# Jefferies Financial Group Inc. (JEF) Informational only - not investment advice. CIK: 0000096223 SIC: 6211 Security Brokers, Dealers & Flotation Companies SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/) Latest 10-K filed: 2026-01-28 SEC page: https://www.sec.gov/edgar/browse/?CIK=96223 Filing source: https://www.sec.gov/Archives/edgar/data/96223/000009622326000009/jef-20251130.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 10823677000 | USD | 2025 | 2026-01-28 | | Net income | 682045000 | USD | 2025 | 2026-01-28 | | Assets | 76012347000 | USD | 2025 | 2026-01-28 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096223.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 10,875,254,000 | 5,048,906,000 | 5,009,728,000 | 5,358,656,000 | 6,880,447,000 | 8,945,464,000 | 7,149,263,000 | 7,441,399,000 | 10,515,069,000 | 10,823,677,000 | | Net income | 194,321,000 | 252,847,000 | 1,051,076,000 | 962,563,000 | 768,410,000 | 1,677,376,000 | 781,710,000 | 262,388,000 | 716,019,000 | 682,045,000 | | Diluted EPS | 0.34 | 0.45 | 2.90 | 3.03 | 2.65 | 6.13 | 3.06 | 1.10 | 2.99 | 2.83 | | Assets | 45,071,307,000 | 47,169,108,000 | 47,131,095,000 | 49,460,234,000 | 53,118,352,000 | 56,107,311,000 | 51,057,683,000 | 57,905,161,000 | 64,360,309,000 | 76,012,347,000 | | Liabilities | 34,305,849,000 | 36,478,536,000 | 36,907,059,000 | 39,706,945,000 | 43,530,151,000 | 45,377,271,000 | 40,630,743,000 | 48,102,620,000 | 54,134,916,000 | 65,369,738,000 | | Stockholders' equity | 10,128,100,000 | 10,105,957,000 | 10,060,866,000 | 9,579,705,000 | 9,403,893,000 | 10,553,755,000 | 10,232,846,000 | 9,709,827,000 | 10,156,772,000 | 10,574,696,000 | | Cash and cash equivalents | 3,807,558,000 | 5,275,480,000 | 5,258,809,000 | 7,678,821,000 | 9,055,148,000 | 10,755,133,000 | 9,703,109,000 | 8,526,363,000 | 12,153,414,000 | 14,043,889,000 | | Net margin | 1.79% | 5.01% | 20.98% | 17.96% | 11.17% | 18.75% | 10.93% | 3.53% | 6.81% | 6.30% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096223.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-05-31 | | | 0.45 | reported discrete quarter | | 2022-Q3 | 2022-08-31 | | | 0.78 | reported discrete quarter | | 2023-Q1 | 2023-02-28 | | | 0.54 | reported discrete quarter | | 2023-Q2 | 2023-05-31 | 1,651,182,000 | 8,684,000 | 0.05 | reported discrete quarter | | 2023-Q3 | 2023-08-31 | 2,040,915,000 | 53,947,000 | 0.22 | reported discrete quarter | | 2023-Q4 | 2023-11-30 | 1,968,738,000 | 70,433,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-02-29 | 2,551,942,000 | 156,392,000 | 0.66 | reported discrete quarter | | 2024-Q2 | 2024-05-31 | 2,516,296,000 | 154,687,000 | 0.64 | reported discrete quarter | | 2024-Q3 | 2024-08-31 | 2,595,589,000 | 181,039,000 | 0.75 | reported discrete quarter | | 2024-Q4 | 2024-11-30 | 2,851,242,000 | 223,901,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-02-28 | 2,472,864,000 | 136,849,000 | 0.57 | reported discrete quarter | | 2025-Q2 | 2025-05-31 | 2,494,315,000 | 91,395,000 | 0.40 | reported discrete quarter | | 2025-Q3 | 2025-08-31 | 2,907,674,000 | 242,504,000 | 1.01 | reported discrete quarter | | 2025-Q4 | 2025-11-30 | 2,948,824,000 | 211,297,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-02-28 | 2,871,265,000 | 159,346,000 | 0.70 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/96223/000009622326000017/jef-20260228.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-04-07 Report date: 2026-02-28 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report may contain or incorporate by reference certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future and statements that are not historical or current facts. These forward-looking statements are often preceded by the words “should,” “expect,” “believe,” “intend,” “may,” “will,” “would,” “could” or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward- looking statements also include statements pertaining to our strategies for future development of our business and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in this report and other documents we file. You should read and interpret any forward-looking statement together with these documents, including the following: •the description of our business and risk factors contained in our Annual Report on Form 10-K for the year ended November 30, 2025 and filed with the Securities and Exchange Commission (“SEC”) on January 28, 2026; •the discussion of our analysis of financial condition and results of operations contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein; •the discussion of our risk management policies, procedures and methodologies contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Risk Management” herein; •the consolidated financial statements and notes to the consolidated financial statements contained in this report; and •cautionary statements we make in our public documents, reports and announcements. Any forward looking statement speaks only as of the date on which that statement is made. We undertake no obligation to update any forward looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law. Our business, by its nature, does not produce predictable or necessarily recurring earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and our own activities and positions. Consolidated Results of Operations Overview Three Months Ended  February 28, $ in thousands 2026 2025 % Change Net revenues .................................................... $2,017,130 $1,593,019 26.6% Non-interest expenses .................................... 1,804,914 1,441,954 25.2% Earnings from continuing operations before income taxes ........................................ 212,216 151,065 40.5% Income tax expense from continuing operations .......................................................... 52,870 14,216 271.9% Net earnings from continuing operations ..... 159,346 136,849 16.4% Net losses attributable to noncontrolling interests ............................................................. (15,858) (6,983) 127.1% Preferred stock dividends ............................... 19,504 16,039 21.6% Net earnings attributable to common shareholders ..................................................... 155,700 127,793 21.8% Effective tax rate from continuing operations ........................................................ 24.9% 9.4% Executive Summary Three Months Ended February 28, 2026 Versus February 28, 2025 Net earnings attributable to common shareholders were $155.7 million and $127.8 million for the three months ended February 28, 2026 and 2025, respectively. Our effective tax rate was 24.9%, and 9.4% for the three months ended February 28, 2026 and 2025, respectively. The remainder of our “Consolidated Results of Operations” is presented on a detailed product and expense basis. Our “Revenues by Source” is reported along the following business lines: Investment Banking, Equities, Fixed Income and Asset Management. At February 28, 2026, we had 7,596 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 1,578 employees at February 28, 2026 and 1,797 employees at November 30, 2025 of our Stratos, Tessellis, HomeFed and M Science subsidiaries. Revenues by Source We present our results as two reportable business segments: Investment Banking and Capital Markets and Asset Management. Additionally, corporate activities are fully allocated to each of these reportable business segments. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of these costs, including the net interest cost of allocated short- and long-term debt, which is a function of the mix of each business’s associated assets and liabilities and the related funding costs. Debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income items are not considered by management in assessing the financial performance of our operating businesses and are, therefore, not reported as part of our business segment results. 44 Jefferies Financial Group Inc. Three Months Ended February 28, 2026 2025 $ in thousands Amount % of Net Revenues Amount % of Net Revenues % Change Advisory .................................. $527,128 26.2% $397,780 25.0% 32.5% Equity underwriting ............... 305,969 15.2 128,520 8.1 138.1 Debt underwriting .................. 181,858 9.0 199,362 12.5 (8.8) Other investment banking .... 2,338 0.1 (24,970) (1.6) N/M Total Investment Banking ... 1,017,293 50.5 700,692 44.0 45.2 Equities ................................... 558,488 27.7 409,058 25.7 36.5 Fixed income ......................... 220,268 10.9 289,226 18.2 (23.8) Total Capital Markets .......... 778,756 38.6 698,284 43.9 11.5 Total Investment Banking and Capital Markets (1) . 1,796,049 89.1 1,398,976 87.9 28.4 Asset management fees and revenues ................... 69,910 3.5 88,630 5.6 (21.1) Investment return .................. 88,992 4.4 (5,634) (0.4) N/M Allocated net interest (2) ..... (22,238) (1.1) (17,221) (1.1) 29.1 Other investments, inclusive of net interest .. 83,598 4.1 125,940 7.9 (33.6) Total Asset Management .... 220,262 10.9 191,715 12.0 14.9 Other ....................................... 819 — 2,328 0.1 (64.8) Net revenues ......................... $2,017,130 100.0% $1,593,019 100.0% 26.6% N/M — Not Meaningful (1)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. (2)Allocated net interest represents an allocation to Asset Management of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Investment Banking Revenues Investment banking is composed of revenues from: •advisory services with respect to mergers and acquisitions, debt financing, restructurings and private capital transactions; •underwriting services, which include debt underwriting and placement services related to investment grade debt, high yield bonds, leveraged loans, emerging market debt, global structured notes, municipal debt and mortgage-backed and asset-backed securities; equity underwriting and placement services related to equity offerings, preferred stock and equity- linked securities; and loan syndication; •our 50% share of net earnings from our Jefferies Finance joint venture; •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; •securities and loans received or acquired in connection with our investment banking activities; and •certain revenue-sharing agreements with SMBC primarily associated with investment banking transactions. Deals Completed Three Months Ended February 28, 2026 February 28, 2025 Advisory transactions .................................................. 99 92 Public and private equity and convertible offerings . 56 35 Public and private debt financings ............................. 257 213 Aggregate Value Three Months Ended $ in billions February 28, 2026 February 28, 2025 Advisory transactions .................................................. $87.5 $111.8 Public and private equity and convertible offerings . 37.1 22.4 Public and private debt financings ............................. 143.9 147.2 Three Months Ended February 28, 2026 Versus February 28, 2025 Investment banking net revenues were $1.02 billion, up 45.2% compared to $700.7 million for the prior year quarter. Advisory net revenues of $527.1 million were up 32.5% compared to $397.8 million for the prior year quarter, partially driven by increased deal volumes across several sectors. Total underwriting net revenues were $487.8 million, up 48.8% from $327.9 million for the prior year quarter, primarily driven by market share gains and increased activity in Equity underwriting across a range of sectors. Debt underwriting remained solid but decreased compared to the prior year quarter. Other investment banking net revenues were $2.3 million, compared to net revenues of $(25.0) million for the prior year quarter and include mark-to-market net gains on certain investment positions for the current quarter. Performance from our Jefferies Finance joint venture improved and performance from our Berkadia joint venture modestly increased from the prior year quarter. Our investment banking backlog remains strong, although the extent and timing of its realization is always subject to change. Backlog snapshots are subject to limitations as the time frame for the realization of revenues from these expected transactions varies and is influenced by factors we do not control. Transactions not included in the estimate may occur, and expected transactions may be modified or cancelled. Equities Net Revenues Equities is composed of net revenues from: •services provided to our clients from which we earn commissions or spread revenue by executing, settling and clearing transactions for clients; •advisory services offered to clients; •financing, securities lending and other prime brokerage services offered to clients, i [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report may contain or incorporate by reference certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future and statements that are not historical or current facts. These forward-looking statements are often preceded by the words “should,” “expect,” “believe,” “intend,” “may,” “will,” “would,” “could” or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward- looking statements also include statements pertaining to our strategies for future development of our business and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in this report and other documents we file. You should read and interpret any forward-looking statement together with these documents, including the following: •the description of our business contained in this report under the caption “Business”; •the risk factors contained in this report under the caption “Risk Factors”; •the discussion of our analysis of financial condition and results of operations contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein; •the discussion of our risk management policies, procedures and methodologies contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management” herein; •the consolidated financial statements and notes to the consolidated financial statements contained in this report; and •cautionary statements we make in our public documents, reports and announcements. Any forward-looking statement speaks only as of the date on which that statement is made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law. Our business, by its nature, does not produce predictable or necessarily recurring earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and our own activities and positions. For a further discussion of the factors that may affect our future operating results, refer to the risk factors contained in this report under the caption “Risk Factors”. Our results of operations for the years ended November 30, 2025 (“2025”) and November 30, 2024 (“2024”) are discussed below. For a discussion of our results of operations for the year ended November 30, 2023 (“2023”) and our 2024 results of operations as compared to our 2023 results of operations, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report Form 10-K for the year ended November 30, 2024, which was filed with the SEC on January 28, 2025. 17 Jefferies Financial Group Inc. Consolidated Results of Operations Overview $ in thousands 2025 2024 % Change Net revenues .................................................... $7,343,751 $7,034,803 4.4% Non-interest expenses .................................... 6,472,762 6,029,257 7.4% Earnings from continuing operations before income taxes ................................... 870,989 1,005,546 (13.4)% Income tax expense from continuing operations .................................................... 184,570 293,194 (37.0)% Net earnings from continuing operations ..... 686,419 712,352 (3.6)% Net (losses) earnings from discontinued operations, net of income taxes ............... (4,374) 3,667 N/M Net losses attributable to noncontrolling interests ....................................................... (28,430) (27,364) 3.9% Preferred stock dividends ............................... 79,684 74,110 7.5% Net earnings attributable to common shareholders ................................................ 630,791 669,273 (5.7)% Effective tax rate from continuing operations ................................................... 21.2% 29.2% $ in thousands 2024 2023 % Change Net revenues .................................................... $7,034,803 $4,700,417 49.7% Non-interest expenses .................................... 6,029,257 4,346,148 38.7% Earnings from continuing operations before income taxes ................................... 1,005,546 354,269 183.8% Income tax expense from continuing operations .................................................... 293,194 91,881 219.1% Net earnings from continuing operations ..... 712,352 262,388 171.5% Net losses from discontinued operations, net of income taxes .................................... 3,667 — N/M Net losses attributable to noncontrolling interests ....................................................... (27,364) (14,846) 84.3% Net losses attributable to redeemable noncontrolling interests ............................. — (454) (100.0)% Preferred stock dividends ............................... 74,110 14,616 407.0% Net earnings attributable to common shareholders ................................................ 669,273 263,072 154.4% Effective tax rate from continuing operations ................................................... 