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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 February 29, 2024
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 1-05721
JEFFERIES FINANCIAL GROUP INC.
(Exact name of registrant as specified in its charter)
New York13-2615557
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
520 Madison Avenue, New York,New York10022
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 284-2300
Securities 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 shareJEFNew York Stock Exchange
4.850% Senior Notes Due 2027JEF 27ANew York Stock Exchange
5.875% Senior Notes Due 2028JEF 28New York Stock Exchange
2.750% Senior Notes Due 2032JEF 32ANew 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, 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.
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 March 28, 2024 was 212,043,560.


JEFFERIES FINANCIAL GROUP INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
February 29, 2024

1

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JEFFERIES FINANCIAL GROUP INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(In thousands except share and per share amounts)
February 29,
2024
November 30,
2023
ASSETS
Cash and cash equivalents$7,615,691 $8,526,363 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $126,340 and $110,198 at fair value)
1,195,346 1,414,593 
Financial instruments owned, at fair value (includes securities pledged of $17,369,731 and $17,158,747)
23,211,546 21,747,473 
Investments in and loans to related parties1,267,570 1,239,345 
Securities borrowed6,789,055 7,192,091 
Securities purchased under agreements to resell7,546,785 5,950,549 
Securities received as collateral, at fair value110,897 8,800 
Receivables:
Brokers, dealers and clearing organizations3,008,327 2,380,732 
Customers1,860,124 1,705,425 
Fees, interest and other612,296 630,142 
Premises and equipment1,103,490 1,065,680 
Assets held for sale (includes pledged assets of $25,600 and $181,900 at fair value)
1,571,981 1,545,472 
Goodwill1,824,037 1,847,856 
Other assets (includes assets pledged of $321,367 and $244,604)
3,215,855 2,650,640 
Total assets$60,933,000 $57,905,161 
LIABILITIES AND EQUITY
Short-term borrowings$1,254,310 $989,715 
Financial instruments sold, not yet purchased, at fair value12,043,950 11,251,154 
Securities loaned2,709,170 1,840,518 
Securities sold under agreements to repurchase11,596,778 10,920,606 
Other secured financings (includes $3,965 and $3,898 at fair value)
1,429,753 1,430,199 
Obligation to return securities received as collateral, at fair value110,897 8,800 
Payables:
Brokers, dealers and clearing organizations 3,947,779 3,737,810 
Customers 4,202,162 3,960,557 
Lease liabilities533,761 544,650 
Liabilities held for sale1,146,802 1,173,648 
Accrued expenses and other liabilities2,172,485 2,546,211 
Long-term debt (includes $1,751,772 and $1,708,443 at fair value)
9,917,278 9,698,752 
Total liabilities51,065,125 48,102,620 
MEZZANINE EQUITY
Redeemable noncontrolling interests406 406 
EQUITY
Preferred shares, par value of $1 per share, authorized 70,000 shares; 42,000 shares issued and outstanding; liquidation preference of $17,500 per share
42 42 
Common shares, par value $1 per share, authorized 565,000,000 and 565,000,000 shares; 212,000,515 and 210,626,642 shares issued and outstanding, after deducting 109,122,708 and 110,491,428 shares held in treasury
212,001 210,627 
Non-voting common shares, par value $1 per share, authorized 35,000,000 shares; no shares issued and outstanding
  
Additional paid-in capital2,026,584 2,044,859 
Accumulated other comprehensive loss(396,438)(395,545)
Retained earnings7,937,908 7,849,844 
Total Jefferies Financial Group Inc. shareholders’ equity9,780,097 9,709,827 
Noncontrolling interests87,372 92,308 
Total equity9,867,469 9,802,135 
Total liabilities and equity$60,933,000 $57,905,161 
See accompanying notes to consolidated financial statements.
2

JEFFERIES FINANCIAL GROUP INC.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(In thousands, except per share amounts)
Three Months Ended 
February 29, 2024February 28, 2023
Revenues
Investment banking$679,065 $502,798 
Principal transactions640,736 497,246 
Commissions and other fees245,543 213,270 
Asset management fees and revenues50,372 38,986 
Interest819,489 531,385 
Other116,737 (3,121)
Total revenues2,551,942 1,780,564 
Interest expense813,739 497,072 
Net revenues1,738,203 1,283,492 
Non-interest expenses
Compensation and benefits926,871 703,058 
Floor brokerage and clearing fees109,670 80,474 
Underwriting costs18,484 13,207 
Technology and communications137,512 113,385 
Occupancy and equipment rental28,153 27,315 
Business development57,651 36,838 
Professional services77,844 62,161 
Depreciation and amortization43,202 33,292 
Cost of sales34,671 2,168 
Other expenses83,903 53,576 
Total non-interest expenses1,517,961 1,125,474 
Earnings from continuing operations before income taxes220,242 158,018 
Income tax expense55,959 28,694 
Net earnings from continuing operations164,283 129,324 
Net losses from discontinued operations, net of income tax benefit of $3,003
(7,891) 
Net earnings156,392 129,324 
Net losses attributable to noncontrolling interests(7,438)(6,055)
Net losses attributable to redeemable noncontrolling interests (256)
Preferred stock dividends14,189 2,016 
Net earnings attributable to common shareholders$149,641 $133,619 
Earnings per common share
Basic from continuing operations$0.71 $0.56 
Diluted from continuing operations0.69 0.54 
Basic 0.68 0.56 
Diluted0.66 0.54 
Weighted-average common share shares outstanding
Basic220,046 239,101 
Diluted225,291 248,095 
See accompanying notes to consolidated financial statements.
3

JEFFERIES FINANCIAL GROUP INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
Three Months Ended 
February 29, 2024February 28, 2023
Net earnings$156,392 $129,324 
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other (1)(99)10,216 
Changes in fair value related to instrument-specific credit risk (2)(2,752)(52,153)
Unrealized gains (losses) on available-for-sale securities1,958 251 
Total other comprehensive loss, net of tax (3)(893)(41,686)
Comprehensive income155,499 87,638 
Net losses attributable to noncontrolling interests(7,438)(6,055)
Net losses attributable to redeemable noncontrolling interests (256)
Preferred stock dividends14,189 2,016 
Comprehensive income attributable to common shareholders$148,748 $91,933 
(1)Includes income tax benefit (expense) of $14 thousand and $(13.6) million during the three months ended February 29, 2024 and February 28, 2023, respectively.
(2)Includes income tax benefit of $1.2 million and $19.2 million during the three months ended February 29, 2024 and February 28, 2023, respectively. Refer to Note 17, Total Equity for additional information related to fair value changes related to instrument specific-credit risk, which were reclassified to Principal transactions revenues in our Consolidated Statements of Earnings.
(3)None of the components of other comprehensive income (loss) are attributable to noncontrolling interests, redeemable noncontrolling interest or preferred stock dividends.
See accompanying notes to consolidated financial statements.
4

