
	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

(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.


	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)


	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

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.


	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.

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 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.

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).

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.

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.

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).