Jefferies Financial Group Inc.
For the period ended Feb 28, 2025. Filed Apr 9, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 28, 2025 · Filed Apr 9, 2025
JEF$47.38-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-08-31; filed 2024-10-09.
0001628280-24-042612
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-02-28; filed 2025-04-09.
0001628280-25-017192
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe 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 361 previous paragraphs and 1699 current paragraphs.
90 unchanged; 212 reworded; 361 added; 58 removed; 1 previous and 1036 current paragraphs rearranged.
Tables are not compared: 60 previous and 50 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 (361)
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Condition and Results of Operations
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This report may contain or incorporate by reference certain
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Exchange Act of 1934 and/or the Private Securities Litigation
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often preceded by the words “should,” “expect,” “believe,”
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“intend,” “may,” “will,” “would,” “could” or similar expressions.
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these documents, including the following:
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Commission (“SEC”) on January 28, 2025;
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and Results of Operations” herein;
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reports and announcements.
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and positions.
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•Net revenues were$1.59 billion, down 8.4% compared to$1.74
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billion for the prior year quarter, reflecting a more challenging
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environment due to uncertainties that have arisen around U.S.
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policy and geopolitical events.
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$151.1 million, down 31.4% compared to$220.2 million for the
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prior year quarter. Our first quarter results reflect strength in
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our overall Investment Banking advisory and underwriting
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businesses as well our Equities business offset by a
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meaningful decline in investment return generated by our Asset
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Management business and a decline in the performance in our
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Fixed Income business.
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•Investment banking net revenues from Advisory, Equity
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underwriting and Debt underwriting totaling$725.7 million
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were up 7.2% compared to$677.1 million for theprior year
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quarter. Advisory net revenues were$397.8 million, up 17.5%
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compared to$338.6 million for theprior year quarter, primarily
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and acquisitions markets. Total underwriting net revenues
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were$327.9 million, down 3.1% compared to$338.5 million for
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theprior year quarter, asstrong results in debt underwriting
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was offset by a slowdown in equity underwriting activity, as
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overall industry opportunity in the equity market slowed
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particularly in sectors where we have significant market share.
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Other investment banking net revenues were negative$(25.0)
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million, compared to net revenues of$49.9 million for theprior
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year quarter. Other investment banking net revenues include
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the net returns on our investments in our Jefferies Finance and
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Berkadia joint ventures and net gains or losses on investments.
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•Equities net revenues were$409.1 million, up 10.0% compared
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to$371.8 million for theprior year quarter, attributable to
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•Fixed income net revenues were$289.2 million, down 17.9%
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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•Net revenues were $1.68 billion, up 42.4% compared with $1.18 billion for the prior year quarter, reflecting strong performance and continued momentum in Investment Banking (up 47.3%), including a record quarter in Advisory (up 76.7%), as well as strong performance in Equities (up 42.3%) and solid performance in Fixed income (up 13.2%).
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•Net earnings from discontinued operations (including gain on disposal), net of income taxes were $6.4 million and reflects the current quarter results of OpNet and a gain on the sale of OpNet, which closed in August 2024.
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•Equities net revenues of $381.4 million were 42.3% higher compared to $268.0 million for the prior year quarter, due to increased volumes and more favorable trading opportunities, particularly within our cash and electronic businesses, as well as stronger results in our prime services business.
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•Fixed income net revenues of $289.2 million were 13.2% higher compared to $255.6 million for the prior year quarter, primarily reflecting stronger results across our credit trading businesses.
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•Non-compensation expenses were $541.8 million, an increase of 21.2% compared with $447.0 million for the prior year quarter. Non-compensation expenses were higher due to the inclusion of Tessellis and Stratos as operating subsidiaries following the consolidation of these entities in the fourth quarter of 2023. The increase in non-compensation expenses is also attributed to increased brokerage and clearing fees associated with increased trading volumes, and higher technology and communications and business development expenses.
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Consolidated Results
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•Net revenues were $5.08 billion, up 45.0% compared with $3.50 billion for the prior year period, reflecting strength across all lines of business primarily due to market share gains.
