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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 ~~February~~May 2831, 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~~	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $1 per share	JEF	New York Stock Exchange
Voting Common Shares, par value $1 per share			JEF	New York Stock Exchange
4.850% Senior Notes Due 2027	~~JEF 27A~~	~~New York Stock Exchange~~	JEF 27A	New York Stock Exchange
5.875% Senior Notes Due 2028	~~JEF 28~~	~~New York Stock Exchange~~	JEF 28	New York Stock Exchange
2.750% Senior Notes Due 2032	JEF 32A	New York Stock Exchange
5.125% Senior Notes Due 2031			JEF 31	New York Stock Exchange
6.200% Senior Notes Due 2034	JEF 34	New York Stock Exchange
2.750% Senior Notes Due 2032			JEF 32A	New York Stock Exchange
5.500% Senior Notes Due 2036	JEF 36	New York Stock Exchange
6.200% Senior Notes Due 2034			JEF 34	New York Stock Exchange
5.500% Senior Notes Due 2036			JEF 36	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

~~preceding~~Indicate 12by ~~months~~check ~~(or~~mark ~~for~~whether ~~such~~the ~~shorter~~registrant ~~period~~has ~~that~~submitted ~~the~~electronically ~~registrant~~every ~~was~~Interactive Data File required to ~~file~~be ~~such~~submitted ~~reports),~~pursuant ~~and~~to Rule 405 of Regulation S-T (2§232.405 of this chapter) ~~has~~ ~~been~~during ~~subject~~the topreceding ~~such~~12 ~~filing~~months ~~requirements~~(or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

~~past~~Indicate 90by ~~days~~check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. ~~Yes ☒ No ☐~~ See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

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

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

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

the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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~~voting ~~outstanding~~and ofnon-voting ~~each of the issuer’s classes of~~ common ~~stock~~shares outstanding at ~~March~~June 30, 2026 ~~was~~were ~~204~~193,~~432~~742,~~307~~690 and 36,809,581, respectively.

Jefferies Financial Group, Inc.

Index to Quarterly Report on Form 10-Q

~~February~~May 2831, 2026

PART I. FINANCIAL INFORMATION
	~~Page~~	Page
Item 1. Financial Statements	2	2
Consolidated Statements of Financial Condition (Unaudited) .........................................................................................................	2
Consolidated Statements of Financial Condition (Unaudited)		2
Consolidated Statements of Earnings (Unaudited) ............................................................................................................................	3
Consolidated Statements of Earnings (Unaudited)		3
Consolidated Statements of Comprehensive Income (Unaudited) ..................................................................................................	4
Consolidated Statements of Comprehensive Income (Unaudited)		4
Consolidated Statements of Changes in Equity (Unaudited) ............................................................................................................	5
Consolidated Statements of Changes in Equity (Unaudited)		5
Consolidated Statements of Cash Flows (Unaudited) .......................................................................................................................	6
Consolidated Statements of Cash Flows (Unaudited)		6
Notes to Consolidated Financial Statements (Unaudited) ................................................................................................................	8
Notes to Consolidated Financial Statements (Unaudited)		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ...............................................	43
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		47
Item 3. Quantitative and Qualitative Disclosures About Market Risk ....................................................................................................	64
Item 3. Quantitative and Qualitative Disclosures About Market Risk		69
Item 4. Controls and Procedures ..................................................................................................................................................................	64
Item 4. Controls and Procedures		69
PART II. OTHER INFORMATION
Item 1. Legal Proceedings .............................................................................................................................................................................	65
Item 1. Legal Proceedings		70
Item 1A. Risk Factors .....................................................................................................................................................................................	65
Item 1A. Risk Factors		70
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ..................................................................................................	65
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		70
Item 5. Other Information ..............................................................................................................................................................................	65
Item 5. Other Information		70
Item 6. Exhibits ................................................................................................................................................................................................	65
Item 6. Exhibits		70

2 Jefferies Financial Group Inc.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Consolidated Statements of Financial Condition (Unaudited)	~~February 28,~~	~~November 30,~~	May 31,		November 30,
$ in thousands, except share and per share amounts	~~2026~~	~~2025~~	2026		2025
Assets
Cash and cash equivalents ...............................................................................................................................................................	$11,963,165	$14,043,889
Cash and cash equivalents			$	14,314,804	$	14,043,889
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .................................................................................................................................................................................	1,752,549	917,697
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations			1,135,859		917,697
Financial instruments owned, at fair value (includes securities pledged of $18,129,409 and $17,419,373) .......................	28,079,458	27,722,739
Financial instruments owned, at fair value (includes securities pledged of $15,400,089 and $17,419,373)			28,038,115		27,722,739
Investments in and loans to related parties ...................................................................................................................................	1,560,602	1,496,125
Investments in and loans to related parties			1,555,117		1,496,125
Securities borrowed ...........................................................................................................................................................................	7,675,862	8,295,161
Securities borrowed			9,729,918		8,295,161
Securities purchased under agreements to resell ........................................................................................................................	7,784,070	8,449,107
Securities purchased under agreements to resell			9,407,203		8,449,107
Securities received as collateral, at fair value ................................................................................................................................	393,867	200,495
Securities received as collateral, at fair value			310,813		200,495
Receivables:
Brokers, dealers and clearing organizations ...............................................................................................................................	3,762,461	4,310,143
Brokers, dealers and clearing organizations			3,269,022		4,310,143
Customers ........................................................................................................................................................................................	3,984,448	3,439,921
Customers			4,187,519		3,439,921
Fees, interest and other ..................................................................................................................................................................	761,369	806,324
Fees, interest and other			848,830		806,324
Premises and equipment ..................................................................................................................................................................	1,198,511	1,246,470
Premises and equipment			1,190,750		1,246,470
Goodwill ...............................................................................................................................................................................................	1,725,876	1,837,570
Goodwill			1,725,481		1,837,570
Assets held for sale ...........................................................................................................................................................................	269,707	—
Assets held for sale			295,156		—
Other assets (includes assets pledged of $646,883 and $627,259) ..........................................................................................	3,468,545	3,246,706
Other assets (includes assets pledged of $717,897 and $627,259)			3,531,359		3,246,706
Total assets ........................................................................................................................................................................................	$74,380,490	$76,012,347
Total assets			$	79,539,946	$	76,012,347
Liabilities and Equity
Short-term borrowings ......................................................................................................................................................................	$1,917,492	$1,767,206
Short-term borrowings			$	1,603,482	$	1,767,206
Financial instruments sold, not yet purchased, at fair value .......................................................................................................	14,459,138	13,320,152
Financial instruments sold, not yet purchased, at fair value			14,547,022		13,320,152
Securities loaned ................................................................................................................................................................................	2,690,387	2,540,759
Securities loaned			3,104,614		2,540,759
Securities sold under agreements to repurchase .........................................................................................................................	10,380,281	12,156,737
Securities sold under agreements to repurchase			11,318,047		12,156,737
Other secured financings (includes $424,023 and $425,964 at fair value) ...............................................................................	2,285,995	2,885,878
Other secured financings (includes $415,801 and $425,964 at fair value)			2,310,736		2,885,878
Obligation to return securities received as collateral, at fair value .............................................................................................	393,867	200,495
Obligation to return securities received as collateral, at fair value			310,813		200,495
Payables:
Brokers, dealers and clearing organizations ...............................................................................................................................	5,646,053	6,955,100
Brokers, dealers and clearing organizations			6,385,622		6,955,100
Customers ........................................................................................................................................................................................	5,350,833	5,216,714
Customers			7,122,654		5,216,714
Lease liabilities ...................................................................................................................................................................................	573,096	594,097
Lease liabilities			550,928		594,097
Liabilities held for sale ......................................................................................................................................................................	257,888	—
Liabilities held for sale			299,760		—
Accrued expenses and other liabilities ...........................................................................................................................................	2,533,907	3,836,709
Accrued expenses and other liabilities			3,337,495		3,836,709
Long-term debt (includes $3,686,758 and $3,734,843 at fair value) ..........................................................................................	17,229,419	15,895,891
Long-term debt (includes $3,860,273 and $3,734,843 at fair value)			18,040,982		15,895,891
Total liabilities ....................................................................................................................................................................................	63,718,356	65,369,738
Total liabilities			68,932,155		65,369,738
Mezzanine Equity
Redeemable noncontrolling interests .............................................................................................................................................	406	406
Redeemable noncontrolling interests			406		406
Equity
Series B preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 shares issued and outstanding	55	55	55		55
Common shares, par value $1 per share, authorized 565,000,000 shares; 204,422,673 and 206,296,167 shares issued and outstanding, after deducting 116,695,397 and 114,821,903 shares held in treasury ..................................................	204,423	206,296
Voting common shares, par value $1 per share, authorized 552,264,500 and 565,000,000 shares; 194,145,489 and 206,296,167 shares issued and outstanding, after deducting 126,972,581 and 114,821,903 shares held in treasury			194,145		206,296
Non-voting common shares, par value $1 per share, authorized 35,000,000, shares; no shares issued and outstanding ....................................................................................................................................................................................	—	—
Non-voting common shares, par value $1 per share, authorized 47,735,500 and 35,000,000, shares; 9,247,081 and 0 shares issued and outstanding			9,247		—
Additional paid-in capital ..................................................................................................................................................................	2,075,065	2,177,954
Additional paid-in capital			1,915,162		2,177,954
Accumulated other comprehensive loss ........................................................................................................................................	(315,023)	(384,434)
Accumulated other comprehensive loss			(356,043)		(384,434)
Retained earnings ..............................................................................................................................................................................	8,646,325	8,574,825
Retained earnings			8,804,430		8,574,825
Total Jefferies Financial Group Inc. shareholders' equity ..........................................................................................................	10,610,845	10,574,696
Total Jefferies Financial Group Inc. shareholders' equity			10,566,996		10,574,696
Noncontrolling interests ...................................................................................................................................................................	50,883	67,507
Noncontrolling interests			40,389		67,507
Total equity .........................................................................................................................................................................................	10,661,728	10,642,203
Total equity			10,607,385		10,642,203
Total liabilities and equity ................................................................................................................................................................	$74,380,490	$76,012,347
Total liabilities and equity			$	79,539,946	$	76,012,347

See accompanying notes to consolidated financial statements.

~~February~~2 ~~2026~~Jefferies ~~Form~~Financial ~~10-Q~~Group 3Inc.

Consolidated Statements of Earnings (Unaudited)

	Three Months Ended February 28,
		Three Months Ended May 31,				Six Months Ended May 31,
$ in thousands, except per share amounts	~~2026~~	~~2025~~2026		2025			2026		2025
Revenues
Investment banking ....................................................................................................................................................................	$1,018,284	$729,510
Investment banking		$	1,209,625	$	789,269		$	2,227,909	$	1,518,779
Principal transactions ................................................................................................................................................................	487,498	407,230
Principal transactions		488,666		338,507			976,164		745,737
Commissions and other fees ....................................................................................................................................................	367,604	288,300
Commissions and other fees		400,614		353,233			768,218		641,533
Asset management fees and revenues ...................................................................................................................................	67,362	85,408
Asset management fees and revenues		9,788		20,076			77,150		105,484
Interest .........................................................................................................................................................................................	813,119	845,171
Interest		853,962		878,025			1,667,081		1,723,196
Other .............................................................................................................................................................................................	117,398	117,245
Other		155,542		115,205			272,940		232,450
Total revenues ............................................................................................................................................................................	2,871,265	2,472,864
Total revenues		3,118,197		2,494,315			5,989,462		4,967,179
Interest expense ..........................................................................................................................................................................	854,135	879,845
Interest expense		911,746		859,868			1,765,881		1,739,713
Net revenues ...............................................................................................................................................................................	2,017,130	1,593,019
Net revenues		2,206,451		1,634,447			4,223,581		3,227,466
Non-interest expenses
Compensation and benefits ......................................................................................................................................................	1,085,890	841,127
Compensation and benefits		1,188,245		854,839			2,274,135		1,695,966
Brokerage and clearing fees .....................................................................................................................................................	133,132	109,436
Brokerage and clearing fees		147,446		129,745			280,578		239,181
Underwriting costs ......................................................................................................................................................................	31,383	17,846
Underwriting costs		26,858		14,525			58,241		32,371
Technology and communications ............................................................................................................................................	159,858	139,475
Technology and communications		162,860		146,198			322,718		285,673
Occupancy and equipment rental .............................................................................................................................................	33,860	30,199
Occupancy and equipment rental		34,499		30,711			68,359		60,910
Business development ...............................................................................................................................................................	75,422	72,291
Business development		89,108		80,070			164,530		152,361
Professional services .................................................................................................................................................................	76,944	72,466
Professional services		98,707		77,768			175,651		150,234
Depreciation and amortization .................................................................................................................................................	56,865	30,988
Depreciation and amortization		47,328		52,253			104,193		83,241
Cost of sales ................................................................................................................................................................................	29,920	41,568
Cost of sales		31,253		42,961			61,173		84,529
Other expenses ...........................................................................................................................................................................	121,640	86,558
Other expenses		64,598		70,476			186,238		157,034
Total non-interest expenses ....................................................................................................................................................	1,804,914	1,441,954
Total non-interest expenses		1,890,902		1,499,546			3,695,816		2,941,500
Earnings before income taxes ..................................................................................................................................................	212,216	151,065
Earnings before income taxes		315,549		134,901			527,765		285,966
Income tax expense ...................................................................................................................................................................	52,870	14,216
Income tax expense		65,571		43,506			118,441		57,722
Net earnings ................................................................................................................................................................................	159,346	136,849
Net earnings		249,978		91,395			409,324		228,244
Net losses attributable to noncontrolling interests ...............................................................................................................	(15,858)	(6,983)
Net losses attributable to noncontrolling interests		(5,440)		(7,668)			(21,298)		(14,651)
Preferred stock dividends ..........................................................................................................................................................	19,504	16,039
Preferred stock dividends		29,184		11,046			48,461		26,940
Net earnings attributable to common shareholders ............................................................................................................	$155,700	$127,793
Net earnings attributable to common shareholders		$	226,234	$	88,017		$	382,161	$	215,955
Earnings per common share

Basic .............................................................................................................................................................................................	$0.72	$0.60
Earnings per voting common share (1)
Diluted ...........................................................................................................................................................................................	0.70	0.57
Basic		$	1.05	$	0.41		$	1.75	$	1.01
Weighted-average common shares outstanding
Diluted		$	1.02	$	0.40		$	1.70	$	0.97
Basic .............................................................................................................................................................................................	215,707	214,536
Basic weighted-average common shares outstanding		210,269		215,097			214,766		214,818
Diluted ...........................................................................................................................................................................................	223,270	222,448
Diluted weighted-average common shares outstanding		216,744		221,897			221,947		222,383

Earnings per non-voting common share (1)
Basic		$	1.71	$	—		$	3.04	$	—
Diluted		$	1.13	$	—		$	1.83	$	—
Basic weighted-average common shares outstanding		3,518		—			1,778		—
Diluted weighted-average common shares outstanding		31,081		—			29,341		—

(1)Although voting and non-voting common shares have identical dividend rates, basic and diluted earnings per common share differ due to the timing of share activity during the quarter. Refer to Note 16, Total Equity, for further discussion.

See accompanying notes to consolidated financial statements.

4May ~~Jefferies~~2026 ~~Financial~~Form ~~Group~~10-Q ~~Inc.~~3

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended February 28,
		Three Months Ended May 31,				Six Months Ended May 31,
$ in thousands	~~2026~~	~~2025~~2026		2025			2026		2025
Net earnings .............................................................................................................................................................................	$159,346	$136,849
Net earnings		$	249,978	$	91,395		$	409,324	$	228,244
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other (1) ................................................................................................................	9,179	(15,322)
Currency translation adjustments and other (1)		(5,193)		46,769			3,986		31,447
Changes in fair value related to instrument-specific credit risk (2) ................................................................................	59,648	30,256
Changes in fair value related to instrument-specific credit risk (2)		(36,481)		21,571			23,167		51,827
Unrealized gains on available-for-sale-securities .............................................................................................................	584	125
Cash flow hedges		(254)		—			(254)		—
Total other comprehensive income (loss), net of tax (3) .................................................................................................	69,411	15,059
Unrealized gains on available-for-sale-securities		908		37			1,492		162
Comprehensive income ..........................................................................................................................................................	228,757	151,908
Total other comprehensive income (loss), net of tax		(41,020)		68,377			28,391		83,436
Net losses attributable to noncontrolling interests ............................................................................................................	(15,858)	(6,983)
Comprehensive income		208,958		159,772			437,715		311,680
Preferred stock dividends ......................................................................................................................................................	19,504	16,039
Net losses attributable to noncontrolling interests		(5,440)		(7,668)			(21,298)		(14,651)
Comprehensive income attributable to common shareholders ......................................................................................	$225,111	$142,852
Preferred stock dividends		29,184		11,046			48,461		26,940
Comprehensive income attributable to common shareholders		$	185,214	$	156,394		$	410,552	$	299,391

(1)Includes income tax expense of $41.0 million and $5.5 million for the three and six months ended ~~February~~May 2831, 2026, respectively, and income tax ~~benefit~~expense of $414.56 million and $10.1 million for the three and six months ended May 31, 2025, respectively.

(2)Includes income tax benefit of $11.2 million for the three months ended ~~February~~May 2831, 2026 and income tax expense of $7.8 million for the six months ended May 31, 2026. Includes income tax expense of $7.9 million and $18.6 million for the three and six months ended May 31, 2025, respectively.

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

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

noncontrolling interests.

See accompanying notes to consolidated financial statements.

~~February~~4 ~~2026~~Jefferies ~~Form~~Financial ~~10-Q~~Group 5Inc.

Consolidated Statements of Changes in Equity (Unaudited)

	Three Months Ended February 28,
		Three Months Ended May 31,				Six Months Ended May 31,
$ in thousands, except par value and per share amounts	~~2026~~	~~2025~~2026		2025			2026		2025
Preferred shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$55	$55
Balance, beginning of period		$	55	$	55		$	55	$	55
Balance, end of period ..............................................................................................................................................................	$55	$55
Balance, end of period		$	55	$	55		$	55	$	55
Common shares $1 par value
Voting common shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$206,296	$205,504
Balance, beginning of period		$	204,423	$	206,250		$	206,296	$	205,504
Purchase of common shares for treasury ..........................................................................................................................	(2,996)	(696)
Purchase of common shares for treasury		(3,962)		(23)			(6,958)		(719)
Other .........................................................................................................................................................................................	1,123	1,442
Exchange of 9,247,081 voting for non-voting common shares		(9,247)		—			(9,247)		—
Balance, end of period ..............................................................................................................................................................	$204,423	$206,250
Other		2,931		45			4,054		1,487
Additional paid-in capital
Balance, end of period		$	194,145	$	206,272		$	194,145	$	206,272
Balance, beginning of period ....................................................................................................................................................	$2,177,954	$2,104,199
Non-voting common shares $1 par value
Share-based compensation expense ..................................................................................................................................	50,672	35,637
Balance, beginning of period		$	—	$	—		$	—	$	—
Purchase of common shares for treasury ..........................................................................................................................	(171,307)	(55,622)
Exchange of 9,247,081 voting for non-voting common shares		9,247		—			9,247		—
Dividend equivalents ..............................................................................................................................................................	10,908	8,597
Balance, end of period		$	9,247	$	—		$	9,247	$	—
Change in equity interest related to consolidated subsidiaries .......................................................................................	4,606	853
Additional paid-in capital
Other .........................................................................................................................................................................................	2,232	474
Balance, beginning of period		$	2,075,065	$	2,094,138		$	2,177,954	$	2,104,199
Balance, end of period ..............................................................................................................................................................	$2,075,065	$2,094,138
Share-based compensation expense		22,925		18,193			73,597		53,830
Accumulated other comprehensive loss, net of tax
Purchase of common shares for treasury		(193,449)		(1,227)			(364,756)		(56,849)
Balance, beginning of period ....................................................................................................................................................	$(384,434)	$(423,131)
Dividend equivalents		5,513		8,354			16,421		16,951
Other comprehensive income, net of taxes ........................................................................................................................	69,411	15,059
Change in equity interest related to consolidated subsidiaries		—		(1,976)			4,606		(1,123)
Balance, end of period ..............................................................................................................................................................	$(315,023)	$(408,072)
Other		5,108		11,876			7,340		12,350
Retained earnings
Balance, end of period		$	1,915,162	$	2,129,358		$	1,915,162	$	2,129,358
Balance, beginning of period ....................................................................................................................................................	$8,574,825	$8,270,145
Accumulated other comprehensive loss, net of tax
Net earnings attributable to Jefferies Financial Group Inc. ..............................................................................................	175,204	143,832
Balance, beginning of period		$	(315,023)	$	(408,072)		$	(384,434)	$	(423,131)
Dividends - common shares ($0.40 and $0.40 per share) ................................................................................................	(92,674)	(91,095)
Other comprehensive (loss) income, net of taxes		(41,020)		68,377			28,391		83,436
Dividends - preferred shares .................................................................................................................................................	(11,025)	(11,025)
Balance, end of period		$	(356,043)	$	(339,695)		$	(356,043)	$	(339,695)
Other .........................................................................................................................................................................................	(5)	—
Retained earnings
Balance, end of period ..............................................................................................................................................................	$8,646,325	$8,311,857
Balance, beginning of period		$	8,646,325	$	8,311,857		$	8,574,825	$	8,270,145
Total Jefferies Financial Group Inc. shareholders' equity .................................................................................................	$10,610,845	$10,204,228
Net earnings attributable to Jefferies Financial Group Inc.		255,418		99,063			430,622		242,895
Noncontrolling interests
Dividends - common shares ($0.40, $0.40, $0.80, $0.80 per share)		(86,293)		(90,860)			(178,967)		(181,955)
Balance, beginning of period .....................................................................................................................................................	$67,507	$68,215
Dividends - preferred shares		(11,025)		(11,025)			(22,050)		(22,050)
Net losses attributable to noncontrolling interests ...........................................................................................................	(15,858)	(6,983)
Other		5		—			—		—
Contributions ...........................................................................................................................................................................	119	104
Balance, end of period		$	8,804,430	$	8,309,035		$	8,804,430	$	8,309,035
Distributions ............................................................................................................................................................................	(1,518)	(2,795)
Total Jefferies Financial Group Inc. shareholders' equity		$	10,566,996	$	10,305,025		$	10,566,996	$	10,305,025
Other .........................................................................................................................................................................................	633	5,670
Noncontrolling interests
Balance, end of period ..............................................................................................................................................................	$50,883	$64,211
Balance, beginning of period		$	50,883	$	64,211		$	67,507	$	68,215
Total equity .................................................................................................................................................................................	$10,661,728	$10,268,439
Net losses attributable to noncontrolling interests		(5,440)		(7,668)			(21,298)		(14,651)
Contributions		562		17,350			681		17,454
Distributions		(5,911)		(1,528)			(7,429)		(4,323)
Other		295		4,784			928		10,454
Balance, end of period		$	40,389	$	77,149		$	40,389	$	77,149
Total equity		$	10,607,385	$	10,382,174		$	10,607,385	$	10,382,174

See accompanying notes to consolidated financial statements.


