Quarterly Report (10-q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________

FORM 10-Q


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2022


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-5721

JEFFERIES FINANCIAL GROUP INC.

(Exact name of registrant as specified in its Charter)


New York			13-2615557
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)
520 Madison Avenue	New York,	New York	10022
(Address of principal executive offices)			(Zip Code)

(212) 460-1900

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

______________________

Securities registered or to be registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $1 per share	JEF	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the issuer's classes of common stock at September 29, 2022 was 228,990,088.


Jefferies Financial Group Inc. and Subsidiaries
Index to Quarterly Report on Form 10-Q
August 31, 2022

PART I. FINANCIAL INFORMATION
			Page
Item 1. Financial Statements			3
Consolidated Statements of Financial Condition (Unaudited)			3
Consolidated Statements of Operations (Unaudited)			4
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)			5
Consolidated Statements of Cash Flows (Unaudited)			6
Consolidated Statements of Changes in Equity (Unaudited)			8
Notes to Consolidated Financial Statements (Unaudited)			10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			69
Item 3. Quantitative and Qualitative Disclosures About Market Risk			99
Item 4. Controls and Procedures			108

PART II. OTHER INFORMATION

Item 1. Legal Proceedings			109
Item 1A. Risk Factors			109
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			109
Item 6. Exhibits			110

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

August 31, 2022 and November 30, 2021

(Dollars in thousands, except par value)

(Unaudited)


	August 31, 2022		November 30, 2021
ASSETS
Cash and cash equivalents	$	9,477,540	$	10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	984,252		1,015,107
Financial instruments owned, at fair value (including securities pledged of $13,724,325 and $12,723,502)	20,249,284		19,828,670
Loans to and investments in associated companies	1,753,323		1,745,790
Securities borrowed	6,607,954		6,409,420
Securities purchased under agreements to resell	4,107,389		7,642,484
Securities received as collateral, at fair value	149,586		7,289
Receivables	6,698,626		7,839,240
Property, equipment and leasehold improvements, net	912,842		911,230
Intangible assets, net and goodwill	1,874,435		1,897,500


Other assets	2,414,580		2,352,247
Total assets (1)	$	55,229,811	$	60,404,110

LIABILITIES
Short-term borrowings	$	564,239	$	221,863
Financial instruments sold, not yet purchased, at fair value	11,548,070		11,699,467
Securities loaned	1,315,409		1,525,721
Securities sold under agreements to repurchase	7,564,342		8,446,099
Other secured financings	2,154,491		4,487,224
Obligation to return securities received as collateral, at fair value	149,586		7,289
Lease liabilities	542,028		548,295
Payables, expense accruals and other liabilities	12,257,426		13,612,367
Long-term debt	8,635,466		9,125,745
Total liabilities (1)	44,731,057		49,674,070

Commitments and contingencies

MEZZANINE EQUITY
Redeemable noncontrolling interests	13,378		25,400
Mandatorily redeemable convertible preferred shares	125,000		125,000

EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 228,807,229 and 243,541,431 shares issued and outstanding, after deducting 87,656,479 and 72,922,277 shares held in treasury	228,807		243,541
Additional paid-in capital	2,063,460		2,742,244
Accumulated other comprehensive income (loss)	(350,370)		(372,143)
Retained earnings	8,350,634		7,940,113
Total Jefferies Financial Group Inc. shareholders' equity	10,292,531		10,553,755
Noncontrolling interests (1)	67,845		25,885
Total equity	10,360,376		10,579,640
Total	$	55,229,811	$	60,404,110

(1) Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

See notes to interim consolidated financial statements.

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Operations

For the periods ended August 31, 2022 and 2021

(In thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021
Revenues:
Commissions and other fees	$	221,397	$	214,363	$	705,419	$	673,756
Principal transactions	200,889		232,110		654,633		1,513,034
Investment banking	709,334		1,180,620		2,255,241		3,184,932
Interest income	318,216		220,278		776,896		691,223

Other	387,091		293,223		1,005,685		947,566
Total revenues	1,836,927		2,140,594		5,397,874		7,010,511
Interest expense of Jefferies Group	312,037		201,610		771,987		634,078
Net revenues	1,524,890		1,938,984		4,625,887		6,376,433

Expenses:
Cost of sales	123,436		151,510		349,556		390,916
Compensation and benefits	558,462		802,243		1,926,623		2,806,028
Non-compensation expenses:
Floor brokerage and clearing fees	84,686		68,982		262,663		222,208
Selling, general and other expenses	398,222		277,262		1,011,760		890,759
Interest expense	10,220		19,518		28,619		59,828
Depreciation and amortization	43,187		38,677		129,431		116,884
Total non-compensation expenses	536,315		404,439		1,432,473		1,289,679
Total expenses	1,218,213		1,358,192		3,708,652		4,486,623

