

	Loans to and investments in associated companies as of beginning of period		Income (losses) related to associated companies			Income (losses) related to Jefferies Group's associated companies (1)			Contributions to (distributions from) associated companies, net			Other			Loans to and investments in associated companies as of end of period

2019
Jefferies Finance	$	728,560	$	—		$	7,936		$	(63,070	)	$	—		$	673,426
Berkadia (2)	245,228		—			47,945			(18,124		)	515			275,564
National Beef	653,630		62,051			—			(54,940		)	(9		)	660,732
FXCM (3)	75,031		(5,016		)	—			—			10			70,025
Linkem	165,157		(8,581		)	—			49,590			(3,973		)	202,193
HomeFed	337,542		(517		)	—			—			—			337,025
Other	212,184		1,546			(1,560		)	(16,122		)	881			196,929
Total	$	2,417,332	$	49,483		$	54,321		$	(102,666	)	$	(2,576	)	$	2,415,894

2018
Jefferies Finance	$	655,467	$	—		$	30,566		$	31,461		$	—		$	717,494
Berkadia (2)	210,594		51,742			—			(17,853		)	(720		)	243,763
National Beef	—		24,401			—			(13,099		)	592,239			603,541
FXCM (3)	158,856		(15,040		)	—			—			(34		)	143,782
Garcadia companies (4)	179,143		20,955			—			(22,915		)	(177,183		)	—
Linkem	192,136		(12,764		)	—			542			(2,321		)	177,593
HomeFed	341,874		4,445			—			—			—			346,319
Other	328,759		(8,286		)	(5,732		)	(25,412		)	1,123			290,452
Total	$	2,066,829	$	65,453		$	24,834		$	(47,276	)	$	413,104		$	2,522,944



	For the Three Months Ended						For the Six Months Ended
	May 31, 2019			June 30, 2018			May 31, 2019			June 30, 2018
National Beef	$	34,946		$	24,401		$	62,051		$	24,401
Berkadia	—			25,461			—			51,742
FXCM	(2,300		)	(6,816		)	(5,016		)	(15,040		)
Garcadia companies	—			9,572			—			20,955
Linkem	(6,960		)	(5,309		)	(8,581		)	(12,764		)
HomeFed	(2,500		)	(7,165		)	(517		)	4,445
Other	(1,016		)	(6,791		)	1,546			(8,286		)
Total	$	22,170		$	33,353		$	49,483		$	65,453



	For the Three Months Ended					For the Six Months Ended
	May 31, 2019		June 30, 2018			May 31, 2019			June 30, 2018
Jefferies Finance	$	14,935	$	20,733		$	7,936		$	30,566
Berkadia	25,296		—			47,945			—
Other	2,753		(1,504		)	(1,560		)	(5,732		)
Total	$	42,984	$	19,229		$	54,321		$	24,834

Through Jefferies Group, we own 50% of Jefferies Finance LLC ("Jefferies Finance"), a joint venture with Massachusetts Mutual Life Insurance Company ("MassMutual"). Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies Group. Jefferies Finance may also originate other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. Jefferies Finance also purchases syndicated loans in the secondary market and acts as an investment advisor for various loan funds.

At May 31, 2019, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. At May 31, 2019, $643.7 million of Jefferies Group's commitment was funded. The investment commitment is scheduled to expire on March 1, 2020 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 May 31, 2019 and November 30, 2018. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2020 with automatic one year extensions absent a 60-day termination notice by either party. At May 31, 2019 and November 30, 2018, none of Jefferies Group's $250.0 million commitment was funded. Jefferies Group recognized interest income and unfunded commitment fees related to the facility of $0.3 million and $0.7 million during the three months ended May 31, 2019 and June 30, 2018, respectively, and $0.6 million and $1.7 million during the six months ended May 31, 2019 and June 30, 2018, respectively.

Jefferies Group engages in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, Jefferies Group earned fees of $69.3 million and $109.6 million during the three months ended May 31, 2019 and June 30, 2018, respectively, and $91.2 million and $211.0 million during the six months ended May 31, 2019 and June 30, 2018, respectively, 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 of $8.2 million and $14.9 million during the three months ended May 31, 2019 and June 30, 2018,

Jefferies Group acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies Group recognized fees of $0.0 million and $2.4 million during the three months ended May 31, 2019 and June 30, 2018, respectively, and $1.3 million and $2.7 million during the six months ended May 31, 2019 and June 30, 2018, respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. At May 31, 2019 and November 30, 2018, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Trading assets. Additionally, Jefferies Group has entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO. Gains (losses) related to the derivative contracts were not material.