29.2% 25.9% N/M — Not Meaningful Executive Summary Year Ended November 30, 2025 Versus November 30, 2024 Net earnings attributable to common shareholders were $630.8 million and $669.3 million for the year ended November 30, 2025 and 2024, respectively. Our effective tax rate was 21.2%, and 29.2% for the year ended November 30, 2025 and 2024, respectively. The remainder of our “Consolidated Results of Operations” is presented on a detailed product and expense basis. Our “Revenues by Source” is reported along the following business lines: Investment Banking, Equities, Fixed Income and Asset Management. At November 30, 2025, we had 7,787 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,822 at November 30, 2024. Included within our global headcount are 1,797 employees at November 30, 2025 and 2,063 employees at November 30, 2024 of our Stratos, Tessellis, HomeFed and M Science subsidiaries. Revenues by Source We present our results as two reportable business segments: Investment Banking and Capital Markets and Asset Management. Additionally, corporate activities are fully allocated to each of these reportable business segments. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of these costs, including the net interest cost of allocated short- and long-term debt, which is a function of the mix of each business’s associated assets and liabilities and the related funding costs. Debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income items are not considered by management in assessing the financial performance of our operating businesses and are, therefore, not reported as part of our business segment results. 2025 2024 $ in thousands Amount % of Net Revenues Amount % of Net Revenues % Change Advisory ................................. $2,145,421 29.2% $1,811,634 25.8% 18.4% Equity underwriting ............... 771,890 10.5 799,804 11.4 (3.5) Debt underwriting .................. 870,007 11.8 689,227 9.8 26.2 Other investment banking .... 2,981 — 144,122 2.0 (97.9) Total Investment Banking ... 3,790,299 51.5 3,444,787 49.0 10.0 Equities ................................... 1,907,866 26.0 1,592,793 22.6 19.8 Fixed income ......................... 909,869 12.4 1,166,761 16.6 (22.0) Total Capital Markets .......... 2,817,735 38.4 2,759,554 39.2 2.1 Total Investment Banking and Capital Markets (1) . 6,608,034 89.9 6,204,341 88.2 6.5 Asset management fees and revenues .................. 140,914 1.9 103,488 1.5 36.2 Investment return .................. 177,814 2.4 212,209 3.0 (16.2) Allocated net interest (2) ..... (76,045) (1.0) (62,135) (1.0) 22.4 Other investments, inclusive of net interest .. 467,533 6.4 550,107 7.8 (15.0) Total Asset Management .... 710,216 9.7 803,669 11.3 (11.6) Other ....................................... 25,501 0.3 26,793 0.5 (4.8) Net revenues ......................... $7,343,751 100.0% $7,034,803 100.0% 4.4% 2024 2023 $ in thousands Amount % of Net Revenues Amount % of Net Revenues % Change Advisory .................................. $1,811,634 25.8% $1,198,916 25.5% 51.1% Equity underwriting ............... 799,804 11.4 560,243 11.9 42.8 Debt underwriting .................. 689,227 9.8 410,208 8.7 68.0 Other investment banking .... 144,122 2.0 102,851 2.2 40.1 Total Investment Banking ... 3,444,787 49.0 2,272,218 48.3 51.6 Equities ................................... 1,592,793 22.6 1,139,425 24.2 39.8 Fixed income ......................... 1,166,761 16.6 1,092,736 23.2 6.8 Total Capital Markets .......... 2,759,554 39.2 2,232,161 47.4 23.6 Total Investment Banking and Capital Markets (1) . 6,204,341 88.2 4,504,379 95.7 37.7 Asset management fees and revenues ................... 103,488 1.5 93,678 2.0 10.5 Investment return .................. 212,209 3.0 154,461 3.3 37.4 Allocated net interest (2) ..... (62,135) (1.0) (49,519) (1.1) 25.5 Other investments, inclusive of net interest .. 550,107 7.8 (10,275) (0.2) N/M Total Asset Management .... 803,669 11.3 188,345 4.0 326.7 Other ....................................... 26,793 0.5 7,693 0.3 248.3 Net revenues ......................... $7,034,803 100.0% $4,700,417 100.0% 49.7% N/M — Not Meaningful (1)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. (2)Allocated net interest represents an allocation to Asset Management of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and November 2025 Form 10-K 18 Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Beginning in the fourth quarter of 2024, revenues from corporate equity derivative transactions historically included within Other investment banking net revenues were reclassified to Equities net revenues as the underlying business has matured and has started to generate meaningful revenues. Prior year amounts have been revised to conform to this reclassification change to the current year reporting. Investment Banking Revenues Investment banking is composed of revenues from: •advisory services with respect to mergers and acquisitions, debt financing, restructurings and private capital transactions; •underwriting services, which include debt underwriting and placement services related to investment grade debt, high yield bonds, leveraged loans, emerging market debt, global structured notes, municipal debt, mortgage-backed and asset- backed securities; equity underwriting and placement services related to equity offerings, preferred stock, and equity-linked securities; and loan syndication; •our 50% share of net earnings from our Jefferies Finance joint venture; •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; •Foursight, our wholly-owned subsidiary engaged in the lending and servicing of automobile loans (until the sale in April 2024); •securities and loans received or acquired in connection with our investment banking activities; and •certain revenue-sharing agreements with SMBC primarily associated with investment banking transactions. Deals Completed 2025 2024 2023 Advisory transactions ...................................... 392 364 287 Public and private equity and convertible offerings ........................................................ 215 243 182 Public and private debt financings ................. 1,115 1,080 699 Aggregate Value $ in billions 2025 2024 2023 Advisory transactions ...................................... $435.5 $359.2 $259.1 Public and private equity and convertible offerings ........................................................ 100.6 83.5 59.6 Public and private debt financings ................. 532.0 516.1 213.6 Year Ended November 30, 2025 Versus November 30, 2024 Investment banking net revenues were $3.79 billion, up 10.0% compared to $3.44 billion for the prior year period. Advisory net revenues of $2.15 billion reflect a record year, an increase of 18.4% compared to $1.81 billion for the prior year period, driven by market share gains and increased overall market opportunity. Total underwriting net revenues were $1.64 billion, up 10.3% compared to $1.49 billion for the prior year period. Solid net revenues in Debt underwriting were driven by an increase in mergers and acquisition activity across most sectors and collateralized loan origination activity. Equity underwriting net revenues declined due to reduced transaction activity across most sectors, reflecting a broad industry slowdown in the first- half of 2025. However, by June, market conditions began to strengthen and transaction volumes accelerated as economic and market clarity improved. Over 40% of our annual Equity underwriting net revenues were generated in the fourth quarter of 2025. Other investment banking net revenues were $3.0 million, compared to net revenues of $144.1 million for the prior year period. A significant portion of the decrease is attributable to the prior year’s inclusion of Foursight’s operating revenues as well as the gain on the sale of Foursight in April 2024. The current year also includes mark-to-market net losses on certain investment positions compared to mark-to-market net gains in the prior year period. Additionally, performance of our Berkadia joint venture increased while performance of our Jefferies Finance joint venture was lower than the prior year period. Our investment banking momentum and backlog remains strong, continuing the trend we saw during the second half of 2025, although the extent and timing of its realization is always subject to change. Backlog snapshots are subject to limitations as the time frame for the realization of revenues from these expected transactions varies and is influenced by factors we do not control. Transactions not included in the estimate may occur, and expected transactions may be modified or cancelled. Equities Net Revenues Equities is composed of net revenues from: •services provided to our clients from which we earn commissions or spread revenue by executing, settling and clearing transactions for clients; •advisory services offered to clients; •financing, securities lending and other prime brokerage services offered to clients, including capital introductions and outsourced trading; •corporate equity derivative transactions; and •wealth management services. Year Ended November 30, 2025 Versus November 30, 2024 Equities net revenues were a record $1.91 billion, up 19.8% compared to $1.59 billion for the prior year period, as market share gains and overall strong client activity drove stronger results in our prime services, global electronic trading, Europe and Asia equity cash, equity options and corporate derivatives businesses, many of which have been key areas of focus and investment in prior years. These increases were partially offset by lower revenues from our U.S. equity cash business. Fixed Income Net Revenues Fixed income is composed of net revenues from: •executing transactions for clients and making markets in securitized products, investment grade, high-yield, distressed, emerging markets, municipal, sovereign and emerging markets securities and loans; •customized products and corporate hedging and foreign currency solutions through derivative products; and •financing and other structuring services. 19 Jefferies Financial Group Inc. Year Ended November 30, 2025 Versus November 30, 2024 Fixed income net revenues were $909.9 million, down 22.0% compared to $1.17 billion for the prior year period, as a result of lower global activity levels and volatility in credit spreads for the first-half of 2025 meaningfully impacting the overall trading environment. Strong results from our global structured solutions business were offset by lower results in our distressed trading, municipals, emerging markets, corporates and rates businesses. Asset Management We operate a diversified alternative asset management platform through our Leucadia Asset Management division that provides institutional clients with a broad range of investment strategies, both directly and through our strategic affiliated asset managers. Certain affiliated managers also benefit from access to our global marketing and distribution platform, as well as operational infrastructure and support. Our asset management business makes seed and additional strategic investments directly in alternative asset management separately managed accounts and co-mingled funds where we act as the asset manager or in affiliated asset managers where we have strategic relationships and participate in the revenues or profits of the affiliated manager. Asset management fees and revenues primarily consist of: •Management and performance fees from funds and accounts managed by us; •Placement and distribution fees for raising capital from investors; and •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. Fees and revenues are generally tied to the value of assets under management and the performance of those assets. Performance-based fees are earned when returns exceed specified benchmarks or performance targets and are typically recognized annually generally in our first quarter, once they become fixed and determinable and are not subject to significant reversal. We also generate an investment return from capital invested in our managed funds and in funds managed by our affiliated asset managers. Additionally, we earn revenues from other investments, including our portfolio of real estate development activities, foreign exchange trading, and telecommunications operations. $ in thousands 2025 2024 % Change Asset management fees and other .. $67,719 $50,700 33.6% Revenue from strategic affiliates (1) 73,195 52,788 38.7% Total asset management fees and revenues .......................................... 140,914 103,488 36.2% Investment return ................................ 177,814 212,209 (16.2)% Allocated net interest .......................... (76,045) (62,135) 22.4% Other investments ............................... 467,533 550,107 (15.0)% Total Asset Management .................. $710,216 $803,669 (11.6)% $ in thousands 2024 2023 % Change Asset management fees: Asset management fees and other .. $50,700 $33,867 49.7% Revenue from strategic affiliates (1) 52,788 59,811 (11.7)% Total asset management fees and revenues .......................................... 103,488 93,678 10.5% Investment return ................................ 212,209 154,461 37.4% Other investments ............................... 550,107 (10,275) N/M Allocated net interest .......................... (62,135) (49,519) 25.5% Total Asset Management .................. $803,669 $188,345 326.7% N/M — Not Meaningful (1)Amounts include our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements, as well as earnings on our ownership interest in affiliated asset managers. Year Ended November 30, 2025 Versus November 30, 2024 Asset management fees and revenues were $140.9 million, up 36.2% compared to $103.5 million for the prior year period, primarily reflecting higher performance fees on funds managed by us and through our strategic affiliates. Investment return was $177.8 million, down 16.2% compared to $212.2 million for the prior year period, primarily driven by a pre- tax loss of $30.0 million related to our investment in Point Bonita. Other investments net revenues were $467.5 million, down 15.0% compared to $550.1 million for the prior year period, as performance from Stratos and HomeFed was lower than the prior year period, as well as net losses recognized on certain investments in the current year period compared to net gains in the prior year period. Assets Under Management Assets under management (“AUM”) represents the assets we manage or are managed by our affiliated asset managers with whom we have revenue sharing arrangements. AUM primarily refers to the basis of assets from which we are entitled to earn fees and revenues though the measure also includes funds and separately managed accounts for which we do not charge fees. AUM includes: •the net asset value of a fund or separately managed account managed by us or our affiliated managers and may include an agreed target AUM utilizing leverage; •unfunded capital commitments to a fund; and •the fair value of any invested capital in our consolidated funds or separately managed accounts. Net asset value generally refers to the fair value the assets less the liabilities of a fund or account. November 2025 Form 10-K 20 Assets under management: $ in millions 2025 2024 Net asset value seeded by us: Jefferies funds or separately managed accounts .............................................................. $358 $377 Our affiliates funds or separately managed accounts .............................................................. 1,741 1,384 Total net asset value of Jefferies’ invested capital (1) ............................................................. 2,099 1,761 Fair value of investment purchased with leverage ................................................................ 699 895 Total AUM attributed to Jefferies as investor .... $2,798 $2,656 Net asset value of third-party investors: Jefferies funds or separately managed accounts (2) ........................................................ 2,462 2,596 Our affiliates funds or separately managed accounts (3) ........................................................ 25,387 22,515 Total AUM attributed to third-party investors .... $27,849 $25,111 Unfunded capital commitments ............................ 195 250 Aggregated AUM ..................................................... $30,842 $28,017 (1)Revenues related to the investments made by us are presented in Investment return within the results of our asset management businesses. (2)We earn asset management fees as a result of the third-party investments, which are presented in Asset management fees and revenues within the results of our asset management business. (3)Revenues from our share of fees received by affiliated asset managers are presented in Revenue from strategic affiliates within the results of our asset management business. November 30, 2024 includes an adjustment of $3.02 billion. Our definition of assets under management may differ from the calculations of other asset managers; and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of AUM may differ from that referenced in any of our investment management agreements, differs from the manner in which “Regulatory Assets Under Management” is reported to the SEC on Form ADV, and includes assets for which we do not act as an asset manager. 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 $174.0 million and $81.0 million at November 30, 2025 and November 30, 2024, respectively. Other Other revenues include foreign currency transaction gains or losses, debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans or certain other corporate income items that are not attributed to business segments as management does not consider such amounts in assessing the financial performance of our operating businesses. Non-interest Expenses $ in thousands 2025 2024 % Change Compensation and benefits ........... $3,860,255 $3,659,588 5.5% Brokerage and clearing fees .......... 489,203 432,721 13.1 Underwriting costs .......................... 85,838 68,492 25.3 Technology and communications 598,187 546,655 9.4 Occupancy and equipment rental . 