially all of its wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. The sale closed in August 2024. 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	9 Months Ended
Summary of Significant Accounting Policies	Aug. 31, 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 nine months ended August 31, 2024, there were no significant changes made to the Company’s significant accounting policies.

Accounting Developments

Accounting Developments	9 Months Ended
Accounting Developments	Aug. 31, 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 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	9 Months Ended
Business Acquisitions	Aug. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 companies were investments in our legacy merchant banking portfolio, and 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. Fair value of assets acquired and liabilities assumed on the acquisition dates: $ 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 in the form of purchased technology, trademarks and trade names, and customer relationships related to Tessellis that was acquired as part of obtaining control of OpNet. 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 first quarter of 2024 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 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 historically owned 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 obtained control of OpNet. Upon conversion on May 7, 2024, our ownership increased to 57.5% of the common shares and our voting rights increased to 72.6% of the aggregate voting rights of 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. During the second quarter of 2024, we provided an additional shareholder loan of €20.0 million and subscribed to additional preferred shares of €18.7 million at a price per share of €10.00. In June 2024, we provided an additional shareholder loan of €20.0 million. OpNet was considered to be a variable interest entity and we determined that we were the primary beneficiary of OpNet. Accordingly, we consolidated OpNet and the assets and liabilities of OpNet 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. The remaining identifiable assets and assumed liabilities of OpNet primarily represent the assets and liabilities of Tessellis. An enterprise value for Tessellis was estimated based on its market capitalization at November 30, 2023, which was then allocated to the identifiable assets, including intangible assets, liabilities, and noncontrolling interests of the entity using an income approach, which calculates the present value of the estimated economic benefit of future cash flows, in order to determine the fair value of the identified customer relationships and Tessellis trade name. Property and equipment and developed technology assets were valued using a replacement cost methodology. Critical estimates included future expected cash flows, including forecasted revenues and expenses, and applicable discount rates. Discount rates used to compute the present value of expected net cash flows were based upon estimated weighted average cost of capital. The initial allocation of the purchase price resulted in the recognition of goodwill relating to Tessellis of $127.1 million. During the first quarter of 2024, we decreased goodwill by $27.0 million to $100.1 million based on measurement period adjustments. During the nine months ended August 31, 2024, Tessellis executed various acquisitions and, as a result, recognized assets and liabilities of $20.6 million and $17.4 million, respectively, on the acquisition dates. Total assets primarily relate to goodwill and intangible assets. We are in the process of finalizing purchase price allocation adjustments related to the identified assets and may adjust these amounts upon completion of our assessment in subsequent reporting periods. In February 2024, OpNet agreed to sell substantially all of its wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. The sale closed in August 2024 and we received net cash proceeds of $322.8 million and recognized a pre-tax gain on sale of $2.8 million. The sale of OpNet did not include our interest in Tessellis.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	9 Months Ended
Assets Held for Sale and Discontinued Operations	Aug. 31, 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 Foursight. Assets held for sale are recorded initially at the lower of their carrying value or estimated fair value, less estimated costs to sell. Upon designation as an asset held for sale, we discontinue recording depreciation expense on such asset. Foursight’s major classes of assets and liabilities: $ in thousands November 30, 2023 Assets held for sale: Cash and cash equivalents $ 3,555 Other receivables 1,478 Premises and equipment, net 1,175 Operating lease assets 7,635 Goodwill (1) 24,000 Other assets (2) 928,808 Total assets held for sale $ 966,651 Liabilities held for sale: Other secured financings $ 700,615 Lease liabilities 8,821 Accrued expenses and other liabilities 11,503 Long-term debt 149,262 Total liabilities held for sale $ 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 $850.8 million of automobile loan receivables and $42.1 million 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 closed the sale of Foursight and recognized an initial gain on sale of $24.8 million, which is included within Other revenues. OpNet We classified certain net operating assets of OpNet as held for sale in our Consolidated Statements of Financial Condition. The net operating assets that were classified as held for sale were 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 consisted of intangible assets relating to radio frequency networks, customer relationships and other branding rights. The liabilities held for sale consisted primarily of OpNet’s outstanding publicly listed notes. The fair value of the intangible assets was based on the estimated sale price of the disposal group and the fair value of the publicly listed notes were 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 were classified as held for sale. The activities of OpNet’s wholesale operations have been classified as discontinued operations for three and nine months ended August 31, 2024 and its results presented in Net earnings (losses) from discontinued operations (including gain on disposal), net of tax.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Aug. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures August 31, 2024 (1) $ in thousands Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 5,132,729 $ 284,986 $ 200,643 $ — $ 5,618,358 Corporate debt securities — 5,399,974 31,178 — 5,431,152 Collateralized debt obligations and collateralized loan obligations — 628,955 82,081 — 711,036 U.S. government and federal agency securities 3,292,721 86,902 — — 3,379,623 Municipal securities — 517,810 — — 517,810 Sovereign obligations 952,700 565,919 106 — 1,518,725 Residential mortgage-backed securities — 2,504,631 624 — 2,505,255 Commercial mortgage-backed securities — 264,281 492 — 264,773 Other asset-backed securities — 152,674 145,403 — 298,077 Loans and other receivables — 1,830,445 87,124 — 1,917,569 Derivatives 1,249 2,795,157 6,323 (2,270,214) 532,515 Investments at fair value — 6 139,380 — 139,386 Total financial instruments owned, excluding Investments at fair value based on NAV $ 9,379,399 $ 15,031,740 $ 693,354 $ (2,270,214) $ 22,834,279 Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 68,966 $ — $ — $ — $ 68,966 Securities received as collateral 272,619 — — — 272,619 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 3,720,668 $ 89,406 $ 2,970 $ — $ 3,813,044 Corporate debt securities — 3,526,750 260 — 3,527,010 U.S. government and federal agency securities 2,789,472 — — — 2,789,472 Sovereign obligations 913,115 523,867 — — 1,436,982 Residential mortgage-backed securities — 26 — — 26 Commercial mortgage-backed securities — — 1,119 — 1,119 Loans — 99,533 1,560 — 101,093 Derivatives 411 2,981,236 34,823 (2,378,130) 638,340 Total financial instruments sold, not yet purchased $ 7,423,666 $ 7,220,818 $ 40,732 $ (2,378,130) $ 12,307,086 Other secured financings $ — $ — $ 3,965 $ — $ 3,965 Obligation to return securities received as collateral 272,619 — — — 272,619 Long-term debt — 1,333,744 789,146 — 2,122,890 (1) Excludes Investments at fair value based on net asset value (“NAV”) of $1.20 billion at August 31, 2024 by level within the fair value hierarchy. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2023 (1) $ in thousands 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 Investments at fair value based on NAV of $1.21 billion at November 30, 2023 by level within the fair value hierarchy. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. There have been no significant changes in 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. Investments in entities that have the characteristics of an investment company: August 31, 2024 $ in thousands Fair Unfunded Redemption Frequency Redemption Notice Period Equity Long/Short Hedge Funds (2) $ 264,698 $ — Quarterly (100%) 45 - 90 days Equity Funds (3) 56,759 31,268 N/R (100%) N/R Commodity Funds (4) 20,731 — Quarterly (100%) 60 days Multi-asset Funds (5) 346,533 — Monthly (86%) Quarterly (14%) 45 - 60 days 90 days Other Funds (6) 515,659 223,813 Quarterly (64%) N/R (36%) 90 days N/R Total $ 1,204,380 $ 255,081 November 30, 2023 $ in thousands Fair 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 non-redeemable investments at November 30, 2023 included restrictions 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 non-redeemable investments at November 30, 2023 included restrictions 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 Three Months Ended August 31, 2024 $ in thousands Balance at May 31, 2024 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2024 For instruments still held at August 31, 2024, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Level 3 assets: Financial instruments owned: Corporate equity securities $ 178,755 $ 9,887 $ 12,874 $ (1,035) $ (198) $ — $ 360 $ 200,643 $ 10,184 $ — Corporate debt securities 38,717 93 — (1,753) — — (5,879) 31,178 1,181 — CDOs and CLOs 68,626 1,477 17,704 (1,147) (1,323) — (3,256) 82,081 649 — Sovereign obligations — — — — — — 106 106 — — RMBS 644 24 — — (12) — (32) 624 34 — CMBS 477 15 — — — — — 492 — — Other ABS 168,736 (966) 29,502 (27,528) (3,608) — (20,733) 145,403 (1,988) — Loans and other receivables 92,546 (18,742) 10,138 (4,489) (2,258) — 9,929 87,124 (5,863) — Investments at fair value 138,057 952 371 — — — — 139,380 952 — Level 3 liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 708 $ 4 $ — $ 2,264 $ — $ — $ (6) $ 2,970 $ (4) $ — Corporate debt securities 506 — (246) — — — — 260 — — CMBS 1,049 — — — 70 — — 1,119 — — Loans 1,584 (1,000) — 964 12 — — 1,560 1 — Net derivatives (2) 34,877 (7,588) — — 734 — 477 28,500 4,363 — Other secured financings 3,965 — — — — — — 3,965 — — Long-term debt 784,212 25,080 — — — 542 (20,688) 789,146 (37,145) 12,065 Nine Months Ended August 31, 2024 $ in thousands Balance at November 30, 2023 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2024 For instruments still held at August 31, 2024, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 181,294 $ (3,969) $ 28,576 $ (2,480) $ — $ — $ (2,778) $ 200,643 $ (3,179) $ — Corporate debt securities 26,112 3,060 14,894 (6,735) (200) — (5,953) 31,178 7,309 — CDOs and CLOs 64,862 8,771 41,690 (22,797) (5,214) — (5,231) 82,081 4,351 — Sovereign obligations — (16) 11,147 (11,025) — — — 106 3 — RMBS 20,871 (185) — (5,374) (63) — (14,625) 624 33 — CMBS 508 (16) — — — — — 492 (64) — Other ABS 117,661 (7,724) 94,754 (68,622) (19,929) — 29,263 145,403 (5,778) — Loans and other receivables 130,101 (43,105) 20,220 (4,856) (19,523) — 4,287 87,124 (17,949) — Investments at fair value 130,835 (10,626) 19,725 — (547) — (7) 139,380 (10,626) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 676 $ 5 $ — $ 2,289 $ — $ — $ — $ 2,970 $ (5) $ — Corporate debt securities 124 (23) — — — — 159 260 23 — CMBS 840 — (245) — 525 — (1) 1,119 (2) — Loans 1,521 1,879 (180) 1,367 152 — (3,179) 1,560 (26) — Net derivatives (2) 50,955 (17,212) (3,236) 2,471 (9,504) — 5,026 28,500 5,659 — Other secured financings 3,898 4,482 — — (4,415) — — 3,965 (4,482) — Long-term debt 744,597 34,157 — — (2,109) 28,614 (16,113) 789,146 (41,836) 7,679 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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 August 31, 2024 Transfers of assets of $31.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Loan and other receivables of $15.9 million, CDOs and CLOs of $10.1 million and Other ABS of $3.3 million due to reduced pricing transparency. Transfers of assets of $50.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Other ABS of $24.0 million, CDOs and CLOs of $13.4 million, Corporate debt securities of $7.1 million and Loans and other receivables of $5.9 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $18.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $9.6 million and Net derivatives of $9.3 million due to reduced market and pricing transparency. Transfers of liabilities of $39.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $30.2 million and Net derivatives of $8.8 million due to greater pricing and market transparency. Net losses on Level 3 assets were $7.3 million and net losses on Level 3 liabilities were $16.5 million for the three months ended August 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, partially offset by increased market values of Corporate equity securities and CDOs and CLOs. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, partially offset by decreased valuations of certain derivatives. Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2024 Transfers of assets of $61.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Other ABS of $47.6 million and Loan and other receivables of $11.3 million due to reduced pricing transparency. Transfers of assets of $56.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Other ABS of $18.3 million, RMBS of $14.6 million, Corporate debt securities of $7.5 million, Loans and other receivables of $7.0 million, CDOs and CLOs of $5.2 million and Corporate equity securities of $3.3 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $39.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Net derivatives of $23.2 million and structured notes within Long-term debt of $18.8 million due to reduced market and pricing transparency. Transfers of liabilities of $53.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $34.9 million and Net derivatives of $18.2 million due to greater pricing and market transparency. Net losses on Level 3 assets were $53.8 million and net losses on Level 3 liabilities were $23.3 million for the nine months ended August 31, 2024. Net losses on Level 3 assets were primarily due to decreased market values across Loans and other receivables, Investments at fair value, Other ABS and Corporate equity securities, partially offset by increased valuations of CDOs and CLOs and Corporate debt securities. 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 decreased valuations of certain derivatives. Three Months Ended August 31, 2023 $ in thousands Balance at May 31, 2023 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2023 For instruments still held at August 31, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 267,913 $ (85,416) $ 333 $ (331) $ — $ — $ (3,710) $ 178,789 $ (84,507) $ — Corporate debt securities 42,642 (176) 4,685 (4,157) — — (11,282) 31,712 416 — CDOs and CLOs 62,691 12,133 9,848 (648) (17,331) — (9,208) 57,485 (8,000) — RMBS 24,705 (1,796) 324 — (4) — — 23,229 (686) — CMBS 28,946 (535) — — — — — 28,411 (368) — Other ABS 126,075 (2,768) 50,945 (2,534) — — 5,324 177,042 (3,995) — Loans and other receivables 141,817 6,776 7,342 (7,967) — — 2,239 150,207 7,955 — Investments at fair value 153,800 114,681 575 — (196) — (12,747) 256,113 114,681 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities 465 — — — — — — 465 — — Corporate debt securities 267 1 — — — — (42) 226 (1) — CMBS 630 (11) — — 210 — (105) 724 11 — Loans 3,348 2,522 (1,655) 247 — — 2,977 7,439 (4,508) — Net derivatives (2) 54,260 4,259 (9,406) 22,236 — — (31,313) 40,036 (4,177) — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 697,057 20,768 — — — 5,572 (17,482) 705,915 (5,770) (14,998) Nine Months Ended August 31, 2023 $ in thousands Balance at November 30, 2022 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2023 For instruments still held at August 31, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 240,347 $ (58,302) $ 895 $ (1,228) $ (630) $ — $ (2,293) $ 178,789 $ (51,782) $ — Corporate debt securities 30,232 2,087 11,519 (20,410) (200) — 8,484 31,712 (1,394) — CDOs and CLOs 55,824 23,622 30,744 (1,062) (43,798) — (7,845) 57,485 (13,103) — RMBS 27,617 (4,239) — — (149) — — 23,229 (1,513) — CMBS 839 (1,282) — — — — 28,854 28,411 (428) — Other ABS 94,677 (9,162) 90,507 (4,387) — — 5,407 177,042 (11,922) — Loans and other receivables 168,875 4,626 12,769 (28,171) (186) — (7,706) 150,207 10,380 — Investments at fair value 161,992 112,094 7,994 (2,420) (10,887) — (12,660) 256,113 113,807 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 750 $ (285) $ — $ — $ — $ — $ — $ 465 $ 285 $ — Corporate debt securities 500 (40) (234) — — — — 226 29 — CMBS 490 (11) — — 245 — — 724 11 — Loans 3,164 (124) (1,655) 354 — — 5,700 7,439 (908) — Net derivatives (2) 59,524 (8,176) (5,300) 17,037 (854) 10,035 (32,230) 40,036 7,718 — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 661,123 40,321 — — — 5,775 (1,304) 705,915 (8,970) (31,351) (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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 August 31, 2023 Transfers of assets of $21.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Loans and other receivables of $7.0 million, Other ABS of $6.8 million, CDOs and CLOs of $3.7 million and Corporate debt securities of $3.2 million due to reduced pricing transparency. Transfers of assets of $51.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Corporate debt securities of $14.5 million, CDOs and CLOs of $12.9 million, Investments at fair value of $12.7 million, Loans and other receivables of $4.7 million, Corporate equity securities of $4.6 million and Other ABS of $1.5 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $31.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $21.7 million, Net derivatives of $6.5 million and Loans of $3.0 million due to reduced market and pricing transparency. Transfers of liabilities of $77.3 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $39.1 million and Net derivatives of $37.8 million due to greater pricing and market transparency. Net gains on Level 3 assets were $42.9 million and net losses on Level 3 liabilities were $27.5 million for the three months ended August 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value, CDOs and CLOs, and Loans and other receivables, partially offset by decreased valuations of Corporate equity securities and Other ABS. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, certain derivatives and loans. Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2023 Transfers of assets of $77.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • CMBS of $28.9 million, Loans and other receivables of $26.3 million, Other ABS of $9.9 million, Corporate debt securities of $8.7 million and Corporate equity securities of $3.3 million due to reduced pricing transparency. Transfers of assets of $64.8 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Loans and other receivables of $34.0 million, Investments at fair value of $12.7 million, CDOs and CLOs of $7.8 million, Corporate equity securities of $5.6 million and Other ABS of $4.5 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $46.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Structured notes within Long-term debt of $27.9 million, Net derivatives of $12.6 million and Loans of $5.7 million due to reduced market and pricing transparency. Transfers of liabilities of $74.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Net derivatives of $44.8 million and Structured notes within Long-term debt of $29.2 million due to greater pricing and market transparency. Net gains on Level 3 assets were $69.4 million and net losses on Level 3 liabilities were $31.7 million for the nine months ended August 31, 2023. Net gains on Level 3 assets were primarily due to increased market values across Investments at fair value and CDOs and CLOs, partially offset by decreased valuations of Corporate equity securities and other ABS. Net losses on Level 3 liabilities were primarily due to increased valuations of structured notes within Long-term debt, partially offset by decreased valuations of certain derivatives. Significant Unobservable Inputs used in Level 3 Fair Value Measurements August 31, 2024 Financial Instruments Owned: Fair Value Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Corporate equity securities $ 200,643 Non-exchange-traded securities Market approach Price $0 - $325 $56 EBITDA multiple 5.4 — Corporate debt securities $ 31,178 Market approach Price $0 - $95 $58 CDOs and CLOs $ 77,965 Discounted cash flows Constant prepayment rate 15% - 20% 18% Constant default rate 2% — Loss severity 30% — Discount rate/yield 13 % - 20% 18% Market approach Price $70 - $110 $96 Other ABS $ 137,548 Discounted cash flows Discount rate/yield 18 % - 21% 19% Cumulative loss rate 28 % - 33% 30% Duration (years) 1.1 - 1.8 1.6 Market approach Price $100 — Scenario analysis Estimated recovery percentage 92% — Loans and other receivables $ 87,124 Market approach Price $81 - $100 $97 Scenario analysis Estimated recovery percentage 2 % - 198% 67% Investments at fair value $ 134,284 Private equity securities Market approach Price $1 - $5,000 $360 Price €8,040 — Price £0.5 — Discount rate/yield 28% — Revenue $30,067,142 — Financial Instruments Sold, Not Yet Purchased: Corporate equity securities $ 2,970 Non-exchange-traded securities Market approach EBITDA multiple 5.4 — Derivatives $ 33,608 Equity options Volatility bench-marking Volatility 33 % - 57% 47% Embedded options Market approach Basis points upfront 8.2 - 21.8 14.9 Other secured financings $ 3,965 Scenario analysis Estimated recovery percentage 60 % - 100% 93% Long-term debt $ 789,146 Structured notes Market approach Price $62 - $100 $81 Price €65 - €106 €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 bench-marking 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 bench-marking 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 tables above 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. 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 August 31, 2024 and November 30, 2023, asset exclusions consisted of $24.6 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, CMBS and sovereign obligations. At August 31, 2024 and November 30, 2023, liability exclusions consisted of $4.2 million and $4.0 million, respectively, primarily comprised of certain derivatives, loans, CMBS, corporate equity securities and corporate debt 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 EBITDA multiple related to non-exchange-traded 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, other ABS 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. Fair value option gains (losses): Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Financial instruments owned: Loans and other receivables $ (690) $ 15,998 $ (39,664) $ 31,172 Other secured financings: Other changes in fair value (2) $ — $ — $ (4,482) $ — Long-term debt: Changes in instrument-specific credit risk (1) $ 23,779 $ (29,980) $ 6,009 $ (56,357) Other changes in fair value (2) (84,266) 17,882 (111,716) 21,432 (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. Fair value option amounts by which contractual principal is greater than (less than) fair value: $ in thousands August 31, November 30, Financial instruments owned: Loans and other receivables (1) $ 1,413,079 $ 2,344,468 Loans and other receivables on nonaccrual status and/or 90 days or greater p

