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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
OR
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.
1


Jefferies Financial Group Inc. and Subsidiaries
Index to Quarterly Report on Form 10-Q
August 31, 2022
PART I. FINANCIAL INFORMATION
Page
3
3
4
5
6
8
PART II. OTHER INFORMATION
2

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.
3

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.
4

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.
5

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.
6

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.
7

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.
8

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.
9

Jefferies Financial Group Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Index
Note Page
10

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.



11

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) —  (20,954) —  43,764  72,498  19,719 
Other secured financings 2,362  —  —  —