May 2026 Form 10-Q						5

Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended May 31,
$ in thousands	2026		2025


Cash flows from operating activities:
Net earnings	$	409,324	$	228,244
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	82,305		88,454
Impairment of assets	65,413		—

Share-based compensation	73,597		53,830
Net bad debt expense	24,380		13,463
Income on investments in and loans to related parties	(46,289)		(15,162)
Distributions received on investments in related parties	26,846		28,593




Other adjustments	71,957		184,362
Net change in assets and liabilities:




Receivables:
Brokers, dealers and clearing organizations	1,035,793		(90,224)
Customers	(747,599)		(158,094)



Fees, interest and other	(82,695)		(143,594)
Securities borrowed	(1,440,729)		(622,392)
Financial instruments owned	(348,992)		(1,241,243)
Securities purchased under agreements to resell	(976,401)		(1,266,238)



Other assets	(253,766)		(205,378)
Payables:
Brokers, dealers and clearing organizations	(562,978)		112,293



Customers	1,905,940		192,801
Securities loaned	569,268		(509,851)
Financial instruments sold, not yet purchased	1,250,926		727,110
Securities sold under agreements to repurchase	(828,336)		(217,150)
Lease liabilities	(41,903)		(33,240)



Accrued expenses and other liabilities	(323,925)		(770,081)
Net cash used in operating activities	(137,864)		(3,643,497)

Cash flows from investing activities:
Contributions to investments in and loans to related parties	(210,679)		(111,087)
Capital distributions from investments and repayments of loans from related parties	111,385		47,190


Net payments on premises and equipment	(112,864)		(93,247)










Net cash used in investing activities	(212,158)		(157,144)
Cash flows from financing activities:
Proceeds from short-term borrowings	4,191,712		4,744,829
Payments on short-term borrowings	(4,431,779)		(3,852,844)
Proceeds from issuance of long-term debt, net of issuance costs	4,818,221		2,635,540
Repayment of long-term debt	(2,668,443)		(960,857)

Purchase of common shares for treasury	(371,714)		(57,568)
Dividends paid to common and preferred shareholders	(184,596)		(187,054)
Net proceeds from (payments on) other secured financings	(569,215)		556,902
Net change in bank overdrafts	82,132		(22,945)
Proceeds from contributions of noncontrolling interests	681		16,354
Payments on distributions to noncontrolling interests	(7,429)		(3,223)





Other	16,000		16,134
Net cash provided by financing activities	875,570		2,885,268

Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(4,836)		61,470
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale	(31,635)		—
Net increase (decrease) in cash, cash equivalents, and restricted cash	520,712		(853,905)
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	$	15,450,663	$	12,311,707


6						Jefferies Financial Group Inc.

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended February 28,
			Six Months Ended May 31,
$ in thousands	~~2026~~	~~2025~~	2026		2025
Cash flows from operating activities:
Supplemental disclosures of cash flow information:
Net earnings ...................................................................................................................................................................	$159,346	$136,849
Cash paid during the period for:
Adjustments to reconcile net earnings to net cash used in operating activities:
Interest			$	1,693,886	$	1,716,136
Depreciation and amortization .................................................................................................................................	41,335	32,995
Income taxes, net (1)			180,350		53,197
Impairment of assets ................................................................................................................................................	65,413	—
Share-based compensation ......................................................................................................................................	50,672	35,637
Net bad debt expense ...............................................................................................................................................	14,427	7,493
Income on investments in and loans to related parties .......................................................................................	(24,474)	(7,052)
Distributions received on investments in related parties .....................................................................................	21,173	16,142
Other adjustments .....................................................................................................................................................	118,761	(44,419)
Net change in assets and liabilities:
Receivables:
Brokers, dealers and clearing organizations .......................................................................................................	547,515	(877,505)
Customers ................................................................................................................................................................	(544,527)	32,699
Fees, interest and other ..........................................................................................................................................	7,851	(47,567)
Securities borrowed ...................................................................................................................................................	619,155	(1,198,188)
Financial instruments owned ...................................................................................................................................	(357,809)	(2,271,617)
Securities purchased under agreements to resell ................................................................................................	664,567	(1,976,348)
Other assets ................................................................................................................................................................	(305,830)	(236,583)
Payables:
Brokers, dealers and clearing organizations .......................................................................................................	(1,308,863)	546,020
Customers ................................................................................................................................................................	134,119	48,413
Securities loaned ........................................................................................................................................................	149,785	(30,136)
Financial instruments sold, not yet purchased ......................................................................................................	1,139,710	3,027,469
Securities sold under agreements to repurchase .................................................................................................	(1,776,125)	1,359,656
Lease liabilities ...........................................................................................................................................................	(17,783)	(21,429)
Accrued expenses and other liabilities ...................................................................................................................	(1,135,709)	(1,197,694)
Net cash used in operating activities ........................................................................................................................	(1,737,291)	(2,665,165)
Cash flows from investing activities:
Contributions to investments in and loans to related parties .............................................................................	(64,830)	(21,949)
Capital distributions from investments and repayments of loans from related parties .................................	426	13,752
Net payments on premises and equipment ...........................................................................................................	(64,861)	(49,578)
Net cash used in investing activities ........................................................................................................................	(129,265)	(57,775)
Cash flows from financing activities:
Proceeds from short-term borrowings ...................................................................................................................	$2,081,271	$3,253,704
Payments on short-term borrowings ......................................................................................................................	(1,916,779)	(2,662,000)
Proceeds from issuance of long-term debt, net of issuance costs ....................................................................	2,570,746	1,536,928
Repayment of long-term debt ..................................................................................................................................	(1,239,142)	(188,890)
Purchase of common shares for treasury..............................................................................................................	(174,303)	(56,318)
Dividends paid to common and preferred shareholders ......................................................................................	(92,791)	(92,735)
Net proceeds from (payments on) other secured financings .............................................................................	(600,057)	98,941
Net change in bank overdrafts .................................................................................................................................	(8,400)	137,305
Proceeds from contributions of noncontrolling interests ....................................................................................	119	104
Payments on distributions to noncontrolling interests ........................................................................................	(1,518)	(2,795)
Other ............................................................................................................................................................................	7,956	1,916
Net cash provided by financing activities ................................................................................................................	627,102	2,026,160
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ...........................................	(152)	(8,062)
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale .................	(6,266)	—
Net decrease in cash, cash equivalents, and restricted cash ................................................................................	(1,239,606)	(704,842)
Cash, cash equivalents, and restricted cash at beginning of period .....................................................................	14,961,586	13,165,612
Cash, cash equivalents, and restricted cash at end of period ..............................................................................	$13,715,714	$12,460,770

~~February~~(1)Includes ~~2026~~the ~~Form~~purchase ~~10-Q~~of 7tax credits in the aggregate of $56.2 million for the six months ended May 31, 2026.

Consolidated Statements of Cash Flows (Unaudited)

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

Noncash investing activities:

During the ~~three~~six months ended ~~February~~May 2831, ~~2025~~2026, we ~~donated~~exchanged ~~land~~real estate properties with a fair market value of $540.70 million.

During the six months ended May 31, 2025, we donated land with a fair market value of $5.7 million.

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

	February 28,	November 30,
			May 31,		November 30,
$ in thousands	~~2026~~	~~2025~~	2026		2025
Cash and cash equivalents ...........................................................................................................................................	$11,963,165	$14,043,889
Cash and cash equivalents			$	14,314,804	$	14,043,889
Cash on deposit for regulatory purposes with clearing and depository organizations .......................................	1,752,549	917,697
Cash on deposit for regulatory purposes with clearing and depository organizations			1,135,859		917,697
Total cash, cash equivalents and restricted cash ....................................................................................................	$13,715,714	$14,961,586
Total cash, cash equivalents and restricted cash			$	15,450,663	$	14,961,586

See accompanying notes to consolidated financial statements.

8May ~~Jefferies~~2026 ~~Financial~~Form ~~Group~~10-Q ~~Inc.~~7

Notes to Consolidated Financial Statements

(Unaudited)

Index

	~~Page~~	Page
Note 1. Organization and Basis of Presentation ......................................................................................................................................................................	9
Note 1. Organization and Basis of Presentation		9
Note 2. Summary of Significant Accounting Policies .............................................................................................................................................................	9
Note 2. Summary of Significant Accounting Policies		9
Note 3. Accounting Developments ............................................................................................................................................................................................	9
Note 3. Accounting Developments		9
Note 4. Assets and Liabilities Held for Sale ..............................................................................................................................................................................	10
Note 4. Assets and Liabilities Held for Sale		10
Note 5. Fair Value Disclosures ....................................................................................................................................................................................................	11
Note 5. Fair Value Disclosures		11
Note 6. Derivative Financial Instruments ..................................................................................................................................................................................	20
Note 6. Derivative Financial Instruments		22
Note 7. Collateralized Transactions ...........................................................................................................................................................................................	23
Note 7. Collateralized Transactions		25
Note 8. Securitization Activities .................................................................................................................................................................................................	24
Note 8. Securitization Activities		26
Note 9. Variable Interest Entities ................................................................................................................................................................................................	25
Note 9. Variable Interest Entities		27
Note 10. Investments ...................................................................................................................................................................................................................	27
Note 10. Investments		30
Note 11. Credit Losses on Financial Assets Measured at Amortized Cost .........................................................................................................................	30
Note 11. Credit Losses on Financial Assets Measured at Amortized Cost		33
Note 12. Goodwill and Intangible Assets ..................................................................................................................................................................................	31
Note 12. Goodwill and Intangible Assets		33
Note 13. Revenues from Contracts with Customers ...............................................................................................................................................................	31
Note 13. Revenues from Contracts with Customers		34
Note 14. Compensation Plans ....................................................................................................................................................................................................	32
Note 14. Compensation Plans		35
Note 15. Borrowings .....................................................................................................................................................................................................................	33
Note 15. Borrowings		36
Note 16. Total Equity ....................................................................................................................................................................................................................	35
Note 16. Total Equity		38
Note 17. Income Taxes ................................................................................................................................................................................................................	37
Note 17. Income Taxes		41
Note 18. Commitments, Contingencies and Guarantees .......................................................................................................................................................	37
Note 18. Commitments, Contingencies and Guarantees		41
Note 19. Regulatory Requirements ............................................................................................................................................................................................	38
Note 19. Regulatory Requirements		43
Note 20. Segment Reporting .......................................................................................................................................................................................................	39
Note 20. Segment Reporting		43
Note 21. Related Party Transactions .........................................................................................................................................................................................	41
Note 21. Related Party Transactions		45

~~February~~8 ~~2026~~Jefferies ~~Form~~Financial ~~10-Q~~Group 9Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Organization and Basis of Presentation

Organization

Jefferies Financial Group Inc. is a U.S.-headquartered global investment banking and capital markets firm. The accompanying consolidated financial statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together, the “Company,” “we” or “us”). We, collectively with our consolidated subsidiaries and through our affiliates, deliver a broad range of financial services across investment banking, capital markets and asset management.

~~investment~~We ~~banking~~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 ~~firm~~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”), and our commercial real estate joint venture (“Berkadia Commercial Mortgage Holding LLC” or “Berkadia”). The ~~accompanying~~Asset Management reportable business segment provides alternative investment management services to investors globally and generates investment income from capital invested in and managed by us or our affiliated asset managers, and includes certain remaining businesses and assets of our legacy merchant banking portfolio.

consolidated financial statements represent the accounts of

Jefferies Financial Group Inc. and subsidiaries (together, the

“Company,” “we” or “us”). We, collectively with our consolidated

subsidiaries and through our affiliates, deliver a broad range of

financial services across investment banking, capital markets

and asset management.

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

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

Investment Banking and Capital Markets reportable business

segment includes our capital markets activities and our

investment banking business, which provides underwriting and

financial advisory services to our clients. We operate in the

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

Investment Banking and Capital Markets also includes our

corporate lending joint venture (“Jefferies Finance LLC” or

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

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

Management reportable business segment provides alternative

investment management services to investors globally and

generates investment income from capital invested in and

managed by us or our affiliated asset managers, and includes

certain remaining businesses and assets of our legacy merchant

banking portfolio.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2025. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2025 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in our consolidated financial statements for interim periods are not necessarily indicative of the results for the entire year.

~~prepared~~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 ~~accordance~~conformity with U.S. ~~generally~~GAAP. ~~accepted~~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.

~~principles~~Certain ~~(“U.S.~~prior ~~GAAP”)~~period amounts in our consolidated financial statements and ~~should~~respective benotes ~~read~~have inbeen ~~conjunction~~reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net earnings, total assets, total liabilities or stockholders’ equity.

our consolidated financial statements and notes thereto included

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

30, 2025. Certain footnote disclosures included in our Annual

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

been condensed or omitted from the consolidated financial

statements as they are not required for interim reporting under

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

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

of management, necessary for the fair presentation of the results

for the interim period. The results presented in our consolidated

financial statements for interim periods are not necessarily

indicative of the results for the entire year.

We have made a number of estimates and assumptions relating

to the reporting of assets and liabilities, the disclosure of

contingent assets and liabilities and the reported amounts of

revenues and expenses during the reporting period to prepare

these consolidated financial statements in conformity with U.S.

GAAP. The most important of these estimates and assumptions

relate to fair value measurements, compensation and benefits,

goodwill and intangible assets and the accounting for income

taxes. Although these and other estimates and assumptions are

based on the best available information, actual results could be

materially different from these estimates.

Certain prior period amounts in our consolidated financial

statements and respective notes have been reclassified to be

consistent with the current period presentation. Such

reclassifications had no impact on net earnings, total assets,

total liabilities, or stockholders’ equity.

Consolidation

Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (losses) attributable to noncontrolling interests in our Consolidated Statements of Earnings.

~~ownership~~In situations in which we have significant influence, but not control, of an entity that does not qualify as a ~~majority~~VIE, we apply either the equity method of accounting or fair value accounting pursuant to the ~~outstanding~~fair ~~voting~~value ~~stock~~option election under U.S. InGAAP, 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.

~~addition,~~Intercompany weaccounts ~~consolidate~~and ~~entities~~transactions ~~that~~are ~~meet~~eliminated ~~the~~in ~~definition of a~~ consolidation.

variable interest entity (“VIE”) for which we are the primary

beneficiary. The primary beneficiary is the party who has the

power to direct the activities of a VIE that most significantly

impact the entity’s economic performance and who has an

obligation to absorb losses of the entity or a right to receive

benefits from the entity that could potentially be significant to the

entity. For consolidated entities that are less than wholly-owned,

the third-party’s holding of equity interest is presented as

Noncontrolling interests in our Consolidated Statements of

Financial Condition and Consolidated Statements of Changes in

Equity. The portion of net earnings attributable to the

noncontrolling interests is presented as Net earnings (losses)

attributable to noncontrolling interests in our Consolidated

Statements of Earnings.

In situations in which we have significant influence, but not

control, of an entity that does not qualify as a VIE, we apply either

the equity method of accounting or fair value accounting

pursuant to the fair value option election under U.S. GAAP, with

our portion of net earnings or gains and losses recorded in Other

revenues or Principal transactions revenues, respectively. We

also have formed nonconsolidated investment vehicles with

third-party investors that are typically organized as partnerships

or limited liability companies and are carried at fair value. We act

as general partner or managing member for these investment

vehicles and have generally provided the third-party investors

with termination or “kick-out” rights.

Intercompany accounts and transactions are eliminated in

consolidation.

Note 2. Summary of Significant Accounting Policies

For a detailed discussion about the Company’s significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025.

~~accounting~~During ~~policies,~~the ~~refer~~three toand ~~Note~~six 2months ended May 31, ~~Summary~~2026, ofthere ~~Significant~~were no significant changes made to the Company’s significant accounting policies.

Accounting Policies in our consolidated financial statements

included in Part II, Item 8 of our Annual Report on Form 10-K for

the year ended November 30, 2025.

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

significant changes made to the Company’s significant

accounting policies.

Note 3. Accounting Developments

Accounting Standards to be Adopted in Future Periods

Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures.

~~2023-09~~May ~~(“ASU~~2026 ~~2023~~Form 10-~~09”),~~Q ~~Improvements to Income Tax~~ 9

Disclosures. The guidance is intended to improve income tax

disclosure requirements by requiring (i) consistent categories

and greater disaggregation of information in the rate

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

jurisdiction. The guidance makes several other changes to the

income tax disclosure requirements. The amendments in ASU

2023-09 are effective for fiscal years beginning after December

15, 2024 and are required to be applied prospectively with the

option of retrospective application. We are evaluating the impact

of the standard on our income tax disclosures.

10 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures.

Credit Losses. In July 2025, the FASB issued ASU No. 2025-05 (“ASU ~~2024~~2025-0305”), ~~Disaggregation~~Financial Instruments–Credit Losses. The guidance provides an optional practical expedient when applying the guidance related to the estimation of ~~Income~~expected ~~Statement~~credit ~~Expenses~~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 ~~primarily~~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 ~~require~~be ~~enhanced~~completed ~~disclosures~~and ~~about~~the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our financial statements.

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

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

interim periods within fiscal years beginning after December 15,

2027 and may be applied either on a prospective or retrospective

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

disclosures.

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

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

guidance provides an optional practical expedient when applying

the guidance related to the estimation of expected credit losses

for current accounts receivable and current contract assets

resulting from transactions arising from contracts with

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

fiscal years beginning after December 15, 2025, and interim

reporting periods, with early adoption permitted. We are

evaluating the impact of the standard on our financial

statements.

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

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

Internal-Use Software. The guidance modernizes and clarifies the

threshold for when an entity is required to start capitalizing

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

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

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

will be used to perform the function intended. The amendments

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

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

adoption permitted. We are evaluating the impact of the standard

on our financial statements.

Derivatives and Hedging and Revenue from Contracts with

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

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

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

guidance refines the scope of Topic 815 to clarify which

contracts are subject to derivative accounting. The guidance also

provides clarification under Topic 606 for share-based payments

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

2025-07 are effective for fiscal years beginning after December

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

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

financial statements.

Adopted Accounting Standards

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily requires enhanced disclosures about significant segment expenses. We adopted the guidance beginning with our year ended November 30, 2025, which impacted our disclosures only. Refer to Note 20, Segment Reporting for additional information.

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

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

The guidance primarily requires enhanced disclosures about

significant segment expenses. We adopted the guidance

beginning with our year ended November 30, 2025, which

impacted our disclosures only. Refer to Note 20, Segment

Reporting for additional information.

Note 4. Assets and Liabilities Held for Sale

Tessellis

During 2026, we accepted a binding offer from a third party for the sale of Tessellis. We expect the sale to close during the first quarter of 2027.

~~the~~Assets held for sale are recorded initially at the lower of ~~Tessellis~~their carrying value or estimated fair value, less estimated costs to sell. WeUpon ~~expect~~designation ~~the~~as an asset held for sale, towe ~~close~~discontinue ~~during~~recording ~~first~~depreciation and amortization expense on such assets.

~~quarter~~Tessellis ofis ~~2027~~included within our asset management reportable segment.

Assets held for sale are recorded initially at the lower of their

carrying value or estimated fair value, less estimated costs to

sell. Upon designation as an asset held for sale, we discontinue

recording depreciation and amortization expense on such assets.

Tessellis is included within our asset management reportable

segment.

Tessellis’ major classes of assets and liabilities:

$ in thousands	~~February 28, 2026~~	May 31, 2026
Assets held for sale:
Cash and cash equivalents ........................................	$6,266
Cash and cash equivalents		$	31,635
Investments in and loans to related parties ............	6,579
Investments in and loans to related parties		6,493
Other receivables ........................................................	25,074
Other receivables		25,881
Premises and equipment, net ....................................	66,215
Premises and equipment, net		65,896
Goodwill ........................................................................	56,850
Goodwill		56,104
Other assets .................................................................	108,723
Other assets		109,147
Total assets held for sale .....................................	$269,707
Total assets held for sale		$	295,156
Liabilities held for sale:
Short term borrowings ................................................	$6,071
Short term borrowings		$	4,665
Lease liabilities ............................................................	19,291
Lease liabilities		19,410
Accrued expenses and other liabilities ....................	181,699
Accrued expenses and other liabilities		225,513
Long-term debt ............................................................	50,827
Long-term debt		50,172
Total liabilities held for sale ................................	$257,888
Total liabilities held for sale		$	299,760

~~February~~10 ~~2026~~Jefferies ~~Form~~Financial ~~10-Q~~Group 11Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 5. Fair Value Disclosures

	February 28, 2026 (1)
			May 31, 2026 (1)
$ in thousands	~~Level 1~~	~~Level 2~~	Level 31	~~Counterparty and Cash Collateral Netting (2)~~	~~Total~~	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 equity securities			$	8,172,828		$	230,866	$	255,866	$	—	$	8,659,560
Corporate debt securities .....................................................................................	—	5,401,094	50,755	—	5,451,849
Corporate debt securities			—			5,211,023		54,811		—		5,265,834
Collateralized debt obligations and collateralized loan obligations ...............	—	591,727	61,455	—	653,182
Collateralized debt obligations and collateralized loan obligations			—			650,379		62,546		—		712,925
U.S. government and federal agency securities ................................................	2,524,173	67,934	—	—	2,592,107
U.S. government and federal agency securities			3,112,195			106,914		—		—		3,219,109
Municipal securities ..............................................................................................	—	556,120	—	—	556,120
Municipal securities			—			649,349		—		—		649,349
Sovereign obligations ............................................................................................	928,270	1,038,133	—	—	1,966,403
Sovereign obligations			807,151			886,209		—		—		1,693,360
Residential mortgage-backed securities ............................................................	—	2,123,844	6,134	—	2,129,978
Residential mortgage-backed securities			—			1,906,714		5,376		—		1,912,090
Commercial mortgage-backed securities ..........................................................	—	2,150	355	—	2,505
Commercial mortgage-backed securities			—			9,768		235		—		10,003
Other asset-backed securities .............................................................................	—	630,244	244,714	—	874,958
Other asset-backed securities			—			780,516		190,089		—		970,605
Loans and other receivables ................................................................................	—	2,156,054	85,396	—	2,241,450
Loans and other receivables			—			1,736,907		90,322		—		1,827,229
Derivatives ..............................................................................................................	155	7,079,249	14,691	(5,186,913)	1,907,182
Derivatives			487			4,901,537		8,682		(3,475,770)		1,434,936
Investments at fair value ......................................................................................	—	13,569	167,195	—	180,764
Investments at fair value			—			5,268		171,368		—		176,636
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
Total financial instruments owned, excluding Investments at fair value based on NAV			$	12,092,661		$	17,075,450	$	839,295	$	(3,475,770)	$	26,531,636
Securities received as collateral ..........................................................................	$393,867	$—	$—	$—	$393,867
Securities received as collateral			$	310,813		$	—	$	—	$	—	$	310,813
Liabilities:

Financial instruments sold, not yet purchased:
Liabilities:
Corporate equity securities ..................................................................................	$6,457,960	$119,236	$167	$—	$6,577,363
Financial instruments sold, not yet purchased:
Corporate debt securities .....................................................................................	—	3,196,057	555	—	3,196,612
Corporate equity securities			$	7,243,037		$	22,912	$	169	$	—	$	7,266,118
Collateralized debt obligations and collateralized loan obligations ...............	—	1,000	—	—	1,000
Corporate debt securities			—			3,026,509		571		—		3,027,080
U.S. government and federal agency securities ................................................	1,590,146	16	—	—	1,590,162
U.S. government and federal agency securities			1,048,105			3		—		—		1,048,108
Municipal securities ..............................................................................................	—	88	—	—	88
Sovereign obligations			733,221			698,985		—		—		1,432,206
Sovereign obligations ............................................................................................	688,027	837,099	—	—	1,525,126
Residential mortgage-backed and other asset-backed securities			—			9,000		—		—		9,000
Residential mortgage-backed securities ............................................................	—	2,041	—	—	2,041
Loans			—			148,729		1,352		—		150,081
Loans .......................................................................................................................	—	264,838	921	—	265,759
Derivatives			246			5,193,630		22,223		(3,601,670)		1,614,429
Derivatives ..............................................................................................................	56	6,858,114	43,253	(5,600,436)	1,300,987
Total financial instruments sold, not yet purchased			$	9,024,609		$	9,099,768	$	24,315	$	(3,601,670)	$	14,547,022
Total financial instruments sold, not yet purchased .......................................	$8,736,189	$11,278,489	$44,896	$(5,600,436)	$14,459,138
Other secured financings			$	—		$	405,725	$	10,076	$	—	$	415,801
Other secured financings ......................................................................................	$—	$412,338	$11,685	$—	$424,023
Obligation to return securities received as collateral			310,813			—		—		—		310,813
Obligation to return securities received as collateral .......................................	393,867	—	—	—	393,867
Long-term debt			—			2,790,159		1,070,114		—		3,860,273
Long-term debt .......................................................................................................	—	2,662,691	1,024,067	—	3,686,758

(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.6151 billion at ~~February~~May 2831, 2026 by level within the fair value hierarchy.

