000009622311/302026Q1falseP1YP1Yhttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#FinancialInstrumentsOwnedAtFairValuehttp://fasb.org/us-gaap/2025#FinancialInstrumentsOwnedAtFairValuehttp://fasb.org/us-gaap/2025#FinancialInstrumentsSoldNotYetPurchasedAtFairValuehttp://fasb.org/us-gaap/2025#FinancialInstrumentsSoldNotYetPurchasedAtFairValueP3Dxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesjef:segmentxbrli:purejef:Contractiso4217:EURjef:directorAndOfficer00000962232025-12-012026-02-280000096223us-gaap:CommonStockMember2025-12-012026-02-280000096223jef:FourPointEightFivePercentageSeniorNotesDue2027Member2025-12-012026-02-280000096223jef:FivePointEightSevenFivePercentageSeniorNotesDue2028Member2025-12-012026-02-280000096223jef:TwoPointSevenFivePercentageSeniorNotesDue2032Member2025-12-012026-02-280000096223jef:SixPointTwoZeroZeroPercentageSeniorNotesDue2034Member2025-12-012026-02-280000096223jef:FivePointFiveZeroZeroPercentageSeniorNotesDue2036Member2025-12-012026-02-2800000962232026-03-3000000962232026-02-2800000962232025-11-300000096223us-gaap:AssetPledgedAsCollateralMember2026-02-280000096223us-gaap:AssetPledgedAsCollateralMember2025-11-300000096223us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-02-280000096223us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-11-300000096223jef:StructuredNotesMemberus-gaap:UnsecuredDebtMember2026-02-280000096223jef:StructuredNotesMemberus-gaap:UnsecuredDebtMember2025-11-300000096223us-gaap:SeriesBPreferredStockMember2025-11-300000096223us-gaap:SeriesBPreferredStockMember2026-02-280000096223jef:VotingCommonStockMember2025-11-300000096223jef:VotingCommonStockMember2026-02-280000096223us-gaap:NonvotingCommonStockMember2026-02-280000096223us-gaap:NonvotingCommonStockMember2025-11-300000096223jef:InvestmentBankingMember2025-12-012026-02-280000096223jef:InvestmentBankingMember2024-12-012025-02-280000096223jef:PrincipalTransactionsRevenueMember2025-12-012026-02-280000096223jef:PrincipalTransactionsRevenueMember2024-12-012025-02-280000096223jef:CommissionsAndOtherFeesMember2025-12-012026-02-280000096223jef:CommissionsAndOtherFeesMember2024-12-012025-02-280000096223us-gaap:AssetManagement1Member2025-12-012026-02-280000096223us-gaap:AssetManagement1Member2024-12-012025-02-280000096223jef:InterestRevenueMember2025-12-012026-02-280000096223jef:InterestRevenueMember2024-12-012025-02-280000096223us-gaap:ProductAndServiceOtherMember2025-12-012026-02-280000096223us-gaap:ProductAndServiceOtherMember2024-12-012025-02-2800000962232024-12-012025-02-280000096223us-gaap:PreferredStockMember2025-11-300000096223us-gaap:PreferredStockMember2024-11-300000096223us-gaap:PreferredStockMember2026-02-280000096223us-gaap:PreferredStockMember2025-02-280000096223us-gaap:CommonStockMember2025-11-300000096223us-gaap:CommonStockMember2024-11-300000096223us-gaap:CommonStockMember2025-12-012026-02-280000096223us-gaap:CommonStockMember2024-12-012025-02-280000096223us-gaap:CommonStockMember2026-02-280000096223us-gaap:CommonStockMember2025-02-280000096223us-gaap:AdditionalPaidInCapitalMember2025-11-300000096223us-gaap:AdditionalPaidInCapitalMember2024-11-300000096223us-gaap:AdditionalPaidInCapitalMember2025-12-012026-02-280000096223us-gaap:AdditionalPaidInCapitalMember2024-12-012025-02-280000096223us-gaap:AdditionalPaidInCapitalMember2026-02-280000096223us-gaap:AdditionalPaidInCapitalMember2025-02-280000096223us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-11-300000096223us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-11-300000096223us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-012026-02-280000096223us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-012025-02-280000096223us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-02-280000096223us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-02-280000096223us-gaap:RetainedEarningsMember2025-11-300000096223us-gaap:RetainedEarningsMember2024-11-300000096223us-gaap:RetainedEarningsMember2025-12-012026-02-280000096223us-gaap:RetainedEarningsMember2024-12-012025-02-280000096223us-gaap:RetainedEarningsMember2026-02-280000096223us-gaap:RetainedEarningsMember2025-02-280000096223us-gaap:ParentMember2026-02-280000096223us-gaap:ParentMember2025-02-280000096223us-gaap:NoncontrollingInterestMember2025-11-300000096223us-gaap:NoncontrollingInterestMember2024-11-300000096223us-gaap:NoncontrollingInterestMember2025-12-012026-02-280000096223us-gaap:NoncontrollingInterestMember2024-12-012025-02-280000096223us-gaap:NoncontrollingInterestMember2026-02-280000096223us-gaap:NoncontrollingInterestMember2025-02-2800000962232025-02-2800000962232024-11-300000096223us-gaap:DiscontinuedOperationsHeldforsaleMember2026-02-280000096223us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:EquitySecuritiesMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:CorporateDebtSecuritiesMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMember2026-02-280000096223us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:USTreasuryAndGovernmentMember2026-02-280000096223us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:MunicipalBondsMember2026-02-280000096223us-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:SovereignDebtSecuritiesMember2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMember2026-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223jef:OtherAssetBackedSecuritiesMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMember2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsAssetsMember2026-02-280000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223jef:InvestmentsAtFairValueMember2026-02-280000096223us-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:LoansMember2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2026-02-280000096223us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-02-280000096223us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:EquitySecuritiesMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:CorporateDebtSecuritiesMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMember2025-11-300000096223us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:USTreasuryAndGovernmentMember2025-11-300000096223us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:MunicipalBondsMember2025-11-300000096223us-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:SovereignDebtSecuritiesMember2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMember2025-11-300000096223us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:CommercialMortgageBackedSecuritiesMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223jef:OtherAssetBackedSecuritiesMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMember2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsAssetsMember2025-11-300000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223jef:InvestmentsAtFairValueMember2025-11-300000096223us-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:LoansMember2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2025-11-300000096223us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-11-300000096223us-gaap:HedgeFundsEquityLongShortMember2026-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2026-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A60DaysPriorWrittenNoticeMember2026-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A45DaysPriorWrittenNoticeMember2025-12-012026-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2025-12-012026-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A45DaysPriorWrittenNoticeMember2025-12-012026-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A60DaysPriorWrittenNoticeMember2025-12-012026-02-280000096223us-gaap:PrivateEquityFundsMember2026-02-280000096223jef:CreditFundsMember2026-02-280000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2026-02-280000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A30DaysPriorWrittenNoticeMember2026-02-280000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2025-12-012026-02-280000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A30DaysPriorWrittenNoticeMember2025-12-012026-02-280000096223jef:RealEstateAndOtherFundsMember2026-02-280000096223jef:A90DaysPriorWrittenNoticeMemberjef:RealEstateAndOtherFundsMember2026-02-280000096223jef:A90DaysPriorWrittenNoticeMemberjef:RealEstateAndOtherFundsMember2025-12-012026-02-280000096223us-gaap:HedgeFundsEquityLongShortMember2025-11-300000096223us-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:HedgeFundsEquityLongShortMember2025-11-300000096223us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:HedgeFundsEquityLongShortMember2025-11-300000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A45DaysPriorWrittenNoticeMember2024-12-012025-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2024-12-012025-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A45DaysPriorWrittenNoticeMember2024-12-012025-02-280000096223us-gaap:HedgeFundsEquityLongShortMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A60DaysPriorWrittenNoticeMember2024-12-012025-02-280000096223us-gaap:PrivateEquityFundsMember2025-11-300000096223jef:CreditFundsMember2025-11-300000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2025-11-300000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A30DaysPriorWrittenNoticeMember2025-11-300000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberjef:A90DaysPriorWrittenNoticeMember2024-12-012025-02-280000096223jef:CreditFundsMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberjef:A30DaysPriorWrittenNoticeMember2024-12-012025-02-280000096223jef:RealEstateAndOtherFundsMember2025-11-300000096223jef:A90DaysPriorWrittenNoticeMemberjef:OtherFundsMember2025-11-300000096223jef:A90DaysPriorWrittenNoticeMemberjef:OtherFundsMember2024-12-012025-11-300000096223us-gaap:PrivateEquityFundsMember2024-12-012025-02-280000096223us-gaap:PrivateEquityFundsMember2025-12-012026-02-280000096223jef:A90DaysPriorWrittenNoticeMemberus-gaap:ShortTermInvestmentsMember2024-12-012025-02-280000096223jef:A90DaysPriorWrittenNoticeMemberus-gaap:ShortTermInvestmentsMember2025-12-012026-02-280000096223jef:A120DaysPriorWrittenNoticeMemberus-gaap:ShortTermInvestmentsMember2024-12-012025-02-280000096223jef:A120DaysPriorWrittenNoticeMemberus-gaap:ShortTermInvestmentsMember2025-12-012026-02-280000096223us-gaap:EquitySecuritiesMember2025-12-012026-02-280000096223us-gaap:CorporateDebtSecuritiesMember2025-12-012026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMember2025-12-012026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMember2025-12-012026-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMember2025-12-012026-02-280000096223jef:OtherAssetBackedSecuritiesMember2025-12-012026-02-280000096223us-gaap:LoansAndFinanceReceivablesMember2025-12-012026-02-280000096223us-gaap:InvestmentsMember2025-11-300000096223us-gaap:InvestmentsMember2025-12-012026-02-280000096223us-gaap:InvestmentsMember2026-02-280000096223us-gaap:LoansMember2025-12-012026-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2025-12-012026-02-280000096223jef:OtherSecuredFinancingsAtFairValueMember2025-11-300000096223jef:OtherSecuredFinancingsAtFairValueMember2025-12-012026-02-280000096223jef:OtherSecuredFinancingsAtFairValueMember2026-02-280000096223us-gaap:LongTermDebtMember2025-11-300000096223us-gaap:LongTermDebtMember2025-12-012026-02-280000096223us-gaap:LongTermDebtMember2026-02-280000096223jef:StructuredNotesMember2025-12-012026-02-280000096223us-gaap:EquitySecuritiesMember