Jefferies Financial Group Inc.
For the period ended Aug 31, 2026. Filed Oct 9, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 31, 2026 · Filed Oct 9, 2026
JEF$47.38-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-05-31; filed 2026-07-09.
0000096223-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-08-31; filed 2026-10-09.
0000096223-26-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 363 previous paragraphs and 365 current paragraphs.
275 unchanged; 77 reworded; 10 added; 7 removed; 4 previous and 3 current paragraphs rearranged.
Tables are not compared: 51 previous and 52 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Post-Closing Adjustments to Previously Reported Results
Current report
Our results of operations for the three and nine months ended August 31, 2026, as reported in this Quarterly Report on Form 10-Q, differ from the results of operations previously presented in our Current Report on Form 8-K dated September 28, 2026. The differences reflect post-closing adjustments related to the recognition of excess tax benefits associated with share-based awards, which increased our deferred tax asset and decreased our income tax expense.
Current report
The net impact of these adjustments was an increase in net earnings attributable to common shareholders of $23.3 million and $22.1 million for the three and nine months ended August 31, 2026, respectively, compared with the amounts previously disclosed. These adjustments also increased total assets by $24.2 million, from $81.28 billion to $81.30 billion, and increased total shareholders’ equity by $24.2 million, from $10.69 billion to $10.71 billion. Income tax expense decreased by $24.2 million for both the three and nine months ended August 31, 2026.
Current report
Net earnings attributable to common shareholders were $283.9 million and $224.0 million for the three months ended August 31, 2026 and 2025, respectively.
Current report
Net earnings attributable to common shareholders were $661.7 million and $439.9 million for the nine months ended August 31, 2026 and 2025, respectively.
Current report
Investment banking net revenues were $1.33 billion, up 17.3% compared to $1.14 billion for the prior year quarter.
Current report
Investment banking net revenues were $3.56 billion, up 36.6% compared to $2.60 billion for the prior year period.
Current report
At August 31, 2026, we had 40.6 million non-voting common shares outstanding.
Current report
Point Bonita Capital's portfolio also included accounts receivable purchased from Royalline Trading Pte Ltd (subsequently
Current report
renamed Radiant Corporation World Pte. Ltd) ("Radiant") and Sapphire Minmetals Corporation Ltd ("Sapphire"), and due from third-party commodity traders including Glencore, Vitol and Gunvor. Receivables purchased from these entities had been paid in full since 2021. However, starting in January 2026, purchased receivables began to enter into default. Point Bonita Capital has subsequently obtained substantial prima facie evidence that Radiant and Sapphire were engaged in a sophisticated and systematic fraud involving extensive falsification of documents. LAM Trade Finance Group II, an entity within the Point Bonita Capital fund, has now commenced proceedings against Radiant, Sapphire and their respective principals in the English High Court for deceit, conspiracy, breach of contract and restitution and has obtained a worldwide freezing order to prevent dissipation of assets by the defendants.
Removed paragraphs (7)
Previous report
Net earnings attributable to common shareholders were $226.2 million and $88.0 million for the three months ended May 31, 2026 and 2025, respectively.
Previous report
Net earnings attributable to common shareholders were $382.2 million and $216.0 million for the six months ended May 31, 2026 and 2025, respectively.
Previous report
N/M — Not Meaningful
Previous report
Investment banking net revenues were $1.21 billion, up 57.5% compared to $766.3 million for the prior year quarter.
Previous report
Investment banking net revenues were $2.22 billion, up 51.6% compared to $1.47 billion for the prior year period.
Previous report
On July 7, 2026, we priced €850.0 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2033. The offering is expected to close several business days after the pricing date, subject to customary closing conditions.
Previous report
At May 31, 2026, we had 9,247,081 non-voting common shares outstanding.
Reworded paragraphs (77)
Previous wording
Our effective tax rate was 20.8%, and 32.3% for the three months ended May 31, 2026 and 2025, respectively.
Current wording
Our effective tax rate was 17.9%, and 26.9% for the three months ended August 31, 2026 and 2025, respectively.
Previous wording
Our effective tax rate was 22.4%, and 20.2% for the six months ended May 31, 2026 and 2025, respectively.
Current wording
Our effective tax rate was 20.6%, and 23.8% for the nine months ended August 31, 2026 and 2025, respectively.
