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Loans to and Investments in Associated Companies (Tables)
 6 Months Ended
May 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Loans to and Investments in Associated Companies
A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the six months ended May 31, 2020 and 2019 is as follows (in thousands):
Loans to and investments in associated companies as of beginning of period
Income (losses) related to associated companies
Income (losses) primarily related to Jefferies Group's associated companies (1)
Contributions to (distributions from) associated companies, net
Other
Loans to and investments in associated companies as of end of period
2020
Jefferies Finance$673,867  $—  $(47,950) $27,547  $—  $653,464  
Berkadia268,949  —  21,925  (36,562) 472  254,784  
FXCM (2)70,223  6,252  —  —  (243) 76,232  
Linkem (3)194,847  (19,809) —  35,242  3,825  214,105  
Real estate associated companies (4) (5)
255,309  (53,442) —  (31,784) —  170,083  
Other (3)189,762  (7,577) (111) (186) 9,237  191,125  
Total
$1,652,957  $(74,576) $(26,136) $(5,743) $13,291  $1,559,793  
2019
Jefferies Finance$728,560  $—  $7,936  $(63,070) $—  $673,426  
Berkadia245,228  —  47,945  (18,124) 515  275,564  
National Beef (6)653,630  62,051  —  (54,940) (9) 660,732  
FXCM (2)75,031  (5,016) —  —  10  70,025  
Linkem165,157  (8,581) —  49,590  (3,973) 202,193  
HomeFed (4)337,542  (517) —  —  —  337,025  
Real estate associated companies
87,074  1,072  —  —  —  88,146  
Other125,110  474  (1,560) (16,122) 881  108,783  
Total
$2,417,332  $49,483  $54,321  $(102,666) $(2,576) $2,415,894  

(1)Primarily classified in Other revenues.
(2)As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition.
(3)Loans to and investments in associated companies at May 31, 2020 and November 30, 2019 include loans and debt securities aggregating $92.3 million and $70.2 million, respectively, related to Linkem and Other.
(4)During the third quarter of 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. From July 1, 2019, HomeFed's equity method investments are included in Real estate associated companies.
(5)Income (loss) related to Real estate associated companies for the three and six months ended May 31, 2020 includes a non-cash charge of $6.9 million to fully write-off the value of HomeFed's interest in the Brooklyn Renaissance Plaza hotel due to the significant impact of the global novel coronavirus ("COVID-19") during the second quarter of 2020 and for the six months ended May 31, 2020, includes a non-cash charge of $55.6 million to fully write-off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market.
(6)On November 29, 2019, we sold our remaining equity interest in National Beef.
Income (losses) related to associated companies includes the following (in thousands):
For the Three Months EndedFor the Six Months Ended
 May 31, 2020May 31, 2019May 31, 2020May 31, 2019
National Beef$—  $34,946  $—  $62,051  
FXCM7,890  (2,300) 6,252  (5,016) 
Linkem(6,624) (6,960) (19,809) (8,581) 
HomeFed—  (2,500) —  (517) 
Real estate associated companies(428) (1,524) (53,442) 1,072  
Other(7,559) 508  (7,577) 474  
Total$(6,721) $22,170  $(74,576) $49,483  

Income (losses) primarily related to Jefferies Group's associated companies (primarily classified in Other revenues) includes the following (in thousands):
For the Three Months EndedFor the Six Months Ended
 May 31, 2020May 31, 2019May 31, 2020May 31, 2019
Jefferies Finance$(53,069) $14,935  $(47,950) $7,936  
Berkadia31  25,296  21,925  47,945  
Other(1,857) 2,753  (111) (1,560) 
Total$(54,895) $42,984  $(26,136) $54,321  
Schedule of Equity Method Investments
The following summarizes activity related to our other transactions with Jefferies Finance (in millions):
For the Three Months EndedFor the Six Months Ended
May 31, 2020May 31, 2019May 31, 2020May 31, 2019
Origination and syndication fee revenues (1)$43.8  $69.3  $81.5  $91.2  
Origination fee expenses (1)3.0  8.2  8.6  13.6  
CLO placement fee revenues (2)—  —  0.4  1.3  
Underwriting fees (3)—  1.0  0.3  1.0  
Service fees (4)10.7  11.2  35.9  38.3  

(1) Jefferies Group engages in debt underwriting transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, Jefferies Group earned fees, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, Jefferies Group paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized in Selling, general and other expenses in the Consolidated Statements of Operations.
(2) Jefferies Group acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies Group recognized fees, which are included in Investment banking revenues in the Consolidated Statements of Operations. At May 31, 2020 and November 30, 2019, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value.
(3) Jefferies Group acted as underwriter in connection with terms loans issued by Jefferies Finance.
(4) Under a service agreement, Jefferies Group charged Jefferies Finance for services provided.
The following table provides required summarized data for certain equity method investments, including those accounted for under the fair value option. The table includes Berkadia for the six months ended May 31, 2020 and 2019, and National Beef for the six months ended May 31, 2019 (in thousands):

For the Six Months Ended
May 31, 2020May 31, 2019
Revenues$472,988  $4,315,679  
Income from continuing operations before extraordinary items$48,721  $318,837  
Net income$48,721  $318,837