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our derivative activities are recorded at fair value 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. 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. August 31, 2024 (1) Assets Liabilities $ in thousands Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 3,557 3 Foreign exchange contracts: Bilateral OTC — — 37,891 3 Total derivatives designated as accounting hedges — 41,448 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,248 76,019 411 74,671 Cleared OTC 854,712 6,146 860,359 6,185 Bilateral OTC 513,138 1,728 783,131 874 Foreign exchange contracts: Bilateral OTC 106,721 53,117 110,132 33,513 Equity contracts: Exchange-traded 537,457 1,044,597 430,790 914,419 Bilateral OTC 743,300 30,924 748,483 18,918 Commodity contracts: Exchange-traded 12 629 21 574 Bilateral OTC 5,263 12,739 1,530 5,490 Credit contracts: Cleared OTC 9,924 40 21,178 23 Bilateral OTC 30,954 15 18,987 38 Total derivatives not designated as accounting hedges 2,802,729 2,975,022 Total gross derivative assets/ liabilities: Exchange-traded 538,717 431,222 Cleared OTC 864,636 885,094 Bilateral OTC 1,399,376 1,700,154 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (389,719) (389,719) Cleared OTC (863,799) (869,789) Bilateral OTC (1,016,696) (1,118,622) Net amounts per Consolidated Statements of Financial Condition (4) $ 532,515 $ 638,340 November 30, 2023 (1) Assets Liabilities $ in thousands 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) The 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. (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. Gains (losses) recognized in Interest expense related to fair value hedges: $ in thousands Three Months Ended Nine Months Ended Gains (Losses) 2024 2023 2024 2023 Interest rate swaps $ 43,765 $ (46,783) $ 12,954 $ (64,847) Long-term debt (61,068) 30,345 (62,053) 23,068 Total $ (17,303) $ (16,438) $ (49,099) $ (41,779) Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss): $ in thousands Three Months Ended Nine Months Ended Gains (Losses) 2024 2023 2024 2023 Foreign exchange contracts $ (38,878) $ (22,086) $ (47,686) $ (53,091) Total $ (38,878) $ (22,086) $ (47,686) $ (53,091) Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities: $ in thousands Three Months Ended Nine Months Ended Gains (Losses) 2024 2023 2024 2023 Interest rate contracts $ 72,271 $ 44,277 $ 107,103 $ 175,398 Foreign exchange contracts 15,760 26,173 48,289 63,832 Equity contracts 72,741 185,215 (186,617) (118,222) Commodity contracts 6,270 (105) 24,702 (289) Credit contracts (222) (7,623) (13,592) (8,447) Total $ 166,820 $ 247,937 $ (20,115) $ 112,272 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 Remaining contract maturities at August 31, 2024: OTC Derivative Assets (1) (2) (3) $ in thousands 0 – 12 1 – 5 Greater Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 5,262 $ — $ — $ — $ 5,262 Equity options and forwards 163,004 49,776 — (6,461) 206,319 Credit default swaps — 24,419 — — 24,419 Total return swaps 108,223 71,606 — (4,171) 175,658 Foreign currency forwards, swaps and options 43,871 1,053 — (189) 44,735 Fixed income forwards 6,257 — — — 6,257 Interest rate swaps, options and forwards 120,851 244,808 38,644 (77,836) 326,467 Total $ 447,468 $ 391,662 $ 38,644 $ (88,657) 789,117 Cross product counterparty netting (20,924) Total OTC derivative assets included in Financial instruments owned $ 768,193 OTC Derivative Liabilities (1) (2) (3) $ in thousands 0 – 12 1 – 5 Greater Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 1,530 $ — $ — $ — $ 1,530 Equity options and forwards 108,263 108,550 — (6,461) 210,352 Credit default swaps 1,985 13,008 — — 14,993 Total return swaps 97,836 82,521 44 (4,171) 176,230 Foreign currency forwards, swaps and options 85,864 378 — (189) 86,053 Fixed income forwards 14,978 — — — 14,978 Interest rate swaps, options and forwards 107,139 131,627 444,730 (77,836) 605,660 Total $ 417,595 $ 336,084 $ 444,774 $ (88,657) 1,109,796 Cross product counterparty netting (20,924) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 1,088,872 (1) At August 31, 2024, we held net exchange-traded derivative assets and liabilities with a fair value of $149.0 million and $42.1 million, respectively, which are not included in these tables. (2) OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At August 31, 2024, cash collateral received and pledged was $384.7 million and $492.6 million, respectively. (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 assets at August 31, 2024 (in thousands): Counterparty credit quality (1): A- or higher $ 167,768 BBB- to BBB+ 72,300 BB+ or lower 267,516 Unrated 260,609 Total $ 768,193 (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 External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts: August 31, 2024 External Credit Ratings $ in millions Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 270.0 $ 348.4 $ 618.4 November 30, 2023 External Credit Ratings $ in millions 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 August 31, November 30, Derivative instrument liabilities with credit-risk-related contingent features $ 79.9 $ 139.5 Collateral posted (65.4) (97.6) Collateral received 101.3 71.0 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 115.8 112.9 (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	9 Months Ended
Collateralized Transactions	Aug. 31, 2024
Collateralized Transactions [Abstract]
Collateralized Transactions	Collateralized Transactions August 31, 2024 $ in millions Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 1,570.8 $ 744.4 $ 166.1 $ 2,481.3 Corporate debt securities 919.6 3,598.0 — 4,517.6 Mortgage-backed and asset-backed securities — 1,958.2 — 1,958.2 U.S. government and federal agency securities 46.7 7,084.8 — 7,131.5 Municipal securities — 184.9 — 184.9 Sovereign obligations 13.0 2,303.0 106.5 2,422.5 Loans and other receivables — 1,199.5 — 1,199.5 Total $ 2,550.1 $ 17,072.8 $ 272.6 $ 19,895.5 November 30, 2023 $ in millions Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 1,221.4 $ 627.0 $ 4.4 $ 1,852.8 Corporate debt securities 576.4 4,297.9 — 4,874.3 Mortgage-backed and asset-backed securities — 1,950.9 — 1,950.9 U.S. government and federal agency securities 39.2 9,474.2 3.4 9,516.8 Municipal securities — 141.1 — 141.1 Sovereign obligations 3.5 2,511.6 1.0 2,516.1 Loans and other receivables — 838.5 — 838.5 Total $ 1,840.5 $ 19,841.2 $ 8.8 $ 21,690.5 August 31, 2024 $ in millions Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,675.4 $ 37.4 $ 350.0 $ 487.3 $ 2,550.1 Repurchase agreements 2,644.3 7,997.6 2,150.4 4,280.5 17,072.8 Obligation to return securities received as collateral, at fair value 272.6 — — — 272.6 Total $ 4,592.3 $ 8,035.0 $ 2,500.4 $ 4,767.8 $ 19,895.5 November 30, 2023 $ in millions Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,068.6 $ — $ 244.2 $ 527.7 $ 1,840.5 Repurchase agreements 10,548.3 2,442.4 1,939.9 4,910.6 19,841.2 Obligation to return securities received as collateral, at fair value 8.8 — — — 8.8 Total $ 11,625.7 $ 2,442.4 $ 2,184.1 $ 5,438.3 $ 21,690.5 We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans, and in connection with securities-for-securities transactions in which we are the lender of securities. We also receive securities as initial margin on certain derivative transactions. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At August 31, 2024 and November 30, 2023, the approximate fair value of securities received as collateral by us that may be sold or repledged was $40.78 billion and $33.99 billion, respectively. At August 31, 2024 and November 30, 2023, a substantial portion of the securities received by us had been sold or repledged. Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). August 31, 2024 $ in millions 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 $ 7,056.6 $ — $ 7,056.6 $ (279.4) $ (1,945.2) $ 4,832.0 Reverse repurchase agreements 14,462.3 (7,469.3) 6,993.0 (984.9) (5,922.7) 85.4 Securities received as collateral, at fair value 272.6 — 272.6 — (272.6) — Liabilities: Securities lending arrangements $ 2,550.1 $ — $ 2,550.1 $ (279.4) $ (2,226.9) $ 43.8 Repurchase agreements 17,072.8 (7,469.3) 9,603.5 (984.9) (8,125.9) 492.7 Obligation to return securities received as collateral, at fair value 272.6 — 272.6 — (272.6) — November 30, 2023 $ in millions 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 $ 7,192.1 $ — $ 7,192.1 $ (327.7) $ (1,642.9) $ 5,221.4 Reverse repurchase agreements 14,871.1 (8,920.6) 5,950.5 (1,304.0) (4,582.6) 63.9 Securities received as collateral, at fair value 8.8 — 8.8 — (8.8) — Liabilities: Securities lending arrangements $ 1,840.5 $ — $ 1,840.5 $ (327.7) $ (1,396.1) $ 116.7 Repurchase agreements 19,841.2 (8,920.6) 10,920.6 (1,304.0) (9,035.4) 581.2 Obligation to return securities received as collateral, at fair value 8.8 — 8.8 — (8.8) — (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Includes $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 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. $ in thousands August 31, November 30, Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 1,360,324 $ 1,414,593 Securities purchased under agreements to resell (1) 343,779 45,490 Total $ 1,704,103 $ 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	9 Months Ended
Securitization Activities	Aug. 31, 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 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 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 and are generally initially categorized as Level 2 within the fair value hierarchy. Securitizations that were accounted for as sales in which we had continuing involvement: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Transferred assets $ 878.0 $ 2,725.6 $ 3,446.7 $ 6,576.0 Proceeds on new securitizations 878.0 2,702.7 3,446.7 6,553.0 Cash flows received on retained interests 9.5 13.2 28.8 13.6 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 August 31, 2024 and November 30, 2023. Our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment: August 31, 2024 November 30, 2023 $ in millions Total Retained Total Retained U.S. government agency RMBS $ 5,154.5 $ 188.9 $ 5,595.1 $ 417.3 U.S. government agency CMBS 2,539.9 186.7 3,014.3 197.3 CLOs 7,343.2 32.5 6,323.8 23.3 Consumer and other loans 1,320.6 49.0 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. 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	9 Months Ended
Variable Interest Entities	Aug. 31, 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: August 31, 2024 (1) $ in millions Secured Funding Vehicles Other Cash $ — $ 2.8 Financial instruments owned 65.0 12.9 Securities purchased under agreements to resell (2) 2,283.0 — Receivables from brokers (3) — 17.8 Other receivables 2.0 3.0 Other assets (4) — 91.0 Total assets $ 2,350.0 $ 127.5 Financial instruments sold, not yet purchased $ — $ 7.6 Other secured financings (5) 2,343.0 — Other liabilities (6) 7.1 18.9 Long-term debt — 70.0 Total liabilities $ 2,350.1 $ 96.5 November 30, 2023 (1) $ in millions Secured Funding Vehicles Other Cash $ — $ 1.1 Financial instruments owned — 7.8 Securities purchased under agreements to resell (2) 1,677.7 — Receivables from brokers (3) — 18.0 Assets held for sale (7) 815.6 578.8 Other assets (4) — 147.9 Total assets $ 2,493.3 $ 753.6 Financial instruments sold, not yet purchased $ — $ 6.4 Other secured financings (5) 1,667.3 — Liabilities held for sale (7) 769.2 303.4 Other liabilities (6) 10.5 249.7 Long-term debt — 49.6 Total liabilities $ 2,447.0 $ 609.1 (1) Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. (2) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation. (3) $1.5 million and $1.4 million of receivables from brokers at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (4) $3.3 million and $56.1 million of the other assets at August 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5) $642.6 million and $681.0 million of the other secured financings at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation. (6) $18.7 million and $247.9 million of the other liabilities amounts at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (7) At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. 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. In addition, we also from time to time securitize other financial instruments and own variable interests in the securitization vehicles to the extent that we consolidate such vehicles. Prior to the sale of Foursight in April 2024, we were the primary beneficiary of automobile loan financing vehicles to which we transferred automobile loans, acted as servicer of the automobile loans for a fee and retained equity interests in the vehicles. The assets of these VIEs primarily consisted of automobile loans, which were accounted for as loans held for investment at amortized cost included within Other assets. The liabilities of these VIEs consisted of notes issued by the VIEs, which were accounted for at amortized cost and included within Other secured financings and did not have recourse to our general credit. The automobile loans were pledged as collateral for the related notes and available only for the benefit of the note holders. 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 was classified as held for sale during the fourth quarter of 2023 and subsequently sold during the third quarter of 2024. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information. Nonconsolidated VIE s August 31, 2024 Carrying Amount Maximum Exposure to Loss VIE Assets $ in millions Assets Liabilities CLOs $ 779.1 $ 15.0 $ 5,538.2 $ 12,908.9 Asset-backed vehicles 816.6 — 1,155.4 3,774.4 Related party private equity vehicles 2.5 — 13.1 26.5 Other investment vehicles 1,061.3 — 1,336.9 20,343.4 Total $ 2,659.5 $ 15.0 $ 8,043.6 $ 37,053.2 November 30, 2023 Carrying Amount Maximum Exposure to Loss VIE Assets $ in millions 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 August 31, 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 $2.1 million and $3.1 million at August 31, 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 August 31, 2024 and November 30, 2023, we had equity commitments to invest $1.42 billion and $1.26 billion, respectively, in various other investment vehicles, of which $1.14 billion and $1.10 billion was funded, respectively. The carrying value of our equity investments was $1.06 billion and $1.07 billion at August 31, 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. 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 August 31, 2024 and November 30, 2023, we held $2.09 billion and $1.89 billion of agency mortgage-backed securities, respectively, and $95.6 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	9 Months Ended
Investments	Aug. 31, 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. Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties. $ in millions August 31, November 30, Total Investments in and loans to related parties $ 1,349.6 $ 1,239.3 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Total equity method pickup earnings (losses) recognized in Other revenues $ 25.0 $ (78.1) $ 62.2 $ (229.9) 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 August 31, 2024, November 30, 2023 and August 31, 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, which includes direct lending activities, that manages proprietary and third-party capital across commingled funds, business development companies, 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 August 31, 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 August 31, 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 day 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 August 31, 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 day termination notice by either party. At August 31, 2024, we had funded $0.0 million of our $250.0 million commitment. Activity related to the facility: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Unfunded commitment fees $ 0.3 $ 0.3 $ 0.9 $ 0.9 Selected financial information for Jefferies Finance: $ in millions August 31, November 30, Total assets $ 5,374.4 $ 5,598.2 Total liabilities 4,031.3 4,352.0 August 31, November 30, Our total equity balance $ 664.2 $ 630.1 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net earnings (losses) attributable to members $ 28.8 $ (31.5) $ 68.1 $ (3.7) Activity related to our other transactions with Jefferies Finance: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Origination and syndication fee revenues (1) $ 72.9 $ 37.9 $ 200.2 $ 84.1 Origination fee expenses (1) 16.2 10.1 40.8 20.5 CLO placement and structuring fee revenues (2) 0.8 1.7 1.1 1.7 Investment fund placement fee revenues (3) 2.4 — 3.3 — Service fees (4) 15.3 20.1 81.0 81.2 (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 addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2) We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3) We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees and are included in Commissions and other fees. (4) Under a service agreement, we charge Jefferies Finance for various administrative 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, were $2.6 million and $3.5 million at August 31, 2024 and November 30, 2023, respectively. At August 31, 2024 and November 30, 2023, payables to Jefferies Finance, related to cash deposited with us and included in Payables to customers, were $3.8 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 August 31, 2024, the aggregate amount of commercial paper outstanding was $1.47 billion. Selected financial information for Berkadia: $ in millions August 31, November 30, Total assets $ 4,662.5 $ 5,318.2 Total liabilities 3,189.7 3,816.1 Total noncontrolling interest 540.1 612.8 August 31, November 30, Our total equity balance $ 421.8 $ 400.9 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net earnings attributable to members $ 41.4 $ 53.9 $ 119.6 $ 96.4 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Distributions $ 28.0 $ 33.6 $ 34.7 $ 33.8 At August 31, 2024 and November 30, 2023, we had commitments to purchase $24.8 million and $77.5 million, respectively, of agency CMBS from Berkadia. Activity related to our other transactions with Berkadia: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Transaction referral fee revenue (1) $ — $ — $ 0.3 $ — Loan origination fees paid (2) — — 0.4 — (1) We refer Berkadia to our clients to act as a transaction servicer and receive fees, which are included in Commissions and other fees. (2) We pay fees to Berkadia for loan originations, which are capitalized as debt issuance costs and amortized over the life of the loan. Real Estate Investments Our real estate equity method investments primarily consist of our 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 the fund is in the process of being liquidated. Selected financial information for our significant real estate investments: $ in millions August 31, November 30, Total assets $ 328.6 $ 329.5 Total liabilities 488.9 500.0 August 31, November 30, Our total equity balance $ 96.6 $ 90.0 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net earnings $ 2.9 $ 4.1 $ 3.0 $ 1.8 54 Madison: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Distributions $ — $ 1.1 $ — $ 18.2 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 was $1.8 million and $2.2 million at August 31, 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: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net losses from our investments in JCP Fund V $ (0.1) $ (0.2) $ (0.3) $ (8.5) At both August 31, 2024 and November 30, 2023, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both August 31, 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 35.0% at August 31, 2024 of the combined equity interests: Three Months Ended $ in millions June 30, 2024 March 31, 2024 December 31, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Net increase (decrease) in net assets resulting from operations (1) $ (0.3) $ 0.1 $ (0.9) $ (0.4) $ (4.9) $ (54.6) (1) Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2024 and 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 we 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. Activity related to these separately managed accounts is as follows: $ in millions Three Months Ended Nine Months Ended Investment gains (1) $ 0.7 $ 0.4 Management fees (2) 0.2 0.6 (1) Included in Principal transactions revenues. (2) Included in Brokerage and clearing fees. ApiJect We own shares which represent a 33.6% economic interest in ApiJect at August 31, 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. Additionally, we have a right to 1.125% of ApiJect’s future revenues. In December 2023, we purchased a $4.6 million secured convertible promissory note from ApiJect, which matures on December 14, 2025. In April 2024, we purchased a $1.3 million promissory note from ApiJect. These promissory notes were accounted for at fair value in Financial instruments owned and classified within Level 3 of the fair value hierarchy. We recognized interest income of $0.0 million and $0.2 million on the two notes during the three and nine months ended August 31, 2024, respectively. In May 2024, we converted our notes into common shares and also paid $8.8 million for an additional investment in common shares of ApiJect. During the nine months ended August 31, 2024, we recognized a gain of $1.2 million, relating to the conversion of the convertible promissory note. At August 31, 2024 and November 30, 2023, the total fair value of our total equity investment in common shares of ApiJect was $116.1 million and $100.1 million, respectively, 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. We also have a term loan agreement with a principal of ApiJect for $23.3 million, which will mature on October 31, 2024. The loan is accounted for at amortized cost and is reported within Other assets. The loan has a fair value of $23.3 million and $30.4 million at August 31, 2024 and November 30, 2023, respectively, which would be classified as Level 3 in the fair value hierarchy. SPAC Prior to May 2024, we owned 73.4% of the publicly traded units of a special purpose acquisition company (“SPAC”), which represented 25.7% of its voting shares. We considered the SPAC a VIE and had significant influence over the SPAC but were not considered to be the primary beneficiary as we did not have control. Our investment was accounted for at fair value pursuant to the fair value option and was included within corporate equity securities in Financial instruments owned. The fair value of the investment was $23.8 million at November 30, 2023 and included within Level 1 of the fair value hierarchy. In May 2024, the company redeemed all of its outstanding units issued in its initial public offering, and our investment in the SPAC was redeemed in cash for approximately $24.3 million. 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 and nine months ended August 31, 2023, we contributed additional capital of $10.0 million and $20.0 million, respectively. Selected financial information for Stratos: $ in millions Three Months Ended Nine Months Ended Net losses $ (8.8) $ (34.6) Aircadia In December 2023, 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 at $57.7 million. During the three and nine months ended August 31, 2024, we recognized $5.6 million and $15.0 million, respectively, of operating lease income. 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 included within Investments in and loans to related parties. We recognized interest income of $0.8 million and $2.2 million on the loan during the three and nine months ended August 31, 2024, respectively. We also hold preferred shares in the seller, which are accounted for at fair value in Financial instruments owned with a fair value of $37.1 million and at both August 31, 2024 and November 30, 2023, and are classified within Level 3 of the fair value hierarchy. In September 2024, we provided a €15.0 million loan, maturing in May 2025, to an individual related to the seller, secured by a privately owned aircraft and guaranteed by the individual. OpNet On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares. As a result, we obtained control of OpNet and consolidated its assets and liabilities in our consolidated financial statements as of November 30, 2023. Upon conversion on May 7, 2024, our ownership increased to 57.5% of the common shares and our voting rights increased to 72.6% of the aggregate voting rights of OpNet. From the time we obtained control of OpNet to its sale in August 2024, its wholesale business was considered a VIE and classified as held for sale. 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. During the three and nine months ending August 31, 2023, we contributed $54.2 million and $142.8 million, respectively, to OpNet through direct subscription, settlement of subscription advances, and conversion of a shareholder loan. We recognized equity method pickup losses of $35.3 million and $157.1 million during the three and nine months ending August 31, 2023, respectively. Selected financial information for OpNet: $ in millions Three Months Ended Nine Months Ended Net losses $ (37.1) $ (179.1) 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 and nine months ending August 31, 2023, we recognized other-than-temporary impairment charges of $27.8 million and $57.2 million, respectively, on our investment within Other revenues. Selected financial information for Golden Queen: $ in millions Three Months Ended Nine Months Ended Net earnings (losses) $ 0.7 $ (1.6)

Credit Losses on Financial Asse

Credit Losses on Financial Assets Measured at Amortized Cost	9 Months Ended
	Aug. 31, 2024
Credit Loss [Abstract]
Credit Losses on Financial Assets Measured at Amortized Cost	Credit Losses on Financial Assets Measured at Amortized Cost Automobile Loans. On November 20, 2023, we entered into an agreement to sell all of our membership interests in our automobile loans business, Foursight. Refer to Note 5, Assets Held for Sale and Discontinued Operations for additional details. Allowance for credit losses related to our automobile loans: $ in thousands Three Months Ended Nine Months Ended Beginning balance $ 78,622 $ 79,614 Provision for doubtful accounts 11,788 29,398 Charge-offs, net of recoveries (10,635) (29,237) Ending balance $ 79,775 $ 79,775 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 nine months ended August 31, 2024, we recognized bad debt expense of $26.2 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. Allowance for credit losses for investment banking receivables: Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Beginning balance $ 2,868 $ 2,069 $ 6,306 $ 5,914 Bad debt expense 1,059 1,827 3,146 3,574 Charge-offs (1) (39) (2,720) (3,106) Recoveries collected (197) (111) (3,003) (2,636) Ending balance (1) $ 3,729 $ 3,746 $ 3,729 $ 3,746 (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	9 Months Ended
Goodwill and Intangible Assets	Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Nine Months Ended August 31, 2024 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,532,172 $ 315,684 $ 1,847,856 Currency translation and other adjustments 3,335 1,535 4,870 Measurement period adjustment (1) — (28,346) (28,346) Goodwill relating to acquisitions by Tessellis — 8,578 8,578 Balance, at end of period $ 1,535,507 $ 297,451 $ 1,832,958 (1) Includes a $27.0 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. Nine Months Ended August 31, 2023 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,552,944 $ 183,170 $ 1,736,114 Currency translation and other adjustments 3,354 — 3,354 Balance, at end of period $ 1,556,298 $ 183,170 $ 1,739,468 The carrying values of goodwill by reporting unit at August 31, 2024 are as follows: $701.8 million in Investment Banking, $255.8 million in Equities and Wealth Management, $577.9 million in Fixed Income, $143.0 million in Asset Management and $154.5 million attributed to various individual other investments. Goodwill Impairment Testing The quantitative goodwill impairment test is performed at the level of the reporting unit. A reporting unit is an operating segment or one level below an operating segment. The fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then an impairment loss is recognized for the amount by which the carrying value of the reporting unit exceeds the reporting unit's fair value. Allocated tangible equity plus allocated goodwill and intangible assets are used for the carrying amount of each reporting unit. We test goodwill allocated to our Investment Banking, Equities, Fixed Income and Asset Management reporting units annually on August 1 and test goodwill allocated to other individual investments annually on November 30. Our annual goodwill impairment testing at August 1, 2024 did not indicate any goodwill impairment in any of our Investment Banking, Equities and Fixed Income reporting units, which are part of our Investment Banking and Capital Markets reportable segment and did not indicate any goodwill impairment in our Asset Management reporting unit. The results of our assessment indicated that each of these reporting units had a fair value in excess of their carrying amounts based on current projections. Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using methodologies that include a market valuation method that incorporated price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. Under the market valuation approach, the key assumptions are the selected multiples and our internally developed projections of future profitability, growth and return on equity for each reporting unit. The weight assigned to the multiples requires judgment in qualitatively and quantitatively evaluating the size, profitability and the nature of the business activities of the reporting units as compared to the comparable publicly-traded companies. In addition, as the fair values determined under the market valuation approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process at August 1. Intangible Assets August 31, 2024 Weighted Average Remaining Lives (Years) $ in thousands Gross Cost Assets Acquired (1) Impairment Losses Accumulated Amortization Net Carrying Amount Customer relationships $ 136,848 $ 27,628 $ — $ (103,756) $ 60,720 6.0 Trademarks and trade names 147,321 8,730 — (43,944) 112,107 21.6 Exchange and clearing organization membership interests and registrations 8,769 — (10) — 8,759 N/A Other 52,533 27,318 — (22,093) 57,758 4.3 Total $ 345,471 $ 63,676 $ (10) $ (169,793) $ 239,344 (1) Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. November 30, 2023 Weighted Average Remaining Lives (Years) $ in thousands 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. At August 1, 2024, we performed our annual impairment testing of intangible assets with an indefinite useful life consisting of exchange and clearing organization membership interests and registrations. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessments of the remaining indefinite life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. Amortization Expense For finite life intangible assets, we recognized aggregate amortization expense of $8.2 million and $22.3 million for the three and nine months ended August 31, 2024, respectively, and $2.3 million and $7.0 million for the three and nine months ended August 31, 2023, respectively. These expenses are included in Depreciation and amortization. Estimated future amortization expense for the next five fiscal years (in thousands): Remainder of fiscal year 2024 $ 9,720 Year ending November 30, 2025 33,121 Year ending November 30, 2026 33,083 Year ending November 30, 2027 33,049 Year ending November 30, 2028 32,806

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
Revenues from Contracts with Customers	Aug. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Investment banking $ 925,635 $ 600,190 $ 2,343,284 $ 1,595,463 Commissions and other fees 270,643 223,712 787,968 672,294 Asset management fees 7,189 5,344 43,539 27,965 Oil and gas revenues 358 228 799 25,997 Real estate revenues 4,038 1,902 10,727 12,105 Other contracts with customers 14,782 13,583 43,091 39,544 Total revenue from contracts with customers 1,222,645 844,959 3,229,408 2,373,368 Other sources of revenue: Principal transactions 324,501 353,373 1,381,432 1,171,578 Revenues from affiliates 6,256 9,468 32,046 39,766 Interest 936,786 898,040 2,636,002 2,062,104 Other 105,401 (64,925) 384,939 (174,155) Total revenues $ 2,595,589 $ 2,040,915 $ 7,663,827 $ 5,472,661 Disaggregation of Revenue Three Months Ended August 31, 2024 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 592,462 $ — $ 592,462 Investment banking - Underwriting 333,173 — 333,173 Equities (1) 267,697 — 267,697 Fixed income (1) 2,486 — 2,486 Asset management — 7,189 7,189 Other investments — 19,638 19,638 Total $ 1,195,818 $ 26,827 $ 1,222,645 Primary geographic region: Americas $ 885,377 $ 24,858 $ 910,235 Europe and the Middle East 223,570 1,040 224,610 Asia-Pacific 86,871 929 87,800 Total $ 1,195,818 $ 26,827 $ 1,222,645 Three Months Ended August 31, 2023 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 335,271 $ — $ 335,271 Investment banking - Underwriting 264,919 — 264,919 Equities (1) 221,191 — 221,191 Fixed income (1) 2,521 — 2,521 Asset management — 5,344 5,344 Other investments — 15,713 15,713 Total $ 823,902 $ 21,057 $ 844,959 Primary geographic region: Americas $ 648,511 $ 19,769 $ 668,280 Europe and the Middle East 100,419 631 101,050 Asia-Pacific 74,972 657 75,629 Total $ 823,902 $ 21,057 $ 844,959 Nine Months Ended August 31, 2024 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 1,214,927 $ — $ 1,214,927 Investment banking - Underwriting 1,128,356 — 1,128,356 Equities (1) 779,462 — 779,462 Fixed income (1) 7,036 — 7,036 Asset management — 43,539 43,539 Other investments — 56,088 56,088 Total $ 3,129,781 $ 99,627 $ 3,229,408 Primary geographic region: Americas $ 2,351,130 $ 93,626 $ 2,444,756 Europe and the Middle East 518,916 3,192 522,108 Asia-Pacific 259,735 2,809 262,544 Total $ 3,129,781 $ 99,627 $ 3,229,408 Nine Months Ended August 31, 2023 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 886,606 $ — $ 886,606 Investment banking - Underwriting 708,857 — 708,857 Equities (1) 663,957 — 663,957 Fixed income (1) 8,337 — 8,337 Asset management — 27,965 27,965 Other investments — 77,646 77,646 Total $ 2,267,757 $ 105,611 $ 2,373,368 Primary geographic region: Americas $ 1,744,439 $ 101,996 $ 1,846,435 Europe and the Middle East 338,551 1,804 340,355 Asia-Pacific 184,767 1,811 186,578 Total $ 2,267,757 $ 105,611 $ 2,373,368 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. 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 August 31, 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 and nine months ended August 31, 2024, we recognized $39.2 million and $39.7 million, respectively, compared with $13.2 million and $32.7 million, during the three and nine months ended August 31, 2023, respectively, 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 and nine months ended August 31, 2024, we recognized $8.6 million and $23.8 million, respectively, compared with $8.1 million and $23.6 million, during the three and nine months ended August 31, 2023, respectively, 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 revenue at August 31, 2024 and November 30, 2023 were $55.6 million and $48.3 million, respectively, which are recorded in Accrued expenses and other liabilities. During the three and nine months ended August 31, 2024, we recognized revenues of $35.0 million and $33.2 million, respectively, compared with $12.5 million and $19.2 million during the three and nine months ended August 31, 2023, respectively, that were recorded as deferred revenue at the beginning of the periods. We had receivables related to revenues from contracts with customers of $256.8 million and $248.2 million at August 31, 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 August 31, 2024 and November 30, 2023, capitalized costs to fulfill a contract were $6.1 million and $5.3 million, respectively, which are recorded in Receivables—Fees, interest and other. For the three and nine months ended August 31, 2024, we recognized expenses of $2.4 million and $2.7 million, respectively, compared with $1.2 million and $1.9 million, during the three and nine months ended August 31, 2023, respectively, 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 and nine months ended August 31, 2024 and August 31, 2023.