Income before income taxes and loss related to associated companies	306,677		580,792		917,235		1,889,810
Loss related to associated companies	(4,827)		(27,176)		(56,512)		(61,270)
Income before income taxes	301,850		553,616		860,723		1,828,540
Income tax provision	105,909		145,700		219,949		484,756



Net income	195,941		407,916		640,774		1,343,784
Net loss attributable to the noncontrolling interests	1,243		1,324		1,116		2,736
Net loss attributable to the redeemable noncontrolling interests	345		68		1,241		1,071
Preferred stock dividends	(2,070)		(1,849)		(6,211)		(5,101)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	195,459	$	407,459	$	636,920	$	1,342,490

Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.80	$	1.54	$	2.54	$	5.05

Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.78	$	1.50	$	2.48	$	4.93

See notes to interim consolidated financial statements.

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

For the periods ended August 31, 2022 and 2021

(In thousands)

(Unaudited)


	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021

Net income	$	195,941	$	407,916	$	640,774	$	1,343,784
Other comprehensive income (loss):
Net unrealized holding gains (losses) on available for sale securities arising during the period, net of income tax provision (benefit) of $(159), $(16), $(336) and $(43)	(490)		(49)		(1,036)		(136)

Net change in unrealized holding gains (losses) on available for sale securities, net of income tax provision (benefit) of $(159), $(16), $(336) and $(43)	(490)		(49)		(1,036)		(136)

Net foreign currency translation adjustments arising during the period, net of income tax provision (benefit) of $(6,605), $(2,942), $(15,095) and $1,659	(26,354)		(9,203)		(49,043)		5,273

Net change in foreign currency translation adjustments, net of income tax provision (benefit) of $(6,605), $(2,942), $(15,095) and $1,659	(26,354)		(9,203)		(49,043)		5,273

Net change in instrument-specific credit risk arising during the period, net of income tax provision (benefit) of $(2,354), $4,352, $22,380 and $(24,157)	(7,312)		13,501		69,864		(74,661)
Less: reclassification adjustment for changes in instrument-specific credit risk included in net income, net of income tax provision (benefit) of $(44), $(321), $(52) and $599	137		998		161		(1,861)
Net change in instrument-specific credit risk gains (losses), net of income tax provision (benefit) of $(2,310), $4,673, $22,432 and $(24,756)	(7,175)		14,499		70,025		(76,522)





Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0	—		—		—		—
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(212), $(270), $(624) and $(795)	626		778		1,827		2,329
Net change in pension liability, net of income tax provision (benefit) of $212, $270, $624 and $795	626		778		1,827		2,329

Other comprehensive income (loss), net of income taxes	(33,393)		6,025		21,773		(69,056)

Comprehensive income	162,548		413,941		662,547		1,274,728
Comprehensive loss attributable to the noncontrolling interests	1,243		1,324		1,116		2,736
Comprehensive loss attributable to the redeemable noncontrolling interests	345		68		1,241		1,071
Preferred stock dividends	(2,070)		(1,849)		(6,211)		(5,101)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$	162,066	$	413,484	$	658,693	$	1,273,434

See notes to interim consolidated financial statements.

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the nine months ended August 31, 2022 and 2021

(In thousands)

(Unaudited)


	For the Nine Months Ended August 31,
	2022		2021

Net cash flows from operating activities:
Net income	$	640,774	$	1,343,784
Adjustments to reconcile net income to net cash provided by operations:

Deferred income tax benefit	(47,003)		(32,865)

Depreciation and amortization	133,081		125,957

Share-based compensation	32,960		71,219
Provision for doubtful accounts	31,246		48,091

(Income) loss related to associated companies	19,655		(125,962)
Distributions from associated companies	73,405		49,068

Gain on sale of subsidiaries	(144,301)		—

Net change in:
Securities deposited with clearing and depository organizations	—		34,237
Financial instruments owned, at fair value	(467,219)		(1,603,274)
Securities borrowed	(226,045)		724,187
Securities purchased under agreements to resell	3,490,151		(2,911,738)
Receivables from brokers, dealers and clearing organizations	974,330		264,375
Receivables from customers of securities operations	148,994		(581,647)
Other receivables	9,390		(107,228)
Other assets	(78,756)		(86,865)
Financial instruments sold, not yet purchased, at fair value	(70,700)		2,724,767
Securities loaned	(191,463)		(48,397)
Securities sold under agreements to repurchase	(843,502)		(748,003)
Payables to brokers, dealers and clearing organizations	516,573		708,810
Payables to customers of securities operations	(792,280)		39,890
Lease liabilities	(59,677)		(46,991)
Trade payables, expense accruals and other liabilities	(1,099,640)		302,689
Other	(602,781)		(57,559)