Jefferies Group acted as underwriter in connection with terms loans issued by Jefferies Finance. Underwriting fees charged to Jefferies Finance were $1.0 million and $1.0 million during the three and six months ended May 31, 2019, respectively. Under a service agreement, Jefferies Group charged Jefferies Finance $11.2 million and $8.9 million during the three months ended May 31, 2019 and June 30, 2018, respectively, and $38.3 million and $35.0 million during the six months ended May 31, 2019 and June 30, 2018, respectively, for services provided. At May 31, 2019, Jefferies Group had a receivable from Jefferies Finance, included in Other assets in the Consolidated Statement of Financial Condition, of $20.4 million and a payable to Jefferies Finance, related to cash deposited with Jefferies Group, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition of $13.7 million. At November 30, 2018, Jefferies Group had a receivable from Jefferies Finance, included in Other assets in the Consolidated Statement of Financial Condition, of $35.2 million and a payable to Jefferies Finance, related to cash deposited with Jefferies Group, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition, of $14.1 million.

Jefferies Group enters into OTC foreign exchange contracts with Jefferies Finance. In connection with these contracts Jefferies Group had $0.1 million recorded in Trading liabilities in our Consolidated Statement of Financial Condition at May 31, 2019 and $0.2 million recorded in Payables, expense accruals and other liabilities and $0.4 million included in Trading liabilities in our Consolidated Statement of Financial Condition at November 30, 2018.

On March 28, 2019, Jefferies Group entered into a promissory note with Jefferies Finance with a principal amount of $1.0 billion, the proceeds of which were used in connection with Jefferies Group's investment banking loan syndication activities. Jefferies Group repaid Jefferies Finance the entire outstanding principal amount of this note on May 15, 2019. Interest paid on the note of $3.8 million is included in Interest expense of Jefferies Group within the Consolidated Statements of Operations.

Berkadia is a commercial mortgage banking and servicing joint venture 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, and originates and brokers commercial/multifamily mortgage loans which are not part of government agency programs. Berkadia 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 May 31, 2019, the aggregate amount of commercial paper outstanding was $1.47 billion.

National Beef processes and markets fresh and chilled boxed beef, ground beef, beef by-products, consumer-ready beef and pork, and wet blue leather for domestic and international markets. As discussed in Note 23, on June 5, 2018, we completed the sale of 48% of National Beef to Marfrig, reducing our ownership in National Beef to 31%. As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and account for our remaining interest under the equity method of accounting. We are amortizing our basis difference between the estimated fair value and the underlying book value of National Beef's customer relationships, tradenames, cattle supply contracts and property, plant and equipment over their respective useful lives (weighted average life of 15 years).

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).

Garcadia was a joint venture between us and Garff Enterprises, Inc. ("Garff") that owned and operated automobile dealerships comprised of domestic and foreign automobile makers. In the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family.

We own approximately 42% of the common shares of Linkem, a fast-growing fixed wireless broadband services provider in Italy. In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2022. If all of our convertible preferred stock was converted, it would increase our ownership to approximately 54% of Linkem’s common equity at May 31, 2019. We have approximately 48% of the total voting securities of Linkem. Additionally, we have made shareholder loans to Linkem with principal outstanding of $49.4 million at May 31, 2019. These shareholder loans bear interest at 5% per annum and are due June 30, 2024. We account for our equity interest in Linkem on a two month lag.

At May 31, 2019, we owned 10,852,123 shares of HomeFed’s common stock, representing approximately 70% of HomeFed’s outstanding common shares; however, we had contractually agreed to limit our voting rights such that we would not be able to vote more than 45% of HomeFed’s total voting securities voting on any matter, assuming all HomeFed shares not owned by us were voted. HomeFed develops and owns residential and mixed-use real estate properties. HomeFed was a public company traded on the Over-the-Counter Bulletin Board (Symbol: HOFD). As a result of a 1998 distribution to all of our shareholders, approximately 5% of HomeFed was beneficially owned by our Chairman at May 31, 2019. Three of our executives served on the board of directors of HomeFed, including our Chairman who served as HomeFed’s Chairman, and our President. Since we did not control HomeFed, our investment in HomeFed was accounted for under the equity method as an investment in an associated company. We accounted for our equity interest in HomeFed on a two month lag.

Through June 30, 2019, we owned an approximate 70% equity interest of HomeFed. On July 1, 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed will be reflected on a consolidated basis. In connection with the merger, HomeFed stockholders received two shares of our common stock for each share of HomeFed common stock. A total of 9.3 million shares were issued. As an offset to these issued shares, our Board of Directors has authorized the repurchase of 9.25 million shares in the open market.

The following table provides required summarized data for certain equity method investments, including those accounted for under the fair value option. The table includes Jefferies Finance, Berkadia and Fiesta Restaurant Group, Inc. for the six months ended May 31, 2019 and June 30, 2018; HRG for the six month period ended June 30, 2018; and National Beef for the six months ended May 31, 2019 and for the period subsequent to the closing of the transaction with Marfrig on June 5, 2018 through June 30, 2018 (in thousands):