QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
PART I. FINANCIAL INFORMATION | |
Page | |
Consolidated Statements of Financial Condition (Unaudited) ......................................................................................................... | |
Consolidated Statements of Earnings (Unaudited) ............................................................................................................................ | |
Consolidated Statements of Comprehensive Income (Unaudited) .................................................................................................. | |
Consolidated Statements of Changes in Equity (Unaudited) ............................................................................................................ | |
Consolidated Statements of Cash Flows (Unaudited) ....................................................................................................................... | |
Notes to Consolidated Financial Statements (Unaudited) ................................................................................................................ | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ............................................... | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk .................................................................................................... | |
Item 4. Controls and Procedures .................................................................................................................................................................. | |
PART II. OTHER INFORMATION | |
Item 1. Legal Proceedings ............................................................................................................................................................................. | |
Item 1A. Risk Factors ..................................................................................................................................................................................... | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds .................................................................................................. | |
Item 5. Other Information .............................................................................................................................................................................. | |
Item 6. Exhibits ................................................................................................................................................................................................ |
2 | Jefferies Financial Group Inc. |
$ in thousands, except share and per share amounts | May 31, 2025 | November 30, 2024 |
Assets | ||
Cash and cash equivalents ............................................................................................................................................................... | $ | $ |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $ | ||
Financial instruments owned, at fair value (includes securities pledged of $ | ||
Investments in and loans to related parties ................................................................................................................................... | ||
Securities borrowed ........................................................................................................................................................................... | ||
Securities purchased under agreements to resell ........................................................................................................................ | ||
Securities received as collateral, at fair value ................................................................................................................................ | ||
Receivables: | ||
Brokers, dealers and clearing organizations ............................................................................................................................... | ||
Customers ........................................................................................................................................................................................ | ||
Fees, interest and other .................................................................................................................................................................. | ||
Premises and equipment .................................................................................................................................................................. | ||
Goodwill ............................................................................................................................................................................................... | ||
Assets held for sale ........................................................................................................................................................................... | ||
Other assets (includes assets pledged of $ | ||
Total assets ........................................................................................................................................................................................ | $ | $ |
Liabilities and Equity | ||
Short-term borrowings ...................................................................................................................................................................... | $ | $ |
Financial instruments sold, not yet purchased, at fair value ....................................................................................................... | ||
Securities loaned ................................................................................................................................................................................ | ||
Securities sold under agreements to repurchase ......................................................................................................................... | ||
Other secured financings (includes $ | ||
Obligation to return securities received as collateral, at fair value ............................................................................................. | ||
Payables: | ||
Brokers, dealers and clearing organizations ............................................................................................................................... | ||
Customers ........................................................................................................................................................................................ | ||
Lease liabilities ................................................................................................................................................................................... | ||
Accrued expenses and other liabilities ........................................................................................................................................... | ||
Long-term debt (includes $ | ||
Total liabilities .................................................................................................................................................................................... | ||
Mezzanine Equity | ||
Redeemable noncontrolling interests ............................................................................................................................................. | ||
Equity | ||
Preferred shares, par value of $ liquidation preference of $ | ||
Common shares, par value $ and outstanding, after deducting | ||
Non-voting common shares, par value $ outstanding .................................................................................................................................................................................... | ||
Additional paid-in capital .................................................................................................................................................................. | ||
Accumulated other comprehensive loss ........................................................................................................................................ | ( | ( |
Retained earnings .............................................................................................................................................................................. | ||
Total Jefferies Financial Group Inc. shareholders' equity .......................................................................................................... | ||
Noncontrolling interests ................................................................................................................................................................... | ||
Total equity ......................................................................................................................................................................................... | ||
Total liabilities and equity ................................................................................................................................................................ | $ | $ |
May 2025 Form 10-Q | 3 |
Three Months Ended May 31, | Six Months Ended May 31, | ||||||
$ in thousands, except per share amounts | 2025 | 2024 | 2025 | 2024 | |||
Revenues | |||||||
Investment banking ............................................................................................... | $ | $ | $ | $ | |||
Principal transactions ............................................................................................ | |||||||
Commissions and other fees ............................................................................... | |||||||
Asset management fees and revenues .............................................................. | |||||||
Interest ..................................................................................................................... | |||||||
Other ......................................................................................................................... | |||||||
Total revenues ........................................................................................................ | $ | ||||||
Interest expense ..................................................................................................... | |||||||
Net revenues ........................................................................................................... | |||||||
Non-interest expenses | |||||||
Compensation and benefits ................................................................................. | |||||||
Brokerage and clearing fees ................................................................................. | |||||||
Underwriting costs ................................................................................................. | |||||||
Technology and communications ....................................................................... | |||||||
Occupancy and equipment rental ........................................................................ | |||||||
Business development .......................................................................................... | |||||||
Professional services ............................................................................................ | |||||||
Depreciation and amortization ............................................................................. | |||||||
Cost of sales ........................................................................................................... | |||||||
Other expenses ....................................................................................................... | |||||||
Total non-interest expenses ................................................................................ | |||||||
Earnings from continuing operations before income taxes ............................ | |||||||
Income tax expense ............................................................................................... | |||||||
Net earnings from continuing operations ........................................................... | |||||||
Net earnings (losses) from discontinued operations, net of income tax benefit of $ | ( | ||||||
Net earnings ........................................................................................................... | |||||||
Net losses attributable to noncontrolling interests ........................................... | ( | ( | ( | ( | |||
Preferred stock dividends ..................................................................................... | |||||||
Net earnings attributable to common shareholders ........................................ | $ | $ | $ | $ | |||
Earnings per common share | |||||||
Basic from continuing operations ....................................................................... | $ | $ | $ | $ | |||
Diluted from continuing operations ..................................................................... | |||||||
Basic ......................................................................................................................... | |||||||
Diluted ...................................................................................................................... | |||||||
Weighted-average common shares outstanding ............................................. | |||||||
Basic ......................................................................................................................... | |||||||
Diluted ...................................................................................................................... | |||||||
4 | Jefferies Financial Group Inc. |
Three Months Ended May 31, | Six Months Ended May 31, | ||||||
$ in thousands | 2025 | 2024 | 2025 | 2024 | |||
Net earnings ................................................................................................................... | $ | $ | $ | $ | |||
Other comprehensive income (loss), net of tax: | |||||||
Currency translation adjustments and other (1) ...................................................... | ( | ( | |||||
Changes in fair value related to instrument-specific credit risk (2) ...................... | ( | ( | |||||
Unrealized gains (losses) on available-for-sale-securities .................................... | ( | ||||||
Total other comprehensive income (loss), net of tax (3) ....................................... | ( | ( | |||||
Comprehensive income ................................................................................................ | |||||||
Net losses attributable to noncontrolling interests .................................................. | ( | ( | ( | ( | |||
Preferred stock dividends ............................................................................................ | |||||||
Comprehensive income attributable to common shareholders ............................ | $ | $ | $ | $ |
May 2025 Form 10-Q | 5 |
Three Months Ended May 31, | Six Months Ended May 31, | ||||||
$ in thousands, except share amounts | 2025 | 2024 | 2025 | 2024 | |||
Preferred shares $1 par value | |||||||
Balance, beginning of period ............................................................................. | $ | $ | $ | $ | |||
Balance, end of period ....................................................................................... | $ | $ | $ | $ | |||
Common shares $1 par value | |||||||
Balance, beginning of period ............................................................................. | $ | $ | $ | $ | |||
Purchase of common shares for treasury ................................................... | ( | ( | ( | ( | |||