Net cash provided by operating activities	1,447,192		86,545

Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(131,994)		(115,998)

Proceeds from sale of subsidiaries, net of expenses and cash of operations sold	209,274		—


Advances on notes, loans and other receivables	(413,490)		(454,916)
Collections on notes, loans and other receivables	344,207		294,675
Loans to and investments in associated companies	(370,665)		(2,291,788)
Capital distributions and loan repayments from associated companies	265,651		2,308,786
Deconsolidation of asset management entity	(21,221)		—



Other	12,128		2,575


Net cash used for investing activities	$	(106,110)	$	(256,666)

(continued)

See notes to interim consolidated financial statements.

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows, continued

For the nine months ended August 31, 2022 and 2021

(In thousands)

(Unaudited)


	For the Nine Months Ended August 31,
	2022		2021

Net cash flows from financing activities:
Issuance of debt, net of issuance costs	$	3,792,858	$	1,465,707

Repayment of debt	(3,200,762)		(1,580,894)
Net change in other secured financings	(2,332,733)		1,051,357
Net change in bank overdrafts	(5,238)		(6,350)


Distributions to noncontrolling interests	—		(15,997)
Contributions from noncontrolling interests	64,298		3,590
Purchase of common shares for treasury	(738,572)		(181,866)
Dividends paid	(211,774)		(161,330)
Other	2,187		1,631


Net cash provided by (used for) financing activities	(2,629,736)		575,848

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(20,183)		1,704



Net increase (decrease) in cash, cash equivalents and restricted cash	(1,308,837)		407,431

Cash, cash equivalents and restricted cash at beginning of period	11,828,304		9,664,972
Cash, cash equivalents and restricted cash at end of period	$	10,519,467	$	10,072,403

The following presents our cash, cash equivalents and restricted cash by category within the Consolidated Statements of Financial Condition to the total of the same amounts in the Consolidated Statements of Cash Flows above (in thousands):


	August 31,
	2022		2021

Cash and cash equivalents	$	9,477,540	$	9,480,914
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	984,252		514,519
Other assets	57,675		76,970
Total cash, cash equivalents and restricted cash	$	10,519,467	$	10,072,403

See notes to interim consolidated financial statements.

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the three months ended August 31, 2022 and 2021

(In thousands, except par value and per share amounts)

(Unaudited)


	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total

Balance, June 1, 2022	$	232,321	$	2,156,366	$	(316,977)	$	8,228,467	$	10,300,177	$	67,962	$	10,368,139
Net income attributable to Jefferies Financial Group Inc. common shareholders							195,459		195,459				195,459
Net loss attributable to the noncontrolling interests									—		(1,243)		(1,243)
Other comprehensive loss, net of income taxes					(33,393)				(33,393)				(33,393)
Contributions from noncontrolling interests									—		1,127		1,127


Share-based compensation expense			9,961						9,961				9,961
Change in fair value of redeemable noncontrolling interests			5,118						5,118				5,118

Purchase of common shares for treasury	(3,671)		(112,678)						(116,349)				(116,349)
Dividends ($0.30 per common share)							(73,292)		(73,292)				(73,292)
Other	157		4,693						4,850		(1)		4,849
Balance, August 31, 2022	$	228,807	$	2,063,460	$	(350,370)	$	8,350,634	$	10,292,531	$	67,845	$	10,360,376


	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total

Balance, June 1, 2021	$	247,032	$	2,849,487	$	(363,998)	$	7,340,113	$	10,072,634	$	22,730	$	10,095,364
Net income attributable to Jefferies Financial Group Inc. common shareholders							407,459		407,459				407,459
Net loss attributable to the noncontrolling interests									—		(1,324)		(1,324)
Other comprehensive income, net of income taxes					6,025				6,025				6,025
Contributions from noncontrolling interests									—		156		156
Distributions to noncontrolling interests									—		(2,731)		(2,731)


Share-based compensation expense			6,962						6,962				6,962
Change in fair value of redeemable noncontrolling interests			1,908						1,908				1,908


Purchase of common shares for treasury	(1,500)		(50,269)						(51,769)				(51,769)
Dividends ($0.25 per common share)							(66,084)		(66,084)				(66,084)
Other	25		4,723						4,748		(1)		4,747
Balance, August 31, 2021	$	245,557	$	2,812,811	$	(357,973)	$	7,681,488	$	10,381,883	$	18,830	$	10,400,713

See notes to interim consolidated financial statements.

