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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 ~~August~~February 3128, ~~2025~~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

~~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

~~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

~~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 ☐

~~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

~~Indicate~~growth bycompany. ~~check~~See ~~mark whether~~ the ~~registrant~~definitions isof a “large accelerated filer,” an “accelerated filer,” a“smaller ~~non-accelerated~~reporting ~~filer~~company,” ~~smaller~~and ~~reporting~~“emerging growth company,” orin anRule 12b-2 of

~~emerging growth company. See~~ the ~~definitions~~Exchange ~~of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth~~ Act.

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

~~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 ~~September~~March 2930, ~~2025~~2026 was ~~206~~204,~~280~~432,~~296~~307.

Jefferies Financial Group, Inc.

Index to Quarterly Report on Form 10-Q

~~August~~February 3128, ~~2025~~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 ...............................................	4643
Item 3. Quantitative and Qualitative Disclosures About Market Risk ....................................................................................................	6964
Item 4. Controls and Procedures ..................................................................................................................................................................	6964
PART II. OTHER INFORMATION
Item 1. Legal Proceedings .............................................................................................................................................................................	7065
Item 1A. Risk Factors .....................................................................................................................................................................................	7065
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ..................................................................................................	7065
Item 5. Other Information ..............................................................................................................................................................................	7065
Item 6. Exhibits ................................................................................................................................................................................................	7065


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	~~August 31, 2025~~2026	~~November 30, 2024~~2025
Assets
Cash and cash equivalents ...............................................................................................................................................................	$11,~~458~~963,~~472~~165	$1214,~~153~~043,~~414~~889
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $120,414 of securities at fair value at November 30, 2024) .........................................................	1,111,620	1,132,612
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 $18,135,984 and $18,441,751) .......................	26,117,064	24,138,274
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,~~458~~560,~~250~~602	1,~~385~~496,~~658~~125
Securities borrowed ...........................................................................................................................................................................	87,~~175~~675,~~141~~862	78,~~213~~295,~~421~~161
Securities purchased under agreements to resell ........................................................................................................................	7,~~917~~784,~~487~~070	68,~~179~~449,~~653~~107
Securities received as collateral, at fair value ................................................................................................................................	54393,~~155~~867	~~185~~200,~~588~~495
Receivables:
Brokers, dealers and clearing organizations ...............................................................................................................................	23,~~878~~762,~~285~~461	24,~~666~~310,~~591~~143
Customers ........................................................................................................................................................................................	3,~~028~~984,~~443~~448	23,~~494~~439,~~717~~921
Fees, interest and other ..................................................................................................................................................................	~~720~~761,~~912~~369	~~663~~806,~~536~~324
Premises and equipment ..................................................................................................................................................................	1,~~255~~198,~~000~~511	1,~~194~~246,~~720~~470
Goodwill ...............................................................................................................................................................................................	1,~~840~~725,~~432~~876	1,~~827~~837,~~938~~570
Assets held for sale ...........................................................................................................................................................................	—269,707	~~51,885~~—
Other assets (includes assets pledged of $545,419 and $429,347) ..........................................................................................	3,304,448	3,072,302
Other assets (includes assets pledged of $646,883 and $627,259) ..........................................................................................	3,468,545	3,246,706
Total assets ........................................................................................................................................................................................	$6974,~~319~~380,~~709~~490	$6476,~~360~~012,~~309~~347
Liabilities and Equity
Short-term borrowings ......................................................................................................................................................................	$1,~~231~~917,~~328~~492	$~~443~~1,~~160~~767,206
Financial instruments sold, not yet purchased, at fair value .......................................................................................................	1214,~~356~~459,~~852~~138	1113,~~007~~320,~~328~~152
Securities loaned ................................................................................................................................................................................	2,~~498~~690,~~013~~387	2,540,~~861~~759
Securities sold under agreements to repurchase .........................................................................................................................	1210,~~090~~380,~~567~~281	12,~~337~~156,~~935~~737
Other secured financings (includes $611,903 and $24,848 at fair value) .................................................................................	2,683,269	2,183,000
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 .............................................................................................	54393,~~155~~867	~~185~~200,~~588~~495
Payables:
Brokers, dealers and clearing organizations ...............................................................................................................................	35,~~680~~646,~~047~~053	36,~~686~~955,~~367~~100
Customers ........................................................................................................................................................................................	45,~~448~~350,~~494~~833	45,~~073~~216,~~975~~714
Lease liabilities ...................................................................................................................................................................................	~~603~~573,~~445~~096	~~635~~594,~~306~~097
Accrued expenses and other liabilities ...........................................................................................................................................	3,158,589	3,510,831
Liabilities held for sale ......................................................................................................................................................................	257,888	—
Long-term debt (includes $3,564,534 and $2,351,346 at fair value) ..........................................................................................	16,013,634	13,530,565
Accrued expenses and other liabilities ...........................................................................................................................................	2,533,907	3,836,709
Total liabilities ....................................................................................................................................................................................	58,818,393	54,134,916
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
Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 shares issued and outstanding; liquidation preference of $17,500 per share .............................................................................................................................	55	55
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; 206,280,296 and 205,504,272 shares issued and outstanding, after deducting 114,837,774 and 115,613,798 shares held in treasury ..................................................	206,280	205,504
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,~~145~~075,~~409~~065	2,~~104~~177,~~199~~954
Accumulated other comprehensive loss ........................................................................................................................................	(~~374~~315,~~927~~023)	(~~423~~384,~~131~~434)
Retained earnings ..............................................................................................................................................................................	8,~~461~~646,~~907~~325	8,~~270~~574,~~145~~825
Total Jefferies Financial Group Inc. shareholders' equity ..........................................................................................................	10,~~438~~610,~~724~~845	10,~~156~~574,~~772~~696
Noncontrolling interests ...................................................................................................................................................................	6250,~~186~~883	6867,~~215~~507
Total equity .........................................................................................................................................................................................	10,~~500~~661,~~910~~728	10,~~224~~642,~~987~~203
Total liabilities and equity ................................................................................................................................................................	$6974,~~319~~380,~~709~~490	$6476,~~360~~012,~~309~~347

See accompanying notes to consolidated financial statements.

~~August~~February ~~2025~~2026 Form 10-Q 3

Consolidated Statements of Earnings (Unaudited)

	Three Months Ended August 31,		Nine Months Ended August 31,
	Three Months Ended February 28,
$ in thousands, except per share amounts	~~2025~~2026	~~2024~~2025	~~2025~~	~~2024~~
Revenues
Investment banking ...............................................................................................	$1,088,197	$927,094	$2,606,976	$2,344,743
Investment banking ....................................................................................................................................................................	$1,018,284	$729,510
Principal transactions ............................................................................................	486,893	324,501	1,232,630	1,381,432
Principal transactions ................................................................................................................................................................	487,498	407,230
Commissions and other fees ...............................................................................	325,178	270,643	966,711	787,968
Commissions and other fees ....................................................................................................................................................	367,604	288,300
Asset management fees and revenues ..............................................................	13,079	11,986	118,563	74,126
Asset management fees and revenues ...................................................................................................................................	67,362	85,408
Interest .....................................................................................................................	846,894	936,786	2,570,090	2,636,002
Interest .........................................................................................................................................................................................	813,119	845,171
Other .........................................................................................................................	147,433	124,579	379,883	439,556
Other .............................................................................................................................................................................................	117,398	117,245
Total revenues ........................................................................................................	2,907,674	2,595,589	7,874,853	7,663,827
Total revenues ............................................................................................................................................................................	2,871,265	2,472,864
Interest expense .....................................................................................................	860,242	912,037	2,599,955	2,585,627
Interest expense ..........................................................................................................................................................................	854,135	879,845
Net revenues ...........................................................................................................	2,047,432	1,683,552	5,274,898	5,078,200
Net revenues ...............................................................................................................................................................................	2,017,130	1,593,019
Non-interest expenses
Compensation and benefits .................................................................................	1,083,510	889,098	2,779,476	2,677,962
Compensation and benefits ......................................................................................................................................................	1,085,890	841,127
Brokerage and clearing fees .................................................................................	121,164	101,119	360,345	321,325
Brokerage and clearing fees .....................................................................................................................................................	133,132	109,436
Underwriting costs .................................................................................................	20,332	14,017	52,703	51,053
Underwriting costs ......................................................................................................................................................................	31,383	17,846
Technology and communications .......................................................................	157,171	136,953	442,844	409,703
Technology and communications ............................................................................................................................................	159,858	139,475
Occupancy and equipment rental ........................................................................	32,908	30,078	93,818	87,558
Occupancy and equipment rental .............................................................................................................................................	33,860	30,199
Business development ..........................................................................................	78,999	68,152	231,360	194,433
Business development ...............................................................................................................................................................	75,422	72,291
Professional services ............................................................................................	73,329	64,630	223,563	217,967
Professional services .................................................................................................................................................................	76,944	72,466
Depreciation and amortization .............................................................................	53,230	45,977	136,471	139,125
Depreciation and amortization .................................................................................................................................................	56,865	30,988
Cost of sales ...........................................................................................................	34,430	37,400	118,959	109,533
Cost of sales ................................................................................................................................................................................	29,920	41,568
Other expenses .......................................................................................................	60,544	43,441	217,578	168,858
Other expenses ...........................................................................................................................................................................	121,640	86,558
Total non-interest expenses ................................................................................	1,715,617	1,430,865	4,657,117	4,377,517
Total non-interest expenses ....................................................................................................................................................	1,804,914	1,441,954
Earnings from continuing operations before income taxes ............................	331,815	252,687	617,781	700,683
Earnings before income taxes ..................................................................................................................................................	212,216	151,065
Income tax expense ...............................................................................................	89,311	78,011	147,033	207,077
Income tax expense ...................................................................................................................................................................	52,870	14,216
Net earnings from continuing operations ...........................................................	242,504	174,676	470,748	493,606
Net earnings ................................................................................................................................................................................	159,346	136,849
Net earnings (losses) from discontinued operations (including gain on disposal of $0, $2,839, $0, $2,839), net of income tax benefit of $0, $9,145, $0, and $12,321 ........................................................................................	—	6,363	—	(1,488)
Net losses attributable to noncontrolling interests ...............................................................................................................	(15,858)	(6,983)
Net earnings ...........................................................................................................	242,504	181,039	470,748	492,118
Preferred stock dividends ..........................................................................................................................................................	19,504	16,039
Net losses attributable to noncontrolling interests ...........................................	(10,041)	(6,874)	(24,692)	(19,102)
Net earnings attributable to common shareholders ............................................................................................................	$155,700	$127,793
Preferred stock dividends .....................................................................................	28,559	20,785	55,528	48,501
Earnings per common share
Net earnings attributable to common shareholders ........................................	$223,986	$167,128	$439,912	$462,719
Basic .............................................................................................................................................................................................	$0.72	$0.60
Earnings per common share
Diluted ...........................................................................................................................................................................................	0.70	0.57
Basic from continuing operations .......................................................................	$1.04	$0.75	$2.05	$2.12
Weighted-average common shares outstanding
Diluted from continuing operations .....................................................................	1.01	0.72	1.98	2.06
Basic .............................................................................................................................................................................................	215,707	214,536
Basic .........................................................................................................................	1.04	0.78	2.05	2.12
Diluted ...........................................................................................................................................................................................	223,270	222,448
Diluted ......................................................................................................................	1.01	0.75	1.98	2.06
Weighted-average common shares outstanding .............................................
Basic .........................................................................................................................	215,293	214,452	214,977	218,106
Diluted ......................................................................................................................	222,715	221,699	222,539	224,180

See accompanying notes to consolidated financial statements.