2024-11-300000096223us-gaap:EquitySecuritiesMember2024-12-012025-02-280000096223us-gaap:EquitySecuritiesMember2025-02-280000096223us-gaap:CorporateDebtSecuritiesMember2024-11-300000096223us-gaap:CorporateDebtSecuritiesMember2024-12-012025-02-280000096223us-gaap:CorporateDebtSecuritiesMember2025-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMember2024-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMember2024-12-012025-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMember2025-02-280000096223us-gaap:SovereignDebtSecuritiesMember2024-11-300000096223us-gaap:SovereignDebtSecuritiesMember2024-12-012025-02-280000096223us-gaap:SovereignDebtSecuritiesMember2025-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMember2024-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-012025-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMember2025-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMember2024-11-300000096223us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-012025-02-280000096223us-gaap:CommercialMortgageBackedSecuritiesMember2025-02-280000096223jef:OtherAssetBackedSecuritiesMember2024-11-300000096223jef:OtherAssetBackedSecuritiesMember2024-12-012025-02-280000096223jef:OtherAssetBackedSecuritiesMember2025-02-280000096223us-gaap:LoansAndFinanceReceivablesMember2024-11-300000096223us-gaap:LoansAndFinanceReceivablesMember2024-12-012025-02-280000096223us-gaap:LoansAndFinanceReceivablesMember2025-02-280000096223us-gaap:InvestmentsMember2024-11-300000096223us-gaap:InvestmentsMember2024-12-012025-02-280000096223us-gaap:InvestmentsMember2025-02-280000096223us-gaap:LoansMember2024-11-300000096223us-gaap:LoansMember2024-12-012025-02-280000096223us-gaap:LoansMember2025-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-11-300000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-12-012025-02-280000096223us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2025-02-280000096223jef:OtherSecuredFinancingsAtFairValueMember2024-11-300000096223jef:OtherSecuredFinancingsAtFairValueMember2024-12-012025-02-280000096223jef:OtherSecuredFinancingsAtFairValueMember2025-02-280000096223us-gaap:LongTermDebtMember2024-11-300000096223us-gaap:LongTermDebtMember2024-12-012025-02-280000096223us-gaap:LongTermDebtMember2025-02-280000096223jef:StructuredNotesMember2024-12-012025-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2026-02-280000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberjef:ValuationTechniqueDiscountedCashFlowsMarketApproachAndScenarioAnalysisMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputCumulativeLossRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputCumulativeLossRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputCumulativeLossRateMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2025-12-012026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2025-12-012026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputExpectedTermMember2025-12-012026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputBasisPointsUpfrontMember2026-02-280000096223us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputBasisPointsUpfrontMember2026-02-280000096223us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputBasisPointsUpfrontMember2026-02-280000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2026-02-280000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2026-02-280000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLongTermRevenueGrowthRateMember2026-02-280000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMember2026-02-280000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2026-02-280000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Member2026-02-280000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2026-02-280000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223jef:NonExchangeTradedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:CollateralizedDebtObligationsAndCollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2025-11-300000096223us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberjef:ValuationTechniqueDiscountedCashFlowsMarketApproachAndScenarioAnalysisMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputCumulativeLossRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputCumulativeLossRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputCumulativeLossRateMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2024-12-012025-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2024-12-012025-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputExpectedTermMember2024-12-012025-02-280000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223us-gaap:LoansAndFinanceReceivablesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputBasisPointsUpfrontMember2025-11-300000096223us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputBasisPointsUpfrontMember2025-11-300000096223us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputBasisPointsUpfrontMember2025-11-300000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223jef:InvestmentsAtFairValueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-11-300000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2025-11-300000096223jef:PrivateEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLongTermRevenueGrowthRateMember2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LoansMemberus-gaap:FairValueInputsLevel3Memberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223us-gaap:StockOptionMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMember2025-11-300000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberjef:MeasurementInputEstimatedRecoveryPercentageMember2025-11-300000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:OtherSecuredFinancingsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Member2025-11-300000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223us-gaap:LongTermDebtMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputOfferedPriceMember2025-11-300000096223jef:OtherSecuredFinancingsMember2025-12-012026-02-280000096223jef:OtherSecuredFinancingsMember2024-12-012025-02-280000096223us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberjef:OtcClearedMember2026-02-280000096223us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberjef:BilateralOtcMember2026-02-280000096223us-gaap:DesignatedAsHedgingInstrumentMember2026-02-280000096223us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2026-02-280000096223us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjef:OtcClearedMember2026-02-280000096223us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2026-02-280000096223us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2026-02-280000096223us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2026-02-280000096223us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2026-02-280000096223us-gaap:EquityContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2026-02-280000096223us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2026-02-280000096223us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2026-02-280000096223us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjef:OtcClearedMember2026-02-280000096223us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2026-02-280000096223us-gaap:NondesignatedMember2026-02-280000096223us-gaap:ExchangeTradedOptionsMember2026-02-280000096223jef:OtcClearedMember2026-02-280000096223jef:BilateralOtcMember2026-02-280000096223us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberjef:OtcClearedMember2025-11-300000096223us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberjef:BilateralOtcMember2025-11-300000096223us-gaap:DesignatedAsHedgingInstrumentMember2025-11-300000096223us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2025-11-300000096223us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjef:OtcClearedMember2025-11-300000096223us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2025-11-300000096223us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2025-11-300000096223us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2025-11-300000096223us-gaap:EquityContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2025-11-300000096223us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:ExchangeTradedOptionsMember2025-11-300000096223us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2025-11-300000096223us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjef:OtcClearedMember2025-11-300000096223us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjef:BilateralOtcMember2025-11-300000096223us-gaap:NondesignatedMember2025-11-300000096223us-gaap:ExchangeTradedOptionsMember2025-11-300000096223jef:OtcClearedMember2025-11-300000096223jef:BilateralOtcMember2025-11-300000096223us-gaap:DerivativeFinancialInstrumentsAssetsMember2025-12-012026-02-280000096223us-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-012025-02-280000096223us-gaap:LongTermDebtMember2025-12-012026-02-280000096223us-gaap:LongTermDebtMember2024-12-012025-02-280000096223us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2025-12-012026-02-280000096223us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2024-12-012025-02-280000096223us-gaap:NetInvestmentHedgingMember2025-12-012026-02-280000096223us-gaap:NetInvestmentHedgingMember2024-12-012025-02-280000096223us-gaap:InterestRateContractMember2025-12-012026-02-280000096223us-gaap:InterestRateContractMember2024-12-012025-02-280000096223us-gaap:ForeignExchangeContractMember2025-12-012026-02-280000096223us-gaap:ForeignExchangeContractMember2024-12-012025-02-280000096223us-gaap:EquityContractMember2025-12-012026-02-280000096223us-gaap:EquityContractMember2024-12-012025-02-280000096223us-gaap:CommodityContractMember2025-12-012026-02-280000096223us-gaap:CommodityContractMember2024-12-012025-02-280000096223us-gaap:CreditRiskContractMember2025-12-012026-02-280000096223us-gaap:CreditRiskContractMember2024-12-012025-02-280000096223jef:CommoditySwapsOptionsAndForwardsMember2026-02-280000096223jef:EquityForwardsSwapsAndOptionsMember2026-02-280000096223us-gaap:CreditDefaultSwapMember2026-02-280000096223us-gaap:TotalReturnSwapMember2026-02-280000096223jef:ForeignCurrencyForwardsSwapsAndOptionsMember2026-02-280000096223jef:FixedIncomeForwardContractsMember2026-02-280000096223jef:InterestRateSwapsOptionsAndForwardsMember2026-02-280000096223us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CreditIndexProductMember2026-02-280000096223us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CreditIndexProductMember2026-02-280000096223us-gaap:CreditIndexProductMember2026-02-280000096223us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CreditIndexProductMember2025-11-300000096223us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CreditIndexProductMember2025-11-300000096223us-gaap:CreditIndexProductMember2025-11-300000096223jef:MortgageandAssetBackedSecuritiesMember2026-02-280000096223us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2026-02-280000096223us-gaap:SovereignDebtMember2026-02-280000096223jef:MortgageandAssetBackedSecuritiesMember2025-11-300000096223us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-11-300000096223us-gaap:SovereignDebtMember2025-11-300000096223us-gaap:MaturityOvernightMember2026-02-280000096223us-gaap:MaturityUpTo30DaysMember2026-02-280000096223us-gaap:Maturity30To90DaysMember2026-02-280000096223us-gaap:MaturityOver90DaysMember2026-02-280000096223us-gaap:MaturityOvernightMember2025-11-300000096223us-gaap:MaturityUpTo30DaysMember2025-11-300000096223us-gaap:Maturity30To90DaysMember2025-11-300000096223us-gaap:MaturityOver90DaysMember2025-11-300000096223jef:UsGovernmentAgencyIssuedRmbsMember2026-02-280000096223jef:UsGovernmentAgencyIssuedRmbsMember2025-11-300000096223jef:UsGovernmentAgencyIssuedCmbsMember2026-02-280000096223jef:UsGovernmentAgencyIssuedCmbsMember2025-11-300000096223us-gaap:CollateralizedLoanObligationsMember2026-02-280000096223us-gaap:CollateralizedLoanObligationsMember2025-11-300000096223us-gaap:OtherDebtSecuritiesMember2026-02-280000096223us-gaap:OtherDebtSecuritiesMember2025-11-300000096223jef:SecuritizationActivityMember2026-02-280000096223jef:SecuritizationActivityMember2025-11-300000096223jef:SecuritizationActivityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-02-280000096223jef:OtherVIEsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-02-280000096223jef:SecuritizationActivityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-11-300000096223jef:OtherVIEsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-11-300000096223srt:ConsolidationEliminationsMember2026-02-280000096223srt:ConsolidationEliminationsMember2025-11-300000096223jef:VariableInterestEntityAssetsEliminatedInConsolidationMember2026-02-280000096223jef:VariableInterestEntityAssetsEliminatedInConsolidationMember2025-11-300000096223jef:VariableInterestEntityLiabilitiesEliminatedInConsolidationMember2026-02-280000096223jef:VariableInterestEntityLiabilitiesEliminatedInConsolidationMember2025-11-300000096223us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223jef:ConsumerLoanAndOtherAssetBackedVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223jef:PrivateEquityVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223jef:OtherInvestmentVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223jef:ConsumerLoanAndOtherAssetBackedVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223jef:PrivateEquityVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223jef:OtherInvestmentVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223jef:PrivateEquityVehiclesMemberjef:JCPEntitiesMember2026-02-280000096223jef:PrivateEquityVehiclesMemberjef:JCPEntitiesMember2025-11-300000096223jef:PrivateEquityVehiclesMember2026-02-280000096223jef:PrivateEquityVehiclesMember2025-11-300000096223jef:OtherInvestmentVehiclesMember2026-02-280000096223jef:OtherInvestmentVehiclesMember2025-11-300000096223jef:MortgageAndAssetBackedSecuritizationActivityAgencyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223jef:MortgageAndAssetBackedSecuritizationActivityAgencyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223jef:MortgageAndAssetBackedSecuritizationActivityNonAgencyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-02-280000096223jef:MortgageAndAssetBackedSecuritizationActivityNonAgencyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-11-300000096223jef:JefferiesFinanceLLCMemberjef:JefferiesFinanceLLCMember2026-02-280000096223jef:JefferiesFinanceLLCMember2026-02-280000096223jef:JefferiesFinanceLLCMember2025-12-012026-02-280000096223jef:JefferiesFinanceLLCMember2024-12-012025-02-280000096223jef:JefferiesFinanceLLCMember2026-02-280000096223jef:JefferiesFinanceLLCMember2025-11-300000096223jef:JefferiesFinanceLLCMember2025-11-300000096223jef:JefferiesFinanceLLCMember2025-12-012026-02-280000096223jef:JefferiesFinanceLLCMember2024-12-012025-02-280000096223jef:JefferiesFinanceLLCMemberus-gaap:CorporateJointVentureMember2026-02-280000096223jef:JefferiesFinanceLLCMemberus-gaap:CorporateJointVentureMember2025-11-300000096223jef:BerkadiaCommercialMortgageLLCMember2026-02-280000096223jef:BerkadiaMember2026-02-280000096223jef:BerkadiaCommercialMortgageLLCMember2026-02-280000096223jef:BerkadiaCommercialMortgageLLCMember2025-11-300000096223jef:BerkadiaCommercialMortgageLLCMember2025-11-300000096223jef:BerkadiaCommercialMortgageLLCMember2025-12-012026-02-280000096223jef:BerkadiaCommercialMortgageLLCMember2024-12-012025-02-280000096223jef:BerkadiaCommercialMortgageLLCMember2025-12-012026-02-280000096223jef:BerkadiaCommercialMortgageLLCMember2024-12-012025-02-280000096223srt:HotelMemberjef:BrooklynRenaissancePlazaOfficeMember2026-02-280000096223srt:OfficeBuildingMemberjef:BrooklynRenaissancePlazaOfficeMember2026-02-280000096223srt:OfficeBuildingMemberjef:BrooklynRenaissancePlazaOfficeMember2025-12-012026-02-280000096223jef:A54MadisonCapitalLLCMember2026-02-280000096223jef:RealEstateInvestmentsMember2026-02-280000096223jef:RealEstateInvestmentsMember2025-11-300000096223jef:RealEstateInvestmentsMember2026-02-280000096223jef:RealEstateInvestmentsMember2025-11-300000096223jef:RealEstateInvestmentsMember2025-12-012026-02-280000096223jef:RealEstateInvestmentsMember2024-12-012025-02-280000096223jef:JefferiesCapitalPartnersVL.PMember2026-02-280000096223jef:SBIUSAFundL.P.Member2026-02-280000096223jef:JCPFundsMember2026-02-280000096223jef:JCPFundsMember2025-12-012026-02-280000096223jef:JCPFundsMember2024-12-012025-02-280000096223jef:JCPFundsMember2025-11-300000096223jef:JCPFundsMember2025-12-012025-12-310000096223jef:JCPFundsMember2024-12-012024-12-310000096223jef:HildeneInsuranceHoldingsLLCMember2024-07-310000096223jef:HildeneInsuranceHoldingsLLCMember2025-03-010000096223jef:HildeneInsuranceHoldingsLLCMember2025-02-280000096223jef:HildeneInsuranceHoldingsLLCMember2026-02-280000096223jef:HildeneInsuranceHoldingsLLCMember2025-11-300000096223jef:HildeneInsuranceHoldingsLLCMember2025-12-310000096223jef:HildeneInsuranceHoldingsLLCMember2024-12-310000096223jef:HildeneInsuranceHoldingsLLCMember2025-12-012025-12-310000096223jef:HildeneInsuranceHoldingsLLCMember2024-12-012024-12-310000096223jef:HildeneInsuranceHoldingsLLCMember2025-12-090000096223jef:HildeneInsuranceHoldingsLLCMember2025-12-092025-12-090000096223jef:ApiJectMember2026-02-280000096223jef:ApiJectMember2025-11-300000096223jef:ApiJectMemberjef:TermLoanReceivableMember2026-02-280000096223jef:ApiJectMember2025-12-012025-12-3100000962232023-12-310000096223jef:TermLoanReceivableMember2023-12-310000096223jef:TermLoanReceivableMember2024-09-300000096223jef:ArcadiaLeasingIILLCMember2025-12-012026-02-280000096223jef:ArcadiaLeasingIILLCMember2024-12-012025-02-280000096223jef:InvestmentBankingAndCapitalMarketsSegmentMember2025-11-300000096223jef:AssetManagementSegmentMember2025-11-300000096223jef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:InvestmentBankingAndCapitalMarketsSegmentMember2026-02-280000096223jef:AssetManagementSegmentMember2026-02-280000096223us-gaap:DiscontinuedOperationsHeldforsaleMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:InvestmentBankingAndCapitalMarketsSegmentMember2024-11-300000096223jef:AssetManagementSegmentMember2024-11-300000096223jef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:InvestmentBankingAndCapitalMarketsSegmentMember2025-02-280000096223jef:AssetManagementSegmentMember2025-02-280000096223jef:InvestmentBankingSegmentMember2026-02-280000096223jef:InvestmentBankingSegmentMember2025-11-300000096223jef:EquitiesAndWealthManagementSegmentMember2026-02-280000096223jef:EquitiesAndWealthManagementSegmentMember2025-11-300000096223jef:FixedIncomeSegmentMember2026-02-280000096223jef:FixedIncomeSegmentMember2025-11-300000096223jef:VariousOtherInvestmentSegmentMember2026-02-280000096223jef:VariousOtherInvestmentSegmentMember2025-11-300000096223us-gaap:CustomerRelationshipsMember2026-02-280000096223us-gaap:TrademarksAndTradeNamesMember2026-02-280000096223jef:ExchangeAndClearingOrganizationMembershipInterestsAndRegistrationsMember2026-02-280000096223us-gaap:OtherIntangibleAssetsMember2026-02-280000096223us-gaap:CustomerRelationshipsMember2025-11-300000096223us-gaap:CustomerRelationshipsMember2024-12-012025-02-280000096223us-gaap:TrademarksAndTradeNamesMember2025-11-300000096223us-gaap:TrademarksAndTradeNamesMember2024-12-012025-02-280000096223jef:ExchangeAndClearingOrganizationMembershipInterestsAndRegistrationsMember2025-11-300000096223jef:ExchangeAndClearingOrganizationMembershipInterestsAndRegistrationsMember2024-12-012025-02-280000096223us-gaap:OtherIntangibleAssetsMember2025-11-300000096223us-gaap:OtherIntangibleAssetsMember2024-12-012025-02-2800000962232024-12-012025-05-310000096223us-gaap:RealEstateMember2025-12-012026-02-280000096223us-gaap:RealEstateMember2024-12-012025-02-280000096223jef:InternetConnectionAndBoadbandRevenueMember2025-12-012026-02-280000096223jef:InternetConnectionAndBoadbandRevenueMember2024-12-012025-02-280000096223jef:StrategicAffiliatesRevenueMember2025-12-012026-02-280000096223jef:StrategicAffiliatesRevenueMember2024-12-012025-02-280000096223jef:OtherSourcesOfRevenueMiscellaneousMember2025-12-012026-02-280000096223jef:OtherSourcesOfRevenueMiscellaneousMember2024-12-012025-02-280000096223jef:InvestmentBankingAdvisoryMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:InvestmentBankingAdvisoryMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:InvestmentBankingAdvisoryMember2025-12-012026-02-280000096223jef:InvestmentBankingUnderwritingMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:InvestmentBankingUnderwritingMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:InvestmentBankingUnderwritingMember2025-12-012026-02-280000096223jef:EquitiesMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:EquitiesMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:EquitiesMember2025-12-012026-02-280000096223jef:FixedIncomeServicesMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:FixedIncomeServicesMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:FixedIncomeServicesMember2025-12-012026-02-280000096223jef:AssetManagementServicesMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:AssetManagementServicesMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:AssetManagementServicesMember2025-12-012026-02-280000096223jef:OtherInvestments1Memberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:OtherInvestments1Memberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:OtherInvestments1Member2025-12-012026-02-280000096223srt:AmericasMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223srt:AmericasMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223srt:AmericasMember2025-12-012026-02-280000096223jef:EuropeAndMiddleEastMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223jef:EuropeAndMiddleEastMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223jef:EuropeAndMiddleEastMember2025-12-012026-02-280000096223srt:AsiaPacificMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223srt:AsiaPacificMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223srt:AsiaPacificMember2025-12-012026-02-280000096223jef:InvestmentBankingAdvisoryMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:InvestmentBankingAdvisoryMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:InvestmentBankingAdvisoryMember2024-12-012025-02-280000096223jef:InvestmentBankingUnderwritingMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:InvestmentBankingUnderwritingMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:InvestmentBankingUnderwritingMember2024-12-012025-02-280000096223jef:EquitiesMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:EquitiesMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:EquitiesMember2024-12-012025-02-280000096223jef:FixedIncomeServicesMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:FixedIncomeServicesMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