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Investments (Tables) | 6 Months Ended
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May 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Selected Financial Information related to Equity Method Investment | Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties.
$ in millions | May 31, 2025 | November 30, 2024
Total Investments in and loans to related parties ........................................................ | $1,436.6 | $1,385.7
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Total equity method pickup earnings recognized in Other revenues ................................... | $8.1 | $28.5 | $15.2 | $37.2
Activity related to the facility:
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Unfunded commitment fees ......... | $0.3 | $0.3 | 0.6 | 0.6
Selected financial information for Jefferies Finance:
$ in millions | May 31, 2025 | November 30, 2024
Total assets .................................................... | $6,073.6 | $5,762.6
Total liabilities ................................................ | 4,732.8 | 4,415.6
Total mezzanine equity ................................. | 13.9 | 14.4
$ in millions | May 31, 2025 | November 30, 2024
Our total investment balance ....................... | $663.5 | $666.3
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net earnings (losses) attributable to members .......... | $0.1 | $40.2 | $(1.6) | $39.3
Activity related to our other transactions with Jefferies Finance:
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Origination and syndication fee revenues (1) ............................ | $58.4 | $74.9 | $118.6 | $127.3
Origination fee expenses (1) ..... | 13.9 | 9.7 | 32.4 | 24.6
CLO placement and structuring fee revenues (2) .................... | 1.3 | 0.3 | 1.5 | 0.3
Placement and referral fees (3) | 9.4 | 0.4 | 10.0 | 0.9
Asset management fee revenues (4) ............................. | 7.5 | — | 7.5 | —
Service fee revenues (5) ............. | 22.7 | 20.8 | 77.1 | 65.7
(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2)We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3)We receive fees from Jefferies Finance, which are recognized in Commissions and other fees, in connection with placement and referral activities. (4)Under a f ee and revenue sharing agreement with Jefferies Finance, we receive fees which are included in Asset management fees and revenues. (5)Under a service agreement, we charge Jefferies Finance for various administrative services provided. Selected financial information for Berkadia:
$ in millions | May 31, 2025 | November 30, 2024
Total assets ................................................... | $4,914.9 | $4,963.2
Total liabilities ............................................... | 3,557.0 | 3,515.6
Total noncontrolling interest ....................... | 391.8 | 502.1
$ in millions | May 31, 2025 | November 30, 2024
Our total investment balance ....................... | $437.7 | $427.7
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net earnings attributable to members .................................... | $44.2 | $48.9 | $82.0 | $78.2
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Distributions .................................... | $10.9 | $2.9 | $27.0 | $6.7
Selected financial information for our significant real estate investments:
$ in millions | May 31, 2025 | November 30, 2024
Total assets .................................................... | $316.2 | $326.0
Total liabilities ................................................ | 476.5 | 484.7
| May 31, 2025 | November 30, 2024
Our total investment balance ....................... | $98.0 | $97.8
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net earnings (losses) .................... | $(3.3) | $(2.4) | $1.3 | $0.1
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Distributions we received from Brooklyn Renaissance Office ....................................... | $1.2 | $— | $1.2 | $—
The following summarizes the results from these investments which are included in Principal transactions revenues:
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net gains (losses) from our investments in JCP Fund V ..... | $— | $0.1 | $(0.2) | $(0.2)
The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.1% at May 31, 2025 of the combined equity interests:
| Three Months Ended
$ in millions | March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2023
Net increase (decrease) in net assets resulting from operations (1) ..... | $0.1 | $(0.6) | $0.1 | $(0.9)
(1)Financial information for JCP Fund V within our results of operations for the three months and six months ended May 31, 2025 and 2024 is included based on the periods presented. Selected financial information for Hildene Insurance:
$ in millions | March 31, 2025 (1) | September 30, 2024 (1)
Total assets ............................................................... | $447.9 | $304.2
Total liabilities ........................................................... | 0.1 | 0.2
Total members’ equity ............................................. | 447.8 | 304.0
| Three Months Ended (1)
$ in millions | March 31, 2025 | December 31, 2024
Net increase in members’ equity resulting from operations ................................................................ | $27.5 | $8.4
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at May 31, 2025 and November 30, 2024 is based on the dates presented, and in our results of operations for the three and six months ended May 31, 2025 is based on the periods presented.
| Three Months Ended May 31, | Six Months Ended May 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Operating lease income ................ | $1.3 | $5.6 | $6.9 | $9.4

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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