Previous wording
At May 31, 2026, we had 7,371 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,787 at November 30, 2025. Included within our global headcount are 1,334 employees at May 31, 2026 and 1,797 employees at November 30, 2025 of our Stratos, Tessellis, HomeFed and M Science subsidiaries.
Current wording
At August 31, 2026, we had 7,065 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,787 at November 30, 2025. Included within our global headcount are 677 employees at August 31, 2026 and 1,797 employees at November 30, 2025 of our Stratos, Tessellis, HomeFed and M Science subsidiaries.
Previous wording
•our 45% share of net earnings from our commercial real estate joint venture, Berkadia, which includes commercial mortgage origination and servicing as well as investment sales;
Current wording
•our 45% share of net earnings from Berkadia, our commercial real estate joint venture, which includes commercial mortgage origination and servicing as well as investment sales;
Previous wording
Advisory had its best quarter ever, with net revenues of $674.1 million, up 47.2% compared to $457.9 million for the prior year quarter, driven by market share gains and increased industry volumes.
Current wording
Advisory had its best quarter on record, with net revenues of $817.8 million, up 24.7% compared to $655.6 million for the prior year quarter, driven by market share gains across multiple sectors.
Previous wording
Total underwriting net revenues were $530.9 million, up 62.0% from $327.7 million for the prior year quarter, primarily driven by market share gains and increased activity in Equity underwriting across most sectors. Debt underwriting remained solid, but decreased compared to the prior year quarter primarily due to lower deal values and lower origination of asset-backed securities.
Current wording
Total underwriting net revenues were $482.6 million, up 12.0% from $430.7 million for the prior year quarter, primarily driven by market share gains and increased activity in Equity underwriting across most sectors. Debt underwriting decreased compared to the prior year quarter, primarily due to lower deal values.
Previous wording
Other investment banking net revenues were $1.8 million, compared to net revenues of $(19.3) million for the prior year quarter, with higher mark-to-market net gains on certain investment positions for the current quarter. Performance from our Jefferies Finance joint venture improved, while performance from our Berkadia joint venture declined from the prior year quarter.
Current wording
Other investment banking net revenues were $31.0 million, compared to net revenues of $49.0 million for the prior year quarter, with lower mark-to-market net gains on certain investment positions for the current quarter. Performance from our Jefferies Finance joint venture improved, while performance from our Berkadia joint venture remained flat from the prior year quarter.
Previous wording
Advisory net revenues were a record $1.20 billion and increased 40.4% compared to $855.6 million for the prior year period, driven by market share gains and increased overall market opportunity.
Current wording
Advisory net revenues were a record $2.02 billion and increased 33.6% compared to $1.51 billion for the prior year period, driven by market share gains and increased overall market opportunity.
Previous wording
Total underwriting net revenues were $1.02 billion, up 55.4% compared to $655.6 million for the prior year period, primarily driven by market share gains and increased activity in Equity underwriting across a range of sectors and in a stronger issuance market. Debt underwriting remained solid but decreased compared to the prior year quarter primarily due to lower deal values.
Current wording
Total underwriting net revenues were $1.50 billion, up 38.2% compared to $1.09 billion for the prior year period, primarily driven by market share gains and increased activity in Equity underwriting across most sectors. Debt underwriting decreased compared to the prior year period, primarily due to lower origination activity in our securitized products business.
Previous wording
Other investment banking net revenues were $4.2 million, compared to net revenues of $(44.3) million for the prior year period and include mark-to-market net gains on certain investment positions for the current quarter. Performance from our Jefferies Finance joint venture improved, while performance from our Berkadia joint venture declined from the prior year period.
Current wording
Other investment banking net revenues were $35.1 million, compared to net revenues of $4.8 million for the prior year period, largely due to improved performance from our Jefferies Finance joint venture.
Previous wording
Equities net revenues were $600.8 million, up 14.2% from $526.2 million for the prior year quarter, marking our strongest quarter on record, due to market share gains and higher global trading volumes driving stronger results across most of our businesses, particularly within cash and electronic trading. Additionally, prime services continues to expand.
Current wording
Equities net revenues were $626.2 million, up 28.7% from $486.7 million for the prior year quarter, marking our strongest quarter on record, driven by market share gains and higher global trading volumes, with stronger results across most of our businesses, particularly within cash and global electronic trading, equity options and corporate derivatives. Additionally, our prime services business continues to expand.