Compensation Plans

Compensation Plans	9 Months Ended
Compensation Plans	Aug. 31, 2024
Compensation Related Costs [Abstract]
Compensation Plans	Compensation Plans For a description of Restricted Stock, Restricted Stock Units, the 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 August 31, 2024, there were approximately 2.3 million shares of restricted stock outstanding with future service required, 5.1 million RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 9.2 million RSUs outstanding with no future service required, and 5.1 million stock options outstanding. The maximum potential increase to common shares outstanding resulting from these outstanding awards is 19.4 million at August 31, 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. Components of total compensation cost associated with certain of our compensation plans: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Restricted cash awards $ 103.7 $ 61.9 $ 315.8 $ 184.4 Restricted stock and RSUs (1) 13.4 11.3 47.9 35.5 Profit sharing plan 2.1 1.8 11.2 10.1 Total compensation cost $ 119.2 $ 75.0 $ 374.9 $ 230.0 (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 August 31, 2024: $ in millions Remaining Unamortized Amounts Weighted Average Non-vested share-based awards $ 123.4 3.1 Restricted cash awards (1) 1,036.4 3.0 Total $ 1,159.8 (1) The remaining unamortized amount is included within Other assets.

Borrowings

Borrowings	9 Months Ended
Borrowings	Aug. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Short-Term Borrowings $ in thousands August 31, November 30, Bank loans $ 1,118,783 $ 989,715 Fixed rate callable note 599,751 — Total short-term borrowings (1) $ 1,718,534 $ 989,715 (1) Short-term borrowings, which mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature. At August 31, 2024 and November 30, 2023, the weighted average interest rate on our bank loans were 5.99% and 6.06%, respectively. Our banks loans 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 August 31, 2024, we were in compliance with all covenants under these credit facilities. Long-Term Debt $ in thousands Maturity (Fiscal Years) August 31, November 30, Parent Co. unsecured borrowings Fixed rate 2024 $ — $ 544,222 2025 74,924 117,180 2026 871,569 90,315 2027 383,792 526,660 2028 1,030,332 1,028,966 2029 and Later 4,698,975 2,715,503 Variable rate 2025 — 350,000 2026 43,062 42,417 2027 721,781 562,833 2029 and Later 1,346,811 810,761 Structured notes (1) 2024 5,508 48,002 2025 100,231 40,868 2026 66,166 36,178 2027 61,794 83,306 2028 38,019 19,768 2029 and Later 1,851,173 1,480,321 Total Parent Co. unsecured borrowings (2) 11,294,137 8,497,300 Subsidiaries secured borrowings Fixed rate 2024 200,969 135,202 2025 81,264 117,814 2026 48,859 23,313 2027 7,098 4,412 2028 34,923 37,305 2029 and Later 100,858 — Variable rate 2024 — 883,406 2026 856,545 — 2027 263,949 — Total Subsidiaries secured borrowings 1,594,465 1,201,452 Subsidiaries unsecured borrowings Fixed rate 2029 6,662 — Variable rate 2024 26,748 — Total Subsidiaries unsecured borrowings 33,410 — Total long-term debt (3) $ 12,922,012 $ 9,698,752 Fair value $ 13,090,184 $ 9,572,842 Weighted-average interest rate (4) 5.61 % 5.52 % Interest rate range (4) 0.25% - 7.97% 0.25% - 8.21% (1) Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception of certain of the structured notes would be classified as Level 2 in the fair value hierarchy. (2) Carrying values of certain unsecured borrowings, totaling $2.05 billion and $1.99 billion for August 31, 2024 and November 30, 2023, respectively, include net losses of $62.1 million and net gains of $23.1 million for the nine months ended August 31, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (3) Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.9 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, certain credit and rating levels and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At August 31, 2024 , we were in compliance with all covenants under these credit agreements. (4) Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships. During the nine months ended August 31, 2024, long-term debt increased by $3.22 billion to $12.92 billion at August 31, 2024, primarily due to proceeds of $3.29 billion from the net issuance of unsecured senior notes, $297.9 million from net issuances of structured notes, $427.9 million from increased subsidiaries borrowings, and valuation losses on structured notes of $105.7 million. These increases were partially offset by a $350.0 million paydown of a revolving credit facility and repayments of $645.0 million on our unsecured senior notes.

Total Equity

Total Equity	9 Months Ended
Total Equity	Aug. 31, 2024
Equity [Abstract]
Total Equity	Total Equity Common Stock At both August 31, 2024 and November 30, 2023, we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share and had 205,495,338 and 210,626,642 common shares outstanding, respectively. The Board of Directors has authorized the repurchase of common stock under a share repurchase program. For the nine months ended August 31, 2024, we did not repurchase any shares under our share repurchase program and at August 31, 2024, we had $250.0 million remaining authorization of future repurchases. Additionally, treasury stock repurchases include repurchases of common stock for net-share withholding under our equity compensation plans. 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. On June 20, 2024, SMBC exchanged an additional 6.6 million shares of voting common stock for 13,125 shares of Series B Preferred Stock and we received $9.8 million from SMBC in connection with the exchange. Following this exchange, SMBC increased its ownership to 11.8% of our common stock on an as-converted basis and 10.9% on a fully-diluted, as-converted basis. As a result, an executive officer of SMBC was elected and now serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock. As of today, SMBC owns approximately 15.8% of our common stock on an as-converted basis and 14.5% on a fully-diluted, as-converted basis. Refer to Note 22, Related Party Transactions for further information regarding transactions with SMBC. 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: Three Months Ended Nine Months Ended In thousands, except per share amounts 2024 2023 2024 2023 Numerator for earnings per common share from continuing operations: Net earnings from continuing operations $ 174,676 $ 53,947 $ 493,606 $ 191,955 Less: Net losses attributable to noncontrolling interests (6,304) (3,772) (16,541) (13,794) Mandatorily redeemable convertible preferred share dividends — — — (2,016) Allocation of earnings to participating securities (1) (20,785) (6,369) (48,501) (7,344) Net earnings from continuing operations attributable to common shareholders for basic earnings per share $ 160,195 $ 51,350 $ 461,646 $ 196,389 Net earnings from continuing operations attributable to common shareholders for diluted earnings per share $ 160,195 $ 51,350 $ 461,646 $ 196,389 Numerator for earnings per common share from discontinued operations: Net earnings (losses) from discontinued operations (including loss on disposal), net of income taxes 6,363 — (1,488) — Less: Net losses attributable to noncontrolling interests (570) — (2,561) — Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share $ 6,933 $ — $ 1,073 $ — Net earnings attributable to common shareholders for basic earnings per share $ 167,128 $ 51,350 $ 462,719 $ 196,389 Net earnings attributable to common shareholders for diluted earnings per share $ 167,128 $ 51,350 $ 462,719 $ 196,389 Denominator for earnings per common share: Weighted average common shares outstanding 206,418 218,411 209,997 226,265 Weighted average shares of restricted stock outstanding with future service required (2,305) (1,793) (2,346) (1,923) Weighted average RSUs outstanding with no future service required 10,339 11,735 10,455 12,324 Weighted average basic common shares 214,452 228,353 218,106 236,666 Stock options and other share-based awards 4,189 2,047 3,369 2,064 Senior executive compensation plan RSU awards 3,058 1,641 2,705 1,928 Weighted average diluted common shares (2) 221,699 232,041 224,180 240,658 Earnings (losses) per common share: Basic from continuing operations $ 0.75 $ 0.22 $ 2.12 $ 0.83 Basic from discontinued operations 0.03 — — — Basic $ 0.78 $ 0.22 $ 2.12 $ 0.83 Diluted from continuing operations $ 0.72 $ 0.22 $ 2.06 $ 0.82 Diluted from discontinued operations 0.03 — — — Diluted $ 0.75 $ 0.22 $ 2.06 $ 0.82 (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 26.3 million and 22.9 million, for the three and nine months ended August 31, 2024, respectively, compared with 0.7 million and 1.1 million, during the three and nine months ended August 31, 2023, respectively. Dividends paid on participating securities were not material for the three and nine months ended August 31, 2024 and August 31, 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) 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 August 31, 2024, were 12.7% and 12.5% of the weighted average common shares outstanding for the three and nine months ended August 31, 2024, respectively. Dividends Nine Months Ended August 31, 2024 Declaration Date Record Date Payment Date Per Common Share Amount January 8, 2024 February 16, 2024 February 27, 2024 $0.30 March 27, 2024 May 20, 2024 May 30, 2024 $0.30 June 26, 2024 August 19, 2024 August 30, 2024 $0.35 Nine Months Ended August 31, 2023 Declaration Date Record Date Payment Date Per Common Share Amount January 9, 2023 February 13, 2023 February 24, 2023 $0.30 March 28, 2023 May 15, 2023 May 26, 2023 $0.30 June 27, 2023 August 14, 2023 August 25, 2023 $0.30 On June 26, 2024, our Board of Directors increased our quarterly dividend from $0.30 to $0.35 per common share. On September 25, 2024, the Board of Directors declared a dividend of $0.35 per common share to be paid on November 27, 2024 to common shareholders of record at November 18, 2024. We paid cash dividends on our Series B Preferred Stock of $9.6 million and $22.2 million for the three and nine months ended August 31, 2024, respectively, and $6.3 million for both the three and nine months ended August 31, 2023. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions and other factors that our Board of Directors may deem to be relevant. Accumulated Other Comprehensive Income (Loss ) $ in thousands August 31, November 30, Net unrealized losses on available-for-sale securities $ (2,539) $ (4,595) Net currency translation adjustments and other (144,345) (162,541) Net unrealized losses related to instrument-specific credit risk (176,865) (181,946) Net minimum pension liability (46,216) (46,463) Total accumulated other comprehensive loss, net of tax $ (369,965) $ (395,545) Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings: Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) $ 150 $ 13 $ 2,783 $ (151) Amortization of defined benefit pension plan actuarial losses (2) (67) (42) (247) (588) Total reclassifications for the period, net of income taxes $ 83 $ (29) $ 2,536 $ (739) (1) Includes income tax expense of $0.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, compared with a tax benefit of $0.1 million for the nine months ended August 31, 2023, which were reclassified to Principal transactions revenues. (2)

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Aug. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At August 31, 2024 and November 30, 2023, our total gross unrecognized tax benefits were $358.6 million and $332.3 million, respectively. At August 31, 2024 and November 30, 2023, we had interest accrued of $171.3 million and $142.1 million, respectively, included in Accrued expenses and other liabilities. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate was $283.9 million and $263.0 million (net of Federal benefit) at August 31, 2024 and November 30, 2023, respectively. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. 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. 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 2018 India 2010 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Income tax expense $ 78.0 $ 37.1 $ 207.1 $ 75.1 Effective tax rate 30.9 % 40.8 % 29.6 % 28.1 %

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments Expected Maturity Date (Fiscal Years) $ in millions 2024 2025 2026 2028 2030 Maximum Payout Equity commitments (1) $ 14.2 $ 25.3 $ 34.9 $ 0.2 $ 261.6 $ 336.2 Loan commitments (1) — 679.7 87.9 — 5.2 772.8 Loan purchase commitments (2) 3,315.4 — — — — 3,315.4 Underwriting commitments 57.3 — — — — 57.3 Forward starting reverse repos (3) 4,406.9 — — — — 4,406.9 Forward starting repos (3) 3,512.1 — — — — 3,512.1 Other unfunded commitments (1) 210.2 179.0 490.2 — — 879.4 Total commitments $ 11,516.1 $ 884.0 $ 613.0 $ 0.2 $ 266.8 $ 13,280.1 (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 August 31, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $3.20 billion. (3) At August 31, 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 August 31, 2024, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $9.9 million. Additionally, at August 31, 2024, we had other outstanding equity commitments to invest up to $265.6 million with strategic affiliates and $45.3 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 August 31, 2024, we had outstanding loan commitments of $515.4 million to clients and $7.4 million to strategic affiliates. Loan commitments outstanding at August 31, 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. Expected Maturity Date (Fiscal Years) $ in millions 2024 2025 2026 2028 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 7,230.2 $ 22,670.8 $ 22,552.0 $ 825.0 $ 53,278.0 Total derivative contracts $ 7,230.2 $ 22,670.8 $ 22,552.0 $ 825.0 $ 53,278.0 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 August 31, 2024, the fair value of derivative contracts meeting the definition of a guarantee is approximately $200.4 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 August 31, 2024, the aggregate amount of infrastructure improvement bonds outstanding was $50.1 million. Standby Letters of Credit. At August 31, 2024, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $221.4 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.