4		Jefferies Financial Group Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended August 31,		Nine Months Ended August 31,
	Three Months Ended February 28,
$ in thousands	~~2025~~2026	~~2024~~2025	~~2025~~	~~2024~~
Net earnings ...................................................................................................................	$242,504	$181,039	$470,748	$492,118
Net earnings .............................................................................................................................................................................	$159,346	$136,849
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other (1) ......................................................	8,551	22,560	39,998	18,443
Currency translation adjustments and other (1) ................................................................................................................	9,179	(15,322)
Changes in fair value related to instrument-specific credit risk (2) ......................	(43,882)	17,783	7,945	5,081
Changes in fair value related to instrument-specific credit risk (2) ................................................................................	59,648	30,256
Unrealized gains on available-for-sale-securities ...................................................	99	426	261	2,056
Unrealized gains on available-for-sale-securities .............................................................................................................	584	125
Total other comprehensive income (loss), net of tax (3) .......................................	(35,232)	40,769	48,204	25,580
Total other comprehensive income (loss), net of tax (3) .................................................................................................	69,411	15,059
Comprehensive income ................................................................................................	207,272	221,808	518,952	517,698
Comprehensive income ..........................................................................................................................................................	228,757	151,908
Net losses attributable to noncontrolling interests ..................................................	(10,041)	(6,874)	(24,692)	(19,102)
Net losses attributable to noncontrolling interests ............................................................................................................	(15,858)	(6,983)
Preferred stock dividends ............................................................................................	28,559	20,785	55,528	48,501
Preferred stock dividends ......................................................................................................................................................	19,504	16,039
Comprehensive income attributable to common shareholders ............................	$188,754	$207,897	$488,116	$488,299
Comprehensive income attributable to common shareholders ......................................................................................	$225,111	$142,852

(1)Includes income tax expense of $4.5 million ~~and $14.6 million~~ for the three ~~and nine~~ months ended ~~August~~February 3128, ~~2025,~~2026 ~~respectively,~~ and income tax benefit of $4.5 million for the three

~~expense of $7.9 million and $7.2 million for the three and nine~~ months ended ~~August~~February 3128, ~~2024~~2025.

(2)Includes income tax ~~benefit (~~expense) of $1519.10 million and $(310.4) 6 million for the three ~~and nine~~ months ended ~~August~~February 3128, 2026 and 2025, respectively~~, and~~ .

~~income~~(3)Includes ~~tax~~unrealized ~~expense~~losses of $60.1 2 million ~~and $1.0 million~~ for the three ~~and nine~~ months ended ~~August~~February 3128, ~~2024~~2025, ~~respectively.~~related to currency translation adjustments attributable to

~~(3)Includes unrealized gains (losses) related to currency translation adjustments attributable to~~ noncontrolling interests ~~of $0~~.~~9 million~~ ~~and~~

$(1.0) million for the three and nine months ended August 31, 2024, respectively.

See accompanying notes to consolidated financial statements.

~~August~~February ~~2025~~2026 Form 10-Q 5

Consolidated Statements of Changes in Equity (Unaudited)

	Three Months Ended August 31,		Nine Months Ended August 31,
	Three Months Ended February 28,
$ in thousands, except par value and per share amounts	~~2025~~2026	~~2024~~2025	~~2025~~	~~2024~~
Preferred shares $1 par value
Balance, beginning of period .............................................................................	$55	$42	$55	$42
Balance, beginning of period ....................................................................................................................................................	$55	$55
Conversion of common shares to preferred shares ...................................	—	13	—	13
Balance, end of period ..............................................................................................................................................................	$55	$55
Balance, end of period .......................................................................................	$55	$55	$55	$55
Common shares $1 par value
Common shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$206,296	$205,504
Balance, beginning of period .............................................................................	$206,272	$212,053	$205,504	$210,627
Purchase of common shares for treasury ..........................................................................................................................	(2,996)	(696)
Purchase of common shares for treasury ...................................................	(16)	(7)	(735)	(1,089)
Other .........................................................................................................................................................................................	1,123	1,442
Conversion of common shares to preferred shares ...................................	—	(6,562)	—	(6,562)
Balance, end of period ..............................................................................................................................................................	$204,423	$206,250
Other ..................................................................................................................	24	11	1,511	2,519
Additional paid-in capital
Balance, end of period .......................................................................................	$206,280	$205,495	$206,280	$205,495
Balance, beginning of period ....................................................................................................................................................	$2,177,954	$2,104,199
Additional paid-in capital
Share-based compensation expense ..................................................................................................................................	50,672	35,637
Balance, beginning of period .............................................................................	$2,129,358	$2,051,149	$2,104,199	$2,044,859
Purchase of common shares for treasury ..........................................................................................................................	(171,307)	(55,622)
Share-based compensation expense ............................................................	13,980	13,377	67,810	47,949
Dividend equivalents ..............................................................................................................................................................	10,908	8,597
Purchase of common shares for treasury ...................................................	(902)	(325)	(57,751)	(43,222)
Change in equity interest related to consolidated subsidiaries .......................................................................................	4,606	853
Dividend equivalents .......................................................................................	6,138	4,756	23,089	14,436
Other .........................................................................................................................................................................................	2,232	474
Conversion of common shares to preferred shares ....................................	—	16,393	—	16,393
Balance, end of period ..............................................................................................................................................................	$2,075,065	$2,094,138
Change in equity interest related to consolidated subsidiaries ................	(4,710)	—	(5,833)	—
Accumulated other comprehensive loss, net of tax
Other ..................................................................................................................	1,545	877	13,895	5,812
Balance, beginning of period ....................................................................................................................................................	$(384,434)	$(423,131)
Balance, end of period .......................................................................................	$2,145,409	$2,086,227	$2,145,409	$2,086,227
Other comprehensive income, net of taxes ........................................................................................................................	69,411	15,059
Accumulated other comprehensive loss, net of tax
Balance, end of period ..............................................................................................................................................................	$(315,023)	$(408,072)
Balance, beginning of period .............................................................................	$(339,695)	$(410,734)	$(423,131)	$(395,545)
Retained earnings
Other comprehensive income (loss), net of taxes ......................................	(35,232)	40,769	48,204	25,580
Balance, beginning of period ....................................................................................................................................................	$8,574,825	$8,270,145
Balance, end of period .......................................................................................	$(374,927)	$(369,965)	$(374,927)	$(369,965)
Net earnings attributable to Jefferies Financial Group Inc. ..............................................................................................	175,204	143,832
Retained earnings
Dividends - common shares ($0.40 and $0.40 per share) ................................................................................................	(92,674)	(91,095)
Balance, beginning of period .............................................................................	$8,309,035	$8,022,546	$8,270,145	$7,849,844
Dividends - preferred shares .................................................................................................................................................	(11,025)	(11,025)
Net earnings attributable to Jefferies Financial Group Inc. .......................	252,545	187,913	495,440	511,222
Other .........................................................................................................................................................................................	(5)	—
Dividends - common shares ($0.40, $0.35, $1.20, $0.95 per share) ........	(88,648)	(76,678)	(270,603)	(213,581)
Balance, end of period ..............................................................................................................................................................	$8,646,325	$8,311,857
Dividends - preferred shares ..........................................................................	(11,025)	(9,647)	(33,075)	(22,247)
Total Jefferies Financial Group Inc. shareholders' equity .................................................................................................	$10,610,845	$10,204,228
Cumulative effect of change in accounting principle for current expected credit losses, net of tax .............................................................	—	—	—	(644)
Noncontrolling interests
Other ..................................................................................................................	—	—	—	(460)
Balance, beginning of period .....................................................................................................................................................	$67,507	$68,215
Balance, end of period .......................................................................................	$8,461,907	$8,124,134	$8,461,907	$8,124,134
Net losses attributable to noncontrolling interests ...........................................................................................................	(15,858)	(6,983)
Total Jefferies Financial Group Inc. shareholders' equity ...........................	$10,438,724	$10,045,946	$10,438,724	$10,045,946
Contributions ...........................................................................................................................................................................	119	104
Noncontrolling interests
Distributions ............................................................................................................................................................................	(1,518)	(2,795)
Balance, beginning of period .............................................................................	$77,149	$77,130	$68,215	$92,308
Other .........................................................................................................................................................................................	633	5,670
Net losses attributable to noncontrolling interests ....................................	(10,041)	(6,874)	(24,692)	(19,102)
Balance, end of period ..............................................................................................................................................................	$50,883	$64,211
Contributions ....................................................................................................	1,455	105	18,909	9,426
Total equity .................................................................................................................................................................................	$10,661,728	$10,268,439
Distributions .....................................................................................................	(10,464)	(1,876)	(14,787)	(12,565)
Change in equity interest related to consolidated subsidiaries ................	4,092	—	14,548	—
Other ..................................................................................................................	(5)	930	(7)	(652)
Balance, end of period .......................................................................................	$62,186	$69,415	$62,186	$69,415
Total equity ..........................................................................................................	$10,500,910	$10,115,361	$10,500,910	$10,115,361

See accompanying notes to consolidated financial statements.


6		Jefferies Financial Group Inc.

Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended August 31,
	Three Months Ended February 28,
$ in thousands	~~2025~~2026	~~2024~~2025
Cash flows from operating activities:
Net earnings ......................................................................................................................................................................................	$470,748	$492,118
Net earnings ...................................................................................................................................................................	$159,346	$136,849
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization ....................................................................................................................................................	144,434	141,584
Depreciation and amortization .................................................................................................................................	41,335	32,995
Share-based compensation .........................................................................................................................................................	67,810	47,949
Impairment of assets ................................................................................................................................................	65,413	—
Net bad debt expense ...................................................................................................................................................................	16,931	48,305
Share-based compensation ......................................................................................................................................	50,672	35,637
Income on investments in and loans to related parties ...........................................................................................................	(54,270)	(62,187)
Net bad debt expense ...............................................................................................................................................	14,427	7,493
Distributions received on investments in related parties ........................................................................................................	71,368	36,048
Income on investments in and loans to related parties .......................................................................................	(24,474)	(7,052)
Gain on sale of subsidiaries and investments in related parties ............................................................................................	—	(58,452)
Distributions received on investments in related parties .....................................................................................	21,173	16,142
Loss on assets held for sale ........................................................................................................................................................	12,566	—
Other adjustments .....................................................................................................................................................	118,761	(44,419)
Other adjustments .........................................................................................................................................................................	434,110	208,693
Net change in assets and liabilities:
Receivables:
Brokers, dealers and clearing organizations ..........................................................................................................................	(193,514)	(188,454)
Brokers, dealers and clearing organizations .......................................................................................................	547,515	(877,505)
Customers ...................................................................................................................................................................................	(533,734)	(356,045)
Customers ................................................................................................................................................................	(544,527)	32,699
Fees, interest and other .............................................................................................................................................................	(60,040)	(59,530)
Fees, interest and other ..........................................................................................................................................	7,851	(47,567)
Securities borrowed ......................................................................................................................................................................	(945,232)	158,071
Securities borrowed ...................................................................................................................................................	619,155	(1,198,188)
Financial instruments owned .......................................................................................................................................................	(1,712,385)	(2,145,820)
Financial instruments owned ...................................................................................................................................	(357,809)	(2,271,617)
Securities purchased under agreements to resell ....................................................................................................................	(1,664,568)	(975,592)
Securities purchased under agreements to resell ................................................................................................	664,567	(1,976,348)
Other assets ...................................................................................................................................................................................	(266,563)	(421,913)
Other assets ................................................................................................................................................................	(305,830)	(236,583)
Payables:
Brokers, dealers and clearing organizations ..........................................................................................................................	(26,372)	663,467
Brokers, dealers and clearing organizations .......................................................................................................	(1,308,863)	546,020
Customers ...................................................................................................................................................................................	374,518	(62,089)
Customers ................................................................................................................................................................	134,119	48,413
Securities loaned ...........................................................................................................................................................................	(62,979)	691,548
Securities loaned ........................................................................................................................................................	149,785	(30,136)
Financial instruments sold, not yet purchased .........................................................................................................................	1,260,915	985,256
Financial instruments sold, not yet purchased ......................................................................................................	1,139,710	3,027,469
Securities sold under agreements to repurchase .....................................................................................................................	(312,049)	(1,387,996)
Securities sold under agreements to repurchase .................................................................................................	(1,776,125)	1,359,656
Lease liabilities ..............................................................................................................................................................................	(48,280)	(56,408)
Lease liabilities ...........................................................................................................................................................	(17,783)	(21,429)
Accrued expenses and other liabilities ......................................................................................................................................	(432,723)	451,355
Accrued expenses and other liabilities ...................................................................................................................	(1,135,709)	(1,197,694)
Net cash used in operating activities from continuing operations .........................................................................................	(3,459,309)	(1,850,092)
Net cash used in operating activities ........................................................................................................................	(1,737,291)	(2,665,165)
Net cash used in operating activities from discontinued operations .....................................................................................	—	(68,789)
Cash flows from investing activities:
Contributions to investments in and loans to related parties .................................................................................................	(466,338)	(108,484)
Contributions to investments in and loans to related parties .............................................................................	(64,830)	(21,949)
Capital distributions from investments and repayments of loans from related parties .....................................................	379,193	1,406
Capital distributions from investments and repayments of loans from related parties .................................	426	13,752
Originations and purchases of automobile loans, notes and other receivables ..................................................................	—	(89,540)
Net payments on premises and equipment ...........................................................................................................	(64,861)	(49,578)
Principal collections of automobile loans, notes and other receivables ...............................................................................	—	83,268
Net cash used in investing activities ........................................................................................................................	(129,265)	(57,775)
Net payments on premises and equipment ..............................................................................................................................	(151,425)	(180,654)
Cash flows from financing activities:
Proceeds from assets held for sale ............................................................................................................................................	26,843	—
Proceeds from short-term borrowings ...................................................................................................................	$2,081,271	$3,253,704
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold ...........................	—	610,843
Payments on short-term borrowings ......................................................................................................................	(1,916,779)	(2,662,000)
Net cash (used in) provided by investing activities from continuing operations .................................................................	(211,727)	316,839
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