Previous wording
Equities net revenues were a record $1.16 billion, up 23.9% compared to $935.3 million for the prior year period, marking our strongest six months on record, due to market share gains and higher trading volumes driving stronger results across most of our businesses, particularly within cash and global electronic trading. Additionally, prime services continues to expand. Our equity options, convertibles, and corporate derivatives businesses also produced strong results.
Current wording
Equities net revenues were a record $1.79 billion, up 25.6% compared to $1.42 billion for the prior year period, marking our strongest nine months on record, driven by market share gains and higher trading volumes, with stronger results across most of our businesses, particularly within cash and global electronic trading, equity options, convertibles, and corporate derivatives. Additionally, our prime services business continues to expand.
Previous wording
Fixed income net revenues were $198.5 million, up 11.6% compared to $177.9 million for the prior year quarter. While both current and prior year quarters were impacted by major U.S. policy and geopolitical events, the markets were modestly more supportive in the current quarter, which supported improved results in our distressed, municipal securities and emerging markets businesses.
Current wording
Fixed income net revenues were $176.0 million, down 25.6% compared to $236.7 million for the prior year quarter. Although both current and prior year quarters were impacted by significant U.S. policy and geopolitical events, market conditions were less favorable in the current quarter, which impacted results across several businesses.
Previous wording
Fixed income net revenues were $418.8 million, down 10.3% compared to $467.1 million for the prior year period, as credit markets remained challenging in the current year for the products and services where we are most active, impacting the overall trading environment and several of our businesses. Strong performance in our municipal securities, distressed and emerging markets businesses was more than offset by lower results from our securitized products business, which includes a gross mark-to-market loss of $58.7 million associated with Market Financial Solutions during the current period.
Current wording
Fixed income net revenues were $594.8 million, down 15.5% compared to $703.8 million for the prior year period, as credit markets remained challenging in the current year for the products and services where we are most active. Strong performance in our municipal securities, distressed and emerging markets businesses was more than offset by lower results from several other businesses, including our securitized products business, which includes a gross mark-to-market loss of $64.7 million associated with Market Financial Solutions during the nine months ended August 31, 2026.
Previous wording
•Revenue from strategic affiliated asset managers where we are entitled to portions of their operating revenues and income based on our ownership interests in the affiliates.
Current wording
•Revenue from strategic affiliated asset managers where we are entitled to portions of their operating revenues and income based on our interests in the affiliates.
Previous wording
Asset management fees and revenues were $15.2 million, down 27.0% compared to $20.8 million for the prior year quarter, reflecting lower management fees on funds and accounts managed by us, primarily Point Bonita, as well as funds and accounts managed by our strategic affiliates.
Current wording
Asset management fees and revenues were $13.3 million, down 16.5% compared to $15.9 million for the prior year quarter, as higher management fees on funds and accounts managed by our strategic affiliates were offset by lower management fees on funds and accounts managed by us largely due to Point Bonita.
Previous wording
Investment return was $31.0 million, down 38.4% compared to $50.4 million for the prior year quarter, as strong performance from strategies with a long equity bias was offset by lower performance across other fund strategies and the impact of reduced capital allocated to certain funds based on our strategy to reduce capital committed and reposition the business in recognition of our upcoming acquisition of Hildene Holdings.
Current wording
Investment return was $20.9 million compared to $68.0 million for the prior year quarter, due to lower performance across several fund strategies and the impact of reduced capital allocated to certain funds based on our strategy to reduce capital committed and reposition the business in recognition of our upcoming acquisition of Hildene Holdings.
Previous wording
Other investments net revenues were $164.4 million, up 60.3% compared to $102.6 million in the prior year quarter, primarily due to improved results from HomeFed and mark-to-market gains on certain investments.
Current wording
Other investments net revenues were $72.8 million, down 34.7% compared to $111.5 million in the prior year quarter, primarily due to lower results from Tessellis and HomeFed.
Previous wording
Asset management fees and revenues were $85.1 million, down 22.2% compared to $109.4 million for the prior year period, as higher performance fees from funds and accounts managed by our strategic affiliates were offset by lower performance fees largely in respect of Point Bonita.
Current wording
Asset management fees and revenues were $98.4 million, down 21.5% compared to $125.3 million for the prior year period, as higher performance fees from funds and accounts managed by our strategic affiliates were offset by lower performance fees largely associated with Point Bonita.