:FixedIncomeServicesMember2024-12-012025-02-280000096223jef:AssetManagementServicesMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:AssetManagementServicesMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:AssetManagementServicesMember2024-12-012025-02-280000096223jef:OtherInvestments1Memberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:OtherInvestments1Memberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:OtherInvestments1Member2024-12-012025-02-280000096223srt:AmericasMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223srt:AmericasMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223srt:AmericasMember2024-12-012025-02-280000096223jef:EuropeAndMiddleEastMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223jef:EuropeAndMiddleEastMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223jef:EuropeAndMiddleEastMember2024-12-012025-02-280000096223srt:AsiaPacificMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223srt:AsiaPacificMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223srt:AsiaPacificMember2024-12-012025-02-280000096223jef:RestrictedStockWithFutureServiceRequiredMember2026-02-280000096223jef:RestrictedStockUnitsWithFutureServiceRequiredMember2026-02-280000096223jef:RestrictedStockUnitsWithNoFutureServiceRequiredMember2026-02-280000096223us-gaap:RestrictedStockUnitsRSUMember2025-12-012025-12-310000096223us-gaap:PerformanceSharesMember2025-12-012025-12-310000096223srt:MinimumMemberus-gaap:PerformanceSharesMember2025-12-012025-12-310000096223srt:MaximumMemberus-gaap:PerformanceSharesMember2025-12-012025-12-310000096223jef:RestrictedCashAwardsMember2025-12-012026-02-280000096223jef:RestrictedCashAwardsMember2024-12-012025-02-280000096223jef:RestrictedStockandRestrictedStockUnitsMember2025-12-012026-02-280000096223jef:RestrictedStockandRestrictedStockUnitsMember2024-12-012025-02-280000096223jef:ProfitSharingPlanMember2025-12-012026-02-280000096223jef:ProfitSharingPlanMember2024-12-012025-02-280000096223jef:NonvestedShareAwardsMember2026-02-280000096223jef:NonvestedShareAwardsMember2025-12-012026-02-280000096223jef:RestrictedCashAwardsMember2026-02-280000096223us-gaap:NotesPayableToBanksMember2026-02-280000096223us-gaap:NotesPayableToBanksMember2025-11-300000096223jef:FixedRateCallableNoteMember2026-02-280000096223jef:FixedRateCallableNoteMember2025-11-300000096223jef:FixedRateDebtMemberus-gaap:UnsecuredDebtMember2026-02-280000096223jef:FixedRateDebtMemberus-gaap:UnsecuredDebtMember2025-11-300000096223jef:VariableRateDebtMemberus-gaap:UnsecuredDebtMember2026-02-280000096223jef:VariableRateDebtMemberus-gaap:UnsecuredDebtMember2025-11-300000096223us-gaap:UnsecuredDebtMember2026-02-280000096223us-gaap:UnsecuredDebtMember2025-11-300000096223srt:SubsidiariesMemberjef:FixedRateDebtMemberus-gaap:SecuredDebtMember2026-02-280000096223srt:SubsidiariesMemberjef:FixedRateDebtMemberus-gaap:SecuredDebtMember2025-11-300000096223srt:SubsidiariesMemberjef:VariableRateDebtMemberus-gaap:SecuredDebtMember2026-02-280000096223srt:SubsidiariesMemberjef:VariableRateDebtMemberus-gaap:SecuredDebtMember2025-11-300000096223us-gaap:SecuredDebtMembersrt:SubsidiariesMember2026-02-280000096223us-gaap:SecuredDebtMembersrt:SubsidiariesMember2025-11-300000096223srt:SubsidiariesMemberjef:FixedRateDebtMemberus-gaap:UnsecuredDebtMember2026-02-280000096223srt:SubsidiariesMemberjef:FixedRateDebtMemberus-gaap:UnsecuredDebtMember2025-11-300000096223srt:SubsidiariesMemberjef:VariableRateDebtMemberus-gaap:UnsecuredDebtMember2026-02-280000096223srt:SubsidiariesMemberjef:VariableRateDebtMemberus-gaap:UnsecuredDebtMember2025-11-300000096223us-gaap:UnsecuredDebtMembersrt:SubsidiariesMember2026-02-280000096223us-gaap:UnsecuredDebtMembersrt:SubsidiariesMember2025-11-300000096223jef:FairValueInputsLevel2AndLevel3Member2026-02-280000096223jef:FairValueInputsLevel2AndLevel3Member2025-11-300000096223srt:MinimumMemberus-gaap:UnsecuredDebtMember2025-12-012026-02-280000096223srt:MaximumMemberus-gaap:UnsecuredDebtMember2025-12-012026-02-280000096223srt:MinimumMemberus-gaap:UnsecuredDebtMember2024-12-012025-11-300000096223srt:MaximumMemberus-gaap:UnsecuredDebtMember2024-12-012025-11-300000096223us-gaap:LongTermDebtMemberus-gaap:UnsecuredDebtMember2025-12-012026-02-280000096223us-gaap:LongTermDebtMemberus-gaap:UnsecuredDebtMember2024-12-012025-11-300000096223jef:SecuredCreditFacilityMemberus-gaap:SecuredDebtMember2026-02-280000096223jef:SecuredCreditFacilityMemberus-gaap:SecuredDebtMember2025-11-300000096223us-gaap:UnsecuredDebtMember2025-12-012026-02-280000096223jef:ForeignCurrencyBorrowingMembersrt:SubsidiariesMember2025-12-012026-02-280000096223jef:StructuredNotesMember2025-12-012026-02-280000096223us-gaap:SecuredDebtMembersrt:SubsidiariesMember2025-12-012026-02-280000096223jef:OpenMarketMember2025-12-012026-02-280000096223us-gaap:SubsequentEventMember2026-03-3100000962232023-04-2700000962232023-04-272023-04-270000096223us-gaap:CommonStockMember2024-12-012025-11-300000096223us-gaap:PreferredStockMember2024-12-012025-11-300000096223jef:SumitomoMitsuiBankingCorporationMemberus-gaap:RelatedPartyMember2026-02-2800000962232025-09-190000096223jef:SumitomoMitsuiBankingCorporationMemberus-gaap:RelatedPartyMember2025-09-190000096223jef:SumitomoMitsuiBankingCorporationMemberus-gaap:RelatedPartyMember2025-09-190000096223jef:RestrictedStockWithFutureServiceRequiredMember2025-12-012026-02-280000096223jef:RestrictedStockWithFutureServiceRequiredMember2024-12-012025-02-280000096223jef:RestrictedStockUnitsWithNoFutureServiceRequiredMember2025-12-012026-02-280000096223jef:RestrictedStockUnitsWithNoFutureServiceRequiredMember2024-12-012025-02-280000096223us-gaap:EmployeeStockOptionMember2025-12-012026-02-280000096223us-gaap:EmployeeStockOptionMember2024-12-012025-02-280000096223us-gaap:RestrictedStockUnitsRSUMember2025-12-012026-02-280000096223us-gaap:RestrictedStockUnitsRSUMember2024-12-012025-02-280000096223srt:ScenarioForecastMember2026-03-012026-05-310000096223us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-02-280000096223us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-11-300000096223us-gaap:AccumulatedTranslationAdjustmentMember2026-02-280000096223us-gaap:AccumulatedTranslationAdjustmentMember2025-11-300000096223us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2026-02-280000096223us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-11-300000096223us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-02-280000096223us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-11-300000096223jef:PrincipalTransactionsRevenueMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-12-012026-02-280000096223jef:PrincipalTransactionsRevenueMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-12-012025-02-280000096223us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-012026-02-280000096223us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-012025-02-280000096223us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-12-012026-02-280000096223us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-12-012025-02-280000096223us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-12-012026-02-280000096223us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-12-012024-02-290000096223jef:EquityCommitmentsMember2026-02-280000096223jef:LoanCommitmentsMember2026-02-280000096223us-gaap:LoanPurchaseCommitmentsMember2026-02-280000096223jef:ForwardStartingReverseReposMember2026-02-280000096223jef:ForwardStartingReposMember2026-02-280000096223jef:OtherCommitmentsMember2026-02-280000096223jef:BackToBackCommittedSalesContractsMember2026-02-280000096223jef:JefferiesCapitalPartnersLlcMember2026-02-280000096223jef:StrategicAffiliatesMember2026-02-280000096223jef:InvestmentsOtherMember2026-02-280000096223jef:OutstandingLoanCommitmentsToClientsMember2026-02-280000096223jef:OutstandingLoanCommitmentsToStrategicAffiliatesMember2026-02-280000096223jef:DerivativeContractsNonCreditRelatedMember2026-02-280000096223us-gaap:DerivativeMember2026-02-280000096223jef:HomeFedLLCMember2026-02-280000096223us-gaap:StandbyLettersOfCreditMember2026-02-280000096223srt:MaximumMemberus-gaap:StandbyLettersOfCreditMember2025-12-012026-02-280000096223jef:JefferiesLLCMember2026-02-280000096223jef:JefferiesFinancialServicesInc.SECMember2026-02-280000096223jef:JefferiesFinancialServicesIncCFTCMember2026-02-280000096223jef:JILMember2026-02-280000096223jef:JefferiesGmbHMember2026-02-280000096223jef:JefferiesIncMember2026-02-280000096223us-gaap:OperatingSegmentsMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2025-12-012026-02-280000096223us-gaap:OperatingSegmentsMemberjef:InvestmentBankingAndCapitalMarketsSegmentMember2024-12-012025-02-280000096223us-gaap:OperatingSegmentsMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223us-gaap:OperatingSegmentsMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223us-gaap:OperatingSegmentsMember2025-12-012026-02-280000096223us-gaap:OperatingSegmentsMember2024-12-012025-02-280000096223us-gaap:OperatingSegmentsMemberjef:AssetManagementFeesAndInvestmentReturnMemberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223us-gaap:OperatingSegmentsMemberjef:AssetManagementFeesAndInvestmentReturnMemberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223us-gaap:OperatingSegmentsMemberjef:OtherInvestments1Memberjef:AssetManagementSegmentMember2025-12-012026-02-280000096223us-gaap:OperatingSegmentsMemberjef:OtherInvestments1Memberjef:AssetManagementSegmentMember2024-12-012025-02-280000096223us-gaap:MaterialReconcilingItemsMember2025-12-012026-02-280000096223us-gaap:MaterialReconcilingItemsMember2024-12-012025-02-280000096223srt:MinimumMember2025-12-012026-02-280000096223srt:MinimumMember2024-12-012025-02-280000096223srt:EuropeMember2025-12-012026-02-280000096223srt:EuropeMember2024-12-012025-02-280000096223srt:MaximumMember2025-12-012026-02-280000096223srt:MaximumMember2024-12-012025-02-280000096223jef:OfficersAndEmployeesMember2026-02-280000096223jef:OfficersAndEmployeesMember2025-11-300000096223srt:DirectorMember2026-02-280000096223srt:DirectorMember2025-11-300000096223jef:SumitomoMitsuiBankingCorporationMemberus-gaap:RelatedPartyMember2025-11-300000096223us-gaap:RevolvingCreditFacilityMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMemberus-gaap:LineOfCreditMember2026-02-280000096223jef:InvestmentBankingSegmentMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2025-12-012026-02-280000096223jef:InvestmentBankingSegmentMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2024-12-012025-02-280000096223jef:PrincipalTransactionsRevenueMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2025-12-012026-02-280000096223jef:PrincipalTransactionsRevenueMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2024-12-012025-02-280000096223jef:CommissionsAndOtherFeesMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2025-12-012026-02-280000096223jef:CommissionsAndOtherFeesMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2024-12-012025-02-280000096223jef:InterestRevenueMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2025-12-012026-02-280000096223jef:InterestRevenueMemberus-gaap:RelatedPartyMemberjef:SumitomoMitsuiBankingCorporationMember2024-12-012025-02-280000096223jef:SumitomoMitsuiBankingCorporationMemberus-gaap:RelatedPartyMember2025-12-012026-02-280000096223jef:SumitomoMitsuiBankingCorporationMemberus-gaap:RelatedPartyMember2024-12-012025-02-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-05721