JEFFERIES FINANCIAL GROUP INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In thousands, except share amounts)
Three Months Ended
February 29, 2024February 28, 2023
Preferred shares $1 par value
Balance, beginning of period$42 $ 
Balance, end of period$42 $ 
Common shares $1 par value
Balance, beginning of period$210,627 $226,130 
Purchase of common shares for treasury(1,067)(2,574)
Conversion of 125,000 preferred shares to common shares
— 4,654 
Other2,441 5,318 
Balance, end of period$212,001 $233,528 
Additional paid-in capital:
Balance, beginning of period$2,044,859 $1,967,781 
Share-based compensation expense20,215 13,726 
Change in fair value of redeemable noncontrolling interests— (192)
Purchase of common shares for treasury(41,966)(95,278)
Conversion of 125,000 preferred shares to common shares
— 120,346 
Dividend equivalents4,754 10,852 
Change in equity interest related to consolidated subsidiaries— (5,705)
Other(1,278)676 
Balance, end of period$2,026,584 $2,012,206 
Accumulated other comprehensive loss, net of tax:
Balance, beginning of period$(395,545)$(379,419)
Other comprehensive income (loss), net of tax(893)(41,686)
Balance, end of period$(396,438)$(421,105)
Retained earnings
Balance, beginning of period$7,849,844 $8,418,354 
Net earnings attributable to Jefferies Financial Group Inc.163,830 133,619 
Dividends - common shares ($0.30 and $0.30)
(68,363)(79,621)
Dividends - preferred shares(6,300)— 
Cumulative effect of change in accounting principle for current expected credit losses, net of tax(644)(14,831)
Distribution of Vitesse Energy, Inc.  (526,964)
Other(459)58 
Balance, end of period$7,937,908 $7,930,615 
Total Jefferies Financial Group Inc. shareholders’ equity$9,780,097 $9,755,244 
Noncontrolling interests:
Balance, beginning of period$92,308 $62,633 
Net losses attributable to noncontrolling interests(7,438)(6,055)
Contributions9,316 20,573 
Distributions(7,126)(31,433)
Change in equity interest related to Vitesse Energy, Inc. — 6,307 
Conversion of Vitesse Energy, Inc. redeemable noncontrolling interest to noncontrolling interest— 4,558 
Other312 (398)
Balance, end of period$87,372 $56,185 
Total equity$9,867,469 $9,811,429 
See accompanying notes to consolidated financial statements.
5

JEFFERIES FINANCIAL GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
Three Months Ended 
February 29, 2024February 28, 2023
Cash flows from operating activities:
Net earnings$156,392 $129,324 
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization44,199 33,585 
Share-based compensation20,215 13,726 
Net bad debt expense39,712 11,683 
Loss (income) on investments and loans to related parties(8,692)63,987 
Distributions received on investments in related parties855 1,111 
Other adjustments75,411 (21,842)
Net change in assets and liabilities:
Receivables:
Brokers, dealers and clearing organizations(629,142)10,609 
Customers(155,699)(228,283)
Fees, interest and other(11,191)20,908 
Securities borrowed401,010 (1,786,916)
Financial instruments owned(1,492,492)(2,412,901)
Securities purchased under agreements to resell(1,604,900)1,170,236 
Other assets(504,938)(690,596)
Payables:
Brokers, dealers and clearing organizations212,200 286,114 
Customers241,605 712,675 
Securities loaned870,714 183,887 
Financial instruments sold, not yet purchased801,138 (20,461)
Securities sold under agreements to repurchase684,917 1,478,595 
Lease liabilities(27,895)(10,440)
Accrued expenses and other liabilities(371,040)(763,849)
Net cash used in operating activities from continuing operations(1,257,621)(1,818,848)
Net cash used in operating activities from discontinued operations(45,282) 
Cash flows from investing activities:
Contributions to investments in and loans to related parties(47,751)(10,677)
Capital distributions from investments and repayments of loans from related parties4,977 17,055 
Originations and purchases of automobile loans, notes and other receivables(89,540)(99,127)
Principal collections of automobile loans, notes and other receivables83,268 81,808 
Net payments on premises and equipment(96,241)(25,152)
Net cash used in investing activities from continuing operations(145,287)(36,093)
Continued on next page.
6