126,414 118,611 6.6 Business development ................... 335,683 283,459 18.4 Professional services ..................... 313,821 296,204 5.9 Depreciation and amortization ...... 192,281 190,326 1.0 Cost of sales .................................... 190,934 206,283 (7.4) Other .................................................. 280,146 226,918 23.5 Total non-interest expenses ......... $6,472,762 $6,029,257 7.4% $ in thousands 2024 2023 % Change Compensation and benefits ........... $3,659,588 $2,535,272 44.3% Brokerage and clearing fees .......... 432,721 366,702 18.0 Underwriting costs .......................... 68,492 61,082 12.1 Technology and communications 546,655 477,028 14.6 Occupancy and equipment rental . 118,611 106,051 11.8 Business development ................... 283,459 177,541 59.7 Professional services ..................... 296,204 266,447 11.2 Depreciation and amortization ...... 190,326 112,201 69.6 Cost of sales .................................... 206,283 29,435 600.8 Other .................................................. 226,918 214,389 5.8 Total non-interest expenses ......... $6,029,257 $4,346,148 38.7% Total Non-interest Expenses Year Ended November 30, 2025 Versus November 30, 2024 Non-interest expenses were $6.47 billion, an increase of 7.4%, compared to $6.03 billion for the prior year. Compensation and Benefits Compensation and benefits expense consists of salaries, benefits, commissions, annual cash compensation and share- based awards and the amortization of share-based and cash compensation awards to employees. Cash and share-based awards granted to employees may contain provisions such that employees who terminate their employment or are terminated without cause may continue to vest in their awards, so long as those awards are not forfeited as a result of other forfeiture provisions (primarily non-compete clauses) of those awards. Accordingly, the compensation expense for a portion of awards granted at year end as part of annual compensation is recorded during the year of the award. Compensation and benefits expense includes amortization expense associated with these awards to the extent vesting is contingent on future service. In addition, certain awards to our Chief Executive Officer and our President contain performance conditions and the awards are amortized over their service periods. Compensation and benefits expense for 2025 was $3.86 billion compared to $3.66 billion for 2024. A significant portion of our compensation expense is highly variable with net revenues. Compensation and benefits expense as a percentage of Net revenues was 52.6% for 2025 compared with 52.0% for 2024. Compensation expense related to the amortization of share- and cash-based awards amounted to $621.5 million for 2025 compared to $513.7 million for 2024. 21 Jefferies Financial Group Inc. At November 30, 2025, we had 7,787 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,822 at November 30, 2024. Included within our global headcount are 1,797 employees at November 30, 2025 and 2,063 employees at November 30, 2024 of our Stratos, Tessellis, HomeFed, and M Science subsidiaries. Non-interest Expenses (Excluding Compensation and Benefits) Year Ended November 30, 2025 Versus November 30, 2024 Non-compensation expenses as a percentage of Net revenues was 35.6% compared to 33.7% for the current year and the prior year period, respectively, and was impacted by the following: •Brokerage and clearing fees were higher by $56.5 million primarily due to increased global equities trading volumes, as we continue to gain market share globally. •Technology and communication were higher by $51.5 million related to the continued development of various trading and management systems as well as higher data related costs in investment banking. •Business development was higher by $52.2 million due to increased deal related costs and increased expenses related to business travel, conferences and other events. •Other expenses were higher by $53.2 million compared to the prior year period, as charitable donations increased $17.0 million compared to the prior year period. Other expenses for the current year also include a write-down on certain assets held for sale. Other expenses for the prior year period include bad debt expenses of $26.2 million largely related to the shutdown of Weiss. In addition, the prior year period includes activity from Foursight, which was sold in April 2024. Income Taxes Year Ended November 30, 2025 Versus November 30, 2024 The provision for income taxes on continuing operations was $184.6 million and $293.2 million for the year ended November 30, 2025 and 2024, respectively, representing an effective tax rate of 21.2%, and 29.2%, respectively. The lower rate was primarily driven by the resolution of certain state and local tax matters. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA permanently extends and modifies certain domestic and international provisions from the 2017 Tax Cuts and Jobs Act and phases out certain provisions from the 2022 Inflation Reduction Act. Certain domestic provisions have retroactive effects beginning in 2025, while the international provisions are generally effective for years beginning after December 31, 2025. The OBBBA did not materially impact our fiscal 2025 results. Business Developments On September 19, 2025, we and the SMBC Group announced a significant expansion of our strategic alliance originally established in 2021. Key provisions include: •The planned formation of a joint venture in Japan to integrate our global equities platform with SMBC Group’s domestic equity research, sales, trading, and equity capital markets businesses, expected to launch in January 2027; •Expansion of joint sponsor coverage in EMEA, targeting larger sponsors with our combined investment banking and corporate banking capabilities; •SMBC Group’s intent to increase its economic ownership from 14.5% to up to 20% (on an as-converted and fully diluted basis), while maintaining less than 5% voting interest; and •SMBC Group’s commitment to provide approximately $2.5 billion in new credit facilities to us and Jefferies Finance. These initiatives are designed to deepen the partnership, leverage complementary strengths, and deliver enhanced services to clients. 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 with approximately $18.0 billion of assets under management. We will contribute our existing revenue share, a portion of our interest in an existing Hildene-managed fund, and $340.0 million in cash for our interest. Hildene’s principals will contribute their ownership interests and approximately $250.0 million of fund and related equity interests. Additionally, subsequent to the transaction, Hildene’s insurance underwriting and annuity reinsurance will expand. Closing is expected in the third quarter of 2026, subject to customary approvals. Accounting Developments For a discussion of recently issued accounting developments and their impact on our consolidated financial statements, refer to Note 3, Accounting Developments in our consolidated financial statements included in this Annual Report on Form 10-K. Critical Accounting Estimates Our consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and related notes. Actual results can and may differ from estimates. These differences could be material to our consolidated financial statements. We believe our application of U.S. GAAP and the associated estimates are reasonable. Our accounting estimates are reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. For further discussions of the following significant accounting policies and other significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in this Annual Report on Form 10- K. November 2025 Form 10-K 22 Valuation of Financial Instruments Financial instruments owned and Financial instruments sold, not yet purchased are recorded at fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Unrealized gains or losses are generally recognized in Principal transactions revenues in our Consolidated Statements of Earnings. For information on the composition of our Financial instruments owned and Financial instruments sold, not yet purchased recorded at fair value, refer to Note 5, Fair Value Disclosures in our consolidated financial statements included in this Annual Report on Form 10-K. Fair Value Hierarchy – In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs, where Level 1 uses observable prices in active markets and Level 3 uses valuation techniques that generally incorporate significant unobservable inputs. Greater use of management judgment is required in determining fair value when inputs are less observable or unobservable in the marketplace, such as when the volume or level of trading activity for a financial instrument has decreased and when certain factors suggest that observed transactions may not be reflective of orderly market transactions. Judgment must be applied in determining the appropriateness of available prices, particularly in assessing whether available data reflects current prices and/or reflects the results of recent market transactions. Prices or quotes are weighed when estimating fair value with greater reliability placed on information from transactions that are considered to be representative of orderly market transactions. Fair value is a market-based measure; therefore, when market observable inputs are not available, our judgment is applied to reflect those judgments that a market participant would use in valuing the same asset or liability. The availability of observable inputs can vary for different products. We use prices and inputs that are current as of the measurement date even in periods of market disruption or illiquidity. The valuation of financial instruments categorized within Level 3 of the fair value hierarchy involves the greatest extent of management judgment. Refer to Note 2, Summary of Significant Accounting Policies and Note 5, Fair Value Disclosures in our consolidated financial statements included in this Annual Report on Form 10-K for further information on the definitions of fair value, Level 1, Level 2 and Level 3 and related valuation techniques. For information on the composition of our Financial instruments owned and Financial instruments sold, not yet purchased recorded at fair value and the composition of activity of our Level 3 assets and Level 3 liabilities, refer to Note 5, Fair Value Disclosures in our consolidated financial statements included in this Annual Report on Form 10-K. Controls Over the Valuation Process for Financial Instruments – Our Independent Price Verification Group, independent of the trading function, plays an important role in determining that our financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Income Taxes Significant judgment is required in estimating our provision for income taxes. In determining the provision for income taxes, we must make judgments and interpretations about how to apply inherently complex tax laws to numerous transactions and business events. In addition, we must make estimates about the amount, timing and geographic mix of future taxable income, which includes various tax planning strategies to utilize tax attributes and deferred tax assets before they expire. We record a valuation allowance to reduce our net deferred tax asset to the amount that is more likely than not to be realized. We are required to consider all available evidence, both positive and negative, and to weigh the evidence when determining whether a valuation allowance is required and the amount of such valuation allowance. Generally, greater weight is required to be placed on objectively verifiable evidence when making this assessment, in particular on recent historical operating results. We also record reserves for unrecognized tax benefits based on our assessment of the probability of successfully sustaining tax filing positions. Management exercises significant judgment when assessing the probability of successfully sustaining tax filing positions, and in determining whether a contingent tax liability should be recorded and if so, estimating the amount. If our tax filing positions are successfully challenged, payments could be required that are in excess of reserved amounts or we may be required to reduce the carrying amount of our net deferred tax asset, either of which could be significant to our financial condition or results of operations. Impairment of Equity Method Investments We evaluate equity method investments for impairment when operating losses or other factors may indicate a decrease in value which is other than temporary. We consider a variety of factors including economic conditions nationally and in an investment’s geographic area of operation, adverse changes in the industry in which an investment operates, declines in business prospects, deterioration in earnings, increasing costs of operations and other relevant factors specific to the investee. Whenever we believe conditions or events indicate that one of these investments might be significantly impaired, we generally obtain from such investee updated cash flow projections and obtain other relevant information related to assessing the overall valuation of the investee. Utilizing this information, we assess whether the investment is considered to be other-than-temporarily impaired. To the extent an investment is deemed to be other-than-temporarily impaired, an impairment charge is recognized for the amount, if any, by which the investment’s book value exceeds our estimate of the investment’s fair value. 23 Jefferies Financial Group Inc. In the first quarter of 2023, we performed a valuation of our equity method investment in Golden Queen as forecasts of the expected future production of gold and silver from its mine had declined from previous periods. Our estimate of fair value was based on a discounted cash flow analysis, which included management’s projections of future Golden Queen cash flows and a discount rate of 11.0%. As a result, an impairment loss of $22.1 million was recorded in Other income for the three months ended February 28, 2023. During the three months ended May 31, 2023, we recognized an additional impairment loss of $7.3 million primarily due to further declines in cash flows at Golden Queen During the three months ended August 31, 2023, we recognized an additional impairment loss of $27.8 million primarily based on our estimate of what could be recognized in a sale transaction for the investment. In the fourth quarter of 2023, we sold Golden Queen and recognized a gain of $1.7 million on the sale. Goodwill At November 30, 2025, goodwill recorded in our Consolidated Statements of Financial Condition is $1.84 billion (2.4% of total assets). The nature and accounting for goodwill is discussed in Note 2, Summary of Significant Accounting Policies, and Note 12, Goodwill and Intangible Assets, in our consolidated financial statements included in this Annual Report on Form 10-K. 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. Estimating the fair value of a reporting unit requires management judgment and often involves the use of estimates and assumptions that could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Estimated fair values for our reporting units utilize market valuation methods that incorporate price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. Under the market valuation approach, the key assumptions are the selected multiples and our internally developed projections of future profitability, growth and return on equity for each reporting unit. The weight assigned to the multiples requires judgment in qualitatively and quantitatively evaluating the size, profitability and the nature of the business activities of the reporting units as compared to the comparable publicly-traded companies. Under the income approach the key assumptions include our internally developed projections of future cash flows, growth rates, and risk adjusted discount rates which are sensitive to the interest rate environment and capital market conditions. The valuation methodology for our reporting units is sensitive to management’s forecasts of future profitability, which are a significant component of the valuation and come with a level of uncertainty regarding trading volumes and capital market transaction levels. In addition, as the fair values determined under the market valuation approach represent a noncontrolling interest, we apply a control premium to arrive at the estimate fair value of each reporting unit on a controlling basis. We use allocated tangible equity plus allocated goodwill and intangible assets for the carrying amount of each reporting unit. The amount of tangible equity allocated to a reporting unit is based on our cash capital model deployed in managing our businesses, which seeks to approximate the capital a business would require if it were operating independently. For further information on our Cash Capital Policy, refer to the Liquidity, Financial Condition and Capital Resources section herein. Intangible assets are allocated to a reporting unit based on either specifically identifying a particular intangible asset as pertaining to a reporting unit or, if shared among reporting units, based on an assessment of the reporting unit’s benefit from the intangible asset in order to generate results. For certain of our reporting units included within Other investments we may first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If we determine on the basis of this qualitative assessment that it is not more likely than not that a reporting unit’s fair value is less than its carrying amount, we place reliance on our qualitative assessment and no quantitative calculation of the fair value of the reporting unit is performed. Carrying values of goodwill by reporting unit: November 30, $ in millions 2025 2024 Investment banking ................................................................... $702.0 $700.7 Equities and wealth management ........................................... 255.9 255.4 Fixed income .............................................................................. 578.0 576.9 Asset management ................................................................... 143.0 143.0 Other investments ..................................................................... 158.7 151.9 Total............................................................................................. $1,837.6 $1,827.9 The results of our annual assessments indicated that all of our reporting units had a fair value in excess of their carrying amounts. Our valuation methodologies and the assessment of qualitative factors are sensitive to management’s forecasts of future probability. At November 30, 2025, our Stratos reporting unit with allocated goodwill of $5.5 million is the most sensitive to the forecast assumptions used in our market approach valuation. Reductions in trading volumes and/or a decline in performance from the expected levels assumed in our forecast could cause a decline in the estimated fair value of our Stratos reporting unit and a resulting impairment of a portion of our goodwill. Refer to Note 4, Business Acquisitions and Discontinued Operations and Note 12, Goodwill and Intangible Assets in our consolidated financial statements included in this Annual Report on Form 10-K for further details on goodwill. Liquidity, Financial Condition and Capital Resources Our CFO and Global Treasurer are responsible for developing and implementing our liquidity, funding and capital management strategies. These policies are determined by the nature and needs of our day-to-day business operations, business opportunities, regulatory obligations, and liquidity requirements. November 2025 Form 10-K 24 Our actual levels of capital, total assets and financial leverage are a function of a number of factors, including asset composition, business initiatives and opportunities, regulatory requirements, rating agency ratios and cost and availability of both long term and short-term funding. We have historically maintained a balance sheet consisting of a large portion of our total assets in cash and liquid marketable securities. The liquid nature of these assets provides us with flexibility in financing and managing our business. 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, including the sales of Foursight in April 2024 and the wholesale operations of OpNet in August 2024. In keeping with our strategy of returning excess liquidity to shareholders, during the year ended November 30, 2025, we returned an aggregate of $432.6 million to shareholders primarily in the form of $374.1 million in cash dividends and the repurchase of 735,426 common shares for a total of $58.5 million at a weighted average price of $79.57 per share in connection with the net share settlement for tax purposes of stock awards under our equity compensation plans. We maintain modest leverage to support our investment grade ratings. The growth of our balance sheet is supported by our equity and we have quantitative metrics in place to monitor leverage and double leverage. Our capital plan is robust, in order to sustain our operating model through stressed conditions. We maintain adequate financial resources to support business activities in both normal and stressed market conditions, including a buffer in excess of our regulatory, or other internal or external, requirements. Our access to funding and liquidity is stable and efficient to ensure that there is sufficient liquidity to meet our financial obligations in normal and stressed market conditions. In January 2026, we issued $1.5 billion aggregate principal amount of 5.500% Senior Notes due 2036. Our Balance Sheet A business unit level balance sheet and cash capital analysis are prepared and reviewed with senior management on a weekly basis. As a part of this balance sheet review process, capital is allocated to all assets and gross balance sheet limits are adjusted, as necessary. This process ensures that the allocation of capital and costs of capital are incorporated into business decisions. The goals of this process are to protect the firm’s platform, enable our businesses to remain competitive, maintain the ability to manage capital proactively and hold businesses accountable for both balance sheet and capital usage. We actively monitor and evaluate our financial condition and the composition of our assets and liabilities. We continually monitor our overall securities inventory, including the inventory turnover rate, which confirms the liquidity of our overall assets. A significant portion of our financial instruments are valued on a daily basis and we monitor and employ balance sheet limits for our various businesses. November 30, $ in millions 2025 2024 % Change Total assets ........................................... $76,012.3 $64,360.3 18.1% Cash and cash equivalents .................. 14,043.9 12,153.4 15.6 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .................................... 917.7 1,132.6 (19.0) Financial instruments owned .............. 27,722.7 24,138.3 14.8 Financial instruments sold, not yet purchased ......................................... 13,320.2 11,007.3 21.0 Total Level 3 assets .............................. 737.8 734.2 0.5 Securities borrowed .............................. $8,295.2 $7,213.4 15.0% Securities purchased under agreements to resell ........................ 8,449.1 6,179.7 36.7 Total securities borrowed and securities purchased under     agreements to resell ....................... $16,744.3 $13,393.1 25.0% Securities loaned ................................... $2,540.8 $2,540.9 —% Securities sold under agreements to repurchase ........................................ 12,156.7 12,337.9 (1.5) Total securities loaned and securities sold under agreements to repurchase ................................... $14,697.5 $14,878.8 (1.2)% Total assets at November 30, 2025 and 2024 were $76.01 billion and $64.36 billion, respectively, an increase of 18.1%. During the year ended November 30, 2025, average total assets were higher by 5.1% than total assets at November 30, 2025. Our total Financial instruments owned inventory was $27.72 billion and $24.14 billion at November 30, 2025 and 2024, respectively. During the year ended November 30, 2025, our total Financial instruments owned increased primarily due to increased client facilitation trades in corporate equity securities largely in connection with our growing prime brokerage business, derivative contracts and loans at fair value, partially offset by a decrease in U.S. government and agency securities. Financial instruments sold, not yet purchased inventory was $13.32 billion at November 30, 2025, an increase of 21.0% from $11.01 billion at November 30, 2024, with the increase primarily driven by increases in corporate equity securities and derivative contracts, partially offset by a decrease in U.S. government and agency securities. Our overall net inventory position was $14.40 billion and $13.13 billion at November 30, 2025 and 2024, respectively, with the increase primarily due to increases in derivative contracts, investments at fair value and corporate debt. Level 3 assets: $ in millions November 30,  2025 Percent November 30, 2024 Percent Investment Banking ............ $111.7 15.1% $146.7 20.0% Equities and Fixed Income . $343.6 46.7 312.2 42.5 Asset Management (1) ....... $230.5 31.2 256.2 34.9 Other ...................................... $52.0 7.0 19.1 2.6 Total ...................................... $737.8 100.0% $734.2 100.0% (1)At November 30, 2025 and 2024, $195.8 million and $218.3 million, respectively, are attributed to Other investments within our Asset Management reportable segment. 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. Our average month end balance of total reverse repos and stock borrows during year ended November 30, 2025 was 23.4% higher than the balance at November 30, 2025. Our average month end 25 Jefferies Financial Group Inc. balance of total repos and stock loans during the year ended November 30, 2025 was 34.4% higher than the balance at November 30, 2025. Select information related to repurchase agreements: Year Ended November 30, $ in millions 2025 2024 Securities Purchased Under Agreements to Resell: Year end .............................................................. $8,449 $6,180 Month end average ............................................ 10,526 8,910 Maximum month end ........................................ 14,927 10,978 Securities Sold Under Agreements to Repurchase: Year end .............................................................. $12,157 $12,338 Month end average ............................................ 16,497 15,197 Maximum month end ........................................ 19,785 20,971 Fluctuations in the balance of our repurchase agreements from period to period and intraperiod are dependent on business activity in those periods. Additionally, the fluctuations in the balances of our securities purchased under agreements to resell are influenced in any given period by our clients’ balances and our clients’ desires to execute collateralized financing arrangements via the repurchase market or via other financing products. Average balances and period end balances will fluctuate based on market and liquidity conditions and we consider the fluctuations intraperiod to be typical for the repurchase market. Leverage Ratios: November 30, $ in millions 2025 2024 Total assets .................................................................. $76,012 $64,360 Total equity ................................................................... $10,642 $10,225 Total shareholders’ equity .......................................... $10,575 $10,157 Deduct: Goodwill and intangible assets, net ............ (2,040) (2,054) Tangible shareholders’ equity ................................... $8,535 $8,103 Leverage ratio (1) ......................................................... 7.1 6.3 Tangible gross leverage ratio (2) ............................... 8.7 7.7 (1)Leverage ratio equals total assets divided by total equity. (2)Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and identifiable intangible assets, net divided by tangible shareholders’ equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. Liquidity Management The key objectives of the liquidity management framework are to support the successful execution of our business strategies while ensuring sufficient liquidity through the business cycle and during periods of financial and idiosyncratic distress. Our liquidity management policies are designed to mitigate the potential risk that we may be unable to access adequate financing to service our financial obligations without material franchise or business impact. The principal elements of our liquidity management framework are our Cash Capital Policy, our assessment of Modeled Liquidity Outflow (“MLO”) and our Contingency Funding Plan (“CFP”). Liquidity Management Framework. Our Liquidity Management Framework is based on a model of a potential liquidity contraction over a one-year time period. This incorporates potential cash outflows during a market or our idiosyncratic liquidity stress event, including, but not limited to, the following: •Repayment of all unsecured debt maturing within one year and no incremental unsecured debt issuance; •Maturity rolloff of outstanding letters of credit with no further issuance and replacement with cash collateral; •Higher margin requirements than currently exist on assets on securities financing activity, including repurchase agreements and other secured funding including central counterparty clearinghouses; •Liquidity outflows related to possible credit downgrade; •Lower availability of secured funding; •Client cash withdrawals; •The anticipated funding of outstanding investment and loan commitments; and •Certain accrued expenses and other liabilities and fixed costs. Cash Capital Policy. We maintain a cash capital model that measures long-term funding sources against requirements. Sources of cash capital include our equity, mezzanine equity and the noncurrent portion of long-term borrowings. Uses of cash capital include the following: •Illiquid assets such as equipment, goodwill, net intangible assets, exchange memberships, deferred tax assets and certain investments; •A portion of securities inventory and other assets not expected to be financed on a secured basis in a credit stressed environment (i.e., margin requirements); and •Drawdowns of unfunded commitments. To ensure that we do not need to liquidate inventory in the event of a funding stress, we seek to maintain surplus cash capital. Our total long-term capital of $23.14 billion at November 30, 2025 exceeded our cash capital requirements. MLO. Our businesses are diverse, and our liquidity needs are determined by many factors, including market movements, collateral requirements and client commitments, all of which can change dramatically in a difficult funding environment. During a liquidity stress, credit-sensitive funding, including unsecured debt and some types of secured financing agreements, may be unavailable, and the terms (e.g., interest rates, collateral provisions and tenor) or availability of other types of secured financing may change. As a result of our policy to ensure we have sufficient funds to cover what we estimate may be needed in a liquidity stress, we hold more cash and unencumbered securities and have greater long-term debt balances than our businesses would otherwise require. As part of this estimation process, we calculate an MLO that could be experienced in a liquidity stress. MLO is based on a scenario that includes both a market-wide stress and firm-specific stress, characterized by some or all of the following elements: •Global recession, default by a medium-sized sovereign, low consumer and corporate confidence, and general financial instability. •Severely challenged market environment with material declines in equity markets and widening of credit spreads. •Damaging follow-on impacts to financial institutions leading to the failure of a large bank. •A firm-specific crisis potentially triggered by material losses, reputational damage, litigation, executive departure, and/or a ratings downgrade. November 2025 Form 10-K 26 The following are the critical modeling parameters of the MLO: •Liquidity needs over a 30-day scenario. •A two-notch downgrade of our long-term senior unsecured credit ratings. •No support from government funding facilities. •A combination of contractual outflows, such as upcoming maturities of unsecured debt, and contingent outflows (e.g., actions though not contractually required, we may deem necessary in a crisis). We assume that most contingent outflows will occur within the initial days and weeks of a stress. •No diversification benefit across liquidity risks. We assume that liquidity risks are additive. The calculation of our MLO under the above stresses and modeling parameters considers the following potential contractual and contingent cash and collateral outflows: •All upcoming maturities of unsecured long-term debt, promissory notes and other unsecured funding products assuming we will be unable to issue new unsecured debt or rollover any maturing debt. •Repurchases of our outstanding long-term debt in the ordinary course of business as a market maker. •A portion of upcoming contractual maturities of secured funding activity due to either the inability to refinance or the ability to refinance only at wider haircuts (i.e., on terms which require us to post additional collateral). Our assumptions reflect, among other factors, the quality of the underlying collateral and counterparty concentration. •Collateral postings to counterparties due to adverse changes in the value of our over-the-counter (“OTC”) derivatives and other outflows due to trade terminations, collateral substitutions, collateral disputes, collateral calls or termination payments required by a two-notch downgrade in our credit ratings. •Variation margin postings required due to adverse changes in the value of our outstanding exchange-traded derivatives and any increase in initial margin and guarantee fund requirements by derivative clearing houses. •Liquidity outflows associated with our prime services business, including withdrawals of customer credit balances, and a reduction in customer short positions. •Liquidity outflows to clearing banks to ensure timely settlements of cash and securities transactions. •Draws on our unfunded commitments considering, among other things, the type of commitment and counterparty. •Other upcoming large cash outflows, such as employee compensation, tax and dividend payments, with no expectation of future dividends from any subsidiaries. Based on the sources and uses of liquidity calculated under the MLO scenarios, we determine, based on a calculated surplus or deficit, additional long-term funding that may be needed versus funding through the repurchase financing market and consider any adjustments that may be necessary to our inventory balances and cash holdings. At November 30, 2025, we had sufficient excess liquidity to meet all contingent cash outflows detailed in the MLO for at least 30 days without balance sheet reduction. We regularly refine our model to reflect changes in market or economic conditions and our business mix. CFP. Our CFP ensures the ability to access adequate liquid financial resources to meet liquidity shortfalls that may arise in emergency situations. The CFP triggers the following actions: •Sets out the governance for managing liquidity during a liquidity crisis; •Identifies key liquidity and capital early warning indicators that will help guide the response to the liquidity crisis; •Identifies the actions and escalation procedures should we experience a liquidity crisis including coordination amongst senior management and the Board of Directors; •Sets out the sources of funding available during a liquidity crisis; •Sets out the communication plan during a liquidity crisis for key external stakeholders including regulators, relationship banks, rating agencies and funding counterparties; and •Sets out an action plan to source additional funding. Sources of Liquidity Financial instruments that are cash and cash equivalents or are deemed by management to be generally readily convertible into cash, marginable or accessible for liquidity purposes within a relatively short period of time: $ in thousands November 30,  2025 Average Balance Quarter Ended November 30, 2025 (1) November 30, 2024 Cash and cash equivalents: Cash in banks ............................................. $3,903,807 $5,014,748 $3,925,535 Money market investments (2) ............... 