Other .................................................................................................................. | |||||||
Balance, end of period ....................................................................................... | $ | $ | $ | $ | |||
Additional paid-in capital | |||||||
Balance, beginning of period ............................................................................. | $ | $ | $ | $ | |||
Share-based compensation expense ............................................................ | |||||||
Purchase of common shares for treasury ................................................... | ( | ( | ( | ( | |||
Dividend equivalents ....................................................................................... | |||||||
Change in equity interest related to consolidated subsidiaries ................ | ( | ( | |||||
Other .................................................................................................................. | |||||||
Balance, end of period ....................................................................................... | $ | $ | $ | $ | |||
Accumulated other comprehensive loss, net of tax | |||||||
Balance, beginning of period ............................................................................. | $( | $( | $( | $( | |||
Other comprehensive income (loss), net of taxes ...................................... | ( | ( | |||||
Balance, end of period ....................................................................................... | $( | $( | $( | $( | |||
Retained earnings | |||||||
Balance, beginning of period ............................................................................. | $ | $ | $ | $ | |||
Net earnings attributable to Jefferies Financial Group Inc. ....................... | |||||||
Dividends - common shares ($ | ( | ( | ( | ( | |||
Dividends - preferred shares .......................................................................... | ( | ( | ( | ( | |||
Cumulative effect of change in accounting principle for current expected credit losses, net of tax ............................................................. | ( | ||||||
Other .................................................................................................................. | ( | ||||||
Balance, end of period ....................................................................................... | $ | $ | $ | $ | |||
Total Jefferies Financial Group Inc. shareholders' equity ........................... | $ | $ | $ | $ | |||
Noncontrolling interests | |||||||
Balance, beginning of period ............................................................................. | $ | $ | $ | $ | |||
Net losses attributable to noncontrolling interests .................................... | ( | ( | ( | ( | |||
Contributions .................................................................................................... | |||||||
Distributions ..................................................................................................... | ( | ( | ( | ( | |||
Change in equity interest related to consolidated subsidiaries ................ | |||||||
Other .................................................................................................................. | ( | ( | |||||
Balance, end of period ....................................................................................... | $ | $ | $ | $ | |||
Total equity .......................................................................................................... | $ | $ | $ | $ |
6 | Jefferies Financial Group Inc. |
Six Months Ended May 31, | ||
$ in thousands | 2025 | 2024 |
Cash flows from operating activities: | ||
Net earnings ...................................................................................................................................................................................... | $ | $ |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization .................................................................................................................................................... | ||
Share-based compensation ......................................................................................................................................................... | ||
Net bad debt expense ................................................................................................................................................................... | ||
Income on investments in and loans to related parties ........................................................................................................... | ( | ( |
Distributions received on investments in related parties ........................................................................................................ | ||
Gain on sale of subsidiaries and investments in related parties ............................................................................................ | ( | |
Other adjustments ......................................................................................................................................................................... | ||
Net change in assets and liabilities: | ||
Receivables: | ||
Brokers, dealers and clearing organizations .......................................................................................................................... | ( | ( |
Customers ................................................................................................................................................................................... | ( | ( |
Fees, interest and other ............................................................................................................................................................. | ( | ( |
Securities borrowed ...................................................................................................................................................................... | ( | |
Financial instruments owned ....................................................................................................................................................... | ( | ( |
Securities purchased under agreements to resell .................................................................................................................... | ( | ( |
Other assets ................................................................................................................................................................................... | ( | ( |
Payables: | ||
Brokers, dealers and clearing organizations .......................................................................................................................... | ||
Customers ................................................................................................................................................................................... | ( | |
Securities loaned ........................................................................................................................................................................... | ( | |
Financial instruments sold, not yet purchased ......................................................................................................................... | ||
Securities sold under agreements to repurchase ..................................................................................................................... | ( | |
Lease liabilities .............................................................................................................................................................................. | ( | ( |
Accrued expenses and other liabilities ...................................................................................................................................... | ( | |
Net cash used in operating activities from continuing operations ......................................................................................... | ( | ( |
Net cash used in operating activities from discontinued operations ..................................................................................... | ( | |
Cash flows from investing activities: | ||
Contributions to investments in and loans to related parties ................................................................................................. | ( | ( |
Capital distributions from investments and repayments of loans from related parties ..................................................... | ||
Originations and purchases of automobile loans, notes and other receivables .................................................................. | ( | |
Principal collections of automobile loans, notes and other receivables ............................................................................... | ||
Net payments on premises and equipment .............................................................................................................................. | ( | ( |
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold ........................... | ||
Net cash used in investing activities from continuing operations .......................................................................................... | ( | ( |
May 2025 Form 10-Q | 7 |
Six Months Ended May 31, | ||
$ in thousands | 2025 | 2024 |
Cash flows from financing activities: | ||
Proceeds from short-term borrowings ....................................................................................................................................... | $ | $ |
Payments on short-term borrowings .......................................................................................................................................... | ( | ( |
Proceeds from issuance of long-term debt, net of issuance costs ....................................................................................... | ||
Repayment of long-term debt ...................................................................................................................................................... | ( | ( |
Purchase of common shares for treasury ................................................................................................................................. | ( | ( |
Dividends paid to common and preferred shareholders ......................................................................................................... | ( | ( |
Net proceeds from other secured financings ........................................................................................................................... | ||
Net change in bank overdrafts .................................................................................................................................................... | ( | |
Proceeds from contributions of noncontrolling interests ....................................................................................................... | ||
Payments on distributions to noncontrolling interests ............................................................................................................ | ( | ( |
Other ................................................................................................................................................................................................ | ||
Net cash provided by financing activities from continuing operations .................................................................................. | ||
Net cash provided by financing activities from discontinued operations .............................................................................. | ||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ............................................................... | ( | |
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale .................................... | ( | |
Net (decrease) increase in cash, cash equivalents, and restricted cash ................................................................................. | ( | |
Cash, cash equivalents, and restricted cash at beginning of period ........................................................................................ | ||
Cash, cash equivalents, and restricted cash at end of period .................................................................................................. | $ | $ |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for: | ||
Interest ............................................................................................................................................................................................ | $ | $ |
Income taxes, net .......................................................................................................................................................................... |
May 31, | November 30, | |
$ in thousands | 2025 | 2024 |
Cash and cash equivalents ........................................................................................................................................... | $ | $ |
Cash on deposit for regulatory purposes with clearing and depository organizations ....................................... | ||
Total cash, cash equivalents and restricted cash .................................................................................................... | $ | $ |
8 | Jefferies Financial Group Inc. |
Page | |
Note 1. Organization and Basis of Presentation ...................................................................................................................................................................... | |
Note 2. Summary of Significant Accounting Policies ............................................................................................................................................................. | |
Note 3. Accounting Developments ............................................................................................................................................................................................ | |
Note 4. Business Acquisitions .................................................................................................................................................................................................... | |
Note 5. Assets Held for Sale and Discontinued Operations ................................................................................................................................................... | |
Note 6. Fair Value Disclosures .................................................................................................................................................................................................... | |
Note 7. Derivative Financial Instruments .................................................................................................................................................................................. | |
Note 8. Collateralized Transactions ........................................................................................................................................................................................... | |
Note 9. Securitization Activities ................................................................................................................................................................................................. | |
Note 10. Variable Interest Entities .............................................................................................................................................................................................. | |
Note 11. Investments ................................................................................................................................................................................................................... | |
