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Investments (Tables)

9 Months Ended

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