10,140,082 6,622,532 8,227,879 Total cash and cash equivalents ............ 14,043,889 11,637,280 12,153,414 Other sources of liquidity: Debt securities owned and securities purchased under agreements to resell (3) ................................................ 1,823,733 1,995,920 1,287,564 Other (4) ...................................................... 1,836,150 1,561,944 573,042 Total other sources ................................... 3,659,883 3,557,864 1,860,606 Total cash and cash equivalents and other liquidity sources ....................... $17,703,772 $15,195,144 $14,014,020 Total cash and cash equivalents and other liquidity sources as % of Total assets .................................................... 23.3% 21.8% Total cash and cash equivalents and other liquidity sources as % of Total assets less goodwill and intangible assets .................................................... 23.9% 22.5% (1)Average balances are calculated based on weekly balances. (2)At November 30, 2025 and 2024, $10.12 billion and $8.21 billion, respectively, was invested in U.S. government money funds that invest primarily in cash, securities issued by the U.S. government and U.S. government-sponsored entities, and repurchase agreements that are fully collateralized by cash or government securities. The remaining balances at November 30, 2025 and 2024 are primarily invested in AAA-rated prime money funds. The average balance of U.S. government money funds for the quarter ended November 30, 2025 was $6.60 billion. (3)Consists of unencumbered high-quality sovereign government securities and reverse repurchase agreements collateralized by U.S. government securities and other high quality sovereign government securities; deposits with a central bank within the European Economic Area, United Kingdom, Canada, Australia, Japan, Switzerland or the U.S.; and securities issued by a designated multilateral development bank and reverse repurchase agreements with underlying collateral composed of these securities. (4)Other includes unencumbered inventory representing an estimate of the amount of additional secured financing that could be reasonably expected to be obtained from our Financial instruments owned that are currently not pledged after considering reasonable financing haircuts. 27 Jefferies Financial Group Inc. In addition to the cash balances and liquidity pool presented above, the majority of financial instruments (both long and short) in our trading accounts are actively traded and readily marketable. At November 30, 2025, we had the ability to readily obtain repurchase financing for 71.8% of our inventory at haircuts of 10% or less, which reflects the liquidity of our inventory. In addition, as a matter of our policy, all of these assets have internal capital assessed, which is in addition to the funding haircuts provided in the securities finance markets. Additionally, certain of our Financial instruments owned primarily consisting of loans and investments are predominantly funded by long term capital. Under our cash capital policy, we model capital allocation levels that are more stringent than the haircuts used in the market for secured funding; and we maintain surplus capital at these more stringent levels. We continually assess the liquidity of our inventory based on the level at which we could obtain financing in the marketplace for a given asset. Assets are considered to be liquid if financing can be obtained in the repurchase market or the securities lending market at collateral haircut levels of 10% or less. Financial instruments by asset class that we consider to be of a liquid nature and the amount of such assets that have not been pledged as collateral: November 30, 2025 2024 $ in thousands Liquid Financial Instruments Unencumbered Liquid Financial Instruments (1) Liquid Financial Instruments Unencumbered Liquid Financial Instruments (1) Corporate equity securities ............. $7,433,971 $2,715,099 $5,280,920 $781,490 Corporate debt securities ............. 4,788,698 280,512 5,179,229 339,500 U.S. government, agency and municipal securities ............. 3,013,344 55,781 4,061,773 75,911 Other sovereign obligations .......... 1,460,571 1,731,074 1,361,762 1,044,630 Agency mortgage- backed securities (2) ....... 3,060,262 — 2,695,282 — Loans and other receivables .......... 159,939 — 978 — Total ........................... $19,916,785 $4,782,466 $18,579,944 $2,241,531 (1)Unencumbered liquid balances represent assets that can be sold or used as collateral for a loan but have not been. (2)Consists solely of agency mortgage-backed securities issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”) and the Government National Mortgage Association (“Ginnie Mae”). In addition to being able to be readily financed at reasonable haircut levels, we estimate that each of the individual securities within each asset class above could be sold into the market and converted into cash within three business days under normal market conditions, assuming that the entire portfolio of a given asset class was not simultaneously liquidated. There are no restrictions on the unencumbered liquid securities, nor have they been pledged as collateral. Sources of Funding and Capital Resources Our assets are funded by equity capital, senior debt, securities loaned, securities sold under agreements to repurchase, customer free credit balances, bank loans and other payables. Secured Financing We rely principally on readily available secured funding to finance our inventory of financial instruments owned and financial instruments sold. Our ability to support increases in total assets is largely a function of our ability to obtain short- and intermediate-term secured funding, primarily through securities financing transactions. We finance a portion of our long inventory and cover some of our short inventory by pledging and borrowing securities in the form of repurchase or reverse repurchase agreements (collectively “repos”), respectively. A portion of our cash and noncash repurchase financing activities is used as collateral that is considered eligible collateral by central clearing corporations. Central clearing corporations are situated between participating members who borrow cash and lend securities (or vice versa); accordingly, repo participants contract with the central clearing corporation and not one another individually. Therefore, counterparty credit risk is borne by the central clearing corporation which mitigates the risk through initial margin demands and variation margin calls from repo participants. The comparatively large proportion of our total repo activity that is eligible for central clearing reflects the high quality and liquid composition of the inventory we carry in our trading books. For those asset classes not eligible for central clearing house financing, we seek to execute our bi-lateral financings on an extended term basis and the tenor of our repurchase and reverse repurchase agreements generally exceeds the expected holding period of the assets we are financing. The weighted average maturity of cash and noncash repurchase agreements for non- clearing corporation eligible funded inventory is approximately eight months at November 30, 2025. Our ability to finance our inventory via central clearinghouses and bi-lateral arrangements is augmented by our ability to draw bank loans on an uncommitted basis under our various banking arrangements. At November 30, 2025, short-term borrowings, which must be repaid within one year or less include bank loans, overdrafts and borrowings under revolving credit facilities. Letters of credit are used in the normal course of business mostly to satisfy various collateral requirements in favor of exchanges in lieu of depositing cash or securities. Average short- term borrowings outstanding were $1.26 billion and $1.25 billion for the year ended November 30, 2025 and 2024, respectively. At November 30, 2025 and 2024, our borrowings under bank loans in Short-term borrowings were $533.8 million and $414.5 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 the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the bank’s cost of funding. At November 30, 2025, we were in compliance with all covenants under these credit facilities. In addition to the above financing arrangements, we issue notes backed by eligible collateral under master repurchase agreements, which provide an additional financing source for our inventory (our “repurchase agreement financing program”). The notes issued under the program are presented within Other secured financings. At November 30, 2025, the outstanding notes totaled $2.27 billion, bear interest primarily at a spread over the Secured Overnight Funding Rate (“SOFR”) and mature from December 2025 to October 2028. For additional details on our repurchase agreement financing program, refer to Note 9, Variable Interest Entities in our consolidated financial statements included in this Annual Report on Form 10-K. November 2025 Form 10-K 28 Total Long-Term Capital At November 30, 2025 and 2024, we had total long-term capital of $23.14 billion and $21.66 billion, respectively, resulting in a long-term debt to equity capital ratio of 1.17:1 and 1.12:1, respectively. November 30, $ in thousands 2025 2024 Unsecured Long-Term Debt (1) .................................. $12,494,842 $11,430,610 Total Mezzanine Equity ............................................... 406 406 Total Equity ................................................................... 10,642,203 10,224,987 Total Long-Term Capital ............................................ $23,137,451 $21,656,003 (1)Amounts at November 30, 2025 and 2024 exclude our secured long-term debt. The amount at November 30, 2024 excludes $8.5 million of our 5.500% Callable Note as the note matured on February 22, 2025, $5.4 million of our 6.000% Callable Note as the note matured on June 16, 2025, $6.2 million of our 4.500% Callable Note as the note matured on July 22, 2025, and $500.0 million of our 5.100% Callable Note as the note matured on September 15, 2025. The amount at November 30, 2025 excludes $869.5 million of our Callable Notes as the note matures on April 16, 2026, and $45.2 million of our Floating Senior Notes as the note matures on June 19, 2026. The amounts at November 30, 2025 and 2024 also exclude $102.7 million and $157.6 million, respectively, of structured notes as the notes mature within one year. Long-Term Debt During the year ended November 30, 2025, long-term debt increased by $2.37 billion to $15.90 billion at November 30, 2025, as presented in our Consolidated Statements of Financial Condition. This increase is primarily due to proceeds of $1.07 billion from the issuances of unsecured senior notes, $698.7 million from net issuances of structured notes, $1.65 billion from increased subsidiaries’ borrowings, and $296.1 million from currency losses on foreign currency borrowings. These increases were partially offset by repayments of $1.42 billion on our unsecured senior notes. At November 30, 2025, our unsecured long-term debt has a weighted average maturity of approximately 7.4 years. At November 30, 2025 and 2024, our borrowings under several credit facilities classified within Long-term debt in our Consolidated Statements of Financial Condition amounted to $803.2 million and $775.3 million, respectively. Interest on these credit facilities is based on an adjusted 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, certain credit and rating levels 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, 2025, we were in compliance with all covenants under theses credit facilities. For further information, refer to Note 17, Borrowings, in our consolidated financial statements included in this Annual Report on Form 10-K. Long-term debt ratings: Rating Outlook Moody’s Investors Service ......................................... Baa2 Stable Standard & Poor’s ........................................................ BBB Stable Fitch Ratings ................................................................. BBB+ Stable Jefferies LLC Jefferies International Limited Jefferies GmbH Rating Outlook Rating Outlook Rating Outlook Moody’s Investors Service .......... Baa1 Stable Baa1 Stable Baa1 Stable Standard & Poor’s ............ BBB+ Stable BBB+ Stable BBB+ Stable Access to external financing to finance our day-to-day operations, as well as the cost of that financing, is dependent upon various factors, including our debt ratings. Our current debt ratings are dependent upon many factors, including industry dynamics, operating and economic environment, operating results, operating margins, earnings trend and volatility, balance sheet composition, liquidity and liquidity management, our capital structure, our overall risk management, business diversification and our market share and competitive position in the markets in which we operate. Deterioration in any of these factors could impact our credit ratings. While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact on our business and trading results in future periods is inherently uncertain and depends on a number of factors, including the magnitude of the downgrade, the behavior of individual clients and future mitigating action taken by us. In January 2026, we issued $1.5 billion aggregate principal amount of 5.500% Senior Notes due 2036. Equity Capital Common Stock At November 30, 2025 and 2024, we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share and had 206,296,167 and 205,504,272 common shares outstanding, respectively. At November 30, 2025, we had 16,202,612 share-based awards that do not require the holder to pay any exercise price and 5,064,740 stock options that require the holder to pay a weighted average exercise price of $22.69 per share. The Board of Directors has authorized the repurchase of common stock up to $250.0 million under a share repurchase program. We did not purchase any shares under our share repurchase program during the year ended November 30, 2025. Treasury stock repurchases during the year ended November 30, 2025 represent repurchases of common stock for net-share tax withholding under our equity compensation plan. Dividends Year Ended November 30, 2025 Declaration Date Record Date Payment Date Per Common Share Amount January 8, 2025 February 14, 2025 February 27, 2025 $0.40 March 26, 2025 May 19, 2025 May 29, 2025 $0.40 June 25, 2025 August 18, 2025 August 29, 2025 $0.40 September 29, 2025 November 17, 2025 November 26, 2025 $0.40 On January 8, 2025, the Board of Directors increased our quarterly dividend from $0.35 to $0.40 per common share. On January 7, 2026, the Board of Directors declared a dividend of $0.40 per common share to be paid on February 27, 2026 to common shareholders of record at February 17, 2026. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions and other factors that our Board of Directors may deem to be relevant. 29 Jefferies Financial Group Inc. Non-Voting Common Stock On June 28, 2023, shareholders approved an Amended and Restated Certificate of Incorporation, which authorized the issuance of 35,000,000 shares of non-voting common stock with a par value of $1.00 per share (the “Non-Voting Common Shares”). The Non-Voting Common Shares are entitled to share equally, on a per share basis, with the voting common stock, in dividends and distributions. Upon the effectiveness of the Amended and Restated Certificate of Corporation on June 30, 2023, the number of authorized shares of common stock remains at 600,000,000 shares, composed of 565,000,000 shares of voting common stock and 35,000,000 shares of Non-Voting Common Shares. Preferred Stock On April 27, 2023, we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B Preferred Stock”) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and rank senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B Preferred Stock is automatically convertible into 500 shares of non-voting common stock, subject to certain anti-dilution adjustments, three years after issuance. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 2023, we entered into an Exchange Agreement with Sumitomo Mitsui Banking Corporation (“SMBC”), which entitles SMBC to exchange shares of our voting common stock for shares of the Series B Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B Preferred Stock. The Exchange Agreement is limited to 55,125 shares of Preferred Stock and SMBC is required to pay $1.50 per share of voting common stock so exchanged. As of November 30, 2025, SMBC had exchanged approximately 27.6 million shares of voting common stock for 55,125 shares of Series B Preferred Stock. At November 30, 2025, SMBC owns approximately 15.7% of our common stock on an as-converted basis and 14.3% on a fully-diluted, as-converted basis. The CEO of Sumitomo Mitsui Financial Group, Inc. serves on our Board of Directors. Additionally, Refer to Note 23, Related Party Transactions for further information regarding transactions with SMBC. On September 19, 2025, our Board of Directors established Series B-1 Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B-1 Preferred Stock”) and designated 17,500 shares as Series B-1 Preferred Stock. The Series B-1 Preferred Stock has a liquidation preference of $500 per share and ranks senior to our voting common stock and equal to the Series B Preferred Stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B-1 Preferred Stock is automatically convertible into 500 shares of non-voting common stock as soon as such non-voting common stock exists, subject to certain anti-dilution adjustments. The Series B-1 Preferred Stock also participates in cash dividends and distributions alongside our voting common stock on an as- converted basis. Additionally, on September 19, 2025, we entered into an amended and restated Exchange Agreement (the “Amended and Restated Exchange Agreement”) with SMBC, which entitles SMBC to exchange shares of our voting common stock for shares of the Series B-1 Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B-1 Preferred Stock. The Amended and Restated Exchange Agreement is limited to 17,500 shares of Series B-1 Preferred Stock. Under the Amended and Restated Exchange Agreement, SMBC is permitted to increase its economic ownership in the Company to up to 20% on an as- converted and fully diluted basis, while continuing to own less than 5% of a voting interest in the Company. During the year ended November 30, 2025 and 2024, we paid cash dividends of $44.1 million and $31.9 million, respectively, with respect to the Series B Preferred stock. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions and other factors that our Board of Directors may deem to be relevant. Net Capital Jefferies LLC is a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority (“FINRA”) and is subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually- registered U.S. broker-dealer and futures commission merchant (“FCM”), is also subject to Regulation 1.17 of the Commodity Futures Trading Commission (“CFTC”) under the Commodity Exchange Act, which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually registered U.S. broker-dealer and FCM is equal to the greater of the requirement under SEA Rule 15c3-1 or CFTC Regulation 1.17. FINRA is the designated examining authority for Jefferies LLC and the National Futures Association (“NFA”) is the designated self-regulatory organization (“DSRO”) for Jefferies LLC as an FCM. Jefferies Financial Services, Inc. (“JFSI”) is registered with the SEC as a Security-Based Swap Dealer (“SBS Dealer”) and an OTC Derivatives Dealer (“OTCDD”) subject to the SEC’s SBS dealer regulatory rules and the SEC’s net capital requirements. JFSI is also registered as a swap dealer with the CFTC and is subject to the CFTC’s regulatory capital requirements pursuant to the minimum financial requirements for swap dealers. Additionally, as a registered member firm, JFSI is subject to the net capital requirements of the NFA. The SEC is the designated examining authority for JFSI in its capacity as an SBS Dealer and OTCDD, while the NFA is the DSRO for JFSI, as a CFTC registered swap dealer. Certain non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions. This includes Jefferies International Limited (“JIL”), which is subject to the regulatory supervision and requirements of the Financial Conduct Authority in the U.K. and Jefferies GmbH, which is subject to the regulatory supervision of the German Federal Financial Supervisory Authority. November 2025 Form 10-K 30 At November 30, 2025, net capital and excess net capital were as follows: $ in thousands Net Capital Excess Net Capital Jefferies LLC ................................................................. $2,262,928 $2,115,314 JFSI - SEC ...................................................................... 234,041 200,305 JFSI - CFTC ................................................................... 234,041 203,041 JIL (1) ............................................................................. 2,043,400 1,209,300 Jefferies GmbH (1) ...................................................... 379,326 184,633 (1)Represents an equivalent capital requirement in the respective jurisdiction. At November 30, 2025, Jefferies LLC, JFSI, JIL and Jefferies GmbH are in compliance with their applicable requirements. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries. At November 30, 2025 and 2024, $5.93 billion and $4.96 billion, respectively, of net assets of our consolidated subsidiaries are restricted as to the payment of cash dividends, or the ability to make loans or advances to the parent company. At November 30, 2025 and 2024, $5.30 billion and $4.54 billion, respectively, of these assets are restricted as they reflect regulatory capital requirements or require regulatory approval prior to the payment of cash dividends and advances to the parent company. Customer Protection and Segregation Requirement As a registered broker dealer that clears and carries customer accounts, Jefferies LLC is subject to the customer protection provisions under SEC Rule 15c3-3 and is required to compute reserve formula requirement for customer accounts and deposit cash or qualified securities into a special reserve bank account for the exclusive benefit of customers. At November 30, 2025, Jefferies LLC had $846.7 million in cash and qualified U.S. Government securities on deposit in special reserve bank accounts for the exclusive benefit of customers. As a registered broker dealer that clears and carries proprietary accounts of brokers or dealers (commonly referred to as “PAB”), Jefferies LLC is also required to compute a reserve requirement for PABs pursuant to SEC Rule 15c3-3. At November 30, 2025, Jefferies LLC had $475.1 million in cash and qualified U.S. Government securities in special reserve bank accounts for the exclusive benefit of PABs. The qualified securities meeting the 15c3-3 customer and PAB requirements are included in Cash and securities segregated and Securities purchased under agreements to resell. JFSI is exempt from the CFTC and SEC segregation rules. Other Developments In February 2022, Russia invaded Ukraine. Following Russia’s invasion, the U.S., the U.K., and the European Union governments, among others, developed coordinated financial and economic sanctions targeting Russia that, in various ways, constrain transactions with numerous Russian entities, including major Russian banks and individuals; transactions in Russian sovereign debt; and investment, trade and financing to, from, or in Ukraine. We do not have any operations in Russia or any clients with significant Russian operations and we have minimal market risk related to securities of companies either domiciled or operating in Russia. We continue to closely monitor the status of global sanctions and restrictions, trading conditions related to Russian securities and the credit risk and nature of our counterparties. Global markets continue to experience disruption and volatility following the geopolitical instability from the ongoing conflicts along Israel’s border with the Gaza Strip and elsewhere in the Middle East, including the ongoing tensions between Israel and Iran. Our investments and assets in our growing business in the Persian Gulf, Saudi Arabia and Israel, as well as the related global macroeconomic climate, could be negatively affected by consequences from this geopolitical and military conflict in the region. We continue to monitor these and other geopolitical conflicts, including recent developments between the United States, Venezuela and other Latin American countries, and assess their potential impact on our business. Throughout 2025, the United States introduced actions to increase import tariffs at various rates, including on certain products imported from almost all countries. Other countries have responded with retaliatory actions or plans for retaliatory actions. Some of these tariff announcements have since been followed by announcements of limited exemptions and temporary pauses, and wholly new arrangements with key trading partners of the United States. These actions have led to increased economic uncertainty, and could negatively impact global supply chains and trade flow. The potential impact of tariffs on corporate earnings remains uncertain. We continue to closely monitor the impact of these matters on our business. Beginning on September 24, 2025, First Brands Group, LLC and certain of its affiliates (“First Brands”) filed voluntary petitions for Chapter 11 bankruptcy protection. First Brands is an aftermarket auto parts manufacturer that sells its products to major auto- parts retailers (the “Obligors”). As of that date, Point Bonita Capital, a division of Leucadia Asset Management (“LAM”), managed on behalf of third-party institutional and other investors an approximately $3 billion portfolio of trade-finance assets, which was supported by total invested equity of $1.9 billion, of which $113 million, or 5.9%, is owned by LAM. Since 2019, the portfolio has included purported accounts receivable purchased from First Brands and arising from the sale of First Brands’ products to Obligors. The purchase of receivables in this fashion is called factoring, and as of the Chapter 11 filing the Point Bonita portfolio had approximately $715 million in purported receivables due from retailers, including Walmart, AutoZone, NAPA, O’Reilly Auto Parts, and Advanced Auto Parts, with First Brands, as the servicer, responsible for collecting and remitting the Obligors’ payments to Point Bonita. For almost six years until September 15, 2025, Point Bonita always had been paid on time and in full. On September 15, 2025, First Brands stopped directing timely transfers of funds to Point Bonita. The First Brands bankruptcy proceedings have uncovered what is alleged to be a massive fraud that has resulted in the bankrupt estate bringing claims against its former CEO, its former Executive Vice President, one of its significant financing counterparties, and various related entities to recover billions of dollars in allegedly fraudulent transfers. As it relates to factoring, the alleged fraudulent activities included First Brands selling certain receivables more than once, selling receivables that had been inflated in amount, and selling fabricated receivables. The Company is exerting every effort to maximize the recovery of assets from First Brands and from the various Obligors. That process will take months to years to complete and, given the fraud, the recovery is uncertain. Separately, Apex Credit Partners LLC (“Apex”), a wholly owned subsidiary of Jefferies Finance, 50%-owned by us, manages on behalf of third-party institutional and other investors certain CLOs that invest in broadly syndicated loans with approximately $4.5 billion in assets under management. 12 CLOs managed by Apex 31 Jefferies Financial Group Inc. own approximately $49 million in the aggregate of First Brands’ term loans (including PIK interest) and $9 million of First Brands’ debtor-in-possession term loans, which is approximately 1% of the CLO assets managed by Apex. Additionally, approximately, $1 million of First Brands’ term loans (including PIK interest) and $0.2 million of debt-in-possession term loans were transferred from an Apex-managed CLO warehouse to Apex in anticipation of a CLO closing expected to occur at the end of January. Apex beneficially own 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. Off-Balance Sheet Arrangements We have contractual commitments arising in the ordinary course of business for securities loaned or purchased under agreements to resell, repurchase agreements, future purchases and sales of foreign currencies, securities transactions on a when-issued basis, purchases and sales of corporate loans in the secondary market and underwriting. Each of these financial instruments and activities contains varying degrees of off-balance sheet risk whereby the fair values of the securities underlying the financial instruments may be in excess of, or less than, the contract amount. The settlement of these transactions is not expected to have a material effect upon our consolidated financial statements. In the normal course of business, we engage in other off balance- sheet arrangements, including derivative contracts. Neither derivatives’ notional amounts nor underlying instrument values are reflected as assets or liabilities in our Consolidated Statements of Financial Condition. Rather, the fair values of derivative contracts are reported in our Consolidated Statements of Financial Condition as Financial instruments owned or Financial instruments sold, not yet purchased as applicable. Derivative contracts are reflected net of cash paid or received pursuant to credit support agreements and are reported on a net by counterparty basis when a legal right of offset exists under an enforceable master netting agreement. For additional information about our accounting policies and our derivative activities, refer to Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2024 and Note 5, Fair Value Disclosures and Note 6, Derivative Financial Instruments in our consolidated financial statements included in this Annual Report on Form 10-K. Contractual Obligations Subsequent to November 30, 2025 and on or before January 31, 2026, we expect to make cash payments of $1.94 billion related to year-end compensation awards for fiscal 2025. Refer to Note 14, Compensation Plans in our consolidated financial statements included in this Annual Report on Form 10-K for further information. Risk Management Overview Risk is an inherent part of our business and activities. The extent to which we properly and effectively identify, assess, monitor and manage each of the various types of risk involved in our activities is critical to our financial soundness, viability and profitability. Accordingly, we have a comprehensive risk management approach, with a formal governance structure and policies and procedures outlining frameworks and processes to identify, assess, monitor and manage risk. Principal risks involved in our business activities include market, credit, liquidity and capital, operational, model and strategic risk. Legal and compliance, new business and reputational risk are also included within our principal risks. Risk management is a multifaceted process that requires communication, judgment and knowledge of financial products and markets. Our risk management process encompasses the active involvement of executive and senior management, and also many departments independent of the revenue-producing business units, including Risk Management, Operations, Information Technology, Compliance, Legal and Finance. Our risk management policies, procedures and methodologies are flexible in nature and are subject to ongoing review and modification. In achieving our strategic business objectives, our risk appetite incorporates keeping our clients’ interests as top priority and ensuring we are in compliance with applicable laws, rules and regulations, as well as adhering to the highest ethical standards. We undertake prudent risk-taking that protects the capital base and franchise, utilizing risk limits and tolerances that avoid outsized risk-taking. We maintain a diversified business mix and avoid significant concentrations to any sector, product, geography or activity and set quantitative concentration limits to manage this risk. We consider contagion, second order effects and correlation in our risk assessment process and actively seek out value opportunities of all sizes. We manage the risk of opportunities larger than our approved risk levels through risk sharing and risk distribution, sell-down and hedging as appropriate. We have a limited appetite for illiquid assets and complex derivative financial instruments. We maintain the asset quality of our balance sheet through conducting trading activity in liquid markets and generally ensure high turnover of our inventory. We subject less liquid positions and derivative financial instruments to particular scrutiny and use a wide variety of specific metrics, limits and constraints to manage these risks. We protect our reputation and franchise, as well as our standing within the market. We operate a federated approach to risk management and assign risk oversight responsibilities to a number of functions with specific areas of focus. For discussion of liquidity and capital risk management, refer to the “Liquidity, Financial Condition and Capital Resources” section herein. Governance and Risk Management Structure Our Board of Directors (“Board”) and Risk and Liquidity Oversight Committee (“Committee”). Our Board and Committee play an important role in reviewing our risk management process and risk appetite. The Committee assists the Board in its oversight of: (i) our enterprise risk management, (ii) our capital, liquidity and funding guidelines and policies and (iii) the performance of our Global Chief Risk Officer (“CRO”). Our CRO and Global Treasurer meet with the Committee on no less than a quarterly basis to present our risk profile and liquidity