Investments (Tables)

12 Months Ended

Nov. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Selected Financial Information related to Equity Method Investment

Equity method investments, including any

loans to the investees, are reported within Investments in and

loans to related parties.

	November 30,
$ in millions	2024	2023
Total Investments in and loans to related parties ...	$1,385.7	$1,239.3

	Year Ended November 30,
$ in millions	2024	2023	2022
Total equity method pickup earnings (losses) recognized in Other revenues .............................	$86.5	$(192.2)	$(36.3)

Activity related to the facility:

	Year Ended November 30,
$ in millions	2024	2023	2022
Interest income ................................	$—	$—	$0.4
Unfunded commitment fees ..........	1.2	1.2	1.2

Selected financial information for Jefferies Finance:

	November 30,
$ in millions	2024	2023
Total assets ..................................................................	$5,762.6	$5,598.2
Total liabilities ..............................................................	4,415.6	4,352.0

	November 30,
$ in millions	2024	2023
Our total equity balance ..............................................	$666.3	$630.1

	Year Ended November 30,
$ in millions	2024	2023	2022
Net earnings (losses) .......................	$73.0	$(12.5)	$(129.4)

Activity related to our other transactions with Jefferies Finance:

	Year Ended November 30,
$ in millions	2024	2023	2022
Origination and syndication fee revenues (1) .....................................	$252.3	$133.7	$194.7
Origination fee expenses (1) ..........	60.7	28.6	39.7
CLO placement and structuring  fee revenues (2) ...............................	1.1	2.1	4.6
Investment fund placement fee revenues (3) ......................................	3.6	3.7	—
Underwriting fees (4) ......................	2.7	—	—
Service fees (5) ................................	100.7	100.1	94.7

(1)We engage in the origination and syndication of loans underwritten by

Jefferies Finance. In connection with such services, we earned fees, which are

recognized in Investment banking revenues. In addition, we paid fees to

Jefferies Finance in respect of certain loans originated by Jefferies Finance,

which are recognized as Business development expenses.

(2)We act as a placement and/or structuring agent for CLOs managed by

Jefferies Finance, for which we recognized fees and are included in

Investment banking revenues.

(3)We act as a placement agent for investment funds managed by Jefferies

Finance, for which we recognized fees, and are included in Commissions and

other fees.

(4)We acted as underwriter in connection with term loans issued by Jefferies

Finance. The fees are included in Investment banking revenues. In addition, at

November 30, 2024, we held $16.0 million of a syndicated Jefferies Finance

term loan pending settlement of committed sales.

(5)Under a service agreement, we charge Jefferies Finance for various

administrative services provided.

Selected financial information for Berkadia:

	November 30,
$ in millions	2024	2023
Total assets ..................................................................	$4,963.2	$5,318.2
Total liabilities ..............................................................	3,515.6	3,816.1
Total noncontrolling interest ......................................	502.1	612.8

	November 30,
$ in millions	2024	2023
Our total equity balance ..............................................	$427.7	$400.9

	Year Ended November 30,
$ in millions	2024	2023	2022
Gross revenues .................................	$1,210.0	$1,120.2	$1,361.2
Net earnings ......................................	186.0	120.4	276.5
Our share of net earnings ................	85.3	52.5	124.4

	Year Ended November 30,
$ in millions	2024	2023	2022
Distributions we received ................	$58.5	$58.1	$69.8

Activity related to our other transactions with Berkadia:

	Year Ended November 30,
$ in millions	2024	2023	2022
Transaction referral fee revenue (1) ..	$0.4	$—	$—
Loan origination fees paid (2) .............	0.8	—	—

(1)We refer Berkadia to our clients to act as a transaction servicer and receive

fees, which are included in Commissions and other fees.

(2)We pay fees to Berkadia for loan originations and realty sales. Loan origination

fees are capitalized as debt issuance costs and amortized over the life of the

loan. Realty sales commissions are included in Cost of salesSelected financial information for our significant real estate

investments:

	November 30,
$ in millions	2024	2023
Total assets ..................................................................	$326.0	$329.5
Total liabilities ..............................................................	484.7	500.0

	November 30,
$ in millions	2024	2023
Our total equity balance ..............................................	$97.8	$90.0

	Year Ended November 30,
$ in millions	2024	2023	2022
Net earnings ......................................	$5.1	$2.2	$17.7

	Year Ended November 30,
$ in millions	2024	2023	2022
Distributions we received from Brooklyn Renaissance Hotel ...........	$0.4	$—	$—
Distributions we received from 54 Madison .............................................	—	19.4	18.4

The following summarizes the results from these

investments which are included in Principal transactions

revenues:

	Year Ended November 30,
$ in millions	2024	2023	2022
Net gains (losses) from our investments in JCP Fund V .............	$0.7	$(9.0)	$0.1

Selected financial information for 100.0% of JCP Fund V, in which

we owned effectively 35.1% of the combined equity interests:

	September 30,
$ in millions	2024 (1)	2023 (1)
Total assets ..................................................................	$8.2	$6.4
Total liabilities ..............................................................	0.1	0.1
Total partners’ capital ..................................................	8.1	6.3

	Twelve Months Ended September 30,
$ in millions	2024 (1)	2023 (1)	2022 (1)
Net increase (decrease) in net assets resulting from operations ..	$1.8	$61.4	$(4.5)

(1)Financial information for JCP Fund V included in our financial position at

November 30, 2024 and 2023 and included in our results of operations for the

years ended November 30, 2024, 2023 and 2022 is based on the periods

presented.

Selected financial information for 100.0% of Hildene Insurance

Holdings, LLC, in which we own effectively 9.26% of the

combined equity interests:

$ in millions	September 30, 2024 (1)
Total assets.......................................................................................	$304.2
Total liabilities ...................................................................................	0.2
Total members’ equity .....................................................................	304.0

$ in millions	Three Months Ended September 30, 2024 (1)
Net increase (decrease) in members’ equity resulting from operations .........................................................................................	$34.1

(1)Financial information for Hildene Insurance Holdings, LLC included in our

financial position at November 30, 2024 and included in our results of

operations for the year ended November 30, 2024, is based on the period

presented.

Activity related to these separately managed accounts:

	Year Ended November 30,
$ in millions	2023	2022
Investment losses (1) ..................................................	$(0.1)	$(3.2)
Management fees (2) ..................................................	0.8	0.7

(1)Included in Principal transactions revenues.

(2)Included in Floor brokerage and clearing fees.

Selected financial information for Stratos:

	Year Ended November 30,
$ in millions	2023 (1)	2022
Net earnings (losses) ...................................................	$(36.4)	$39.0

(1) Represents the period prior to the step-acquisition.

Selected financial information for OpNet:

	Year Ended November 30,
$ in millions	2023	2022
Net losses ......................................................................	$(278.3)	$(88.6)

Selected financial information for Golden Queen:

	Year Ended November 30,
$ in millions	2023	2022
Net losses ......................................................................	$(0.3)	$(15.2)