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Loans to and Investments in Associated Companies (Tables)
 9 Months Ended
Aug. 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 nine months ended August 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 $— $(65,681)$10,107 $— $618,293 
Berkadia268,949 — 40,373 (36,615)510 273,217 
FXCM (2)70,223 9,956 — — 161 80,340 
Linkem (3)194,847 (21,754)— 35,103 (2,149)206,047 
Real estate associated companies (4) (5)
255,309 (50,910)— (34,505)— 169,894 
Other (3)189,762 (6,815)3,026 (3,643)9,235 191,565 
Total
$1,652,957 $(69,523)$(22,282)$(29,553)$7,757 $1,539,356 
2019
Jefferies Finance$728,560 $— $1,035 $(58,682)$— $670,913 
Berkadia245,228 — 72,231 (47,682)722 270,499 
National Beef (6)653,630 137,918 — (72,767)(10)718,771 
FXCM (2)75,031 (5,589)— 3,500 (134)72,808 
Linkem165,157 (20,696)— 82,178 (8,226)218,413 
HomeFed (4)337,542 7,902 — — (345,444)— 
Real estate associated companies
87,074 1,536 — (3,054)198,273 283,829 
Other125,110 695 (1,652)(13,958)869 111,064 
Total
$2,417,332 $121,766 $71,614 $(110,465)$(153,950)$2,346,297 

(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 August 31, 2020 and November 30, 2019 include loans and debt securities aggregating $100.2 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 nine months ended August 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 a non-cash charge of $55.6 million to fully write-off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market.
(6)On November 29, 2019, we sold our remaining equity interest in National Beef.
Income (losses) related to associated companies includes the following (in thousands):
For the Three Months EndedFor the Nine Months Ended
 August 31, 2020August 31, 2019August 31, 2020August 31, 2019
National Beef$— $75,867 $— $137,918 
FXCM3,704 (573)9,956 (5,589)
Linkem(1,945)(12,115)(21,754)(20,696)
HomeFed— 8,419 — 7,902 
Real estate associated companies2,532 464 (50,910)1,536 
Other762 221 (6,815)695 
Total$5,053 $72,283 $(69,523)$121,766 

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 Nine Months Ended
 August 31, 2020August 31, 2019August 31, 2020August 31, 2019
Jefferies Finance$(17,731)$(6,901)$(65,681)$1,035 
Berkadia18,448 24,286 40,373 72,231 
Other3,137 (92)3,026 (1,652)
Total$3,854 $17,293 $(22,282)$71,614 
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 Nine Months Ended
August 31, 2020August 31, 2019August 31, 2020August 31, 2019
Origination and syndication fee revenues (1)$42.4 $44.6 $123.9 $135.8 
Origination fee expenses (1)3.8 8.2 12.4 21.8 
CLO placement fee revenues (2)1.3 1.0 1.7 2.3 
Underwriting fees (3)— 2.9 0.3 3.9 
Service fees (4)13.5 12.3 49.4 50.6 

(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 August 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 term loans issued by Jefferies Finance.
(4)    Under a service agreement, Jefferies Group charges 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 nine months ended August 31, 2020 and 2019, and National Beef for the nine months ended August 31, 2019 (in thousands):

For the Nine Months Ended
August 31, 2020August 31, 2019
Revenues$716,182 $6,972,754 
Income from continuing operations before extraordinary items$89,716 $622,553 
Net income$89,716 $622,553