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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