Note 12. Credit Losses on Financial Assets Measured at Amortized Cost ......................................................................................................................... | |
Note 13. Goodwill and Intangible Assets .................................................................................................................................................................................. | |
Note 14. Revenues from Contracts with Customers ............................................................................................................................................................... | |
Note 15. Compensation Plans .................................................................................................................................................................................................... | |
Note 16. Borrowings ..................................................................................................................................................................................................................... | |
Note 17. Total Equity .................................................................................................................................................................................................................... | |
Note 18. Income Taxes ................................................................................................................................................................................................................ | |
Note 19. Commitments, Contingencies and Guarantees ....................................................................................................................................................... | |
Note 20. Regulatory Requirements ............................................................................................................................................................................................ | |
Note 21. Segment Reporting ....................................................................................................................................................................................................... | |
Note 22. Related Party Transactions ......................................................................................................................................................................................... |
May 2025 Form 10-Q | 9 |
10 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 11 |
12 | Jefferies Financial Group Inc. |
May 31, 2025 (1) | |||||
$ in thousands | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (2) | Total |
Assets: | |||||
Financial instruments owned: | |||||
Corporate equity securities .................................................................................. | $ | $ | $ | $— | $ |
Corporate debt securities ..................................................................................... | — | ||||
Collateralized debt obligations and collateralized loan obligations ............... | — | ||||
U.S. government and federal agency securities ................................................ | — | ||||
Municipal securities .............................................................................................. | — | ||||
Sovereign obligations ............................................................................................ | — | ||||
Residential mortgage-backed securities ............................................................ | — | ||||
Commercial mortgage-backed securities .......................................................... | — | ||||
Other asset-backed securities ............................................................................. | — | ||||
Loans and other receivables ................................................................................ | — | ||||
Derivatives .............................................................................................................. | ( | ||||
Investments at fair value ...................................................................................... | — | ||||
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................... | $ | $ | $ | $( | $ |
Securities received as collateral .......................................................................... | $ | $ | $ | $— | $ |
Liabilities: | |||||
Financial instruments sold, not yet purchased: | |||||
Corporate equity securities .................................................................................. | $ | $ | $ | $— | $ |
Corporate debt securities ..................................................................................... | — | ||||
Collateralized debt obligations and collateralized loan obligations ............... | — | ||||
U.S. government and federal agency securities ................................................ | — | ||||
Sovereign obligations ............................................................................................ | — | ||||
Commercial mortgage-backed securities .......................................................... | — | ||||
Loans ....................................................................................................................... | — | ||||
Derivatives .............................................................................................................. | ( | ||||
Total financial instruments sold, not yet purchased ....................................... | $ | $ | $ | $( | $ |
Other secured financings ...................................................................................... | $ | $ | $ | $— | $ |
Obligation to return securities received as collateral ....................................... | — | ||||
Long-term debt ....................................................................................................... | — |
May 2025 Form 10-Q | 13 |
November 30, 2024 (1) | |||||
$ in thousands | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (2) | Total |
Assets: | |||||
Financial instruments owned: | |||||
Corporate equity securities .................................................................................. | $ | $ | $ | $— | $ |
Corporate debt securities ..................................................................................... | — | ||||
Collateralized debt obligations and collateralized loan obligations ............... | — | ||||
U.S. government and federal agency securities ................................................ | — | ||||
Municipal securities .............................................................................................. | — | ||||
Sovereign obligations ............................................................................................ | — | ||||
Residential mortgage-backed securities ............................................................ | — | ||||
Commercial mortgage-backed securities .......................................................... | — | ||||
Other asset-backed securities ............................................................................. | — | ||||
Loans and other receivables ................................................................................ | — | ||||
Derivatives .............................................................................................................. | ( | ||||
Investments at fair value ...................................................................................... | — | ||||
Total financial instruments owned, excluding Investments at fair value based on NAV .................................................................................................... | $ | $ | $ | $( | $ |
Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ................................ | $ | $ | $ | $— | $ |
Securities received as collateral .......................................................................... | — | ||||
Liabilities: | |||||
Financial instruments sold, not yet purchased: | |||||
Corporate equity securities .................................................................................. | $ | $ | $ | $— | $ |
Corporate debt securities ..................................................................................... | — | ||||
U.S. government and federal agency securities ................................................ | — | ||||
Sovereign obligations ............................................................................................ | — | ||||
Commercial mortgage-backed securities ......................................................... | — | ||||
Loans ....................................................................................................................... | — | ||||
Derivatives .............................................................................................................. | ( | ||||
Total financial instruments sold, not yet purchased ....................................... | $ | $ | $ | $( | $ |
Other secured financings ...................................................................................... | $ | $ | $ | $— | $ |
Obligation to return securities received as collateral ...................................... | — | ||||
Long-term debt ....................................................................................................... | — |
14 | Jefferies Financial Group Inc. |
May 31, 2025 | ||||
$ in thousands | Fair Value (1) | Unfunded Commitments | Redemption Frequency | Redemption Notice Period |
Hedge Funds (2) .............. | $ | $ | Quarterly ( Monthly ( | |
Private Equity Funds (3) .............. | N/R ( | N/R | ||
Credit Funds (4) .............. | Quarterly ( Monthly ( N/R ( | N/R | ||
Real Estate and Other Funds (5) .... | Quarterly ( N/R ( | N/R | ||
Total ...................... | $ | $ |
November 30, 2024 | ||||
$ in thousands | Fair Value (1) | Unfunded Commitments | Redemption Frequency | Redemption Notice Period |
Hedge Funds (2) ............ | $ | $ | Quarterly ( Monthly ( | |
Private Equity Funds (3) ............ | N/R ( | N/R | ||
Credit Funds (4) | Quarterly ( Monthly ( N/R ( | N/R | ||
Real Estate and Other Funds (5) . | N/R ( | N/R | ||
Total ................... | $ | $ |
May 2025 Form 10-Q | 15 |
Three Months Ended May 31, 2025 | ||||||||||
$ in thousands | Balance at February 28, 2025 | Total gains/ losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/ (out of) Level 3 | Balance at May 31, 2025 | For instruments still held at May 31, 2025, changes in unrealized gains (losses) included in: | |
Earnings (1) | Other comprehensive income (loss) (1) | |||||||||
Level 3 assets: | ||||||||||
Financial instruments owned: | ||||||||||
Corporate equity securities .................... | $ | $ | $ | $( | $ | $ | $ | $ | $ | $ |
Corporate debt securities ...................... | ( | ( | ||||||||
CDOs and CLOs ....................................... | ( | ( | ( | ( | ( | |||||
RMBS ........................................................ | ( | |||||||||
CMBS ........................................................ | ||||||||||
Other ABS ................................................. | ( | ( | ||||||||
Loans and other receivables ................. | ( | ( | ( | ( | ( | |||||
Investments at fair value ........................ | ( | ( | ||||||||
Level 3 liabilities: | ||||||||||
Financial instruments sold, not yet purchased: | ||||||||||
Corporate equity securities .................... | $ | $( | $( | $ | $ | $ | $ | $ | $ | $ |
Corporate debt securities ...................... | ( | ( | ( | ( | ||||||
RMBS ........................................................ | ( | |||||||||
CMBS ........................................................ | ( | ( | ||||||||
Loans ........................................................ | ( | ( | ( | ( | ||||||
Net derivatives (2) ................................... | ( | ( | ( | ( | ||||||
Other secured financings ....................... | ( | — | ||||||||
Long-term debt ........................................ | ( | ( |
Six Months Ended May 31, 2025 | ||||||||||
$ in thousands | Balance at November 30, 2024 | Total gains/ losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/ (out of) Level 3 | Balance at May 31, 2025 | For instruments still held at May 31, 2025, changes in unrealized gains (losses) included in: | |
Earnings (1) | Other comprehensive income (loss) (1) | |||||||||
Assets: | ||||||||||
Financial instruments owned: | ||||||||||
Corporate equity securities ................ | $ | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Corporate debt securities ................... | ( | ( | ||||||||
CDOs and CLOs ................................... | ( | ( | ( | ( | ( | |||||
Sovereign obligations ......................... | ( | |||||||||
RMBS ..................................................... | ( | |||||||||
CMBS .................................................... | ||||||||||
Other ABS ............................................. | ( | ( | ( | ( | ( | |||||
Loans and other receivables .............. | ( | ( | ( | ( | ( | |||||
Investments at fair value .................... | ( | ( | ||||||||
Liabilities: | ||||||||||
Financial instruments sold, not yet purchased: | ||||||||||
Corporate equity securities ................ | $ | $ | $( | $ | $ | $ | $ | $ | $( | $ |
Corporate debt securities ................... | ( | ( | ||||||||
CMBS .................................................... | ( | |||||||||
Loans .................................................... | ( | ( | ( | |||||||
Net derivatives (2) ............................... | ( | ( | ||||||||
Other secured financings ................... | ( | ( | — | |||||||
Long-term debt .................................... | ( | ( | ( | ( |
16 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 17 |
Three Months Ended May 31, 2024 | ||||||||||
$ in thousands | Balance at February 28, 2024 | Total gains/ losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/ (out of) Level 3 | Balance at May 31, 2024 | For instruments still held at May 31, 2024, changes in unrealized gains (losses) included in: | |
Earnings (1) | Other comprehensive income (loss) (1) | |||||||||
Assets: | ||||||||||
Financial instruments owned: | ||||||||||
Corporate equity securities ................. | $ | $( | $ | $( | $ | $ | $ | $ | $( | $ |
Corporate debt securities ................... | ( | |||||||||
CDOs and CLOs .................................... | ( | ( | ( | ( | ||||||
RMBS ..................................................... | ( | ( | ||||||||
CMBS ..................................................... | ||||||||||
Other ABS .............................................. | ( | ( | ( | ( | ||||||
Loans and other receivables .............. | ( | ( | ||||||||
Investments at fair value ..................... | ( | |||||||||
Liabilities: | ||||||||||
Financial instruments sold, not yet purchased: | ||||||||||
Corporate equity securities ................. | ( | |||||||||
Corporate debt securities ................... | ( | |||||||||
CMBS ..................................................... | ||||||||||
Loans ..................................................... | ( | ( | ( | |||||||
Net derivatives (2) ................................ | ( | ( | ( | |||||||
Other secured financings .................... | — | |||||||||
Long-term debt ..................................... | ( | ( | ( |
Six Months Ended May 31, 2024 | ||||||||||
$ in thousands | Balance at November 30, 2023 | Total gains/ losses (realized and unrealized) (1) | Purchases | Sales | Settlements | Issuances | Net transfers into/ (out of) Level 3 | Balance at May 31, 2024 | For instruments still held at May 31, 2024, changes in unrealized gains (losses) included in: | |
Earnings (1) | Other comprehensive income (loss) (1) | |||||||||
Assets: | ||||||||||
Financial instruments owned: | ||||||||||
Corporate equity securities ................ | $ | $( | $ | $( | $ | $ | $( | $ | $( | $ |
Corporate debt securities ................... | ( | ( | ||||||||
CDOs and CLOs ................................... | ( | ( | ( | |||||||
RMBS ..................................................... | ( | ( | ( | ( | ||||||
CMBS .................................................... | ( | ( | ||||||||
Other ABS ............................................. | ( | ( | ( | ( | ||||||
Loans and other receivables .............. | ( | ( | ( | ( | ||||||
Investments at fair value .................... | ( | ( | ( | ( | ||||||
Liabilities: | ||||||||||
Financial instruments sold, not yet purchased: | ||||||||||
Corporate equity securities | $ | $ | $ | $ | $ | $ | $ | $ | $( | $ |
Corporate debt securities ................... | ( | |||||||||
CMBS .................................................... | ( | ( | ||||||||
Loans .................................................... | ( | ( | ( | |||||||
Net derivatives (2) ............................... | ( | ( | ( | |||||||
Other secured financings ................... | ( | ( | ||||||||
Long-term debt .................................... | ( | ( | ( |
18 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 19 |
May 31, 2025 | |||||||
Financial Instruments Owned | Fair Value (in thousands) | Valuation Technique | Significant Unobservable Input(s) | Input / Range | Weighted Average | ||
Corporate equity securities ..................... | $ | ||||||
Non-exchange-traded securities | Market approach | Price | $ | - | $ | $ | |
Corporate debt securities ........................ | $ | Market approach | Price | $ | - | $ | $ |
Discounted cash flows | Discount rate/yield | - | |||||
CDOs and CLOs .......................................... | $ | Discounted cash flows | Constant prepayment rate | — | |||
Constant default rate | — | ||||||
Loss severity | — | ||||||
Discount rate/yield | - | ||||||
Market approach | Price | $ | - | $ | $ | ||
RMBS ........................................................... | $ | Discounted cash flows | Constant prepayment rate | — | |||
Loss severity | — | ||||||
Discount rate/yield | — | ||||||
Other ABS ................................................... | $ | Discounted cash flows | Discount rate/yield | - | |||
Cumulative loss rate | - | ||||||
Duration (years) | - | ||||||
Market approach | Price | $ | - | $ | $ | ||
Scenario analysis | Estimated recovery percentage | — | |||||
Loans and other receivables ................... | $ | Market approach | Price | $ | - | $ | $ |
Scenario analysis | Estimated recovery percentage | - | |||||
Derivatives .................................................. | $ | ||||||
Embedded options | Market approach | Basis points upfront | — | ||||
Investments at fair value .......................... | $ | ||||||
Private equity securities | Market approach | Price | $ | - | $ | $ | |
Discount rate/yield | — | ||||||
Estimated revenue | $ | — | |||||
Financial Instruments Sold, Not Yet Purchased: | |||||||
Derivatives .................................................. | $ | ||||||
Equity options | Volatility benchmarking | Volatility | - | ||||
Options | Market approach | Basis points upfront | - | ||||
Other secured financings ......................... | $ | Scenario analysis | Estimated recovery percentage | - | |||
Market approach | Price | $ | - | $ | $ | ||
Long-term debt .......................................... | $ | ||||||
Structured notes | Market approach | Price | $ | - | $ | $ |
20 | Jefferies Financial Group Inc. |
November 30, 2024 | |||||||
Financial Instruments Owned | Fair Value (in thousands) | Valuation Technique | Significant Unobservable Input(s) | Input / Range | Weighted Average | ||
Corporate equity securities ..................... | $ | ||||||
Non-exchange-traded securities | Market approach | Price | $ | - | $ | $ | |
Corporate debt securities ........................ | $ | Market approach | Price | $ | - | $ | $ |
CDOs and CLOs .......................................... | $ | Discounted cash flows | Constant prepayment rate | — | |||
Constant default rate | — | ||||||
Loss severity | — | ||||||
Discount rate/yield | - | ||||||
Market approach | Price | $ | - | $ | $ | ||
RMBS ........................................................... | $ | Discounted cash flows | Constant prepayment rate | — | |||
Loss severity | — | ||||||
Discount rate/yield | — | ||||||
Other ABS ................................................... | $ | Discounted cash flows | Discount rate/yield | - | |||
Cumulative loss rate | - | ||||||
Duration (years) | - | ||||||
Market approach | Price | $ | - | $ | $ | ||
Scenario analysis | Estimated recovery percentage | — | |||||
Loans and other receivables ................... | $ | Market approach | Price | $ | - | $ | $ |
Scenario analysis | Estimated recovery percentage | - | |||||
Derivatives .................................................. | $ | ||||||
Embedded options | Market approach | Basis points upfront | — | ||||
Investments at fair value .......................... | $ | ||||||
Private equity securities | Market approach | Price | $ | - | $ | $ | |
Discount rate/yield | — | ||||||
Estimated revenue | $ | — | |||||
Financial Instruments Sold, Not Yet Purchased: | |||||||
Loans .......................................................... | $ | Market approach | Price | $ | - | $ | $ |
Scenario analysis | Estimated recovery percentage | - | |||||
Derivatives .................................................. | $ | ||||||
Equity options | Volatility benchmarking | Volatility | - | ||||
Options | Market approach | Basis points upfront | - | ||||
Other secured financings ......................... | $ | Scenario analysis | Estimated recovery percentage | - | |||
Market approach | Price | $ | — | ||||
Long-term debt .......................................... | $ | ||||||
Structured notes | Market approach | Price | $ | - | $ | $ |
May 2025 Form 10-Q | 21 |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | 2025 | 2024 |
Financial instruments owned: | ||||
Loans and other receivables (1) . | $ | $( | $ | $( |
Other secured financings: | ||||
Other changes in fair value (1) ... | $( | $ | $( | $( |
Long-term debt: | ||||
Changes in instrument-specific credit risk (2) ............................ | $ | $( | $ | $( |
Other changes in fair value (1) ... | ( |
$ in thousands | May 31, 2025 | November 30, 2024 |
Financial instruments owned: | ||
Loans and other receivables (1) ............................... | $ | $ |
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) ............................................................... | ||
Long-term debt ........................................................... | ||
Other secured financings ......................................... | ( |
22 | Jefferies Financial Group Inc. |
May 31, 2025 (1) | ||||
Assets | Liabilities | |||
$ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2) |
Derivatives designated as accounting hedges: | ||||
Interest rate contracts: | ||||
Cleared OTC ........................................ | $ | $ | ||
Foreign exchange contracts: | ||||
Bilateral OTC ....................................... | ||||
Total derivatives designated as accounting hedges ............................ | ||||
Derivatives not designated as accounting hedges: | ||||
Interest rate contracts: | ||||
Exchange-traded ................................ | ||||
Cleared OTC ........................................ | ||||
Bilateral OTC ....................................... | ||||
Foreign exchange contracts: | ||||
Bilateral OTC ....................................... | ||||
Equity contracts: | ||||
Exchange-traded ................................ | ||||
Bilateral OTC ....................................... | ||||
Commodity contracts: | ||||
Exchange-traded ................................ | ||||
Bilateral OTC ....................................... | ||||
Credit contracts: | ||||
Cleared OTC ........................................ | ||||
Bilateral OTC ....................................... | ||||
Total derivatives not designated as accounting hedges ....................... | ||||
Total gross derivative assets/ liabilities: | ||||
Exchange-traded ................................ | ||||
Cleared OTC ........................................ | ||||
Bilateral OTC ....................................... | ||||
Amounts offset in our Consolidated Statements of Financial Condition (3): | ||||
Exchange-traded ................................ | ( | ( | ||
Cleared OTC ........................................ | ( | ( | ||
Bilateral OTC ....................................... | ( | ( | ||
Net amounts per Consolidated Statements of Financial Condition (4) ................................. | $ | $ |
May 2025 Form 10-Q | 23 |
November 30, 2024 (1) | ||||
Assets | Liabilities | |||
$ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2) |
Derivatives designated as accounting hedges: | ||||
Interest rate contracts: | ||||
Cleared OTC ......................................... | $ | $ | ||
Foreign exchange contracts: | ||||
Bilateral OTC ........................................ | ||||
Total derivatives designated as accounting hedges ............................. | ||||
Derivatives not designated as accounting hedges: | ||||
Interest rate contracts: | ||||
Exchange-traded ................................. | ||||
Cleared OTC ......................................... | ||||
Bilateral OTC ........................................ | ||||
Foreign exchange contracts: | ||||
Bilateral OTC ........................................ | ||||
Equity contracts: | ||||
Exchange-traded ................................. | ||||
Bilateral OTC ........................................ | ||||
Commodity contracts: | ||||
Exchange-traded ................................. | ||||
Bilateral OTC ....................................... | ||||
Credit contracts: | ||||
Cleared OTC ......................................... | ||||
Bilateral OTC ........................................ | ||||
Total derivatives not designated as accounting hedges ............................. | ||||
Total gross derivative assets/ liabilities: | ||||
Exchange-traded ................................. | ||||
Cleared OTC ......................................... | ||||
Bilateral OTC ........................................ | ||||
Amounts offset in our Consolidated Statements of Financial Condition (3): | ||||
Exchange-traded ................................. | ( | ( | ||
Cleared OTC ......................................... | ( | ( | ||
Bilateral OTC ........................................ | ( | ( | ||
Net amounts per Consolidated Statements of Financial Condition (4) .................................. | $ | $ |
$ in thousands | Three Months Ended May 31, | Six Months Ended May 31, | ||
Gains (Losses) | 2025 | 2024 | 2025 | 2024 |
Interest rate swaps (1) .................. | $( | $( | $( | $( |
Long-term debt ............................... | ( | ( | ( | |
Total ................................................. | $( | $( | $( | $( |
$ in thousands | Three Months Ended May 31, | Six Months Ended May 31, | ||
Gains (Losses) | 2025 | 2024 | 2025 | 2024 |
Foreign exchange contracts ......... | $( | $( | $( | $( |
Total ................................................. | $( | $( | $( | $( |
$ in thousands | Three Months Ended May 31, | Six Months Ended May 31, | ||
Gains (Losses) | 2025 | 2024 | 2025 | 2024 |
Interest rate contracts ................... | $( | $ | $( | $ |
Foreign exchange contracts ......... | ||||
Equity contracts .............................. | ( | |||
Commodity contracts .................... | ||||
Credit contracts .............................. | ( | ( | ||
Total ................................................. | $ | $ | $ | $( |
24 | Jefferies Financial Group Inc. |
OTC Derivative Assets (1) (2) (3) | |||||
$ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross- Maturity Netting (4) | Total |
Commodity swaps, options and forwards ...................................... | $ | $ | $ | $ | $ |
Equity options and forwards .......... | ( | ||||
Credit default swaps ....................... | ( | ||||
Total return swaps ........................... | ( | ||||
Foreign currency forwards, swaps and options ................................. | |||||
Fixed income forwards ................... | |||||
Interest rate swaps, options and forwards ...................................... | ( | ||||
Total ................................................... | $ | $ | $ | $( | |
Cross-product counterparty netting .......................................... | ( | ||||
Total OTC derivative assets included in Financial instruments owned .................... | $ |
OTC Derivative Liabilities (1) (2) (3) | |||||
$ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross- Maturity Netting (4) | Total |
Commodity swaps, options and forwards ...................................... | $ | $ | $ | $ | $ |
Equity options and forwards .......... | ( | ||||
Credit default swaps ........................ | ( | ||||
Total return swaps ........................... | ( | ||||
Foreign currency forwards, swaps and options ................................. | |||||
Fixed income forwards ................... | |||||
Interest rate swaps, options and forwards ...................................... | ( | ||||
Total ................................................... | $ | $ | $ | $( | |
Cross-product counterparty netting .......................................... | ( | ||||
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased ................................... | $ |
Counterparty credit quality (1): | $ in thousands |
A- or higher ............................................................................................... | $ |
BBB- to BBB+ ........................................................................................... | |
BB+ or lower ............................................................................................. | |
Unrated ..................................................................................................... | |
Total .......................................................................................................... | $ |
May 31, 2025 | |||
External Credit Rating | |||
$ in millions | Investment Grade | Non- investment Grade | Total Notional |
Credit protection sold: | |||
Index credit default swaps ..................... | $ | $ | $ |
November 30, 2024 | |||
External Credit Rating | |||
$ in millions | Investment Grade | Non- investment Grade | Total Notional |
Credit protection sold: | |||
Index credit default swaps ..................... | $ | $ | $ |
$ in millions | May 31, 2025 | November 30, 2024 |
Derivative instrument liabilities with credit-risk- related contingent features .................................... | $ | $ |
Collateral posted ........................................................... | ( | ( |
Collateral received ........................................................ | ||
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) ............................................... |
May 2025 Form 10-Q | 25 |
May 31, 2025 | ||||
$ in millions | Securities Lending Arrangements | Repurchase Agreements | Obligation to Return Securities Received as Collateral, at Fair Value | Total |
Collateral Pledged: | ||||
Corporate equity securities ..................... | $ | $ | $ | $ |
Corporate debt securities ..................... | ||||
Mortgage-backed and asset-backed securities ..................... | ||||
U.S. government and federal agency securities ..................... | ||||
Municipal securities ........ | ||||
Sovereign obligations ..... | ||||
Loans and other receivables .................. | ||||
Total .................................. | $ | $ | $ | $ |
November 30, 2024 | ||||
$ in millions | Securities Lending Arrangements | Repurchase Agreements | Obligation to Return Securities Received as Collateral, at Fair Value | Total |
Collateral Pledged: | ||||
Corporate equity securities ..................... | $ | $ | $ | $ |
Corporate debt securities ..................... | ||||
Mortgage-backed and asset-backed securities ..................... | ||||
U.S. government and federal agency securities ..................... | ||||
Municipal securities ........ | ||||
Sovereign obligations ..... | ||||
Loans and other receivables .................. | ||||
Total .................................. | $ | $ | $ | $ |
May 31, 2025 | |||||
$ in millions | Overnight and Continuous | Up to 30 Days | 31-90 Days | Greater than 90 Days | Total |
Securities lending arrangements .............. | $ | $ | $ | $ | $ |
Repurchase agreements . | |||||
Obligation to return securities received as collateral, at fair value ............................. | |||||
Total ................................... | $ | $ | $ | $ | $ |
November 30, 2024 | |||||
$ in millions | Overnight and Continuous | Up to 30 Days | 31-90 Days | Greater than 90 Days | Total |
Securities lending arrangements .............. | $ | $ | $ | $ | $ |
Repurchase agreements . | |||||
Obligation to return securities received as collateral, at fair value ............................. | |||||
Total ................................... | $ | $ | $ | $ | $ |
26 | Jefferies Financial Group Inc. |
May 31, 2025 | ||||||
$ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (3) |
Assets: | ||||||
Securities borrowing arrangements ................................... | $ | $ | $ | $( | $( | $ |
Reverse repurchase agreements ......................................... | ( | ( | ( | |||
Securities received as collateral, at fair value ................... | — | — | ( | — | ||
Liabilities: | ||||||
Securities lending arrangements ........................................ | $ | $ | $ | $( | $( | $ |
Repurchase agreements ....................................................... | ( | ( | ( | |||
Obligation to return securities received as collateral, at fair value ............................................................................. | — | — | ( | — |
November 30, 2024 | ||||||
$ in millions | Gross Amounts | Netting in Consolidated Statements of Financial Condition | Net Amounts in Consolidated Statements of Financial Condition | Additional Amounts Available for Setoff (1) | Available Collateral (2) | Net Amount (4) |
Assets: | ||||||
Securities borrowing arrangements ................................... | $ | $ | $ | $( | $( | $ |
Reverse repurchase agreements ......................................... | ( | ( | ( | |||
Securities received as collateral, at fair value ................... | — | — | ( | — | ||
Liabilities: | ||||||
Securities lending arrangements ........................................ | $ | $ | $ | $( | $( | $ |
Repurchase agreements ....................................................... | ( | ( | ( | |||
Obligation to return securities received as collateral, at fair value ............................................................................. | — | — | ( | — |
May 2025 Form 10-Q | 27 |
$ in millions | May 31, 2025 | November 30, 2024 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .................................................. | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Transferred assets ..................... | $ | $ | $ | $ |
Proceeds on new securitizations ....................... | ||||
Cash flows received on retained interests .................. |
$ in millions | May 31, 2025 | November 30, 2024 | ||
Securitization Type | Total Assets | Retained Interests | Total Assets | Retained Interests |
U.S. government agency RMBS ... | $ | $ | $ | $ |
U.S. government agency CMBS ... | ||||
CLOs ................................................. | ||||
Consumer and other loans ........... |
28 | Jefferies Financial Group Inc. |
May 31, 2025 (1) | ||
$ in millions | Secured Funding Vehicles | Other |
Cash ................................................................................... | $ | $ |
Financial instruments owned ........................................ | ||
Securities purchased under agreements to resell (2) | ||
Receivables from brokers (3) ......................................... | ||
Other receivables ............................................................. | ||
Other assets (4) ............................................................... | ||
Total assets ...................................................................... | $ | $ |
Financial instruments sold, not yet purchased ........... | $ | $ |
Other secured financings (5) ......................................... | ||
Other liabilities (6) ........................................................... | ||
Long-term debt ................................................................ | ||
Total liabilities ................................................................. | $ | $ |
November 30, 2024 (1) | ||
$ in millions | Secured Funding Vehicles | Other |
Cash ................................................................................... | $ | $ |
Financial instruments owned ......................................... | ||
Securities purchased under agreements to resell (2) | ||
Receivables from brokers (3) ......................................... | ||
Other receivables ............................................................. | ||
Other assets (4) ............................................................... | ||
Total assets ...................................................................... | $ | $ |
Financial instruments sold, not yet purchased ........... | $ | $ |
Other secured financings (5) ......................................... | ||
Other liabilities (6) ........................................................... | ||
Long-term debt ................................................................ | ||
Total liabilities ................................................................. | $ | $ |
May 2025 Form 10-Q | 29 |
May 31, 2025 | ||||
Carrying Amount | Maximum Exposure to Loss | VIE Assets | ||
$ in millions | Assets | Liabilities | ||
CLOs ...................................... | $ | $ | $ | $ |
Asset-backed vehicles ........ | ||||
Related party private equity vehicles ............................ | ||||
Other investment vehicles .. | ||||
Total ....................................... | $ | $ | $ | $ |
November 30, 2024 | ||||
Carrying Amount | Maximum Exposure to Loss | VIE Assets | ||
$ in millions | Assets | Liabilities | ||
CLOs ...................................... | $ | $ | $ | |
Asset-backed vehicles ........ | ||||
Related party private equity vehicles ............................ | ||||
Other investment vehicles .. | ||||
Total ....................................... | $ | $ | $ | $ |
30 | Jefferies Financial Group Inc. |
$ in millions | May 31, 2025 | November 30, 2024 |
Total Investments in and loans to related parties ........................................................ | $ | $ |
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 ................................... | $ | $ | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Unfunded commitment fees ......... | $ | $ |
$ in millions | May 31, 2025 | November 30, 2024 |
Total assets .................................................... | $ | $ |
Total liabilities ................................................ | ||
Total mezzanine equity ................................. |
$ in millions | May 31, 2025 | November 30, 2024 |
Our total investment balance ....................... | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Net earnings (losses) attributable to members .......... | $ | $ | $( | $ |
May 2025 Form 10-Q | 31 |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Origination and syndication fee revenues (1) ............................ | $ | $ | $ | $ |
Origination fee expenses (1) ..... | ||||
CLO placement and structuring fee revenues (2) .................... | ||||
Placement and referral fees (3) | ||||
Asset management fee revenues (4) ............................. | ||||
Service fee revenues (5) ............. |
$ in millions | May 31, 2025 | November 30, 2024 |
Total assets ................................................... | $ | $ |
Total liabilities ............................................... | ||
Total noncontrolling interest ....................... |
$ in millions | May 31, 2025 | November 30, 2024 |
Our total investment balance ....................... | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Net earnings attributable to members .................................... | $ | $ | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Distributions .................................... | $ | $ | $ | $ |
$ in millions | May 31, 2025 | November 30, 2024 |
Total assets .................................................... | $ | $ |
Total liabilities ................................................ | ||
May 31, 2025 | November 30, 2024 | |
Our total investment balance ....................... | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Net earnings (losses) .................... | $( | $( | $ | $ |
32 | Jefferies Financial Group Inc. |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Distributions we received from Brooklyn Renaissance Office ....................................... | $ | $ | $ | $ |
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 ..... | $ | $ | $( | $( |
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) ..... | $ | $( | $ | $( |
$ in millions | March 31, 2025 (1) | September 30, 2024 (1) |
Total assets ............................................................... | $ | $ |
Total liabilities ........................................................... | ||
Total members’ equity ............................................. |
Three Months Ended (1) | ||
$ in millions | March 31, 2025 | December 31, 2024 |
Net increase in members’ equity resulting from operations ................................................................ | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Operating lease income ................ | $ | $ | $ | $ |
May 2025 Form 10-Q | 33 |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | 2025 | 2024 |
Beginning balance ............... | $ | $ | $ | $ |
Bad debt expense ................ | ||||
Charge-offs ........................... | ( | ( | ( | |
Recoveries collected ........... | ( | ( | ( | ( |
Ending balance (1) ............... | $ | $ | $ | $ |
Six Months Ended May 31, 2025 | |||
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total |
Balance, at beginning of period ................... | $ | $ | $ |
Currency translation and other adjustments .............................................. | |||
Measurement period adjustments (1) ........ | |||
Balance, at end of period ............................. | $ | $ | $ |
Six Months Ended May 31, 2024 | |||
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total |
Balance, at beginning of period ................... | $ | $ | $ |
Currency translation and other adjustments .............................................. | ( | ( | |
Measurement period adjustments (1) ........ | ( | ( | |
Goodwill relating to acquisitions by Tessellis ..................................................... | |||
Balance, at end of period ............................. | $ | $ | $ |
$ in millions | May 31, 2025 | November 30, 2024 |
Investment banking .............................................................. | $ | $ |
Equities and wealth management ...................................... | ||
Fixed income ......................................................................... | ||
Asset management .............................................................. | ||
Other investments ................................................................. | ||
Total ........................................................................................ | $ | $ |
34 | Jefferies Financial Group Inc. |
May 31, 2025 | Weighted Average Remaining Lives (Years) | ||||
$ in thousands | Gross Cost | Assets Acquired | Accumulated Amortization | Net Carrying Amount | |
Customer relationships ....................... | $ | $ | $( | $ | |
Trademarks and trade names ............ | ( | ||||
Exchange and clearing organization membership interests and registrations .......................................... | — | N/A | |||
Other ...................................................... | ( | ||||
Total ....................................................... | $ | $ | $( | $ |
November 30, 2024 | Weighted Average Remaining Lives (Years) | |||||
$ in thousands | Gross Cost | Assets Acquired (1) | Impairment Losses | Accumulated Amortization | Net Carrying Amount | |
Customer relationships | $ | $ | $ | $( | $ | |
Trademarks and trade names .............................. | ( | |||||
Exchange and clearing organization membership interests and registrations ............ | ( | — | N/A | |||
Other ................................ | ( | |||||
Total ................................ | $ | $ | $( | $( | $ |
Remainder of fiscal year 2025 ................................................................ | $ |
Year ending November 30, 2026 ............................................................ | |
Year ending November 30, 2027 ............................................................ | |
Year ending November 30, 2028 ............................................................ | |
Year ending November 30, 2029 ............................................................ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | 2025 | 2024 |
Revenues from contracts with customers: | ||||
Investment banking .......... | $ | $ | $ | $ |
Commissions and other fees .................................... | ||||
Asset management fees . | ||||
Real estate revenues ........ | ||||
Internet connection and broadband revenues (1) .................................. | ||||
Other contracts with customers .......................... | ||||
Total revenue from contracts with customers .................... | ||||
Other sources of revenue: | ||||
Principal transactions ...... | ||||
Revenues from strategic affiliates ........................ | ||||
Interest ............................... | ||||
Other (1) ............................. | ||||
Total revenues .................. | $ | $ | $ | $ |
Three Months Ended May 31, 2025 | |||
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total |
Major business activity: | |||
Investment banking - Advisory ................ | $ | $ | $ |
Investment banking - Underwriting ......... | |||
Equities (1) ................................................. | |||
Fixed income (1) ........................................ | |||
Asset management ................................... | |||
Other investments ..................................... | |||
Total ............................................................ | $ | $ | $ |
Primary geographic region: | |||
Americas ..................................................... | $ | $ | $ |
Europe and the Middle East ..................... | |||
Asia-Pacific ................................................ | |||
Total ............................................................ | $ | $ | $ |
May 2025 Form 10-Q | 35 |
Three Months Ended May 31, 2024 | |||
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total |
