Summary of Selected Financial Information |
Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties in our Consolidated Statements of Financial Condition are summarized as follows (in millions). | | | | | | | | | | | | | November 30, | | 2023 | | 2022 | Total Investments in and loans to related parties | $ | 1,239.3 | | | $ | 1,426.8 | |
| | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Total equity method pickup earnings (losses) recognized in Other revenues in our Consolidated Statements of Earnings | $ | (192.2) | | | $ | (36.3) | | | $ | 149.9 | |
The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Interest income | $ | — | | | $ | 0.4 | | | $ | 1.5 | | Unfunded commitment fees | 1.2 | | | 1.2 | | | 1.2 | |
The following is a summary of selected financial information for Jefferies Finance (in millions): | | | | | | | | | | | | | November 30, | | 2023 | | 2022 | Total assets | $ | 5,598.2 | | | $ | 6,763.0 | | Total liabilities | 4,352.0 | | | 5,490.1 | |
| | | | | | | | | | | | | November 30, | | 2022 | | 2021 | Our total equity balance | $ | 630.1 | | | $ | 636.4 | |
| | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Net earnings (losses) | $ | (12.5) | | | $ | (129.4) | | | $ | 205.7 | |
The following summarizes activity related to our other transactions with Jefferies Finance (in millions): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Origination and syndication fee revenues (1) | $ | 133.7 | | | $ | 194.7 | | | $ | 410.5 | | Origination fee expenses (1) | 28.6 | | | 39.7 | | | 66.8 | | CLO placement fee revenues (2) | 2.1 | | | 4.6 | | | 5.7 | | Investment fund placement fee revenues (3) | 3.7 | | | — | | | — | | | | | | | | Underwriting fees (4) | — | | | — | | | 2.5 | | Service fees (5) | 100.1 | | | 94.7 | | | 85.1 | |
(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 our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2)We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At November 30, 2023 and 2022, we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. (3)We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees, which are included in Commissions and other fees in our Consolidated Statements of Earnings. (4)We acted as underwriter in connection with term loans issued by Jefferies Finance. (5)Under a service agreement, we charge Jefferies Finance for services provided. The following is a summary of selected financial information for Berkadia (in millions): | | | | | | | | | | | | | November 30, | | 2023 | | 2022 | Total assets | $ | 5,318.2 | | | $ | 4,436.0 | | Total liabilities | 3,816.1 | | | 2,801.7 | | Total noncontrolling interest | 612.8 | | | 690.1 | |
| | | | | | | | | | | | | November 30, | | 2023 | | 2022 | Our total equity balance | $ | 400.9 | | | $ | 425.9 | |
| | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Gross revenues | $ | 1,120.2 | | | $ | 1,361.2 | | | $ | 1,262.4 | | Net earnings | 120.4 | | | 276.5 | | | 290.3 | | Our share of net earnings | 52.5 | | | 124.4 | | | 130.6 | |
We received distributions from Berkadia on our equity interest as follows (in millions): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Distributions (1) | $ | 58.1 | | | $ | 69.8 | | | $ | 58.0 | |
(1)In January 2024, we received a distribution of $3.7 million. The following is a summary of selected financial information for OpNet (in millions): | | | | | | | | | | | November 30, 2022 | | | | | Total assets | | | $ | 1,050.8 | | Total liabilities | | | 935.2 | |
| | | | | | | | | | | November 30, 2022 | | | | | Our total equity balance | | | $ | — | |
| | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Net losses | $ | (278.3) | | | $ | (88.6) | | | $ | (90.5) | |
The following is a summary of selected financial information for Stratos (in millions): | | | | | | | November 30, 2022 | Total assets | $ | 389.6 | | Total liabilities | 341.4 | |
| | | | | | | | | November 30, 2022 | Our total equity balance | $ | 59.7 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended August 31, 2023 (1) | | Year Ended November 30, | | | 2022 | | 2021 | Net earnings (losses) | $ | (36.4) | | | $ | 39.0 | | | $ | (21.5) | |
(1)Represents the period prior to the step-acquisition. In connection with foreign exchange contracts entered into with Stratos, we have $0.5 million at November 30, 2022, included in Payables—brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. | | | | | | | | | | | November 30, 2022 | | | | | Total assets | | | $ | 209.8 | | Total liabilities | | | 102.1 | |
| | | | | | | | | | | November 30, 2022 | | | | | Our total equity balance | | | $ | 46.5 | |
| | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Net losses | $ | (0.3) | | | $ | (15.2) | | | $ | (14.7) | |
The following is a summary of selected financial information for our significant real estate investments (in millions): | | | | | | | | | | | | | November 30, | | 2023 | | 2022 | Total assets | $ | 329.5 | | | $ | 350.4 | | Total liabilities | 500.0 | | | 487.5 | |
| | | | | | | | | | | | | November 30, | | 2023 | | 2022 | Our total equity balance | $ | 90.0 | | | $ | 107.3 | |
| | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Net earnings (losses) | $ | 2.2 | | | $ | 17.7 | | | $ | (27.0) | |
We received distributions from 54 Madison on our equity interest as follows (in millions): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Distributions | $ | 19.4 | | | $ | 18.4 | | | $ | 39.4 | |
The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Net gains (losses) from our investments in JCP Fund V | $ | (9.0) | | | $ | 0.1 | | | $ | 7.7 | |
The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.3% of the combined equity interests (in millions): | | | | | | | | | | | | | September 30, | | 2023 (1) | | 2022 (1) | Total assets | $ | 6.4 | | | $ | 67.8 | | Total liabilities | 0.1 | | | 0.1 | | Total partners’ capital | 6.3 | | | 67.7 | |
| | | | | | | | | | | | | | | | | | | Twelve Months Ended September 30, | | 2023 (1) | | 2022 (1) | | 2021 (1) | Net increase (decrease) in net assets resulting from operations | $ | (61.4) | | | $ | (4.5) | | | $ | 22.8 | |
(1)Financial information for JCP Fund V included in our financial position at November 30, 2023 and 2022 and included in our results of operations for the years ended November 30, 2023, 2022 and 2021 is based on the periods presented. The following table presents the activity included in our Consolidated Statements of Earnings related to these separately managed accounts (in millions): | | | | | | | | | | | | | | | | | | | Year Ended November 30, | | 2023 | | 2022 | | 2021 | Investment losses (1) | $ | (0.1) | | | $ | (3.2) | | | $ | (0.8) | | Management fees (2) | 0.8 | | | 0.7 | | | — | |
(1)Included in Principal transactions revenues in our Consolidated Statements of Earnings. (2)Included in Floor brokerage and clearing fees in our Consolidated Statements of Earnings.
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