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Investments (Tables) | 9 Months Ended
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Aug. 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 | August 31, 2025 | November 30, 2024
Total Investments in and loans to related parties ........................................................ | $1,458.3 | $1,385.7
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Total equity method pickup earnings recognized in Other revenues ................................... | $39.1 | $25.0 | $54.3 | $62.2
Activity related to the facility:
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Unfunded commitment fees ......... | $0.3 | $0.3 | $0.9 | $0.9
Selected financial information for Jefferies Finance:
$ in millions | August 31, 2025 | November 30, 2024
Total assets .................................................... | $7,239.5 | $5,762.6
Total liabilities ................................................ | 5,867.5 | 4,415.6
Total mezzanine equity ................................. | 14.3 | 14.4
$ in millions | August 31, 2025 | November 30, 2024
Our total investment balance ....................... | $678.8 | $666.3
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net earnings attributable to members .................................... | $27.0 | $28.8 | $25.4 | $68.1
Activity related to our other transactions with Jefferies Finance:
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Origination and syndication fee revenues (1) ............................ | $73.3 | $72.9 | $191.9 | $200.2
Origination fee expenses (1) ..... | 18.3 | 16.2 | 50.7 | 40.8
CLO placement and structuring fee revenues (2) .................... | 0.8 | 0.8 | 2.3 | 1.1
Placement and referral fees (3) | 6.1 | 2.4 | 16.1 | 3.3
Asset management fee revenues (4) ............................. | — | — | 7.5 | —
Underwriting fees (5) .................. | 0.5 | — | 0.5 | —
Service fee revenues (6) ............. | 24.0 | 15.3 | 101.0 | 81.0
(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 fee and revenue sharing agreement with Jefferies Finance, we receive fees which are included in Asset management fees and revenues. (5)We act as an underwriter in connection with term loans issued by Jefferies Finance. (6)Under a service agreement, we charge Jefferies Finance for various administrative services provided. Additional balances with Jefferies Finance as reported in our Consolidated Statements of Financial Condition.
$ in millions | August 31, 2025 | November 30, 2024
Assets |  |
Financial instruments owned, at fair value (1) ......... | $4.6 | $—
Other assets (2) ............................................................ | 5.3 | 1.9
Liabilities |  |
Financial instruments sold, not yet purchased, at fair value (1) ............................................................. | $0.4 | $—
Payables: |  |
Brokers, dealers and clearing organizations (3) . | 15.7 | —
Customers (4) .......................................................... | 2.2 | 13.7
(1)In connection with our capital markets activities, from time to time we make a market in long-term debt securities of Jefferies Finance (i.e., we buy and sell debt securities issued by Jefferies Finance). (2)Receivable from Jefferies Finance pending settlement. (3)Cash collateral, net, received from Jefferies Finance on OTC foreign currency trading. (4)Payable to Jefferies Finance in connection with loans originated by Jefferies Finance to borrowers who are investment banking clients of ours. We have also entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure on these loans. Selected financial information for Berkadia:
$ in millions | August 31, 2025 | November 30, 2024
Total assets ................................................... | $5,579.9 | $4,963.2
Total liabilities ............................................... | 4,247.2 | 3,515.6
Total noncontrolling interest ....................... | 390.5 | 502.1
$ in millions | August 31, 2025 | November 30, 2024
Our total investment balance ....................... | $427.1 | $427.7
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net earnings attributable to members .................................... | $70.9 | $41.4 | $152.9 | $119.6
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Distributions .................................... | $42.3 | $28.0 | $69.3 | $34.7
Selected financial information for our significant real estate investments:
$ in millions | August 31, 2025 | November 30, 2024
Total assets .................................................... | $313.4 | $326.0
Total liabilities ................................................ | 473.3 | 484.7
| August 31, 2025 | November 30, 2024
Our total investment balance ....................... | $98.2 | $97.8
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net earnings (losses) .................... | $0.4 | $2.9 | $1.7 | $3.0
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Distributions we received from Brooklyn Renaissance Office ....................................... | $— | $— | $1.2 | $—
The following summarizes the results from these investments which are included in Principal transactions revenues:
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Net gains (losses) from our investments in JCP Fund V ..... | $0.6 | $(0.1) | $0.4 | $(0.3)
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 August 31, 2025 of the combined equity interests:
| Three Months Ended
$ in millions | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023
Net increase (decrease) in net assets resulting from operations (1) | $1.7 | $0.1 | $(0.6) | $(0.3) | $0.1 | $(0.9)
(1)Financial information for JCP Fund V within our results of operations for the three and nine months ended August 31, 2025 and 2024 is included based on the periods presented. Selected financial information for Hildene Insurance:
$ in millions | June 30, 2025 (1) | September 30, 2024 (1)
Total assets ............................................................... | $466.3 | $304.2
Total liabilities ........................................................... | 0.7 | 0.2
Total members’ equity ............................................. | 465.6 | 304.0
| Three Months Ended (1)
$ in millions | June 30, 2025 | March 31, 2025 | December 31, 2024
Net increase in members’ equity resulting from operations .......................................................................... | $44.9 | $27.5 | $8.4
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at August 31, 2025 and November 30, 2024 is based on the dates presented, and in our results of operations for the three and nine months ended August 31, 2025 is based on the periods presented.
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Operating lease income ................ | $— | $5.6 | $6.9 | $15.0

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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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