Collateralized Transactions

6 Months Ended

May 31, 2024

Collateralized Transactions [Abstract]


	May 31, 2024
$ in millions	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:

Corporate equity securities	$	1,730.0	$	662.4	$	26.2	$	2,418.6
Corporate debt securities	478.2		4,197.3		—		4,675.5
Mortgage-backed and asset-backed securities	—		2,052.3		—		2,052.3
U.S. government and federal agency securities	26.7		6,641.3		—		6,668.0
Municipal securities	—		467.4		—		467.4
Sovereign obligations	9.2		2,009.4		80.0		2,098.6
Loans and other receivables	—		818.0		—		818.0
Total	$	2,244.1	$	16,848.1	$	106.2	$	19,198.4


	November 30, 2023
$ in millions	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities	$	1,221.4	$	627.0	$	4.4	$	1,852.8
Corporate debt securities	576.4		4,297.9		—		4,874.3
Mortgage-backed and asset-backed securities	—		1,950.9		—		1,950.9
U.S. government and federal agency securities	39.2		9,474.2		3.4		9,516.8
Municipal securities	—		141.1		—		141.1
Sovereign obligations	3.5		2,511.6		1.0		2,516.1
Loans and other receivables	—		838.5		—		838.5
Total	$	1,840.5	$	19,841.2	$	8.8	$	21,690.5


	May 31, 2024
$ in millions	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,306.6	$	19.0	$	440.8	$	477.7	$	2,244.1
Repurchase agreements	2,585.8		7,251.1		2,428.2		4,583.0		16,848.1
Obligation to return securities received as collateral, at fair value	106.2		—		—		—		106.2
Total	$	3,998.6	$	7,270.1	$	2,869.0	$	5,060.7	$	19,198.4


	November 30, 2023
$ in millions	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,068.6	$	—	$	244.2	$	527.7	$	1,840.5
Repurchase agreements	10,548.3		2,442.4		1,939.9		4,910.6		19,841.2
Obligation to return securities received as collateral, at fair value	8.8		—		—		—		8.8
Total	$	11,625.7	$	2,442.4	$	2,184.1	$	5,438.3	$	21,690.5

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, 2024 and November 30, 2023, the approximate fair value of securities received as collateral by us that may be sold or repledged was $34.67 billion and $33.99 billion, respectively. At May 31, 2024 and November 30, 2023, a substantial portion of the securities received by us had been sold or repledged.

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).


	May 31, 2024
$ in millions	Gross Amounts		Netting in Consolidated Statement of Financial Condition		Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets:
Securities borrowing arrangements	$	7,141.9	$	—	$	7,141.9	$	(438.3)	$	(1,660.4)	$	5,043.2
Reverse repurchase agreements	12,555.6		(5,811.0)		6,744.6		(1,588.5)		(5,045.9)		110.2
Securities received as collateral, at fair value	106.2		—		106.2		—		(106.2)		—
Liabilities:
Securities lending arrangements	$	2,244.1	$	—	$	2,244.1	$	(438.3)	$	(1,764.3)	$	41.5
Repurchase agreements	16,848.1		(5,811.0)		11,037.1		(1,588.5)		(8,905.4)		543.2
Obligation to return securities received as collateral, at fair value	106.2		—		106.2		—		(106.2)		—


	November 30, 2023
$ in millions	Gross Amounts		Netting in Consolidated Statement of Financial Condition		Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (4)
Assets:
Securities borrowing arrangements	$	7,192.1	$	—	$	7,192.1	$	(327.7)	$	(1,642.9)	$	5,221.4
Reverse repurchase agreements	14,871.1		(8,920.6)		5,950.5		(1,304.0)		(4,582.6)		63.9
Securities received as collateral, at fair value	8.8		—		8.8		—		(8.8)		—
Liabilities:
Securities lending arrangements	$	1,840.5	$	—	$	1,840.5	$	(327.7)	$	(1,396.1)	$	116.7
Repurchase agreements	19,841.2		(8,920.6)		10,920.6		(1,304.0)		(9,035.4)		581.2
Obligation to return securities received as collateral, at fair value	8.8		—		8.8		—		(8.8)		—

(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.

(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 $4.99 billion of securities borrowing arrangements for which we have received securities collateral of $4.86 billion, and $495.0 million of repurchase agreements for which we have pledged securities collateral of $504.6 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations

Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations primarily consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers.



$ in thousands	May 31, 2024		November 30, 2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$	1,097,400	$	1,414,593
Securities purchased under agreements to resell (1)	210,000		45,490
Total	$	1,307,400	$	1,460,083

(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.