Jefferies Financial Group Inc.
For the period ended Nov 30, 2025. Filed Jan 28, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jan 28, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-11-30; filed 2025-01-28.
0001628280-25-002833
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsConsolidated Results of OperationsRevenues by SourceNon-interest ExpensesAccounting DevelopmentsCritical Accounting EstimatesLiquidity, Financial Condition and Capital ResourcesRisk ManagementCurrent report: 10-K
Period ended 2025-11-30; filed 2026-01-28.
0000096223-26-000009
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsConsolidated Results of OperationsExecutive SummaryRevenues by SourceNon-interest ExpensesAccounting DevelopmentsCritical Accounting EstimatesLiquidity, Financial Condition and Capital ResourcesRisk ManagementThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1922 previous paragraphs and 1909 current paragraphs.
1319 unchanged; 200 reworded; 363 added; 387 removed; 16 previous and 27 current paragraphs rearranged.
Tables are not compared: 43 previous and 41 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (363)
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Item 7. Management’s Discussion and Analysis of Financial
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Net earnings attributable to common shareholders were
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$630.8 million and$669.3 million for theyear ended November
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Our effective tax rate was 21.2%, and 29.2% for theyear ended
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At November 30, 2025, we had 7,787 employees globally across
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segments, compared to 7,822 at November 30, 2024. Included
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November 30, 2025 and 2,063 employees at November 30, 2024
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origination and servicing) as well as investment sales;
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Investment banking net revenues were$3.79 billion, up 10.0%
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Advisory net revenues of$2.15 billion reflect a record year, an
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increase of 18.4% compared to$1.81 billion for the prior year
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compared to$1.49 billion for the prior year period. Solid net
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revenues in Debt underwriting were driven by an increase in
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mergers and acquisition activity across most sectors and
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collateralized loan origination activity. Equity underwriting net
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revenues declined due to reduced transaction activity across
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most sectors, reflecting a broad industry slowdown in the first-
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half of 2025. However, by June, market conditions began to
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strengthen and transaction volumes accelerated as economic
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and market clarity improved. Over 40% of our annual Equity
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underwriting net revenues were generated in the fourth quarter of
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Other investment banking net revenues were$3.0 million,
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compared to net revenues of$144.1 million for the prior year
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period. A significant portion of the decrease is attributable to the
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prior year’s inclusion of Foursight’s operating revenues as well as
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also includes mark-to-market net losses on certain investment
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positions compared to mark-to-market net gains in the prior year
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Our investment banking momentum and backlog remains strong,
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continuing the trend we saw during the second half of 2025,
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although the extent and timing of its realization is always subject
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Equities net revenues were a record$1.91 billion, up 19.8%
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compared to$1.59 billion for the prior year period, as market
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share gains and overall strong client activity drove stronger
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•Net revenues were$7.03 billion for 2024, up 49.7% compared
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to$4.70 billion for 2023, reflecting strength across all lines of
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business primarily due to market share gains and a stronger
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•Earnings from continuing operations before income taxes were
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$1.01 billion for 2024, up 183.8% compared to$354.3 million
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•Our overall results were strong for 2024, driven by strength and
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continued momentum in Investment Banking and Equities.
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•Net earnings from discontinued operations (including gain on
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disposal), net of income taxes were$3.7 million and reflects
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OpNet, which closed in August 2024.
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•Investment banking net revenues were$3.44 billion for 2024,
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up 51.6% compared to$2.27 billion for 2023. Advisory net
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revenues were$1.81 billion, up 51.1% compared to$1.20
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billion for 2023, primarily attributable to market share gains
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and increased overall market opportunity. Total underwriting
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net revenues were$1.49 billion for 2024, up 53.4% compared
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to$970.5 million for 2023, due to increased equity and debt
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underwriting activity as a result of a more robust equity and
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general capital markets environment.
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•Equities net revenues were$1.59 billion for 2024, up 39.8%
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compared to$1.14 billion for 2023, attributable to market
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share gains, increased volumes and more favorable trading
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opportunities driving stronger results across most of our
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•Fixed income net revenues were$1.17 billion, up 6.8%
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compared to$1.09 billion for 2023, driven by stronger results
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from our distressed trading and securitized markets
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businesses, partially offset by reduced activity in our global
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structured solutions business and less favorable results across
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ouremerging markets, credit e-trading, corporates, and
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municipal securities businesses, which were particularly strong
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•Asset management net revenues were$803.7 million for 2024,
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compared to$188.3 million for 2023. Investment return for
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2024 were higher on improved performance across a number
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Included within our global headcount are 2,063 employees of
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our Stratos, Tessellis, HomeFed and M Science subsidiaries.
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of our Stratos, Tessellis, HomeFed and M Science subsidiaries.
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these businesses inclusive of the net interest revenue or expense
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these businesses inclusive of these costs, including the net
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adjustments on derivative contracts, gains and losses on
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Debt valuation adjustments on derivative contracts, gains and
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investments held in deferred compensation plans or certain other
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losses on investments held in deferred compensation plans,
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Foreign currency transaction gains or losses, debt valuation
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foreign currency transaction gains or losses or certain other
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•our 50% share of net earnings from our corporate lending joint
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•our 50% share of net earnings from our Jefferies Finance joint
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associated with investment banking business opportunities.