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•Earnings from continuing operations before income taxes were $700.7 million, compared with $267.0 million for the prior year period.
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•Net losses from discontinued operations (including gain on disposal), net of income taxes were $(1.5) million and reflects the current year results of OpNet and a gain on the sale of OpNet, which closed in August 2024.
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Business Results
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•Investment banking net revenues were $2.49 billion, up 45.6% compared with $1.71 billion in the prior year period. Advisory revenues were $1.21 billion, up 37.0% compared with $886.6 million for the prior year period, attributable primarily to market share gains. Total underwriting net revenues of $1.13 billion were 58.9% higher than the prior year period of $708.9 million, due to increased equity and debt underwriting activity as a result of a more robust equity and general capital markets environment.
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•Asset management net revenues were $488.9 million, compared to $47.7 million in the prior year period. Investment return was higher on improved performance across multiple investment strategies, partially offset by $30.6 million of revenue losses associated with our investment in Weiss. Other investments net revenues for the current year were meaningfully higher than the prior year period largely due to the inclusion of Stratos and Tessellis in our overall results as these entities became consolidated subsidiaries in the fourth quarter of 2023.
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•Compensation and benefits expense was $2.68 billion, an increase of 39.3% compared with $1.92 billion for the prior year period. Compensation and benefits expense as a percentage of Net revenues was 52.7%, compared with 54.9% for the prior year period. The ratio for the current period was impacted by the consolidation of Stratos and Tessellis, which have lower compensation ratios.
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Investment banking net revenues were $949.5 million, up 47.3% compared with $644.6 million for the prior year quarter. We have made extensive investments in our investment banking business over the past recent periods, enhancing our capabilities across sectors and regions which has led to market share gains.
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Total underwriting net revenues were $333.2 million, an increase of 25.8% from $264.9 million for the prior year quarter, driven by stronger debt underwriting activity across most sectors. Equity underwriting net revenues remained relatively flat compared to the prior year quarter.
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Other investment banking net revenues were $23.8 million, lower compared with net revenues of $44.5 million for the prior year quarter. Results from our share of the net earnings of our Jefferies Finance joint venture increased from the prior year quarter, primarily driven by higher net fee income, partially offset by lower net interest income. Revenues from our share of the net earnings of our Berkadia joint venture decreased from the prior year quarter, primarily due to lower mortgage origination and sales volumes, partially offset by higher interest income and servicing fees attributable to a larger and growing loan servicing portfolio. In addition, during the current quarter, we recognized gains on various equity derivative transactions related to our investment banking activities and revenue from our strategic alliance with SMBC. The current quarter was also impacted by the absence of Foursight due to its sale in April 2024.
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Investment banking net revenues were $2.49 billion, up 45.6% compared with $1.71 billion for the prior year period. We have made extensive investments in our investment banking business, enhancing our capabilities across sectors and regions which has led to market share gains.
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Advisory net revenues were $1.21 billion, up 37.0% compared with $886.6 million for the prior year period, driven by market share gains attributable to an increase in transaction levels across most sectors in the global mergers and acquisitions markets.
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Total underwriting net revenues were $1.13 billion, an increase of 58.9% from $708.9 million for the prior year period, due to increased equity and debt underwriting activity as a result of a more robust capital markets environment.
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Other investment banking net revenues were $151.0 million, meaningfully higher compared with net revenues of $116.0 million for the prior year period. Results from our share of the net earnings of our Jefferies Finance joint venture increased from the prior year period primarily driven by higher net fee income, partially offset by lower net interest income. Revenues from our share of the net earnings of our Berkadia joint venture increased from the prior year period driven by higher interest income and servicing fees attributable to a larger and growing loan servicing portfolio, partially offset by lower mortgage origination and sales volumes. In addition, during the current year, we recognized gains on various equity derivative transactions related to our investment banking activities, revenue from our strategic alliance with SMBC and a $24.8 million initial gain from the sale of Foursight in April 2024.