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the nine months ended August 31, 2022 and 2021

(In thousands, except par value and per share amounts)

(Unaudited)


	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total

Balance, December 1, 2021	$	243,541	$	2,742,244	$	(372,143)	$	7,940,113	$	10,553,755	$	25,885	$	10,579,640


Net income attributable to Jefferies Financial Group Inc. common shareholders							636,920		636,920				636,920
Net loss attributable to the noncontrolling interests									—		(1,116)		(1,116)
Other comprehensive income, net of income taxes					21,773				21,773				21,773
Contributions from noncontrolling interests									—		64,298		64,298


Share-based compensation expense			32,960						32,960				32,960
Change in fair value of redeemable noncontrolling interests			(8,010)						(8,010)				(8,010)
Deconsolidation of asset management entity									—		(21,221)		(21,221)
Purchase of common shares for treasury	(21,722)		(716,850)						(738,572)				(738,572)
Dividends ($0.90 per common share)							(226,399)		(226,399)				(226,399)
Other	6,988		13,116						20,104		(1)		20,103
Balance, August 31, 2022	$	228,807	$	2,063,460	$	(350,370)	$	8,350,634	$	10,292,531	$	67,845	$	10,360,376


	Jefferies Financial Group Inc. Common Shareholders
	Common Shares $1 Par Value		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Subtotal		Noncontrolling Interests		Total

Balance, December 1, 2020	$	249,751	$	2,911,223	$	(288,917)	$	6,531,836	$	9,403,893	$	34,632	$	9,438,525
Cumulative effect of the adoption of accounting standards							(19,915)		(19,915)				(19,915)
Balance, December 1, 2020, as adjusted	249,751		2,911,223		(288,917)		6,511,921		9,383,978		34,632		9,418,610
Net income attributable to Jefferies Financial Group Inc. common shareholders							1,342,490		1,342,490				1,342,490
Net loss attributable to the noncontrolling interests									—		(2,736)		(2,736)
Other comprehensive loss, net of income taxes					(69,056)				(69,056)				(69,056)
Contributions from noncontrolling interests									—		3,590		3,590
Distributions to noncontrolling interests									—		(15,997)		(15,997)


Share-based compensation expense			71,219						71,219				71,219
Change in fair value of redeemable noncontrolling interests			(8,865)						(8,865)				(8,865)


Purchase of common shares for treasury	(6,603)		(175,263)						(181,866)				(181,866)
Dividends ($0.65 per common share)							(172,923)		(172,923)				(172,923)
Other	2,409		14,497						16,906		(659)		16,247
Balance, August 31, 2021	$	245,557	$	2,812,811	$	(357,973)	$	7,681,488	$	10,381,883	$	18,830	$	10,400,713

See notes to interim consolidated financial statements.

Table of Contents


Jefferies Financial Group Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Index

Note			Page
Note 1. Nature of Operations			11
Note 2. Basis of Presentation and Significant Accounting Policies			12
Note 3. Fair Value Disclosures			14
Note 4. Derivative Financial Instruments			31
Note 5. Collateralized Transactions			37
Note 6. Securitization Activities			40
Note 7. Variable Interest Entities			41
Note 8. Loans to and Investments in Associated Companies			45
Note 9. Intangible Assets, Net and Goodwill			49
Note 10. Short-Term Borrowings			50
Note 11. Long-Term Debt			51
Note 12. Mezzanine Equity			52
Note 13. Compensation Plans			53
Note 14. Accumulated Other Comprehensive Income (Loss)			54
Note 15. Revenues from Contracts with Customers			55
Note 16. Income Taxes			60
Note 17. Common Shares and Earnings Per Common Share			61
Note 18. Commitments, Contingencies and Guarantees			62
Note 19. Net Capital Requirements			64
Note 20. Other Fair Value Information			65
Note 21. Related Party Transactions			65
Note 22. Segment Information			66

Table of Contents

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1. Nature of Operations

Jefferies Financial Group Inc. ("Jefferies," "we," "our" or the "Company") is engaged in investment banking and capital markets, and asset management. Our strategy focuses on continuing to build out our investment banking effort, enhancing our capital markets businesses and further developing our Leucadia Asset Management alternative asset management platform, while returning excess capital to shareholders. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, is the largest independent U.S.-headquartered global full-service integrated investment banking and capital markets firm.

Jefferies Group operates in two business segments: Investment Banking and Capital Markets, and Asset Management. Investment Banking and Capital Markets includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products.

Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.

