Investments (Tables)

3 Months Ended

Feb. 28, 2025

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.

$ in millions	February 28, 2025	November 30, 2024
Total Investments in and loans to related parties ........................................................	$1,383.3	$1,385.7

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Total equity method pickup earnings recognized in Other revenues ....................................................	$7.1	$8.7

Activity related to the facility:

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Unfunded commitment fees .......................................	$0.3	$0.3

Selected financial information for Jefferies Finance:

$ in millions	February 28, 2025	November 30, 2024
Total assets ....................................................	$6,007.1	$5,762.6
Total liabilities ................................................	4,669.9	4,415.6
Total mezzanine equity .................................	13.8	14.4

$ in millions	February 28, 2025	November 30, 2024
Our total investment balance .......................	$661.7	$666.3

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Net earnings (losses) attributable to members ........	$(1.7)	$6.9

Activity related to our other transactions with Jefferies Finance:

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Origination and syndication fee revenues (1) ..........	$60.2	$52.4
Origination fee expenses (1) ......................................	18.5	14.9
CLO placement and structuring fee revenues (2) ..	0.2	—
Investment fund placement fee revenues (3) ...........	0.6	0.5
Service fees (4) .............................................................	54.4	44.9

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

administrative services provided.

Selected financial information for Berkadia:

$ in millions	February 28, 2025	November 30, 2024
Total assets ...................................................	$4,183.1	$4,963.2
Total liabilities ...............................................	2,840.6	3,515.6
Total noncontrolling interest .......................	397.0	502.1

$ in millions	February 28, 2025	November 30, 2024
Our total investment balance .......................	$428.5	$427.7

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Net earnings attributable to members ......................	$37.8	$29.3

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Distributions ..................................................................	$16.1	$3.8

Activity related to our other transactions with Berkadia:

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Transaction referral fee revenue (1) ..........................	$0.1	$—

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

fees, which are included in Commissions and other fees.

Selected financial information for our significant real estate

investments:

$ in millions	February 28, 2025	November 30, 2024
Total assets ....................................................	$329.2	$326.0
Total liabilities ................................................	484.2	484.7
	February 28, 2025	November 30, 2024
Our total investment balance .......................	$99.1	$97.8

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Net earnings ..................................................................	$4.6	$2.5

The following summarizes the results

from these investments which are included in Principal

transactions revenues:

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Net losses from our investments in JCP Fund V ......	$(0.2)	$(0.3)

The following is a summary of the Net change in net assets

resulting from operations for 100.0% of JCP Fund V, in which we

owned effectively 35.1% at February 28, 2025 of the combined

equity interests:

	Three Months Ended December 31,
$ in millions	2024	2023
Net decrease in net assets resulting from operations (1) ..........................................................	$(0.6)	$(0.9)

(1)Financial information for JCP Fund V within our results of operations for the

three months ended February 28, 2025 and February 29, 2024 is included

based on the periods presented.

Selected financial information for 100.0% of Hildene Insurance:

$ in millions	December 31, 2024 (1)	September 30, 2024 (1)
Total assets ....................................................	$359.1	$304.2
Total liabilities ................................................	31.8	0.2
Total members’ equity ..................................	327.3	304.0

$ in millions	Three Months Ended December 31, 2024 (1)
Net increase in members’ equity resulting from operations .......	$8.4

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

financial position at February 28, 2025 and November 30, 2024 is based on

the dates presented, and in our results of operations for the three months

ended February 28, 2025 is based on the period presented.