Jefferies Financial Group Inc.

(Exact name of registrant as specified in its charter)


New York			13-2615557
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

520 Madison Avenue,	New York,	New York	10022
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 284-2300

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $1 per share	JEF	New York Stock Exchange
4.850% Senior Notes Due 2027	JEF 27A	New York Stock Exchange
5.875% Senior Notes Due 2028	JEF 28	New York Stock Exchange
2.750% Senior Notes Due 2032	JEF 32A	New York Stock Exchange
6.200% Senior Notes Due 2034	JEF 34	New York Stock Exchange
5.500% Senior Notes Due 2036	JEF 36	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the

preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the

past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging

growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of

the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or

revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the issuer’s classes of common stock at March 30, 2026 was 204,432,307.

Jefferies Financial Group, Inc.

Index to Quarterly Report on Form 10-Q

February 28, 2026


PART I. FINANCIAL INFORMATION
	Page
Item 1. Financial Statements	2
Consolidated Statements of Financial Condition (Unaudited) .........................................................................................................	2
Consolidated Statements of Earnings (Unaudited) ............................................................................................................................	3
Consolidated Statements of Comprehensive Income (Unaudited) ..................................................................................................	4
Consolidated Statements of Changes in Equity (Unaudited) ............................................................................................................	5
Consolidated Statements of Cash Flows (Unaudited) .......................................................................................................................	6
Notes to Consolidated Financial Statements (Unaudited) ................................................................................................................	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ...............................................	43
Item 3. Quantitative and Qualitative Disclosures About Market Risk ....................................................................................................	64
Item 4. Controls and Procedures ..................................................................................................................................................................	64

PART II. OTHER INFORMATION

Item 1. Legal Proceedings .............................................................................................................................................................................	65
Item 1A. Risk Factors .....................................................................................................................................................................................	65
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ..................................................................................................	65
Item 5. Other Information ..............................................................................................................................................................................	65
Item 6. Exhibits ................................................................................................................................................................................................	65