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

12May ~~Jefferies~~2026 ~~Financial~~Form ~~Group~~10-Q ~~Inc.~~11

Notes to Consolidated Financial Statements

(Unaudited)

	~~November 30, 2025 (1)~~		November 30, 2025 (1)
$ in thousands	~~Level 1~~	~~Level 2~~	Level 31	~~Counterparty and Cash Collateral Netting (2)~~	~~Total~~	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 equity securities			$	7,664,824		$	249,847	$	218,853	$	—	$	8,133,524
Corporate debt securities .....................................................................................	—	5,367,201	37,578	—	5,404,779
Corporate debt securities			—			5,367,201		37,578		—		5,404,779
Collateralized debt obligations and collateralized loan obligations ...............	—	645,798	40,187	—	685,985
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
U.S. government and federal agency securities			2,342,718			106,633		—		—		2,449,351
Municipal securities ..............................................................................................	—	563,994	—	—	563,994
Municipal securities			—			563,994		—		—		563,994
Sovereign obligations ............................................................................................	860,832	815,722	—	—	1,676,554
Sovereign obligations			860,832			815,722		—		—		1,676,554
Residential mortgage-backed securities ............................................................	—	1,827,092	6,663	—	1,833,755
Residential mortgage-backed securities			—			1,827,092		6,663		—		1,833,755
Commercial mortgage-backed securities ..........................................................	—	10,458	348	—	10,806
Commercial mortgage-backed securities			—			10,458		348		—		10,806
Other asset-backed securities .............................................................................	—	909,474	133,001	—	1,042,475
Other asset-backed securities			—			909,474		133,001		—		1,042,475
Loans and other receivables ................................................................................	—	2,111,517	127,720	—	2,239,237
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
Derivatives			72			5,519,463		10,311		(3,705,764)		1,824,082
Investments at fair value ......................................................................................	—	13,567	163,107	—	176,674
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
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
Securities received as collateral			$	200,495		$	—	$	—	$	—	$	200,495
Liabilities:

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

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

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

~~February~~12 ~~2026~~Jefferies ~~Form~~Financial ~~10-Q~~Group 13Inc.

Notes to Consolidated Financial Statements

(Unaudited)

There have been no significant changes in valuation techniques and inputs used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis. Refer to our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025.

and inputs used in measuring our financial assets and liabilities

that are accounted for at fair value on a recurring basis. Refer to

our consolidated financial statements included in Part II, Item 8

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

November 30, 2025.

Investments at Fair Value

Investments at fair value includes investments in hedge funds, private equity funds, credit funds, real estate funds and other funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy.

~~private~~Information ~~equity~~about ~~funds,~~our ~~credit~~investments ~~funds,~~in ~~real~~entities ~~estate~~that ~~funds~~have ~~and~~the ~~other~~characteristics of an investment company:

funds, which are measured at the NAV of the funds, provided by


	May 31, 2026
$ in thousands	Fair Value (1)		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge Funds (2)	$	725,883	$	—	Quarterly (37%) Monthly (42%) N/R (21%)	45 - 90 days 45 - 60 days N/R
Private Equity Funds (3)	65,920		22,990		N/R (100%)	N/R
Credit Funds (4)	435,715		23,847		Quarterly (48%) Monthly (3%) N/R (49%)	90 days 30 days N/R
Real Estate and Other Funds (5)	278,961		103,610		Quarterly (12%) N/R (88%)	90 days N/R
Total	$	1,506,479	$	150,447

the fund managers and are excluded from the fair value


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

hierarchy. Investments at fair value also include direct equity

investments in private companies, which are measured at fair

value using valuation techniques involving quoted prices of or

market data for comparable companies, similar company ratios

and multiples (e.g., price/EBITDA, price/book value), discounted

cash flow analyses and transaction prices observed for

subsequent financing or capital issuance by the company. Direct

equity investments in private companies are categorized within

Level 2 or Level 3 of the fair value hierarchy.

Information about our investments in entities that have the

characteristics of an investment company:

	February 28, 2026
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ..............	$781,873	$—	Quarterly (41%)Monthly (39%)N/R (20%)	45 - 90 days45 - 60 daysN/R
Private Equity Funds (3) ..............	69,295	23,473	N/R (100%)	N/R
Credit Funds (4) ..............	497,569	23,847	Quarterly (53%)Monthly (2%)N/R (45%)	90 days30 daysN/R
Real Estate and Other Funds (5) ....	261,589	111,269	Quarterly (12%)N/R (88%)	90 daysN/R
Total ......................	$1,610,326	$158,589

	November 30, 2025
$ in thousands	Fair Value (1)	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Hedge Funds (2) ............	$888,880	$—	Quarterly (42%)Monthly (41%)N/R (17%)	45 - 90 days45 - 60 daysN/R
Private Equity Funds (3) ............	66,476	26,828	N/R (100%)	N/R
Credit Funds (4)	490,321	23,847	Quarterly (56%)Monthly (2%)N/R (42%)	90 days30 daysN/R
Real Estate and Other Funds (5) .	235,846	114,872	Quarterly (19%)N/R (81%)	90 daysN/R
Total ...................	$1,681,523	$165,547

N/R - Not redeemable

(1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements.

~~each~~(2)Includes ofinvestments ~~the~~in hedge funds’ ~~capital~~that ~~statements~~invest, long and short, primarily in both public and private equity securities in domestic and international markets, commodities and multi-asset securities.

(23)Includes investments in ~~hedge~~equity funds that invest, ~~long~~in the equity of various U.S. and ~~short~~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.

both public and private equity securities in domestic and international

markets, commodities and multi-asset securities.

(3)Includes investments in equity funds that invest in the equity of various U.S.

and foreign private companies in a broad range of industries. These

investments cannot be redeemed; instead, distributions are received through

the liquidation of the underlying assets of the funds which are primarily

expected to be liquidated in approximately one to nine years.

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

•Distressed and special situations long/short credit strategies across sectors and asset types;

~~sectors~~•Short-term trade receivables and ~~asset~~payables ~~types~~that are expected to generally be outstanding between 90 to 120 days; and

•~~Short-term~~Distressed ~~trade~~and ~~receivables~~event-driven ~~and~~opportunities ~~payables~~across ~~that~~structured ~~are~~credit, ~~expected~~opportunistic tocredit, ~~generally~~and beprivate credit.

~~outstanding~~(5)Primarily ~~between~~includes 90investments toin ~~120~~corporate ~~days;~~real estate strategies focused on buying or building real estate businesses and investments in venture capital funds.

~~•Distressed~~May ~~and~~2026 ~~event~~Form 10-~~driven~~Q ~~opportunities across structured credit,~~ 13

~~opportunistic~~Notes ~~credit,~~to ~~and~~Consolidated ~~private~~Financial ~~credit.~~Statements

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

~~buying~~Level or3 ~~building real estate businesses and investments in venture capital~~ Rollforwards

funds.


	Three Months Ended May 31, 2026
$ in thousands	Balance at February 28, 2026		Total gains/losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into/ (out of) Level 3		Balance at May 31, 2026		For instruments still held at May 31, 2026, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income (loss) (1)
Level 3 assets:
Financial instruments owned:
Corporate equity securities	$	218,483	$	24,352	$	14,242	$	(4,487)	$	(103)	$	—	$	3,379	$	255,866	$	24,802	$	—
Corporate debt securities	50,755		(184)		4,717		(20)		(432)		—		(25)		54,811		267		—
CDOs and CLOs	61,455		(4,425)		37,442		(4,026)		—		—		(27,900)		62,546		(4,703)		—


RMBS	6,134		(443)		—		—		(315)		—		—		5,376		(443)		—
CMBS	355		(105)		—		—		—		—		(15)		235		(105)		—
Other ABS	244,714		(22,349)		25,936		(27,041)		(7,345)		—		(23,826)		190,089		(24,387)		—
Loans and other receivables	85,396		18,797		25,427		(28,760)		(7,607)		—		(2,931)		90,322		21,162		—
Investments at fair value	167,195		(1,100)		9,225		(685)		(3,267)		—		—		171,368		(1,387)		—
Level 3 liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	167	$	2	$	—	$	—	$	—	$	—	$	—	$	169	$	(2)	$	—
Corporate debt securities	555		—		—		—		—		—		16		571		—		—




Loans	921		135		—		375		—		—		(79)		1,352		(473)		—
Net derivatives (2)	28,562		2,873		(821)		—		(4,485)		—		(12,588)		13,541		(3,266)		—
Other secured financings	11,685		(245)		—		—		(1,364)		—		—		10,076		(72)		—
Long-term debt	1,024,067		(6,329)		—		—		—		29,344		23,032		1,070,114		40,009		(33,680)


	Six Months Ended May 31, 2026
$ 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 May 31, 2026		For instruments still held at May 31, 2026, changes in unrealized gains (losses) included in:
																	Earnings (1)		Other comprehensive income (loss) (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	218,853	$	19,100	$	25,895	$	(7,026)	$	(103)	$	—	$	(853)	$	255,866	$	19,153	$	—
Corporate debt securities	37,578		1,110		14,323		—		(1,061)		—		2,861		54,811		1,518		—
CDOs and CLOs	40,187		(9,155)		68,668		(15,658)		(23)		—		(21,473)		62,546		(7,648)		—


RMBS	6,663		(522)		—		—		(765)		—		—		5,376		(522)		—
CMBS	348		(98)		—		—		—		—		(15)		235		(98)		—
Other ABS	133,001		(67,663)		139,191		(34,939)		(10,264)		—		30,763		190,089		(69,823)		—
Loans and other receivables	127,720		22,225		76,044		(79,669)		(8,345)		—		(47,653)		90,322		23,736		—
Investments at fair value	163,107		3,536		9,475		(708)		(4,042)		—		—		171,368		2,484		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	155	$	14	$	—	$	—	$	—	$	—	$	—	$	169	$	(14)	$	—
Corporate debt securities	3,720		181		—		—		—		—		(3,330)		571		(232)		—




Loans	9,757		(345)		(697)		1,100		—		—		(8,463)		1,352		(1,805)		—
Net derivatives (2)	35,642		2,518		(1,492)		—		(3,125)		—		(20,002)		13,541		(3,494)		—
Other secured financings	13,454		(360)		—		120		(3,138)		—		—		10,076		36		—
Long-term debt	1,063,358		(25,949)		—		—		(23,695)		36,081		20,319		1,070,114		4,737		21,212

(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.


14						Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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

Analysis of Level 3 Assets and Liabilities for the Three Months Ended May 31, 2026

~~(1)Realized~~Transfers ~~and~~of ~~unrealized~~assets ~~gains/losses~~of ~~are~~$20.3 ~~primarily~~million ~~reported~~from inLevel ~~Principal~~2 ~~transactions~~to ~~revenues.~~Level ~~Changes~~3 inof ~~instrument-specific~~the ~~credit~~fair ~~risk~~value ~~related~~hierarchy toare ~~structured~~primarily ~~notes~~attributed to:

~~within~~•Loan ~~Long-term~~and ~~debt~~other ~~are~~receivables ~~presented~~of ~~net~~$7.1 million, CDOs and CLOs of ~~tax~~$5.0 million, inCorporate ~~our~~equity ~~Consolidated~~securities ~~Statements~~of $4.3 million and Other ABS of ~~Comprehensive~~$3.9 million ~~Income~~due to reduced pricing transparency.

~~(2)Net~~Transfers ~~derivatives~~of ~~represent~~assets ~~Financial~~of ~~instruments~~$71.6 ~~owned—Derivatives~~million ~~and~~from ~~Financial~~Level ~~instruments~~3 ~~sold,~~to ~~not~~Level ~~yet~~2 ~~purchased~~of ~~—Derivatives.~~the fair value hierarchy are primarily attributed to:

~~Analysis~~•CDOs and CLOs of ~~Level~~$32.9 million, 3Other ~~Assets~~ABS of $27.7 million and ~~Liabilities~~Loans ~~for~~and ~~the~~other ~~Three~~receivables ~~Months~~of $10.0 million due to greater pricing transparency supporting classification into Level 2.

~~Ended~~Transfers ~~February~~of ~~28,~~liabilities ~~2026~~of $40.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

~~Transfers~~•Structured ofnotes ~~assets~~within Long-term debt of $8131.43 million ~~from~~and ~~Level~~Net 2derivatives totransfers into Level 3 of ~~the~~$9.0 million due to reduced market and pricing transparency.

Transfers of liabilities of $30.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•~~Other~~Net ~~ABS~~derivatives of $4821.5 million, ~~corporate~~and ~~debt~~Structured ~~securities~~notes within Long-term debt of $178.23 million due to greater pricing and market transparency.

~~million,~~Net ~~CDOs~~gains on Level 3 assets were $14.5 million and ~~CLOs~~net ofgains on Level 3 liabilities were $123.06 million for the three months ended May 31, 2026. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities and ~~loans~~Loans and other receivables, partially offset by decreased market values of Other ABS, CDOs and CLOs and Investments at fair value. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within Long-term debt, partially offset by increases of certain Derivatives.

~~receivables~~Analysis of $Level 3.5 ~~million~~Assets ~~due~~and toLiabilities ~~reduced~~for ~~pricing~~the Six Months Ended May 31, 2026

~~transparency~~Transfers of assets of $80.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

~~Transfers~~•Other ABS of ~~assets~~$52.3 million, CDOs and CLOs of $7117.30 million, ~~from~~Corporate ~~Level~~debt securities of $8.1 million and Loan and other receivables of $3.3 tomillion ~~Level~~due 2to ~~are~~reduced pricing transparency.

Transfers of assets of $117.2 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Loans and other receivables of $5150.1 9 million, CDOs and CLOs of $38.5 million, Other ABS of $21.6 million and Corporate debt securities of $5.2 million due to greater pricing transparency supporting classification into Level 2.

Transfers of liabilities of $1136.61 million, ~~corporate~~from ~~debt~~Level ~~securities~~2 to Level 3 of ~~$5.2~~the ~~million~~fair ~~and~~value hierarchy are primarily attributed to:

~~corporate~~•Structured ~~equity~~notes ~~securities~~within Long-term debt of $326.34 million and Net derivatives of $9.6 million due to ~~greater~~reduced market and pricing transparency.

~~pricing~~Transfers ~~transparency~~of liabilities of $47.6 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

~~Transfers~~•Certain Derivatives of ~~liabilities~~$29.6 million, Loans of $~~10.~~8.5 million ~~from~~and ~~Level~~Structured 2notes towithin ~~Level~~Long-term 3debt of $6.1 million due to greater pricing and market transparency.

Net losses on Level 3 assets were $31.5 million and net gains on Level 3 liabilities were $23.9 million for the six months ended May 31, 2026. Net losses on Level 3 assets were primarily due to decreased market values across Other ABS and CDOs and CLOs, partially offset by increases of Loans and other receivables, Corporate equity securities and Investments at fair value. ~~hierarchy~~Net ~~are~~gains on Level 3 liabilities were primarily ~~attributed~~due to: decreased valuations of structured notes within Long-term debt, partially offset by increased market values of certain Derivatives.

~~•Structured~~May ~~notes~~2026 ~~within~~Form ~~long~~10-~~term~~Q ~~debt of $9.2 million and net~~ 15

derivatives of $1.6 million due to reduced pricing and market

transparency.

Transfers of liabilities of $26.0 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $12.6 million, loans

of $8.8 million, corporate debt securities of $3.4 million and net

derivatives of $1.2 million due to greater pricing and market

transparency.

Net losses on Level 3 assets were $53.0 million and net gains on

Level 3 liabilities were $30.2 million for the three months ended

February 28, 2026. Net losses on Level 3 assets were primarily

due to decreased market values in other ABS, CDOs and CLOs

and corporate equity securities, partially offset by an increase in

investments at fair value. Net gains on Level 3 liabilities were

primarily due to decreased market valuations of certain

structured notes within long-term debt and certain derivatives.

February 2026 Form 10-Q 15

Notes to Consolidated Financial Statements

(Unaudited)

									For instruments still held at February 28, 2025, changes in unrealized gains/(losses) included in:
			Three Months Ended May 31, 2025
$ in thousands	~~Balance at November 30, 2024~~	~~Total gains/losses(realizedandunrealized)(1)~~	~~Purchases~~Balance at February 28, 2025	~~Sales~~	~~Settlements~~	~~Issuances~~Total gains/losses (realized and unrealized) (1)	~~Nettransfersinto/(out of)Level 3~~	~~Balance at February 28, 2025~~	~~Earnings (1)~~Purchases	~~Othercomprehensiveincome (1)~~	Sales		Settlements		Issuances		Net transfers into/(out of) Level 3		Balance at May 31, 2025		For instruments still held at May 31, 2025, changes in unrealized gains (losses) included in:
Assets:
																					Earnings (1)		Other comprehensive income (loss) (1)
Financial instruments owned:
Assets:
Corporate equity securities .......................	$239,364	$2,864	$1,703	$(1,016)	$—	$—	$(30,506)	$212,409	$5,300	$—
Financial instruments owned:
Corporate debt securities	24,931	(1,002)	6,753	(895)	—	—	(3,862)	25,925	(1,248)	—
Corporate equity securities			$	212,409		$	8,245		$	2,482	$	(2,201)	$	—	$	—	$	10,225	$	231,160	$	5,003	$	—
CDOs and CLOs .................	63,976	(4,646)	17,177	(9,981)	—	—	5,301	71,827	(4,664)	—
Corporate debt securities			25,925			2,547			18,805		(15,740)		(2,177)		—		15,322		44,682		2,194		—
Sovereign obligations .......	172	2	—	(174)	—			—	(1)	—
CDOs and CLOs			71,827			(4,123)			35,644		(18,469)		(6,550)		—		(7,381)		70,948		(4,564)		—
RMBS ..................................	7,714	(167)	—	—	(21)	—	—	7,526	(59)	—
RMBS			7,526			436			—		—		(15)		—		—		7,947		439		—
CMBS ..................................	477	(6)	—	—	—	—	—	471	—	—
CMBS			471			34			—		—		—		—		—		505		34		—
Other ABS ...........................	103,214	(1,889)	54,165	(4,709)	(2,312)	—	(1,150)	147,319	(1,318)	—
Other ABS			147,319			6,814			27,523		(26,231)		(1,863)		—		119		153,681		5,985		—
Loans and other receivables ....................	152,586	(949)	78,763	(53,590)	(9,170)	—	(13,876)	153,764	(1,545)	—
Loans and other receivables			153,764			(7,236)			18,008		(39,475)		(13,063)		—		(19,830)		92,168		(10,875)		—
Investments at fair value .	137,865	393	21,288	—	(1,665)	—	—	157,881	393	—
Investments at fair value			157,881			6,041			261		—		(804)		—		(10,000)		153,379		3,581		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities .......................	$208	$(72)	$—	$454	$—	$—	$—	$590	$72	$—
Corporate equity securities			$	590		$	(256)		$	(173)	$	—	$	—	$	—	$	—	$	161	$	31	$	—
Corporate debt securities	~~165~~	~~(40)~~	~~(383)~~1,113	~~1,025~~	—	—222	~~346~~	~~1,113~~	24(41,346)	—	41,436		(662)		—		(119)		644		(86)		—
RMBs ..................................	—	—	—	15	—	—	—	15	—	—
RMBS			15			(15)			—		—		—		—		—		—		—		—
CMBS ..................................	1,153	1	—	35	—	—	(35)	1,154	(1)	—
CMBS			1,154			(1)			—		35		—		—		(35)		1,153		1		—
Loans ..................................	16,864	301	(1,917)	75	—	—	(14,475)	848	89	—
Loans			848			(658)			(37)		—		183		—		(23)		313		(226)		—
Net derivatives (2) .............	22,286	(16,020)	—	22,588	(279)	299	13,202	42,076	14,559	—
Net derivatives (2)			42,076			(1,132)			—		—		(4)		—		(7,652)		33,288		(6,385)		—
Other secured financings .	14,884	(1,938)	—	—	(241)	—	—	12,705	1,938	—
Other secured financings			12,705			—			—		—		(2,360)		8,531		—		18,876		—		—
Long-term debt ..................	821,903	(55,177)	—	—	—	124,554	(30,596)	860,684	29,428	25,749
Long-term debt			860,684			34,729			—		—		(5,893)		93,570		8,066		991,156		(49,509)		14,781

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


	Six Months Ended May 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 May 31, 2025		For instruments still held at May 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	$	9,940	$	7,049	$	(5,366)	$	494	$	—	$	(20,321)	$	231,160	$	8,292	$	—
Corporate debt securities	24,931		2,147		37,129		(23,787)		(2,197)		—		6,459		44,682		2,419		—
CDOs and CLOs	63,976		(10,286)		52,875		(23,728)		(6,550)		—		(5,339)		70,948		(10,336)		—

Sovereign obligations	172		2		—		(174)		—		—		—		—		—		—
RMBS	7,714		269		—		—		(36)		—		—		7,947		279		—
CMBS	477		28		—		—		—		—		—		505		28		—
Other ABS	103,214		(264)		86,866		(30,929)		(4,175)		—		(1,031)		153,681		(565)		—
Loans and other receivables	152,586		(5,759)		72,851		(82,603)		(21,549)		3,670		(27,028)		92,168		(9,134)		—
Investments at fair value	137,865		6,434		21,549		—		(2,469)		—		(10,000)		153,379		3,974		—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	208	$	126	$	(173)	$	—	$	—	$	—	$	—	$	161	$	(126)	$	—
Corporate debt securities	165		52		(135,198)		135,433		—		—		192		644		(123)		—



CMBS	1,153		—		—		35		—		—		(35)		1,153		—		—
Loans	16,864		(1,673)		(1,046)		—		698		—		(14,530)		313		39		—
Net derivatives (2)	22,286		(13,925)		—		22,588		(484)		—		2,823		33,288		5,076		—
Other secured financings	14,884		241		—		—		(4,780)		8,531		—		18,876		(241)		—
Long-term debt	821,903		(21,118)		—		—		(2,799)		218,124		(24,954)		991,156		(19,522)		40,640

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

Analysis of Level 3 Assets and Liabilities for the Three Months

Ended February 28, 2025

Transfers of assets of $52.5 million from Level 2 to Level 3 of the

fair value hierarchy are primarily attributed to:

•Loans and other receivables of $24.8 million, corporate equity

securities of $20.5 million and CDOs and CLOs of $5.7 million

due to reduced pricing transparency.

Transfers of assets of $96.6 million from Level 3 to Level 2 are

primarily attributed to:

•Corporate equity securities of $51.0 million, loans and other

receivables of $38.7 million, corporate debt securities of $4.2

million and other ABS of $2.3 million due to greater pricing

transparency.

Transfers of liabilities of $22.1 million from Level 2 to Level 3 of

the fair value hierarchy are primarily attributed to:

•Net derivatives of $13.2 million and structured notes within

long-term debt of $8.6 million due to reduced pricing and

market transparency.

Transfers of liabilities of $53.7 million from Level 3 to Level 2 of

the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $39.1 million and

loans of $14.5 million due to greater pricing and market

transparency.

Net losses on Level 3 assets were $5.4 million and net gains on

Level 3 liabilities were $72.9 million for the three months ended

February 28, 2025. Net losses on Level 3 assets were primarily

due to decreased market values in CDOs and CLOs, other ABS,

corporate debt securities and loans and other receivables,

partially offset by an increase in corporate equity securities. Net

gains on Level 3 liabilities were primarily due to decreased

market valuations of certain structured notes within long-term

debt, certain derivatives and other secured financings.