Major business activity: | |||
Investment banking - Advisory ................ | $ | $ | $ |
Investment banking - Underwriting ......... | |||
Equities (1) ................................................. | |||
Fixed income (1) ........................................ | |||
Asset management ................................... | |||
Other investments (2) ............................... | |||
Total ............................................................ | $ | $ | $ |
Primary geographic region: | |||
Americas ..................................................... | $ | $ | $ |
Europe and the Middle East (2) ............... | |||
Asia-Pacific ................................................ | |||
Total ............................................................ | $ | $ | $ |
Six Months Ended May 31, 2025 | |||
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total |
Major business activity: | |||
Investment banking - Advisory ................ | $ | $ | $ |
Investment banking - Underwriting ......... | |||
Equities (1) ................................................. | |||
Fixed income (1) ........................................ | |||
Asset management ................................... | |||
Other investments ..................................... | |||
Total ............................................................ | $ | $ | $ |
Primary geographic region: | |||
Americas ..................................................... | $ | $ | $ |
Europe and the Middle East ..................... | |||
Asia-Pacific ................................................ | |||
Total ............................................................ | $ | $ | $ |
Six Months Ended May 31, 2024 | |||
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total |
Major business activity: | |||
Investment banking - Advisory ................ | $ | $ | $ |
Investment banking - Underwriting ......... | |||
Equities (1) ................................................. | |||
Fixed income (1) ........................................ | |||
Asset management ................................... | |||
Other investments (2) ............................... | |||
Total ............................................................ | $ | $ | $ |
Primary geographic region: | |||
Americas ..................................................... | $ | $ | $ |
Europe and the Middle East (2) ............... | |||
Asia-Pacific ................................................ | |||
Total ............................................................ | $ | $ | $ |
36 | Jefferies Financial Group Inc. |
$ in millions | Grant Terms |
RSUs | |
Aggregate grant date fair value ...................................... | $ |
Vesting period ................................................................... | |
PSUs | |
Aggregate target fair value .............................................. | $ |
Service period .................................................................... | |
Performance period .......................................................... | Fiscal 2024 to Fiscal 2026 |
Performance target (1) .................................................... | |
Performance range (2) ..................................................... |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Restricted cash awards | $ | $ | $ | $ |
Restricted stock and RSUs (1) ..................... | ||||
Profit sharing plan ......... | ||||
Total compensation cost ............................. | $ | $ | $ | $ |
$ in millions | Remaining Unamortized Amounts | Weighted Average Vesting Period (in Years) |
Non-vested share-based awards .............. | $ | |
Restricted cash awards (1) ........................ | ||
Total .............................................................. | $ |
$ in thousands | May 31, 2025 | November 30, 2024 |
Bank loans and other credit facilities ........................ | $ | $ |
Fixed rate callable note ............................................... | ||
Total short-term borrowings (1) ............................... | $ | $ |
May 2025 Form 10-Q | 37 |
$ in thousands | Maturity (Fiscal Years) | May 31, 2025 | November 30, 2024 |
Parent Co. unsecured borrowings | |||
Fixed rate | 2025 | ||
2026 | |||
2027 | |||
2028 | |||
2029 | |||
2030 and Later | |||
Variable rate | 2025 | ||
2026 | |||
2027 | |||
2029 | |||
2030 and Later | |||
Structured notes (1) | 2025 | ||
2026 | |||
2027 | |||
2028 | |||
2029 | |||
2030 and Later | |||
Total Parent Co. unsecured borrowings (2) .......................................................................................................................................... | |||
Subsidiaries secured borrowings | |||
Fixed rate | 2025 | ||
2026 | |||
2027 | |||
2028 | |||
2029 | |||
Variable rate | 2026 | ||
2027 | |||
Structured note (1) ....................................................................................................................................... | 2028 | ||
Total Subsidiaries secured borrowings ................................................................................................................................................. | |||
Subsidiaries unsecured borrowings | |||
Fixed rate | 2029 | ||
2030 and Later | |||
Variable rate | 2026 | ||
2027 | |||
Total Subsidiaries unsecured borrowings ............................................................................................................................................. | |||
Total long-term debt (3) .......................................................................................................................................................................... | $ | $ | |
Fair value .................................................................................................................................................................................................... | $ | $ | |
Weighted-average interest rate (4) ....................................................................................................................................................... | |||
Interest rate range (4) .............................................................................................................................................................................. |
38 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 39 |
Three Months Ended May 31, | Six Months Ended May 31, | |||
In thousands, except per share amounts | 2025 | 2024 | 2025 | 2024 |
Numerator for earnings per common share from continuing operations: | ||||
Net earnings from continuing operations ......................................................................................................... | $ | $ | $ | $ |
Less: Net losses attributable to noncontrolling interests ............................................................................... | ( | ( | ( | ( |
Allocation of earnings to participating securities (1) ...................................................................................... | ( | ( | ( | ( |
Net earnings from continuing operations attributable to common shareholders for basic earnings per share ........................................................................................................................................................... | $ | $ | $ | $ |
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share ........................................................................................................................................................... | $ | $ | $ | $ |
Numerator for earnings per common share from discontinued operations: | ||||
Net earnings (losses) from discontinued operations, net of taxes ............................................................... | ( | |||
Less: Net losses attributable to noncontrolling interests ............................................................................... | ( | ( | ||
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share ...................................................................................................................... | $ | $ | $ | $( |
Net earnings attributable to common shareholders for basic earnings per share ................................... | $ | $ | $ | $ |
Net earnings attributable to common shareholders for diluted earnings per share ................................ | $ | $ | $ | $ |
Denominator for earnings per common share: | ||||
Weighted average common shares outstanding ............................................................................................. | ||||
Weighted average shares of restricted stock outstanding with future service required ........................... | ( | ( | ( | ( |
Weighted average RSUs outstanding with no future service required .......................................................... | ||||
Weighted average basic common shares ........................................................................................................ | ||||
Stock options and other share-based awards ................................................................................................. | ||||
Senior executive compensation plan RSU awards .......................................................................................... | ||||
Weighted average diluted common shares (2) ............................................................................................... | ||||
Earnings (losses) per common share: | ||||
Basic from continuing operations ...................................................................................................................... | $ | $ | $ | $ |
Basic from discontinued operations .................................................................................................................. | ( | |||
Basic ....................................................................................................................................................................... | $ | $ | $ | $ |
Diluted from continuing operations .................................................................................................................... | $ | $ | $ | $ |
Diluted from discontinued operations ................................................................................................................ | ( | |||
Diluted .................................................................................................................................................................... | $ | $ | $ | $ |
40 | Jefferies Financial Group Inc. |
Six Months Ended May 31, 2025 | |||
Declaration Date | Record Date | Payment Date | Per Common Share Amount |
January 8, 2025 | February 14, 2025 | February 27, 2025 | $ |
March 26, 2025 | May 19, 2025 | May 29, 2025 | $ |
Six Months Ended May 31, 2024 | |||
Declaration Date | Record Date | Payment Date | Per Common Share Amount |
January 8, 2024 | February 16, 2024 | February 27, 2024 | $ |
March 27, 2024 | May 20, 2024 | May 30, 2024 | $ |
$ in thousands | May 31, 2025 | November 30, 2024 |
Net unrealized losses on available-for-sale securities ....................................................................... | $( | $( |
Net currency translation adjustments and other ..... | ( | ( |
Net unrealized losses related to instrument- specific credit risk ....................................................... | ( | ( |
Net minimum pension liability .................................... | ( | ( |
Total accumulated other comprehensive loss, net of tax .............................................................................. | $( | $( |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | 2025 | 2024 |
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) ........................................................................ | $ | $ | $ | $ |
Amortization of defined benefit pension plan actuarial losses (2) .................................. | ( | ( | ( | ( |
Total reclassifications for the period, net of tax .................................................................. | $ | $ | $ | $ |
Jurisdiction | Tax Year |
United States ........................................................................................... | 2021 |
New York State ........................................................................................ | 2001 |
New York City .......................................................................................... | 2006 |
United Kingdom ....................................................................................... | 2022 |
Germany ................................................................................................... | 2019 |
Hong Kong ............................................................................................... | 2019 |
India ........................................................................................................... | 2010 |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Income tax expense .............. | $ | $ | $ | $ |
Effective tax rate .................... |
Expected Maturity Date (Fiscal Years) | ||||||
$ in millions | 2025 | 2026 | 2027 and 2028 | 2029 and 2030 | 2031 and Later | Maximum Payout |
Equity commitments (1) ..... | $ | $ | $ | $ | $ | $ |
Loan commitments (1) ....... | ||||||
Loan purchase commitments (2) ................. | ||||||
Forward starting reverse repos (3) ............................... | ||||||
Forward starting repos (3) . | ||||||
Other unfunded commitments (1) ................. | ||||||
Total commitments ............ | $ | $ | $ | $ | $ | $ |
May 2025 Form 10-Q | 41 |
Expected Maturity Date (Fiscal Years) | |||||
$ in millions | 2025 | 2026 | 2027 and 2028 | 2029 and 2030 | Notional/ Maximum Payout |
Guarantee Type: | |||||
Derivative contracts— non-credit related ......... | $ | $ | $ | $ | $ |
Total derivative contracts ....... | $ | $ | $ | $ | $ |
42 | Jefferies Financial Group Inc. |
$ in thousands | Net Capital | Excess Net Capital |
Jefferies LLC ................................................................. | $ | $ |
JFSI - SEC ...................................................................... | ||
JFSI - CFTC ................................................................... |
May 2025 Form 10-Q | 43 |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Investment Banking and Capital Markets: | ||||
Net revenues | $ | $ | $ | $ |
Non-interest expenses | ||||
Earnings from continuing operations before income taxes | $ | |||
Asset Management: | ||||
Net revenues | ||||
Non-interest expenses | ||||
Earnings (losses) from continuing operations before income taxes | ( | ( | ( | |
Total of Reportable Business Segments: | ||||
Net revenues | ||||
Non-interest expenses | ||||
Earnings from continuing operations before income taxes | ||||
Reconciliation to consolidated amounts: | ||||
Net revenues | ||||
Earnings from continuing operations before income taxes (1) | ||||
Total: | ||||
Net revenues | ||||
Non-interest expenses | ||||
Earnings from continuing operations before income taxes | $ | $ | $ | $ |
$ in millions | May 31, 2025 | November 30, 2024 |
Investment Banking and Capital Markets ................. | $ | $ |
Asset Management ...................................................... | ||
Total assets .................................................................. | $ | $ |
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in millions | 2025 | 2024 | 2025 | 2024 |
Americas (1) .......................................... | $ | $ | $ | $ |
Europe and the Middle East (2) ........... | ||||
Asia-Pacific ............................................ | ||||
Net revenues ......................................... | $ | $ | $ | $ |
44 | Jefferies Financial Group Inc. |
$ in thousands | May 31, 2025 | November 30, 2024 |