Regulatory Requirements

Regulatory Requirements	9 Months Ended
Regulatory Requirements	Aug. 31, 2024
Broker-Dealer [Abstract]
Regulatory 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 August 31, 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. As of August 31, 2024 $ in thousands Net Capital Excess Net Capital Jefferies LLC $ 1,754,381 $ 1,640,845 JFSI - SEC 251,099 227,718 JFSI - CFTC 251,099 224,227 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 August 31, 2024, Jefferies LLC had $658.7 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 August 31, 2024, Jefferies had $383.2 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.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Aug. 31, 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. Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Investment Banking and Capital Markets: Net revenues $ 1,620.1 $ 1,168.2 $ 4,565.8 $ 3,446.4 Non-interest expenses 1,251.6 1,013.1 3,791.0 2,996.2 Earnings from continuing operations before income taxes 368.5 155.1 774.8 450.2 Asset Management: Net revenues 59.0 10.1 488.9 47.7 Non-interest expenses 179.3 77.9 586.5 240.0 Losses from continuing operations before income taxes (120.3) (67.8) (97.6) (192.3) Total of Reportable Business Segments: Net revenues 1,679.1 1,178.3 5,054.7 3,494.1 Non-interest expenses 1,430.9 1,091.0 4,377.5 3,236.2 Earnings from continuing operations before income taxes 248.2 87.3 677.2 257.9 Reconciliation to consolidated amounts: Net revenues 4.5 3.7 23.5 9.1 Non-interest expenses — — — — Earnings from continuing operations before income taxes (1) 4.5 3.7 23.5 9.1 Total: Net revenues 1,683.6 1,182.1 5,078.2 3,503.2 Non-interest expenses 1,430.9 1,091.1 4,377.5 3,236.2 Earnings from continuing operations before income taxes $ 252.7 $ 91.0 $ 700.7 $ 267.0 (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. $ in millions August 31, November 30, Investment Banking and Capital Markets $ 57,712.7 $ 51,776.9 Asset Management 5,562.4 6,128.3 Total assets $ 63,275.1 $ 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. Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Americas (1) $ 1,159.3 $ 936.9 $ 3,612.2 $ 2,751.4 Europe and the Middle East (2) 404.3 173.9 1,106.5 534.8 Asia-Pacific 120.0 71.3 359.5 217.0 Net revenues $ 1,683.6 $ 1,182.1 $ 5,078.2 $ 3,503.2 (1) Primarily relates to U.S. results. (2) Primarily relates to U.K. results.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Aug. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Officers, Directors and Employees • At August 31, 2024 and November 30, 2023, we had $31.8 million and $31.0 million, respectively, of loans, net of allowance, outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets. • 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 August 31, 2024 and November 30, 2023, respectively. Vitesse Energy On January 13, 2023, our consolidated subsidiary, 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, which was controlled by JCP Fund V. We provided investment banking services to Vitesse Energy and recognized revenue of $3.0 million for the nine months ended August 31, 2023, included within Investment banking revenues. SMBC We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (together referred to as “SMBC Group”) to collaborate on corporate and investment banking business opportunities as well as equity sales, trading and research. At August 31, 2024, SMBC owns 11.8% of our common stock on an as-converted basis and 10.9% on a fully-diluted basis and an executive officer of SMBC serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock. The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables. $ in thousands August 31, 2024 Assets Cash and cash equivalents $ 521,701 Financial instruments owned, at fair value 9,607 Securities borrowed 15,357 Securities purchased under agreements to resell 431,802 Receivables: Brokers, dealers and clearing organizations 121,618 Customers 4,163 Fees, interest and other 3,022 Other assets 269 Total assets $ 1,107,539 Liabilities Financial instruments sold, not yet purchased, at fair value $ 14,983 Securities sold under agreements to repurchase 538,239 Payables: Brokers, dealers and clearing organizations 130,852 Customers 4,891 Fees, interest and other 326 Long-term debt (1) — Total liabilities $ 689,291 (1) We have an undrawn revolving credit facility of $750.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread. $ in thousands Nine Months Ended Revenues Investment banking $ 455 Principal transactions (2) (38,301) Commissions and other fees 180 Interest 4,116 Total revenues (33,550) Interest expense 2,411 Net revenues $ (35,961) Non-interest expenses Business development $ 4,570 Total non-interest expenses $ 4,570 (1) Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024. (2) Primarily represents net gains (losses) on interest rate derivatives executed with SMBC. Other Related Party Transactions We have other related party transactions with equity method investees. Refer to Note 11, Investments for further information.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 31, 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)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 31, 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.
Accounting Standards to be Adopted in Future Periods and 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 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)	9 Months Ended
Business Acquisitions (Tables)	Aug. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair value of assets acquired and liabilities assumed on the acquisition dates: $ 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 in the form of purchased technology, trademarks and trade names, and customer relationships related to Tessellis that was acquired as part of obtaining control of OpNet. 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)	9 Months Ended
Assets Held for Sale and Discontinued Operations (Tables)	Aug. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	Foursight’s major classes of assets and liabilities: $ in thousands November 30, 2023 Assets held for sale: Cash and cash equivalents $ 3,555 Other receivables 1,478 Premises and equipment, net 1,175 Operating lease assets 7,635 Goodwill (1) 24,000 Other assets (2) 928,808 Total assets held for sale $ 966,651 Liabilities held for sale: Other secured financings $ 700,615 Lease liabilities 8,821 Accrued expenses and other liabilities 11,503 Long-term debt 149,262 Total liabilities held for sale $ 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)	9 Months Ended
Fair Value Disclosures (Tables)	Aug. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	August 31, 2024 (1) $ in thousands Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned: Corporate equity securities $ 5,132,729 $ 284,986 $ 200,643 $ — $ 5,618,358 Corporate debt securities — 5,399,974 31,178 — 5,431,152 Collateralized debt obligations and collateralized loan obligations — 628,955 82,081 — 711,036 U.S. government and federal agency securities 3,292,721 86,902 — — 3,379,623 Municipal securities — 517,810 — — 517,810 Sovereign obligations 952,700 565,919 106 — 1,518,725 Residential mortgage-backed securities — 2,504,631 624 — 2,505,255 Commercial mortgage-backed securities — 264,281 492 — 264,773 Other asset-backed securities — 152,674 145,403 — 298,077 Loans and other receivables — 1,830,445 87,124 — 1,917,569 Derivatives 1,249 2,795,157 6,323 (2,270,214) 532,515 Investments at fair value — 6 139,380 — 139,386 Total financial instruments owned, excluding Investments at fair value based on NAV $ 9,379,399 $ 15,031,740 $ 693,354 $ (2,270,214) $ 22,834,279 Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 68,966 $ — $ — $ — $ 68,966 Securities received as collateral 272,619 — — — 272,619 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 3,720,668 $ 89,406 $ 2,970 $ — $ 3,813,044 Corporate debt securities — 3,526,750 260 — 3,527,010 U.S. government and federal agency securities 2,789,472 — — — 2,789,472 Sovereign obligations 913,115 523,867 — — 1,436,982 Residential mortgage-backed securities — 26 — — 26 Commercial mortgage-backed securities — — 1,119 — 1,119 Loans — 99,533 1,560 — 101,093 Derivatives 411 2,981,236 34,823 (2,378,130) 638,340 Total financial instruments sold, not yet purchased $ 7,423,666 $ 7,220,818 $ 40,732 $ (2,378,130) $ 12,307,086 Other secured financings $ — $ — $ 3,965 $ — $ 3,965 Obligation to return securities received as collateral 272,619 — — — 272,619 Long-term debt — 1,333,744 789,146 — 2,122,890 (1) Excludes Investments at fair value based on net asset value (“NAV”) of $1.20 billion at August 31, 2024 by level within the fair value hierarchy. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2023 (1) $ in thousands 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 Investments at fair value based on NAV of $1.21 billion at November 30, 2023 by level within the fair value hierarchy. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
Schedule of Investments Measured at Fair Value Based on Net Asset Value Per Share	Investments in entities that have the characteristics of an investment company: August 31, 2024 $ in thousands Fair Unfunded Redemption Frequency Redemption Notice Period Equity Long/Short Hedge Funds (2) $ 264,698 $ — Quarterly (100%) 45 - 90 days Equity Funds (3) 56,759 31,268 N/R (100%) N/R Commodity Funds (4) 20,731 — Quarterly (100%) 60 days Multi-asset Funds (5) 346,533 — Monthly (86%) Quarterly (14%) 45 - 60 days 90 days Other Funds (6) 515,659 223,813 Quarterly (64%) N/R (36%) 90 days N/R Total $ 1,204,380 $ 255,081 November 30, 2023 $ in thousands Fair 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 non-redeemable investments at November 30, 2023 included restrictions 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 non-redeemable investments at November 30, 2023 included restrictions 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.
Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	Level 3 Rollforwards Three Months Ended August 31, 2024 $ in thousands Balance at May 31, 2024 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2024 For instruments still held at August 31, 2024, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Level 3 assets: Financial instruments owned: Corporate equity securities $ 178,755 $ 9,887 $ 12,874 $ (1,035) $ (198) $ — $ 360 $ 200,643 $ 10,184 $ — Corporate debt securities 38,717 93 — (1,753) — — (5,879) 31,178 1,181 — CDOs and CLOs 68,626 1,477 17,704 (1,147) (1,323) — (3,256) 82,081 649 — Sovereign obligations — — — — — — 106 106 — — RMBS 644 24 — — (12) — (32) 624 34 — CMBS 477 15 — — — — — 492 — — Other ABS 168,736 (966) 29,502 (27,528) (3,608) — (20,733) 145,403 (1,988) — Loans and other receivables 92,546 (18,742) 10,138 (4,489) (2,258) — 9,929 87,124 (5,863) — Investments at fair value 138,057 952 371 — — — — 139,380 952 — Level 3 liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 708 $ 4 $ — $ 2,264 $ — $ — $ (6) $ 2,970 $ (4) $ — Corporate debt securities 506 — (246) — — — — 260 — — CMBS 1,049 — — — 70 — — 1,119 — — Loans 1,584 (1,000) — 964 12 — — 1,560 1 — Net derivatives (2) 34,877 (7,588) — — 734 — 477 28,500 4,363 — Other secured financings 3,965 — — — — — — 3,965 — — Long-term debt 784,212 25,080 — — — 542 (20,688) 789,146 (37,145) 12,065 Nine Months Ended August 31, 2024 $ in thousands Balance at November 30, 2023 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2024 For instruments still held at August 31, 2024, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 181,294 $ (3,969) $ 28,576 $ (2,480) $ — $ — $ (2,778) $ 200,643 $ (3,179) $ — Corporate debt securities 26,112 3,060 14,894 (6,735) (200) — (5,953) 31,178 7,309 — CDOs and CLOs 64,862 8,771 41,690 (22,797) (5,214) — (5,231) 82,081 4,351 — Sovereign obligations — (16) 11,147 (11,025) — — — 106 3 — RMBS 20,871 (185) — (5,374) (63) — (14,625) 624 33 — CMBS 508 (16) — — — — — 492 (64) — Other ABS 117,661 (7,724) 94,754 (68,622) (19,929) — 29,263 145,403 (5,778) — Loans and other receivables 130,101 (43,105) 20,220 (4,856) (19,523) — 4,287 87,124 (17,949) — Investments at fair value 130,835 (10,626) 19,725 — (547) — (7) 139,380 (10,626) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 676 $ 5 $ — $ 2,289 $ — $ — $ — $ 2,970 $ (5) $ — Corporate debt securities 124 (23) — — — — 159 260 23 — CMBS 840 — (245) — 525 — (1) 1,119 (2) — Loans 1,521 1,879 (180) 1,367 152 — (3,179) 1,560 (26) — Net derivatives (2) 50,955 (17,212) (3,236) 2,471 (9,504) — 5,026 28,500 5,659 — Other secured financings 3,898 4,482 — — (4,415) — — 3,965 (4,482) — Long-term debt 744,597 34,157 — — (2,109) 28,614 (16,113) 789,146 (41,836) 7,679 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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. Three Months Ended August 31, 2023 $ in thousands Balance at May 31, 2023 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2023 For instruments still held at August 31, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 267,913 $ (85,416) $ 333 $ (331) $ — $ — $ (3,710) $ 178,789 $ (84,507) $ — Corporate debt securities 42,642 (176) 4,685 (4,157) — — (11,282) 31,712 416 — CDOs and CLOs 62,691 12,133 9,848 (648) (17,331) — (9,208) 57,485 (8,000) — RMBS 24,705 (1,796) 324 — (4) — — 23,229 (686) — CMBS 28,946 (535) — — — — — 28,411 (368) — Other ABS 126,075 (2,768) 50,945 (2,534) — — 5,324 177,042 (3,995) — Loans and other receivables 141,817 6,776 7,342 (7,967) — — 2,239 150,207 7,955 — Investments at fair value 153,800 114,681 575 — (196) — (12,747) 256,113 114,681 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities 465 — — — — — — 465 — — Corporate debt securities 267 1 — — — — (42) 226 (1) — CMBS 630 (11) — — 210 — (105) 724 11 — Loans 3,348 2,522 (1,655) 247 — — 2,977 7,439 (4,508) — Net derivatives (2) 54,260 4,259 (9,406) 22,236 — — (31,313) 40,036 (4,177) — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 697,057 20,768 — — — 5,572 (17,482) 705,915 (5,770) (14,998) Nine Months Ended August 31, 2023 $ in thousands Balance at November 30, 2022 Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at August 31, 2023 For instruments still held at August 31, 2023, changes in unrealized gains (losses) included in: Earnings (1) Other comprehensive income Assets: Financial instruments owned: Corporate equity securities $ 240,347 $ (58,302) $ 895 $ (1,228) $ (630) $ — $ (2,293) $ 178,789 $ (51,782) $ — Corporate debt securities 30,232 2,087 11,519 (20,410) (200) — 8,484 31,712 (1,394) — CDOs and CLOs 55,824 23,622 30,744 (1,062) (43,798) — (7,845) 57,485 (13,103) — RMBS 27,617 (4,239) — — (149) — — 23,229 (1,513) — CMBS 839 (1,282) — — — — 28,854 28,411 (428) — Other ABS 94,677 (9,162) 90,507 (4,387) — — 5,407 177,042 (11,922) — Loans and other receivables 168,875 4,626 12,769 (28,171) (186) — (7,706) 150,207 10,380 — Investments at fair value 161,992 112,094 7,994 (2,420) (10,887) — (12,660) 256,113 113,807 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 750 $ (285) $ — $ — $ — $ — $ — $ 465 $ 285 $ — Corporate debt securities 500 (40) (234) — — — — 226 29 — CMBS 490 (11) — — 245 — — 724 11 — Loans 3,164 (124) (1,655) 354 — — 5,700 7,439 (908) — Net derivatives (2) 59,524 (8,176) (5,300) 17,037 (854) 10,035 (32,230) 40,036 7,718 — Other secured financings 1,712 — — — — — — 1,712 — — Long-term debt 661,123 40,321 — — — 5,775 (1,304) 705,915 (8,970) (31,351) (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. 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.
Schedule of Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements	August 31, 2024 Financial Instruments Owned: Fair Value Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Corporate equity securities $ 200,643 Non-exchange-traded securities Market approach Price $0 - $325 $56 EBITDA multiple 5.4 — Corporate debt securities $ 31,178 Market approach Price $0 - $95 $58 CDOs and CLOs $ 77,965 Discounted cash flows Constant prepayment rate 15% - 20% 18% Constant default rate 2% — Loss severity 30% — Discount rate/yield 13 % - 20% 18% Market approach Price $70 - $110 $96 Other ABS $ 137,548 Discounted cash flows Discount rate/yield 18 % - 21% 19% Cumulative loss rate 28 % - 33% 30% Duration (years) 1.1 - 1.8 1.6 Market approach Price $100 — Scenario analysis Estimated recovery percentage 92% — Loans and other receivables $ 87,124 Market approach Price $81 - $100 $97 Scenario analysis Estimated recovery percentage 2 % - 198% 67% Investments at fair value $ 134,284 Private equity securities Market approach Price $1 - $5,000 $360 Price €8,040 — Price £0.5 — Discount rate/yield 28% — Revenue $30,067,142 — Financial Instruments Sold, Not Yet Purchased: Corporate equity securities $ 2,970 Non-exchange-traded securities Market approach EBITDA multiple 5.4 — Derivatives $ 33,608 Equity options Volatility bench-marking Volatility 33 % - 57% 47% Embedded options Market approach Basis points upfront 8.2 - 21.8 14.9 Other secured financings $ 3,965 Scenario analysis Estimated recovery percentage 60 % - 100% 93% Long-term debt $ 789,146 Structured notes Market approach Price $62 - $100 $81 Price €65 - €106 €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 bench-marking 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 bench-marking 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
Schedule of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables	Fair value option gains (losses): Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Financial instruments owned: Loans and other receivables $ (690) $ 15,998 $ (39,664) $ 31,172 Other secured financings: Other changes in fair value (2) $ — $ — $ (4,482) $ — Long-term debt: Changes in instrument-specific credit risk (1) $ 23,779 $ (29,980) $ 6,009 $ (56,357) Other changes in fair value (2) (84,266) 17,882 (111,716) 21,432 (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. Fair value option amounts by which contractual principal is greater than (less than) fair value: $ in thousands August 31, November 30, Financial instruments owned: Loans and other receivables (1) $ 1,413,079 $ 2,344,468 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 246,720 259,354 Long-term debt 199,404 294,256 Other secured financings 459 1,377 (1) Interest income is recognized separately from other changes in fair value and is included in Interest revenues. (2) Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $58.7 million and $187.4 million at August 31, 2024 and November 30, 2023, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract	August 31, 2024 (1) Assets Liabilities $ in thousands Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 3,557 3 Foreign exchange contracts: Bilateral OTC — — 37,891 3 Total derivatives designated as accounting hedges — 41,448 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,248 76,019 411 74,671 Cleared OTC 854,712 6,146 860,359 6,185 Bilateral OTC 513,138 1,728 783,131 874 Foreign exchange contracts: Bilateral OTC 106,721 53,117 110,132 33,513 Equity contracts: Exchange-traded 537,457 1,044,597 430,790 914,419 Bilateral OTC 743,300 30,924 748,483 18,918 Commodity contracts: Exchange-traded 12 629 21 574 Bilateral OTC 5,263 12,739 1,530 5,490 Credit contracts: Cleared OTC 9,924 40 21,178 23 Bilateral OTC 30,954 15 18,987 38 Total derivatives not designated as accounting hedges 2,802,729 2,975,022 Total gross derivative assets/ liabilities: Exchange-traded 538,717 431,222 Cleared OTC 864,636 885,094 Bilateral OTC 1,399,376 1,700,154 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (389,719) (389,719) Cleared OTC (863,799) (869,789) Bilateral OTC (1,016,696) (1,118,622) Net amounts per Consolidated Statements of Financial Condition (4) $ 532,515 $ 638,340 November 30, 2023 (1) Assets Liabilities $ in thousands 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) The 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. (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.
Schedule of Unrealized and Realized Gains (Losses) on Derivative Contracts	Gains (losses) recognized in Interest expense related to fair value hedges: $ in thousands Three Months Ended Nine Months Ended Gains (Losses) 2024 2023 2024 2023 Interest rate swaps $ 43,765 $ (46,783) $ 12,954 $ (64,847) Long-term debt (61,068) 30,345 (62,053) 23,068 Total $ (17,303) $ (16,438) $ (49,099) $ (41,779) Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss): $ in thousands Three Months Ended Nine Months Ended Gains (Losses) 2024 2023 2024 2023 Foreign exchange contracts $ (38,878) $ (22,086) $ (47,686) $ (53,091) Total $ (38,878) $ (22,086) $ (47,686) $ (53,091) Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities: $ in thousands Three Months Ended Nine Months Ended Gains (Losses) 2024 2023 2024 2023 Interest rate contracts $ 72,271 $ 44,277 $ 107,103 $ 175,398 Foreign exchange contracts 15,760 26,173 48,289 63,832 Equity contracts 72,741 185,215 (186,617) (118,222) Commodity contracts 6,270 (105) 24,702 (289) Credit contracts (222) (7,623) (13,592) (8,447) Total $ 166,820 $ 247,937 $ (20,115) $ 112,272
Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities	Remaining contract maturities at August 31, 2024: OTC Derivative Assets (1) (2) (3) $ in thousands 0 – 12 1 – 5 Greater Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 5,262 $ — $ — $ — $ 5,262 Equity options and forwards 163,004 49,776 — (6,461) 206,319 Credit default swaps — 24,419 — — 24,419 Total return swaps 108,223 71,606 — (4,171) 175,658 Foreign currency forwards, swaps and options 43,871 1,053 — (189) 44,735 Fixed income forwards 6,257 — — — 6,257 Interest rate swaps, options and forwards 120,851 244,808 38,644 (77,836) 326,467 Total $ 447,468 $ 391,662 $ 38,644 $ (88,657) 789,117 Cross product counterparty netting (20,924) Total OTC derivative assets included in Financial instruments owned $ 768,193 OTC Derivative Liabilities (1) (2) (3) $ in thousands 0 – 12 1 – 5 Greater Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 1,530 $ — $ — $ — $ 1,530 Equity options and forwards 108,263 108,550 — (6,461) 210,352 Credit default swaps 1,985 13,008 — — 14,993 Total return swaps 97,836 82,521 44 (4,171) 176,230 Foreign currency forwards, swaps and options 85,864 378 — (189) 86,053 Fixed income forwards 14,978 — — — 14,978 Interest rate swaps, options and forwards 107,139 131,627 444,730 (77,836) 605,660 Total $ 417,595 $ 336,084 $ 444,774 $ (88,657) 1,109,796 Cross product counterparty netting (20,924) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 1,088,872 (1) At August 31, 2024, we held net exchange-traded derivative assets and liabilities with a fair value of $149.0 million and $42.1 million, respectively, which are not included in these tables. (2) OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At August 31, 2024, cash collateral received and pledged was $384.7 million and $492.6 million, respectively. (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.
Schedule of Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	OTC derivative assets at August 31, 2024 (in thousands): Counterparty credit quality (1): A- or higher $ 167,768 BBB- to BBB+ 72,300 BB+ or lower 267,516 Unrated 260,609 Total $ 768,193 (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.
Schedule of Credit Related Derivative Contracts	External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts: August 31, 2024 External Credit Ratings $ in millions Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 270.0 $ 348.4 $ 618.4 November 30, 2023 External Credit Ratings $ in millions Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 1,451.5 $ 893.9 $ 2,345.4
Schedule of 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 August 31, November 30, Derivative instrument liabilities with credit-risk-related contingent features $ 79.9 $ 139.5 Collateral posted (65.4) (97.6) Collateral received 101.3 71.0 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 115.8 112.9 (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)	9 Months Ended
Collateralized Transactions (Tables)	Aug. 31, 2024
Collateralized Transactions [Abstract]
Schedule of Collateralized Financing Transactions	August 31, 2024 $ in millions Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 1,570.8 $ 744.4 $ 166.1 $ 2,481.3 Corporate debt securities 919.6 3,598.0 — 4,517.6 Mortgage-backed and asset-backed securities — 1,958.2 — 1,958.2 U.S. government and federal agency securities 46.7 7,084.8 — 7,131.5 Municipal securities — 184.9 — 184.9 Sovereign obligations 13.0 2,303.0 106.5 2,422.5 Loans and other receivables — 1,199.5 — 1,199.5 Total $ 2,550.1 $ 17,072.8 $ 272.6 $ 19,895.5 November 30, 2023 $ in millions Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral, at Fair Value Total Collateral Pledged: Corporate equity securities $ 1,221.4 $ 627.0 $ 4.4 $ 1,852.8 Corporate debt securities 576.4 4,297.9 — 4,874.3 Mortgage-backed and asset-backed securities — 1,950.9 — 1,950.9 U.S. government and federal agency securities 39.2 9,474.2 3.4 9,516.8 Municipal securities — 141.1 — 141.1 Sovereign obligations 3.5 2,511.6 1.0 2,516.1 Loans and other receivables — 838.5 — 838.5 Total $ 1,840.5 $ 19,841.2 $ 8.8 $ 21,690.5 August 31, 2024 $ in millions Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,675.4 $ 37.4 $ 350.0 $ 487.3 $ 2,550.1 Repurchase agreements 2,644.3 7,997.6 2,150.4 4,280.5 17,072.8 Obligation to return securities received as collateral, at fair value 272.6 — — — 272.6 Total $ 4,592.3 $ 8,035.0 $ 2,500.4 $ 4,767.8 $ 19,895.5 November 30, 2023 $ in millions Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,068.6 $ — $ 244.2 $ 527.7 $ 1,840.5 Repurchase agreements 10,548.3 2,442.4 1,939.9 4,910.6 19,841.2 Obligation to return securities received as collateral, at fair value 8.8 — — — 8.8 Total $ 11,625.7 $ 2,442.4 $ 2,184.1 $ 5,438.3 $ 21,690.5
Schedule of Offsetting Assets	August 31, 2024 $ in millions 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 $ 7,056.6 $ — $ 7,056.6 $ (279.4) $ (1,945.2) $ 4,832.0 Reverse repurchase agreements 14,462.3 (7,469.3) 6,993.0 (984.9) (5,922.7) 85.4 Securities received as collateral, at fair value 272.6 — 272.6 — (272.6) — Liabilities: Securities lending arrangements $ 2,550.1 $ — $ 2,550.1 $ (279.4) $ (2,226.9) $ 43.8 Repurchase agreements 17,072.8 (7,469.3) 9,603.5 (984.9) (8,125.9) 492.7 Obligation to return securities received as collateral, at fair value 272.6 — 272.6 — (272.6) — November 30, 2023 $ in millions 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 $ 7,192.1 $ — $ 7,192.1 $ (327.7) $ (1,642.9) $ 5,221.4 Reverse repurchase agreements 14,871.1 (8,920.6) 5,950.5 (1,304.0) (4,582.6) 63.9 Securities received as collateral, at fair value 8.8 — 8.8 — (8.8) — Liabilities: Securities lending arrangements $ 1,840.5 $ — $ 1,840.5 $ (327.7) $ (1,396.1) $ 116.7 Repurchase agreements 19,841.2 (8,920.6) 10,920.6 (1,304.0) (9,035.4) 581.2 Obligation to return securities received as collateral, at fair value 8.8 — 8.8 — (8.8) — (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Includes $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 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.
Schedule of Offsetting Liabilities	August 31, 2024 $ in millions 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 $ 7,056.6 $ — $ 7,056.6 $ (279.4) $ (1,945.2) $ 4,832.0 Reverse repurchase agreements 14,462.3 (7,469.3) 6,993.0 (984.9) (5,922.7) 85.4 Securities received as collateral, at fair value 272.6 — 272.6 — (272.6) — Liabilities: Securities lending arrangements $ 2,550.1 $ — $ 2,550.1 $ (279.4) $ (2,226.9) $ 43.8 Repurchase agreements 17,072.8 (7,469.3) 9,603.5 (984.9) (8,125.9) 492.7 Obligation to return securities received as collateral, at fair value 272.6 — 272.6 — (272.6) — November 30, 2023 $ in millions 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 $ 7,192.1 $ — $ 7,192.1 $ (327.7) $ (1,642.9) $ 5,221.4 Reverse repurchase agreements 14,871.1 (8,920.6) 5,950.5 (1,304.0) (4,582.6) 63.9 Securities received as collateral, at fair value 8.8 — 8.8 — (8.8) — Liabilities: Securities lending arrangements $ 1,840.5 $ — $ 1,840.5 $ (327.7) $ (1,396.1) $ 116.7 Repurchase agreements 19,841.2 (8,920.6) 10,920.6 (1,304.0) (9,035.4) 581.2 Obligation to return securities received as collateral, at fair value 8.8 — 8.8 — (8.8) — (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Includes $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 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.
Schedule of Broker-Dealer, Net Capital Requirement, SEC Regulation	$ in thousands August 31, November 30, Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 1,360,324 $ 1,414,593 Securities purchased under agreements to resell (1) 343,779 45,490 Total $ 1,704,103 $ 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)	9 Months Ended
Securitization Activities (Tables)	Aug. 31, 2024
Transfers and Servicing [Abstract]
Schedule of Activity Related to Securitizations Accounted for as Sales	Securitizations that were accounted for as sales in which we had continuing involvement: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Transferred assets $ 878.0 $ 2,725.6 $ 3,446.7 $ 6,576.0 Proceeds on new securitizations 878.0 2,702.7 3,446.7 6,553.0 Cash flows received on retained interests 9.5 13.2 28.8 13.6
Schedule of Retained Interests in SPEs	August 31, 2024 November 30, 2023 $ in millions Total Retained Total Retained U.S. government agency RMBS $ 5,154.5 $ 188.9 $ 5,595.1 $ 417.3 U.S. government agency CMBS 2,539.9 186.7 3,014.3 197.3 CLOs 7,343.2 32.5 6,323.8 23.3 Consumer and other loans 1,320.6 49.0 1,877.8 68.1

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Aug. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of VIEs	August 31, 2024 (1) $ in millions Secured Funding Vehicles Other Cash $ — $ 2.8 Financial instruments owned 65.0 12.9 Securities purchased under agreements to resell (2) 2,283.0 — Receivables from brokers (3) — 17.8 Other receivables 2.0 3.0 Other assets (4) — 91.0 Total assets $ 2,350.0 $ 127.5 Financial instruments sold, not yet purchased $ — $ 7.6 Other secured financings (5) 2,343.0 — Other liabilities (6) 7.1 18.9 Long-term debt — 70.0 Total liabilities $ 2,350.1 $ 96.5 November 30, 2023 (1) $ in millions Secured Funding Vehicles Other Cash $ — $ 1.1 Financial instruments owned — 7.8 Securities purchased under agreements to resell (2) 1,677.7 — Receivables from brokers (3) — 18.0 Assets held for sale (7) 815.6 578.8 Other assets (4) — 147.9 Total assets $ 2,493.3 $ 753.6 Financial instruments sold, not yet purchased $ — $ 6.4 Other secured financings (5) 1,667.3 — Liabilities held for sale (7) 769.2 303.4 Other liabilities (6) 10.5 249.7 Long-term debt — 49.6 Total liabilities $ 2,447.0 $ 609.1 (1) Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. (2) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation. (3) $1.5 million and $1.4 million of receivables from brokers at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (4) $3.3 million and $56.1 million of the other assets at August 31, 2024 and November 30, 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5) $642.6 million and $681.0 million of the other secured financings at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities and are eliminated in consolidation. (6) $18.7 million and $247.9 million of the other liabilities amounts at August 31, 2024 and November 30, 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (7) At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. August 31, 2024 Carrying Amount Maximum Exposure to Loss VIE Assets $ in millions Assets Liabilities CLOs $ 779.1 $ 15.0 $ 5,538.2 $ 12,908.9 Asset-backed vehicles 816.6 — 1,155.4 3,774.4 Related party private equity vehicles 2.5 — 13.1 26.5 Other investment vehicles 1,061.3 — 1,336.9 20,343.4 Total $ 2,659.5 $ 15.0 $ 8,043.6 $ 37,053.2 November 30, 2023 Carrying Amount Maximum Exposure to Loss VIE Assets $ in millions 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)	9 Months Ended
Investments (Tables)	Aug. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule 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 millions August 31, November 30, Total Investments in and loans to related parties $ 1,349.6 $ 1,239.3 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Total equity method pickup earnings (losses) recognized in Other revenues $ 25.0 $ (78.1) $ 62.2 $ (229.9) Activity related to the facility: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Unfunded commitment fees $ 0.3 $ 0.3 $ 0.9 $ 0.9 Selected financial information for Jefferies Finance: $ in millions August 31, November 30, Total assets $ 5,374.4 $ 5,598.2 Total liabilities 4,031.3 4,352.0 August 31, November 30, Our total equity balance $ 664.2 $ 630.1 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net earnings (losses) attributable to members $ 28.8 $ (31.5) $ 68.1 $ (3.7) Activity related to our other transactions with Jefferies Finance: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Origination and syndication fee revenues (1) $ 72.9 $ 37.9 $ 200.2 $ 84.1 Origination fee expenses (1) 16.2 10.1 40.8 20.5 CLO placement and structuring fee revenues (2) 0.8 1.7 1.1 1.7 Investment fund placement fee revenues (3) 2.4 — 3.3 — Service fees (4) 15.3 20.1 81.0 81.2 (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 addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2) We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3) We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees and are included in Commissions and other fees. (4) Under a service agreement, we charge Jefferies Finance for various administrative services provided. Selected financial information for Berkadia: $ in millions August 31, November 30, Total assets $ 4,662.5 $ 5,318.2 Total liabilities 3,189.7 3,816.1 Total noncontrolling interest 540.1 612.8 August 31, November 30, Our total equity balance $ 421.8 $ 400.9 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net earnings attributable to members $ 41.4 $ 53.9 $ 119.6 $ 96.4 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Distributions $ 28.0 $ 33.6 $ 34.7 $ 33.8 Activity related to our other transactions with Berkadia: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Transaction referral fee revenue (1) $ — $ — $ 0.3 $ — Loan origination fees paid (2) — — 0.4 — (1) We refer Berkadia to our clients to act as a transaction servicer and receive fees, which are included in Commissions and other fees. (2) We pay fees to Berkadia for loan originations, which are capitalized as debt issuance costs and amortized over the life of the loan. Selected financial information for our significant real estate investments: $ in millions August 31, November 30, Total assets $ 328.6 $ 329.5 Total liabilities 488.9 500.0 August 31, November 30, Our total equity balance $ 96.6 $ 90.0 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net earnings $ 2.9 $ 4.1 $ 3.0 $ 1.8 54 Madison: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Distributions $ — $ 1.1 $ — $ 18.2 Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Net losses from our investments in JCP Fund V $ (0.1) $ (0.2) $ (0.3) $ (8.5) 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 35.0% at August 31, 2024 of the combined equity interests: Three Months Ended $ in millions June 30, 2024 March 31, 2024 December 31, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Net increase (decrease) in net assets resulting from operations (1) $ (0.3) $ 0.1 $ (0.9) $ (0.4) $ (4.9) $ (54.6) (1) Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2024 and 2023 is included based on the periods presented. Activity related to these separately managed accounts is as follows: $ in millions Three Months Ended Nine Months Ended Investment gains (1) $ 0.7 $ 0.4 Management fees (2) 0.2 0.6 (1) Included in Principal transactions revenues. (2) Included in Brokerage and clearing fees. Selected financial information for Stratos: $ in millions Three Months Ended Nine Months Ended Net losses $ (8.8) $ (34.6) Selected financial information for OpNet: $ in millions Three Months Ended Nine Months Ended Net losses $ (37.1) $ (179.1) Selected financial information for Golden Queen: $ in millions Three Months Ended Nine Months Ended Net earnings (losses) $ 0.7 $ (1.6)

Credit Losses on Financial As_2

Credit Losses on Financial Assets Measured at Amortized Cost (Tables)	9 Months Ended
	Aug. 31, 2024
Credit Loss [Abstract]
Schedule of Rollforward of Allowance for Credit Loss	Allowance for credit losses related to our automobile loans: $ in thousands Three Months Ended Nine Months Ended Beginning balance $ 78,622 $ 79,614 Provision for doubtful accounts 11,788 29,398 Charge-offs, net of recoveries (10,635) (29,237) Ending balance $ 79,775 $ 79,775
Schedule of Allowance for Credit Loss	Allowance for credit losses for investment banking receivables: Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Beginning balance $ 2,868 $ 2,069 $ 6,306 $ 5,914 Bad debt expense 1,059 1,827 3,146 3,574 Charge-offs (1) (39) (2,720) (3,106) Recoveries collected (197) (111) (3,003) (2,636) Ending balance (1) $ 3,729 $ 3,746 $ 3,729 $ 3,746 (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)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Aug. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Nine Months Ended August 31, 2024 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,532,172 $ 315,684 $ 1,847,856 Currency translation and other adjustments 3,335 1,535 4,870 Measurement period adjustment (1) — (28,346) (28,346) Goodwill relating to acquisitions by Tessellis — 8,578 8,578 Balance, at end of period $ 1,535,507 $ 297,451 $ 1,832,958 (1) Includes a $27.0 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. Nine Months Ended August 31, 2023 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,552,944 $ 183,170 $ 1,736,114 Currency translation and other adjustments 3,354 — 3,354 Balance, at end of period $ 1,556,298 $ 183,170 $ 1,739,468
Schedule of Finite-Lived Intangible Assets	August 31, 2024 Weighted Average Remaining Lives (Years) $ in thousands Gross Cost Assets Acquired (1) Impairment Losses Accumulated Amortization Net Carrying Amount Customer relationships $ 136,848 $ 27,628 $ — $ (103,756) $ 60,720 6.0 Trademarks and trade names 147,321 8,730 — (43,944) 112,107 21.6 Exchange and clearing organization membership interests and registrations 8,769 — (10) — 8,759 N/A Other 52,533 27,318 — (22,093) 57,758 4.3 Total $ 345,471 $ 63,676 $ (10) $ (169,793) $ 239,344 (1) Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. November 30, 2023 Weighted Average Remaining Lives (Years) $ in thousands 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	August 31, 2024 Weighted Average Remaining Lives (Years) $ in thousands Gross Cost Assets Acquired (1) Impairment Losses Accumulated Amortization Net Carrying Amount Customer relationships $ 136,848 $ 27,628 $ — $ (103,756) $ 60,720 6.0 Trademarks and trade names 147,321 8,730 — (43,944) 112,107 21.6 Exchange and clearing organization membership interests and registrations 8,769 — (10) — 8,759 N/A Other 52,533 27,318 — (22,093) 57,758 4.3 Total $ 345,471 $ 63,676 $ (10) $ (169,793) $ 239,344 (1) Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information. November 30, 2023 Weighted Average Remaining Lives (Years) $ in thousands 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 Future Amortization Expense Related to Intangible Assets	Estimated future amortization expense for the next five fiscal years (in thousands): Remainder of fiscal year 2024 $ 9,720 Year ending November 30, 2025 33,121 Year ending November 30, 2026 33,083 Year ending November 30, 2027 33,049 Year ending November 30, 2028 32,806

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
Revenues from Contracts with Customers (Tables)	Aug. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Investment banking $ 925,635 $ 600,190 $ 2,343,284 $ 1,595,463 Commissions and other fees 270,643 223,712 787,968 672,294 Asset management fees 7,189 5,344 43,539 27,965 Oil and gas revenues 358 228 799 25,997 Real estate revenues 4,038 1,902 10,727 12,105 Other contracts with customers 14,782 13,583 43,091 39,544 Total revenue from contracts with customers 1,222,645 844,959 3,229,408 2,373,368 Other sources of revenue: Principal transactions 324,501 353,373 1,381,432 1,171,578 Revenues from affiliates 6,256 9,468 32,046 39,766 Interest 936,786 898,040 2,636,002 2,062,104 Other 105,401 (64,925) 384,939 (174,155) Total revenues $ 2,595,589 $ 2,040,915 $ 7,663,827 $ 5,472,661 Disaggregation of Revenue Three Months Ended August 31, 2024 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 592,462 $ — $ 592,462 Investment banking - Underwriting 333,173 — 333,173 Equities (1) 267,697 — 267,697 Fixed income (1) 2,486 — 2,486 Asset management — 7,189 7,189 Other investments — 19,638 19,638 Total $ 1,195,818 $ 26,827 $ 1,222,645 Primary geographic region: Americas $ 885,377 $ 24,858 $ 910,235 Europe and the Middle East 223,570 1,040 224,610 Asia-Pacific 86,871 929 87,800 Total $ 1,195,818 $ 26,827 $ 1,222,645 Three Months Ended August 31, 2023 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 335,271 $ — $ 335,271 Investment banking - Underwriting 264,919 — 264,919 Equities (1) 221,191 — 221,191 Fixed income (1) 2,521 — 2,521 Asset management — 5,344 5,344 Other investments — 15,713 15,713 Total $ 823,902 $ 21,057 $ 844,959 Primary geographic region: Americas $ 648,511 $ 19,769 $ 668,280 Europe and the Middle East 100,419 631 101,050 Asia-Pacific 74,972 657 75,629 Total $ 823,902 $ 21,057 $ 844,959 Nine Months Ended August 31, 2024 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 1,214,927 $ — $ 1,214,927 Investment banking - Underwriting 1,128,356 — 1,128,356 Equities (1) 779,462 — 779,462 Fixed income (1) 7,036 — 7,036 Asset management — 43,539 43,539 Other investments — 56,088 56,088 Total $ 3,129,781 $ 99,627 $ 3,229,408 Primary geographic region: Americas $ 2,351,130 $ 93,626 $ 2,444,756 Europe and the Middle East 518,916 3,192 522,108 Asia-Pacific 259,735 2,809 262,544 Total $ 3,129,781 $ 99,627 $ 3,229,408 Nine Months Ended August 31, 2023 $ in thousands Investment Asset Management Total Major business activity: Investment banking - Advisory $ 886,606 $ — $ 886,606 Investment banking - Underwriting 708,857 — 708,857 Equities (1) 663,957 — 663,957 Fixed income (1) 8,337 — 8,337 Asset management — 27,965 27,965 Other investments — 77,646 77,646 Total $ 2,267,757 $ 105,611 $ 2,373,368 Primary geographic region: Americas $ 1,744,439 $ 101,996 $ 1,846,435 Europe and the Middle East 338,551 1,804 340,355 Asia-Pacific 184,767 1,811 186,578 Total $ 2,267,757 $ 105,611 $ 2,373,368 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Compensation Plans (Tables)

Compensation Plans (Tables)	9 Months Ended
Compensation Plans (Tables)	Aug. 31, 2024
Compensation Related Costs [Abstract]
Schedule of Components of Compensation Cost	Components of total compensation cost associated with certain of our compensation plans: Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Restricted cash awards $ 103.7 $ 61.9 $ 315.8 $ 184.4 Restricted stock and RSUs (1) 13.4 11.3 47.9 35.5 Profit sharing plan 2.1 1.8 11.2 10.1 Total compensation cost $ 119.2 $ 75.0 $ 374.9 $ 230.0 (1)
Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans	Remaining unamortized amounts related to certain compensation plans at August 31, 2024: $ in millions Remaining Unamortized Amounts Weighted Average Non-vested share-based awards $ 123.4 3.1 Restricted cash awards (1) 1,036.4 3.0 Total $ 1,159.8 (1) The remaining unamortized amount is included within Other assets.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
Borrowings (Tables)	Aug. 31, 2024
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings	$ in thousands August 31, November 30, Bank loans $ 1,118,783 $ 989,715 Fixed rate callable note 599,751 — Total short-term borrowings (1) $ 1,718,534 $ 989,715 (1) Short-term borrowings, which mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature.
Schedule of Maturities of Long-Term Debt	Long-Term Debt $ in thousands Maturity (Fiscal Years) August 31, November 30, Parent Co. unsecured borrowings Fixed rate 2024 $ — $ 544,222 2025 74,924 117,180 2026 871,569 90,315 2027 383,792 526,660 2028 1,030,332 1,028,966 2029 and Later 4,698,975 2,715,503 Variable rate 2025 — 350,000 2026 43,062 42,417 2027 721,781 562,833 2029 and Later 1,346,811 810,761 Structured notes (1) 2024 5,508 48,002 2025 100,231 40,868 2026 66,166 36,178 2027 61,794 83,306 2028 38,019 19,768 2029 and Later 1,851,173 1,480,321 Total Parent Co. unsecured borrowings (2) 11,294,137 8,497,300 Subsidiaries secured borrowings Fixed rate 2024 200,969 135,202 2025 81,264 117,814 2026 48,859 23,313 2027 7,098 4,412 2028 34,923 37,305 2029 and Later 100,858 — Variable rate 2024 — 883,406 2026 856,545 — 2027 263,949 — Total Subsidiaries secured borrowings 1,594,465 1,201,452 Subsidiaries unsecured borrowings Fixed rate 2029 6,662 — Variable rate 2024 26,748 — Total Subsidiaries unsecured borrowings 33,410 — Total long-term debt (3) $ 12,922,012 $ 9,698,752 Fair value $ 13,090,184 $ 9,572,842 Weighted-average interest rate (4) 5.61 % 5.52 % Interest rate range (4) 0.25% - 7.97% 0.25% - 8.21% (1) Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception of certain of the structured notes would be classified as Level 2 in the fair value hierarchy. (2) Carrying values of certain unsecured borrowings, totaling $2.05 billion and $1.99 billion for August 31, 2024 and November 30, 2023, respectively, include net losses of $62.1 million and net gains of $23.1 million for the nine months ended August 31, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (3) Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.9 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, certain credit and rating levels and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At August 31, 2024 , we were in compliance with all covenants under these credit agreements. (4)

Total Equity (Tables)

Total Equity (Tables)	9 Months Ended
Total Equity (Tables)	Aug. 31, 2024
Equity [Abstract]
Schedule of Earnings Per Share Computation	The numerators and denominators used to calculate basic and diluted earnings per common share are as follows: Three Months Ended Nine Months Ended In thousands, except per share amounts 2024 2023 2024 2023 Numerator for earnings per common share from continuing operations: Net earnings from continuing operations $ 174,676 $ 53,947 $ 493,606 $ 191,955 Less: Net losses attributable to noncontrolling interests (6,304) (3,772) (16,541) (13,794) Mandatorily redeemable convertible preferred share dividends — — — (2,016) Allocation of earnings to participating securities (1) (20,785) (6,369) (48,501) (7,344) Net earnings from continuing operations attributable to common shareholders for basic earnings per share $ 160,195 $ 51,350 $ 461,646 $ 196,389 Net earnings from continuing operations attributable to common shareholders for diluted earnings per share $ 160,195 $ 51,350 $ 461,646 $ 196,389 Numerator for earnings per common share from discontinued operations: Net earnings (losses) from discontinued operations (including loss on disposal), net of income taxes 6,363 — (1,488) — Less: Net losses attributable to noncontrolling interests (570) — (2,561) — Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share $ 6,933 $ — $ 1,073 $ — Net earnings attributable to common shareholders for basic earnings per share $ 167,128 $ 51,350 $ 462,719 $ 196,389 Net earnings attributable to common shareholders for diluted earnings per share $ 167,128 $ 51,350 $ 462,719 $ 196,389 Denominator for earnings per common share: Weighted average common shares outstanding 206,418 218,411 209,997 226,265 Weighted average shares of restricted stock outstanding with future service required (2,305) (1,793) (2,346) (1,923) Weighted average RSUs outstanding with no future service required 10,339 11,735 10,455 12,324 Weighted average basic common shares 214,452 228,353 218,106 236,666 Stock options and other share-based awards 4,189 2,047 3,369 2,064 Senior executive compensation plan RSU awards 3,058 1,641 2,705 1,928 Weighted average diluted common shares (2) 221,699 232,041 224,180 240,658 Earnings (losses) per common share: Basic from continuing operations $ 0.75 $ 0.22 $ 2.12 $ 0.83 Basic from discontinued operations 0.03 — — — Basic $ 0.78 $ 0.22 $ 2.12 $ 0.83 Diluted from continuing operations $ 0.72 $ 0.22 $ 2.06 $ 0.82 Diluted from discontinued operations 0.03 — — — Diluted $ 0.75 $ 0.22 $ 2.06 $ 0.82 (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 26.3 million and 22.9 million, for the three and nine months ended August 31, 2024, respectively, compared with 0.7 million and 1.1 million, during the three and nine months ended August 31, 2023, respectively. Dividends paid on participating securities were not material for the three and nine months ended August 31, 2024 and August 31, 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) 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 August 31, 2024, were 12.7% and 12.5% of the weighted average common shares outstanding for the three and nine months ended August 31, 2024, respectively.
Schedule of Dividends Declared	Nine Months Ended August 31, 2024 Declaration Date Record Date Payment Date Per Common Share Amount January 8, 2024 February 16, 2024 February 27, 2024 $0.30 March 27, 2024 May 20, 2024 May 30, 2024 $0.30 June 26, 2024 August 19, 2024 August 30, 2024 $0.35 Nine Months Ended August 31, 2023 Declaration Date Record Date Payment Date Per Common Share Amount January 9, 2023 February 13, 2023 February 24, 2023 $0.30 March 28, 2023 May 15, 2023 May 26, 2023 $0.30 June 27, 2023 August 14, 2023 August 25, 2023 $0.30
Schedule of Accumulated Other Comprehensive Income (Loss)	$ in thousands August 31, November 30, Net unrealized losses on available-for-sale securities $ (2,539) $ (4,595) Net currency translation adjustments and other (144,345) (162,541) Net unrealized losses related to instrument-specific credit risk (176,865) (181,946) Net minimum pension liability (46,216) (46,463) Total accumulated other comprehensive loss, net of tax $ (369,965) $ (395,545) Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings: Three Months Ended Nine Months Ended $ in thousands 2024 2023 2024 2023 Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) $ 150 $ 13 $ 2,783 $ (151) Amortization of defined benefit pension plan actuarial losses (2) (67) (42) (247) (588) Total reclassifications for the period, net of income taxes $ 83 $ (29) $ 2,536 $ (739) (1) Includes income tax expense of $0.1 million and $1.0 million for the three and nine months ended August 31, 2024, respectively, compared with a tax benefit of $0.1 million for the nine months ended August 31, 2023, which were reclassified to Principal transactions revenues. (2)

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Aug. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates	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 2018 India 2010
Schedule of Components of Income Tax Expense (Benefit)	Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Income tax expense $ 78.0 $ 37.1 $ 207.1 $ 75.1 Effective tax rate 30.9 % 40.8 % 29.6 % 28.1 %

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	9 Months Ended
Commitments, Contingencies and Guarantees (Tables)	Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments and Contingencies	Expected Maturity Date (Fiscal Years) $ in millions 2024 2025 2026 2028 2030 Maximum Payout Equity commitments (1) $ 14.2 $ 25.3 $ 34.9 $ 0.2 $ 261.6 $ 336.2 Loan commitments (1) — 679.7 87.9 — 5.2 772.8 Loan purchase commitments (2) 3,315.4 — — — — 3,315.4 Underwriting commitments 57.3 — — — — 57.3 Forward starting reverse repos (3) 4,406.9 — — — — 4,406.9 Forward starting repos (3) 3,512.1 — — — — 3,512.1 Other unfunded commitments (1) 210.2 179.0 490.2 — — 879.4 Total commitments $ 11,516.1 $ 884.0 $ 613.0 $ 0.2 $ 266.8 $ 13,280.1 (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 August 31, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $3.20 billion. (3) three
Schedule of Guarantees	Expected Maturity Date (Fiscal Years) $ in millions 2024 2025 2026 2028 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 7,230.2 $ 22,670.8 $ 22,552.0 $ 825.0 $ 53,278.0 Total derivative contracts $ 7,230.2 $ 22,670.8 $ 22,552.0 $ 825.0 $ 53,278.0

Regulatory Requirements (Tables

Regulatory Requirements (Tables)	9 Months Ended
Regulatory Requirements (Tables)	Aug. 31, 2024
Broker-Dealer [Abstract]
Schedule of Net Capital, Adjusted and Excess Net Capital	As of August 31, 2024 $ in thousands Net Capital Excess Net Capital Jefferies LLC $ 1,754,381 $ 1,640,845 JFSI - SEC 251,099 227,718 JFSI - CFTC 251,099 224,227

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Aug. 31, 2024
Segment Reporting [Abstract]
Schedule of Net Revenues, Expenses and Total Assets by Segment	Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Investment Banking and Capital Markets: Net revenues $ 1,620.1 $ 1,168.2 $ 4,565.8 $ 3,446.4 Non-interest expenses 1,251.6 1,013.1 3,791.0 2,996.2 Earnings from continuing operations before income taxes 368.5 155.1 774.8 450.2 Asset Management: Net revenues 59.0 10.1 488.9 47.7 Non-interest expenses 179.3 77.9 586.5 240.0 Losses from continuing operations before income taxes (120.3) (67.8) (97.6) (192.3) Total of Reportable Business Segments: Net revenues 1,679.1 1,178.3 5,054.7 3,494.1 Non-interest expenses 1,430.9 1,091.0 4,377.5 3,236.2 Earnings from continuing operations before income taxes 248.2 87.3 677.2 257.9 Reconciliation to consolidated amounts: Net revenues 4.5 3.7 23.5 9.1 Non-interest expenses — — — — Earnings from continuing operations before income taxes (1) 4.5 3.7 23.5 9.1 Total: Net revenues 1,683.6 1,182.1 5,078.2 3,503.2 Non-interest expenses 1,430.9 1,091.1 4,377.5 3,236.2 Earnings from continuing operations before income taxes $ 252.7 $ 91.0 $ 700.7 $ 267.0 (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. $ in millions August 31, November 30, Investment Banking and Capital Markets $ 57,712.7 $ 51,776.9 Asset Management 5,562.4 6,128.3 Total assets $ 63,275.1 $ 57,905.2
Schedule of Net Revenues by Geographic Region	Three Months Ended Nine Months Ended $ in millions 2024 2023 2024 2023 Americas (1) $ 1,159.3 $ 936.9 $ 3,612.2 $ 2,751.4 Europe and the Middle East (2) 404.3 173.9 1,106.5 534.8 Asia-Pacific 120.0 71.3 359.5 217.0 Net revenues $ 1,683.6 $ 1,182.1 $ 5,078.2 $ 3,503.2 (1) Primarily relates to U.S. results. (2) Primarily relates to U.K. results.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Aug. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables. $ in thousands August 31, 2024 Assets Cash and cash equivalents $ 521,701 Financial instruments owned, at fair value 9,607 Securities borrowed 15,357 Securities purchased under agreements to resell 431,802 Receivables: Brokers, dealers and clearing organizations 121,618 Customers 4,163 Fees, interest and other 3,022 Other assets 269 Total assets $ 1,107,539 Liabilities Financial instruments sold, not yet purchased, at fair value $ 14,983 Securities sold under agreements to repurchase 538,239 Payables: Brokers, dealers and clearing organizations 130,852 Customers 4,891 Fees, interest and other 326 Long-term debt (1) — Total liabilities $ 689,291 (1) We have an undrawn revolving credit facility of $750.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread. $ in thousands Nine Months Ended Revenues Investment banking $ 455 Principal transactions (2) (38,301) Commissions and other fees 180 Interest 4,116 Total revenues (33,550) Interest expense 2,411 Net revenues $ (35,961) Non-interest expenses Business development $ 4,570 Total non-interest expenses $ 4,570 (1) Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024. (2) Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Millions		9 Months Ended
	Jan. 13, 2023 USD ($)	Aug. 31, 2024 segment
Subsidiary or Equity Method Investee [Line Items]
Number of reportable segments \| segment		2
Dividend distributions	$ 527
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	Aug. 31, 2024	Nov. 30, 2023	Jan. 01, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in retained earnings	$ (8,124,134)	$ (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

1 Months Ended

3 Months Ended

Nov. 30, 2023 USD ($)

Sep. 14, 2023 USD ($)

Aug. 31, 2024 USD ($)

May 31, 2024 EUR (€) € / shares

Feb. 29, 2024 USD ($)

Feb. 29, 2024 EUR (€)

Jun. 30, 2024 EUR (€)

May 07, 2024

Feb. 29, 2024 EUR (€) € / shares

Dec. 31, 2023 USD ($)

Aug. 31, 2023 USD ($)

Mar. 31, 2023

Nov. 30, 2022 USD ($)

Business Acquisition [Line Items]

Goodwill

$ 1,847,856,000

$ 1,832,958,000

$ 1,739,468,000

$ 1,736,114,000

Additional preferred shares amount | €

€ 18.7

€ 25

Assets recognized

1,392,117,000

Liabilities assumed

$ 941,711,000

Discontinued Operations, Disposed of by Sale | OpNet

Business Acquisition [Line Items]

Sale of subsidiary

322,800,000

Gain on sale of disposal

$ 2,800,000

Nonconsolidated VIEs

Business Acquisition [Line Items]

Initial consolidation gain

$ 5,600,000

Tessellis | OpNet

Business Acquisition [Line Items]

Ownership percentage

59.30%

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%

Stratos | Global Brokerage Inc

Business Acquisition [Line Items]

Ownership percentage

50.10%

OpNet

Business Acquisition [Line Items]

Ownership percentage

47.40%

Our total equity balance

$ 201,600,000

$ 0

Investment voting percentage

50%

Increase (decrease) in ownership percentage

57.50%

Increase (decrease) in voting percentage

72.60%

Conversion of loan receivable for preferred stock issued | €

€ 20

€ 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

OpNet

Business Acquisition [Line Items]

Intangible assets increase (decrease)

$ 39,300,000

Property and equipment increase (decrease)

12,300,000

Goodwill increase (decrease)

27,000,000

Goodwill

127,100,000

$ 100,100,000

Assets recognized

944,854,000

Liabilities assumed

585,369,000

OpNet | Tessellis

Business Acquisition [Line Items]

Assets recognized

$ 20,600,000

Liabilities assumed

$ 17,400,000

Stratos

Business Acquisition [Line Items]

Interest at fair value

49.90%

Fair value percent of identifiable assets and assumed liabilities

100%

Acquisition of additional interests

50.10%

Extinguishment of debt

$ 39,200,000

Step acquisition remeasurement gain

900,000

4,700,000

Consideration transferred

$ 0

Goodwill

5,500,000

Assets recognized

447,263,000

Liabilities assumed

$ 356,342,000

Business Acquisitions - Schedul

Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
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		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		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	$ 143,000	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		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		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		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		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		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		$ 127,051

Assets Held for Sale and Disc_3

Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2024	Aug. 31, 2024	Nov. 30, 2023
Assets held for sale:
Total assets held for sale		$ 0	$ 1,545,472
Liabilities held for sale:
Total liabilities held for sale		$ 0	1,173,648
Foursight Capital
Liabilities held for sale:
Gain on sale of disposal	$ 24,800
Disposal Group, Held-for-Sale, Not Discontinued Operations
Liabilities held for sale:
Deposits			42,100
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Financing Receivable
Assets held for sale:
Other assets			850,800
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Foursight Capital
Assets held for sale:
Cash and cash equivalents			3,555
Other receivables			1,478
Premises and equipment, net			1,175
Operating lease assets			7,635
Goodwill			24,000
Other assets			928,808
Total assets held for sale			966,651
Liabilities held for sale:
Other secured financings			700,615
Lease liabilities			8,821
Accrued expenses and other liabilities			11,503
Long-term debt			149,262
Total liabilities held for sale			$ 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	Aug. 31, 2024	Nov. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	$ 1,204,380	$ 1,209,383
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	22,834,279	20,538,090
Counterparty and Cash Collateral Netting	(2,270,214)	(3,107,620)
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	68,966	110,198
Securities received as collateral	272,619	8,800
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	12,307,086	11,251,154
Counterparty and Cash Collateral Netting	(2,378,130)	(2,764,572)
Other secured financings	3,965	3,898
Obligation to return securities received as collateral	272,619	8,800
Long-term debt	2,122,890	1,708,443
Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	5,618,358	4,224,174
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,813,044	2,318,905
Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	5,431,152	4,947,334
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,527,010	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	711,036	934,108
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		36
U.S. government and federal agency securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	3,379,623	3,628,730
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,789,472	2,957,787
Municipal securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	517,810	223,502
Sovereign obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,518,725	1,660,946
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,436,982	1,809,097
Residential mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	2,505,255	2,069,180
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	26	463
Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	264,773	345,410
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,119	840
Other asset-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	298,077	372,709
Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,917,569	1,450,318
Derivatives
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	532,515	550,844
Investments at fair value
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	139,386	130,835
Loans
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	101,093	175,349
Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	638,340	1,145,777
Level 1
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	9,379,399	8,446,670
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	68,966	110,198
Securities received as collateral	272,619	8,800
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	7,423,666	6,422,685
Other secured financings	0	0
Obligation to return securities received as collateral	272,619	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	5,132,729	3,831,698
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,720,668	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
Level 1 \| U.S. government and federal agency securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	3,292,721	3,563,164
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,789,472	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	952,700	1,051,494
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	913,115	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	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 \| Derivatives
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,249	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	411	54
Level 2
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	15,031,740	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	7,220,818	7,530,589
Other secured financings	0	0
Obligation to return securities received as collateral	0	0
Long-term debt	1,333,744	963,846
Level 2 \| Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	284,986	211,182
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	89,406	83,180
Level 2 \| Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	5,399,974	4,921,222
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	3,526,750	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	628,955	869,246
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		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	86,902	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	517,810	223,502
Level 2 \| Sovereign obligations
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	565,919	609,452
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	523,867	579,302
Level 2 \| Residential mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	2,504,631	2,048,309
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	26	463
Level 2 \| Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	264,281	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	152,674	255,048
Level 2 \| Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	1,830,445	1,320,217
Level 2 \| Derivatives
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	2,795,157	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	99,533	173,828
Level 2 \| Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,981,236	3,851,004
Level 3
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	693,354	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	40,732	62,452
Other secured financings	3,965	3,898
Obligation to return securities received as collateral	0	0
Long-term debt	789,146	744,597
Level 3 \| Corporate equity securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	200,643	181,294
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	2,970	676
Level 3 \| Corporate debt securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	31,178	26,112
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	260	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	82,081	64,862
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased		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	106	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	624	20,871
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	0	0
Level 3 \| Commercial mortgage-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	492	508
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,119	840
Level 3 \| Other asset-backed securities
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	145,403	117,661
Level 3 \| Loans and other receivables
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	87,124	130,101
Level 3 \| Derivatives
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	6,323	8,336
Level 3 \| Investments at fair value
Financial instruments owned:
Total financial instruments owned, excluding Investments at fair value based on NAV	139,380	130,835
Level 3 \| Loans
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	1,560	1,521
Level 3 \| Derivative liabilities
Financial instruments sold, not yet purchased:
Total financial instruments sold, not yet purchased	34,823	59,291
Fair value based on net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	$ 1,200,000	$ 1,210,000