16						Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

~~Significant~~Analysis ~~Unobservable~~of ~~Inputs~~Level ~~used~~3 inAssets ~~Level~~and 3Liabilities ~~Fair~~for ~~Value~~the Three Months Ended May 31, 2025

~~Measurements~~Transfers of assets of $31.5 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

~~The~~•Corporate ~~tables~~debt ~~below~~securities ~~present~~of ~~information~~$15.9 onmillion, ~~the~~Corporate ~~valuation~~equity securities of $11.1 million, Other ABS of $2.1 million and Loan and other receivables of $1.6 million due to reduced pricing transparency.

~~techniques,~~Transfers ~~significant~~of ~~unobservable~~assets ~~inputs~~of ~~and~~$43.0 ~~their~~million ~~ranges~~from ~~for~~Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

~~our~~•Loans ~~financial~~and ~~assets~~other ~~and~~receivables ~~liabilities~~of $21.5 million, ~~subject~~Investments at fair value of $10.0 million, CDOs and CLOs of $8.0 million and Other ABS of $2.0 million due to ~~threshold~~greater ~~levels~~pricing transparency supporting classification into Level 2.

~~related~~Transfers toof ~~the~~liabilities ~~market~~of ~~value~~$11.5 million from Level 2 to Level 3 of the ~~positions~~fair ~~held,~~value ~~measured~~hierarchy atare ~~fair~~primarily attributed to:

~~value~~•Structured onnotes awithin ~~recurring~~Long-term ~~basis~~debt ~~with~~of a$13.2 ~~significant~~million, partially offset by net derivatives transfer into Level 3 ~~balance~~of $2.0 ~~The~~million due to reduced market and pricing transparency.

~~range~~Transfers of ~~unobservable~~liabilities ~~inputs~~of ~~could~~$11.2 ~~differ~~million ~~significantly~~from ~~across~~Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

~~different~~•Net ~~firms~~derivatives ~~given~~of ~~the~~$5.7 ~~range~~million and Structured notes within Long-term debt of ~~products~~$5.1 ~~across~~million ~~different~~due ~~firms~~to greater pricing and market transparency.

inNet gains on Level 3 assets were $12.8 million and net losses on Level 3 liabilities were $32.9 million for the ~~financial~~three ~~services~~months ~~sector~~ended May 31, 2025. ~~The~~Net ~~inputs~~gains ~~are~~on ~~not~~Level ~~representative~~3 assets were primarily due to increased market values across Corporate equity securities, Other ABS, Investments at fair value and Corporate debt securities, partially offset by decreased market values of Loans and other receivables 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 ~~the~~Level ~~inputs~~3 ~~that~~Assets ~~could~~and ~~have~~Liabilities ~~been~~for ~~used~~the inSix ~~the~~Months ~~valuation~~Ended ofMay ~~any~~31, 2025

~~one~~Transfers ~~financial~~of ~~instrument~~assets (iof $71.~~e.,~~8 million from Level 2 to Level 3 of the ~~input~~fair ~~used~~value ~~for~~hierarchy ~~valuing~~are ~~one~~primarily attributed to:

~~financial~~•Corporate ~~instrument~~equity ~~within~~securities aof ~~particular~~$30.3 ~~class~~million, Loan and other receivables of ~~financial~~$27.1 million, Corporate debt securities of $8.0 million, Other ABS of $3.3 million and CDOs and CLOs of $3.0 million due to reduced pricing transparency.

~~instruments~~Transfers ~~may~~of ~~not~~assets beof ~~appropriate~~$129.0 ~~for~~million ~~valuing~~from ~~other~~Level ~~financial~~3 to Level 2 of the fair value hierarchy are primarily attributed to:

~~instruments~~•Loans ~~within~~and ~~that~~other ~~given~~receivables ~~class)~~of $54.1 ~~Additionally~~million, ~~the~~Corporate ~~ranges~~equity securities of $50.7 million, Investments at fair value of $10.0 million, CDOs and CLOs of $8.4 million and Other ABS of $4.4 million due to greater pricing transparency supporting classification into Level 2.

~~inputs~~Transfers ~~presented~~of ~~below~~liabilities ~~should~~of ~~not~~$7.9 bemillion ~~construed~~from Level 2 to ~~represent~~Level 3 of the fair value hierarchy are primarily attributed to:

~~uncertainty~~•Net ~~regarding~~derivatives ~~the~~of ~~fair~~$3.9 ~~values~~million and structured notes within Long-term debt of ~~our~~$3.9 ~~financial~~million ~~instruments;~~due to reduced market and pricing transparency.

~~rather,~~Transfers ~~the~~of ~~range~~liabilities of ~~inputs~~$44.4 ismillion ~~reflective~~from Level 3 to Level 2 of the ~~differences~~fair invalue ~~the~~hierarchy are primarily attributed to:

~~underlying~~•Structured ~~characteristics~~notes within Long-term debt of ~~the~~$28.8 ~~financial~~million ~~instruments~~and inLoans ~~each~~of $14.5 million due to greater pricing and market transparency.

~~category~~Net gains on Level 3 assets were $2.5 million and net gains on Level 3 liabilities were $36.3 million for the six months ended May 31, 2025. Net gains on Level 3 assets were primarily due to increased market values across Corporate equity securities, Investments at fair value and Corporate debt securities, partially offset by decreased valuations of CDOs and CLOs and Loans and other receivables. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within Long-term debt, certain derivatives and loans.

~~For~~May ~~certain~~2026 ~~categories,~~Form we10-Q ~~have provided a weighted average of~~ 17

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.

February 2026 Form 10-Q 17

Notes to Consolidated Financial Statements

(Unaudited)

February 28, 2026
Financial Instruments Owned	Fair Value(in thousands)	Valuation Technique	Significant Unobservable Input(s)	Input / Range			WeightedAverage
Corporate equity securities .....................	$218,483
Non-exchange-traded securities		Market approach	Price	$0	-	$1,115	$90
		Volatility benchmarking	Volatility	45%	-	49%	48%
Corporate debt securities ........................	$50,755	Market approach	Price	$58	-	$122	$92
		Discounted cash flows	Discount rate/yield	22%	-	26%	24%
CDOs and CLOs ..........................................	$31,965	Discounted cash flows	Constant prepayment rate	15%	-	20%	16%
			Constant default rate	2%			—
			Loss severity	30%			—
			Discount rate/yield	13%	-	15%	14%
		Market approach	Price	$98	-	$118	$101
RMBS ...........................................................	$6,134	Discounted cash flows	Constant prepayment rate	10%			—
			Constant default rate	0.5%			—
			Loss severity	45%			—
			Discount rate/yield	20%			—
Other ABS ...................................................	$242,697	Discounted cash flows	Discount rate/yield	10.9%	-	15.8%	15.2%
			Cumulative loss rate	10.5%	-	17.4%	16.5%
			Duration (years)	1.1	-	1.5	1.2
		Market approach	Price	$118	-	$135	$132
		Scenario analysis	Estimated recovery percentage	64%	-	69%	68%
Loans and other receivables ...................	$85,396	Market approach	Price	$8	-	$118	$106
		Scenario analysis	Estimated recovery percentage	18%	-	222%	92%
Derivatives ..................................................	$11,104
Embedded options		Market approach	Basis points upfront	0.3	-	0.5	0.4
Equity options		Volatility benchmarking	Volatility	51%			—
Investments at fair value ..........................	$161,250
Private equity securities		Market approach	Price	$0	-	$27,989	$2,838
			Discount rate/yield	28%			—
			Estimated revenue	$29,760,909			—
Financial Instruments Sold, Not Yet Purchased:
Derivatives ..................................................	$43,253
Equity options		Volatility benchmarking	Volatility	39%	-	67%	53%
Embedded options		Market approach	Basis points upfront	7.2	-	19.9	12.8
Other secured financings .........................	$11,685	Scenario analysis	Estimated recovery percentage	74%	-	100%	95%
		Market approach	Price	$117	-	$118	$118
Long-term debt ..........................................	$1,024,067
Structured notes		Market approach	Price	$70	-	$120	$100

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.


18						Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

November 30, 2025
May 31, 2026
Financial Instruments Owned	~~Fair Value(in thousands)~~	~~Valuation Technique~~	~~Significant~~Fair ~~Unobservable Input~~Value(sin thousands)	~~Input / Range~~		Valuation Technique	~~WeightedAverage~~	Significant Unobservable Input(s)	Input / Range				WeightedAverage
Corporate equity securities .....................	$218,853
Corporate equity securities			$	255,866
Non-exchange-traded securities		~~Market approach~~	~~Price~~	$0	-	~~$486~~Market approach	~~$85~~	Price	$0		-	$486	$81
		~~Volatility benchmarking~~	~~Volatility~~	~~44%~~	-	~~48%~~Volatility benchmarking	~~47%~~	Volatility	31%				—
Corporate debt securities ........................	$37,578	Market approach	Price	$49	-	$121	$72
Corporate debt securities			$	54,811		Market approach		Price	$67		-	$124	$92
		~~Discounted cash flows~~	~~Discount rate/yield~~	~~18%~~	-	~~20%~~Discounted cash flows	~~19%~~	Discount rate/yield	25	%	-	30%	26%
		Scenario analysis	Estimated recovery percentage	30%			—
CDOs and CLOs			$	51,753		Discounted cash flows		Constant prepayment rate	15	%	-	20%	18%
CDOs and CLOs ..........................................	$25,824	Discounted cash flows	Constant prepayment rate	20%			—
								Constant default rate	2%				—
			Constant default rate	2%			—
								Loss severity	30%				—
			Loss severity	30%			—
								Discount rate/yield	12	%	-	16%	14%
			Discount rate/yield	17%			—
						Market approach		Price	$100		-	$117	$105
		Market approach	Price	$98	-	$100	$99
RMBS			$	5,376		Discounted cash flows		Constant prepayment rate	10%				—
RMBS ...........................................................	$6,663	Discounted cash flows	Constant prepayment rate	12%			—
								Constant default rate	0.5%				—
			Constant default rate	0.3%			—
								Loss severity	45%				—
			Loss severity	20%			—
								Discount rate/yield	20%				—
			Discount rate/yield	15%			—
Other ABS			$	185,232		Discounted cash flows		Discount rate/yield	15.5	%	-	16.1%	15.9%
Other ABS ...................................................	$129,693	Discounted cash flows	Discount rate/yield	15.5%	-	15.7%	15.6%
								Cumulative loss rate	16.2	%	-	17.1%	16.6%
			Cumulative loss rate	16.0%	-	16.4%	16.2%
								Duration (years)	1.1		-	1.2	1.2
			Duration (years)	1.1	-	1.2	1.1
						Market approach		Price	$117		-	$135	$130
		Market approach	Price	$116	-	$133	$130
						Scenario analysis		Estimated recovery percentage	56	%	-	58%	57%
		Scenario analysis	Estimated recovery percentage	66%			—
Loans and other receivables			$	90,322		Market approach		Price	$8		-	$117	$103
Loans and other receivables ...................	$127,720	Market approach	Price	$67	-	$129	$97
						Scenario analysis		Estimated recovery percentage	7	%	-	100%	76%
		Scenario analysis	Estimated recovery percentage	8%	-	100%	35%
Derivatives			$	6,224
Derivatives ..................................................	$6,094
Interest rate swaps						Market approach		Basis points upfront	0.2				—
Embedded options		Market approach	Basis points upfront	0.4	-	0.5	0.5
Investments at fair value			$	168,327
Equity options		Volatility benchmarking	Volatility	34%			—
Private equity securities						Market approach		Price	$0		-	$170,363	$7,711
Investments at fair value ..........................	$157,162
								Discount rate/yield	28%				—
Private equity securities		Market approach	Price	$0	-	$27,989	$2,722
								Estimated revenue	$30,087,431				—
			Discount rate/yield	28%			—
Financial Instruments Sold, Not Yet Purchased:
			Estimated revenue	$29,818,082			—
Derivatives			$	22,223
Financial Instruments Sold, Not Yet Purchased:
Equity options						Volatility benchmarking		Volatility	53%				—
Corporate debt securities ........................	$3,720	Scenario analysis	Estimated recovery percentage	30%			—
Interest rate swaps						Market approach		Basis points upfront	6.9		-	22.2	13.9
Loans ...........................................................	$9,757	Market approach	Price	$100	-	$129	$117
Other secured financings			$	10,076		Scenario analysis		Estimated recovery percentage	74	%	-	100%	96%
		Scenario analysis	Estimated recovery percentage	30%			—
						Market approach		Price	$117		-	$118	$118
Derivatives ..................................................	$45,953
Long-term debt			$	1,070,114
Equity options		Volatility benchmarking	Volatility	34%	-	61%	58%
Structured notes						Market approach		Price	$64		-	$120	$99
Embedded options		Market approach	Basis points upfront	0.0	-	21.0	13.3
Other secured financings .........................	$13,454	Scenario analysis	Estimated recovery percentage	74%	-	100%	96%
		Market approach	Price	$114	-	$117	$115
Long-term debt ..........................................	$1,063,358
Structured notes		Market approach	Price	$72	-	$120	$101

~~February~~May 2026 Form 10-Q 19

Notes to Consolidated Financial Statements

(Unaudited)

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


November 30, 2025
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range				Weighted Average
Corporate equity securities	$	218,853
Non-exchange-traded securities			Market approach	Price	$0		-	$486	$85
			Volatility benchmarking	Volatility	44	%	-	48%	47%
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	17%				—
			Market approach	Price	$98		-	$100	$99

RMBS	$	6,663	Discounted cash flows	Constant prepayment rate	12%				—
				Constant default rate	0.3%				—
				Loss severity	20%				—
				Discount rate/yield	15%				—

Other ABS	$	129,693	Discounted cash flows	Discount rate/yield	15.5	%	-	15.7%	15.6%



				Cumulative loss rate	16.0	%	-	16.4%	16.2%
				Duration (years)	1.1		-	1.2	1.1
			Market approach	Price	$116		-	$133	$130
			Scenario analysis	Estimated recovery percentage	66%				—
Loans and other receivables	$	127,720	Market approach	Price	$67		-	$129	$97
			Scenario analysis	Estimated recovery percentage	8	%	-	100%	35%
Derivatives	$	6,094
Embedded options			Market approach	Basis points upfront	0.4		-	0.5	0.5
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	$29,818,082				—
Financial Instruments Sold, Not Yet Purchased:


Corporate debt securities	$	3,720	Scenario analysis	Estimated recovery percentage	30%				—
Loans	$	9,757	Market approach	Price	$100		-	$129	$117
			Scenario analysis	Estimated recovery percentage	30%				—
Derivatives	$	45,953
Equity options			Volatility benchmarking	Volatility	34	%	-	61%	58%
Embedded options			Market approach	Basis points upfront	0.0		-	21.0	13.3

Other secured financings	$	13,454	Scenario analysis	Estimated recovery percentage	74	%	-	100%	96%
			Market approach	Price	$114		-	$117	$115
Long-term debt	$	1,063,358
Structured notes			Market approach	Price	$72		-	$120	$101

~~determined~~20 ~~based~~Jefferies onFinancial ~~third-party~~Group ~~pricing information, unadjusted~~ Inc.

~~past~~Notes ~~transaction~~to ~~prices~~Consolidated orFinancial ~~a percentage of the reported enterprise~~ Statements

~~fair value are excluded from the above tables. At February 28,~~ (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 May 31, 2026 and November 30, 2025, asset exclusions consisted of $21.4 million and $28.2 million, respectively, primarily composed of CDOs and CLOs, Investments at fair value, certain derivatives, other ABS and CMBS. At May 31, 2026 and November 30, 2025, liability exclusions consisted of $2.1 million and $0.2 million, respectively, primarily composed of loans, corporate equity securities and corporate debt securities.

~~$41.4~~Uncertainty ~~million~~of ~~and~~Fair ~~$28.2~~Value ~~million,~~Measurement ~~respectively,~~from ~~primarily~~Use ~~composed~~of Significant Unobservable Inputs

For recurring fair value measurements categorized within Level 3 of ~~CDOs~~the ~~and~~fair ~~CLOs~~value hierarchy, ~~Investments~~the atuncertainty of the fair value, ~~certain~~measurement ~~derivatives,~~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 ~~CMBS~~structured notes using a market approach valuation technique. AtA ~~February 28~~significant increase (decrease) in the price of the private equity securities, ~~2026~~nonexchange-traded securities, corporate debt securities, CDOs and ~~November~~CLOs, 30other ABS, loans and other receivables, other secured financings and structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue or revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the discount rate/security yield related to private equity securities would result in a significantly lower (higher) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of options.

~~2025~~•Corporate debt securities, ~~liability~~loans ~~exclusions~~and ~~consisted~~other ofreceivables, ~~$1.7~~other ~~million~~ABS and $0other secured financings using a scenario analysis valuation technique.2 A significant increase (decrease) in the possible recovery rates underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument.

~~million~~•CDOs and CLOs, ~~respectively~~corporate debt securities, ~~primarily~~RMBS ~~composed~~and ofother ~~loans~~ABS using a discounted cash flows valuation technique. A significant increase (decrease) in isolation in the constant default rate, ~~corporate~~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 ~~corporate~~derivative ~~debt~~equity ~~securities~~options using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement.

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 and other receivables, other secured financings and

structured notes would result in a significantly higher (lower)

fair value measurement. A significant increase (decrease) in

the revenue or revenue multiple related to private equity

securities would result in a significantly higher (lower) fair

value measurement. A significant increase (decrease) in the

discount rate/security yield related to private equity securities

would result in a significantly lower (higher) fair value

measurement. Depending on whether we are a receiver or

(payer) of basis points upfront, a significant increase in basis

points would result in a significant increase (decrease) in the

fair value measurement of options.

•Corporate debt securities, loans and other receivables, other

ABS and other secured financings using a scenario analysis

valuation technique. A significant increase (decrease) in the

possible recovery rates 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, 2025.

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, 2025.

Fair value option gains (losses):

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in thousands	~~2026~~	~~2025~~	2026		2025		2026		2025
Financial instruments owned:
Loans and other receivables (1) .............................................	$(28,722)	$13,283
Loans and other receivables (1)			$	8,506	$	69,578	$	(32,588)	$	103,854
Other secured financings:
Other secured financings (1)			6,100		(1,418)		5,791		(1,659)
Other changes in fair value (1) ................................................	$(309)	$1,938
Long-term debt:
Long-term debt:
Changes in instrument-specific credit risk (2)			(47,715)		28,763		30,306		66,501
Changes in instrument-specific credit risk (2) ......................	$77,896	$37,898
Other changes in fair value (1)			(1,226)		13,225		(52,838)		27,548
Other changes in fair value (1) ................................................	(58,916)	16,944

(1)~~Other~~Changes ~~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.

~~risk~~Difference ~~are~~between ~~presented~~contractual ~~net~~principal ofand ~~tax~~fair ~~in our Consolidated Statements of~~ value:

Comprehensive Income.


$ in thousands	May 31, 2026		November 30, 2025


Financial instruments owned:
Loans and other receivables (1)	$	1,392,673	$	2,378,747
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1)	416,067		319,394
Loans and other receivables 90 days or greater past due (1)	79,757		100,300
Long-term debt	203,199		166,273
Other secured financings	1,302		237

~~Difference~~(1)Interest ~~between~~income ~~contractual~~is ~~principal~~recognized ~~and~~separately from other changes in fair value ~~(1):~~and is included in Interest revenues.

$ 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

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

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

is included in Interest revenues.

Fair value of loans and other receivables on nonaccrual status:

$ in thousands	~~February 28, 2026~~	~~November 30, 2025~~	May 31, 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 on nonaccrual status and/or 90 days or greater past due			$	73,215	$	119,900
Loans and other receivables 90 days or greater past due .....................................................................	66,657	47,000
Loans and other receivables 90 days or greater past due			53,157		47,000

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.

~~but~~We have equity securities without readily determinable fair values, which we account for at cost, minus impairment, which are ~~recorded~~presented within Other assets and were $21.9 million at ~~amounts~~both ~~that~~May 31, ~~approximate~~2026 ~~fair~~and ~~value~~November 30, ~~due~~2025. toThere were no impairments or downward adjustments on these investments during both the three and six months ended May 31, 2026 and 2025.

~~their~~May ~~liquid~~2026 orForm ~~short~~10-~~term~~Q ~~nature and generally negligible credit~~ 21

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

February 28, 2026 and November 30, 2025. There were no

impairments and downward adjustments on these investments

during the three months ended February 28, 2026 and 2025.

20 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 6. Derivative Financial Instruments

Our derivative activities are recorded at fair value in 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, (2) an interest rate swap designated as hedge to offset the variability in cash flows from floating rate debt due to contractually specified interest rate, and (3) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations.

~~Consolidated~~Derivatives ~~Statement~~are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of ~~Financial~~derivatives ~~Condition~~should not be viewed in ~~Financial~~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.

~~instruments~~In ~~owned~~connection ~~and~~with ~~Financial~~our ~~instruments~~derivative ~~sold~~activities, ~~not~~we ~~yet~~may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties.

purchased, net of cash paid or received under credit support


	May 31, 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	$	632	3	$	1,376	1
Bilateral OTC	—		—	254		1
Foreign exchange contracts:
Bilateral OTC	12,991		7	17,050		8
Total derivatives designated as accounting hedges	13,623			18,680
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	1,139		31,873	316		30,588
Cleared OTC	246,988		8,849	244,768		9,260
Bilateral OTC	237,645		1,048	687,026		1,295
Foreign exchange contracts:
Exchange-traded	—		46	—		69

Bilateral OTC	124,715		34,491	112,458		10,012
Equity contracts:
Exchange-traded	1,706,606		2,346,548	1,433,972		1,826,167

Bilateral OTC	2,539,543		39,955	2,703,100		36,753
Commodity contracts:
Exchange-traded	617		637	288		563

Bilateral OTC	6,563		11,809	2,631		5,458
Credit contracts:

Cleared OTC	1,799		107	6,932		7
Bilateral OTC	31,468		19	5,928		24
Total derivatives not designated as accounting hedges	4,897,083			5,197,419
Total gross derivative assets/liabilities:
Exchange-traded	1,708,362			1,434,576
Cleared OTC	249,419			253,076
Bilateral OTC	2,952,925			3,528,447
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded	(705,242)			(705,242)
Cleared OTC	(247,920)			(252,771)
Bilateral OTC	(2,522,608)			(2,643,657)
Net amounts per Consolidated Statements of Financial Condition (4)	$	1,434,936		$	1,614,429

~~agreements~~(1)Exchange-traded ~~and~~derivatives include derivatives executed on aan ~~net~~organized ~~counterparty~~exchange. ~~basis~~Cleared ~~when~~OTC aderivatives ~~legally~~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.

~~enforceable~~(2)The ~~right~~number toof ~~offset~~exchange-traded ~~exists~~contracts ~~under~~may ainclude ~~master~~open ~~netting~~futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations.

~~agreement.~~(3)Amounts Wenetted ~~enter~~include ~~into~~both ~~derivative~~netting ~~transactions~~by tocounterparty ~~satisfy~~and ~~the~~for cash collateral paid or received.

~~needs~~(4)We ofhave ~~our~~not ~~clients~~received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to ~~manage~~be offset beyond what has been offset in our ~~own~~Consolidated ~~exposure~~Statements toof ~~market~~Financial Condition.

~~and~~22 ~~credit~~Jefferies ~~risks.~~Financial InGroup ~~addition, we apply hedge accounting to: (1)~~ Inc.

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.