2		Jefferies Financial Group Inc.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.


Consolidated Statements of Financial Condition (Unaudited)	February 28,	November 30,
$ in thousands, except share and per share amounts	2026	2025
Assets
Cash and cash equivalents ...............................................................................................................................................................	$11,963,165	$14,043,889
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .................................................................................................................................................................................	1,752,549	917,697
Financial instruments owned, at fair value (includes securities pledged of $18,129,409 and $17,419,373) .......................	28,079,458	27,722,739
Investments in and loans to related parties ...................................................................................................................................	1,560,602	1,496,125
Securities borrowed ...........................................................................................................................................................................	7,675,862	8,295,161
Securities purchased under agreements to resell ........................................................................................................................	7,784,070	8,449,107
Securities received as collateral, at fair value ................................................................................................................................	393,867	200,495
Receivables:
Brokers, dealers and clearing organizations ...............................................................................................................................	3,762,461	4,310,143
Customers ........................................................................................................................................................................................	3,984,448	3,439,921
Fees, interest and other ..................................................................................................................................................................	761,369	806,324
Premises and equipment ..................................................................................................................................................................	1,198,511	1,246,470
Goodwill ...............................................................................................................................................................................................	1,725,876	1,837,570
Assets held for sale ...........................................................................................................................................................................	269,707	—
Other assets (includes assets pledged of $646,883 and $627,259) ..........................................................................................	3,468,545	3,246,706
Total assets ........................................................................................................................................................................................	$74,380,490	$76,012,347
Liabilities and Equity
Short-term borrowings ......................................................................................................................................................................	$1,917,492	$1,767,206
Financial instruments sold, not yet purchased, at fair value .......................................................................................................	14,459,138	13,320,152
Securities loaned ................................................................................................................................................................................	2,690,387	2,540,759
Securities sold under agreements to repurchase .........................................................................................................................	10,380,281	12,156,737
Other secured financings (includes $424,023 and $425,964 at fair value) ...............................................................................	2,285,995	2,885,878
Obligation to return securities received as collateral, at fair value .............................................................................................	393,867	200,495
Payables:
Brokers, dealers and clearing organizations ...............................................................................................................................	5,646,053	6,955,100
Customers ........................................................................................................................................................................................	5,350,833	5,216,714
Lease liabilities ...................................................................................................................................................................................	573,096	594,097
Liabilities held for sale ......................................................................................................................................................................	257,888	—
Accrued expenses and other liabilities ...........................................................................................................................................	2,533,907	3,836,709
Long-term debt (includes $3,686,758 and $3,734,843 at fair value) ..........................................................................................	17,229,419	15,895,891
Total liabilities ....................................................................................................................................................................................	63,718,356	65,369,738
Mezzanine Equity
Redeemable noncontrolling interests .............................................................................................................................................	406	406
Equity
Series B preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 shares issued and outstanding	55	55
Common shares, par value $1 per share, authorized 565,000,000 shares; 204,422,673 and 206,296,167 shares issued and outstanding, after deducting 116,695,397 and 114,821,903 shares held in treasury ..................................................	204,423	206,296
Non-voting common shares, par value $1 per share, authorized 35,000,000, shares; no shares issued and outstanding ....................................................................................................................................................................................	—	—
Additional paid-in capital ..................................................................................................................................................................	2,075,065	2,177,954
Accumulated other comprehensive loss ........................................................................................................................................	(315,023)	(384,434)
Retained earnings ..............................................................................................................................................................................	8,646,325	8,574,825
Total Jefferies Financial Group Inc. shareholders' equity ..........................................................................................................	10,610,845	10,574,696
Noncontrolling interests ...................................................................................................................................................................	50,883	67,507
Total equity .........................................................................................................................................................................................	10,661,728	10,642,203
Total liabilities and equity ................................................................................................................................................................	$74,380,490	$76,012,347

See accompanying notes to consolidated financial statements.


February 2026 Form 10-Q		3

Consolidated Statements of Earnings (Unaudited)


	Three Months Ended February 28,
$ in thousands, except per share amounts	2026	2025
Revenues
Investment banking ....................................................................................................................................................................	$1,018,284	$729,510
Principal transactions ................................................................................................................................................................	487,498	407,230
Commissions and other fees ....................................................................................................................................................	367,604	288,300
Asset management fees and revenues ...................................................................................................................................	67,362	85,408
Interest .........................................................................................................................................................................................	813,119	845,171
Other .............................................................................................................................................................................................	117,398	117,245
Total revenues ............................................................................................................................................................................	2,871,265	2,472,864
Interest expense ..........................................................................................................................................................................	854,135	879,845
Net revenues ...............................................................................................................................................................................	2,017,130	1,593,019
Non-interest expenses
Compensation and benefits ......................................................................................................................................................	1,085,890	841,127
Brokerage and clearing fees .....................................................................................................................................................	133,132	109,436
Underwriting costs ......................................................................................................................................................................	31,383	17,846
Technology and communications ............................................................................................................................................	159,858	139,475
Occupancy and equipment rental .............................................................................................................................................	33,860	30,199
Business development ...............................................................................................................................................................	75,422	72,291
Professional services .................................................................................................................................................................	76,944	72,466
Depreciation and amortization .................................................................................................................................................	56,865	30,988
Cost of sales ................................................................................................................................................................................	29,920	41,568
Other expenses ...........................................................................................................................................................................	121,640	86,558
Total non-interest expenses ....................................................................................................................................................	1,804,914	1,441,954
Earnings before income taxes ..................................................................................................................................................	212,216	151,065
Income tax expense ...................................................................................................................................................................	52,870	14,216
Net earnings ................................................................................................................................................................................	159,346	136,849
Net losses attributable to noncontrolling interests ...............................................................................................................	(15,858)	(6,983)
Preferred stock dividends ..........................................................................................................................................................	19,504	16,039
Net earnings attributable to common shareholders ............................................................................................................	$155,700	$127,793

Earnings per common share
Basic .............................................................................................................................................................................................	$0.72	$0.60
Diluted ...........................................................................................................................................................................................	0.70	0.57

Weighted-average common shares outstanding
Basic .............................................................................................................................................................................................	215,707	214,536
Diluted ...........................................................................................................................................................................................	223,270	222,448

See accompanying notes to consolidated financial statements.


4		Jefferies Financial Group Inc.

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended February 28,
$ in thousands	2026	2025
Net earnings .............................................................................................................................................................................	$159,346	$136,849
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other (1) ................................................................................................................	9,179	(15,322)
Changes in fair value related to instrument-specific credit risk (2) ................................................................................	59,648	30,256
Unrealized gains on available-for-sale-securities .............................................................................................................	584	125
Total other comprehensive income (loss), net of tax (3) .................................................................................................	69,411	15,059
Comprehensive income ..........................................................................................................................................................	228,757	151,908
Net losses attributable to noncontrolling interests ............................................................................................................	(15,858)	(6,983)
Preferred stock dividends ......................................................................................................................................................	19,504	16,039
Comprehensive income attributable to common shareholders ......................................................................................	$225,111	$142,852

(1)Includes income tax expense of $4.5 million for the three months ended February 28, 2026 and income tax benefit of $4.5 million for the three

months ended February 28, 2025.

(2)Includes income tax expense of $19.0 million and $10.6 million for the three months ended February 28, 2026 and 2025, respectively.

(3)Includes unrealized losses of $0.2 million for the three months ended February 28, 2025, related to currency translation adjustments attributable to

noncontrolling interests.

See accompanying notes to consolidated financial statements.


February 2026 Form 10-Q		5

Consolidated Statements of Changes in Equity (Unaudited)


	Three Months Ended February 28,
$ in thousands, except par value and per share amounts	2026	2025
Preferred shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$55	$55
Balance, end of period ..............................................................................................................................................................	$55	$55
Common shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$206,296	$205,504
Purchase of common shares for treasury ..........................................................................................................................	(2,996)	(696)
Other .........................................................................................................................................................................................	1,123	1,442
Balance, end of period ..............................................................................................................................................................	$204,423	$206,250
Additional paid-in capital
Balance, beginning of period ....................................................................................................................................................	$2,177,954	$2,104,199
Share-based compensation expense ..................................................................................................................................	50,672	35,637
Purchase of common shares for treasury ..........................................................................................................................	(171,307)	(55,622)
Dividend equivalents ..............................................................................................................................................................	10,908	8,597
Change in equity interest related to consolidated subsidiaries .......................................................................................	4,606	853
Other .........................................................................................................................................................................................	2,232	474
Balance, end of period ..............................................................................................................................................................	$2,075,065	$2,094,138
Accumulated other comprehensive loss, net of tax
Balance, beginning of period ....................................................................................................................................................	$(384,434)	$(423,131)
Other comprehensive income, net of taxes ........................................................................................................................	69,411	15,059
Balance, end of period ..............................................................................................................................................................	$(315,023)	$(408,072)
Retained earnings
Balance, beginning of period ....................................................................................................................................................	$8,574,825	$8,270,145
Net earnings attributable to Jefferies Financial Group Inc. ..............................................................................................	175,204	143,832
Dividends - common shares ($0.40 and $0.40 per share) ................................................................................................	(92,674)	(91,095)
Dividends - preferred shares .................................................................................................................................................	(11,025)	(11,025)
Other .........................................................................................................................................................................................	(5)	—
Balance, end of period ..............................................................................................................................................................	$8,646,325	$8,311,857
Total Jefferies Financial Group Inc. shareholders' equity .................................................................................................	$10,610,845	$10,204,228
Noncontrolling interests
Balance, beginning of period .....................................................................................................................................................	$67,507	$68,215
Net losses attributable to noncontrolling interests ...........................................................................................................	(15,858)	(6,983)
Contributions ...........................................................................................................................................................................	119	104
Distributions ............................................................................................................................................................................	(1,518)	(2,795)
Other .........................................................................................................................................................................................	633	5,670
Balance, end of period ..............................................................................................................................................................	$50,883	$64,211
Total equity .................................................................................................................................................................................	$10,661,728	$10,268,439

See accompanying notes to consolidated financial statements.