~~August~~February ~~2025~~2026 Form 10-Q 7

Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended August 31,
	Three Months Ended February 28,
$ in thousands	~~2025~~2026	~~2024~~2025
Cash flows from financing activities:
Proceeds from short-term borrowings .......................................................................................................................................	$7,170,583	$3,826,758
Payments on short-term borrowings ..........................................................................................................................................	(6,363,688)	(3,058,475)
Proceeds from issuance of long-term debt, net of issuance costs .......................................................................................	3,852,721	4,646,993
Repayment of long-term debt ......................................................................................................................................................	(1,758,422)	(1,763,572)
Proceeds from conversion of common to preferred shares ...................................................................................................	—	9,844
Purchase of common shares for treasury .................................................................................................................................	(58,486)	(44,311)
Dividends paid to common and preferred shareholders .........................................................................................................	(280,589)	(221,392)
Net proceeds from other secured financings ...........................................................................................................................	497,768	434,285
Net change in bank overdrafts ....................................................................................................................................................	(22,050)	(33,795)
Proceeds from contributions of noncontrolling interests .......................................................................................................	18,909	9,426
Payments on distributions to noncontrolling interests ............................................................................................................	(8,084)	(12,565)
Other ................................................................................................................................................................................................	9,573	7,871
Net cash provided by financing activities from continuing operations ..................................................................................	3,058,235	3,801,067
Net cash used in financing activities from discontinued operations ......................................................................................	—	(170,631)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ...............................................................	17,281	18,901
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale ....................................	—	(13,224)
Net (decrease) increase in cash, cash equivalents, and restricted cash .................................................................................	(595,520)	2,047,295
Cash, cash equivalents, and restricted cash at beginning of period ........................................................................................	13,165,612	9,830,758
Cash, cash equivalents, and restricted cash at end of period ..................................................................................................	$12,570,092	$11,864,829
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest ............................................................................................................................................................................................	$2,588,490	$2,535,591
Interest .........................................................................................................................................................................	$831,330	$845,673
Income taxes, net (1) ....................................................................................................................................................................	235,549	167,796
Income taxes, net .......................................................................................................................................................	37,848	9,089

(1)Includes the purchase of investment tax credits in the aggregate of $149.7 million.

Noncash investing activities:

During the ~~nine~~three months ended ~~August~~February 3128, 2025, we donated land with a fair market value of $5.7 million.

During the nine months ended August 31, 2025 and 2024, we had stock distributions of $0.4 million and $0.6 million, respectively, from

our equity method investments.

Noncash financing activities:

During the nine months ended August 31, 2025, we had declared distributions to noncontrolling interests of $6.7 million.

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

	August 31,	November 30,
	February 28,	November 30,
$ in thousands	~~2025~~2026	~~2024~~2025
Cash and cash equivalents ...........................................................................................................................................	$11,~~458~~963,~~472~~165	$1214,~~153~~043,~~414~~889
Cash on deposit for regulatory purposes with clearing and depository organizations .......................................	1,~~111~~752,~~620~~549	1917,~~012,198~~697
Total cash, cash equivalents and restricted cash ....................................................................................................	$1213,~~570~~715,~~092~~714	$1314,~~165~~961,~~612~~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 ............................................................................................................................................................................................	109
Note 4. Business Acquisitions ....................................................................................................................................................................................................	10
Note 4. Assets and Liabilities Held for Sale ..............................................................................................................................................................................	10
Note 5. Assets Held for Sale and Discontinued Operations ...................................................................................................................................................	11
Note 5. Fair Value Disclosures ....................................................................................................................................................................................................	11
Note 6. Fair Value Disclosures ....................................................................................................................................................................................................	12
Note 6. Derivative Financial Instruments ..................................................................................................................................................................................	20
Note 7. Derivative Financial Instruments ..................................................................................................................................................................................	22
Note 7. Collateralized Transactions ...........................................................................................................................................................................................	23
Note 8. Collateralized Transactions ...........................................................................................................................................................................................	25
Note 8. Securitization Activities .................................................................................................................................................................................................	24
Note 9. Securitization Activities .................................................................................................................................................................................................	27
Note 9. Variable Interest Entities ................................................................................................................................................................................................	25
Note 10. Variable Interest Entities ..............................................................................................................................................................................................	27
Note 10. Investments ...................................................................................................................................................................................................................	27
Note 11. Investments ...................................................................................................................................................................................................................	30
Note 11. Credit Losses on Financial Assets Measured at Amortized Cost .........................................................................................................................	30
Note 12. Credit Losses on Financial Assets Measured at Amortized Cost .........................................................................................................................	33
Note 12. Goodwill and Intangible Assets ..................................................................................................................................................................................	31
Note 13. Goodwill and Intangible Assets ..................................................................................................................................................................................	33
Note 13. Revenues from Contracts with Customers ...............................................................................................................................................................	31
Note 14. Revenues from Contracts with Customers ...............................................................................................................................................................	35
Note 14. Compensation Plans ....................................................................................................................................................................................................	32
Note 15. Compensation Plans ....................................................................................................................................................................................................	36
Note 15. Borrowings .....................................................................................................................................................................................................................	33
Note 16. Borrowings .....................................................................................................................................................................................................................	37
Note 16. Total Equity ....................................................................................................................................................................................................................	35
Note 17. Total Equity ....................................................................................................................................................................................................................	39
Note 17. Income Taxes ................................................................................................................................................................................................................	37
Note 18. Income Taxes ................................................................................................................................................................................................................	41
Note 18. Commitments, Contingencies and Guarantees .......................................................................................................................................................	37
Note 19. Commitments, Contingencies and Guarantees .......................................................................................................................................................	41
Note 19. Regulatory Requirements ............................................................................................................................................................................................	38
Note 20. Regulatory Requirements ............................................................................................................................................................................................	43
Note 20. Segment Reporting .......................................................................................................................................................................................................	39
Note 21. Segment Reporting .......................................................................................................................................................................................................	44
Note 21. Related Party Transactions .........................................................................................................................................................................................	41
Note 22. Related Party Transactions .........................................................................................................................................................................................	45

~~August~~February ~~2025~~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 ~~full~~

~~service, integrated~~ investment banking and capital markets firm. The accompanying

~~The~~consolidated ~~accompanying~~financial ~~Consolidated~~statements ~~Financial~~represent ~~Statements~~the ~~represent~~accounts of

~~the accounts of~~ Jefferies Financial Group Inc. and subsidiaries (together, the

~~(together, the~~ “Company,” “we” or “us”). We, collectively with our consolidated

~~consolidated~~ subsidiaries and through our affiliates, deliver a broad range of

~~broad range of~~ financial services across investment banking, capital markets

~~capital markets~~ and asset management.

We operate in two reportable business segments: (1) Investment

Banking and Capital Markets and (2) Asset Management. The

Investment Banking and Capital Markets reportable business

segment includes our capital markets activities and our

investment banking business, which provides underwriting and

financial advisory services to our clients. We operate in the

Americas; Europe and the Middle East; and Asia-Pacific.

Investment Banking and Capital Markets also includes our

corporate lending joint venture (“Jefferies Finance LLC” or

“Jefferies Finance”), our commercial real estate joint venture

(“Berkadia Commercial Holding LLC” or “Berkadia”). ~~and~~The Asset

~~historically~~Management ~~our~~reportable ~~automobile~~business ~~lending~~segment ~~and~~provides ~~servicing~~alternative ~~activities (sold~~

ininvestment ~~April~~management ~~2024).~~services ~~The~~to ~~Asset~~investors ~~Management~~globally ~~reportable~~and ~~business~~

~~segment~~generates ~~provides~~investment ~~alternative~~income ~~investment~~from ~~management~~capital ~~services~~invested in and

tomanaged ~~investors~~by inus ~~the~~or ~~U.S.~~our ~~and~~affiliated ~~overseas~~asset managers, and ~~generates~~includes ~~investment~~

~~income~~certain ~~from~~remaining ~~capital~~businesses ~~invested in~~ and ~~managed~~assets byof usour orlegacy ~~our~~merchant

~~affiliated~~banking ~~asset managers, and includes certain remaining~~ portfolio.

businesses and assets of our legacy merchant banking portfolio.

During the fourth quarter of 2023, we acquired Stratos Group

International (“Stratos”) (formerly FXCM Group, LLC, or “FXCM”)

and OpNet S.p.A. (“OpNet,” formerly known as “Linkem”),

investments in our legacy merchant banking portfolio which

became consolidated subsidiaries. In April 2024, we finalized the

sale of Foursight Capital LLC (“Foursight”). In February 2024,

OpNet agreed to sell substantially all of its wholesale operating

assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group

Telecom Holdings Ltd. The sale closed in August 2024. Refer to

Note 4, Business Acquisitions and Note 5, Assets Held for Sale

and Discontinued Operations for further information.

Basis of Presentation

The accompanying consolidated financial statements have been

prepared in accordance with U.S. generally accepted accounting

principles (“U.S. GAAP”) and should be read in conjunction with

our consolidated financial statements and notes thereto included

in our Annual Report on Form 10-K for the year ended November

~~November~~ 30, ~~2024~~2025. Certain footnote disclosures included in our Annual

~~Annual~~ Report on Form 10-K for the year ended November 30, 2025 have

~~2024 have~~ been condensed or omitted from the consolidated financial

~~financial~~ statements as they are not required for interim reporting under

~~under~~ U.S. GAAP. The consolidated financial statements reflect all

~~all~~ adjustments of a normal, recurring nature that are, in the opinion

~~opinion~~ of management, necessary for the fair presentation of the results

~~the results~~ for the interim period. The results presented in our consolidated

~~consolidated~~ financial statements for interim periods are not necessarily

~~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, ~~2024~~2025.

During the three ~~and nine~~ months ended ~~August~~February 3128, ~~2025~~2026, there were no

~~were no~~ significant changes made to the Company’s significant

accounting policies.

10 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 3. Accounting Developments

Accounting Standards to be Adopted in Future Periods

Segment Reporting. In November 2023, the Financial Accounting

Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU

2023-07”), Improvements to Reportable Segment Disclosures.

The guidance primarily will require enhanced disclosures about

significant segment expenses. The amendments in ASU 2023-07

are effective for fiscal years beginning after December 15, 2023,

and interim periods within fiscal years beginning after December

15, 2024, with early adoption permitted, and are to be applied on

a retrospective basis. We are evaluating the impact of the

standard on our segment reporting disclosures and will

implement these disclosures commencing with our fiscal year

ending November 30, 2025.

Income Taxes. In December 2023, the FASB issued ASU No.

2023-09 (“ASU 2023-09”), Improvements to Income Tax

Disclosures. The guidance is intended to improve income tax

disclosure requirements by requiring (i) consistent categories

and greater disaggregation of information in the rate

reconciliation and (ii) the disaggregation of income taxes paid by

jurisdiction. The guidance makes several other changes to the

income tax disclosure requirements. The amendments in ASU

2023-09 are effective for fiscal years beginning after December

15, 2024, ~~with early adoption permitted,~~ and are required to be applied prospectively with the

~~applied prospectively with the~~ option of retrospective application. We are evaluating the impact

~~We are evaluating the impact~~ of the standard on our income tax disclosures.