Previous wording
Investment return was $120.0 million, up 168.1% compared to $44.8 million for the prior year period, due to improved performance across several fund strategies, particularly those with a long-equity bias.
Current wording
Investment return was $141.0 million, up 25.0% compared to $112.8 million for the prior year period, primarily driven by improved performance across several fund strategies, particularly those with a long-equity bias, partially offset by a decline in performance across several other funds, including Point Bonita.
Previous wording
Other investments net revenues were $248.0 million, up 8.5% compared to $228.5 million for the prior year period, primarily due to improved results from HomeFed and mark-to-market gains on certain investments.
Current wording
Other investments net revenues were $320.9 million, down 5.6% compared to $340.0 million for the prior year period, as improved results from HomeFed and mark-to-market gains on certain investments were offset by lower results from Tessellis.
Previous wording
In addition to our investments directly in Jefferies’ and our strategic affiliates funds and separately managed accounts, we have capital invested in other equity method investees as part of our asset management business of $180.0 million and $174.0 million at May 31, 2026 and November 30, 2025, respectively.
Current wording
In addition to our investments directly in Jefferies’ and our strategic affiliates funds and separately managed accounts, we have capital invested in other equity method investees as part of our asset management business of $190.0 million and $174.0 million at August 31, 2026 and November 30, 2025, respectively.
Previous wording
Non-interest expenses were $1.89 billion, an increase of 26.1%, compared to $1.50 billion for the prior year quarter, primarily due to an increase in compensation and benefits expenses attributable to higher net revenues and higher brokerage and clearing fees on increased equities trading volumes.
Current wording
Non-interest expenses were $1.87 billion, an increase of 9.1%, compared to $1.72 billion for the prior year quarter, primarily due to an increase in compensation and benefits expenses attributable to higher net revenues, higher brokerage and clearing fees on increased equities trading volumes and higher technology and communication expenses related to continued development of various trading and management systems as well as higher data related costs.
Previous wording
Non-interest expenses were $3.70 billion, an increase of 25.6%, compared to $2.94 billion for the prior year period, primarily due to an increase in compensation and benefits expenses attributable to higher net revenues and higher brokerage and clearing fees on increased equities trading volumes.
Current wording
Non-interest expenses were $5.57 billion, an increase of 19.5%, compared to $4.66 billion for the prior year period, primarily due to an increase in compensation and benefits expenses attributable to higher net revenues, higher brokerage and clearing fees on increased equities trading volumes and higher technology and communication expenses related to continued development of various trading and management systems as well as higher data related costs.
Previous wording
Compensation and benefits expense for the current quarter and current year was $1.19 billion and $2.27 billion, respectively, compared to $854.8 million and $1.70 billion for the prior year quarter and prior year period, respectively. A significant portion of our compensation expense is highly variable with net revenues. Compensation and benefits expense as a percentage of Net revenues was 53.9% and 53.8% for the current quarter and current year, respectively, compared to 52.3% and 52.5% for the prior year quarter and prior year period, respectively.
Current wording
Compensation and benefits expense for the current quarter and current year was $1.19 billion and $3.47 billion, respectively, compared to $1.08 billion and $2.78 billion for the prior year quarter and prior year period, respectively. A significant portion of our compensation expense is highly variable with net revenues. Compensation and benefits expense as a percentage of Net revenues was 53.7% and 53.8% for the current quarter and current year, respectively, compared to 52.9% and 52.7% for the prior year quarter and prior year period, respectively.
Previous wording
Compensation expense related to the amortization of share- and cash-based awards amounted to $147.8 million and $331.1 million for the current quarter and current year, respectively, compared to $149.7 million and $300.4 million for the prior year quarter and prior year period, respectively.
Current wording
Compensation expense related to the amortization of share- and cash-based awards amounted to $154.4 million and $485.5 million for the current quarter and current year, respectively, compared to $140.3 million and $440.7 million for the prior year quarter and prior year period, respectively.
Previous wording
At May 31, 2026, we had 7,371 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,787 at November 30, 2025. Included within our global headcount are 1,334 employees at May 31, 2026 and 1,797 employees at November 30, 2025 of our Stratos, Tessellis, HomeFed, and M Science subsidiaries.
