Investments (Tables)

12 Months Ended

Nov. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Summary of Selected Financial Information

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

	Year Ended November 30,
	2021		2020		2019
Interest income	$	1.5	$	2.4	$	—
Unfunded commitment fees	1.2		1.1		1.3

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

	November 30,
	2021		2020
Total assets	$	8,258.7	$	7,199.5
Total liabilities	6,843.9		5,990.4
Total equity	1,414.8		1,209.1
Our total equity balance	707.4		604.6

	Year Ended November 30,
	2021		2020		2019
Net earnings (loss)	$	205.7	$	(74.9)	$	44.5

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

	Year Ended November 30,
	2021		2020		2019
Origination and syndication fee revenues (1)	$	410.5	$	198.1	$	176.3
Origination fee expenses (1)	66.8		27.3		27.6
CLO placement fee revenues (2)	5.7		1.7		6.0
Underwriting fees (3)	2.5		1.7		3.9
Service fees (4)	85.1		65.1		60.8

(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in 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, 2021 and 2020, 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 selected financial information for Berkadia (in millions):

	November 30,
	2021		2020
Total assets	$	4,630.7	$	4,294.0
Total liabilities	3,377.0		3,626.3
Total equity	1,253.7		667.7
Our total equity balance	373.4		301.2

	Year Ended November 30,
	2021		2020		2019
Net earnings	$	290.3	$	153.1	$	195.9

We received distributions from Berkadia on our equity interest as follows (in millions):

	Year Ended November 30,
	2021		2020		2019
Distributions	$	58.0	$	37.1	$	65.0

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,
	2021		2020		2019
Net gains (losses) from our investments in JCP Fund V	$	7.7	$	(3.0)	$	(5.7)

The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in thousands):

	September 30,
	2021 (1)		2020 (1)
Total assets	$	72,184	$	49,404
Total liabilities	80		84
Total partners’ capital	72,104		49,319

	Nine Months Ended September 30, 2021 (1)		Three Months Ended December 31, 2020 (1)		Nine Months Ended September 30, 2020 (1)		Three Months Ended December 31, 2019 (1)		Nine Months Ended September 30, 2019 (1)		Three Months Ended December 31, 2018 (1)
Net increase (decrease) in net assets resulting from operations	$	23,809	$	(1,024)	$	(12,456)	$	(1,397)	$	(19,070)	$	(8,412)

(1)Financial information for JCP Fund V in financial position and results of operations at November 30, 2021 and 2020 and for the years ended November 30, 2021, 2020 and 2019 is included based on the presented periods.