~~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 ~~disclosures~~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

~~disclosures~~financial statements.

~~Note~~Adopted 4.Accounting ~~Business Acquisitions~~ Standards

~~OpNet~~Segment Reporting. In November 2023, the Financial Accounting

WeStandards ~~historically~~Board ~~owned~~(“FASB”) ~~47.4%~~issued ofASU ~~the common shares and 50~~No.0% of2023-07 (“ASU

~~the voting rights of OpNet~~2023-07”), aImprovements ~~fixed~~to ~~wireless~~Reportable ~~broadband~~Segment ~~service~~Disclosures.

~~provider~~The inguidance ~~Italy,~~primarily ~~and~~requires ~~various~~enhanced ~~classes~~disclosures ofabout ~~convertible preferred~~

~~stock~~significant ~~issued~~segment ~~by OpNet (the “preferred shares”)~~expenses. OnWe ~~November~~adopted ~~30,~~the guidance

~~2023,~~beginning wewith ~~provided notice of~~ our ~~intent~~year toended ~~convert~~November ~~certain~~30, ~~classes~~2025, which

ofimpacted our ~~preferred~~disclosures ~~shares~~only. ~~into~~Refer ~~common~~to ~~shares~~Note ~~and~~20, asSegment ~~a result, we~~

~~obtained~~Reporting ~~control~~for ofadditional ~~OpNet~~information. ~~Upon conversion on May 7, 2024, our~~

~~ownership~~Note ~~increased to 57~~4.5% ofAssets ~~the~~and ~~common~~Liabilities ~~shares~~Held ~~and~~for ~~our~~Sale

~~voting rights increased to 72.5% of the aggregate voting rights of~~ Tessellis

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

~~Upon~~the ~~obtaining~~sale ~~control~~ of ~~OpNet~~Tessellis. onWe ~~November~~expect ~~30,~~the ~~2023,~~sale ~~the~~to close during first

~~assets~~quarter ~~and liabilities~~ of ~~OpNet~~2027. ~~have been included in our~~

~~consolidated~~Assets ~~financial~~held ~~statements~~for ~~under~~sale are recorded initially at the ~~acquisition~~lower ~~method~~of their

ofcarrying ~~accounting.~~value ~~The~~or ~~initial~~estimated ~~consolidation~~fair ofvalue, ~~OpNet~~less ~~was~~estimated ~~accounted~~costs to

~~for~~sell. ~~under~~Upon ~~the~~designation ~~acquisition~~as ~~method~~an ofasset ~~accounting~~held ~~and~~for sale, we discontinue

~~remeasured~~recording ~~our~~depreciation ~~previously~~and ~~existing~~amortization ~~interests~~expense aton ~~fair~~such ~~value and~~ assets.

~~recognized~~Tessellis ais ~~gain~~included ofwithin ~~$115.8 million,~~our ~~representing~~asset ~~the~~management ~~excess~~reportable of

~~the~~segment. ~~fair value of our previously existing interests over the carrying~~

~~value~~Tessellis’ ofmajor ~~our~~classes ~~investment~~ of ~~$201.6 million.~~assets and liabilities:

The fair value of the previously existing interests was measured


$ 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

~~based~~February on2026 anForm ~~estimate~~10-Q ~~of what could be recognized in a sale~~ 11

transaction for wholesale net operating assets operating assets

of OpNet, which have been classified as held for sale. The

remaining identifiable assets and assumed liabilities of OpNet

represented the assets and liabilities of Tessellis S.p.A.

(“Tessellis”), a telecommunications company publicly listed on

the Italian stock exchange. An enterprise value for Tessellis was

estimated based on its market capitalization at November 30,

2023, which was then allocated to the identifiable assets,

including intangible assets, liabilities, and noncontrolling

interests of Tessellis using an income approach, which

calculates the present value of the estimated economic benefit

of future cash flows, in order to determine the fair value of the

identified customer relationships and Tessellis trade name.

Property and equipment and developed technology assets were

valued using a replacement cost methodology. Critical estimates

included future expected cash flows, including forecasted

revenues and expenses, and applicable discount rates. Discount

rates used to compute the present value of expected net cash

flows were based upon estimated weighted average cost of

capital. The initial allocation of the purchase price resulted in the

recognition of goodwill relating to Tessellis of $127.1 million. No

consideration was transferred in connection with the

consolidation.

August 2025 Form 10-Q 11

Notes to Consolidated Financial Statements

(Unaudited)

~~The~~Note ~~initial~~5. ~~estimated~~Fair ~~purchase~~Value ~~price allocation as of November~~ Disclosures

30, 2023 for Tessellis was revised during the first quarter of 2024


	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

as(1)Excludes ~~new~~investments ~~information~~at ~~was~~fair ~~received~~value ~~and~~based ~~analyzed~~on ~~resulting~~net inasset anvalue (“NAV”) of $1.61 billion at February 28, 2026 by level within the fair value hierarchy.

~~increase~~(2)Represents incounterparty ~~intangible~~and ~~assets~~cash collateral netting across the levels of ~~$39.3 million,~~the afair ~~decrease~~value inhierarchy for positions with the same counterparty.

property and equipment of $12.3 million, and a decrease in

goodwill of $27.0 million.

In February 2024, OpNet agreed to sell substantially all of its

wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK

Hutchison Group Telecom Holdings Ltd. The sale closed in

August 2024 and we received net cash proceeds of

$322.8 million and recognized a pre-tax gain on sale of

$3.5 million. The sale of OpNet’s operating assets did not include

our interest in Tessellis.

During 2024, Tessellis executed various acquisitions and, as a

result, recognized assets and liabilities of $27.9 million and

$20.2 million, respectively, on the acquisition dates. Total assets

primarily relate to goodwill, property and equipment, intangible

assets, and short-term trade receivables. Total liabilities primarily

relate to financial debt assumed and trade payables. The primary

acquisition executed during 2024 was the acquisition of a 97.2%

ownership interest in Go Internet S.p.A. (“Go Internet”) for a total

consideration of €4.2 million. During the second quarter of 2025,

purchase price allocation adjustments were finalized.

Note 5. Assets Held for Sale and Discontinued Operations

Foursight

During the second quarter of 2024, we closed the sale of

Foursight and recognized a gain on sale of $24.2 million, which is

included within Other revenues.

OpNet

In August 2024, we substantially sold all of OpNet’s wholesale

operating assets and recognized a pre-tax gain on sale of

$3.5 million. For the year ended November 30, 2024, the activities

of OpNet’s wholesale operations have been classified as

discontinued operations and OpNet’s results are presented in Net

losses from discontinued operations, net of income tax benefit.

Airplanes

During 2024, we classified certain airplanes related to a sale

leaseback transaction executed with a client by our subsidiary,

Aircadia Leasing II LLC as held for sale. Effective with the

designation of the airplanes as held for sale, we suspended

recording depreciation on these assets. The airplanes are

included within Assets held for sale on our Consolidated

Statements of Financial Condition and had a carrying amount of

$51.9 million at November 30, 2024. During the second quarter of

2025, we agreed to sell the airplanes and we recognized a loss of

$12.8 million during the three months ended May 31, 2025. The

sale closed in the third quarter of 2025.


12		Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 6. Fair Value Disclosures


	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

	August 31, 2025 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$5,737,635	$205,768	$272,309	$—	$6,215,712
Corporate debt securities .....................................................................................	—	5,087,057	34,380	—	5,121,437
Collateralized debt obligations and collateralized loan obligations ...............	—	612,592	52,309	—	664,901
U.S. government and federal agency securities ................................................	3,354,090	87,161	—	—	3,441,251
Municipal securities ..............................................................................................	—	518,701	—	—	518,701
Sovereign obligations ............................................................................................	1,043,729	696,809	—	—	1,740,538
Residential mortgage-backed securities ............................................................	—	1,442,778	7,978	—	1,450,756
Commercial mortgage-backed securities ..........................................................	—	83,421	506	—	83,927
Other asset-backed securities .............................................................................	—	688,579	126,175	—	814,754
Loans and other receivables ................................................................................	—	2,531,881	139,922	—	2,671,803
Derivatives ..............................................................................................................	620	4,516,818	7,787	(2,792,740)	1,732,485
Investments at fair value ......................................................................................	—	7	161,500	—	161,507
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$10,136,074	$16,471,572	$802,866	$(2,792,740)	$24,617,772
Securities received as collateral ..........................................................................	$54,155	$—	$—	$—	$54,155
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$4,432,279	$43,021	$796	$—	$4,476,096
Corporate debt securities .....................................................................................	—	3,274,453	488	—	3,274,941
U.S. government and federal agency securities ................................................	1,788,871	30	—	—	1,788,901
Sovereign obligations ............................................................................................	835,790	653,079	—	—	1,488,869
Commercial mortgage-backed securities ..........................................................	—	1	1,188	—	1,189
Loans .......................................................................................................................	—	71,614	1,966	—	73,580
Derivatives ..............................................................................................................	189	4,359,613	44,683	(3,151,209)	1,253,276
Total financial instruments sold, not yet purchased .......................................	$7,057,129	$8,401,811	$49,121	$(3,151,209)	$12,356,852
Other secured financings ......................................................................................	$—	$595,789	$16,114	$—	$611,903
Obligation to return securities received as collateral .......................................	54,155	—	—	—	54,155
Long-term debt .......................................................................................................	—	2,493,370	1,071,164	—	3,564,534

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

(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.50 billion at August 31, 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.

~~August~~February ~~2025~~2026 Form 10-Q 13

Notes to Consolidated Financial Statements

(Unaudited)

	November 30, 2024 (1)
$ in thousands	Level 1	Level 2	Level 3	Counterparty and Cash Collateral Netting (2)	Total
Assets:
Financial instruments owned:
Corporate equity securities ..................................................................................	$5,238,058	$302,051	$239,364	$—	$5,779,473
Corporate debt securities .....................................................................................	—	5,310,815	24,931	—	5,335,746
Collateralized debt obligations and collateralized loan obligations ...............	—	1,029,662	63,976	—	1,093,638
U.S. government and federal agency securities ................................................	3,583,139	160,227	—	—	3,743,366
Municipal securities ..............................................................................................	—	320,507	—	—	320,507
Sovereign obligations ............................................................................................	749,912	630,681	172	—	1,380,765
Residential mortgage-backed securities ............................................................	—	2,348,862	7,714	—	2,356,576
Commercial mortgage-backed securities ..........................................................	—	146,752	477	—	147,229
Other asset-backed securities .............................................................................	—	110,687	103,214	—	213,901
Loans and other receivables ................................................................................	—	1,706,152	152,586	—	1,858,738
Derivatives ..............................................................................................................	146	3,181,454	3,926	(2,667,751)	517,775
Investments at fair value ......................................................................................	—	6	137,865	—	137,871
Total financial instruments owned, excluding Investments at fair value based on NAV ....................................................................................................	$9,571,255	$15,247,856	$734,225	$(2,667,751)	$22,885,585
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ................................	$120,414	$—	$—	$—	$120,414
Securities received as collateral ..........................................................................	185,588	—	—	—	185,588
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ..................................................................................	$3,013,877	$73,240	$208	$—	$3,087,325
Corporate debt securities .....................................................................................	—	3,105,010	165	—	3,105,175
U.S. government and federal agency securities ................................................	2,904,379	26	—	—	2,904,405
Sovereign obligations ............................................................................................	667,647	422,124	—	—	1,089,771
Commercial mortgage-backed securities .........................................................	—	—	1,153	—	1,153
Loans .......................................................................................................................	—	92,321	16,864	—	109,185
Derivatives ..............................................................................................................	13	3,477,802	26,212	(2,793,713)	710,314
Total financial instruments sold, not yet purchased .......................................	$6,585,916	$7,170,523	$44,602	$(2,793,713)	$11,007,328
Other secured financings ......................................................................................	$—	$9,964	$14,884	$—	$24,848
Obligation to return securities received as collateral ......................................	185,588	—	—	—	185,588
Long-term debt .......................................................................................................	—	1,529,443	821,903	—	2,351,346

(1)Excludes investments at fair value based on NAV of $1.25 billion at November 30, 2024 by level within the fair value hierarchy.