JEFFERIES FINANCIAL GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED (UNAUDITED)
(In thousands)
Three Months Ended
February 29, 2024February 28, 2023
Cash flows from financing activities:
Proceeds from short-term borrowings847,000 941,000 
Payments on short-term borrowings(568,739)(993,000)
Proceeds from issuance of long-term debt, net of issuance costs359,380 125,180 
Repayment of long-term debt(317,794)(235,766)
Purchase of common shares for treasury(43,033)(50,863)
Dividends paid to common and preferred shareholders(69,909)(68,769)
Net proceeds from (payments on) other secured financings124,715 (6,173)
Net change in bank overdrafts(13,609)1,372 
Proceeds from contributions of noncontrolling interests9,316 5 
Payments on distributions to noncontrolling interests(7,126) 
Other704 5,376 
Net cash provided by (used in) financing activities from continuing operations320,905 (281,638)
Net cash used in financing activities from discontinued operations(3,297) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,683)1,682 
Net decrease in cash, cash equivalents and restricted cash(1,132,265)(2,134,897)
Net decrease in cash, cash equivalents and restricted cash classified within Assets Held for Sale(13,796) 
Cash, cash equivalents and restricted cash at beginning of period9,830,758 10,707,244 
Cash, cash equivalents and restricted cash at end of period$8,684,697 $8,572,347 
Supplemental disclosures of cash flow information:
Cash paid during the period for
Interest$839,475 $493,004 
Income taxes, net25,927 9,535 
Noncash investing activities:
During the three months ended February 28, 2023, we had non-cash investing activities of $30.6 million related to the acquisition of Vitesse Oil, LLC.
Noncash financing activities:
During the three months ended February 29, 2024 and February 28, 2023, we had non-cash financing activities of:
Purchases of common shares for treasury of $1.2 million and $47.0 million settled subsequent to February 29, 2024 and February 28, 2023, respectively.
Capital distributions of $527.0 million and $31.4 million to our shareholders and noncontrolling interest holders, respectively, related to the spin-off of Vitesse Energy, Inc. during the three months ended February 28, 2023.
Preferred shares of $125.0 million were converted into common shares during the three months ended February 28, 2023.
The following presents our cash, cash equivalents and restricted cash by category in our Consolidated Statements of Financial Condition (in thousands):
February 29, 2024November 30, 2023
Cash and cash equivalents$7,615,691 $8,526,363 
Cash on deposit for regulatory purposes with clearing and depository organizations1,069,006 1,304,395 
Total cash, cash equivalents and restricted cash$8,684,697 $9,830,758 
See accompanying notes to consolidated financial statements.
7

JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Index
NotePage

8

JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Note 1. Organization and Basis of Presentation
Organization
Jefferies Financial Group Inc. is a U.S.-headquartered global full service, integrated investment banking and capital markets firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together, the “Company,” “we” or “us”). We, collectively with our consolidated subsidiaries and through our affiliates, deliver a broad range of financial services across investment banking, capital markets and asset management.
We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients across most industry sectors. We operate globally in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture (“JFIN Parent LLC” or “Jefferies Finance”), our commercial real estate joint venture (“Berkadia Commercial Holding LLC” or “Berkadia”) and our automobile lending and servicing activities. The Asset Management reportable business segment provides alternative investment management services to investors in the U.S. and overseas and generates investment income from capital invested in and managed by us or our affiliated asset managers.
On January 13, 2023, our consolidated subsidiary, Vitesse Energy, Inc. (“Vitesse Energy”), issued shares measured at a total consideration of $30.6 million in exchange for acquiring all of the outstanding capital interests of Vitesse Oil, LLC (“Vitesse Oil”). Prior to the acquisition, Vitesse Oil was controlled by Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), which are private equity funds managed by a team led by our President. Simultaneously, we distributed all of our ownership interests in Vitesse Energy on a tax-free pro rata basis to all of our shareholders, resulting in a distribution of capital of $527.0 million. The distribution of Vitesse Energy resulted in a reduction at the time of spin-off of Total assets of $699.5 million, Total liabilities of $141.1 million and Total equity of $558.4 million inclusive of the distribution of capital to noncontrolling interest holders.
During the fourth quarter of 2023, we acquired Stratos Group International (“Stratos”) (formerly FXCM Group, LLC, or “FXCM”) and OpNet S.p.A. (“OpNet,” formerly known as “Linkem”), which are now consolidated subsidiaries. In November 2023, we entered into an agreement to sell all of our membership interests in Foursight Capital LLC (“Foursight”) and closed on the sale of our interests in April 2024. In February 2024, we entered into an agreement to sell the wholesale operations of OpNet S.p.A. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2023. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2023 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in our consolidated financial statements for interim periods are not necessarily indicative of the results for the entire year.
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
9

JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Consolidation
Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (losses) attributable to noncontrolling interests in our Consolidated Statements of Earnings.
In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights.
Intercompany accounts and transactions are eliminated in consolidation.