Current wording
At August 31, 2026, we had 7,065 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,787 at November 30, 2025. Included within our global headcount are 677 employees at August 31, 2026 and 1,797 employees at November 30, 2025 of our Stratos, Tessellis, HomeFed, and M Science subsidiaries.
Previous wording
Non-compensation expenses as a percentage of Net revenues was 31.8% compared to 39.4% for the current quarter and prior year quarter, respectively, and was impacted by the following:
Current wording
Non-compensation expenses as a percentage of Net revenues was 30.5% compared to 30.9% for the current quarter and prior year quarter, respectively, and was impacted by the following:
Previous wording
•Brokerage and clearing fees were higher by $17.7 million primarily tied to strong equities revenue growth across regions.
Current wording
•Brokerage and clearing fees were higher by $18.3 million primarily tied to strong equities revenue growth across regions.
Previous wording
•Technology and communication expenses were higher by $16.7 million related to the continued development of various trading and management systems as well as higher data related costs.
Current wording
•Technology and communication expenses were higher by $16.1 million related to the continued development of various trading and management systems as well as higher data related costs.
Previous wording
Non-compensation expenses as a percentage of Net revenues was 33.7% compared to 38.6% for the current year and prior year period, respectively, and was impacted by the following:
Current wording
Non-compensation expenses as a percentage of Net revenues was 32.6% compared to 35.6% for the current year and prior year period, respectively, and was impacted by the following:
Previous wording
•Brokerage and clearing fees were higher by $41.4 million primarily tied to strong equities revenue growth across regions.
Current wording
•Brokerage and clearing fees were higher by $59.7 million primarily tied to strong equities revenue growth across regions.
Previous wording
•Technology and communication expenses were higher by $37.0 million related to the continued development of various trading and management systems as well as higher data related costs.
Current wording
•Technology and communication expenses were higher by $53.1 million related to the continued development of various trading and management systems as well as higher data related costs.
Previous wording
•Other expenses were higher by $29.2 million compared to the prior year period, primarily due to the write-down of goodwill associated with the expected sale of Tessellis.
Current wording
•Other expenses were higher by $29.7 million compared to the prior year period, primarily due to the write-down of goodwill associated with the expected sale of Tessellis.
Previous wording
The provision for income taxes on continuing operations was $65.6 million and $43.5 million for the three months ended May 31, 2026 and 2025, respectively, representing an effective tax rate of 20.8%, and 32.3%, respectively. The lower rate was primarily a result of investment tax credits and lower state and local taxes.
Current wording
The provision for income taxes on continuing operations was $62.8 million and $89.3 million for the three months ended August 31, 2026 and 2025, respectively, representing an effective tax rate of 17.9%, and 26.9%, respectively. The lower rate was primarily driven by the recognition of excess tax benefits associated with share-based awards, investment tax credits and lower state and local taxes.
Previous wording
The provision for income taxes on continuing operations was $118.4 million and $57.7 million for the six months ended May 31, 2026 and 2025, respectively, representing an effective tax rate of 22.4%, and 20.2%, respectively. The lower rate last year was primarily a result of the partial resolution of certain state and local tax matters in the prior year period.
Current wording
The provision for income taxes on continuing operations was $181.2 million and $147.0 million for the nine months ended August 31, 2026 and 2025, respectively, representing an effective tax rate of 20.6%, and 23.8%, respectively. The lower rate was primarily driven by the recognition of excess tax benefits associated with share-based awards, investment tax credits and lower state and local taxes.
Previous wording
At May 31, 2026, goodwill of $1.73 billion (excluding goodwill classified as held for sale) represents 2.2% of total assets. The nature and accounting for goodwill is discussed in 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 and Note 12, Goodwill and Intangible Assets in our consolidated financial statements included in this Quarterly Report on Form 10-Q. Goodwill must be allocated to reporting units and tested for impairment at least annually, or when circumstances or events make it more likely than not that an impairment occurred. Goodwill is tested by comparing the estimated fair value of each reporting unit with its carrying value. Our annual goodwill impairment testing date for a substantial portion of our reporting units is August 1 and November 30 for other identified reporting units. The results of our annual tests did not indicate any goodwill impairment.