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2024	Nov. 30, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,204,380	$ 1,209,383
Unfunded Commitments	255,081	170,196
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	264,698	341,530
Unfunded Commitments	$ 0	$ 0
Percentage of not redeemable investments		43%
Equity Long/Short Hedge Funds \| 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 \| 90 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		90 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		57%
Equity Long/Short Hedge Funds \| Debt Instrument, Redemption, Period One \| 45 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	45 days
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 Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 56,759	$ 55,701
Unfunded Commitments	$ 31,268	$ 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	10 years	10 years
Commodity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 20,731	$ 21,747
Unfunded Commitments	$ 0	$ 0
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
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%
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 346,533	$ 357,445
Unfunded Commitments	$ 0	$ 0
Percentage of not redeemable investments		4%
Multi-asset Funds \| 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
Multi-asset 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
Multi-asset Funds \| Debt Instrument, Redemption, Period One \| 45 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	45 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	86%	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%	13%
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	$ 515,659	$ 432,960
Unfunded Commitments	$ 223,813	$ 132,662
Percentage of not redeemable investments	36%	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	64%	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		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Assets:
Total gains/losses (realized and unrealized)	$ (7,300)	$ 42,900	$ (53,800)	$ 69,400
Liabilities:
Total gains/losses (realized and unrealized)	16,500	27,500	23,300	31,700
Corporate equity securities
Assets:
Beginning balance	178,755	267,913	181,294	240,347
Total gains/losses (realized and unrealized)	9,887	(85,416)	(3,969)	(58,302)
Purchases	12,874	333	28,576	895
Sales	(1,035)	(331)	(2,480)	(1,228)
Settlements	(198)	0	0	(630)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	360	(3,710)	(2,778)	(2,293)
Ending balance	200,643	178,789	200,643	178,789
For instruments still held, changes in unrealized gains/(losses) included in Earnings	10,184	(84,507)	(3,179)	(51,782)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Liabilities:
Beginning Balance	708	465	676	750
Total gains/losses (realized and unrealized)	4	0	5	(285)
Purchases	0	0	0	0
Sales	2,264	0	2,289	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(6)	0	0	0
Ending Balance	2,970	465	2,970	465
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(4)	0	(5)	285
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Corporate debt securities
Assets:
Beginning balance	38,717	42,642	26,112	30,232
Total gains/losses (realized and unrealized)	93	(176)	3,060	2,087
Purchases	0	4,685	14,894	11,519
Sales	(1,753)	(4,157)	(6,735)	(20,410)
Settlements	0	0	(200)	(200)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(5,879)	(11,282)	(5,953)	8,484
Ending balance	31,178	31,712	31,178	31,712
For instruments still held, changes in unrealized gains/(losses) included in Earnings	1,181	416	7,309	(1,394)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Liabilities:
Beginning Balance	506	267	124	500
Total gains/losses (realized and unrealized)	0	1	(23)	(40)
Purchases	(246)	0	0	(234)
Sales	0	0	0	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	0	(42)	159	0
Ending Balance	260	226	260	226
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0	(1)	23	29
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
CDOs and CLOs
Assets:
Beginning balance	68,626	62,691	64,862	55,824
Total gains/losses (realized and unrealized)	1,477	12,133	8,771	23,622
Purchases	17,704	9,848	41,690	30,744
Sales	(1,147)	(648)	(22,797)	(1,062)
Settlements	(1,323)	(17,331)	(5,214)	(43,798)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(3,256)	(9,208)	(5,231)	(7,845)
Ending balance	82,081	57,485	82,081	57,485
For instruments still held, changes in unrealized gains/(losses) included in Earnings	649	(8,000)	4,351	(13,103)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Sovereign obligations
Assets:
Beginning balance	0		0
Total gains/losses (realized and unrealized)	0		(16)
Purchases	0		11,147
Sales	0		(11,025)
Settlements	0		0
Issuances	0		0
Net transfers into/ (out of) Level 3	106		0
Ending balance	106		106
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0		3
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0		0
RMBS
Assets:
Beginning balance	644	24,705	20,871	27,617
Total gains/losses (realized and unrealized)	24	(1,796)	(185)	(4,239)
Purchases	0	324	0	0
Sales	0	0	(5,374)	0
Settlements	(12)	(4)	(63)	(149)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(32)	0	(14,625)	0
Ending balance	624	23,229	624	23,229
For instruments still held, changes in unrealized gains/(losses) included in Earnings	34	(686)	33	(1,513)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
CMBS
Assets:
Beginning balance	477	28,946	508	839
Total gains/losses (realized and unrealized)	15	(535)	(16)	(1,282)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	0	0	0	28,854
Ending balance	492	28,411	492	28,411
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0	(368)	(64)	(428)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Liabilities:
Beginning Balance	1,049	630	840	490
Total gains/losses (realized and unrealized)	0	(11)	0	(11)
Purchases	0	0	(245)	0
Sales	0	0	0	0
Settlements	70	210	525	245
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	0	(105)	(1)	0
Ending Balance	1,119	724	1,119	724
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0	11	(2)	11
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Other ABS
Assets:
Beginning balance	168,736	126,075	117,661	94,677
Total gains/losses (realized and unrealized)	(966)	(2,768)	(7,724)	(9,162)
Purchases	29,502	50,945	94,754	90,507
Sales	(27,528)	(2,534)	(68,622)	(4,387)
Settlements	(3,608)	0	(19,929)	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(20,733)	5,324	29,263	5,407
Ending balance	145,403	177,042	145,403	177,042
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(1,988)	(3,995)	(5,778)	(11,922)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Loans and other receivables
Assets:
Beginning balance	92,546	141,817	130,101	168,875
Total gains/losses (realized and unrealized)	(18,742)	6,776	(43,105)	4,626
Purchases	10,138	7,342	20,220	12,769
Sales	(4,489)	(7,967)	(4,856)	(28,171)
Settlements	(2,258)	0	(19,523)	(186)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	9,929	2,239	4,287	(7,706)
Ending balance	87,124	150,207	87,124	150,207
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(5,863)	7,955	(17,949)	10,380
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Investments at fair value
Assets:
Beginning balance	138,057	153,800	130,835	161,992
Total gains/losses (realized and unrealized)	952	114,681	(10,626)	112,094
Purchases	371	575	19,725	7,994
Sales	0	0	0	(2,420)
Settlements	0	(196)	(547)	(10,887)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	0	(12,747)	(7)	(12,660)
Ending balance	139,380	256,113	139,380	256,113
For instruments still held, changes in unrealized gains/(losses) included in Earnings	952	114,681	(10,626)	113,807
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Loans
Liabilities:
Beginning Balance	1,584	3,348	1,521	3,164
Total gains/losses (realized and unrealized)	(1,000)	2,522	1,879	(124)
Purchases	0	(1,655)	(180)	(1,655)
Sales	964	247	1,367	354
Settlements	12	0	152	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	0	2,977	(3,179)	5,700
Ending Balance	1,560	7,439	1,560	7,439
For instruments still held, changes in unrealized gains/(losses) included in Earnings	1	(4,508)	(26)	(908)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Net derivatives
Liabilities:
Beginning Balance	34,877	54,260	50,955	59,524
Total gains/losses (realized and unrealized)	(7,588)	4,259	(17,212)	(8,176)
Purchases	0	(9,406)	(3,236)	(5,300)
Sales	0	22,236	2,471	17,037
Settlements	734	0	(9,504)	(854)
Issuances	0	0	0	10,035
Net transfers into/ (out of) Level 3	477	(31,313)	5,026	(32,230)
Ending Balance	28,500	40,036	28,500	40,036
For instruments still held, changes in unrealized gains/(losses) included in Earnings	4,363	(4,177)	5,659	7,718
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Other secured financings
Liabilities:
Beginning Balance	3,965	1,712	3,898	1,712
Total gains/losses (realized and unrealized)	0	0	4,482	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	(4,415)	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	0	0	0	0
Ending Balance	3,965	1,712	3,965	1,712
For instruments still held, changes in unrealized gains/(losses) included in Earnings	0	0	(4,482)	0
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	0	0	0	0
Long-term debt
Liabilities:
Beginning Balance	784,212	697,057	744,597	661,123
Total gains/losses (realized and unrealized)	25,080	20,768	34,157	40,321
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	(2,109)	0
Issuances	542	5,572	28,614	5,775
Net transfers into/ (out of) Level 3	(20,688)	(17,482)	(16,113)	(1,304)
Ending Balance	789,146	705,915	789,146	705,915
For instruments still held, changes in unrealized gains/(losses) included in Earnings	(37,145)	(5,770)	(41,836)	(8,970)
For instruments still held, changes in unrealized gains/(losses) included in Other comprehensive income	$ 12,065	$ (14,998)	$ 7,679	$ (31,351)

Fair Value Disclosures - Narrat

Fair Value Disclosures - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
Fair Value Disclosures - Narrative (Details) - USD ($)	Aug. 31, 2024	Nov. 30, 2023	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Sep. 19, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	$ 31,300,000		$ 21,700,000	$ 61,000,000	$ 77,100,000
Transfers of assets from Level 3 to Level 2	50,800,000		51,000,000	56,000,000	64,800,000
Transfers of liabilities from Level 2 to Level 3	18,800,000		31,300,000	39,400,000	46,100,000
Transfers of liabilities from Level 3 to Level 2	39,000,000		77,300,000	53,100,000	74,000,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(7,300,000)		42,900,000	(53,800,000)	69,400,000
Total gains/losses (realized and unrealized)	16,500,000		27,500,000	23,300,000	31,700,000
Value of asset excluded from significant unobservable inputs	24,600,000	$ 45,600,000		24,600,000
Value of liability excluded from significant unobservable inputs	4,200,000	4,000,000		4,200,000
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due	88,200,000	98,100,000		88,200,000
Loans and other receivables greater than 90 days past due	76,400,000	37,600,000		76,400,000
Investment, other than temporary impairment			27,800,000		57,200,000
Gain from sale		1,700,000
Equity securities without readily determinable fair value, amount	21,900,000	$ 0		21,900,000
Realized and unrealized gains (loss)			(400,000)		(122,200,000)
Equity securities without readily determinable fair value, impairment loss	$ 0		400,000	$ 0	80,300,000
Common shares, issued after deducting shares held in treasury (in shares)	205,495,338	210,626,642		205,495,338
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Subsequent event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common shares, issued after deducting shares held in treasury (in shares)						9,200,000
Monashee
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 21,900,000	$ 15,800,000		$ 21,900,000
Other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	3,300,000		6,800,000	47,600,000	9,900,000
Transfers of assets from Level 3 to Level 2	24,000,000		1,500,000	18,300,000	4,500,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(966,000)		(2,768,000)	(7,724,000)	(9,162,000)
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3			3,200,000		8,700,000
Transfers of assets from Level 3 to Level 2	7,100,000		14,500,000	7,500,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	93,000		(176,000)	3,060,000	2,087,000
Total gains/losses (realized and unrealized)	0		1,000	(23,000)	(40,000)
Loans and other receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	15,900,000		7,000,000	11,300,000	26,300,000
Transfers of assets from Level 3 to Level 2	5,900,000		4,700,000	7,000,000	34,000,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(18,742,000)		6,776,000	(43,105,000)	4,626,000
Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3					3,300,000
Transfers of assets from Level 3 to Level 2			4,600,000	3,300,000	5,600,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	9,887,000		(85,416,000)	(3,969,000)	(58,302,000)
Total gains/losses (realized and unrealized)	4,000		0	5,000	(285,000)
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 3 to Level 2				14,600,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	24,000		(1,796,000)	(185,000)	(4,239,000)
Structured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	9,600,000		21,700,000	18,800,000	27,900,000
Transfers of liabilities from Level 3 to Level 2	30,200,000		39,100,000	34,900,000	29,200,000
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	9,300,000		6,500,000	23,200,000	12,600,000
Transfers of liabilities from Level 3 to Level 2	8,800,000		37,800,000	18,200,000	44,800,000
Total gains/losses (realized and unrealized)	(7,588,000)		4,259,000	(17,212,000)	(8,176,000)
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3					28,900,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	15,000		(535,000)	(16,000)	(1,282,000)
Total gains/losses (realized and unrealized)	0		(11,000)	0	(11,000)
CDOs and CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	10,100,000		3,700,000
Transfers of assets from Level 3 to Level 2	13,400,000		12,900,000	5,200,000	7,800,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	1,477,000		12,133,000	8,771,000	23,622,000
Investments at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 3 to Level 2			12,700,000		12,700,000
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3			3,000,000		5,700,000
Total gains/losses (realized and unrealized)	$ (1,000,000)		$ 2,522,000	$ 1,879,000	$ (124,000)

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)	3 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($)	Nov. 30, 2023 USD ($)	Aug. 31, 2024 $ / shares	Aug. 31, 2024	Aug. 31, 2024 € / shares	Aug. 31, 2024 poundSterlingPerShare	Nov. 30, 2023 $ / shares	Nov. 30, 2023	Nov. 30, 2023 € / shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 22,834,279,000	$ 20,538,090,000
Financial instruments sold, not yet purchased, at fair value	12,307,086,000	11,251,154,000
Other secured financings	3,965,000	3,898,000
Long-term debt	2,122,890,000	1,708,443,000
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	5,431,152,000	4,947,334,000
Financial instruments sold, not yet purchased, at fair value	3,527,010,000	2,842,900,000
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	711,036,000	934,108,000
Financial instruments sold, not yet purchased, at fair value		36,000
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	264,773,000	345,410,000
Financial instruments sold, not yet purchased, at fair value	1,119,000	840,000
Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	298,077,000	372,709,000
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	1,917,569,000	1,450,318,000
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	139,386,000	130,835,000
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	101,093,000	175,349,000
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	5,618,358,000	4,224,174,000
Financial instruments sold, not yet purchased, at fair value	3,813,044,000	2,318,905,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	693,354,000	680,580,000
Financial instruments sold, not yet purchased, at fair value	40,732,000	62,452,000
Derivative liability	33,608,000	56,779,000
Other secured financings	3,965,000	3,898,000
Long-term debt	789,146,000	744,597,000
Level 3 \| Non-exchange-traded securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	200,643,000	181,294,000
Level 3 \| Non-exchange-traded securities \| 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 \| 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 \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			56				59
Level 3 \| Non-exchange-traded securities \| EBITDA multiple \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			5.4
Level 3 \| Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	31,178,000	26,112,000
Financial instruments sold, not yet purchased, at fair value	260,000	124,000
Derivative liability		124,000
Level 3 \| Corporate debt securities \| 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 \| 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 \| 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 \| Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			0
Level 3 \| Corporate debt securities \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			95
Level 3 \| Corporate debt securities \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			58
Level 3 \| Corporate debt securities \| Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input								0.04
Financial instruments sold, not yet purchased, measurement input								0.04
Level 3 \| Corporate debt securities \| Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input								0.11
Level 3 \| CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	82,081,000	64,862,000
Financial instruments sold, not yet purchased, at fair value		0
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	77,965,000
Level 3 \| CDOs and CLOs \| 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 \| 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 \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			70				48
Level 3 \| CDOs and CLOs \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			110				100
Level 3 \| CDOs and CLOs \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			96				88
Level 3 \| CDOs and CLOs \| 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 \| 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 \| Constant prepayment rate \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.18				0.19
Level 3 \| CDOs and CLOs \| 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 \| 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 \| 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 \| Discount rate/yield \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.20				0.26
Level 3 \| CDOs and CLOs \| Discount rate/yield \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.18				0.24
Level 3 \| CDOs and CLOs \| 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 \| 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 \| 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 \| 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 \| Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	492,000	508,000
Financial instruments sold, not yet purchased, at fair value	1,119,000	840,000
Level 3 \| Commercial mortgage-backed securities \| 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	145,403,000	117,661,000
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		$ 102,423,000
Level 3 \| Other ABS \| Discounted cash flows, market approach, scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 137,548,000
Level 3 \| Other ABS \| Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	100	100
Level 3 \| Other ABS \| Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.92
Level 3 \| Other ABS \| Discount rate/yield \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.18				0.10
Level 3 \| Other ABS \| Discount rate/yield \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.21				0.21
Level 3 \| Other ABS \| Discount rate/yield \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.19				0.18
Level 3 \| Other ABS \| Cumulative loss rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.28
Level 3 \| Other ABS \| 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 \| Cumulative loss rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.33				0.32
Level 3 \| Other ABS \| Cumulative loss rate \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.30				0.25
Level 3 \| Other ABS \| Duration (years) \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year 1 month 6 days	1 year 1 month 6 days
Level 3 \| Other ABS \| Duration (years) \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year 9 months 18 days	2 years 2 months 12 days
Level 3 \| Other ABS \| Duration (years) \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year 7 months 6 days	1 year 8 months 12 days
Level 3 \| Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	$ 87,124,000	$ 130,101,000
Level 3 \| Loans and other receivables \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			81				82
Level 3 \| Loans and other receivables \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			100				157
Level 3 \| Loans and other receivables \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			97				127
Level 3 \| Loans and other receivables \| Estimated recovery percentage \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02				0.07
Level 3 \| Loans and other receivables \| Estimated recovery percentage \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				1.98				0.73
Level 3 \| Loans and other receivables \| Estimated recovery percentage \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.67				0.40
Level 3 \| Embedded options \| Volatility \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input								0.60
Level 3 \| Embedded options \| Basis points upfront \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.00082				0.00004
Level 3 \| Embedded options \| Basis points upfront \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.00218				0.00255
Level 3 \| Embedded options \| Basis points upfront \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.00149				0.00179
Level 3 \| Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	139,380,000	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	$ 134,284,000	$ 127,237,000
Level 3 \| Private equity securities \| Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input					8,040	0.5
Level 3 \| Private equity securities \| 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 \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			5,000				6,819
Level 3 \| Private equity securities \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input \| $ / shares			360				484
Level 3 \| Private equity securities \| Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.28
Level 3 \| Private equity securities \| 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 \| Revenue
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	30,067,142
Level 3 \| Private equity securities \| Revenue \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		30,538,979
Level 3 \| Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	$ 1,560,000	$ 1,521,000
Derivative liability		$ 1,521,000
Level 3 \| Loans \| Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input		101
Level 3 \| Equity options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability		$ 2,395,000
Level 3 \| Equity options \| Volatility \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.33				0.31
Level 3 \| Equity options \| Volatility \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.57				0.87
Level 3 \| Equity options \| Volatility \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.47				0.42
Level 3 \| Other secured financings \| 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 \| 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 \| 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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	789,146,000	744,597,000
Level 3 \| Long-term debt \| Price \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input			62		65		57		60
Level 3 \| Long-term debt \| Price \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input			100		106		114		103
Level 3 \| Long-term debt \| Price \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input			81		87		78		84
Level 3 \| Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned	200,643,000	181,294,000
Financial instruments sold, not yet purchased, at fair value	2,970,000	$ 676,000
Derivative liability	$ 2,970,000
Level 3 \| Corporate equity securities \| EBITDA multiple
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input \| $ / shares			5.4

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		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Financial instruments owned:
Loans and other receivables	$ (690)	$ 15,998	$ (39,664)	$ 31,172
Other secured financings
Financial instruments sold, not yet purchased and Long-term debt
Other changes in fair value	0	0	(4,482)	0
Long-term debt
Financial instruments sold, not yet purchased and Long-term debt
Changes in instrument specific credit risk	23,779	(29,980)	6,009	(56,357)
Other changes in fair value	$ (84,266)	$ 17,882	$ (111,716)	$ 21,432

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	Aug. 31, 2024	Nov. 30, 2023
Financial instruments owned:
Loans and other receivables	$ 1,413,079	$ 2,344,468
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	246,720	259,354
Long-term debt	199,404	294,256
Other secured financings	459	1,377
Loans and other receivables 90 days or greater past due	$ 58,700	$ 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	Aug. 31, 2024 USD ($) Contract	Nov. 30, 2023 USD ($) Contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statements of financial condition, assets	$ 532,515	$ 550,844
Net amounts per consolidated statements of financial condition, liabilities	638,340	1,145,777
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	538,717	678,917
Fair value, liabilities	431,222	393,316
Amounts offset in the consolidated statements of financial condition, assets	(389,719)	(384,392)
Amounts offset in the consolidated statements of financial condition, liabilities	(389,719)	(384,392)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	864,636	1,194,983
Fair value, liabilities	885,094	1,230,060
Amounts offset in the consolidated statements of financial condition, assets	(863,799)	(1,189,517)
Amounts offset in the consolidated statements of financial condition, liabilities	(869,789)	(1,189,513)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,399,376	1,784,564
Fair value, liabilities	1,700,154	2,286,973
Amounts offset in the consolidated statements of financial condition, assets	(1,016,696)	(1,533,711)
Amounts offset in the consolidated statements of financial condition, liabilities	(1,118,622)	(1,190,667)
Derivatives designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	0	259
Fair value, liabilities	41,448	25,708
Derivatives designated as accounting hedges \| Interest rate contracts \| Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 0
Number of contracts, assets \| Contract	0	0
Fair value, liabilities	$ 3,557	$ 6,070
Number of contracts, liabilities \| Contract	3	3
Derivatives designated as accounting hedges \| Foreign exchange contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 259
Number of contracts, assets \| Contract	0	1
Fair value, liabilities	$ 37,891	$ 19,638
Number of contracts, liabilities \| Contract	3	3
Derivatives not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 2,802,729	$ 3,658,205
Fair value, liabilities	2,975,022	3,884,641
Derivatives not designated as accounting hedges \| Interest rate contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 1,248	$ 316
Number of contracts, assets \| Contract	76,019	88,354
Fair value, liabilities	$ 411	$ 63
Number of contracts, liabilities \| Contract	74,671	67,643
Derivatives not designated as accounting hedges \| Interest rate contracts \| Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 854,712	$ 1,156,937
Number of contracts, assets \| Contract	6,146	4,415
Fair value, liabilities	$ 860,359	$ 1,185,503
Number of contracts, liabilities \| Contract	6,185	4,544
Derivatives not designated as accounting hedges \| Interest rate contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 513,138	$ 893,983
Number of contracts, assets \| Contract	1,728	1,179
Fair value, liabilities	$ 783,131	$ 1,266,506
Number of contracts, liabilities \| Contract	874	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	$ 106,721	$ 147,470
Number of contracts, assets \| Contract	53,117	66,254
Fair value, liabilities	$ 110,132	$ 129,770
Number of contracts, liabilities \| Contract	33,513	38,585
Derivatives not designated as accounting hedges \| Equity contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 537,457	$ 678,542
Number of contracts, assets \| Contract	1,044,597	1,180,832
Fair value, liabilities	$ 430,790	$ 393,220
Number of contracts, liabilities \| Contract	914,419	1,174,298
Derivatives not designated as accounting hedges \| Equity contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 743,300	$ 715,754
Number of contracts, assets \| Contract	30,924	31,116
Fair value, liabilities	$ 748,483	$ 850,088
Number of contracts, liabilities \| Contract	18,918	16,234
Derivatives not designated as accounting hedges \| Commodity contracts \| Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 12	$ 59
Number of contracts, assets \| Contract	629	735
Fair value, liabilities	$ 21	$ 33
Number of contracts, liabilities \| Contract	574	940
Derivatives not designated as accounting hedges \| Commodity contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 5,263	$ 5,662
Number of contracts, assets \| Contract	12,739	15,497
Fair value, liabilities	$ 1,530	$ 1,398
Number of contracts, liabilities \| Contract	5,490	6,455
Derivatives not designated as accounting hedges \| Credit contracts \| Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 9,924	$ 38,046
Number of contracts, assets \| Contract	40	133
Fair value, liabilities	$ 21,178	$ 38,487
Number of contracts, liabilities \| Contract	23	81
Derivatives not designated as accounting hedges \| Credit contracts \| Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 30,954	$ 21,436
Number of contracts, assets \| Contract	15	22
Fair value, liabilities	$ 18,987	$ 19,573
Number of contracts, liabilities \| Contract	38	29

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ (17,303)	$ (16,438)	$ (49,099)	$ (41,779)
Unrealized and realized gains (losses)	166,820	247,937	(20,115)	112,272
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	72,271	44,277	107,103	175,398
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	15,760	26,173	48,289	63,832
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	72,741	185,215	(186,617)	(118,222)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	6,270	(105)	24,702	(289)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(222)	(7,623)	(13,592)	(8,447)
Foreign exchange contracts \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	(38,878)	(22,086)	(47,686)	(53,091)
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	(61,068)	30,345	(62,053)	23,068
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ 43,765	$ (46,783)	$ 12,954	$ (64,847)

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
OTC Derivative Assets [Abstract]
0 – 12 Months	$ 447,468
1 – 5 Years	391,662
Greater Than 5 Years	38,644
Cross-Maturity Netting	(88,657)
Total OTC derivative assets, net of cross-maturity netting	789,117
Cross product counterparty netting	(20,924)
Total OTC derivative assets included in Financial instruments owned	768,193
OTC Derivative Liabilities [Abstract]
0 – 12 Months		$ 417,595
1 – 5 Years		336,084
Greater Than 5 Years		444,774
Cross-Maturity Netting		(88,657)
Total OTC derivative liabilities, net of cross-maturity netting		1,109,796
Cross product counterparty netting		(20,924)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased		1,088,872
Exchange traded derivative assets, with fair value	149,000
Exchange traded derivative liabilities, with fair value	42,100
Cash collateral received	384,700
Cash collateral pledged	492,600
Commodity swaps, options and forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	5,262
1 – 5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	5,262
OTC Derivative Liabilities [Abstract]
0 – 12 Months		1,530
1 – 5 Years		0
Greater Than 5 Years		0
Cross-Maturity Netting		0
Total OTC derivative liabilities, net of cross-maturity netting		1,530
Equity options and forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	163,004
1 – 5 Years	49,776
Greater Than 5 Years	0
Cross-Maturity Netting	(6,461)
Total OTC derivative assets, net of cross-maturity netting	206,319
OTC Derivative Liabilities [Abstract]
0 – 12 Months		108,263
1 – 5 Years		108,550
Greater Than 5 Years		0
Cross-Maturity Netting		(6,461)
Total OTC derivative liabilities, net of cross-maturity netting		210,352
Credit default swaps
OTC Derivative Assets [Abstract]
0 – 12 Months	0
1 – 5 Years	24,419
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	24,419
OTC Derivative Liabilities [Abstract]
0 – 12 Months		1,985
1 – 5 Years		13,008
Greater Than 5 Years		0
Cross-Maturity Netting		0
Total OTC derivative liabilities, net of cross-maturity netting		14,993
Total return swaps
OTC Derivative Assets [Abstract]
0 – 12 Months	108,223
1 – 5 Years	71,606
Greater Than 5 Years	0
Cross-Maturity Netting	(4,171)
Total OTC derivative assets, net of cross-maturity netting	175,658
OTC Derivative Liabilities [Abstract]
0 – 12 Months		97,836
1 – 5 Years		82,521
Greater Than 5 Years		44
Cross-Maturity Netting		(4,171)
Total OTC derivative liabilities, net of cross-maturity netting		176,230
Foreign currency forwards, swaps and options
OTC Derivative Assets [Abstract]
0 – 12 Months	43,871
1 – 5 Years	1,053
Greater Than 5 Years	0
Cross-Maturity Netting	(189)
Total OTC derivative assets, net of cross-maturity netting	44,735
OTC Derivative Liabilities [Abstract]
0 – 12 Months		85,864
1 – 5 Years		378
Greater Than 5 Years		0
Cross-Maturity Netting		(189)
Total OTC derivative liabilities, net of cross-maturity netting		86,053
Fixed income forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	6,257
1 – 5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	6,257
OTC Derivative Liabilities [Abstract]
0 – 12 Months		14,978
1 – 5 Years		0
Greater Than 5 Years		0
Cross-Maturity Netting		0
Total OTC derivative liabilities, net of cross-maturity netting		14,978
Interest rate swaps, options and forwards
OTC Derivative Assets [Abstract]
0 – 12 Months	120,851
1 – 5 Years	244,808
Greater Than 5 Years	38,644
Cross-Maturity Netting	(77,836)
Total OTC derivative assets, net of cross-maturity netting	$ 326,467
OTC Derivative Liabilities [Abstract]
0 – 12 Months		107,139
1 – 5 Years		131,627
Greater Than 5 Years		444,730
Cross-Maturity Netting		(77,836)
Total OTC derivative liabilities, net of cross-maturity netting		$ 605,660

