Investments (Tables)

3 Months Ended

Feb. 29, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of Selected Financial Information related to Equity Method Investment

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

	Three Months Ended
	February 29, 2020		February 28, 2019
Net gains (losses) from our investments in JCP Fund V	$	1.5	$	(3.2	)

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

	Three Months Ended
	February 29, 2020		February 28, 2019
Interest income	$	0.8	$	—
Unfunded commitment fees	0.3		0.3

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

	February 29, 2020		November 30, 2019
Our total equity balance	$	652.4	$	642.0

	Three Months Ended
	February 29, 2020		February 28, 2019
Net earnings (loss)	$	20.7	$	(2.4	)

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

	Three Months Ended
	February 29, 2020		February 28, 2019
Origination and syndication fee revenues (1)	$	37.7	$	21.9
Origination fee expenses (1)	5.6		5.4
CLO placement fee revenues (2)	0.4		1.3
Underwriting fees (3)	0.3		—
Service fees (4)	25.2		27.1

(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 February 29, 2020 and November 30, 2019, we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value.

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

(4)

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

The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 34.5% of the combined equity interests (in thousands):

	Three Months Ended December 31,
	2019 (1)			2018 (1)
Net decrease in net assets resulting from operations	$	(1,397	)	$	(8,412	)

(1)

Financial information for JCP Fund V within our results of operations for the three months ended February 29, 2020 and February 28, 2019 is included based on the presented periods.

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

	February 29, 2020		November 30, 2019
Our total equity balance	$	255.0	$	268.9

	Three Months Ended
	February 29, 2020		February 28, 2019
Net earnings	$	48.7	$	50.3