	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 ........................................	$3,515	3	$1,256	1
Foreign exchange contracts:
Bilateral OTC .......................................	10,449	5	2,543	6
Total derivatives designated as accounting hedges ............................	13,964		3,799
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded ................................	529	44,784	56	48,774
Cleared OTC ........................................	2,331,733	8,403	2,356,258	8,865
Bilateral OTC .......................................	267,009	1,702	577,234	683
Foreign exchange contracts:
Exchange-traded ................................	—	36	—	22
Bilateral OTC .......................................	149,495	35,501	118,551	10,816
Equity contracts:
Exchange-traded ................................	2,553,216	3,135,250	1,875,392	2,233,288
Bilateral OTC .......................................	1,693,580	53,207	1,901,935	44,644
Commodity contracts:
Exchange-traded ................................	3,197	431	61	427
Bilateral OTC .......................................	4,445	7,198	9,626	8,209
Credit contracts:
Cleared OTC ........................................	1,402	71	4,800	10
Bilateral OTC .......................................	75,525	33	53,711	19
Total derivatives not designated as accounting hedges .......................	7,080,131		6,897,624
Total gross derivative assets/liabilities:
Exchange-traded ................................	2,556,942		1,875,509
Cleared OTC ........................................	2,336,650		2,362,314
Bilateral OTC .......................................	2,200,503		2,663,600
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded ................................	(1,318,353)		(1,318,353)
Cleared OTC ........................................	(2,335,539)		(2,338,936)
Bilateral OTC .......................................	(1,533,021)		(1,943,147)
Net amounts per Consolidated Statements of Financial Condition (4) .................................	$1,907,182		$1,300,987

(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.

February 2026 Form 10-Q 21

Notes to Consolidated Financial Statements

(Unaudited)

	~~November 30, 2025 (1)~~		November 30, 2025 (1)
	~~Assets~~		~~Liabilities~~Assets			Liabilities
$ in thousands	~~Fair Value~~	~~Number of Contracts (2)~~	Fair Value	~~Number of Contracts (2)~~	Number of Contracts (2)	Fair Value		Number of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC .........................................	$—	—	$2,519	4
Cleared OTC			$	—	—	$	2,519	4
Foreign exchange contracts:
Bilateral OTC ........................................	40,444	7	574	2
Bilateral OTC			40,444		7	574		2
Total derivatives designated as accounting hedges .............................	40,444		3,093
Total derivatives designated as accounting hedges			40,444			3,093
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded .................................	232	33,107	24	36,811
Exchange-traded			232		33,107	24		36,811
Cleared OTC .........................................	806,009	8,148	804,799	8,325
Cleared OTC			806,009		8,148	804,799		8,325
Bilateral OTC ........................................	285,053	1,576	614,104	823
Bilateral OTC			285,053		1,576	614,104		823
Foreign exchange contracts:
Bilateral OTC ........................................	115,068	34,418	103,297	12,028
Bilateral OTC			115,068		34,418	103,297		12,028
Equity contracts:
Exchange-traded .................................	2,776,601	3,275,468	2,156,730	2,298,561
Exchange-traded			2,776,601		3,275,468	2,156,730		2,298,561
Bilateral OTC ........................................	1,367,089	57,254	1,670,215	36,481
Bilateral OTC			1,367,089		57,254	1,670,215		36,481
Commodity contracts:
Exchange-traded .................................	452	627	73	668
Exchange-traded			452		627	73		668
Bilateral OTC .......................................	6,381	18,497	7,293	15,417
Bilateral OTC			6,381		18,497	7,293		15,417
Credit contracts:
Cleared OTC .........................................	10,960	58	17,120	13
Cleared OTC			10,960		58	17,120		13
Bilateral OTC ........................................	121,557	17	98,456	15
Bilateral OTC			121,557		17	98,456		15
Total derivatives not designated as accounting hedges .............................	5,489,402		5,472,111
Total derivatives not designated as accounting hedges			5,489,402			5,472,111
Total gross derivative assets/liabilities:
Exchange-traded .................................	2,777,285		2,156,827
Exchange-traded			2,777,285			2,156,827
Cleared OTC .........................................	816,969		824,438
Cleared OTC			816,969			824,438
Bilateral OTC ........................................	1,935,592		2,493,939
Bilateral OTC			1,935,592			2,493,939
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded .................................	(1,600,969)		(1,600,969)
Exchange-traded			(1,600,969)			(1,600,969)
Cleared OTC .........................................	(815,810)		(819,548)
Cleared OTC			(815,810)			(819,548)
Bilateral OTC ........................................	(1,288,985)		(1,564,670)
Bilateral OTC			(1,288,985)			(1,564,670)
Net amounts per Consolidated Statements of Financial Condition (4) ..................................	$1,824,082		$1,490,017
Net amounts per Consolidated Statements of Financial Condition (4)			$	1,824,082		$	1,490,017

(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. ~~Cleared~~The ~~OTC~~unsettled ~~derivatives~~fair ~~include~~value ~~derivatives~~of ~~executed~~these ~~bilaterally~~futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations.

~~subsequently~~(3)Amounts ~~novated~~netted toinclude both netting by counterparty and ~~cleared~~for ~~through~~cash ~~central~~collateral ~~clearing~~paid ~~counterparties.~~or received.

~~Bilateral~~(4)We ~~OTC~~have ~~derivatives~~not ~~include~~received ~~derivatives~~or ~~executed~~pledged additional collateral under master netting agreements and/or ~~settled~~other ~~bilaterally~~credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.

~~without~~Gains ~~the~~(losses) ~~use~~recognized ofin anInterest ~~organized~~expense ~~exchange~~related orto ~~central~~fair ~~clearing~~value ~~counterparty.~~hedges:

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


$ in thousands	Three Months Ended May 31,				Six Months Ended May 31,
Gains (Losses)	2026		2025		2026		2025
Interest rate swaps (1)	$	(29,405)	$	(415)	$	(28,284)	$	(6,043)
Long-term debt	19,391		(11,968)		8,475		(18,659)
Total	$	(10,014)	$	(12,383)	$	(19,809)	$	(24,702)

~~contracts~~(1)Includes net settlements of $9.7 ~~The~~million ~~unsettled~~and ~~fair~~$19.3 ~~value~~million offor ~~these~~the ~~futures~~three ~~contracts~~and issix ~~included~~months inended May 31, 2026, respectively, and $12.2 million and $24.1 million for the three and six months ended May 31, 2025, respectively.

~~Receivables~~Gains ~~from/Payables~~(losses) toon ~~brokers~~our cash flow hedge recognized as a component of Other comprehensive income (loss) (“OCI”), ~~dealers~~in ~~and~~our ~~clearing~~Consolidated ~~organizations.~~Statements of Comprehensive Income:

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


$ in thousands	Three Months Ended May 31,				Six Months Ended May 31,
Gains (Losses)	2026		2025		2026		2025
Interest rate contracts
Recognized in OCI	$	(254)	$	—	$	(254)	$	—

Net change included within AOCI	$	(254)	$	—	$	(254)	$	—

~~paid~~Gains or(losses) ~~received.~~on our net investment hedges recognized in Currency translation and other adjustments, a component of OCI, in our Consolidated Statements of Comprehensive Income:

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


$ in thousands	Three Months Ended May 31,				Six Months Ended May 31,
Gains (Losses)	2026		2025		2026		2025
Foreign exchange contracts	$	20,434	$	(90,986)	$	(7,531)	$	(74,132)
Total	$	20,434	$	(90,986)	$	(7,531)	$	(74,132)

~~agreements~~Unrealized and~~/or~~ ~~other~~realized ~~credit~~gains ~~support~~(losses) ~~agreements~~on ~~that~~derivative iscontracts ~~eligible~~recognized toprimarily bein Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:

offset beyond what has been offset in our Consolidated Statements of


$ in thousands	Three Months Ended May 31,				Six Months Ended May 31,
Gains (Losses)	2026		2025		2026		2025
Interest rate contracts	$	(80,358)	$	(8,710)	$	(80,091)	$	(31,212)
Foreign exchange contracts	3,178		21,645		1,447		16,770
Equity contracts	(221,296)		823,950		(340,671)		1,318,166
Commodity contracts	14,596		7,723		18,878		13,457
Credit contracts	(8,657)		653		(11,715)		1,704
Total	$	(292,537)	$	845,261	$	(412,152)	$	1,318,885

~~Financial~~The ~~Condition~~net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework.

~~Gains~~May ~~(losses)~~2026 ~~recognized~~Form in10-Q ~~Interest expense related to fair value~~ 23

hedges:

$ in thousands	Three Months Ended February 28,
Gains (Losses)	2026	2025
Interest rate swaps (1) ..............................................................	$1,121	$(5,628)
Long-term debt ...........................................................................	(10,916)	(6,691)
Total .............................................................................................	$(9,795)	$(12,319)

(1)Includes net settlements of $9.6 million and $11.9 million for the three months

ended February 28, 2026 and 2025, respectively.

Gains (losses) on our net investment hedges recognized in

Currency translation and other adjustments, a component of

Other comprehensive income (loss), in our Consolidated

Statements of Comprehensive Income:

$ in thousands	Three Months Ended February 28,
Gains (Losses)	2026	2025
Foreign exchange contracts .....................................................	$(27,965)	$16,854
Total .............................................................................................	$(27,965)	$16,854

Unrealized and realized gains (losses) on derivative contracts

recognized primarily in Principal transactions revenues, which are

utilized in connection with our client activities and our economic

risk management activities:

$ in thousands	Three Months Ended February 28,
Gains (Losses)	2026	2025
Interest rate contracts ...............................................................	$267	$(22,502)
Foreign exchange contracts .....................................................	(1,731)	(4,875)
Equity contracts .........................................................................	(119,375)	494,216
Commodity contracts ................................................................	4,282	5,734
Credit contracts..........................................................................	(3,058)	1,051
Total .............................................................................................	$(119,615)	$473,624

The net gains (losses) on derivative contracts in the table above

are one of a number of activities comprising our business

activities and are before consideration of economic hedging

transactions, which generally offset the net gains (losses)

included above. We substantially mitigate our exposure to market

risk on our cash instruments through derivative contracts, which

generally provide offsetting revenues, and we manage the risk

associated with these contracts in the context of our overall risk

management framework.

22 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

OTC Derivatives

Remaining contract maturities at ~~February~~May 2831, 2026:

	~~OTC Derivative Assets (1) (2) (3)~~		OTC Derivative Assets (1) (2) (3)
$ in thousands	~~0 – 12 Months~~	~~1 – 5Years~~	~~GreaterThan~~0 5– ~~Years~~12 Months	~~Cross-MaturityNetting (4)~~	~~Total~~	1 – 5Years		GreaterThan 5 Years		Cross-MaturityNetting (4)		Total
Commodity swaps, options and forwards ....................................	$4,444	$—	$—	$—	$4,444
Commodity swaps, options and forwards			$	6,257		$	—	$	—	$	—	$	6,257
Equity options and forwards ........	88,003	295,129	5,110	(269)	387,973
Equity options and forwards			68,134			199,435		—		(3,825)		263,744
Credit default swaps .....................	1,012	25,469	—	—	26,481
Credit default swaps			336			870		27,768		—		28,974
Total return swaps .........................	174,444	180,251	—	(5,324)	349,371
Total return swaps			550,180			78,174		—		(9,563)		618,791
Foreign currency forwards, swaps and options ...................	86,314	520	—	(520)	86,314
Foreign currency forwards, swaps and options			75,153			6,248		—		—		81,401
Fixed income forwards .................	49,222	—	—	—	49,222
Interest rate swaps, options and forwards			34,279			121,126		22,464		(26,994)		150,875
Interest rate swaps, options and forwards ....................................	57,588	152,609	17,081	(32,665)	194,613
Total			$	734,339		$	405,853	$	50,232	$	(40,382)	1,150,042
Total .................................................	$461,027	$653,978	$22,191	$(38,778)	1,098,418
Cross-product counterparty netting												(39,665)
Cross-product counterparty netting ........................................					(61,334)
Total OTC derivative assets included in Financial instruments owned												$	1,110,377
Total OTC derivative assets included in Financial instruments owned ..................					$1,037,084

	~~OTC Derivative Liabilities (1) (2) (3)~~		OTC Derivative Liabilities (1) (2) (3)
$ in thousands	~~0 – 12 Months~~	~~1 – 5 Years~~	~~Greater~~0 ~~Than~~– 512 ~~Years~~Months	~~Cross-Maturity Netting (4)~~	~~Total~~	1 – 5 Years		Greater Than 5 Years		Cross-Maturity Netting (4)		Total
Commodity swaps, options and forwards ....................................	$9,624	$—	$—	$—	$9,624
Commodity swaps, options and forwards			$	2,325		$	—	$	—	$	—	$	2,325
Equity options and forwards ........	52,569	293,741	3,879	(269)	349,920
Equity options and forwards			80,693			123,522		—		(3,825)		200,390
Credit default swaps ......................	—	5,643	—	—	5,643
Credit default swaps			36			1,712		4,421		—		6,169
Total return swaps .........................	331,760	316,070	28	(5,324)	642,534
Total return swaps			301,510			552,830		151		(9,563)		844,928
Foreign currency forwards, swaps and options ...................	47,768	216	—	(520)	47,464
Foreign currency forwards, swaps and options			73,053			345		—		—		73,398
Fixed income forwards .................	797	—	—	—	797
Fixed income forwards			5,471			—		—		—		5,471
Interest rate swaps, options and forwards ....................................	34,569	108,293	421,001	(32,665)	531,198
Interest rate swaps, options and forwards			27,854			109,428		486,251		(26,994)		596,539
Total .................................................	$477,087	$723,963	$424,908	$(38,778)	1,587,180
Total			$	490,942		$	787,837	$	490,823	$	(40,382)	1,729,220
Cross-product counterparty netting ........................................					(61,334)
Cross-product counterparty netting												(39,665)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased .................................					$1,525,846
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased												$	1,689,555

(1)At ~~February~~May 2831, 2026, we held net exchange-traded derivative assets and liabilities with a fair value of $1.00 billion and $729.3 million, respectively, which are not included in these tables.

(2)OTC derivative assets and liabilities ~~with~~in athe ~~fair~~tables ~~value~~above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At May 31, 2026, cash collateral received and pledged was $1678.246 ~~billion~~million and $~~557~~804.25 million, respectively, .

which are not included in these tables.

(2)OTC derivative assets and liabilities in the tables above are gross of collateral

pledged. OTC derivative assets and liabilities are recorded net of collateral

pledged in our Consolidated Statements of Financial Condition. At

February 28, 2026, cash collateral received and pledged was $368.5 million

and $782.0 million, respectively.

(3)Derivative fair values include counterparty netting within product category.

(4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

~~for~~ ~~the~~OTC ~~same~~derivative ~~counterparty~~assets ~~within~~at ~~product~~May 31, ~~category across maturity categories.~~2026:

OTC derivative assets at February 28, 2026:


Counterparty credit quality (1):	$ in thousands
A- or higher	$	530,743
BBB- to BBB+	88,586
BB+ or lower	236,089
Unrated	254,959
Total	$	1,110,377

Counterparty credit quality (1):	$ in thousands
A- or higher ...............................................................................................	$180,384
BBB- to BBB+ ...........................................................................................	100,766
BB+ or lower .............................................................................................	332,366
Unrated .....................................................................................................	423,568
Total ..........................................................................................................	$1,037,084

(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.

(1)We utilize internal credit ratings determined by our Risk Management

department. Credit ratings determined by Risk Management use

methodologies that produce ratings generally consistent with those produced

by external rating agencies.

Credit Related Derivative Contracts

External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:

our written credit related derivative contracts:


	May 31, 2026
	External Credit Rating
$ in millions	Investment Grade		Non-investment Grade		Total Notional
Credit protection sold:
Index credit default swaps	$	78.3	$	796.7	$	875.0

	February 28, 2026
			November 30, 2025
	~~External Credit Rating~~		External Credit Rating
$ in millions	~~Investment Grade~~	~~Non-investment Grade~~	~~Total~~Investment ~~Notional~~Grade		Non-investment Grade		Total Notional
Credit protection sold:
Index credit default swaps .....................	$119.8	$808.5	$928.3
Index credit default swaps			$	51.4	$	873.2	$	924.6

	November 30, 2025
	External Credit Rating
$ in millions	Investment Grade	Non-investment Grade	Total Notional
Credit protection sold:
Index credit default swaps .....................	$51.4	$873.2	$924.6

Contingent Features

Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon a specific event related to our credit, primarily downgrades in our credit ratings. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a net liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we could have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered:

to either post additional collateral or immediately settle any


$ in millions	May 31, 2026		November 30, 2025
Derivative instrument liabilities with credit-risk-related contingent features	$	311.7	$	107.3
Collateral posted	(111.7)		(70.0)
Collateral received	699.7		343.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)	899.7		380.5

~~outstanding~~(1)These ~~liability~~potential ~~balances~~outflows ~~upon~~include ainitial ~~specific~~margin ~~event~~received ~~related~~from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to ~~our~~terminate the contract after a downgrade.

~~credit,~~24 ~~primarily~~Jefferies ~~downgrades~~Financial inGroup ~~our credit ratings~~Inc. ~~The following~~

table presents the aggregate fair value of all derivative

instruments with such credit-risk-related contingent features that

are in a net liability position, the collateral amounts we have

posted or received in the normal course of business and the

potential collateral we could have been required to return and/or

post additionally to our counterparties if the credit-risk-related

contingent features underlying these agreements were triggered:

$ in millions	February 28, 2026	November 30, 2025
Derivative instrument liabilities with credit-risk-related contingent features ....................................	$98.9	$107.3
Collateral posted ...........................................................	(13.2)	(70.0)
Collateral received ........................................................	611.4	343.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) ...............................................	697.1	380.5

(1)These potential outflows include initial margin received from counterparties at

the execution of the derivative contract. The initial margin will be returned if

counterparties elect to terminate the contract after a downgrade.

February 2026 Form 10-Q 23

Notes to Consolidated Financial Statements

(Unaudited)

Note 7. Collateralized Transactions

	February 28, 2026
			May 31, 2026
$ in millions	~~Securities Lending Arrangements~~	~~Repurchase Agreements~~	~~Obligation to Return~~ Securities ~~Received~~Lending ~~as Collateral, at Fair Value~~Arrangements	~~Total~~	Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities .....................	$1,954.8	$1,604.3	$168.4	$3,727.5
Corporate equity securities			$	2,573.1	$	1,774.8	$	80.3	$	4,428.2
Corporate debt securities .....................	594.4	3,465.1	—	4,059.5
Corporate debt securities			311.8		3,428.5		—		3,740.3
Mortgage-backed and asset-backed securities .....................	89.0	2,208.7	—	2,297.7
Mortgage-backed and asset-backed securities			186.3		2,114.6		—		2,300.9
U.S. government and federal agency securities .....................	22.1	6,057.8	—	6,079.9
U.S. government and federal agency securities			14.4		8,435.1		—		8,449.5
Municipal securities ........	—	421.7	—	421.7
Municipal securities			—		430.9		—		430.9
Sovereign obligations .....	30.1	1,666.5	225.5	1,922.1
Sovereign obligations			19.0		1,529.5		230.5		1,779.0
Loans and other receivables ..................	—	406.9	—	406.9
Loans and other receivables			—		786.6		—		786.6
Total ..................................	$2,690.4	$15,831.0	$393.9	$18,915.3
Total			$	3,104.6	$	18,500.0	$	310.8	$	21,915.4

	~~November 30, 2025~~		November 30, 2025
$ in millions	~~Securities Lending Arrangements~~	~~Repurchase Agreements~~	~~Obligation to Return~~ Securities ~~Received~~Lending ~~as Collateral, at Fair Value~~Arrangements	~~Total~~	Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities .....................	$1,875.2	$1,028.6	$—	$2,903.8
Corporate equity securities			$	1,875.2	$	1,028.6	$	—	$	2,903.8
Corporate debt securities .....................	589.7	3,271.5	—	3,861.2
Corporate debt securities			589.7		3,271.5		—		3,861.2
Mortgage-backed and asset-backed securities .....................	—	2,062.6	—	2,062.6
Mortgage-backed and asset-backed securities			—		2,062.6		—		2,062.6
U.S. government and federal agency securities .....................	21.6	9,183.1	—	9,204.7
U.S. government and federal agency securities			21.6		9,183.1		—		9,204.7
Municipal securities ........	—	422.3	—	422.3
Municipal securities			—		422.3		—		422.3
Sovereign obligations .....	54.3	1,487.7	200.5	1,742.5
Sovereign obligations			54.3		1,487.7		200.5		1,742.5
Loans and other receivables ..................	—	805.4	—	805.4
Loans and other receivables			—		805.4		—		805.4
Total ..................................	$2,540.8	$18,261.2	$200.5	$21,002.5
Total			$	2,540.8	$	18,261.2	$	200.5	$	21,002.5

	February 28, 2026
			May 31, 2026
$ in millions	~~Overnight and Continuous~~	~~Up to 30 Days~~	~~31-90Days~~Overnight and Continuous	~~Greater than 90 Days~~	~~Total~~	Up to 30 Days		31-90Days		Greater than 90 Days		Total
Securities lending arrangements ..............	$2,252.7	$89.0	$150.7	$198.0	$2,690.4
Securities lending arrangements			$	2,687.9		$	236.3	$	101.2	$	79.2	$	3,104.6
Repurchase agreements .	1,719.2	7,290.3	3,104.3	3,717.2	15,831.0
Repurchase agreements			2,007.7			8,299.2		4,116.7		4,076.4		18,500.0
Obligation to return securities received as collateral, at fair value .............................	393.9	—	—	—	393.9
Obligation to return securities received as collateral, at fair value			310.8			—		—		—		310.8
Total ...................................	$4,365.8	$7,379.3	$3,255.0	$3,915.2	$18,915.3
Total			$	5,006.4		$	8,535.5	$	4,217.9	$	4,155.6	$	21,915.4

	~~November 30, 2025~~		November 30, 2025
$ in millions	~~Overnight and Continuous~~	~~Up to 30 Days~~	~~31-90Days~~Overnight and Continuous	~~Greater than 90 Days~~	~~Total~~	Up to 30 Days		31-90Days		Greater than 90 Days		Total
Securities lending arrangements ..............	$2,072.7	$123.8	$81.3	$263.0	$2,540.8
Securities lending arrangements			$	2,072.7		$	123.8	$	81.3	$	263.0	$	2,540.8
Repurchase agreements .	2,108.1	9,569.4	2,959.8	3,623.9	18,261.2
Repurchase agreements			2,108.1			9,569.4		2,959.8		3,623.9		18,261.2
Obligation to return securities received as collateral, at fair value .............................	200.5	—	—	—	200.5
Obligation to return securities received as collateral, at fair value			200.5			—		—		—		200.5
Total ...................................	$4,381.3	$9,693.2	$3,041.1	$3,886.9	$21,002.5
Total			$	4,381.3		$	9,693.2	$	3,041.1	$	3,886.9	$	21,002.5

We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans, and in connection with securities-for-securities transactions in which we are the lender of securities. We also receive securities as initial margin on certain derivative transactions. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At May 31, 2026 and November 30, 2025, the approximate fair value of securities received as collateral by us that may be sold or repledged was $72.04 billion and $49.68 billion, respectively. At May 31, 2026 and November 30, 2025, a substantial portion of the securities received by us had been sold or repledged.

~~securities~~May ~~borrowing~~2026 ~~transactions,~~Form ~~customer~~10-Q ~~margin loans, and in~~ 25

connection with securities-for-securities transactions in which we

are the lender of securities. We also receive securities as initial

margin on certain derivative transactions. In many instances, we

are permitted by contract to rehypothecate the securities

received as collateral. These securities may be used to secure

repurchase agreements, enter into securities lending

transactions, satisfy margin requirements on derivative

transactions or cover short positions. At February 28, 2026 and

November 30, 2025, the approximate fair value of securities

received as collateral by us that may be sold or repledged was

$52.59 billion and $49.68 billion, respectively. At February 28,

2026 and November 30, 2025, a substantial portion of the

securities received by us had been sold or repledged.