Derivative Financial Instrume_6

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details) $ in Thousands	Aug. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 167,768
BBB- to BBB+	72,300
BB+ or lower	267,516
Unrated	260,609
Total OTC derivative assets included in Financial instruments owned	$ 768,193

Derivative Financial Instrume_7

Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - Index credit default swaps - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Derivative [Line Items]
Derivative notional amount	$ 618.4	$ 2,345.4
Investment Grade
Derivative [Line Items]
Derivative notional amount	270	1,451.5
Non-investment Grade
Derivative [Line Items]
Derivative notional amount	$ 348.4	$ 893.9

Derivative Financial Instrume_8

Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 79.9	$ 139.5
Collateral posted	(65.4)	(97.6)
Collateral received	101.3	71
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 115.8	$ 112.9

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 2,550,100	$ 1,840,500
Repurchase Agreements	17,072,800	19,841,200
Obligation to Return Securities Received as Collateral, at Fair Value	272,600	8,800
Total	19,895,500	21,690,500
Corporate equity securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,570,800	1,221,400
Repurchase Agreements	744,400	627,000
Obligation to Return Securities Received as Collateral, at Fair Value	166,100	4,400
Total	2,481,300	1,852,800
Corporate debt securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	919,600	576,400
Repurchase Agreements	3,598,000	4,297,900
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	4,517,600	4,874,300
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	1,958,200	1,950,900
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	1,958,200	1,950,900
U.S. government and federal agency securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	46,700	39,200
Repurchase Agreements	7,084,800	9,474,200
Obligation to Return Securities Received as Collateral, at Fair Value	0	3,400
Total	7,131,500	9,516,800
Municipal securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	184,900	141,100
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	184,900	141,100
Sovereign obligations
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	13,000	3,500
Repurchase Agreements	2,303,000	2,511,600
Obligation to Return Securities Received as Collateral, at Fair Value	106,500	1,000
Total	2,422,500	2,516,100
Loans and other receivables
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	1,199,500	838,500
Obligation to Return Securities Received as Collateral, at Fair Value	0	0
Total	$ 1,199,500	$ 838,500

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	$ 2,550,100	$ 1,840,500
Repurchase agreements	17,072,800	19,841,200
Obligation to return securities received as collateral, at fair value	272,600	8,800
Total	19,895,500	21,690,500
Overnight and Continuous
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	1,675,400	1,068,600
Repurchase agreements	2,644,300	10,548,300
Obligation to return securities received as collateral, at fair value	272,600	8,800
Total	4,592,300	11,625,700
Up to 30 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	37,400	0
Repurchase agreements	7,997,600	2,442,400
Obligation to return securities received as collateral, at fair value	0	0
Total	8,035,000	2,442,400
31-90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	350,000	244,200
Repurchase agreements	2,150,400	1,939,900
Obligation to return securities received as collateral, at fair value	0	0
Total	2,500,400	2,184,100
Greater than 90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities lending arrangements	487,300	527,700
Repurchase agreements	4,280,500	4,910,600
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 4,767,800	$ 5,438,300

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Collateralized Transactions [Abstract]
Fair value of securities received as collateral	$ 40,780	$ 33,990

Collateralized Transactions - S

Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Securities borrowing arrangements
Gross Amounts	$ 7,056,600	$ 7,192,100
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	7,056,550	7,192,091
Additional Amounts Available for Setoff	(279,400)	(327,700)
Available Collateral	(1,945,200)	(1,642,900)
Net Amount	4,832,000	5,221,400
Reverse repurchase agreements
Gross Amounts	14,462,300	14,871,100
Netting in Consolidated Statement of Financial Condition	(7,469,300)	(8,920,600)
Net Amounts in Consolidated Statement of Financial Condition	6,993,024	5,950,549
Additional Amounts Available for Setoff	(984,900)	(1,304,000)
Available Collateral	(5,922,700)	(4,582,600)
Net Amount	85,400	63,900
Securities lending arrangements
Gross Amounts	2,550,100	1,840,500
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	2,550,101	1,840,518
Additional Amounts Available for Setoff	(279,400)	(327,700)
Available Collateral	(2,226,900)	(1,396,100)
Net Amount	43,800	116,700
Repurchase agreements
Gross Amounts	17,072,800	19,841,200
Netting in Consolidated Statement of Financial Condition	(7,469,300)	(8,920,600)
Net Amounts in Consolidated Statement of Financial Condition	9,603,530	10,920,606
Additional Amounts Available for Setoff	(984,900)	(1,304,000)
Available Collateral	(8,125,900)	(9,035,400)
Net Amount	492,700	581,200
Securities borrowing arrangements	4,780,000	5,170,000
Securities borrowing arrangements, collateral	4,640,000	5,040,000
Repurchase agreements	420,000	505,000
Repurchase agreements, pledged securities collateral	436,500	520,400
Obligation to return securities received as collateral
Securities lending arrangements
Gross Amounts	272,600	8,800
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	272,600	8,800
Additional Amounts Available for Setoff	0	0
Available Collateral	(272,600)	(8,800)
Net Amount	0	0
Securities received as collateral
Securities borrowing arrangements
Gross Amounts	272,600	8,800
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	272,600	8,800
Additional Amounts Available for Setoff	0	0
Available Collateral	(272,600)	(8,800)
Net Amount	$ 0	$ 0

Collateralized Transactions -_3

Collateralized Transactions - Cash and Securities Segregated (Details) - USD ($) $ in Thousands	Aug. 31, 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	$ 1,360,324	$ 1,414,593
Securities purchased under agreements to resell	343,779	45,490
Total	$ 1,704,103	$ 1,460,083

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Transfers and Servicing [Abstract]
Transferred assets	$ 878	$ 2,725.6	$ 3,446.7	$ 6,576
Proceeds on new securitizations	878	2,702.7	3,446.7	6,553
Cash flows received on retained interests	$ 9.5	$ 13.2	$ 28.8	$ 13.6

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total RMBS securitization assets	$ 5,154.5	$ 5,595.1
Total CMBS securitization assets	2,539.9	3,014.3
CLOs	7,343.2	6,323.8
Consumer and other loans	1,320.6	1,877.8
U.S. government agency RMBS
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	188.9	417.3
U.S. government agency CMBS
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	186.7	197.3
CLOs
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	32.5	23.3
Consumer and other loans
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	$ 49	$ 68.1

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($)	Aug. 31, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Financial instruments owned	$ 24,038,659,000	$ 21,747,473,000
Securities purchased under agreements to resell	6,993,024,000	5,950,549,000
Receivables from brokers	2,583,719,000	2,380,732,000
Assets held for sale	0	1,545,472,000
Other assets	3,263,629,000	2,650,640,000
Total assets	63,275,098,000	57,905,161,000
Financial instruments sold, not yet purchased	12,307,086,000	11,251,154,000
Other secured financings	1,739,323,000	1,430,199,000
Liabilities held for sale	0	1,173,648,000
Long-term debt	12,922,012,000	9,698,752,000
Total liabilities	53,159,331,000	48,102,620,000
VIEs, primary beneficiary
Variable Interest Entity [Line Items]
Assets held for sale		181,900
Other assets	365,942,000	244,604,000
VIEs, primary beneficiary \| Secured Funding Vehicles
Variable Interest Entity [Line Items]
Cash	0	0
Financial instruments owned	65,000,000	0
Securities purchased under agreements to resell	2,283,000,000	1,677,700,000
Receivables from brokers	0	0
Other receivables	2,000,000
Assets held for sale		815,600,000
Other assets	0	0
Total assets	2,350,000,000	2,493,300,000
Financial instruments sold, not yet purchased	0	0
Other secured financings	2,343,000,000	1,667,300,000
Liabilities held for sale		769,200,000
Other Liabilities	7,100,000	10,500,000
Long-term debt	0	0
Total liabilities	2,350,100,000	2,447,000,000
VIEs, primary beneficiary \| Other
Variable Interest Entity [Line Items]
Cash	2,800,000	1,100,000
Financial instruments owned	12,900,000	7,800,000
Securities purchased under agreements to resell	0	0
Receivables from brokers	17,800,000	18,000,000
Other receivables	3,000,000
Assets held for sale		578,800,000
Other assets	91,000,000	147,900,000
Total assets	127,500,000	753,600,000
Financial instruments sold, not yet purchased	7,600,000	6,400,000
Other secured financings	0	0
Liabilities held for sale		303,400,000
Other Liabilities	18,900,000	249,700,000
Long-term debt	70,000,000	49,600,000
Total liabilities	96,500,000	609,100,000
Consolidation, Eliminations
Variable Interest Entity [Line Items]
Receivables from brokers	1,500,000	1,400,000
Variable Interest Entity, Assets, Eliminated In Consolidation
Variable Interest Entity [Line Items]
Assets held for sale		31,900,000
Other assets	3,300,000	56,100,000
Variable Interest Entity, Liabilities, Eliminated In Consolidation
Variable Interest Entity [Line Items]
Other secured financings	642,600,000	681,000,000
Liabilities held for sale		5,300,000
Other Liabilities	$ 18,700,000	$ 247,900,000

Variable Interest Entities - Va

Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Assets	$ 63,275,098	$ 57,905,161
Liabilities	53,159,331	48,102,620
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Assets	2,659,500	2,649,300
Liabilities	15,000	14,100
Maximum Exposure to Loss	8,043,600	6,323,600
VIE Assets	37,053,200	28,259,800
Nonconsolidated VIEs \| CLOs
Variable Interest Entity [Line Items]
Assets	779,100	913,300
Liabilities	15,000	14,100
Maximum Exposure to Loss	5,538,200	4,414,000
VIE Assets	12,908,900	9,455,500
Nonconsolidated VIEs \| Asset-backed vehicles
Variable Interest Entity [Line Items]
Assets	816,600	661,700
Liabilities	0	0
Maximum Exposure to Loss	1,155,400	661,700
VIE Assets	3,774,400	3,734,800
Nonconsolidated VIEs \| Related party private equity vehicles
Variable Interest Entity [Line Items]
Assets	2,500	3,100
Liabilities	0	0
Maximum Exposure to Loss	13,100	14,200
VIE Assets	26,500	10,300
Nonconsolidated VIEs \| Other investment vehicles
Variable Interest Entity [Line Items]
Assets	1,061,300	1,071,200
Liabilities	0	0
Maximum Exposure to Loss	1,336,900	1,233,700
VIE Assets	$ 20,343,400	$ 15,059,200

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Carrying amount	$ 63,275,098	$ 57,905,161
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	2,659,500	2,649,300
Related party private equity vehicles \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	2,500	3,100
Other investment vehicles
Variable Interest Entity [Line Items]
Equity investments	1,420,000	1,260,000
Funded equity commitments	1,140,000	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	1,061,300	1,071,200
Agency mortgage-backed securities \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	2,090,000	1,890,000
Non-agency mortgage and other asset-backed securities \| Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying amount	95,600	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	$ 2,100	$ 3,100

Investments - Loans and Investm

Investments - Loans and Investments In Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and loans to related parties	$ 1,349,629		$ 1,349,629		$ 1,239,345
Total equity method pickup earnings (losses) recognized in Other revenues	$ 25,000	$ (78,100)	$ 62,200	$ (229,900)

Investments - Jefferies Finance

Investments - Jefferies Finance - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2024	Nov. 30, 2023
Guarantee Obligations [Line Items]
Other assets	$ 3,263,629	$ 2,650,640
Payables to customers	3,898,469	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	2,600	3,500
Payables to customers	$ 3,800	$ 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		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 63,275,098		$ 63,275,098		$ 57,905,161
Total liabilities	53,159,331		53,159,331		48,102,620
Net earnings attributable to members	181,039	$ 53,947	492,118	$ 191,955
Jefferies Finance, LLC
Schedule of Equity Method Investments [Line Items]
Total assets	5,374,400		5,374,400		5,598,200
Total liabilities	4,031,300		4,031,300		4,352,000
Net earnings attributable to members	28,800	(31,500)	68,100	(3,700)
Jefferies Finance, LLC
Schedule of Equity Method Investments [Line Items]
Unfunded commitment fees	300	300	900	900
Our total equity balance	664,200		664,200		$ 630,100
Origination and syndication fee revenues	72,900	37,900	200,200	84,100
Origination fee expenses	16,200	10,100	40,800	20,500
CLO placement and structuring fee revenues	800	1,700	1,100	1,700
Investment fund placement fee revenues	2,400	0	3,300	0
Service fees	$ 15,300	$ 20,100	$ 81,000	$ 81,200

Investments - Berkadia - Narrat

Investments - Berkadia - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2024	Nov. 30, 2023
Berkadia
Schedule of Equity Method Investments [Line Items]
Surety policy issued	$ 1,500
Berkadia
Schedule of Equity Method Investments [Line Items]
Percentage of profits received from joint venture	45%
Commercial paper outstanding	$ 1,470
Purchase commitment amount	$ 24.8	$ 77.5

Investments - Summary of Sele_2

Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 63,275,098		$ 63,275,098		$ 57,905,161
Total liabilities	53,159,331		53,159,331		48,102,620
Total noncontrolling interest	69,415		69,415		92,308
Net earnings attributable to members	181,039	$ 53,947	492,118	$ 191,955
Berkadia
Schedule of Equity Method Investments [Line Items]
Our total equity balance	421,800		421,800		400,900
Distributions	28,000	33,600	34,700	33,800
Transaction referral fee revenue	0	0	300	0
Loan origination fees paid	0	0	400	0
Berkadia
Schedule of Equity Method Investments [Line Items]
Total assets	4,662,500		4,662,500		5,318,200
Total liabilities	3,189,700		3,189,700		3,816,100
Total noncontrolling interest	540,100		540,100		$ 612,800
Net earnings attributable to members	$ 41,400	$ 53,900	$ 119,600	$ 96,400

Investments - Real Estate Inves

Investments - Real Estate Investments - Narrative (Details)	9 Months Ended
Investments - Real Estate Investments - Narrative (Details)	Aug. 31, 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_3

Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Assets	$ 63,275,098		$ 63,275,098		$ 57,905,161
Liabilities	53,159,331		53,159,331		48,102,620
Net earnings	181,039	$ 53,947	492,118	$ 191,955
Real Estate Investments
Schedule of Equity Method Investments [Line Items]
Assets	328,600		328,600		329,500
Liabilities	488,900		488,900		500,000
Net earnings	2,900	4,100	3,000	1,800
Real Estate Investments
Schedule of Equity Method Investments [Line Items]
Our total equity balance	96,600		96,600		$ 90,000
Distributions	$ 0	$ 1,100	$ 0	$ 18,200

Investments - JCP Fund V - Narr

Investments - JCP Fund V - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Financial instruments owned	$ 24,038,659	$ 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%
Financial instruments owned	$ 1,800	2,200
Equity investments	85,000	85,000
Unfunded portion of equity commitment to subsidiary	$ 8,700	$ 8,700

Investments - Summary of Sele_4

Investments - Summary of Selected Financial Information for JCP Fund V (Details) - USD ($) $ in Millions	3 Months Ended								9 Months Ended
	Aug. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Aug. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Aug. 31, 2024	Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net losses from our investments in JCP Fund V					$ (0.4)					$ (122.2)
JCP Fund V
Schedule of Equity Method Investments [Line Items]
Net losses from our investments in JCP Fund V	$ (0.1)				$ (0.2)				$ (0.3)	$ (8.5)
Percent of financial information presented									100%
Ownership percentage	35%								35%
Net increase (decrease) in net assets resulting from operations		$ (0.3)	$ 0.1	$ (0.9)		$ (0.4)	$ (4.9)	$ (54.6)

Investments - Other Asset Manag

Investments - Other Asset Management Companies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2024	Aug. 31, 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_5

Investments - Summary of Selected Financial information for Other Asset Management Companies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 2,595,589	$ 2,040,915	$ 7,663,827	$ 5,472,661
Brokerage and clearing fees	101,119	91,226	321,325	268,292
Monashee's Separate Managed Accounts
Schedule of Equity Method Investments [Line Items]
Brokerage and clearing fees		200		600
Principal transactions
Schedule of Equity Method Investments [Line Items]
Revenues	$ 324,501	353,373	$ 1,381,432	1,171,578
Principal transactions \| Monashee's Separate Managed Accounts
Schedule of Equity Method Investments [Line Items]
Revenues		$ 700		$ 400

Investments - ApiJect - Narrati

Investments - ApiJect - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended			3 Months Ended	9 Months Ended
	May 31, 2024	Apr. 30, 2024	Dec. 31, 2023	Aug. 31, 2024	Aug. 31, 2024	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Secured convertible promissory notes		$ 1.3	$ 4.6
Fair value of equity investment				$ 37.1	$ 37.1
Term loan
Schedule of Equity Method Investments [Line Items]
Loans, face amount			$ 30
ApiJect
Schedule of Equity Method Investments [Line Items]
Ownership percentage				33.60%	33.60%
Percentage of future revenue					1.125%
Interest income				$ 0	$ 0.2
Cash consideration	$ 8.8
Gain on conversion of convertible promissory notes					1.2
Fair value of equity investment				116.1	116.1	$ 116.1
Equity securities, cost				$ 100.1	$ 100.1	100.1
Warrants purchased (in shares)				950	950
ApiJect \| Term loan
Schedule of Equity Method Investments [Line Items]
Loans, face amount				$ 23.3	$ 23.3
Loans, fair value				$ 23.3	$ 23.3	$ 30.4

Investments - SPAC (Details)

Investments - SPAC (Details) - USD ($) $ in Millions	9 Months Ended
Investments - SPAC (Details) - USD ($) $ in Millions	Aug. 31, 2024	Apr. 30, 2024	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Fair value of equity investment	$ 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			$ 23.8
Proceeds from investments	$ 24.3

Investments - Stratos - Narrati

Investments - Stratos - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2023	Sep. 14, 2023
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	$ 10	$ 20

Investments - Summary of Sele_6

Investments - Summary of Selected Financial Information For Stratos (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net earnings	$ 181,039	$ 53,947	$ 492,118	$ 191,955
Stratos
Schedule of Equity Method Investments [Line Items]
Net earnings		$ (8,800)		$ (34,600)

Investments - Aircadia Narrativ

Investments - Aircadia Narrative (Details) € in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Lease term				42 months
Property and equipment				$ 57.7
Operating lease income	$ 5.6	$ 15
Interest income	0.8	2.2
Fair value of equity investment	$ 37.1	$ 37.1
Term loan
Schedule of Equity Method Investments [Line Items]
Loans, face amount				$ 30
Term loan \| Subsequent event
Schedule of Equity Method Investments [Line Items]
Additional loans, face amount \| €			€ 15

Investments - OpNet - Narrative

Investments - OpNet - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	May 07, 2024
Schedule of Equity Method Investments [Line Items]
Total equity method pickup earnings (losses) recognized in Other revenues	$ 25	$ (78.1)	$ 62.2	$ (229.9)
OpNet
Schedule of Equity Method Investments [Line Items]
Increase (decrease) in ownership percentage					57.50%
Increase (decrease) in voting percentage					72.60%
Payments to acquire investments		54.2		142.8
Total equity method pickup earnings (losses) recognized in Other revenues		$ 35.3		$ 157.1

Investments - Summary of Sele_7

Investments - Summary of Selected Financial Information for OpNet (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net earnings	$ 181,039	$ 53,947	$ 492,118	$ 191,955
OpNet
Schedule of Equity Method Investments [Line Items]
Net earnings		$ (37,100)		$ (179,100)

Investments - Golden Queen Mini

Investments - Golden Queen Mining Company - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2023	Aug. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment, other than temporary impairment	$ 27.8	$ 57.2
Golden Queen Mining Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%

Investments - Summary of Sele_8

Investments - Summary of Selected Financial Information For Golden Queen Mining Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net earnings (losses)	$ 181,039	$ 53,947	$ 492,118	$ 191,955
Golden Queen Mining Company
Schedule of Equity Method Investments [Line Items]
Net earnings (losses)		$ 700		$ (1,600)

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) - Automobile Loan - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 78,622	$ 79,614
Provision for doubtful accounts	11,788	29,398
Charge-offs, net of recoveries	(10,635)	(29,237)
Ending balance	$ 79,775	$ 79,775

Credit Losses on Financial As_4

Credit Losses on Financial Assets Measured at Amortized Cost - Narrative (Details) $ in Millions	9 Months Ended
	Aug. 31, 2024 USD ($)
Weiss Multi-Strategy Advisers
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for doubtful accounts	$ 26.2

Credit Losses on Financial As_5

Credit Losses on Financial Assets Measured at Amortized Cost - Schedule of Allowance for Credit Loss - Investing Banking (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Credit Loss [Abstract]
Beginning balance	$ 2,868	$ 2,069	$ 6,306	$ 5,914
Bad debt expense	1,059	1,827	3,146	3,574
Charge-offs	(1)	(39)	(2,720)	(3,106)
Recoveries collected	(197)	(111)	(3,003)	(2,636)
Ending balance	$ 3,729	$ 3,746	$ 3,729	$ 3,746

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Feb. 29, 2024	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,847,856	$ 1,847,856	$ 1,736,114
Currency translation and other adjustments		4,870	3,354
Measurement period adjustment		(28,346)
Goodwill relating to acquisitions by Tessellis		8,578
Goodwill, ending balance		1,832,958	1,739,468
OpNet
Goodwill [Roll Forward]
Goodwill, beginning balance	127,100	127,100
Goodwill, ending balance	100,100
Goodwill increase (decrease)	27,000
Investment Banking and Capital Markets
Goodwill [Roll Forward]
Goodwill, beginning balance	1,532,172	1,532,172	1,552,944
Currency translation and other adjustments		3,335	3,354
Measurement period adjustment		0
Goodwill relating to acquisitions by Tessellis		0
Goodwill, ending balance		1,535,507	1,556,298
Asset Management
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 315,684	315,684	183,170
Currency translation and other adjustments		1,535	0
Measurement period adjustment		(28,346)
Goodwill relating to acquisitions by Tessellis		8,578
Goodwill, ending balance		297,451	$ 183,170
Goodwill		143,000		$ 132,514
Asset Management \| OpNet
Goodwill [Roll Forward]
Goodwill				$ 127,051
Investment Banking
Goodwill [Roll Forward]
Goodwill		701,800
Equities and Wealth Management
Goodwill [Roll Forward]
Goodwill		255,800
Fixed Income
Goodwill [Roll Forward]
Goodwill		577,900
Other investments
Goodwill [Roll Forward]
Goodwill		$ 154,500

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 29, 2024	Aug. 31, 2024	Nov. 30, 2023
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Assets Acquired - finite-lived intangible assets		$ 63,676	$ 66,730
Impairment losses - indefinite lived intangible assets		(10)	(78)
Accumulated amortization - finite lived intangible assets		(169,793)	(146,443)
Total gross costs - intangible assets		345,471	276,711
Total net carrying amount - intangible assets		239,344	$ 196,920
OpNet
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Lives (Years)			20 years
Intangible assets increase (decrease)	$ 39,300
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		8,769	$ 7,405
Assets Acquired - indefinite-lived intangible assets		0	1,390
Impairment losses - indefinite lived intangible assets		(10)	(78)
Net carrying amount - indefinite lived intangible assets		8,759	8,717
Customer relationships
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross costs - finite lived intangible assets		136,848	126,449
Assets Acquired - finite-lived intangible assets		27,628	9,801
Impairment losses - indefinite lived intangible assets			0
Accumulated amortization - finite lived intangible assets		(103,756)	(93,966)
Net carrying amount - finite lived intangible assets		$ 60,720	$ 42,284
Weighted Average Remaining Lives (Years)		6 years	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		$ 147,321	$ 127,899
Assets Acquired - finite-lived intangible assets		8,730	18,513
Impairment losses - indefinite lived intangible assets			0
Accumulated amortization - finite lived intangible assets		(43,944)	(39,340)
Net carrying amount - finite lived intangible assets		$ 112,107	$ 107,072
Weighted Average Remaining Lives (Years)		21 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		$ 52,533	$ 14,958
Assets Acquired - finite-lived intangible assets		27,318	37,026
Impairment losses - indefinite lived intangible assets			0
Accumulated amortization - finite lived intangible assets		(22,093)	(13,137)
Net carrying amount - finite lived intangible assets		$ 57,758	$ 38,847
Weighted Average Remaining Lives (Years)		4 years 3 months 18 days	5 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 8,200	$ 2,300	$ 22,300	$ 7,000
Estimated future amortization expense
Remainder of fiscal year 2024	9,720		9,720
Year ending November 30, 2025	33,121		33,121
Year ending November 30, 2026	33,083		33,083
Year ending November 30, 2027	33,049		33,049
Year ending November 30, 2028	$ 32,806		$ 32,806