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•Equities net revenues were $381.4 million, up 42.3% from $268.0 million for the prior year quarter, as increased volumes and more favorable trading opportunities drove stronger results, particularly within our cash and electronic trading businesses, as well as stronger results in our prime services business.
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•Equities net revenues were $1.15 billion, up 34.7% from $852.0 million for the prior year period, attributable to market share gain and increased volumes and more favorable trading opportunities driving stronger results across most of our equities business lines, particularly within our cash and electronic trading businesses, as well as stronger results in our prime services business.
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•interest rate derivatives and credit derivatives; and
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•structuring and financing services.
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•Fixed income net revenues were $289.2 million, up 13.2% compared to $255.6 million for the prior year quarter, primarily reflecting stronger results across our credit trading businesses.
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•Fixed income net revenues were $925.8 million, up 4.9% compared to $883.0 million for the prior year period, driven by stronger results from our distressed trading and securitized markets businesses, partially offset by reduced activity in our global structured solutions business and less favorable results across our emerging markets and municipal securities businesses which were particularly strong in the prior year period.
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Asset management fees and revenues were $13.3 million, lower from $16.4 million for the prior year quarter, reflecting higher management fees on funds managed by us offset by lower revenue earned through our strategic affiliates.
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Investment return negative net revenues were $(40.1) million, compared with net revenues of $31.7 million for the prior year quarter, as the market environment for certain of our strategies proved challenging during the current quarter resulting in losses across various strategies.
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Other investments net revenues were $101.9 million, compared with negative net revenues of $(25.1) million in the prior year quarter, with the increase primarily driven by the consolidation of Stratos and Tessellis in the fourth quarter of 2023. Additionally, during the third quarter of 2024, Other investments net revenues include net gains on investment positions compared to unrealized losses on certain positions due to fair value write-downs recognized in the prior year quarter.
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Our overall results were strong for the current period, and includes losses associated with our investment in Weiss, which reduced our asset management net revenues by $30.6 million.
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Asset management fees and revenues were $89.7 million, compared with $75.0 million for the prior year period, reflecting higher management and performance fees on funds managed by us, while increases in revenues on certain strategic affiliate strategies were largely offset by declines in revenues from other strategic affiliates.
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Investment return was $110.4 million, compared with $91.6 million for the prior year period, with the increase driven by improved returns generated across multiple fund strategies, partially offset by losses of $30.6 million associated with our investment in Weiss.
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Other investments net revenues were $335.8 million, compared with negative net revenues of $(83.9) million in the prior year period, with the increase primarily driven by the consolidation of Stratos and Tessellis in the fourth quarter of 2023, partially offset by the spin-off of Vitesse Energy in January 2023. Additionally, during the current year, Other investments net revenues include net gains on investment positions compared to unrealized losses on certain positions due to fair value write-downs recognized in the prior year period.
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The tables below include only third-party assets under management by us, excluding those of our affiliated asset managers.
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Non-interest expenses were $1.43 billion, an increase of 31.1%, compared with $1.09 billion for the prior year quarter, primarily due to an increase in overall business activity and compensation expense. Non-compensation expenses are also higher due to the inclusion of Tessellis and Stratos as operating subsidiaries following the consolidation of these entities in the fourth quarter of 2023.
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Non-interest expenses were $4.38 billion, an increase of 35.3%, compared with $3.24 billion for the prior year period, primarily due to an increase in overall business activity and compensation expense. Non-compensation expenses are also impacted by the inclusion of Tessellis and Stratos as operating subsidiaries following the consolidation of these entities in the fourth quarter of 2023, partially offset by the impact of the spin-off of Vitesse Energy in January 2023.
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At August 31, 2024, we had 7,624 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, an increase of 2,119 employees from our headcount of 5,505 at August 31, 2023. Included within our global headcount are 1,907 employees of our Stratos, Tessellis, HomeFed, and M Science subsidiaries. Of the 2,119 headcount increase, 1,698 relates to recognizing control of Stratos and Tessellis during the fourth quarter of 2023 as the employees of those subsidiaries are now included in our overall headcount. During the past year, we have increased the number of our Investment Banking Managing Directors and related staff, along with additional technology and corporate staff to support our growth and strategic priorities.