(2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

14 Jefferies Financial Group Inc.

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, ~~2024~~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:

	August 31, 2025
	February 28, 2026
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ..............	$~~704~~781,~~965~~873	$—	Quarterly (4941%)Monthly (5139%)N/R (20%)	45 - 90 days45 - 60 ~~days~~daysN/R
Private Equity Funds (3) ..............	7169,~~189~~295	2723,~~069~~473	N/R (100%)	N/R
Credit Funds (4) ..............	~~511~~497,~~884~~569	23,~~856~~847	Quarterly (6053%)Monthly (2%)N/R (3845%)	90 days30 daysN/R
Real Estate and Other Funds (5) ....	~~211~~261,~~254~~589	~~151~~111,~~128~~269	Quarterly (2512%)N/R (7588%)	90 daysN/R
Total ......................	$1,~~499~~610,~~292~~326	$~~202~~158,~~053~~589

	November 30, 2024
	November 30, 2025
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ............	$~~660~~888,~~720~~880	$—	Quarterly (5342%)Monthly (4741%)N/R (17%)	45 - 90 days45 - 60 ~~days~~daysN/R
Private Equity Funds (3) ............	6066,~~215~~476	3026,~~530~~828	N/R (100%)	N/R
Credit Funds (4)	~~430~~490,~~429~~321	3023,~~554~~847	Quarterly (7256%)Monthly (32%)N/R (2542%)	90 days30 daysN/R
Real Estate and Other Funds (5) .	~~101~~235,~~325~~846	~~232~~114,~~696~~872	Quarterly (19%)N/R (~~100~~81%)	N90 daysN/R
Total ...................	$1,~~252~~681,~~689~~523	$~~293~~165,~~780~~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~~Distressed and special situations long/short credit strategies across

sectors and asset types;

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

be outstanding between 90 to 120 days; and

•~~distressed~~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

~~August 2025 Form 10-Q 15~~funds.


14		Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Level 3 Rollforwards


									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	321	28,562	7,430	—
Other secured financings .......	13,454	(144)	—	120	(1,745)	—	—	11,685	134
Long-term debt ........................	1,063,358	(18,984)	—	—	(23,695)	6,737	(3,349)	1,024,067	(34,884)	53,868

	Three Months Ended August 31, 2025
$ in thousands	Balance at May 31, 2025	Total gains/losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/(out of) Level 3	Balance at August 31, 2025	For instruments still held at August 31, 2025, changes in unrealized gains (losses) included in:
									Earnings (1)	Other comprehensive income (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities ....................	$231,160	$21,824	$20,785	$(1,487)	$(788)	$—	$815	$272,309	$21,916	$—
Corporate debt securities ......................	44,682	872	1,221	(788)	—	—	(11,607)	34,380	860	—
CDOs and CLOs .......................................	70,948	(3,654)	20,718	(17,731)	(3,463)	—	(14,509)	52,309	(4,188)	—
RMBS ........................................................	7,947	46	—	—	(15)	—	—	7,978	50	—
CMBS ........................................................	505	1	—	—	—	—	—	506	1	—
Other ABS .................................................	153,681	(2,589)	23,586	(1,579)	(2,888)	—	(44,036)	126,175	(732)	—
Loans and other receivables .................	92,168	3,213	65,988	(44,566)	(16,129)	—	39,248	139,922	4,862	—
Investments at fair value ........................	153,379	10,308	1,000	(2,446)	(741)	—	—	161,500	9,502	—
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ....................	$161	$(312)	$(1)	$426	$—	$—	$522	$796	$309	$—
Corporate debt securities ......................	644	126	(119)	—	(270)	—	107	488	(117)	—
CMBS ........................................................	1,153	—	—	35	—	—	—	1,188	—	—
Loans ........................................................	313	1,691	—	—	—	—	(38)	1,966	(1,101)	—
Net derivatives (2) ...................................	33,288	9,477	(533)	719	(748)	—	(5,307)	36,896	(9,313)	—
Other secured financings .......................	18,876	143	—	—	(2,905)	—	—	16,114	(255)	—
Long-term debt ........................................	991,156	54,332	—	—	(2,050)	29,155	(1,429)	1,071,164	(7,342)	(44,940)

	Nine Months Ended August 31, 2025
$ in thousands	Balance at November 30, 2024	Total gains/losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/(out of) Level 3	Balance at August 31, 2025	For instruments still held atAugust 31, 2025, changes in unrealized gains (losses) included in:
									Earnings (1)	Other comprehensive income (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities ................	$239,364	$31,303	$28,748	$(8,940)	$494	$—	$(18,660)	$272,309	$29,840	$—
Corporate debt securities ...................	24,931	2,385	12,455	(1,168)	(2,197)	—	(2,026)	34,380	1,472	—
CDOs and CLOs ...................................	63,976	(14,474)	69,479	(39,811)	(10,013)	—	(16,848)	52,309	(15,237)	—
Sovereign obligations .........................	172	2	—	(174)	—	—	—	—	—	—
RMBS .....................................................	7,714	315	—	—	(51)	—	—	7,978	331	—
CMBS ....................................................	477	29	—	—	—	—	—	506	29	—
Other ABS .............................................	103,214	(2,792)	60,151	(31,920)	(8,089)	—	5,611	126,175	(1,256)	—
Loans and other receivables ..............	152,586	(8,455)	213,419	(196,921)	(38,621)	—	17,914	139,922	10,777	—
Investments at fair value ....................	137,865	16,742	22,549	(2,446)	(3,210)	—	(10,000)	161,500	13,540	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities ................	$208	$(864)	$(72,161)	$73,148	$—	$—	$465	$796	$999	$—
Corporate debt securities ...................	165	60	(280)	351	192	—	—	488	(90)	—
CMBS ....................................................	1,153	—	—	105	—	—	(70)	1,188	—	—
Loans ....................................................	16,864	(14,097)	(875)	74	—	—	—	1,966	(1,790)	—
Net derivatives (2) ...............................	22,286	(11,263)	(533)	23,307	(1,166)	—	4,265	36,896	2,447	—
Other secured financings ...................	14,884	346	—	—	(7,647)	8,531	—	16,114	(1,366)	—
Long-term debt ....................................	821,903	32,255	—	—	(4,849)	247,279	(25,424)	1,071,164	(28,330)	(3,925)

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes

within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income.

(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

16 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Analysis of Level 3 Assets and Liabilities for the Three Months

Ended ~~August~~February 3128, ~~2025~~2026

Transfers of assets of $6481.4 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•~~Loan~~Other ~~and~~ABS ~~other receivables~~ of $4348.5 million, ~~CDOs~~corporate ~~and~~debt ~~CLOs~~securities of $17.2

~~$12.6~~ million, CDOs and ~~Other~~CLOs ~~ABS~~ of $612.7 0 million ~~due~~and toloans ~~reduced~~and other

receivables of $3.5 million due to reduced pricing

transparency.

Transfers of assets of $71.3 million from Level 3 to Level 2 are

primarily attributed to:

•Loans and other receivables of $51.1 million, CDOs and CLOs

of $11.6 million, corporate debt securities of $5.2 million and

corporate equity securities of $3.3 million due to greater

pricing transparency.

Transfers of ~~assets~~liabilities of $9410.58 million from Level 32 to Level 23 of ~~the~~

fair value hierarchy are primarily attributed to:

•Other ABS of $50.7 million, CDOs and CLOs of $27.1 million,

Corporate debt securities of $12.3 million and Loans and other

receivables of $4.3 million due to greater pricing transparency

supporting classification into Level 2.

Transfers of liabilities of $16.0 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Structured notes within ~~Long~~long-term debt of $139.12 million, and net

~~partially~~derivatives ~~offset~~of by$1.6 ~~net~~million ~~derivatives~~due ~~transfers~~to ~~into~~reduced ~~Level~~pricing 3and ofmarket ~~$2.4~~

million due to reduced market and pricing transparency.

Transfers of liabilities of $22.2 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $14.5 million and

Net derivatives of $7.7 million due to greater pricing and

market transparency.

Net gains on Level 3 assets were $30.0 million and net losses on

Level 3 liabilities were $65.5 million for the three months ended

August 31, 2025. Net gains on Level 3 assets were primarily due to

increased market values across Corporate equity securities,

Investments at fair value, Loans and other receivables and Other

ABS, partially offset by decreased market values of CDOs and

CLOs. Net losses on Level 3 liabilities were primarily due to

increased valuations of structured notes within Long-term debt,

certain derivatives and Loans.

Analysis of Level 3 Assets and Liabilities for the Nine Months

Ended August 31, 2025

Transfers of assets of $99.5 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loan and other receivables of $38.2 million, Corporate equity

securities of $32.2 million, CDOs and CLOs of $18.6 million and

Other ABS of $10.0 million due to reduced pricing

transparency.

Transfers of ~~assets~~liabilities of $~~123~~26.50 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•~~Corporate~~Structured ~~equity~~notes ~~securities~~within long-term debt of $5012.8 6 million, ~~CDOs~~loans ~~and CLOs of~~

of $358.4 8 million, ~~Loans~~corporate ~~and~~debt ~~other~~securities ~~receivables~~ of $~~20.~~3 .4 million, and net

~~Investments~~derivatives ~~at fair value~~ of $101.0 2 million, ~~Other~~due ~~ABS~~to ofgreater pricing and market

$4transparency.~~4 million and Corporate debt securities of $2.5 million due~~

toNet ~~greater~~losses ~~pricing~~on ~~transparency~~Level ~~supporting~~3 ~~classification~~assets ~~into~~were $53.0 million and net gains on

Level 23 liabilities were $30.2 million for the three months ended

~~Transfers~~February of28, ~~liabilities of $21~~2026.3 ~~million~~Net ~~from~~losses ~~Level~~on ~~2 to~~ Level 3 ofassets were primarily

~~the~~due ~~fair~~to ~~value~~decreased ~~hierarchy~~market ~~are~~values ~~primarily~~in ~~attributed~~other ~~to:~~ABS, CDOs and CLOs

~~•Net~~and ~~derivatives~~corporate ofequity ~~$13.4~~securities, ~~million~~partially ~~and~~offset ~~structured~~by ~~notes~~an ~~within~~increase in

~~Long-term~~investments ~~debt~~at offair $7value.4 ~~million~~Net ~~due~~gains toon ~~reduced~~Level ~~market~~3 ~~and~~liabilities were

~~pricing~~primarily ~~transparency.~~due to decreased market valuations of certain

~~Transfers~~structured ofnotes ~~liabilities~~within oflong-term ~~$42.1~~debt ~~million~~and ~~from~~certain ~~Level 3 to Level 2 of~~ derivatives.

~~the~~February ~~fair~~2026 ~~value~~Form ~~hierarchy~~10-Q ~~are primarily attributed to:~~15

•Structured notes within Long-term debt of $32.8 million and

certain Derivatives of $9.2 million due to greater pricing and

market transparency.

Net gains on Level 3 assets were $25.1 million and net losses on

Level 3 liabilities were $6.4 million for the nine months ended

August 31, 2025. Net gains on Level 3 assets were primarily due

to increased market values across Corporate equity securities

and Investments at fair value, partially offset by decreased

valuations of CDOs and CLOs and Loans and other receivables.

Net losses on Level 3 liabilities were primarily due to increased

valuations of structured notes within Long-term debt, partially

offset by decreased market values of certain Derivatives and

Loans.