We own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business and are reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways. We are well along in the process of liquidating this portfolio, with the intention of selling to third parties, distributing to shareholders or transferring the balance of this portfolio to our Asset Management reportable segment over the next few years. In adhering to our long-standing fundamental strategy of focusing on building our investment banking and capital markets businesses and reducing the size of our Merchant Banking portfolio, during the three months ended August 31, 2022, we sold our wholly-owned manufacturing subsidiary, Idaho Timber, in two transactions at a combined sales price of $239.3 million. The pre-tax gain recognized as a result of the sale of Idaho Timber, $139.0 million in the Merchant Banking segment during the three months ended August 31, 2022, is classified as Other revenue.

We continue to work diligently to effect the spin-off to shareholders of our holdings in Vitesse Energy, LLC ("Vitesse Energy") by the end of our fiscal year, subject to necessary regulatory reviews and rulings. That spin-off will involve the formation of a new standalone entity, Vitesse Energy, Inc., that will ultimately be a publicly traded company listed on the New York Stock Exchange. Jefferies expects that its ownership interests in Vitesse Energy, Inc. will be distributed tax-free on a pro rata basis to all shareholders. At August 31, 2022, Vitesse Energy had a net book value of $505.3 million. In addition, Jefferies expects to streamline and simplify its corporate structure by merging Jefferies Group into Jefferies by fiscal year-end 2022. This merger will, among other things, eliminate the requirement for two sets of Form 10-Qs, Form 10-Ks, and other duplicative processes at Jefferies and Jefferies Group, and result in Jefferies parent company assuming commitments and obligations of Jefferies Group.

Our Merchant Banking reportable segment primarily includes OpNet S.p.A. ("OpNet") (formerly known as Linkem) (fixed wireless broadband services in Italy); Vitesse Energy (oil and gas production and development); real estate, primarily HomeFed LLC ("HomeFed"); Idaho Timber (manufacturing) prior to its sale in August 2022 and FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services).

On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight Capital LLC ("Foursight"), were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

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Note 2. Basis of Presentation and Significant Accounting Policies

Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. For a detailed discussion about the Company's significant accounting policies, see Note 2, Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended November 30, 2021 ("2021 10-K").

The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate all of these estimates and assumptions. During the nine months ended August 31, 2022, there were no significant changes made to the Company's significant accounting policies.

Receivables

At August 31, 2022 and November 30, 2021, Receivables include receivables from brokers, dealers and clearing organizations of $3.89 billion and $4.90 billion, respectively, and receivables from customers of securities operations of $1.47 billion and $1.62 billion, respectively.

Foursight, Jefferies Group's wholly-owned subsidiary, is an automobile loan originator and servicer. Foursight had automobile loan receivables, including accrued interest and related fees, of $887.7 million and $812.6 million at August 31, 2022 and November 30, 2021, respectively, which are classified as either held for investment or held for sale depending on the intent to hold the underlying collateral and which are collateralized by a security interest in the vehicles' titles. Of these amounts, $826.6 million and $682.7 million at August 31, 2022 and November 30, 2021, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight's securitization activities. Additionally, automobile loan receivables of $29.8 million and $103.0 million at August 31, 2022 and November 30, 2021, respectively, were pledged for loans outstanding under credit facilities. Foursight's automobile loan receivables held for investment consisted of approximately 16% and 19% with credit scores 680 and above, 47% and 51% with scores between 620 and 679 and 37% and 30% with scores below 620 at August 31, 2022 and November 30, 2021, respectively.

A rollforward of the allowance for credit losses related to receivables for the three and nine months ended August 31, 2022 and 2021 is as follows (in thousands):


	For the Three Months Ended August 31,				For the Nine Months Ended August 31,
	2022		2021		2022		2021

Beginning balance	$	86,025	$	79,254	$	75,999	$	53,926
Adjustment for change in accounting principle for current expected credit losses	—		—		—		26,519
Provision for doubtful accounts (1)	12,820		(848)		31,246		48,091
Charge-offs, net of recoveries (1)	(7,057)		(1,777)		(15,457)		(51,907)
Sale of subsidiary	(729)		—		(729)		—
Ending balance	$	91,059	$	76,629	$	91,059	$	76,629

(1) The nine months ended August 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business, recorded during the second quarter of 2021.

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Other Investments

At August 31, 2022 and November 30, 2021, the Company had other investments (classified as Other assets and Loans to and investments in associated companies) in which fair values are not readily determinable, aggregating $97.4 million and $119.4 million, respectively. There were no impairments on these investments during the three and nine months ended August 31, 2022 and 2021.

Capitalization of Interest

We capitalize interest on qualifying HomeFed real estate assets. Capitalized interest of $3.4 million and $2.2 million during the three months ended August 31, 2022 and 2021, respectively, and $10.0 million and $6.4 million during the nine months ended August 31, 2022 and 2021, respectively, was allocated among all of HomeFed's projects that are currently under development.