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Non-interest expenses, excluding Compensation and benefits, as a percentage of Net revenues was 32.2% and 37.8% for the three months ended August 31, 2024 and 2023, respectively, and was impacted by the following:
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•Brokerage and clearing fees were higher by $9.9 million primarily due to increased trading volumes.
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This report contains or incorporates by reference “forward looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements include statements about our future and statements that are not historical facts. These forward looking statements are usually preceded by the words “believe,” “intend,” “may,” “will,” or similar expressions. Forward looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward looking statements also include statements pertaining to our strategies for future development of our business and products. Forward looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward looking statements is contained in this report and other documents we file. You should read and interpret any forward looking statement together with these documents, including the following:
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“forward-looking statements” within the meaning of Section 27A
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•the description of our business and risk factors contained in our Annual Report on Form 10-K for the year ended November 30, 2023 and filed with the Securities and Exchange Commission (“SEC”) on January 26, 2024;
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•the description of our business and risk factors contained in
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•the discussion of our analysis of financial condition and results of operations contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein;
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•the discussion of our analysis of financial condition and results
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•the discussion of our risk management policies, procedures and methodologies contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Risk Management” herein;
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•the discussion of our risk management policies, procedures
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•the consolidated financial statements and notes to the consolidated financial statements contained in this report; and
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•the consolidated financial statements and notes to the
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•cautionary statements we make in our public documents, reports and announcements.
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•cautionary statements we make in our public documents,
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Any forward looking statement speaks only as of the date on which that statement is made. We undertake no obligation to update any forward looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law.
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Any forward-looking statement speaks only as of the date on
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Our business, by its nature, does not produce predictable or necessarily recurring earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and our own activities and positions.
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Our business, by its nature, does not produce predictable or
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•Earnings from continuing operations before income taxes were $252.7 million, compared with $91.1 million for the prior year quarter.
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•Earnings from continuing operations before income taxes were
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•Investment banking net revenues were $949.5 million, up 47.3% compared with $644.6 million in the prior year quarter. Advisory had its best quarter on record with net revenues of $592.5 million, up 76.7% compared with $335.3 million for the prior year quarter, driven by market share gains and an increase in global mergers and acquisitions activity. Total underwriting net revenues of $333.2 million were 25.8% higher than the prior year quarter of $264.9 million, driven by stronger leveraged finance activity. Equity underwriting net revenues remained flat compared to the prior year quarter.
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attributable to meaningful market share gains and an increase
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Advisory net revenues of $592.5 million reflect our best quarter on record and was up 76.7% compared with $335.3 million for the prior year quarter, driven by market share gains attributable to an increase in transaction levels across most sectors in the global mergers and acquisitions markets.
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in transaction levels across most sectors in the global mergers
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•Equities net revenues of $1.15 billion were 34.7% higher compared to $852.0 million of the prior year period, as increased volumes and more favorable trading opportunities drove stronger results across most of our equities business lines.
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stronger results across several of our equities business lines.
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•Non-compensation expenses were $1.70 billion, an increase of 29.4% compared with $1.31 billion for the prior year period. Non-compensation expenses were higher due to the inclusion of Tessellis and Stratos as operating subsidiaries following the consolidation of these entities in the fourth quarter of 2023, offset by the impact of the spin-off of Vitesse Energy in January 2023. The increase in non-compensation expenses is also attributed to increased brokerage and clearing fees associated with increased trading volumes and technology and communication and business development expenses. Other expenses include bad debt expenses largely related to our losses associated with Weiss Strategy Advisers upon its shutdown in the first quarter of 2024.
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realized in the first quarter of 2025. Investment return
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•Compensation and benefits expense was $889.1 million, an increase of 38.0% compared with $644.1 million for the prior year quarter. Compensation and benefits expense as a percentage of Net revenues was 52.8%, compared with 54.5% for the prior year quarter. The ratio for the current quarter was impacted by the consolidation of Stratos and Tessellis, which have lower compensation ratios.