24 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Securities Financing Agreements

To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions).

and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including,


	May 31, 2026
$ in millions	Gross Amounts		Netting in Consolidated Statements of Financial Condition		Net Amounts in Consolidated Statements of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets:
Securities borrowing arrangements	$	9,729.9	$	—	$	9,729.9	$	(882.0)	$	(2,149.8)	$	6,698.1
Reverse repurchase agreements	16,589.2		(7,182.0)		9,407.2		(1,498.4)		(7,842.5)		66.3
Securities received as collateral, at fair value	310.8		—		310.8		—		(310.8)		—
Liabilities:
Securities lending arrangements	$	3,104.6	$	—	$	3,104.6	$	(882.0)	$	(1,948.6)	$	274.0
Repurchase agreements	18,500.0		(7,182.0)		11,318.0		(1,498.4)		(9,544.9)		274.7
Obligation to return securities received as collateral, at fair value	310.8		—		310.8		—		(310.8)		—

but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements


	November 30, 2025
$ in millions	Gross Amounts		Netting in Consolidated Statements of Financial Condition		Net Amounts in Consolidated Statements of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (4)
Assets:
Securities borrowing arrangements	$	8,295.2	$	—	$	8,295.2	$	(512.3)	$	(1,913.5)	$	5,869.4
Reverse repurchase agreements	14,553.6		(6,104.5)		8,449.1		(2,727.2)		(5,670.2)		51.7
Securities received as collateral, at fair value	200.5		—		200.5		—		(200.5)		—
Liabilities:
Securities lending arrangements	$	2,540.8	$	—	$	2,540.8	$	(512.3)	$	(1,920.0)	$	108.5
Repurchase agreements	18,261.2		(6,104.5)		12,156.7		(2,727.2)		(8,666.7)		762.8
Obligation to return securities received as collateral, at fair value	200.5		—		200.5		—		(200.5)		—

(~~repurchase transactions~~1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met.

	February 28, 2026
$ in millions	Gross Amounts	Netting in Consolidated Statements of Financial Condition	Net Amounts in Consolidated Statements of Financial Condition	Additional Amounts Available for Setoff (1)	Available Collateral (2)	Net Amount (3)
Assets:
Securities borrowing arrangements ...................................	$7,675.9	$—	$7,675.9	$(682.6)	$(1,762.3)	$5,231.0
Reverse repurchase agreements .........................................	13,234.8	(5,450.7)	7,784.1	(1,970.8)	(5,766.1)	47.2
Securities received as collateral, at fair value ...................	393.9	—	393.9	—	(393.9)	—
Liabilities:
Securities lending arrangements ........................................	$2,690.4	$—	$2,690.4	$(682.6)	$(1,908.3)	$99.5
Repurchase agreements .......................................................	15,831.0	(5,450.7)	10,380.3	(1,970.8)	(8,109.0)	300.5
Obligation to return securities received as collateral, at fair value .............................................................................	393.9	—	393.9	—	(393.9)	—

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

	November 30, 2025
$ in millions	Gross Amounts	Netting in Consolidated Statements of Financial Condition	Net Amounts in Consolidated Statements of Financial Condition	Additional Amounts Available for Setoff (1)	Available Collateral (2)	Net Amount (4)
Assets:
Securities borrowing arrangements ...................................	$8,295.2	$—	$8,295.2	$(512.3)	$(1,913.5)	$5,869.4
Reverse repurchase agreements .........................................	14,553.6	(6,104.5)	8,449.1	(2,727.2)	(5,670.2)	51.7
Securities received as collateral, at fair value ...................	200.5	—	200.5	—	(200.5)	—
Liabilities:
Securities lending arrangements ........................................	$2,540.8	$—	$2,540.8	$(512.3)	$(1,920.0)	$108.5
Repurchase agreements .......................................................	18,261.2	(6,104.5)	12,156.7	(2,727.2)	(8,666.7)	762.8
Obligation to return securities received as collateral, at fair value .............................................................................	200.5	—	200.5	—	(200.5)	—

(3)Includes $6.62 billion of securities borrowing arrangements, for which we have received securities collateral of $6.44 billion, and $220.0 million of repurchase agreements, for which we have pledged securities collateral of $241.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(14)~~Under~~Includes ~~master~~$5.81 ~~netting~~billion ~~agreements~~of ~~with~~securities ~~our~~borrowing ~~counterparties~~arrangements, for which we have ~~the~~received ~~legal~~securities ~~right~~collateral of ~~offset~~$5.69 ~~with~~billion, aand ~~counterparty~~$670.0 million of repurchase agreements, for which ~~incorporates~~we ~~all~~have pledged securities collateral of $688.0 million, which are subject to master netting agreements, but we have not determined the ~~counterparty’s~~agreements ~~outstanding~~to be legally enforceable.

rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s

default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met.

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset

against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)Includes $5.16 billion of securities borrowing arrangements, for which we have received securities collateral of $4.99 billion, and $250.0 million of repurchase

agreements, for which we have pledged securities collateral of $272.5 million, which are subject to master netting agreements, but we have not determined the

agreements to be legally enforceable.

(4)Includes $5.81 billion of securities borrowing arrangements, for which we have received securities collateral of $5.69 billion, and $670.0 million of repurchase

agreements, for which we have pledged securities collateral of $688.0 million, which are subject to master netting agreements, but we have not determined the

agreements to be legally enforceable.

Note 8. Securitization Activities

We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. Refer to Note 9, Variable Interest Entities for further discussion on VIEs and our determination of the primary beneficiary.

~~mortgage~~We ~~loans~~account for our securitization transactions as sales, ~~consumer~~provided ~~loans~~we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage-backed and other-asset backed securities or CLOs). These securities are included in Financial instruments owned, at fair value and are generally initially categorized as Level 2 within the fair value hierarchy.

~~asset-backed~~26 ~~securities.~~Jefferies InFinancial ~~our~~Group ~~securitization transactions, we~~ Inc.

transfer these assets to special purpose entities (“SPEs”) and act

as the placement or structuring agent for the beneficial interests

sold to investors by the SPE. A portion of our securitization

transactions are the securitization of assets issued or

guaranteed by U.S. government agencies. These SPEs generally

meet the criteria of VIEs; however, we generally do not

consolidate the SPEs as we are not considered the primary

beneficiary for these SPEs. Refer to Note 9, Variable Interest

Entities for further discussion on VIEs and our determination of

the primary beneficiary.

We account for our securitization transactions as sales, provided

we have relinquished control over the transferred assets.

Transferred assets are carried at fair value with unrealized gains

and losses reflected in Principal transactions revenues prior to

the identification and isolation for securitization. Subsequently,

revenues recognized upon securitization are reflected as net

underwriting revenues. We generally receive cash proceeds in

connection with the transfer of assets to an SPE. We may,

however, have continuing involvement with the transferred

assets, which is limited to retaining one or more tranches of the

securitization (primarily senior and subordinated debt securities

in the form of mortgage-backed and other-asset backed

securities or CLOs). These securities are included in Financial

instruments owned, at fair value and are generally initially

categorized as Level 2 within the fair value hierarchy.

February 2026 Form 10-Q 25

Notes to Consolidated Financial Statements

(Unaudited)

Securitizations that were accounted for as sales in which we had continuing involvement:

continuing involvement:


	Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	2026		2025		2026		2025
Transferred assets	$	2,050.5	$	2,591.4	$	3,419.2	$	2,633.4
Proceeds on new securitizations	2,050.5		2,591.4		3,419.2		2,633.4
Cash flows received on retained interests	10.1		6.5		24.8		11.1

	Three Months Ended February 28,
$ in millions	2026	2025
Transferred assets ....................................................................	$1,368.7	$42.0
Proceeds on new securitizations ............................................	1,368.7	42.0
Cash flows received on retained interests .............................	14.9	6.4

We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at May 31, 2026 and November 30, 2025.

WeOur ~~have~~retained nointerests ~~explicit~~in orSPEs ~~implicit~~where ~~arrangements~~we totransferred ~~provide~~assets ~~additional~~and have continuing involvement and received sale accounting treatment:

financial support to these SPEs, have no liabilities related to


$ in millions	May 31, 2026				November 30, 2025
Securitization Type	Total Assets		Retained Interests		Total Assets		Retained Interests
U.S. government agency RMBS	$	127.2	$	2.5	$	405.7	$	4.0
U.S. government agency CMBS	692.7		1.0		1,108.2		1.1
CLOs	12,047.7		144.1		10,970.6		436.6
Consumer and other loans	2,878.2		104.8		2,596.7		104.9

~~these~~Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and doare presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests and are not ~~have~~considered ~~any~~representative ~~outstanding~~of ~~derivative~~the ~~contracts~~risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included in total Financial instruments owned in our Consolidated Statements of Financial Condition.

~~executed~~Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these ~~securitization~~SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities atare not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities, and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 9, Variable Interest Entities.

~~February 28~~If we have not relinquished control over the transferred assets, ~~2026~~the assets continue to be recognized in Financial instruments owned and ~~November 30,~~a ~~2025~~corresponding liability is recognized in Other secured financings. The related liabilities do not have recourse to our general credit.

Our retained interests in SPEs where we transferred assets and


$ in millions	May 31, 2026		November 30, 2025
Financial instruments owned	$	—	$	456.1
Other secured financings	—		456.1

have continuing involvement and received sale accounting

treatment:

$ in millions	February 28, 2026		November 30, 2025
Securitization Type	TotalAssets	Retained Interests	TotalAssets	Retained Interests
U.S. government agency RMBS ...	$333.6	$6.0	$405.7	$4.0
U.S. government agency CMBS ...	1,104.9	1.1	1,108.2	1.1
CLOs .................................................	10,907.4	50.3	10,970.6	436.6
Consumer and other loans ...........	2,835.1	108.7	2,596.7	104.9

Total assets represent the unpaid principal amount of assets in

the SPEs in which we have continuing involvement and are

presented solely to provide information regarding the size of the

transactions and the size of the underlying assets supporting our

retained interests and are not considered representative of the

risk of potential loss. Assets retained in connection with a

securitization transaction represent the fair value of the

securities of one or more tranches issued by an SPE, including

senior and subordinated tranches. Our risk of loss is limited to

this fair value amount which is included in total Financial

instruments owned in our Consolidated Statements of Financial

Condition.

Although not obligated, in connection with secondary market-

making activities we may make a market in the securities issued

by these SPEs. In these market-making transactions, we buy

these securities from and sell these securities to investors.

Securities purchased through these market-making activities are

not considered to be continuing involvement in these SPEs. To

the extent we purchased securities through these market-making

activities, and we are not deemed to be the primary beneficiary of

the VIE, these securities are included in agency and non-agency

mortgage-backed and asset-backed securitizations in the

nonconsolidated VIEs section presented in Note 9, Variable

Interest Entities.

If we have not relinquished control over the transferred assets,

the assets continue to be recognized in Financial instruments

owned and a corresponding liability is recognized in Other

secured financings. The related liabilities do not have recourse to

our general credit.

$ in millions	February 28, 2026	November 30, 2025
Financial instruments owned .................	$—	$456.1
Other secured financings .......................	—	456.1

Note 9. Variable Interest Entities

VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.

ofOur avariable ~~controlling~~interests ~~financial~~in ~~interest~~VIEs include debt and equity interests, commitments, guarantees and certain fees. ~~VIEs~~Our ~~are~~involvement ~~consolidated~~with byVIEs ~~the~~arises primarily from:

~~primary~~•Purchases ~~beneficiary.~~of ~~The~~securities ~~primary~~in ~~beneficiary~~connection iswith ~~the~~our ~~party~~trading ~~who~~and ~~has~~secondary market making activities;

both (1) the power to direct the activities of a VIE that most

significantly impact the entity’s economic performance and (2)

an obligation to absorb losses of the entity or a right to receive

benefits from the entity that could potentially be significant to the

entity.

Our variable interests in VIEs include debt and equity interests,

commitments, guarantees and certain fees. Our involvement with

VIEs arises primarily from:

•Purchases of securities in connection with our trading and

secondary market making activities;

•Retained interests held as a result of securitization activities;

•Acting as placement agent and/or underwriter in connection with client-sponsored securitizations;

~~with~~•Financing ~~client~~of agency and non-~~sponsored~~agency ~~securitizations~~mortgage-backed and other asset-backed securities;

•~~Financing~~Warehouse offunding ~~agency~~arrangements ~~and~~for ~~non~~client-~~agency~~sponsored consumer and mortgage~~-backed~~ loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements, and revolving loan and note commitments; and

~~other~~•Loans ~~asset-backed~~to, ~~securities;~~investments in and fees from various investment vehicles.

~~•Warehouse~~We ~~funding~~determine ~~arrangements~~whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for ~~client-sponsored~~each VIE and requires judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary.

~~consumer~~We assess our variable interests in a VIE both individually and ~~mortgage~~in ~~loan~~aggregate ~~vehicles~~to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and ~~CLOs~~size ~~through~~of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests.

~~participation~~May ~~agreements,~~2026 ~~forward~~Form ~~sale~~10-Q ~~agreements, reverse~~ 27

repurchase agreements, and revolving loan and note

commitments; and

•Loans to, investments in and fees from various investment

vehicles.

We determine whether we are the primary beneficiary of a VIE

upon our initial involvement with the VIE and we reassess

whether we are the primary beneficiary of a VIE on an ongoing

basis. Our determination of whether we are the primary

beneficiary of a VIE is based upon the facts and circumstances

for each VIE and requires judgment. Our considerations in

determining the VIE’s most significant activities and whether we

have power to direct those activities include, but are not limited

to, the VIE’s purpose and design and the risks passed through to

investors, the voting interests of the VIE, management, service

and/or other agreements of the VIE, involvement in the VIE’s

initial design and the existence of explicit or implicit financial

guarantees. In situations where we have determined that the

power over the VIE’s significant activities is shared, we assess

whether we are the party with the power over the most significant

activities. If we are the party with the power over the most

significant activities, we meet the “power” criteria of the primary

beneficiary. If we do not have the power over the most significant

activities or we determine that decisions require consent of each

sharing party, we do not meet the “power” criteria of the primary

beneficiary.

We assess our variable interests in a VIE both individually and in

aggregate to determine whether we have an obligation to absorb

losses of or a right to receive benefits from the VIE that could

potentially be significant to the VIE. The determination of whether

our variable interest is significant to the VIE requires judgment. In

determining the significance of our variable interest, we consider

the terms, characteristics and size of the variable interests, the

design and characteristics of the VIE, our involvement in the VIE

and our market-making activities related to the variable interests.

26 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Consolidated VIEs:

	February 28, 2026 (1)
			May 31, 2026 (1)
$ in millions	~~Secured Funding Vehicles~~	~~Other~~	Secured Funding Vehicles		Other
Cash ...................................................................................	$0.1	$2.1
Cash			$	0.1	$	8.2
Segregated cash ..............................................................	—	2.3
Financial instruments owned			2.7		185.7
Financial instruments owned ........................................	14.9	163.5
Securities purchased under agreements to resell (2)			2,885.3		—
Securities purchased under agreements to resell (2)	2,860.1	0.8
Receivables from brokers (3)			—		66.5
Receivables from brokers (3) .........................................	—	69.6
Other receivables			0.4		3.1
Other receivables .............................................................	0.5	3.1
Other assets (4)			—		85.0
Other assets (4) ...............................................................	—	86.1
Total assets			$	2,888.5	$	348.5
Total assets ......................................................................	$2,875.6	$327.5
Financial instruments sold, not yet purchased			$	—	$	107.9
Financial instruments sold, not yet purchased ...........	$—	$94.8
Other secured financings (5)			2,881.0		28.9
Other secured financings (5) .........................................	2,874.2	18.7
Other liabilities (6)			6.5		90.7
Payables to brokers and dealers ...................................	—	1.2
Long-term debt			—		70.2
Other liabilities (6) ...........................................................	6.6	85.7
Total liabilities			$	2,887.5	$	297.7
Long-term debt ................................................................	—	70.2
Total liabilities .................................................................	$2,880.8	$270.6

	~~November 30, 2025 (1)~~		November 30, 2025 (1)
$ in millions	~~Secured Funding Vehicles~~	~~Other~~	Secured Funding Vehicles		Other
Cash ...................................................................................	$—	$1.7
Cash			$	—	$	1.7
Segregated cash ..............................................................	—	1.4
Segregated cash			—		1.4
Financial instruments owned .........................................	1.4	142.6
Financial instruments owned			1.4		142.6
Securities purchased under agreements to resell (2)	~~3,043.4~~	~~121.5~~	3,043.4		121.5
Receivables from brokers (3) .........................................	—	104.1
Receivables from brokers (3)			—		104.1
Other receivables .............................................................	—	3.1
Other receivables			—		3.1
Other assets (4) ...............................................................	—	87.1
Other assets (4)			—		87.1
Total assets ......................................................................	$3,044.8	$461.5
Total assets			$	3,044.8	$	461.5
Financial instruments sold, not yet purchased ...........	$—	$83.8
Financial instruments sold, not yet purchased			$	—	$	83.8
Other secured financings (5) .........................................	3,042.4	21.6
Other secured financings (5)			3,042.4		21.6
Repurchase agreement ...................................................	—	147.8
Repurchase agreement			—		147.8
Other liabilities (6) ...........................................................	7.3	85.1
Other liabilities (6)			7.3		85.1
Long-term debt ................................................................	—	70.2
Long-term debt			—		70.2
Total liabilities .................................................................	$3,049.7	$408.5
Total liabilities			$	3,049.7	$	408.5

(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.

~~these~~(2)Securities ~~assets~~purchased ~~and~~under ~~liabilities~~agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, all of which are eliminated in consolidation.

(23)~~Securities~~Includes ~~purchased~~$0.5 ~~under~~million ~~agreements~~and to$0.5 ~~resell~~million ~~primarily~~at ~~represent~~May 31, ~~amounts~~2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

~~due~~(4)Includes ~~under~~$3.0 ~~collateralized~~million ~~transactions~~and on$3.4 million at May 31, 2026 and November 30, 2025, respectively, with related consolidated entities, ~~all~~which ofare eliminated in consolidation.

(5)Includes $603.2 million and $780.5 million at May 31, 2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

(36)Includes $089.53 million and $084.50 million at ~~February~~May 2831, 2026 and November 30, 2025, respectively, with related consolidated entities, which are eliminated in consolidation.

~~2025~~Secured Funding Vehicles. We sell agency and non-agency residential and commercial mortgage loans, ~~respectively~~and asset-backed securities to asset-backed financing vehicles pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, ~~with~~and ~~related~~retained ~~consolidated~~interests ~~entities~~in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are ~~eliminated~~available for the benefit of the vehicle’s debt holders. We also from time to time securitize other financial instruments and own variable interests in other securitization vehicles.

~~consolidation~~Other. We manage investment vehicles for external investors and for the benefit of our employees and we may also hold a

~~(4)Includes~~controlling $3financial interest in investment vehicles managed by third parties.5 ~~million~~The assets of these VIEs consist primarily of equity securities and $3broker receivables.4 ~~million~~Our atvariable ~~February 28~~interests in these vehicles consist of equity securities, ~~2026~~management and ~~November 30,~~performance fees and revenue share arrangements. The creditors of these VIEs do not have recourse to our general credit and each such VIE’s assets are not available to satisfy any other debt.

~~2025,~~We ~~respectively,~~are ~~with~~the ~~related~~primary ~~consolidated~~beneficiary ~~entities,~~of ~~which~~a ~~are~~real ~~eliminated~~estate syndication entity that develops multi-family residential property and manages the property. The assets of the VIE consist primarily of real estate and its liabilities primarily consist of accrued expenses and long-term debt secured by the real estate property. Our variable interest in the VIE primarily consists of our limited liability company interest, a sponsor promote and development and asset management fees for managing the project.

~~consolidation~~We are the primary beneficiary of special purpose vehicles that hold risk retention notes issued as part of unsecured loan asset- backed transactions. Our variable interests in the VIEs primarily consist of our ownership of certificates issued by the VIEs.

Nonconsolidated VIEs

(5)Includes $709.0 million and $780.5 million at February 28, 2026 and


	May 31, 2026
	Carrying Amount				Maximum Exposure to Loss		VIE Assets
$ in millions	Assets		Liabilities
CLOs	$	991.5	$	4.2	$	5,605.9	$	18,305.4
Asset-backed vehicles	1,299.1		—		1,611.8		8,980.8
Related party private equity vehicles	3.9		—		13.7		72.0
Other investment vehicles	1,613.5		—		1,833.6		82,166.8
Total	$	3,908.0	$	4.2	$	9,065.0	$	109,525.0

November 30, 2025, respectively, with related consolidated entities, which are


	November 30, 2025
	Carrying Amount				Maximum Exposure to Loss		VIE Assets
$ in millions	Assets		Liabilities
CLOs	$	1,245.3	$	96.5	$	7,055.5	$	17,600.4
Asset-backed vehicles	1,207.3		—		1,797.1		6,616.0
Related party private equity vehicles	3.5		—		14.3		57.7
Other investment vehicles	1,722.7		—		2,009.6		74,007.9
Total	$	4,178.8	$	96.5	$	10,876.5	$	98,282.0

eliminated in consolidation.

(6)Includes $84.3 million and $84.0 million at February 28, 2026 and

November 30, 2025, respectively, with related consolidated entities, which are

eliminated in consolidation.

Secured Funding Vehicles. We sell agency and non-agency

residential and commercial mortgage loans, and asset-backed

securities to asset-backed financing vehicles pursuant to the

terms of a master repurchase agreement. Our variable interests

in these vehicles consist of our collateral margin maintenance

obligations under the master repurchase agreement, and retained

interests in securities issued. The assets of these VIEs consist of

reverse repurchase agreements, which are available for the

benefit of the vehicle’s debt holders. We also from time to time

securitize other financial instruments and own variable interests

in other securitization vehicles.

Other. We manage investment vehicles for external investors and

for the benefit of our employees and we may also hold a

controlling financial interest in investment vehicles managed by

third parties. The assets of these VIEs consist primarily of equity

securities and broker receivables. Our variable interests in these

vehicles consist of equity securities, management and

performance fees and revenue share arrangements. The

creditors of these VIEs do not have recourse to our general credit

and each such VIE’s assets are not available to satisfy any other

debt.

We are the primary beneficiary of a real estate syndication entity

that develops multi-family residential property and manages the

property. The assets of the VIE consist primarily of real estate

and its liabilities primarily consist of accrued expenses and long-

term debt secured by the real estate property. Our variable

interest in the VIE primarily consists of our limited liability

company interest, a sponsor promote and development and

asset management fees for managing the project.

We are the primary beneficiary of special purpose vehicles that

hold risk retention notes issued as part of unsecured loan asset-

backed transactions. Our variable interests in the VIEs primarily

consist of our ownership of certificates issued by the VIEs.

Nonconsolidated VIEs

	February 28, 2026
	Carrying Amount		Maximum Exposure to Loss	VIE Assets
$ in millions	Assets	Liabilities
CLOs ......................................	$739.9	$51.7	$6,221.1	$20,689.2
Asset-backed vehicles ........	1,392.5	—	1,900.2	7,582.6
Related party private equity vehicles ............................	3.5	—	13.4	61.3
Other investment vehicles ..	1,715.1	—	1,908.0	71,800.9
Total .......................................	$3,851.0	$51.7	$10,042.7	$100,134.0

	November 30, 2025
	Carrying Amount		Maximum Exposure to Loss	VIE Assets
$ in millions	Assets	Liabilities
CLOs ......................................	$1,245.3	$96.5	$7,055.5	$17,600.4
Asset-backed vehicles ........	1,207.3	—	1,797.1	6,616.0
Related party private equity vehicles ............................	3.5	—	14.3	57.7
Other investment vehicles ..	1,722.7	—	2,009.6	74,007.9
Total .......................................	$4,178.8	$96.5	$10,876.5	$98,282.0

Maximum Exposure to Loss

Maximum exposure to loss represents the total of the carrying value of our on-balance sheet interests in the unconsolidated VIEs and the notional amount of any unfunded off-balance sheet arrangements with the unconsolidated VIEs. With respect to CLOs and asset-backed vehicles, the off-balance sheet arrangements typically represent the undrawn notional amount of arrangements to finance the acquisition of assets during the warehousing and pre-closing phase of the vehicles. The maximum exposure to loss is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with the carrying amounts of assets recognized on the Consolidated Statements of Financial Condition but also potential losses associated with unfunded commitments and other contractual arrangements. The maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests, is not reduced by the amount of collateral held as part of a transaction with a VIE and does not consider any executed forward sale agreements

~~value~~28 ofJefferies ~~our~~Financial ~~on-balance~~Group ~~sheet interests in the unconsolidated~~ Inc.

