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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
__________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2021
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 1-5721
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 Number)
520 Madison AvenueNew York,New York10022
(Address of principal executive offices)(Zip Code)
(212) 460-1900
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
______________________
Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)

Name of each exchange on which registered
 Common Shares, par value $1 per shareJEFNew York Stock Exchange
Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer Non-accelerated filer    
Smaller reporting company  Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares outstanding of each of the issuer's classes of common stock at September 30, 2021 was 245,561,148.



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.
JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
August 31, 2021 and November 30, 2020
(Dollars in thousands, except par value)
(Unaudited)
 August 31,
2021
November 30, 2020
ASSETS
Cash and cash equivalents$9,480,914 $9,055,148 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
514,519 604,321 
Financial instruments owned, at fair value (including securities pledged of $12,447,226 and $13,065,585)
19,735,103 18,124,577 
Loans to and investments in associated companies1,744,965 1,686,563 
Securities borrowed6,212,491 6,934,762 
Securities purchased under agreements to resell8,011,550 5,096,769 
Securities received as collateral, at fair value9,853 7,517 
Receivables7,067,641 6,608,767 
Property, equipment and leasehold improvements, net914,537 897,204 
Intangible assets, net and goodwill1,905,163 1,913,467 
Other assets2,440,663 2,189,257 
Total assets (1)$58,037,399 $53,118,352 
LIABILITIES  
Short-term borrowings$307,297 $764,715 
Financial instruments sold, not yet purchased, at fair value12,748,802 10,017,600 
Securities loaned1,764,488 1,810,748 
Securities sold under agreements to repurchase7,571,813 8,316,269 
Other secured financings4,341,348 3,288,384 
Obligation to return securities received as collateral, at fair value9,853 7,517 
Lease liabilities562,122 584,807 
Payables, expense accruals and other liabilities11,496,986 10,388,072 
Long-term debt8,670,728 8,352,039 
Total liabilities (1)47,473,437 43,530,151 
Commitments and contingencies
MEZZANINE EQUITY  
Redeemable noncontrolling interests38,249 24,676 
Mandatorily redeemable convertible preferred shares125,000 125,000 
EQUITY  
Common shares, par value $1 per share, authorized 600,000,000 shares; 245,557,193 and 249,750,542 shares issued and outstanding, after deducting 70,906,515 and 66,712,070 shares held in treasury
245,557 249,751 
Additional paid-in capital2,812,811 2,911,223 
Accumulated other comprehensive income (loss)(357,973)(288,917)
Retained earnings7,681,488 6,531,836 
Total Jefferies Financial Group Inc. shareholders' equity10,381,883 9,403,893 
Noncontrolling interests18,830 34,632 
Total equity10,400,713 9,438,525 
Total$58,037,399 $53,118,352 
(1)    Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities.
See notes to interim consolidated financial statements.
2


JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the periods ended August 31, 2021 and 2020
(In thousands, except per share amounts)
(Unaudited)
For the Three Months EndedFor the Nine Months Ended
 August 31, 2021August 31, 2020August 31, 2021August 31, 2020
Revenues:
Commissions and other fees$214,363 $204,032 $673,756 $626,434 
Principal transactions232,110 623,283 1,513,034 1,421,485 
Investment banking1,180,620 615,837 3,184,932 1,595,330 
Interest income220,278 219,843 691,223 782,941 
Manufacturing revenues118,918 119,751 440,857 282,737 
Other174,305 42,753 506,709 186,367 
Total revenues
2,140,594 1,825,499 7,010,511 4,895,294 
Interest expense of Jefferies Group201,610 209,329 634,078 745,207 
Net revenues
1,938,984 1,616,170 6,376,433 4,150,087 
Expenses:    
Compensation and benefits802,243 760,837 2,806,028 2,029,497 
Cost of sales151,510 82,657 390,916 235,871 
Floor brokerage and clearing fees68,982 66,743 222,208 201,403 
Interest expense19,518 21,512 59,828 64,226 
Depreciation and amortization38,677 39,520 116,884 119,356 
Selling, general and other expenses277,262 237,712