Jefferies Financial Group Inc. Leases Disclosure
November 30, | ||
$ in thousands | 2025 | 2024 |
$525,658 | $553,816 | |
Weighted average: | ||
Remaining lease term (in years) ................................ | 8.7 | 9.6 |
Discount rate ................................................................. | 5.2% | 5.1% |
$ in thousands | November 30, | |
Fiscal Year | 2025 | 2024 |
2025 ............................................................................... | $— | $98,220 |
2026 ............................................................................... | 109,757 | 107,298 |
2027 ............................................................................... | 101,651 | 93,675 |
2028 ............................................................................... | 91,957 | 87,802 |
2029 ............................................................................... | 44,637 | 40,951 |
2030 ............................................................................... | 57,420 | 53,104 |
2031 and thereafter ..................................................... | 331,099 | 320,318 |
Total undiscounted cash flows ................................. | 736,521 | 801,368 |
Less: Difference between undiscounted and discounted cash flows ........................................... | (143,723) | (168,165) |
592,798 | 633,203 | |
1,299 | 2,103 | |
Total amount in our Consolidated Statements of Financial Condition ................................................. | $594,097 | $635,306 |
Year Ended November 30, | |||
$ in thousands | 2025 | 2024 | 2023 |
Operating lease costs (1) ................ | $91,279 | $86,581 | $81,194 |
Variable lease costs (2) ................... | 18,772 | 15,208 | 14,506 |
Less: Sublease income .................... | (4,157) | (3,940) | (5,545) |
Total lease cost, net ........................ | $105,894 | $97,849 | $90,155 |
Year Ended November 30, | |||
$ in thousands | 2025 | 2024 | 2023 |
Cash outflows - lease liabilities ..... | $101,108 | $92,355 | $81,831 |
Non-cash - ROU assets recorded for new and modified leases ......... | 19,496 | 154,903 | 56,968 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 28, 2026 | Showing above |
| 2024 | Jan 28, 2025 | |
| 2023 | Jan 26, 2024 | |
| 2022 | Jan 27, 2023 | |
| 2021 | Jan 28, 2022 | |
| 2020 | Jan 29, 2021 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 19, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.