6		Jefferies Financial Group Inc.

Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended February 28,
$ in thousands	2026	2025
Cash flows from operating activities:
Net earnings ...................................................................................................................................................................	$159,346	$136,849
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization .................................................................................................................................	41,335	32,995
Impairment of assets ................................................................................................................................................	65,413	—
Share-based compensation ......................................................................................................................................	50,672	35,637
Net bad debt expense ...............................................................................................................................................	14,427	7,493
Income on investments in and loans to related parties .......................................................................................	(24,474)	(7,052)
Distributions received on investments in related parties .....................................................................................	21,173	16,142
Other adjustments .....................................................................................................................................................	118,761	(44,419)
Net change in assets and liabilities:
Receivables:
Brokers, dealers and clearing organizations .......................................................................................................	547,515	(877,505)
Customers ................................................................................................................................................................	(544,527)	32,699
Fees, interest and other ..........................................................................................................................................	7,851	(47,567)
Securities borrowed ...................................................................................................................................................	619,155	(1,198,188)
Financial instruments owned ...................................................................................................................................	(357,809)	(2,271,617)
Securities purchased under agreements to resell ................................................................................................	664,567	(1,976,348)
Other assets ................................................................................................................................................................	(305,830)	(236,583)
Payables:
Brokers, dealers and clearing organizations .......................................................................................................	(1,308,863)	546,020
Customers ................................................................................................................................................................	134,119	48,413
Securities loaned ........................................................................................................................................................	149,785	(30,136)
Financial instruments sold, not yet purchased ......................................................................................................	1,139,710	3,027,469
Securities sold under agreements to repurchase .................................................................................................	(1,776,125)	1,359,656
Lease liabilities ...........................................................................................................................................................	(17,783)	(21,429)
Accrued expenses and other liabilities ...................................................................................................................	(1,135,709)	(1,197,694)
Net cash used in operating activities ........................................................................................................................	(1,737,291)	(2,665,165)
Cash flows from investing activities:
Contributions to investments in and loans to related parties .............................................................................	(64,830)	(21,949)
Capital distributions from investments and repayments of loans from related parties .................................	426	13,752
Net payments on premises and equipment ...........................................................................................................	(64,861)	(49,578)
Net cash used in investing activities ........................................................................................................................	(129,265)	(57,775)
Cash flows from financing activities:
Proceeds from short-term borrowings ...................................................................................................................	$2,081,271	$3,253,704
Payments on short-term borrowings ......................................................................................................................	(1,916,779)	(2,662,000)
Proceeds from issuance of long-term debt, net of issuance costs ....................................................................	2,570,746	1,536,928
Repayment of long-term debt ..................................................................................................................................	(1,239,142)	(188,890)
Purchase of common shares for treasury..............................................................................................................	(174,303)	(56,318)
Dividends paid to common and preferred shareholders ......................................................................................	(92,791)	(92,735)
Net proceeds from (payments on) other secured financings .............................................................................	(600,057)	98,941
Net change in bank overdrafts .................................................................................................................................	(8,400)	137,305
Proceeds from contributions of noncontrolling interests ....................................................................................	119	104
Payments on distributions to noncontrolling interests ........................................................................................	(1,518)	(2,795)
Other ............................................................................................................................................................................	7,956	1,916
Net cash provided by financing activities ................................................................................................................	627,102	2,026,160
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ...........................................	(152)	(8,062)
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale .................	(6,266)	—
Net decrease in cash, cash equivalents, and restricted cash ................................................................................	(1,239,606)	(704,842)
Cash, cash equivalents, and restricted cash at beginning of period .....................................................................	14,961,586	13,165,612
Cash, cash equivalents, and restricted cash at end of period ..............................................................................	$13,715,714	$12,460,770


February 2026 Form 10-Q		7

Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended February 28,
$ in thousands	2026	2025
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest .........................................................................................................................................................................	$831,330	$845,673
Income taxes, net .......................................................................................................................................................	37,848	9,089

Noncash investing activities:

During the three months ended February 28, 2025, we donated land with a fair market value of $5.7 million.

Cash, cash equivalents and restricted cash by category in our Consolidated Statements of Financial Condition:


	February 28,	November 30,
$ in thousands	2026	2025
Cash and cash equivalents ...........................................................................................................................................	$11,963,165	$14,043,889
Cash on deposit for regulatory purposes with clearing and depository organizations .......................................	1,752,549	917,697
Total cash, cash equivalents and restricted cash ....................................................................................................	$13,715,714	$14,961,586

See accompanying notes to consolidated financial statements.


8		Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Index


	Page
Note 1. Organization and Basis of Presentation ......................................................................................................................................................................	9
Note 2. Summary of Significant Accounting Policies .............................................................................................................................................................	9
Note 3. Accounting Developments ............................................................................................................................................................................................	9
Note 4. Assets and Liabilities Held for Sale ..............................................................................................................................................................................	10
Note 5. Fair Value Disclosures ....................................................................................................................................................................................................	11
Note 6. Derivative Financial Instruments ..................................................................................................................................................................................	20
Note 7. Collateralized Transactions ...........................................................................................................................................................................................	23
Note 8. Securitization Activities .................................................................................................................................................................................................	24
Note 9. Variable Interest Entities ................................................................................................................................................................................................	25
Note 10. Investments ...................................................................................................................................................................................................................	27
Note 11. Credit Losses on Financial Assets Measured at Amortized Cost .........................................................................................................................	30
Note 12. Goodwill and Intangible Assets ..................................................................................................................................................................................	31
Note 13. Revenues from Contracts with Customers ...............................................................................................................................................................	31
Note 14. Compensation Plans ....................................................................................................................................................................................................	32
Note 15. Borrowings .....................................................................................................................................................................................................................	33
Note 16. Total Equity ....................................................................................................................................................................................................................	35
Note 17. Income Taxes ................................................................................................................................................................................................................	37
Note 18. Commitments, Contingencies and Guarantees .......................................................................................................................................................	37
Note 19. Regulatory Requirements ............................................................................................................................................................................................	38
Note 20. Segment Reporting .......................................................................................................................................................................................................	39
Note 21. Related Party Transactions .........................................................................................................................................................................................	41


February 2026 Form 10-Q		9

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Organization and Basis of Presentation

Organization

Jefferies Financial Group Inc. is a U.S.-headquartered global

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”). The Asset

Management reportable business segment provides alternative

investment management services to investors globally 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.

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, 2025. Certain footnote disclosures included in our Annual

Report on Form 10-K for the year ended November 30, 2025 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.

Certain prior period amounts in our consolidated financial

statements and respective notes have been reclassified to be

consistent with the current period presentation. Such

reclassifications had no impact on net earnings, total assets,

total liabilities, or stockholders’ equity.

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.

Note 2. 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, 2025.

During the three months ended February 28, 2026, there were no

significant changes made to the Company’s significant

accounting policies.

Note 3. Accounting Developments

Accounting Standards to be Adopted in Future Periods

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 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.


10		Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Expenses. In November 2024, the FASB issued ASU No. 2024-03

(“ASU 2024-03”), Disaggregation of Income Statement Expenses.

The guidance primarily will require enhanced disclosures about

certain types of expenses. The amendments in ASU 2024-03 are

effective for fiscal years beginning after December 15, 2026, and

interim periods within fiscal years beginning after December 15,

2027 and may be applied either on a prospective or retrospective

basis. We are evaluating the impact of the standard on our

disclosures.

Credit Losses. In July 2025, the FASB issued ASU No. 2025-05

(“ASU 2025-05”), Financial Instruments–Credit Losses. The

guidance provides an optional practical expedient when applying

the guidance related to the estimation of expected credit losses

for current accounts receivable and current contract assets

resulting from transactions arising from contracts with

customers. The amendments in ASU 2025-05 are effective for

fiscal years beginning after December 15, 2025, and interim

reporting periods, with early adoption permitted. We are

evaluating the impact of the standard on our financial

statements.

Internal-Use Software. In September 2025, the FASB issued ASU

No. 2025-06 (“ASU 2025-06”), Intangibles–Goodwill and Other–

Internal-Use Software. The guidance modernizes and clarifies the

threshold for when an entity is required to start capitalizing

software costs and is based on when (i) management has

authorized and committed to funding the software project and (ii)

it is probable that the project will be completed and the software

will be used to perform the function intended. The amendments

in ASU 2025-06 are effective for fiscal years beginning after

December 15, 2027, and interim reporting periods, with early

adoption permitted. We are evaluating the impact of the standard

on our financial statements.

Derivatives and Hedging and Revenue from Contracts with

Customers. In September 2025, the FASB issued ASU No.

2025-07 (“ASU 2025-07”), Derivatives and Hedging (Topic 815)

and Revenue from Contracts with Customers (Topic 606). The

guidance refines the scope of Topic 815 to clarify which

contracts are subject to derivative accounting. The guidance also

provides clarification under Topic 606 for share-based payments

from a customer in a revenue contract. The amendments in ASU

2025-07 are effective for fiscal years beginning after December

15, 2026, and interim reporting periods, with early adoption

permitted. We are evaluating the impact of the standard on our

financial statements.

Adopted Accounting Standards

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 requires enhanced disclosures about

significant segment expenses. We adopted the guidance

beginning with our year ended November 30, 2025, which

impacted our disclosures only. Refer to Note 20, Segment

Reporting for additional information.