Note 2. Summary of Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023.
During the three months ended February 29, 2024, there were no significant changes made to the Company’s significant accounting policies.

Note 3. Accounting Developments
Accounting Standards to be Adopted in Future Periods
Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures.
Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures.
Adopted Accounting Standards
Reference Rate Reform. The FASB has issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023.
10

JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset’s entire life, recorded at inception or purchase. On January 1, 2023, Berkadia, our equity method investee, adopted this guidance and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on January 1, 2023, the new accounting guidance’s adoption resulted in a decrease in retained earnings of $14.8 million, net of tax attributable to an increase in the allowance for credit losses. Our equity method investee, Jefferies Finance, adopted the guidance on December 1, 2023, and the impact on our consolidated financial statements was not material.

11

JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Note 4. Business Acquisitions
We acquired Stratos and OpNet during the fourth quarter of 2023. Stratos is a global provider of online foreign exchange services. OpNet is a fixed wireless broadband service provider in Italy and also owns 59.3% of the common shares of Tessellis S.p.A. (“Tessellis”), a telecommunications company publicly listed on the Italian stock exchange. These transactions have been accounted for under the acquisition method of accounting which requires that the assets acquired, including identifiable intangible assets, and liabilities assumed to be recognized at their respective fair values as of the acquisition date.
A statement of the fair value of assets acquired and liabilities assumed on the acquisition dates are presented below (in thousands):
StratosOpNetTotal
Cash and cash equivalents$83,006 $7,875 $90,881 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations124,306  124,306 
Financial instruments owned, at fair value53,028  53,028 
Investments in and loans to related parties 6,644 6,644 
Receivables:
Brokers, dealers and clearing organizations113,750  113,750 
Fees, interest and other4,745 14,728 19,473 
Property and equipment, net31,830 111,458 143,288 
Goodwill (1)5,463 127,051 132,514 
Assets held for sale (2) 578,820 578,820 
Other assets (3)31,135 98,278 129,413 
Total assets acquired$447,263 $944,854 $1,392,117 
Financial instruments sold, net yet purchased, at fair value$31,293 $ $31,293 
Payables:
Brokers, dealers and clearing organizations236  236 
Customers payables297,494  297,494 
Short-term borrowings 7,137 7,137 
Lease liabilities9,308 23,040 32,348 
Liabilities held for sale (2) 303,447 303,447 
Accrued expenses and other liabilities18,011 176,308 194,319 
Long-term debt 75,437 75,437 
Total liabilities assumed$356,342 $585,369 $941,711 
Net assets acquired$90,921 $359,485 $450,406 
Noncontrolling interests$ $42,168 $42,168 
(1)All goodwill is attributed to the Asset Management reportable segment.
(2)Relates to the net operating assets of the wholesale operations of OpNet.
(3)Includes intangible assets acquired as part of the OpNet acquisition in the form of purchased technology, trademarks and trade names, and customer relationships. These intangible assets are being amortized over a finite life of up to 20 years.
Measurement Period Adjustments
The estimated purchase price allocation disclosed as of November 30, 2023 for OpNet was revised during the measurement period as new information was received and analyzed resulting in an increase in Intangible assets of $39.3 million, a decrease in Property and equipment of $12.3 million, and a decrease in Goodwill of $27.0 million.
12

JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Stratos
We have historically held a 49.9% voting interest in Stratos. In March 2023, certain noteholders of Global Brokerage Inc. (“GLBR”) filed an involuntary bankruptcy petition against GLBR and its subsidiary, Global Brokerage Holdings LLC (“Holdings”), which holds a 50.1% voting equity interest in Stratos. On September 14, 2023, we completed a foreclosure on the collateral that GLBR had pledged to secure its obligations under a credit facility, which consisted of GLBR’s equity interest in Stratos. As a result of the foreclosure, we own 100% of the outstanding interests of Stratos; and Stratos has become a consolidated subsidiary.
In connection with the acquisition of the additional 50.1% interests in Stratos, we extinguished our senior secured term loan to Stratos of $39.2 million and recognized a gain of $5.6 million, which is reflected in Principal transactions revenues. Upon the acquisition, we remeasured our previously existing 49.9% interest at fair value and recognized a loss of $4.7 million, in Other revenues, representing the excess of the carrying value of the 49.9% interest of our $47.9 million equity method investment over its fair value at the date of acquisition. The fair value of the previously existing equity interest was measured using an income approach based on estimates of future expected cash flows applying a risk-adjusted discount rate of 24.5%. Critical estimates to derive future expected cash flows includes the use of projected revenues and expenses, applicable tax rates and depreciation factors with the risk-adjusted discount rate based upon an estimated weighted average cost of capital for the acquired business.
No consideration, other than the nonmonetary exchange of our senior secured term loan, was transferred in connection with the foreclosure, which resulted in us obtaining 100% ownership of the outstanding interests of Stratos. In applying acquisition accounting, we estimated the overall enterprise fair value of Stratos consistent with the methodology utilized to fair value our previously existing 49.9% equity interest. The enterprise fair value was allocated based on the fair values of the acquired assets and assumed liabilities resulting in a gain of $0.9 million and goodwill of $5.5 million.
The results of Stratos’ operations have been included in our Consolidated Statements of Earnings from the date of acquisition on September 14, 2023.
OpNet
We own 47.4% of the common shares and 50.0% of the voting rights of OpNet and various classes of convertible preferred stock issued by OpNet (the “preferred shares”). On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares and, as a result, we will obtain control of OpNet. Upon the conversion, we will hold in excess of 50.0% of OpNet’s common shares and the aggregate voting rights over OpNet. Additionally, during the first quarter of 2024, we exchanged €115.1 million of our shareholder loans for additional preferred shares and also subscribed to additional preferred shares of €25.0 million at a price per share of €10.00.
OpNet has been considered to be a variable interest entity and we have determined that we are the primary beneficiary of OpNet Accordingly, we consolidate OpNet and the assets and liabilities of OpNet are included in our consolidated financial statements. The initial consolidation of OpNet was accounted for under the acquisition method of accounting and we remeasured our previously existing interests at fair value and recognized a gain of $115.8 million, representing the excess of the fair value of our previously existing interests over the carrying value of our investment of $201.6 million. The fair value of the previously existing interests was measured based on an estimate of what could be recognized in a sale transaction for certain net operating assets of OpNet which have been classified as held for sale and OpNet’s percentage ownership of Tessellis common shares based on the publicly listed exchange price of Tessellis on November 30, 2023. No consideration was transferred in connection with the consolidation.
The remaining identifiable assets and assumed liabilities of OpNet primarily represent the assets and liabilities of Tessellis. An enterprise value for Tessellis was estimated based on its market capitalization at November 30, 2023, which was then allocated to the identifiable assets, including intangible assets, liabilities, and noncontrolling interests of the entity using an income approach, which calculates the present value of the estimated economic benefit of future cash flows, in order to determine the fair value of the identified customer relationships and Tessellis trade name. Property and equipment and developed technology assets were valued using a replacement cost methodology. Critical estimates included future expected cash flows, including forecasted revenues and expenses, and applicable discount rates. Discount rates used to compute the present value of expected net cash flows were based upon estimated weighted average cost of capital. The initial allocation of the purchase price resulted in the recognition of goodwill relating to Tessellis of $127.1 million. At February 29, 2024, we decreased goodwill by $27.0 million to $100.1 million based on measurement period adjustments recorded during the three months ended February 29, 2024.