Assets | ||
Cash and cash equivalents ............ | $ | $ |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ............................... | ||
Financial instruments owned, at fair value ....................................... | ||
Securities borrowed ......................... | ||
Securities purchased under agreements to resell .................. | ||
Receivables: | ||
Brokers, dealers and clearing organizations ................................ | ||
Fees, interest and other ............... | ||
Other assets ..................................... | ||
Total assets ...................................... | $ | $ |
Liabilities | ||
Financial instruments sold, not yet purchased, at fair value ....... | $ | $ |
Securities loaned ............................. | ||
Securities sold under agreements to repurchase .............................. | ||
Payables: | ||
Brokers, dealers and clearing organizations .......................... | ||
Accrued expenses and other liabilities ....................................... | ||
Long-term debt (1) ........................... | ||
Total liabilities ................................. | $ | $ |
$ in thousands | Three Months Ended May 31, 2025 | Six Months Ended May 31, 2025 |
Revenues | ||
Investment banking ..................... | $ | $ |
Principal transactions (1) ........... | ( | |
Commissions and other fees ..... | ||
Interest ........................................... | ||
Total revenues ............................. | ||
Interest expense ........................... | ||
Net revenues ................................ | $ | $ |
Non-interest expenses | ||
Business development ................ | $ | $ |
Other expenses ............................ | ||
Total non-interest expenses ...... | $ | $ |
May 2025 Form 10-Q | 45 |
Three Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | % Change |
Net revenues .................................................... | $1,634,447 | $1,656,445 | (1.3)% |
Non-interest expenses .................................... | 1,499,546 | 1,428,691 | 5.0% |
Earnings from continuing operations before income taxes ........................................ | 134,901 | 227,754 | (40.8)% |
Income tax expense from continuing operations .......................................................... | 43,506 | 73,107 | (40.5)% |
Net earnings from continuing operations ..... | 91,395 | 154,647 | (40.9)% |
Net earnings from discontinued operations, net of income taxes ......................................... | — | 40 | (100.0)% |
Net losses attributable to noncontrolling interests ............................................................. | (7,668) | (4,790) | 60.1% |
Preferred stock dividends ............................... | 11,046 | 13,741 | (19.6)% |
Net earnings attributable to common shareholders ..................................................... | 88,017 | 145,736 | (39.6)% |
Effective tax rate from continuing operations ........................................................ | 32.3% | 32.1% | |
Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | % Change |
Net revenues .................................................... | $3,227,466 | $3,394,648 | (4.9)% |
Non-interest expenses .................................... | 2,941,500 | 2,946,652 | (0.2)% |
Earnings from continuing operations before income taxes ........................................ | 285,966 | 447,996 | (36.2)% |
Income tax expense from continuing operations .......................................................... | 57,722 | 129,066 | (55.3)% |
Net earnings from continuing operations ..... | 228,244 | 318,930 | (28.4)% |
Net losses from discontinued operations, net of income taxes ......................................... | — | (7,851) | (100.0)% |
Net losses attributable to noncontrolling interests ............................................................. | (14,651) | (12,228) | 19.8% |
Preferred stock dividends ............................... | 26,940 | 27,930 | (3.5)% |
Net earnings attributable to common shareholders ..................................................... | 215,955 | 295,377 | (26.9)% |
Effective tax rate from continuing operations ........................................................ | 20.2% | 28.8% |
46 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 47 |
Three Months Ended | |||||
May 31, 2025 | May 31, 2024 | ||||
$ in thousands | Amount | % of Net Revenues | Amount | % of Net Revenues | % Change |
Advisory ............................ | $457,860 | 28.0% | $283,898 | 17.1% | 61.3% |
Equity underwriting .......... | 122,366 | 7.5 | 249,187 | 15.0 | (50.9) |
Debt underwriting ............. | 205,363 | 12.6 | 205,499 | 12.4 | (0.1) |
Other investment banking ........................ | (19,282) | (1.2) | 48,802 | 3.0 | N/M |
Total Investment Banking ........................ | 766,307 | 46.9 | 787,386 | 47.5 | (2.7) |
Equities .............................. | 526,244 | 32.2 | 422,884 | 25.5 | 24.4 |
Fixed income ..................... | 177,911 | 10.9 | 284,177 | 17.2 | (37.4) |
Total Capital Markets ...... | 704,155 | 43.1 | 707,061 | 42.7 | (0.4) |
Total Investment Banking and Capital Markets (1) .................. | 1,470,462 | 90.0 | 1,494,447 | 90.2 | (1.6) |
Asset management fees and revenues .............. | 20,766 | 1.3 | 16,818 | 1.0 | 23.5 |
Investment return ............. | 50,404 | 3.1 | 32,942 | 2.0 | 53.0 |
Allocated net interest (2) . | (19,144) | (1.2) | (16,003) | (1.0) | 19.6 |
Other investments, inclusive of net interest ......................... | 102,595 | 6.3 | 122,767 | 7.4 | (16.4) |
Total Asset Management ............... | 154,621 | 9.5 | 156,524 | 9.4 | (1.2) |
Other ................................... | 9,364 | 0.5 | 5,474 | 0.4 | 71.1 |
Net revenues ..................... | $1,634,447 | 100.0% | $1,656,445 | 100.0% | (1.3)% |
Six Months Ended | |||||
May 31, 2025 | May 31, 2024 | ||||
$ in thousands | Amount | % of Net Revenues | Amount | % of Net Revenues | % Change |
Advisory ............................... | $855,640 | 26.5% | $622,465 | 18.3% | 37.5% |
Equity underwriting ............. | 250,886 | 7.8 | 458,490 | 13.5 | (45.3) |
Debt underwriting ................ | 404,725 | 12.5 | 334,693 | 9.9 | 20.9 |
Other investment banking .. | (44,252) | (1.4) | 98,748 | 2.9 | N/M |
Total Investment Banking . | 1,466,999 | 45.4 | 1,514,396 | 44.6 | (3.1) |
Equities ................................. | 935,302 | 29.0 | 794,684 | 23.4 | 17.7 |
Fixed income ........................ | 467,137 | 14.5 | 636,655 | 18.8 | (26.6) |
Total Capital Markets ......... | 1,402,439 | 43.5 | 1,431,339 | 42.2 | (2.0) |
Total Investment Banking and Capital Markets (1) .................................... | 2,869,438 | 88.9 | 2,945,735 | 86.8 | (2.6) |
Asset management fees and revenues ................. | 109,396 | 3.4 | 76,475 | 2.3 | 43.0 |
Investment return ................ | 44,770 | 1.4 | 150,582 | 4.4 | (70.3) |
Allocated net interest (2) .... | (36,365) | (1.1) | (31,015) | (0.9) | 17.2 |
Other investments, inclusive of net interest | 228,535 | 7.1 | 233,865 | 6.9 | (2.3) |
Total Asset Management .. | 346,336 | 10.8 | 429,907 | 12.7 | (19.4) |
Other ...................................... | 11,692 | 0.3 | 19,006 | 0.5 | (38.5) |
Net revenues ........................ | $3,227,466 | 100.0% | $3,394,648 | 100.0% | (4.9)% |
48 | Jefferies Financial Group Inc. |
Deals Completed | ||||
Three Months Ended May 31, | Six Months Ended May 31, | |||
2025 | 2024 | 2025 | 2024 | |
Advisory transactions ........ | 84 | 74 | 176 | 152 |
Public and private equity and convertible offerings ........................... | 45 | 64 | 80 | 122 |
Public and private debt financings ........................ | 268 | 285 | 481 | 467 |
Aggregate Value | ||||
Three Months Ended May 31, | Six Months Ended May 31, | |||
$ in billions | 2025 | 2024 | 2025 | 2024 |
Advisory transactions .......... | $87.2 | $75.9 | $199.0 | $130.8 |
Public and private equity and convertible offerings | 21.6 | 31.6 | 44.0 | 44.4 |
Public and private debt financings .......................... | 100.3 | 160.7 | 247.5 | 268.0 |
May 2025 Form 10-Q | 49 |
Three Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | % Change |
Asset management fees and other .. | 7,495 | 6,990 | 7.2% |
Revenue from strategic affiliates (1) | 13,271 | 9,828 | 35.0% |
Total asset management fees and revenues .......................................... | 20,766 | 16,818 | 23.5% |
Investment return ................................ | 50,404 | 32,942 | 53.0% |
Allocated net interest .......................... | (19,144) | (16,003) | 19.6% |
Other investments ............................... | 102,595 | 122,767 | (16.4)% |
Total Asset Management .................. | $154,621 | $156,524 | (1.2)% |
Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | % Change |
Asset management fees and other .. | 53,302 | 36,351 | 46.6% |
Revenue from strategic affiliates (1) | 56,094 | 40,124 | 39.8% |
Total asset management fees and revenues .......................................... | 109,396 | 76,475 | 43.0% |
Investment return ................................ | 44,770 | 150,582 | (70.3)% |
Allocated net interest .......................... | (36,365) | (31,015) | 17.2% |
Other investments ............................... | 228,535 | 233,865 | (2.3)% |
Total Asset Management .................. | $346,336 | $429,907 | (19.4)% |
50 | Jefferies Financial Group Inc. |
$ in millions | May 31, 2025 | November 30, 2024 |
Net asset values of seed investments ................. | $1,870 | $1,761 |
Net asset values of financed investments .......... | 1,193 | 1,174 |
Net asset values of investments (1) ..................... | 3,063 | 2,935 |
Assets under management by affiliated asset managers with revenue sharing arrangements (2) ................................................ | 25,731 | 22,515 |
Third-party and other investments actively managed by our wholly-owned managers (3) | 2,626 | 2,596 |
Total aggregate net asset values or net asset value equivalent assets under management . | $31,420 | $28,046 |
$ in thousands | May 31, 2025 | November 30, 2024 |
Jefferies Financial Group Inc.; as manager: | ||
Fund investments (1) ................................................... | $205,769 | $199,248 |
Separately managed accounts (2) ............................ | 209,111 | 177,998 |
Total ............................................................................... | $414,880 | $377,246 |
Strategic affiliates; as manager: | ||
Fund investments (1) ................................................... | $1,121,442 | $944,940 |
Separately managed accounts (2) ............................ | 333,157 | 439,043 |
Investments in asset managers ................................. | 163,815 | 81,403 |
Total ............................................................................... | $1,618,414 | $1,465,386 |
Total asset management investments ................... | $2,033,294 | $1,842,632 |
May 2025 Form 10-Q | 51 |
Three Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | % Change |
Compensation and benefits ........... | $854,839 | $861,993 | (0.8)% |
Brokerage and clearing fees .......... | 129,745 | 110,536 | 17.4 |
Underwriting costs .......................... | 14,525 | 18,552 | (21.7) |
Technology and communications | 146,198 | 135,238 | 8.1 |
Occupancy and equipment rental . | 30,711 | 29,327 | 4.7 |
Business development ................... | 80,070 | 68,630 | 16.7 |
Professional services ..................... | 77,768 | 75,493 | 3.0 |
Depreciation and amortization ...... | 52,253 | 49,946 | 4.6 |
Cost of sales .................................... | 42,961 | 37,462 | 14.7 |
Other .................................................. | 70,476 | 41,514 | 69.8 |
Total non-interest expenses ......... | $1,499,546 | $1,428,691 | 5.0% |
Six Months Ended May 31, | |||
$ in thousands | 2025 | 2024 | % Change |
Compensation and benefits ........... | $1,695,966 | $1,788,864 | (5.2)% |
Brokerage and clearing fees .......... | 239,181 | 220,206 | 8.6 |
Underwriting costs .......................... | 32,371 | 37,036 | (12.6) |
Technology and communications | 285,673 | 272,750 | 4.7 |
Occupancy and equipment rental . | 60,910 | 57,480 | 6.0 |
Business development ................... | 152,361 | 126,281 | 20.7 |
Professional services ..................... | 150,234 | 153,337 | (2.0) |
Depreciation and amortization ...... | 83,241 | 93,148 | (10.6) |
Cost of sales .................................... | 84,529 | 72,133 | 17.2 |
Other .................................................. | 157,034 | 125,417 | 25.2 |
Total non-interest expenses ......... | $2,941,500 | $2,946,652 | (0.2)% |
52 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 53 |
$ in millions | May 31, 2025 | November 30, 2024 |
Investment banking .......................................................... | $702.7 | $700.7 |
Equities and wealth management .................................. | 256.1 | 255.4 |
Fixed income ..................................................................... | 578.5 | 576.9 |
Asset management .......................................................... | 143.0 | 143.0 |
Other investments ............................................................ | 161.8 | 151.9 |
Total .................................................................................... | $1,842.1 | $1,827.9 |
54 | Jefferies Financial Group Inc. |
$ in millions | May 31, 2025 | November 30, 2024 | % Change |
Total assets ........................................... | $67,285.3 | $64,360.3 | 4.5% |
Cash and cash equivalents .................. | 11,260.4 | 12,153.4 | (7.3) |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations .................................... | 1,051.3 | 1,132.6 | (7.2) |
Financial instruments owned .............. | 25,570.2 | 24,138.3 | 5.9 |
Financial instruments sold, not yet purchased ......................................... | 11,775.1 | 11,007.3 | 7.0 |
Total Level 3 assets .............................. | 763.0 | 734.2 | 3.9 |
Securities borrowed .............................. | $7,844.8 | $7,213.4 | 8.8% |
Securities purchased under agreements to resell ........................ | 7,485.0 | 6,179.7 | 21.1 |
Total securities borrowed and securities purchased under agreements to resell ....................... | $15,329.8 | $13,393.1 | 14.5% |
Securities loaned ................................... | $2,041.8 | $2,540.9 | (19.6)% |
Securities sold under agreements to repurchase ........................................ | 12,157.6 | 12,337.9 | (1.5) |
Total securities loaned and securities sold under agreements to repurchase ................................... | $14,199.4 | $14,878.8 | (4.6)% |
$ in millions | May 31, 2025 | Percent | November 30, 2024 | Percent |
Investment Banking ............ | $140.9 | 18.5% | $146.7 | 20.0% |
Equities and Fixed Income . | 370.0 | 48.5 | 312.2 | 42.5 |
Asset Management (1) ....... | 231.0 | 30.3 | 256.2 | 34.9 |
Other ...................................... | 21.1 | 2.7 | 19.1 | 2.6 |
Total ...................................... | $763.0 | 100.0% | $734.2 | 100.0% |
May 2025 Form 10-Q | 55 |
$ in millions | Six Months Ended May 31, 2025 | Year Ended November 30, 2024 |
Securities Purchased Under Agreements to Resell: | ||
Period end ........................................................... | $7,485 | $6,180 |
Month end average ............................................ | 10,195 | 8,910 |
Maximum month end ........................................ | 14,927 | 10,978 |
Securities Sold Under Agreements to Repurchase: | ||
Period end ........................................................... | $12,158 | $12,338 |
Month end average ............................................ | 16,807 | 15,197 |