profile and to respond to questions. Our Chief Information Officer also meets with the Committee at least semi-annually to receive and review reports related to any exposure to cybersecurity risk and our plans and programs to mitigate and respond to cybersecurity risks. Additionally, our risk management team continuously monitors our various businesses, the level of risk the businesses are taking and the efficacy of potential risk mitigation strategies and presents this information to our senior management and the Committee. Our Board also fulfills its risk oversight role through the operations of its various committees, including its Audit Committee, through review of our financial statements, internal audit function and internal control over financial reporting, as well November 2025 Form 10-K 32 as through assisting the Board with our legal and regulatory compliance and overseeing our Code of Business Practice. The Audit Committee is also updated on risk controls at each of its regularly scheduled meetings. Internal Audit, which reports to the Audit Committee of the Board and includes professionals with a broad range of audit and industry experience, including risk management expertise, is responsible for independently assessing and validating key controls within our risk management framework. We make extensive use of internal committees to govern risk taking and ensure that business activities are properly identified, assessed, monitored and managed. The Risk Management Committee (“RMC”) and membership comprises our Chief Executive Officer, President, CFO, CRO and Global Treasurer. Our other risk related committees govern risk taking and ensure that business activities are properly managed for their area of oversight. Risk Committees •Risk Management Committee (RMC) - the principal committee that governs our risk taking activities. The RMC meets weekly to discuss our risk profile and discuss business or market trends and their potential impact on the business. The RMC approves our limits as a whole and across risk categories and business lines, reviews limit breaches, approves risk policies and stress testing methodologies and is supported by other Committees including: ◦Credit Risk Committee - provides review and approval of counterparties and credit limits. ◦Model Governance Committee - oversees all model risk matters throughout the model life cycle, from model identification and initiation, model development, model validation/approval and model risk control. ◦Stress Testing Committee - provides review, approval and oversees implementation of our stress testing framework and methodologies. •Operating Committee - brings together the managers of all control areas and the business line chief operating officers, whereby each department presents issues regarding current and proposed business. This committee provides the key forum for coordination and communication between the control managers entirely focused on our activities as a whole. •Asset / Liability Committee - seeks to ensure effective management and control of the balance sheet in terms of risk profile, adequacy of capital and liquidity resources and funding profile and strategy. The committee is responsible for developing, implementing and enforcing our liquidity, funding and capital policies. This includes recommendations for capital and balance sheet size, as well as the allocation of capital to our businesses. •Independent Price Verification Committee - establishes our valuation policies and procedures and is responsible for independently validating the fair value of our financial instruments. The committee, which comprises stakeholders represented by the CFO, Internal Audit, Risk Management and Controllers, meets monthly to assess and approve the results of our inventory price testing. •New Business Committee - reviews new business, products and activities and extensions of existing businesses, products and activities that may introduce materially different or greater risks than those of a business’ existing activities. The new business approval process is a key control over new business activity. The objectives are to notify all relevant functions of the intention to introduce a new product, business or activity, to share information between functions and to ensure there is a thorough understanding of the proposal. Risk Considerations We apply a comprehensive framework of limits on a variety of key metrics to constrain the risk profile of our business activities. The size of the limits reflects our risk appetite for a certain activity under normal business conditions. Key metrics included in our risk management framework include inventory position and exposure limits on a gross and net basis, scenario analysis and stress tests, Value-at-Risk (“VaR”), sensitivities, exposure concentrations, aged inventory, Level 3 assets, counterparty exposure, leverage and cash capital. Market Risk Market risk is defined as the risk of loss due to fluctuations in the market value of financial assets and liabilities attributable to changes in market variables. Our market risk principally arises from interest rate risk, from exposure to changes in the yield curve, the volatility of interest rates, and credit spreads, and from equity price risks from exposure to changes in prices and volatilities of individual equities, equity baskets and equity indices. In addition, commodity price risk results from exposure to the changes in prices and volatilities of individual commodities, commodity baskets and commodity indices, and foreign exchange risk results from changes in foreign currency rates. Market risk is present in our capital markets business through market making, proprietary trading, underwriting and investing activities and is present in our asset management business through investments in separately managed accounts and direct investments in funds. Given our involvement in a broad set of financial products and markets, market risk exposures are diversified and economic hedges are established as appropriate. Market risk is monitored and managed through a set of key risk metrics such as VaR, stress scenarios, risk sensitivities and position exposures. Limits are set on the key risk metrics to monitor and control the risk exposure ensuring that it is in line with our risk appetite. Our risk appetite, including the market risk limits, is periodically reviewed to reflect business strategy and market environment. Material risk changes, top/emerging risks and limit utilizations/breaches are highlighted through risk reporting and escalated as necessary. Trading is principally managed through front office trader mandates, where each trader is provided a specific mandate in line with our product registry. Mandates set out the activities, currencies, countries and products that a desk is permitted to trade in and set the limits applicable to a desk. Traders are responsible for knowing their trading limits and trading in a manner consistent with their mandate. VaR VaR is a statistical estimate of the potential loss from adverse market movements over a specified time horizon within a specified probability (confidence level). It provides a common risk measure across financial instruments, markets and asset classes. We estimate VaR using a model that simulates revenue and loss distributions by applying historical market changes to the current portfolio. We calculate a one-day VaR using a one- year look-back period measured at a 95% confidence level. 33 Jefferies Financial Group Inc. As with all measures of VaR, our estimate has inherent limitations due to the assumption that historical changes in market conditions are representative of the future. Furthermore, the VaR model measures the risk of a current static position over a one-day horizon and might not capture the market risk over a longer time horizon where moves may be more extreme. Previous changes in market risk factors may not generate accurate predictions of future market movements. While we believe the assumptions and inputs in our risk model are reasonable, we could incur losses greater than the reported VaR. Consequently, this VaR estimate is only one of a number of tools we use in our daily risk management activities. VaR at November 30, 2025 Daily Firmwide VaR $ in millions Daily VaR for 2025 Risk Categories Average High Low Interest Rates and Credit   Spreads ............................. $4.52 $5.67 $9.31 $2.50 Equity Prices ........................ 7.83 9.27 13.93 5.73 Currency Rates .................... 1.91 1.64 2.61 0.54 Commodity Prices .............. 0.56 0.36 0.93 0.12 Diversification Effect (1) .... (5.86) (5.71) N/A N/A Firmwide VaR (2) ................ $8.96 $11.23 $16.03 $7.60 VaR at November 30, 2024 Daily Firmwide VaR $ in millions Daily VaR for 2024 Risk Categories Average High Low Interest Rates and Credit   Spreads ............................. $4.30 $5.69 $8.25 $2.58 Equity Prices ........................ 8.31 11.41 20.69 7.76 Currency Rates .................... 0.84 0.67 2.82 0.24 Commodity Prices .............. 0.41 0.44 1.38 0.15 Diversification Effect (1) .... (2.19) (5.08) N/A N/A Firmwide VaR (2) ................ $11.67 $13.13 $18.70 $9.33 (1)The diversification effect is not applicable for the maximum and minimum VaR values as the firmwide VaR and the VaR values for the four risk categories might have occurred on different days during the period. (2)The aggregated VaR presented here is less than the sum of the individual components (i.e., interest rate risk, foreign exchange rate risk, equity risk and commodity price risk) due to the benefit of diversification among the four risk categories. Diversification benefit equals the difference between aggregated VaR and the sum of VaRs for the four risk categories and arises because the market risk categories are not perfectly correlated. VaR for our capital markets trading activities, which excludes the impact on VaR for each component of market risk from our asset management activities, by interest rate and credit spreads, equity, currency and commodity products using the past 365 days of historical data: VaR at November 30, 2025 Daily Capital Markets VaR $ in millions Daily VaR for 2025 Risk Categories Average High Low Interest Rates and Credit   Spreads ............................. $4.46 $5.57 $9.10 $1.05 Equity Prices ........................ 4.37 4.29 6.95 2.85 Currency Rates .................... 1.72 1.12 1.99 0.51 Commodity Prices .............. — 0.04 0.25 — Diversification Effect (1) .... (4.11) (3.38) N/A N/A Capital Markets VaR (2) .... $6.44 $7.64 $14.01 $4.48 VaR at November 30, 2024 Daily Capital Markets VaR $ in millions Daily VaR for 2024 Risk Categories Average High Low Interest Rates and Credit   Spreads ............................. $4.33 $5.66 $11.88 $0.98 Equity Prices ........................ 7.27 7.00 18.85 4.18 Currency Rates .................... 0.52 0.45 0.90 0.11 Commodity Prices .............. — 0.01 0.03 — Diversification Effect (1) .... (5.69) (4.59) N/A N/A Capital Markets VaR (2) .... $6.43 $8.53 $12.47 $5.52 (1)The diversification effect is not applicable for the maximum and minimum VaR values as the capital markets VaR and the VaR values for the four risk categories might have occurred on different days during the period. (2)The aggregated VaR presented here is less than the sum of the individual components (i.e., interest rate risk, foreign exchange rate risk, equity risk and commodity price risk) due to the benefit of diversification among the four risk categories. Diversification benefit equals the difference between aggregated VaR and the sum of VaRs for the four risk categories and arises because the market risk categories are not perfectly correlated. November 2025 Form 10-K 34 Our average daily firmwide VaR decreased to $11.23 million for 2025 from $13.13 million for 2024, driven by lower equity exposures, partially offset by an increase in exposures to movements in currency rates. The average daily capital markets VaR decreased to $7.64 million for 2025 from $8.53 million for 2024 driven by lower equity exposures, partially offset by an increase in exposures to movements in currency rates and a lower diversification effect. The efficacy of the VaR model is tested by comparing our actual daily net revenues for those positions included in the calculation of VaR with the daily VaR estimate. This evaluation is performed at various levels, from the overall level down to specific business lines. For the VaR model, revenue is defined as principal transactions revenues, trading related commissions, revenue from securitization activities and net interest income. VaR backtesting methodologies differ for regulated entities with approved capital models. For a 95% confidence one day VaR model (i.e., no intra-day trading), assuming current changes in market value are consistent with the historical changes used in the calculation, losses would not be expected to exceed the VaR estimates more than twelve times on an annual basis (i.e., once in every 20 days). During 2025, there were three days when the aggregate net trading loss exceeded the 95% one day VaR. The chart below presents our daily firmwide VaR and capital markets VaR over the last four quarters. In the last quarter of 2025, the firmwide VaR decrease was driven by lower equity exposures, partially offset by an increase in exposures to movements in currency rates. Daily Net Trading Revenue There were 23 days with firmwide trading losses out of a total of 250 trading days in 2025. The histogram below presents the distribution of our actual daily net trading revenue for substantially all of our activities (in millions): 35 Jefferies Financial Group Inc. Other Risk Measures The VaR model does not include certain positions that are best measured and monitored using sensitivity analysis. Risk Management has additional procedures in place to assure that the level of potential loss driven by those positions not in the VaR model arising from market movements are within acceptable levels. Such procedures include performing stress tests and profit and loss analysis. The table below presents the potential reduction in earnings associated with a 10% stress of the fair value of the positions that are not included in the VaR model at November 30, 2025: $ in thousands 10% Sensitivity Investment in funds and other (1) .......................................................................................................................................................................... $173,595 Private investments .................................................................................................................................................................................................. 64,693 Corporate debt securities in default ....................................................................................................................................................................... 17,459 Trade claims .............................................................................................................................................................................................................. 2,063 (1)Primarily includes investments in hedge funds, fund of funds and private equity funds classified within Level 3 of the fair value hierarchy and excluded from the fair value hierarchy based on net asset value. The impact of changes in our own credit spreads on our structured notes for which the fair value option was elected is not included in VaR. The estimated credit spread risk sensitivity for each one basis point widening in our own credit spreads on financial liabilities for which the fair value option was elected was an increase in value of approximately $2.0 million at November 30, 2025, which is included in other comprehensive income. Other Risk We are also subject to interest rate risk on our long-term fixed interest rate debt. Generally, the fair market value of debt securities with a fixed interest rate will increase as interest rates fall, and the fair market value will decrease as interest rates rise. The following table represents principal cash flows by expected maturity dates and the related weighted-average interest rate on those maturities for our consolidated long-term debt obligations, inclusive of any related interest rate hedges. For the variable rate borrowings, the weighted- average interest rates are based on the rates in effect at the reporting date. Our market risk with respect to foreign currency exposure on our long-term debt is also presented in the table below. For additional information, refer to Note 17, Borrowings in our consolidated financial statements included in this Annual Report on Form 10-K. Expected Maturity Date (Fiscal Years) $ in thousands 2026 2027 2028 2029 2030 Thereafter Total Fair Value Rate Sensitive Liabilities: Fixed Interest Rate Borrowings $211,312 $656,405 $1,378,273 $370,957 $1,508,541 $5,442,407 $9,567,895 $9,710,721 Weighted-Average Interest Rate 5.26% 5.28% 5.16% 5.52% 4.61% 5.74% Variable Interest Rate Borrowings $625,000 $725,000 $— $1,317 $2,236 $1,411,372 $2,764,925 $2,623,848 Weighted-Average Interest Rate 6.44% 6.71% —% 4.97% 4.84% 5.82% Borrowings with Foreign Currency Exposure $962,514 $633,859 $580,100 $584,037 $1,416 $1,153,471 $3,915,397 $3,788,401 Weighted-Average Interest Rate 3.95% 2.59% 3.37% 4.04% 2.50% 5.92% Stress Tests and Scenario Analysis Stress tests are used to analyze the potential impact of specific events or extreme market moves on the current portfolio both firm-wide and within business segments. Stress testing is an important part of our risk management approach because it allows us to quantify our exposure to tail risks, highlight potential loss concentrations, undertake risk/reward analysis, set risk controls and overall assess and mitigate our risk. We employ a range of stress scenarios, which comprise both historical market price and rate changes and hypothetical market environments, and generally involve simultaneous changes of many risk factors. Indicative market changes in the scenarios include, but are not limited to, a large widening of credit spreads, a substantial decline in equities markets, significant moves in selected emerging markets, large moves in interest rates and changes in the shape of the yield curve. Unlike our VaR, which measures potential losses within a given confidence interval, stress scenarios do not have an associated implied probability. Rather, stress testing is used to estimate the potential loss from market moves that tend to be larger than those embedded in the VaR calculation. Stress testing complements VaR to cover for potential limitations of VaR such as the breakdown in correlations, non-linear risks, tail risk and extreme events and capturing market moves beyond the confidence levels assumed in the VaR calculations. Stress testing is performed and reported at least weekly as part of our risk management process and on an ad hoc basis in response to market events or concerns. Current stress tests provide estimated revenue and loss of the current portfolio through a range of both historical and hypothetical events. The stress scenarios are reviewed and assessed at least annually so that they remain relevant and up to date with market developments. Additional hypothetical scenarios are also conducted on a sub-portfolio basis to assess the impact of any relevant idiosyncratic stress events as needed. November 2025 Form 10-K 36 Counterparty Credit Risk Credit risk is the risk of loss due to adverse changes in a counterparty’s credit worthiness or its ability or willingness to meet its financial obligations in accordance with the terms and conditions of a financial contract. We are exposed to credit risk as a trading counterparty to other broker-dealers and customers, as a counterparty to derivative contracts, as a direct lender and through extending loan commitments and providing securities-based lending and as a member of exchanges and clearing organizations. Credit exposure exists across a wide range of products, including cash and cash equivalents, loans, securities finance transactions and over-the-counter derivative contracts. The main sources of credit risk are: •Loans and lending arising in connection with our investment banking and capital markets activities, which reflects our exposure at risk on a default event with no recovery of loans. Current exposure represents loans that have been drawn by the borrower and lending commitments that are outstanding. In addition, credit exposures on forward settling traded loans are included within our loans and lending exposures for consistency with the balance sheet categorization of these items. Loans and lending also arise in connection with our portion of a Secured Revolving Credit Facility that is with us and Massachusetts Mutual Life Insurance Company, to be funded equally, to support loan underwritings by Jefferies Finance. For further information on this facility, refer to Note 10, Investments in our consolidated financial statements included in this Annual Report on Form 10-K. In addition, we have loans outstanding to certain of our officers and employees (none of whom are executive officers or directors). For further information on these employee loans, refer to Note 23, Related Party Transactions in our consolidated financial statements included in this Annual Report on Form 10-K. •Securities and margin financing transactions, which reflect our credit exposure arising from reverse repurchase agreements, repurchase agreements and securities lending agreements to the extent the fair value of the underlying collateral differs from the contractual agreement amount and from margin provided to customers. •OTC derivatives, which are reported net by counterparty when a legal right of setoff exists under an enforceable master netting agreement. OTC derivative exposure is based on a contract at fair value, net of cash collateral received or posted under credit support agreements. In addition, credit exposures on forward settling trades are included within our derivative credit exposures. •Cash and cash equivalents, which includes both interest- bearing and non-interest-bearing deposits at banks. Credit is extended to counterparties in a controlled manner and in order to generate acceptable returns, whether such credit is granted directly or is incidental to a transaction. All extensions of credit are monitored and managed as a whole to limit exposure to loss related to credit risk. Credit risk is managed according to the Credit Risk Management Policy, which sets out the process for identifying counterparty credit risk, establishing counterparty limits, and managing and monitoring credit limits. The policy includes our approach for: •Client on-boarding and approving counterparty credit limits; •Negotiating, approving and monitoring credit terms in legal and master documentation; •Determining the analytical standards and risk parameters for ongoing management and monitoring credit risk books; •Actively managing daily exposure, exceptions and breaches; and •Monitoring daily margin call activity and counterparty performance. Counterparty credit exposure limits are granted within our credit ratings framework, as detailed in the Credit Risk Management Policy. The Credit Risk Department assesses counterparty credit risk and sets credit limits at the counterparty master agreement level. Limits must be approved by appropriate credit officers and initiated in our credit and trading systems before trading commences. All credit exposures are reviewed against approved limits on a daily basis. Our Secured Revolving Credit Facility, which supports loan underwritings by Jefferies Finance, is governed under separate policies other than the Credit Risk Management Policy and is approved by our Board. The loans outstanding to certain of our officers and employees are extended pursuant to a review by our most senior management. Current counterparty credit exposures at November 30, 2025 and 2024 are summarized in the tables below and provided by credit quality, region and industry. Credit exposures presented take netting and collateral into consideration by counterparty and master agreement. Collateral taken into consideration includes both collateral received as cash as well as collateral received in the form of securities or other arrangements. Current exposure is the loss that would be incurred on a particular set of positions in the event of default by the counterparty, assuming no recovery. Current exposure equals the fair value of the positions less collateral. Issuer risk is the credit risk arising from inventory positions (for example, corporate debt securities and secondary bank loans). Issuer risk is included in our country risk exposure within the following tables. 37 Jefferies Financial Group Inc. Counterparty Credit Exposure by Credit Rating Loans and Lending Securities and Margin Finance OTC Derivatives Total Cash and Cash Equivalents Total with Cash and Cash Equivalents At At At At At At $ in millions November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 AAA Range $— $— $10.7 $12.0 $— $— $10.7 $12.0 $10,140.1 $8,227.9 $10,150.8 $8,239.9 AA Range 91.1 80.0 218.8 190.3 270.5 5.6 580.4 275.9 156.8 63.8 737.2 339.7 A Range 24.5 0.2 1,081.5 1,145.1 173.6 415.0 1,279.6 1,560.3 3,514.5 3,691.8 4,794.1 5,252.1 BBB Range 263.7 253.5 166.7 31.2 20.2 40.0 450.6 324.7 232.5 169.4 683.1 494.1 BB or Lower 38.4 37.2 42.6 31.2 173.8 78.7 254.8 147.1 — 0.5 254.8 147.6 Unrated 279.5 322.6 — — 9.9 5.3 289.4 327.9 — — 289.4 327.9 Total $697.2 $693.5 $1,520.3 $1,409.8 $648.0 $544.6 $2,865.5 $2,647.9 $14,043.9 $12,153.4 $16,909.4 $14,801.3 Counterparty Credit Exposure by Region Loans and Lending Securities and Margin Finance OTC Derivatives Total Cash and Cash Equivalents Total with Cash and Cash Equivalents At At At At At At $ in millions November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Asia-Pacific/Latin America/Other $15.8 $15.8 $234.6 $130.4 $0.4 $0.2 $250.8 $146.4 $766.3 $520.3 $1,017.1 $666.7 Europe and the Middle East 1.7 0.2 426.5 523.2 88.4 88.7 516.6 612.1 71.3 70.8 587.9 682.9 North America 679.7 677.5 859.2 756.2 559.2 455.7 2,098.1 1,889.4 13,206.3 11,562.3 15,304.4 13,451.7 Total $697.2 $693.5 $1,520.3 $1,409.8 $648.0 $544.6 $2,865.5 $2,647.9 $14,043.9 $12,153.4 $16,909.4 $14,801.3 Counterparty Credit Exposure by Industry Loans and Lending Securities and Margin Finance OTC Derivatives Total Cash and Cash Equivalents Total with Cash and Cash Equivalents At At At At At At $ in millions November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Asset Managers, Funds and Investment Advisors (1)(2) $438.6 $362.7 $83.6 $38.9 $— $1.6 $522.2 $403.2 $10,140.1 $8,227.9 $10,662.3 $8,631.1 Banks, Broker-Dealers (2) 5.7 13.3 863.8 863.5 478.9 469.4 1,348.4 1,346.2 3,903.8 3,925.5 5,252.2 5,271.7 Corporates (2) 145.3 193.5 — — 165.8 69.6 311.1 263.1 — — 311.1 263.1 As Agent Banks (2) — — 529.9 474.8 — — 529.9 474.8 — — 529.9 474.8 Other (2) 107.6 124.0 43.0 32.6 3.3 4.0 153.9 160.6 — — 153.9 160.6 Total $697.2 $693.5 $1,520.3 $1,409.8 $648.0 $544.6 $2,865.5 $2,647.9 $14,043.9 $12,153.4 $16,909.4 $14,801.3 (1)Includes a $250.0 million secured revolving credit facility to Jefferies Finance at November 30, 2025. (2)Prior period amounts have been revised to conform with the current period presentation. November 2025 Form 10-K 38 Country Risk Exposure Country risk is the risk that events or developments that occur in the general environment of a country or countries due to economic, political, social, regulatory, legal or other factors, will affect the ability of obligors of the country to honor their obligations. We define the country of risk as the country of jurisdiction or domicile of the obligor and monitor country risk resulting from both trading positions and counterparty exposure, which may not include the offsetting benefit of any financial instruments utilized to manage market risk. The following tables reflect our top exposures at November 30, 2025 and 2024 to the sovereign governments, corporations and financial institutions in those non- U.S. countries in which we have net long issuer and counterparty exposure: November 30, 2025 Issuer Risk Counterparty Risk Issuer and Counterparty Risk $ in millions Fair Value of Long Debt Securities Fair Value of Short Debt Securities Net Derivative Notional Exposure Loans and Lending Securities and Margin Finance OTC Derivatives Cash and Cash Equivalents Excluding Cash and Cash Equivalents Including Cash and Cash Equivalents Canada $175.2 $(152.5) $46.3 $— $56.9 $373.3 $— $499.2 $499.2 United Kingdom 1,391.5 (806.6) (260.2) 0.9 44.6 84.1 7.8 454.3 462.1 Hong Kong 54.6 (41.0) 1.7 — 24.3 — 294.9 39.6 334.5 Australia 837.8 (611.8) (87.4) — 11.6 0.2 92.8 150.4 243.2 France 628.5 (405.8) (131.4) 0.9 149.2 — 0.1 241.4 241.5 Japan 1,570.6 (1,929.7) 364.7 — 67.6 0.1 140.0 73.3 213.3 Spain 546.6 (341.8) (76.3) — 74.9 0.2 1.1 203.6 204.7 India 19.9 (17.8) 0.6 — — — 198.9 2.7 201.6 Sweden 250.9 (168.4) 52.7 — — — 10.5 135.2 145.7 Taiwan 1,119.2 (903.9) (172.2) — 101.5 — — 144.6 144.6 Total $6,594.8 $(5,379.3) $(261.5) $1.8 $530.6 $457.9 $746.1 $1,944.3 $2,690.4 November 30, 2024 Issuer Risk Counterparty Risk Issuer and Counterparty Risk $ in millions Fair Value of Long Debt Securities Fair Value of Short Debt Securities Net Derivative Notional Exposure Loans and Lending Securities and Margin Finance OTC Derivatives Cash and Cash Equivalents Excluding Cash and Cash Equivalents Including Cash and Cash Equivalents Canada $259.2 $(280.1) $109.7 $— $46.6 $360.1 $59.3 $495.5 $554.8 United Kingdom 1,332.5 (680.8) (364.3) 0.1 95.8 76.5 37.9 459.8 497.7 France 592.2 (495.0) 7.7 0.1 184.9 1.6 — 291.5 291.5 Hong Kong 73.5 (36.5) (6.0) — 2.4 — 250.0 33.4 283.4 Spain 403.1 (263.6) (6.0) — 63.1 1.2 0.5 197.8 198.3 Netherlands 484.1 (450.4) 125.4 — 5.7 1.7 0.1 166.5 166.6 Japan 2,146.0 (2,093.5) 0.4 — 63.2 — 37.4 116.1 153.5 Australia 523.8 (426.8) (16.8) — 26.5 — 44.6 106.7 151.3 India 27.4 (29.7) — — — — 142.9 (2.3) 140.6 Italy 1,070.9 (569.3) (402.9) — 0.4 — 1.1 99.1 100.2 Total $6,912.7 $(5,325.7) $(552.8) $0.2 $488.6 $441.1 $573.8 $1,964.1 $2,537.9 Operational Risk Operational risk is the risk of financial or non-financial impact, resulting from inadequate or failed internal processes, people and systems or from external events. We interpret this definition as including not only financial loss or gain but also other negative impacts to our objectives such as reputational impact, legal/ regulatory impact and impact on our clients. Third-party risk is also included as a subset of operational risk and is defined as the potential threat presented to us, our employees or clients from our supply chain and other third parties used to perform a process, service or activity on our behalf. Our Operational Risk framework includes governance as well as operational risk processes, comprises operational risk event capture and analysis, risk and control self-assessments, operational risk key indicators, action tracking, risk monitoring and reporting, deep dive risk assessments, new business approvals and vendor risk management. Each revenue producing and support department is responsible for the management and reporting of operational risks and the implementation of the Operational Risk Management Policy and processes within the department with regular operational risk training provided to our employees. Operational risk events are mapped to risk categories used for the consistent classification of risk data to support root cause and trend analysis, which includes: •Fraud and Theft •Clients and Business Practices •Market Conduct / Regulatory Compliance •Business Disruption •Technology •Data Protection and Privacy •Trading •Transaction and Process Management •People •Cybersecurity •Vendor Risk Our Operational Risk Management Policy and operational risk management framework, infrastructure, methodology, processes, guidance and oversight of the operational risk processes are centralized and consistent firmwide and, additionally, subject to regional and legal entity operational risk governance, as required. 39 Jefferies Financial Group Inc. We also maintain a Third-Party (“Vendor”) Risk Management Policy and Framework to ensure adequate control and monitoring over our critical third parties, which includes processes for conducting periodic reviews covering areas of risk including financial health, information security, privacy, business continuity management, disaster recovery and operational risk of our vendors. Model Risk Model risk refers to the risk of loss resulting from decisions that are based on the output of models, due to errors or weaknesses in the design and development, implementation or improper use of models. We use quantitative models primarily to value certain financial assets and liabilities and to monitor and manage our risk. Model risk is a function of the model materiality, frequency of use, complexity and uncertainty around inputs and assumptions used in a given model. Robust model risk management is a core part of our risk management approach and is overseen through our risk governance structure and risk management controls. Legal and Compliance Risk Legal and compliance risk includes the risk of noncompliance with applicable legal and regulatory requirements. We are subject to extensive regulation in the different jurisdictions in which we conduct our business. We have various procedures addressing issues such as regulatory capital requirements, sales and trading practices, use of and safekeeping of customer funds, credit granting, collection activities, anti-money laundering and record keeping. These risks also reflect the potential impact that changes in local and international laws and tax statutes have on the economics and viability of current or future transactions. In an effort to mitigate these risks, we continuously review new and pending regulations and legislation and participate in various industry interest groups. We also maintain an anonymous hotline for employees or others to report suspected inappropriate actions by us or by our employees or agents. New Business Risk New business risk refers to the risks of entering into a new line of business or offering a new product. By entering a new line of business or offering a new product, we may face risks that we are unaccustomed to dealing with and may increase the magnitude of the risks we currently face. The New Business Committee reviews proposals for new businesses and new products to determine if we are prepared to handle the additional or increased risks associated with entering into such activities. Reputational Risk We recognize that maintaining our reputation among clients, investors, regulators and the general public is an important aspect of minimizing legal and operational risks. Maintaining our reputation depends on a large number of factors, including the selection of our clients and the conduct of our business activities. We seek to maintain our reputation by screening potential clients and by conducting our business activities in accordance with high ethical standards. Our reputation and business activity can be affected by statements and actions of third parties, even false or misleading statements by them. We actively monitor public comment concerning us and are vigilant in seeking to assure accurate information and perception prevails.