Current wording
At August 31, 2026, goodwill of $1.73 billion (excluding goodwill classified as held for sale) represents 2.1% of total assets. The nature and accounting for goodwill is discussed in 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 and Note 12, Goodwill and Intangible Assets in our consolidated financial statements included in this Quarterly Report on Form 10-Q. Goodwill must be allocated to reporting units and tested for impairment at least annually, or when circumstances or events make it more likely than not that an impairment occurred. Goodwill is tested by comparing the estimated fair value of each reporting unit with its carrying value. Our annual goodwill impairment testing date for a substantial portion of our reporting units is August 1 and November 30 for other identified reporting units. The results of our annual tests did not indicate any goodwill impairment.
Previous wording
During the first quarter of 2026, a binding offer to sell our Tessellis reporting unit was accepted. We have evaluated the goodwill allocated to Tessellis and, based on the estimated sales proceeds, recorded an impairment to goodwill of $58.2 million in the first quarter of 2026, which is recognized within Other expenses. At May 31, 2026, the remaining goodwill allocated to our Tessellis reporting unit is $56.1 million.
Current wording
During the first quarter of 2026, a binding offer to sell our Tessellis reporting unit was accepted. We have evaluated the goodwill allocated to Tessellis and, based on the estimated sales proceeds, recorded an impairment to goodwill of $58.2 million in the first quarter of 2026, which is recognized within Other expenses. At August 31, 2026, the remaining goodwill allocated to our Tessellis reporting unit is $55.9 million.
Previous wording
We also own a legacy portfolio of businesses and investments that are reflected as consolidated subsidiaries, equity investments or securities. Over the most recent years, we completed several critical steps to substantially liquidate our legacy Other investments portfolio of businesses. During 2026, we announced the sale of our interest in Tessellis S.p.A., which we anticipate to close during the first quarter of 2027.
Current wording
We also own a legacy portfolio of businesses and investments that are reflected as consolidated subsidiaries, equity investments or securities. Over the most recent years, we completed several critical steps to substantially liquidate our legacy Other investments portfolio of businesses. During 2026, we announced the sale of our interest in Tessellis S.p.A., which we anticipate to close during the first quarter of 2027. Subsequent to August 31, 2026, Stratos Group International, LLC (“Stratos”), a subsidiary of Jefferies, entered into a definitive agreement with AvaTrade Markets Ltd. to sell substantially all of its assets and business operations. The acquired assets are expected to be migrated over the next 120 days.
Previous wording
Total assets at May 31, 2026 and November 30, 2025 were $79.54 billion and $76.01 billion, respectively, an increase of 4.6%. During the three and six months ended May 31, 2026, average total assets were higher by 9.2% and 8.7%, respectively, than total assets at May 31, 2026.
Current wording
Total assets at August 31, 2026 and November 30, 2025 were $81.30 billion and $76.01 billion, respectively, an increase of 7.0%. During the three and nine months ended August 31, 2026, average total assets were higher by 11.8% and 8.3%, respectively, than total assets at August 31, 2026.
Showing the first 40 of 77 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
At August 31, 2026 and November 30, 2025, our borrowings under bank loans in Short-term borrowings were $316.1 million and $533.8 million, respectively. Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on
Current report — wording carried from elsewhere
and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At August 31, 2026, we were in compliance with all covenants under these credit facilities.
Current report — wording carried from elsewhere
On July 10, 2026, SMBC also exchanged 3.8 million shares of Jefferies’ voting common shares for non-voting common shares on a 1:1 basis.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
During the six months ended May 31, 2026, we repurchased a total 7.0 million of our common shares for $371.7 million, or an average price of $53.42 per share, comprised of 5.0 million of our common shares for $264.9 million in the open market under our share repurchase program, and 2.0 million of our common shares for $106.8 million in connection with net-share tax withholding under our equity compensation plan.
Previous report — wording carried elsewhere
Securities financing assets and liabilities include financing for our financial instruments trading activity, matched book transactions and mortgage finance transactions. Matched book transactions accommodate customers, as well as obtain securities for the settlement and financing of inventory positions.
Previous report — wording carried elsewhere
throughout the region. We continue to monitor these and other geopolitical conflicts and assess their potential impact on our business.
Previous report — wording carried elsewhere
were transferred from an Apex-managed CLO warehouse to Apex in anticipation of a CLO closing in January 2026. Apex beneficially owns a portion of the equity tranche and other senior tranches in an amount to comply with applicable securitization risk-retention rules and in certain instances such additional amounts which are not material.