10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

__________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to

Commission File Number 001-5721

JEFFERIES FINANCIAL GROUP INC.

(Exact name of registrant as specified in its Charter)

New York			13-2615557
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)
520 Madison Avenue	New York,	New York	10022
(Address of principal executive offices)			(Zip Code)

(212) 460-1900

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

______________________

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $1 per share	JEF	New York Stock Exchange

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the issuer's classes of common stock at September 29, 2022 was 228,990,088.

1

Jefferies Financial Group Inc. and Subsidiaries
Index to Quarterly Report on Form 10-Q
August 31, 2022
PART I. FINANCIAL INFORMATION
	Page
Item 1. Financial Statements	3
Consolidated Statements of Financial Condition (Unaudited)	3
Consolidated Statements of Operations (Unaudited)	4
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	5
Consolidated Statements of Cash Flows (Unaudited)	6
Consolidated Statements of Changes in Equity (Unaudited)	8
Notes to Consolidated Financial Statements (Unaudited)	10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	69
Item 3. Quantitative and Qualitative Disclosures About Market Risk	99
Item 4. Controls and Procedures	108
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	109
Item 1A. Risk Factors	109
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	109
Item 6. Exhibits	110

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

August 31, 2022 and November 30, 2021

(Dollars in thousands, except par value)

(Unaudited)

	August 31, 2022		November 30, 2021
ASSETS
Cash and cash equivalents	$	9,477,540	$	10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	984,252		1,015,107
Financial instruments owned, at fair value (including securities pledged of $13,724,325 and $12,723,502)	20,249,284		19,828,670
Loans to and investments in associated companies	1,753,323		1,745,790
Securities borrowed	6,607,954		6,409,420
Securities purchased under agreements to resell	4,107,389		7,642,484
Securities received as collateral, at fair value	149,586		7,289
Receivables	6,698,626		7,839,240
Property, equipment and leasehold improvements, net	912,842		911,230
Intangible assets, net and goodwill	1,874,435		1,897,500
Other assets	2,414,580		2,352,247
Total assets (1)	$	55,229,811	$	60,404,110
LIABILITIES
Short-term borrowings	$	564,239	$	221,863
Financial instruments sold, not yet purchased, at fair value	11,548,070		11,699,467
Securities loaned	1,315,409		1,525,721
Securities sold under agreements to repurchase	7,564,342		8,446,099
Other secured financings	2,154,491		4,487,224
Obligation to return securities received as collateral, at fair value	149,586		7,289
Lease liabilities	542,028		548,295
Payables, expense accruals and other liabilities	12,257,426		13,612,367
Long-term debt	8,635,466		9,125,745
Total liabilities (1)	44,731,057		49,674,070
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests	13,378		25,400
Mandatorily redeemable convertible preferred shares	125,000		125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 228,807,229 and 243,541,431 shares issued and outstanding, after deducting 87,656,479 and 72,922,277 shares held in treasury	228,807		243,541
Additional paid-in capital	2,063,460		2,742,244
Accumulated other comprehensive income (loss)	(350,370)		(372,143)
Retained earnings	8,350,634		7,940,113
Total Jefferies Financial Group Inc. shareholders' equity	10,292,531		10,553,755
Noncontrolling interests (1)	67,845		25,885
Total equity	10,360,376		10,579,640
Total	$	55,229,811	$	60,404,110

(1)    Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

See notes to interim consolidated financial statements.

3

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Operations

For the periods ended August 31, 2022 and 2021

(In thousands, except per share amounts)

(Unaudited)

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Revenues:
Commissions and other fees	$	221,397	$	214,363	$	705,419	$	673,756
Principal transactions	200,889		232,110		654,633		1,513,034
Investment banking	709,334		1,180,620		2,255,241		3,184,932
Interest income	318,216		220,278		776,896		691,223
Other	387,091		293,223		1,005,685		947,566
Total revenues	1,836,927		2,140,594		5,397,874		7,010,511
Interest expense of Jefferies Group	312,037		201,610		771,987		634,078
Net revenues	1,524,890		1,938,984		4,625,887		6,376,433
Expenses:
Cost of sales	123,436		151,510		349,556		390,916
Compensation and benefits	558,462		802,243		1,926,623		2,806,028
Non-compensation expenses:
Floor brokerage and clearing fees	84,686		68,982		262,663		222,208
Selling, general and other expenses	398,222		277,262		1,011,760		890,759
Interest expense	10,220		19,518		28,619		59,828
Depreciation and amortization	43,187		38,677		129,431		116,884
Total non-compensation expenses	536,315		404,439		1,432,473		1,289,679
Total expenses	1,218,213		1,358,192		3,708,652		4,486,623
Income before income taxes and loss related to associated companies	306,677		580,792		917,235		1,889,810
Loss related to associated companies	(4,827)		(27,176)		(56,512)		(61,270)
Income before income taxes	301,850		553,616		860,723		1,828,540
Income tax provision	105,909		145,700		219,949		484,756
Net income	195,941		407,916		640,774		1,343,784
Net loss attributable to the noncontrolling interests	1,243		1,324		1,116		2,736
Net loss attributable to the redeemable noncontrolling interests	345		68		1,241		1,071
Preferred stock dividends	(2,070)		(1,849)		(6,211)		(5,101)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	195,459	$	407,459	$	636,920	$	1,342,490
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.80	$	1.54	$	2.54	$	5.05
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.78	$	1.50	$	2.48	$	4.93

See notes to interim consolidated financial statements.

4

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

For the periods ended August 31, 2022 and 2021

(In thousands)

(Unaudited)

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net income	$	195,941	$	407,916	$	640,774	$	1,343,784
Other comprehensive income (loss):
Net unrealized holding gains (losses) on available for sale securities arising during the period, net of income tax provision (benefit) of $(159), $(16), $(336) and $(43)	(490)		(49)		(1,036)		(136)
Net change in unrealized holding gains (losses) on available for sale securities, net of income tax provision (benefit) of $(159), $(16), $(336) and $(43)	(490)		(49)		(1,036)		(136)
Net foreign currency translation adjustments arising during the period, net of income tax provision (benefit) of $(6,605), $(2,942), $(15,095) and $1,659	(26,354)		(9,203)		(49,043)		5,273
Net change in foreign currency translation adjustments, net of income tax provision (benefit) of $(6,605), $(2,942), $(15,095) and $1,659	(26,354)		(9,203)		(49,043)		5,273
Net change in instrument-specific credit risk arising during the period, net of income tax provision (benefit) of $(2,354), $4,352, $22,380 and $(24,157)	(7,312)		13,501		69,864		(74,661)
Less: reclassification adjustment for changes in instrument-specific credit risk included in net income, net of income tax provision (benefit) of $(44), $(321), $(52) and $599	137		998		161		(1,861)
Net change in instrument-specific credit risk gains (losses), net of income tax provision (benefit) of $(2,310), $4,673, $22,432 and $(24,756)	(7,175)		14,499		70,025		(76,522)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0	—		—		—		—
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(212), $(270), $(624) and $(795)	626		778		1,827		2,329
Net change in pension liability, net of income tax provision (benefit) of $212, $270, $624 and $795	626		778		1,827		2,329
Other comprehensive income (loss), net of income taxes	(33,393)		6,025		21,773		(69,056)
Comprehensive income	162,548		413,941		662,547		1,274,728
Comprehensive loss attributable to the noncontrolling interests	1,243		1,324		1,116		2,736
Comprehensive loss attributable to the redeemable noncontrolling interests	345		68		1,241		1,071
Preferred stock dividends	(2,070)		(1,849)		(6,211)		(5,101)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$	162,066	$	413,484	$	658,693	$	1,273,434

See notes to interim consolidated financial statements.

5

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the nine months ended August 31, 2022 and 2021

(In thousands)

(Unaudited)

	For the Nine Months Ended August 31,
	2022		2021
Net cash flows from operating activities:
Net income	$	640,774	$	1,343,784
Adjustments to reconcile net income to net cash provided by operations:
Deferred income tax benefit	(47,003)		(32,865)
Depreciation and amortization	133,081		125,957
Share-based compensation	32,960		71,219
Provision for doubtful accounts	31,246		48,091
(Income) loss related to associated companies	19,655		(125,962)
Distributions from associated companies	73,405		49,068
Gain on sale of subsidiaries	(144,301)		—
Net change in:
Securities deposited with clearing and depository organizations	—		34,237
Financial instruments owned, at fair value	(467,219)		(1,603,274)
Securities borrowed	(226,045)		724,187
Securities purchased under agreements to resell	3,490,151		(2,911,738)
Receivables from brokers, dealers and clearing organizations	974,330		264,375
Receivables from customers of securities operations	148,994		(581,647)
Other receivables	9,390		(107,228)
Other assets	(78,756)		(86,865)
Financial instruments sold, not yet purchased, at fair value	(70,700)		2,724,767
Securities loaned	(191,463)		(48,397)
Securities sold under agreements to repurchase	(843,502)		(748,003)
Payables to brokers, dealers and clearing organizations	516,573		708,810
Payables to customers of securities operations	(792,280)		39,890
Lease liabilities	(59,677)		(46,991)
Trade payables, expense accruals and other liabilities	(1,099,640)		302,689
Other	(602,781)		(57,559)
Net cash provided by operating activities	1,447,192		86,545
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(131,994)		(115,998)
Proceeds from sale of subsidiaries, net of expenses and cash of operations sold	209,274		—
Advances on notes, loans and other receivables	(413,490)		(454,916)
Collections on notes, loans and other receivables	344,207		294,675
Loans to and investments in associated companies	(370,665)		(2,291,788)
Capital distributions and loan repayments from associated companies	265,651		2,308,786
Deconsolidation of asset management entity	(21,221)		—
Other	12,128		2,575
Net cash used for investing activities	$	(106,110)	$	(256,666)

(continued)

See notes to interim consolidated financial statements.

6

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows, continued

For the nine months ended August 31, 2022 and 2021

(In thousands)

(Unaudited)

	For the Nine Months Ended August 31,
	2022		2021
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	$	3,792,858	$	1,465,707
Repayment of debt	(3,200,762)		(1,580,894)
Net change in other secured financings	(2,332,733)		1,051,357
Net change in bank overdrafts	(5,238)		(6,350)
Distributions to noncontrolling interests	—		(15,997)
Contributions from noncontrolling interests	64,298		3,590
Purchase of common shares for treasury	(738,572)		(181,866)
Dividends paid	(211,774)		(161,330)
Other	2,187		1,631
Net cash provided by (used for) financing activities	(2,629,736)		575,848
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(20,183)		1,704
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,308,837)		407,431
Cash, cash equivalents and restricted cash at beginning of period	11,828,304		9,664,972
Cash, cash equivalents and restricted cash at end of period	$	10,519,467	$	10,072,403

The following presents our cash, cash equivalents and restricted cash by category within the Consolidated Statements of Financial Condition to the total of the same amounts in the Consolidated Statements of Cash Flows above (in thousands):

	August 31,
	2022		2021
Cash and cash equivalents	$	9,477,540	$	9,480,914
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	984,252		514,519
Other assets	57,675		76,970
Total cash, cash equivalents and restricted cash	$	10,519,467	$	10,072,403

See notes to interim consolidated financial statements.

7

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the three months ended August 31, 2022 and 2021

(In thousands, except par value and per share amounts)

(Unaudited)

	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total
Balance, June 1, 2022	$	232,321	$	2,156,366	$	(316,977)	$	8,228,467	$	10,300,177	$	67,962	$	10,368,139
Net income attributable to Jefferies   Financial Group Inc. common   shareholders							195,459		195,459				195,459
Net loss attributable to the   noncontrolling interests									—		(1,243)		(1,243)
Other comprehensive loss, net of income taxes					(33,393)				(33,393)				(33,393)
Contributions from noncontrolling interests									—		1,127		1,127
Share-based compensation expense			9,961						9,961				9,961
Change in fair value of redeemable noncontrolling interests			5,118						5,118				5,118
Purchase of common shares for treasury	(3,671)		(112,678)						(116,349)				(116,349)
Dividends ($0.30 per common share)							(73,292)		(73,292)				(73,292)
Other	157		4,693						4,850		(1)		4,849
Balance, August 31, 2022	$	228,807	$	2,063,460	$	(350,370)	$	8,350,634	$	10,292,531	$	67,845	$	10,360,376

	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total
Balance, June 1, 2021	$	247,032	$	2,849,487	$	(363,998)	$	7,340,113	$	10,072,634	$	22,730	$	10,095,364
Net income attributable to Jefferies   Financial Group Inc. common   shareholders							407,459		407,459				407,459
Net loss attributable to the   noncontrolling interests									—		(1,324)		(1,324)
Other comprehensive income, net of income taxes					6,025				6,025				6,025
Contributions from noncontrolling interests									—		156		156
Distributions to noncontrolling interests									—		(2,731)		(2,731)
Share-based compensation expense			6,962						6,962				6,962
Change in fair value of redeemable noncontrolling interests			1,908						1,908				1,908
Purchase of common shares for treasury	(1,500)		(50,269)						(51,769)				(51,769)
Dividends ($0.25 per common share)							(66,084)		(66,084)				(66,084)
Other	25		4,723						4,748		(1)		4,747
Balance, August 31, 2021	$	245,557	$	2,812,811	$	(357,973)	$	7,681,488	$	10,381,883	$	18,830	$	10,400,713

See notes to interim consolidated financial statements.

8

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the nine months ended August 31, 2022 and 2021

(In thousands, except par value and per share amounts)

(Unaudited)

	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total
Balance, December 1, 2021	$	243,541	$	2,742,244	$	(372,143)	$	7,940,113	$	10,553,755	$	25,885	$	10,579,640
Net income attributable to Jefferies   Financial Group Inc. common   shareholders							636,920		636,920				636,920
Net loss attributable to the   noncontrolling interests									—		(1,116)		(1,116)
Other comprehensive income, net of income taxes					21,773				21,773				21,773
Contributions from noncontrolling interests									—		64,298		64,298
Share-based compensation expense			32,960						32,960				32,960
Change in fair value of redeemable noncontrolling interests			(8,010)						(8,010)				(8,010)
Deconsolidation of asset management entity									—		(21,221)		(21,221)
Purchase of common shares for treasury	(21,722)		(716,850)						(738,572)				(738,572)
Dividends ($0.90 per common share)							(226,399)		(226,399)				(226,399)
Other	6,988		13,116						20,104		(1)		20,103
Balance, August 31, 2022	$	228,807	$	2,063,460	$	(350,370)	$	8,350,634	$	10,292,531	$	67,845	$	10,360,376

	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total
Balance, December 1, 2020	$	249,751	$	2,911,223	$	(288,917)	$	6,531,836	$	9,403,893	$	34,632	$	9,438,525
Cumulative effect of the adoption of accounting standards							(19,915)		(19,915)				(19,915)
Balance, December 1, 2020, as adjusted	249,751		2,911,223		(288,917)		6,511,921		9,383,978		34,632		9,418,610
Net income attributable to Jefferies   Financial Group Inc. common   shareholders							1,342,490		1,342,490				1,342,490
Net loss attributable to the   noncontrolling interests									—		(2,736)		(2,736)
Other comprehensive loss, net of income taxes					(69,056)				(69,056)				(69,056)
Contributions from noncontrolling interests									—		3,590		3,590
Distributions to noncontrolling interests									—		(15,997)		(15,997)
Share-based compensation expense			71,219						71,219				71,219
Change in fair value of redeemable noncontrolling interests			(8,865)						(8,865)				(8,865)
Purchase of common shares for treasury	(6,603)		(175,263)						(181,866)				(181,866)
Dividends ($0.65 per common share)							(172,923)		(172,923)				(172,923)
Other	2,409		14,497						16,906		(659)		16,247
Balance, August 31, 2021	$	245,557	$	2,812,811	$	(357,973)	$	7,681,488	$	10,381,883	$	18,830	$	10,400,713

See notes to interim consolidated financial statements.

9

Jefferies Financial Group Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Index
Note	Page
Note 1. Nature of Operations	11
Note 2. Basis of Presentation and Significant Accounting Policies	12
Note 3. Fair Value Disclosures	14
Note 4. Derivative Financial Instruments	31
Note 5. Collateralized Transactions	37
Note 6. Securitization Activities	40
Note 7. Variable Interest Entities	41
Note 8. Loans to and Investments in Associated Companies	45
Note 9. Intangible Assets, Net and Goodwill	49
Note 10. Short-Term Borrowings	50
Note 11. Long-Term Debt	51
Note 12. Mezzanine Equity	52
Note 13. Compensation Plans	53
Note 14. Accumulated Other Comprehensive Income (Loss)	54
Note 15. Revenues from Contracts with Customers	55
Note 16. Income Taxes	60
Note 17. Common Shares and Earnings Per Common Share	61
Note 18. Commitments, Contingencies and Guarantees	62
Note 19. Net Capital Requirements	64
Note 20. Other Fair Value Information	65
Note 21. Related Party Transactions	65
Note 22. Segment Information	66

10

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1.  Nature of Operations

Jefferies Financial Group Inc. ("Jefferies," "we," "our" or the "Company") is engaged in investment banking and capital markets, and asset management. Our strategy focuses on continuing to build out our investment banking effort, enhancing our capital markets businesses and further developing our Leucadia Asset Management alternative asset management platform, while returning excess capital to shareholders. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, is the largest independent U.S.-headquartered global full-service integrated investment banking and capital markets firm.

Jefferies Group operates in two business segments: Investment Banking and Capital Markets, and Asset Management. Investment Banking and Capital Markets includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products.

Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.

We own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business and are reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways. We are well along in the process of liquidating this portfolio, with the intention of selling to third parties, distributing to shareholders or transferring the balance of this portfolio to our Asset Management reportable segment over the next few years. In adhering to our long-standing fundamental strategy of focusing on building our investment banking and capital markets businesses and reducing the size of our Merchant Banking portfolio, during the three months ended August 31, 2022, we sold our wholly-owned manufacturing subsidiary, Idaho Timber, in two transactions at a combined sales price of $239.3 million. The pre-tax gain recognized as a result of the sale of Idaho Timber, $139.0 million in the Merchant Banking segment during the three months ended August 31, 2022, is classified as Other revenue.

We continue to work diligently to effect the spin-off to shareholders of our holdings in Vitesse Energy, LLC ("Vitesse Energy") by the end of our fiscal year, subject to necessary regulatory reviews and rulings. That spin-off will involve the formation of a new standalone entity, Vitesse Energy, Inc., that will ultimately be a publicly traded company listed on the New York Stock Exchange. Jefferies expects that its ownership interests in Vitesse Energy, Inc. will be distributed tax-free on a pro rata basis to all shareholders. At August 31, 2022, Vitesse Energy had a net book value of $505.3 million. In addition, Jefferies expects to streamline and simplify its corporate structure by merging Jefferies Group into Jefferies by fiscal year-end 2022. This merger will, among other things, eliminate the requirement for two sets of Form 10-Qs, Form 10-Ks, and other duplicative processes at Jefferies and Jefferies Group, and result in Jefferies parent company assuming commitments and obligations of Jefferies Group.

Our Merchant Banking reportable segment primarily includes OpNet S.p.A. ("OpNet") (formerly known as Linkem) (fixed wireless broadband services in Italy); Vitesse Energy (oil and gas production and development); real estate, primarily HomeFed LLC ("HomeFed"); Idaho Timber (manufacturing) prior to its sale in August 2022 and FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services).

On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight Capital LLC ("Foursight"), were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

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Note 2.  Basis of Presentation and Significant Accounting Policies

Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. For a detailed discussion about the Company's significant accounting policies, see Note 2, Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended November 30, 2021 ("2021 10-K").

The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate all of these estimates and assumptions. During the nine months ended August 31, 2022, there were no significant changes made to the Company's significant accounting policies.

Receivables

At August 31, 2022 and November 30, 2021, Receivables include receivables from brokers, dealers and clearing organizations of $3.89 billion and $4.90 billion, respectively, and receivables from customers of securities operations of $1.47 billion and $1.62 billion, respectively.

Foursight, Jefferies Group's wholly-owned subsidiary, is an automobile loan originator and servicer. Foursight had automobile loan receivables, including accrued interest and related fees, of $887.7 million and $812.6 million at August 31, 2022 and November 30, 2021, respectively, which are classified as either held for investment or held for sale depending on the intent to hold the underlying collateral and which are collateralized by a security interest in the vehicles' titles. Of these amounts, $826.6 million and $682.7 million at August 31, 2022 and November 30, 2021, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight's securitization activities. Additionally, automobile loan receivables of $29.8 million and $103.0 million at August 31, 2022 and November 30, 2021, respectively, were pledged for loans outstanding under credit facilities. Foursight's automobile loan receivables held for investment consisted of approximately 16% and 19% with credit scores 680 and above, 47% and 51% with scores between 620 and 679 and 37% and 30% with scores below 620 at August 31, 2022 and November 30, 2021, respectively.

A rollforward of the allowance for credit losses related to receivables for the three and nine months ended August 31, 2022 and 2021 is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Beginning balance	$	86,025	$	79,254	$	75,999	$	53,926
Adjustment for change in accounting principle for current expected credit losses	—		—		—		26,519
Provision for doubtful accounts (1)	12,820		(848)		31,246		48,091
Charge-offs, net of recoveries (1)	(7,057)		(1,777)		(15,457)		(51,907)
Sale of subsidiary	(729)		—		(729)		—
Ending balance	$	91,059	$	76,629	$	91,059	$	76,629

(1)    The nine months ended August 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business, recorded during the second quarter of 2021.

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Other Investments

At August 31, 2022 and November 30, 2021, the Company had other investments (classified as Other assets and Loans to and investments in associated companies) in which fair values are not readily determinable, aggregating $97.4 million and $119.4 million, respectively. There were no impairments on these investments during the three and nine months ended August 31, 2022 and 2021.

Capitalization of Interest

We capitalize interest on qualifying HomeFed real estate assets. Capitalized interest of $3.4 million and $2.2 million during the three months ended August 31, 2022 and 2021, respectively, and $10.0 million and $6.4 million during the nine months ended August 31, 2022 and 2021, respectively, was allocated among all of HomeFed's projects that are currently under development.

Payables, expense accruals and other liabilities

At August 31, 2022 and November 30, 2021, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $6.30 billion and $5.82 billion, respectively, and payables to customers of securities operations of $3.67 billion and $4.46 billion, respectively.

Supplemental Cash Flow Information

	For the Nine Months Ended August 31,
(In thousands)	2022		2021
Cash paid during the year for:
Interest	$	880,379	$	737,935
Income tax payments (refunds), net	$	138,468	$	516,714

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Note 3.  Fair Value Disclosures

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.30 billion and $1.03 billion at August 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands):

	August 31, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	3,434,945	$	97,455	$	197,817	$	—	$	3,730,217
Corporate debt securities	—		3,264,475		18,212		—		3,282,687
Collateralized debt obligations and collateralized loan obligations	—		440,441		49,928		—		490,369
U.S. government and federal agency securities	4,303,598		55,547		—		—		4,359,145
Municipal securities	—		206,214		—		—		206,214
Sovereign obligations	643,476		774,861		—		—		1,418,337
Residential mortgage-backed securities	—		1,564,010		25,743		—		1,589,753
Commercial mortgage-backed securities	—		301,004		31,610		—		332,614
Other asset-backed securities	—		226,140		91,493		—		317,633
Loans and other receivables	—		2,511,984		117,594		—		2,629,578
Derivatives	1,067		3,084,619		15,934		(2,727,694)		373,926
Investments at fair value	—		3,705		185,478		—		189,183
FXCM term loan	—		—		30,105		—		30,105
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	8,383,086	$	12,530,455	$	763,914	$	(2,727,694)	$	18,949,761
Loans to and investments in associated  companies	$	—	$	1,683	$	30,717	$	—	$	32,400
Securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,793,307	$	37,798	$	2,570	$	—	$	1,833,675
Corporate debt securities	—		1,940,464		427		—		1,940,891
Collateralized debt obligations and collateralized loan obligations	—		328		354		—		682
U.S. government and federal agency securities	2,601,469		—		—		—		2,601,469
Sovereign obligations	697,326		783,199		—		—		1,480,525
Commercial mortgage-backed securities	—		3,800		455		—		4,255
Loans	—		2,209,866		12,694		—		2,222,560
Derivatives	81		3,934,436		88,432		(2,558,936)		1,464,013
Total financial instruments sold, not yet purchased, at fair value	$	5,092,183	$	8,909,891	$	104,932	$	(2,558,936)	$	11,548,070
Other secured financings	$	—	$	—	$	2,362	$	—	$	2,362
Long-term debt	$	—	$	796,295	$	721,115	$	—	$	1,517,410
Obligation to return securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586

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	November 30, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,737,255	$	257,318	$	87,647	$	—	$	3,082,220
Corporate debt securities	—		3,836,341		11,803		—		3,848,144
Collateralized debt obligations and collateralized loan obligations	—		579,518		31,946		—		611,464
U.S. government and federal agency securities	3,045,295		68,784		—		—		3,114,079
Municipal securities	—		509,559		—		—		509,559
Sovereign obligations	899,086		654,199		—		—		1,553,285
Residential mortgage-backed securities	—		1,168,246		1,477		—		1,169,723
Commercial mortgage-backed securities	—		196,419		2,333		—		198,752
Other asset-backed securities	—		337,022		93,524		—		430,546
Loans and other receivables	—		3,363,050		135,239		—		3,498,289
Derivatives	4,429		3,861,551		10,248		(3,305,756)		570,472
Investments at fair value	—		11,369		154,373		—		165,742
FXCM term loan	—		—		50,455		—		50,455
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	6,686,065	$	14,843,376	$	579,045	$	(3,305,756)	$	18,802,730
Loans to and investments in associated  companies	$	—	$	—	$	30,842	$	—	$	30,842
Securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,671,696	$	19,654	$	4,635	$	—	$	1,695,985
Corporate debt securities	—		2,111,777		482		—		2,112,259
U.S. government and federal agency securities	2,457,420		—		—		—		2,457,420
Sovereign obligations	935,801		593,040		—		—		1,528,841
Residential mortgage-backed securities	—		719		—		—		719
Commercial mortgage-backed securities	—		—		210		—		210
Loans	—		2,476,087		15,770		—		2,491,857
Derivatives	1,815		5,034,544		78,017		(3,702,200)		1,412,176
Total financial instruments sold, not yet purchased, at fair value	$	5,066,732	$	10,235,821	$	99,114	$	(3,702,200)	$	11,699,467
Other secured financings	$	—	$	76,883	$	25,905	$	—	$	102,788
Long-term debt	$	—	$	961,866	$	881,732	$	—	$	1,843,598
Obligation to return securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289

(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis:

Corporate Equity Securities

•Exchange-Traded Equity Securities:  Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. To the extent these securities are

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actively traded, valuation adjustments are not applied.

•Non-Exchange-Traded Equity Securities:  Non-exchange-traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed from recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/Earnings before interest, taxes, depreciation and amortization ("EBITDA"), price/book value), discounted cash flow analyses and transaction prices observed from subsequent financing or capital issuance by Jefferies Group. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration).

•Equity Warrants:  Non-exchange-traded equity warrants are measured primarily from observed prices on recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and can be measured using third-party valuation services or the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date.

Corporate Debt Securities

•Investment Grade Corporate Bonds:  Investment grade corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed from recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Investment grade corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy and are a limited portion of our investment grade corporate bonds.

•High Yield Corporate and Convertible Bonds:  A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer's subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers.

Collateralized Debt Obligations and Collateralized Loan Obligations

Collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs") are measured based on prices observed from recently executed market transactions of the same or similar security or based on valuations received from third-party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria, including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates and loss severity.

U.S. Government and Federal Agency Securities

•U.S. Treasury Securities:  U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy.

•U.S. Agency Debt Securities:  Callable and non-callable U.S. agency debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Municipal Securities

Municipal securities are measured based on quoted prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size and are generally categorized within Level 2 of the fair value hierarchy.

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Sovereign Obligations

Sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities

•Agency Residential Mortgage-Backed Securities:  Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency residential mortgage-backed securities are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 or Level 3 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age.

•Non-Agency Residential Mortgage-Backed Securities:  The fair value of non-agency residential mortgage-backed securities is determined primarily using pricing data from external pricing services, where available, and discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities.

Commercial Mortgage-Backed Securities

•Agency Commercial Mortgage-Backed Securities:  Government National Mortgage Association ("Ginnie Mae") project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of various factors, including prepayment speeds, default rates and cash flow structures. Ginnie Mae project loan bonds are categorized within Level 2 of the fair value hierarchy. Ginnie Mae multi-family collateralized mortgage obligations ("CMOs"), variable rate Interest Only Securities ("IOs") and fixed rate IOs are generally measured by using prices observed from recently executed market transactions or pricing data from external pricing services, where available, to estimate market-clearing spread levels for purposes of estimating fair value and are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability of the pricing inputs used. Federal National Mortgage Association ("Fannie Mae") Delegated Underwriting and Servicing ("DUS") mortgage-backed securities are generally measured by using prices observed from recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. Fannie Mae DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy.

•Non-Agency Commercial Mortgage-Backed Securities:  Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-agency commercial mortgage-backed securities are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs.

Other Asset-Backed Securities

Other asset-backed securities include, but are not limited to, securities backed by automobile loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal.

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Loans and Other Receivables

•Corporate Loans:  Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, for example, derived using market prices for debt securities of the same creditor and estimates of future cash flows incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer's capital structure.

•Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans and data provider pricing. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing.

•Project Loans and Participation Certificates in Ginnie Mae Project and Construction Loans:  Valuations of participation certificates in Ginnie Mae project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions.

•Consumer Loans and Funding Facilities:  Consumer and small business whole loans and related funding facilities are valued based on observed market transactions and incorporating valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy.

•Escrow and Claim Receivables:  Escrow and claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent observations in the same receivable. Escrow and claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. 

Derivatives

•Listed Derivative Contracts:  Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market or consensus pricing services. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy.

•Over-the-Counter ("OTC") Derivative Contracts:  OTC derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current transaction. Where available, valuation inputs are calibrated from observable market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy.

OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as Black-Scholes, with key inputs including the underlying security price, foreign exchange spot rate, commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. Where available, external data is used in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are generally observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services.

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•Oil Futures Derivatives: Vitesse Energy uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy accounts for the derivative instruments at fair value, which are classified as either Level 1 or Level 2 within the fair value hierarchy. Fair values classified as Level 1 are measured based on quoted closing exchange prices obtained from external pricing services and Level 2 are determined under the income valuation technique using an option-pricing model that is based on directly or indirectly observable inputs.

Investments at Fair Value

Investments at fair value include investments in hedge funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques internally or by third-party valuation services involving performance data, company ratios and multiples (e.g., price/EBITDA, price/book value) for comparable companies, discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy.

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):

	Fair Value (1)		Unfunded Commitments
August 31, 2022
Equity Long/Short Hedge Funds (2)	$	452,867	$	—
Equity Funds (3)	61,825		37,307
Commodity Fund (4)	25,671		—
Multi-asset Funds (5)	406,183		—
Other Funds (6)	352,977		65,916
Total	$	1,299,523	$	103,223
November 30, 2021
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	46,030		17,815
Commodity Fund (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,025,940	$	53,905

(1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements.

(2)This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At August 31, 2022 and November 30, 2021, approximately 57% and 74%, respectively, of the fair value of investments became redeemable quarterly with 90 days prior written notice on December 31, 2021. At August 31, 2022 and November 30, 2021, approximately 37% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. The remaining investments are redeemable quarterly with 60 days prior written notice.

(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are primarily expected to be liquidated in approximately one to thirteen years. 

(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. These investments are redeemable quarterly with 60 days prior written notice.

(5)This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At August 31, 2022 and November 30, 2021, investments representing approximately 76% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At August 31, 2022 and November 30, 2021, approximately 17% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At

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August 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024.

(6)This category primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are primarily redeemable quarterly with 90 days prior written notice.

Investment in FXCM

Our investment in FXCM and associated companies consists of a senior secured term loan due May 6, 2023 ($39.6 million principal outstanding at August 31, 2022), a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM. Our investment in the FXCM term loan is reported within Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We classify our equity investment in FXCM in the Consolidated Statements of Financial Condition as Loans to and investments in associated companies, as we have the ability to significantly influence FXCM through our seats on the board of directors.

We estimate the fair value of our term loan by using a valuation model with inputs including management's assumptions concerning the amount and timing of expected cash flows, the loan's implied credit rating and effective yield. Because of these inputs and the degree of judgment involved, we have categorized our term loan within Level 3 of the fair value hierarchy.

Loans to and Investments in Associated Companies

Corporate bonds are measured primarily using pricing data from external pricing services and are categorized within Level 2 of the fair value hierarchy. Non-exchange-traded equity warrants with no pricing from external pricing services are generally categorized within Level 3 of the fair value hierarchy. The warrants are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, interest rate curve, strike price and maturity date.

Other Secured Financings

Other secured financings that are accounted for at fair value are classified within Level 2 or Level 3 of the fair value hierarchy. Fair value is based on estimates of future cash flows incorporating assumptions regarding recovery rates.

Securities Received as Collateral and Obligations to Return Securities Received as Collateral

In connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral. Valuation is based on the price of the underlying security and is categorized within the corresponding leveling guidance above. These financial instruments are typically categorized within Level 1 of the fair value hierarchy.

Long-term Debt

Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate Jefferies Group's own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy, where market trades have been observed during the period or model pricing is available, otherwise the notes are categorized within Level 3.

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Level 3 Rollforwards

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2022 (in thousands):

	Balance, May 31, 2022		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	200,961	$	(1,603)	$	92	$	(189)	$	—	$	—	$	(1,444)	$	197,817	$	(1,696)
Corporate debt securities	20,813		(605)		759		(1,183)		—		—		(1,572)		18,212		699
CDOs and CLOs	49,858		685		13,133		(4,553)		(3,604)		—		(5,591)		49,928		(9,369)
Residential mortgage-backed securities	1,059		(3,596)		94		—		(32)		—		28,218		25,743		(2,158)
Commercial mortgage-backed securities	1,870		(2,663)		—		—		—		—		32,403		31,610		(621)
Other asset-backed securities	84,778		(1,800)		17,487		—		(13,217)		—		4,245		91,493		(7,432)
Loans and other receivables	137,752		1,616		7,065		(21,492)		(325)		—		(7,022)		117,594		1,536
Investments at fair value	163,844		20,329		2,184		(48)		(831)		—		—		185,478		20,104
FXCM term loan	51,880		10,245		—		—		(32,020)		—		—		30,105		1,433
Loans to and investments in associated companies	14,795		(21,668)		37,590		—		—		—		—		30,717		(21,668)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	3,749		(278)		(940)		39		—		—		—		$	2,570	(268)
Corporate debt securities	401		26		—		—		—		—		—		427		(28)
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	385		—		—		70		—		—		—		455		—
Loans	18,283		157		(16,983)		1,937		—		—		9,300		12,694		(1,428)
Net derivatives (2)	74,997		(23,380)		(1,929)		—		(20,954)		—		43,764		72,498		19,719
Other secured financings	2,362		—		—		—		—		—		—		2,362		—
Long-term debt (1)	739,353		(59,521)		—		—		—		—		41,283		721,115		75,930

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2022 were losses of $16.4 million during the three months ended August 31, 2022.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Analysis of Level 3 Assets and Liabilities for the three months ended August 31, 2022

During the three months ended August 31, 2022, transfers of assets of $76.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Commercial mortgage-backed securities of $32.4 million, residential mortgage-backed securities of $28.2 million, other asset-backed securities of $9.2 million and loans and other receivables of $6.3 million due to reduced pricing transparency.

During the three months ended August 31, 2022, transfers of assets of $27.6 million from Level 3 to Level 2 are primarily attributed to:

•Loans and other receivables of $13.4 million, CDOs and CLOs of $5.6 million, other asset-backed securities of $4.9 million and corporate debt securities of $2.1 million due to greater pricing transparency supporting classification into Level 2.

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During the three months ended August 31, 2022, transfers of liabilities of $112.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $52.0 million, net derivatives of $49.4 million and loans of $10.6 million due to reduced market and pricing transparency.

During the three months ended August 31, 2022, transfers of liabilities of $17.7 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $10.8 million and net derivatives of $5.7 million due to greater pricing and market transparency.

Net gains on Level 3 assets were $0.9 million and net gains on Level 3 liabilities were $83.0 million for the three months ended August 31, 2022. Net gains on Level 3 assets were primarily due to increased market values across investments at fair value, and the FXCM term loan, partially offset by decreases in loans to and investments in associated companies, residential mortgage-backed securities and commercial mortgage-backed securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within long-term debt and certain derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2021 (in thousands):

	Balance, May 31, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2021		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	86,451	$	36,643	$	208	$	(1,488)	$	(16)	$	—	$	9,943	$	131,741	$	37,731
Corporate debt securities	7,985		405		14,898		(17,317)		(20)		—		2,205		8,156		192
CDOs and CLOs	26,561		2,539		50,199		(33,234)		(1,518)		—		8,014		52,561		(730)
Residential mortgage-backed securities	6,033		(42)		—		(417)		(61)		—		(4,077)		1,436		(14)
Commercial mortgage-backed securities	1,176		(103)		1,607		—		—		—		—		2,680		1,530
Other asset-backed securities	70,555		30		18,611		(274)		(14,426)		—		2,937		77,433		(3,145)
Loans and other receivables	190,412		(5,689)		14,796		(29,557)		(10,873)		—		(8,118)		150,971		(4,409)
Investments at fair value	230,834		3,662		1,185		(1)		(382)		—		(69,965)		165,333		3,661
FXCM term loan	59,155		(690)		—		—		—		—		—		58,465		(690)
Loans to and investments in associated companies	37,287		(703)		—		—		—		—		—		36,584		(703)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,462	$	(75)	$	—	$	—	$	—	$	—	$	—	$	4,387	$	75
Corporate debt securities	927		(7)		—		—		—		—		(392)		528		7
Commercial mortgage-backed securities	35		—		—		105		—		—		—		140		—
Loans	20,389		(8)		(3,118)		1,710		—		—		6,239		25,212		6
Net derivatives (2)	227,058		20,869		(1,868)		—		665		—		(79,662)		167,062		(22,433)
Other secured financings	2,493		—		—		—		—		—		—		2,493		—
Long-term debt (1)	795,098		(17,106)		—		—		—		22,330		(14,710)		785,612		13,204

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2021 were gains of $3.9 million during the three months ended August 31, 2021.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

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Analysis of Level 3 Assets and Liabilities for the three months ended August 31, 2021

During the three months ended August 31, 2021, transfers of assets of $37.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Other asset-backed securities of $13.7 million, loans and other receivables of $13.4 million, CDOs and CLOs of $8.0 million and corporate debt securities of $2.5 million due to reduced pricing transparency.

During the three months ended August 31, 2021, transfers of assets of $97.0 million from Level 3 to Level 2 or Level 1 are primarily attributed to:

•Investments at fair value of $60.4 million, loans and other receivables of $21.5 million, other assets-backed securities of $10.7 million and residential mortgage-backed securities of $4.1 million due to greater pricing transparency supporting classification into Level 2 or Level 1.

During the three months ended August 31, 2021, transfers of liabilities of $51.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $32.9 million, loans of $9.7 million and structured notes within long-term debt of $9.2 million due to reduced pricing and market transparency.

During the three months ended August 31, 2021, transfers of liabilities of $140.3 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $112.5 million and structured notes within long-term debt of $23.9 million due to greater pricing transparency.

Net gains on Level 3 assets were $36.1 million and net losses on Level 3 liabilities were $3.7 million for the three months ended August 31, 2021. Net gains on Level 3 assets were primarily due to increased market values across corporate equity securities, investments at fair value and CDOs and CLOs, partially offset by decreased market values of loans and other receivables. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivatives, partially offset by decreases in structured notes within long-term debt.

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The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2022 (in thousands):

	Balance, November 30, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	87,647	$	36,931	$	63,022	$	(2,941)	$	(298)	$	—	$	13,456	$	197,817	$	36,192
Corporate debt securities	11,803		3,596		5,691		(16,513)		(9)		—		13,644		18,212		1,537
CDOs and CLOs	31,946		2,573		34,756		(18,933)		(8,178)		—		7,764		49,928		(10,371)
Residential mortgage-backed securities	1,477		(6,099)		28,067		(187)		(152)		—		2,637		25,743		(2,894)
Commercial mortgage-backed securities	2,333		(18,549)		—		—		—		—		47,826		31,610		(2,420)
Other asset-backed securities	93,524		(1,446)		51,964		(18,489)		(36,349)		—		2,289		91,493		(17,168)
Loans and other receivables	135,239		(6,635)		46,571		(63,530)		(1,256)		—		7,205		117,594		(6,955)
Investments at fair value	154,373		54,178		16,470		(48)		(16,088)		—		(23,407)		185,478		53,390
FXCM term loan	50,455		11,670		—		—		(32,020)		—		—		30,105		2,202
Loans to and investments in associated companies	30,842		(37,715)		37,590		—		—		—		—		30,717		(37,715)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,635	$	(3,708)	$	(3,255)	$	4,898	$	—	$	—	$	—	$	2,570	$	2,781
Corporate debt securities	482		15		(70)		—		—		—		—		427		(23)
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	210		—		—		245		—		—		—		455		—
Loans	15,770		94		(22,566)		5,417		—		—		13,979		12,694		(1,478)
Net derivatives (2)	67,769		(152,927)		(1,559)		1,285		—		21,024		136,906		72,498		150,713
Other secured financings	25,905		—		—		—		(23,543)		—		—		2,362		—
Long-term debt (1)	881,732		(316,778)		—		—		—		89,263		66,898		721,115		265,288

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2022 were gains of $51.5 million during the nine months ended August 31, 2022.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Analysis of Level 3 Assets and Liabilities for the nine months ended August 31, 2022

During the nine months ended August 31, 2022, transfers of assets of $98.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Commercial mortgage-backed securities of $47.8 million, other asset-backed securities of $23.7 million, CDOs and CLOs of $7.8 million, loans and other receivables of $9.6 million and corporate debt securities of $6.7 million due to reduced pricing transparency.

During the nine months ended August 31, 2022, transfers of assets of $27.4 million from Level 3 to Level 2 are primarily attributed to:

•Other asset-backed securities of $21.5 million due to greater pricing transparency supporting classification into Level 2.

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During the nine months ended August 31, 2022, transfers of liabilities of $264.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $143.9 million, structured notes within long-term debt of $105.8 million and loans of $15.0 million due to reduced pricing and market transparency.

During the nine months ended August 31, 2022, transfers of liabilities of $46.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $38.9 million and net derivatives of $7.0 million due to greater market and pricing transparency.

Net gains on Level 3 assets were $38.5 million and net gains on Level 3 liabilities were $473.3 million for the nine months ended August 31, 2022. Net gains on Level 3 assets were primarily due to increased market values across corporate equity securities and investments at fair value, partially offset by decreases in loans to and investments in associated companies, commercial mortgage-backed securities and residential mortgage-backed securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within long-term debt and certain derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2021 (in thousands):

	Balance, November 30, 2020		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2021		Changes in unrealized gains/ losses included in earnings relating to instruments still held at August 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	75,904	$	48,741	$	7,900	$	(37,794)	$	(16)	$	—	$	37,006	$	131,741	$	37,146
Corporate debt securities	23,146		1,600		1,513		(3,721)		(128)		—		(14,254)		8,156		331
CDOs and CLOs	17,972		7,666		58,868		(37,277)		(2,201)		—		7,533		52,561		(4,716)
Residential mortgage-backed securities	21,826		(195)		157		(784)		(291)		—		(19,277)		1,436		(123)
Commercial mortgage-backed securities	2,003		134		2,590		(393)		(1,639)		—		(15)		2,680		741
Other asset-backed securities	79,995		4,770		38,785		(26,642)		(25,966)		—		6,491		77,433		(6,955)
Loans and other receivables	134,636		18,104		51,933		(55,693)		(10,509)		—		12,500		150,971		9,756
Investments at fair value	213,946		106,699		12,669		(47,245)		(8,955)		—		(111,781)		165,333		30,027
FXCM term loan	59,455		(990)		—		—		—		—		—		58,465		(990)
Loans to and investments in associated companies	40,185		(3,601)		—		—		—		—		—		36,584		(3,601)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,434	$	(12)	$	(22)	$	—	$	—	$	—	$	(13)	$	4,387	$	13
Corporate debt securities	141		375		—		12		—		—		—		528		(375)
Commercial mortgage-backed securities	35		—		(35)		140		—		—		—		140		—
Loans	16,635		1,308		(7,182)		14,083		—		—		368		25,212		(4,094)
Net derivatives (2)	26,017		33,173		(1,548)		49,871		768		—		58,781		167,062		(33,007)
Other secured financings	1,543		—		—		—		—		950		—		2,493		—
Long-term debt (1)	676,028		25,323		—		—		—		58,000		26,261		785,612		31,992

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at August 31, 2021 were losses of $57.3 million during the nine months ended August 31, 2021.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

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Analysis of Level 3 Assets and Liabilities for the nine months ended August 31, 2021

During the nine months ended August 31, 2021, transfers of assets of $50.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Loans and other receivables of $17.4 million, other asset-backed securities of $12.5 million, corporate equity securities of $10.2 million and CDOs and CLOs of $7.6 million due to reduced pricing transparency.

During the nine months ended August 31, 2021, transfers of assets of $132.7 million from Level 3 to Level 2 or Level 1 are primarily attributed to:

•Investments at fair value of $84.5 million, residential mortgage-backed securities of $19.3 million, corporate debt securities of $17.5 million, other asset-backed securities of $6.0 million and loans and other receivables of $4.9 million due to greater pricing transparency supporting classification into Level 2 or Level 1.

During the nine months ended August 31, 2021, transfers of liabilities of $100.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $73.4 million and structured notes within long-term debt of $26.3 million due to reduced pricing and market transparency.

During the nine months ended August 31, 2021, transfers of liabilities of $14.6 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $14.6 million due to greater pricing transparency.

Net gains on Level 3 assets were $182.9 million and net losses on Level 3 liabilities were $60.2 million for the nine months ended August 31, 2021. Net gains on Level 3 assets were primarily due to increased market values across investments at fair value, corporate equity securities, loans and other receivables, CDOs and CLOs and other asset-backed securities, partially offset by decreases in loans to and investments in associated companies. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivatives and structured notes within long-term debt.

Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements

The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

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August 31, 2022
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	197,817
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$80
			Volatility benchmarking	Volatility	50	%	to	70%	60	%
Corporate debt securities	$	18,212	Market approach	EBITDA multiple	3.8				—
			Scenario analysis	Estimated recovery percentage	6%				—
CDOs and CLOs	$	49,928	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	70%				—
				Discount rate/yield	20	%	to	22%	20	%
			Market approach	Price	$69		to	$102	$87
Commercial mortgage-   backed securities	$	31,610	Market approach	Spreads (basis points ("bps"))	322 bps		to	334 bps	326 bps
Other asset-backed securities	$	75,439	Discounted cash flows	Constant default rate	2%				—
				Loss severity	85%				—
				Discount rate/yield	7	%	to	21%	15	%
				Cumulative loss rate	7	%	to	24%	19	%
				Duration (years)	0.9 years		to	1.6 years	1.2 years
			Market approach	Price	$32		to	$100	$97
Loans and other receivables	$	117,594	Market approach	Price	$45		to	$154	$118
			Scenario analysis	Estimated recovery percentage	32	%	to	100%	97	%
Derivatives	$	8,440
Equity Options			Volatility benchmarking	Volatility	23	%	to	52%	41	%
Investments at fair value	$	179,870
Private equity securities			Market approach	Price	$0		to	$14,919	$487
				EBITDA multiple	13.5				—
			Discounted cash flows	Discount rate/yield	10	%	to	14%	12	%
			Scenario analysis	Discount rate/yield	12%				—
Investment in FXCM	$	30,105
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	1.4 years	1.4 years
Loans to and investments in associated companies
Non-exchange-traded   warrants	$	30,717	Market approach	Underlying stock price	$360				—
				Underlying stock price	€6		to	€8	€7
				Volatility	25	%	to	54%	28	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	2,570
Non-exchange-traded   securities			Market approach	Price	$1				—
Corporate debt securities	$	427	Scenario analysis	Estimated recovery percentage	6%				—
Loans	$	12,694	Market approach	Price	$90		to	$96	$92
			Scenario analysis	Estimated recovery percentage	5%				—
Derivatives	$	82,721
Equity options			Volatility benchmarking	Volatility	29	%	to	68%	50	%
Other secured financings	$	2,362	Scenario analysis	Estimated recovery percentage	13	%	to	39%	30	%
Long-term debt
Structured notes	$	721,115	Market approach	Price	$51		to	$104	$72
				Price	€60		to	€102	€78

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November 30, 2021
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	86,961
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$183
			Volatility benchmarking	Volatility	40	%	to	53%	45	%
Corporate debt securities	$	11,803	Market approach	Price	$13		to	$100	$86
CDOs and CLOs	$	31,944	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	25	%	to	30%	26	%
				Discount rate/yield	8	%	to	19%	16	%
			Market approach	Price	$86		to	$103	$93
Commercial mortgage-   backed securities	$	2,333	Scenario analysis	Estimated recovery percentage	81%				—
Other asset-backed securities	$	86,099	Discounted cash flows	Constant prepayment rate	0	%	to	35%	31	%
				Constant default rate	2	%	to	4%	4	%
				Loss severity	60	%	to	85%	55	%
				Discount rate/yield	3	%	to	16%	10	%
				Cumulative loss rate	7	%	to	20%	14	%
				Duration (years)	0.7 years		to	1.4 years	1.1 years
			Market approach	Price	$37		to	$100	$94
Loans and other receivables	$	134,015	Market approach	Price	$31		to	$101	$54
			Scenario analysis	Estimated recovery percentage	9	%	to	100%	76	%
Derivatives	$	6,501
Equity options			Volatility benchmarking	Volatility	46%				—
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.3
Total return swaps				Price	$100				—
Investments at fair value	$	128,152
Private equity securities			Market approach	Price	$1		to	$152	$32
				EBITDA multiple	16.9				—
				Revenue multiple	4.9		to	5.1	5.0
			Scenario analysis	Estimated recovery percentage	7%				—
				Discount rate/yield	13	%	to	21%	17	%
				Revenue growth	0%				—
Investment in FXCM	$	50,455
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	2.2 years	2.2 years
Loans to and investments in associated companies
Non-exchange-traded   warrants	$	30,842	Market approach	Underlying stock price	$662				—
				Underlying stock price	€15		to	€18	€16
				Volatility	25	%	to	59%	31	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,635
Non-exchange-traded securities			Market approach	Price	$1				—
Loans	$	15,770	Market approach	Price	$31		to	$100	$43
			Scenario analysis	Estimated recovery percentage	50%				—
Derivatives	$	76,533
Equity options			Volatility benchmarking	Volatility	26	%	to	77%	40	%
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.1
Total return swaps				Price	$100				—
Other secured financings	$	25,905	Scenario analysis	Estimated recovery percentage	13	%	to	98%	92	%
Long-term debt
Structured notes	$	881,732	Market approach	Price	$76		to	$115	$94
				Price	€81		to	€113	€103

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The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices or a percentage of the reported enterprise fair value are excluded from the above tables. At August 31, 2022 and November 30, 2021, asset exclusions consisted of $54.9 million and $40.8 million, respectively, primarily comprised of certain investments at fair value, other asset-backed securities, certain derivatives, corporate equity securities, loans and other receivables and residential mortgage-backed securities. At August 31, 2022 and November 30, 2021, liability exclusions consisted of $6.5 million and $2.2 million, respectively, primarily comprised of certain derivatives, corporate debt securities, CDOs and CLOs and commercial mortgage-backed securities.

Uncertainty of Fair Value Measurement from Use of Significant Unobservable Inputs

For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the uncertainty of the fair value measurement due to the use of significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below:

•    Non-exchange-traded securities, corporate debt securities, CDOs and CLOs, commercial mortgage-backed securities, loans and other receivables, other asset-backed securities, private equity securities, non-exchange-traded warrants, certain derivatives and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other asset-backed securities, loans and other receivables, total return swaps, and structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the EBITDA multiple related to corporate debt securities or private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the underlying stock price of non-exchange-traded warrants would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the volatility of the underlying stock price of non-exchange-traded warrants would result in a significantly higher (lower) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of interest rate swaps. A significant increase (decrease) in commercial mortgage-backed securities spreads would result in a significantly lower (higher) fair value measurement.

•Corporate debt securities, loans and other receivables, commercial mortgage-backed securities, private equity securities and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument. A significant increase (decrease) in the discount rate/yield underlying the investment would result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in the revenue growth underlying the investment would result in a significantly higher (lower) fair value measurement.

•CDOs and CLOs, other asset-backed securities, private equity securities and the FXCM term loan using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severity or cumulative loss rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate and duration would have differing impacts depending on the capital structure and type of security. A significant increase (decrease) in the discount rate/security yield would result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in term based on the time to pay off the loan would result in a lower (higher) fair value measurement.

•Derivative equity options and non-exchange-traded securities using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement.

Fair Value Option Election

We have elected the fair value option for all loans and loan commitments made by our investment banking and capital markets businesses. These loans and loan commitments include loans entered into by our investment banking division in connection with client bridge financing and loan syndications, loans purchased by our leveraged credit trading desk as part of its bank loan trading activities and mortgage and consumer loan commitments, purchases and fundings in connection with mortgage-backed and other asset-backed securitization activities. Loans and loan commitments originated or purchased by our leveraged credit and mortgage-backed businesses are managed on a fair value basis. Loans are included in Financial instruments owned, at fair value and loan commitments are included in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value in the Consolidated Statements of Financial Condition. The fair value option election is not applied to loans made to affiliate entities as such loans are entered into as part of ongoing, strategic business ventures. Loans to affiliate entities are included in Loans to and investments in associated companies in the Consolidated Statements of Financial Condition and are accounted for on an amortized cost basis. We have also elected the fair value option for certain of our structured notes, which are managed by our investment banking and capital markets businesses and are included in Long-term

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debt in the Consolidated Statements of Financial Condition. We have elected the fair value option for certain financial instruments held by subsidiaries as the investments are risk managed on a fair value basis. The fair value option has been elected for certain other secured financings that arise in connection with our securitization activities and other structured financings. Other secured financings, receivables from brokers, dealers and clearing organizations, receivables from customers of securities operations, other receivables, payables to brokers, dealers and clearing organizations and payables to customers of securities operations, are accounted for at cost plus accrued interest rather than at fair value; however, the recorded amounts approximate fair value due to their liquid or short-term nature, except for our automobile loans.

The following is a summary of gains (losses) due to changes in instrument-specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Financial instruments owned, at fair value:
Loans and other receivables	$	(9,040)	$	(7,273)	$	4,828	$	17,600
Financial instruments sold, not yet purchased, at fair value:
Loans	$	(832)	$	(574)	$	(121)	$	945
Long-term debt:
Changes in instrument-specific credit risk (1)	$	(5,824)	$	20,478	$	88,309	$	(103,751)
Other changes in fair value (2)	62,476		(26,093)		318,408		61,695

(1)    Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes.

(2)    Other changes in fair value are included in Principal transactions revenues in the Consolidated Statements of Operations.

The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, long-term debt and other secured financings measured at fair value under the fair value option (in thousands):

	August 31, 2022		November 30, 2021
Financial instruments owned, at fair value:
Loans and other receivables (1)	$	5,741,428	$	5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	226,577		64,203
Long-term debt	$	361,044	$	(38,391)
Other secured financings	$	2,913	$	3,432

(1)    Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations.

(2)    Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $93.1 million and $19.7 million at August 31, 2022 and November 30, 2021, respectively.

The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $207.3 million and $56.9 million at August 31, 2022 and November 30, 2021, respectively, which includes loans and other receivables 90 days or greater past due of $131.5 million and $23.5 million at August 31, 2022 and November 30, 2021, respectively.

At August 31, 2022, Jefferies Group owned shares which represent a 38% economic interest in ApiJect Systems, Corp. ("ApiJect"). The investment in ApiJect is accounted for at fair value by electing the fair value option available under GAAP and is included within corporate equity securities in Financial instruments owned, at fair value, in the Consolidated Statement of Financial Condition. During the nine months ended August 31, 2022, in connection with ApiJect's issuance of additional equity to third party investors, Jefferies Group purchased additional common shares of ApiJect and obtained a right to 1.125% of ApiJect's future revenues for cash consideration of $25.0 million. In addition, Jefferies Group converted its $25.0 million term

30

loan agreement into additional common shares. For the nine months ended August 31, 2022, the change in fair value of Jefferies Group's equity investments in ApiJect was a mark-to-market gain of $37.3 million. At August 31, 2022, the total fair value of Jefferies Group's equity investment in common shares of ApiJect is $100.1 million, which is included within Level 3 of the fair value hierarchy. Additionally, Jefferies Group owned warrants to purchase up to 950,000 shares of common stock at any time or from time to time on or before April 15, 2032.

Jefferies Group also has a term loan agreement with a principal of ApiJect for $25.0 million maturing on October 31, 2022. The loan is accounted for at cost plus accrued interest and is reported within Other assets in the Consolidated Statement of Financial Condition. Interest income of $0.5 million and $0.5 million for the three months ended August 31, 2022 and 2021, respectively, and $1.6 million and $1.1 million for the nine months ended August 31, 2022 and 2021, respectively, was recognized related to the loan and is included in Interest income in the Consolidated Statements of Operations. The loan has a fair value of $28.3 million at August 31, 2022, which would be classified as Level 3 in the fair value hierarchy.

Financial Instruments Not Measured at Fair Value

Certain of our financial instruments are not carried at fair value but are recorded at amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include Cash and cash equivalents and Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations and would generally be presented within Level 1 of the fair value hierarchy.

Note 4.  Derivative Financial Instruments

Derivative Financial Instruments

Derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. Predominantly, we enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. In addition, we apply hedge accounting to (1) interest rate swaps that have been designated as fair value hedges of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt and (2) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations. See Notes 3 and 18 for additional disclosures about derivative financial instruments.

Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies.

In connection with our derivative activities, we may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties.

The following tables present the fair value and related number of derivative contracts at August 31, 2022 and November 30, 2021 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts).

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	Assets			Liabilities
	Fair Value		Number of Contracts (2)	Fair Value		Number of Contracts (2)
August 31, 2022 (1)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	—	—	$	182,979	3
Foreign exchange contracts:
Bilateral OTC	151,388		5	—		—
Total derivatives designated as accounting hedges	151,388			182,979
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	873		37,656	50		21,604
Cleared OTC	232,758		4,139	33,526		3,826
Bilateral OTC	774,034		566	1,274,695		1,157
Foreign exchange contracts:
Bilateral OTC	530,442		10,287	586,085		10,294
Equity contracts:
Exchange-traded	1,049,065		1,431,643	814,310		1,318,904
Bilateral OTC	318,127		5,329	1,070,480		5,796
Commodity contracts:
Exchange-traded	68		695	40		611
Bilateral OTC	2,652		675	17,664		1,470
Credit contracts:
Cleared OTC	28,016		165	24,391		189
Bilateral OTC	14,197		8	18,729		11
Total derivatives not designated as accounting hedges	2,950,232			3,839,970
Total gross derivative assets/liabilities:
Exchange-traded	1,050,006			814,400
Cleared OTC	260,774			240,896
Bilateral OTC	1,790,840			2,967,653
Amounts offset in the Consolidated Statement of Financial Condition (3):
Exchange-traded	(783,977)			(783,977)
Cleared OTC	(239,199)			(240,896)
Bilateral OTC	(1,704,518)			(1,534,063)
Net amounts in the Consolidated Statement of Financial Condition (4)	$	373,926		$	1,464,013

(continued)

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	Assets			Liabilities
	Fair Value		Number of Contracts (2)	Fair Value		Number of Contracts (2)
November 30, 2021 (1)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	35,726	2	$	32,200	1
Foreign exchange contracts:
Bilateral OTC	30,462		4	—		—
Total derivatives designated as accounting hedges	66,188			32,200
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	1,262		23,888	756		39,195
Cleared OTC	373,355		4,505	367,134		4,467
Bilateral OTC	322,353		1,037	283,481		967
Foreign exchange contracts:
Bilateral OTC	1,428,712		17,792	1,437,116		17,576
Equity contracts:
Exchange-traded	1,206,606		1,582,713	1,036,019		1,450,624
Bilateral OTC	377,132		2,888	1,824,418		2,682
Commodity contracts:
Exchange-traded	448		1,394	223		1,457
Bilateral OTC	2,703		616	9,862		825
Credit contracts:
Cleared OTC	84,180		132	108,999		128
Bilateral OTC	13,289		14	14,168		17
Total derivatives not designated as accounting hedges	3,810,040			5,082,176
Total gross derivative assets/liabilities:
Exchange-traded	1,208,316			1,036,998
Cleared OTC	493,261			508,333
Bilateral OTC	2,174,651			3,569,045
Amounts offset in the Consolidated Statement of Financial Condition (3):
Exchange-traded	(1,008,091)			(1,008,091)
Cleared OTC	(483,339)			(508,333)
Bilateral OTC	(1,814,326)			(2,185,776)
Net amounts in the Consolidated Statement of Financial Condition (4)	$	570,472		$	1,412,176

(1)    Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.

(2)    Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition.

(3)    Amounts netted include both netting by counterparty and for cash collateral paid or received.

(4)    We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.

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The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations related to fair value hedges (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Interest rate swaps	$	(31,831)	$	17,665	$	(176,244)	$	(27,797)
Long-term debt	32,439		(13,396)		188,023		38,630
Total	$	608	$	4,269	$	11,779	$	10,833

The following table provides information related to gains (losses) on net investment hedges recognized in Net foreign currency translation adjustments, a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Foreign exchange contracts	$	95,213	$	39,778	$	157,773	$	(23,628)
Total	$	95,213	$	39,778	$	157,773	$	(23,628)

The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Interest rate contracts	$	(16,018)	$	(152)	$	(145,481)	$	(20,912)
Foreign exchange contracts	(90,604)		(38,633)		(200,137)		32,439
Equity contracts	(105,661)		(198,979)		88,500		(291,991)
Commodity contracts	21,517		(3,958)		(46,961)		(29,027)
Credit contracts	3,684		(4,927)		15,129		(6,970)
Total	$	(187,082)	$	(246,649)	$	(288,950)	$	(316,461)

The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework.

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OTC Derivatives.  The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at August 31, 2022 (in thousands):

	OTC Derivative Assets (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross- Maturity Netting (4)		Total
Commodity swaps, options and forwards	$	805	$	1,847	$	—	$	(2,652)	$	—
Equity options and forwards	17,773		5,488		—		(4,600)		18,661
Credit default swaps	—		3,371		255		—		3,626
Total return swaps	101,046		15,879		194		(6,538)		110,581
Foreign currency forwards, swaps and options	202,065		6,938		170		(5,038)		204,135
Fixed income forwards	14,191		—		—		—		14,191
Interest rate swaps, options and forwards	116,753		537,440		26,970		(148,270)		532,893
Total	$	452,633	$	570,963	$	27,589	$	(167,098)	884,087
Cross product counterparty netting									(27,872)
Total OTC derivative assets included in Financial instruments owned, at fair value									$	856,215

(1)At August 31, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $266.0 million, which are not included in this table.

(2)OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At August 31, 2022, cash collateral received was $748.3 million.

(3)Derivative fair values include counterparty netting within product category.

(4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

	OTC Derivative Liabilities (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross-Maturity Netting (4)		Total
Commodity swaps, options and forwards	$	15,371	$	2,293	$	—	$	(2,652)	$	15,012
Equity options and forwards	115,856		290,887		26,180		(4,600)		428,323
Credit default swaps	—		620		—		—		620
Total return swaps	373,151		104,255		3		(6,538)		470,871
Foreign currency forwards, swaps and options	107,227		6,156		47		(5,038)		108,392
Fixed income forwards	54		—		—		—		54
Interest rate swaps, options and forwards	108,505		540,829		495,333		(148,270)		996,397
Total	$	720,164	$	945,040	$	521,563	$	(167,098)	2,019,669
Cross product counterparty netting									(27,872)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value									$	1,991,797

(1)At August 31, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $51.8 million, which are not included in this table.

(2)OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At August 31, 2022, cash collateral pledged was $579.6 million.

(3)Derivative fair values include counterparty netting within product category.

(4)    Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

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At August 31, 2022, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands):

Counterparty credit quality (1):
A- or higher	$	515,887
BBB- to BBB+	167,092
BB+ or lower	97,483
Unrated	75,753
Total	$	856,215

(1)    We utilize internal credit ratings determined by the Jefferies Group's Risk Management department. Credit ratings determined by Jefferies Group Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.

Credit Related Derivative Contracts

The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts are as follows (in millions):

	External Credit Rating
	Investment Grade		Non-investment grade		Unrated		Total Notional
August 31, 2022
Credit protection sold:
Index credit default swaps	$	4,266.9	$	1,910.1	$	—	$	6,177.0
Single name credit default swaps	—		—		0.2		0.2
November 30, 2021
Credit protection sold:
Index credit default swaps	$	2,612.0	$	1,298.8	$	—	$	3,910.8
Single name credit default swaps	—		17.6		0.2		17.8

Contingent Features

Certain of Jefferies Group's derivative instruments contain provisions that require its debt to maintain an investment grade credit rating from each of the major credit rating agencies. If Jefferies Group's debt was to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on the derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions).

	August 31, 2022		November 30, 2021
Derivative instrument liabilities with credit-risk-related contingent features	$	391.3	$	821.5
Collateral posted	(95.4)		(160.5)
Collateral received	194.1		369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)	490.0		1,030.4

(1)    These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

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Other Derivatives

Vitesse Energy uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy accounts for the derivative instruments at fair value. The gains and losses associated with the change in fair value of the derivatives are recorded in Other revenues.

Note 5.  Collateralized Transactions

Our repurchase agreements and securities borrowing and lending arrangements are generally recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their short-term nature. We enter into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of dealer operations. We monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or return excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Financial instruments owned, at fair value, and noted parenthetically as Securities pledged in the Consolidated Statements of Financial Condition.

In instances where we receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral in the Consolidated Statements of Financial Condition.

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by class of collateral pledged and remaining contractual maturity (in thousands):

Collateral Pledged	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
August 31, 2022
Corporate equity securities	$	926,636	$	451,454	$	27,859	$	1,405,949
Corporate debt securities	333,515		2,035,863		—		2,369,378
Mortgage-backed and asset-backed securities	—		1,337,306		—		1,337,306
U.S. government and federal agency securities	37,730		9,426,864		121,727		9,586,321
Municipal securities	—		233,824		—		233,824
Sovereign obligations	17,528		2,119,137		—		2,136,665
Loans and other receivables	—		918,259		—		918,259
Total	$	1,315,409	$	16,522,707	$	149,586	$	17,987,702
November 30, 2021
Corporate equity securities	$	1,160,916	$	150,602	$	7,289	$	1,318,807
Corporate debt securities	321,356		2,684,458		—		3,005,814
Mortgage-backed and asset-backed securities	—		1,209,442		—		1,209,442
U.S. government and federal agency securities	6,348		8,426,536		—		8,432,884
Municipal securities	—		413,073		—		413,073
Sovereign obligations	37,101		2,422,901		—		2,460,002
Loans and other receivables	—		712,388		—		712,388
Total	$	1,525,721	$	16,019,400	$	7,289	$	17,552,410

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	Contractual Maturity
	Overnight and Continuous		Up to 30 Days		31 to 90 Days		Greater than 90 Days		Total
August 31, 2022
Securities lending arrangements	$	744,734	$	—	$	303,764	$	266,911	$	1,315,409
Repurchase agreements	8,455,862		2,824,948		1,943,871		3,298,026		16,522,707
Obligation to return securities received as collateral, at fair value	149,586		—		—		—		149,586
Total	$	9,350,182	$	2,824,948	$	2,247,635	$	3,564,937	$	17,987,702
November 30, 2021
Securities lending arrangements	$	595,628	$	1,318	$	539,623	$	389,152	$	1,525,721
Repurchase agreements	6,551,934		1,798,716		4,361,993		3,306,757		16,019,400
Obligation to return securities received as collateral, at fair value	7,289		—		—		—		7,289
Total	$	7,154,851	$	1,800,034	$	4,901,616	$	3,695,909	$	17,552,410

We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans and as initial margin on certain derivative transactions. We also receive securities as collateral in connection with securities-for- securities transactions in which we are the lender of securities. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At August 31, 2022 and November 30, 2021, the approximate fair value of securities received as collateral by us that may be sold or repledged was $29.07 billion and $31.97 billion, respectively. At August 31, 2022 and November 30, 2021, a substantial portion of the securities received have been sold or repledged.

Offsetting of Securities Financing Agreements

To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions).

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The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position.

(In thousands)	Gross Amounts		Netting in Consolidated Statements of Financial Condition		Net Amounts in Consolidated Statements of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets at August 31, 2022
Securities borrowing arrangements	$	6,607,954	$	—	$	6,607,954	$	(208,879)	$	(1,720,118)	$	4,678,957
Reverse repurchase agreements	13,065,754		(8,958,365)		4,107,389		(585,113)		(3,461,795)		60,481
Securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Liabilities at August 31, 2022
Securities lending arrangements	$	1,315,409	$	—	$	1,315,409	$	(208,879)	$	(1,091,278)	$	15,252
Repurchase agreements	16,522,707		(8,958,365)		7,564,342		(585,113)		(6,534,808)		444,421
Obligation to return securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Assets at November 30, 2021
Securities borrowing arrangements	$	6,409,420	$	—	$	6,409,420	$	(271,475)	$	(1,528,206)	$	4,609,739
Reverse repurchase agreements	15,215,785		(7,573,301)		7,642,484		(540,312)		(7,048,823)		53,349
Securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—
Liabilities at November 30, 2021
Securities lending arrangements	$	1,525,721	$	—	$	1,525,721	$	(271,475)	$	(1,213,563)	$	40,683
Repurchase agreements (4)	16,019,400		(7,573,301)		8,446,099		(540,312)		(7,136,585)		769,202
Obligation to return securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—

(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. 

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)At August 31, 2022, amounts include $4.61 billion of securities borrowing arrangements, for which we have received securities collateral of $4.47 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.

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Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations

Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations totaled $984.3 million and $1.02 billion at August 31, 2022 and November 30, 2021, respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers.

Other Assets

Restricted cash, which is comprised of cash reserve balances required by securitization agreements and cash collections associated with automobile loans pledged to warehouse credit facilities, is included in Other assets in the Consolidated Statements of Financial Condition. These restricted cash balances are held by trustees and are distributed monthly by the trustees per the various securitization and warehouse credit facility agreements. Restricted cash may also include amounts related to pre-funding arrangements put in place for securitizations, which are funds that remain in an escrow account managed by a trustee until we pledge additional automobile loans to meet the collateral requirements of the related notes, at which time the funds become available for our use.

Note 6.  Securitization Activities

We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities ("SPEs") and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of variable interest entities ("VIEs"); however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. 

We account for our securitization transactions as sales, provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage-backed and other asset-backed securities or CLOs). These securities are included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition and are generally initially categorized as Level 2 within the fair value hierarchy.  

The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Transferred assets	$	1,813.2	$	2,608.1	$	5,355.8	$	9,338.1
Proceeds on new securitizations	1,813.2		2,609.8		5,407.2		9,339.4
Cash flows received on retained interests	10.0		4.5		22.9		14.3

We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at August 31, 2022 and November 30, 2021.

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The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):

	August 31, 2022				November 30, 2021
Securitization Type	Total Assets		Retained Interests		Total Assets		Retained Interests
U.S. government agency residential mortgage-backed securities	$	238.9	$	3.5	$	330.2	$	4.9
U.S. government agency commercial mortgage-backed securities	2,537.7		174.7		2,201.8		69.2
CLOs	5,610.2		42.0		3,382.3		31.0
Consumer and other loans	2,337.7		122.3		2,271.4		136.4

Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount, which is included in total Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition.

Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 7.

Note 7.  Variable Interest Entities

VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.

Our variable interests in VIEs include debt and equity interests, equity interests in associated companies, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from the following activities, but also includes other activities discussed below:

•Purchases of securities in connection with our trading and secondary market-making activities;

•Retained interests held as a result of securitization activities;

•Acting as placement agent and/or underwriter in connection with client-sponsored securitizations;

•Financing of agency and non-agency mortgage-backed and other asset-backed securities;

•Acting as servicer for a fee to automobile loan financing vehicles;

•Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements and revolving loan and note commitments; and

•Loans to, investments in and fees from various investment vehicles.

We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE's most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE's purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE's significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary.

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We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests.

Consolidated VIEs

The following table presents information about our consolidated VIEs (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.

	August 31, 2022				November 30, 2021
	Secured Funding Vehicles		Other		Secured Funding Vehicles		Other
Cash	$	—	$	0.2	$	3.8	$	—
Financial instruments owned, at fair value	—		35.1		173.1		146.4
Securities purchased under agreements to resell (1)	1,575.8		—		3,697.1		—
Receivables (2)	753.2		26.8		626.8		40.6
Other assets (3)	130.6		77.7		114.6		—
Total assets	$	2,459.6	$	139.8	$	4,615.4	$	187.0
Financial instruments sold, not yet purchased, at fair   value	$	—	$	3.7	$	—	$	109.1
Other secured financings (4)	2,403.4		—		4,521.6		—
Long-term debt	—		24.3		—		—
Other liabilities (5)	3.2		76.7		46.6		75.3
Total liabilities	$	2,406.6	$	104.7	$	4,568.2	$	184.4
Noncontrolling interests	$	—	$	34.6	$	—	$	—

(1)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation.

(2)Approximately $1.4 million and $1.2 million of the receivables at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

(3)Approximately $71.2 million and $56.5 million of the other assets at August 31, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.

(4)Approximately $251.2 million and $36.7 million of the other secured financings at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

(5)Approximately $69.5 million and $75.3 million of the other liabilities at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

Secured Funding Vehicles.  We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans and asset-backed securities pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle's debt holders. 

At August 31, 2022 and November 30, 2021, Foursight is the primary beneficiary of automobile loan financing vehicles to which we transfer automobile loans, act as servicer of the automobile loans for a fee and retain equity interests in the vehicles. The assets of these VIEs consist primarily of automobile loans, which are accounted for as loans held for investment at amortized cost and included within Receivables in the Consolidated Statements of Financial Condition. The liabilities of these VIEs consist of notes issued by the VIEs, which are accounted for at amortized cost and included within Other secured financings in the Consolidated Statements of Financial Condition and do not have recourse to our general credit. The automobile loans are pledged as collateral for the related notes and available only for the benefit of the note holders.

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Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities and are available for the benefit of the entities' equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE's assets are not available to satisfy any other debt.

Additionally, HomeFed is the primary beneficiary of a real estate syndication entity that is developing a multi-family residential property. HomeFed invested in this property, together with other third-party investors that have noncontrolling interests, and manages the property. Its assets consist primarily of the real estate being developed and its liabilities consist primarily of accrued capital expenditures, other payables and long-term debt. Our variable interests in the VIE consist primarily of our equity ownership interest, a sponsor promote, and development and asset management fees earned for managing the project.

Nonconsolidated VIEs

The following table presents information about our variable interests in nonconsolidated VIEs (in millions):

	Carrying Amount				Maximum Exposure to Loss		VIE Assets
	Assets		Liabilities
August 31, 2022
CLOs	$	501.9	$	0.1	$	1,827.5	$	9,128.9
Asset-backed vehicles	468.4		—		632.8		4,488.0
Related party private equity vehicles	29.6		—		40.3		82.7
Other investment vehicles	1,368.5		—		1,504.9		24,390.8
Total	$	2,368.4	$	0.1	$	4,005.5	$	38,090.4
November 30, 2021
CLOs	$	582.2	$	2.0	$	2,557.1	$	10,277.5
Asset-backed vehicles	281.9		—		359.3		3,474.6
Related party private equity vehicles	27.1		—		37.8		78.9
Other investment vehicles	1,111.5		—		1,201.6		15,101.4
Total	$	2,002.7	$	2.0	$	4,155.8	$	28,932.4

Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in our VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE.

Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests, sub-investment grade and senior secured U.S. loans and senior secured Euro denominated corporate leveraged loans and bonds. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following:

•Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs;

•Warehouse funding arrangements in the form of:

◦Participation interests in corporate loans held by CLOs and commitments to fund such participation interests;

◦Reverse repurchase agreements with collateral margin maintenance obligations and commitments to fund such reverse repurchase agreements; and

◦Senior and subordinated notes issued in connection with CLO warehousing activities.

•Trading positions in securities issued in CLO transactions; and

•Investments in variable funding notes issued by CLOs.

Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities, forward purchase agreements and reverse repurchase

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agreements. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans and mortgage loans. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities.

Related Party Private Equity Vehicles. We committed to invest in private equity funds (the "JCP Funds", including Jefferies Group's interests in Jefferies Capital Partners V L.P. and the Jefferies SBI USA Fund L.P. (together, "JCP Fund V")) managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, we committed to invest in the general partners of the JCP Funds (the "JCP General Partners") and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the "JCP Entities") consist of equity interests that, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. At both August 31, 2022 and November 30, 2021, our total equity commitment in the JCP Entities was $133.0 million, of which $122.3 million and $122.3 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $29.6 million and $27.1 million at August 31, 2022 and November 30, 2021, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments.

Other Investment Vehicles.  The carrying amount of our equity investment was $1.37 billion and $1.11 billion at August 31, 2022 and November 30, 2021, respectively. Our unfunded equity commitment related to these investments totaled $136.3 million and $90.0 million at August 31, 2022 and November 30, 2021, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets.

Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles.  In connection with our secondary trading and market-making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities.

We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Federal Home Loan Mortgage Corporation ("Freddie Mac") or Ginnie Mae) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third-parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and automobile loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs.

At August 31, 2022 and November 30, 2021, we held $1.60 billion and $1.31 billion of agency mortgage-backed securities, respectively, and $175.6 million and $253.9 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.

FXCM is considered a VIE and our term loan and equity ownership are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM and we account for our equity interest under the equity method as an investment in an associated company. FXCM reported total assets of $401.2 million in its latest financial statements. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the total of the carrying value of the term loan ($30.1 million) and the investment in associated company ($49.9 million) at August 31, 2022. FXCM is not included in the above table containing information about our variable interests in nonconsolidated VIEs.

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Note 8.  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, 2022 and 2021 is as follows (in thousands):

	Loans to and investments in associated companies as of beginning of period		Income (losses) related to associated companies		Other income (losses) related to associated companies (1)		Contributions to (distributions from) associated companies, net		Other		Loans to and investments in associated companies as of end of period
2022
Jefferies Finance	$	776,162	$	—	$	(71,587)	$	30,702	$	2	$	735,279
Berkadia	373,417				107,266		(59,217)		(1,530)		419,936
FXCM (2)	48,986		(8,131)		—		10,000		(1,001)		49,854
OpNet (3)	133,778		(42,308)		—		48,135		—		139,605
Asset Management companies (4)	183,076		—		1,442		(3,665)		—		180,853
Real estate companies	122,720		(666)		—		10,330		—		132,384
Other (3) (4)	107,651		(5,407)		(264)		(4,109)		(2,459)		95,412
Total	$	1,745,790	$	(56,512)	$	36,857	$	32,176	$	(4,988)	$	1,753,323
2021
Jefferies Finance	$	693,201	$	—	$	59,068	$	(8,837)	$	—	$	743,432
Berkadia	301,152		—		86,639		(556)		(140)		387,095
FXCM (2)	73,920		(23,046)		—		—		109		50,983
OpNet	198,991		(34,174)		—		(9,057)		(726)		155,034
Asset Management companies (4)	139,707		—		41,276		(26,566)		—		154,417
Real estate companies	168,678		(2,948)		—		(20,151)		—		145,579
Other (4)	110,914		(1,102)		249		(1,634)		(2)		108,425
Total	$	1,686,563	$	(61,270)	$	187,232	$	(66,801)	$	(759)	$	1,744,965

(1)Primarily related to Jefferies Group and 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, 2022 include loans and debt securities aggregating $27.9 million related to OpNet and other, and $15.3 million at November 30, 2021 related to other.

(4)Certain prior year amounts have been reclassified to conform to the current year presentation.

Income (losses) related to associated companies includes the following (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
FXCM	$	(1,162)	$	(12,926)	$	(8,131)	$	(23,046)
OpNet	2,664		(14,231)		(42,308)		(34,174)
Real estate companies	(1,376)		169		(666)		(2,948)
Other	(4,953)		(188)		(5,407)		(1,102)
Total	$	(4,827)	$	(27,176)	$	(56,512)	$	(61,270)

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Other income (losses) related to associated companies (primarily related to Jefferies Group and classified in Other revenues) includes the following (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Jefferies Finance	$	(76,383)	$	(1,767)	$	(71,587)	$	59,068
Berkadia	29,782		25,967		107,266		86,639
Asset Management companies (1)	(5,005)		9,979		1,442		41,276
Other (1)	(122)		9		(264)		249
Total	$	(51,728)	$	34,188	$	36,857	$	187,232

(1)Certain prior year amounts have been reclassified to conform to the current year presentation.

Jefferies Finance

Through Jefferies Group, we own a 50% equity interest in JFIN Parent LLC ("Jefferies Finance") and Jefferies Finance LLC is a direct subsidiary of JFIN Parent LLC. Jefferies Finance is a joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company ("MassMutual"). Jefferies Finance is a commercial finance company that structures, underwrites and syndicates primarily senior secured loans to corporate borrowers; and manages proprietary and third-party investments for both broadly syndicated and direct lending loans. Jefferies Finance conducts its operations primarily through two business lines, Leveraged Finance Arrangement, and Portfolio and Asset Management. Loans are originated primarily through Jefferies Group's investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through Jefferies Group. The Portfolio and Asset Management business lines, collectively referred to as Jefferies Credit Partners, manages a broad portfolio of assets under management comprised of portions of loans it has arranged, as well as loan positions that it has purchased in the primary and secondary markets. Jefferies Credit Partners is comprised of three registered Investment Advisors: Jefferies Finance, Apex Credit Partners LLC and JFIN Asset Management LLC, which serve as a private credit platform managing proprietary and third-party capital across comingled funds, separately managed accounts and collateralized loan obligations.

At August 31, 2022, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. The equity commitment is reduced quarterly based on Jefferies Group's share of any undistributed earnings from Jefferies Finance and the commitment is increased only to the extent the share of such earnings are distributed. At August 31, 2022, Jefferies Group's remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2023 with automatic one year extensions absent a 60 day termination notice by either party.

Jefferies Finance has executed a Secured Revolving Credit Facility with Jefferies Group and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is a committed amount of $500.0 million at August 31, 2022. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2023 with automatic one year extensions absent a 60 day termination notice by either party. At August 31, 2022, Jefferies Group had funded $0.0 million of its $250.0 million commitment. Jefferies Group recognized interest income and unfunded commitment fees related to the facility of $0.3 million and $0.3 million during the three months ended August 31, 2022 and 2021, respectively, and $1.3 million and $2.2 million during the nine months ended August 31, 2022 and 2021, respectively.

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

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Origination and syndication fee revenues (1)	$	14.6	$	87.8	$	171.4	$	303.5
Origination fee expenses (1)	6.5		15.6		33.8		48.4
CLO placement fee revenues (2)	1.2		0.6		3.1		4.3
Underwriting fees (3)	—		2.0		—		2.5
Service fees (4)	17.3		18.0		83.1		63.5

(1)    Jefferies Group engages in the origination and syndication of loans underwritten 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, 2022 and November 30, 2021, 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.

In connection with non-U.S. dollar loans originated by Jefferies Finance to borrowers who are investment banking clients of Jefferies Group, Jefferies Group has entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure.

At August 31, 2022 and November 30, 2021, receivables from Jefferies Finance, included in Other assets in the Consolidated Statements of Financial Condition, were $10.0 million and $26.2 million, respectively. At August 31, 2022 and November 30, 2021, payables to Jefferies Finance, related to cash deposited with Jefferies Group, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition, were $30.1 million and $8.5 million, respectively.

Berkadia

Berkadia is a commercial mortgage banking and servicing joint venture that was formed in 2009 with Berkshire Hathaway Inc. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% membership interest in Berkadia. We are entitled to receive 45% of the profits. Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, or other investors. Berkadia also is an investment sales advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions.

Berkadia uses all of the proceeds from the commercial paper sales of an affiliate of Berkadia to fund new mortgage loans, servicer advances, investments and other working capital requirements. Repayment of the commercial paper is supported by a $1.5 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At August 31, 2022, the aggregate amount of commercial paper outstanding was $1.47 billion.

FXCM

We have a 50% voting interest in FXCM, a provider of online foreign exchange trading services. We account for our equity interest in FXCM on a one month lag. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology and tradename over their respective useful lives (weighted average life of 11 years).

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FXCM is considered a VIE and our term loan and equity interest are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM.

OpNet

We own approximately 42% of the common shares of OpNet, the largest fixed wireless broadband services provider in Italy. In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2026, redeemable preferred stock with a redemption value of $98.8 million at August 31, 2022, and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 61% of OpNet's common equity at August 31, 2022. We have approximately 48% of the total voting securities of OpNet. Additionally, we have made shareholder loans to OpNet with principal outstanding of $44.5 million at August 31, 2022. We account for our equity interest in OpNet on a two month lag.

Asset Management Companies

Through Jefferies Group, we have asset management equity method investments that consist of our shares in Monashee Holdings LLC ("Monashee") and Oak Hill Capital Management LLC, OHCP GenPar Holdco, LP, Oak Hill Capital Management Partners III, LP and Oak Hill Capital Partners IV (Management), LP (collectively the "Oak Hill entities"). Monashee, an investment management company, a registered investment advisor and general partner of various investment management funds, provides us with a 50% voting rights interest and the rights to distributions of 47.5% of the annual net profits of Monashee's operations if certain thresholds are met. A portion of the carrying amount of the investment in Monashee relates to contract and customer relationship and client relationship intangible assets and goodwill. The intangible assets are amortized over their useful life and the goodwill is not amortized. The Asset Management companies equity method investments also consist of membership interests and limited partnership interests of approximately 15% in the Oak Hill investment management company and registered investment advisor and the Oak Hill general partner entity, which is entitled to carried interest from certain Oak Hill managed funds (collectively "the Oak Hill interests"). Subsequent to quarter-end, on September 30, 2022, we sold the Oak Hill interests with a carrying value of $167.7 million and recognized $175.1 million within Other revenues in the Consolidated Statement of Operations as a result of the sale.

Real Estate Companies

Real estate equity method investments primarily consist of HomeFed's interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison. These equity interests are accounted for on a two month lag.

Brooklyn Renaissance Plaza is comprised of a hotel operated by Marriott, an office building complex and a parking garage located in Brooklyn, New York. HomeFed owns a 25.4% equity interest in the hotel and a 61.25% equity interest in the office building and garage. Although HomeFed has a majority interest in the office building and garage, it does not have control, but only has the ability to exercise significant influence on this investment. As such, HomeFed accounts for the office building and garage under the equity method of accounting. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years).

We own approximately 48.1% of 54 Madison, a fund that owns interests in one real estate project and is in the process of being liquidated.

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Note 9.  Intangible Assets, Net and Goodwill

A summary of Intangible assets, net and goodwill is as follows (in thousands):

	August 31, 2022		November 30, 2021
Indefinite-lived intangibles:
Exchange and clearing organization membership interests and registrations	$	7,365	$	7,732
Amortizable intangibles:
Customer and other relationships, net of accumulated amortization of $87,692 and $128,012	37,966		42,808
Trademarks and tradenames, net of accumulated amortization of $34,426 and $32,244	92,198		96,509
Other, net of accumulated amortization of $11,073 and $11,329	3,885		5,353
Total intangible assets, net	141,414		152,402
Goodwill:
Investment Banking and Capital Markets (1)	1,549,851		1,561,928
Asset Management	143,000		143,000
Real estate	36,711		36,711
Other operations	3,459		3,459
Total goodwill	1,733,021		1,745,098
Total intangible assets, net and goodwill	$	1,874,435	$	1,897,500

(1)    The decrease in Investment Banking and Capital Markets goodwill during the nine months ended August 31, 2022, primarily relates to translation adjustments.

Amortization expense on intangible assets was $2.5 million and $3.6 million for the three months ended August 31, 2022 and 2021, respectively, and $8.5 million and $10.7 million for the nine months ended August 31, 2022 and 2021, respectively.

The estimated aggregate future amortization expense for the intangible assets for each of the next five fiscal years is as follows (in thousands): 

Remainder of current year	$	2,514
2023	9,904
2024	9,147
2025	8,636
2026	8,608

We performed our annual impairment testing of goodwill within the Investment Banking and Capital Markets segment and the Asset Management segment as of August 1, 2022. The quantitative goodwill impairment test is performed at our reporting unit level. The fair value of the reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, an impairment loss is recognized as the difference between the fair value and carrying value of the reporting unit.

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The estimated fair value of both the Investment Banking and Capital Markets segment and the Asset Management segment are based on valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of our reporting units on a controlling basis. An independent valuation specialist was engaged to assist with the valuation process at August 1, 2022. The results of our annual goodwill impairment test for both the Investment Banking and Capital Markets segment and the Asset Management segment did not indicate any goodwill impairment.

We performed our annual impairment testing of intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations within our Investment Banking and Capital Markets segment, at August 1, 2022. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessments of the remaining indefinite-life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired.

Note 10.  Short-Term Borrowings

Our short-term borrowings, which mature in one year or less, are as follows (in thousands):

	August 31, 2022		November 30, 2021
Bank loans (1)	$	557,439	$	215,063
Floating rate puttable notes (1)	6,800		6,800
Total short-term borrowings	$	564,239	$	221,863

(1)    These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

At August 31, 2022 and November 30, 2021, the weighted average interest rate on short-term borrowings outstanding was 3.55% and 1.41% per annum, respectively.

At August 31, 2022 and November 30, 2021, Jefferies Group's borrowings under credit facilities classified within bank loans in Short-term borrowings in the Consolidated Statements of Financial Condition were $550.0 million and $200.0 million, respectively. Jefferies Group's borrowings include credit facilities that contain certain covenants that, among other things, require it to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for its U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of its subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and Jefferies Group in reference to the bank's cost of funding. At August 31, 2022, Jefferies Group was in compliance with all covenants under these credit facilities.

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Note 11.  Long-Term Debt

Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands).

	August 31, 2022		November 30, 2021
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $441,748 principal	$	440,748	$	440,120
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,937		246,888
Total long-term debt – Parent Company	687,685		687,008
Subsidiary Debt (non-recourse to Parent Company):
Jefferies Group Unsecured Long-term Debt:
1.00% Euro Medium Term Notes, due July 19, 2024, $502,225 and $566,150 principal	501,444		564,985
4.50% Callable Note, due July 22, 2025, $6,206 principal	6,147		—
4.85% Senior Notes, due January 15, 2027, $750,000 principal (1)	714,423		775,550
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	364,589		366,556
5.00% Callable Note, due June 16, 2027, $25,000 principal	24,772		—
5.00% Callable Note, due February 17, 2028, $10,018 principal	9,882		—
4.15% Senior Notes, due January 23, 2030, $1,000,000 principal	991,266		990,525
2.625% Senior Notes due October 15, 2031, $1,000,000 principal (1)	922,252		988,059
2.75% Senior Notes, due October 15, 2032, $500,000 principal (1)	401,353		460,724
6.25% Senior Debentures, due January 15, 2036, $488,000 and $495,000 principal	497,800		505,267
6.50% Senior Notes, due January 20, 2043, $391,000 principal	409,588		409,926
Floating Rate Senior Notes, due October 29, 2071	61,712		61,703
Jefferies Group Unsecured Revolving Credit Facility	249,421		348,951
Structured Notes (2)	1,517,410		1,843,598
Jefferies Group Secured Long-term Debt:
Jefferies Group Secured Credit Facilities (3)	800,275		706,608
Jefferies Group Secured Bank Loan	100,000		100,000
HomeFed EB-5 Program debt	208,516		203,132
HomeFed construction loans	102,851		45,581
Vitesse Energy Revolving Credit Facility	64,080		67,572
Total long-term debt – subsidiaries	7,947,781		8,438,737
Long-term debt	$	8,635,466	$	9,125,745

(1)    Amounts include net gains of $188.0 million and $38.6 million during the nine months ended August 31, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 4 for further information.

(2)    These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in Accumulated other comprehensive income (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other operating activities in the Consolidated Statements of Cash Flow.

(3)    Amounts include $82.6 million at November 30, 2021 related to Foursight credit facilities. In the first quarter of 2022, Foursight was transferred to Jefferies Group.

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Subsidiary Debt:

During the nine months ended August 31, 2022, structured notes with a total principal amount of approximately $162.5 million, net of retirements, were issued by Jefferies Group.

At August 31, 2022 and November 30, 2021, borrowings under several of Jefferies Group's credit facilities classified within Long-term debt amounted to $1.05 billion and $972.9 million, respectively. Interest on these credit facilities is based on adjusted London Interbank Offered Rate ("LIBOR") rates or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require Jefferies Group to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of its subsidiaries. At August 31, 2022, Jefferies Group was in compliance with all covenants under theses credit facilities.

In addition, one of Jefferies Group's subsidiaries has a Loan and Security Agreement with a bank for a term loan ("Jefferies Group Secured Bank Loan"). At both August 31, 2022 and November 30, 2021, borrowings under the Jefferies Group Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt. The Jefferies Group Secured Bank Loan matures on September 13, 2024, has an interest rate of 1.25% plus LIBOR and is collateralized by certain trading securities. The agreement contains certain covenants that, among other things, restrict lien or encumbrance upon any of the pledged collateral. At August 31, 2022, Jefferies Group was in compliance with all covenants under the Jefferies Group Secured Bank Loan.

HomeFed funds certain of its real estate projects in part by raising funds under the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services pursuant to the Immigration and Nationality Act ("EB-5 Program"). This program was created to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. This debt is secured by certain real estate of HomeFed. At August 31, 2022, HomeFed was in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, collateral requirements and restricted use of proceeds. Primarily all of HomeFed's EB-5 Program debt matures in 2024 through 2026.

At August 31, 2022, HomeFed has construction loans with an aggregate committed amount of $148.6 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loans bear interest based on the 30 day LIBOR or the Secured Overnight Financing Rate ("SOFR"), plus spreads of 2.15% to 3.15%, subject to adjustment on the first of each calendar month. At August 31, 2022, the weighted average interest rate on these loans was 4.92%. The loans mature between December 2022 and May 2024 and are collateralized by the property underlying the related project with a guarantee by HomeFed. At August 31, 2022 and November 30, 2021, $103.6 million and $46.8 million, respectively, was outstanding under the construction loan agreements.

Vitesse Energy has a revolving credit facility with a syndicate of banks that matures in April 2026 and has a maximum borrowing base of $200.0 million at August 31, 2022. At August 31, 2022, $66.0 million was outstanding under the facility. Borrowings under the facility have been made as SOFR loans that bear interest at SOFR plus a spread ranging from 2.75% to 3.75% based on the borrowing base utilization percentage. The credit facility is guaranteed by Vitesse Energy's subsidiaries and is collateralized with a minimum of 85% of Vitesse Energy's proved reserve value of its oil and gas properties. Vitesse Energy's borrowing base is subject to regular re-determination on or about April 1 and October 1 of each year based on proved oil and gas reserves, hedge positions and estimated future cash flows from these reserves calculated using future commodity pricing provided by Vitesse Energy's lenders. At November 30, 2021, $68.0 million was outstanding under the prior revolving credit facility.

Note 12.  Mezzanine Equity

Redeemable Noncontrolling Interests

At August 31, 2022 and November 30, 2021, redeemable noncontrolling interests include other redeemable noncontrolling interests of $13.4 million and $25.4 million, respectively, primarily related to our oil and gas exploration and development businesses.

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Mandatorily Redeemable Convertible Preferred Shares

We have one series of callable mandatorily redeemable cumulative convertible preferred shares ("Preferred Shares"). Our 125,000 Preferred Shares are callable beginning January 2023 at a price of $1,000 per share, plus accrued interest and are mandatorily redeemable in 2038 for $125.0 million. The Preferred Shares have a dividend rate equal to the sum of 3.25% annual, cumulative cash dividend, plus an additional quarterly payment based on the amount by which our common stock dividends exceed $0.0625 per common share. The Preferred Shares are currently convertible into 4,440,863 common shares, an effective conversion price of $28.15 per share. Based on the quarterly dividend of $0.30 per common share, the effective rate on these Preferred Shares is approximately 6.6%.

Note 13.  Compensation Plans

Restricted Stock and Restricted Stock Units. Restricted stock and restricted stock units ("RSUs") may be granted to new employees as "sign-on" awards, to existing employees as "retention" awards and to certain executive officers as incentive awards. Sign-on and retention awards are generally subject to annual ratable vesting over a multi-year service period and are amortized as compensation expense on a straight-line basis over the service period. Restricted stock and RSUs are granted to certain senior executives and may contain market, performance and/or service conditions. Market conditions are incorporated into the grant-date fair value of senior executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market conditions are not met. Awards with performance conditions are amortized over the service period if, and to the extent, it is determined to be probable that the performance condition will be achieved. If awards are forfeited due to failure to achieve performance conditions or failure to satisfy service conditions, any previously recognized expense for such awards is reversed.

Senior Executive Compensation Plan.

In December 2021, our senior executives were granted RSUs containing service conditions, including a special leadership continuity grant, as well as RSUs that contain both service and performance conditions. For the three and nine months ended August 31, 2022, we recorded $6.5 million and $18.3 million, respectively, of stock-based compensation related to these awards.

In December 2020, our senior executives were granted nonqualified stock options and stock appreciation rights ("SARs"). The total initial fair value of the stock options and SARs were recorded as expense at the time of the grant, as both awards have no future service requirements. For the nine months ended August 31, 2021, we recorded $48.6 million of total Compensation and benefits expense relating to the stock options and SARs, of which $12.9 million was stock-based compensation and $35.7 million related to the SAR awards.

Share-Based Compensation Expense. Share-based compensation expense relating to grants made under our share-based compensation plans was $10.0 million and $7.0 million for the three months ended August 31, 2022 and 2021, respectively, and $33.0 million and $71.2 million (including $48.6 million related to the senior executive stock option award and SAR awards, as discussed above) for the nine months ended August 31, 2022 and 2021, respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. At August 31, 2022, total unrecognized compensation cost related to nonvested share-based compensation plans was $100.9 million; this cost is expected to be recognized over a weighted average period of 3.4 years.

At August 31, 2022, there were 961,000 shares of restricted stock outstanding with future service required, 4,245,000 RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 12,547,000 RSUs outstanding with no future service required, 5,027,000 stock options outstanding and 1,155,000 shares issuable under other plans. Additionally, the Preferred Shares are currently convertible into 4,440,863 common shares at an effective conversion price of $28.15 per share. The maximum potential increase to common shares outstanding resulting from these outstanding awards and the Preferred Shares is 27,415,000 at August 31, 2022.

Restricted Cash Awards. Jefferies Group provides compensation to certain new and existing employees in the form of loans and/or other cash awards that are subject to ratable vesting terms with service requirements. These awards are amortized as compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year. At August 31, 2022, the remaining unamortized amount of the restricted cash awards was $270.8 million and is included within Other assets in the Consolidated Statement of Financial Condition; this cost is expected to be recognized over a weighted average period of 3 years.

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Note 14.  Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss) is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):

	August 31, 2022		November 30, 2021
Net unrealized gains (losses) on available for sale securities	$	(767)	$	269
Net foreign currency translation adjustments (1)	(215,542)		(166,499)
Net changes in instrument-specific credit risk	(83,647)		(153,672)
Net minimum pension liability	(50,414)		(52,241)
Total accumulated other comprehensive income (loss)	$	(350,370)	$	(372,143)

(1) We reduce the impact of fluctuations in foreign exchange rates on our net investments in some of our non-U.S. operations through the use of foreign exchange contracts. Relating to these contracts, all gains or losses on the hedging instruments are included as part of net foreign currency translation adjustments within accumulated other comprehensive income (loss). The net foreign currency translation adjustments are shown net of cumulative gains from these hedges of $131.2 million and $11.9 million at August 31, 2022 and November 30, 2021, respectively.

Amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands):

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Operations
	For the Nine Months Ended August 31,
	2022		2021
Net changes in instrument-specific credit risk, net of income tax provision (benefit) of $(52) and $599	$	(161)	$	1,861	Principal transactions revenues
Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(624) and $(795)	(1,827)		(2,329)		Selling, general and other expenses, which includes pension expense
Total reclassifications for the period, net of tax	$	(1,988)	$	(468)

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Note 15. Revenues from Contracts with Customers

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Revenues from contracts with customers:
Commissions and other fees	$	221,397	$	214,363	$	705,419	$	673,756
Investment banking	709,334		1,180,620		2,255,241		3,184,932
Other	246,474		239,086		756,544		700,377
Total revenues from contracts with customers	1,177,205		1,634,069		3,717,204		4,559,065
Other sources of revenue:
Principal transactions	200,889		232,110		654,633		1,513,034
Interest income	318,216		220,278		776,896		691,223
Other	140,617		54,137		249,141		247,189
Total revenues from other sources	659,722		506,525		1,680,670		2,451,446
Total revenues	$	1,836,927	$	2,140,594	$	5,397,874	$	7,010,511

Revenues from contracts with customers are recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (the "transaction price"). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third-parties.

The following provides detailed information on the recognition of our revenues from contracts with customers:

Commissions and Other Fees. We earn commission and other fee revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third-parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in the Consolidated Statements of Operations. We also earn investment research fees for the sales of our proprietary investment research when a contract with a client has been identified. The delivery of investment research services represents a distinct performance obligation that is satisfied over time when the performance obligation is to provide ongoing access to a research platform or research analysts, with fees recognized on a straight-line basis over the period in which the performance obligation is satisfied. The performance obligation is satisfied at a point in time when the performance obligation is to provide individual interactions with research analysts or research events, with fees recognized on the interaction date.

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We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period (e.g., quarterly). Account advisory fees paid in advance are initially deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved.

Investment Banking. We provide our clients with a full range of financial advisory and underwriting services. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by our clients are recognized as Investment banking revenues.

Underwriting services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage-backed and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the underwriting offering at that point. Costs associated with underwriting transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within underwriting costs in the Consolidated Statements of Operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues.

Asset Management Fees. We earn management and performance fees, recorded in Other revenues, in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation (e.g., changes in assets under management, market performance) and/or are contingent on a future event during the measurement period (e.g., meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, "high-water marks" or other performance targets. The performance period related to our performance fees is annual or semi-annual. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met.

Manufacturing Revenues. Idaho Timber's primary business consists of the sale of lumber that is manufactured or remanufactured at one of its locations. Agreements with customers for these sales specify the type, quantity and price of products to be delivered as well as the delivery date and payment terms. The transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product. Manufacturing revenues are included in Other revenues.

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Disaggregation of Revenue

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):

	Reportable Segments (1)
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Reconciling Items -Consolidation Adjustments		Total
Three months ended August 31, 2022
Major Business Activity:
Investment Banking - Advisory	$	486,762	$	—	$	—	$	—	$	(5,343)	$	481,419
Investment Banking - Underwriting	227,915		—		—		—		—		227,915
Equities (2)	218,007		—		—		—		(74)		217,933
Fixed Income (2)	3,464		—		—		—		—		3,464
Asset Management	—		3,758		—		—		—		3,758
Manufacturing revenues	—		—		105,469		—		—		105,469
Oil and gas revenues	—		—		84,493		—		—		84,493
Other revenues	—		—		52,754		—		—		52,754
Total revenues from contracts with customers	$	936,148	$	3,758	$	242,716	$	—	$	(5,417)	$	1,177,205
Primary Geographic Region:
Americas	$	681,329	$	3,758	$	241,537	$	—	$	(5,417)	$	921,207
Europe	191,806		—		743		—		—		192,549
Asia Pacific	63,013		—		436		—		—		63,449
Total revenues from contracts with customers	$	936,148	$	3,758	$	242,716	$	—	$	(5,417)	$	1,177,205
Three months ended August 31, 2021
Major Business Activity:
Investment Banking - Advisory	$	583,887	$	—	$	—	$	—	$	—	$	583,887
Investment Banking - Underwriting	596,733		—		—		—		—		596,733
Equities (2)	210,109		—		—		—		(30)		210,079
Fixed Income (2)	4,284		—		—		—		—		4,284
Asset Management	—		2,853		—		—		—		2,853
Manufacturing revenues	—		—		118,918		—		—		118,918
Oil and gas revenues	—		—		49,814		—		—		49,814
Other revenues	—		—		67,501		—		—		67,501
Total revenues from contracts with customers	$	1,395,013	$	2,853	$	236,233	$	—	$	(30)	$	1,634,069
Primary Geographic Region:
Americas	$	1,114,829	$	2,853	$	235,450	$	—	$	(30)	$	1,353,102
Europe	215,146		—		445		—		—		215,591
Asia Pacific	65,038		—		338		—		—		65,376
Total revenues from contracts with customers	$	1,395,013	$	2,853	$	236,233	$	—	$	(30)	$	1,634,069

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	Reportable Segments (1)
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Reconciling Items -Consolidation Adjustments		Total
Nine months ended August 31, 2022
Major Business Activity:
Investment Banking - Advisory	$	1,402,291	$	—	$	—	$	—	$	(5,343)	$	1,396,948
Investment Banking - Underwriting	858,649		—		—		—		(356)		858,293
Equities (2)	695,508		—		—		—		(366)		695,142
Fixed Income (2)	10,277		—		—		—		—		10,277
Asset Management	—		19,627		—		—		—		19,627
Manufacturing revenues	—		—		412,605		—		—		412,605
Oil and gas revenues	—		—		225,652		—		—		225,652
Other revenues	—		—		98,660		—		—		98,660
Total revenues from contracts with customers	$	2,966,725	$	19,627	$	736,917	$	—	$	(6,065)	$	3,717,204
Primary Geographic Region:
Americas	$	2,302,203	$	19,627	$	733,796	$	—	$	(6,065)	$	3,049,561
Europe	464,370		—		1,950		—		—		466,320
Asia Pacific	200,152		—		1,171		—		—		201,323
Total revenues from contracts with customers	$	2,966,725	$	19,627	$	736,917	$	—	$	(6,065)	$	3,717,204
Nine months ended August 31, 2021
Major Business Activity:
Investment Banking - Advisory	$	1,285,834	$	—	$	—	$	—	$	—	$	1,285,834
Investment Banking - Underwriting	1,899,098		—		—		—		—		1,899,098
Equities (2)	663,503		—		—		—		(218)		663,285
Fixed Income (2)	10,471		—		—		—		—		10,471
Asset Management	—		12,594		—		—		—		12,594
Manufacturing revenues	—		—		440,857		—		—		440,857
Oil and gas revenues	—		—		126,855		—		—		126,855
Other revenues	—		—		120,071		—		—		120,071
Total revenues from contracts with customers	$	3,858,906	$	12,594	$	687,783	$	—	$	(218)	$	4,559,065
Primary Geographic Region:
Americas	$	3,104,251	$	11,961	$	685,760	$	—	$	(218)	$	3,801,754
Europe	575,774		633		1,351		—		—		577,758
Asia Pacific	178,881		—		672		—		—		179,553
Total revenues from contracts with customers	$	3,858,906	$	12,594	$	687,783	$	—	$	(218)	$	4,559,065

(1)    In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets, and Asset Management segments. Prior year amounts have been reclassified to conform to current segment reporting.

(2)    Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

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Information on Remaining Performance Obligations and Revenue Recognized from Past Performance

We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at August 31, 2022. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at August 31, 2022.

We recognized $35.2 million and $76.2 million during the three months ended August 31, 2022 and 2021, respectively, and $77.9 million and $49.4 million during the nine months ended August 31, 2022 and 2021, respectively, of revenues related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, we recognized $9.2 million and $7.9 million during the three months ended August 31, 2022 and 2021, respectively, and $19.3 million and $16.4 million during the nine months ended August 31, 2022 and 2021, respectively, of revenues primarily associated with distribution services, a portion of which relates to prior periods.

Contract Balances

The timing of our revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment, and we record a contract asset when we have transferred goods, services or assets to a customer, but payment is contingent upon additional performance obligations. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.

We had receivables related to revenues from contracts with customers of $252.7 million and $298.7 million at August 31, 2022 and November 30, 2021, respectively, and we had contract assets related to revenues from contracts with customers of $34.8 million and $25.2 million at August 31, 2022 and November 30, 2021, respectively. We had no significant impairments related to these receivables or contract assets during the three and nine months ended August 31, 2022 and 2021.

Our deferred revenue primarily includes deferred revenue related to our real estate operations and retainer and milestone fees received in investment banking advisory engagements where the performance obligations have not yet been satisfied. Deferred revenues were $38.6 million and $49.7 million at August 31, 2022 and November 30, 2021, respectively, which are recorded in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. During the three months ended August 31, 2022, we recognized $9.1 million of deferred revenue from the balance at May 31, 2022. During the three months ended August 31, 2021, we recognized $8.0 million of deferred revenue from the balance at May 31, 2021. During the nine months ended August 31, 2022, we recognized $21.7 million of deferred revenue from the balance at November 30, 2021. During the nine months ended August 31, 2021, we recognized $10.0 million of deferred revenue from the balance at November 30, 2020.

Contract Costs

We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized.

At August 31, 2022 and November 30, 2021, capitalized costs to fulfill a contract were $2.4 million and $1.6 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $1.0 million and $0.9 million during the three months ended August 31, 2022 and 2021, respectively, and $1.6 million and $1.6 million during the nine months ended August 31, 2022 and 2021, respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three and nine months ended August 31, 2022 and 2021.

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Note 16.  Income Taxes

The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $468.9 million (including $112.8 million for interest) at August 31, 2022, of which $301.3 million related to Jefferies Group, and was $436.9 million (including $97.9 million for interest) at November 30, 2021, of which $273.2 million related to Jefferies Group. If recognized, such amounts would lower our effective tax rate. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

The net deferred tax asset was $398.4 million and $327.5 million at August 31, 2022 and November 30, 2021, respectively. The deferred tax asset is predominately attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the largest component of which relates to compensation and benefits. The deferred tax asset is included in Other assets in the Consolidated Statements of Financial Condition.

We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs.

The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:

Jurisdiction	Tax Year
United States	2019
New York State	2001
New York City	2006
United Kingdom	2020
Hong Kong	2016
Germany	2017

Our provision for income taxes for the nine months ended August 31, 2022 was $219.9 million, representing an effective tax rate of 25.6%. Our provision for income taxes for the nine months ended August 31, 2021 was $484.8 million, representing an effective tax rate of 26.5%.

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Note 17.  Common Share and Earnings Per Common Share

Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	195,459	$	407,459	$	636,920	$	1,342,490
Allocation of earnings to participating securities (1)	(571)		(2,490)		(2,662)		(7,974)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	194,888		404,969		634,258		1,334,516
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	5		52		28		161
Mandatorily redeemable convertible preferred share dividends	2,070		1,849		6,211		5,101
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	196,963	$	406,870	$	640,497	$	1,339,778
Denominator for earnings per share:
Weighted average common shares outstanding	230,988		246,624		236,546		247,638
Weighted average shares of restricted stock outstanding with future service required	(710)		(1,602)		(1,075)		(1,561)
Weighted average RSUs outstanding with no future service required	13,575		18,065		14,697		18,171
Denominator for basic earnings per share – weighted average shares	243,853		263,087		250,168		264,248
Stock options and other share based awards	1,171		1,485		1,485		905
Senior executive compensation plan RSUs awards	1,774		2,392		1,989		2,152
Mandatorily redeemable convertible preferred shares	4,441		4,441		4,441		4,441
Denominator for diluted earnings per share	251,239		271,405		258,083		271,746

(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 714,600 and 1,621,000 for the three months ended August 31, 2022 and 2021, respectively, and 1,083,400 and 1,581,200 for the nine months ended August 31, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2022 and 2021. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2022, the Board of Directors increased the share repurchase authorization by $87.5 million. In March 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. In June 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. During the first nine months of 2022, we purchased a total of 21,721,900 of our common shares for $738.6 million, or an average price of $34.00 per share, including 18,294,689 of our common shares in the open market for $616.3 million under our current Board of Director authorization, and 3,427,211 shares of our common stock for $122.2 million in connection with net-share settlements under our equity compensation plan. At August 31, 2022, we had $133.7 million remaining authorization of future repurchases. In September 2022, the Board of Directors increased the share repurchase authorization by $145.9 million back to a total of $250.0 million.

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Note 18.  Commitments, Contingencies and Guarantees

Commitments

The following table summarizes commitments associated with certain business activities at August 31, 2022 (in millions):

	Expected Maturity Date (Fiscal Years)
	2022		2023		2024 and 2025		2026 and 2027		2028 and Later		Maximum Payout
Equity commitments (1)	$	359.5	$	51.2	$	2.4	$	4.9	$	131.1	$	549.1
Loan commitments (1)	4.0		267.5		—		78.9		—		350.4
Underwriting commitments	68.0		—		—		—		—		68.0
Forward starting reverse repos (2)	7,182.8		—		—		—		—		7,182.8
Forward starting repos (2)	3,104.7		—		—		—		—		3,104.7
Other unfunded commitments (1)	—		176.5		278.0		0.2		—		454.7
Total	$	10,719.0	$	495.2	$	280.4	$	84.0	$	131.1	$	11,709.7

(1)Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand.

(2)At August 31, 2022, all of the forward starting securities purchased under agreements to resell and all except $44.1 million of the forward starting securities sold under agreements to repurchase settled within three business days.

Equity Commitments.  Equity commitments include a commitment to invest in Jefferies Group's joint venture, Jefferies Finance, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which consists of a team led by our President and a Director. At August 31, 2022, Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $10.7 million.

See Note 8 for additional information regarding Jefferies Group's investment in Jefferies Finance.

Additionally, at August 31, 2022, we had outstanding equity commitments to invest up to $69.7 million in the Oak Hill entities, $415.8 million to strategic affiliates and $37.5 million in various other investments. Subsequent to quarter-end, we no longer have the equity commitments to the Oak Hill entities, as a result of our sale of the Oak Hill interests on September 30, 2022. For further information on this sale, see Note 8.

Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication and acquisition finance, and to strategic affiliates. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At August 31, 2022, we had $100.4 million of outstanding loan commitments to clients.

Loan commitments outstanding at August 31, 2022 also include Jefferies Group's portion of the outstanding secured revolving credit facility provided to Jefferies Finance to support loan underwritings by Jefferies Finance. At August 31, 2022, $0.0 million of Jefferies Group's $250.0 million commitment was funded.

Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions.

Forward Starting Reverse Repos and Repos.  We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities.

Other Unfunded Commitments.  Other unfunded commitments include obligations in the form of revolving notes, warehouse financings and debt securities to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity.

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Contingencies

In the third quarter of 2022, we accrued $80.0 million within Selling, general and other expenses in the Consolidated Statement of Operations in regards to a combined regulatory settlement with the U.S. Securities and Exchange Commission ("SEC") and the U.S. Commodity Futures Trading Commission ("CFTC"). This regulatory settlement was within the context of an industry-wide regulatory investigation relating to record-keeping requirements in connection with personal-texting devices used for business communications.

We and our subsidiaries are parties to other legal and regulatory proceedings that are considered to be either ordinary, routine litigation incidental to their business or not significant to our consolidated financial position. We and our subsidiaries are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions. We do not believe that any of these actions will have a significant adverse effect on our consolidated financial position or liquidity, but any amounts paid could be significant to results of operations for the period.

Guarantees

Derivative Contracts.  Our dealer activities cause us to make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts.

The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of August 31, 2022 (in millions):

	Expected Maturity Date (Fiscal Years)
Guarantee Type	2022		2023		2024 and 2025		2026 and 2027		2028 and Later		Notional/ Maximum Payout
Derivative contracts – non-credit related	$	6,346.3	$	9,661.9	$	13,329.4	$	1,696.8	$	107.0	$	31,141.4
Written derivative contracts – credit related	—		—		0.2		—		—		0.2
Total derivative contracts	$	6,346.3	$	9,661.9	$	13,329.6	$	1,696.8	$	107.0	$	31,141.6

The derivative contracts deemed to meet the definition of a guarantee under GAAP are before consideration of hedging transactions and only reflect a partial or "one-sided" component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At August 31, 2022, the fair value of derivative contracts meeting the definition of a guarantee is approximately $768.8 million.

Berkadia.  We have agreed to reimburse Berkshire Hathaway for up to one-half of any losses incurred under a $1.5 billion surety policy securing outstanding commercial paper issued by an affiliate of Berkadia. At August 31, 2022, the aggregate amount of commercial paper outstanding was $1.47 billion.

HomeFed. For real estate development projects, HomeFed is generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee satisfactory completion of a project and provide funds primarily to a municipality in the event HomeFed is unable or unwilling to complete certain infrastructure improvements. As HomeFed develops the planned area and the municipality accepts the improvements, the bonds are released. Should the respective municipality or others draw on the bonds for any reason, certain of HomeFed's subsidiaries would be obligated to pay. At August 31, 2022, the aggregate amount of infrastructure improvement bonds outstanding was $69.8 million.

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Other Guarantees.  We are members of various exchanges and clearing houses. In the normal course of business, we provide guarantees to securities clearing houses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearing house, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearing houses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. Additionally, we provide certain indemnifications in connection with third-party clearing and execution arrangements whereby a third-party may clear and settle transactions on behalf of our clients. These indemnifications generally have standard contractual terms and are entered into in the ordinary course of business. Our obligations in respect of such transactions are secured by the assets in our client's account, as well as any proceeds received from the transactions cleared and settled on behalf of our client. However, we believe that it is unlikely we would have to make any material payments under these arrangements and no material liabilities related to these indemnifications have been recognized.

Standby Letters of Credit.  At August 31, 2022, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $13.7 million. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Primarily all letters of credit expire within one year.

Note 19.  Net Capital Requirements

Jefferies LLC operates as a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC is subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant ("FCM"), is also subject to Rule 1.17 of the CFTC, which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. FINRA is the designated examining authority for Jefferies LLC and the National Futures Association ("NFA") is the designated self-regulatory organization for Jefferies LLC as an FCM.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") contains provisions that require the registration of all swap dealers, major swap participants, security-based swap dealers, and/or major security-based swap participants. Jefferies Financial Services, Inc. ("JFSI"), a registered swap dealer, is subject to the CFTC's regulatory capital requirements and holds regulatory capital in excess of the minimum regulatory requirement. Additionally, JFSI is registered as a security-based swap dealer with the SEC and is subject to the SEC's security-based swap dealer regulatory rules. Further, JFSI is registered with the SEC as an OTC derivatives dealer, and is subject to compliance with the SEC's net capital requirements. As a security-based swap dealer and swap dealer, JFSI is subject to the net capital requirements of the SEC, CFTC and the NFA, as a member of the NFA. JFSI is required to maintain minimum net capital, as defined under SEC Rule 18a-1 of not less than the greater of 2% of the risk margin amount, as defined, or $20 million.

Jefferies LLC's net capital and excess net capital at August 31, 2022 were $1.17 billion and $1.07 billion, respectively. JFSI's net capital and excess net capital at August 31, 2022 were $321.2 million and $301.2 million, respectively.

Certain other U.S. and non-U.S. subsidiaries of Jefferies Group are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited, which is subject to the regulatory supervision and requirements of the Financial Conduct Authority in the United Kingdom.

The regulatory capital requirements referred to above may restrict our ability to withdraw capital from Jefferies Group's regulated subsidiaries. Some of our other consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the parent company.

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Note 20.  Other Fair Value Information

The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands):

	August 31, 2022				November 30, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Receivables:
Notes and loans receivable (1)	$	887,754	$	929,449	$	835,009	$	866,163
Financial Liabilities:
Short-term borrowings (2)	$	564,239	$	564,239	$	221,863	$	221,863
Long-term debt (3)	7,118,056		6,887,258		7,282,147		8,004,211

(1)Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

(2)Short-term borrowings: The fair values of short-term borrowings carried at cost are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

(3)Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy.

Note 21.  Related Party Transactions

Jefferies Capital Partners Related Funds. Jefferies Group has equity investments in the JCP Manager and in private equity funds (including JCP Fund V), which are managed by a team led by our President and a Director ("Private Equity Related Funds"). Reflected in the Consolidated Statements of Financial Condition at August 31, 2022 and November 30, 2021 are Jefferies Group's equity investments in Private Equity Related Funds of $29.6 million and $27.1 million, respectively. Net gains from Jefferies Group's investment in JCP Fund V aggregating $1.7 million and $4.2 million for the three months ended August 31, 2022 and 2021, respectively, and $4.9 million and $8.7 million for the nine months ended August 31, 2022 and 2021, respectively, were recorded in Principal transactions revenues. Gains (losses) for other funds were not material. For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Notes 7 and 18.

Special Purpose Acquisition Companies. Jefferies Group earned investment banking revenues during the three and nine months ended August 31, 2021 of $21.4 million and $45.5 million, respectively, for services provided to special purpose acquisition companies we have co-sponsored.

Berkadia Commercial Mortgage, LLC. At August 31, 2022 and November 30, 2021, Jefferies Group has commitments to purchase $293.4 million and $425.6 million, respectively, in agency commercial mortgage-backed securities from Berkadia.

Asset Management Investments. Through Jefferies Group, we have an investment management agreement whereby Monashee provides asset management services to us for certain separately managed accounts. Our net investment balance in the separately managed accounts was $16.3 million and $13.6 million at August 31, 2022 and November 30, 2021, respectively.

We own limited partnership interests in certain Oak Hill managed funds of $3.9 million and $6.0 million at August 31, 2022 and November 30, 2021, respectively, which are measured at the NAV of the funds and included within Financial instruments owned, at fair value, in the Consolidated Statements of Financial Condition.

FXCM. Jefferies Group entered into a foreign exchange prime brokerage agreement with FXCM in 2017. In connection with the foreign exchange contracts entered into under this agreement, Jefferies Group had $0.6 million and $0.7 million at August 31, 2022 and November 30, 2021, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition.

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Officers, Directors and Employees. We had $18.6 million and $23.1 million of loans outstanding to certain non-executive officers and employees at August 31, 2022 and November 30, 2021, respectively. 

Receivables from and payables to customers include balances arising from officers', directors' and employees' individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms.

Note 22.  Segment Information

We are engaged in investment banking and capital markets, and asset management. We also own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business.

On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight, were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

The Investment Banking and Capital Markets reportable segment includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products.

Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.

Our Merchant Banking reportable segment consists of our various merchant banking businesses and investments, primarily including OpNet, Vitesse Energy and JETX Energy, real estate, Idaho Timber (prior to its sale in August 2022) and FXCM.

Corporate assets primarily consist of cash and cash equivalents. Corporate revenues primarily include interest income.

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Certain information concerning our segments is presented in the following tables (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues:
Reportable Segments:
Investment Banking and Capital Markets	$	1,134,732	$	1,672,943	$	3,714,928	$	5,259,301
Asset Management	(13,803)		13,327		77,300		293,204
Merchant Banking	397,847		248,690		825,637		812,509
Corporate	6,192		955		8,756		2,269
Total net revenues related to reportable segments	1,524,968		1,935,915		4,626,621		6,367,283
Reconciling items - Consolidation adjustments	(78)		3,069		(734)		9,150
Total consolidated revenues	$	1,524,890	$	1,938,984	$	4,625,887	$	6,376,433
Income (loss) before income taxes:
Reportable Segments:
Investment Banking and Capital Markets	$	166,777	$	597,373	$	775,725	$	1,588,619
Asset Management	(43,633)		(17,895)		(26,651)		173,185
Merchant Banking	201,129		(4,745)		173,094		141,905
Corporate	(13,426)		(10,450)		(35,316)		(43,026)
Income before income taxes related to reportable segments	310,847		564,283		886,852		1,860,683
Reconciling items - Parent Company interest	(8,997)		(13,774)		(25,773)		(41,505)
Reconciling items - Consolidation adjustments	—		3,107		(356)		9,362
Total consolidated income before income taxes	$	301,850	$	553,616	$	860,723	$	1,828,540
Depreciation and amortization expenses:
Reportable Segments:
Investment Banking and Capital Markets	$	23,366	$	21,065	$	69,687	$	62,580
Asset Management	401		494		1,230		1,462
Merchant Banking	18,997		16,554		57,248		50,536
Corporate	423		564		1,266		2,306
Total consolidated depreciation and amortization expenses	$	43,187	$	38,677	$	129,431	$	116,884

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	August 31, 2022		November 30, 2021
Identifiable Assets Employed:
Reportable Segments:
Investment Banking and Capital Markets	$	48,213,613	$	52,903,374
Asset Management	3,028,847		3,205,799
Merchant Banking	2,194,617		2,263,050
Corporate	1,941,062		2,432,927
Identifiable assets related to reportable segments	55,378,139		60,805,150
Reconciling items - Consolidation adjustments	(148,328)		(401,040)
Total consolidated assets	$	55,229,811	$	60,404,110

Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended August 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($9.0 million and $13.8 million, respectively) and Merchant Banking ($1.2 million and $0.8 million, respectively). For the nine months ended August 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($25.8 million and $41.5 million, respectively) and Merchant Banking ($2.8 million and $2.5 million, respectively). Additionally, for the three and nine months ended August 31, 2021, interest expense classified as a component of Expenses in the Investment Banking and Capital Markets reportable segment includes $5.0 million and $15.8 million, respectively, related to Foursight.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Statements included in this report may contain forward-looking statements. See "Cautionary Statement for Forward-Looking Information" below. The following should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations, Risk Factors and the description of our businesses included in our Annual Report on Form 10-K for the year ended November 30, 2021 (the "2021 10-K").

Results of Operations

We are engaged in investment banking and capital markets and asset management, and own a legacy portfolio of businesses and investments that we have historically denominated as our "Merchant Banking" business. On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight Capital LLC ("Foursight"), were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting. The following tables present a summary of our financial results.

A summary of results of operations for the third quarter of 2022 is as follows (in thousands):

	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Parent Company Interest		Consolidation Adjustments		Total
Net revenues	$	1,134,732	$	(13,803)	$	397,847	$	6,192	$	—	$	(78)	$	1,524,890
Expenses:
Cost of sales	—		—		123,436		—		—		—		123,436
Compensation and benefits	521,214		12,808		10,584		13,856		—		—		558,462
Non-compensation expenses:
Floor brokerage and clearing fees	79,727		4,959		—		—		—		—		84,686
Selling, general and other expenses	343,648		11,662		37,651		5,339		—		(78)		398,222
Interest expense	—		—		1,223		—		8,997		—		10,220
Depreciation and amortization	23,366		401		18,997		423		—		—		43,187
Total non-compensation expenses	446,741		17,022		57,871		5,762		8,997		(78)		536,315
Total expenses	967,955		29,830		191,891		19,618		8,997		(78)		1,218,213
Income (loss) before income taxes and loss related to associated companies	166,777		(43,633)		205,956		(13,426)		(8,997)		—		306,677
Loss related to associated companies	—		—		(4,827)		—		—		—		(4,827)
Income (loss) before income taxes	$	166,777	$	(43,633)	$	201,129	$	(13,426)	$	(8,997)	$	—	301,850
Income tax provision													105,909
Net income													$	195,941

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A summary of results of operations for the first nine months of 2022 is as follows (in thousands):

	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Parent Company Interest		Consolidation Adjustments		Total
Net revenues	$	3,714,928	$	77,300	$	825,637	$	8,756	$	—	$	(734)	$	4,625,887
Expenses:
Cost of sales	—		—		349,556		—		—		—		349,556
Compensation and benefits	1,768,350		43,560		89,226		25,487		—		—		1,926,623
Non-compensation expenses:
Floor brokerage and clearing fees	237,140		25,523		—		—		—		—		262,663
Selling, general and other expenses	864,026		33,638		97,155		17,319		—		(378)		1,011,760
Interest expense	—		—		2,846		—		25,773		—		28,619
Depreciation and amortization	69,687		1,230		57,248		1,266		—		—		129,431
Total non-compensation expenses	1,170,853		60,391		157,249		18,585		25,773		(378)		1,432,473
Total expenses	2,939,203		103,951		596,031		44,072		25,773		(378)		3,708,652
Income (loss) before income taxes and loss related to associated companies	775,725		(26,651)		229,606		(35,316)		(25,773)		(356)		917,235
Loss related to associated companies	—		—		(56,512)		—		—		—		(56,512)
Income (loss) before income taxes	$	775,725	$	(26,651)	$	173,094	$	(35,316)	$	(25,773)	$	(356)	860,723
Income tax provision													219,949
Net income													$	640,774

A summary of results of operations for the third quarter of 2021 is as follows (in thousands):

	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Parent Company Interest		Consolidation Adjustments		Total
Net revenues	$	1,672,943	$	13,327	$	248,690	$	955	$	—	$	3,069	$	1,938,984
Expenses:
Cost of sales	—		—		151,510		—		—		—		151,510
Compensation and benefits	762,725		15,468		17,584		6,466		—		—		802,243
Non-compensation expenses:
Floor brokerage and clearing fees	64,441		4,541		—		—		—		—		68,982
Selling, general and other expenses	222,357		10,719		39,849		4,375		—		(38)		277,262
Interest expense (1)	4,982		—		762		—		13,774		—		19,518
Depreciation and amortization	21,065		494		16,554		564		—		—		38,677
Total non-compensation expenses	312,845		15,754		57,165		4,939		13,774		(38)		404,439
Total expenses	1,075,570		31,222		226,259		11,405		13,774		(38)		1,358,192
Income (loss) before income taxes and loss related to associated companies	597,373		(17,895)		22,431		(10,450)		(13,774)		3,107		580,792
Loss related to associated companies	—		—		(27,176)		—		—		—		(27,176)
Income (loss) before income taxes	$	597,373	$	(17,895)	$	(4,745)	$	(10,450)	$	(13,774)	$	3,107	553,616
Income tax provision													145,700
Net income													$	407,916

(1)    Interest expense within Investment Banking and Capital Markets relates to Foursight for the third quarter of 2021.

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A summary of results for the first nine months of 2021 is as follows (in thousands):

	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Parent Company Interest		Consolidation Adjustments		Total
Net revenues	$	5,259,301	$	293,204	$	812,509	$	2,269	$	—	$	9,150	$	6,376,433
Expenses:
Cost of sales	—		—		390,916		—		—		—		390,916
Compensation and benefits	2,650,704		59,924		66,365		29,035		—		—		2,806,028
Non-compensation expenses:
Floor brokerage and clearing fees	197,226		24,982		—		—		—		—		222,208
Selling, general and other expenses	744,366		33,651		99,000		13,954		—		(212)		890,759
Interest expense (1)	15,806		—		2,517		—		41,505		—		59,828
Depreciation and amortization	62,580		1,462		50,536		2,306		—		—		116,884
Total non-compensation expenses	1,019,978		60,095		152,053		16,260		41,505		(212)		1,289,679
Total expenses	3,670,682		120,019		609,334		45,295		41,505		(212)		4,486,623
Income (loss) before income taxes and loss related to associated companies	1,588,619		173,185		203,175		(43,026)		(41,505)		9,362		1,889,810
Loss related to associated companies	—		—		(61,270)		—		—		—		(61,270)
Income (loss) before income taxes	$	1,588,619	$	173,185	$	141,905	$	(43,026)	$	(41,505)	$	9,362	1,828,540
Income tax provision													484,756
Net income													$	1,343,784

(1)    Interest expense within Investment Banking and Capital Markets relates to Foursight for the first nine months of 2021.

The composition of our financial results has varied over time and we expect will continue to evolve. Our strategy is designed to transform Jefferies into a pure financial services firm and, as such, we are focused on the development of our Investment Banking and Capital Markets, and Asset Management segments, while we continue to realize the value of or otherwise transform our investments in Merchant Banking. The following factors and events should be considered in evaluating our financial results as they impact comparisons:

Our financial results for the third quarter of 2022 were impacted by:

•Investment Banking and Capital Markets net revenues of $1.13 billion:

◦Investment Banking net revenues of $681.8 million, including advisory net revenues of $486.8 million, equity underwriting net revenues of $151.0 million and debt underwriting net revenues of $76.9 million;

◦Combined Capital Markets net revenues of $452.1 million, including equities net revenues of $277.4 million and fixed income net revenues of $174.6 million;

•Asset Management net revenues were a loss (before allocated net interest) of $2.6 million;

•Pre-tax income of $201.1 million related to our Merchant Banking businesses reflecting:

◦Pre-tax gain on sale of Idaho Timber of $139.0 million;

◦Strong results at Vitesse Energy, LLC ("Vitesse Energy");

◦Mark-to-market declines in the value of several of our investments in public companies; and

•$80.0 million combined regulatory settlement with the U.S. Securities and Exchange Commission ("SEC") and the U.S. Commodity Futures Trading Commission ("CFTC").

Our financial results for the first nine months of 2022 were impacted by:

•Investment Banking and Capital Markets net revenues of $3.71 billion:

◦Investment Banking net revenues of $2.37 billion, including advisory net revenues of $1.40 billion, equity underwriting net revenues of $429.5 million and debt underwriting net revenues of $429.1 million;

◦Combined Capital Markets net revenues of $1.35 billion, including equities net revenues of $809.3 million and fixed income net revenues of $538.9 million;

•Asset Management revenues (before allocated net interest) of $116.2 million;

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•Pre-tax income of $173.1 million related to our Merchant Banking businesses reflecting:

◦Pre-tax gain on sale of Idaho Timber of $139.0 million;

◦Strong results at Vitesse Energy;

◦Mark-to-market declines in the value of several of our investments in public companies; and

•$80.0 million combined regulatory settlement with the SEC and CFTC.

Our financial results for the third quarter of 2021 were impacted by:

•Investment Banking and Capital Markets net revenues of $1.67 billion:

◦Investment banking net revenues of $1.22 billion, including advisory net revenues of $583.9 million, equity underwriting net revenues of $367.5 million and debt underwriting net revenues of $229.3 million;

◦Combined capital markets net revenues of $442.3 million, including equities net revenues of $236.5 million and fixed income net revenues of $205.8 million;

•Asset Management revenues (before allocated net interest) of $24.5 million; and

•Pre-tax loss of $4.7 million related to our Merchant Banking businesses reflecting:

◦Normalization of the results from Idaho Timber, as well as charges to adjust its inventory carrying value to substantially lower lumber prices.

Our financial results for the first nine months of 2021 were impacted by:

•Investment Banking and Capital Markets net revenues of $5.26 billion:

◦Investment banking net revenues of $3.39 billion, including advisory net revenues of $1.29 billion, equity underwriting net revenues of $1.19 billion and debt underwriting net revenues of $712.4 million;

◦Combined capital markets net revenues of $1.84 billion, including equities net revenues of $1.01 billion and fixed income net revenues of $826.4 million;

•Asset Management revenues (before allocated net interest) of $326.2 million; and

•Pre-tax income of $141.9 million related to our Merchant Banking businesses reflecting:

◦Strong results from Idaho Timber for the first six months of the nine month period; and

◦Mark-to-market increases in the value of several of our investments in public and private companies.

Investment Banking and Capital Markets

A summary of results of operations for our Investment Banking and Capital Markets segment is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues	$	1,134,732	$	1,672,943	$	3,714,928	$	5,259,301
Expenses:
Compensation and benefits	521,214		762,725		1,768,350		2,650,704
Non-compensation expenses:
Floor brokerage and clearing fees	79,727		64,441		237,140		197,226
Selling, general and other expenses	343,648		222,357		864,026		744,366
Interest expense	—		4,982		—		15,806
Depreciation and amortization	23,366		21,065		69,687		62,580
Total non-compensation expenses	446,741		312,845		1,170,853		1,019,978
Total expenses	967,955		1,075,570		2,939,203		3,670,682
Income before income taxes	$	166,777	$	597,373	$	775,725	$	1,588,619

Our Investment Banking and Capital Markets reportable segment comprises many business units, with many interactions and much integration among them. Business activities include the sales, trading, origination and advisory effort for various equity, fixed income, commodities, foreign exchange and advisory services. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally, and our own activities and positions.

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Revenues by Source

Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated long-term debt, which is a function of the mix of each business's associated assets and liabilities and the related funding costs. We changed the presentation of our "Revenues by Source" to present Jefferies Group's share of the net earnings of Berkadia Commercial Mortgage Holding LLC ("Berkadia") within Other investment banking net revenues, which was previously presented within the Other business category. We believe that this change to our revenue reporting better aligns with management's current view of our business activities related to commercial real estate investment banking and management reporting. Previously reported results are presented on a comparable basis.

The following provides a summary of net revenues by source (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Advisory	$	486,762	$	583,887	$	1,402,291	$	1,285,834
Equity underwriting	150,972		367,460		429,507		1,186,728
Debt underwriting	76,943		229,273		429,142		712,370
Total underwriting	227,915		596,733		858,649		1,899,098
Other investment banking	(32,877)		42,997		111,003		208,480
Total investment banking	681,800		1,223,617		2,371,943		3,393,412
Equities	277,448		236,532		809,302		1,010,497
Fixed income	174,618		205,795		538,896		826,351
Total capital markets	452,066		442,327		1,348,198		1,836,848
Other	866		6,999		(5,213)		29,041
Total Investment Banking and Capital Markets (1)	$	1,134,732	$	1,672,943	$	3,714,928	$	5,259,301

(1)Allocated net interest is not separately disaggregated in presenting our Investment Banking and Capital Markets reportable segment within our Net Revenues by Source. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement.

Investment Banking Revenues

Investment banking is comprised of revenues from:

•    Advisory services with respect to mergers/acquisitions, restructurings/recapitalizations and private capital advisory transactions;

•    Underwriting services, which include underwriting and placement services related to corporate debt, municipal bonds, mortgage-backed and asset-backed securities, and equity and equity-linked securities and loan syndication;

•    Our 50% share of net earnings from Jefferies Group's corporate lending joint venture, Jefferies Finance LLC ("Jefferies Finance");

•    Our 45% share of net earnings from Jefferies Group's commercial real estate joint venture, Berkadia;

•    The revenues of Foursight, Jefferies Group's wholly-owned subsidiary engaged in the lending and servicing of automobile loans; and

•    Securities and loans received or acquired in connection with our investment banking activities.

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The following table sets forth our investment banking activities (dollars in billions):

	Deals Completed				Aggregate Value
	For the Three Months Ended August 31,		For the Nine Months Ended August 31,		For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022	2021	2022	2021	2022		2021		2022		2021
Advisory transactions	98	88	294	217	$	94.8	$	118.3	$	278.9	$	271.6
Public and private equity and convertible offerings	40	96	124	316	$	8.7	$	26.2	$	28.9	$	107.9
Public and private debt financings	198	240	518	604	$	41.0	$	93.4	$	191.4	$	276.0

Investment banking revenues for the third quarter of 2022 were $681.8 million, compared with $1.22 billion for the third quarter of 2021, primarily due to lower underwriting net revenues, consistent with the reduction in industry-wide deal activity due to a challenging market environment.

Our advisory revenues were $486.8 million for the third quarter of 2022, modestly down 16.6% compared to the prior year comparable quarter, with activity in the global mergers and acquisitions markets remaining strong, as we benefit from market share gains as we continue to support our clients through this volatile time.

Total underwriting revenues for the third quarter of 2022 were $227.9 million, a decrease of 61.8%, from $596.7 million in the prior year comparable quarter, reflecting lower net revenues of $151.0 million in equity underwriting and lower net revenues of $76.9 million in debt underwriting. The decline in our debt and equity underwriting net revenues are consistent with a general slowdown in new issuance as a result of uncertain economic and market conditions due to inflation, rising interest rates and market volatility.

Other investment banking net revenues were a loss of $32.9 million for the third quarter of 2022, compared with net revenues of $43.0 million for the third quarter of 2021. Other investment banking revenues during third quarter of 2022 include an increase in our share of the net income of Berkadia compared with the prior year comparable quarter, primarily due to increased mortgage originations. This was offset in the current quarter by our share of the net loss of our Jefferies Finance joint venture reflecting reduced market activity and higher reserves recorded on its loan portfolio and outstanding commitments due to company-specific developments and difficult conditions in the leveraged finance market.

Our investment banking backlog is consistent with last quarter's levels, but execution remains dependent on market conditions. As an indicator of net revenues in a given future period, backlog is subject to limitations. The time frame for the realization of revenues from these expected transactions varies and is influenced by factors we do not control. Transactions not included in our backlog may be completed, and expected transactions may be modified, delayed or cancelled.

Investment banking revenues for the first nine months of 2022 were $2.37 billion, compared with a record $3.39 billion for the first nine months of 2021, reflecting record revenues in mergers and acquisitions, offset by lower revenues in debt and equity underwriting.

Our advisory revenues were a record of $1.40 billion for the first nine months of 2022, up $116.5 million, or 9.1%, compared to the prior year comparable period, as activity in the mergers and acquisitions markets remained strong and the number of our completed transactions continued to increase, especially in the first quarter of the current year period.

Total underwriting revenues for the first nine months of 2022 were $858.6 million, a decrease of 54.8%, from a record $1.90 billion in the prior year comparable period, reflecting lower net revenues of $429.5 million in equity underwriting and $429.1 million in debt underwriting. The decline in our debt and equity underwriting net revenues was consistent with the substantial reduction in industry-wide deal activity, including a slowdown in Special Purpose Acquisition Companies ("SPACs") transactions as compared with the prior year comparable period. The current year period was impacted by the challenging equity and debt markets, while the prior year comparable period results benefited as clients took advantage of the strong equity environment to raise equity capital and as companies took advantage of the low rate environment to access the debt capital markets with high levels of activity in the leveraged loan new issuance markets and record levels of high yield bond refinancing activity.

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Other investment banking net revenues were $111.0 million for the first nine months of 2022, compared with net revenues $208.5 million for the first nine months of 2021. Other investment banking revenues during the first nine months of 2022 include an increase in our share of the net income of Berkadia compared with the prior year comparable period, primarily due to increased mortgage originations, and mark-to-market gains of $30.7 million related to certain investments. This was offset by our share of the net loss of our Jefferies Finance joint venture in the current year period, reflecting reduced market activity and higher reserves recorded on its loan portfolio and outstanding commitments due to company-specific developments and difficult conditions in the leveraged finance market compared with net earnings in the prior year comparable period.

Equities Net Revenues

Equities are comprised of net revenues from:

•Services provided to our clients from which we earn commissions or spread revenue by executing, settling and clearing transactions for clients;

•Advisory services offered to clients;

•Financing, securities lending and other prime brokerage services offered to clients, including capital introductions and outsourced trading; and

•Wealth management services.

Total equities net revenues were $277.4 million for the third quarter of 2022, higher than the $236.5 million recorded for the third quarter of 2021. This quarter's revenues benefited from higher commissions and trading revenues, as our business continues to expand within the context of a more normalized trading environment.

Results in our U.S. cash equities business reflected higher trading revenues, compared to mark-to-market losses from SPAC-related activity in the prior year comparable quarter. Our electronic trading and prime brokerage businesses had increased revenues, reflecting increased client trading volumes driving strong commission revenues and continued growth and momentum in our outsourced trading business. Additionally, the global equities business recognized losses on certain block positions in the prior year comparable quarter that were not repeated in the current year quarter.

The increase in our equities net revenues was offset by lower revenues in our equity derivatives business, primarily driven by reduced volatility and lower trading volumes driving a challenging market environment.

Total equities net revenues were $809.3 million for the first nine months of 2022, compared with $1.01 billion for the first nine months of 2021, as our first six months of this year's results were impacted by challenging market conditions for equity trading, as well as significantly reduced SPAC-related activity, partially offset by market share gains and ongoing momentum in our client franchise. This compares to all-time record results in predominately all our equities businesses and across each of our regions during the first nine months of 2021.

Results in our global cash equities business were lower across regions driven by lower trading revenues versus record results globally and across each region on strong market volumes in the prior year comparable period. The prior year comparable period also benefited from trading opportunities related to SPACs. Our global convertibles business also had lower revenues, primarily driven by weaker equity markets and widening credit spreads compared to a strong issuance market in the prior year comparable period and our equity derivatives business results declined as a difficult and challenging trading environment put pressure on trading activity during the current year period.

The lower results were offset by record nine months results in our electronic trading and prime brokerage businesses, reflecting increased client trading volumes driving strong commission revenues and by continued growth and momentum in our outsourced trading business. Additionally, the global equities business recognized losses on certain block positions in the prior year comparable period that were not repeated in the current year period.

Fixed Income Net Revenues

Fixed income is comprised of net revenues from:

•Executing transactions for clients and making markets in securitized products, investment grade, high yield, distressed, emerging markets, municipal and sovereign securities and bank loans, as well as foreign exchange execution on behalf of clients;

•Interest rate derivatives and credit derivatives; and

•Financing services offered to clients.

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Fixed income net revenues totaled $174.6 million for the third quarter of 2022, a decrease of 15.1% from net revenues of $205.8 million for the third quarter of 2021, primarily reflecting mark-to-market losses on certain mortgage inventory positions and a slowdown in securitized markets.

Results in certain U.S. securitized markets group products were significantly impacted by high levels of volatility, widening spreads and uncertainty in respect of increased inflation and interest rates concerns, leading to mark-to-market losses on these products and a significant decline in demand for securitized products.

Our results reflect higher revenues in our emerging markets, municipal securities, and portfolio and electronic execution businesses due to growth and an increase in trading opportunities, as increased volatility due to geopolitical concerns drove an increase in trading volumes during the current year quarter. This was offset by results across our distressed credit trading business that were lower on a slowdown in trading opportunities.

Fixed income net revenues totaled $538.9 million for the first nine months of 2022, a decrease of 34.8% from net revenues of $826.4 million for the first nine months of 2021, primarily due to reduced client activity across most products, mark-to-market losses on certain mortgage inventory positions and a slowdown in securitized markets resulting in fewer trading opportunities. The prior year comparable period results were reflective of particularly strong client activity and robust trading activity.

Results in certain U.S. securitized markets group products were significantly impacted by high levels of volatility, widening spreads and uncertainty in respect of increased inflation and interest rate concerns, leading to mark-to-market losses on these products and a significant decline in demand for securitized products.

We achieved higher revenues in our emerging markets and portfolio and electronic execution businesses, primarily in the second half of the current year period, as increased volatility due to geopolitical concerns drove an increase in trading volumes and as a result of growth in certain of these businesses. This was offset by results across most of our credit franchise businesses that were lower on a slowdown in trading opportunities as compared to the prior year comparable period that reflected robust revenues across regions and products.

Other

Other is comprised of revenues from:

•Principal investments in private equity and hedge funds managed by third-parties, which are not part of our asset management platform and other strategic investment positions; and

• Investments held as part of employee benefit plans, including deferred compensation plans (for which we incur an equal and offsetting amount of compensation expenses).

Our other net revenues were $0.9 million for the third quarter of 2022, a decrease of $6.1 million compared with net revenues of $7.0 million for the third quarter of 2021. Our other net revenues were a loss of $5.2 million for the first nine months of 2022, a decrease of $34.2 million compared with net revenues of $29.0 million for the first nine months of 2021.

Compensation and Benefits

Compensation and benefits expense consists of salaries, benefits, commissions, annual cash compensation and share-based awards and the amortization of share-based and cash compensation awards to employees. Cash and share-based awards and a portion of cash awards granted to employees as part of year end compensation generally contain provisions such that employees who terminate their employment or are terminated without cause may continue to vest in their awards, so long as those awards are not forfeited as a result of other forfeiture provisions (primarily non-compete clauses) of those awards. Accordingly, the compensation expense for a such awards granted at year end as part of annual compensation is recorded during the year of the award. Compensation and benefits expense also includes amortization expense related to awards granted where vesting is contingent on future service. In addition, the share-based awards to our Chief Executive Officer and President contain market and performance conditions and the awards are amortized over their service periods.

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The following table provides a summary of compensation and benefits expense (in thousands):

	For the Three Months Ended August 31,						For the Nine Months Ended August 31,
	2022			2021			2022			2021
Compensation expense without future service requirements	$	481,406		$	712,699		$	1,650,475		$	2,506,396
Amortization of share-based and cash-based awards	39,808			50,026			117,875			144,308
Total Compensation and benefits expense	$	521,214		$	762,725		$	1,768,350		$	2,650,704
Compensation and benefits expense as a percentage of Net revenues	45.9		%	45.6		%	47.6		%	50.4		%

A significant portion of compensation expense is highly variable with net revenues. Compensation and benefits expense decreased, consistent with the decrease in net revenues. Amortization of share-based and cash-based awards decreased in the third quarter of 2022 and first nine months of 2022 as compared to the same periods in 2021 as a result of the accelerated amortization recognized in the year ended November 30, 2021 of certain cash-based awards that had been granted during previous years, which were amended to remove any service requirements for vesting in the awards.

Non-Compensation Expenses

Non-compensation expenses include floor brokerage and clearing fees, underwriting costs, technology and communications expense, occupancy and equipment rental expense, business development, professional services, bad debt provision, impairment charges, depreciation and amortization expense and other costs. All of these expenses, other than floor brokerage and clearing fees, and depreciation and amortization expense, are included in Selling, general and other expenses in the Consolidated Statements of Operations.

Non-compensation expenses were $446.7 million for the third quarter of 2022, an increase of $133.9 million, compared with $312.8 million in the third quarter of 2021. Non-compensation expenses as a percentage of Investment Banking and Capital Markets net revenues were 39.4% and 18.7% for the third quarter of 2022 and 2021, respectively.

The higher expenses in the current year quarter were principally due to an $80.0 million combined regulatory settlement with the SEC and CFTC. The increase in non-compensation expenses also included higher business development expenses as business travel, conferences and other events increased from the prior year comparable quarter which was substantially curtailed due to COVID-19, higher Floor brokerage and clearing fees, commensurate with higher equity commission revenues and higher technology and communication expenses related to the development of various trading and management systems and increased market data costs. This increase was partially offset by lower underwriting costs due to a decrease in the volume of equity and debt underwriting transactions.

Non-compensation expenses were $1.17 billion for the first nine months of 2022, an increase of $150.9 million, compared with $1.02 billion in the first nine months of 2021. Non-compensation expenses as a percentage of Investment Banking and Capital Markets net revenues were 31.5% and 19.4% for the first nine months of 2022 and 2021, respectively.

The higher expenses in the current year period were principally due to an $80.0 million combined regulatory settlement with the SEC and CFTC, as well as our charitable donations of $13.5 million from our Ukrainian Doing Good Global Trading Day. Other expenses in the prior year comparable period included bad debt expenses related to our prime brokerage business and charitable donations of $13.2 million to approximately 175 accredited charities. The increase in non-compensation expenses also included higher business development expenses as business travel, conferences and other events increased from the prior year comparable period which was substantially curtailed due to COVID-19, higher Floor brokerage and clearing fees, commensurate with strong equity commission revenues and higher technology and communication expenses related to the development of various trading and management systems and increased market data costs. This increase was partially offset by lower underwriting costs due to a decrease in the volume of equity and debt underwriting transactions.

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Asset Management

Our asset management business is a diversified alternative asset management platform offering institutional clients an innovative range of investment strategies directly and through our affiliated asset managers. We provide certain of our affiliated asset managers access to our fully integrated global operational infrastructure and support. This may include strategy and product development, daily operations and finance-related activities, compliance, legal and human resources support, as well as marketing and business development.

A summary of results of operations for our Asset Management segment is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues	$	(13,803)	$	13,327	$	77,300	$	293,204
Expenses:
Compensation and benefits	12,808		15,468		43,560		59,924
Non-compensation expenses:
Floor brokerage and clearing fees	4,959		4,541		25,523		24,982
Selling, general and other expenses	11,662		10,719		33,638		33,651
Depreciation and amortization	401		494		1,230		1,462
Total non-compensation expenses	17,022		15,754		60,391		60,095
Total expenses	29,830		31,222		103,951		120,019
Income (loss) before income taxes	$	(43,633)	$	(17,895)	$	(26,651)	$	173,185

Revenues

Asset management revenues include the following:

•    Total asset management fees: management and performance fees from funds and accounts managed by us;

•     Revenue from arrangements with strategic affiliates: revenues from affiliated asset managers where we are entitled to portions of their revenues and/or profits, as well as earnings on our ownership interests in our affiliated asset managers;

•    Investment return: this includes investment income from capital invested in and managed by us and our affiliated asset managers; and

•    Alternative investing activities across a range of sectors.

The key components of asset management revenues are the level of assets under management and the performance return, for the most part on an absolute basis and, in certain cases, relative to a benchmark or hurdle. These components can be affected by financial markets, profits and losses in the applicable investment portfolios and client capital activity. Further, asset management fees vary with the nature of investment management services. The terms under which clients may terminate our investment management authority, and the requisite notice period for such termination, varies depending on the nature of the investment vehicle and the liquidity of the portfolio assets. In some instances, performance fees and similar revenues are generally recognized once a year when they become fixed and determinable and are not probable of being significantly reversed, typically in December. As a result, a significant portion of our performance fees and similar revenues generated from investment returns in a calendar year are recognized in our following fiscal year.

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The following summarizes the results of our Asset Management businesses revenues by asset class (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Asset management fees:
Equities	$	718	$	582	$	6,703	$	6,317
Multi-asset	3,040		2,271		12,924		6,277
Total asset management fees	3,758		2,853		19,627		12,594
Revenues from arrangements with strategic affiliates (1)	13,311		16,016		56,060		95,074
Total asset management fees and revenues	17,069		18,869		75,687		107,668
Investment return (2)	(19,671)		5,613		40,496		218,529
Allocated net interest (2)	(11,201)		(11,155)		(38,883)		(32,993)
Total Asset Management	$	(13,803)	$	13,327	$	77,300	$	293,204

(1)These amounts include our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements, as well as earnings on our ownership interest in affiliated asset managers.

(2)Allocated net interest represents an allocation to Asset Management of long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.

Asset management net revenues were a loss of $13.8 million for the third quarter of 2022, compared to net revenues of $13.3 million recorded in the third quarter of 2021. Total asset management fees and revenues for the third quarter of 2022 were $17.1 million, compared with $18.9 million in the prior year comparable quarter. The decrease was due to a decline in performance and similar fees and revenues earned through our strategic affiliates, partially offset by higher asset management fees on funds managed by us.

Our investment return for the third quarter of 2022 was a net loss of $19.7 million, compared with a net profit of $5.6 million for the prior year comparable quarter, as our strategies were impacted by a difficult environment, primarily for our energy and credit funds. Results in the current year quarter also include allocated net interest expenses of $11.2 million, compared with $11.2 million in the prior year comparable quarter.

Asset management net revenues for the first nine months of 2022 were $77.3 million, compared to $293.2 million recorded in the first nine months of 2021. Total asset management fees and revenues for the first nine months of 2022 were $75.7 million, compared with $107.7 million in the prior year comparable period. The decrease was due to a decline in performance and similar fees and revenues earned through our strategic affiliates, partially offset by higher asset management fees on funds managed by us.

Our investment return for the first nine months of 2022 was $40.5 million, compared with $218.5 million for the first nine months of 2021, as our strategies were significantly impacted by a difficult environment for most of our funds and lower performance by strategies that had very strong returns during the prior year comparable period. Results for the first nine months of 2022 also include allocated net interest expenses of $38.9 million, compared with $33.0 million in the prior year comparable period.

A significant portion of compensation expense is highly variable with net revenues. Compensation and benefits expense decreased for the third quarter of 2022 and first nine months of 2022, consistent with the decrease in net revenues.

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Assets Under Management

The tables below include only third-party assets under management by us, excluding those of our affiliated asset managers.

Assets under management by predominant asset class were as follows (in millions):

	August 31, 2022		November 30, 2021
Assets under management:
Equities	$	285	$	349
Multi-asset	967		482
Total	$	1,252	$	831

Change in assets under management were as follows (in millions):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Balance, beginning of period	$	1,269	$	768	$	831	$	774
Net cash flow in	9		77		441		47
Net market appreciation (depreciation)	(26)		5		(20)		29
Balance, end of period	$	1,252	$	850	$	1,252	$	850

The change in assets under management during the third quarter of 2022 is primarily due to the transition to new management of certain of our third-party net assets and net market depreciation, partially offset by new subscriptions and investments from third-parties. The change in assets under management during the first nine months of 2022 is primarily due to new subscriptions and investments from third-parties. The change in assets under management during the third quarter of 2021 is primarily due to new subscriptions and investments from third parties and net market appreciation. The change in assets under management during the first nine months of 2021 is primarily due to new subscriptions and investments from third parties and net market appreciation, partially offset by redemptions from and liquidations of certain funds.

Our definition of assets under management is not based on any definition contained in any of our investment management agreements and differs from the manner in which "Regulatory Assets Under Management" is reported to the SEC on Form ADV.

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Asset Management Investments

Our asset management business makes seed and additional strategic investments directly in alternative asset management separately managed accounts and co-mingled funds where we act as the asset manager or in affiliated asset managers where we have strategic relationships and participate in the revenues or profits of the affiliated manager. The following table reflects amounts invested by asset manager (in thousands):

	August 31, 2022		November 30, 2021
Jefferies Financial Group Inc., as manager:
Fund investments (1)	$	219,325	$	221,359
Separately managed accounts (2)	130,191		251,665
Total	349,516		473,024
Strategic affiliates, as asset manager:
Fund investments (1)	1,062,475		831,508
Separately managed accounts (2)	177,828		368,377
Investments in asset managers	218,947		222,661
Total	1,459,250		1,422,546
Total asset management investments	$	1,808,766	$	1,895,570

(1)    Due to the level or nature of an investment in a fund, we may consolidate that fund, and accordingly, the assets and liabilities of the fund are included in the representative line items in the consolidated financial statements. At August 31, 2022 and November 30, 2021, $49.2 million and $76.5 million, respectively, represents net investments in funds that have been consolidated in our financial statements.

(2)    Where we have investments in a separately managed account, the assets and liabilities of such account are presented in the Consolidated Statements of Financial Condition within each respective line item.

Collectively, we and our affiliated asset managers have aggregate net asset values or net asset value equivalent assets under management of approximately $31.3 billion and $23.6 billion at August 31, 2022 and November 30, 2021, respectively. Net asset values or net asset value equivalent assets under management are comprised of the fair value of the net assets of a fund or the net capital invested in a separately managed account. These include the following:

•$27.6 billion and $20.1 billion as of August 31, 2022 and November 30, 2021, respectively - This includes the assets under management raised by affiliated asset managers with whom we have an ongoing profit or revenue sharing arrangement. In some instances, due to the timing of payments and crystallization of profits or revenue, the revenue related to these relationships will generally be realized and recognized once per year at the calendar year-end (during our first fiscal quarter).

•$2.4 billion and $2.6 billion as of August 31, 2022 and November 30, 2021, respectively - Net asset values of investments made by us in funds or separately managed accounts. We invest in certain strategies using our own capital

often before opening a strategy to outside capital. The net asset values include our seed capital of $1.6 billion and $1.6 billion as of August 31, 2022 and November 30, 2021, respectively, in addition to amounts financed of $0.8 billion and $1.0 billion as of August 31, 2022 and November 30, 2021, respectively, invested in funds and separately managed accounts that are managed by us and our affiliated asset managers.

•$1.3 billion and $0.8 billion as of August 31, 2022 and November 30, 2021, respectively - This includes third-party investments actively managed by wholly-owned managers.

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Merchant Banking

A summary of results for our Merchant Banking segment is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues	$	397,847	$	248,690	$	825,637	$	812,509
Expenses:
Cost of sales	123,436		151,510		349,556		390,916
Compensation and benefits	10,584		17,584		89,226		66,365
Non-compensation expenses:
Selling, general and other expenses	37,651		39,849		97,155		99,000
Interest expense	1,223		762		2,846		2,517
Depreciation and amortization	18,997		16,554		57,248		50,536
Total non-compensation expenses	57,871		57,165		157,249		152,053
Total expenses	191,891		226,259		596,031		609,334
Income before income taxes and loss related to associated companies	205,956		22,431		229,606		203,175
Loss related to associated companies	(4,827)		(27,176)		(56,512)		(61,270)
Income (loss) before income taxes	$	201,129	$	(4,745)	$	173,094	$	141,905

The increase in Net revenues in the third quarter and first nine months of 2022 as compared to the same periods in 2021 is primarily due to the gain on the sale of Idaho Timber and revenue increases in some of our consolidated investments, partially offset by mark-to-market declines in the value of several of our investments in public companies. Compensation and benefits expense decreased in the third quarter of 2022 and increased in the first nine months of 2022 as compared to the same periods in 2021 primarily as a result of certain fair value based compensation arrangements within some of our consolidated investments.

A summary of results for Merchant Banking by source is as follows (in thousands):

	Revenues		Expenses		Income (Loss) Related to Associated Companies		Income (Loss) before Income Taxes
For the three months ended August 31, 2022
Oil and gas	$	105,382	$	27,080	$	—	$	78,302
Idaho Timber	247,718		112,701		—		135,017
Real estate	49,414		33,949		(1,376)		14,089
Other	(4,667)		18,161		(3,451)		(26,279)
Total	$	397,847	$	191,891	$	(4,827)	$	201,129
For the three months ended August 31, 2021
Oil and gas	$	44,918	$	35,479	$	—	$	9,439
Idaho Timber	118,917		121,282		—		(2,365)
Real estate	66,617		47,947		169		18,839
Other	18,238		21,551		(27,345)		(30,658)
Total	$	248,690	$	226,259	$	(27,176)	$	(4,745)

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	Revenues		Expenses		Income (Loss) Related to Associated Companies		Income (Loss) before Income Taxes
For the nine months ended August 31, 2022
Oil and gas	$	177,781	$	129,786	$	—	$	47,995
Idaho Timber	564,640		343,065		—		221,575
Real estate	94,617		66,008		(666)		27,943
Other	(11,401)		57,172		(55,846)		(124,419)
Total	$	825,637	$	596,031	$	(56,512)	$	173,094
For the nine months ended August 31, 2021
Oil and gas	$	95,306	$	103,852	$	—	$	(8,546)
Idaho Timber	440,920		351,138		—		89,782
Real estate	112,260		95,642		(2,948)		13,670
Other	164,023		58,702		(58,322)		46,999
Total	$	812,509	$	609,334	$	(61,270)	$	141,905

Oil and Gas

Production revenue for the third quarter of 2022 was $69.9 million, $24.6 million higher than the $45.3 million in the third quarter of 2021, due to higher oil and gas prices, in part due to geopolitical issues. Production revenues include sales of oil and gas, as well as realized gains and losses related to oil hedges. Realized losses on oil hedges were $14.6 million and $5.1 million during the third quarter of 2022 and 2021, respectively. Net unrealized gains (losses) related to oil hedge derivatives were $35.6 million and $(0.4) million during the third quarter of 2022 and 2021, respectively. For the third quarter of 2022, approximately 52% of oil production was hedged at a weighted average price of approximately $59.30/barrel. Total expenses decreased during the third quarter of 2022 as compared to the third quarter of 2021, reflecting lower non-cash compensation expense, partially offset by higher depreciation and operating expenses.

Production revenue for the first nine months of 2022 was $185.5 million, $62.3 million higher than the $123.2 million in the first nine months of 2021, due to higher oil and gas prices, in part due to geopolitical issues. Production revenues include sales of oil and gas, as well as realized gains and losses related to oil hedges. Realized losses on oil hedges were $40.1 million and $5.2 million during the first nine months of 2022 and 2021, respectively. Net unrealized losses related to oil hedge derivatives were $7.9 million and $27.9 million during the first nine months of 2022 and 2021, respectively. Total expenses increased during the first nine months of 2022 as compared to the first nine months of 2021, reflecting higher non-cash compensation expense, and higher depreciation and operating expenses.

For the first nine months of 2022, approximately 58% of oil production was hedged at a weighted average price of approximately $60.51/barrel. For the remainder of 2022, approximately 43% of expected oil production is hedged at a weighted average price of approximately $59.30/barrel and for 2023, we have approximately 33% of expected oil production hedged at a weighted average price of approximately $78.50/barrel. As these hedging arrangements are not eligible for hedge accounting, it is difficult to align the impact of the hedging by quarter, with the earning of revenues for which the hedges were designed. Hedging gains and losses during the current periods reflect changes in the value of hedges which expire at varying dates through 2024.

Idaho Timber

During the three months ended August 31, 2022, Jefferies sold Idaho Timber, in two transactions at a combined sales price of $239.3 million, resulting in a pre-tax gain of $139.0 million in the Merchant Banking segment. Net manufacturing revenues decreased by $13.4 million in the third quarter of 2022 and as compared to the third quarter of 2021 primarily due to a decrease in the average selling price of 12%. Net manufacturing revenues decreased by $28.3 million in the first nine months of 2022 as compared to the first nine months of 2021 primarily due to a decrease in shipments of 6%. Throughout the second quarter and into the third quarter of 2022, lumber prices have declined from recent highs.

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The decrease in total expenses for Idaho Timber of $8.6 million in the third quarter of 2022 and $8.1 million in the first nine months of 2022 as compared to the similar periods of 2021 primarily reflects a decrease in cost of sales and charges to adjust inventory carrying values to substantially lower lumber prices in the 2021 periods, partially offset by increased compensation expense due to the full vesting of bonuses as part of the sale of Idaho Timber.

Real Estate

The decrease in real estate revenues and expenses in the third quarter of 2022 and first nine months of 2022 as compared to the similar periods in 2021 primarily reflects decreased sales of properties and the related cost of sales.

Other

Other revenues reflect realized and unrealized gains (losses) on financial instruments owned, which are held at fair value, of $(16.3) million and $8.6 million for the third quarter of 2022 and 2021, respectively, and $(47.5) million and $137.1 million for the first nine months of 2022 and 2021, respectively. The gains (losses) on financial instruments owned include mark-to-market changes in the value of our investments in public companies of $(27.3) million and $12.7 million for the third quarter of 2022 and 2021, respectively, and $(64.8) million and $104.7 million for the first nine months of 2022 and 2021, respectively.

Corporate

A summary of results of operations for our Corporate segment is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues	$	6,192	$	955	$	8,756	$	2,269
Expenses:
Compensation and benefits	13,856		6,466		25,487		29,035
Non-compensation expenses:
Selling, general and other expenses	5,339		4,375		17,319		13,954
Depreciation and amortization	423		564		1,266		2,306
Total non-compensation expenses	5,762		4,939		18,585		16,260
Total expenses	19,618		11,405		44,072		45,295
Loss before income taxes	$	(13,426)	$	(10,450)	$	(35,316)	$	(43,026)

Compensation and benefits expense in the third quarter and first nine months of 2022 is impacted by $8.0 million of severance expense recorded during the third quarter. Compensation and benefits expense in the third quarter and first nine months of 2022 also reflects a more challenging operating environment, as well as a meaningful reduction in expense related to share-based awards that impacted the third quarter and first nine months of 2021. Total expenses include share-based compensation expense of $1.6 million and $2.1 million for the third quarter of 2022 and 2021, respectively, and $6.1 million and $14.2 million for the first nine months of 2022 and 2021, respectively. Share-based compensation for first nine months of 2021 reflects $7.0 million related to the full fair value of certain share-based grants made during 2021, which were fully vested upon grant.

Parent Company Interest

Parent company interest expense totaled $9.0 million and $13.8 million for the third quarter of 2022 and 2021, respectively, and $25.8 million and $41.5 million for the first nine months of 2022 and 2021, respectively. The decrease in interest expense in the third quarter and first nine months of 2022, is a result of the repurchase in the fourth quarter of 2021 of $308.3 million principal amount of our 5.50% Senior Notes due October 18, 2023. Interest expense may also fluctuate due to capitalization of interest.

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Income Taxes

Our provisions for income taxes were $105.9 million and $145.7 million, respectively, for the third quarter of 2022 and 2021, representing effective tax rates of 35.1% and 26.3%, respectively. The increase in the effective tax rate for the third quarter of 2022, as compared to the third quarter of 2021, is primarily due to the combined regulatory settlement with the SEC and CFTC, which is not deductible for income tax purposes. For the first nine months of 2022 and 2021, our provisions for income taxes were $219.9 million and $484.8 million, respectively, representing effective tax rates of 25.6% and 26.5%, respectively.

Selected Statement of Financial Condition Data

On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight, were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

The tables below reconcile the balance sheet for each of our segments to our consolidated balance sheet (in thousands):

	August 31, 2022
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Consolidation Adjustments		Total
Assets
Cash and cash equivalents	$	7,808,668	$	4,354	$	148,436	$	1,516,082	$	—	$	9,477,540
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	984,252		—		—		—		—		984,252
Financial instruments owned, at fair value	17,718,535		2,282,513		243,283		4,953		—		20,249,284
Loans to and investments in associated companies	1,156,131		187,649		409,543		—		—		1,753,323
Securities borrowed	6,607,954		—		—		—		—		6,607,954
Securities purchased under agreements to resell	4,107,389		—		—		—		—		4,107,389
Securities received as collateral, at fair value	149,586		—		—		—		—		149,586
Receivables	6,259,164		369,515		63,793		6,154		—		6,698,626
Property, equipment and leasehold improvements, net	890,354		389		11,189		10,910		—		912,842
Intangible assets, net and goodwill	1,686,323		143,278		44,834		—		—		1,874,435
Other assets	845,257		41,149		1,273,539		402,963		(148,328)		2,414,580
Total assets	48,213,613		3,028,847		2,194,617		1,941,062		(148,328)		55,229,811
Liabilities
Long-term debt (1) (2)	6,156,056		1,416,278		375,447		687,685		—		8,635,466
Other liabilities	34,946,600		806,318		239,688		251,313		(148,328)		36,095,591
Total liabilities	41,102,656		2,222,596		615,135		938,998		(148,328)		44,731,057
Redeemable noncontrolling interests	—		—		13,378		—		—		13,378
Mandatorily redeemable convertible preferred shares	—		—		—		125,000		—		125,000
Noncontrolling interests	727		19,136		47,982		—		—		67,845
Total Jefferies Financial Group Inc. shareholders' equity	$	7,110,230	$	787,115	$	1,518,122	$	877,064	$	—	$	10,292,531

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(1)    Jefferies Group long-term debt of $7.57 billion at August 31, 2022 is allocated to Investment Banking and Capital Markets, and Asset Management segments based on an internal management view only and may not be reflective of what long-term debt would be on a stand-alone segment basis.

(2)    Long-term debt within Merchant Banking of $375.4 million at August 31, 2022, includes $311.4 million for real estate businesses and $64.1 million for Vitesse Energy. At August 31, 2022, Vitesse Energy had $66.0 million drawn out of the maximum $200.0 million borrowing base on its credit facility. See Note 11 in our consolidated financial statements for additional information.

	November 30, 2021
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Consolidation Adjustments		Total
Assets
Cash and cash equivalents	$	8,813,434	$	3,651	$	146,577	$	1,791,471	$	—	$	10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	1,015,107		—		—		—		—		1,015,107
Financial instruments owned, at fair value	17,097,333		2,409,428		321,909		—		—		19,828,670
Loans to and investments in associated companies	1,150,782		193,800		401,208		—		—		1,745,790
Securities borrowed	6,409,420		—		—		—		—		6,409,420
Securities purchased under agreements to resell	7,618,652		23,832		—		—		—		7,642,484
Securities received as collateral, at fair value	7,289		—		—		—		—		7,289
Receivables	7,352,435		387,932		91,253		7,620		—		7,839,240
Property, equipment and leasehold improvements, net	870,512		6,319		25,082		9,317		—		911,230
Intangible assets, net and goodwill	1,707,807		143,304		46,389		—		—		1,897,500
Other assets	860,603		37,533		1,230,632		624,519		(401,040)		2,352,247
Total assets	52,903,374		3,205,799		2,263,050		2,432,927		(401,040)		60,404,110
Liabilities
Long-term debt (1) (2)	7,038,284		1,084,168		316,285		687,008		—		9,125,745
Other liabilities	39,295,448		1,089,863		249,417		314,637		(401,040)		40,548,325
Total liabilities	46,333,732		2,174,031		565,702		1,001,645		(401,040)		49,674,070
Redeemable noncontrolling interests	—		—		25,400		—		—		25,400
Mandatorily redeemable convertible preferred shares	—		—		—		125,000		—		125,000
Noncontrolling interests	737		10,387		14,761		—		—		25,885
Total Jefferies Financial Group Inc. shareholders' equity	$	6,568,905	$	1,021,381	$	1,657,187	$	1,306,282	$	—	$	10,553,755

(1)    Jefferies Group long-term debt of $8.12 billion at November 30, 2021 is allocated to Investment Banking and Capital Markets, and Asset Management segments based on an internal management view only and may not be reflective of what long-term debt would be on a stand-alone segment basis.

(2)    Long-term debt within Merchant Banking of $316.3 million at November 30, 2021, includes $248.7 million for real estate businesses and $67.6 million for Vitesse Energy. At November 30, 2021, Vitesse Energy had $68.0 million drawn out of the maximum $140.0 million borrowing base on its credit facility. See Note 11 in our consolidated financial statements for additional information.

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The table below presents our capital by significant business and investment (in thousands):

	August 31, 2022		November 30, 2021
Investment Banking and Capital Markets	$	7,110,230	$	6,568,905
Asset Management	787,115		1,021,381
Merchant Banking:
Real estate	511,894		476,939
Oil and gas	511,463		510,798
OpNet	139,605		133,778
FXCM	79,959		99,441
Idaho Timber	—		87,527
Investments in public companies	166,539		231,307
Other	108,662		117,397
Total Merchant Banking	1,518,122		1,657,187
Corporate liquidity and other assets, net of Corporate liabilities including long-term debt	877,064		1,306,282
Total Capital	$	10,292,531	$	10,553,755

Below is a brief description of the captions in the table above:

•Investment Banking and Capital Markets includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products. Our Investment Banking and Capital Markets businesses are conducted by Jefferies Group, our largest subsidiary, and is the largest independent full-service global investment banking firm headquartered in the U.S.

•Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.

•Merchant Banking:

◦Our real estate assets primarily consist of our 100% ownership of HomeFed, a developer and owner of residential and mixed-use real estate properties in California, New York, Florida, Virginia and South Carolina. HomeFed's key assets include Otay Ranch, a master planned community that is under development in Chula Vista, CA, made up of approximately 4,450 acres of land entitled for 13,050 total units; and Renaissance Plaza, a mixed-use asset in Brooklyn, NY, comprised of an office building, garage and hotel.

◦Our oil and gas business primarily consists of Vitesse Energy. Vitesse Energy is our 97% owned consolidated subsidiary that acquires, invests and monetizes non-operated working interests and royalties predominantly in the Bakken Shale of the Williston Basin in North Dakota.

◦We own approximately 42% of the common shares of OpNet S.p.A. ("OpNet") (formerly known as Linkem). In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2026, redeemable preferred stock with a redemption value of $98.8 million at August 31, 2022 and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 61% of OpNet's common equity at August 31, 2022. Additionally, we have made shareholder loans to OpNet with principal outstanding of $44.5 million at August 31, 2022. OpNet is accounted for under the equity method.

OpNet provides broadband services in Italy using state-of-the-art 5G and LTE technologies deployed over the 3.5 GHz spectrum band. OpNet is upgrading its proprietary fixed wireless network to 100% 5G technology using its valuable nationwide 3.5GHz spectrum holdings. OpNet built its first 5G towers in late 2020 and commercially launched service in September 2021. It plans to rapidly increase its network coverage and service offerings over the coming years as it completes the upgrade to 5G, adds subscribers and leverages its network and spectrum assets. In

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August 2022, OpNet merged its customer-facing retail operations into Tiscali S.p.A., a public Italian telecommunications company and became the majority shareholder of Tiscali. The combined company is the fifth-largest broadband operator in Italy, and one of the largest providers of ultrabroadband fiber-to-the-home and fixed wireless access. OpNet's remaining infrastructure division owns the largest independent 5G network in Italy with an extensive spectrum portfolio offering fixed wireless, mobile, and private network services that support a wide variety of 5G applications to telecom carriers and other enterprise customers.

◦Our investment in FXCM and associated companies consists of a senior secured term loan due May 6, 2023 ($39.6 million principal outstanding at August 31, 2022), a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity in FXCM. FXCM is a provider of online foreign exchange trading, contract for difference trading, spread betting and related services.

◦Idaho Timber was our 100% owned consolidated subsidiary engaged in the manufacture and distribution of various wood products. We sold our entire interest in Idaho Timber in the third quarter of 2022.

•Corporate liquidity and other assets, net of Corporate liabilities, primarily consist of cash and cash equivalents, net of long-term debt and payables, expense accruals and other liabilities, as well as our outstanding mandatorily redeemable convertible preferred shares.

Liquidity and Capital Resources

Parent Company Liquidity

Our strategy focuses on continuing to build out our investment banking effort, enhancing our capital markets businesses and further developing our Leucadia Asset Management alternative asset management platform, while returning excess capital to shareholders. We own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business and are reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways. We are well along in the process of liquidating this portfolio, with the intention of selling to third parties, distributing to shareholders or transferring the balance of this portfolio to our Asset Management reportable segment over the next few years. In adhering to our long-standing fundamental strategy of focusing on building our investment banking and capital markets businesses and reducing the size of our Merchant Banking portfolio, during the three months ended August 31, 2022, we sold our wholly-owned manufacturing subsidiary, Idaho Timber, in two transactions at a combined sales price of $239.3 million, resulting in a pre-tax gain of $139.0 million in the Merchant Banking segment.

We continue to work diligently to effect the spin-off to shareholders of our holdings in Vitesse Energy by the end of our fiscal year, subject to necessary regulatory reviews and rulings. That spin-off will involve the formation of a new standalone entity, Vitesse Energy, Inc., that will ultimately be a publicly traded company listed on the New York Stock Exchange. Jefferies expects that its ownership interests in Vitesse Energy, Inc. will be distributed tax-free on a pro rata basis to all shareholders. At August 31, 2022, Vitesse Energy had a net book value of $505.3 million. In addition, Jefferies expects to streamline and simplify its corporate structure by merging Jefferies Group into Jefferies by fiscal year-end 2022. This merger will, among other things, eliminate the requirement for two sets of Form 10-Qs, Form 10-Ks, and other duplicative processes at Jefferies and Jefferies Group, and result in Jefferies parent company assuming commitments and obligations of Jefferies Group.

Parent company liquidity, which includes cash and investments that are easily convertible into cash within a relatively short period of time, total $1.72 billion at August 31, 2022 and are primarily comprised of cash, prime and government money market funds and other publicly traded securities. These are classified in the Consolidated Statement of Financial Condition as cash and cash equivalents and financial instruments owned, at fair value. At August 31, 2022, $1.28 billion of this amount is invested in U.S. government money funds that invest at least 99.5% of its total assets in cash, securities issued by the U.S. government and U.S. government-sponsored entities and repurchase agreements that are fully collateralized by cash or government securities.

During the first nine months of 2022, our parent company received cash distributions from our subsidiary businesses and cash from divestitures and repayment of advances totaling $830.9 million, including $433.8 million from Jefferies Group and $314.8 million related to Idaho Timber.

Our current annual cash requirements, including the payment of interest on our parent company debt, dividends and corporate cash overhead expenses, aggregate approximately $369.2 million in the upcoming year. Dividends paid during the first nine months of 2022 of $211.8 million include quarterly dividends of $0.30 per share. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions, legal and contractual restrictions on the payment of dividends and other factors that our Board of Directors may deem to be relevant.

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For many years, we benefited from federal net operating loss carryovers ("NOLs") which substantially offset our federal cash tax requirements. As a result of full utilization of our federal NOLs and other tax attributes, we have been incurring and paying federal taxes since 2020.

Our primary long-term parent company cash requirement is our $691.7 million principal outstanding as of August 31, 2022 under our long-term debt, of which $441.7 million is due in October 2023 and $250.0 million in 2043.

Shares Outstanding

During the first nine months of 2022, we purchased a total of 21,721,900 of our common shares for $738.6 million, or an average price of $34.00 per share, including 18,294,689 of our common shares in the open market for $616.3 million under our current Board of Director authorizations, and 3,427,211 shares of our common stock for $122.2 million in connection with net-share settlements under our equity compensation plan. At August 31, 2022, we had $133.7 million remaining authorization of future repurchases. In September 2022, the Board of Directors increased the share repurchase authorization by $145.9 million back to a total of $250.0 million.

At August 31, 2022, we had outstanding 228,807,229 common shares, 17,947,000 share-based awards that do not require the holder to pay any exercise price and 5,027,000 stock options that require the holder to pay an average exercise price of $23.75 per share. The 17,947,000 share-based awards include the target number of shares that may be issued under the senior executive award plan. Additionally, we have mandatorily redeemable convertible preferred shares that are currently convertible into 4,440,863 common shares, at an effective conversion price of $28.15 per share. At August 31, 2022, the maximum potential increase to common shares outstanding resulting from these outstanding awards and the preferred shares is 27,415,000 (potentially an aggregate of 256,222,092 outstanding common shares if all awards and preferred shares become outstanding common shares).

Long-term Debt Ratings

From time to time in the past, we have accessed public and private credit markets and raised capital in underwritten bond financings. The funds raised have been used by us for general corporate purposes, including for our existing businesses and new investment opportunities. In addition, the ratings of Jefferies are a factor considered by rating agencies that rate the debt of our subsidiary companies, including Jefferies Group, whose access to external financing is important to its day to day operations. Ratings issued by bond rating agencies are subject to change at any time. Our long-term debt ratings at August 31, 2022 are as follows:

	Rating	Outlook
Moody's Investors Service	Baa2	Stable
Standard and Poor's	BBB	Stable
Fitch Ratings (1)	BBB	Positive

(1)    On January 24, 2022, Fitch Ratings affirmed our rating of BBB and revised our rating outlook from stable to positive.

Consolidated Statements of Cash Flows

As discussed above, we have historically relied on our available liquidity to meet short-term and long-term needs, and to make acquisitions of new businesses and investments. Except as otherwise disclosed herein, our operating businesses do not generally require significant funds to support their operating activities. The mix of our operating businesses and investments can change frequently as a result of acquisitions or divestitures, the timing of which is impossible to predict but which often have a significant impact on the Consolidated Statements of Cash Flows in any one period. Further, the timing and amounts of distributions from investments in associated companies may be outside our control. As a result, reported cash flows from operating, investing and financing activities do not generally follow any particular pattern or trend, and reported results in the most recent period should not be expected to recur in any subsequent period.

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The following table provides a summary of our cash flows (in thousands):

	For the Nine Months Ended August 31,
	2022		2021
Cash, cash equivalents and restricted cash at beginning of period	$	11,828,304	$	9,664,972
Net cash provided by operating activities	1,447,192		86,545
Net cash used for investing activities	(106,110)		(256,666)
Net cash provided by (used for) financing activities	(2,629,736)		575,848
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(20,183)		1,704
Cash, cash equivalents and restricted cash at end of period	$	10,519,467	$	10,072,403

During the first nine months of 2022, net cash provided by operating activities primarily reflects funds provided by Jefferies Group of $1.46 billion.

During the first nine months of 2021, net cash provided by operating activities primarily relates to funds provided by Jefferies Group of $291.9 million, funds provided by Merchant Banking operations of $139.5 million and Corporate tax payments of $451.1 million.

During the first nine months of 2022, net cash used for investing activities principally reflects advances on notes, loans and other receivables of $413.5 million and loans to and investments in associated companies of $370.7 million, partially offset by collections on notes, loans and other receivables of $344.2 million, capital distributions and loan repayments from associated companies of $265.7 million and proceeds from sale of subsidiaries, net of expenses and cash of operations sold, of $209.3 million.

During the first nine months of 2021, net cash used for investing activities principally reflects $2.29 billion of loans to and investments in associated companies and $2.31 billion of capital distributions and loan repayments from associated companies.

During the first nine months of 2022, net cash used for financing activities primarily relates to funds used by Jefferies Group of $1.78 billion, including funds used for the repayment of debt of $3.18 billion and payments on other secured financings of $2.33 billion, partially offset by funds provided by the issuance of debt of $3.72 billion. Additionally, funds used for financing activities includes funds used to repurchase common shares for treasury of $738.6 million and funds used to pay dividends of $211.8 million.

During the first nine months of 2021, net cash provided by financing activities primarily relates to funds provided by Jefferies Group of $789.3 million, including funds provided by the issuance of debt of $1.23 billion and proceeds from other secured financings of $779.5 million, partially offset by funds used for the repayment of debt of $1.20 billion. Additionally, funds provided by financing activities includes the issuance of debt of $224.2 million and proceeds from other secured financings of $271.8 million at Foursight. This was partially offset by funds used for the repayment of debt of $353.5 million at Foursight, funds used to repurchase common shares for treasury of $181.9 million and funds used to pay dividends of $161.3 million.

Jefferies Group Liquidity

General

The Chief Financial Officer and Global Treasurer of Jefferies Group are responsible for developing and implementing liquidity, funding and capital management strategies for Jefferies Group. These policies are determined by the nature and needs of day to day business operations, business opportunities, regulatory obligations and liquidity requirements.

The actual levels of capital, total assets and financial leverage are a function of a number of factors, including asset composition, business initiatives and opportunities, regulatory requirements and cost and availability of both long-term and short-term funding. Jefferies Group has historically maintained a balance sheet consisting of a large portion of total assets in cash and liquid marketable securities, arising principally from traditional securities brokerage and trading activity. The liquid nature of these assets provides flexibility in financing and managing its business.

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Jefferies Group maintains modest leverage to support its investment grade ratings. The growth of its balance sheet is supported by its equity and we have quantitative metrics in place to monitor leverage and double leverage. Jefferies Group's capital plan is robust, in order to sustain its operating model through stressed conditions. We maintain adequate financial resources to support business activities in both normal and stressed market conditions, including a buffer in excess of regulatory, or other internal or external, requirements. Jefferies Group's access to funding and liquidity is stable and efficient to ensure that there is sufficient liquidity to meet its financial obligations in normal and stressed market conditions.

A business unit level balance sheet and cash capital analysis are prepared and reviewed with senior management on a weekly basis. As a part of this balance sheet review process, capital is allocated to all assets and gross balance sheet limits are adjusted, as necessary. This process ensures that the allocation of capital and costs of capital are incorporated into business decisions. The goals of this process are to protect the firm's platform, enable the businesses to remain competitive, maintain the ability to manage capital proactively and hold businesses accountable for both balance sheet and capital usage.

We actively monitor and evaluate our financial condition and the composition of assets and liabilities. The overall securities inventory is continually monitored, including the inventory turnover rate, which confirms the liquidity of overall assets. Substantially all of Jefferies Group's financial instruments are valued on a daily basis and we monitor and employ balance sheet limits for its various businesses.

At August 31, 2022, the Consolidated Statement of Financial Condition includes Jefferies Group's Level 3 financial instruments owned, at fair value that are approximately 3.4% of total financial instruments owned, at fair value.

Securities financing assets and liabilities include financing for financial instruments trading activity, matched book transactions and mortgage finance transactions. Matched book transactions accommodate customers, as well as obtain securities for the settlement and financing of inventory positions. 

The following table presents period end balance, average balance and maximum balance at any month end within the periods presented for Securities purchased under agreements to resell and Securities sold under agreements to repurchase (in millions):

	Nine Months Ended August 31, 2022		Year Ended November 30, 2021
Securities purchased under agreements to resell:
Period end	$	4,107	$	7,642
Month end average	7,590		9,425
Maximum month end	10,428		12,321
Securities sold under agreements to repurchase:
Period end	$	7,564	$	8,446
Month end average	11,786		11,515
Maximum month end	17,417		19,207

Fluctuations in the balance of repurchase agreements from period to period and intraperiod are dependent on business activity in those periods. Additionally, the fluctuations in the balances of securities purchased under agreements to resell are influenced in any given period by our clients' balances and our clients' desires to execute collateralized financing arrangements via the repurchase market or via other financing products. Average balances and period end balances will fluctuate based on market and liquidity conditions and we consider the fluctuations intraperiod to be typical for the repurchase market.

Liquidity Management

The key objectives of Jefferies Group's liquidity management framework are to support the successful execution of its business strategies while ensuring sufficient liquidity through the business cycle and during periods of financial distress. The liquidity management policies are designed to mitigate the potential risk that adequate financing may not be accessible to service financial obligations without material franchise or business impact.

The principal elements of Jefferies Group's liquidity management framework are the Contingency Funding Plan, the Cash Capital Policy and the assessment of Modeled Liquidity Outflow.

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Contingency Funding Plan.  Jefferies Group's Contingency Funding Plan is based on a model of a potential liquidity contraction over a one year time period. This incorporates potential cash outflows during a market or our idiosyncratic liquidity stress event, including, but not limited to, the following:

•Repayment of all unsecured debt maturing within one year and no incremental unsecured debt issuance;

•Maturity rolloff of outstanding letters of credit with no further issuance and replacement with cash collateral;

•Higher margin requirements than currently exist on assets on securities financing activity, including repurchase agreements;

•Liquidity outflows related to possible credit downgrade;

•Lower availability of secured funding;

•Client cash withdrawals;

•The anticipated funding of outstanding investment and loan commitments; and

•Certain accrued expenses and other liabilities and fixed costs.

Cash Capital Policy. A cash capital model is maintained that measures long-term funding sources against requirements. Sources of cash capital include equity and the noncurrent portion of long-term borrowings. Uses of cash capital include the following:

•Illiquid assets such as equipment, goodwill, net intangible assets, exchange memberships, deferred tax assets and certain investments;

•A portion of securities inventory that is not expected to be financed on a secured basis in a credit stressed environment (i.e., margin requirements); and

•Drawdowns of unfunded commitments. 

To ensure that inventory does not need to be liquidated in the event of a funding stress, we seek to maintain surplus cash capital. Jefferies Group's total long-term capital of $14.27 billion at August 31, 2022 exceeded its cash capital requirements.

Modeled Liquidity Outflow. Jefferies Group's businesses are diverse, and its liquidity needs are determined by many factors, including market movements, collateral requirements and client commitments, all of which can change dramatically in a difficult funding environment. During a liquidity stress, credit-sensitive funding, including unsecured debt and some types of secured financing agreements, may be unavailable, and the terms (e.g., interest rates, collateral provisions and tenor) or availability of other types of secured financing may change. As a result of Jefferies Group's policy to ensure it has sufficient funds to cover estimates of what may be needed in a liquidity stress, Jefferies Group holds more cash and unencumbered securities and has greater long-term debt balances than the businesses would otherwise require. As part of this estimation process, Jefferies Group calculates a Modeled Liquidity Outflow that could be experienced in a liquidity stress. Modeled Liquidity Outflow is based on a scenario that includes both a market-wide stress and firm-specific stress.

Based on the sources and uses of liquidity calculated under the Modeled Liquidity Outflow scenarios, Jefferies Group determines, based on a calculated surplus or deficit, additional long-term funding that may be needed versus funding through the repurchase financing market and consider any adjustments that may be necessary to Jefferies Group's inventory balances and cash holdings. At August 31, 2022, Jefferies Group had sufficient excess liquidity to meet all contingent cash outflows detailed in the Modeled Liquidity Outflow. Jefferies Group regularly refines its model to reflect changes in market or economic conditions and the firm's business mix.

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Sources of Liquidity

Within Jefferies Group, the following are financial instruments that are cash and cash equivalents or are deemed by management to be generally readily convertible into cash, marginable or accessible for liquidity purposes within a relatively short period of time, as reflected in the Consolidated Statements of Financial Condition (in thousands):

	August 31, 2022		Average Balance Third Quarter 2022 (1)		November 30, 2021
Cash and cash equivalents:
Cash in banks	$	1,415,147	$	2,923,408	$	1,888,693
Money market investments (2)	6,397,875		4,085,572		6,924,871
Total cash and cash equivalents	7,813,022		7,008,980		8,813,564
Other sources of liquidity:
Debt securities owned and securities purchased under agreements to resell (3)	1,087,683		1,142,904		1,621,118
Other (4)	394,688		588,113		311,641
Total other sources	1,482,371		1,731,017		1,932,759
Total cash and cash equivalents and other liquidity sources	$	9,295,393	$	8,739,997	$	10,746,323

(1)Average balances are calculated based on weekly balances.

(2)At August 31, 2022 and November 30, 2021, $6.38 billion and $6.91 billion, respectively, was invested in U.S. government money funds that invest at least 99.5% of its total assets in cash, securities issued by the U.S. government and U.S. government-sponsored entities, and repurchase agreements that are fully collateralized by cash or government securities. The remaining $14.9 million at both August 31, 2022 and November 30, 2021 are invested in AAA rated prime money funds. The average balance of U.S. government money funds for the quarter ended August 31, 2022 was $4.07 billion.

(3)Consists of high quality sovereign government securities and reverse repurchase agreements collateralized by U.S. government securities and other high quality sovereign government securities; deposits with a central bank within the European Economic Area, United Kingdom ("U.K."), Canada, Australia, Japan, Switzerland or the U.S.; and securities issued by a designated multilateral development bank and reverse repurchase agreements with underlying collateral comprised of these securities.

(4)Other includes unencumbered inventory representing an estimate of the amount of additional secured financing that could be reasonably expected to be obtained from financial instruments owned that are currently not pledged after considering reasonable financing haircuts.

In addition to the cash balances and liquidity pool presented above, the majority of financial instruments (both long and short) in Jefferies Group's trading accounts are actively traded and readily marketable. At August 31, 2022, repurchase financing can be readily obtained for 73.9% of Jefferies Group's inventory at haircuts of 10% or less, which reflects the liquidity of the inventory. In addition, as a matter of our policy, all of these assets have internal capital assessed, which is in addition to the funding haircuts provided in the securities finance markets. Additionally, certain of Jefferies Group's financial instruments owned, primarily consisting of bank loans, consumer loans and investments, are predominantly funded by Jefferies Group's long-term capital. Under Jefferies Group's cash capital policy, capital allocation levels are modeled that are more stringent than the haircuts used in the market for secured funding; and surplus capital is maintained at these more stringent levels. We continually assess the liquidity of Jefferies Group's inventory based on the level at which Jefferies Group could obtain financing in the marketplace for a given asset. Assets are considered to be liquid if financing can be obtained in the repurchase market or the securities lending market at collateral haircut levels of 10% or less. 

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The following summarizes Jefferies Group's financial instruments owned by asset class that are considered to be of a liquid nature and the amount of such assets that have not been pledged as collateral as reflected in the Consolidated Statements of Financial Condition (in thousands):

	August 31, 2022				November 30, 2021
	Liquid Financial  Instruments		Unencumbered Liquid Financial  Instruments (2)		Liquid Financial  Instruments		Unencumbered Liquid Financial  Instruments (2)
Corporate equity securities	$	3,217,293	$	583,207	$	2,635,956	$	347,157
Corporate debt securities	2,667,494		47,646		2,943,135		31,935
U.S. government, agency and municipal securities	4,565,569		131,292		3,610,885		109,325
Other sovereign obligations	1,330,890		923,504		1,528,100		1,463,968
Agency mortgage-backed securities (1)	2,834,991		—		1,487,165		—
Loans and other receivables	160,104		—		132,989		—
Total	$	14,776,341	$	1,685,649	$	12,338,230	$	1,952,385

(1)Consists solely of agency mortgage-backed securities issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Government National Mortgage Association ("Ginnie Mae").

(2)Unencumbered liquid balances represent assets that can be sold or used as collateral for a loan, but have not been.

In addition to being able to be readily financed at reasonable haircut levels, it is estimated that each of the individual securities within each asset class above could be sold into the market and converted into cash within three business days under normal market conditions, assuming that the entire portfolio of a given asset class was not simultaneously liquidated. There are no restrictions on the unencumbered liquid securities, nor have they been pledged as collateral.

Sources of Funding and Capital Resources

Jefferies Group's assets are funded by equity capital, senior debt, securities loaned, securities sold under agreements to repurchase, customer free credit balances, bank loans and other payables.

Secured Financing

Readily available secured funding is used to finance Jefferies Group's inventory of financial instruments. Jefferies Group's ability to support increases in total assets is largely a function of the ability to obtain short and intermediate-term secured funding, primarily through securities financing transactions. Repurchase or reverse repurchase agreements (collectively "repos"), respectively, are used to finance a portion of long inventory and cover some of short inventory by pledging and borrowing securities. At August 31, 2022, approximately 68.0% of Jefferies Group's cash and noncash repurchase financing activities used collateral that was considered eligible collateral by central clearing corporations. During the first nine months of 2022, an average of approximately 75.4% of Jefferies Group's cash and noncash repurchase financing activities used collateral that was considered eligible collateral by central clearing corporations. Central clearing corporations are situated between participating members who borrow cash and lend securities (or vice versa); accordingly, repo participants contract with the central clearing corporation and not one another individually. Therefore, counterparty credit risk is borne by the central clearing corporation which mitigates the risk through initial margin demands and variation margin calls from repo participants. The comparatively large proportion of Jefferies Group's total repo activity that is eligible for central clearing reflects the high quality and liquid composition of the inventory Jefferies Group carries in its trading books. For those asset classes not eligible for central clearing house financing, Jefferies Group seeks to execute its bi-lateral financings on an extended term basis and the tenor of Jefferies Group's repurchase and reverse repurchase agreements generally exceeds the expected holding period of the assets Jefferies Group is financing. The weighted average maturity of cash and noncash repurchase agreements for non-clearing corporation eligible funded inventory is approximately eight months at August 31, 2022.

Jefferies Group's ability to finance its inventory via central clearinghouses and bi-lateral arrangements is augmented by Jefferies Group's ability to draw bank loans on an uncommitted basis under its various banking arrangements. At August 31, 2022, short-term borrowings, which must be repaid within one year or less totaled $564.2 million and include bank loans and overdrafts of $7.4 million, borrowings under revolving credit facilities of $550.0 million and floating rate puttable notes of $6.8 million.

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Interest under the bank lines is generally at a spread over the federal funds rate. Letters of credit are used in the normal course of business mostly to satisfy various collateral requirements in favor of exchanges in lieu of depositing cash or securities. Average daily short-term borrowings outstanding for Jefferies Group were $389.6 million and $399.1 million for the third quarter of 2022 and the first nine months of 2022, respectively.

Jefferies Group's borrowings under credit facilities contain certain covenants that, among other things, require it to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for its U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of its subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and Jefferies Group in reference to the bank's cost of funding. At August 31, 2022, Jefferies Group was in compliance with all covenants under these credit facilities.

In addition to the above financing arrangements, Jefferies Group issues notes backed by eligible collateral under master repurchase agreements, which provide an additional financing source for its inventory ("repurchase agreement financing program"). Jefferies Group also issues notes through SPEs collateralized by automobile loans. The notes issued under these programs are presented within Other secured financings in the Consolidated Statements of Financial Condition. At August 31, 2022, the outstanding notes totaled $2.15 billion, bear interest at spreads over the London Interbank Offered Rate ("LIBOR") rates or as stated in agreements and have maturities ranging from September 2022 to October 2029. 

Long-Term Debt

Jefferies Group's long-term debt reflected in the Consolidated Statement of Financial Condition at August 31, 2022 is $7.57 billion. 

During the first nine months of 2022, Jefferies Group's long-term debt decreased by $467.5 million, primarily due to fair value changes in its structured notes, gains on certain of its senior notes associated with interest rate swaps based on their designation as fair value hedges and approximately $66.2 million of net repayments related to its unsecured long-term debt, partially offset by structured notes issuances, net of retirements, of approximately $162.5 million and net issuances of approximately $93.7 million related to its secured credit facilities. At August 31, 2022, all of Jefferies Group's structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in Accumulated other comprehensive income (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenue. The fair value of all of Jefferies Group's structured notes at August 31, 2022 was $1.52 billion.

At August 31, 2022, Jefferies Group's borrowings under several credit facilities classified within Long-term debt in the Consolidated Statement of Financial Condition amounted to $1.05 billion. Interest on these credit facilities is based on adjusted LIBOR rates or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require Jefferies Group to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of its subsidiaries. At August 31, 2022, Jefferies Group was in compliance with all covenants under these credit facilities.

In addition, one of Jefferies Group's subsidiaries has a Loan and Security Agreement with a bank for a term loan ("Jefferies Group Secured Bank Loan"). At August 31, 2022, borrowings under the Jefferies Group Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt in the Consolidated Statement of Financial Condition. The Jefferies Group Secured Bank Loan matures on September 13, 2024, has an interest rate of 1.25% plus LIBOR and is collateralized by certain trading securities. The agreement contains certain covenants that, among other things, restrict lien or encumbrance upon any of the pledged collateral. At August 31, 2022, Jefferies Group was in compliance with all covenants under the Jefferies Group Secured Bank Loan.

At August 31, 2022, Jefferies Group's unsecured long-term debt has a weighted average maturity of approximately 10.0 years.

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Jefferies Group's long-term debt ratings at August 31, 2022 are as follows:

	Rating	Outlook
Moody's Investors Service	Baa2	Stable
Standard and Poor's	BBB	Stable
Fitch Ratings (1)	BBB	Positive

(1)    On January 24, 2022, Fitch Ratings affirmed Jefferies Group's rating of BBB and revised its rating outlook from stable to positive.

Jefferies Group's access to external financing to finance its day to day operations, as well as the cost of that financing, is dependent upon various factors, including its debt ratings. Jefferies Group's current debt ratings are dependent upon many factors, including industry dynamics, operating and economic environment, operating results, operating margins, earnings trend and volatility, balance sheet composition, liquidity and liquidity management, capital structure, overall risk management, business diversification and market share and competitive position in the markets in which it operates. Deterioration in any of these factors could impact Jefferies Group's credit ratings. While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact on business and trading results in future periods is inherently uncertain and depends on a number of factors, including the magnitude of the downgrade, the behavior of individual clients and future mitigating action taken by us.

In connection with certain over-the-counter derivative contract arrangements and certain other trading arrangements, Jefferies Group may be required to provide additional collateral to counterparties, exchanges and clearing organizations in the event of a credit rating downgrade. At August 31, 2022, the amount of additional collateral that could be called by counterparties, exchanges and clearing organizations under the terms of such agreements in the event of a downgrade of Jefferies Group's long-term credit rating below investment grade was $21.4 million. For certain foreign clearing organizations, credit rating is only one of several factors employed in determining collateral that could be called. The above represents management's best estimate for additional collateral to be called in the event of a credit rating downgrade. The impact of additional collateral requirements is considered in Jefferies Group's Contingency Funding Plan and calculation of Modeled Liquidity Outflow, as described above.

Ratings issued by credit rating agencies are subject to change at any time.

Net Capital

Jefferies Group operates a broker-dealer, Jefferies LLC, registered with the SEC and a member firm of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC is subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant ("FCM"), is also subject to Rule 1.17 of the CFTC, which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. FINRA is the designated examining authority for Jefferies LLC and the National Futures Association ("NFA") is the designated self-regulatory organization for Jefferies LLC as an FCM.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") contains provisions that require the registration of all swap dealers, major swap participants, security-based swap dealers, and/or major security-based swap participants. One of Jefferies Group's subsidiaries, Jefferies Financial Services, Inc. ("JFSI"), a registered swap dealer, is subject to the CFTC's regulatory capital requirements and holds regulatory capital in excess of the minimum regulatory requirement. Additionally, JFSI is registered as a security-based swap dealer with the SEC and is subject to the SEC's security-based swap dealer regulatory rules. Further, JFSI is registered with the SEC as an OTC derivatives dealer, and is subject to compliance with the SEC's net capital requirements. As a security-based swap dealer and swap dealer, JFSI is subject to the net capital requirements of the SEC, CFTC and the NFA, as a member of the NFA. JFSI is required to maintain minimum net capital, as defined under SEC Rule 18a-1 of not less than the greater of 2% of the risk margin amount, as defined, or $20 million.

Jefferies LLC's net capital and excess net capital at August 31, 2022 were $1.17 billion and $1.07 billion, respectively. JFSI's net capital and excess net capital at August 31, 2022 were $321.2 million and $301.2 million, respectively.

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The net capital and excess net capital of Jefferies LLC at August 31, 2022 of $1.17 billion and $1.07 billion, respectively, reflects a decline in net capital and excess net capital of $709.9 million and $698.2 million, respectively, from net capital and excess net capital of $1.88 billion and $1.77 billion, respectively, at May 31, 2022. The decline in net capital and excess net capital is primarily attributed to an August 18, 2022 change in SEC regulatory requirements related to capital levels required for certain securities inventory of broker-dealers that became effective immediately upon issuance. While the capital levels have declined, management continues to believe that Jefferies LLC is adequately capitalized.

Certain other U.S. and non-U.S. subsidiaries of Jefferies Group are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited which is subject to the regulatory supervision and requirements of the Financial Conduct Authority in the U.K.

The regulatory capital requirements referred to above may restrict Jefferies Group's ability to withdraw capital from its regulated subsidiaries.

Some of our other consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the parent company.

Other Developments

In February 2022, Russia invaded Ukraine. Following Russia's invasion, the U.S., the U.K., and the European Union governments, among others, developed coordinated financial and economic sanctions targeting Russia that, in various ways, constrain transactions with numerous Russian entities, including major Russian banks and individuals; transactions in Russian sovereign debt; and investment, trade and financing to, from, or in certain regions of Ukraine. We do not have any operations in Russia or any clients with significant Russian operations and we have minimal market risk related to securities of companies either domiciled or operating in Russia. We continue to monitor the status of trading and the credit risk of our counterparties and we believe that any loss we might incur will be immaterial.

On January 1, 2022, the publication of the one-week and two-month U.S. Dollar LIBOR maturities and all non-U.S. Dollar LIBOR maturities ceased and the remaining U.S. Dollar LIBOR maturities will cease immediately after June 30, 2023. We are a counterparty to a number of LIBOR-based contracts, with maturity dates subsequent to 2021, composed primarily of cleared derivative contracts and floating rate notes. We continue to make progress with our transition program to orderly transition from Interbank Offered Rates to alternative reference rates in accordance with industry timelines, which includes a policy that limits new agreements that reference U.S. Dollar LIBOR or non-U.S Dollar LIBOR, except as permitted under certain circumstances. Our transition plan is designed to enable operational readiness and robust risk management and we are taking steps to update operational processes, models and contracts for any changes that may be required as well as reduce our overall exposure to LIBOR. We are actively engaged with our counterparties to ensure that our contracts adhere to the International Swaps and Derivative Association, Inc. fallback protocol or are actively converted to alternative risk- free reference rates and are both educating and assisting our clients with the transition from and cessation of LIBOR.

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Off-Balance Sheet Risk

Jefferies Group has contractual commitments arising in the ordinary course of business for securities loaned or purchased under agreements to resell, repurchase agreements, future purchases and sales of foreign currencies, securities transactions on a when-issued basis and underwriting. Each of these financial instruments and activities contains varying degrees of off-balance sheet risk whereby the fair values of the securities underlying the financial instruments may be in excess of, or less than, the contract amount. The settlement of these transactions is not expected to have a material effect upon our consolidated financial statements.

In the normal course of business, we engage in other off-balance sheet arrangements, including derivative contracts. Neither derivatives' notional amounts nor underlying instrument values are reflected as assets or liabilities in the Consolidated Statements of Financial Condition. Rather, the fair values of derivative contracts are reported in the Consolidated Statements of Financial Condition as Financial instruments owned, at fair value, or Financial instruments sold, not yet purchased, at fair value, as applicable. Derivative contracts are reflected net of cash paid or received pursuant to credit support agreements and are reported on a net by counterparty basis when a legal right of offset exists under an enforceable master netting agreement.

Cautionary Statement for Forward-Looking Information

This report contains or incorporates by reference "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words "will," "could," "estimates," "expects," "anticipates," "believes," "plans," "intends" and variations of such words or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward-looking statements include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. Future events and actual results could differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in this report and other documents we file. You should read and interpret any forward-looking statement together with these documents, including the following:

•The description of our business and risk factors contained in our Annual Report on Form 10-K for the fiscal year ended November 30, 2021 and filed with the SEC on January 28, 2022 (the "2021 10-K");

•The discussion and analysis of financial condition and result of operations contained in this report under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein;

•The notes to the consolidated financial statements in this report; and

•Cautionary statements we make in our public documents, reports and announcements.

Any forward-looking statement speaks only as of the date on which that statement is made. We will not update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law.

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

The following includes "forward-looking statements" that involve risk and uncertainties. See "Cautionary Statement for Forward-Looking Information" above. Actual results could differ materially from those projected in the forward-looking statements. The discussion of risk is presented separately for Jefferies Group and the balance of our company. Exclusive of Jefferies Group, our market risk arises principally from equity price risk. Information related thereto required under this Item is contained in Item 7A in our 2021 10-K, and is incorporated by reference herein.

Excluding Jefferies Group, Financial instruments owned, at fair value include corporate equity securities with an aggregate fair value of $210.1 million at August 31, 2022. Assuming a decline of 10% in market prices, the value of these investments could decrease by approximately $21.0 million.

Jefferies Group

Overview

Risk is an inherent part of our business and activities. The extent to which we properly and effectively identify, assess, monitor and manage each of the various types of risk involved in our activities is critical to our financial soundness, viability and profitability. Accordingly, we have a comprehensive risk management approach, with a formal governance structure and policies outlining frameworks and processes to identify, assess, monitor and manage risk. Principal risks involved in our business activities include market, credit, liquidity and capital, operational, legal and compliance, new business and reputational risk.

Risk management is a multifaceted process that requires communication, judgment and knowledge of financial products and markets. Our risk management process encompasses the active involvement of executive and senior management, and also many departments independent of the revenue-producing business units, including Jefferies Group's Risk Management, Operations, Information Technology, Compliance, Legal and Finance Departments. Our risk management policies, procedures and methodologies are flexible in nature and are subject to ongoing review and modification.

In achieving our strategic business objectives, our risk appetite incorporates keeping our clients' interests as top priority and ensuring we are in compliance with applicable laws, rules and regulations, as well as adhering to the highest ethical standards. We undertake prudent risk-taking that protects the capital base and franchise, utilizing risk limits and tolerances that avoid outsized risk-taking. We maintain a diversified business mix and avoid significant concentrations to any sector, product, geography, or activity and set quantitative concentration limits to manage this risk. We consider contagion, second order effects and correlation in our risk assessment process and actively seek out value opportunities of all sizes. We manage the risk of opportunities larger than our approved risk levels through risk sharing and risk distribution, sell-down and hedging, as appropriate. We have a limited appetite for illiquid assets and complex derivative financial instruments. We maintain the asset quality of our balance sheet through conducting trading activity in liquid markets and generally ensure high turnover of our inventory. We subject less liquid positions and derivative financial instruments to particular scrutiny and use a wide variety of specific metrics, limits, and constraints to manage these risks. We protect our reputation and franchise, as well as our standing within the market. We operate a federated approach to risk management and assign risk oversight responsibilities to a number of functions with specific areas of focus.

For a discussion of liquidity and capital risk management, refer to the "Liquidity and Capital Resources" section herein.

Governance and Risk Management Structure

For a discussion of our governance and risk management structure and our risk management framework, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management" in Part II, Item 7 of the 2021 10-K.

Risk Considerations

We apply a comprehensive framework of limits on a variety of key metrics to constrain the risk profile of our business activities. The size of the limits reflects our risk appetite for a certain activity under normal business conditions. Key metrics included in our risk management framework include inventory position and exposure limits on a gross and net basis, scenario analysis and stress tests, Value-at-Risk ("VaR"), sensitivities, exposure concentrations, aged inventory, Level 3 assets, counterparty exposure, leverage and cash capital.

Market Risk

Market risk is defined as the risk of loss due to fluctuations in the market value of financial assets and liabilities attributable to changes in market variables.

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Our market risk principally arises from interest rate risk, from exposure to changes in the yield curve, the volatility of interest rates, and credit spreads, and from equity price risks from exposure to changes in prices and volatilities of individual equities, equity baskets and equity indices. In addition, commodity price risk results from exposure to the changes in prices and volatilities of individual commodities, commodity baskets and commodity indices, and foreign exchange risk results from changes in foreign currency rates.

Market risk is present in our capital markets business through market-making, proprietary trading, underwriting, and investing activities, and is present in our asset management business through investments in separately managed accounts and direct investments in funds. Given our involvement in a broad set of financial products and markets, market risk exposures are diversified, and economic hedges are established as appropriate.

Market risk is monitored and managed through a set of key risk metrics such as VaR, stress scenarios, risk sensitivities and position exposures. Limits are set on the key risk metrics to monitor and control the risk exposure ensuring that it is in line with our risk appetite. Our risk appetite, including the market risk limits, is periodically reviewed to reflect business strategy and market environment. Material risk changes, top/emerging risks and limit utilizations/breaches are highlighted, through risk reporting, and escalated as necessary.

Trading is principally managed through front office trader mandates, where each trader is provided a specific mandate in line with our product registry. Mandates set out the activities, currencies, countries and products that the desk is permitted to trade in and set the limits applicable to the desk. Traders are responsible for knowing their trading limits and trading in a manner consistent with their mandate.

Value-at-Risk

VaR is a statistical estimate of the potential loss from adverse market movements over a specified time horizon within a specified probability (confidence level). It provides a common risk measure across financial instruments, markets and asset classes. We estimate VaR using a model that simulates revenue and loss distributions on Jefferies Group's trading portfolios by applying historical market changes to the current portfolio. Jefferies Group calculates a one day VaR using a one year look-back period measured at a 95% confidence level.

As with all measures of VaR, the estimate has inherent limitations due to the assumption that historical changes in market conditions are representative of the future. Furthermore, the VaR model measures the risk of a current static position over a one day horizon and might not capture the market risk over a longer time horizon where moves may be more extreme. Previous changes in market risk factors may not generate accurate predictions of future market movements. While we believe the assumptions and inputs in our risk model are reasonable, we could incur losses greater than the reported VaR. Consequently, this VaR estimate is only one of a number of tools we use in our daily risk management activities.

The table below shows firmwide VaR for each component of market risk by interest rate and credit spreads, equity, currency and commodity products using the past 365 days of historical data (in millions):

Daily Firmwide VaR (1)
Risk Categories	VaR at August 31,  2022		Daily VaR for the Three Months Ended August 31, 2022						VaR at May 31,  2022		Daily VaR for the Three Months Ended May 31, 2022
			Average		High		Low				Average		High		Low
Interest Rates and Credit Spreads	$	8.04	$	5.03	$	8.04	$	3.63	$	6.19	$	6.05	$	8.52	$	4.41
Equity Prices	4.06		7.08		17.59		3.97		8.57		8.73		13.65		6.09
Currency Rates	0.02		0.05		0.08		0.02		0.03		0.05		0.07		0.03
Commodity Prices	0.17		0.25		0.55		0.11		0.48		0.49		0.83		0.29
Diversification Effect (2)	(2.33)		(2.81)		N/A		N/A		(5.52)		(3.48)		N/A		N/A
Firmwide VaR (3)	$	9.96	$	9.60	$	18.94	$	5.90	$	9.75	$	11.84	$	18.41	$	8.37

(1)For the firmwide VaR numbers reported above, a one day time horizon, with a one year look-back period, and a 95% confidence level were used.

(2)The diversification effect is not applicable for the maximum and minimum VaR values as Jefferies Group's firmwide VaR and the VaR values for the four risk categories might have occurred on different days during the period.

(3)The aggregated VaR presented here is less than the sum of the individual components (i.e., interest rate risk, foreign exchange rate risk, equity risk and commodity price risk) due to the benefit of diversification among the four risk categories. Diversification benefit

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equals the difference between aggregated VaR and the sum of VaRs for the four risk categories and arises because the market risk categories are not perfectly correlated.

The table below shows VaR for our capital markets trading activities, which excludes the impact on VaR for each component of market risk from our asset management activities by interest rate and credit spreads, equity, currency and commodity products using the past 365 days of historical data (in millions):

Daily Capital Markets VaR (1)
Risk Categories	VaR at August 31,  2022		Daily VaR for the Three Months Ended August 31, 2022						VaR at May 31,  2022		Daily VaR for the Three Months Ended May 31, 2022
			Average		High		Low				Average		High		Low
Interest Rates and Credit Spreads	$	6.96	$	4.68	$	7.29	$	3.20	$	6.16	$	5.80	$	8.03	$	4.46
Equity Prices	5.68		8.26		19.01		5.20		7.19		9.07		18.71		6.06
Currency Rates	—		0.03		0.09		—		0.03		0.05		0.07		0.03
Commodity Prices	—		—		—		—		—		0.05		0.19		—
Diversification Effect (2)	(3.79)		(4.75)		N/A		N/A		(5.44)		(5.04)		N/A		N/A
Capital Markets VaR (3)	$	8.85	$	8.22	$	19.56	$	4.78	$	7.94	$	9.93	$	16.83	$	7.81

(1)For the capital markets VaR numbers reported above, a one day time horizon, with a one year look-back period, and a 95% confidence level were used.

(2)The diversification effect is not applicable for the maximum and minimum VaR values as Jefferies Group's capital markets VaR and the VaR values for the four risk categories might have occurred on different days during the period.

(3)The aggregated VaR presented here is less than the sum of the individual components (i.e., interest rate risk, foreign exchange rate risk, equity risk and commodity price risk) due to the benefit of diversification among the four risk categories. Diversification benefit equals the difference between aggregated VaR and the sum of VaRs for the four risk categories and arises because the market risk categories are not perfectly correlated.

Our average daily firmwide VaR decreased to $9.60 million for the third quarter of 2022 from $11.84 million for the second quarter of 2022. The decrease was primarily driven by reduced risk exposure and defensive positioning across all businesses.

The efficacy of the VaR model is tested by comparing the actual daily net revenues for those positions included in VaR calculation with the daily VaR estimate. This evaluation is performed at various levels, from the overall level down to specific business lines. For the VaR model, revenue is defined as principal transactions revenues, trading related commissions, revenue from securitization activities and net interest income. VaR backtesting methodologies differ for regulated entities with approved capital models.

For a 95% confidence one day VaR model (i.e., no intra-day trading), assuming current changes in market value are consistent with the historical changes used in the calculation, losses would not be expected to exceed the VaR estimates more than twelve times on an annual basis (i.e., once in every 20 days). During the third quarter of 2022, there was one day when the aggregate net trading loss exceeded the 95% one day VaR.

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The chart below shows our daily firmwide VaR and capital markets VaR over the last four quarters. The uptick in VaR towards the end of November 2021 until early January 2022 was driven by increased equity exposure. The drop in VaR from January to end of February 2022 was driven by exposure reductions in response to market volatility driven by inflation, rate hike expectations and Russia's invasion of Ukraine. The VaR increase in early March 2022 was driven by higher equity exposure, which was subsequently reduced. VaR trended lower from June 2022 to the middle of 2022, driven by defensive positioning. The temporary increase in VaR during July 2022 was driven by a block trade which was subsequently reduced.

Daily Net Trading Revenue

There were nine days with firmwide trading losses out of a total of 64 trading days in the third quarter of 2022. The histogram below presents the distribution of Jefferies Group's actual daily net trading revenue for substantially all of its trading activities for the third quarter of 2022 (in millions):

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Other Risk Measures

Sensitivity analysis is viewed as the most appropriate measure of risks for certain positions within financial instruments and therefore such positions are not included in the VaR model. Accordingly, Jefferies Group Risk Management has additional procedures in place to assure that the level of potential loss that would arise from market movements are within acceptable levels. Such procedures include performing stress tests and profit and loss analysis. The table below presents the potential reduction in net income associated with a 10% stress of the fair value of Jefferies Group's positions that are not included in the VaR model at August 31, 2022 (in thousands):

	10% Sensitivity
Investment in funds (1)	$	129,952
Private investments	21,955
Corporate debt securities in default	7,579
Trade claims	1,803

(1)    Includes investments in hedge funds, fund of funds and private equity funds. For additional details on these investments, see Note 3 in our consolidated financial statements.

VaR also excludes the impact of changes in Jefferies Group's own credit spreads on its structured notes for which the fair value option was elected. The estimated credit spread risk sensitivity for each one basis point widening in Jefferies Group's own credit spreads on financial liabilities for which the fair value option was elected was an increase in value of approximately $1.4 million at August 31, 2022, which is included in Accumulated other comprehensive income (loss).

Stress Tests and Scenario Analysis

Stress tests are used to analyze the potential impact of specific events or extreme market moves on the current portfolio both firmwide and within business segments. Stress testing is an important part of our risk management approach because it allows us to quantify our exposure to tail risks, highlight potential loss concentrations, undertake risk/reward analysis, set risk controls and overall assess and mitigate our risk.

We employ a range of stress scenarios, which comprise both historical market price and rate changes and hypothetical market environments, and generally involve simultaneous changes of many risk factors. Indicative market changes in our scenarios include, but are not limited to, a large widening of credit spreads, a substantial decline in equities markets, significant moves in selected emerging markets, large moves in interest rates and changes in the shape of the yield curve.

Unlike VaR, which measures potential losses within a given confidence interval, stress scenarios do not have an associated implied probability. Rather, stress testing is used to estimate the potential loss from market moves that tend to be larger than those embedded in the VaR calculation. Stress testing complements VaR to cover for potential limitations of VaR such as the breakdown in correlations, non-linear risks, tail risk and extreme events and capturing market moves beyond the confidence levels assumed in the VaR calculations.

Stress testing is performed and reported at least weekly as part of our risk management process and on an ad hoc basis in response to market events or concerns. Current stress tests provide estimated revenue and loss of the current portfolio through a range of both historical and hypothetical events. The stress scenarios are reviewed and assessed at least annually so that they remain relevant and up to date with market developments. Additional hypothetical scenarios are also conducted on a sub-portfolio basis to assess the impact of any relevant idiosyncratic stress events as needed.

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Counterparty Credit Risk

Credit risk is the risk of loss due to adverse changes in a counterparty's credit worthiness or its ability or willingness to meet its financial obligations in accordance with the terms and conditions of a financial contract.

We are exposed to credit risk as a trading counterparty to other broker-dealers and customers, as a counterparty to derivative contracts, as a direct lender and through extending loan commitments and providing securities-based lending and as a member of exchanges and clearing organizations. Credit exposure exists across a wide-range of products, including cash and cash equivalents, loans, securities finance transactions and over-the-counter derivative contracts. The main sources of our credit risk are:

•Loans and lending arising in connection with our investment banking and capital markets activities, which reflects our exposure at risk on a default event with no recovery of loans. Current exposure represents loans that have been drawn by the borrower and lending commitments that are outstanding. In addition, credit exposures on forward settling traded loans are included within our loans and lending exposures for consistency with the balance sheet categorization of these items. Loans and lending also arise in connection with our portion of Jefferies Group's Secured Revolving Credit Facility that is with Jefferies Group and Massachusetts Mutual Life Insurance Company, to be funded equally, to support loan underwritings by Jefferies Finance. See Note 8 for additional information on this facility. In addition, Jefferies Group has loans outstanding to certain officers and employees (none of whom are executive officers or directors). See Note 21 for additional information on these employee loans.

•Securities and margin financing transactions, which reflect our credit exposure arising from reverse repurchase agreements, repurchase agreements and securities lending agreements to the extent the fair value of the underlying collateral differs from the contractual agreement amount and from margin provided to customers.

•Over-the-counter derivatives, which are reported net by counterparty when a legal right of setoff exists under an enforceable master netting agreement. Over-the-counter derivative exposure is based on a contract at fair value, net of cash collateral received or posted under credit support agreements. In addition, credit exposures on forward settling trades are included within derivative credit exposures.

•Cash and cash equivalents, which include both interest-bearing and non-interest-bearing deposits at banks.

Credit is extended to counterparties in a controlled manner and in order to generate acceptable returns, whether such credit is granted directly or is incidental to a transaction. All extensions of credit are monitored and managed as a whole to limit exposure to loss related to credit risk. Credit risk is managed according to the Credit Risk Management Policy, which sets out the process for identifying counterparty credit risk, establishing counterparty limits, and managing and monitoring credit limits. The policy includes our approach for:

•Client on-boarding and approving counterparty credit limits;

•Negotiating, approving and monitoring credit terms in legal and master documentation;

•Determining the analytical standards and risk parameters for ongoing management and monitoring credit risk books;

•Actively managing daily exposure, exceptions and breaches; and

•Monitoring daily margin call activity and counterparty performance.

Counterparty credit exposure limits are granted within our credit ratings framework, as detailed in the Credit Risk Management Policy. Jefferies Group's Credit Risk Department assesses counterparty credit risk and sets credit limits at the counterparty master agreement level. Limits must be approved by appropriate credit officers and initiated in our credit and trading systems before trading commences. All credit exposures are reviewed against approved limits on a daily basis.

Jefferies Group's Secured Revolving Credit Facility, which supports loan underwritings by Jefferies Finance, is governed under separate policies other than the Credit Risk Management Policy and is approved by Jefferies Group's Board of Directors. The loans outstanding to certain of Jefferies Group's officers and employees are extended pursuant to a review by its most senior management.

Current counterparty credit exposures are summarized in the tables below and provided by credit quality, region and industry. Credit exposures presented take netting and collateral into consideration by counterparty and master agreement. Collateral taken into consideration includes both collateral received as cash as well as collateral received in the form of securities or other arrangements. Current exposure is the loss that would be incurred on a particular set of positions in the event of default by the counterparty, assuming no recovery. Current exposure equals the fair value of the positions less collateral. Issuer risk is the credit risk arising from inventory positions (for example, corporate debt securities and secondary bank loans). Issuer risk is included in our country risk exposure tables below.

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The amounts in the tables below are for amounts included in the Consolidated Statements of Financial Condition at August 31, 2022 and November 30, 2021 (in millions).

Counterparty Credit Exposure by Credit Rating
	Loans and Lending				Securities and Margin Finance				OTC Derivatives				Total				Cash and Cash Equivalents				Total with Cash and Cash Equivalents
	At				At				At				At				At				At
	August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021
AAA Range	$	—	$	—	$	4.4	$	0.8	$	—	$	—	$	4.4	$	0.8	$	6,397.9	$	6,924.9	$	6,402.3	$	6,925.7
AA Range	70.3		60.0		83.5		111.7		6.3		13.0		160.1		184.7		4.2		5.1		164.3		189.8
A Range	0.9		0.4		486.0		530.4		177.9		338.0		664.8		868.8		1,400.0		1,869.4		2,064.8		2,738.2
BBB Range	250.0		250.3		131.9		170.9		32.6		37.2		414.5		458.4		9.0		0.8		423.5		459.2
BB or Lower	40.8		40.0		9.4		11.4		11.7		71.0		61.9		122.4		0.1		0.1		62.0		122.5
Unrated	215.6		164.2		—		—		—		—		215.6		164.2		1.8		13.3		217.4		177.5
Total	$	577.6	$	514.9	$	715.2	$	825.2	$	228.5	$	459.2	$	1,521.3	$	1,799.3	$	7,813.0	$	8,813.6	$	9,334.3	$	10,612.9

Counterparty Credit Exposure by Region
	Loans and Lending				Securities and Margin Finance				OTC Derivatives				Total				Cash and Cash Equivalents				Total with Cash and Cash Equivalents
	At				At				At				At				At				At
	August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021
Asia/Latin America/Other	$	15.8	$	14.9	$	49.8	$	63.7	$	18.0	$	0.9	$	83.6	$	79.5	$	248.7	$	268.1	$	332.3	$	347.6
Europe	1.1		0.3		199.7		300.8		11.5		66.4		212.3		367.5		32.8		57.0		245.1		424.5
North America	560.7		499.7		465.7		460.7		199.0		391.9		1,225.4		1,352.3		7,531.5		8,488.5		8,756.9		9,840.8
Total	$	577.6	$	514.9	$	715.2	$	825.2	$	228.5	$	459.2	$	1,521.3	$	1,799.3	$	7,813.0	$	8,813.6	$	9,334.3	$	10,612.9

Counterparty Credit Exposure by Industry
	Loans and Lending				Securities and Margin Finance				OTC Derivatives				Total				Cash and Cash Equivalents				Total with Cash and Cash Equivalents
	At				At				At				At				At				At
	August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021		August 31, 2022		November 30, 2021
Asset Managers	$	20.9	$	—	$	—	$	—	$	12.0	$	—	$	32.9	$	—	$	6,397.9	$	6,924.9	$	6,430.8	$	6,924.9
Banks, Broker-dealers	251.2		250.7		463.8		602.9		203.7		388.9		918.7		1,242.5		1,415.1		1,888.7		2,333.8		3,131.2
Corporates	196.3		158.2		—		—		11.5		68.0		207.8		226.2		—		—		207.8		226.2
As Agent Banks	—		—		180.8		185.2		—		—		180.8		185.2		—		—		180.8		185.2
Other	109.2		106.0		70.6		37.1		1.3		2.3		181.1		145.4		—		—		181.1		145.4
Total	$	577.6	$	514.9	$	715.2	$	825.2	$	228.5	$	459.2	$	1,521.3	$	1,799.3	$	7,813.0	$	8,813.6	$	9,334.3	$	10,612.9

For additional information regarding credit exposure to over-the-counter derivative contracts, see Note 4 in the consolidated financial statements.

Country Risk Exposure

Country risk is the risk that events or developments that occur in the general environment of a country or countries due to economic, political, social, regulatory, legal or other factors, will affect the ability of obligors of the country to honor their obligations. We define the country of risk as the country of jurisdiction or domicile of the obligor, and monitor country risk resulting from both trading positions and counterparty exposure, which may not include the offsetting benefit of any financial instruments utilized to manage market risk.

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The following tables reflect our top exposure to the sovereign governments, corporations and financial institutions in those non-U.S. countries in which we have a net long issuer and counterparty exposure (in millions):

	August 31, 2022
	Issuer Risk						Counterparty Risk								Issuer and Counterparty Risk
	Fair Value of Long Debt  Securities		Fair Value of Short Debt  Securities		Net Derivative Notional  Exposure		Loans and  Lending		Securities and Margin  Finance		OTC Derivatives		Cash and Cash Equivalents		Excluding Cash and Cash Equivalents		Including Cash and Cash Equivalents
Canada	$	198.6	$	(93.9)	$	(61.9)	$	—	$	67.5	$	153.3	$	1.8	$	263.6	$	265.4
United Kingdom	854.7		(352.9)		(343.9)		1.1		9.8		7.0		23.0		175.8		198.8
Hong Kong	32.5		(57.5)		0.7		—		0.9		—		167.6		(23.4)		144.2
France	348.8		(260.5)		(44.2)		—		77.4		—		—		121.5		121.5
Germany	314.1		(238.5)		(46.7)		—		60.3		1.4		6.8		90.6		97.4
Luxembourg	86.1		(26.9)		1.4		—		2.2		—		—		62.8		62.8
Japan	100.4		(87.8)		1.2		—		20.2		5.8		16.3		39.8		56.1
Switzerland	125.6		(99.7)		3.1		—		22.5		2.6		0.8		54.1		54.9
China	196.4		(123.6)		(18.1)		—		—		—		—		54.7		54.7
Belgium	144.9		(90.6)		—		—		—		—		—		54.3		54.3
Total	$	2,402.1	$	(1,431.9)	$	(508.4)	$	1.1	$	260.8	$	170.1	$	216.3	$	893.8	$	1,110.1

	November 30, 2021
	Issuer Risk						Counterparty Risk								Issuer and Counterparty Risk
	Fair Value of Long Debt  Securities		Fair Value of Short Debt  Securities		Net Derivative Notional  Exposure		Loans and  Lending		Securities and Margin  Finance		OTC  Derivatives		Cash and Cash Equivalents		Excluding Cash and Cash Equivalents		Including Cash and Cash Equivalents
Canada	$	196.4	$	(94.2)	$	1.3	$	—	$	63.1	$	259.5	$	1.7	$	426.1	$	427.8
United Kingdom	570.6		(350.1)		(1.4)		0.3		68.9		24.9		26.7		313.2		339.9
Hong Kong	27.9		(18.3)		(1.8)		—		2.5		—		160.6		10.3		170.9
Japan	247.3		(205.4)		(3.1)		—		18.3		0.1		51.4		57.2		108.6
Spain	191.4		(111.8)		(0.1)		—		25.3		0.3		—		105.1		105.1
Australia	134.1		(78.5)		0.6		—		25.5		—		7.5		81.7		89.2
Netherlands	220.2		(142.0)		0.7		—		3.9		0.1		1.3		82.9		84.2
Switzerland	97.3		(67.6)		3.5		—		40.3		2.5		2.7		76.0		78.7
France	210.7		(201.7)		(59.5)		—		99.6		26.9		—		76.0		76.0
China	458.4		(356.9)		(34.1)		—		—		—		—		67.4		67.4
Total	$	2,354.3	$	(1,626.5)	$	(93.9)	$	0.3	$	347.4	$	314.3	$	251.9	$	1,295.9	$	1,547.8

Operational Risk

Operational risk is the risk of financial or non-financial impact, resulting from inadequate or failed internal processes, people and systems or from external events. We interpret this definition as including not only financial loss or gain but also other negative impacts to our objectives such as reputational impact, legal/regulatory impact and impact on our clients. Third-party risk is also included as a subset of Operational Risk and is defined as the potential threat presented to us, or our employees or clients, from our supply chain and other third-parties used to perform a process, service or activity on our behalf.

Our Operational Risk framework includes governance as well as operational risk processes, which is comprised of operational risk event capture and analysis, risk and control self-assessments, operational risk key indicators, action tracking, risk monitoring and reporting, deep dive risk assessments, new business approvals and vendor risk management. Each revenue producing and support department is responsible for the management and reporting of operational risks and the implementation of the Operational Risk Management Policy and processes within the department with regular operational risk training provided to our employees.

106

Operational Risk events are mapped to Risk Categories used for the consistent classification of risk data to support root cause and trend analysis, which include:

• Fraud and Theft;

• Clients and Business Practices;

• Market Conduct/Regulatory Compliance;

• Business Disruption;

• Technology;

• Data Protection and Privacy;

• Trading;

• Transaction and Process Management;

• People;

• Cyber; and

• Vendor Risk.

Operational Risk Management Policy, framework, infrastructure, methodology, processes, guidance and oversight of the operational risk processes are centralized and consistent firm wide and additionally subject to regional and legal entity operational risk governance as required. We also maintain a firm wide Third-Party ("Vendor") Risk Management Policy & Framework to ensure adequate control and monitoring over our critical third parties which includes processes for conducting periodic reviews covering areas of risk including financial health, information security, privacy, business continuity management, disaster recovery and operational risk.

Our leadership continuously monitors circumstances around COVID-19 and provides as-needed communications to both our clients and our employees to keep them fully abreast of our policies and protocols. We follow local and federal guidelines to ensure the safety of our people and clients, and operate effectively with a hybrid working environment across all functions with no disruptions to our business or control processes. As the incidence of COVID-19 decreases, our employees have returned to our offices in numbers matching pre-COVID-19 attendance levels.

Model Risk

Model risk refers to the risk of losses resulting from decisions that are based on the output of models, due to errors or weaknesses in the design and development, implementation, or improper use of models. We use quantitative models primarily to value certain financial assets and liabilities and to monitor and manage our risk. Model risk is a function of the model materiality, frequency of use, complexity and uncertainty around inputs and assumptions used in a given model. Robust model risk management is a core part of our risk management approach and is overseen through our risk governance structure and risk management controls.

Legal and Compliance Risk

Legal and compliance risk includes the risk of noncompliance with applicable legal and regulatory requirements. We are subject to extensive regulation in the different jurisdictions in which we conduct our business. We have various procedures addressing issues such as regulatory capital requirements, sales and trading practices, use of and safekeeping of customer funds, credit granting, collection activities, anti-money laundering and record keeping. These risks also reflect the potential impact that changes in local and international laws and tax statutes have on the economics and viability of current or future transactions. In an effort to mitigate these risks, we continuously review new and pending regulations and legislation and participate in various industry interest groups. We also maintain an anonymous hotline for employees or others to report suspected inappropriate actions by us or by our employees or agents.

New Business Risk

New business risk refers to the risks of entering into a new line of business or offering a new product. By entering a new line of business or offering a new product, we may face risks that we are unaccustomed to dealing with and may increase the magnitude of the risks we currently face. The New Business Committee reviews proposals for new businesses and new products to determine if we are prepared to handle the additional or increased risks associated with entering into such activities.

Reputational Risk

We recognize that maintaining our reputation among clients, investors, regulators and the general public is an important aspect of minimizing legal and operational risks. Maintaining our reputation depends on a large number of factors, including the selection of our clients and the conduct of our business activities. We seek to maintain our reputation by screening potential clients and by conducting our business activities in accordance with high ethical standards. Our reputation and business activity can be affected by statements and actions of third-parties, even false or misleading statements by them. We actively monitor public comment concerning us and are vigilant in seeking to assure accurate information and perception prevails.

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Item 4.  Controls and Procedures.

Evaluation of disclosure controls and procedures

The Company's management evaluated, with the participation of the Company's principal executive and principal financial officers, the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of August 31, 2022. Based on their evaluation, the Company's principal executive and principal financial officers concluded that the Company's disclosure controls and procedures were effective as of August 31, 2022.

Changes in internal control over financial reporting

There has been no change in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the Company's fiscal quarter ended August 31, 2022, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

108

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings.

The information set forth in response to this Item 1 is incorporated by reference from the "Contingencies" section in Note 18, Commitments, Contingencies and Guarantees, in the Notes to Consolidated Financial Statements in Item 1 of Part I of this Quarterly Report, which is incorporated herein by reference.

Item 1A.  Risk Factors.

Information regarding our risk factors appears in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended November 30, 2021. These risk factors describe some of the assumptions, risks, uncertainties and other factors that could adversely affect our business or that could otherwise result in changes that differ materially from our expectations. The following risk factor is an update to our previously disclosed risk factor and should be considered in conjunction with the Risk Factors section in our Form 10-K for the fiscal year, filed with the SEC on January 28, 2022.

We may incur losses as a result of unforeseen or catastrophic events, including the emergence of a pandemic, cybersecurity incidents and events, terrorist attacks, war, trade policies, military conflict, climate-related incidents, or other natural disasters. The occurrence of unforeseen or catastrophic events, including the emergence of a pandemic, such as COVID-19, or other widespread health emergency (or concerns over the possibility of such an emergency), cybersecurity incidents and events, terrorist attacks, war, trade policies, military conflict, extreme climate-related incidents or events or other natural disasters, could create economic and financial disruptions, and could lead to operational difficulties (including travel limitations) that could impair our ability to manage our businesses. For instance, military conflict and escalating tensions between Russia and Ukraine could result in geopolitical instability and adversely affect the global economy or specific markets, which could have an adverse impact or cause volatility in the financial services industry generally or on our results of operations and financial conditions.

Item 2.  Unregistered Sale of Equity Securities and Use of Proceeds.

(c)  Issuer Purchases of Equity Securities

The following table presents information on our purchases of our common shares during the third quarter of 2022 (dollars in thousands, except per share amounts):

	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
June 1, 2022 to June 30, 2022	—	$	—	—	$	250,000
July 1, 2022 to July 31, 2022	2,911,000	$	31.37	2,911,000	$	158,686
August 1, 2022 to August 31, 2022	759,594	$	32.96	759,594	$	133,650
Total	3,670,594			3,670,594

(1)    In June 2022, having completed the repurchase of shares under the previous authorization, the Board of Directors approved an additional share repurchase authorization of $250.0 million. At August 31, 2022, we had $133.7 million remaining authorization of future repurchases. In September 2022, the Board of Directors increased the share repurchase authorization by $145.9 million back to a total of $250.0 million.

109

Item 6. Exhibits.

See Exhibit Index.

Exhibit Index

10.1	Agreement between Teresa Gendron and the Company, dated July 17, 2022.*+
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101	Financial statements from the Quarterly Report on Form 10-Q of Jefferies Financial Group Inc. for the quarter ended August 31, 2022, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity and (vi) the Notes to Consolidated Financial Statements.
104	Cover Page Interactive Data File, formatted in iXBRL (included in Exhibit 101).

+    Management/Employment Contract or Compensatory Plan or Arrangement.

*    Incorporated by reference.

**    Furnished herewith pursuant to item 601(b) (32) of Regulation S-K.

110

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	JEFFERIES FINANCIAL GROUP INC.
		(Registrant)
Date: October 7, 2022	By:	/s/          John M. Dalton
		Name:   John M. Dalton
		Title:     Vice President and Controller
		(Duly Authorized Officer and Chief Accounting Officer)

111

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Richard B. Handler, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Jefferies Financial Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 7, 2022	By:	/s/ Richard B. Handler
		Richard B. Handler
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Teresa S. Gendron, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Jefferies Financial Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 7, 2022	By:	/s/ Teresa S. Gendron
		Teresa S. Gendron
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard B. Handler, as Chief Executive Officer of Jefferies Financial Group Inc. (the "Company") certify, as of the date hereof and solely for purposes of and pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)  the accompanying Form 10-Q report for the period ending August 31, 2022 as filed with the U.S. Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)   the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 7, 2022	By:	/s/ Richard B. Handler
		Richard B. Handler
		Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Teresa S. Gendron, as Chief Financial Officer of Jefferies Financial Group Inc. (the "Company") certify, as of the date hereof and solely for purposes of and pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)  the accompanying Form 10-Q report for the period ending August 31, 2022 as filed with the U.S. Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)  the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 7, 2022	By:	/s/ Teresa S. Gendron
		Teresa S. Gendron
		Chief Financial Officer

XML

Cover - shares	9 Months Ended
	Aug. 31, 2022	Sep. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2022
Document Transition Report	false
Entity File Number	001-5721
Entity Registrant Name	JEFFERIES FINANCIAL GROUP INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-2615557
Entity Address, Address Line One	520 Madison Avenue
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	460-1900
Title of 12(b) Security	Common Shares, par value $1 per share
Trading Symbol	JEF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		228,990,088
Entity Central Index Key	0000096223
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

XML

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Aug. 31, 2022	Nov. 30, 2021
ASSETS
Cash and cash equivalents		$ 9,477,540	$ 10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations		984,252	1,015,107
Financial instruments owned, at fair value (including securities pledged of $13,724,325 and $12,723,502)		20,249,284	19,828,670
Loans to and investments in associated companies		1,753,323	1,745,790
Securities borrowed		6,607,954	6,409,420
Securities purchased under agreements to resell		4,107,389	7,642,484
Securities received as collateral, at fair value		149,586	7,289
Receivables		6,698,626	7,839,240
Property, equipment and leasehold improvements, net		912,842	911,230
Intangible assets, net and goodwill		1,874,435	1,897,500
Other assets		2,414,580	2,352,247
Total assets	[1]	55,229,811	60,404,110
LIABILITIES
Short-term borrowings		564,239	221,863
Financial instruments sold, not yet purchased, at fair value		11,548,070	11,699,467
Securities loaned		1,315,409	1,525,721
Securities sold under agreements to repurchase		7,564,342	8,446,099
Other secured financings		2,154,491	4,487,224
Obligation to return securities received as collateral, at fair value		149,586	7,289
Lease liabilities		542,028	548,295
Payables, expense accruals and other liabilities		12,257,426	13,612,367
Long-term debt		8,635,466	9,125,745
Total liabilities	[1]	44,731,057	49,674,070
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests		13,378	25,400
Mandatorily redeemable convertible preferred shares		125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 228,807,229 and 243,541,431 shares issued and outstanding, after deducting 87,656,479 and 72,922,277 shares held in treasury		228,807	243,541
Additional paid-in capital		2,063,460	2,742,244
Accumulated other comprehensive income (loss)		(350,370)	(372,143)
Retained earnings		8,350,634	7,940,113
Total Jefferies Financial Group Inc. shareholders' equity		10,292,531	10,553,755
Noncontrolling interests		67,845	25,885
Total equity		10,360,376	10,579,640
Total		$ 55,229,811	$ 60,404,110

[1] Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

XML

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands		Aug. 31, 2022	Nov. 30, 2021
EQUITY
Common shares, par value (in dollars per share)		$ 1	$ 1
Common shares, authorized (in shares)		600,000,000	600,000,000
Common shares, outstanding after deducting shares held in treasury (in shares)		228,807,229	243,541,431
Common shares, issued after deducting shares held in treasury (in shares)		228,807,229	243,541,431
Treasury stock (in shares)		87,656,479	72,922,277
Financial instruments owned, at fair value		$ 20,249,284	$ 19,828,670
Assets	[1]	55,229,811	60,404,110
Liabilities	[1]	44,731,057	49,674,070
Noncontrolling interests		67,845	25,885
Asset Pledged as Collateral
Financial instruments owned, at fair value		13,724,325	12,723,502
Variable interest entities, primary beneficiary
Assets		951,000	1,050,000
Liabilities		2,190,000	$ 4,640,000
Noncontrolling interests		$ 34,600

[1] Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Revenues:
Revenues	$ 1,836,927	$ 2,140,594	$ 5,397,874	$ 7,010,511
Interest expense	10,220	19,518	28,619	59,828
Net revenues	1,524,890	1,938,984	4,625,887	6,376,433
Expenses:
Cost of sales	123,436	151,510	349,556	390,916
Compensation and benefits	558,462	802,243	1,926,623	2,806,028
Non-compensation expenses:
Floor brokerage and clearing fees	84,686	68,982	262,663	222,208
Selling, general and other expenses	398,222	277,262	1,011,760	890,759
Interest expense	10,220	19,518	28,619	59,828
Depreciation and amortization	43,187	38,677	129,431	116,884
Total non-compensation expenses	536,315	404,439	1,432,473	1,289,679
Total expenses	1,218,213	1,358,192	3,708,652	4,486,623
Income before income taxes and loss related to associated companies	306,677	580,792	917,235	1,889,810
Loss related to associated companies	(4,827)	(27,176)	(56,512)	(61,270)
Income before income taxes	301,850	553,616	860,723	1,828,540
Income tax provision	105,909	145,700	219,949	484,756
Net income	195,941	407,916	640,774	1,343,784
Net loss attributable to the noncontrolling interests	1,243	1,324	1,116	2,736
Net loss attributable to the redeemable noncontrolling interests	345	68	1,241	1,071
Preferred stock dividends	(2,070)	(1,849)	(6,211)	(5,101)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 195,459	$ 407,459	$ 636,920	$ 1,342,490
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 0.80	$ 1.54	$ 2.54	$ 5.05
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 0.78	$ 1.50	$ 2.48	$ 4.93
Jefferies Group
Revenues:
Interest expense	$ 312,037	$ 201,610	$ 771,987	$ 634,078
Non-compensation expenses:
Interest expense	312,037	201,610	771,987	634,078
Commissions and other fees
Revenues:
Revenues	221,397	214,363	705,419	673,756
Principal transactions
Revenues:
Revenues	200,889	232,110	654,633	1,513,034
Investment banking
Revenues:
Revenues	709,334	1,180,620	2,255,241	3,184,932
Interest income
Revenues:
Revenues	318,216	220,278	776,896	691,223
Other
Revenues:
Revenues	$ 387,091	$ 293,223	$ 1,005,685	$ 947,566

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 195,941	$ 407,916	$ 640,774	$ 1,343,784
Other comprehensive income (loss):
Net unrealized holding gains (losses) on available for sale securities arising during the period, net of income tax provision (benefit) of $(159), $(16), $(336) and $(43)	(490)	(49)	(1,036)	(136)
Net change in unrealized holding gains (losses) on available for sale securities, net of income tax provision (benefit) of $(159), $(16), $(336) and $(43)	(490)	(49)	(1,036)	(136)
Net foreign currency translation adjustments arising during the period, net of income tax provision (benefit) of $(6,605), $(2,942), $(15,095) and $1,659	(26,354)	(9,203)	(49,043)	5,273
Net change in foreign currency translation adjustments, net of income tax provision (benefit) of $(6,605), $(2,942), $(15,095) and $1,659	(26,354)	(9,203)	(49,043)	5,273
Net change in instrument-specific credit risk arising during the period, net of income tax provision (benefit) of $(2,354), $4,352, $22,380 and $(24,157)	(7,312)	13,501	69,864	(74,661)
Less: reclassification adjustment for changes in instrument-specific credit risk included in net income, net of income tax provision (benefit) of $(44), $(321), $(52) and $599	137	998	161	(1,861)
Net change in instrument-specific credit risk gains (losses), net of income tax provision (benefit) of $(2,310), $4,673, $22,432 and $(24,756)	(7,175)	14,499	70,025	(76,522)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0	0	0	0	0
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(212), $(270), $(624) and $(795)	626	778	1,827	2,329
Net change in pension liability, net of income tax provision (benefit) of $212, $270, $624 and $795	626	778	1,827	2,329
Other comprehensive income (loss), net of income taxes	(33,393)	6,025	21,773	(69,056)
Comprehensive income	162,548	413,941	662,547	1,274,728
Comprehensive loss attributable to the noncontrolling interests	1,243	1,324	1,116	2,736
Comprehensive loss attributable to the redeemable noncontrolling interests	345	68	1,241	1,071
Preferred stock dividends	(2,070)	(1,849)	(6,211)	(5,101)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$ 162,066	$ 413,484	$ 658,693	$ 1,273,434

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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (159)	$ (16)	$ (336)	$ (43)
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(159)	(16)	(336)	(43)
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	(6,605)	(2,942)	(15,095)	1,659
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	(6,605)	(2,942)	(15,095)	1,659
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit)	(2,354)	4,352	22,380	(24,157)
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit)	(44)	(321)	(52)	599
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	(2,310)	4,673	22,432	(24,756)
Net pension gains (losses) arising during the period, tax provision (benefit)	0	0	0	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit)	(212)	(270)	(624)	(795)
Net change in pension liability, tax provision (benefit)	$ 212	$ 270	$ 624	$ 795

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Net cash flows from operating activities:
Net income	$ 640,774	$ 1,343,784
Adjustments to reconcile net income to net cash provided by operations:
Deferred income tax benefit	(47,003)	(32,865)
Depreciation and amortization	133,081	125,957
Share-based compensation	32,960	71,219
Provision for doubtful accounts	31,246	48,091
(Income) loss related to associated companies	19,655	(125,962)
Distributions from associated companies	73,405	49,068
Gain on sale of subsidiaries	(144,301)	0
Net change in:
Securities deposited with clearing and depository organizations	0	34,237
Financial instruments owned, at fair value	(467,219)	(1,603,274)
Securities borrowed	(226,045)	724,187
Securities purchased under agreements to resell	3,490,151	(2,911,738)
Receivables from brokers, dealers and clearing organizations	974,330	264,375
Receivables from customers of securities operations	148,994	(581,647)
Other receivables	9,390	(107,228)
Other assets	(78,756)	(86,865)
Financial instruments sold, not yet purchased, at fair value	(70,700)	2,724,767
Securities loaned	(191,463)	(48,397)
Securities sold under agreements to repurchase	(843,502)	(748,003)
Payables to brokers, dealers and clearing organizations	516,573	708,810
Payables to customers of securities operations	(792,280)	39,890
Lease liabilities	(59,677)	(46,991)
Trade payables, expense accruals and other liabilities	(1,099,640)	302,689
Other	(602,781)	(57,559)
Net cash provided by operating activities	1,447,192	86,545
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(131,994)	(115,998)
Proceeds from Divestiture of Businesses, Net of Cash Divested	209,274	0
Advances on notes, loans and other receivables	(413,490)	(454,916)
Collections on notes, loans and other receivables	344,207	294,675
Loans to and investments in associated companies	(370,665)	(2,291,788)
Capital distributions and loan repayments from associated companies	265,651	2,308,786
Deconsolidation of asset management entity	(21,221)	0
Other	12,128	2,575
Net cash used for investing activities	(106,110)	(256,666)
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	3,792,858	1,465,707
Repayment of debt	(3,200,762)	(1,580,894)
Net change in other secured financings	(2,332,733)	1,051,357
Net change in bank overdrafts	(5,238)	(6,350)
Distributions to noncontrolling interests	0	(15,997)
Contributions from noncontrolling interests	64,298	3,590
Purchase of common shares for treasury	(738,572)	(181,866)
Dividends paid	(211,774)	(161,330)
Other	2,187	1,631
Net cash provided by (used for) financing activities	(2,629,736)	575,848
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(20,183)	1,704
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,308,837)	407,431
Cash, cash equivalents and restricted cash at beginning of period	11,828,304	9,664,972
Cash, cash equivalents and restricted cash at end of period	$ 10,519,467	$ 10,072,403

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Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2022	Aug. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 9,477,540	$ 9,480,914
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	984,252	514,519
Other assets	57,675	76,970
Total cash, cash equivalents and restricted cash	$ 10,519,467	$ 10,072,403

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Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative effect of the adoption of accounting standards	Cumulative effect of the adoption of accounting standards, adjusted balance	Subtotal	Subtotal Cumulative effect of the adoption of accounting standards	Subtotal Cumulative effect of the adoption of accounting standards, adjusted balance	Common Shares $1 Par Value	Common Shares $1 Par Value Cumulative effect of the adoption of accounting standards, adjusted balance	Additional Paid-In Capital	Additional Paid-In Capital Cumulative effect of the adoption of accounting standards, adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative effect of the adoption of accounting standards, adjusted balance	Retained Earnings	Retained Earnings Cumulative effect of the adoption of accounting standards	Retained Earnings Cumulative effect of the adoption of accounting standards, adjusted balance	Noncontrolling Interests	Noncontrolling Interests Cumulative effect of the adoption of accounting standards, adjusted balance
Beginning balance at Nov. 30, 2020	$ 9,438,525	$ (19,915)	$ 9,418,610	$ 9,403,893	$ (19,915)	$ 9,383,978	$ 249,751	$ 249,751	$ 2,911,223	$ 2,911,223	$ (288,917)	$ (288,917)	$ 6,531,836	$ (19,915)	$ 6,511,921	$ 34,632	$ 34,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	1,342,490			1,342,490									1,342,490
Net loss attributable to the noncontrolling interests	(2,736)															(2,736)
Other comprehensive income (loss), net of income taxes	(69,056)			(69,056)							(69,056)
Contributions from noncontrolling interests	3,590															3,590
Distributions to noncontrolling interests	(15,997)															(15,997)
Share-based compensation expense	71,219			71,219					71,219
Change in fair value of redeemable noncontrolling interests	(8,865)			(8,865)					(8,865)
Purchase of common shares for treasury	(181,866)			(181,866)			(6,603)		(175,263)
Dividends	(172,923)			(172,923)									(172,923)
Other	16,247			16,906			2,409		14,497							(659)
Ending balance at Aug. 31, 2021	10,400,713			10,381,883			245,557		2,812,811		(357,973)		7,681,488			18,830
Beginning balance at May. 31, 2021	10,095,364			10,072,634			247,032		2,849,487		(363,998)		7,340,113			22,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	407,459			407,459									407,459
Net loss attributable to the noncontrolling interests	(1,324)															(1,324)
Other comprehensive income (loss), net of income taxes	6,025			6,025							6,025
Contributions from noncontrolling interests	156															156
Distributions to noncontrolling interests	(2,731)															(2,731)
Share-based compensation expense	6,962			6,962					6,962
Change in fair value of redeemable noncontrolling interests	1,908			1,908					1,908
Purchase of common shares for treasury	(51,769)			(51,769)			(1,500)		(50,269)
Dividends	(66,084)			(66,084)									(66,084)
Other	4,747			4,748			25		4,723							(1)
Ending balance at Aug. 31, 2021	10,400,713			10,381,883			245,557		2,812,811		(357,973)		7,681,488			18,830
Beginning balance at Nov. 30, 2021	10,579,640			10,553,755			243,541		2,742,244		(372,143)		7,940,113			25,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	636,920			636,920									636,920
Net loss attributable to the noncontrolling interests	(1,116)															(1,116)
Other comprehensive income (loss), net of income taxes	21,773			21,773							21,773
Contributions from noncontrolling interests	64,298															64,298
Share-based compensation expense	32,960			32,960					32,960
Change in fair value of redeemable noncontrolling interests	(8,010)			(8,010)					(8,010)
Deconsolidation of Asset Management entity	(21,221)															(21,221)
Purchase of common shares for treasury	(738,572)			(738,572)			(21,722)		(716,850)
Dividends	(226,399)			(226,399)									(226,399)
Other	20,103			20,104			6,988		13,116							(1)
Ending balance at Aug. 31, 2022	10,360,376			10,292,531			228,807		2,063,460		(350,370)		8,350,634			67,845
Beginning balance at May. 31, 2022	10,368,139			10,300,177			232,321		2,156,366		(316,977)		8,228,467			67,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	195,459			195,459									195,459
Net loss attributable to the noncontrolling interests	(1,243)															(1,243)
Other comprehensive income (loss), net of income taxes	(33,393)			(33,393)							(33,393)
Contributions from noncontrolling interests	1,127															1,127
Share-based compensation expense	9,961			9,961					9,961
Change in fair value of redeemable noncontrolling interests	5,118			5,118					5,118
Purchase of common shares for treasury	(116,349)			(116,349)			(3,671)		(112,678)
Dividends	(73,292)			(73,292)									(73,292)
Other	4,849			4,850			157		4,693							(1)
Ending balance at Aug. 31, 2022	$ 10,360,376			$ 10,292,531			$ 228,807		$ 2,063,460		$ (350,370)		$ 8,350,634			$ 67,845

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Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common shares, par value (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Dividends per common share (in dollars per share)	$ 0.30	$ 0.25	$ 0.90	$ 0.65

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Nature of Operations

9 Months Ended

Aug. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Nature of Operations

Jefferies Financial Group Inc. ("Jefferies," "we," "our" or the "Company") is engaged in investment banking and capital markets, and asset management. Our strategy focuses on continuing to build out our investment banking effort, enhancing our capital markets businesses and further developing our Leucadia Asset Management alternative asset management platform, while returning excess capital to shareholders. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, is the largest independent U.S.-headquartered global full-service integrated investment banking and capital markets firm.

Jefferies Group operates in two business segments: Investment Banking and Capital Markets, and Asset Management. Investment Banking and Capital Markets includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products.

Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.

We own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business and are reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways. We are well along in the process of liquidating this portfolio, with the intention of selling to third parties, distributing to shareholders or transferring the balance of this portfolio to our Asset Management reportable segment over the next few years. In adhering to our long-standing fundamental strategy of focusing on building our investment banking and capital markets businesses and reducing the size of our Merchant Banking portfolio, during the three months ended August 31, 2022, we sold our wholly-owned manufacturing subsidiary, Idaho Timber, in two transactions at a combined sales price of $239.3 million. The pre-tax gain recognized as a result of the sale of Idaho Timber, $139.0 million in the Merchant Banking segment during the three months ended August 31, 2022, is classified as Other revenue.

We continue to work diligently to effect the spin-off to shareholders of our holdings in Vitesse Energy, LLC ("Vitesse Energy") by the end of our fiscal year, subject to necessary regulatory reviews and rulings. That spin-off will involve the formation of a new standalone entity, Vitesse Energy, Inc., that will ultimately be a publicly traded company listed on the New York Stock Exchange. Jefferies expects that its ownership interests in Vitesse Energy, Inc. will be distributed tax-free on a pro rata basis to all shareholders. At August 31, 2022, Vitesse Energy had a net book value of $505.3 million. In addition, Jefferies expects to streamline and simplify its corporate structure by merging Jefferies Group into Jefferies by fiscal year-end 2022. This merger will, among other things, eliminate the requirement for two sets of Form 10-Qs, Form 10-Ks, and other duplicative processes at Jefferies and Jefferies Group, and result in Jefferies parent company assuming commitments and obligations of Jefferies Group.

Our Merchant Banking reportable segment primarily includes OpNet S.p.A. ("OpNet") (formerly known as Linkem) (fixed wireless broadband services in Italy); Vitesse Energy (oil and gas production and development); real estate, primarily HomeFed LLC ("HomeFed"); Idaho Timber (manufacturing) prior to its sale in August 2022 and FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services).

On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight Capital LLC ("Foursight"), were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

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Basis of Presentation and Significant Accounting Policies

9 Months Ended

Aug. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. For a detailed discussion about the Company's significant accounting policies, see Note 2, Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended November 30, 2021 ("2021 10-K").

The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate all of these estimates and assumptions. During the nine months ended August 31, 2022, there were no significant changes made to the Company's significant accounting policies.

Receivables

At August 31, 2022 and November 30, 2021, Receivables include receivables from brokers, dealers and clearing organizations of $3.89 billion and $4.90 billion, respectively, and receivables from customers of securities operations of $1.47 billion and $1.62 billion, respectively.

Foursight, Jefferies Group's wholly-owned subsidiary, is an automobile loan originator and servicer. Foursight had automobile loan receivables, including accrued interest and related fees, of $887.7 million and $812.6 million at August 31, 2022 and November 30, 2021, respectively, which are classified as either held for investment or held for sale depending on the intent to hold the underlying collateral and which are collateralized by a security interest in the vehicles' titles. Of these amounts, $826.6 million and $682.7 million at August 31, 2022 and November 30, 2021, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight's securitization activities. Additionally, automobile loan receivables of $29.8 million and $103.0 million at August 31, 2022 and November 30, 2021, respectively, were pledged for loans outstanding under credit facilities. Foursight's automobile loan receivables held for investment consisted of approximately 16% and 19% with credit scores 680 and above, 47% and 51% with scores between 620 and 679 and 37% and 30% with scores below 620 at August 31, 2022 and November 30, 2021, respectively.

A rollforward of the allowance for credit losses related to receivables for the three and nine months ended August 31, 2022 and 2021 is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Beginning balance	$	86,025	$	79,254	$	75,999	$	53,926
Adjustment for change in accounting principle for current expected credit losses	—		—		—		26,519
Provision for doubtful accounts (1)	12,820		(848)		31,246		48,091
Charge-offs, net of recoveries (1)	(7,057)		(1,777)		(15,457)		(51,907)
Sale of subsidiary	(729)		—		(729)		—
Ending balance	$	91,059	$	76,629	$	91,059	$	76,629

(1)    The nine months ended August 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business, recorded during the second quarter of 2021.

Other Investments

At August 31, 2022 and November 30, 2021, the Company had other investments (classified as Other assets and Loans to and investments in associated companies) in which fair values are not readily determinable, aggregating $97.4 million and $119.4 million, respectively. There were no impairments on these investments during the three and nine months ended August 31, 2022 and 2021.

Capitalization of Interest

We capitalize interest on qualifying HomeFed real estate assets. Capitalized interest of $3.4 million and $2.2 million during the three months ended August 31, 2022 and 2021, respectively, and $10.0 million and $6.4 million during the nine months ended August 31, 2022 and 2021, respectively, was allocated among all of HomeFed's projects that are currently under development.

Payables, expense accruals and other liabilities

At August 31, 2022 and November 30, 2021, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $6.30 billion and $5.82 billion, respectively, and payables to customers of securities operations of $3.67 billion and $4.46 billion, respectively.

Supplemental Cash Flow Information

	For the Nine Months Ended August 31,
(In thousands)	2022		2021
Cash paid during the year for:
Interest	$	880,379	$	737,935
Income tax payments (refunds), net	$	138,468	$	516,714

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Fair Value Disclosures

9 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.30 billion and $1.03 billion at August 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands):

	August 31, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	3,434,945	$	97,455	$	197,817	$	—	$	3,730,217
Corporate debt securities	—		3,264,475		18,212		—		3,282,687
Collateralized debt obligations and collateralized loan obligations	—		440,441		49,928		—		490,369
U.S. government and federal agency securities	4,303,598		55,547		—		—		4,359,145
Municipal securities	—		206,214		—		—		206,214
Sovereign obligations	643,476		774,861		—		—		1,418,337
Residential mortgage-backed securities	—		1,564,010		25,743		—		1,589,753
Commercial mortgage-backed securities	—		301,004		31,610		—		332,614
Other asset-backed securities	—		226,140		91,493		—		317,633
Loans and other receivables	—		2,511,984		117,594		—		2,629,578
Derivatives	1,067		3,084,619		15,934		(2,727,694)		373,926
Investments at fair value	—		3,705		185,478		—		189,183
FXCM term loan	—		—		30,105		—		30,105
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	8,383,086	$	12,530,455	$	763,914	$	(2,727,694)	$	18,949,761
Loans to and investments in associated  companies	$	—	$	1,683	$	30,717	$	—	$	32,400
Securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,793,307	$	37,798	$	2,570	$	—	$	1,833,675
Corporate debt securities	—		1,940,464		427		—		1,940,891
Collateralized debt obligations and collateralized loan obligations	—		328		354		—		682
U.S. government and federal agency securities	2,601,469		—		—		—		2,601,469
Sovereign obligations	697,326		783,199		—		—		1,480,525
Commercial mortgage-backed securities	—		3,800		455		—		4,255
Loans	—		2,209,866		12,694		—		2,222,560
Derivatives	81		3,934,436		88,432		(2,558,936)		1,464,013
Total financial instruments sold, not yet purchased, at fair value	$	5,092,183	$	8,909,891	$	104,932	$	(2,558,936)	$	11,548,070
Other secured financings	$	—	$	—	$	2,362	$	—	$	2,362
Long-term debt	$	—	$	796,295	$	721,115	$	—	$	1,517,410
Obligation to return securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586

	November 30, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,737,255	$	257,318	$	87,647	$	—	$	3,082,220
Corporate debt securities	—		3,836,341		11,803		—		3,848,144
Collateralized debt obligations and collateralized loan obligations	—		579,518		31,946		—		611,464
U.S. government and federal agency securities	3,045,295		68,784		—		—		3,114,079
Municipal securities	—		509,559		—		—		509,559
Sovereign obligations	899,086		654,199		—		—		1,553,285
Residential mortgage-backed securities	—		1,168,246		1,477		—		1,169,723
Commercial mortgage-backed securities	—		196,419		2,333		—		198,752
Other asset-backed securities	—		337,022		93,524		—		430,546
Loans and other receivables	—		3,363,050		135,239		—		3,498,289
Derivatives	4,429		3,861,551		10,248		(3,305,756)		570,472
Investments at fair value	—		11,369		154,373		—		165,742
FXCM term loan	—		—		50,455		—		50,455
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	6,686,065	$	14,843,376	$	579,045	$	(3,305,756)	$	18,802,730
Loans to and investments in associated  companies	$	—	$	—	$	30,842	$	—	$	30,842
Securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,671,696	$	19,654	$	4,635	$	—	$	1,695,985
Corporate debt securities	—		2,111,777		482		—		2,112,259
U.S. government and federal agency securities	2,457,420		—		—		—		2,457,420
Sovereign obligations	935,801		593,040		—		—		1,528,841
Residential mortgage-backed securities	—		719		—		—		719
Commercial mortgage-backed securities	—		—		210		—		210
Loans	—		2,476,087		15,770		—		2,491,857
Derivatives	1,815		5,034,544		78,017		(3,702,200)		1,412,176
Total financial instruments sold, not yet purchased, at fair value	$	5,066,732	$	10,235,821	$	99,114	$	(3,702,200)	$	11,699,467
Other secured financings	$	—	$	76,883	$	25,905	$	—	$	102,788
Long-term debt	$	—	$	961,866	$	881,732	$	—	$	1,843,598
Obligation to return securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289

(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis:

Corporate Equity Securities

•Exchange-Traded Equity Securities:  Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. To the extent these securities are

actively traded, valuation adjustments are not applied.

•Non-Exchange-Traded Equity Securities:  Non-exchange-traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed from recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/Earnings before interest, taxes, depreciation and amortization ("EBITDA"), price/book value), discounted cash flow analyses and transaction prices observed from subsequent financing or capital issuance by Jefferies Group. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration).

•Equity Warrants:  Non-exchange-traded equity warrants are measured primarily from observed prices on recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and can be measured using third-party valuation services or the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date.

Corporate Debt Securities

•Investment Grade Corporate Bonds:  Investment grade corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed from recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Investment grade corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy and are a limited portion of our investment grade corporate bonds.

•High Yield Corporate and Convertible Bonds:  A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer's subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers.

Collateralized Debt Obligations and Collateralized Loan Obligations

Collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs") are measured based on prices observed from recently executed market transactions of the same or similar security or based on valuations received from third-party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria, including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates and loss severity.

U.S. Government and Federal Agency Securities

•U.S. Treasury Securities:  U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy.

•U.S. Agency Debt Securities:  Callable and non-callable U.S. agency debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Municipal Securities

Municipal securities are measured based on quoted prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size and are generally categorized within Level 2 of the fair value hierarchy.

Sovereign Obligations

Sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities

•Agency Residential Mortgage-Backed Securities:  Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency residential mortgage-backed securities are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 or Level 3 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age.

•Non-Agency Residential Mortgage-Backed Securities:  The fair value of non-agency residential mortgage-backed securities is determined primarily using pricing data from external pricing services, where available, and discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities.

Commercial Mortgage-Backed Securities

•Agency Commercial Mortgage-Backed Securities:  Government National Mortgage Association ("Ginnie Mae") project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of various factors, including prepayment speeds, default rates and cash flow structures. Ginnie Mae project loan bonds are categorized within Level 2 of the fair value hierarchy. Ginnie Mae multi-family collateralized mortgage obligations ("CMOs"), variable rate Interest Only Securities ("IOs") and fixed rate IOs are generally measured by using prices observed from recently executed market transactions or pricing data from external pricing services, where available, to estimate market-clearing spread levels for purposes of estimating fair value and are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability of the pricing inputs used. Federal National Mortgage Association ("Fannie Mae") Delegated Underwriting and Servicing ("DUS") mortgage-backed securities are generally measured by using prices observed from recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. Fannie Mae DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy.

•Non-Agency Commercial Mortgage-Backed Securities:  Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-agency commercial mortgage-backed securities are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs.

Other Asset-Backed Securities

Other asset-backed securities include, but are not limited to, securities backed by automobile loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal.

Loans and Other Receivables

•Corporate Loans:  Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, for example, derived using market prices for debt securities of the same creditor and estimates of future cash flows incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer's capital structure.

•Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans and data provider pricing. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing.

•Project Loans and Participation Certificates in Ginnie Mae Project and Construction Loans:  Valuations of participation certificates in Ginnie Mae project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions.

•Consumer Loans and Funding Facilities:  Consumer and small business whole loans and related funding facilities are valued based on observed market transactions and incorporating valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy.

•Escrow and Claim Receivables:  Escrow and claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent observations in the same receivable. Escrow and claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. 

Derivatives

•Listed Derivative Contracts:  Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market or consensus pricing services. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy.

•Over-the-Counter ("OTC") Derivative Contracts:  OTC derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current transaction. Where available, valuation inputs are calibrated from observable market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy.

OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as Black-Scholes, with key inputs including the underlying security price, foreign exchange spot rate, commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. Where available, external data is used in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are generally observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services.

•Oil Futures Derivatives: Vitesse Energy uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy accounts for the derivative instruments at fair value, which are classified as either Level 1 or Level 2 within the fair value hierarchy. Fair values classified as Level 1 are measured based on quoted closing exchange prices obtained from external pricing services and Level 2 are determined under the income valuation technique using an option-pricing model that is based on directly or indirectly observable inputs.

Investments at Fair Value

Investments at fair value include investments in hedge funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques internally or by third-party valuation services involving performance data, company ratios and multiples (e.g., price/EBITDA, price/book value) for comparable companies, discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy.

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):

	Fair Value (1)		Unfunded Commitments
August 31, 2022
Equity Long/Short Hedge Funds (2)	$	452,867	$	—
Equity Funds (3)	61,825		37,307
Commodity Fund (4)	25,671		—
Multi-asset Funds (5)	406,183		—
Other Funds (6)	352,977		65,916
Total	$	1,299,523	$	103,223
November 30, 2021
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	46,030		17,815
Commodity Fund (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,025,940	$	53,905

(1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements.

(2)This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At August 31, 2022 and November 30, 2021, approximately 57% and 74%, respectively, of the fair value of investments became redeemable quarterly with 90 days prior written notice on December 31, 2021. At August 31, 2022 and November 30, 2021, approximately 37% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. The remaining investments are redeemable quarterly with 60 days prior written notice.

(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are primarily expected to be liquidated in approximately one to thirteen years. 

(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. These investments are redeemable quarterly with 60 days prior written notice.

(5)This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At August 31, 2022 and November 30, 2021, investments representing approximately 76% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At August 31, 2022 and November 30, 2021, approximately 17% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At

August 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024.

(6)This category primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are primarily redeemable quarterly with 90 days prior written notice.

Investment in FXCM

Our investment in FXCM and associated companies consists of a senior secured term loan due May 6, 2023 ($39.6 million principal outstanding at August 31, 2022), a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM. Our investment in the FXCM term loan is reported within Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We classify our equity investment in FXCM in the Consolidated Statements of Financial Condition as Loans to and investments in associated companies, as we have the ability to significantly influence FXCM through our seats on the board of directors.

We estimate the fair value of our term loan by using a valuation model with inputs including management's assumptions concerning the amount and timing of expected cash flows, the loan's implied credit rating and effective yield. Because of these inputs and the degree of judgment involved, we have categorized our term loan within Level 3 of the fair value hierarchy.

Loans to and Investments in Associated Companies

Corporate bonds are measured primarily using pricing data from external pricing services and are categorized within Level 2 of the fair value hierarchy. Non-exchange-traded equity warrants with no pricing from external pricing services are generally categorized within Level 3 of the fair value hierarchy. The warrants are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, interest rate curve, strike price and maturity date.

Other Secured Financings

Other secured financings that are accounted for at fair value are classified within Level 2 or Level 3 of the fair value hierarchy. Fair value is based on estimates of future cash flows incorporating assumptions regarding recovery rates.

Securities Received as Collateral and Obligations to Return Securities Received as Collateral

In connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral. Valuation is based on the price of the underlying security and is categorized within the corresponding leveling guidance above. These financial instruments are typically categorized within Level 1 of the fair value hierarchy.

Long-term Debt

Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate Jefferies Group's own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy, where market trades have been observed during the period or model pricing is available, otherwise the notes are categorized within Level 3.

Level 3 Rollforwards

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2022 (in thousands):

	Balance, May 31, 2022		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	200,961	$	(1,603)	$	92	$	(189)	$	—	$	—	$	(1,444)	$	197,817	$	(1,696)
Corporate debt securities	20,813		(605)		759		(1,183)		—		—		(1,572)		18,212		699
CDOs and CLOs	49,858		685		13,133		(4,553)		(3,604)		—		(5,591)		49,928		(9,369)
Residential mortgage-backed securities	1,059		(3,596)		94		—		(32)		—		28,218		25,743		(2,158)
Commercial mortgage-backed securities	1,870		(2,663)		—		—		—		—		32,403		31,610		(621)
Other asset-backed securities	84,778		(1,800)		17,487		—		(13,217)		—		4,245		91,493		(7,432)
Loans and other receivables	137,752		1,616		7,065		(21,492)		(325)		—		(7,022)		117,594		1,536
Investments at fair value	163,844		20,329		2,184		(48)		(831)		—		—		185,478		20,104
FXCM term loan	51,880		10,245		—		—		(32,020)		—		—		30,105		1,433
Loans to and investments in associated companies	14,795		(21,668)		37,590		—		—		—		—		30,717		(21,668)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	3,749		(278)		(940)		39		—		—		—		$	2,570	(268)
Corporate debt securities	401		26		—		—		—		—		—		427		(28)
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	385		—		—		70		—		—		—		455		—
Loans	18,283		157		(16,983)		1,937		—		—		9,300		12,694		(1,428)
Net derivatives (2)	74,997		(23,380)		(1,929)		—		(20,954)		—		43,764		72,498		19,719
Other secured financings	2,362		—		—		—		—		—		—		2,362		—
Long-term debt (1)	739,353		(59,521)		—		—		—		—		41,283		721,115		75,930

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2022 were losses of $16.4 million during the three months ended August 31, 2022.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Analysis of Level 3 Assets and Liabilities for the three months ended August 31, 2022

During the three months ended August 31, 2022, transfers of assets of $76.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Commercial mortgage-backed securities of $32.4 million, residential mortgage-backed securities of $28.2 million, other asset-backed securities of $9.2 million and loans and other receivables of $6.3 million due to reduced pricing transparency.

During the three months ended August 31, 2022, transfers of assets of $27.6 million from Level 3 to Level 2 are primarily attributed to:

•Loans and other receivables of $13.4 million, CDOs and CLOs of $5.6 million, other asset-backed securities of $4.9 million and corporate debt securities of $2.1 million due to greater pricing transparency supporting classification into Level 2.

During the three months ended August 31, 2022, transfers of liabilities of $112.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $52.0 million, net derivatives of $49.4 million and loans of $10.6 million due to reduced market and pricing transparency.

During the three months ended August 31, 2022, transfers of liabilities of $17.7 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $10.8 million and net derivatives of $5.7 million due to greater pricing and market transparency.

Net gains on Level 3 assets were $0.9 million and net gains on Level 3 liabilities were $83.0 million for the three months ended August 31, 2022. Net gains on Level 3 assets were primarily due to increased market values across investments at fair value, and the FXCM term loan, partially offset by decreases in loans to and investments in associated companies, residential mortgage-backed securities and commercial mortgage-backed securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within long-term debt and certain derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2021 (in thousands):

	Balance, May 31, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2021		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	86,451	$	36,643	$	208	$	(1,488)	$	(16)	$	—	$	9,943	$	131,741	$	37,731
Corporate debt securities	7,985		405		14,898		(17,317)		(20)		—		2,205		8,156		192
CDOs and CLOs	26,561		2,539		50,199		(33,234)		(1,518)		—		8,014		52,561		(730)
Residential mortgage-backed securities	6,033		(42)		—		(417)		(61)		—		(4,077)		1,436		(14)
Commercial mortgage-backed securities	1,176		(103)		1,607		—		—		—		—		2,680		1,530
Other asset-backed securities	70,555		30		18,611		(274)		(14,426)		—		2,937		77,433		(3,145)
Loans and other receivables	190,412		(5,689)		14,796		(29,557)		(10,873)		—		(8,118)		150,971		(4,409)
Investments at fair value	230,834		3,662		1,185		(1)		(382)		—		(69,965)		165,333		3,661
FXCM term loan	59,155		(690)		—		—		—		—		—		58,465		(690)
Loans to and investments in associated companies	37,287		(703)		—		—		—		—		—		36,584		(703)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,462	$	(75)	$	—	$	—	$	—	$	—	$	—	$	4,387	$	75
Corporate debt securities	927		(7)		—		—		—		—		(392)		528		7
Commercial mortgage-backed securities	35		—		—		105		—		—		—		140		—
Loans	20,389		(8)		(3,118)		1,710		—		—		6,239		25,212		6
Net derivatives (2)	227,058		20,869		(1,868)		—		665		—		(79,662)		167,062		(22,433)
Other secured financings	2,493		—		—		—		—		—		—		2,493		—
Long-term debt (1)	795,098		(17,106)		—		—		—		22,330		(14,710)		785,612		13,204

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2021 were gains of $3.9 million during the three months ended August 31, 2021.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Analysis of Level 3 Assets and Liabilities for the three months ended August 31, 2021

During the three months ended August 31, 2021, transfers of assets of $37.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Other asset-backed securities of $13.7 million, loans and other receivables of $13.4 million, CDOs and CLOs of $8.0 million and corporate debt securities of $2.5 million due to reduced pricing transparency.

During the three months ended August 31, 2021, transfers of assets of $97.0 million from Level 3 to Level 2 or Level 1 are primarily attributed to:

•Investments at fair value of $60.4 million, loans and other receivables of $21.5 million, other assets-backed securities of $10.7 million and residential mortgage-backed securities of $4.1 million due to greater pricing transparency supporting classification into Level 2 or Level 1.

During the three months ended August 31, 2021, transfers of liabilities of $51.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $32.9 million, loans of $9.7 million and structured notes within long-term debt of $9.2 million due to reduced pricing and market transparency.

During the three months ended August 31, 2021, transfers of liabilities of $140.3 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $112.5 million and structured notes within long-term debt of $23.9 million due to greater pricing transparency.

Net gains on Level 3 assets were $36.1 million and net losses on Level 3 liabilities were $3.7 million for the three months ended August 31, 2021. Net gains on Level 3 assets were primarily due to increased market values across corporate equity securities, investments at fair value and CDOs and CLOs, partially offset by decreased market values of loans and other receivables. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivatives, partially offset by decreases in structured notes within long-term debt.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2022 (in thousands):

	Balance, November 30, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	87,647	$	36,931	$	63,022	$	(2,941)	$	(298)	$	—	$	13,456	$	197,817	$	36,192
Corporate debt securities	11,803		3,596		5,691		(16,513)		(9)		—		13,644		18,212		1,537
CDOs and CLOs	31,946		2,573		34,756		(18,933)		(8,178)		—		7,764		49,928		(10,371)
Residential mortgage-backed securities	1,477		(6,099)		28,067		(187)		(152)		—		2,637		25,743		(2,894)
Commercial mortgage-backed securities	2,333		(18,549)		—		—		—		—		47,826		31,610		(2,420)
Other asset-backed securities	93,524		(1,446)		51,964		(18,489)		(36,349)		—		2,289		91,493		(17,168)
Loans and other receivables	135,239		(6,635)		46,571		(63,530)		(1,256)		—		7,205		117,594		(6,955)
Investments at fair value	154,373		54,178		16,470		(48)		(16,088)		—		(23,407)		185,478		53,390
FXCM term loan	50,455		11,670		—		—		(32,020)		—		—		30,105		2,202
Loans to and investments in associated companies	30,842		(37,715)		37,590		—		—		—		—		30,717		(37,715)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,635	$	(3,708)	$	(3,255)	$	4,898	$	—	$	—	$	—	$	2,570	$	2,781
Corporate debt securities	482		15		(70)		—		—		—		—		427		(23)
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	210		—		—		245		—		—		—		455		—
Loans	15,770		94		(22,566)		5,417		—		—		13,979		12,694		(1,478)
Net derivatives (2)	67,769		(152,927)		(1,559)		1,285		—		21,024		136,906		72,498		150,713
Other secured financings	25,905		—		—		—		(23,543)		—		—		2,362		—
Long-term debt (1)	881,732		(316,778)		—		—		—		89,263		66,898		721,115		265,288

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2022 were gains of $51.5 million during the nine months ended August 31, 2022.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Analysis of Level 3 Assets and Liabilities for the nine months ended August 31, 2022

During the nine months ended August 31, 2022, transfers of assets of $98.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Commercial mortgage-backed securities of $47.8 million, other asset-backed securities of $23.7 million, CDOs and CLOs of $7.8 million, loans and other receivables of $9.6 million and corporate debt securities of $6.7 million due to reduced pricing transparency.

During the nine months ended August 31, 2022, transfers of assets of $27.4 million from Level 3 to Level 2 are primarily attributed to:

•Other asset-backed securities of $21.5 million due to greater pricing transparency supporting classification into Level 2.

During the nine months ended August 31, 2022, transfers of liabilities of $264.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $143.9 million, structured notes within long-term debt of $105.8 million and loans of $15.0 million due to reduced pricing and market transparency.

During the nine months ended August 31, 2022, transfers of liabilities of $46.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Structured notes within long-term debt of $38.9 million and net derivatives of $7.0 million due to greater market and pricing transparency.

Net gains on Level 3 assets were $38.5 million and net gains on Level 3 liabilities were $473.3 million for the nine months ended August 31, 2022. Net gains on Level 3 assets were primarily due to increased market values across corporate equity securities and investments at fair value, partially offset by decreases in loans to and investments in associated companies, commercial mortgage-backed securities and residential mortgage-backed securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of structured notes within long-term debt and certain derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2021 (in thousands):

	Balance, November 30, 2020		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2021		Changes in unrealized gains/ losses included in earnings relating to instruments still held at August 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	75,904	$	48,741	$	7,900	$	(37,794)	$	(16)	$	—	$	37,006	$	131,741	$	37,146
Corporate debt securities	23,146		1,600		1,513		(3,721)		(128)		—		(14,254)		8,156		331
CDOs and CLOs	17,972		7,666		58,868		(37,277)		(2,201)		—		7,533		52,561		(4,716)
Residential mortgage-backed securities	21,826		(195)		157		(784)		(291)		—		(19,277)		1,436		(123)
Commercial mortgage-backed securities	2,003		134		2,590		(393)		(1,639)		—		(15)		2,680		741
Other asset-backed securities	79,995		4,770		38,785		(26,642)		(25,966)		—		6,491		77,433		(6,955)
Loans and other receivables	134,636		18,104		51,933		(55,693)		(10,509)		—		12,500		150,971		9,756
Investments at fair value	213,946		106,699		12,669		(47,245)		(8,955)		—		(111,781)		165,333		30,027
FXCM term loan	59,455		(990)		—		—		—		—		—		58,465		(990)
Loans to and investments in associated companies	40,185		(3,601)		—		—		—		—		—		36,584		(3,601)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,434	$	(12)	$	(22)	$	—	$	—	$	—	$	(13)	$	4,387	$	13
Corporate debt securities	141		375		—		12		—		—		—		528		(375)
Commercial mortgage-backed securities	35		—		(35)		140		—		—		—		140		—
Loans	16,635		1,308		(7,182)		14,083		—		—		368		25,212		(4,094)
Net derivatives (2)	26,017		33,173		(1,548)		49,871		768		—		58,781		167,062		(33,007)
Other secured financings	1,543		—		—		—		—		950		—		2,493		—
Long-term debt (1)	676,028		25,323		—		—		—		58,000		26,261		785,612		31,992

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at August 31, 2021 were losses of $57.3 million during the nine months ended August 31, 2021.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Analysis of Level 3 Assets and Liabilities for the nine months ended August 31, 2021

During the nine months ended August 31, 2021, transfers of assets of $50.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Loans and other receivables of $17.4 million, other asset-backed securities of $12.5 million, corporate equity securities of $10.2 million and CDOs and CLOs of $7.6 million due to reduced pricing transparency.

During the nine months ended August 31, 2021, transfers of assets of $132.7 million from Level 3 to Level 2 or Level 1 are primarily attributed to:

•Investments at fair value of $84.5 million, residential mortgage-backed securities of $19.3 million, corporate debt securities of $17.5 million, other asset-backed securities of $6.0 million and loans and other receivables of $4.9 million due to greater pricing transparency supporting classification into Level 2 or Level 1.

During the nine months ended August 31, 2021, transfers of liabilities of $100.0 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $73.4 million and structured notes within long-term debt of $26.3 million due to reduced pricing and market transparency.

During the nine months ended August 31, 2021, transfers of liabilities of $14.6 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:

•Net derivatives of $14.6 million due to greater pricing transparency.

Net gains on Level 3 assets were $182.9 million and net losses on Level 3 liabilities were $60.2 million for the nine months ended August 31, 2021. Net gains on Level 3 assets were primarily due to increased market values across investments at fair value, corporate equity securities, loans and other receivables, CDOs and CLOs and other asset-backed securities, partially offset by decreases in loans to and investments in associated companies. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivatives and structured notes within long-term debt.

Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements

The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

August 31, 2022
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	197,817
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$80
			Volatility benchmarking	Volatility	50	%	to	70%	60	%
Corporate debt securities	$	18,212	Market approach	EBITDA multiple	3.8				—
			Scenario analysis	Estimated recovery percentage	6%				—
CDOs and CLOs	$	49,928	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	70%				—
				Discount rate/yield	20	%	to	22%	20	%
			Market approach	Price	$69		to	$102	$87
Commercial mortgage-   backed securities	$	31,610	Market approach	Spreads (basis points ("bps"))	322 bps		to	334 bps	326 bps
Other asset-backed securities	$	75,439	Discounted cash flows	Constant default rate	2%				—
				Loss severity	85%				—
				Discount rate/yield	7	%	to	21%	15	%
				Cumulative loss rate	7	%	to	24%	19	%
				Duration (years)	0.9 years		to	1.6 years	1.2 years
			Market approach	Price	$32		to	$100	$97
Loans and other receivables	$	117,594	Market approach	Price	$45		to	$154	$118
			Scenario analysis	Estimated recovery percentage	32	%	to	100%	97	%
Derivatives	$	8,440
Equity Options			Volatility benchmarking	Volatility	23	%	to	52%	41	%
Investments at fair value	$	179,870
Private equity securities			Market approach	Price	$0		to	$14,919	$487
				EBITDA multiple	13.5				—
			Discounted cash flows	Discount rate/yield	10	%	to	14%	12	%
			Scenario analysis	Discount rate/yield	12%				—
Investment in FXCM	$	30,105
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	1.4 years	1.4 years
Loans to and investments in associated companies
Non-exchange-traded   warrants	$	30,717	Market approach	Underlying stock price	$360				—
				Underlying stock price	€6		to	€8	€7
				Volatility	25	%	to	54%	28	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	2,570
Non-exchange-traded   securities			Market approach	Price	$1				—
Corporate debt securities	$	427	Scenario analysis	Estimated recovery percentage	6%				—
Loans	$	12,694	Market approach	Price	$90		to	$96	$92
			Scenario analysis	Estimated recovery percentage	5%				—
Derivatives	$	82,721
Equity options			Volatility benchmarking	Volatility	29	%	to	68%	50	%
Other secured financings	$	2,362	Scenario analysis	Estimated recovery percentage	13	%	to	39%	30	%
Long-term debt
Structured notes	$	721,115	Market approach	Price	$51		to	$104	$72
				Price	€60		to	€102	€78

November 30, 2021
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	86,961
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$183
			Volatility benchmarking	Volatility	40	%	to	53%	45	%
Corporate debt securities	$	11,803	Market approach	Price	$13		to	$100	$86
CDOs and CLOs	$	31,944	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	25	%	to	30%	26	%
				Discount rate/yield	8	%	to	19%	16	%
			Market approach	Price	$86		to	$103	$93
Commercial mortgage-   backed securities	$	2,333	Scenario analysis	Estimated recovery percentage	81%				—
Other asset-backed securities	$	86,099	Discounted cash flows	Constant prepayment rate	0	%	to	35%	31	%
				Constant default rate	2	%	to	4%	4	%
				Loss severity	60	%	to	85%	55	%
				Discount rate/yield	3	%	to	16%	10	%
				Cumulative loss rate	7	%	to	20%	14	%
				Duration (years)	0.7 years		to	1.4 years	1.1 years
			Market approach	Price	$37		to	$100	$94
Loans and other receivables	$	134,015	Market approach	Price	$31		to	$101	$54
			Scenario analysis	Estimated recovery percentage	9	%	to	100%	76	%
Derivatives	$	6,501
Equity options			Volatility benchmarking	Volatility	46%				—
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.3
Total return swaps				Price	$100				—
Investments at fair value	$	128,152
Private equity securities			Market approach	Price	$1		to	$152	$32
				EBITDA multiple	16.9				—
				Revenue multiple	4.9		to	5.1	5.0
			Scenario analysis	Estimated recovery percentage	7%				—
				Discount rate/yield	13	%	to	21%	17	%
				Revenue growth	0%				—
Investment in FXCM	$	50,455
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	2.2 years	2.2 years
Loans to and investments in associated companies
Non-exchange-traded   warrants	$	30,842	Market approach	Underlying stock price	$662				—
				Underlying stock price	€15		to	€18	€16
				Volatility	25	%	to	59%	31	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,635
Non-exchange-traded securities			Market approach	Price	$1				—
Loans	$	15,770	Market approach	Price	$31		to	$100	$43
			Scenario analysis	Estimated recovery percentage	50%				—
Derivatives	$	76,533
Equity options			Volatility benchmarking	Volatility	26	%	to	77%	40	%
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.1
Total return swaps				Price	$100				—
Other secured financings	$	25,905	Scenario analysis	Estimated recovery percentage	13	%	to	98%	92	%
Long-term debt
Structured notes	$	881,732	Market approach	Price	$76		to	$115	$94
				Price	€81		to	€113	€103

The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices or a percentage of the reported enterprise fair value are excluded from the above tables. At August 31, 2022 and November 30, 2021, asset exclusions consisted of $54.9 million and $40.8 million, respectively, primarily comprised of certain investments at fair value, other asset-backed securities, certain derivatives, corporate equity securities, loans and other receivables and residential mortgage-backed securities. At August 31, 2022 and November 30, 2021, liability exclusions consisted of $6.5 million and $2.2 million, respectively, primarily comprised of certain derivatives, corporate debt securities, CDOs and CLOs and commercial mortgage-backed securities.

Uncertainty of Fair Value Measurement from Use of Significant Unobservable Inputs

For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the uncertainty of the fair value measurement due to the use of significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below:

•    Non-exchange-traded securities, corporate debt securities, CDOs and CLOs, commercial mortgage-backed securities, loans and other receivables, other asset-backed securities, private equity securities, non-exchange-traded warrants, certain derivatives and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other asset-backed securities, loans and other receivables, total return swaps, and structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the EBITDA multiple related to corporate debt securities or private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the underlying stock price of non-exchange-traded warrants would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the volatility of the underlying stock price of non-exchange-traded warrants would result in a significantly higher (lower) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of interest rate swaps. A significant increase (decrease) in commercial mortgage-backed securities spreads would result in a significantly lower (higher) fair value measurement.

•Corporate debt securities, loans and other receivables, commercial mortgage-backed securities, private equity securities and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument. A significant increase (decrease) in the discount rate/yield underlying the investment would result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in the revenue growth underlying the investment would result in a significantly higher (lower) fair value measurement.

•CDOs and CLOs, other asset-backed securities, private equity securities and the FXCM term loan using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severity or cumulative loss rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate and duration would have differing impacts depending on the capital structure and type of security. A significant increase (decrease) in the discount rate/security yield would result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in term based on the time to pay off the loan would result in a lower (higher) fair value measurement.

•Derivative equity options and non-exchange-traded securities using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement.

Fair Value Option Election

We have elected the fair value option for all loans and loan commitments made by our investment banking and capital markets businesses. These loans and loan commitments include loans entered into by our investment banking division in connection with client bridge financing and loan syndications, loans purchased by our leveraged credit trading desk as part of its bank loan trading activities and mortgage and consumer loan commitments, purchases and fundings in connection with mortgage-backed and other asset-backed securitization activities. Loans and loan commitments originated or purchased by our leveraged credit and mortgage-backed businesses are managed on a fair value basis. Loans are included in Financial instruments owned, at fair value and loan commitments are included in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value in the Consolidated Statements of Financial Condition. The fair value option election is not applied to loans made to affiliate entities as such loans are entered into as part of ongoing, strategic business ventures. Loans to affiliate entities are included in Loans to and investments in associated companies in the Consolidated Statements of Financial Condition and are accounted for on an amortized cost basis. We have also elected the fair value option for certain of our structured notes, which are managed by our investment banking and capital markets businesses and are included in Long-term

debt in the Consolidated Statements of Financial Condition. We have elected the fair value option for certain financial instruments held by subsidiaries as the investments are risk managed on a fair value basis. The fair value option has been elected for certain other secured financings that arise in connection with our securitization activities and other structured financings. Other secured financings, receivables from brokers, dealers and clearing organizations, receivables from customers of securities operations, other receivables, payables to brokers, dealers and clearing organizations and payables to customers of securities operations, are accounted for at cost plus accrued interest rather than at fair value; however, the recorded amounts approximate fair value due to their liquid or short-term nature, except for our automobile loans.

The following is a summary of gains (losses) due to changes in instrument-specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Financial instruments owned, at fair value:
Loans and other receivables	$	(9,040)	$	(7,273)	$	4,828	$	17,600
Financial instruments sold, not yet purchased, at fair value:
Loans	$	(832)	$	(574)	$	(121)	$	945
Long-term debt:
Changes in instrument-specific credit risk (1)	$	(5,824)	$	20,478	$	88,309	$	(103,751)
Other changes in fair value (2)	62,476		(26,093)		318,408		61,695

(1)    Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes.

(2)    Other changes in fair value are included in Principal transactions revenues in the Consolidated Statements of Operations.

The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, long-term debt and other secured financings measured at fair value under the fair value option (in thousands):

	August 31, 2022		November 30, 2021
Financial instruments owned, at fair value:
Loans and other receivables (1)	$	5,741,428	$	5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	226,577		64,203
Long-term debt	$	361,044	$	(38,391)
Other secured financings	$	2,913	$	3,432

(1)    Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations.

(2)    Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $93.1 million and $19.7 million at August 31, 2022 and November 30, 2021, respectively.

The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $207.3 million and $56.9 million at August 31, 2022 and November 30, 2021, respectively, which includes loans and other receivables 90 days or greater past due of $131.5 million and $23.5 million at August 31, 2022 and November 30, 2021, respectively.

At August 31, 2022, Jefferies Group owned shares which represent a 38% economic interest in ApiJect Systems, Corp. ("ApiJect"). The investment in ApiJect is accounted for at fair value by electing the fair value option available under GAAP and is included within corporate equity securities in Financial instruments owned, at fair value, in the Consolidated Statement of Financial Condition. During the nine months ended August 31, 2022, in connection with ApiJect's issuance of additional equity to third party investors, Jefferies Group purchased additional common shares of ApiJect and obtained a right to 1.125% of ApiJect's future revenues for cash consideration of $25.0 million. In addition, Jefferies Group converted its $25.0 million term

loan agreement into additional common shares. For the nine months ended August 31, 2022, the change in fair value of Jefferies Group's equity investments in ApiJect was a mark-to-market gain of $37.3 million. At August 31, 2022, the total fair value of Jefferies Group's equity investment in common shares of ApiJect is $100.1 million, which is included within Level 3 of the fair value hierarchy. Additionally, Jefferies Group owned warrants to purchase up to 950,000 shares of common stock at any time or from time to time on or before April 15, 2032.

Jefferies Group also has a term loan agreement with a principal of ApiJect for $25.0 million maturing on October 31, 2022. The loan is accounted for at cost plus accrued interest and is reported within Other assets in the Consolidated Statement of Financial Condition. Interest income of $0.5 million and $0.5 million for the three months ended August 31, 2022 and 2021, respectively, and $1.6 million and $1.1 million for the nine months ended August 31, 2022 and 2021, respectively, was recognized related to the loan and is included in Interest income in the Consolidated Statements of Operations. The loan has a fair value of $28.3 million at August 31, 2022, which would be classified as Level 3 in the fair value hierarchy.

Financial Instruments Not Measured at Fair Value

Certain of our financial instruments are not carried at fair value but are recorded at amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include Cash and cash equivalents and Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations and would generally be presented within Level 1 of the fair value hierarchy.

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Derivative Financial Instruments

9 Months Ended

Aug. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Derivative Financial Instruments

Derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. Predominantly, we enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. In addition, we apply hedge accounting to (1) interest rate swaps that have been designated as fair value hedges of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt and (2) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations. See Notes 3 and 18 for additional disclosures about derivative financial instruments.

Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies.

In connection with our derivative activities, we may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties.

The following tables present the fair value and related number of derivative contracts at August 31, 2022 and November 30, 2021 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts).

	Assets			Liabilities
	Fair Value		Number of Contracts (2)	Fair Value		Number of Contracts (2)
August 31, 2022 (1)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	—	—	$	182,979	3
Foreign exchange contracts:
Bilateral OTC	151,388		5	—		—
Total derivatives designated as accounting hedges	151,388			182,979
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	873		37,656	50		21,604
Cleared OTC	232,758		4,139	33,526		3,826
Bilateral OTC	774,034		566	1,274,695		1,157
Foreign exchange contracts:
Bilateral OTC	530,442		10,287	586,085		10,294
Equity contracts:
Exchange-traded	1,049,065		1,431,643	814,310		1,318,904
Bilateral OTC	318,127		5,329	1,070,480		5,796
Commodity contracts:
Exchange-traded	68		695	40		611
Bilateral OTC	2,652		675	17,664		1,470
Credit contracts:
Cleared OTC	28,016		165	24,391		189
Bilateral OTC	14,197		8	18,729		11
Total derivatives not designated as accounting hedges	2,950,232			3,839,970
Total gross derivative assets/liabilities:
Exchange-traded	1,050,006			814,400
Cleared OTC	260,774			240,896
Bilateral OTC	1,790,840			2,967,653
Amounts offset in the Consolidated Statement of Financial Condition (3):
Exchange-traded	(783,977)			(783,977)
Cleared OTC	(239,199)			(240,896)
Bilateral OTC	(1,704,518)			(1,534,063)
Net amounts in the Consolidated Statement of Financial Condition (4)	$	373,926		$	1,464,013

(continued)

	Assets			Liabilities
	Fair Value		Number of Contracts (2)	Fair Value		Number of Contracts (2)
November 30, 2021 (1)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	35,726	2	$	32,200	1
Foreign exchange contracts:
Bilateral OTC	30,462		4	—		—
Total derivatives designated as accounting hedges	66,188			32,200
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	1,262		23,888	756		39,195
Cleared OTC	373,355		4,505	367,134		4,467
Bilateral OTC	322,353		1,037	283,481		967
Foreign exchange contracts:
Bilateral OTC	1,428,712		17,792	1,437,116		17,576
Equity contracts:
Exchange-traded	1,206,606		1,582,713	1,036,019		1,450,624
Bilateral OTC	377,132		2,888	1,824,418		2,682
Commodity contracts:
Exchange-traded	448		1,394	223		1,457
Bilateral OTC	2,703		616	9,862		825
Credit contracts:
Cleared OTC	84,180		132	108,999		128
Bilateral OTC	13,289		14	14,168		17
Total derivatives not designated as accounting hedges	3,810,040			5,082,176
Total gross derivative assets/liabilities:
Exchange-traded	1,208,316			1,036,998
Cleared OTC	493,261			508,333
Bilateral OTC	2,174,651			3,569,045
Amounts offset in the Consolidated Statement of Financial Condition (3):
Exchange-traded	(1,008,091)			(1,008,091)
Cleared OTC	(483,339)			(508,333)
Bilateral OTC	(1,814,326)			(2,185,776)
Net amounts in the Consolidated Statement of Financial Condition (4)	$	570,472		$	1,412,176

(1)    Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.

(2)    Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition.

(3)    Amounts netted include both netting by counterparty and for cash collateral paid or received.

(4)    We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.

The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations related to fair value hedges (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Interest rate swaps	$	(31,831)	$	17,665	$	(176,244)	$	(27,797)
Long-term debt	32,439		(13,396)		188,023		38,630
Total	$	608	$	4,269	$	11,779	$	10,833

The following table provides information related to gains (losses) on net investment hedges recognized in Net foreign currency translation adjustments, a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Foreign exchange contracts	$	95,213	$	39,778	$	157,773	$	(23,628)
Total	$	95,213	$	39,778	$	157,773	$	(23,628)

The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Interest rate contracts	$	(16,018)	$	(152)	$	(145,481)	$	(20,912)
Foreign exchange contracts	(90,604)		(38,633)		(200,137)		32,439
Equity contracts	(105,661)		(198,979)		88,500		(291,991)
Commodity contracts	21,517		(3,958)		(46,961)		(29,027)
Credit contracts	3,684		(4,927)		15,129		(6,970)
Total	$	(187,082)	$	(246,649)	$	(288,950)	$	(316,461)

The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework.

OTC Derivatives.  The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at August 31, 2022 (in thousands):

	OTC Derivative Assets (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross- Maturity Netting (4)		Total
Commodity swaps, options and forwards	$	805	$	1,847	$	—	$	(2,652)	$	—
Equity options and forwards	17,773		5,488		—		(4,600)		18,661
Credit default swaps	—		3,371		255		—		3,626
Total return swaps	101,046		15,879		194		(6,538)		110,581
Foreign currency forwards, swaps and options	202,065		6,938		170		(5,038)		204,135
Fixed income forwards	14,191		—		—		—		14,191
Interest rate swaps, options and forwards	116,753		537,440		26,970		(148,270)		532,893
Total	$	452,633	$	570,963	$	27,589	$	(167,098)	884,087
Cross product counterparty netting									(27,872)
Total OTC derivative assets included in Financial instruments owned, at fair value									$	856,215

(1)At August 31, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $266.0 million, which are not included in this table.

(2)OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At August 31, 2022, cash collateral received was $748.3 million.

(3)Derivative fair values include counterparty netting within product category.

(4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

	OTC Derivative Liabilities (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross-Maturity Netting (4)		Total
Commodity swaps, options and forwards	$	15,371	$	2,293	$	—	$	(2,652)	$	15,012
Equity options and forwards	115,856		290,887		26,180		(4,600)		428,323
Credit default swaps	—		620		—		—		620
Total return swaps	373,151		104,255		3		(6,538)		470,871
Foreign currency forwards, swaps and options	107,227		6,156		47		(5,038)		108,392
Fixed income forwards	54		—		—		—		54
Interest rate swaps, options and forwards	108,505		540,829		495,333		(148,270)		996,397
Total	$	720,164	$	945,040	$	521,563	$	(167,098)	2,019,669
Cross product counterparty netting									(27,872)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value									$	1,991,797

(1)At August 31, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $51.8 million, which are not included in this table.

(2)OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At August 31, 2022, cash collateral pledged was $579.6 million.

(3)Derivative fair values include counterparty netting within product category.

(4)    Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

At August 31, 2022, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands):

Counterparty credit quality (1):
A- or higher	$	515,887
BBB- to BBB+	167,092
BB+ or lower	97,483
Unrated	75,753
Total	$	856,215

(1)    We utilize internal credit ratings determined by the Jefferies Group's Risk Management department. Credit ratings determined by Jefferies Group Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.

Credit Related Derivative Contracts

The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts are as follows (in millions):

	External Credit Rating
	Investment Grade		Non-investment grade		Unrated		Total Notional
August 31, 2022
Credit protection sold:
Index credit default swaps	$	4,266.9	$	1,910.1	$	—	$	6,177.0
Single name credit default swaps	—		—		0.2		0.2
November 30, 2021
Credit protection sold:
Index credit default swaps	$	2,612.0	$	1,298.8	$	—	$	3,910.8
Single name credit default swaps	—		17.6		0.2		17.8

Contingent Features

Certain of Jefferies Group's derivative instruments contain provisions that require its debt to maintain an investment grade credit rating from each of the major credit rating agencies. If Jefferies Group's debt was to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on the derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions).

	August 31, 2022		November 30, 2021
Derivative instrument liabilities with credit-risk-related contingent features	$	391.3	$	821.5
Collateral posted	(95.4)		(160.5)
Collateral received	194.1		369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)	490.0		1,030.4

(1)    These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

Other Derivatives

Vitesse Energy uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy accounts for the derivative instruments at fair value. The gains and losses associated with the change in fair value of the derivatives are recorded in Other revenues.

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Collateralized Transactions

9 Months Ended

Aug. 31, 2022

Collateralized Transactions [Abstract]

Collateralized Transactions

Collateralized Transactions

Our repurchase agreements and securities borrowing and lending arrangements are generally recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their short-term nature. We enter into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of dealer operations. We monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or return excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Financial instruments owned, at fair value, and noted parenthetically as Securities pledged in the Consolidated Statements of Financial Condition.

In instances where we receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral in the Consolidated Statements of Financial Condition.

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by class of collateral pledged and remaining contractual maturity (in thousands):

Collateral Pledged	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
August 31, 2022
Corporate equity securities	$	926,636	$	451,454	$	27,859	$	1,405,949
Corporate debt securities	333,515		2,035,863		—		2,369,378
Mortgage-backed and asset-backed securities	—		1,337,306		—		1,337,306
U.S. government and federal agency securities	37,730		9,426,864		121,727		9,586,321
Municipal securities	—		233,824		—		233,824
Sovereign obligations	17,528		2,119,137		—		2,136,665
Loans and other receivables	—		918,259		—		918,259
Total	$	1,315,409	$	16,522,707	$	149,586	$	17,987,702
November 30, 2021
Corporate equity securities	$	1,160,916	$	150,602	$	7,289	$	1,318,807
Corporate debt securities	321,356		2,684,458		—		3,005,814
Mortgage-backed and asset-backed securities	—		1,209,442		—		1,209,442
U.S. government and federal agency securities	6,348		8,426,536		—		8,432,884
Municipal securities	—		413,073		—		413,073
Sovereign obligations	37,101		2,422,901		—		2,460,002
Loans and other receivables	—		712,388		—		712,388
Total	$	1,525,721	$	16,019,400	$	7,289	$	17,552,410

	Contractual Maturity
	Overnight and Continuous		Up to 30 Days		31 to 90 Days		Greater than 90 Days		Total
August 31, 2022
Securities lending arrangements	$	744,734	$	—	$	303,764	$	266,911	$	1,315,409
Repurchase agreements	8,455,862		2,824,948		1,943,871		3,298,026		16,522,707
Obligation to return securities received as collateral, at fair value	149,586		—		—		—		149,586
Total	$	9,350,182	$	2,824,948	$	2,247,635	$	3,564,937	$	17,987,702
November 30, 2021
Securities lending arrangements	$	595,628	$	1,318	$	539,623	$	389,152	$	1,525,721
Repurchase agreements	6,551,934		1,798,716		4,361,993		3,306,757		16,019,400
Obligation to return securities received as collateral, at fair value	7,289		—		—		—		7,289
Total	$	7,154,851	$	1,800,034	$	4,901,616	$	3,695,909	$	17,552,410

We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans and as initial margin on certain derivative transactions. We also receive securities as collateral in connection with securities-for- securities transactions in which we are the lender of securities. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At August 31, 2022 and November 30, 2021, the approximate fair value of securities received as collateral by us that may be sold or repledged was $29.07 billion and $31.97 billion, respectively. At August 31, 2022 and November 30, 2021, a substantial portion of the securities received have been sold or repledged.

Offsetting of Securities Financing Agreements

To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions).

The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position.

(In thousands)	Gross Amounts		Netting in Consolidated Statements of Financial Condition		Net Amounts in Consolidated Statements of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets at August 31, 2022
Securities borrowing arrangements	$	6,607,954	$	—	$	6,607,954	$	(208,879)	$	(1,720,118)	$	4,678,957
Reverse repurchase agreements	13,065,754		(8,958,365)		4,107,389		(585,113)		(3,461,795)		60,481
Securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Liabilities at August 31, 2022
Securities lending arrangements	$	1,315,409	$	—	$	1,315,409	$	(208,879)	$	(1,091,278)	$	15,252
Repurchase agreements	16,522,707		(8,958,365)		7,564,342		(585,113)		(6,534,808)		444,421
Obligation to return securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Assets at November 30, 2021
Securities borrowing arrangements	$	6,409,420	$	—	$	6,409,420	$	(271,475)	$	(1,528,206)	$	4,609,739
Reverse repurchase agreements	15,215,785		(7,573,301)		7,642,484		(540,312)		(7,048,823)		53,349
Securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—
Liabilities at November 30, 2021
Securities lending arrangements	$	1,525,721	$	—	$	1,525,721	$	(271,475)	$	(1,213,563)	$	40,683
Repurchase agreements (4)	16,019,400		(7,573,301)		8,446,099		(540,312)		(7,136,585)		769,202
Obligation to return securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—

(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. 

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)At August 31, 2022, amounts include $4.61 billion of securities borrowing arrangements, for which we have received securities collateral of $4.47 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.

Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations

Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations totaled $984.3 million and $1.02 billion at August 31, 2022 and November 30, 2021, respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers.

Other Assets

Restricted cash, which is comprised of cash reserve balances required by securitization agreements and cash collections associated with automobile loans pledged to warehouse credit facilities, is included in Other assets in the Consolidated Statements of Financial Condition. These restricted cash balances are held by trustees and are distributed monthly by the trustees per the various securitization and warehouse credit facility agreements. Restricted cash may also include amounts related to pre-funding arrangements put in place for securitizations, which are funds that remain in an escrow account managed by a trustee until we pledge additional automobile loans to meet the collateral requirements of the related notes, at which time the funds become available for our use.

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Securitization Activities

9 Months Ended

Aug. 31, 2022

Transfers and Servicing [Abstract]

Securitization Activities

Securitization Activities

We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities ("SPEs") and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of variable interest entities ("VIEs"); however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. 

We account for our securitization transactions as sales, provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage-backed and other asset-backed securities or CLOs). These securities are included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition and are generally initially categorized as Level 2 within the fair value hierarchy.  

The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Transferred assets	$	1,813.2	$	2,608.1	$	5,355.8	$	9,338.1
Proceeds on new securitizations	1,813.2		2,609.8		5,407.2		9,339.4
Cash flows received on retained interests	10.0		4.5		22.9		14.3

We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at August 31, 2022 and November 30, 2021.

The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):

	August 31, 2022				November 30, 2021
Securitization Type	Total Assets		Retained Interests		Total Assets		Retained Interests
U.S. government agency residential mortgage-backed securities	$	238.9	$	3.5	$	330.2	$	4.9
U.S. government agency commercial mortgage-backed securities	2,537.7		174.7		2,201.8		69.2
CLOs	5,610.2		42.0		3,382.3		31.0
Consumer and other loans	2,337.7		122.3		2,271.4		136.4

Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount, which is included in total Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition.

Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 7.

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Variable Interest Entities

9 Months Ended

Aug. 31, 2022

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities

Variable Interest Entities

VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.

Our variable interests in VIEs include debt and equity interests, equity interests in associated companies, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from the following activities, but also includes other activities discussed below:

•Purchases of securities in connection with our trading and secondary market-making activities;

•Retained interests held as a result of securitization activities;

•Acting as placement agent and/or underwriter in connection with client-sponsored securitizations;

•Financing of agency and non-agency mortgage-backed and other asset-backed securities;

•Acting as servicer for a fee to automobile loan financing vehicles;

•Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements and revolving loan and note commitments; and

•Loans to, investments in and fees from various investment vehicles.

We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE's most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE's purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE's significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary.

We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests.

Consolidated VIEs

The following table presents information about our consolidated VIEs (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.

	August 31, 2022				November 30, 2021
	Secured Funding Vehicles		Other		Secured Funding Vehicles		Other
Cash	$	—	$	0.2	$	3.8	$	—
Financial instruments owned, at fair value	—		35.1		173.1		146.4
Securities purchased under agreements to resell (1)	1,575.8		—		3,697.1		—
Receivables (2)	753.2		26.8		626.8		40.6
Other assets (3)	130.6		77.7		114.6		—
Total assets	$	2,459.6	$	139.8	$	4,615.4	$	187.0
Financial instruments sold, not yet purchased, at fair   value	$	—	$	3.7	$	—	$	109.1
Other secured financings (4)	2,403.4		—		4,521.6		—
Long-term debt	—		24.3		—		—
Other liabilities (5)	3.2		76.7		46.6		75.3
Total liabilities	$	2,406.6	$	104.7	$	4,568.2	$	184.4
Noncontrolling interests	$	—	$	34.6	$	—	$	—

(1)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation.

(2)Approximately $1.4 million and $1.2 million of the receivables at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

(3)Approximately $71.2 million and $56.5 million of the other assets at August 31, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.

(4)Approximately $251.2 million and $36.7 million of the other secured financings at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

(5)Approximately $69.5 million and $75.3 million of the other liabilities at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

Secured Funding Vehicles.  We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans and asset-backed securities pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle's debt holders. 

At August 31, 2022 and November 30, 2021, Foursight is the primary beneficiary of automobile loan financing vehicles to which we transfer automobile loans, act as servicer of the automobile loans for a fee and retain equity interests in the vehicles. The assets of these VIEs consist primarily of automobile loans, which are accounted for as loans held for investment at amortized cost and included within Receivables in the Consolidated Statements of Financial Condition. The liabilities of these VIEs consist of notes issued by the VIEs, which are accounted for at amortized cost and included within Other secured financings in the Consolidated Statements of Financial Condition and do not have recourse to our general credit. The automobile loans are pledged as collateral for the related notes and available only for the benefit of the note holders.

Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities and are available for the benefit of the entities' equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE's assets are not available to satisfy any other debt.

Additionally, HomeFed is the primary beneficiary of a real estate syndication entity that is developing a multi-family residential property. HomeFed invested in this property, together with other third-party investors that have noncontrolling interests, and manages the property. Its assets consist primarily of the real estate being developed and its liabilities consist primarily of accrued capital expenditures, other payables and long-term debt. Our variable interests in the VIE consist primarily of our equity ownership interest, a sponsor promote, and development and asset management fees earned for managing the project.

Nonconsolidated VIEs

The following table presents information about our variable interests in nonconsolidated VIEs (in millions):

	Carrying Amount				Maximum Exposure to Loss		VIE Assets
	Assets		Liabilities
August 31, 2022
CLOs	$	501.9	$	0.1	$	1,827.5	$	9,128.9
Asset-backed vehicles	468.4		—		632.8		4,488.0
Related party private equity vehicles	29.6		—		40.3		82.7
Other investment vehicles	1,368.5		—		1,504.9		24,390.8
Total	$	2,368.4	$	0.1	$	4,005.5	$	38,090.4
November 30, 2021
CLOs	$	582.2	$	2.0	$	2,557.1	$	10,277.5
Asset-backed vehicles	281.9		—		359.3		3,474.6
Related party private equity vehicles	27.1		—		37.8		78.9
Other investment vehicles	1,111.5		—		1,201.6		15,101.4
Total	$	2,002.7	$	2.0	$	4,155.8	$	28,932.4

Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in our VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE.

Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests, sub-investment grade and senior secured U.S. loans and senior secured Euro denominated corporate leveraged loans and bonds. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following:

•Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs;

•Warehouse funding arrangements in the form of:

◦Participation interests in corporate loans held by CLOs and commitments to fund such participation interests;

◦Reverse repurchase agreements with collateral margin maintenance obligations and commitments to fund such reverse repurchase agreements; and

◦Senior and subordinated notes issued in connection with CLO warehousing activities.

•Trading positions in securities issued in CLO transactions; and

•Investments in variable funding notes issued by CLOs.

Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities, forward purchase agreements and reverse repurchase

agreements. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans and mortgage loans. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities.

Related Party Private Equity Vehicles. We committed to invest in private equity funds (the "JCP Funds", including Jefferies Group's interests in Jefferies Capital Partners V L.P. and the Jefferies SBI USA Fund L.P. (together, "JCP Fund V")) managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, we committed to invest in the general partners of the JCP Funds (the "JCP General Partners") and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the "JCP Entities") consist of equity interests that, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. At both August 31, 2022 and November 30, 2021, our total equity commitment in the JCP Entities was $133.0 million, of which $122.3 million and $122.3 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $29.6 million and $27.1 million at August 31, 2022 and November 30, 2021, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments.

Other Investment Vehicles.  The carrying amount of our equity investment was $1.37 billion and $1.11 billion at August 31, 2022 and November 30, 2021, respectively. Our unfunded equity commitment related to these investments totaled $136.3 million and $90.0 million at August 31, 2022 and November 30, 2021, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets.

Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles.  In connection with our secondary trading and market-making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities.

We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Federal Home Loan Mortgage Corporation ("Freddie Mac") or Ginnie Mae) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third-parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and automobile loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs.

At August 31, 2022 and November 30, 2021, we held $1.60 billion and $1.31 billion of agency mortgage-backed securities, respectively, and $175.6 million and $253.9 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.

FXCM is considered a VIE and our term loan and equity ownership are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM and we account for our equity interest under the equity method as an investment in an associated company. FXCM reported total assets of $401.2 million in its latest financial statements. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the total of the carrying value of the term loan ($30.1 million) and the investment in associated company ($49.9 million) at August 31, 2022. FXCM is not included in the above table containing information about our variable interests in nonconsolidated VIEs.

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Loans to and Investments in Associated Companies

9 Months Ended

Aug. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Loans to and Investments in Associated Companies

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, 2022 and 2021 is as follows (in thousands):

	Loans to and investments in associated companies as of beginning of period		Income (losses) related to associated companies		Other income (losses) related to associated companies (1)		Contributions to (distributions from) associated companies, net		Other		Loans to and investments in associated companies as of end of period
2022
Jefferies Finance	$	776,162	$	—	$	(71,587)	$	30,702	$	2	$	735,279
Berkadia	373,417				107,266		(59,217)		(1,530)		419,936
FXCM (2)	48,986		(8,131)		—		10,000		(1,001)		49,854
OpNet (3)	133,778		(42,308)		—		48,135		—		139,605
Asset Management companies (4)	183,076		—		1,442		(3,665)		—		180,853
Real estate companies	122,720		(666)		—		10,330		—		132,384
Other (3) (4)	107,651		(5,407)		(264)		(4,109)		(2,459)		95,412
Total	$	1,745,790	$	(56,512)	$	36,857	$	32,176	$	(4,988)	$	1,753,323
2021
Jefferies Finance	$	693,201	$	—	$	59,068	$	(8,837)	$	—	$	743,432
Berkadia	301,152		—		86,639		(556)		(140)		387,095
FXCM (2)	73,920		(23,046)		—		—		109		50,983
OpNet	198,991		(34,174)		—		(9,057)		(726)		155,034
Asset Management companies (4)	139,707		—		41,276		(26,566)		—		154,417
Real estate companies	168,678		(2,948)		—		(20,151)		—		145,579
Other (4)	110,914		(1,102)		249		(1,634)		(2)		108,425
Total	$	1,686,563	$	(61,270)	$	187,232	$	(66,801)	$	(759)	$	1,744,965

(1)Primarily related to Jefferies Group and 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, 2022 include loans and debt securities aggregating $27.9 million related to OpNet and other, and $15.3 million at November 30, 2021 related to other.

(4)Certain prior year amounts have been reclassified to conform to the current year presentation.

Income (losses) related to associated companies includes the following (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
FXCM	$	(1,162)	$	(12,926)	$	(8,131)	$	(23,046)
OpNet	2,664		(14,231)		(42,308)		(34,174)
Real estate companies	(1,376)		169		(666)		(2,948)
Other	(4,953)		(188)		(5,407)		(1,102)
Total	$	(4,827)	$	(27,176)	$	(56,512)	$	(61,270)

Other income (losses) related to associated companies (primarily related to Jefferies Group and classified in Other revenues) includes the following (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Jefferies Finance	$	(76,383)	$	(1,767)	$	(71,587)	$	59,068
Berkadia	29,782		25,967		107,266		86,639
Asset Management companies (1)	(5,005)		9,979		1,442		41,276
Other (1)	(122)		9		(264)		249
Total	$	(51,728)	$	34,188	$	36,857	$	187,232

(1)Certain prior year amounts have been reclassified to conform to the current year presentation.

Jefferies Finance

Through Jefferies Group, we own a 50% equity interest in JFIN Parent LLC ("Jefferies Finance") and Jefferies Finance LLC is a direct subsidiary of JFIN Parent LLC. Jefferies Finance is a joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company ("MassMutual"). Jefferies Finance is a commercial finance company that structures, underwrites and syndicates primarily senior secured loans to corporate borrowers; and manages proprietary and third-party investments for both broadly syndicated and direct lending loans. Jefferies Finance conducts its operations primarily through two business lines, Leveraged Finance Arrangement, and Portfolio and Asset Management. Loans are originated primarily through Jefferies Group's investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through Jefferies Group. The Portfolio and Asset Management business lines, collectively referred to as Jefferies Credit Partners, manages a broad portfolio of assets under management comprised of portions of loans it has arranged, as well as loan positions that it has purchased in the primary and secondary markets. Jefferies Credit Partners is comprised of three registered Investment Advisors: Jefferies Finance, Apex Credit Partners LLC and JFIN Asset Management LLC, which serve as a private credit platform managing proprietary and third-party capital across comingled funds, separately managed accounts and collateralized loan obligations.

At August 31, 2022, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. The equity commitment is reduced quarterly based on Jefferies Group's share of any undistributed earnings from Jefferies Finance and the commitment is increased only to the extent the share of such earnings are distributed. At August 31, 2022, Jefferies Group's remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2023 with automatic one year extensions absent a 60 day termination notice by either party.

Jefferies Finance has executed a Secured Revolving Credit Facility with Jefferies Group and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is a committed amount of $500.0 million at August 31, 2022. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2023 with automatic one year extensions absent a 60 day termination notice by either party. At August 31, 2022, Jefferies Group had funded $0.0 million of its $250.0 million commitment. Jefferies Group recognized interest income and unfunded commitment fees related to the facility of $0.3 million and $0.3 million during the three months ended August 31, 2022 and 2021, respectively, and $1.3 million and $2.2 million during the nine months ended August 31, 2022 and 2021, respectively.

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

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Origination and syndication fee revenues (1)	$	14.6	$	87.8	$	171.4	$	303.5
Origination fee expenses (1)	6.5		15.6		33.8		48.4
CLO placement fee revenues (2)	1.2		0.6		3.1		4.3
Underwriting fees (3)	—		2.0		—		2.5
Service fees (4)	17.3		18.0		83.1		63.5

(1)    Jefferies Group engages in the origination and syndication of loans underwritten 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, 2022 and November 30, 2021, 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.

In connection with non-U.S. dollar loans originated by Jefferies Finance to borrowers who are investment banking clients of Jefferies Group, Jefferies Group has entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure.

At August 31, 2022 and November 30, 2021, receivables from Jefferies Finance, included in Other assets in the Consolidated Statements of Financial Condition, were $10.0 million and $26.2 million, respectively. At August 31, 2022 and November 30, 2021, payables to Jefferies Finance, related to cash deposited with Jefferies Group, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition, were $30.1 million and $8.5 million, respectively.

Berkadia

Berkadia is a commercial mortgage banking and servicing joint venture that was formed in 2009 with Berkshire Hathaway Inc. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% membership interest in Berkadia. We are entitled to receive 45% of the profits. Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, or other investors. Berkadia also is an investment sales advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions.

Berkadia uses all of the proceeds from the commercial paper sales of an affiliate of Berkadia to fund new mortgage loans, servicer advances, investments and other working capital requirements. Repayment of the commercial paper is supported by a $1.5 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At August 31, 2022, the aggregate amount of commercial paper outstanding was $1.47 billion.

FXCM

We have a 50% voting interest in FXCM, a provider of online foreign exchange trading services. We account for our equity interest in FXCM on a one month lag. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology and tradename over their respective useful lives (weighted average life of 11 years).

FXCM is considered a VIE and our term loan and equity interest are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM.

OpNet

We own approximately 42% of the common shares of OpNet, the largest fixed wireless broadband services provider in Italy. In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2026, redeemable preferred stock with a redemption value of $98.8 million at August 31, 2022, and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 61% of OpNet's common equity at August 31, 2022. We have approximately 48% of the total voting securities of OpNet. Additionally, we have made shareholder loans to OpNet with principal outstanding of $44.5 million at August 31, 2022. We account for our equity interest in OpNet on a two month lag.

Asset Management Companies

Through Jefferies Group, we have asset management equity method investments that consist of our shares in Monashee Holdings LLC ("Monashee") and Oak Hill Capital Management LLC, OHCP GenPar Holdco, LP, Oak Hill Capital Management Partners III, LP and Oak Hill Capital Partners IV (Management), LP (collectively the "Oak Hill entities"). Monashee, an investment management company, a registered investment advisor and general partner of various investment management funds, provides us with a 50% voting rights interest and the rights to distributions of 47.5% of the annual net profits of Monashee's operations if certain thresholds are met. A portion of the carrying amount of the investment in Monashee relates to contract and customer relationship and client relationship intangible assets and goodwill. The intangible assets are amortized over their useful life and the goodwill is not amortized. The Asset Management companies equity method investments also consist of membership interests and limited partnership interests of approximately 15% in the Oak Hill investment management company and registered investment advisor and the Oak Hill general partner entity, which is entitled to carried interest from certain Oak Hill managed funds (collectively "the Oak Hill interests"). Subsequent to quarter-end, on September 30, 2022, we sold the Oak Hill interests with a carrying value of $167.7 million and recognized $175.1 million within Other revenues in the Consolidated Statement of Operations as a result of the sale.

Real Estate Companies

Real estate equity method investments primarily consist of HomeFed's interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison. These equity interests are accounted for on a two month lag.

Brooklyn Renaissance Plaza is comprised of a hotel operated by Marriott, an office building complex and a parking garage located in Brooklyn, New York. HomeFed owns a 25.4% equity interest in the hotel and a 61.25% equity interest in the office building and garage. Although HomeFed has a majority interest in the office building and garage, it does not have control, but only has the ability to exercise significant influence on this investment. As such, HomeFed accounts for the office building and garage under the equity method of accounting. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years).

We own approximately 48.1% of 54 Madison, a fund that owns interests in one real estate project and is in the process of being liquidated.

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Intangible Assets, Net and Goodwill

9 Months Ended

Aug. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

Intangible Assets, Net and Goodwill

A summary of Intangible assets, net and goodwill is as follows (in thousands):

	August 31, 2022		November 30, 2021
Indefinite-lived intangibles:
Exchange and clearing organization membership interests and registrations	$	7,365	$	7,732
Amortizable intangibles:
Customer and other relationships, net of accumulated amortization of $87,692 and $128,012	37,966		42,808
Trademarks and tradenames, net of accumulated amortization of $34,426 and $32,244	92,198		96,509
Other, net of accumulated amortization of $11,073 and $11,329	3,885		5,353
Total intangible assets, net	141,414		152,402
Goodwill:
Investment Banking and Capital Markets (1)	1,549,851		1,561,928
Asset Management	143,000		143,000
Real estate	36,711		36,711
Other operations	3,459		3,459
Total goodwill	1,733,021		1,745,098
Total intangible assets, net and goodwill	$	1,874,435	$	1,897,500

(1)    The decrease in Investment Banking and Capital Markets goodwill during the nine months ended August 31, 2022, primarily relates to translation adjustments.

Amortization expense on intangible assets was $2.5 million and $3.6 million for the three months ended August 31, 2022 and 2021, respectively, and $8.5 million and $10.7 million for the nine months ended August 31, 2022 and 2021, respectively.

The estimated aggregate future amortization expense for the intangible assets for each of the next five fiscal years is as follows (in thousands): 

Remainder of current year	$	2,514
2023	9,904
2024	9,147
2025	8,636
2026	8,608

We performed our annual impairment testing of goodwill within the Investment Banking and Capital Markets segment and the Asset Management segment as of August 1, 2022. The quantitative goodwill impairment test is performed at our reporting unit level. The fair value of the reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, an impairment loss is recognized as the difference between the fair value and carrying value of the reporting unit.

The estimated fair value of both the Investment Banking and Capital Markets segment and the Asset Management segment are based on valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of our reporting units on a controlling basis. An independent valuation specialist was engaged to assist with the valuation process at August 1, 2022. The results of our annual goodwill impairment test for both the Investment Banking and Capital Markets segment and the Asset Management segment did not indicate any goodwill impairment.

We performed our annual impairment testing of intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations within our Investment Banking and Capital Markets segment, at August 1, 2022. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessments of the remaining indefinite-life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired.

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Short-Term Borrowings

9 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Our short-term borrowings, which mature in one year or less, are as follows (in thousands):

	August 31, 2022		November 30, 2021
Bank loans (1)	$	557,439	$	215,063
Floating rate puttable notes (1)	6,800		6,800
Total short-term borrowings	$	564,239	$	221,863

(1)    These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

At August 31, 2022 and November 30, 2021, the weighted average interest rate on short-term borrowings outstanding was 3.55% and 1.41% per annum, respectively.

At August 31, 2022 and November 30, 2021, Jefferies Group's borrowings under credit facilities classified within bank loans in Short-term borrowings in the Consolidated Statements of Financial Condition were $550.0 million and $200.0 million, respectively. Jefferies Group's borrowings include credit facilities that contain certain covenants that, among other things, require it to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for its U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of its subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and Jefferies Group in reference to the bank's cost of funding. At August 31, 2022, Jefferies Group was in compliance with all covenants under these credit facilities.

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Long-Term Debt

9 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands).

	August 31, 2022		November 30, 2021
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $441,748 principal	$	440,748	$	440,120
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,937		246,888
Total long-term debt – Parent Company	687,685		687,008
Subsidiary Debt (non-recourse to Parent Company):
Jefferies Group Unsecured Long-term Debt:
1.00% Euro Medium Term Notes, due July 19, 2024, $502,225 and $566,150 principal	501,444		564,985
4.50% Callable Note, due July 22, 2025, $6,206 principal	6,147		—
4.85% Senior Notes, due January 15, 2027, $750,000 principal (1)	714,423		775,550
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	364,589		366,556
5.00% Callable Note, due June 16, 2027, $25,000 principal	24,772		—
5.00% Callable Note, due February 17, 2028, $10,018 principal	9,882		—
4.15% Senior Notes, due January 23, 2030, $1,000,000 principal	991,266		990,525
2.625% Senior Notes due October 15, 2031, $1,000,000 principal (1)	922,252		988,059
2.75% Senior Notes, due October 15, 2032, $500,000 principal (1)	401,353		460,724
6.25% Senior Debentures, due January 15, 2036, $488,000 and $495,000 principal	497,800		505,267
6.50% Senior Notes, due January 20, 2043, $391,000 principal	409,588		409,926
Floating Rate Senior Notes, due October 29, 2071	61,712		61,703
Jefferies Group Unsecured Revolving Credit Facility	249,421		348,951
Structured Notes (2)	1,517,410		1,843,598
Jefferies Group Secured Long-term Debt:
Jefferies Group Secured Credit Facilities (3)	800,275		706,608
Jefferies Group Secured Bank Loan	100,000		100,000
HomeFed EB-5 Program debt	208,516		203,132
HomeFed construction loans	102,851		45,581
Vitesse Energy Revolving Credit Facility	64,080		67,572
Total long-term debt – subsidiaries	7,947,781		8,438,737
Long-term debt	$	8,635,466	$	9,125,745

(1)    Amounts include net gains of $188.0 million and $38.6 million during the nine months ended August 31, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 4 for further information.

(2)    These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in Accumulated other comprehensive income (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other operating activities in the Consolidated Statements of Cash Flow.

(3)    Amounts include $82.6 million at November 30, 2021 related to Foursight credit facilities. In the first quarter of 2022, Foursight was transferred to Jefferies Group.

Subsidiary Debt:

During the nine months ended August 31, 2022, structured notes with a total principal amount of approximately $162.5 million, net of retirements, were issued by Jefferies Group.

At August 31, 2022 and November 30, 2021, borrowings under several of Jefferies Group's credit facilities classified within Long-term debt amounted to $1.05 billion and $972.9 million, respectively. Interest on these credit facilities is based on adjusted London Interbank Offered Rate ("LIBOR") rates or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require Jefferies Group to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of its subsidiaries. At August 31, 2022, Jefferies Group was in compliance with all covenants under theses credit facilities.

In addition, one of Jefferies Group's subsidiaries has a Loan and Security Agreement with a bank for a term loan ("Jefferies Group Secured Bank Loan"). At both August 31, 2022 and November 30, 2021, borrowings under the Jefferies Group Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt. The Jefferies Group Secured Bank Loan matures on September 13, 2024, has an interest rate of 1.25% plus LIBOR and is collateralized by certain trading securities. The agreement contains certain covenants that, among other things, restrict lien or encumbrance upon any of the pledged collateral. At August 31, 2022, Jefferies Group was in compliance with all covenants under the Jefferies Group Secured Bank Loan.

HomeFed funds certain of its real estate projects in part by raising funds under the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services pursuant to the Immigration and Nationality Act ("EB-5 Program"). This program was created to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. This debt is secured by certain real estate of HomeFed. At August 31, 2022, HomeFed was in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, collateral requirements and restricted use of proceeds. Primarily all of HomeFed's EB-5 Program debt matures in 2024 through 2026.

At August 31, 2022, HomeFed has construction loans with an aggregate committed amount of $148.6 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loans bear interest based on the 30 day LIBOR or the Secured Overnight Financing Rate ("SOFR"), plus spreads of 2.15% to 3.15%, subject to adjustment on the first of each calendar month. At August 31, 2022, the weighted average interest rate on these loans was 4.92%. The loans mature between December 2022 and May 2024 and are collateralized by the property underlying the related project with a guarantee by HomeFed. At August 31, 2022 and November 30, 2021, $103.6 million and $46.8 million, respectively, was outstanding under the construction loan agreements.

Vitesse Energy has a revolving credit facility with a syndicate of banks that matures in April 2026 and has a maximum borrowing base of $200.0 million at August 31, 2022. At August 31, 2022, $66.0 million was outstanding under the facility. Borrowings under the facility have been made as SOFR loans that bear interest at SOFR plus a spread ranging from 2.75% to 3.75% based on the borrowing base utilization percentage. The credit facility is guaranteed by Vitesse Energy's subsidiaries and is collateralized with a minimum of 85% of Vitesse Energy's proved reserve value of its oil and gas properties. Vitesse Energy's borrowing base is subject to regular re-determination on or about April 1 and October 1 of each year based on proved oil and gas reserves, hedge positions and estimated future cash flows from these reserves calculated using future commodity pricing provided by Vitesse Energy's lenders. At November 30, 2021, $68.0 million was outstanding under the prior revolving credit facility.

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Mezzanine Equity

9 Months Ended

Aug. 31, 2022

Temporary Equity Disclosure [Abstract]

Mezzanine Equity

Mezzanine Equity

Redeemable Noncontrolling Interests

At August 31, 2022 and November 30, 2021, redeemable noncontrolling interests include other redeemable noncontrolling interests of $13.4 million and $25.4 million, respectively, primarily related to our oil and gas exploration and development businesses.

Mandatorily Redeemable Convertible Preferred SharesWe have one series of callable mandatorily redeemable cumulative convertible preferred shares ("Preferred Shares"). Our 125,000 Preferred Shares are callable beginning January 2023 at a price of $1,000 per share, plus accrued interest and are mandatorily redeemable in 2038 for $125.0 million. The Preferred Shares have a dividend rate equal to the sum of 3.25% annual, cumulative cash dividend, plus an additional quarterly payment based on the amount by which our common stock dividends exceed $0.0625 per common share. The Preferred Shares are currently convertible into 4,440,863 common shares, an effective conversion price of $28.15 per share. Based on the quarterly dividend of $0.30 per common share, the effective rate on these Preferred Shares is approximately 6.6%.

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Compensation Plans

9 Months Ended

Aug. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Compensation Plans

Compensation Plans

Restricted Stock and Restricted Stock Units. Restricted stock and restricted stock units ("RSUs") may be granted to new employees as "sign-on" awards, to existing employees as "retention" awards and to certain executive officers as incentive awards. Sign-on and retention awards are generally subject to annual ratable vesting over a multi-year service period and are amortized as compensation expense on a straight-line basis over the service period. Restricted stock and RSUs are granted to certain senior executives and may contain market, performance and/or service conditions. Market conditions are incorporated into the grant-date fair value of senior executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market conditions are not met. Awards with performance conditions are amortized over the service period if, and to the extent, it is determined to be probable that the performance condition will be achieved. If awards are forfeited due to failure to achieve performance conditions or failure to satisfy service conditions, any previously recognized expense for such awards is reversed.

Senior Executive Compensation Plan.

In December 2021, our senior executives were granted RSUs containing service conditions, including a special leadership continuity grant, as well as RSUs that contain both service and performance conditions. For the three and nine months ended August 31, 2022, we recorded $6.5 million and $18.3 million, respectively, of stock-based compensation related to these awards.

In December 2020, our senior executives were granted nonqualified stock options and stock appreciation rights ("SARs"). The total initial fair value of the stock options and SARs were recorded as expense at the time of the grant, as both awards have no future service requirements. For the nine months ended August 31, 2021, we recorded $48.6 million of total Compensation and benefits expense relating to the stock options and SARs, of which $12.9 million was stock-based compensation and $35.7 million related to the SAR awards.

Share-Based Compensation Expense. Share-based compensation expense relating to grants made under our share-based compensation plans was $10.0 million and $7.0 million for the three months ended August 31, 2022 and 2021, respectively, and $33.0 million and $71.2 million (including $48.6 million related to the senior executive stock option award and SAR awards, as discussed above) for the nine months ended August 31, 2022 and 2021, respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. At August 31, 2022, total unrecognized compensation cost related to nonvested share-based compensation plans was $100.9 million; this cost is expected to be recognized over a weighted average period of 3.4 years.

At August 31, 2022, there were 961,000 shares of restricted stock outstanding with future service required, 4,245,000 RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 12,547,000 RSUs outstanding with no future service required, 5,027,000 stock options outstanding and 1,155,000 shares issuable under other plans. Additionally, the Preferred Shares are currently convertible into 4,440,863 common shares at an effective conversion price of $28.15 per share. The maximum potential increase to common shares outstanding resulting from these outstanding awards and the Preferred Shares is 27,415,000 at August 31, 2022.

Restricted Cash Awards. Jefferies Group provides compensation to certain new and existing employees in the form of loans and/or other cash awards that are subject to ratable vesting terms with service requirements. These awards are amortized as compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year. At August 31, 2022, the remaining unamortized amount of the restricted cash awards was $270.8 million and is included within Other assets in the Consolidated Statement of Financial Condition; this cost is expected to be recognized over a weighted average period of 3 years.

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Aug. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss) is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):

	August 31, 2022		November 30, 2021
Net unrealized gains (losses) on available for sale securities	$	(767)	$	269
Net foreign currency translation adjustments (1)	(215,542)		(166,499)
Net changes in instrument-specific credit risk	(83,647)		(153,672)
Net minimum pension liability	(50,414)		(52,241)
Total accumulated other comprehensive income (loss)	$	(350,370)	$	(372,143)

(1) We reduce the impact of fluctuations in foreign exchange rates on our net investments in some of our non-U.S. operations through the use of foreign exchange contracts. Relating to these contracts, all gains or losses on the hedging instruments are included as part of net foreign currency translation adjustments within accumulated other comprehensive income (loss). The net foreign currency translation adjustments are shown net of cumulative gains from these hedges of $131.2 million and $11.9 million at August 31, 2022 and November 30, 2021, respectively.

Amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands):

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Operations
	For the Nine Months Ended August 31,
	2022		2021
Net changes in instrument-specific credit risk, net of income tax provision (benefit) of $(52) and $599	$	(161)	$	1,861	Principal transactions revenues
Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(624) and $(795)	(1,827)		(2,329)		Selling, general and other expenses, which includes pension expense
Total reclassifications for the period, net of tax	$	(1,988)	$	(468)

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Revenues from Contracts with Customers

9 Months Ended

Aug. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Revenues from Contracts with Customers

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Revenues from contracts with customers:
Commissions and other fees	$	221,397	$	214,363	$	705,419	$	673,756
Investment banking	709,334		1,180,620		2,255,241		3,184,932
Other	246,474		239,086		756,544		700,377
Total revenues from contracts with customers	1,177,205		1,634,069		3,717,204		4,559,065
Other sources of revenue:
Principal transactions	200,889		232,110		654,633		1,513,034
Interest income	318,216		220,278		776,896		691,223
Other	140,617		54,137		249,141		247,189
Total revenues from other sources	659,722		506,525		1,680,670		2,451,446
Total revenues	$	1,836,927	$	2,140,594	$	5,397,874	$	7,010,511

Revenues from contracts with customers are recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (the "transaction price"). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third-parties.

The following provides detailed information on the recognition of our revenues from contracts with customers:

Commissions and Other Fees. We earn commission and other fee revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third-parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in the Consolidated Statements of Operations. We also earn investment research fees for the sales of our proprietary investment research when a contract with a client has been identified. The delivery of investment research services represents a distinct performance obligation that is satisfied over time when the performance obligation is to provide ongoing access to a research platform or research analysts, with fees recognized on a straight-line basis over the period in which the performance obligation is satisfied. The performance obligation is satisfied at a point in time when the performance obligation is to provide individual interactions with research analysts or research events, with fees recognized on the interaction date.

We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period (e.g., quarterly). Account advisory fees paid in advance are initially deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved.

Investment Banking. We provide our clients with a full range of financial advisory and underwriting services. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by our clients are recognized as Investment banking revenues.

Underwriting services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage-backed and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the underwriting offering at that point. Costs associated with underwriting transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within underwriting costs in the Consolidated Statements of Operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues.

Asset Management Fees. We earn management and performance fees, recorded in Other revenues, in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation (e.g., changes in assets under management, market performance) and/or are contingent on a future event during the measurement period (e.g., meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, "high-water marks" or other performance targets. The performance period related to our performance fees is annual or semi-annual. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met.

Manufacturing Revenues. Idaho Timber's primary business consists of the sale of lumber that is manufactured or remanufactured at one of its locations. Agreements with customers for these sales specify the type, quantity and price of products to be delivered as well as the delivery date and payment terms. The transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product. Manufacturing revenues are included in Other revenues.

Disaggregation of Revenue

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):

	Reportable Segments (1)
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Reconciling Items -Consolidation Adjustments		Total
Three months ended August 31, 2022
Major Business Activity:
Investment Banking - Advisory	$	486,762	$	—	$	—	$	—	$	(5,343)	$	481,419
Investment Banking - Underwriting	227,915		—		—		—		—		227,915
Equities (2)	218,007		—		—		—		(74)		217,933
Fixed Income (2)	3,464		—		—		—		—		3,464
Asset Management	—		3,758		—		—		—		3,758
Manufacturing revenues	—		—		105,469		—		—		105,469
Oil and gas revenues	—		—		84,493		—		—		84,493
Other revenues	—		—		52,754		—		—		52,754
Total revenues from contracts with customers	$	936,148	$	3,758	$	242,716	$	—	$	(5,417)	$	1,177,205
Primary Geographic Region:
Americas	$	681,329	$	3,758	$	241,537	$	—	$	(5,417)	$	921,207
Europe	191,806		—		743		—		—		192,549
Asia Pacific	63,013		—		436		—		—		63,449
Total revenues from contracts with customers	$	936,148	$	3,758	$	242,716	$	—	$	(5,417)	$	1,177,205
Three months ended August 31, 2021
Major Business Activity:
Investment Banking - Advisory	$	583,887	$	—	$	—	$	—	$	—	$	583,887
Investment Banking - Underwriting	596,733		—		—		—		—		596,733
Equities (2)	210,109		—		—		—		(30)		210,079
Fixed Income (2)	4,284		—		—		—		—		4,284
Asset Management	—		2,853		—		—		—		2,853
Manufacturing revenues	—		—		118,918		—		—		118,918
Oil and gas revenues	—		—		49,814		—		—		49,814
Other revenues	—		—		67,501		—		—		67,501
Total revenues from contracts with customers	$	1,395,013	$	2,853	$	236,233	$	—	$	(30)	$	1,634,069
Primary Geographic Region:
Americas	$	1,114,829	$	2,853	$	235,450	$	—	$	(30)	$	1,353,102
Europe	215,146		—		445		—		—		215,591
Asia Pacific	65,038		—		338		—		—		65,376
Total revenues from contracts with customers	$	1,395,013	$	2,853	$	236,233	$	—	$	(30)	$	1,634,069

	Reportable Segments (1)
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Reconciling Items -Consolidation Adjustments		Total
Nine months ended August 31, 2022
Major Business Activity:
Investment Banking - Advisory	$	1,402,291	$	—	$	—	$	—	$	(5,343)	$	1,396,948
Investment Banking - Underwriting	858,649		—		—		—		(356)		858,293
Equities (2)	695,508		—		—		—		(366)		695,142
Fixed Income (2)	10,277		—		—		—		—		10,277
Asset Management	—		19,627		—		—		—		19,627
Manufacturing revenues	—		—		412,605		—		—		412,605
Oil and gas revenues	—		—		225,652		—		—		225,652
Other revenues	—		—		98,660		—		—		98,660
Total revenues from contracts with customers	$	2,966,725	$	19,627	$	736,917	$	—	$	(6,065)	$	3,717,204
Primary Geographic Region:
Americas	$	2,302,203	$	19,627	$	733,796	$	—	$	(6,065)	$	3,049,561
Europe	464,370		—		1,950		—		—		466,320
Asia Pacific	200,152		—		1,171		—		—		201,323
Total revenues from contracts with customers	$	2,966,725	$	19,627	$	736,917	$	—	$	(6,065)	$	3,717,204
Nine months ended August 31, 2021
Major Business Activity:
Investment Banking - Advisory	$	1,285,834	$	—	$	—	$	—	$	—	$	1,285,834
Investment Banking - Underwriting	1,899,098		—		—		—		—		1,899,098
Equities (2)	663,503		—		—		—		(218)		663,285
Fixed Income (2)	10,471		—		—		—		—		10,471
Asset Management	—		12,594		—		—		—		12,594
Manufacturing revenues	—		—		440,857		—		—		440,857
Oil and gas revenues	—		—		126,855		—		—		126,855
Other revenues	—		—		120,071		—		—		120,071
Total revenues from contracts with customers	$	3,858,906	$	12,594	$	687,783	$	—	$	(218)	$	4,559,065
Primary Geographic Region:
Americas	$	3,104,251	$	11,961	$	685,760	$	—	$	(218)	$	3,801,754
Europe	575,774		633		1,351		—		—		577,758
Asia Pacific	178,881		—		672		—		—		179,553
Total revenues from contracts with customers	$	3,858,906	$	12,594	$	687,783	$	—	$	(218)	$	4,559,065

(1)    In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets, and Asset Management segments. Prior year amounts have been reclassified to conform to current segment reporting.

(2)    Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Information on Remaining Performance Obligations and Revenue Recognized from Past Performance

We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at August 31, 2022. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at August 31, 2022.

We recognized $35.2 million and $76.2 million during the three months ended August 31, 2022 and 2021, respectively, and $77.9 million and $49.4 million during the nine months ended August 31, 2022 and 2021, respectively, of revenues related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, we recognized $9.2 million and $7.9 million during the three months ended August 31, 2022 and 2021, respectively, and $19.3 million and $16.4 million during the nine months ended August 31, 2022 and 2021, respectively, of revenues primarily associated with distribution services, a portion of which relates to prior periods.

Contract Balances

The timing of our revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment, and we record a contract asset when we have transferred goods, services or assets to a customer, but payment is contingent upon additional performance obligations. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.

We had receivables related to revenues from contracts with customers of $252.7 million and $298.7 million at August 31, 2022 and November 30, 2021, respectively, and we had contract assets related to revenues from contracts with customers of $34.8 million and $25.2 million at August 31, 2022 and November 30, 2021, respectively. We had no significant impairments related to these receivables or contract assets during the three and nine months ended August 31, 2022 and 2021.

Our deferred revenue primarily includes deferred revenue related to our real estate operations and retainer and milestone fees received in investment banking advisory engagements where the performance obligations have not yet been satisfied. Deferred revenues were $38.6 million and $49.7 million at August 31, 2022 and November 30, 2021, respectively, which are recorded in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. During the three months ended August 31, 2022, we recognized $9.1 million of deferred revenue from the balance at May 31, 2022. During the three months ended August 31, 2021, we recognized $8.0 million of deferred revenue from the balance at May 31, 2021. During the nine months ended August 31, 2022, we recognized $21.7 million of deferred revenue from the balance at November 30, 2021. During the nine months ended August 31, 2021, we recognized $10.0 million of deferred revenue from the balance at November 30, 2020.

Contract Costs

We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized.

At August 31, 2022 and November 30, 2021, capitalized costs to fulfill a contract were $2.4 million and $1.6 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $1.0 million and $0.9 million during the three months ended August 31, 2022 and 2021, respectively, and $1.6 million and $1.6 million during the nine months ended August 31, 2022 and 2021, respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three and nine months ended August 31, 2022 and 2021.

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Income Taxes

9 Months Ended

Aug. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $468.9 million (including $112.8 million for interest) at August 31, 2022, of which $301.3 million related to Jefferies Group, and was $436.9 million (including $97.9 million for interest) at November 30, 2021, of which $273.2 million related to Jefferies Group. If recognized, such amounts would lower our effective tax rate. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

The net deferred tax asset was $398.4 million and $327.5 million at August 31, 2022 and November 30, 2021, respectively. The deferred tax asset is predominately attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the largest component of which relates to compensation and benefits. The deferred tax asset is included in Other assets in the Consolidated Statements of Financial Condition.

We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs.

The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:

Jurisdiction	Tax Year
United States	2019
New York State	2001
New York City	2006
United Kingdom	2020
Hong Kong	2016
Germany	2017

Our provision for income taxes for the nine months ended August 31, 2022 was $219.9 million, representing an effective tax rate of 25.6%. Our provision for income taxes for the nine months ended August 31, 2021 was $484.8 million, representing an effective tax rate of 26.5%.

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Common Share and Earnings Per Common Share

9 Months Ended

Aug. 31, 2022

Earnings Per Share [Abstract]

Common Share and Earnings Per Common Share

Common Share and Earnings Per Common Share

Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	195,459	$	407,459	$	636,920	$	1,342,490
Allocation of earnings to participating securities (1)	(571)		(2,490)		(2,662)		(7,974)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	194,888		404,969		634,258		1,334,516
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	5		52		28		161
Mandatorily redeemable convertible preferred share dividends	2,070		1,849		6,211		5,101
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	196,963	$	406,870	$	640,497	$	1,339,778
Denominator for earnings per share:
Weighted average common shares outstanding	230,988		246,624		236,546		247,638
Weighted average shares of restricted stock outstanding with future service required	(710)		(1,602)		(1,075)		(1,561)
Weighted average RSUs outstanding with no future service required	13,575		18,065		14,697		18,171
Denominator for basic earnings per share – weighted average shares	243,853		263,087		250,168		264,248
Stock options and other share based awards	1,171		1,485		1,485		905
Senior executive compensation plan RSUs awards	1,774		2,392		1,989		2,152
Mandatorily redeemable convertible preferred shares	4,441		4,441		4,441		4,441
Denominator for diluted earnings per share	251,239		271,405		258,083		271,746

(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 714,600 and 1,621,000 for the three months ended August 31, 2022 and 2021, respectively, and 1,083,400 and 1,581,200 for the nine months ended August 31, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2022 and 2021. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2022, the Board of Directors increased the share repurchase authorization by $87.5 million. In March 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. In June 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. During the first nine months of 2022, we purchased a total of 21,721,900 of our common shares for $738.6 million, or an average price of $34.00 per share, including 18,294,689 of our common shares in the open market for $616.3 million under our current Board of Director authorization, and 3,427,211 shares of our common stock for $122.2 million in connection with net-share settlements under our equity compensation plan. At August 31, 2022, we had $133.7 million remaining authorization of future repurchases. In September 2022, the Board of Directors increased the share repurchase authorization by $145.9 million back to a total of $250.0 million.

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Commitments, Contingencies and Guarantees

9 Months Ended

Aug. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

Commitments, Contingencies and Guarantees

Commitments

The following table summarizes commitments associated with certain business activities at August 31, 2022 (in millions):

	Expected Maturity Date (Fiscal Years)
	2022		2023		2024 and 2025		2026 and 2027		2028 and Later		Maximum Payout
Equity commitments (1)	$	359.5	$	51.2	$	2.4	$	4.9	$	131.1	$	549.1
Loan commitments (1)	4.0		267.5		—		78.9		—		350.4
Underwriting commitments	68.0		—		—		—		—		68.0
Forward starting reverse repos (2)	7,182.8		—		—		—		—		7,182.8
Forward starting repos (2)	3,104.7		—		—		—		—		3,104.7
Other unfunded commitments (1)	—		176.5		278.0		0.2		—		454.7
Total	$	10,719.0	$	495.2	$	280.4	$	84.0	$	131.1	$	11,709.7

(1)Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand.

(2)At August 31, 2022, all of the forward starting securities purchased under agreements to resell and all except $44.1 million of the forward starting securities sold under agreements to repurchase settled within three business days.

Equity Commitments.  Equity commitments include a commitment to invest in Jefferies Group's joint venture, Jefferies Finance, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which consists of a team led by our President and a Director. At August 31, 2022, Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $10.7 million.

See Note 8 for additional information regarding Jefferies Group's investment in Jefferies Finance.

Additionally, at August 31, 2022, we had outstanding equity commitments to invest up to $69.7 million in the Oak Hill entities, $415.8 million to strategic affiliates and $37.5 million in various other investments. Subsequent to quarter-end, we no longer have the equity commitments to the Oak Hill entities, as a result of our sale of the Oak Hill interests on September 30, 2022. For further information on this sale, see Note 8.

Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication and acquisition finance, and to strategic affiliates. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At August 31, 2022, we had $100.4 million of outstanding loan commitments to clients.

Loan commitments outstanding at August 31, 2022 also include Jefferies Group's portion of the outstanding secured revolving credit facility provided to Jefferies Finance to support loan underwritings by Jefferies Finance. At August 31, 2022, $0.0 million of Jefferies Group's $250.0 million commitment was funded.

Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions.

Forward Starting Reverse Repos and Repos.  We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities.

Other Unfunded Commitments.  Other unfunded commitments include obligations in the form of revolving notes, warehouse financings and debt securities to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity.

Contingencies

In the third quarter of 2022, we accrued $80.0 million within Selling, general and other expenses in the Consolidated Statement of Operations in regards to a combined regulatory settlement with the U.S. Securities and Exchange Commission ("SEC") and the U.S. Commodity Futures Trading Commission ("CFTC"). This regulatory settlement was within the context of an industry-wide regulatory investigation relating to record-keeping requirements in connection with personal-texting devices used for business communications.

We and our subsidiaries are parties to other legal and regulatory proceedings that are considered to be either ordinary, routine litigation incidental to their business or not significant to our consolidated financial position. We and our subsidiaries are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions. We do not believe that any of these actions will have a significant adverse effect on our consolidated financial position or liquidity, but any amounts paid could be significant to results of operations for the period.

Guarantees

Derivative Contracts.  Our dealer activities cause us to make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts.

The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of August 31, 2022 (in millions):

	Expected Maturity Date (Fiscal Years)
Guarantee Type	2022		2023		2024 and 2025		2026 and 2027		2028 and Later		Notional/ Maximum Payout
Derivative contracts – non-credit related	$	6,346.3	$	9,661.9	$	13,329.4	$	1,696.8	$	107.0	$	31,141.4
Written derivative contracts – credit related	—		—		0.2		—		—		0.2
Total derivative contracts	$	6,346.3	$	9,661.9	$	13,329.6	$	1,696.8	$	107.0	$	31,141.6

The derivative contracts deemed to meet the definition of a guarantee under GAAP are before consideration of hedging transactions and only reflect a partial or "one-sided" component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At August 31, 2022, the fair value of derivative contracts meeting the definition of a guarantee is approximately $768.8 million.

Berkadia.  We have agreed to reimburse Berkshire Hathaway for up to one-half of any losses incurred under a $1.5 billion surety policy securing outstanding commercial paper issued by an affiliate of Berkadia. At August 31, 2022, the aggregate amount of commercial paper outstanding was $1.47 billion.

HomeFed. For real estate development projects, HomeFed is generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee satisfactory completion of a project and provide funds primarily to a municipality in the event HomeFed is unable or unwilling to complete certain infrastructure improvements. As HomeFed develops the planned area and the municipality accepts the improvements, the bonds are released. Should the respective municipality or others draw on the bonds for any reason, certain of HomeFed's subsidiaries would be obligated to pay. At August 31, 2022, the aggregate amount of infrastructure improvement bonds outstanding was $69.8 million.

Other Guarantees.  We are members of various exchanges and clearing houses. In the normal course of business, we provide guarantees to securities clearing houses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearing house, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearing houses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. Additionally, we provide certain indemnifications in connection with third-party clearing and execution arrangements whereby a third-party may clear and settle transactions on behalf of our clients. These indemnifications generally have standard contractual terms and are entered into in the ordinary course of business. Our obligations in respect of such transactions are secured by the assets in our client's account, as well as any proceeds received from the transactions cleared and settled on behalf of our client. However, we believe that it is unlikely we would have to make any material payments under these arrangements and no material liabilities related to these indemnifications have been recognized.

Standby Letters of Credit.  At August 31, 2022, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $13.7 million. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Primarily all letters of credit expire within one year.

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Net Capital Requirements

9 Months Ended

Aug. 31, 2022

Broker-Dealer [Abstract]

Net Capital Requirements

Net Capital Requirements

Jefferies LLC operates as a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC is subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant ("FCM"), is also subject to Rule 1.17 of the CFTC, which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. FINRA is the designated examining authority for Jefferies LLC and the National Futures Association ("NFA") is the designated self-regulatory organization for Jefferies LLC as an FCM.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") contains provisions that require the registration of all swap dealers, major swap participants, security-based swap dealers, and/or major security-based swap participants. Jefferies Financial Services, Inc. ("JFSI"), a registered swap dealer, is subject to the CFTC's regulatory capital requirements and holds regulatory capital in excess of the minimum regulatory requirement. Additionally, JFSI is registered as a security-based swap dealer with the SEC and is subject to the SEC's security-based swap dealer regulatory rules. Further, JFSI is registered with the SEC as an OTC derivatives dealer, and is subject to compliance with the SEC's net capital requirements. As a security-based swap dealer and swap dealer, JFSI is subject to the net capital requirements of the SEC, CFTC and the NFA, as a member of the NFA. JFSI is required to maintain minimum net capital, as defined under SEC Rule 18a-1 of not less than the greater of 2% of the risk margin amount, as defined, or $20 million.

Jefferies LLC's net capital and excess net capital at August 31, 2022 were $1.17 billion and $1.07 billion, respectively. JFSI's net capital and excess net capital at August 31, 2022 were $321.2 million and $301.2 million, respectively.

Certain other U.S. and non-U.S. subsidiaries of Jefferies Group are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited, which is subject to the regulatory supervision and requirements of the Financial Conduct Authority in the United Kingdom.

The regulatory capital requirements referred to above may restrict our ability to withdraw capital from Jefferies Group's regulated subsidiaries. Some of our other consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the parent company.

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Other Fair Value Information

9 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

Other Fair Value Information

Other Fair Value Information

The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands):

	August 31, 2022				November 30, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Receivables:
Notes and loans receivable (1)	$	887,754	$	929,449	$	835,009	$	866,163
Financial Liabilities:
Short-term borrowings (2)	$	564,239	$	564,239	$	221,863	$	221,863
Long-term debt (3)	7,118,056		6,887,258		7,282,147		8,004,211

(1)Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

(2)Short-term borrowings: The fair values of short-term borrowings carried at cost are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

(3)Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy.

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Related Party Transactions

9 Months Ended

Aug. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Jefferies Capital Partners Related Funds. Jefferies Group has equity investments in the JCP Manager and in private equity funds (including JCP Fund V), which are managed by a team led by our President and a Director ("Private Equity Related Funds"). Reflected in the Consolidated Statements of Financial Condition at August 31, 2022 and November 30, 2021 are Jefferies Group's equity investments in Private Equity Related Funds of $29.6 million and $27.1 million, respectively. Net gains from Jefferies Group's investment in JCP Fund V aggregating $1.7 million and $4.2 million for the three months ended August 31, 2022 and 2021, respectively, and $4.9 million and $8.7 million for the nine months ended August 31, 2022 and 2021, respectively, were recorded in Principal transactions revenues. Gains (losses) for other funds were not material. For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Notes 7 and 18.

Special Purpose Acquisition Companies. Jefferies Group earned investment banking revenues during the three and nine months ended August 31, 2021 of $21.4 million and $45.5 million, respectively, for services provided to special purpose acquisition companies we have co-sponsored.

Berkadia Commercial Mortgage, LLC. At August 31, 2022 and November 30, 2021, Jefferies Group has commitments to purchase $293.4 million and $425.6 million, respectively, in agency commercial mortgage-backed securities from Berkadia.

Asset Management Investments. Through Jefferies Group, we have an investment management agreement whereby Monashee provides asset management services to us for certain separately managed accounts. Our net investment balance in the separately managed accounts was $16.3 million and $13.6 million at August 31, 2022 and November 30, 2021, respectively.

We own limited partnership interests in certain Oak Hill managed funds of $3.9 million and $6.0 million at August 31, 2022 and November 30, 2021, respectively, which are measured at the NAV of the funds and included within Financial instruments owned, at fair value, in the Consolidated Statements of Financial Condition.

FXCM. Jefferies Group entered into a foreign exchange prime brokerage agreement with FXCM in 2017. In connection with the foreign exchange contracts entered into under this agreement, Jefferies Group had $0.6 million and $0.7 million at August 31, 2022 and November 30, 2021, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition.

Officers, Directors and Employees. We had $18.6 million and $23.1 million of loans outstanding to certain non-executive officers and employees at August 31, 2022 and November 30, 2021, respectively. Receivables from and payables to customers include balances arising from officers', directors' and employees' individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms.

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Segment Information

9 Months Ended

Aug. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

We are engaged in investment banking and capital markets, and asset management. We also own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business.

On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight, were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

The Investment Banking and Capital Markets reportable segment includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products.

Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.

Our Merchant Banking reportable segment consists of our various merchant banking businesses and investments, primarily including OpNet, Vitesse Energy and JETX Energy, real estate, Idaho Timber (prior to its sale in August 2022) and FXCM.

Corporate assets primarily consist of cash and cash equivalents. Corporate revenues primarily include interest income.

Certain information concerning our segments is presented in the following tables (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues:
Reportable Segments:
Investment Banking and Capital Markets	$	1,134,732	$	1,672,943	$	3,714,928	$	5,259,301
Asset Management	(13,803)		13,327		77,300		293,204
Merchant Banking	397,847		248,690		825,637		812,509
Corporate	6,192		955		8,756		2,269
Total net revenues related to reportable segments	1,524,968		1,935,915		4,626,621		6,367,283
Reconciling items - Consolidation adjustments	(78)		3,069		(734)		9,150
Total consolidated revenues	$	1,524,890	$	1,938,984	$	4,625,887	$	6,376,433
Income (loss) before income taxes:
Reportable Segments:
Investment Banking and Capital Markets	$	166,777	$	597,373	$	775,725	$	1,588,619
Asset Management	(43,633)		(17,895)		(26,651)		173,185
Merchant Banking	201,129		(4,745)		173,094		141,905
Corporate	(13,426)		(10,450)		(35,316)		(43,026)
Income before income taxes related to reportable segments	310,847		564,283		886,852		1,860,683
Reconciling items - Parent Company interest	(8,997)		(13,774)		(25,773)		(41,505)
Reconciling items - Consolidation adjustments	—		3,107		(356)		9,362
Total consolidated income before income taxes	$	301,850	$	553,616	$	860,723	$	1,828,540
Depreciation and amortization expenses:
Reportable Segments:
Investment Banking and Capital Markets	$	23,366	$	21,065	$	69,687	$	62,580
Asset Management	401		494		1,230		1,462
Merchant Banking	18,997		16,554		57,248		50,536
Corporate	423		564		1,266		2,306
Total consolidated depreciation and amortization expenses	$	43,187	$	38,677	$	129,431	$	116,884

	August 31, 2022		November 30, 2021
Identifiable Assets Employed:
Reportable Segments:
Investment Banking and Capital Markets	$	48,213,613	$	52,903,374
Asset Management	3,028,847		3,205,799
Merchant Banking	2,194,617		2,263,050
Corporate	1,941,062		2,432,927
Identifiable assets related to reportable segments	55,378,139		60,805,150
Reconciling items - Consolidation adjustments	(148,328)		(401,040)
Total consolidated assets	$	55,229,811	$	60,404,110

Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended August 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($9.0 million and $13.8 million, respectively) and Merchant Banking ($1.2 million and $0.8 million, respectively). For the nine months ended August 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($25.8 million and $41.5 million, respectively) and Merchant Banking ($2.8 million and $2.5 million, respectively). Additionally, for the three and nine months ended August 31, 2021, interest expense classified as a component of Expenses in the Investment Banking and Capital Markets reportable segment includes $5.0 million and $15.8 million, respectively, related to Foursight.

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Basis of Presentation and Significant Accounting Policies (Policy)	9 Months Ended
	Aug. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations.
Use of Estimates	The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate all of these estimates and assumptions.
Capitalization of Interest	We capitalize interest on qualifying HomeFed real estate assets.

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Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Aug. 31, 2022

Accounting Policies [Abstract]

Schedule of Allowance for Credit Loss

A rollforward of the allowance for credit losses related to receivables for the three and nine months ended August 31, 2022 and 2021 is as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Beginning balance	$	86,025	$	79,254	$	75,999	$	53,926
Adjustment for change in accounting principle for current expected credit losses	—		—		—		26,519
Provision for doubtful accounts (1)	12,820		(848)		31,246		48,091
Charge-offs, net of recoveries (1)	(7,057)		(1,777)		(15,457)		(51,907)
Sale of subsidiary	(729)		—		(729)		—
Ending balance	$	91,059	$	76,629	$	91,059	$	76,629

(1)    The nine months ended August 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business, recorded during the second quarter of 2021.

Supplemental Cash Flow Information

Supplemental Cash Flow Information

	For the Nine Months Ended August 31,
(In thousands)	2022		2021
Cash paid during the year for:
Interest	$	880,379	$	737,935
Income tax payments (refunds), net	$	138,468	$	516,714

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Fair Value Disclosures (Tables)

9 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.30 billion and $1.03 billion at August 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands):

	August 31, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	3,434,945	$	97,455	$	197,817	$	—	$	3,730,217
Corporate debt securities	—		3,264,475		18,212		—		3,282,687
Collateralized debt obligations and collateralized loan obligations	—		440,441		49,928		—		490,369
U.S. government and federal agency securities	4,303,598		55,547		—		—		4,359,145
Municipal securities	—		206,214		—		—		206,214
Sovereign obligations	643,476		774,861		—		—		1,418,337
Residential mortgage-backed securities	—		1,564,010		25,743		—		1,589,753
Commercial mortgage-backed securities	—		301,004		31,610		—		332,614
Other asset-backed securities	—		226,140		91,493		—		317,633
Loans and other receivables	—		2,511,984		117,594		—		2,629,578
Derivatives	1,067		3,084,619		15,934		(2,727,694)		373,926
Investments at fair value	—		3,705		185,478		—		189,183
FXCM term loan	—		—		30,105		—		30,105
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	8,383,086	$	12,530,455	$	763,914	$	(2,727,694)	$	18,949,761
Loans to and investments in associated  companies	$	—	$	1,683	$	30,717	$	—	$	32,400
Securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,793,307	$	37,798	$	2,570	$	—	$	1,833,675
Corporate debt securities	—		1,940,464		427		—		1,940,891
Collateralized debt obligations and collateralized loan obligations	—		328		354		—		682
U.S. government and federal agency securities	2,601,469		—		—		—		2,601,469
Sovereign obligations	697,326		783,199		—		—		1,480,525
Commercial mortgage-backed securities	—		3,800		455		—		4,255
Loans	—		2,209,866		12,694		—		2,222,560
Derivatives	81		3,934,436		88,432		(2,558,936)		1,464,013
Total financial instruments sold, not yet purchased, at fair value	$	5,092,183	$	8,909,891	$	104,932	$	(2,558,936)	$	11,548,070
Other secured financings	$	—	$	—	$	2,362	$	—	$	2,362
Long-term debt	$	—	$	796,295	$	721,115	$	—	$	1,517,410
Obligation to return securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586

	November 30, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,737,255	$	257,318	$	87,647	$	—	$	3,082,220
Corporate debt securities	—		3,836,341		11,803		—		3,848,144
Collateralized debt obligations and collateralized loan obligations	—		579,518		31,946		—		611,464
U.S. government and federal agency securities	3,045,295		68,784		—		—		3,114,079
Municipal securities	—		509,559		—		—		509,559
Sovereign obligations	899,086		654,199		—		—		1,553,285
Residential mortgage-backed securities	—		1,168,246		1,477		—		1,169,723
Commercial mortgage-backed securities	—		196,419		2,333		—		198,752
Other asset-backed securities	—		337,022		93,524		—		430,546
Loans and other receivables	—		3,363,050		135,239		—		3,498,289
Derivatives	4,429		3,861,551		10,248		(3,305,756)		570,472
Investments at fair value	—		11,369		154,373		—		165,742
FXCM term loan	—		—		50,455		—		50,455
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	6,686,065	$	14,843,376	$	579,045	$	(3,305,756)	$	18,802,730
Loans to and investments in associated  companies	$	—	$	—	$	30,842	$	—	$	30,842
Securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,671,696	$	19,654	$	4,635	$	—	$	1,695,985
Corporate debt securities	—		2,111,777		482		—		2,112,259
U.S. government and federal agency securities	2,457,420		—		—		—		2,457,420
Sovereign obligations	935,801		593,040		—		—		1,528,841
Residential mortgage-backed securities	—		719		—		—		719
Commercial mortgage-backed securities	—		—		210		—		210
Loans	—		2,476,087		15,770		—		2,491,857
Derivatives	1,815		5,034,544		78,017		(3,702,200)		1,412,176
Total financial instruments sold, not yet purchased, at fair value	$	5,066,732	$	10,235,821	$	99,114	$	(3,702,200)	$	11,699,467
Other secured financings	$	—	$	76,883	$	25,905	$	—	$	102,788
Long-term debt	$	—	$	961,866	$	881,732	$	—	$	1,843,598
Obligation to return securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289

(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

Investments Measured at Fair Value Based on Net Asset Value

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):

	Fair Value (1)		Unfunded Commitments
August 31, 2022
Equity Long/Short Hedge Funds (2)	$	452,867	$	—
Equity Funds (3)	61,825		37,307
Commodity Fund (4)	25,671		—
Multi-asset Funds (5)	406,183		—
Other Funds (6)	352,977		65,916
Total	$	1,299,523	$	103,223
November 30, 2021
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	46,030		17,815
Commodity Fund (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,025,940	$	53,905

(1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements.

(2)This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At August 31, 2022 and November 30, 2021, approximately 57% and 74%, respectively, of the fair value of investments became redeemable quarterly with 90 days prior written notice on December 31, 2021. At August 31, 2022 and November 30, 2021, approximately 37% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. The remaining investments are redeemable quarterly with 60 days prior written notice.

(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are primarily expected to be liquidated in approximately one to thirteen years. 

(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. These investments are redeemable quarterly with 60 days prior written notice.

(5)This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At August 31, 2022 and November 30, 2021, investments representing approximately 76% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At August 31, 2022 and November 30, 2021, approximately 17% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At

August 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024.

(6)This category primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are primarily redeemable quarterly with 90 days prior written notice.

Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2022 (in thousands):

	Balance, May 31, 2022		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	200,961	$	(1,603)	$	92	$	(189)	$	—	$	—	$	(1,444)	$	197,817	$	(1,696)
Corporate debt securities	20,813		(605)		759		(1,183)		—		—		(1,572)		18,212		699
CDOs and CLOs	49,858		685		13,133		(4,553)		(3,604)		—		(5,591)		49,928		(9,369)
Residential mortgage-backed securities	1,059		(3,596)		94		—		(32)		—		28,218		25,743		(2,158)
Commercial mortgage-backed securities	1,870		(2,663)		—		—		—		—		32,403		31,610		(621)
Other asset-backed securities	84,778		(1,800)		17,487		—		(13,217)		—		4,245		91,493		(7,432)
Loans and other receivables	137,752		1,616		7,065		(21,492)		(325)		—		(7,022)		117,594		1,536
Investments at fair value	163,844		20,329		2,184		(48)		(831)		—		—		185,478		20,104
FXCM term loan	51,880		10,245		—		—		(32,020)		—		—		30,105		1,433
Loans to and investments in associated companies	14,795		(21,668)		37,590		—		—		—		—		30,717		(21,668)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	3,749		(278)		(940)		39		—		—		—		$	2,570	(268)
Corporate debt securities	401		26		—		—		—		—		—		427		(28)
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	385		—		—		70		—		—		—		455		—
Loans	18,283		157		(16,983)		1,937		—		—		9,300		12,694		(1,428)
Net derivatives (2)	74,997		(23,380)		(1,929)		—		(20,954)		—		43,764		72,498		19,719
Other secured financings	2,362		—		—		—		—		—		—		2,362		—
Long-term debt (1)	739,353		(59,521)		—		—		—		—		41,283		721,115		75,930

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2022 were losses of $16.4 million during the three months ended August 31, 2022.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2021 (in thousands):

	Balance, May 31, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2021		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	86,451	$	36,643	$	208	$	(1,488)	$	(16)	$	—	$	9,943	$	131,741	$	37,731
Corporate debt securities	7,985		405		14,898		(17,317)		(20)		—		2,205		8,156		192
CDOs and CLOs	26,561		2,539		50,199		(33,234)		(1,518)		—		8,014		52,561		(730)
Residential mortgage-backed securities	6,033		(42)		—		(417)		(61)		—		(4,077)		1,436		(14)
Commercial mortgage-backed securities	1,176		(103)		1,607		—		—		—		—		2,680		1,530
Other asset-backed securities	70,555		30		18,611		(274)		(14,426)		—		2,937		77,433		(3,145)
Loans and other receivables	190,412		(5,689)		14,796		(29,557)		(10,873)		—		(8,118)		150,971		(4,409)
Investments at fair value	230,834		3,662		1,185		(1)		(382)		—		(69,965)		165,333		3,661
FXCM term loan	59,155		(690)		—		—		—		—		—		58,465		(690)
Loans to and investments in associated companies	37,287		(703)		—		—		—		—		—		36,584		(703)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,462	$	(75)	$	—	$	—	$	—	$	—	$	—	$	4,387	$	75
Corporate debt securities	927		(7)		—		—		—		—		(392)		528		7
Commercial mortgage-backed securities	35		—		—		105		—		—		—		140		—
Loans	20,389		(8)		(3,118)		1,710		—		—		6,239		25,212		6
Net derivatives (2)	227,058		20,869		(1,868)		—		665		—		(79,662)		167,062		(22,433)
Other secured financings	2,493		—		—		—		—		—		—		2,493		—
Long-term debt (1)	795,098		(17,106)		—		—		—		22,330		(14,710)		785,612		13,204

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2021 were gains of $3.9 million during the three months ended August 31, 2021.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2022 (in thousands):

	Balance, November 30, 2021		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	87,647	$	36,931	$	63,022	$	(2,941)	$	(298)	$	—	$	13,456	$	197,817	$	36,192
Corporate debt securities	11,803		3,596		5,691		(16,513)		(9)		—		13,644		18,212		1,537
CDOs and CLOs	31,946		2,573		34,756		(18,933)		(8,178)		—		7,764		49,928		(10,371)
Residential mortgage-backed securities	1,477		(6,099)		28,067		(187)		(152)		—		2,637		25,743		(2,894)
Commercial mortgage-backed securities	2,333		(18,549)		—		—		—		—		47,826		31,610		(2,420)
Other asset-backed securities	93,524		(1,446)		51,964		(18,489)		(36,349)		—		2,289		91,493		(17,168)
Loans and other receivables	135,239		(6,635)		46,571		(63,530)		(1,256)		—		7,205		117,594		(6,955)
Investments at fair value	154,373		54,178		16,470		(48)		(16,088)		—		(23,407)		185,478		53,390
FXCM term loan	50,455		11,670		—		—		(32,020)		—		—		30,105		2,202
Loans to and investments in associated companies	30,842		(37,715)		37,590		—		—		—		—		30,717		(37,715)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,635	$	(3,708)	$	(3,255)	$	4,898	$	—	$	—	$	—	$	2,570	$	2,781
Corporate debt securities	482		15		(70)		—		—		—		—		427		(23)
CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	210		—		—		245		—		—		—		455		—
Loans	15,770		94		(22,566)		5,417		—		—		13,979		12,694		(1,478)
Net derivatives (2)	67,769		(152,927)		(1,559)		1,285		—		21,024		136,906		72,498		150,713
Other secured financings	25,905		—		—		—		(23,543)		—		—		2,362		—
Long-term debt (1)	881,732		(316,778)		—		—		—		89,263		66,898		721,115		265,288

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within Long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains/losses included in other comprehensive income (loss) for instruments still held at August 31, 2022 were gains of $51.5 million during the nine months ended August 31, 2022.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2021 (in thousands):

	Balance, November 30, 2020		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2021		Changes in unrealized gains/ losses included in earnings relating to instruments still held at August 31, 2021 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	75,904	$	48,741	$	7,900	$	(37,794)	$	(16)	$	—	$	37,006	$	131,741	$	37,146
Corporate debt securities	23,146		1,600		1,513		(3,721)		(128)		—		(14,254)		8,156		331
CDOs and CLOs	17,972		7,666		58,868		(37,277)		(2,201)		—		7,533		52,561		(4,716)
Residential mortgage-backed securities	21,826		(195)		157		(784)		(291)		—		(19,277)		1,436		(123)
Commercial mortgage-backed securities	2,003		134		2,590		(393)		(1,639)		—		(15)		2,680		741
Other asset-backed securities	79,995		4,770		38,785		(26,642)		(25,966)		—		6,491		77,433		(6,955)
Loans and other receivables	134,636		18,104		51,933		(55,693)		(10,509)		—		12,500		150,971		9,756
Investments at fair value	213,946		106,699		12,669		(47,245)		(8,955)		—		(111,781)		165,333		30,027
FXCM term loan	59,455		(990)		—		—		—		—		—		58,465		(990)
Loans to and investments in associated companies	40,185		(3,601)		—		—		—		—		—		36,584		(3,601)
Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	4,434	$	(12)	$	(22)	$	—	$	—	$	—	$	(13)	$	4,387	$	13
Corporate debt securities	141		375		—		12		—		—		—		528		(375)
Commercial mortgage-backed securities	35		—		(35)		140		—		—		—		140		—
Loans	16,635		1,308		(7,182)		14,083		—		—		368		25,212		(4,094)
Net derivatives (2)	26,017		33,173		(1,548)		49,871		768		—		58,781		167,062		(33,007)
Other secured financings	1,543		—		—		—		—		950		—		2,493		—
Long-term debt (1)	676,028		25,323		—		—		—		58,000		26,261		785,612		31,992

(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at August 31, 2021 were losses of $57.3 million during the nine months ended August 31, 2021.

(2)Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.

Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

August 31, 2022
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	197,817
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$80
			Volatility benchmarking	Volatility	50	%	to	70%	60	%
Corporate debt securities	$	18,212	Market approach	EBITDA multiple	3.8				—
			Scenario analysis	Estimated recovery percentage	6%				—
CDOs and CLOs	$	49,928	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	70%				—
				Discount rate/yield	20	%	to	22%	20	%
			Market approach	Price	$69		to	$102	$87
Commercial mortgage-   backed securities	$	31,610	Market approach	Spreads (basis points ("bps"))	322 bps		to	334 bps	326 bps
Other asset-backed securities	$	75,439	Discounted cash flows	Constant default rate	2%				—
				Loss severity	85%				—
				Discount rate/yield	7	%	to	21%	15	%
				Cumulative loss rate	7	%	to	24%	19	%
				Duration (years)	0.9 years		to	1.6 years	1.2 years
			Market approach	Price	$32		to	$100	$97
Loans and other receivables	$	117,594	Market approach	Price	$45		to	$154	$118
			Scenario analysis	Estimated recovery percentage	32	%	to	100%	97	%
Derivatives	$	8,440
Equity Options			Volatility benchmarking	Volatility	23	%	to	52%	41	%
Investments at fair value	$	179,870
Private equity securities			Market approach	Price	$0		to	$14,919	$487
				EBITDA multiple	13.5				—
			Discounted cash flows	Discount rate/yield	10	%	to	14%	12	%
			Scenario analysis	Discount rate/yield	12%				—
Investment in FXCM	$	30,105
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	1.4 years	1.4 years
Loans to and investments in associated companies
Non-exchange-traded   warrants	$	30,717	Market approach	Underlying stock price	$360				—
				Underlying stock price	€6		to	€8	€7
				Volatility	25	%	to	54%	28	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	2,570
Non-exchange-traded   securities			Market approach	Price	$1				—
Corporate debt securities	$	427	Scenario analysis	Estimated recovery percentage	6%				—
Loans	$	12,694	Market approach	Price	$90		to	$96	$92
			Scenario analysis	Estimated recovery percentage	5%				—
Derivatives	$	82,721
Equity options			Volatility benchmarking	Volatility	29	%	to	68%	50	%
Other secured financings	$	2,362	Scenario analysis	Estimated recovery percentage	13	%	to	39%	30	%
Long-term debt
Structured notes	$	721,115	Market approach	Price	$51		to	$104	$72
				Price	€60		to	€102	€78

November 30, 2021
	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range				Weighted Average
Financial instruments owned, at fair value
Corporate equity securities	$	86,961
Non-exchange-traded   securities			Market approach	Price	$1		to	$366	$183
			Volatility benchmarking	Volatility	40	%	to	53%	45	%
Corporate debt securities	$	11,803	Market approach	Price	$13		to	$100	$86
CDOs and CLOs	$	31,944	Discounted cash flows	Constant prepayment rate	20%				—
				Constant default rate	2%				—
				Loss severity	25	%	to	30%	26	%
				Discount rate/yield	8	%	to	19%	16	%
			Market approach	Price	$86		to	$103	$93
Commercial mortgage-   backed securities	$	2,333	Scenario analysis	Estimated recovery percentage	81%				—
Other asset-backed securities	$	86,099	Discounted cash flows	Constant prepayment rate	0	%	to	35%	31	%
				Constant default rate	2	%	to	4%	4	%
				Loss severity	60	%	to	85%	55	%
				Discount rate/yield	3	%	to	16%	10	%
				Cumulative loss rate	7	%	to	20%	14	%
				Duration (years)	0.7 years		to	1.4 years	1.1 years
			Market approach	Price	$37		to	$100	$94
Loans and other receivables	$	134,015	Market approach	Price	$31		to	$101	$54
			Scenario analysis	Estimated recovery percentage	9	%	to	100%	76	%
Derivatives	$	6,501
Equity options			Volatility benchmarking	Volatility	46%				—
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.3
Total return swaps				Price	$100				—
Investments at fair value	$	128,152
Private equity securities			Market approach	Price	$1		to	$152	$32
				EBITDA multiple	16.9				—
				Revenue multiple	4.9		to	5.1	5.0
			Scenario analysis	Estimated recovery percentage	7%				—
				Discount rate/yield	13	%	to	21%	17	%
				Revenue growth	0%				—
Investment in FXCM	$	50,455
Term loan			Discounted cash flows	Term based on the pay off (years)	0 months		to	2.2 years	2.2 years
Loans to and investments in associated companies
Non-exchange-traded   warrants	$	30,842	Market approach	Underlying stock price	$662				—
				Underlying stock price	€15		to	€18	€16
				Volatility	25	%	to	59%	31	%
Financial instruments sold, not yet purchased, at fair value
Corporate equity securities	$	4,635
Non-exchange-traded securities			Market approach	Price	$1				—
Loans	$	15,770	Market approach	Price	$31		to	$100	$43
			Scenario analysis	Estimated recovery percentage	50%				—
Derivatives	$	76,533
Equity options			Volatility benchmarking	Volatility	26	%	to	77%	40	%
Interest rate swaps			Market approach	Basis points upfront	0.1		to	8.7	3.1
Total return swaps				Price	$100				—
Other secured financings	$	25,905	Scenario analysis	Estimated recovery percentage	13	%	to	98%	92	%
Long-term debt
Structured notes	$	881,732	Market approach	Price	$76		to	$115	$94
				Price	€81		to	€113	€103

Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value Under Fair Value Option

The following is a summary of gains (losses) due to changes in instrument-specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Financial instruments owned, at fair value:
Loans and other receivables	$	(9,040)	$	(7,273)	$	4,828	$	17,600
Financial instruments sold, not yet purchased, at fair value:
Loans	$	(832)	$	(574)	$	(121)	$	945
Long-term debt:
Changes in instrument-specific credit risk (1)	$	(5,824)	$	20,478	$	88,309	$	(103,751)
Other changes in fair value (2)	62,476		(26,093)		318,408		61,695

(1)    Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes.

(2)    Other changes in fair value are included in Principal transactions revenues in the Consolidated Statements of Operations

Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value Under Fair Value Option

The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, long-term debt and other secured financings measured at fair value under the fair value option (in thousands):

	August 31, 2022		November 30, 2021
Financial instruments owned, at fair value:
Loans and other receivables (1)	$	5,741,428	$	5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	226,577		64,203
Long-term debt	$	361,044	$	(38,391)
Other secured financings	$	2,913	$	3,432

(1)    Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations.

(2)    Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $93.1 million and $19.7 million at August 31, 2022 and November 30, 2021, respectively

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Derivative Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value and Related Number of Derivative Contracts Categorized by Predominant Risk Exposure

The following tables present the fair value and related number of derivative contracts at August 31, 2022 and November 30, 2021 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts).

	Assets			Liabilities
	Fair Value		Number of Contracts (2)	Fair Value		Number of Contracts (2)
August 31, 2022 (1)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	—	—	$	182,979	3
Foreign exchange contracts:
Bilateral OTC	151,388		5	—		—
Total derivatives designated as accounting hedges	151,388			182,979
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	873		37,656	50		21,604
Cleared OTC	232,758		4,139	33,526		3,826
Bilateral OTC	774,034		566	1,274,695		1,157
Foreign exchange contracts:
Bilateral OTC	530,442		10,287	586,085		10,294
Equity contracts:
Exchange-traded	1,049,065		1,431,643	814,310		1,318,904
Bilateral OTC	318,127		5,329	1,070,480		5,796
Commodity contracts:
Exchange-traded	68		695	40		611
Bilateral OTC	2,652		675	17,664		1,470
Credit contracts:
Cleared OTC	28,016		165	24,391		189
Bilateral OTC	14,197		8	18,729		11
Total derivatives not designated as accounting hedges	2,950,232			3,839,970
Total gross derivative assets/liabilities:
Exchange-traded	1,050,006			814,400
Cleared OTC	260,774			240,896
Bilateral OTC	1,790,840			2,967,653
Amounts offset in the Consolidated Statement of Financial Condition (3):
Exchange-traded	(783,977)			(783,977)
Cleared OTC	(239,199)			(240,896)
Bilateral OTC	(1,704,518)			(1,534,063)
Net amounts in the Consolidated Statement of Financial Condition (4)	$	373,926		$	1,464,013

(continued)

	Assets			Liabilities
	Fair Value		Number of Contracts (2)	Fair Value		Number of Contracts (2)
November 30, 2021 (1)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	35,726	2	$	32,200	1
Foreign exchange contracts:
Bilateral OTC	30,462		4	—		—
Total derivatives designated as accounting hedges	66,188			32,200
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	1,262		23,888	756		39,195
Cleared OTC	373,355		4,505	367,134		4,467
Bilateral OTC	322,353		1,037	283,481		967
Foreign exchange contracts:
Bilateral OTC	1,428,712		17,792	1,437,116		17,576
Equity contracts:
Exchange-traded	1,206,606		1,582,713	1,036,019		1,450,624
Bilateral OTC	377,132		2,888	1,824,418		2,682
Commodity contracts:
Exchange-traded	448		1,394	223		1,457
Bilateral OTC	2,703		616	9,862		825
Credit contracts:
Cleared OTC	84,180		132	108,999		128
Bilateral OTC	13,289		14	14,168		17
Total derivatives not designated as accounting hedges	3,810,040			5,082,176
Total gross derivative assets/liabilities:
Exchange-traded	1,208,316			1,036,998
Cleared OTC	493,261			508,333
Bilateral OTC	2,174,651			3,569,045
Amounts offset in the Consolidated Statement of Financial Condition (3):
Exchange-traded	(1,008,091)			(1,008,091)
Cleared OTC	(483,339)			(508,333)
Bilateral OTC	(1,814,326)			(2,185,776)
Net amounts in the Consolidated Statement of Financial Condition (4)	$	570,472		$	1,412,176

(1)    Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.

(2)    Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition.

(3)    Amounts netted include both netting by counterparty and for cash collateral paid or received.

(4)    We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.

Unrealized and Realized Gains (Losses) on Derivative Contracts

The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations related to fair value hedges (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Interest rate swaps	$	(31,831)	$	17,665	$	(176,244)	$	(27,797)
Long-term debt	32,439		(13,396)		188,023		38,630
Total	$	608	$	4,269	$	11,779	$	10,833

The following table provides information related to gains (losses) on net investment hedges recognized in Net foreign currency translation adjustments, a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Foreign exchange contracts	$	95,213	$	39,778	$	157,773	$	(23,628)
Total	$	95,213	$	39,778	$	157,773	$	(23,628)

The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Interest rate contracts	$	(16,018)	$	(152)	$	(145,481)	$	(20,912)
Foreign exchange contracts	(90,604)		(38,633)		(200,137)		32,439
Equity contracts	(105,661)		(198,979)		88,500		(291,991)
Commodity contracts	21,517		(3,958)		(46,961)		(29,027)
Credit contracts	3,684		(4,927)		15,129		(6,970)
Total	$	(187,082)	$	(246,649)	$	(288,950)	$	(316,461)

Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities

The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at August 31, 2022 (in thousands):

	OTC Derivative Assets (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross- Maturity Netting (4)		Total
Commodity swaps, options and forwards	$	805	$	1,847	$	—	$	(2,652)	$	—
Equity options and forwards	17,773		5,488		—		(4,600)		18,661
Credit default swaps	—		3,371		255		—		3,626
Total return swaps	101,046		15,879		194		(6,538)		110,581
Foreign currency forwards, swaps and options	202,065		6,938		170		(5,038)		204,135
Fixed income forwards	14,191		—		—		—		14,191
Interest rate swaps, options and forwards	116,753		537,440		26,970		(148,270)		532,893
Total	$	452,633	$	570,963	$	27,589	$	(167,098)	884,087
Cross product counterparty netting									(27,872)
Total OTC derivative assets included in Financial instruments owned, at fair value									$	856,215

(1)At August 31, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $266.0 million, which are not included in this table.

(2)OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At August 31, 2022, cash collateral received was $748.3 million.

(3)Derivative fair values include counterparty netting within product category.

(4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

	OTC Derivative Liabilities (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross-Maturity Netting (4)		Total
Commodity swaps, options and forwards	$	15,371	$	2,293	$	—	$	(2,652)	$	15,012
Equity options and forwards	115,856		290,887		26,180		(4,600)		428,323
Credit default swaps	—		620		—		—		620
Total return swaps	373,151		104,255		3		(6,538)		470,871
Foreign currency forwards, swaps and options	107,227		6,156		47		(5,038)		108,392
Fixed income forwards	54		—		—		—		54
Interest rate swaps, options and forwards	108,505		540,829		495,333		(148,270)		996,397
Total	$	720,164	$	945,040	$	521,563	$	(167,098)	2,019,669
Cross product counterparty netting									(27,872)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value									$	1,991,797

(1)At August 31, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $51.8 million, which are not included in this table.

(2)OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At August 31, 2022, cash collateral pledged was $579.6 million.

(3)Derivative fair values include counterparty netting within product category.

(4)    Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets

At August 31, 2022, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands):

Counterparty credit quality (1):
A- or higher	$	515,887
BBB- to BBB+	167,092
BB+ or lower	97,483
Unrated	75,753
Total	$	856,215

(1)    We utilize internal credit ratings determined by the Jefferies Group's Risk Management department. Credit ratings determined by Jefferies Group Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.

Credit Related Derivative Contracts

The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts are as follows (in millions):

	External Credit Rating
	Investment Grade		Non-investment grade		Unrated		Total Notional
August 31, 2022
Credit protection sold:
Index credit default swaps	$	4,266.9	$	1,910.1	$	—	$	6,177.0
Single name credit default swaps	—		—		0.2		0.2
November 30, 2021
Credit protection sold:
Index credit default swaps	$	2,612.0	$	1,298.8	$	—	$	3,910.8
Single name credit default swaps	—		17.6		0.2		17.8

Derivative Instruments with Contingent Features

The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions).

	August 31, 2022		November 30, 2021
Derivative instrument liabilities with credit-risk-related contingent features	$	391.3	$	821.5
Collateral posted	(95.4)		(160.5)
Collateral received	194.1		369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)	490.0		1,030.4

(1)    These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

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Collateralized Transactions (Tables)

9 Months Ended

Aug. 31, 2022

Collateralized Transactions [Abstract]

Schedule of Collateralized Financing Transactions

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by class of collateral pledged and remaining contractual maturity (in thousands):

Collateral Pledged	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
August 31, 2022
Corporate equity securities	$	926,636	$	451,454	$	27,859	$	1,405,949
Corporate debt securities	333,515		2,035,863		—		2,369,378
Mortgage-backed and asset-backed securities	—		1,337,306		—		1,337,306
U.S. government and federal agency securities	37,730		9,426,864		121,727		9,586,321
Municipal securities	—		233,824		—		233,824
Sovereign obligations	17,528		2,119,137		—		2,136,665
Loans and other receivables	—		918,259		—		918,259
Total	$	1,315,409	$	16,522,707	$	149,586	$	17,987,702
November 30, 2021
Corporate equity securities	$	1,160,916	$	150,602	$	7,289	$	1,318,807
Corporate debt securities	321,356		2,684,458		—		3,005,814
Mortgage-backed and asset-backed securities	—		1,209,442		—		1,209,442
U.S. government and federal agency securities	6,348		8,426,536		—		8,432,884
Municipal securities	—		413,073		—		413,073
Sovereign obligations	37,101		2,422,901		—		2,460,002
Loans and other receivables	—		712,388		—		712,388
Total	$	1,525,721	$	16,019,400	$	7,289	$	17,552,410

	Contractual Maturity
	Overnight and Continuous		Up to 30 Days		31 to 90 Days		Greater than 90 Days		Total
August 31, 2022
Securities lending arrangements	$	744,734	$	—	$	303,764	$	266,911	$	1,315,409
Repurchase agreements	8,455,862		2,824,948		1,943,871		3,298,026		16,522,707
Obligation to return securities received as collateral, at fair value	149,586		—		—		—		149,586
Total	$	9,350,182	$	2,824,948	$	2,247,635	$	3,564,937	$	17,987,702
November 30, 2021
Securities lending arrangements	$	595,628	$	1,318	$	539,623	$	389,152	$	1,525,721
Repurchase agreements	6,551,934		1,798,716		4,361,993		3,306,757		16,019,400
Obligation to return securities received as collateral, at fair value	7,289		—		—		—		7,289
Total	$	7,154,851	$	1,800,034	$	4,901,616	$	3,695,909	$	17,552,410

Summary of Offsetting Assets

The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position.

(In thousands)	Gross Amounts		Netting in Consolidated Statements of Financial Condition		Net Amounts in Consolidated Statements of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets at August 31, 2022
Securities borrowing arrangements	$	6,607,954	$	—	$	6,607,954	$	(208,879)	$	(1,720,118)	$	4,678,957
Reverse repurchase agreements	13,065,754		(8,958,365)		4,107,389		(585,113)		(3,461,795)		60,481
Securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Liabilities at August 31, 2022
Securities lending arrangements	$	1,315,409	$	—	$	1,315,409	$	(208,879)	$	(1,091,278)	$	15,252
Repurchase agreements	16,522,707		(8,958,365)		7,564,342		(585,113)		(6,534,808)		444,421
Obligation to return securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Assets at November 30, 2021
Securities borrowing arrangements	$	6,409,420	$	—	$	6,409,420	$	(271,475)	$	(1,528,206)	$	4,609,739
Reverse repurchase agreements	15,215,785		(7,573,301)		7,642,484		(540,312)		(7,048,823)		53,349
Securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—
Liabilities at November 30, 2021
Securities lending arrangements	$	1,525,721	$	—	$	1,525,721	$	(271,475)	$	(1,213,563)	$	40,683
Repurchase agreements (4)	16,019,400		(7,573,301)		8,446,099		(540,312)		(7,136,585)		769,202
Obligation to return securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—

(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. 

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)At August 31, 2022, amounts include $4.61 billion of securities borrowing arrangements, for which we have received securities collateral of $4.47 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.

Summary of Offsetting Liabilities

The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position.

(In thousands)	Gross Amounts		Netting in Consolidated Statements of Financial Condition		Net Amounts in Consolidated Statements of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets at August 31, 2022
Securities borrowing arrangements	$	6,607,954	$	—	$	6,607,954	$	(208,879)	$	(1,720,118)	$	4,678,957
Reverse repurchase agreements	13,065,754		(8,958,365)		4,107,389		(585,113)		(3,461,795)		60,481
Securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Liabilities at August 31, 2022
Securities lending arrangements	$	1,315,409	$	—	$	1,315,409	$	(208,879)	$	(1,091,278)	$	15,252
Repurchase agreements	16,522,707		(8,958,365)		7,564,342		(585,113)		(6,534,808)		444,421
Obligation to return securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Assets at November 30, 2021
Securities borrowing arrangements	$	6,409,420	$	—	$	6,409,420	$	(271,475)	$	(1,528,206)	$	4,609,739
Reverse repurchase agreements	15,215,785		(7,573,301)		7,642,484		(540,312)		(7,048,823)		53,349
Securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—
Liabilities at November 30, 2021
Securities lending arrangements	$	1,525,721	$	—	$	1,525,721	$	(271,475)	$	(1,213,563)	$	40,683
Repurchase agreements (4)	16,019,400		(7,573,301)		8,446,099		(540,312)		(7,136,585)		769,202
Obligation to return securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—

(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. 

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)At August 31, 2022, amounts include $4.61 billion of securities borrowing arrangements, for which we have received securities collateral of $4.47 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.

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Securitization Activities (Tables)

9 Months Ended

Aug. 31, 2022

Transfers and Servicing [Abstract]

Activity Related to Securitizations Accounted for as Sales

The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Transferred assets	$	1,813.2	$	2,608.1	$	5,355.8	$	9,338.1
Proceeds on new securitizations	1,813.2		2,609.8		5,407.2		9,339.4
Cash flows received on retained interests	10.0		4.5		22.9		14.3

Summary of Retained Interests in SPEs

The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):

	August 31, 2022				November 30, 2021
Securitization Type	Total Assets		Retained Interests		Total Assets		Retained Interests
U.S. government agency residential mortgage-backed securities	$	238.9	$	3.5	$	330.2	$	4.9
U.S. government agency commercial mortgage-backed securities	2,537.7		174.7		2,201.8		69.2
CLOs	5,610.2		42.0		3,382.3		31.0
Consumer and other loans	2,337.7		122.3		2,271.4		136.4

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Variable Interest Entities (Tables)

9 Months Ended

Aug. 31, 2022

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of VIEs

The following table presents information about our consolidated VIEs (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.

	August 31, 2022				November 30, 2021
	Secured Funding Vehicles		Other		Secured Funding Vehicles		Other
Cash	$	—	$	0.2	$	3.8	$	—
Financial instruments owned, at fair value	—		35.1		173.1		146.4
Securities purchased under agreements to resell (1)	1,575.8		—		3,697.1		—
Receivables (2)	753.2		26.8		626.8		40.6
Other assets (3)	130.6		77.7		114.6		—
Total assets	$	2,459.6	$	139.8	$	4,615.4	$	187.0
Financial instruments sold, not yet purchased, at fair   value	$	—	$	3.7	$	—	$	109.1
Other secured financings (4)	2,403.4		—		4,521.6		—
Long-term debt	—		24.3		—		—
Other liabilities (5)	3.2		76.7		46.6		75.3
Total liabilities	$	2,406.6	$	104.7	$	4,568.2	$	184.4
Noncontrolling interests	$	—	$	34.6	$	—	$	—

(1)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation.

(2)Approximately $1.4 million and $1.2 million of the receivables at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

(3)Approximately $71.2 million and $56.5 million of the other assets at August 31, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.

(4)Approximately $251.2 million and $36.7 million of the other secured financings at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

(5)Approximately $69.5 million and $75.3 million of the other liabilities at August 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.

The following table presents information about our variable interests in nonconsolidated VIEs (in millions):

	Carrying Amount				Maximum Exposure to Loss		VIE Assets
	Assets		Liabilities
August 31, 2022
CLOs	$	501.9	$	0.1	$	1,827.5	$	9,128.9
Asset-backed vehicles	468.4		—		632.8		4,488.0
Related party private equity vehicles	29.6		—		40.3		82.7
Other investment vehicles	1,368.5		—		1,504.9		24,390.8
Total	$	2,368.4	$	0.1	$	4,005.5	$	38,090.4
November 30, 2021
CLOs	$	582.2	$	2.0	$	2,557.1	$	10,277.5
Asset-backed vehicles	281.9		—		359.3		3,474.6
Related party private equity vehicles	27.1		—		37.8		78.9
Other investment vehicles	1,111.5		—		1,201.6		15,101.4
Total	$	2,002.7	$	2.0	$	4,155.8	$	28,932.4

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Loans to and Investments in Associated Companies (Tables)

9 Months Ended

Aug. 31, 2022

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, 2022 and 2021 is as follows (in thousands):

	Loans to and investments in associated companies as of beginning of period		Income (losses) related to associated companies		Other income (losses) related to associated companies (1)		Contributions to (distributions from) associated companies, net		Other		Loans to and investments in associated companies as of end of period
2022
Jefferies Finance	$	776,162	$	—	$	(71,587)	$	30,702	$	2	$	735,279
Berkadia	373,417				107,266		(59,217)		(1,530)		419,936
FXCM (2)	48,986		(8,131)		—		10,000		(1,001)		49,854
OpNet (3)	133,778		(42,308)		—		48,135		—		139,605
Asset Management companies (4)	183,076		—		1,442		(3,665)		—		180,853
Real estate companies	122,720		(666)		—		10,330		—		132,384
Other (3) (4)	107,651		(5,407)		(264)		(4,109)		(2,459)		95,412
Total	$	1,745,790	$	(56,512)	$	36,857	$	32,176	$	(4,988)	$	1,753,323
2021
Jefferies Finance	$	693,201	$	—	$	59,068	$	(8,837)	$	—	$	743,432
Berkadia	301,152		—		86,639		(556)		(140)		387,095
FXCM (2)	73,920		(23,046)		—		—		109		50,983
OpNet	198,991		(34,174)		—		(9,057)		(726)		155,034
Asset Management companies (4)	139,707		—		41,276		(26,566)		—		154,417
Real estate companies	168,678		(2,948)		—		(20,151)		—		145,579
Other (4)	110,914		(1,102)		249		(1,634)		(2)		108,425
Total	$	1,686,563	$	(61,270)	$	187,232	$	(66,801)	$	(759)	$	1,744,965

(1)Primarily related to Jefferies Group and 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, 2022 include loans and debt securities aggregating $27.9 million related to OpNet and other, and $15.3 million at November 30, 2021 related to other.

(4)Certain prior year amounts have been reclassified to conform to the current year presentation.

Income (losses) related to associated companies includes the following (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
FXCM	$	(1,162)	$	(12,926)	$	(8,131)	$	(23,046)
OpNet	2,664		(14,231)		(42,308)		(34,174)
Real estate companies	(1,376)		169		(666)		(2,948)
Other	(4,953)		(188)		(5,407)		(1,102)
Total	$	(4,827)	$	(27,176)	$	(56,512)	$	(61,270)

Other income (losses) related to associated companies (primarily related to Jefferies Group and classified in Other revenues) includes the following (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Jefferies Finance	$	(76,383)	$	(1,767)	$	(71,587)	$	59,068
Berkadia	29,782		25,967		107,266		86,639
Asset Management companies (1)	(5,005)		9,979		1,442		41,276
Other (1)	(122)		9		(264)		249
Total	$	(51,728)	$	34,188	$	36,857	$	187,232

(1)Certain prior year amounts have been reclassified to conform to the current year presentation.

Schedule of Equity Method Investments

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

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Origination and syndication fee revenues (1)	$	14.6	$	87.8	$	171.4	$	303.5
Origination fee expenses (1)	6.5		15.6		33.8		48.4
CLO placement fee revenues (2)	1.2		0.6		3.1		4.3
Underwriting fees (3)	—		2.0		—		2.5
Service fees (4)	17.3		18.0		83.1		63.5

(1)    Jefferies Group engages in the origination and syndication of loans underwritten 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, 2022 and November 30, 2021, 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.

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Intangible Assets, Net and Goodwill (Tables)

9 Months Ended

Aug. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net and Goodwill

A summary of Intangible assets, net and goodwill is as follows (in thousands):

	August 31, 2022		November 30, 2021
Indefinite-lived intangibles:
Exchange and clearing organization membership interests and registrations	$	7,365	$	7,732
Amortizable intangibles:
Customer and other relationships, net of accumulated amortization of $87,692 and $128,012	37,966		42,808
Trademarks and tradenames, net of accumulated amortization of $34,426 and $32,244	92,198		96,509
Other, net of accumulated amortization of $11,073 and $11,329	3,885		5,353
Total intangible assets, net	141,414		152,402
Goodwill:
Investment Banking and Capital Markets (1)	1,549,851		1,561,928
Asset Management	143,000		143,000
Real estate	36,711		36,711
Other operations	3,459		3,459
Total goodwill	1,733,021		1,745,098
Total intangible assets, net and goodwill	$	1,874,435	$	1,897,500

(1)    The decrease in Investment Banking and Capital Markets goodwill during the nine months ended August 31, 2022, primarily relates to translation adjustments.

Schedule of Estimated Aggregate Future Amortization Expense

The estimated aggregate future amortization expense for the intangible assets for each of the next five fiscal years is as follows (in thousands): 

Remainder of current year	$	2,514
2023	9,904
2024	9,147
2025	8,636
2026	8,608

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Short-Term Borrowings (Tables)

9 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings

Our short-term borrowings, which mature in one year or less, are as follows (in thousands):

	August 31, 2022		November 30, 2021
Bank loans (1)	$	557,439	$	215,063
Floating rate puttable notes (1)	6,800		6,800
Total short-term borrowings	$	564,239	$	221,863

(1)    These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

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Long-Term Debt (Tables)

9 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Schedule of Indebtedness

Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands).

	August 31, 2022		November 30, 2021
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $441,748 principal	$	440,748	$	440,120
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,937		246,888
Total long-term debt – Parent Company	687,685		687,008
Subsidiary Debt (non-recourse to Parent Company):
Jefferies Group Unsecured Long-term Debt:
1.00% Euro Medium Term Notes, due July 19, 2024, $502,225 and $566,150 principal	501,444		564,985
4.50% Callable Note, due July 22, 2025, $6,206 principal	6,147		—
4.85% Senior Notes, due January 15, 2027, $750,000 principal (1)	714,423		775,550
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	364,589		366,556
5.00% Callable Note, due June 16, 2027, $25,000 principal	24,772		—
5.00% Callable Note, due February 17, 2028, $10,018 principal	9,882		—
4.15% Senior Notes, due January 23, 2030, $1,000,000 principal	991,266		990,525
2.625% Senior Notes due October 15, 2031, $1,000,000 principal (1)	922,252		988,059
2.75% Senior Notes, due October 15, 2032, $500,000 principal (1)	401,353		460,724
6.25% Senior Debentures, due January 15, 2036, $488,000 and $495,000 principal	497,800		505,267
6.50% Senior Notes, due January 20, 2043, $391,000 principal	409,588		409,926
Floating Rate Senior Notes, due October 29, 2071	61,712		61,703
Jefferies Group Unsecured Revolving Credit Facility	249,421		348,951
Structured Notes (2)	1,517,410		1,843,598
Jefferies Group Secured Long-term Debt:
Jefferies Group Secured Credit Facilities (3)	800,275		706,608
Jefferies Group Secured Bank Loan	100,000		100,000
HomeFed EB-5 Program debt	208,516		203,132
HomeFed construction loans	102,851		45,581
Vitesse Energy Revolving Credit Facility	64,080		67,572
Total long-term debt – subsidiaries	7,947,781		8,438,737
Long-term debt	$	8,635,466	$	9,125,745

(1)    Amounts include net gains of $188.0 million and $38.6 million during the nine months ended August 31, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 4 for further information.

(2)    These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in Accumulated other comprehensive income (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other operating activities in the Consolidated Statements of Cash Flow.

(3)    Amounts include $82.6 million at November 30, 2021 related to Foursight credit facilities. In the first quarter of 2022, Foursight was transferred to Jefferies Group.

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Aug. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes

A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):

	August 31, 2022		November 30, 2021
Net unrealized gains (losses) on available for sale securities	$	(767)	$	269
Net foreign currency translation adjustments (1)	(215,542)		(166,499)
Net changes in instrument-specific credit risk	(83,647)		(153,672)
Net minimum pension liability	(50,414)		(52,241)
Total accumulated other comprehensive income (loss)	$	(350,370)	$	(372,143)

(1) We reduce the impact of fluctuations in foreign exchange rates on our net investments in some of our non-U.S. operations through the use of foreign exchange contracts. Relating to these contracts, all gains or losses on the hedging instruments are included as part of net foreign currency translation adjustments within accumulated other comprehensive income (loss). The net foreign currency translation adjustments are shown net of cumulative gains from these hedges of $131.2 million and $11.9 million at August 31, 2022 and November 30, 2021, respectively.

Schedule of Accumulated Other Comprehensive Income (Loss) Reclassification

Amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands):

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Operations
	For the Nine Months Ended August 31,
	2022		2021
Net changes in instrument-specific credit risk, net of income tax provision (benefit) of $(52) and $599	$	(161)	$	1,861	Principal transactions revenues
Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(624) and $(795)	(1,827)		(2,329)		Selling, general and other expenses, which includes pension expense
Total reclassifications for the period, net of tax	$	(1,988)	$	(468)

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Revenues from Contracts with Customers (Tables)

9 Months Ended

Aug. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Revenues from contracts with customers:
Commissions and other fees	$	221,397	$	214,363	$	705,419	$	673,756
Investment banking	709,334		1,180,620		2,255,241		3,184,932
Other	246,474		239,086		756,544		700,377
Total revenues from contracts with customers	1,177,205		1,634,069		3,717,204		4,559,065
Other sources of revenue:
Principal transactions	200,889		232,110		654,633		1,513,034
Interest income	318,216		220,278		776,896		691,223
Other	140,617		54,137		249,141		247,189
Total revenues from other sources	659,722		506,525		1,680,670		2,451,446
Total revenues	$	1,836,927	$	2,140,594	$	5,397,874	$	7,010,511

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):

	Reportable Segments (1)
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Reconciling Items -Consolidation Adjustments		Total
Three months ended August 31, 2022
Major Business Activity:
Investment Banking - Advisory	$	486,762	$	—	$	—	$	—	$	(5,343)	$	481,419
Investment Banking - Underwriting	227,915		—		—		—		—		227,915
Equities (2)	218,007		—		—		—		(74)		217,933
Fixed Income (2)	3,464		—		—		—		—		3,464
Asset Management	—		3,758		—		—		—		3,758
Manufacturing revenues	—		—		105,469		—		—		105,469
Oil and gas revenues	—		—		84,493		—		—		84,493
Other revenues	—		—		52,754		—		—		52,754
Total revenues from contracts with customers	$	936,148	$	3,758	$	242,716	$	—	$	(5,417)	$	1,177,205
Primary Geographic Region:
Americas	$	681,329	$	3,758	$	241,537	$	—	$	(5,417)	$	921,207
Europe	191,806		—		743		—		—		192,549
Asia Pacific	63,013		—		436		—		—		63,449
Total revenues from contracts with customers	$	936,148	$	3,758	$	242,716	$	—	$	(5,417)	$	1,177,205
Three months ended August 31, 2021
Major Business Activity:
Investment Banking - Advisory	$	583,887	$	—	$	—	$	—	$	—	$	583,887
Investment Banking - Underwriting	596,733		—		—		—		—		596,733
Equities (2)	210,109		—		—		—		(30)		210,079
Fixed Income (2)	4,284		—		—		—		—		4,284
Asset Management	—		2,853		—		—		—		2,853
Manufacturing revenues	—		—		118,918		—		—		118,918
Oil and gas revenues	—		—		49,814		—		—		49,814
Other revenues	—		—		67,501		—		—		67,501
Total revenues from contracts with customers	$	1,395,013	$	2,853	$	236,233	$	—	$	(30)	$	1,634,069
Primary Geographic Region:
Americas	$	1,114,829	$	2,853	$	235,450	$	—	$	(30)	$	1,353,102
Europe	215,146		—		445		—		—		215,591
Asia Pacific	65,038		—		338		—		—		65,376
Total revenues from contracts with customers	$	1,395,013	$	2,853	$	236,233	$	—	$	(30)	$	1,634,069

	Reportable Segments (1)
	Investment Banking and Capital Markets		Asset Management		Merchant Banking		Corporate		Reconciling Items -Consolidation Adjustments		Total
Nine months ended August 31, 2022
Major Business Activity:
Investment Banking - Advisory	$	1,402,291	$	—	$	—	$	—	$	(5,343)	$	1,396,948
Investment Banking - Underwriting	858,649		—		—		—		(356)		858,293
Equities (2)	695,508		—		—		—		(366)		695,142
Fixed Income (2)	10,277		—		—		—		—		10,277
Asset Management	—		19,627		—		—		—		19,627
Manufacturing revenues	—		—		412,605		—		—		412,605
Oil and gas revenues	—		—		225,652		—		—		225,652
Other revenues	—		—		98,660		—		—		98,660
Total revenues from contracts with customers	$	2,966,725	$	19,627	$	736,917	$	—	$	(6,065)	$	3,717,204
Primary Geographic Region:
Americas	$	2,302,203	$	19,627	$	733,796	$	—	$	(6,065)	$	3,049,561
Europe	464,370		—		1,950		—		—		466,320
Asia Pacific	200,152		—		1,171		—		—		201,323
Total revenues from contracts with customers	$	2,966,725	$	19,627	$	736,917	$	—	$	(6,065)	$	3,717,204
Nine months ended August 31, 2021
Major Business Activity:
Investment Banking - Advisory	$	1,285,834	$	—	$	—	$	—	$	—	$	1,285,834
Investment Banking - Underwriting	1,899,098		—		—		—		—		1,899,098
Equities (2)	663,503		—		—		—		(218)		663,285
Fixed Income (2)	10,471		—		—		—		—		10,471
Asset Management	—		12,594		—		—		—		12,594
Manufacturing revenues	—		—		440,857		—		—		440,857
Oil and gas revenues	—		—		126,855		—		—		126,855
Other revenues	—		—		120,071		—		—		120,071
Total revenues from contracts with customers	$	3,858,906	$	12,594	$	687,783	$	—	$	(218)	$	4,559,065
Primary Geographic Region:
Americas	$	3,104,251	$	11,961	$	685,760	$	—	$	(218)	$	3,801,754
Europe	575,774		633		1,351		—		—		577,758
Asia Pacific	178,881		—		672		—		—		179,553
Total revenues from contracts with customers	$	3,858,906	$	12,594	$	687,783	$	—	$	(218)	$	4,559,065

(1)    In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets, and Asset Management segments. Prior year amounts have been reclassified to conform to current segment reporting.

(2)    Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

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Common Share and Earnings Per Common Share (Tables)

9 Months Ended

Aug. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share Computation

The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	195,459	$	407,459	$	636,920	$	1,342,490
Allocation of earnings to participating securities (1)	(571)		(2,490)		(2,662)		(7,974)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	194,888		404,969		634,258		1,334,516
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	5		52		28		161
Mandatorily redeemable convertible preferred share dividends	2,070		1,849		6,211		5,101
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	196,963	$	406,870	$	640,497	$	1,339,778
Denominator for earnings per share:
Weighted average common shares outstanding	230,988		246,624		236,546		247,638
Weighted average shares of restricted stock outstanding with future service required	(710)		(1,602)		(1,075)		(1,561)
Weighted average RSUs outstanding with no future service required	13,575		18,065		14,697		18,171
Denominator for basic earnings per share – weighted average shares	243,853		263,087		250,168		264,248
Stock options and other share based awards	1,171		1,485		1,485		905
Senior executive compensation plan RSUs awards	1,774		2,392		1,989		2,152
Mandatorily redeemable convertible preferred shares	4,441		4,441		4,441		4,441
Denominator for diluted earnings per share	251,239		271,405		258,083		271,746

(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 714,600 and 1,621,000 for the three months ended August 31, 2022 and 2021, respectively, and 1,083,400 and 1,581,200 for the nine months ended August 31, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2022 and 2021. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

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Commitments, Contingencies and Guarantees (Tables)

9 Months Ended

Aug. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments

The following table summarizes commitments associated with certain business activities at August 31, 2022 (in millions):

	Expected Maturity Date (Fiscal Years)
	2022		2023		2024 and 2025		2026 and 2027		2028 and Later		Maximum Payout
Equity commitments (1)	$	359.5	$	51.2	$	2.4	$	4.9	$	131.1	$	549.1
Loan commitments (1)	4.0		267.5		—		78.9		—		350.4
Underwriting commitments	68.0		—		—		—		—		68.0
Forward starting reverse repos (2)	7,182.8		—		—		—		—		7,182.8
Forward starting repos (2)	3,104.7		—		—		—		—		3,104.7
Other unfunded commitments (1)	—		176.5		278.0		0.2		—		454.7
Total	$	10,719.0	$	495.2	$	280.4	$	84.0	$	131.1	$	11,709.7

(1)Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand.

(2)At August 31, 2022, all of the forward starting securities purchased under agreements to resell and all except $44.1 million of the forward starting securities sold under agreements to repurchase settled within three business days.

Schedule of Notional Amounts Associated with Derivative Contracts Meeting Definition of Guarantee

The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of August 31, 2022 (in millions):

	Expected Maturity Date (Fiscal Years)
Guarantee Type	2022		2023		2024 and 2025		2026 and 2027		2028 and Later		Notional/ Maximum Payout
Derivative contracts – non-credit related	$	6,346.3	$	9,661.9	$	13,329.4	$	1,696.8	$	107.0	$	31,141.4
Written derivative contracts – credit related	—		—		0.2		—		—		0.2
Total derivative contracts	$	6,346.3	$	9,661.9	$	13,329.6	$	1,696.8	$	107.0	$	31,141.6

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Other Fair Value Information (Tables)

9 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

Methods and Assumptions Used to Estimate the Fair Values

The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands):

	August 31, 2022				November 30, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Receivables:
Notes and loans receivable (1)	$	887,754	$	929,449	$	835,009	$	866,163
Financial Liabilities:
Short-term borrowings (2)	$	564,239	$	564,239	$	221,863	$	221,863
Long-term debt (3)	7,118,056		6,887,258		7,282,147		8,004,211

(1)Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

(2)Short-term borrowings: The fair values of short-term borrowings carried at cost are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

(3)Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy.

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Segment Information (Tables)

9 Months Ended

Aug. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Certain information concerning our segments is presented in the following tables (in thousands):

	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Net revenues:
Reportable Segments:
Investment Banking and Capital Markets	$	1,134,732	$	1,672,943	$	3,714,928	$	5,259,301
Asset Management	(13,803)		13,327		77,300		293,204
Merchant Banking	397,847		248,690		825,637		812,509
Corporate	6,192		955		8,756		2,269
Total net revenues related to reportable segments	1,524,968		1,935,915		4,626,621		6,367,283
Reconciling items - Consolidation adjustments	(78)		3,069		(734)		9,150
Total consolidated revenues	$	1,524,890	$	1,938,984	$	4,625,887	$	6,376,433
Income (loss) before income taxes:
Reportable Segments:
Investment Banking and Capital Markets	$	166,777	$	597,373	$	775,725	$	1,588,619
Asset Management	(43,633)		(17,895)		(26,651)		173,185
Merchant Banking	201,129		(4,745)		173,094		141,905
Corporate	(13,426)		(10,450)		(35,316)		(43,026)
Income before income taxes related to reportable segments	310,847		564,283		886,852		1,860,683
Reconciling items - Parent Company interest	(8,997)		(13,774)		(25,773)		(41,505)
Reconciling items - Consolidation adjustments	—		3,107		(356)		9,362
Total consolidated income before income taxes	$	301,850	$	553,616	$	860,723	$	1,828,540
Depreciation and amortization expenses:
Reportable Segments:
Investment Banking and Capital Markets	$	23,366	$	21,065	$	69,687	$	62,580
Asset Management	401		494		1,230		1,462
Merchant Banking	18,997		16,554		57,248		50,536
Corporate	423		564		1,266		2,306
Total consolidated depreciation and amortization expenses	$	43,187	$	38,677	$	129,431	$	116,884

	August 31, 2022		November 30, 2021
Identifiable Assets Employed:
Reportable Segments:
Investment Banking and Capital Markets	$	48,213,613	$	52,903,374
Asset Management	3,028,847		3,205,799
Merchant Banking	2,194,617		2,263,050
Corporate	1,941,062		2,432,927
Identifiable assets related to reportable segments	55,378,139		60,805,150
Reconciling items - Consolidation adjustments	(148,328)		(401,040)
Total consolidated assets	$	55,229,811	$	60,404,110

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Nature of Operations (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2022 USD ($) transaction	Aug. 31, 2022 USD ($) segment	Aug. 31, 2021 USD ($)	Dec. 01, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Pre-tax gain		$ 144,301	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Idaho Timber
Schedule of Equity Method Investments [Line Items]
Number of transactions | transaction	2
Sale price	$ 239,300	$ 239,300
Pre-tax gain	139,000
Reportable Segments | Merchant Banking and Asset Management Segments
Schedule of Equity Method Investments [Line Items]
Net assets				$ 477,000
Reportable Segments | Merchant Banking
Schedule of Equity Method Investments [Line Items]
Net assets				194,000
Reportable Segments | Investment Banking and Capital Markets
Schedule of Equity Method Investments [Line Items]
Net assets				139,000
Reportable Segments | Investment Banking and Capital Markets | Foursight Capital
Schedule of Equity Method Investments [Line Items]
Net assets				48,000
Reportable Segments | Asset Management
Schedule of Equity Method Investments [Line Items]
Net assets				$ 55,000
Jefferies Group
Schedule of Equity Method Investments [Line Items]
Number of business segments | segment		2
Vitesse Energy Finance
Schedule of Equity Method Investments [Line Items]
Net assets	$ 505,300	$ 505,300

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Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended
	Aug. 31, 2022	Nov. 30, 2021	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Receivables from brokers, dealers and clearing organizations	$ 3,890,000,000	$ 4,900,000,000	$ 3,890,000,000		$ 3,890,000,000
Receivables from customers of securities operations	1,470,000,000	1,620,000,000	1,470,000,000		1,470,000,000
Other investments not readily determinable	97,400,000	119,400,000	97,400,000		97,400,000
Impairment losses on investments			0	$ 0	0	$ 0
Capitalized interest			3,400,000	$ 2,200,000	10,000,000	$ 6,400,000
Payables to brokers, dealers and clearing organizations	6,300,000,000	5,820,000,000	6,300,000,000		6,300,000,000
Payables to customers of securities operations	3,670,000,000	4,460,000,000	3,670,000,000		3,670,000,000
Foursight Capital | Foursight Credit Facilities | Line of credit
Loans and Leases Receivable Disclosure [Line Items]
Assets pledged for indebtedness	29,800,000	103,000,000	29,800,000		29,800,000
Automobile loan | Foursight Capital
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 887,700,000	$ 812,600,000	887,700,000		887,700,000
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Score 680 and Above
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	16.00%	19.00%
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Scores Between 620 and 679
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	47.00%	51.00%
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Scores Below 620
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	37.00%	30.00%
Securitized vehicles | Foursight Capital
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 826,600,000	$ 682,700,000	$ 826,600,000		$ 826,600,000

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Basis of Presentation and Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	May 31, 2022	Nov. 30, 2021	May 31, 2021	Nov. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 91,059	$ 76,629	$ 91,059	$ 76,629	$ 86,025	$ 75,999	$ 79,254	$ 53,926
Provision for doubtful accounts	12,820	(848)	31,246	48,091
Charge-offs, net of recoveries	(7,057)	(1,777)	(15,457)	(51,907)
Sale of subsidiary	(729)	0	(729)	0
Ending balance	$ 91,059	$ 76,629	$ 91,059	76,629
Prime Brokerage
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for doubtful accounts				$ 39,000
Adjustment for change in accounting principle for current expected credit losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance					$ 0	$ 0	$ 0	$ 26,519

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Basis of Presentation and Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Cash paid during the year for:
Interest	$ 880,379	$ 737,935
Income tax payments (refunds), net	$ 138,468	$ 516,714

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Fair Value Disclosures - Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$ 18,949,761	$ 18,802,730
Counterparty and cash collateral netting, assets	(2,727,694)	(3,305,756)
Loans to and investments in associated companies	32,400	30,842
Securities received as collateral, at fair value	149,586	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value	11,548,070	11,699,467
Counterparty and cash collateral netting, liabilities	(2,558,936)	(3,702,200)
Other secured financings	2,362	102,788
Long-term debt	1,517,410	1,843,598
Obligation to return securities received as collateral, at fair value	149,586	7,289
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investments	1,299,523	1,025,940
Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	8,383,086	6,686,065
Loans to and investments in associated companies	0	0
Securities received as collateral, at fair value	149,586	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value	5,092,183	5,066,732
Other secured financings	0	0
Long-term debt	0	0
Obligation to return securities received as collateral, at fair value	149,586	7,289
Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	12,530,455	14,843,376
Loans to and investments in associated companies	1,683	0
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	8,909,891	10,235,821
Other secured financings	0	76,883
Long-term debt	796,295	961,866
Obligation to return securities received as collateral, at fair value	0	0
Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	763,914	579,045
Loans to and investments in associated companies	30,717	30,842
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	104,932	99,114
Other secured financings	2,362	25,905
Long-term debt	721,115	881,732
Obligation to return securities received as collateral, at fair value	0	0
Corporate equity securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,730,217	3,082,220
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,833,675	1,695,985
Obligation to return securities received as collateral, at fair value	27,859	7,289
Corporate equity securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,434,945	2,737,255
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,793,307	1,671,696
Corporate equity securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	97,455	257,318
Liabilities:
Financial instruments sold, not yet purchased, at fair value	37,798	19,654
Corporate equity securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	197,817	87,647
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,570	4,635
Corporate debt securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,282,687	3,848,144
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,940,891	2,112,259
Obligation to return securities received as collateral, at fair value	0	0
Corporate debt securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Corporate debt securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,264,475	3,836,341
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,940,464	2,111,777
Corporate debt securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	18,212	11,803
Liabilities:
Financial instruments sold, not yet purchased, at fair value	427	482
Collateralized debt obligations and collateralized loan obligations
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	490,369	611,464
Liabilities:
Financial instruments sold, not yet purchased, at fair value	682
Collateralized debt obligations and collateralized loan obligations | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0
Collateralized debt obligations and collateralized loan obligations | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	440,441	579,518
Liabilities:
Financial instruments sold, not yet purchased, at fair value	328
Collateralized debt obligations and collateralized loan obligations | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	49,928	31,946
Liabilities:
Financial instruments sold, not yet purchased, at fair value	354
U.S. government and federal agency securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	4,359,145	3,114,079
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,601,469	2,457,420
U.S. government and federal agency securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	4,303,598	3,045,295
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,601,469	2,457,420
U.S. government and federal agency securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	55,547	68,784
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
U.S. government and federal agency securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Municipal securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	206,214	509,559
Liabilities:
Obligation to return securities received as collateral, at fair value	0	0
Municipal securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Municipal securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	206,214	509,559
Municipal securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Sovereign obligations
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,418,337	1,553,285
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,480,525	1,528,841
Obligation to return securities received as collateral, at fair value	0	0
Sovereign obligations | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	643,476	899,086
Liabilities:
Financial instruments sold, not yet purchased, at fair value	697,326	935,801
Sovereign obligations | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	774,861	654,199
Liabilities:
Financial instruments sold, not yet purchased, at fair value	783,199	593,040
Sovereign obligations | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Residential mortgage-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,589,753	1,169,723
Liabilities:
Financial instruments sold, not yet purchased, at fair value		719
Residential mortgage-backed securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value		0
Residential mortgage-backed securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,564,010	1,168,246
Liabilities:
Financial instruments sold, not yet purchased, at fair value		719
Residential mortgage-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	25,743	1,477
Liabilities:
Financial instruments sold, not yet purchased, at fair value		0
Commercial mortgage-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	332,614	198,752
Liabilities:
Financial instruments sold, not yet purchased, at fair value	4,255	210
Commercial mortgage-backed securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Commercial mortgage-backed securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	301,004	196,419
Liabilities:
Financial instruments sold, not yet purchased, at fair value	3,800	0
Commercial mortgage-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	31,610	2,333
Liabilities:
Financial instruments sold, not yet purchased, at fair value	455	210
Other asset-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	317,633	430,546
Other asset-backed securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Other asset-backed securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	226,140	337,022
Other asset-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	91,493	93,524
Loans and other receivables
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,629,578	3,498,289
Liabilities:
Obligation to return securities received as collateral, at fair value	0	0
Loans and other receivables | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Loans and other receivables | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,511,984	3,363,050
Loans and other receivables | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	117,594	135,239
Derivatives, assets
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	373,926	570,472
Derivatives, assets | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,067	4,429
Derivatives, assets | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,084,619	3,861,551
Derivatives, assets | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	15,934	10,248
Investments at fair value
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	189,183	165,742
Investments at fair value | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Investments at fair value | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,705	11,369
Investments at fair value | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	185,478	154,373
FXCM term loan
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	30,105	50,455
FXCM term loan | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
FXCM term loan | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
FXCM term loan | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	30,105	50,455
Loans
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,222,560	2,491,857
Loans | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Loans | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,209,866	2,476,087
Loans | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value	12,694	15,770
Derivatives, liabilities
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,464,013	1,412,176
Derivatives, liabilities | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value	81	1,815
Derivatives, liabilities | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value	3,934,436	5,034,544
Derivatives, liabilities | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value	$ 88,432	$ 78,017

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Fair Value Disclosures - Investments at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2022	Nov. 30, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 103,223	$ 103,223	$ 53,905
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	$ 0
Percentage of investment at fair value, redemption restriction	37.00%	37.00%	21.00%
Equity Long/Short Hedge Funds | 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investment at fair value, redemption restriction	57.00%	57.00%	74.00%
Notice period redemption of investments prior written notice period	90 days	90 days
Equity Long/Short Hedge Funds | 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	60 days	60 days
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 37,307	$ 37,307	$ 17,815
Equity Funds | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated period for the liquidation of the underlying assets	1 year	1 year
Equity Funds | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated period for the liquidation of the underlying assets	13 years	13 years
Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	0
Commodity Fund | 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	60 days	60 days
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	$ 0
Multi-asset Funds | 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investment at fair value, redemption restriction	17.00%	17.00%	22.00%
Notice period redemption of investments prior written notice period	90 days	90 days
Multi-asset Funds | 60 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investment at fair value, redemption restriction	76.00%	76.00%	78.00%
Notice period redemption of investments prior written notice period	60 days	60 days
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 65,916	$ 65,916	$ 36,090
Other Funds | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments outstanding period	90 days	90 days
Other Funds | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments outstanding period	120 days	120 days
Other Funds | 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	90 days	90 days
Fair value measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,299,523	$ 1,299,523	1,025,940
Fair value measured at NAV | Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	452,867	452,867	466,231
Fair value measured at NAV | Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	61,825	61,825	46,030
Fair value measured at NAV | Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	25,671	25,671	24,401
Fair value measured at NAV | Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	406,183	406,183	390,224
Fair value measured at NAV | Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 352,977	$ 352,977	$ 99,054

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Fair Value Disclosures - Investment in FXCM (Details) - Investment in FXCM $ in Millions	Aug. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured term loan receivable, principal outstanding	$ 39.6
Equity method investment, ownership percentage	50.00%

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Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	$ 900	$ 36,100	$ 38,500	$ 182,900
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains/ losses (realized and unrealized)	(83,000)	3,700	(473,300)	60,200
Fair value, liabilities, change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held	(16,400)	3,900	51,500	(57,300)
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	200,961	86,451	87,647	75,904
Total gains (losses) (realized and unrealized)	(1,603)	36,643	36,931	48,741
Purchases	92	208	63,022	7,900
Sales	(189)	(1,488)	(2,941)	(37,794)
Settlements	0	(16)	(298)	(16)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(1,444)	9,943	13,456	37,006
Ending Balance	197,817	131,741	197,817	131,741
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,696)	37,731	36,192	37,146
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,749	4,462	4,635	4,434
Total gains/ losses (realized and unrealized)	(278)	(75)	(3,708)	(12)
Purchases	(940)	0	(3,255)	(22)
Sales	39	0	4,898	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	(13)
Ending Balance	2,570	4,387	2,570	4,387
Changes in unrealized gains/losses included in earnings relating to instruments still held	(268)	75	2,781	13
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	20,813	7,985	11,803	23,146
Total gains (losses) (realized and unrealized)	(605)	405	3,596	1,600
Purchases	759	14,898	5,691	1,513
Sales	(1,183)	(17,317)	(16,513)	(3,721)
Settlements	0	(20)	(9)	(128)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(1,572)	2,205	13,644	(14,254)
Ending Balance	18,212	8,156	18,212	8,156
Changes in unrealized gains/losses included in earnings relating to instruments still held	699	192	1,537	331
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	401	927	482	141
Total gains/ losses (realized and unrealized)	26	(7)	15	375
Purchases	0	0	(70)	0
Sales	0	0	0	12
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	(392)	0	0
Ending Balance	427	528	427	528
Changes in unrealized gains/losses included in earnings relating to instruments still held	(28)	7	(23)	(375)
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	49,858	26,561	31,946	17,972
Total gains (losses) (realized and unrealized)	685	2,539	2,573	7,666
Purchases	13,133	50,199	34,756	58,868
Sales	(4,553)	(33,234)	(18,933)	(37,277)
Settlements	(3,604)	(1,518)	(8,178)	(2,201)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(5,591)	8,014	7,764	7,533
Ending Balance	49,928	52,561	49,928	52,561
Changes in unrealized gains/losses included in earnings relating to instruments still held	(9,369)	(730)	(10,371)	(4,716)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0		0
Total gains/ losses (realized and unrealized)	(29)		(29)
Purchases	0		0
Sales	383		383
Settlements	0		0
Issuances	0		0
Net transfers into (out of) Level 3	0		0
Ending Balance	354		354
Changes in unrealized gains/losses included in earnings relating to instruments still held	29		29
Residential mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,059	6,033	1,477	21,826
Total gains (losses) (realized and unrealized)	(3,596)	(42)	(6,099)	(195)
Purchases	94	0	28,067	157
Sales	0	(417)	(187)	(784)
Settlements	(32)	(61)	(152)	(291)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	28,218	(4,077)	2,637	(19,277)
Ending Balance	25,743	1,436	25,743	1,436
Changes in unrealized gains/losses included in earnings relating to instruments still held	(2,158)	(14)	(2,894)	(123)
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,870	1,176	2,333	2,003
Total gains (losses) (realized and unrealized)	(2,663)	(103)	(18,549)	134
Purchases	0	1,607	0	2,590
Sales	0	0	0	(393)
Settlements	0	0	0	(1,639)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	32,403	0	47,826	(15)
Ending Balance	31,610	2,680	31,610	2,680
Changes in unrealized gains/losses included in earnings relating to instruments still held	(621)	1,530	(2,420)	741
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	385	35	210	35
Total gains/ losses (realized and unrealized)	0	0	0	0
Purchases	0	0	0	(35)
Sales	70	105	245	140
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	455	140	455	140
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0	0	0
Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	84,778	70,555	93,524	79,995
Total gains (losses) (realized and unrealized)	(1,800)	30	(1,446)	4,770
Purchases	17,487	18,611	51,964	38,785
Sales	0	(274)	(18,489)	(26,642)
Settlements	(13,217)	(14,426)	(36,349)	(25,966)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	4,245	2,937	2,289	6,491
Ending Balance	91,493	77,433	91,493	77,433
Changes in unrealized gains/losses included in earnings relating to instruments still held	(7,432)	(3,145)	(17,168)	(6,955)
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	137,752	190,412	135,239	134,636
Total gains (losses) (realized and unrealized)	1,616	(5,689)	(6,635)	18,104
Purchases	7,065	14,796	46,571	51,933
Sales	(21,492)	(29,557)	(63,530)	(55,693)
Settlements	(325)	(10,873)	(1,256)	(10,509)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(7,022)	(8,118)	7,205	12,500
Ending Balance	117,594	150,971	117,594	150,971
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,536	(4,409)	(6,955)	9,756
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	163,844	230,834	154,373	213,946
Total gains (losses) (realized and unrealized)	20,329	3,662	54,178	106,699
Purchases	2,184	1,185	16,470	12,669
Sales	(48)	(1)	(48)	(47,245)
Settlements	(831)	(382)	(16,088)	(8,955)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	(69,965)	(23,407)	(111,781)
Ending Balance	185,478	165,333	185,478	165,333
Changes in unrealized gains/losses included in earnings relating to instruments still held	20,104	3,661	53,390	30,027
FXCM term loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	51,880	59,155	50,455	59,455
Total gains (losses) (realized and unrealized)	10,245	(690)	11,670	(990)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(32,020)	0	(32,020)	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	30,105	58,465	30,105	58,465
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,433	(690)	2,202	(990)
Loans to and investments in associated companies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	14,795	37,287	30,842	40,185
Total gains (losses) (realized and unrealized)	(21,668)	(703)	(37,715)	(3,601)
Purchases	37,590	0	37,590	0
Sales	0	0	0	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	30,717	36,584	30,717	36,584
Changes in unrealized gains/losses included in earnings relating to instruments still held	(21,668)	(703)	(37,715)	(3,601)
Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	18,283	20,389	15,770	16,635
Total gains/ losses (realized and unrealized)	157	(8)	94	1,308
Purchases	(16,983)	(3,118)	(22,566)	(7,182)
Sales	1,937	1,710	5,417	14,083
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	9,300	6,239	13,979	368
Ending Balance	12,694	25,212	12,694	25,212
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,428)	6	(1,478)	(4,094)
Net derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	74,997	227,058	67,769	26,017
Total gains/ losses (realized and unrealized)	(23,380)	20,869	(152,927)	33,173
Purchases	(1,929)	(1,868)	(1,559)	(1,548)
Sales	0	0	1,285	49,871
Settlements	(20,954)	665	0	768
Issuances	0	0	21,024	0
Net transfers into (out of) Level 3	43,764	(79,662)	136,906	58,781
Ending Balance	72,498	167,062	72,498	167,062
Changes in unrealized gains/losses included in earnings relating to instruments still held	19,719	(22,433)	150,713	(33,007)
Other secured financings
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,362	2,493	25,905	1,543
Total gains/ losses (realized and unrealized)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	(23,543)	0
Issuances	0	0	0	950
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	2,362	2,493	2,362	2,493
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0	0	0
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	739,353	795,098	881,732	676,028
Total gains/ losses (realized and unrealized)	(59,521)	(17,106)	(316,778)	25,323
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Issuances	0	22,330	89,263	58,000
Net transfers into (out of) Level 3	41,283	(14,710)	66,898	26,261
Ending Balance	721,115	785,612	721,115	785,612
Changes in unrealized gains/losses included in earnings relating to instruments still held	$ 75,930	$ 13,204	$ 265,288	$ 31,992

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Fair Value Disclosures - Analysis of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	$ 76,800	$ 37,900	$ 98,800	$ 50,900
Transfers of assets from Level 3 to Level 2	27,600	97,000	27,400	132,700
Transfers of liabilities from Level 2 to Level 3	112,100	51,800	264,700	100,000
Transfers of liabilities from Level 3 to Level 2	17,700	140,300	46,900	14,600
Net gains (losses) on Level 3 assets (realized and unrealized)	900	36,100	38,500	182,900
Net gains (losses) on Level 3 liabilities (realized and unrealized)	83,000	(3,700)	473,300	(60,200)
Excluded assets from unobservable quantitative information	54,900		54,900		$ 40,800
Excluded liabilities from unobservable quantitative information	6,500		6,500		$ 2,200
CDOs and CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3		8,000	7,800	7,600
Transfers of assets from Level 3 to Level 2	5,600
Net gains (losses) on Level 3 assets (realized and unrealized)	685	2,539	2,573	7,666
Net gains (losses) on Level 3 liabilities (realized and unrealized)	29		29
Loans and other receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	6,300	13,400	9,600	17,400
Transfers of assets from Level 3 to Level 2	13,400	21,500		4,900
Net gains (losses) on Level 3 assets (realized and unrealized)	1,616	(5,689)	(6,635)	18,104
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	9,200	13,700	23,700	12,500
Transfers of assets from Level 3 to Level 2	4,900	10,700	21,500	6,000
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,800)	30	(1,446)	4,770
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3		2,500	6,700
Transfers of assets from Level 3 to Level 2	2,100			17,500
Net gains (losses) on Level 3 assets (realized and unrealized)	(605)	405	3,596	1,600
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(26)	7	(15)	(375)
Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3				10,200
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,603)	36,643	36,931	48,741
Net gains (losses) on Level 3 liabilities (realized and unrealized)	278	75	3,708	12
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	28,200
Transfers of assets from Level 3 to Level 2		4,100		19,300
Net gains (losses) on Level 3 assets (realized and unrealized)	(3,596)	(42)	(6,099)	(195)
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	49,400	32,900	143,900	73,400
Transfers of liabilities from Level 3 to Level 2	5,700	112,500	7,000	14,600
Net gains (losses) on Level 3 liabilities (realized and unrealized)	23,380	(20,869)	152,927	(33,173)
Structured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	52,000	9,200	105,800	26,300
Transfers of liabilities from Level 3 to Level 2	10,800	23,900	38,900
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	10,600	9,700	15,000
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(157)	8	(94)	(1,308)
Investments at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 3 to Level 2		60,400		84,500
Net gains (losses) on Level 3 assets (realized and unrealized)	20,329	3,662	54,178	106,699
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	32,400		47,800
Net gains (losses) on Level 3 assets (realized and unrealized)	(2,663)	(103)	(18,549)	134
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ 0	$ 0	$ 0	$ 0

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Fair Value Disclosures - Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Aug. 31, 2022 $ / shares	Aug. 31, 2022	Aug. 31, 2022 $ / Bond	Aug. 31, 2022 € / shares	Aug. 31, 2022 € / Bond	Nov. 30, 2021 $ / shares	Nov. 30, 2021	Nov. 30, 2021 $ / Bond	Nov. 30, 2021 € / shares	Nov. 30, 2021 € / Bond
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 18,949,761	$ 18,802,730
Derivative assets	373,926	570,472
Loans to and investments in associated companies	32,400	30,842
Financial instruments sold, not yet purchased, at fair value	11,548,070	11,699,467
Derivative liability	1,464,013	1,412,176
Other secured financings	2,362	102,788
Long-term debt, fair value	1,517,410	1,843,598
Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	3,282,687	3,848,144
Financial instruments sold, not yet purchased, at fair value	1,940,891	2,112,259
CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	490,369	611,464
Financial instruments sold, not yet purchased, at fair value	682
Commercial mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	332,614	198,752
Financial instruments sold, not yet purchased, at fair value	4,255	210
Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	317,633	430,546
Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	2,629,578	3,498,289
Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	3,730,217	3,082,220
Financial instruments sold, not yet purchased, at fair value	1,833,675	1,695,985
Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	2,222,560	2,491,857
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	763,914	579,045
Loans to and investments in associated companies	30,717	30,842
Financial instruments sold, not yet purchased, at fair value	104,932	99,114
Other secured financings	2,362	25,905
Long-term debt, fair value	721,115	881,732
Level 3 | Market approach and volatility benchmarking
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative assets		6,501
Derivative liability		76,533
Level 3 | Volatility benchmarking
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative assets	8,440
Derivative liability	82,721
Level 3 | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Other secured financings	2,362	25,905
Level 3 | Non-exchange-traded securities | Market approach and volatility benchmarking
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	197,817	86,961
Level 3 | Non-exchange-traded securities | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			1					1
Level 3 | Non-exchange-traded securities | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			366					366
Level 3 | Non-exchange-traded securities | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			80					183
Level 3 | Non-exchange-traded securities | Volatility benchmarking | Volatility | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.50					0.40
Level 3 | Non-exchange-traded securities | Volatility benchmarking | Volatility | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.70					0.53
Level 3 | Non-exchange-traded securities | Volatility benchmarking | Volatility | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.60					0.45
Level 3 | Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	18,212	11,803
Financial instruments sold, not yet purchased, at fair value	427	482
Level 3 | Corporate debt securities | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value		11,803
Level 3 | Corporate debt securities | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond										13
Level 3 | Corporate debt securities | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond										100
Level 3 | Corporate debt securities | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond										86
Level 3 | Corporate debt securities | Market approach | EBITDA multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					3.8
Level 3 | Corporate debt securities | Market approach and scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	18,212
Level 3 | Corporate debt securities | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	427
Level 3 | Corporate debt securities | Scenario analysis | Estimated recovery percentage
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.06
Financial instruments sold, not yet purchased, measurement input				0.06
Level 3 | CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	49,928	31,946
Financial instruments sold, not yet purchased, at fair value	354
Level 3 | CDOs and CLOs | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					69					86
Level 3 | CDOs and CLOs | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					102					103
Level 3 | CDOs and CLOs | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					87					93
Level 3 | CDOs and CLOs | Discounted cash flows and market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	49,928	31,944
Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.20					0.20
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.02					0.02
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.70
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.25
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.30
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.26
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.20					0.08
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.22					0.19
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.20					0.16
Level 3 | Commercial mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	31,610	2,333
Financial instruments sold, not yet purchased, at fair value	455	210
Level 3 | Commercial mortgage-backed securities | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	31,610
Level 3 | Commercial mortgage-backed securities | Market approach | Spreads (basis points ("bps")) | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				322
Level 3 | Commercial mortgage-backed securities | Market approach | Spreads (basis points ("bps")) | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				334
Level 3 | Commercial mortgage-backed securities | Market approach | Spreads (basis points ("bps")) | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				326
Level 3 | Commercial mortgage-backed securities | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value		2,333
Level 3 | Commercial mortgage-backed securities | Scenario analysis | Estimated recovery percentage
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.81
Level 3 | Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	91,493	93,524
Level 3 | Other asset-backed securities | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					32					37
Level 3 | Other asset-backed securities | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					100					100
Level 3 | Other asset-backed securities | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					97					94
Level 3 | Other asset-backed securities | Discounted cash flows and market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 75,439	$ 86,099
Level 3 | Other asset-backed securities | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	10 months 24 days	8 months 12 days
Level 3 | Other asset-backed securities | Discounted cash flows | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	1 year 7 months 6 days	1 year 4 months 24 days
Level 3 | Other asset-backed securities | Discounted cash flows | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	1 year 2 months 12 days	1 year 1 month 6 days
Level 3 | Other asset-backed securities | Discounted cash flows | Constant prepayment rate | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0
Level 3 | Other asset-backed securities | Discounted cash flows | Constant prepayment rate | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.35
Level 3 | Other asset-backed securities | Discounted cash flows | Constant prepayment rate | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.31
Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.02
Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.02
Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.04
Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.04
Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.85
Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.60
Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.85
Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.55
Level 3 | Other asset-backed securities | Discounted cash flows | Discount rate/yield | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.07					0.03
Level 3 | Other asset-backed securities | Discounted cash flows | Discount rate/yield | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.21					0.16
Level 3 | Other asset-backed securities | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.15					0.10
Level 3 | Other asset-backed securities | Discounted cash flows | Cumulative loss rate | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.07					0.07
Level 3 | Other asset-backed securities | Discounted cash flows | Cumulative loss rate | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.24					0.20
Level 3 | Other asset-backed securities | Discounted cash flows | Cumulative loss rate | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.19					0.14
Level 3 | Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 117,594	$ 135,239
Level 3 | Loans and other receivables | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					45					31
Level 3 | Loans and other receivables | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					154					101
Level 3 | Loans and other receivables | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond					118					54
Level 3 | Loans and other receivables | Market approach and scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	117,594	134,015
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.32					0.09
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				1					1
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.97					0.76
Level 3 | Equity options | Volatility benchmarking | Volatility
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input									0.46
Level 3 | Equity options | Volatility benchmarking | Volatility | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				0.23
Derivative liability, measurement input				0.29					0.26
Level 3 | Equity options | Volatility benchmarking | Volatility | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				0.52
Derivative liability, measurement input				0.68					0.77
Level 3 | Equity options | Volatility benchmarking | Volatility | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				0.41
Derivative liability, measurement input				0.50					0.40
Level 3 | Interest rate swaps | Market approach | Spreads (basis points ("bps")) | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input									0.1
Derivative liability, measurement input									0.1
Level 3 | Interest rate swaps | Market approach | Spreads (basis points ("bps")) | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input									8.7
Derivative liability, measurement input									8.7
Level 3 | Interest rate swaps | Market approach | Spreads (basis points ("bps")) | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input									3.3
Derivative liability, measurement input									3.1
Level 3 | Total Return Swap [Member] | Market approach | Price
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input | $ / Bond										100
Derivative liability, measurement input | $ / Bond										100
Level 3 | Private equity securities | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			0					1
Level 3 | Private equity securities | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			14,919					152
Level 3 | Private equity securities | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			487					32
Level 3 | Private equity securities | Market approach | EBITDA multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				13.5					16.9
Level 3 | Private equity securities | Market approach | Revenue multiple | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									4.9
Level 3 | Private equity securities | Market approach | Revenue multiple | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									5.1
Level 3 | Private equity securities | Market approach | Revenue multiple | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									5.0
Level 3 | Private equity securities | Discounted cash flows | Discount rate/yield | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.10
Level 3 | Private equity securities | Discounted cash flows | Discount rate/yield | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.14
Level 3 | Private equity securities | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.12
Level 3 | Private equity securities | Market approach and scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value		128,152
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input				0.12
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.13
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.21
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.17
Level 3 | Private equity securities | Scenario analysis | Estimated recovery percentage
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.07
Level 3 | Private equity securities | Scenario analysis | Revenue growth
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0
Level 3 | Private equity securities | Market approach, discounted cash flows and scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	179,870
Level 3 | FXCM term loan | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 30,105	$ 50,455
Level 3 | FXCM term loan | Discounted cash flows | Term based on the pay off (years) | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Instruments Owned, Measurement Input, Expected Term	0 months	0 months
Level 3 | FXCM term loan | Discounted cash flows | Term based on the pay off (years) | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Instruments Owned, Measurement Input, Expected Term	1 year 4 months 24 days	2 years 2 months 12 days
Level 3 | FXCM term loan | Discounted cash flows | Term based on the pay off (years) | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Instruments Owned, Measurement Input, Expected Term	1 year 4 months 24 days	2 years 2 months 12 days
Level 3 | Non-exchange-traded warrants | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies	$ 30,717	$ 30,842
Level 3 | Non-exchange-traded warrants | Market approach | Volatility | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input				0.25					0.25
Level 3 | Non-exchange-traded warrants | Market approach | Volatility | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input				0.54					0.59
Level 3 | Non-exchange-traded warrants | Market approach | Volatility | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input				0.28					0.31
Level 3 | Non-exchange-traded warrants | Market approach | Underlying stock price
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input | $ / shares			360					662
Level 3 | Non-exchange-traded warrants | Market approach | Underlying stock price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input | € / shares						6					15
Level 3 | Non-exchange-traded warrants | Market approach | Underlying stock price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input | € / shares						8					18
Level 3 | Non-exchange-traded warrants | Market approach | Underlying stock price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans to and investments in associated companies, measurement input | € / shares						7					16
Level 3 | Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	197,817	87,647
Financial instruments sold, not yet purchased, at fair value	2,570	4,635
Level 3 | Corporate equity securities | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	2,570	4,635
Level 3 | Corporate equity securities | Market approach | Price
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input | $ / shares			1					1
Level 3 | Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	12,694	15,770
Level 3 | Loans | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input | $ / Bond					90					31
Level 3 | Loans | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input | $ / Bond					96					100
Level 3 | Loans | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input | $ / Bond					92					43
Level 3 | Loans | Market approach and scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	12,694	15,770
Level 3 | Loans | Scenario analysis | Estimated recovery percentage
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				0.05					0.50
Level 3 | Other secured financings | Scenario analysis | Estimated recovery percentage | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Other secured financings, measurement input				0.13					0.13
Level 3 | Other secured financings | Scenario analysis | Estimated recovery percentage | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Other secured financings, measurement input				0.39					0.98
Level 3 | Other secured financings | Scenario analysis | Estimated recovery percentage | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Other secured financings, measurement input				0.30					0.92
Level 3 | Structured notes | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Long-term debt, fair value	$ 721,115	$ 881,732
Level 3 | Structured notes | Market approach | Price | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					51		60			76		81
Level 3 | Structured notes | Market approach | Price | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					104		102			115		113
Level 3 | Structured notes | Market approach | Price | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					72		78			94		103

XML

Fair Value Disclosures - Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk on Loans, Other Receivables and Debt Instruments Measured at Fair Value Under Fair Value Option (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables	$ (9,040)	$ (7,273)	$ 4,828	$ 17,600
Changes in instrument specific credit risk	(137)	(998)	(161)	1,861
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	226,577		226,577		$ 64,203
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	(832)	(574)	(121)	945
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	(5,824)	20,478	88,309	(103,751)
Other changes in fair value	$ 62,476	$ (26,093)	$ 318,408	$ 61,695

XML

Fair Value Disclosures - Summary of Amount by which Contractual Principal Exceeds Fair Value For Loans and Other Receivables Measured at Fair Value Under Fair Value Option (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 5,741,428	$ 5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	226,577	64,203
Long-term debt	361,044	(38,391)
Other secured financings	2,913	3,432
All loans and other receivables 90 days or greater past due	$ 93,100	$ 19,700

XML

Fair Value Disclosures - Fair Value Option Election (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	$ 207.3		$ 207.3		$ 56.9
Loans and other receivables 90 days or greater past due	$ 131.5		$ 131.5		$ 23.5
ApiJect
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, ownership percentage	38.00%		38.00%
Percentage of future revenue	1.125%		1.125%
Cash consideration			$ 25.0
Converted term loan agreement into common shares			25.0
Fair value of equity investment	$ 100.1		$ 100.1
Maximum common shares to be issued upon exercise of warrants	950,000		950,000
Change in fair value of equity investments			$ 37.3
ApiJect | Term Loan Receivable
Fair Value, Option, Quantitative Disclosures [Line Items]
Principal amount	$ 25.0		25.0
Interest income	0.5	$ 0.5	1.6	$ 1.1
Loan fair value	$ 28.3		$ 28.3

XML

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Predominant Risk Exposure (Details) $ in Thousands	Aug. 31, 2022 USD ($) contract	Nov. 30, 2021 USD ($) contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statement of financial condition, assets	$ 373,926	$ 570,472
Net amounts per consolidated statement of financial condition, liabilities	1,464,013	1,412,176
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	1,050,006	1,208,316
Amounts offset in the Consolidated Statement of Financial Condition, assets	(783,977)	(1,008,091)
Fair value, liabilities	814,400	1,036,998
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(783,977)	(1,008,091)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	260,774	493,261
Amounts offset in the Consolidated Statement of Financial Condition, assets	(239,199)	(483,339)
Fair value, liabilities	240,896	508,333
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(240,896)	(508,333)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,790,840	2,174,651
Amounts offset in the Consolidated Statement of Financial Condition, assets	(1,704,518)	(1,814,326)
Fair value, liabilities	2,967,653	3,569,045
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(1,534,063)	(2,185,776)
Designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	151,388	66,188
Fair value, liabilities	182,979	32,200
Designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 35,726
Number of contracts, assets | contract	0	2
Fair value, liabilities	$ 182,979	$ 32,200
Number of contracts, liabilities | contract	3	1
Designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 151,388	$ 30,462
Number of contracts, assets | contract	5	4
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | contract	0	0
Not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 2,950,232	$ 3,810,040
Fair value, liabilities	3,839,970	5,082,176
Not designated as accounting hedges | Exchange-traded | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 873	$ 1,262
Number of contracts, assets | contract	37,656	23,888
Fair value, liabilities	$ 50	$ 756
Number of contracts, liabilities | contract	21,604	39,195
Not designated as accounting hedges | Exchange-traded | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 1,049,065	$ 1,206,606
Number of contracts, assets | contract	1,431,643	1,582,713
Fair value, liabilities	$ 814,310	$ 1,036,019
Number of contracts, liabilities | contract	1,318,904	1,450,624
Not designated as accounting hedges | Exchange-traded | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 68	$ 448
Number of contracts, assets | contract	695	1,394
Fair value, liabilities	$ 40	$ 223
Number of contracts, liabilities | contract	611	1,457
Not designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 232,758	$ 373,355
Number of contracts, assets | contract	4,139	4,505
Fair value, liabilities	$ 33,526	$ 367,134
Number of contracts, liabilities | contract	3,826	4,467
Not designated as accounting hedges | Cleared OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 28,016	$ 84,180
Number of contracts, assets | contract	165	132
Fair value, liabilities	$ 24,391	$ 108,999
Number of contracts, liabilities | contract	189	128
Not designated as accounting hedges | Bilateral OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 774,034	$ 322,353
Number of contracts, assets | contract	566	1,037
Fair value, liabilities	$ 1,274,695	$ 283,481
Number of contracts, liabilities | contract	1,157	967
Not designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 530,442	$ 1,428,712
Number of contracts, assets | contract	10,287	17,792
Fair value, liabilities	$ 586,085	$ 1,437,116
Number of contracts, liabilities | contract	10,294	17,576
Not designated as accounting hedges | Bilateral OTC | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 318,127	$ 377,132
Number of contracts, assets | contract	5,329	2,888
Fair value, liabilities	$ 1,070,480	$ 1,824,418
Number of contracts, liabilities | contract	5,796	2,682
Not designated as accounting hedges | Bilateral OTC | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 2,652	$ 2,703
Number of contracts, assets | contract	675	616
Fair value, liabilities	$ 17,664	$ 9,862
Number of contracts, liabilities | contract	1,470	825
Not designated as accounting hedges | Bilateral OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 14,197	$ 13,289
Number of contracts, assets | contract	8	14
Fair value, liabilities	$ 18,729	$ 14,168
Number of contracts, liabilities | contract	11	17

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Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	$ 608	$ 4,269	$ 11,779	$ 10,833
Unrealized and realized gains (losses)	(187,082)	(246,649)	(288,950)	(316,461)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(16,018)	(152)	(145,481)	(20,912)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(90,604)	(38,633)	(200,137)	32,439
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(105,661)	(198,979)	88,500	(291,991)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	21,517	(3,958)	(46,961)	(29,027)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	3,684	(4,927)	15,129	(6,970)
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	95,213	39,778	157,773	(23,628)
Net investment hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	95,213	39,778	157,773	(23,628)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	(31,831)	17,665	(176,244)	(27,797)
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	$ 32,439	$ (13,396)	$ 188,023	$ 38,630

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Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands	Aug. 31, 2022 USD ($)
OTC Derivative Assets
0-12 Months	$ 452,633
1-5 Years	570,963
Greater Than 5 Years	27,589
Cross-Maturity Netting	(167,098)
Total OTC derivative assets, net of cross-maturity netting	884,087
Cross product counterparty netting	(27,872)
Total OTC derivative assets included in Financial instruments owned, at fair value	856,215
OTC Derivative Liabilities
0-12 Months	720,164
1-5 Years	945,040
Greater Than 5 Years	521,563
Cross-Maturity Netting	(167,098)
Total	2,019,669
Cross product counterparty netting	(27,872)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value	1,991,797
Exchange traded derivative assets and other credit agreements	266,000
Cash collateral received	748,300
Exchange traded derivative liabilities and other credit agreements	51,800
Cash collateral pledged	579,600
Commodity swaps, options and forwards
OTC Derivative Assets
0-12 Months	805
1-5 Years	1,847
Greater Than 5 Years	0
Cross-Maturity Netting	(2,652)
Total OTC derivative assets, net of cross-maturity netting	0
OTC Derivative Liabilities
0-12 Months	15,371
1-5 Years	2,293
Greater Than 5 Years	0
Cross-Maturity Netting	(2,652)
Total	15,012
Equity options and forwards
OTC Derivative Assets
0-12 Months	17,773
1-5 Years	5,488
Greater Than 5 Years	0
Cross-Maturity Netting	(4,600)
Total OTC derivative assets, net of cross-maturity netting	18,661
OTC Derivative Liabilities
0-12 Months	115,856
1-5 Years	290,887
Greater Than 5 Years	26,180
Cross-Maturity Netting	(4,600)
Total	428,323
Credit default swaps
OTC Derivative Assets
0-12 Months	0
1-5 Years	3,371
Greater Than 5 Years	255
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	3,626
OTC Derivative Liabilities
0-12 Months	0
1-5 Years	620
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	620
Total return swaps
OTC Derivative Assets
0-12 Months	101,046
1-5 Years	15,879
Greater Than 5 Years	194
Cross-Maturity Netting	(6,538)
Total OTC derivative assets, net of cross-maturity netting	110,581
OTC Derivative Liabilities
0-12 Months	373,151
1-5 Years	104,255
Greater Than 5 Years	3
Cross-Maturity Netting	(6,538)
Total	470,871
Foreign currency forwards, swaps and options
OTC Derivative Assets
0-12 Months	202,065
1-5 Years	6,938
Greater Than 5 Years	170
Cross-Maturity Netting	(5,038)
Total OTC derivative assets, net of cross-maturity netting	204,135
OTC Derivative Liabilities
0-12 Months	107,227
1-5 Years	6,156
Greater Than 5 Years	47
Cross-Maturity Netting	(5,038)
Total	108,392
Fixed income forwards
OTC Derivative Assets
0-12 Months	14,191
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	14,191
OTC Derivative Liabilities
0-12 Months	54
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	54
Interest rate swaps, options and forwards
OTC Derivative Assets
0-12 Months	116,753
1-5 Years	537,440
Greater Than 5 Years	26,970
Cross-Maturity Netting	(148,270)
Total OTC derivative assets, net of cross-maturity netting	532,893
OTC Derivative Liabilities
0-12 Months	108,505
1-5 Years	540,829
Greater Than 5 Years	495,333
Cross-Maturity Netting	(148,270)
Total	$ 996,397

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Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details) $ in Thousands	Aug. 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 515,887
BBB- to BBB+	167,092
BB+ or lower	97,483
Unrated	75,753
Total OTC derivative assets included in Financial instruments owned, at fair value	$ 856,215

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Derivative Financial Instruments - Credit Related Derivative Contracts (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 6,177.0	$ 3,910.8
Single name credit default swaps
Derivative [Line Items]
Notional amount	0.2	17.8
Investment Grade | Index credit default swaps
Derivative [Line Items]
Notional amount	4,266.9	2,612.0
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	0.0	0.0
Non-investment grade | Index credit default swaps
Derivative [Line Items]
Notional amount	1,910.1	1,298.8
Non-investment grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	0.0	17.6
Unrated | Index credit default swaps
Derivative [Line Items]
Notional amount	0.0	0.0
Unrated | Single name credit default swaps
Derivative [Line Items]
Notional amount	$ 0.2	$ 0.2

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Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 391.3	$ 821.5
Collateral posted	(95.4)	(160.5)
Collateral received	194.1	369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 490.0	$ 1,030.4

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Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,315,409	$ 1,525,721
Repurchase agreements	16,522,707	16,019,400
Obligation to return securities received as collateral, at fair value	149,586	7,289
Total	17,987,702	17,552,410
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	926,636	1,160,916
Repurchase agreements	451,454	150,602
Obligation to return securities received as collateral, at fair value	27,859	7,289
Total	1,405,949	1,318,807
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	333,515	321,356
Repurchase agreements	2,035,863	2,684,458
Obligation to return securities received as collateral, at fair value	0	0
Total	2,369,378	3,005,814
Mortgage-backed and asset-backed securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	1,337,306	1,209,442
Obligation to return securities received as collateral, at fair value	0	0
Total	1,337,306	1,209,442
U.S. government and federal agency securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	37,730	6,348
Repurchase agreements	9,426,864	8,426,536
Obligation to return securities received as collateral, at fair value	121,727	0
Total	9,586,321	8,432,884
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	233,824	413,073
Obligation to return securities received as collateral, at fair value	0	0
Total	233,824	413,073
Sovereign obligations
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	17,528	37,101
Repurchase agreements	2,119,137	2,422,901
Obligation to return securities received as collateral, at fair value	0	0
Total	2,136,665	2,460,002
Loans and other receivables
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	918,259	712,388
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 918,259	$ 712,388

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Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,315,409	$ 1,525,721
Repurchase agreements	16,522,707	16,019,400
Obligation to return securities received as collateral, at fair value	149,586	7,289
Total	17,987,702	17,552,410
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	744,734	595,628
Repurchase agreements	8,455,862	6,551,934
Obligation to return securities received as collateral, at fair value	149,586	7,289
Total	9,350,182	7,154,851
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	1,318
Repurchase agreements	2,824,948	1,798,716
Obligation to return securities received as collateral, at fair value	0	0
Total	2,824,948	1,800,034
31 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	303,764	539,623
Repurchase agreements	1,943,871	4,361,993
Obligation to return securities received as collateral, at fair value	0	0
Total	2,247,635	4,901,616
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	266,911	389,152
Repurchase agreements	3,298,026	3,306,757
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 3,564,937	$ 3,695,909

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Collateralized Transactions - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 29,070,000	$ 31,970,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 984,252	$ 1,015,107

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Collateralized Transactions - Offsetting of Securities Financing Agreements (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Securities borrowing arrangements, Assets
Gross Amounts	$ 6,607,954	$ 6,409,420
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	6,607,954	6,409,420
Additional Amounts Available for Setoff	(208,879)	(271,475)
Available Collateral	(1,720,118)	(1,528,206)
Net Amount	4,678,957	4,609,739
Reverse repurchase agreements, Assets
Gross Amounts	13,065,754	15,215,785
Netting in Consolidated Statements of Financial Condition	(8,958,365)	(7,573,301)
Net Amounts in Consolidated Statements of Financial Condition	4,107,389	7,642,484
Additional Amounts Available for Setoff	(585,113)	(540,312)
Available Collateral	(3,461,795)	(7,048,823)
Net Amount	60,481	53,349
Securities lending arrangements, Liabilities
Gross Amounts	1,315,409	1,525,721
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,315,409	1,525,721
Additional Amounts Available for Setoff	(208,879)	(271,475)
Available Collateral	(1,091,278)	(1,213,563)
Net Amount	15,252	40,683
Repurchase agreements, Liabilities
Gross Amounts	16,522,707	16,019,400
Netting in Consolidated Statements of Financial Condition	(8,958,365)	(7,573,301)
Net Amounts in Consolidated Statements of Financial Condition	7,564,342	8,446,099
Additional Amounts Available for Setoff	(585,113)	(540,312)
Available Collateral	(6,534,808)	(7,136,585)
Net Amount	444,421	769,202
Securities borrowing agreement, subject to review	4,610,000	4,510,000
Securities borrowing agreement, collateral received, subject to review	4,470,000	4,350,000
Repurchase agreement, net amount, subject to review	420,000	765,000
Repurchase agreements, collateral pledged, subject to review	432,800	781,800
Repurchase agreements, decrease in available collateral		200,000
Repurchase agreements, increase in net amount		200,000
Obligation to return securities received as collateral, at fair value
Securities lending arrangements, Liabilities
Gross Amounts	149,586	7,289
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	149,586	7,289
Additional Amounts Available for Setoff	0	0
Available Collateral	(149,586)	(7,289)
Net Amount	0	0
Securities received as collateral, at fair value
Securities borrowing arrangements, Assets
Gross Amounts	149,586	7,289
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	149,586	7,289
Additional Amounts Available for Setoff	0	0
Available Collateral	(149,586)	(7,289)
Net Amount	$ 0	$ 0

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Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Transfers and Servicing [Abstract]
Transferred assets	$ 1,813.2	$ 2,608.1	$ 5,355.8	$ 9,338.1
Proceeds on new securitizations	1,813.2	2,609.8	5,407.2	9,339.4
Cash flows received on retained interests	$ 10.0	$ 4.5	$ 22.9	$ 14.3

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Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
U.S. government agency residential mortgage-backed securities
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
U.S. government agency residential mortgage-backed securities	$ 238.9	$ 330.2
Retained Interests	3.5	4.9
U.S. government agency commercial mortgage-backed securities
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
U.S. government agency commercial mortgage-backed securities	2,537.7	2,201.8
Retained Interests	174.7	69.2
CLOs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
CLOs	5,610.2	3,382.3
Retained Interests	42.0	31.0
Consumer and other loans
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Consumer and other loans	2,337.7	2,271.4
Retained Interests	$ 122.3	$ 136.4

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Variable Interest Entities - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands		Aug. 31, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 55,229,811	$ 60,404,110
Liabilities	[1]	44,731,057	49,674,070
Noncontrolling interests		67,845	25,885
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Assets		951,000	1,050,000
Liabilities		2,190,000	4,640,000
Noncontrolling interests		34,600
Variable interest entities, primary beneficiary | Receivables
Variable Interest Entity [Line Items]
VIE assets, eliminated in consolidation		1,400	1,200
Variable interest entities, primary beneficiary | Other assets
Variable Interest Entity [Line Items]
VIE assets, eliminated in consolidation		71,200	56,500
Variable interest entities, primary beneficiary | Other secured financings
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		251,200	36,700
Variable interest entities, primary beneficiary | Other liabilities
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		69,500	75,300
Variable interest entities, primary beneficiary | Secured Funding Vehicles
Variable Interest Entity [Line Items]
Assets		2,459,600	4,615,400
Liabilities		2,406,600	4,568,200
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Cash
Variable Interest Entity [Line Items]
Assets		0	3,800
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		0	173,100
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		1,575,800	3,697,100
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Receivables
Variable Interest Entity [Line Items]
Assets		753,200	626,800
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other assets
Variable Interest Entity [Line Items]
Assets		130,600	114,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other secured financings
Variable Interest Entity [Line Items]
Liabilities		2,403,400	4,521,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Long-term debt
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		3,200	46,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Noncontrolling Interests
Variable Interest Entity [Line Items]
Noncontrolling interests		0	0
Variable interest entities, primary beneficiary | Other
Variable Interest Entity [Line Items]
Assets		139,800	187,000
Liabilities		104,700	184,400
Variable interest entities, primary beneficiary | Other | Cash
Variable Interest Entity [Line Items]
Assets		200	0
Variable interest entities, primary beneficiary | Other | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		35,100	146,400
Variable interest entities, primary beneficiary | Other | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		0	0
Variable interest entities, primary beneficiary | Other | Receivables
Variable Interest Entity [Line Items]
Assets		26,800	40,600
Variable interest entities, primary beneficiary | Other | Other assets
Variable Interest Entity [Line Items]
Assets		77,700	0
Variable interest entities, primary beneficiary | Other | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		3,700	109,100
Variable interest entities, primary beneficiary | Other | Other secured financings
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Other | Long-term debt
Variable Interest Entity [Line Items]
Liabilities		24,300	0
Variable interest entities, primary beneficiary | Other | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		76,700	75,300
Variable interest entities, primary beneficiary | Other | Noncontrolling Interests
Variable Interest Entity [Line Items]
Noncontrolling interests		$ 34,600	$ 0

[1] Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

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Variable Interest Entities - Schedule of Nonconsolidated VIEs (Details) - USD ($) $ in Thousands		Aug. 31, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 55,229,811	$ 60,404,110
Liabilities	[1]	44,731,057	49,674,070
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		2,368,400	2,002,700
Liabilities		100	2,000
Maximum Exposure to Loss		4,005,500	4,155,800
VIE Assets		38,090,400	28,932,400
CLOs | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		501,900	582,200
Liabilities		100	2,000
Maximum Exposure to Loss		1,827,500	2,557,100
VIE Assets		9,128,900	10,277,500
Asset-backed vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		468,400	281,900
Liabilities		0	0
Maximum Exposure to Loss		632,800	359,300
VIE Assets		4,488,000	3,474,600
Related party private equity vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		29,600	27,100
Liabilities		0	0
Maximum Exposure to Loss		40,300	37,800
VIE Assets		82,700	78,900
Other investment vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		1,368,500	1,111,500
Liabilities		0	0
Maximum Exposure to Loss		1,504,900	1,201,600
VIE Assets		$ 24,390,800	$ 15,101,400

[1] Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

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Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands		Aug. 31, 2022	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Assets	[1]	$ 55,229,811	$ 60,404,110
Investment in associated company		1,753,323	1,745,790	$ 1,744,965	$ 1,686,563
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment		1,370,000	1,110,000
Unfunded equity commitments related to investments		136,300	90,000
JCP entities | Related party private equity vehicles
Variable Interest Entity [Line Items]
Equity commitments		133,000	133,000
Funded equity commitments		122,300	122,300
Carrying amount of equity investment		29,600	27,100
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		2,368,400	2,002,700
Reported total assets		38,090,400	28,932,400
VIE, not primary beneficiary | Investment in FXCM
Variable Interest Entity [Line Items]
Reported total assets		401,200
Fair value of senior secured term loan receivable		30,100
Investment in associated company		49,900
VIE, not primary beneficiary | Related party private equity vehicles
Variable Interest Entity [Line Items]
Assets		29,600	27,100
Reported total assets		82,700	78,900
VIE, not primary beneficiary | Other investment vehicles
Variable Interest Entity [Line Items]
Assets		1,368,500	1,111,500
Reported total assets		24,390,800	15,101,400
VIE, not primary beneficiary | Agency mortgage-backed securities
Variable Interest Entity [Line Items]
Assets		1,600,000	1,310,000
VIE, not primary beneficiary | Non agency mortgage- and asset-backed securities
Variable Interest Entity [Line Items]
Assets		$ 175,600	$ 253,900

[1] Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

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Loans to and Investments in Associated Companies - Schedule of Loans to and Investments In Associated Companies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			$ 1,745,790	$ 1,686,563
Income (losses) related to associated companies	$ (4,827)	$ (27,176)	(56,512)	(61,270)
Other income (losses) related to associated companies	(51,728)	34,188	36,857	187,232
Contributions to (distributions from) associated companies, net			32,176	(66,801)
Other			(4,988)	(759)
Loans to and investments in associated companies as of end of period	1,753,323	1,744,965	1,753,323	1,744,965
Jefferies Finance
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			776,162	693,201
Income (losses) related to associated companies			0	0
Other income (losses) related to associated companies	(76,383)	(1,767)	(71,587)	59,068
Contributions to (distributions from) associated companies, net			30,702	(8,837)
Other			2	0
Loans to and investments in associated companies as of end of period	735,279	743,432	735,279	743,432
Berkadia
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			373,417	301,152
Income (losses) related to associated companies				0
Other income (losses) related to associated companies	29,782	25,967	107,266	86,639
Contributions to (distributions from) associated companies, net			(59,217)	(556)
Other			(1,530)	(140)
Loans to and investments in associated companies as of end of period	419,936	387,095	419,936	387,095
FXCM
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			48,986	73,920
Income (losses) related to associated companies	(1,162)	(12,926)	(8,131)	(23,046)
Other income (losses) related to associated companies			0	0
Contributions to (distributions from) associated companies, net			10,000	0
Other			(1,001)	109
Loans to and investments in associated companies as of end of period	49,854	50,983	49,854	50,983
OpNet
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			133,778	198,991
Income (losses) related to associated companies	2,664	(14,231)	(42,308)	(34,174)
Other income (losses) related to associated companies			0	0
Contributions to (distributions from) associated companies, net			48,135	(9,057)
Other			0	(726)
Loans to and investments in associated companies as of end of period	139,605	155,034	139,605	155,034
Asset Management Companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			183,076	139,707
Income (losses) related to associated companies			0	0
Other income (losses) related to associated companies	(5,005)	9,979	1,442	41,276
Contributions to (distributions from) associated companies, net			(3,665)	(26,566)
Other			0	0
Loans to and investments in associated companies as of end of period	180,853	154,417	180,853	154,417
Real estate companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			122,720	168,678
Income (losses) related to associated companies	(1,376)	169	(666)	(2,948)
Other income (losses) related to associated companies			0	0
Contributions to (distributions from) associated companies, net			10,330	(20,151)
Other			0	0
Loans to and investments in associated companies as of end of period	132,384	145,579	132,384	145,579
Other
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			107,651	110,914
Income (losses) related to associated companies	(4,953)	(188)	(5,407)	(1,102)
Other income (losses) related to associated companies	(122)	9	(264)	249
Contributions to (distributions from) associated companies, net			(4,109)	(1,634)
Other			(2,459)	(2)
Loans to and investments in associated companies as of end of period	95,412	$ 108,425	95,412	$ 108,425
Other | Loans and debt securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			15,300
Linkem and Other | Loans and debt securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of end of period	$ 27,900		$ 27,900

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Loans to and Investments in Associated Companies - Jefferies Finance (Details)	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2022 USD ($) businessLine	Aug. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Investments In Associated Companies [Line Items]
Other assets	$ 2,414,580,000		$ 2,414,580,000		$ 2,352,247,000
Payables, expense accruals and other liabilities	12,257,426,000		12,257,426,000		13,612,367,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Equity investment commitment	750,000,000		750,000,000
Remaining equity commitment	15,400,000		$ 15,400,000
Investment commitment extension			1 year
Investment commitment termination notice period			60 days
Total line of credit facility commitment under joint venture	500,000,000		$ 500,000,000
Termination notice			60 days
Line of credit facility, commitment of Jefferies, funded	0		$ 0
Line of credit facility commitment of Jefferies	250,000,000		$ 250,000,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Extension period			1 year
Other assets	10,000,000		$ 10,000,000		26,200,000
Payables, expense accruals and other liabilities	$ 30,100,000		$ 30,100,000		$ 8,500,000
Jefferies Finance | Jefferies Finance
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Number of business lines | businessLine			2
Jefferies Finance | Jefferies Group
Investments In Associated Companies [Line Items]
Interest income and unfunded commitment fees related to facility commitment	$ 300,000	$ 300,000	$ 1,300,000	$ 2,200,000

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Loans to and Investments in Associated Companies - Activity Related to Other Transactions with Jefferies Finance (Details) - Jefferies Finance - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Investments In Associated Companies [Line Items]
Origination and syndication fee revenues	$ 14.6	$ 87.8	$ 171.4	$ 303.5
Origination fee expenses	6.5	15.6	33.8	48.4
CLO placement fee revenues	1.2	0.6	3.1	4.3
Underwriting fees	0.0	2.0	0.0	2.5
Service fees	$ 17.3	$ 18.0	$ 83.1	$ 63.5

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Loans to and Investments in Associated Companies - Berkadia (Details) - USD ($)	12 Months Ended
	Dec. 31, 2009	Aug. 31, 2022
Berkadia
Investments In Associated Companies [Line Items]
Surety policy issued		$ 1,500,000,000
Reimbursement of losses incurred, maximum percentage		50.00%
Commercial paper		$ 1,470,000,000
Berkadia
Investments In Associated Companies [Line Items]
Capital contributed	$ 217,200,000
Equity method investment, ownership percentage		50.00%
Percentage of profits received from joint venture		45.00%
Reimbursement of losses incurred, maximum percentage		50.00%

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Loans to and Investments in Associated Companies - FXCM (Details) - Investment in FXCM	9 Months Ended
	Aug. 31, 2022
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50.00%
Weighted average useful life	11 years

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Loans to and Investments in Associated Companies - OpNet (Details) - OpNet $ in Millions	Aug. 31, 2022 USD ($)
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	42.00%
Redemption value of convertible preferred stock	$ 98.8
Ownership percentage upon conversion of preferred shares and exercise of warrants	61.00%
Percentage of total voting securities	48.00%
Shareholder loans to investee, principal outstanding	$ 44.5

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Loans to and Investments in Associated Companies - Asset Management Companies (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Aug. 31, 2022	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Investment in associated company		$ 1,753,323	$ 1,745,790	$ 1,744,965	$ 1,686,563
Subsequent event | Oak Hill
Schedule of Equity Method Investments [Line Items]
Investment in associated company	$ 167,700
Pre-tax gain	$ 175,100
Jefferies Group | Monashee
Schedule of Equity Method Investments [Line Items]
Percentage of total voting securities		50.00%
Percentage of profits received from joint venture		47.50%
Jefferies Group | Oak Hill
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		15.00%

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Loans to and Investments in Associated Companies - Real Estate Companies (Details)	9 Months Ended
	Aug. 31, 2022 project
54 Madison
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	48.10%
Number of real estate projects	1
HomeFed | Brooklyn Renaissance Plaza and Hotel | Hotel
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	25.40%
HomeFed | Brooklyn Renaissance Plaza Office | Office Building
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	61.25%
Weighted average useful life	39 years

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Intangible Assets, Net and Goodwill - Schedule of Intangible Assets, Net And Goodwill (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	$ 141,414	$ 152,402
Goodwill	1,733,021	1,745,098
Total intangible assets, net and goodwill	1,874,435	1,897,500
Real estate
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	36,711	36,711
Other operations
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	3,459	3,459
Investment Banking and Capital Markets
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	1,549,851	1,561,928
Asset Management
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	143,000	143,000
Customer and other relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	37,966	42,808
Intangible assets, accumulated amortization	87,692	128,012
Trademarks and tradenames
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	92,198	96,509
Intangible assets, accumulated amortization	34,426	32,244
Other
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	3,885	5,353
Intangible assets, accumulated amortization	11,073	11,329
Exchange and clearing organization membership interests and registrations
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 7,365	$ 7,732

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Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 2.5	$ 3.6	$ 8.5	$ 10.7

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Intangible Assets, Net and Goodwill - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands	Aug. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of current year	$ 2,514
2023	9,904
2024	9,147
2025	8,636
2026	$ 8,608

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Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Total short-term borrowings	$ 564,239	$ 221,863
Floating rate puttable notes
Short-term Debt [Line Items]
Total short-term borrowings	6,800	6,800
Bank loans
Short-term Debt [Line Items]
Total short-term borrowings	$ 557,439	$ 215,063

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Short-Term Borrowings - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Interest rate on short-term borrowings	3.55%	1.41%
Short-term borrowings	$ 564,239	$ 221,863
Line of credit
Short-term Debt [Line Items]
Short-term borrowings	$ 550,000	$ 200,000

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Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 8,635,466		$ 8,635,466		$ 9,125,745
Gains (losses) recognized in interest expense of Jefferies Group	$ 608	$ 4,269	$ 11,779	$ 10,833
5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Interest rate	5.50%		5.50%		5.50%
Principal outstanding	$ 441,748		$ 441,748		$ 441,748
6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Interest rate	6.625%		6.625%		6.625%
Principal outstanding	$ 250,000		$ 250,000		$ 250,000
1.00% Euro Medium Term Notes, due July 19, 2024
Debt Instrument [Line Items]
Interest rate	1.00%		1.00%		1.00%
Principal outstanding	$ 502,225		$ 502,225		$ 566,150
4.50% Callable Note, due July 22, 2025
Debt Instrument [Line Items]
Interest rate	4.50%		4.50%		4.50%
Principal outstanding	$ 6,206		$ 6,206		$ 6,206
4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Interest rate	4.85%		4.85%		4.85%
Principal outstanding	$ 750,000		$ 750,000		$ 750,000
6.45% Senior Debentures, due June 8, 2027
Debt Instrument [Line Items]
Interest rate	6.45%		6.45%		6.45%
Principal outstanding	$ 350,000		$ 350,000		$ 350,000
5.00% Callable Note, due June 16, 2027
Debt Instrument [Line Items]
Interest rate	5.00%		5.00%		5.00%
Principal outstanding	$ 25,000		$ 25,000		$ 25,000
5.00% Callable Note, due February 17, 2028
Debt Instrument [Line Items]
Interest rate	5.00%		5.00%		5.00%
Principal outstanding	$ 10,018		$ 10,018		$ 10,018
4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Interest rate	4.15%		4.15%		4.15%
Principal outstanding	$ 1,000,000		$ 1,000,000		$ 1,000,000
2.625% Senior Notes, due October 15, 2031
Debt Instrument [Line Items]
Interest rate	2.625%		2.625%		2.625%
Principal outstanding	$ 1,000,000		$ 1,000,000		$ 1,000,000
2.75% Senior Notes, due October 15, 2032
Debt Instrument [Line Items]
Interest rate	2.75%		2.75%		2.75%
Principal outstanding	$ 500,000		$ 500,000		$ 500,000
6.25% Senior Debentures, due January 15, 2036
Debt Instrument [Line Items]
Interest rate	6.25%		6.25%		6.25%
Principal outstanding	$ 488,000		$ 488,000		$ 495,000
6.50% Senior Notes, due January 20, 2043
Debt Instrument [Line Items]
Interest rate	6.50%		6.50%		6.50%
Principal outstanding	$ 391,000		$ 391,000		$ 391,000
Parent company
Debt Instrument [Line Items]
Long-term debt	687,685		687,685		687,008
Parent company | 5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Long-term debt	440,748		440,748		440,120
Parent company | 6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Long-term debt	246,937		246,937		246,888
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	7,947,781		7,947,781		8,438,737
Subsidiaries | 1.00% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	501,444		501,444		564,985
Subsidiaries | 4.50% Callable Note, due July 22, 2025 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	6,147		6,147		0
Subsidiaries | 4.85% Senior Notes, due January 15, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	714,423		714,423		775,550
Subsidiaries | 6.45% Senior Debentures, due June 8, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	364,589		364,589		366,556
Subsidiaries | 5.00% Callable Note, due June 16, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	24,772		24,772		0
Subsidiaries | 5.00% Callable Note, due February 17, 2028 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	9,882		9,882		0
Subsidiaries | 4.15% Senior Notes, due January 23, 2030 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	991,266		991,266		990,525
Subsidiaries | 2.625% Senior Notes, due October 15, 2031 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	922,252		922,252		988,059
Subsidiaries | 2.75% Senior Notes, due October 15, 2032 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	401,353		401,353		460,724
Subsidiaries | 6.25% Senior Debentures, due January 15, 2036 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	497,800		497,800		505,267
Subsidiaries | 6.50% Senior Notes, due January 20, 2043 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	409,588		409,588		409,926
Subsidiaries | Floating Rate Senior Notes, due October 29, 2071 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	61,712		61,712		61,703
Subsidiaries | Jefferies Group Unsecured Revolving Credit Facility | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	249,421		249,421		348,951
Subsidiaries | Structured Notes | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	1,517,410		1,517,410		1,843,598
Subsidiaries | Jefferies Group Secured Credit Facilities | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	800,275		800,275		706,608
Subsidiaries | Jefferies Group Secured Bank Loan | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	100,000		100,000		100,000
Subsidiaries | HomeFed EB-5 Program debt
Debt Instrument [Line Items]
Long-term debt	208,516		208,516		203,132
Subsidiaries | HomeFed construction loans
Debt Instrument [Line Items]
Long-term debt	102,851		102,851		45,581
Subsidiaries | Vitesse Energy Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 64,080		64,080		67,572
Subsidiaries | 4.85% Senior Notes, due January 15, 2027 and 2.75% Senior Notes, due October 15, 2032 | Interest rate swaps
Debt Instrument [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group			$ 188,000	$ 38,600
Subsidiaries | Foursight Capital | Jefferies Group Secured Credit Facilities
Debt Instrument [Line Items]
Long-term debt					$ 82,600

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Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 8,635,466	$ 9,125,745
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	7,947,781	8,438,737
HomeFed construction loans | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	102,851	45,581
Vitesse Energy revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000
Long-term debt	66,000	68,000
Vitesse Energy revolving credit facility | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 64,080	67,572
Vitesse Energy revolving credit facility | Minimum
Debt Instrument [Line Items]
Percentage of proved reserve value of oil and gas properties	85.00%
Jefferies Group | Structured notes
Debt Instrument [Line Items]
Debt issued during period, principal amount, net of retirements	$ 162,500
Jefferies Group | Structured notes | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	1,517,410	1,843,598
Jefferies Group | Loans | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	100,000	100,000
Jefferies Group | Secured and unsecured long-term debt | Line of credit
Debt Instrument [Line Items]
Long-term debt	1,050,000	972,900
Jefferies Group | Secured long-term debt | Secured bank loan | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 100,000	100,000
Jefferies Group | Secured long-term debt | Secured bank loan | LIBOR | Subsidiaries
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
HomeFed | HomeFed construction loans
Debt Instrument [Line Items]
Construction loan, maximum borrowing amount	$ 148,600
Weighted average interest rate	4.92%
Long-term debt	$ 103,600	$ 46,800
HomeFed | HomeFed construction loans | London Interbank Offered Rate (LIBOR) or Secured Overnight Financing (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.15%
HomeFed | HomeFed construction loans | London Interbank Offered Rate (LIBOR) or Secured Overnight Financing (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.15%
Vitesse Energy Finance | Vitesse Energy revolving credit facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.75%
Vitesse Energy Finance | Vitesse Energy revolving credit facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.75%

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Mezzanine Equity (Details) - USD ($)	3 Months Ended	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2022	Nov. 30, 2021
Purchase Requirement [Line Items]
Redeemable noncontrolling interests	$ 13,400,000	$ 13,400,000	$ 25,400,000
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000,000	$ 125,000,000	$ 125,000,000
Dividends per common share (in dollars per share)	$ 0.30
Cumulative convertible preferred shares
Purchase Requirement [Line Items]
Callable preferred shares (in shares)	125,000	125,000
Mandatorily redeemable preferred shares callable price per share (in dollars per share)	$ 1,000	$ 1,000
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000,000	$ 125,000,000
Dividend rate on preferred stock		3.25%
Minimum dividend considered for additional quarterly payments (in dollars per share)	$ 0.0625	$ 0.0625
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)	4,440,863	4,440,863
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share)	$ 28.15	$ 28.15
Preferred stock, effective dividend rate, percentage		6.60%

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Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense		$ 10.0	$ 7.0	$ 33.0	$ 71.2
Total unrecognized compensation costs related to nonvested share-based compensation plans	$ 100.9	$ 100.9		$ 100.9
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition	3 years 4 months 24 days
Other shares issuable (in shares)	1,155,000	1,155,000		1,155,000
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	27,415,000	27,415,000		27,415,000
Restricted cash awards, cost expected to be recognized	$ 270.8	$ 270.8		$ 270.8
Restricted cash awards, cost expected to be recognized, period	3 years
Cumulative convertible preferred shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)	4,440,863	4,440,863		4,440,863
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share)	$ 28.15	$ 28.15		$ 28.15
RSUs | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense		$ 6.5		$ 18.3
Stock options and SARs | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense					48.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,027,000	5,027,000		5,027,000
Stock options | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense					12.9
SAR | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense					$ 35.7
Restricted stock with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	961,000	961,000		961,000
Restricted stock units with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	4,245,000	4,245,000		4,245,000
Restricted stock units with no future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	12,547,000	12,547,000		12,547,000

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Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Details) - USD ($) $ in Thousands	Aug. 31, 2022	May 31, 2022	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 10,360,376	$ 10,368,139	$ 10,579,640	$ 10,400,713	$ 10,095,364	$ 9,438,525
Net investment hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation income	131,200		11,900
Net unrealized gains (losses) on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(767)		269
Net foreign currency translation adjustments (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(215,542)		(166,499)
Net changes in instrument-specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(83,647)		(153,672)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(50,414)		(52,241)
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ (350,370)		$ (372,143)

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Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 1,836,927	$ 2,140,594	$ 5,397,874	$ 7,010,511
Selling, general and other expenses	(398,222)	(277,262)	(1,011,760)	(890,759)
Net changes in instrument-specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			(52)	599
Amortization of defined benefit pension plan actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			(624)	(795)
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 200,889	$ 232,110	654,633	1,513,034
Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax			(1,988)	(468)
Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss) | Amortization of defined benefit pension plan actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and other expenses			(1,827)	(2,329)
Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss) | Principal transactions | Net changes in instrument-specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues			$ (161)	$ 1,861

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Revenues from Contracts with Customers - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,177,205	$ 1,634,069	$ 3,717,204	$ 4,559,065
Other sources of revenue	659,722	506,525	1,680,670	2,451,446
Total revenues	1,836,927	2,140,594	5,397,874	7,010,511
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	221,397	214,363	705,419	673,756
Total revenues	221,397	214,363	705,419	673,756
Investment banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	709,334	1,180,620	2,255,241	3,184,932
Total revenues	709,334	1,180,620	2,255,241	3,184,932
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	246,474	239,086	756,544	700,377
Principal transactions
Disaggregation of Revenue [Line Items]
Other sources of revenue	200,889	232,110	654,633	1,513,034
Total revenues	200,889	232,110	654,633	1,513,034
Interest income
Disaggregation of Revenue [Line Items]
Other sources of revenue	318,216	220,278	776,896	691,223
Total revenues	318,216	220,278	776,896	691,223
Other
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 140,617	$ 54,137	$ 249,141	$ 247,189

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Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,177,205	$ 1,634,069	$ 3,717,204	$ 4,559,065
Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	921,207	1,353,102	3,049,561	3,801,754
Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	192,549	215,591	466,320	577,758
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63,449	65,376	201,323	179,553
Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	936,148	1,395,013	2,966,725	3,858,906
Reportable Segments | Investment Banking and Capital Markets | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	681,329	1,114,829	2,302,203	3,104,251
Reportable Segments | Investment Banking and Capital Markets | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	191,806	215,146	464,370	575,774
Reportable Segments | Investment Banking and Capital Markets | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63,013	65,038	200,152	178,881
Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,758	2,853	19,627	12,594
Reportable Segments | Asset Management | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,758	2,853	19,627	11,961
Reportable Segments | Asset Management | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	633
Reportable Segments | Asset Management | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	242,716	236,233	736,917	687,783
Reportable Segments | Merchant Banking | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	241,537	235,450	733,796	685,760
Reportable Segments | Merchant Banking | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	743	445	1,950	1,351
Reportable Segments | Merchant Banking | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	436	338	1,171	672
Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(5,417)	(30)	(6,065)	(218)
Reconciling Items -Consolidation Adjustments | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(5,417)	(30)	(6,065)	(218)
Reconciling Items -Consolidation Adjustments | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reconciling Items -Consolidation Adjustments | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	481,419	583,887	1,396,948	1,285,834
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	486,762	583,887	1,402,291	1,285,834
Investment Banking - Advisory | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(5,343)	0	(5,343)	0
Investment Banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	227,915	596,733	858,293	1,899,098
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	227,915	596,733	858,649	1,899,098
Investment Banking - Underwriting | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	(356)	0
Equities
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	217,933	210,079	695,142	663,285
Equities | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	218,007	210,109	695,508	663,503
Equities | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(74)	(30)	(366)	(218)
Fixed Income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,464	4,284	10,277	10,471
Fixed Income | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,464	4,284	10,277	10,471
Fixed Income | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,758	2,853	19,627	12,594
Asset Management | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,758	2,853	19,627	12,594
Asset Management | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	105,469	118,918	412,605	440,857
Manufacturing revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	105,469	118,918	412,605	440,857
Manufacturing revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	84,493	49,814	225,652	126,855
Oil and gas revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	84,493	49,814	225,652	126,855
Oil and gas revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52,754	67,501	98,660	120,071
Other revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52,754	67,501	98,660	120,071
Other revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0

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Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation satisfied	$ 35.2	$ 76.2	$ 77.9	$ 49.4
Revenue associated with distribution services, a portion of which related to prior period	9.2	7.9	19.3	16.4
Receivables related to revenues from contracts with customers	252.7		252.7		$ 298.7
Contract assets related to revenue from contracts with customers	34.8		34.8		25.2
Deferred revenue	38.6		38.6		49.7
Deferred revenue, revenue recognized	9.1	8.0	21.7	10.0
Capitalized contract cost	2.4		2.4		$ 1.6
Expenses related to capitalized costs to fulfill a contract	$ 1.0	$ 0.9	$ 1.6	$ 1.6

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Income Taxes [Line Items]
Unrecognized tax benefits	$ 468,900		$ 468,900		$ 436,900
Interest included in unrecognized tax benefits	112,800		112,800		97,900
Net deferred tax asset	398,400		398,400		327,500
Income tax provision	105,909	$ 145,700	$ 219,949	$ 484,756
Effective income tax rate			25.60%	26.50%
Jefferies Group
Income Taxes [Line Items]
Unrecognized tax benefits	$ 301,300		$ 301,300		$ 273,200

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Common Share and Earnings Per Common Share - Earnings Per Share Computation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 195,459	$ 407,459	$ 636,920	$ 1,342,490
Allocation of earnings to participating securities	(571)	(2,490)	(2,662)	(7,974)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	194,888	404,969	634,258	1,334,516
Adjustment to allocation of earnings to participating securities related to diluted shares	5	52	28	161
Mandatorily redeemable convertible preferred share dividends	2,070	1,849	6,211	5,101
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$ 196,963	$ 406,870	$ 640,497	$ 1,339,778
Denominator for earnings per share:
Weighted average common shares outstanding (in shares)	230,988,000	246,624,000	236,546,000	247,638,000
Denominator for basic earnings per share – weighted average shares (in shares)	243,853,000	263,087,000	250,168,000	264,248,000
Mandatorily redeemable convertible preferred shares (in shares)	4,441,000	4,441,000	4,441,000	4,441,000
Denominator for diluted earnings per share (in shares)	251,239,000	271,405,000	258,083,000	271,746,000
Weighted average shares of participating securities (in shares)	714,600	1,621,000	1,083,400	1,581,200
Restricted stock with future service required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required (in shares)	(710,000)	(1,602,000)	(1,075,000)	(1,561,000)
Restricted stock units with no future service required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)	13,575,000	18,065,000	14,697,000	18,171,000
Stock options and other share based awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	1,171,000	1,485,000	1,485,000	905,000
Restricted stock units | Senior executive compensation plan RSUs awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	1,774,000	2,392,000	1,989,000	2,152,000

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Common Share and Earnings Per Common Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jan. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Increase in share repurchase authorization			$ 250.0	$ 250.0	$ 87.5
Stock repurchased during period (in shares)	21,721,900
Stock repurchased during period	$ 738.6
Average repurchase price per share (in dollars per share)	$ 34.00
Remaining authorized repurchase amount	$ 133.7
Current Board of Director Authorization
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock repurchased during period (in shares)	18,294,689
Stock repurchased during period	$ 616.3
Net-Share Settlements, Equity Compensation Plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock repurchased during period (in shares)	3,427,211
Stock repurchased during period	$ 122.2
Subsequent event
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Increase in share repurchase authorization		$ 145.9
Share repurchase program, authorized amount		$ 250.0

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Commitments, Contingencies and Guarantees - Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Aug. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
2022	$ 10,719.0
2023	495.2
2024 and 2025	280.4
2026 and 2027	84.0
2028 and Later	131.1
Maximum Payout	$ 11,709.7
Guarantor obligation settled period	3 days
Equity commitments
Guarantor Obligations [Line Items]
2022	$ 359.5
2023	51.2
2024 and 2025	2.4
2026 and 2027	4.9
2028 and Later	131.1
Maximum Payout	549.1
Loan commitments
Guarantor Obligations [Line Items]
2022	4.0
2023	267.5
2024 and 2025	0.0
2026 and 2027	78.9
2028 and Later	0.0
Maximum Payout	350.4
Underwriting commitments
Guarantor Obligations [Line Items]
2022	68.0
2023	0.0
2024 and 2025	0.0
2026 and 2027	0.0
2028 and Later	0.0
Maximum Payout	68.0
Forward starting reverse repos
Guarantor Obligations [Line Items]
2022	7,182.8
2023	0.0
2024 and 2025	0.0
2026 and 2027	0.0
2028 and Later	0.0
Maximum Payout	7,182.8
Forward starting repos
Guarantor Obligations [Line Items]
2022	3,104.7
2023	0.0
2024 and 2025	0.0
2026 and 2027	0.0
2028 and Later	0.0
Maximum Payout	3,104.7
Other unfunded commitments
Guarantor Obligations [Line Items]
2022	0.0
2023	176.5
2024 and 2025	278.0
2026 and 2027	0.2
2028 and Later	0.0
Maximum Payout	454.7
Forward starting securities sold under agreements to resell settled
Guarantor Obligations [Line Items]
Maximum Payout	$ 44.1

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Commitments, Contingencies and Guarantees - Narrative (Details)	Aug. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Contingency accrual	$ 80,000,000
Fair value of derivative contracts meeting the definition of a guarantee	768,800,000
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit	$ 13,700,000
Expiration period maximum	1 year
Jefferies Finance
Loss Contingencies [Line Items]
Line of credit commitment to associated companies, funded portion	$ 0
Line of credit facility commitment of Jefferies	$ 250,000,000
Berkadia
Loss Contingencies [Line Items]
Reimbursement of losses incurred, maximum percentage	50.00%
Surety policy issued	$ 1,500,000,000
Aggregate amount of commercial paper outstanding	1,470,000,000
HomeFed
Loss Contingencies [Line Items]
Aggregate amount of infrastructure improvement bonds outstanding	69,800,000
Jefferies Capital Partners LLC and its private equity funds
Loss Contingencies [Line Items]
Equity commitments	10,700,000
Other Investments
Loss Contingencies [Line Items]
Equity commitments	37,500,000
Oak Hill Entities
Loss Contingencies [Line Items]
Equity commitments	69,700,000
Clients
Loss Contingencies [Line Items]
Outstanding loan commitments	100,400,000
Strategic Affiliates
Loss Contingencies [Line Items]
Equity commitments	$ 415,800,000

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Commitments, Contingencies and Guarantees - Guarantees (Details) - Derivative notional amount $ in Millions	Aug. 31, 2022 USD ($)
Derivative contracts – non-credit related
Guarantor Obligations [Line Items]
2022	$ 6,346.3
2023	9,661.9
2024 and 2025	13,329.4
2026 and 2027	1,696.8
2028 and Later	107.0
Notional/ Maximum Payout	31,141.4
Written derivative contracts – credit related
Guarantor Obligations [Line Items]
2022	0.0
2023	0.0
2024 and 2025	0.2
2026 and 2027	0.0
2028 and Later	0.0
Notional/ Maximum Payout	0.2
Total derivative contracts
Guarantor Obligations [Line Items]
2022	6,346.3
2023	9,661.9
2024 and 2025	13,329.6
2026 and 2027	1,696.8
2028 and Later	107.0
Notional/ Maximum Payout	$ 31,141.6

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Net Capital Requirements (Details) $ in Millions	Aug. 31, 2022 USD ($)
Jefferies LLC
Net Capital Requirements [Line Items]
Net capital	$ 1,170.0
Excess net capital	1,070.0
JFSI
Net Capital Requirements [Line Items]
Net capital	321.2
Excess net capital	$ 301.2

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Other Fair Value Information (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Nov. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 564,239	$ 221,863
Long-term debt	8,635,466	9,125,745
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	887,754	835,009
Short-term borrowings	564,239	221,863
Long-term debt	7,118,056	7,282,147
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	929,449	866,163
Short-term borrowings	564,239	221,863
Long-term debt	$ 6,887,258	$ 8,004,211

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Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Related Party Transaction [Line Items]
Revenues	$ 1,836,927	$ 2,140,594	$ 5,397,874	$ 7,010,511
Investment banking
Related Party Transaction [Line Items]
Revenues	709,334	1,180,620	2,255,241	3,184,932
Co-sponsored Companies | Investment banking
Related Party Transaction [Line Items]
Revenues		21,400		45,500
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	29,600		29,600		$ 27,100
JCP Fund V
Related Party Transaction [Line Items]
Net gains (losses) from private equity related funds	1,700	$ 4,200	4,900	$ 8,700
Affiliated entity | Berkadia | Jefferies Group
Related Party Transaction [Line Items]
Purchase commitment	293,400		293,400		425,600
Affiliated entity | Monashee | Jefferies Group
Related Party Transaction [Line Items]
Investment in related party	16,300		16,300		13,600
Affiliated entity | Oak Hill | Jefferies Group
Related Party Transaction [Line Items]
Investment in related party	3,900		3,900		6,000
Affiliated entity | FXCM | Jefferies Group | Payables, expense accruals and other liabilities
Related Party Transaction [Line Items]
OTC foreign exchange contracts	600		600		700
Officers and employees
Related Party Transaction [Line Items]
Loans outstanding to related party	$ 18,600		$ 18,600		$ 23,100

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Segment Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Dec. 01, 2021
Segment Reporting Information [Line Items]
Interest expense	$ 10,220	$ 19,518	$ 28,619	$ 59,828
Reportable Segments | Merchant Banking and Asset Management Segments
Segment Reporting Information [Line Items]
Net assets					$ 477,000
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Net assets					194,000
Interest expense	1,200	800	2,800	2,500
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Net assets					139,000
Interest expense		5,000		15,800
Reportable Segments | Investment Banking and Capital Markets | Foursight
Segment Reporting Information [Line Items]
Net assets					48,000
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Net assets					$ 55,000
Reconciling items - Parent Company interest
Segment Reporting Information [Line Items]
Interest expense	$ 9,000	$ 13,800	$ 25,800	$ 41,500

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Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Segment Reporting Information [Line Items]
Total consolidated revenues		$ 1,524,890	$ 1,938,984	$ 4,625,887	$ 6,376,433
Total consolidated income before income taxes		301,850	553,616	860,723	1,828,540
Total consolidated depreciation and amortization expenses		43,187	38,677	129,431	116,884
Total consolidated assets	[1]	55,229,811		55,229,811		$ 60,404,110
Reconciling items - Parent Company interest
Segment Reporting Information [Line Items]
Total consolidated income before income taxes		(8,997)	(13,774)	(25,773)	(41,505)
Reportable Segments
Segment Reporting Information [Line Items]
Total consolidated revenues		1,524,968	1,935,915	4,626,621	6,367,283
Total consolidated income before income taxes		310,847	564,283	886,852	1,860,683
Total consolidated assets		55,378,139		55,378,139		60,805,150
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Total consolidated revenues		1,134,732	1,672,943	3,714,928	5,259,301
Total consolidated income before income taxes		166,777	597,373	775,725	1,588,619
Total consolidated depreciation and amortization expenses		23,366	21,065	69,687	62,580
Total consolidated assets		48,213,613		48,213,613		52,903,374
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Total consolidated revenues		(13,803)	13,327	77,300	293,204
Total consolidated income before income taxes		(43,633)	(17,895)	(26,651)	173,185
Total consolidated depreciation and amortization expenses		401	494	1,230	1,462
Total consolidated assets		3,028,847		3,028,847		3,205,799
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Total consolidated revenues		397,847	248,690	825,637	812,509
Total consolidated income before income taxes		201,129	(4,745)	173,094	141,905
Total consolidated depreciation and amortization expenses		18,997	16,554	57,248	50,536
Total consolidated assets		2,194,617		2,194,617		2,263,050
Reportable Segments | Corporate
Segment Reporting Information [Line Items]
Total consolidated revenues		6,192	955	8,756	2,269
Total consolidated income before income taxes		(13,426)	(10,450)	(35,316)	(43,026)
Total consolidated depreciation and amortization expenses		423	564	1,266	2,306
Total consolidated assets		1,941,062		1,941,062		2,432,927
Reconciling items - Consolidation adjustments
Segment Reporting Information [Line Items]
Total consolidated revenues		(78)	3,069	(734)	9,150
Total consolidated income before income taxes		0	$ 3,107	(356)	$ 9,362
Total consolidated assets		$ (148,328)		$ (148,328)		$ (401,040)

[1] Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.