Note 4. Assets and Liabilities Held for Sale

Tessellis

During 2026, we accepted a binding offer from a third party for

the sale of Tessellis. We expect the sale to close during first

quarter of 2027.

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 and amortization expense on such assets.

Tessellis is included within our asset management reportable

segment.

Tessellis’ major classes of assets and liabilities:


$ in thousands	February 28, 2026
Assets held for sale:
Cash and cash equivalents ........................................	$6,266
Investments in and loans to related parties ............	6,579
Other receivables ........................................................	25,074
Premises and equipment, net ....................................	66,215
Goodwill ........................................................................	56,850
Other assets .................................................................	108,723
Total assets held for sale .....................................	$269,707

Liabilities held for sale:
Short term borrowings ................................................	$6,071
Lease liabilities ............................................................	19,291
Accrued expenses and other liabilities ....................	181,699
Long-term debt ............................................................	50,827
Total liabilities held for sale ................................	$257,888


February 2026 Form 10-Q		11

Notes to Consolidated Financial Statements

(Unaudited)

Note 5. Fair Value Disclosures


	February 28, 2026 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$7,339,191	$354,960	$218,483	$—	$7,912,634
Corporate debt securities .....................................................................................	—	5,401,094	50,755	—	5,451,849
Collateralized debt obligations and collateralized loan obligations ...............	—	591,727	61,455	—	653,182
U.S. government and federal agency securities ................................................	2,524,173	67,934	—	—	2,592,107
Municipal securities ..............................................................................................	—	556,120	—	—	556,120
Sovereign obligations ............................................................................................	928,270	1,038,133	—	—	1,966,403
Residential mortgage-backed securities ............................................................	—	2,123,844	6,134	—	2,129,978
Commercial mortgage-backed securities ..........................................................	—	2,150	355	—	2,505
Other asset-backed securities .............................................................................	—	630,244	244,714	—	874,958
Loans and other receivables ................................................................................	—	2,156,054	85,396	—	2,241,450
Derivatives ..............................................................................................................	155	7,079,249	14,691	(5,186,913)	1,907,182
Investments at fair value ......................................................................................	—	13,569	167,195	—	180,764
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$10,791,789	$20,015,078	$849,178	$(5,186,913)	$26,469,132
Securities received as collateral ..........................................................................	$393,867	$—	$—	$—	$393,867

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$6,457,960	$119,236	$167	$—	$6,577,363
Corporate debt securities .....................................................................................	—	3,196,057	555	—	3,196,612
Collateralized debt obligations and collateralized loan obligations ...............	—	1,000	—	—	1,000
U.S. government and federal agency securities ................................................	1,590,146	16	—	—	1,590,162
Municipal securities ..............................................................................................	—	88	—	—	88
Sovereign obligations ............................................................................................	688,027	837,099	—	—	1,525,126
Residential mortgage-backed securities ............................................................	—	2,041	—	—	2,041
Loans .......................................................................................................................	—	264,838	921	—	265,759
Derivatives ..............................................................................................................	56	6,858,114	43,253	(5,600,436)	1,300,987
Total financial instruments sold, not yet purchased .......................................	$8,736,189	$11,278,489	$44,896	$(5,600,436)	$14,459,138
Other secured financings ......................................................................................	$—	$412,338	$11,685	$—	$424,023
Obligation to return securities received as collateral .......................................	393,867	—	—	—	393,867
Long-term debt .......................................................................................................	—	2,662,691	1,024,067	—	3,686,758

(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.61 billion at February 28, 2026 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.


12		Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)


	November 30, 2025 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$7,664,824	$249,847	$218,853	$—	$8,133,524
Corporate debt securities .....................................................................................	—	5,367,201	37,578	—	5,404,779
Collateralized debt obligations and collateralized loan obligations ...............	—	645,798	40,187	—	685,985
U.S. government and federal agency securities ................................................	2,342,718	106,633	—	—	2,449,351
Municipal securities ..............................................................................................	—	563,994	—	—	563,994
Sovereign obligations ............................................................................................	860,832	815,722	—	—	1,676,554
Residential mortgage-backed securities ............................................................	—	1,827,092	6,663	—	1,833,755
Commercial mortgage-backed securities ..........................................................	—	10,458	348	—	10,806
Other asset-backed securities .............................................................................	—	909,474	133,001	—	1,042,475
Loans and other receivables ................................................................................	—	2,111,517	127,720	—	2,239,237
Derivatives ..............................................................................................................	72	5,519,463	10,311	(3,705,764)	1,824,082
Investments at fair value ......................................................................................	—	13,567	163,107	—	176,674
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$10,868,446	$18,140,766	$737,768	$(3,705,764)	$26,041,216
Securities received as collateral ..........................................................................	$200,495	$—	$—	$—	$200,495

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$5,571,534	$47,631	$155	$—	$5,619,320
Corporate debt securities .....................................................................................	—	2,761,794	3,720	—	2,765,514
Collateralized debt obligations and collateralized loan obligations ...............	—	627	—	—	627
U.S. government and federal agency securities ................................................	1,913,403	4	—	—	1,913,407
Sovereign obligations ............................................................................................	796,564	540,555	—	—	1,337,119
Loans .......................................................................................................................	—	184,391	9,757	—	194,148
Derivatives ..............................................................................................................	24	5,429,227	45,953	(3,985,187)	1,490,017
Total financial instruments sold, not yet purchased .......................................	$8,281,525	$8,964,229	$59,585	$(3,985,187)	$13,320,152
Other secured financings ......................................................................................	$—	$412,510	$13,454	$—	$425,964
Obligation to return securities received as collateral ......................................	200,495	—	—	—	200,495
Long-term debt .......................................................................................................	—	2,671,485	1,063,358	—	3,734,843

(1)Excludes investments at fair value based on NAV of $1.68 billion at November 30, 2025 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.


February 2026 Form 10-Q		13

Notes to Consolidated Financial Statements

(Unaudited)

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, 2025.

Investments at Fair Value

Investments at fair value includes investments in hedge funds,

private equity funds, credit funds, real estate funds and other

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.

Information about our investments in entities that have the

characteristics of an investment company:


	February 28, 2026
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ..............	$781,873	$—	Quarterly (41%) Monthly (39%) N/R (20%)	45 - 90 days 45 - 60 days N/R
Private Equity Funds (3) ..............	69,295	23,473	N/R (100%)	N/R
Credit Funds (4) ..............	497,569	23,847	Quarterly (53%) Monthly (2%) N/R (45%)	90 days 30 days N/R
Real Estate and Other Funds (5) ....	261,589	111,269	Quarterly (12%) N/R (88%)	90 days N/R
Total ......................	$1,610,326	$158,589


	November 30, 2025
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ............	$888,880	$—	Quarterly (42%) Monthly (41%) N/R (17%)	45 - 90 days 45 - 60 days N/R
Private Equity Funds (3) ............	66,476	26,828	N/R (100%)	N/R
Credit Funds (4)	490,321	23,847	Quarterly (56%) Monthly (2%) N/R (42%)	90 days 30 days N/R
Real Estate and Other Funds (5) .	235,846	114,872	Quarterly (19%) N/R (81%)	90 days N/R
Total ...................	$1,681,523	$165,547

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, commodities and multi-asset securities.

(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 to nine years.

(4)Primarily includes investments in funds that invest in:

•Distressed and special situations long/short credit strategies across

sectors and asset types;

•Short-term trade receivables and payables that are expected to generally be

outstanding between 90 to 120 days; and

•Distressed and event-driven opportunities across structured credit,

opportunistic credit, and private credit.

(5)Primarily includes investments in corporate real estate strategies focused on

buying or building real estate businesses and investments in venture capital

funds.


14		Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)


									For instruments still held at February 28, 2026, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at November 30, 2025	Total gains/ losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/ (out of) Level 3	Balance at February 28, 2026	Earnings (1)	Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities ...	$218,853	$(6,089)	$12,452	$(3,342)	$(397)	$—	$(2,994)	$218,483	$(6,456)	$—
Corporate debt securities ......	37,578	1,716	66,717	(66,617)	(629)	—	11,990	50,755	(579)	—
CDOs and CLOs .......................	40,187	(7,026)	39,519	(11,654)	—	—	429	61,455	(5,505)	—
RMBS ........................................	6,663	(127)	—	—	(402)	—	—	6,134	(127)	—
CMBS ........................................	348	7	—	—	—	—	—	355	7	—
Other ABS .................................	133,001	(45,135)	119,288	(7,909)	(2,919)	—	48,388	244,714	(45,257)	—
Loans and other receivables .	127,720	(973)	214,243	(207,158)	(790)	—	(47,646)	85,396	2,488	—
Investments at fair value .......	163,107	4,636	250	(23)	(775)	—	—	167,195	3,895	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ...	$155	$12	$—	$—	$—	$—	$—	$167	$(12)	$—
Corporate debt securities ......	3,720	192	—	—	—	—	(3,357)	555	(192)	—
CDOs and CLOs .......................	—	3	—	—	(3)	—	—	—	—	—
Loans ........................................	9,757	(40)	(697)	725	—	—	(8,824)	921	(1,687)	—
Net derivatives (2) ...................	35,642	(11,191)	(5,332)	—	1,484	7,638

Jefferies Financial Group Inc. 10-Q