Jefferies Financial Group Inc.JEF
Jefferies Financial Group Inc. Debt Disclosure
Note 17. BorrowingsShort-Term Borrowings
November 30, | ||
$ in thousands | 2025 | 2024 |
Bank loans and other credit facilities ........................ | $568,418 | $443,160 |
Fixed rate callable note ............................................... | 1,198,788 | — |
Total short-term borrowings (1) ............................... | $1,767,206 | $443,160 |
(1)Short-term borrowings mature in one year or less and are recorded at cost,
which is a reasonable approximation of their fair values due to their liquid and
short-term nature.
At November 30, 2025 and 2024, the weighted average interest
rate on bank loans outstanding is 4.92% and 6.25% per annum,
respectively.
Our borrowings include credit facilities that contain certain
covenants that, among other things, require us to maintain a
specified level of tangible net worth, require a minimum
regulatory net capital requirement for our U.S. broker-dealer,
Jefferies LLC, and impose certain restrictions on the future
indebtedness of certain of our subsidiaries that are borrowers.
Interest is based on rates at spreads over the federal funds rate
or other adjusted rates, as defined in the various credit
agreements, or at a rate as agreed between the bank and us in
reference to the bank’s cost of funding. At November 30, 2025,
we were in compliance with all covenants under these credit
facilities.
Long-Term DebtNovember 30, | |||
$ in thousands | Maturity (Fiscal Years) | 2025 | 2024 |
Parent Co. unsecured borrowings | |||
Fixed rate | 2025 | $— | $519,738 |
2026 | 869,461 | 818,819 | |
2027 | 1,117,106 | 587,631 | |
2028 | 1,029,501 | 1,031,076 | |
2029 | 586,495 | 742,427 | |
2030 | 1,063,637 | 1,078,816 | |
2031 and Later | 4,782,178 | 3,482,998 | |
Variable rate | 2026 | 45,235 | 41,230 |
2027 | — | 570,432 | |
2029 | 1,312 | 1,311 | |
2031 and Later | 71,924 | 850,273 | |
Structured notes (1) | 2025 | — | 157,638 |
2026 | 102,743 | 114,308 | |
2027 | 94,777 | 97,758 | |
2028 | 176,009 | 77,781 | |
2029 | 178,956 | 316,139 | |
2030 | 443,825 | 76,122 | |
2031 and Later | 2,156,638 | 1,511,599 | |
Total Parent Co. unsecured borrowings (2) .......................................................................................................................................... | 12,719,797 | 12,076,096 | |
Subsidiaries secured borrowings | |||
Fixed rate (3) | 2025 | — | 160,384 |
2026 | 166,414 | 42,643 | |
2027 | 630,114 | 13,077 | |
2028 | 746,556 | 35,135 | |
2029 | 191,068 | 104,912 | |
Variable rate | 2026 | 525,000 | 792,400 |
2027 | 124,458 | 274,026 | |
Total Subsidiaries secured borrowings ................................................................................................................................................. | 2,383,610 | 1,422,577 | |
Subsidiaries unsecured borrowings | |||
Fixed rate | 2029 | 3,937 | 4,310 |
2030 | 1,416 | 1,347 | |
2031 and Later | 633,372 | — | |
Variable rate | 2026 | 100,000 | 26,235 |
2027 | 53,759 | — | |
Total Subsidiaries unsecured borrowings ............................................................................................................................................. | 792,484 | 31,892 | |
Total long-term debt (3) .......................................................................................................................................................................... | $15,895,891 | $13,530,565 | |
Fair value .................................................................................................................................................................................................... | $16,122,970 | $13,734,421 | |
Weighted-average interest rate (4) ....................................................................................................................................................... | 5.11% | 5.30% | |
Interest rate range (4) .............................................................................................................................................................................. | 0.00% - 7.50% | 0.00% - 7.66% | |
(1)Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components
recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception
of certain of the structured notes would be classified as Level 2 in the fair value hierarchy.
(2)Carrying values of certain borrowings, totaling $2.68 billion and $2.04 billion for November 30, 2025 and 2024, respectively, include cumulative hedging adjustments of
$142.8 million and $193.7 million at November 30, 2025 and 2024, respectively, associated with interest rate swaps based on designation as fair value hedges.
(3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At November 30, 2025 and 2024, our borrowings under
several credit facilities classified within Long-term debt amounted to $803.2 million and $775.3 million, respectively. Interest on these credit facilities is based on an
adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Certain of our long-term
borrowings are callable by us prior to maturity reflected at their contractual maturity dates. Additionally, certain of our borrowings are under agreements containing
covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, certain credit and rating levels and impose certain
restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At November 30, 2025, we were
in compliance with all covenants under theses credit agreements.
(4)Interest rates exclude structured notes.
For the year ended November 30, 2025, long-term debt increased
by $2.37 billion to $15.90 billion at November 30, 2025, primarily
due to proceeds of $1.07 billion from the issuances of unsecured
senior notes, $698.7 million from net issuances of structured
notes, $1.65 billion from increased subsidiaries borrowings and
$296.1 million from currency losses on foreign currency
borrowings. These increases were partially offset by repayments
of $1.42 billion on unsecured senior notes.
In January 2026, we issued $1.5 billion aggregate principal
amount of 5.500% Senior Notes due 2036.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 28, 2026 | Showing above |
| 2024 | Jan 28, 2025 | |
| 2022 | Jan 27, 2023 | |
| 2021 | Jan 28, 2022 | |
| 2020 | Jan 29, 2021 | |
| 2019 | Jan 29, 2020 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 19, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.