Revenues from Contracts with _3

Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,222,645	$ 844,959	$ 3,229,408	$ 2,373,368
Revenues	2,595,589	2,040,915	7,663,827	5,472,661
Investment banking
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	925,635	600,190	2,343,284	1,595,463
Revenues	927,094	600,190	2,344,743	1,595,463
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	270,643	223,712	787,968	672,294
Revenues	270,643	223,712	787,968	672,294
Asset management fees and revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,189	5,344	43,539	27,965
Revenues	11,986	14,812	74,126	67,731
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	358	228	799	25,997
Real estate revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,038	1,902	10,727	12,105
Other contracts with customers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,782	13,583	43,091	39,544
Revenues	124,579	(49,212)	439,556	(96,509)
Principal transactions
Disaggregation of Revenue [Line Items]
Revenues	324,501	353,373	1,381,432	1,171,578
Revenues from affiliates
Disaggregation of Revenue [Line Items]
Revenues	6,256	9,468	32,046	39,766
Interest
Disaggregation of Revenue [Line Items]
Revenues	936,786	898,040	2,636,002	2,062,104
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 105,401	$ (64,925)	$ 384,939	$ (174,155)

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,222,645	$ 844,959	$ 3,229,408	$ 2,373,368
Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,195,818	823,902	3,129,781	2,267,757
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26,827	21,057	99,627	105,611
Americas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	910,235	668,280	2,444,756	1,846,435
Americas \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	885,377	648,511	2,351,130	1,744,439
Americas \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	24,858	19,769	93,626	101,996
Europe and the Middle East
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	224,610	101,050	522,108	340,355
Europe and the Middle East \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	223,570	100,419	518,916	338,551
Europe and the Middle East \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,040	631	3,192	1,804
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	87,800	75,629	262,544	186,578
Asia-Pacific \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86,871	74,972	259,735	184,767
Asia-Pacific \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	929	657	2,809	1,811
Investment banking - Advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	592,462	335,271	1,214,927	886,606
Investment banking - Advisory \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	592,462	335,271	1,214,927	886,606
Investment banking - Advisory \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Investment banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	333,173	264,919	1,128,356	708,857
Investment banking - Underwriting \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	333,173	264,919	1,128,356	708,857
Investment banking - Underwriting \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Equities
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	267,697	221,191	779,462	663,957
Equities \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	267,697	221,191	779,462	663,957
Equities \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Fixed income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,486	2,521	7,036	8,337
Fixed income \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,486	2,521	7,036	8,337
Fixed income \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Asset management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,189	5,344	43,539	27,965
Asset management \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Asset management \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,189	5,344	43,539	27,965
Other investments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	19,638	15,713	56,088	77,646
Other investments \| Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other investments \| Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 19,638	$ 15,713	$ 56,088	$ 77,646

Revenues from Contracts with _5

Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligations satisfied	$ 39.2	$ 13.2	$ 39.7	$ 32.7
Revenue associated with distribution services, a portion of which related to prior periods	8.6	8.1	23.8	23.6
Deferred revenue	55.6		55.6		$ 48.3
Revenue recognized	(35)	(12.5)	(33.2)	(19.2)
Receivables related to revenue from contracts with customers	256.8		256.8		248.2
Capitalized contract cost	6.1		6.1		$ 5.3
Expenses to fulfill a contract	$ (2.4)	$ (1.2)	$ (2.7)	$ (1.9)

Compensation Plans - Senior Exe

Compensation Plans - Senior Executive Compensation Plan (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended
	Dec. 31, 2023	Aug. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, outstanding (in shares)		5.1
Potential maximum increase to common shares outstanding from outstanding awards (in shares)		19.4
Restricted stock with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity, outstanding (in shares)		2.3
RSUs with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity, outstanding (in shares)		5.1
RSU with no future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity, outstanding (in shares)		9.2
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		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 119.2	$ 75	$ 374.9	$ 230
Profit sharing plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	2.1	1.8	11.2	10.1
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	103.7	61.9	315.8	184.4
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 13.4	$ 11.3	$ 47.9	$ 35.5

Compensation Plans - Remaining

Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions	9 Months Ended
	Aug. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 1,159.8
Non-vested share-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 123.4
Weighted Average Vesting Period (in Years)	3 years 1 month 6 days
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 1,036.4
Weighted Average Vesting Period (in Years)	3 years

Borrowings - Schedule of Short-

Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 30, 2023
Short-term Debt [Line Items]
Short-term debt	$ 1,718,534	$ 989,715
Bank loans
Short-term Debt [Line Items]
Short-term debt	1,118,783	989,715
Fixed rate callable note
Short-term Debt [Line Items]
Short-term debt	$ 599,751	$ 0

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
Borrowings - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Interest rate on short-term borrowings outstanding	5.99%		6.06%
Increase (decrease) of long-term debt	$ 3,220,000
Long-term debt	12,922,012		$ 9,698,752
Paydown on a credit facility	1,763,572	$ 871,645
Revolving Credit Facility
Debt Instrument [Line Items]
Paydown on a credit facility	350,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	11,294,137		8,497,300
Net proceeds from long term debt	3,290,000
Net repayments	645,000
Unsecured Debt \| Subsidiaries
Debt Instrument [Line Items]
Long-term debt	33,410		0
Secured Debt \| Subsidiaries
Debt Instrument [Line Items]
Long-term debt	1,594,465		$ 1,201,452
Net proceeds from long term debt	427,900
Structured notes
Debt Instrument [Line Items]
Net proceeds from long term debt	297,900
Structured notes \| Subsidiaries
Debt Instrument [Line Items]
Net proceeds from long term debt	$ 105,700

Borrowings - Schedule of Maturi

Borrowings - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Total	$ 12,922,012		$ 12,922,012		$ 9,698,752
Long-term debt, fair value	$ 2,122,890		$ 2,122,890		$ 1,708,443
Weighted-average interest rate	5.61%		5.61%		5.52%
Gains (losses) recognized in interest expense on fair value hedge	$ (17,303)	$ (16,438)	$ (49,099)	$ (41,779)
Level 2 and Level 3
Debt Instrument [Line Items]
Long-term debt, fair value	13,090,184		13,090,184		$ 9,572,842
Long-term debt
Debt Instrument [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	(61,068)	$ 30,345	(62,053)	23,068
Unsecured Debt
Debt Instrument [Line Items]
Total	11,294,137		11,294,137		8,497,300
Long-term debt, outstanding	2,050,000		2,050,000		1,990,000
Unsecured Debt \| Subsidiaries
Debt Instrument [Line Items]
Total	33,410		33,410		$ 0
Unsecured Debt \| Long-term debt
Debt Instrument [Line Items]
Gains (losses) recognized in interest expense on fair value hedge			$ (62,100)	$ 23,100
Unsecured Debt \| Minimum
Debt Instrument [Line Items]
Interest rate range			0.25%		0.25%
Unsecured Debt \| Maximum
Debt Instrument [Line Items]
Interest rate range			7.97%		8.21%
Secured Debt \| Subsidiaries
Debt Instrument [Line Items]
Total	1,594,465		$ 1,594,465		$ 1,201,452
Secured Debt \| Secured Credit Facility
Debt Instrument [Line Items]
Total	788,900		788,900		735,200
Fixed rate \| Unsecured Debt
Debt Instrument [Line Items]
2024	0		0		544,222
2025	74,924		74,924		117,180
2026	871,569		871,569		90,315
2027	383,792		383,792		526,660
2028	1,030,332		1,030,332		1,028,966
2029 and Later	4,698,975		4,698,975		2,715,503
Fixed rate \| Unsecured Debt \| Subsidiaries
Debt Instrument [Line Items]
2029	6,662		6,662		0
Fixed rate \| Secured Debt \| Subsidiaries
Debt Instrument [Line Items]
2024	200,969		200,969		135,202
2025	81,264		81,264		117,814
2026	48,859		48,859		23,313
2027	7,098		7,098		4,412
2028	34,923		34,923		37,305
2029 and Later	100,858		100,858		0
Variable rate \| Unsecured Debt
Debt Instrument [Line Items]
2025	0		0		350,000
2026	43,062		43,062		42,417
2027	721,781		721,781		562,833
2029 and Later	1,346,811		1,346,811		810,761
Variable rate \| Unsecured Debt \| Subsidiaries
Debt Instrument [Line Items]
2024	26,748		26,748		0
Variable rate \| Secured Debt
Debt Instrument [Line Items]
2024	0		0		883,406
2025	0		0		0
Variable rate \| Secured Debt \| Subsidiaries
Debt Instrument [Line Items]
2026	856,545		856,545		0
2027	263,949		263,949		0
Structured notes \| Unsecured Debt
Debt Instrument [Line Items]
2024	5,508		5,508		48,002
2025	100,231		100,231		40,868
2026	66,166		66,166		36,178
2027	61,794		61,794		83,306
2028	38,019		38,019		19,768
2029 and Later	1,851,173		1,851,173		1,480,321
Long-term debt, fair value	$ 2,122,890		$ 2,122,890		$ 1,708,443

Total Equity - Narrative (Detai

Total Equity - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Jun. 20, 2024 USD ($) shares	Apr. 27, 2023 $ / shares shares	Nov. 30, 2023 USD ($) $ / shares shares	Oct. 09, 2024	Sep. 19, 2024 shares	Aug. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2023 shares	Jun. 28, 2023 $ / shares	Feb. 28, 2023 USD ($) $ / shares shares
Purchase Requirement [Line Items]
Common shares, authorized (in shares)			565,000,000			565,000,000	600,000,000
Common shares, par value (in dollars per share) \| $ / shares			$ 1			$ 1
Common shares, issued (in shares)			210,626,642			205,495,338
Common shares, outstanding (in shares)			210,626,642			205,495,338
Share repurchase program, remaining authorized, amount \| $						$ 250,000
Preferred shares, par value (in dollars per share) \| $ / shares		$ 1	$ 1			$ 1
Preferred shares, authorized (in shares)		70,000	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
Sumitomo Mitsui Banking Corporation Agreement
Purchase Requirement [Line Items]
Common stock, as-converted basis						11.80%
Common stock, fully diluted, as-converted basis						10.90%
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Subsequent event
Purchase Requirement [Line Items]
Common shares, issued (in shares)					9,200,000
Common stock, as-converted basis				15.80%
Common stock, fully diluted, as-converted basis				14.50%
Common Stock
Purchase Requirement [Line Items]
Callable preferred shares (in shares)	6,600,000		21,000,000
Conversion of shares \| $			$ (21,000)
Preferred Stock
Purchase Requirement [Line Items]
Callable preferred shares (in shares)	13,125		42,000
Proceeds from issuance of preferred stock \| $	$ 9,800
Conversion of shares \| $			$ 42
Member's paid-in capital
Purchase Requirement [Line Items]
Conversion of shares \| $			$ 52,400
Nonvoting Common Stock
Purchase Requirement [Line Items]
Common shares, authorized (in shares)			35,000,000			35,000,000	35,000,000
Common shares, par value (in dollars per share) \| $ / shares			$ 1			$ 1		$ 1
Common shares, issued (in shares)			0			0
Common shares, outstanding (in shares)			0			0
Voting Common Stock
Purchase Requirement [Line Items]
Common shares, authorized (in shares)							565,000,000
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
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)									4,654,362
Mandatorily redeemable convertible preferred shares redemption value \| $									$ 125,000
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) \| $ / shares									$ 26.86

Total Equity - Earnings Per Sha

Total Equity - Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations	$ 174,676	$ 53,947	$ 493,606	$ 191,955
Less: Net losses attributable to noncontrolling interests	(6,304)	(3,772)	(16,541)	(13,794)
Mandatorily redeemable convertible preferred share dividends	0	0	0	(2,016)
Allocation of earnings to participating securities	(20,785)	(6,369)	(48,501)	(7,344)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share	160,195	51,350	461,646	196,389
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share	160,195	51,350	461,646	196,389
Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations (including loss on disposal), net of income taxes	6,363	0	(1,488)	0
Less: Net losses attributable to noncontrolling interests	(570)	0	(2,561)	0
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share	6,933	0	1,073	0
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share	6,933	0	1,073	0
Net earnings attributable to common shareholders for basic earnings per share	167,128	51,350	462,719	196,389
Net earnings attributable to common shareholders for diluted earnings per share	$ 167,128	$ 51,350	$ 462,719	$ 196,389
Denominator for earnings per common share:
Weighted average common shares outstanding (in shares)	206,418	218,411	209,997	226,265
Weighted average basic common shares (in shares)	214,452	228,353	218,106	236,666
Weighted average diluted common shares (in shares)	221,699	232,041	224,180	240,658
Earnings (losses) per common share:
Basic from continuing operations (in USD per share)	$ 0.75	$ 0.22	$ 2.12	$ 0.83
Basic from discontinued operations (in USD per share)	0.03	0	0	0
Basic (in USD per share)	0.78	0.22	2.12	0.83
Diluted from continuing operations (in USD per share)	0.72	0.22	2.06	0.82
Diluted from discontinued operations (in USD per share)	0.03	0	0	0
Diluted (in USD per share)	$ 0.75	$ 0.22	$ 2.06	$ 0.82
Weighted average shares of participating securities (in shares)	26,300	700	22,900	1,100
Percent of weighted average common shares outstanding	12.70%		12.50%
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)	(2,305)	(1,793)	(2,346)	(1,923)
RSU with no future service required
Denominator for earnings per common share:
Weighted average RSUs outstanding with no future service required (in shares)	10,339	11,735	10,455	12,324
Stock options
Denominator for earnings per common share:
Dilutive effect of share-based payment arrangements (in shares)	4,189	2,047	3,369	2,064
Restricted stock units (RSUs)
Denominator for earnings per common share:
Dilutive effect of share-based payment arrangements (in shares)	3,058	1,641	2,705	1,928

Total Equity - Dividends (Detai

Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Aug. 31, 2024	May 31, 2024	Feb. 29, 2024	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Aug. 31, 2024	Aug. 31, 2023
Equity [Abstract]
Dividends - common share (in dollars per share)	$ 0.35	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.95	$ 0.90
Common stock, dividends, cash paid (in dollars per share)	$ 0.35	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30
Dividends - preferred shares	$ 9.6			$ 6.3			$ 22.2	$ 6.3

Total Equity - Summary of Accum

Total Equity - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ 10,115,361		$ 9,802,135	$ 9,765,132
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(369,965)	$ (410,734)	(395,545)	$ (398,250)	$ (370,052)	$ (379,419)
Net unrealized losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(2,539)		(4,595)
Net currency translation adjustments and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(144,345)		(162,541)
Net unrealized losses related to instrument-specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(176,865)		(181,946)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (46,216)		$ (46,463)

Total Equity - Schedule of Accu

Total Equity - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 2,595,589	$ 2,040,915	$ 7,663,827	$ 5,472,661
Compensation and benefits	(889,098)	(644,059)	(2,677,962)	(1,922,985)
Net earnings	181,039	53,947	492,118	191,955
Income tax expense	(78,011)	(37,124)	(207,077)	(75,053)
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	324,501	353,373	1,381,432	1,171,578
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net earnings	83	(29)	2,536	(739)
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	(100)		(1,000)	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	150	13	2,783	(151)
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	$ (67)	$ (42)	(247)	(588)
Income tax expense			$ 100	$ 100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 358,600		$ 358,600		$ 332,300
Accrued interest on unrecognized tax benefits	171,300		171,300		142,100
Unrecognized tax benefits that would impact effective tax rate in future	283,900		283,900		$ 263,000
Income tax expense	$ 78,011	$ 37,124	$ 207,077	$ 75,053
Effective tax rate	30.90%	40.80%	29.60%	28.10%

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Commitments (Details) $ in Millions	9 Months Ended
	Aug. 31, 2024 USD ($)
Commitments and Guarantees Obligations [Line Items]
2024	$ 11,516.1
2025	884
2026 and 2027	613
2028 and 2029	0.2
2030 and Later	266.8
Maximum Payout	$ 13,280.1
Repurchase obligation settlement period	3 days
Equity commitments
Commitments and Guarantees Obligations [Line Items]
2024	$ 14.2
2025	25.3
2026 and 2027	34.9
2028 and 2029	0.2
2030 and Later	261.6
Maximum Payout	336.2
Loan commitments
Commitments and Guarantees Obligations [Line Items]
2024	0
2025	679.7
2026 and 2027	87.9
2028 and 2029	0
2030 and Later	5.2
Maximum Payout	772.8
Loan Purchase Commitments
Commitments and Guarantees Obligations [Line Items]
2024	3,315.4
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	3,315.4
Underwriting commitments
Commitments and Guarantees Obligations [Line Items]
2024	57.3
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	57.3
Forward starting reverse repos
Commitments and Guarantees Obligations [Line Items]
2024	4,406.9
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	4,406.9
Forward starting repos
Commitments and Guarantees Obligations [Line Items]
2024	3,512.1
2025	0
2026 and 2027	0
2028 and 2029	0
2030 and Later	0
Maximum Payout	3,512.1
Other unfunded commitments
Commitments and Guarantees Obligations [Line Items]
2024	210.2
2025	179
2026 and 2027	490.2
2028 and 2029	0
2030 and Later	0
Maximum Payout	879.4
Back-To-Back Committed Sales Contracts
Commitments and Guarantees Obligations [Line Items]
Maximum Payout	$ 3,200

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Narrative (Details) $ in Millions	9 Months Ended
	Aug. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee	$ 200.4
HomeFed LLC
Loss Contingencies [Line Items]
Aggregate amount of infrastructure improvement bonds, outstanding	50.1
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit commitments	$ 221.4
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	$ 515.4
Outstanding loan commitments to strategic affiliates
Loss Contingencies [Line Items]
Loan commitments outstanding to clients	7.4
Jefferies Capital Partners LLC
Loss Contingencies [Line Items]
Outstanding equity commitments	9.9
Strategic Affiliates
Loss Contingencies [Line Items]
Outstanding equity commitments	265.6
Other Investments
Loss Contingencies [Line Items]
Outstanding equity commitments	$ 45.3

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Guarantees (Details) $ in Millions	Aug. 31, 2024 USD ($)
Derivative contracts—non-credit related
Guarantee Obligations [Line Items]
2024	$ 7,230.2
2025	22,670.8
2026 and 2027	22,552
2028 and 2029	825
Notional/ Maximum Payout	53,278
Total derivative contracts
Guarantee Obligations [Line Items]
2024	7,230.2
2025	22,670.8
2026 and 2027	22,552
2028 and 2029	825
Notional/ Maximum Payout	$ 53,278

Regulatory Requirements (Detail

Regulatory Requirements (Details) - USD ($) $ in Thousands	Aug. 31, 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	$ 1,360,324	$ 1,414,593
Jefferies LLC
Net Capital Requirements [Line Items]
Net Capital	1,754,381
Excess Net Capital	1,640,845
JFSI - SEC
Net Capital Requirements [Line Items]
Net Capital	251,099
Excess Net Capital	227,718
JFSI - CFTC
Net Capital Requirements [Line Items]
Net Capital	251,099
Excess Net Capital	224,227
Jefferies LLC
Net Capital Requirements [Line Items]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	658,700
Jefferies Inc
Net Capital Requirements [Line Items]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 383,200

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Aug. 31, 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		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 1,683,552	$ 1,182,109	$ 5,078,200	$ 3,503,211
Non-interest expenses	1,430,865	1,091,038	4,377,517	3,236,203
Non-interest expenses	1,430,900	1,091,100	4,377,500	3,236,200
Earnings from continuing operations before income taxes	252,687	91,071	700,683	267,008
Assets	63,275,098		63,275,098		$ 57,905,161
Minimum
Revenues from External Customers and Long-Lived Assets [Line Items]
Earnings from continuing operations before income taxes	252,700	91,000	700,700
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,679,100	1,178,300	5,054,700	3,494,100
Non-interest expenses	1,430,900	1,091,000	4,377,500	3,236,200
Earnings from continuing operations before income taxes	248,200	87,300	677,200	257,900
Segment Reconciling Items
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	4,500	3,700	23,500	9,100
Non-interest expenses	0	0	0	0
Earnings from continuing operations before income taxes	4,500	3,700	23,500	9,100
Investment Banking and Capital Markets
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	57,712,700		57,712,700		51,776,900
Investment Banking and Capital Markets \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,620,100	1,168,200	4,565,800	3,446,400
Non-interest expenses	1,251,600	1,013,100	3,791,000	2,996,200
Earnings from continuing operations before income taxes	368,500	155,100	774,800	450,200
Asset Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	5,562,400		5,562,400		$ 6,128,300
Asset Management \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	59,000	10,100	488,900	47,700
Non-interest expenses	179,300	77,900	586,500	240,000
Earnings from continuing operations before income taxes	$ (120,300)	$ (67,800)	$ (97,600)	$ (192,300)

Segment Reporting - Net Reven_2

Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Revenues
Net revenues	$ 1,683,552	$ 1,182,109	$ 5,078,200	$ 3,503,211
Americas
Revenues
Net revenues	1,159,300	936,900	3,612,200	2,751,400
Europe and the Middle East
Revenues
Net revenues	404,300	173,900	1,106,500	534,800
Asia-Pacific
Revenues
Net revenues	$ 120,000	$ 71,300	$ 359,500	$ 217,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 13, 2023	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Oct. 09, 2024	Sep. 19, 2024	Nov. 30, 2023
Related Party Transaction [Line Items]
Other assets		$ 3,263,629		$ 3,263,629				$ 2,650,640
Investments in and loans to related parties		1,349,629		1,349,629				$ 1,239,345
Revenues		$ 2,595,589	$ 2,040,915	$ 7,663,827	$ 5,472,661
Common shares, issued (in shares)		205,495,338		205,495,338				210,626,642
Sumitomo Mitsui Banking Corporation Agreement
Related Party Transaction [Line Items]
Common stock, as-converted basis		11.80%		11.80%
Common stock, fully diluted, as-converted basis		10.90%		10.90%
Officers and Employees
Related Party Transaction [Line Items]
Other assets		$ 31,800		$ 31,800				$ 31,000
Director
Related Party Transaction [Line Items]
Investments in and loans to related parties		3,900		3,900				$ 3,000
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
Related Party \| Sumitomo Mitsui Banking Corporation Agreement
Related Party Transaction [Line Items]
Other assets		$ 269		269
Revenues				$ (33,550)
Related Party \| Sumitomo Mitsui Banking Corporation Agreement \| Subsequent event
Related Party Transaction [Line Items]
Common stock, as-converted basis						15.80%
Common stock, fully diluted, as-converted basis						14.50%
Common shares, issued (in shares)							9,200,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Nov. 30, 2023
Assets
Cash and cash equivalents	$ 10,573,471		$ 10,573,471		$ 8,526,363
Financial instruments owned, at fair value	24,038,659		24,038,659		21,747,473
Securities borrowed	7,056,550		7,056,550		7,192,091
Securities purchased under agreements to resell	6,993,024		6,993,024		5,950,549
Receivables:
Brokers, dealers and clearing organizations	2,583,719		2,583,719		2,380,732
Customers	2,060,450		2,060,450		1,705,425
Fees, interest and other	661,038		661,038		630,142
Other assets	3,263,629		3,263,629		2,650,640
Total assets	63,275,098		63,275,098		57,905,161
Liabilities
Financial instruments sold, not yet purchased, at fair value	12,307,086		12,307,086		11,251,154
Securities sold under agreements to repurchase	9,603,530		9,603,530		10,920,606
Payables:
Brokers, dealers and clearing organizations	4,421,053		4,421,053		3,737,810
Customers	3,898,469		3,898,469		3,960,557
Long-term debt	12,922,012		12,922,012		9,698,752
Total liabilities	53,159,331		53,159,331		$ 48,102,620
Revenues
Revenues	2,595,589	$ 2,040,915	7,663,827	$ 5,472,661
Interest expense	912,037	858,806	2,585,627	1,969,450
Net revenues	1,683,552	1,182,109	5,078,200	3,503,211
Non-interest expenses
Business development	68,152	41,467	194,433	121,892
Total non-interest expenses	1,430,865	1,091,038	4,377,517	3,236,203
Investment banking
Revenues
Revenues	927,094	600,190	2,344,743	1,595,463
Principal transactions
Revenues
Revenues	324,501	353,373	1,381,432	1,171,578
Commissions and other fees
Revenues
Revenues	270,643	223,712	787,968	672,294
Interest
Revenues
Revenues	936,786	$ 898,040	2,636,002	$ 2,062,104
Sumitomo Mitsui Banking Corporation Agreement \| Related Party
Assets
Cash and cash equivalents	521,701		521,701
Financial instruments owned, at fair value	9,607		9,607
Securities borrowed	15,357		15,357
Securities purchased under agreements to resell	431,802		431,802
Receivables:
Brokers, dealers and clearing organizations	121,618		121,618
Customers	4,163		4,163
Fees, interest and other	3,022		3,022
Other assets	269		269
Total assets	1,107,539		1,107,539
Liabilities
Financial instruments sold, not yet purchased, at fair value	14,983		14,983
Securities sold under agreements to repurchase	538,239		538,239
Payables:
Brokers, dealers and clearing organizations	130,852		130,852
Customers	4,891		4,891
Fees, interest and other	326		326
Long-term debt	0		0
Total liabilities	689,291		689,291
Revenues
Revenues			(33,550)
Interest expense			2,411
Net revenues			(35,961)
Non-interest expenses
Business development			4,570
Total non-interest expenses			4,570
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Investment banking
Revenues
Revenues			455
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Principal transactions
Revenues
Revenues			(38,301)
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Commissions and other fees
Revenues
Revenues			180
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Interest
Revenues
Revenues			4,116
Sumitomo Mitsui Banking Corporation Agreement \| Related Party \| Revolving Credit Facility \| Line of credit
Payables:
Paydown on a credit facility	$ 750,000		$ 750,000