VIEs and the notional amount of any unfunded off-balance sheet

arrangements with the unconsolidated VIEs. With respect to

CLOs and asset-backed vehicles, the off-balance sheet

arrangements typically represent the undrawn notional amount of

arrangements to finance the acquisition of assets during the

warehousing and pre-closing phase of the vehicles. The

maximum exposure to loss is based on the unlikely event that all

of the assets in the VIEs become worthless and incorporates not

only potential losses associated with the carrying amounts of

assets recognized on the Consolidated Statements of Financial

Condition but also potential losses associated with unfunded

commitments and other contractual arrangements. The

maximum exposure to loss does not include the offsetting

benefit of any financial instruments that may be utilized to hedge

the risks associated with our variable interests, is not reduced by

the amount of collateral held as part of a transaction with a VIE

February 2026 Form 10-Q 27

Notes to Consolidated Financial Statements

(Unaudited)

~~and~~where ~~does~~we ~~not~~have ~~consider~~committed ~~any~~to ~~executed~~sell ~~forward~~ownership ~~sale~~interests ~~agreements~~in any of the investment vehicles.

~~where~~Collateralized weLoan ~~have~~Obligations. ~~committed~~Assets collateralizing the CLOs include bank loans, participation interests, sub-investment grade and senior secured U.S. loans, and senior secured Euro-denominated corporate leveraged loans and bonds. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell ~~ownership~~corporate loans to the CLOs. Our variable interests where we have been involved in ~~any~~providing ofunderwriting and/or advisory services include:

~~the~~•Forward ~~investment~~sale ~~vehicles.~~agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in a CLO;

Collateralized Loan Obligations. Assets collateralizing the CLOs

include bank loans, participation interests, sub-investment grade

and senior secured U.S. loans, and senior secured Euro-

denominated corporate leveraged loans and bonds. We

underwrite securities issued in CLO transactions on behalf of

sponsors and provide advisory services to the sponsors. We may

also sell corporate loans to the CLOs. Our variable interests

where we have been involved in providing underwriting and/or

advisory services include:

•Forward sale agreements whereby we commit to sell, at a fixed

price, corporate loans and ownership interests in a CLO;

•Warehouse funding arrangements in the form of:

◦Participation interests in corporate loans and commitments to fund such participation interests;

◦Reverse repurchase agreements and commitments to fund such ~~participation~~reverse ~~interests;~~repurchase agreements;

◦Reverse repurchase agreements and commitments to fund

such reverse repurchase agreements;

◦Variable funding notes; and

◦Senior and subordinated notes issued in connection with CLO warehousing activities.

CLO warehousing activities.

•Trading positions in securities issued in CLO transactions.

Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities, forward purchase agreements and reverse repurchase agreements. We also may transfer originated corporate loans to certain VIEs and hold subordinated interests issued by the vehicle. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans, mortgage loans and corporate loans. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities.

~~services~~Related Party Private Equity Vehicles. We have committed to ~~certain~~invest ~~client-sponsored~~in ~~VIEs~~private equity funds, (the “JCP Funds”, including JCP Fund V (refer to Note 10, Investments for further information)) managed by Jefferies Capital Partners, LLC (the “JCP Manager”). Additionally, we have committed to invest in the ~~form~~general partners of ~~revolving~~the JCP Funds (the “JCP General Partners”) and the JCP Manager. Our variable interests consist of equity interests that, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. At May 31, 2026 and November 30, 2025, our remaining equity commitment in the JCP Entities was $8.8 million and $9.7 million, respectively. At May 31, 2026 and November 30, 2025, we also had remaining commitments of $0.3 million and $0.4 million, respectively, to a private equity fund managed by us for the benefit of our employees. The carrying value of our collective equity interests were $4.0 million and $3.4 million at May 31, 2026 and November 30, 2025, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the vehicles primarily consist of private equity and equity related investments.

~~funding~~Other ~~note~~Investment ~~agreements~~Vehicles. At May 31, ~~revolving~~2026 ~~credit~~and ~~facilities~~November 30, ~~forward~~2025, our remaining equity commitment in various other investment vehicles was $205.6 million and $282.2 million,

~~purchase~~respectively. ~~agreements~~The carrying value of our equity investments was $1.61 billion at $1.72 billion May 31, 2026 and ~~reverse~~November 30, ~~repurchase~~2025, ~~agreements~~respectively. WeOur exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims, various oil and gas assets. Additionally, we hold an investment in an unconsolidated energy tax credit vehicle in the form of a limited partnership, which operates with the objective of generating a return derived from tax credits earned within the partnership. The proportional amortization method has been elected for this investment and the amortization of the investment and related income tax credits and other income tax benefits are recorded as a component of income tax expense.

also may transfer originated corporate loans to certain VIEs and


$ in thousands			May 31, 2026
Carrying value (1)	$	33,462

$ in thousands			Three and Six Months Ended May 31, 2026
Income tax credits and other income tax benefits	$	30,828
Proportional amortization			(22,728)
Net benefits included in income tax expense			$	8,100

~~hold~~(1)Amounts ~~subordinated~~presented ~~interests~~within ~~issued~~Other byAssets ~~the~~in ~~vehicle.~~our ~~The~~Consolidated ~~underlying~~Statements of Financial Condition and Consolidated Statements of Cash Flows.

~~assets~~Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market-making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are ~~collateralizing~~issued ~~the~~by ~~vehicles~~third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are ~~primarily~~accounted for at fair value and included in Financial instruments owned. We have no other involvement with the related SPEs and therefore do not consolidate these entities.

~~composed~~We ofalso ~~unsecured~~engage ~~consumer~~in ~~loans~~underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Federal Home Loan Mortgage Corporation (“Freddie Mac”) or Ginnie Mae) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third-parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and automobile loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs.

~~corporate~~At ~~loans.~~May 31, In2026 ~~addition~~and November 30, 2025, we ~~may~~held ~~provide~~$1.16 ~~structuring~~billion and $1.06 billion of agency mortgage-backed securities, respectively, and $156.6 million and $156.3 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These

~~advisory~~May ~~services~~2026 ~~and~~Form ~~act~~10-Q ~~as an underwriter or placement agent~~ 29

for securities issued by the vehicles. We do not control the

activities of these entities.

Related Party Private Equity Vehicles. We have committed to

invest in private equity funds, (the “JCP Funds”, including JCP

Fund V (refer to Note 10, Investments for further information))

managed by Jefferies Capital Partners, LLC (the “JCP Manager”).

Additionally, we have committed to invest in the general partners

of the JCP Funds (the “JCP General Partners”) and the JCP

Manager. Our variable interests consist of equity interests that, in

total, provide us with limited and general partner investment

returns of the JCP Funds, a portion of the carried interest earned

by the JCP General Partners and a portion of the management

fees earned by the JCP Manager. At February 28, 2026 and

November 30, 2025, our remaining equity commitment in the JCP

Entities was $8.8 million and $9.7 million, respectively. At both

February 28, 2026 and November 30, 2025, we also had

remaining commitments of $0.4 million, to a private equity fund

managed by us for the benefit of our employees. The carrying

value of our collective equity interests were $3.5 million and $3.4

million at February 28, 2026 and November 30, 2025,

respectively. Our exposure to loss is limited to the total of our

carrying value and unfunded equity commitment. The assets of

the vehicles primarily consist of private equity and equity related

investments.

Other Investment Vehicles. At February 28, 2026 and

November 30, 2025, our remaining equity commitment in various

other investment vehicles was $188.2 million and $282.2 million,

respectively. The carrying value of our equity investments was

$1.72 billion at both February 28, 2026 and November 30, 2025.

Our exposure to loss is limited to the total of our carrying value

and unfunded equity commitment. These investment vehicles

have assets primarily consisting of private and public equity

investments, debt instruments, trade and insurance claims,

various oil and gas assets and energy tax credits.

Mortgage-Backed and Other Asset-Backed Secured Funding

Vehicles. In connection with our secondary trading and market-

making activities, we buy and sell agency and non-agency

mortgage-backed securities and other asset-backed securities,

which are issued by third-party securitization SPEs and are

generally considered variable interests in VIEs. Securities issued

by securitization SPEs are backed by residential mortgage loans,

U.S. agency collateralized mortgage obligations, commercial

mortgage loans, CDOs and CLOs and other consumer loans, such

as installment receivables, automobile loans and student loans.

These securities are accounted for at fair value and included in

Financial instruments owned. We have no other involvement with

the related SPEs and therefore do not consolidate these entities.

We also engage in underwriting, placement and structuring

activities for third-party-sponsored securitization trusts generally

through agency (Fannie Mae, Federal Home Loan Mortgage

Corporation (“Freddie Mac”) or Ginnie Mae) or non-agency-

sponsored SPEs and may purchase loans or mortgage-backed

securities from third-parties that are subsequently transferred

into the securitization trusts. The securitizations are backed by

residential and commercial mortgage, home equity and

automobile loans. We do not consolidate agency-sponsored

securitizations as we do not have the power to direct the

activities of the SPEs that most significantly impact their

economic performance. Further, we are not the servicer of non-

agency-sponsored securitizations and therefore do not have

power to direct the most significant activities of the SPEs and

accordingly, do not consolidate these entities. We may retain

unsold senior and/or subordinated interests at the time of

securitization in the form of securities issued by the SPEs.

At February 28, 2026 and November 30, 2025, we held $1.39

billion and $1.06 billion of agency mortgage-backed securities,

respectively, and $183.4 million and $156.3 million of non-agency

mortgage-backed and other asset-backed securities, respectively,

as a result of our secondary trading and market-making activities,

and underwriting, placement and structuring activities. Our

maximum exposure to loss on these securities is limited to the

carrying value of our investments in these securities. These

mortgage-backed and other asset-backed secured funding

vehicles discussed are not included in the above table containing

information about our variable interests in nonconsolidated VIEs.

Note 10. Investments

Investments for which we exercise significant influence over the

investee are accounted for under the equity method of

accounting with our shares of the investees’ earnings recognized

in Other revenues. Equity method investments, including any

loans to the investees, are reported within Investments in and

loans to related parties.

$ in millions	February 28,2026	November 30, 2025
Total Investments in and loans to related parties ........................................................	$1,560.6	$1,496.1

28 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)

~~The~~mortgage-backed ~~following~~and ~~presents~~other ~~summarized~~asset-backed ~~financial~~secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.

~~our~~Note ~~significant equity method investees~~10. ~~For certain investees, we~~ Investments

~~receive~~Investments ~~financial~~for ~~information~~which onwe aexercise ~~lag~~significant ~~and~~influence over the ~~summarized~~investee are accounted for under the equity method of accounting with our shares of the investees’ earnings recognized in Other revenues. Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties.

information provided for these investees is based on the latest


$ in millions	May 31, 2026		November 30, 2025
Total Investments in and loans to related parties	$	1,555.1	$	1,496.1

financial information available as of February 28, 2026 and 2025.


	Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	2026		2025		2026		2025
Total equity method pickup earnings recognized in Other revenues	$	21.8	$	8.1	$	46.3	$	15.2

	Three Months Ended February 28,
$ in millions	2026	2025
Total equity method pickup earnings recognized in Other revenues .................	$24.5	$7.1

The following presents summarized financial information about our significant equity method investees. For certain investees, we receive financial information on a lag and the summarized information provided for these investees is based on the latest financial information available as of May 31, 2026.

Jefferies Finance

Jefferies Finance, our 50/50 joint venture with Massachusetts Mutual Life Insurance Company (“MassMutual”) structures, underwrites and syndicates primarily senior secured loans to corporate borrowers; and manages proprietary and third-party investments in both broadly syndicated and direct lending loans. In connection with its Leveraged Finance business, loans are originated primarily through our investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through us. The Asset Management business is a multi-strategy private credit platform that manages proprietary and third-party capital across commingled funds, funds-of-one, separately managed accounts, business development companies, CLOs and levered balance sheet funds. Broadly syndicated loan investments are sourced through transactions arranged by Jefferies Finance and third-party arrangers and managed through its subsidiary, Apex Credit Partners LLC. Direct lending investments are primarily sourced through us. Jefferies Finance and its subsidiaries that are involved in investment management are registered investment advisers with the SEC.

~~Mutual~~At ~~Life~~May 31, ~~Insurance~~2026, ~~Company~~we (“and MassMutual”) ~~structures~~each had equity commitments to Jefferies Finance of $750.0 million, for a combined total commitment of $1.5 billion. The equity commitment is reduced quarterly based on our share of any undistributed earnings from Jefferies Finance and the commitment is increased only to the extent the share of such earnings are distributed. At May 31, 2026, our unfunded commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2027 with automatic one year extensions absent a 60 day termination notice by either party.

~~underwrites~~Jefferies ~~and~~Finance ~~syndicates~~has ~~primarily~~executed ~~senior~~a secured ~~loans~~revolving credit facility with us and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten

~~corporate~~loans ~~borrowers;~~ and ~~manages~~is ~~proprietary~~secured by the underlying loans funded by the proceeds of the facility. The total facility is a committed amount of $500.0 million at May 31, 2026. Advances are shared equally between us and ~~third-~~MassMutual. The facility is scheduled to mature on March 1, 2027 with automatic one year extensions absent a 60 day termination notice by either party. At May 31, 2026, our $250.0 million commitment was undrawn.

investments in both broadly syndicated and direct lending loans.

In connection with its Leveraged Finance business, loans are

originated primarily through our investment banking efforts and

Jefferies Finance typically syndicates to third-party investors

substantially all of its arranged volume through us. The Asset

Management business is a multi-strategy private credit platform

that manages proprietary and third-party capital across

commingled funds, funds-of-one, separately managed accounts,

business development companies, CLOs and levered balance

sheet funds. Broadly syndicated loan investments are sourced

through transactions arranged by Jefferies Finance and third-

party arrangers and managed through its subsidiary, Apex Credit

Partners LLC. Direct lending investments are primarily sourced

through us. Jefferies Finance and its subsidiaries that are

involved in investment management are registered investment

advisers with the SEC.

At February 28, 2026, we and MassMutual each had equity

commitments to Jefferies Finance of $750.0 million, for a

combined total commitment of $1.5 billion. The equity

commitment is reduced quarterly based on our share of any

undistributed earnings from Jefferies Finance and the

commitment is increased only to the extent the share of such

earnings are distributed. At February 28, 2026, our unfunded

commitment to Jefferies Finance was $15.4 million. The

investment commitment is scheduled to expire on March 1, 2027

with automatic one year extensions absent a 60 day termination

notice by either party.

Jefferies Finance has executed a secured revolving credit facility

with us and MassMutual, to be funded equally, to support loan

underwritings by Jefferies Finance, which bears interest based on

the interest rates of the related Jefferies Finance underwritten

loans and is secured by the underlying loans funded by the

proceeds of the facility. The total facility is a committed amount

of $500.0 million at February 28, 2026. Advances are shared

equally between us and MassMutual. The facility is scheduled to

mature on March 1, 2027 with automatic one year extensions

absent a 60 day termination notice by either party. At

February 28, 2026, our $250.0 million commitment was undrawn.

Activity related to the facility:

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	~~2026~~	~~2025~~	2026		2025		2026		2025
Unfunded commitment fees ........................	$0.3	$0.3
Interest income			$	0.2	$	—	$	0.4	$	—
Unfunded commitment fees			$	0.3	$	0.3	$	0.6	$	0.6

Selected financial information for Jefferies Finance:

$ in millions	~~February 28,2026~~	~~November 30, 2025~~	May 31,2026		November 30, 2025
Total assets ....................................................	$6,903.7	$7,356.1
Total assets			$	6,837.6	$	7,356.1
Total liabilities ................................................	5,467.6	5,959.2
Total liabilities			5,364.9		5,959.2
Total mezzanine equity .................................	14.9	14.8
Total mezzanine equity			15.9		14.8

$ in millions	~~February 28,2026~~	~~November 30, 2025~~	May 31,2026		November 30, 2025
Our total investment balance .......................	$710.6	$691.0
Our total investment balance			$	728.5	$	691.0

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	~~2026~~	~~2025~~	2026		2025		2026		2025
Net earnings (losses) attributable to members ....................................................	$33.1	$(1.7)
Net earnings (losses) attributable to members			$	35.4	$	0.1	$	68.5	$	(1.6)

Activity related to our other transactions with Jefferies Finance:

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	~~2026~~	~~2025~~	2026		2025		2026		2025
Origination and syndication fee revenues (1) ...............................................................	$53.1	$60.2
Origination and syndication fee revenues (1)			$	41.7	$	58.4	$	94.8	$	118.6
Origination fee expenses (1) ........................	18.6	18.5
Origination fee expenses (1)			11.0		13.9		29.6		32.4
CLO placement and structuring fee revenues (2) .............................................	1.0	0.2
CLO placement and structuring fee revenues (2)			1.9		1.3		2.9		1.5
Placement and referral fees (3) ...................	6.3	0.6
Placement and referral fees (3)			7.5		9.4		13.8		10.0
Underwriting revenues (expenses) (4) .......	(1.0)	—
Asset management fee revenues (4)			—		7.5		—		7.5
Service fees (5) ..............................................	65.6	54.4
Underwriting revenues (expenses) (5)			(0.2)		—		(1.1)		—
Service fees (6)			25.8		22.7		91.4		77.1

(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses.

~~Jefferies~~(2)We ~~Finance.~~act Inas ~~connection~~a ~~with~~placement ~~such~~and/or ~~services,~~structuring weagent ~~earned~~for ~~fees~~CLOs managed by Jefferies Finance, which are recognized as fees and included in Investment banking revenues.

~~recognized~~(3)We inact ~~Investment~~as ~~banking~~a ~~revenues.~~placement Inagent ~~addition~~for investment funds managed by Jefferies Finance, wewhich ~~paid~~are recognized as fees toand included in Commissions and other fees.

~~Jefferies~~(4)Under ~~Finance~~a infee ~~respect~~and ofrevenue ~~certain~~sharing ~~loans~~agreement ~~originated~~with by Jefferies Finance, we receive fees, which are included in Asset management fees and revenues.

~~which~~(5)We ~~are~~act ~~recognized~~ as ~~Business~~an ~~development~~underwriter ~~expenses~~in connection with term loans issued by Jefferies Finance.

(26)WeUnder ~~act~~a asservice aagreement, ~~placement~~we ~~and/or~~charge ~~structuring~~Jefferies ~~agent~~Finance for ~~CLOs~~various ~~managed~~administrative byservices provided.

30 Jefferies ~~Finance,~~Financial ~~which~~Group ~~are recognized as fees and included in Investment~~ Inc.

banking revenues.

(3)We act as a placement agent for investment funds managed by Jefferies

Finance, which are recognized as fees and included in Commissions and other

fees.

(4)We act as an underwriter in connection with term loans issued by Jefferies

Finance.

(5)Under a service agreement, we charge Jefferies Finance for various

administrative services provided.

Additional balances with Jefferies Finance as reported in our

Consolidated Statements of Financial Condition.

$ in millions	February 28,2026	November 30, 2025
Assets
Financial instruments owned, at fair value (1) .....................................................................	$2.6	$10.9
Other assets (2) .............................................	17.0	7.0
Liabilities
Financial instruments sold, not yet purchased, at fair value (1) (3) ...............	$7.5	$0.4
Payables:
Brokers, dealers and clearing organizations (4) ......................................	16.8	17.2
Customers (5) ...........................................	4.8	3.3

(1)In connection with our capital markets activities, from time to time we make a

market in long-term debt securities and term loans of Jefferies Finance (i.e.,

we buy and sell debt securities and tern loans of Jefferies Finance).

(2)Receivable for services and certain fees from Jefferies Finance.

(3)Includes OTC foreign currency derivatives.

(4)Cash collateral received from Jefferies Finance on OTC foreign currency

derivatives.

February 2026 Form 10-Q 29

Notes to Consolidated Financial Statements

(Unaudited)

~~(5)Payable~~Additional tobalances with Jefferies Finance inas ~~connection~~reported ~~with~~in ~~loans~~our ~~originated~~Consolidated byStatements ~~Jefferies~~of Financial Condition.

Finance to borrowers who are investment banking clients of ours. We have


$ in millions	May 31, 2026		November 30, 2025
Assets
Financial instruments owned, at fair value (1)	$	4.1	$	10.9


Other assets (2)	6.2		7.0
Liabilities
Financial instruments sold, not yet purchased, at fair value (1)	$	1.6	$	0.4
Payables:
Brokers, dealers and clearing organizations (3)	17.7		17.2
Customers (4)	5.0		3.3

~~also~~(1)In ~~entered~~connection ~~into~~with anour ~~agreement~~capital markets activities, from time to ~~indemnify~~time we make a market in long-term debt securities and term loans of Jefferies Finance ~~with~~(i.e., ~~respect~~we tobuy and sell debt securities and tern loans of Jefferies Finance).

~~any~~(2)Receivable ~~foreign~~for ~~currency~~services ~~exposure~~and oncertain ~~these~~fees ~~loans~~from Jefferies Finance.

(3)Cash collateral received from Jefferies Finance on OTC foreign currency derivatives.

(4)Payable to Jefferies Finance in connection with loans originated by Jefferies Finance to borrowers who are investment banking clients of ours. We have also entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure on these loans.

Berkadia

Berkadia is a commercial real estate finance and investment sales joint venture that was formed by us and Berkshire Hathaway Inc. We are entitled to receive 45.0% of the profits of Berkadia. Berkadia originates commercial and multifamily real estate loans that are sold to U.S. government agencies or other investors with Berkadia retaining the servicing rights. Berkadia also provides advisory services in connection with sales of multifamily assets. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs and financial services companies.

~~sales~~Commercial ~~joint~~paper ~~venture~~issued ~~that~~by ~~was~~Berkadia ~~formed~~is supported by usa $1.50 billion surety policy issued by a Berkshire Hathaway insurance subsidiary, for which we receive a surety fee, and a corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At May 31, 2026, the aggregate amount of commercial paper outstanding was $1.47 billion.

Hathaway Inc. We are entitled to receive 45.0% of the profits of

Berkadia. Berkadia originates commercial and multifamily real

estate loans that are sold to U.S. government agencies or other

investors with Berkadia retaining the servicing rights. Berkadia

also provides advisory services in connection with sales of

multifamily assets. Berkadia is a servicer of commercial real

estate loans in the U.S., performing primary, master and special

servicing functions for U.S. government agency programs and

financial services companies.

Commercial paper issued by Berkadia is supported by a

$1.50 billion surety policy issued by a Berkshire Hathaway

insurance subsidiary, for which we receive a surety fee, and a

corporate guaranty, and we have agreed to reimburse Berkshire

Hathaway for one-half of any losses incurred thereunder. At

February 28, 2026, the aggregate amount of commercial paper

outstanding was $1.47 billion.

Selected financial information for Berkadia:

$ in millions	~~February 28,2026~~	~~November 30, 2025~~	May 31,2026		November 30, 2025
Total assets ...................................................	$5,146.4	$5,269.8
Total assets			$	5,360.5	$	5,269.8
Total liabilities ...............................................	3,686.4	3,953.1
Total liabilities			3,868.1		3,953.1
Total noncontrolling interest .......................	521.0	369.0
Total noncontrolling interest			540.1		369.0

$ in millions	~~February 28,2026~~	~~November 30, 2025~~	May 31,2026		November 30, 2025
Our total investment balance .......................	$426.6	$429.7
Our total investment balance			$	432.6	$	429.7

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	~~2026~~	~~2025~~	2026		2025		2026		2025
Net earnings attributable to members .......	$40.5	$37.8
Net earnings attributable to members			$	26.5	$	44.2	$	66.9	$	82.0

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	~~2026~~	~~2025~~	2026		2025		2026		2025
Distributions ...................................................	$21.2	$16.1
Distributions			$	5.4	$	10.9	$	26.6	$	27.0

At ~~February~~May 2831, 2026 and November 30, 2025, we had commitments to purchase $9.0 million and $13.6 million, respectively, of agency CMBS from Berkadia.