August 2025 Form 10-Q 17

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended August 31, 2024
									For instruments still held at February 28, 2025, changes in unrealized gains/(losses) included in:
$ in thousands	Balance at ~~May~~November 3130, 2024	Total gains/losses (~~realized and unrealized~~realizedandunrealized) (1)	Purchases	Sales	Settlements	Issuances	~~Net transfers into~~Nettransfersinto/(out of) Level 3	Balance at ~~August~~February 3128, ~~2024~~2025	~~For~~Earnings ~~instruments still held at August 31, 2024, changes in unrealized gains~~ (~~losses~~1) ~~included in:~~	Othercomprehensiveincome (1)
									Earnings (1)	Other comprehensive income (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities .................	$178,755	$9,887	$12,874	$(1,035)	$(198)	$—	$360	$200,643	$10,184	$—
Corporate equity securities .......................	$239,364	$2,864	$1,703	$(1,016)	$—	$—	$(30,506)	$212,409	$5,300	$—
Corporate debt securities ...................	38,717	93	—	(1,753)	—	—	(5,879)	31,178	1,181	—
Corporate debt securities	24,931	(1,002)	6,753	(895)	—	—	(3,862)	25,925	(1,248)	—
CDOs and CLOs ....................................	68,626	1,477	17,704	(1,147)	(1,323)	—	(3,256)	82,081	649	—
CDOs and CLOs .................	63,976	(4,646)	17,177	(9,981)	—	—	5,301	71,827	(4,664)	—
Sovereign obligations ..........................	—	—	—	—	—	—	106	106	—	—
Sovereign obligations .......	172	2	—	(174)	—			—	(1)	—
RMBS .....................................................	644	24	—	—	(12)	—	(32)	624	34	—
RMBS ..................................	7,714	(167)	—	—	(21)	—	—	7,526	(59)	—
CMBS .....................................................	477	15	—	—	—	—	—	492	—	—
CMBS ..................................	477	(6)	—	—	—	—	—	471	—	—
Other ABS ..............................................	168,736	(966)	29,502	(27,528)	(3,608)	—	(20,733)	145,403	(1,988)	—
Other ABS ...........................	103,214	(1,889)	54,165	(4,709)	(2,312)	—	(1,150)	147,319	(1,318)	—
Loans and other receivables ..............	92,546	(18,742)	10,138	(4,489)	(2,258)	—	9,929	87,124	(5,863)	—
Loans and other receivables ....................	152,586	(949)	78,763	(53,590)	(9,170)	—	(13,876)	153,764	(1,545)	—
Investments at fair value .....................	138,057	952	371	—	—	—	—	139,380	952	—
Investments at fair value .	137,865	393	21,288	—	(1,665)	—	—	157,881	393	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .................	$708	$4	$—	$2,264	$—	$—	$(6)	$2,970	$(4)	$—
Corporate equity securities .......................	$208	$(72)	$—	$454	$—	$—	$—	$590	$72	$—
Corporate debt securities ...................	506	—	(246)	—	—	—	—	260	—	—
Corporate debt securities	165	(40)	(383)	1,025	—	—	346	1,113	24	—
CMBS .....................................................	1,049	—	—	—	70	—	—	1,119	—	—
RMBs ..................................	—	—	—	15	—	—	—	15	—	—
Loans .....................................................	1,584	(1,000)	—	964	12	—	—	1,560	1	—
CMBS ..................................	1,153	1	—	35	—	—	(35)	1,154	(1)	—
Net derivatives (2) ................................	34,877	(7,588)	—	—	734	—	477	28,500	4,363	—
Loans ..................................	16,864	301	(1,917)	75	—	—	(14,475)	848	89	—
Other secured financings ....................	3,965	—	—	—	—	—	—	3,965	—	—
Net derivatives (2) .............	22,286	(16,020)	—	22,588	(279)	299	13,202	42,076	14,559	—
Long-term debt .....................................	784,212	25,080	—	—	—	542	(20,688)	789,146	(37,145)	12,065
Other secured financings .	14,884	(1,938)	—	—	(241)	—	—	12,705	1,938	—
Long-term debt ..................	821,903	(55,177)	—	—	—	124,554	(30,596)	860,684	29,428	25,749

	Nine Months Ended August 31, 2024
$ in thousands	Balance at November 30, 2023	Total gains/losses (realized and unrealized) (1)	Purchases	Sales	Settlements	Issuances	Net transfers into/(out of) Level 3	Balance at August 31, 2024	For instruments still held at August 31, 2024, changes in unrealized gains (losses) included in:
									Earnings (1)	Other comprehensive income (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities ................	$181,294	$(3,969)	$28,576	$(2,480)	$—	$—	$(2,778)	$200,643	$(3,179)	$—
Corporate debt securities ...................	26,112	3,060	14,894	(6,735)	(200)	—	(5,953)	31,178	7,309	—
CDOs and CLOs ...................................	64,862	8,771	41,690	(22,797)	(5,214)	—	(5,231)	82,081	4,351	—
Sovereign obligations .........................	—	(16)	11,147	(11,025)	—	—	—	106	3	—
RMBS .....................................................	20,871	(185)	—	(5,374)	(63)	—	(14,625)	624	33	—
CMBS ....................................................	508	(16)	—	—	—	—	—	492	(64)	—
Other ABS .............................................	117,661	(7,724)	94,754	(68,622)	(19,929)	—	29,263	145,403	(5,778)	—
Loans and other receivables ..............	130,101	(43,105)	20,220	(4,856)	(19,523)	—	4,287	87,124	(17,949)	—
Investments at fair value ....................	130,835	(10,626)	19,725	—	(547)	—	(7)	139,380	(10,626)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$676	$5	$—	$2,289	$—	$—	$—	$2,970	$(5)	$—
Corporate debt securities ...................	124	(23)	—	—	—	—	159	260	23	—
CMBS ....................................................	840	—	(245)	—	525	—	(1)	1,119	(2)	—
Loans ....................................................	1,521	1,879	(180)	1,367	152	—	(3,179)	1,560	(26)	—
Net derivatives (2) ...............................	50,955	(17,212)	(3,236)	2,471	(9,504)	—	5,026	28,500	5,659	—
Other secured financings ...................	3,898	4,482	—	—	(4,415)	—	—	3,965	(4,482)	—
Long-term debt ....................................	744,597	34,157	—	—	(2,109)	28,614	(16,113)	789,146	(41,836)	7,679

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes

within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income.

(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives.

18 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Analysis of Level 3 Assets and Liabilities for the Three Months

Ended ~~August~~February 3128, ~~2024~~2025

Transfers of assets of $3152.35 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•~~Loan~~Loans and other receivables of $1524.98 million, ~~CDOs~~corporate ~~and~~equity ~~CLOs of~~

securities of $1020.15 million and ~~Other~~CDOs ~~ABS~~and CLOs of $35.37 million ~~due to reduced~~

due to reduced pricing transparency.

Transfers of assets of $5096.86 million from Level 3 to Level 2 ofare ~~the~~

~~fair value hierarchy are~~ primarily attributed to:

•~~Oher~~Corporate ~~ABS~~equity securities of $2451.0 million, ~~CDOs~~loans and ~~CLOs~~other ~~of $13.4 million,~~

~~Corporate~~receivables ~~debt securities~~ of $738.17 ~~and~~million, ~~Loans~~corporate ~~and~~debt ~~other~~securities of $4.2

~~receivables~~million and other ABS of $52.93 million due to greater pricing ~~transparency~~

supporting classification into Level 2.

Transfers of liabilities of $18.8 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Structured notes within Long-term debt of $9.6 million and Net

derivatives of $9.3 million due to reduced market and pricing

transparency.

Transfers of liabilities of $3922.01 million from Level 32 to Level 23 of

the fair value hierarchy are primarily attributed to:

•~~Structured~~Net ~~notes~~derivatives ~~within Long-term debt~~ of $3013.2 million and structured notes within

~~Net~~long-term ~~derivatives~~debt of $8.86 million due to ~~greater~~reduced pricing and

market transparency.

~~Net~~Transfers ~~losses~~of onliabilities ~~Level~~of ~~3 assets were~~ $753.37 million ~~and~~from ~~net~~Level ~~losses~~3 onto Level 2 of

Level 3 liabilities were $16.5 million for the three months ended

August 31, 2024. Net losses on Level 3 assets were primarily due

to decreased market values across Loans and other receivables,

partially offset by increased market values of Corporate equity

securities and CDOs and CLOs. Net losses on Level 3 liabilities

were primarily due to increased valuations of structured notes

within Long-term debt, partially offset by decreased valuations of

certain derivatives.

Analysis of Level 3 Assets and Liabilities for the Nine Months

Ended August 31, 2024

Transfers of assets of $61.0 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Other ABS of $47.6 million and Loan and other receivables of

$11.3 million due to reduced pricing transparency.

Transfers of assets of $56.0 million from Level 3 to Level 2 of the

fair value hierarchy are primarily attributed to:

•Other ABS of $18.3 million, RMBS of $14.6 million, Corporate

debt securities of $7.5 million, Loans and other receivables of

$7.0 million, CDOs and CLOs of $5.2 million and Corporate

equity securities of $3.3 million due to greater pricing

transparency supporting classification into Level 2.

Transfers of liabilities of $39.4 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•~~Net~~Structured ~~derivatives~~notes within long-term debt of $2339.21 million and ~~structured notes within~~

~~Long-term~~loans ~~debt~~ of $1814.85 million due to ~~reduced~~greater ~~market~~pricing and market

~~pricing~~ transparency.

~~Transfers~~Net oflosses ~~liabilities~~on ofLevel 3 assets were $535.14 million ~~from~~and ~~Level~~net 3gains toon ~~Level 2 of~~

~~the~~Level ~~fair~~3 ~~value~~liabilities ~~hierarchy~~were ~~are~~$72.9 ~~primarily~~million ~~attributed~~for ~~to:~~the three months ended

~~•Structured~~February ~~notes~~28, ~~within~~2025. ~~Long-term~~Net ~~debt~~losses ofon ~~$34.9~~Level ~~million~~3 ~~and~~assets were primarily

~~Net~~due ~~derivatives~~to ofdecreased ~~$18.2~~market ~~million~~values ~~due~~in toCDOs ~~greater~~and ~~pricing~~CLOs, ~~and~~other ABS,

~~market~~corporate ~~transparency.~~debt securities and loans and other receivables,

~~Net~~partially ~~losses~~offset onby ~~Level~~an 3increase ~~assets~~in ~~were~~corporate ~~$53~~equity securities.8 ~~million~~Net ~~and net losses~~

gains on Level 3 liabilities were ~~$23.3~~primarily ~~million~~due ~~for~~to ~~the~~decreased ~~nine months ended~~

~~August~~market ~~31,~~valuations ~~2024.~~of ~~Net~~certain ~~losses~~structured onnotes ~~Level~~within 3long-term ~~assets were primarily due~~

todebt, ~~decreased~~certain ~~market~~derivatives ~~values across Loans~~ and other ~~receivables,~~secured financings.

~~Investments~~16 atJefferies ~~fair~~Financial ~~value,~~Group ~~Other ABS and Corporate equity~~ Inc.

~~securities,~~Notes ~~partially~~to ~~offset~~Consolidated byFinancial ~~increased valuations of CDOs and~~ Statements

~~CLOs and Corporate debt securities. Net losses on Level 3~~ (Unaudited)

liabilities were primarily due to increased valuations of structured

notes within Long-term debt and Other secured financings,

partially offset by decreased valuations of certain derivatives.

Significant Unobservable Inputs used in Level 3 Fair Value

Measurements

The tables below present information on the valuation

techniques, significant unobservable inputs and their ranges for

our financial assets and liabilities, subject to threshold levels

related to the market value of the positions held, measured at fair

value on a recurring basis with a significant Level 3 balance. The

range of unobservable inputs could differ significantly across

different firms given the range of products across different firms

in the financial services sector. The inputs are not representative

of the inputs that could have been used in the valuation of any

one financial instrument (i.e., the input used for valuing one

financial instrument within a particular class of financial

instruments may not be appropriate for valuing other financial

instruments within that given class). Additionally, the ranges of

inputs presented below should not be construed to represent

uncertainty regarding the fair values of our financial instruments;

rather, the range of inputs is reflective of the differences in the

underlying characteristics of the financial instruments in each

category.

For certain categories, we have provided a weighted average of

the inputs allocated based on the fair values of the financial

instruments comprising the category. We do not believe that the

range or weighted average of the inputs is indicative of the

reasonableness of uncertainty of our Level 3 fair values. The

range and weighted average are driven by the individual financial

instruments within each category and their relative distribution in

the population. The disclosed inputs when compared to the

inputs as disclosed in other periods should not be expected to

necessarily be indicative of changes in our estimates of

unobservable inputs for a particular financial instrument as the

population of financial instruments comprising the category will

vary from period to period based on purchases and sales of

financial instruments during the period as well as transfers into

and out of Level 3 each period.