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quarter. Compensation and benefits expense as a percentage
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•Our overall results were strong for the current period, reflecting strong performance and continued momentum in Investment Banking. Additionally, our results include the impact of losses associated with our investment in Weiss Multi-Strategy Advisers (“Weiss”) resulting in a pre-tax loss to us of $57.2 million, $30.6 million of which reduced our net revenues and $26.2 million of which increased our non-compensation expenses.
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the shutdown of Weiss Multi-Strategy Advisers (“Weiss”). In
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•At August 31, 2024, we had 7,624 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, an increase of 2,119 employees from our headcount of 5,505 at August 31, 2023. Included within our global headcount are 1,907 employees of our Stratos, Tessellis, HomeFed, and M Science subsidiaries. Of the 2,119 headcount increase, 1,698 relates to recognizing control of Stratos and Tessellis since the fourth quarter of 2023 as the employees of these subsidiaries are now included in our overall headcount. During the past year, we have increased the number of our Investment Banking Managing Directors and related staff, along with additional technology and corporate staff to support our growth and strategic priorities.
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all of our consolidated subsidiaries within our Investment
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We present our results as two reportable business segments: Investment Banking and Capital Markets and Asset Management. Additionally, corporate activities are fully allocated to each of these reportable business segments. Beginning in fiscal 2024, we now refer to “Merchant banking” as “Other investments” in our Asset Management reportable segment.
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We present our results as two reportable business segments:
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Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated short- and long-term debt, which is a function of the mix of each business’s associated assets and liabilities and the related funding costs.
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Net revenues presented for our Investment Banking and Capital
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The remainder of our “Consolidated Results of Operations” is presented on a detailed product and expense basis. Our “Revenues by Source” is reported along the following business lines: Investment Banking, Equities, Fixed Income and Asset Management.
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The remainder of our “Consolidated Results of Operations” is
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Foreign currency transaction gains or losses, debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other corporate income items are not considered by management in assessing the financial performance of our operating businesses and are, therefore, not reported as part of our business segment results.
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Debt valuation adjustments on derivative contracts, gains and
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(1)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement.
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(1)Allocated net interest is not separately disaggregated for Investment Banking
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(2)Allocated net interest represents an allocation to Asset Management of our interest expense on short- and long-term debt, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.
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(2)Allocated net interest represents an allocation to Asset Management of our
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(2)Allocated net interest represents an allocation to Asset Management of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.
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long-term debt interest expense, net of interest income on our Cash and cash
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•advisory services with respect to mergers and acquisitions, debt financing, restructurings and private capital transactions;
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•advisory services with respect to mergers and acquisitions,
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•underwriting services, which include underwriting and placement services related to corporate debt, municipal bonds, mortgage-backed and asset-backed securities and equity and equity-linked securities and loan syndication;
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•underwriting services, which include debt underwriting and
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•our 50% share of net earnings from our corporate lending joint venture, Jefferies Finance;
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•our 50% share of net earnings from our corporate lending joint
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•our 45% share of net earnings from our commercial real estate joint venture, Berkadia (which includes commercial mortgage origination and servicing);
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•our 45% share of net earnings from our commercial real estate
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•Foursight, our wholly-owned subsidiary engaged in the lending and servicing of automobile loans (until the sale of our interest in April 2024);
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and servicing of automobile loans (until the sale in April 2024);
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•securities and loans received or acquired in connection with our investment banking activities;
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•securities and loans received or acquired in connection with
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•certain revenue-sharing agreements with SMBC primarily associated with investment banking business opportunities.
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•certain revenue-sharing agreements with SMBC primarily
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•Asset management net revenues were $59.0 million, compared with net revenues of $10.1 million in the prior year quarter. Other investments net revenues for the current quarter meaningfully increased largely due to the inclusion of Stratos and Tessellis in our overall results as these entities became consolidated subsidiaries in the fourth quarter of 2023. Investment return revenues decreased from the prior year quarter as the market environment for certain of our strategies proved challenging during the current quarter.