Payables, expense accruals and other liabilities

At August 31, 2022 and November 30, 2021, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $6.30 billion and $5.82 billion, respectively, and payables to customers of securities operations of $3.67 billion and $4.46 billion, respectively.

Supplemental Cash Flow Information


	For the Nine Months Ended August 31,
(In thousands)	2022		2021
Cash paid during the year for:
Interest	$	880,379	$	737,935
Income tax payments (refunds), net	$	138,468	$	516,714

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Note 3. Fair Value Disclosures

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.30 billion and $1.03 billion at August 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands):


	August 31, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	3,434,945	$	97,455	$	197,817	$	—	$	3,730,217
Corporate debt securities	—		3,264,475		18,212		—		3,282,687
Collateralized debt obligations and collateralized loan obligations	—		440,441		49,928		—		490,369
U.S. government and federal agency securities	4,303,598		55,547		—		—		4,359,145
Municipal securities	—		206,214		—		—		206,214
Sovereign obligations	643,476		774,861		—		—		1,418,337
Residential mortgage-backed securities	—		1,564,010		25,743		—		1,589,753
Commercial mortgage-backed securities	—		301,004		31,610		—		332,614
Other asset-backed securities	—		226,140		91,493		—		317,633
Loans and other receivables	—		2,511,984		117,594		—		2,629,578
Derivatives	1,067		3,084,619		15,934		(2,727,694)		373,926
Investments at fair value	—		3,705		185,478		—		189,183
FXCM term loan	—		—		30,105		—		30,105

Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	8,383,086	$	12,530,455	$	763,914	$	(2,727,694)	$	18,949,761

Loans to and investments in associated companies	$	—	$	1,683	$	30,717	$	—	$	32,400
Securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586









Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,793,307	$	37,798	$	2,570	$	—	$	1,833,675
Corporate debt securities	—		1,940,464		427		—		1,940,891
Collateralized debt obligations and collateralized loan obligations	—		328		354		—		682
U.S. government and federal agency securities	2,601,469		—		—		—		2,601,469

Sovereign obligations	697,326		783,199		—		—		1,480,525

Commercial mortgage-backed securities	—		3,800		455		—		4,255
Loans	—		2,209,866		12,694		—		2,222,560
Derivatives	81		3,934,436		88,432		(2,558,936)		1,464,013
Total financial instruments sold, not yet purchased, at fair value	$	5,092,183	$	8,909,891	$	104,932	$	(2,558,936)	$	11,548,070


Other secured financings	$	—	$	—	$	2,362	$	—	$	2,362
Long-term debt	$	—	$	796,295	$	721,115	$	—	$	1,517,410
Obligation to return securities received as collateral, at fair value	$	149,586	$	—	$	—	$	—	$	149,586

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	November 30, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)		Total
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	2,737,255	$	257,318	$	87,647	$	—	$	3,082,220
Corporate debt securities	—		3,836,341		11,803		—		3,848,144
Collateralized debt obligations and collateralized loan obligations	—		579,518		31,946		—		611,464
U.S. government and federal agency securities	3,045,295		68,784		—		—		3,114,079
Municipal securities	—		509,559		—		—		509,559
Sovereign obligations	899,086		654,199		—		—		1,553,285
Residential mortgage-backed securities	—		1,168,246		1,477		—		1,169,723
Commercial mortgage-backed securities	—		196,419		2,333		—		198,752
Other asset-backed securities	—		337,022		93,524		—		430,546
Loans and other receivables	—		3,363,050		135,239		—		3,498,289
Derivatives	4,429		3,861,551		10,248		(3,305,756)		570,472
Investments at fair value	—		11,369		154,373		—		165,742
FXCM term loan	—		—		50,455		—		50,455
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$	6,686,065	$	14,843,376	$	579,045	$	(3,305,756)	$	18,802,730


Loans to and investments in associated companies	$	—	$	—	$	30,842	$	—	$	30,842
Securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289

Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	$	1,671,696	$	19,654	$	4,635	$	—	$	1,695,985
Corporate debt securities	—		2,111,777		482		—		2,112,259
U.S. government and federal agency securities	2,457,420		—		—		—		2,457,420
Sovereign obligations	935,801		593,040		—		—		1,528,841
Residential mortgage-backed securities	—		719		—		—		719
Commercial mortgage-backed securities	—		—		210		—		210
Loans	—		2,476,087		15,770		—		2,491,857
Derivatives	1,815		5,034,544		78,017		(3,702,200)		1,412,176
Total financial instruments sold, not yet purchased, at fair value	$	5,066,732	$	10,235,821	$	99,114	$	(3,702,200)	$	11,699,467


Other secured financings	$	—	$	76,883	$	25,905	$	—	$	102,788
Long-term debt	$	—	$	961,866	$	881,732	$	—	$	1,843,598
Obligation to return securities received as collateral, at fair value	$	7,289	$	—	$	—	$	—	$	7,289

(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis:

Corporate Equity Securities

•Exchange-Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. To the extent these securities are

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actively traded, valuation adjustments are not applied.

•Non-Exchange-Traded Equity Securities: Non-exchange-traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed from recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/Earnings before interest, taxes, depreciation and amortization ("EBITDA"), price/book value), discounted cash flow analyses and transaction prices observed from subsequent financing or capital issuance by Jefferies Group. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration).

•Equity Warrants: Non-exchange-traded equity warrants are measured primarily from observed prices on recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and can be measured using third-party valuation services or the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date.

Corporate Debt Securities

•Investment Grade Corporate Bonds: Investment grade corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed from recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Investment grade corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy and are a limited portion of our investment grade corporate bonds.

•High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer's subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers.

Collateralized Debt Obligations and Collateralized Loan Obligations

Collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs") are measured based on prices observed from recently executed market transactions of the same or similar security or based on valuations received from third-party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria, including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates and loss severity.

U.S. Government and Federal Agency Securities

•U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy.

•U.S. Agency Debt Securities: Callable and non-callable U.S. agency debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Municipal Securities

Municipal securities are measured based on quoted prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size and are generally categorized within Level 2 of the fair value hierarchy.

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Sovereign Obligations

Sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized within Level 1 or Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities

•Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency residential mortgage-backed securities are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 or Level 3 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age.

•Non-Agency Residential Mortgage-Backed Securities: The fair value of non-agency residential mortgage-backed securities is determined primarily using pricing data from external pricing services, where available, and discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities.

Commercial Mortgage-Backed Securities

•Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association ("Ginnie Mae") project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of various factors, including prepayment speeds, default rates and cash flow structures. Ginnie Mae project loan bonds are categorized within Level 2 of the fair value hierarchy. Ginnie Mae multi-family collateralized mortgage obligations ("CMOs"), variable rate Interest Only Securities ("IOs") and fixed rate IOs are generally measured by using prices observed from recently executed market transactions or pricing data from external pricing services, where available, to estimate market-clearing spread levels for purposes of estimating fair value and are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability of the pricing inputs used. Federal National Mortgage Association ("Fannie Mae") Delegated Underwriting and Servicing ("DUS") mortgage-backed securities are generally measured by using prices observed from recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. Fannie Mae DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy.

•Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-agency commercial mortgage-backed securities are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs.

Other Asset-Backed Securities

Other asset-backed securities include, but are not limited to, securities backed by automobile loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal.

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Loans and Other Receivables

•Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, for example, derived using market prices for debt securities of the same creditor and estimates of future cash flows incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer's capital structure.

•Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans and data provider pricing. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing.

•Project Loans and Participation Certificates in Ginnie Mae Project and Construction Loans: Valuations of participation certificates in Ginnie Mae project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions.

•Consumer Loans and Funding Facilities: Consumer and small business whole loans and related funding facilities are valued based on observed market transactions and incorporating valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy.

•Escrow and Claim Receivables: Escrow and claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent observations in the same receivable. Escrow and claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers.

Derivatives

•Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market or consensus pricing services. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy.

•Over-the-Counter ("OTC") Derivative Contracts: OTC derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current transaction. Where available, valuation inputs are calibrated from observable market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy.

OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as Black-Scholes, with key inputs including the underlying security price, foreign exchange spot rate, commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. Where available, external data is used in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are generally observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services.

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•Oil Futures Derivatives: Vitesse Energy uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy accounts for the derivative instruments at fair value, which are classified as either Level 1 or Level 2 within the fair value hierarchy. Fair values classified as Level 1 are measured based on quoted closing exchange prices obtained from external pricing services and Level 2 are determined under the income valuation technique using an option-pricing model that is based on directly or indirectly observable inputs.

Investments at Fair Value

Investments at fair value include investments in hedge funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques internally or by third-party valuation services involving performance data, company ratios and multiples (e.g., price/EBITDA, price/book value) for comparable companies, discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy.

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):


	Fair Value (1)		Unfunded Commitments
August 31, 2022
Equity Long/Short Hedge Funds (2)	$	452,867	$	—
Equity Funds (3)	61,825		37,307
Commodity Fund (4)	25,671		—
Multi-asset Funds (5)	406,183		—
Other Funds (6)	352,977		65,916
Total	$	1,299,523	$	103,223

November 30, 2021
Equity Long/Short Hedge Funds (2)	$	466,231	$	—
Equity Funds (3)	46,030		17,815
Commodity Fund (4)	24,401		—
Multi-asset Funds (5)	390,224		—
Other Funds (6)	99,054		36,090
Total	$	1,025,940	$	53,905

(1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements.

(2)This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At August 31, 2022 and November 30, 2021, approximately 57% and 74%, respectively, of the fair value of investments became redeemable quarterly with 90 days prior written notice on December 31, 2021. At August 31, 2022 and November 30, 2021, approximately 37% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. The remaining investments are redeemable quarterly with 60 days prior written notice.

(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are primarily expected to be liquidated in approximately one to thirteen years.

(4)This category includes investments in a hedge fund that invests, long and short, primarily in commodities. These investments are redeemable quarterly with 60 days prior written notice.

(5)This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At August 31, 2022 and November 30, 2021, investments representing approximately 76% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At August 31, 2022 and November 30, 2021, approximately 17% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At

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August 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024.

(6)This category primarily includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments, as well as investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are primarily redeemable quarterly with 90 days prior written notice.

Investment in FXCM

Our investment in FXCM and associated companies consists of a senior secured term loan due May 6, 2023 ($39.6 million principal outstanding at August 31, 2022), a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM. Our investment in the FXCM term loan is reported within Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We classify our equity investment in FXCM in the Consolidated Statements of Financial Condition as Loans to and investments in associated companies, as we have the ability to significantly influence FXCM through our seats on the board of directors.

We estimate the fair value of our term loan by using a valuation model with inputs including management's assumptions concerning the amount and timing of expected cash flows, the loan's implied credit rating and effective yield. Because of these inputs and the degree of judgment involved, we have categorized our term loan within Level 3 of the fair value hierarchy.

Loans to and Investments in Associated Companies

Corporate bonds are measured primarily using pricing data from external pricing services and are categorized within Level 2 of the fair value hierarchy. Non-exchange-traded equity warrants with no pricing from external pricing services are generally categorized within Level 3 of the fair value hierarchy. The warrants are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, interest rate curve, strike price and maturity date.

Other Secured Financings

Other secured financings that are accounted for at fair value are classified within Level 2 or Level 3 of the fair value hierarchy. Fair value is based on estimates of future cash flows incorporating assumptions regarding recovery rates.

Securities Received as Collateral and Obligations to Return Securities Received as Collateral

In connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral. Valuation is based on the price of the underlying security and is categorized within the corresponding leveling guidance above. These financial instruments are typically categorized within Level 1 of the fair value hierarchy.

Long-term Debt

Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate Jefferies Group's own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy, where market trades have been observed during the period or model pricing is available, otherwise the notes are categorized within Level 3.

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Level 3 Rollforwards

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2022 (in thousands):


	Balance, May 31, 2022		Total gains/ losses (realized and unrealized) (1)		Purchases		Sales		Settlements		Issuances		Net transfers into (out of) Level 3		Balance, August 31, 2022		Changes in unrealized gains/losses included in earnings relating to instruments still held at August 31, 2022 (1)
Assets:
Financial instruments owned, at fair value:
Corporate equity securities	$	200,961	$	(1,603)	$	92	$	(189)	$	—	$	—	$	(1,444)	$	197,817	$	(1,696)
Corporate debt securities	20,813		(605)		759		(1,183)		—		—		(1,572)		18,212		699
CDOs and CLOs	49,858		685		13,133		(4,553)		(3,604)		—		(5,591)		49,928		(9,369)


Residential mortgage-backed securities	1,059		(3,596)		94		—		(32)		—		28,218		25,743		(2,158)
Commercial mortgage-backed securities	1,870		(2,663)		—		—		—		—		32,403		31,610		(621)
Other asset-backed securities	84,778		(1,800)		17,487		—		(13,217)		—		4,245		91,493		(7,432)
Loans and other receivables	137,752		1,616		7,065		(21,492)		(325)		—		(7,022)		117,594		1,536
Investments at fair value	163,844		20,329		2,184		(48)		(831)		—		—		185,478		20,104
FXCM term loan	51,880		10,245		—		—		(32,020)		—		—		30,105		1,433
Loans to and investments in associated companies	14,795		(21,668)		37,590		—		—		—		—		30,717		(21,668)


Liabilities:
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	3,749		(278)		(940)		39		—		—		—		$	2,570	(268)
Corporate debt securities	401		26		—		—		—		—		—		427		(28)

CDOs and CLOs	—		(29)		—		383		—		—		—		354		29
Commercial mortgage-backed securities	385		—		—		70		—		—		—		455		—
Loans	18,283		157		(16,983)		1,937		—		—		9,300		12,694		(1,428)
Net derivatives (2)	74,997		(23,380)		(1,929)

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