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Loans to and Investments in Associated Companies (Tables)
 12 Months Ended
Nov. 30, 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 twelve months ended November 30, 2020 and 2019 and the eleven months ended November 30, 2018 is as follows (in thousands):
Loans to and investments in associated companies as of November 30, 2019
Income (losses) related to associated companies
Other income (losses) related to associated companies (1)
Contributions to (distributions from) associated companies, net
Other, including foreign exchange and unrealized gains (losses)
Loans to and investments in associated companies as of November 30, 2020
Jefferies Finance$673,867 $— $(54,256)$73,590 $— $693,201 
Berkadia (2)268,949 — 68,902 (37,130)431 301,152 
FXCM (3)70,223 3,604 — — 93 73,920 
Linkem (4)194,847 (28,662)— 34,955 (2,149)198,991 
Real estate associated companies (5) (6)255,309 (46,050)— (40,581)— 168,678 
Golden Queen (4) (7)78,196 (50)— 2,610 — 80,756 
Other 111,566 (4,325)9,288 44,101 9,235 169,865 
Total$1,652,957 $(75,483)$23,934 $77,545 $7,610 $1,686,563 

Loans to and investments in associated companies as of November 30, 2018
Income (losses) related to associated companies
Other income (losses) related to associated companies (1)
Contributions to (distributions from) associated companies, net
Other, including foreign exchange and unrealized gains (losses)
Loans to and investments in associated companies as of November 30, 2019
Jefferies Finance$728,560 $— $(1,286)$(53,407)$— $673,867 
Berkadia (2)245,228 — 88,174 (65,045)592 268,949 
National Beef (8)653,630 232,042 — (300,248)(585,424)— 
FXCM (3)75,031 (8,212)— 3,500 (96)70,223 
Linkem (4)165,157 (27,956)— 66,996 (9,350)194,847 
HomeFed (5)337,542 7,902 — — (345,444)— 
Real estate associated companies (5)87,074 (353)— (29,685)198,273 255,309 
Golden Queen (4) (7)63,956 6,740 — 7,500 — 78,196 
Other61,154 (7,168)(1,719)58,432 867 111,566 
Total$2,417,332 $202,995 $85,169 $(311,957)$(740,582)$1,652,957 
Loans to and investments in associated companies as of December 31, 2017
Income (losses) related to associated companies
Other income (losses) related to associated companies (1)
Contributions to (distributions from) associated companies, net
Other, including foreign exchange and unrealized gains (losses)
Loans to and investments in associated companies as of November 30, 2018
Jefferies Finance$655,467 $— $59,138 $13,955 $— $728,560 
Berkadia (2)210,594 80,092 20,001 (65,197)(262)245,228 
National Beef (8)— 110,049 — (48,656)592,237 653,630 
FXCM (3)158,856 (83,174)— — (651)75,031 
Garcadia Companies (9)179,143 21,646 — (26,962)(173,827)— 
Linkem192,136 (20,534)— 542 (6,987)165,157 
HomeFed341,874 (4,332)— — — 337,542 
Real estate associated companies123,010 11,288 — (47,224)— 87,074 
Golden Queen (7) (10)105,005 (51,990)— 10,941 — 63,956 
Other100,744 (6,022)(5,477)(18,275)(9,816)61,154 
Total$2,066,829 $57,023 $73,662 $(180,876)$400,694 $2,417,332 

(1)Primarily related to Jefferies Group and classified in Other revenues.
(2)In the fourth quarter of 2018, we transferred our interest in Berkadia to Jefferies Group.
(3)As further described in Note 4, 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. As described more fully below, Income (loss) related to associated companies for FXCM includes a non-cash impairment charge of $62.1 million for the eleven months ended November 30, 2018.
(4)Loans to and investments in associated companies at November 30, 2020 and 2019 include loans and debt securities aggregating $104.1 million and $70.2 million, respectively, related to Linkem and Golden Queen.
(5)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.
(6)Income (loss) related to Real estate associated companies for the twelve months ended November 30, 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.
(7)At November 30, 2020, 2019 and 2018, the balance reflects $15.2 million, $15.7 million and $15.1 million, respectively, related to a noncontrolling interest.
(8)As discussed more fully in Notes 1 and 26, in June 2018, we completed the sale of 48% of National Beef to Marfrig, reducing our then ownership in National Beef to 31%. As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining interest under the equity method of accounting. The carrying value of our retained 31% interest was adjusted to a fair value of $592.3 million on the date of sale. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig and other shareholders.
(9)During the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family.
(10)As described more fully below, Income (loss) related to associated companies for Golden Queen includes a non-cash impairment charge of $47.9 million for the eleven months ended November 30, 2018.
Equity Method Investments
The following summarizes activity related to our other transactions with Jefferies Finance (in millions):
Twelve Months Ended November 30, 2020Twelve Months Ended November 30, 2019Eleven Months Ended November 30, 2018
Origination and syndication fee revenues (1)$198.1 $176.3 $377.7 
Origination fee expenses (1)27.3 27.6 56.6 
CLO placement fee revenues (2)1.7 6.0 3.7 
Derivative losses (3)— — (1.6)
Underwriting fees (4)1.7 3.9 — 
Service fees (5)65.1 60.8 61.7 
(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 November 30, 2020 and 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 has entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by CLOs and it has recognized gains (losses) relating to the derivative contracts.
(4)    Jefferies Group acted as underwriter in connection with term loans issued by Jefferies Finance.
(5)    Under a service agreement, Jefferies Group charges Jefferies Finance for services provided.
Schedule Of Summarized Data For Investments In Associated Companies
The following table provides summarized data for our equity method investments as of November 30, 2020 and 2019 and for the twelve months ended November 30, 2020 and 2019 and the eleven months ended November 30, 2018 (in thousands):
 November 30, 2020November 30, 2019
Assets$15,314,204 $14,699,672 
Liabilities11,929,100 10,146,142 
Noncontrolling interests254,392 209,518 
 Twelve Months Ended November 30, 2020Twelve Months Ended November 30, 2019Eleven Months Ended November 30, 2018
Revenues$2,930,308 $10,589,489 $7,694,612 
Income from continuing operations before extraordinary items73,715 732,575 852,649 
Net income68,846 749,649 798,615 
The Company's income related to associated companies(41,814)248,693 130,685