~~commitments~~Revenues tofrom ~~purchase~~other ~~$13.4~~transactions ~~million~~with ~~and~~Berkadia for the six months ended May 31, 2025 were $130.61 million, .

respectively, of agency CMBS from Berkadia.

Revenues from other transactions with Berkadia for the three

months ended February 28, 2026 and 2025 were $0.0 million and

$0.1 million, respectively.

Real Estate Investments

Our real estate equity method investments primarily consist of our equity interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison. Brooklyn Renaissance Plaza is composed of a hotel, office building complex and parking garage located in Brooklyn, New York. We have a 25.4% equity interest in the hotel and a 61.3% equity interest in the office building and garage. Although we have a majority interest in the office building and garage, we do not have control, but only have the ability to exercise significant influence on this investment. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years).

~~our~~We own a 48.1% equity ~~interests~~interest in ~~Brooklyn~~54 ~~Renaissance~~Madison, ~~Plaza~~a ~~and~~fund ~~Hotel~~that most recently owned an interest in one real estate project and the fund is in the process of being liquidated.

54 Madison. Brooklyn Renaissance Plaza is composed of a hotel,

office building complex and parking garage located in Brooklyn,

New York. We have a 25.4% equity interest in the hotel and a

61.3% equity interest in the office building and garage. Although

we have a majority interest in the office building and garage, we

do not have control, but only have the ability to exercise

significant influence on this investment. We are amortizing our

basis difference between the estimated fair value and the

underlying book value of Brooklyn Renaissance office building

and garage over the respective useful lives (weighted average life

of 39 years).

We own a 48.1% equity interest in 54 Madison, a fund that most

recently owned an interest in one real estate project and the fund

is in the process of being liquidated.

Selected financial information for the real estate investments:

$ in millions	~~February 28,2026~~	~~November 30, 2025~~	May 31,2026		November 30, 2025
Total assets ....................................................	$309.4	$312.6
Total assets			$	310.0	$	312.6
Total liabilities ................................................	463.7	470.7
Total liabilities			463.6		470.7
	February 28,2026	November 30, 2025
			May 31,2026		November 30, 2025
Our total investment balance .......................	$99.5	$98.7
Our total investment balance			$	100.0	$	98.7

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	~~2026~~	~~2025~~	2026		2025		2026		2025
Net earnings ...................................................	$3.8	$4.6
Net earnings (losses)			$	1.0	$	(3.3)	$	4.8	$	1.3



	Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	2026		2025		2026		2025

Distributions we received from Brooklyn Renaissance Hotel	$	—	$	1.2	$	—	$	1.2

JCP Fund V

We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), respectively, which are private equity funds managed by a team led by our President and which are in the process of being fully liquidated. The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value was $3.1 million and $2.8 million at May 31, 2026 and November 30, 2025, respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers. The following summarizes the results from these investments which are included in Principal transactions revenues:

~~Capital~~May ~~Partners~~2026 VForm ~~L.P.~~10-Q ~~and Jefferies SBI USA Fund L.P. (together,~~ 31

“JCP Fund V”), respectively, which are private equity funds

managed by a team led by our President and which are in the

process of being fully liquidated. The amount of our investments

in JCP Fund V included in Financial instruments owned, at fair

value was $2.8 million at both February 28, 2026 and

November 30, 2025. We account for these investments at fair

value based on the NAV of the funds provided by the fund

managers. The following summarizes the results from these

investments which are included in Principal transactions

revenues:

	Three Months Ended February 28,
$ in millions	2026	2025
Net gains (losses) from our investments in JCP Fund V ............................................	$—	$(0.2)

At both February 28, 2026 and November 30, 2025, we were

committed to invest equity of up to $85.0 million in JCP Fund V.

At both February 28, 2026 and November 30, 2025, our unfunded

commitment relating to JCP Fund V was $8.7 million. We do not

expect any further capital to be called by JCP Fund V.

The following is a summary of the Net change in net assets

resulting from operations for 100.0% of JCP Fund V, in which we

owned effectively 35.1% at February 28, 2026 of the combined

equity interests:

Three Months Ended (1)
$ in millions	December 31, 2025	December 31, 2024
Net increase (decrease) in net assets resulting from operations .......................................................	$—	$(0.6)

(1)Financial information for JCP Fund V within our results of operations for the

three months ended February 28, 2026 and 2025 is included based on the

periods presented.

Hildene

In July 2024, we invested $25.0 million in the Class A Common

Equity Units of Hildene Insurance Holdings, LLC (“Hildene

Insurance”), an investment fund with insurance exposures. On

March 1, 2025, we made an additional investment of

$75.0 million in Hildene Insurance, which resulted in an increase

of our effective ownership from 8.83% to 23.5%. The investment

is accounted for under the equity method with a carrying amount

of $117.1 million and $113.8 million at February 28, 2026 and

November 30, 2025, respectively.

30 Jefferies Financial Group Inc.

Notes to Consolidated Financial Statements

(Unaudited)


	Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	2026		2025		2026		2025
Net gains (losses) from our investments in JCP Fund V	$	0.4	$	—	$	0.3	$	(0.2)

At both May 31, 2026 and November 30, 2025, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both May 31, 2026 and November 30, 2025, our unfunded commitment relating to JCP Fund V was $8.7 million. We do not expect any further capital to be called by JCP Fund V.

The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.2% at May 31, 2026 of the combined equity interests:


	Three Months Ended (1)
$ in millions	March 31, 2026		December 31, 2025		March 31, 2025		December 31, 2024
Net increase (decrease) in net assets resulting from operations	$	1.0	$	—	$	0.1	$	(0.6)

(1)Financial information for JCP Fund V within our results of operations for the three and six months ended May 31, 2026 and 2025 is included based on the periods presented.

Hildene

In July 2024, we invested $25.0 million in the Class A Common Equity Units of Hildene Insurance Holdings, LLC (“Hildene Insurance”), an investment fund with insurance exposures. On March 1, 2025, we made an additional investment of $75.0 million in Hildene Insurance, which resulted in an increase of our effective ownership from 8.83% to 23.5%. The investment is accounted for under the equity method with a carrying amount of $120.0 million and $113.8 million at May 31, 2026 and November 30, 2025, respectively.

Selected financial information for Hildene Insurance:

$ in millions	~~December 31, 2025 (1)~~	~~September 30, 2025 (1)~~	March 31, 2026 (1)		September 30, 2025 (1)
Total assets ...............................................................	$564.6	$498.4
Total assets			$	560.7	$	498.4
Total liabilities ...........................................................	20.1	0.7
Total liabilities			0.4		0.7
Total members’ equity .............................................	544.5	497.7
Total members’ equity			560.3		497.7

~~Three Months Ended (1)~~			Three Months Ended (1)
$ in millions	~~December 31, 2025~~	~~December 31, 2024~~	March 31, 2026		March 31, 2025		December 31, 2025		December 31, 2024
Net increase in members’ equity resulting from operations .............................................................	$16.6	$8.4
Net increase in members’ equity resulting from operations			$	15.8	$	27.5	$	16.6	$	8.4

(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at May 31, 2026 and November 30, 2025 is based on the dates presented, and in our results of operations for the three and six months ended May 31, 2026 and 2025 is based on the periods presented.

~~financial~~On ~~position~~December at9, ~~February 28~~2025, ~~2026~~we entered into an agreement to acquire a 50% interest in Hildene Holding Company, LLC, parent of Hildene Capital Management, LLC, a credit-focused asset manager and ~~November 30~~the parent of Hildene Insurance. We will contribute our existing revenue share, ~~2025~~a portion of our interest in a Hildene-managed fund, and $340.0 million in cash. Hildene’s principals will contribute their ownership interests and approximately $250.0 million of the fund and related equity interests. Closing is ~~based~~targeted onto occur in the third quarter of 2026, subject to customary approvals.

the dates presented, and in our results of operations for the three months

ended February 28, 2026 and 2025 is based on the periods presented.

On December 9, 2025, we entered into an agreement to acquire a

50% interest in Hildene Holding Company, LLC, parent of Hildene

Capital Management, LLC, a credit-focused asset manager and

the parent of Hildene Insurance. We will contribute our existing

revenue share, a portion of our interest in a Hildene-managed

fund, and $340.0 million in cash. Hildene’s principals will

contribute their ownership interests and approximately

$250.0 million of the fund and related equity interests. Closing is

expected in the third quarter of 2026, subject to customary

approvals.

ApiJect

We own shares that represent a 37.9% and 33.6% economic interest in ApiJect at May 31, 2026 and November 30, 2025, respectively, which are accounted for at fair value by electing the fair value option available under U.S. GAAP, and are included within corporate equity securities in Financial instruments owned, at fair value. At both May 31, 2026 and November 30, 2025, the total fair value of our total equity investment in common shares of ApiJect was $97.9 million which is classified within Level 3 of the fair value hierarchy. Additionally, we own warrants to purchase up to 950,000 shares of common stock at any time or from time to time on or before April 15, 2032.

~~interest~~We inalso have a term loan agreement with a principal of ApiJect for $23.3 million, which matures on July 31, 2026. The loan is accounted for at ~~February~~amortized cost and is reported within Other assets. The loan has a fair value of $23.3 million at both May 2831, 2026 and November 30, 2025, which would be classified as Level 3 in the fair value hierarchy.

~~respectively~~We have purchased secured convertible promissory notes totaling $3.9 million in the second quarter of 2026, ~~which~~and $9.8 million in December 2025, from ApiJect. These promissory notes are accounted for at fair value byin ~~electing~~Financial instruments owned and classified within Level 3 of the fair value hierarchy.

fair value option available under U.S. GAAP, and are included

within corporate equity securities in Financial instruments owned,

at fair value. At both February 28, 2026 and November 30, 2025,

the total fair value of our total equity investment in common

shares of ApiJect was $97.9 million, which is classified within

Level 3 of the fair value hierarchy. Additionally, we own warrants

to purchase up to 950,000 shares of common stock at any time

or from time to time on or before April 15, 2032.

We also have a term loan agreement with a principal of ApiJect

for $23.3 million, which matures on April 30, 2026. The loan is

accounted for at amortized cost and is reported within Other

assets. The loan has a fair value of $23.3 million at both

February 28, 2026 and November 30, 2025, which would be

classified as Level 3 in the fair value hierarchy.

In December 2025, we purchased two secured convertible

promissory notes totaling $9.8 million from ApiJect. These

promissory notes are accounted for at fair value in Financial

instruments owned and classified within Level 3 of the fair value

hierarchy.

Aircadia

In December 2023, Aircadia Leasing II LLC (“Aircadia”), a wholly owned subsidiary, purchased airplanes from one of our clients and simultaneously entered into a lease with the seller to lease the airplanes for a term of 42 months. The transaction was accounted for as a sale leaseback and the airplanes were recorded within Premises and equipment at $57.7 million. During the second quarter of 2025, we agreed to sell the airplanes and we recognized a loss of $12.8 million. The sale closed in the third quarter of 2025.

owned subsidiary, purchased airplanes from one of our clients


	Three Months Ended May 31,				Six Months Ended May 31,
$ in millions	2026		2025		2026		2025
Operating lease income (1)	$	—	$	1.3	$	—	$	6.9

~~and~~Also ~~simultaneously~~in ~~entered~~December ~~into~~2023, we provided a ~~lease~~loan ~~with~~to the seller for $30.0 million, which was paid off on April 1, 2025. The loan was accounted for at amortized cost and included within Investments in and loans to ~~lease~~related parties. We recognized interest income of $0.2 million and $1.0 million on the loan during the three and six months ended May 31, 2025, respectively. We also hold preferred shares in the seller, which are accounted for at fair value in Financial instruments owned with a fair value of $43.2 million at both May 31, 2026 and November 30, 2025, and are classified within Level 3 of the fair value hierarchy.

In September 2024, we provided a €15.0 million loan, maturing in July 15, 2026, to an individual related to the ~~airplanes~~seller, ~~for~~secured by a ~~term~~privately owned aircraft and guaranteed by the individual. We recognized interest income of 42$0.5 million and $1.1 million for the three and six months ended May 31, 2026, respectively, and $0.5 ~~The~~million ~~transaction~~and ~~was~~$0.9 million during the three and six months ended May 31, 2025, respectively.

~~accounted~~32 ~~for~~Jefferies asFinancial aGroup ~~sale leaseback and the airplanes were~~ Inc.

recorded within Premises and equipment at $57.7 million. During

the third quarter of 2025, we sold the airplanes.

	Three Months Ended February 28,
$ in millions	2026	2025
Operating lease income ................................	$—	$5.6

Also in December 2023, we provided a loan to the seller for

$30.0 million, which was paid off on April 1, 2025. The loan was

accounted for at amortized cost and included within Investments

in and loans to related parties. We recognized interest income of

$0.0 million and $0.7 million on the loan during the three months

ended February 28, 2026 and 2025, respectively. We also hold

preferred shares in the seller, which are accounted for at fair

value in Financial instruments owned with a fair value of $43.2

million at both February 28, 2026 and November 30, 2025, and

are classified within Level 3 of the fair value hierarchy.

In September 2024, we provided a €15.0 million loan, maturing in

May 15, 2026, to an individual related to the seller, secured by a

privately owned aircraft and guaranteed by the individual. We

recognized interest income of $0.5 million for both the three

months ended February 28, 2026 and 2025.

Note 11. Credit Losses on Financial Assets Measured at

Amortized Cost

Secured Financing Receivables. In evaluating secured financing

receivables (reverse repurchases agreements, securities

borrowing arrangements, and margin loans), the underlying

collateral maintenance provisions are taken into consideration.

The underlying contractual collateral maintenance for

significantly all of our secured financing receivables requires that

the counterparty continually adjust the collateralization amount,

securing the credit exposure on these contracts. Collateralization

levels for our secured financing receivables are initially

established based upon the counterparty, the type of acceptable

collateral that is monitored daily and adjusted to mitigate the

potential of any credit losses. Credit losses are not recognized

for secured financing receivables where the underlying

collateral’s fair value is equal to or exceeds the asset’s amortized

cost basis. In cases where the collateral’s fair value does not

equal or exceed the amortized cost basis, the allowance for

credit losses, if any, is limited to the difference between the fair

value of the collateral at the reporting date and the amortized

cost basis of the financial assets.

Broker Receivables. Our receivables from brokers, dealers, and

clearing organizations include deposits of cash with exchange

clearing organizations to meet margin requirements, amounts

due from clearing organizations for daily variation settlements,

securities failed-to-deliver or receive and receivables and

payables for fees and commissions. These receivables generally

do not give rise to material credit risk and have a remote

probability of default either because of their short-term nature or

due to the credit protection framework inherent in the design and

operations of brokers, dealers and clearing organizations. As

such, generally, no allowance for credit losses is held against

these receivables.

Investment Banking Fee Receivables. Our allowance for credit

losses on our investment banking fee receivables uses a

provisioning matrix based on the shared risk characteristics and

historical loss experience for such receivables. In some

instances, we may adjust the allowance calculated based on the

provision matrix to incorporate a specific allowance based on the

unique credit risk profile of a receivable. The provisioning matrix

is periodically updated to reflect changes in the underlying

portfolio’s credit characteristics and most recent historical loss

data.

February 2026 Form 10-Q 31

Notes to Consolidated Financial Statements

(Unaudited)

Note 11. Credit Losses on Financial Assets Measured at Amortized Cost

Secured Financing Receivables. In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements, and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of our secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral’s fair value is equal to or exceeds the asset’s amortized cost basis. In cases where the collateral’s fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets.

Broker Receivables. Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive and receivables and payables for fees and commissions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables.

Investment Banking Fee Receivables. Our allowance for credit losses on our investment banking fee receivables uses a provisioning matrix based on the shared risk characteristics and historical loss experience for such receivables. In some instances, we may adjust the allowance calculated based on the provision matrix to incorporate a specific allowance based on the unique credit risk profile of a receivable. The provisioning matrix is periodically updated to reflect changes in the underlying portfolio’s credit characteristics and most recent historical loss data.

Allowance for credit losses for investment banking receivables:

	Three Months Ended February 28,
			Three Months Ended May 31,				Six Months Ended May 31,
$ in thousands	~~2026~~	~~2025~~	2026		2025		2026		2025
Beginning balance ........................................................	$3,681	$5,277
Beginning balance			$	11,960	$	2,046	$	3,681	$	5,277
Bad debt expense .........................................................	10,164	1,347
Bad debt expense			4,255		1,472		14,419		2,818
Charge-offs ...................................................................	—	(3,076)
Charge-offs			(16)		—		(16)		(3,076)
Recoveries collected ....................................................	(1,885)	(1,502)
Recoveries collected			(1,670)		(1,203)		(3,555)		(2,704)
Ending balance (1) ..............................................................	$11,960	$2,046
Ending balance (1)			$	14,529	$	2,315	$	14,529	$	2,315

(1)Substantially all of the allowance for doubtful accounts relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.

~~acquisitions~~Other ~~and~~Financial ~~restructuring~~Assets. ~~fee~~For ~~receivables~~all other financial assets measured at amortized cost, ~~which~~we ~~include~~estimate ~~recoverable~~expected credit losses over the financial assets’ life as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts.

expense receivables.

Other Financial Assets. For all other financial assets measured at

amortized cost, we estimate expected credit losses over the

financial assets’ life as of the reporting date based on relevant

information about past events, current conditions, and

reasonable and supportable forecasts.

Note 12. Goodwill and Intangible Assets

Goodwill

	Three Months Ended February 28, 2026
			Six Months Ended May 31, 2026
$ in thousands	~~Investment Banking and Capital Markets~~	~~Asset Management~~	~~Total~~Investment Banking and Capital Markets		Asset Management		Total
Balance, at beginning of period ...................	$1,535,961	$301,609	$1,837,570
Balance, at beginning of period			$	1,535,961	$	301,609	$	1,837,570
Currency translation and other adjustments ..............................................	1,281	2,115	3,396
Currency translation and other adjustments			886		2,115		3,001
Impairment (1) ................................................	—	(58,240)	(58,240)
Impairment (1)			—		(58,240)		(58,240)
Reclassification to held for sale (1) ............	—	(56,850)	(56,850)
Reclassification to held for sale (1)			—		(56,850)		(56,850)
Balance, at end of period .............................	$1,537,242	$188,634	$1,725,876
Balance, at end of period			$	1,536,847	$	188,634	$	1,725,481

(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, we recorded a $58.2 million goodwill impairment charge. The remaining goodwill balance was reclassified as held for sale at May 31, 2026. See Note 4, Assets and Liabilities Held for Sale.

quarter of 2026, we recorded a $58.2 million goodwill impairment charge. The


	Six Months Ended May 31, 2025
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Balance, at beginning of period	$	1,533,013	$	294,925	$	1,827,938
Currency translation and other adjustments	4,457		7,917		12,374
Measurement period adjustments (1)	—		1,802		1,802

Balance, at end of period	$	1,537,470	$	304,644	$	1,842,114

~~remaining~~(1)Relates ~~goodwill~~to ~~balance~~a ~~was~~measurement ~~reclassified~~period asadjustment ~~held~~recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions and Discontinued Operations in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for ~~sale~~the atyear ~~February~~ended November 2830, 2025 for further discussion.

2026. See Note 4, Assets and Liabilities Held for Sale.

	Three Months Ended February 28, 2025
$ in thousands	Investment Banking and Capital Markets	Asset Management	Total
Balance, at beginning of period ...................	$1,533,013	$294,925	$1,827,938
Currency translation and other adjustments ..............................................	(1,151)	(2,140)	(3,291)
Balance, at end of period .............................	$1,531,862	$292,785	$1,824,647

Carrying values of goodwill by reporting unit:

$ in millions	~~February 28, 2026~~	~~November 30, 2025~~	May 31, 2026		November 30, 2025
Investment banking ..............................................................	$702.6	$702.0
Investment banking			$	702.5	$	702.0
Equities and wealth management ......................................	256.1	255.9
Equities and wealth management			256.0		255.9
Fixed income .........................................................................	578.5	578.0
Fixed income			578.3		578.0
Asset management ..............................................................	143.0	143.0
Asset management			143.0		143.0
Other investments .................................................................	45.7	158.7
Other investments			45.7		158.7
Total ........................................................................................	$1,725.9	$1,837.6
Total			$	1,725.5	$	1,837.6

Intangible Assets

	February 28, 2026			Weighted Average Remaining Lives (Years)
			May 31, 2026		Weighted Average Remaining Lives (Years)
$ in thousands	~~Gross Cost~~	~~Accumulated Amortization~~	~~Net~~Gross ~~Carrying Amount~~Cost				Accumulated Amortization			Net Carrying Amount
Customer relationships (1) ........................................	$127,693	$(104,980)	$22,713	5.0
Customer relationships (1)			$	127,611	$	(106,063)		$	21,548	4.7
Trademarks and trade names (1) .............................	128,981	(47,963)	81,018	22.0
Trademarks and trade names (1)			128,953		(48,874)			80,079		21.8
Exchange and clearing organization membership interests and registrations ........................................	8,735	—	8,735	N/A
Exchange and clearing organization membership interests and registrations			8,708		—			8,708		N/A
Other (1) .......................................................................	15,128	(14,374)	754	2.5
Other (1)			15,145		(14,446)			699		2.3
Total ..............................................................................	$280,537	$(167,317)	$113,220
Total			$	280,417	$	(169,383)		$	111,034

	~~November 30, 2025~~		November 30, 2025		~~Weighted Average Remaining Lives (Years)~~					Weighted Average Remaining Lives (Years)
$ in thousands	~~Gross Cost~~	~~Assets Acquired~~	~~Accumulated~~Gross ~~Amortization~~Cost	~~Net Carrying Amount~~		Assets Acquired		Accumulated Amortization					Net Carrying Amount
Customer relationships ..........................	$166,328	$622	$(116,810)	$50,140	4.6
Customer relationships			$	166,328		$	622	$	(116,810)		$	50,140	4.6
Trademarks and trade names ................	160,674	—	(55,948)	104,726	20.6
Trademarks and trade names			160,674			—		(55,948)			104,726		20.6
Exchange and clearing organization membership interests and registrations ..............................................	8,717	—	—	8,717	N/A
Exchange and clearing organization membership interests and registrations			8,717			—		—			8,717		N/A
Other ...........................................................	86,815	99	(47,920)	38,994	2.8
Other			86,815			99		(47,920)			38,994		2.8
Total ...........................................................	$422,534	$721	$(220,678)	$202,577
Total			$	422,534		$	721	$	(220,678)		$	202,577

(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, intangible assets of $82.7 million related to Tessellis were reclassified as held for sale at February 28, 2026. See Note 4, Assets and Liabilities Held for Sale.

~~quarter~~May of 2026, ~~the~~Form ~~remaining~~10-Q ~~intangible asset balance of $82.7 million was~~ 33

~~reclassified~~Notes asto ~~held~~Consolidated ~~for~~Financial ~~sale at February 28, 2026. See Note 4, Assets and~~ Statements

~~Liabilities Held for Sale.~~(Unaudited)

Amortization Expense

For finite life intangible assets, we recognized aggregate amortization expense of $2.1 million and $10.6 million for the three and six months ended May 31, 2026, respectively, and $8.6 million and $16.4 million for the three and six months ended May 31, 2025, respectively. These expenses are included in depreciation and amortization.

Estimated future amortization expense offor ~~$8.5~~the ~~million~~next ~~and~~five ~~$7.8~~fiscal ~~million for the~~ years:

three months ended February 28, 2026 and 2025, respectively.


Year	$ in thousands
Remainder of fiscal year 2026	$	4,354
Year ending November 30, 2027

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