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compared to$1.20 billion for 2023, driven by market share gains
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period, driven by market share gains and increased overall
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Total underwriting net revenues were$1.49 billion for 2024, up
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Total underwriting net revenues were$1.64 billion, up 10.3%
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the current year results of OpNet offset by a gain on the sale of
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the gain on the sale of Foursight in April 2024. The current year
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Revenues from our share of the net earnings of our Berkadia joint
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period. Additionally, performance of our Berkadia joint venture
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share of the net earnings of our Jefferies Finance joint venture
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increased while performance of our Jefferies Finance joint
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snapshots are subject to limitations as the time frame for the
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to change. Backlog snapshots are subject to limitations as the
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realization of revenues from these expected transactions varies
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time frame for the realization of revenues from these expected
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and is influenced by factors we do not control. Transactions not
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transactions varies and is influenced by factors we do not
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included in the estimate may occur, and expected transactions
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control. Transactions not included in the estimate may occur, and
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expected transactions may be modified or cancelled.
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Results in our prime services business were also strong and
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results in our prime services, global electronic trading, Europe
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offering institutional clients a range of investment strategies
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institutional clients with a broad range of investment strategies,
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directly and through our affiliated asset managers. We provide
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both directly and through our strategic affiliated asset managers.
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marketing and distribution platform, as well as operational
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global marketing and distribution platform, as well as operational
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Our asset management business makes seed and additional
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makes seed and additional strategic investments directly in
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act as the asset manager or in affiliated asset managers where
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co-mingled funds where we act as the asset manager or in
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we have strategic relationships and participate in the revenues or
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and participate in the revenues or profits of the affiliated
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•revenue from affiliated asset managers where we are entitled
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•Revenue from strategic affiliated asset managers where we are
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on our ownership interests in our affiliated asset managers;
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based on our ownership interests in the affiliates.
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fixed and determinable and are not probable of being
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become fixed and determinable and are not subject to significant
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development activities, foreign exchange trading(Stratos
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activities, foreign exchange trading, and telecommunications
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(1)These amounts include our share of fees received by affiliated asset
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(1)Amounts include our share of fees received by affiliated asset management
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management companies with which we have revenue and profit share
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companies with which we have revenue and profit share arrangements, as
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arrangements, as well as earnings on our ownership interest in affiliated asset
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well as earnings on our ownership interest in affiliated asset managers.
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management and performance fees on funds managed by us,
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primarily reflecting higher performance fees on funds managed
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venture increased from the prior year period primarily driven by
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$212.2 million for the prior year period, primarily driven by a pre-
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fee and revenues are calculated and the measure also includes
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fees and revenues though the measure also includes funds and
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funds and separately managed accounts for which we do not
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separately managed accounts for which we do not charge fees.
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separately managed accounts and the fair value of any invested
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•the fair value of any invested capital in our consolidated funds
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(3)We earn asset management fees as a result of the third-party investments,
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(2)We earn asset management fees as a result of the third-party investments,
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(2)Revenues from our share of fees received by affiliated asset managers are
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(3)Revenues from our share of fees received by affiliated asset managers are
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Our definition of assets under management is not based on any
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Our definition of assets under management may differ from the
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affiliated asset managers where we have strategic relationships
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results of our asset management business.
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compared to$513.7 million for 2024.
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within our global headcount are 1,797 employees at
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of our Stratos, Tessellis, HomeFed, and M Science subsidiaries.
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qualitative factors are sensitive to management’s forecasts of
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Operations and Note 12, Goodwill and Intangible Assets in our
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by 5.1% than total assets at November 30, 2025.
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balance of total repos and stock loans during theyear ended
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for theyear ended November 30, 2025 and 2024, respectively.
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B-1 Non-Voting Convertible Preferred Shares with a par value of
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Series B Preferred Stock upon dissolution, liquidation or winding
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up of Jefferies Financial Group Inc. Each share of Series B-1
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Preferred Stock is automatically convertible into 500 shares of
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stock exists, subject to certain anti-dilution adjustments. The
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and distributions alongside our voting common stock on an as-
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Additionally, on September 19, 2025, we entered into an amended
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exchange shares of our voting common stock for shares of the
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Series B-1 Preferred Stock at a rate of 500 shares of voting
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common stock for one share of Series B-1 Preferred Stock. The
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Amended and Restated Exchange Agreement is limited to 17,500
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The payment of dividends is subject to the discretion of our
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Board of Directors and depends upon general business
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conditions and other factors that our Board of Directors may
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Jefferies GmbH, which is subject to the regulatory supervision of
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Securities purchased under agreements to resell.
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assess their potential impact on our business.
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billion for 2023. Compensation and benefits expense as a
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in January 2023 and sale of Foursight in April 2024. The
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Investment Banking and Capital Markets and Asset
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results of our asset management businesses.
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strategic investments directly in alternative asset management
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separately managed accounts and co-mingled funds where we
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Non-interest expenses, excluding Compensation and benefits, as
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statements included in this Annual Report on Form 10-K, for
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million at May 31, 2023. During the three months ended August
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Intangible Assets in our consolidated financial statements
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included in this Annual Report on Form 10-K for further details on
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basis and 14.5% on a fully-diluted, as-converted basis. Refer to
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SEA Rule 15c3-1 or CFTC Regulation 1.17. Accordingly, FINRA is
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As a registered broker dealer that clears and carries customer
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conflict in the region. We continue to closely monitor the status
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consolidated financial statements included in this Annual Report on Form 10-K.