~~August~~February ~~2025~~2026 Form 10-Q 1917

Notes to Consolidated Financial Statements

(Unaudited)

August 31, 2025
February 28, 2026
Financial Instruments Owned	Fair Value(in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			WeightedAverage
Corporate equity securities .....................	$~~272~~218,~~309~~483
Non-exchange-traded securities		Market approach	Price	$0	-	$~~486~~1,115	$7190
		Volatility Benchmarking	Volatility	30%	-	34%	33%
		Volatility benchmarking	Volatility	45%	-	49%	48%
Corporate debt securities ........................	$3450,~~380~~755	Market approach	Price	$4958	-	$~~119~~122	$7192
		Discounted cash flows	Discount rate/yield	1722%	-	2026%	1824%
CDOs and CLOs ..........................................	$3431,~~377~~965	Discounted cash flows	Constant prepayment rate	2015%	-	20%	—16%
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	13%	-	1715%	1614%
		Market approach	Price	$98	-	$~~100~~118	$99101
RMBS ...........................................................	$76,~~978~~134	Discounted cash flows	Constant prepayment rate	1210%			—
			Constant default rate	0.35%			—
			Loss severity	2045%			—
			Discount rate/yield	1420%			—
Other ABS ...................................................	$~~122~~242,~~633~~697	Discounted cash flows	Discount rate/yield	1410.9%	-	2815.8%	1615.2%
			Cumulative loss rate	1310.5%	-	1517.4%	1416.5%
			Duration (years)	01.61	-	1.25	1.12
		Market approach	Price	$~~117~~118	-	$135	$132
		Scenario analysis	Estimated recovery percentage	7964%	-	69%	—68%
Loans and other receivables ...................	$~~139~~85,~~922~~396	Market approach	Price	$68	-	$~~117~~118	$~~101~~106
		Scenario analysis	Estimated recovery percentage	818%	-	~~256~~222%	5092%
Derivatives ..................................................	$411,~~323~~104
Embedded options		Market approach	Basis points upfront	0.03	-	0.45	0.4
Equity options		Volatility ~~Benchmarking~~benchmarking	Volatility	3451%			—
Investments at fair value ..........................	$~~155~~161,~~554~~250
Private equity securities		Market approach	Price	$0	-	$1027,~~956~~989	$12,~~641~~838
			Discount rate/yield	1628%	-	~~28%~~	~~28%~~—
			Estimated revenue	$29,~~763~~760,~~576~~909			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$1,966	Market approach	Price	$100			—
Derivatives ..................................................	$43,253
Derivatives ..................................................	$44,683
Equity options		Volatility benchmarking	Volatility	39%	-	67%	53%
Equity options		Volatility benchmarking	Volatility	28%	-	72%	61%
Embedded options		Market approach	Basis points upfront	7.2	-	19.9	12.8
Embedded options		Market approach	Basis points upfront	0.0	-	22.6	14.5
Other secured financings .........................	$11,685	Scenario analysis	Estimated recovery percentage	74%	-	100%	95%
Other secured financings .........................	$16,114	Scenario analysis	Estimated recovery percentage	76%	-	100%	96%
		Market approach	Price	$117	-	$118	$118
		Market approach	Price	$114	-	$118	$116
Long-term debt ..........................................	$1,024,067
Long-term debt ..........................................	$1,071,164
Structured notes		Market approach	Price	$70	-	$120	$100
Structured notes		Market approach	Price	$70	-	$122	$102

2018 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

November 30, 2024
November 30, 2025
Financial Instruments Owned	Fair Value(in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			WeightedAverage
Corporate equity securities .....................	$~~239~~218,~~364~~853
Non-exchange-traded securities		Market approach	Price	$0	-	$486	$6885
Corporate debt securities ........................	$24,931	Market approach	Price	$28	-	$105	$74
		Volatility benchmarking	Volatility	44%	-	48%	47%
CDOs and CLOs ..........................................	$53,388	Discounted cash flows	Constant prepayment rate	20%			—
Corporate debt securities ........................	$37,578	Market approach	Price	$49	-	$121	$72
		Discounted cash flows	Discount rate/yield	18%	-	20%	19%
		Scenario analysis	Estimated recovery percentage	30%			—
CDOs and CLOs ..........................................	$25,824	Discounted cash flows	Constant prepayment rate	20%			—
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	1417%	-	~~32%~~	~~26%~~—
		Market approach	Price	$7098	-	$~~106~~100	$9499
RMBS ...........................................................	$76,~~714~~663	Discounted cash flows	Constant prepayment rate	2012%			—
			Loss severity	10%			—
			Constant default rate	0.3%			—
			Discount rate/yield	12%			—
			Loss severity	20%			—
Other ABS ...................................................	$98,172	Discounted cash flows	Discount rate/yield	19%	-	30%	25%
			Discount rate/yield	15%			—
			Cumulative loss rate	17%	-	34%	24%
Other ABS ...................................................	$129,693	Discounted cash flows	Discount rate/yield	15.5%	-	15.7%	15.6%
			Duration (years)	0.9	-	1.0	0.9
			Cumulative loss rate	16.0%	-	16.4%	16.2%
		Market approach	Price	$106	-	$127	$121
			Duration (years)	1.1	-	1.2	1.1
		Scenario analysis	Estimated recovery percentage	92%			—
		Market approach	Price	$116	-	$133	$130
Loans and other receivables ...................	$152,586	Market approach	Price	$17	-	$106	$75
		Scenario analysis	Estimated recovery percentage	66%			—
		Scenario analysis	Estimated recovery percentage	3%	-	252%	50%
Loans and other receivables ...................	$127,720	Market approach	Price	$67	-	$129	$97
Derivatives ..................................................	$1,396
		Scenario analysis	Estimated recovery percentage	8%	-	100%	35%
Embedded options		Market approach	Basis points upfront	0.3			—
Derivatives ..................................................	$6,094
Investments at fair value ..........................	$132,769
Embedded options		Market approach	Basis points upfront	0.4	-	0.5	0.5
Private equity securities		Market approach	Price	$1	-	$8,506	$501
Equity options		Volatility benchmarking	Volatility	34%			—
Investments at fair value ..........................	$157,162
Private equity securities		Market approach	Price	$0	-	$27,989	$2,722
			Discount rate/yield	28%			—
			Estimated revenue	$29,~~908~~818,~~372~~082			—
Financial Instruments Sold, Not Yet Purchased:
Loans ..........................................................	$16,864	Market approach	Price	$17	-	$100	$75
Corporate debt securities ........................	$3,720	Scenario analysis	Estimated recovery percentage	30%			—
		Scenario analysis	Estimated recovery percentage	0%	-	205%	50%
Loans ...........................................................	$9,757	Market approach	Price	$100	-	$129	$117
Derivatives ..................................................	$25,045
		Scenario analysis	Estimated recovery percentage	30%			—
Equity options		Volatility benchmarking	Volatility	28%	-	102%	49%
Derivatives ..................................................	$45,953
Options		Market approach	Basis points upfront	8.0	-	22.3	14.9
Equity options		Volatility benchmarking	Volatility	34%	-	61%	58%
Other secured financings .........................	$14,884	Scenario analysis	Estimated recovery percentage	60%	-	100%	93%
Embedded options		Market approach	Basis points upfront	0.0	-	21.0	13.3
		Market approach	Price	$117			—
Other secured financings .........................	$13,454	Scenario analysis	Estimated recovery percentage	74%	-	100%	96%
Long-term debt ..........................................	$821,903
		Market approach	Price	$114	-	$117	$115
Structured notes		Market approach	Price	$61	-	$122	$96
Long-term debt ..........................................	$1,063,358
Structured notes		Market approach	Price	$72	-	$120	$101


February 2026 Form 10-Q		19

Notes to Consolidated Financial Statements

(Unaudited)

The fair values of certain Level 3 assets and liabilities that were

determined based on third-party pricing information, unadjusted

past transaction prices or a percentage of the reported enterprise

fair value are excluded from the above tables. At ~~August~~February 3128, ~~2025~~

2026 and November 30, ~~2024~~2025, asset exclusions consisted of ~~$31.4~~

$41.4 million and $2328.92 million, respectively, primarily composed of

of CDOs and CLOs, Investments at fair value, certain derivatives,

~~Other~~other ABS and CMBS. At ~~August~~February 3128, ~~2025~~2026 and November 30,

~~2024~~2025, liability exclusions consisted of $21.57 million and $20.72

million, respectively, primarily composed of ~~CMBS~~loans, ~~certain~~corporate

~~derivatives, corporate~~ equity securities and corporate debt securities.

securities.

Uncertainty of Fair Value Measurement from Use of Significant

Unobservable Inputs

For recurring fair value measurements categorized within Level 3

of the fair value hierarchy, the uncertainty of the fair value

measurement due to the use of significant unobservable inputs

and interrelationships between those unobservable inputs (if any)

are described below:

•Non-exchange-traded securities, corporate debt securities,

CDOs and CLOs, loans and other receivables, other ABS, private

equity securities, certain derivatives, other secured financings

and structured notes using a market approach valuation

technique. A significant increase (decrease) in the price of the

private equity securities, nonexchange-traded securities,

corporate debt securities, CDOs and CLOs, RMBS, other ABS, ~~loans~~

loans and other receivables, other secured financings and ~~structured~~

structured notes would result in a significantly higher (lower) ~~fair value~~

~~August~~fair ~~2025~~value ~~Form~~measurement. ~~10-Q~~A 21significant increase (decrease) in

~~Notes~~the revenue or revenue multiple related to ~~Consolidated~~private ~~Financial~~equity ~~Statements~~

securities would result in a significantly higher (~~Unaudited~~lower) fair

value measurement. A significant increase (decrease) in the ~~revenue~~

ordiscount ~~revenue~~rate/security ~~multiple~~yield related to private equity securities ~~would~~

would result in a significantly ~~higher~~lower (~~lower~~higher) fair value ~~measurement.~~

Ameasurement. ~~significant~~Depending ~~increase~~on ~~(decrease)~~whether inwe ~~the~~are ~~discount~~a ~~rate/security~~receiver or

~~yield~~(payer) ~~related~~of tobasis ~~private~~points ~~equity~~upfront, ~~securities~~a ~~would~~significant ~~result~~increase in abasis

~~significantly~~points ~~lower~~would ~~(higher)~~result ~~fair~~in ~~value~~a ~~measurement.~~significant ~~Depending~~increase (decrease) in the

onfair ~~whether~~value wemeasurement ~~are a receiver or (payer)~~ of ~~basis points upfront,~~ options.

a•Corporate ~~significant~~debt ~~increase~~securities, inloans ~~basis~~and ~~points~~other ~~would~~receivables, ~~result~~other ~~in a~~

~~significant~~ABS ~~increase~~and ~~(decrease)~~other insecured ~~the~~financings ~~fair~~using ~~value~~a ~~measurement~~scenario analysis

ofvaluation ~~options~~technique. A significant increase (decrease) in the

~~•Loans~~possible ~~and~~recovery ~~other~~rates ~~receivables,~~underlying ~~other~~the ~~ABS~~financial ~~and~~instrument ~~other secured~~

~~financings~~would ~~using~~result in a ~~scenario~~significantly ~~analysis~~higher ~~valuation~~(lower) ~~technique.~~fair Avalue

~~significant~~measurement ~~increase~~for ~~(decrease) in~~ the ~~possible~~financial ~~recovery rates~~ instrument.

underlying the financial instrument would result in a

significantly higher (lower) fair value measurement for the

financial instrument.

•CDOs and CLOs, corporate debt securities, RMBS and other

ABS using a discounted cash flows valuation technique. A

significant increase (decrease) in isolation in the constant

default rate, loss severity or cumulative loss rate would result

in a significantly lower (higher) fair value measurement. The

impact of changes in the constant prepayment rate and

duration would have differing impacts depending on the capital

structure and type of security. A significant increase

(decrease) in the discount rate/security yield would result in a

significantly lower (higher) fair value measurement.

•Corporate equity securities and derivative equity options using

volatility benchmarking. A significant increase (decrease) in

volatility would result in a significantly higher (lower) fair value

measurement.

