XML 53 R40.htm IDEA: XBRL DOCUMENT
v3.26.1

Investments (Tables) | 3 Months Ended
--- | ---
Feb. 28, 2026
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 | February 28, 2026 | November 30, 2025
Total Investments in and loans to related parties ........................................................ | $1,560.6 | $1,496.1
The following presents summarized financial information about our significant equity method investees. For certain investees, we receive financial information on a lag and the summarized information provided for these investees is based on the latest financial information available as of February 28, 2026 and 2025.
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Total equity method pickup earnings recognized in Other revenues ................. | $24.5 | $7.1
Activity related to the facility:
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Unfunded commitment fees ........................ | $0.3 | $0.3
Selected financial information for Jefferies Finance:
$ in millions | February 28, 2026 | November 30, 2025
Total assets .................................................... | $6,903.7 | $7,356.1
Total liabilities ................................................ | 5,467.6 | 5,959.2
Total mezzanine equity ................................. | 14.9 | 14.8
$ in millions | February 28, 2026 | November 30, 2025
Our total investment balance ....................... | $710.6 | $691.0
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Net earnings (losses) attributable to members .................................................... | $33.1 | $(1.7)
Activity related to our other transactions with Jefferies Finance:
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Origination and syndication fee revenues (1) ............................................................... | $53.1 | $60.2
Origination fee expenses (1) ........................ | 18.6 | 18.5
CLO placement and structuring fee revenues (2) ............................................. | 1.0 | 0.2
Placement and referral fees (3) ................... | 6.3 | 0.6
Underwriting revenues (expenses) (4) ....... | (1.0) | —
Service fees (5) .............................................. | 65.6 | 54.4
(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, which are recognized as fees and included in Investment banking revenues. (3)We act as a placement agent for investment funds managed by Jefferies Finance, which are recognized as fees and included in Commissions and other fees. (4)We act as an underwriter in connection with term loans issued by Jefferies Finance. (5)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 | February 28, 2026 | November 30, 2025
Assets |  |
Financial instruments owned, at fair value (1) ..................................................................... | $2.6 | $10.9
Other assets (2) ............................................. | 17.0 | 7.0
Liabilities |  |
Financial instruments sold, not yet purchased, at fair value (1) (3) ............... | $7.5 | $0.4
Payables: |  |
Brokers, dealers and clearing organizations (4) ...................................... | 16.8 | 17.2
Customers (5) ........................................... | 4.8 | 3.3
(1)In connection with our capital markets activities, from time to time we make a market in long-term debt securities and term loans of Jefferies Finance (i.e., we buy and sell debt securities and tern loans of Jefferies Finance). (2)Receivable for services and certain fees from Jefferies Finance. (3)Includes OTC foreign currency derivatives. (4)Cash collateral received from Jefferies Finance on OTC foreign currency derivatives. (5)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 | February 28, 2026 | November 30, 2025
Total assets ................................................... | $5,146.4 | $5,269.8
Total liabilities ............................................... | 3,686.4 | 3,953.1
Total noncontrolling interest ....................... | 521.0 | 369.0
$ in millions | February 28, 2026 | November 30, 2025
Our total investment balance ....................... | $426.6 | $429.7
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Net earnings attributable to members ....... | $40.5 | $37.8
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Distributions ................................................... | $21.2 | $16.1
Selected financial information for the real estate investments:
$ in millions | February 28, 2026 | November 30, 2025
Total assets .................................................... | $309.4 | $312.6
Total liabilities ................................................ | 463.7 | 470.7
| February 28, 2026 | November 30, 2025
Our total investment balance ....................... | $99.5 | $98.7
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Net earnings ................................................... | $3.8 | $4.6
The following summarizes the results from these investments which are included in Principal transactions revenues:
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Net gains (losses) from our investments in JCP Fund V ............................................ | $— | $(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 February 28, 2026 of the combined equity interests:
Three Months Ended (1) |
$ in millions | December 31, 2025 | December 31, 2024
Net increase (decrease) in net assets resulting from operations ....................................................... | $— | $(0.6)
(1)Financial information for JCP Fund V within our results of operations for the three months ended February 28, 2026 and 2025 is included based on the periods presented. Selected financial information for Hildene Insurance:
$ in millions | December 31, 2025 (1) | September 30, 2025 (1)
Total assets ............................................................... | $564.6 | $498.4
Total liabilities ........................................................... | 20.1 | 0.7
Total members’ equity ............................................. | 544.5 | 497.7
Three Months Ended (1) |
$ in millions | December 31, 2025 | December 31, 2024
Net increase in members’ equity resulting from operations ............................................................. | $16.6 | $8.4
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at February 28, 2026 and November 30, 2025 is based on the dates presented, and in our results of operations for the three months ended February 28, 2026 and 2025 is based on the periods presented.
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Operating lease income ................................ | $— | $5.6

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration