| 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 | May 31,
2026 | November 30, 2025 | | Total Investments in and loans to related parties | $ | 1,555.1 | | $ | 1,496.1 | |
| | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Total equity method pickup earnings recognized in Other revenues | $ | 21.8 | | $ | 8.1 | | $ | 46.3 | | $ | 15.2 | |
Activity related to the facility: | | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Interest income | $ | 0.2 | | $ | — | | $ | 0.4 | | $ | — | | | Unfunded commitment fees | $ | 0.3 | | $ | 0.3 | | $ | 0.6 | | $ | 0.6 | |
Selected financial information for Jefferies Finance: | | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Total assets | $ | 6,837.6 | | $ | 7,356.1 | | | Total liabilities | 5,364.9 | | 5,959.2 | | | Total mezzanine equity | 15.9 | | 14.8 | |
| | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Our total investment balance | $ | 728.5 | | $ | 691.0 | |
| | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Net earnings (losses) attributable to members | $ | 35.4 | | $ | 0.1 | | $ | 68.5 | | $ | (1.6) | |
Activity related to our other transactions with Jefferies Finance: | | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Origination and syndication fee revenues (1) | $ | 41.7 | | $ | 58.4 | | $ | 94.8 | | $ | 118.6 | | | Origination fee expenses (1) | 11.0 | | 13.9 | | 29.6 | | 32.4 | | | CLO placement and structuring fee revenues (2) | 1.9 | | 1.3 | | 2.9 | | 1.5 | | | Placement and referral fees (3) | 7.5 | | 9.4 | | 13.8 | | 10.0 | | | Asset management fee revenues (4) | — | | 7.5 | | — | | 7.5 | | | Underwriting revenues (expenses) (5) | (0.2) | | — | | (1.1) | | — | | | Service fees (6) | 25.8 | | 22.7 | | 91.4 | | 77.1 | |
(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, which are recognized as fees and included in Investment banking revenues. (3)We act as a placement agent for investment funds managed by Jefferies Finance, which are recognized as fees and included in Commissions and other fees. (4)Under a fee and revenue sharing agreement with Jefferies Finance, we receive fees, which are included in Asset management fees and revenues. (5)We act as an underwriter in connection with term loans issued by Jefferies Finance. (6)Under a service agreement, we charge Jefferies Finance for various administrative services provided. Additional balances with Jefferies Finance as reported in our Consolidated Statements of Financial Condition. | | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Assets | | | | Financial instruments owned, at fair value (1) | $ | 4.1 | | $ | 10.9 | | | | | | | | | Other assets (2) | 6.2 | | 7.0 | | | Liabilities | | | | Financial instruments sold, not yet purchased, at fair value (1) | $ | 1.6 | | $ | 0.4 | | | Payables: | | | | Brokers, dealers and clearing organizations (3) | 17.7 | | 17.2 | | | Customers (4) | 5.0 | | 3.3 | |
(1)In connection with our capital markets activities, from time to time we make a market in long-term debt securities and term loans of Jefferies Finance (i.e., we buy and sell debt securities and tern loans of Jefferies Finance). (2)Receivable for services and certain fees from Jefferies Finance. (3)Cash collateral received from Jefferies Finance on OTC foreign currency derivatives. (4)Payable to Jefferies Finance in connection with loans originated by Jefferies Finance to borrowers who are investment banking clients of ours. We have also entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure on these loans. Selected financial information for Berkadia: | | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Total assets | $ | 5,360.5 | | $ | 5,269.8 | | | Total liabilities | 3,868.1 | | 3,953.1 | | | Total noncontrolling interest | 540.1 | | 369.0 | |
| | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Our total investment balance | $ | 432.6 | | $ | 429.7 | |
| | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Net earnings attributable to members | $ | 26.5 | | $ | 44.2 | | $ | 66.9 | | $ | 82.0 | |
| | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Distributions | $ | 5.4 | | $ | 10.9 | | $ | 26.6 | | $ | 27.0 | |
Selected financial information for the real estate investments: | | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Total assets | $ | 310.0 | | $ | 312.6 | | | Total liabilities | 463.6 | | 470.7 | | | | | | May 31,
2026 | November 30, 2025 | | Our total investment balance | $ | 100.0 | | $ | 98.7 | |
| | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Net earnings (losses) | $ | 1.0 | | $ | (3.3) | | $ | 4.8 | | $ | 1.3 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | | $ in millions | 2026 | 2025 | 2026 | 2025 | | | | | | | | | Distributions we received from Brooklyn Renaissance Hotel | $ | — | | $ | 1.2 | | $ | — | | $ | 1.2 | | |
| | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Net gains (losses) from our investments in JCP Fund V | $ | 0.4 | | $ | — | | $ | 0.3 | | $ | (0.2) | |
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 35.2% at May 31, 2026 of the combined equity interests: | | | | | | | | | | | | | | | | | | | Three Months Ended (1) | | $ in millions | | March 31, 2026 | December 31, 2025 | | March 31, 2025 | December 31, 2024 | | Net increase (decrease) in net assets resulting from operations | | $ | 1.0 | | $ | — | | | $ | 0.1 | | $ | (0.6) | |
(1)Financial information for JCP Fund V within our results of operations for the three and six months ended May 31, 2026 and 2025 is included based on the periods presented. Selected financial information for Hildene Insurance: | | | | | | | | | | $ in millions | March 31, 2026 (1) | September 30,
2025 (1) | | Total assets | $ | 560.7 | | $ | 498.4 | | | Total liabilities | 0.4 | | 0.7 | | | Total members’ equity | 560.3 | | 497.7 | |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended (1) | | $ in millions | | | March 31, 2026 | March 31, 2025 | December 31, 2025 | | December 31, 2024 | | Net increase in members’ equity resulting from operations | | | $ | 15.8 | | $ | 27.5 | | $ | 16.6 | | | $ | 8.4 | |
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at May 31, 2026 and November 30, 2025 is based on the dates presented, and in our results of operations for the three and six months ended May 31, 2026 and 2025 is based on the periods presented. | | | | | | | | | | | | | | | | Three Months Ended May 31, | Six Months Ended May 31, | | $ in millions | 2026 | 2025 | 2026 | 2025 | | Operating lease income (1) | $ | — | | $ | 1.3 | | $ | — | | $ | 6.9 | |
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