Fair Value Option Election

For a description of our financial assets and liabilities for which

we have elected the fair value option, refer to our consolidated

financial statements included in Part II, Item 8 of our Annual

Report on Form 10-K for the year ended November 30, ~~2024~~2025.

Fair value option gains (losses):

	Three Months Ended August 31,		Nine Months Ended August 31,
	Three Months Ended February 28,
$ in thousands	~~2025~~2026	~~2024~~2025	~~2025~~	~~2024~~
Financial instruments owned:
Loans and other receivables (1) .	$(62,934)	$(690)	$(35,557)	$(39,664)
Loans and other receivables (1) .............................................	$(28,722)	$13,283
Other secured financings:
Other changes in fair value (1) ...	$(2,908)	$—	$(4,566)	$(4,482)
Other changes in fair value (1) ................................................	$(309)	$1,938
Long-term debt:
Changes in instrument-specific credit risk (2) ............................	$(59,163)	$23,779	$7,356	$6,009
Changes in instrument-specific credit risk (2) ......................	$77,896	$37,898
Other changes in fair value (1) ...	(58,429)	(84,266)	(27,159)	(111,716)
Other changes in fair value (1) ................................................	(58,916)	16,944

(1)Other changes in fair value are included in Principal transactions revenues.

(2)Changes in fair value of structured notes related to instrument-specific credit

risk are presented net of tax in our Consolidated Statements of

Comprehensive Income.

~~Fair~~Difference ~~value~~between ~~option amounts by which~~ contractual principal isand fair value (1):

greater than (less than) fair value:


$ in thousands	February 28, 2026	November 30, 2025
Financial instruments owned:
Loans and other receivables (2) ................................	$2,219,310	$2,378,747
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (2) .....	420,878	319,394
Loans and other receivables 90 days or greater past due (2) ..............................................	70,748	100,300
Long-term debt ............................................................	222,020	166,273
Other secured financings ...........................................	(4,798)	237

$ in thousands	August 31, 2025	November 30, 2024
Financial instruments owned:
Loans and other receivables (1) ...............................	$1,766,934	$1,603,512
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) ...............................................................	181,250	132,838
Long-term debt ...........................................................	170,430	131,107
Other secured financings .........................................	(4,107)	459

(1)Amounts indicate contractual principal greater than or (less than) fair value.

(12)Interest income is recognized separately from other changes in fair value and

is included in Interest revenues.

~~(2)Amounts~~Fair ~~include~~value of loans and other receivables 90on ~~days~~nonaccrual ~~or greater past due by~~ status:

which contractual principal exceeds fair value of $64.0 million and $48.8


$ in thousands	February 28, 2026	November 30, 2025
Financial instruments owned:
Loans and other receivables on nonaccrual status and/or 90 days or greater past due ...........................	$109,143	$119,900
Loans and other receivables 90 days or greater past due .....................................................................	66,657	47,000

million at August 31, 2025 and November 30, 2024, respectively.

The aggregate fair value of loans and other receivables on

nonaccrual status and/or 90 days or greater past due was $129.1

million and $126.9 million at August 31, 2025 and November 30,

2024, respectively, which includes loans and other receivables 90

days or greater past due of $94.3 million and $120.0 million at

August 31, 2025 and November 30, 2024, respectively.

Assets Measured at Fair Value on a Non-recurring Basis

Our shares in Monashee, an equity method investment, were

measured at fair value on a nonrecurring basis during the nine

months ended August 31, 2024 and are not included in the tables

above. During the nine months ended August 31, 2024, we

converted our shares in Monashee to a newly created class of

nonmarketable preferred shares and remeasured our equity

method investment to a fair value of $21.9 million in connection

with the nonmonetary exchange and the preferred shares are

subsequently accounted for at cost pursuant to the

measurement alternative.

Financial Instruments Not Measured at Fair Value

Certain of our financial instruments are not carried at fair value

but are recorded at amounts that approximate fair value due to

their liquid or short-term nature and generally negligible credit

risk. These financial assets include Cash and cash equivalents

and Cash and securities segregated and on deposit for regulatory

purposes or deposited with clearing and depository organizations

and would generally be presented within Level 1 of the fair value

hierarchy.

We have equity securities without readily determinable fair

values, which we account for at cost, minus impairment, which

are presented within Other assets and were $21.9 million at both

~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025. There were no

impairments and downward adjustments on these investments

during the three ~~and nine~~ months ended ~~August~~February 3128, ~~2025~~2026 and 2025.

~~2024~~20 Jefferies Financial Group Inc.

22 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 76. Derivative Financial Instruments

Our derivative activities are recorded at fair value in ~~Financial~~our

Consolidated Statement of Financial Condition in Financial

instruments owned and Financial instruments sold, not yet

purchased, net of cash paid or received under credit support

agreements and on a net counterparty basis when a legally

enforceable right to offset exists under a master netting

agreement. We enter into derivative transactions to satisfy the

needs of our clients and to manage our own exposure to market

and credit risks. In addition, we apply hedge accounting to: (1)

interest rate swaps that have been designated as fair value

hedges of the changes in fair value due to the benchmark interest

rate for certain fixed rate senior long-term debt, and (2) forward

foreign exchange contracts designated as hedges to offset the

change in the value of certain net investments in foreign

operations.

Derivatives are subject to various risks similar to other financial

instruments, including market, credit and operational risk. The

risks of derivatives should not be viewed in isolation, but rather

should be considered on an aggregate basis along with our other

trading-related activities. We manage the risks associated with

derivatives on an aggregate basis along with the risks associated

with proprietary trading as part of our firm wide risk management

policies.

In connection with our derivative activities, we may enter into

International Swaps and Derivatives Association, Inc. master

netting agreements or similar agreements with counterparties.

	August 31, 2025 (1)
	February 28, 2026 (1)
	Assets		Liabilities
$ in thousands	Fair Value	Number of Contracts (2)	Fair Value	Number of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC ........................................	$573,515	13	$1,~~131~~256	31
Foreign exchange contracts:
Bilateral OTC .......................................	110,~~846~~449	85	612,~~729~~543	46
Total derivatives designated as accounting hedges ............................	113,~~903~~964		623,~~860~~799
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded ................................	~~562~~529	1644,~~529~~784	~~113~~56	1748,~~235~~774
Cleared OTC ........................................	~~508~~2,~~861~~331,733	78,~~592~~403	~~523~~2,~~997~~356,258	8,~~060~~865
Bilateral OTC .......................................	~~316~~267,~~345~~009	1,~~850~~702	~~630~~577,~~797~~234	~~744~~683
Foreign exchange contracts:
Exchange-traded ................................	~~215~~—	8036	76—	~~120~~22
Bilateral OTC .......................................	~~106~~149,~~449~~495	4235,~~732~~501	84118,~~671~~551	1310,~~109~~816
Equity contracts:
Exchange-traded ................................	2,~~602~~553,~~854~~216	3,~~463~~135,~~187~~250	21,~~037~~875,~~083~~392	2,~~161~~233,~~112~~288
Bilateral OTC .......................................	~~918~~1,~~891~~693,580	4453,~~140~~207	1,~~008~~901,~~462~~935	3444,~~433~~644
Commodity contracts:
Exchange-traded ................................	~~273~~3,197	~~622~~431	5061	~~530~~427
Bilateral OTC .......................................	4,~~606~~445	117,~~850~~198	39,~~127~~626	58,~~642~~209
Credit contracts:
Cleared OTC ........................................	1,~~721~~402	5171	104,~~212~~800	610
Bilateral OTC .......................................	6275,~~545~~525	1433	4353,~~037~~711	19
Total derivatives not designated as accounting hedges .......................	47,~~523~~080,~~322~~131		46,~~341~~897,~~625~~624
Total gross derivative assets/liabilities:
Exchange-traded ................................	2,~~603~~556,~~904~~942		21,~~037~~875,~~322~~509
Cleared OTC ........................................	~~510~~2,~~639~~336,650		~~535~~2,~~340~~362,314
Bilateral OTC .......................................	12,~~410~~200,~~682~~503		12,~~831~~663,~~823~~600
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded ................................	(1,~~445~~318,~~932~~353)		(1,~~445~~318,~~932~~353)
Cleared OTC ........................................	(~~509~~2,~~365~~335,539)		(~~517~~2,~~824~~338,936)
Bilateral OTC .......................................	(~~837~~1,~~443~~533,021)		(1,~~187~~943,~~453~~147)
Net amounts per Consolidated Statements of Financial Condition (4) .................................	$1,~~732~~907,~~485~~182		$1,~~253~~300,~~276~~987

(1)Exchange-traded derivatives include derivatives executed on an organized

exchange. Cleared OTC derivatives include derivatives executed bilaterally and

subsequently novated to and cleared through central clearing counterparties.

Bilateral OTC derivatives include derivatives executed and settled bilaterally

without the use of an organized exchange or central clearing counterparty.

(2)The number of exchange-traded contracts may include open futures

contracts. The unsettled fair value of these futures contracts is included in

Receivables from/Payables to brokers, dealers and clearing organizations.

(3)Amounts netted include both netting by counterparty and for cash collateral

paid or received.

(4)We have not received or pledged additional collateral under master netting

agreements and/or other credit support agreements that is eligible to be

offset beyond what has been offset in our Consolidated Statements of

Financial Condition.

~~August~~February ~~2025~~2026 Form 10-Q 2321

Notes to Consolidated Financial Statements

(Unaudited)

	November 30, 2024 (1)
	November 30, 2025 (1)
	Assets		Liabilities
$ in thousands	Fair Value	Number of Contracts (2)	Fair Value	Number of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC .........................................	$~~3,396~~—	3—	$—2,519	—4
Foreign exchange contracts:
Bilateral OTC ........................................	4140,~~903~~444	37	—574	—2
Total derivatives designated as accounting hedges .............................	4540,~~299~~444		—3,093
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded .................................	~~273~~232	1633,~~548~~107	1324	3236,~~984~~811
Cleared OTC .........................................	1806,~~030,842~~009	68,~~663~~148	1804,~~030,671~~799	68,~~891~~325
Bilateral OTC ........................................	~~365~~285,~~678~~053	1,~~096~~576	~~717~~614,~~255~~104	~~1,256~~823
Foreign exchange contracts:
Bilateral OTC ........................................	~~132~~115,~~240~~068	5734,~~786~~418	~~138~~103,~~608~~297	3512,~~545~~028
Equity contracts:
Exchange-traded .................................	~~682~~2,~~327~~776,601	13,~~777~~275,~~822~~468	~~521~~2,~~889~~156,730	12,~~574~~298,~~498~~561
Bilateral OTC ........................................	~~855~~1,~~169~~367,089	3357,~~516~~254	1,~~024~~670,~~129~~215	2036,~~587~~481
Commodity contracts:
Exchange-traded .................................	22452	~~806~~627	1773	~~697~~668
Bilateral OTC .......................................	46,~~570~~381	1118,~~691~~497	17,~~381~~293	515,~~180~~417
Credit contracts:
Cleared OTC .........................................	3110,~~488~~960	6658	3817,~~711~~120	3213
Bilateral OTC ........................................	37121,~~618~~557	1617	3198,~~353~~456	3215
Total derivatives not designated as accounting hedges .............................	35,~~140~~489,~~227~~402		35,~~504~~472,~~027~~111
Total gross derivative assets/liabilities:
Exchange-traded .................................	~~682~~2,~~622~~777,285		~~521~~2,~~919~~156,827
Cleared OTC .........................................	1816,~~065,726~~969		1824,~~069,382~~438
Bilateral OTC ........................................	1,~~437~~935,~~178~~592		12,~~912~~493,~~726~~939
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded .................................	(~~476~~1,~~364~~600,969)		(~~476~~1,~~364~~600,969)
Cleared OTC .........................................	(1815,~~058,995~~810)		(1819,~~066,232~~548)
Bilateral OTC ........................................	(1,~~132~~288,~~392~~985)		(1,~~251~~564,~~117~~670)
Net amounts per Consolidated Statements of Financial Condition (4) ..................................	$~~517~~1,~~775~~824,082		$~~710~~1,~~314~~490,017

Filing Compare · Jefferies Financial Group Inc.