Investments (Tables)

12 Months Ended

Nov. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Summary of Selected Financial Information

The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions):

	Year Ended November 30,
	2019			2018		2017
Net gains (losses) from our investments in JCP Fund V	$	(5.7	)	$	12.1	$	(10.7	)

The following is a summary of selected financial information for Epic Gas (in millions):

	September 30, 2018 (1)
Total assets	$	555.7
Total liabilities	312.6
Total equity	243.1

	Three Months Ended December 31, 2018 (1)		Nine Months Ended September 30, 2018 (1)			Three Months Ended December 31, 2017 (1)			Nine Months Ended September 30, 2017 (1)			Three Months Ended December 31, 2016 (1)
Net gains (losses)	$	0.9	$	(3.7	)	$	(16.4	)	$	(14.5	)	$	(15.9	)

(1)

Financial information for Epic Gas in our financial position and results of operations at November 30, 2018 and for the years ended November 30, 2019, 2018 and 2017 is included based on the presented periods.

The following is a summary of selected financial information for Berkadia (in millions):

	November 30,
	2019		2018
Total assets	$	2,809.8	$	3,875.8
Total liabilities	2,213.2		3,331.5
Total equity	596.6		544.3
Our total equity balance	268.9		245.2

	Year Ended  November 30, 2019		Two Months Ended November 30, 2018
Net earnings	$	195.9	$	44.4

The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions):

	Year Ended November 30,
	2019		2018		2017
Interest income	$	—	$	1.2	$	2.9
Unfunded commitment fees	1.3		1.2		1.0

Separate financial statements for Jefferies Finance are included in this Annual Report on Form 10-K. The following is a summary of selected financial information for Jefferies Finance (in millions):

	November 30,
	2019		2018
Total assets	$	7,112.4	$	7,776.5
Total liabilities	5,828.3		6,386.9
Total equity	1,284.1		1,389.6
Our total equity balance	642.0		694.8

	Year Ended November 30,
	2019		2018		2017
Net earnings	$	44.5	$	197.2	$	181.7

The following summarizes activity related to our other transactions with Jefferies Finance (in millions):

	Year Ended November 30,
	2019		2018			2017
Origination and syndication fee revenues (1)	$	176.3	$	377.7		$	327.9
Origination fee expenses (1)	27.6		56.6			2.4
CLO placement fee revenues (2)	6.0		3.7			6.1
Derivative losses (3)	—		(1.6		)	(1.1		)
Underwriting fees (4)	3.9		0.3			—
Service fees (5)	60.8		61.7			50.7

(1) We engage in debt underwriting transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings.

(2) We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At November 30, 2019 and 2018, we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value.

(3) We have entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by CLOs and we have recognized gains (losses) relating to the derivative contracts.

(4) We acted as underwriter in connection with term loans issued by Jefferies Finance.

(5)

Under a service agreement, we charge Jefferies Finance for services provided.

The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 32.6% of the combined equity interests (in thousands):

	September 30,
	2019 (1)		2018 (1)
Total assets	$	63,248	$	90,731
Total liabilities	76		76
Total partners’ capital	63,172		90,655

	Nine Months Ended September 30, 2019 (1)			Three Months Ended December 31, 2018 (1)			Nine Months Ended September 30, 2018 (1)		Three Months Ended December 31, 2017 (1)		Nine Months Ended September 30, 2017 (1)			Three Months Ended December 31, 2016 (1)
Net increase (decrease) in net assets resulting from operations	$	(19,070	)	$	(8,412	)	$	15,252	$	19,712	$	(24,630	)	$	(2,294	)

(1)

Financial information for JCP Fund V within our results of operations at November 30, 2019 and 2018 and for the years ended November 30, 2019, 2018 and 2017 is included based on the presented periods.