Maximum month end ........................................ | 19,785 | 20,971 |
$ in millions | May 31, 2025 | November 30, 2024 |
Total assets .................................................................. | $67,285 | $64,360 |
Total equity ................................................................... | $10,382 | $10,225 |
Total shareholders’ equity .......................................... | $10,305 | $10,157 |
Deduct: Goodwill and intangible assets, net ............ | (2,060) | (2,054) |
Tangible shareholders’ equity ................................... | $8,245 | $8,103 |
Leverage ratio (1) ......................................................... | 6.5 | 6.3 |
Tangible gross leverage ratio (2) ............................... | 7.9 | 7.7 |
56 | Jefferies Financial Group Inc. |
$ in thousands | May 31, 2025 | Average Balance Quarter Ended May 31, 2025 (1) | November 30, 2024 |
Cash and cash equivalents: | |||
Cash in banks ............................................. | $3,975,192 | $4,831,344 | $3,925,535 |
Money market investments (2) ............... | 7,285,211 | 4,333,430 | 8,227,879 |
Total cash and cash equivalents ............ | 11,260,403 | 9,164,774 | 12,153,414 |
Other sources of liquidity: | |||
Debt securities owned and securities purchased under agreements to resell (3) ................................................ | 1,731,916 | 1,693,106 | 1,287,564 |
Other (4) ...................................................... | 674,513 | 818,009 | 573,042 |
Total other sources ................................... | 2,406,429 | 2,511,115 | 1,860,606 |
Total cash and cash equivalents and other liquidity sources ....................... | $13,666,832 | $11,675,889 | $14,014,020 |
Total cash and cash equivalents and other liquidity sources as % of Total assets .................................................... | 20.3% | 21.8% | |
Total cash and cash equivalents and other liquidity sources as % of Total assets less goodwill and intangible assets .................................................... | 21.0% | 22.5% |
May 2025 Form 10-Q | 57 |
May 31, 2025 | November 30, 2024 | |||
$ in thousands | Liquid Financial Instruments | Unencumbered Liquid Financial Instruments (2) | Liquid Financial Instruments | Unencumbered Liquid Financial Instruments (2) |
Corporate equity securities ............. | $4,845,526 | $762,486 | $5,280,920 | $781,490 |
Corporate debt securities ............. | 5,637,737 | 152,724 | 5,179,229 | 339,500 |
U.S. government, agency and municipal securities ............. | 3,858,523 | 127,302 | 4,061,773 | 75,911 |
Other sovereign obligations .......... | 1,346,683 | 1,424,865 | 1,361,762 | 1,044,630 |
Agency mortgage- backed securities (1) ....... | 2,505,238 | — | 2,695,282 | — |
Loans and other receivables .......... | 229,416 | — | 978 | — |
Total ........................... | $18,423,123 | $2,467,377 | $18,579,944 | $2,241,531 |
58 | Jefferies Financial Group Inc. |
$ in thousands | May 31, 2025 | November 30, 2024 |
Unsecured Long-Term Debt (1) .................................. | $11,373,498 | $11,430,610 |
Total Mezzanine Equity ............................................... | 406 | 406 |
Total Equity ................................................................... | 10,382,174 | 10,224,987 |
Total Long-Term Capital ............................................ | $21,756,078 | $21,656,003 |
Rating | Outlook | |
Moody’s Investors Service ......................................... | Baa2 | Stable |
Standard & Poor’s ........................................................ | BBB | Stable |
Fitch Ratings ................................................................. | BBB+ | Stable |
Jefferies LLC | Jefferies International Limited | Jefferies GmbH | ||||
Rating | Outlook | Rating | Outlook | Rating | Outlook | |
Moody’s Investors Service .......... | Baa1 | Stable | Baa1 | Stable | Baa1 | Stable |
Standard & Poor’s ............ | BBB+ | Stable | BBB+ | Stable | BBB+ | Stable |
Six Months Ended May 31, 2025 | |||
Declaration Date | Record Date | Payment Date | Per Common Share Amount |
January 8, 2025 | February 14, 2025 | February 27, 2025 | $0.40 |
March 26, 2025 | May 19, 2025 | May 29, 2025 | $0.40 |
May 2025 Form 10-Q | 59 |
$ in thousands | Net Capital | Excess Net Capital |
Jefferies LLC ................................................................. | $1,648,720 | $1,510,016 |
JFSI - SEC ...................................................................... | 345,239 | 325,239 |
JFSI - CFTC ................................................................... | 345,239 | 317,560 |
60 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 61 |
62 | Jefferies Financial Group Inc. |
VaR at May 31, 2025 | Daily Firmwide VaR | |||
$ in millions | Daily VaR for the Three Months Ended May 31, 2025 | |||
Risk Categories | Average | High | Low | |
Interest Rates and Credit Spreads ..................................... | $6.51 | $6.47 | $9.31 | $3.36 |
Equity Prices ................................ | 10.27 | 9.71 | 13.93 | 7.14 |
Currency Rates ............................ | 1.56 | 2.01 | 2.61 | 1.42 |
Commodity Prices ...................... | 0.44 | 0.35 | 0.71 | 0.17 |
Diversification Effect (1) ............ | (7.10) | (6.65) | N/A | N/A |
Firmwide VaR (2) ........................ | $11.68 | $11.89 | $15.39 | $8.96 |
VaR at February 28, 2025 | Daily Firmwide VaR | |||
$ in millions | Daily VaR for the Three Months Ended February 28, 2025 | |||
Risk Categories | Average | High | Low | |
Interest Rates and Credit Spreads .................................. | $2.95 | $5.43 | $8.70 | $2.50 |
Equity Prices ............................ | 11.76 | 10.37 | 12.14 | 7.67 |
Currency Rates ........................ | 1.36 | 1.00 | 1.72 | 0.54 |
Commodity Prices ................... | 0.32 | 0.29 | 0.62 | 0.12 |
Diversification Effect (1) ........ | (4.46) | (3.96) | N/A | N/A |
Firmwide VaR (2) .................... | $11.93 | $13.13 | $16.03 | $8.79 |
VaR at May 31, 2025 | Daily Capital Markets VaR | |||
$ in millions | Daily VaR for the Three Months Ended May 31, 2025 | |||
Risk Categories | Average | High | Low | |
Interest Rates and Credit Spreads ..................................... | $6.22 | $6.19 | $9.10 | $1.05 |
Equity Prices ................................ | 4.40 | 3.99 | 5.81 | 2.85 |
Currency Rates ............................ | 1.05 | 1.16 | 1.50 | 0.64 |
Commodity Prices ...................... | 0.10 | 0.08 | 0.25 | — |
Diversification Effect (1) ............ | (4.63) | (3.10) | N/A | N/A |
Capital Markets VaR (2) ............ | $7.14 | $8.32 | $13.08 | $6.13 |
VaR at February 28, 2025 | Daily Capital Markets VaR | |||
$ in millions | Daily VaR for the Three Months Ended February 28, 2025 | |||
Risk Categories | Average | High | Low | |
Interest Rates and Credit Spreads .................................. | $2.69 | $5.19 | $8.50 | $2.39 |
Equity Prices ............................ | 4.09 | 4.67 | 6.95 | 3.41 |
Currency Rates ........................ | 0.75 | 0.72 | 1.08 | 0.51 |
Diversification Effect (1) ........ | (1.77) | (1.76) | N/A | N/A |
Capital Markets VaR (2) ......... | $5.76 | $8.82 | $14.01 | $5.76 |
May 2025 Form 10-Q | 63 |
64 | Jefferies Financial Group Inc. |
$ in thousands | 10% Sensitivity |
Investment in funds (1) ............................................................................................................................................................................................ | $197,122 |
Private investments .................................................................................................................................................................................................. | 61,997 |
Corporate debt securities in default ....................................................................................................................................................................... | 16,434 |
Trade claims .............................................................................................................................................................................................................. | 2,312 |
Expected Maturity Date (Fiscal Years) | ||||||||
$ in thousands | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | Fair Value |
Rate Sensitive Liabilities: | ||||||||
Fixed Interest Rate Borrowings ............................... | $152,667 | $539,594 | $628,977 | $1,292,287 | $298,171 | $5,810,095 | $8,721,791 | $8,557,404 |
Weighted-Average Interest Rate ............................. | 1.90% | 5.20% | 5.23% | 5.59% | 5.64% | 5.64% | ||
Variable Interest Rate Borrowings .......................... | $395,944 | $596,323 | $954,669 | $49,385 | $210,024 | $1,416,503 | $3,622,848 | $3,464,217 |
Weighted-Average Interest Rate ............................. | 5.97% | 6.73% | 6.85% | 6.51% | 6.37% | 6.22% | ||
Borrowings with Foreign Currency Exposure ........ | $53,419 | $1,240,496 | $54,210 | $567,950 | $571,965 | $1,002,404 | $3,490,444 | $3,364,701 |
Weighted-Average Interest Rate ............................. | 5.20% | 5.54% | 2.59% | 3.37% | 6.53% | 6.85% |
May 2025 Form 10-Q | 65 |
66 | Jefferies Financial Group Inc. |
Counterparty Credit Exposure by Credit Rating | ||||||||||||
Loans and Lending | Securities and Margin Finance | OTC Derivatives | Total | Cash and Cash Equivalents | Total with Cash and Cash Equivalents | |||||||
At | At | At | At | At | At | |||||||
$ in millions | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 |
AAA Range | $— | $— | $9.7 | $12.0 | $— | $— | $9.7 | $12.0 | $7,285.2 | $8,227.9 | $7,294.9 | $8,239.9 |
AA Range | 85.2 | 80.0 | 327.6 | 190.3 | 2.6 | 5.6 | 415.4 | 275.9 | 5.6 | 63.8 | 421.0 | 339.7 |
A Range | 0.9 | 0.2 | 1,147.1 | 1,145.1 | 365.8 | 415.0 | 1,513.8 | 1,560.3 | 3,880.6 | 3,691.8 | 5,394.4 | 5,252.1 |
BBB Range | 250.0 | 253.5 | 91.6 | 31.2 | 3.5 | 40.0 | 345.1 | 324.7 | 88.5 | 169.4 | 433.6 | 494.1 |
BB or Lower | 30.9 | 37.2 | 35.2 | 31.2 | 113.2 | 78.7 | 179.3 | 147.1 | 0.5 | 0.5 | 179.8 | 147.6 |
Unrated | 232.1 | 322.6 | — | — | 5.3 | 5.3 | 237.4 | 327.9 | — | — | 237.4 | 327.9 |
Total | $599.1 | $693.5 | $1,611.2 | $1,409.8 | $490.4 | $544.6 | $2,700.7 | $2,647.9 | $11,260.4 | $12,153.4 | $13,961.1 | $14,801.3 |
Counterparty Credit Exposure by Region | ||||||||||||
Loans and Lending | Securities and Margin Finance | OTC Derivatives | Total | Cash and Cash Equivalents | Total with Cash and Cash Equivalents | |||||||
At | At | At | At | At | At | |||||||
$ in millions | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 |
Asia-Pacific/Latin America/Other | $15.8 | $15.8 | $189.7 | $130.4 | $0.6 | $0.2 | $206.1 | $146.4 | $473.2 | $520.3 | $679.3 | $666.7 |
Europe and the Middle East | 1.0 | 0.2 | 567.0 | 523.2 | 62.0 | 88.7 | 630.0 | 612.1 | 45.4 | 70.8 | 675.4 | 682.9 |
North America | 582.3 | 677.5 | 854.5 | 756.2 | 427.8 | 455.7 | 1,864.6 | 1,889.4 | 10,741.8 | 11,562.3 | 12,606.4 | 13,451.7 |
Total | $599.1 | $693.5 | $1,611.2 | $1,409.8 | $490.4 | $544.6 | $2,700.7 | $2,647.9 | $11,260.4 | $12,153.4 | $13,961.1 | $14,801.3 |
Counterparty Credit Exposure by Industry | ||||||||||||
Loans and Lending | Securities and Margin Finance | OTC Derivatives | Total | Cash and Cash Equivalents | Total with Cash and Cash Equivalents | |||||||
At | At | At | At | At | At | |||||||
$ in millions | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 | May 31, 2025 | November 30, 2024 |
Asset Managers | $0.2 | $6.4 | $— | $0.8 | $— | $— | $0.2 | $7.2 | $7,285.2 | $8,227.9 | $7,285.4 | $8,235.1 |
Banks, Broker-Dealers | 251.1 | 253.7 | 968.0 | 849.0 | 381.5 | 466.6 | 1,600.6 | 1,569.3 | 3,975.2 | 3,925.5 | 5,575.8 | 5,494.8 |
Corporates | 146.6 | 187.1 | — | — | 106.8 | 69.5 | 253.4 | 256.6 | — | — | 253.4 | 256.6 |
As Agent Banks | — | — | 499.3 | 474.8 | — | — | 499.3 | 474.8 | — | — | 499.3 | 474.8 |
Other | 201.2 | 246.3 | 143.9 | 85.2 | 2.1 | 8.5 | 347.2 | 340.0 | — | — | 347.2 | 340.0 |
Total | $599.1 | $693.5 | $1,611.2 | $1,409.8 | $490.4 | $544.6 | $2,700.7 | $2,647.9 | $11,260.4 | $12,153.4 | $13,961.1 | $14,801.3 |
May 2025 Form 10-Q | 67 |
May 31, 2025 | |||||||||
Issuer Risk | Counterparty Risk | Issuer and Counterparty Risk | |||||||
$ in millions | Fair Value of Long Debt Securities | Fair Value of Short Debt Securities | Net Derivative Notional Exposure | Loans and Lending | Securities and Margin Finance | OTC Derivatives | Cash and Cash Equivalents | Excluding Cash and Cash Equivalents | Including Cash and Cash Equivalents |
United Kingdom | $1,486.2 | $(911.6) | $(118.3) | $0.9 | $117.5 | $52.8 | $20.7 | $627.5 | $648.2 |
Canada | 244.7 | (148.1) | 29.7 | 0.1 | 37.6 | 307.0 | — | 471.0 | 471.0 |
Hong Kong | 79.2 | (72.2) | 4.7 | — | 7.2 | — | 207.4 | 18.9 | 226.3 |
Japan | 2,381.5 | (2,316.4) | (41.6) | — | 93.8 | — | 61.1 | 117.3 | 178.4 |
India | 24.0 | (27.0) | — | — | — | — | 152.3 | (3.0) | 149.3 |
France | 551.5 | (638.3) | 40.3 | 0.1 | 186.0 | 3.3 | — | 142.9 | 142.9 |
Germany | 1,011.8 | (1,098.1) | 98.7 | — | 110.8 | 1.3 | 15.8 | 124.5 | 140.3 |
Netherlands | 522.2 | (490.8) | 83.3 | — | 6.1 | — | 0.7 | 120.8 | 121.5 |
Spain | 421.2 | (363.5) | (5.6) | — | 63.8 | — | 0.5 | 115.9 | 116.4 |
Taiwan | 901.1 | (831.8) | (23.5) | — | 40.1 | — | — | 85.9 | 85.9 |
Total | $7,623.4 | $(6,897.8) | $67.7 | $1.1 | $662.9 | $364.4 | $458.5 | $1,821.7 | $2,280.2 |
November 30, 2024 | |||||||||
Issuer Risk | Counterparty Risk | Issuer and Counterparty Risk | |||||||
$ in millions | Fair Value of Long Debt Securities | Fair Value of Short Debt Securities | Net Derivative Notional Exposure | Loans and Lending | Securities and Margin Finance | OTC Derivatives | Cash and Cash Equivalents | Excluding Cash and Cash Equivalents | Including Cash and Cash Equivalents |
Canada | $259.2 | $(280.1) | $109.7 | $— | $46.6 | $360.1 | $59.3 | $495.5 | $554.8 |
United Kingdom | 1,332.5 | (680.8) | (364.3) | 0.1 | 95.8 | 76.5 | 37.9 | 459.8 | 497.7 |
France | 592.2 | (495.0) | 7.7 | 0.1 | 184.9 | 1.6 | — | 291.5 | 291.5 |
Hong Kong | 73.5 | (36.5) | (6.0) | — | 2.4 | — | 250.0 | 33.4 | 283.4 |
Spain | 403.1 | (263.6) | (6.0) | — | 63.1 | 1.2 | 0.5 | 197.8 | 198.3 |
Netherlands | 484.1 | (450.4) | 125.4 | — | 5.7 | 1.7 | 0.1 | 166.5 | 166.6 |
Japan | 2,146.0 | (2,093.5) | 0.4 | — | 63.2 | — | 37.4 | 116.1 | 153.5 |
Australia | 523.8 | (426.8) | (16.8) | — | 26.5 | — | 44.6 | 106.7 | 151.3 |
India | 27.4 | (29.7) | — | — | — | — | 142.9 | (2.3) | 140.6 |
Italy | 1,070.9 | (569.3) | (402.9) | — | 0.4 | — | 1.1 | 99.1 | 100.2 |
Total | $6,912.7 | $(5,325.7) | $(552.8) | $0.2 | $488.6 | $441.1 | $573.8 | $1,964.1 | $2,537.9 |
68 | Jefferies Financial Group Inc. |
May 2025 Form 10-Q | 69 |
$ in thousands, except share and per share amounts | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
March 1, 2025 to March 31, 2025 ........................ | 20,846 | $56.45 | — | $250,000 |
April 1, 2025 to April 30, 2025 .......................... | — | $— | — | $250,000 |
May 1, 2025 to May 31, 2025 ............................ | 1,549 | $46.59 | — | $250,000 |
Total........................................... | 22,395 | $55.77 | — |
Exhibit No. | Description |
31.1 | |
31.2 | |
32.1 | |
32.2 | |
101 | Interactive Data Files pursuant to Rule 405 of Regulation S-T, formatted in Inline Extensible Business Reporting Language (iXBRL). |
104 | Cover page interactive data file pursuant to Rule 406 of Regulation S-T, formatted in iXBRL (included in exhibit 101) |
+ | Management/Employment Contract or Compensatory Plan or Arrangement. |
* | Incorporated by reference. |
** | Furnished herewith pursuant to item 601(b) (32) of Regulation S-K. |
70 | Jefferies Financial Group Inc. |
Jefferies Financial Group Inc. |
/s/ MATT LARSON |
Matt Larson |
Executive Vice President and Chief Financial Officer |