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JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Note 5. Assets Held for Sale and Discontinued Operations
Foursight
On November 20, 2023, we entered into an agreement to sell all of our membership interests in Foursight. Assets held for sale are recorded initially at the lower of its carrying value or its estimated fair value, less estimated costs to sell. Upon designation as an asset held-for-sale, we discontinue recording depreciation expense on such asset. At February 29, 2024 and November 30, 2023, the assets and liabilities of Foursight have been classified as held for sale and consist of the following major classes of assets and liabilities (in thousands):
February 29, 2024November 30, 2023
Assets held for sale:
Cash and cash equivalents$8,309 $3,555 
Other receivables1,819 1,478 
Premises and equipment, net1,109 1,175 
Operating lease assets7,443 7,635 
Goodwill (1)24,000 24,000 
Other assets (2)929,075 928,808 
     Total assets held for sale$971,755 $966,651 
Liabilities held for sale:
Other secured financings$830,258 $700,615 
Lease liabilities8,631 8,821 
Accrued expenses and other liabilities10,340 11,503 
Long-term debt21,298 149,262 
     Total liabilities held for sale$870,527 $870,201 
(1)Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale.
(2)Includes $842.6 million and $850.8 million of automobile loan receivables and $51.2 million and $42.1 million at February 29, 2024 and November 30, 2024, respectively, in deposits required under Foursight’s warehouse credit facilities and amounts collected on pledged automobile loan receivables yet to be distributed.
In April 2024, we sold our membership interests in Foursight for a purchase price of $115.0 million, subject to purchase price adjustments.
OpNet
We have classified certain net operating assets of OpNet as held for sale in our Consolidated Statements of Financial Condition. The net operating assets that are classified as held for sale are recognized at their estimated fair values pursuant to the step-acquisition accounting related to our interests in OpNet. Refer to Note 4, Business Acquisitions for further information.
The major components of the held for sale assets and liabilities in the disposal group primarily consist of intangible assets relating to radio frequency networks, customer relationships and other branding rights. The liabilities held for sale consist primarily of OpNet’s outstanding publicly listed notes. The fair value of the intangible assets is based on the estimated sale price of the disposal group and the fair value of the publicly listed notes are based on observations of quoted transaction prices.
Effective with the designation of the disposal group as held for sale, we suspended recording depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets while these assets are classified as held for sale.
In February 2024, we agreed to sell substantially all of OpNet’s wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. (“CKH”). Under the terms of this sale agreement, the total consideration will be €485 million, subject to certain adjustments. This sale is subject to regulatory approvals and is anticipated to close in the second or third quarter of 2024.
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JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
The sale of OpNet meets the criteria for discontinued operations classification. As such, we classified the results of operations for three months ended February 29, 2024 as a discontinued operation and presented those results in Net losses from discontinued operations, net of income tax benefit in our Consolidated Statements of Earnings.
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JEFFERIES FINANCIAL GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Note 6. 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 $1.25 billion and $1.21 billion at February 29, 2024 and November 30, 2023, respectively, by level within the fair value hierarchy (in thousands):
February 29, 2024
Level 1Level 2Level 3Counterparty
 and Cash
Collateral
Netting (1)
Total
Assets:
Financial instruments owned:
Corporate equity securities$5,507,909 $340,379 $173,214 $— $6,021,502 
Corporate debt securities 5,809,579 35,335 — 5,844,914 
Collateralized debt obligations and collateralized loan obligations 782,391 69,367 — 851,758 
U.S. government and federal agency securities2,990,863 107,066  — 3,097,929 
Municipal securities 275,217  — 275,217 
Sovereign obligations887,739 651,353  — 1,539,092 
Residential mortgage-backed securities