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Long-Term Debt
12 Months Ended
Nov. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (dollars in thousands):
November 30,
MaturityEffective Interest Rate20232022
Unsecured long-term debt:
5.500% Senior Notes
October 18, 2023— %$— $393,048 
1.000% Euro Medium Term Notes
July 19, 20241.00 %544,222 519,970 
6.000% Callable Note due 2025
June 16, 20256.22 %5,389 — 
6.500% Callable Note due 2025
July 18, 20256.71 %24,917 — 
4.500% Callable Note due 2025
July 22, 20254.84 %6,172 6,153 
6.500% Callable Note due 2025
August 18, 20256.71 %25,910 — 
6.750% Callable Note due 2025
October 17, 20256.97 %42,838 — 
6.500% Callable Note due 2025
November 21, 20256.71 %11,953 — 
5.000% Callable Note due 2026
March 26, 20265.52 %8,593 8,554 
6.000% Callable Note due 2026
May 30, 20266.27 %14,093 — 
6.500% Callable Note due 2026
July 31, 20266.72 %49,730 — 
6.625% Callable Note due 2026
September 21, 20266.85 %17,898 — 
4.850% Senior Notes (1)
January 15, 20277.55 %703,542 703,533 
6.450% Senior Debentures
June 8, 20275.46 %361,126 363,915 
5.000% Callable Note due 2027
June 16, 20275.22 %24,825 24,784 
5.000% Callable Note due 2028
February 17, 20285.29 %9,910 9,888 
5.875% Senior Notes
July 21, 20286.01 %990,838 — 
7.000% Callable Note due 2028
October 31, 20287.24 %28,219 — 
4.150% Senior Notes
January 23, 20304.26 %992,554 991,518 
2.625% Senior Debentures (1)
October 15, 20314.73 %901,692 911,777 
2.750% Senior Debentures (1)
October 15, 20327.08 %382,957 392,162 
7.375% Callable Note due 2033
November 17, 20337.66 %19,601 — 
6.250% Senior Notes
January 15, 20366.03 %484,890 497,681 
6.500% Senior Notes
January 20, 20436.05 %405,850 409,472 
6.625% Senior Notes
October 23, 20436.97 %247,010 246,954 
6.830% Callable Note due 2053
November 20, 20536.72 %14,730 — 
Floating Rate Senior NotesSeptember 22, 20535.59 %15,253 — 
Floating Rate Senior NotesOctober 29, 20715.21 %61,728 61,715 
Unsecured Credit FacilityNovember 17, 20256.31 %350,000 349,578 
Structured Notes (2)Various— %1,708,443 1,583,828 
Floating Euro Medium Term NotesJune 19, 20264.56 %42,417 — 
Total unsecured long-term debt8,497,300 7,474,530 
Secured long-term debt:
Tessellis Secured Debt75,440 — 
HomeFed EB-5 Program Debt242,608 209,060 
HomeFed Construction Loans48,182 56,965 
Secured Credit Facilities 735,222 933,531 
Secured Bank Loan100,000 100,000 
Total long-term debt (3)$9,698,752 $8,774,086 
(1)The carrying values of these senior notes include net gains of $21.6 million and $219.1 million during the years ended
November 30, 2023 and 2022, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 2, Summary of Significant Accounting Policies, and Note 7, Derivative Financial Instruments for further information.
(2)These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.
(3)Total Long-term debt has a fair value of $9.57 billion and $8.46 billion at November 30, 2023 and 2022, respectively, which would be classified as Level 2 or Level 3 in the fair value hierarchy.
During 2023, long-term debt increased by $924.7 million to $9.70 billion at November 30, 2023, as presented in our Consolidated Statements of Financial Condition. This increase is primarily due to the issuance of our 5.875% Senior Notes due 2028 with a principal amount of $1.0 billion. The proceeds from the issuances of our other debt, net of repayments, were $290.2 million. Additionally, at November 30, 2023, long-term debt includes $75.4 million related to Tessellis due to the step-acquisition of OpNet. This was partially offset by the maturity of our 5.500% Senior Note with a principal amount of $393.0 million and the reclassification of long-term debt to liabilities held for sale related to Foursight.
At November 30, 2023 and 2022, our borrowings under several credit facilities classified within Long-term debt in our Consolidated Statements of Financial Condition were $735.2 million and $933.5 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At November 30, 2023, we were in compliance with all covenants under these credit facilities.
In addition, one of our subsidiaries has a Loan and Security Agreement with a bank for a term loan (“Secured Bank Loan”). At November 30, 2023 and 2022, borrowings under the Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt in our Consolidated Statements of Financial Condition. The Secured Bank Loan matures on September 13, 2024 and is collateralized by certain trading securities with an interest rate of SOFR plus 1.25%. The agreement contains certain covenants that, among other things, restricts lien or encumbrance upon any of the pledged collateral. At November 30, 2023, we were in compliance with all covenants under the Secured Bank Loan.
HomeFed funds certain of its real estate projects in part by raising funds under the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services pursuant to the Immigration and Nationality Act (“EB-5 Program”). This debt is secured by certain real estate of HomeFed. At November 30, 2023, HomeFed was in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, collateral requirements and restricted use of proceeds. Substantially all of HomeFed’s EB-5 Program debt matures in 2024 through 2028.
At November 30, 2023, HomeFed has a construction loan with an aggregate committed amount of $62.0 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loan bears interest based on the SOFR plus 2.75%, subject to adjustment on the first of each calendar month. At November 30, 2023, the interest rate on the loan was 8.07%. The loan matures in May 2024 and is collateralized by the property underlying the related project with a guarantee by HomeFed. At November 30, 2023 and 2022, $48.2 million and $57.0 million, respectively, was outstanding under the construction loan agreement.