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investment banking net revenues for the prior year quarter also
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Our investment banking backlog remains strong heading into year end based on current trends observed, although execution is always uncertain and dependent on market conditions. As an indicator of net revenues in a given future period, backlog snapshots are subject to limitations. The time frame for the realization of revenues from these expected transactions varies and is influenced by factors we do not control. Transactions not included in the estimate may occur, and expected transactions may also be modified or cancelled.
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While our investment banking backlog remains strong, the extent
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•services provided to our clients from which we earn commissions or spread revenue by executing, settling and clearing transactions for clients;
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•services provided to our clients from which we earn
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•financing, securities lending and other prime brokerage services offered to clients, including capital introductions and outsourced trading; and
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services offered to clients, including capital introductions and
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•executing transactions for clients and making markets in securitized products, investment grade, high-yield, distressed, emerging markets, municipal and sovereign securities, and bank loans;
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•executing transactions for clients and making markets in
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•Fixed income net revenues of $925.8 million were 4.9% higher compared to $883.0 million for the prior year period, driven by stronger results from our distressed trading and securitized markets businesses, partially offset by reduced activity in our global structured solutions business and less favorable results across our emerging markets and municipal securities businesses, which were particularly strong in the prior year period.
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Strong results from our global structured solutions and
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We operate a diversified alternative asset management platform offering institutional clients a range of investment strategies directly and through our affiliated asset managers. We provide certain of our affiliated asset managers access to our global operational infrastructure and support. This may include strategy and product development, daily operations and finance-related activities, compliance, legal and human resources support, as well as marketing and business development.
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We operate a diversified alternative asset management platform
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•management and performance fees from funds and accounts managed by us;
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•management and performance fees from funds and accounts
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•revenue from affiliated asset managers where we are entitled to portions of their revenues and/or profits, as well as earnings on our ownership interests in our affiliated asset managers;
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•revenue from affiliated asset managers where we are entitled
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•investment income from our capital invested in and managed by us and our affiliated asset managers; and
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•investment income from our capital invested in and managed
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of the Securities Act of 1933, Section 21E of the Securities
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Reform Act of 1995. Forward-looking statements include
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statements about our future and statements that are not
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historical or current facts. These forward-looking statements are
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Forward-looking statements may contain expectations regarding
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revenues, earnings, operations and other results, and may include
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statements of future performance, plans and objectives. Forward-
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looking statements also include statements pertaining to our
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strategies for future development of our business and products.
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Forward-looking statements represent only our belief regarding
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future events, many of which by their nature are inherently
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uncertain. It is possible that the actual results may differ, possibly
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materially, from the anticipated results indicated in these
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forward-looking statements. Information regarding important
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factors that could cause actual results to differ, perhaps
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materially, from those in our forward-looking statements is
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contained in this report and other documents we file. You should
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read and interpret any forward-looking statement together with
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our Annual Report on Form 10-K for the year ended
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November 30, 2024 and filed with the Securities and Exchange
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of operations contained in this report under the caption
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and methodologies contained in this report under the caption
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and Results of Operations—Risk Management” herein;
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consolidated financial statements contained in this report; and
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which that statement is made. We undertake no obligation to
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update any forward-looking statement to reflect events or
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circumstances that occur after the date on which the statement
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is made, except as required by applicable law.
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necessarily recurring earnings. Our results in any given period
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can be materially affected by conditions in global financial
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markets, economic conditions generally and our own activities
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had an increase in business development expenses. Other
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expenses for the prior year quarter include bad debt expenses
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of$27.0 million largely related to our losses associated with
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Banking and Capital Markets and Asset Management
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Tessellis, HomeFed and M Science subsidiaries.
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Investment Banking and Capital Markets and Asset Management.
Current report — wording carried from elsewhere
Additionally, corporate activities are fully allocated to each of
Current report — wording carried from elsewhere
Markets reportable segment include allocations of interest
Current report — wording carried from elsewhere
income and interest expense as we assess the profitability of
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Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(1)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement.