Item 8.01 Other Events



On December 1, 2021, Jefferies Financial Group Inc. (the "Company," "our," or
"we") contributed $477 million of net assets, including both Merchant Banking
and Asset Management investments, to Jefferies Group. The transferred Merchant
Banking investments are now being managed by a different management team, while
the Asset Management investments continue to be managed by the co-Presidents of
Asset Management who oversee all asset management activities across the Company.
As a result, we transferred $194 million of net assets out of our Merchant
Banking segment: $139 million of these net assets, including $48 million of net
assets relating to Foursight Capital LLC, were transferred into our Investment
Banking and Capital Markets segment; the remaining $55 million of net assets
transferred are now managed by the co-Presidents of Asset Management and are
included in our Asset Management segment.

These changes to our business segments have no effect on our historical total
net revenues, total income before income taxes, or total net income in the
consolidated statements of operations or total assets or total liabilities in
the consolidated statements of financial condition. Prior year amounts have been
reclassified to conform to current segment reporting.

Our reclassified operating results by segment and additional parent company
interest and consolidating adjustment reconciling items are as follows (in
thousands):

                                                             For the Three Months Ended                                             For the Year Ended
                                 February 28,            May 31,                                      November 30,          November 30,          November 30,
                                     2021                  2021              August 31, 2021               2021                 2021                  2020

Investment Banking and Capital
Markets
Net revenues                    $  1,987,496          $ 1,598,862          $      1,672,943          $  1,648,085          $  6,907,386          $  5,072,640

Expenses:
Cost of sales                              -                    -                         -                     -                     -                     -
Compensation and benefits          1,109,695              778,284                   762,725               688,557             3,339,261            

2,746,382


Non-compensation expenses:
Floor brokerage and clearing
fees                                  66,574               66,211                    64,441                68,809               266,035               241,083
Selling, general and other
expenses                             228,733              293,276                   222,357               311,344             1,055,710               846,941
Interest expense (1)                   5,553                5,271                     4,982                 4,937                20,743                26,745
Depreciation and amortization         20,710               20,805                    21,065                22,711                85,291                

82,479


Total non-compensation expenses      321,570              385,563                   312,845               407,801             1,427,779             1,197,248
Total expenses                     1,431,265            1,163,847                 1,075,570             1,096,358             4,767,040             3,943,630
Income (loss) before income
taxes and loss related to
associated companies                 556,231              435,015                   597,373               551,727             2,140,346             1,129,010
Loss related to associated
companies                                  -                    -                         -                     -                     -                     -
Income (loss) before income
taxes                           $    556,231          $   435,015          $        597,373          $    551,727          $  2,140,346          $  1,129,010

(1) Interest expense within Investment Banking and Capital Markets relates to Foursight.


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                                                         For the Three Months Ended                                      For the Year Ended
                                 February 28,          May 31,          August 31,           November 30,         November 30,        November 30,
                                     2021                2021              2021                  2021                 2021                2020

Asset Management
Net revenues                     $  229,202          $ 50,675          $   13,327          $      42,809          $  336,013          $  234,910

Expenses:
Cost of sales                             -                 -                   -                      -                   -                   -
Compensation and benefits            22,785            21,671              15,468                 22,802              82,726              89,527
Non-compensation expenses:
Floor brokerage and clearing
fees                                  9,842            10,599               4,541                 10,843              35,825              25,509
Selling, general and other
expenses                             12,164            10,768              10,719                 15,282              48,933              46,095
Interest expense                          -                 -                   -                      -                   -                   -
Depreciation and amortization           479               489                 494                    439               1,901               5,228
Total non-compensation expenses      22,485            21,856              15,754                 26,564              86,659              76,832
Total expenses                       45,270            43,527              31,222                 49,366             169,385             166,359
Income (loss) before income
taxes and loss related to
associated companies                183,932             7,148             (17,895)                (6,557)            166,628              68,551
Loss related to associated
companies                                 -                 -                   -                      -                   -                   -
Income (loss) before income
taxes                            $  183,932          $  7,148          $  (17,895)         $      (6,557)         $  166,628          $   68,551




                                                         For the Three Months Ended                                       For the Year Ended
                                 February 28,          May 31,           August 31,           November 30,         November 30,        November 30,
                                     2021                2021               2021                  2021                 2021                2020

Merchant Banking
Net revenues                     $  267,004          $ 296,815          $  248,690          $     118,068          $  930,577          $  681,574

Expenses:
Cost of sales                        95,559            143,847             151,510                 79,954             470,870             338,588
Compensation and benefits            24,529             24,252              17,584                 27,161              93,526              65,770
Non-compensation expenses:
Floor brokerage and clearing
fees                                      -                  -                   -                      -                   -                   -
Selling, general and other
expenses                             26,520             32,631              39,849                 30,146             129,146             163,161
Interest expense                        912                843                 762                    691               3,208               4,680
Depreciation and amortization        16,714             17,268              16,554                 16,928              67,464              67,236
Total non-compensation expenses      44,146             50,742              57,165                 47,765             199,818             235,077
Total expenses                      164,234            218,841             226,259                154,880             764,214             639,435
Income (loss) before income
taxes and loss related to
associated companies                102,770             77,974              22,431                (36,812)            166,363              42,139
Loss related to associated
companies                           (10,568)           (23,526)            (27,176)               (33,149)            (94,419)            (75,483)
Income (loss) before income
taxes                            $   92,202          $  54,448          $   (4,745)         $     (69,961)         $   71,944          $  (33,344)




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                                                             For the Three Months Ended                                       For the Year Ended
                                     February 28,          May 31,           August 31,           November 30,         November 30,        November 30,
                                         2021                2021               2021                  2021                 2021                2020

Corporate
Net revenues                         $      590          $     724          $      955          $         773          $    3,042          $   13,258

Expenses:
Cost of sales                                 -                  -                   -                      -                   -                   -
Compensation and benefits                15,534              7,035               6,466                  6,576              35,611              39,184
Non-compensation expenses:
Floor brokerage and clearing fees             -                  -                   -                      -                   -                   -
Selling, general and other expenses       4,669              4,910               4,375                  5,299              19,253              26,197
Interest expense                              -                  -                   -                      -                   -                   -
Depreciation and amortization               864                878                 564                    458               2,764               3,496
Total non-compensation expenses           5,533              5,788               4,939                  5,757              22,017              29,693
Total expenses                           21,067             12,823              11,405                 12,333              57,628              68,877
Income (loss) before income taxes
and loss related to associated
companies                               (20,477)           (12,099)            (10,450)               (11,560)            (54,586)            (55,619)
Loss related to associated companies          -                  -                   -                      -                   -                   -
Income (loss) before income taxes    $  (20,477)         $ (12,099)         $  (10,450)         $     (11,560)         $  (54,586)         $  (55,619)



                                                               For the Three Months Ended                                       For the Year Ended
                                       February 28,          May 31,           August 31,           November 30,         November 30,        November 30,
                                           2021                2021               2021                  2021                 2021                2020


Parent Company Interest and
Consolidation Adjustments
Net revenues                           $    2,650          $   3,431          $    3,069          $        (839)         $    8,311          $    8,492

Expenses:
Cost of sales                                   -                  -                   -                      -                   -                   -
Compensation and benefits                       -                  -                   -                      -                   -                   -
Non-compensation expenses:
Floor brokerage and clearing fees               -                  -                   -                      -                   -                   -
Selling, general and other expenses          (149)               (25)                (38)                25,617              25,405              

(3,438)


Interest expense                           13,902             13,829              13,774                 11,628              53,133              53,445
Depreciation and amortization                   -                  -                   -                      -                   -                   -
Total non-compensation expenses            13,753             13,804              13,736                 37,245              78,538              50,007
Total expenses                             13,753             13,804              13,736                 37,245              78,538              50,007
Income (loss) before income taxes and
loss related to associated companies      (11,103)           (10,373)            (10,667)               (38,084)            (70,227)            

(41,515)


Loss related to associated companies            -                  -                   -                      -                   -                   -

Income (loss) before income taxes $ (11,103) $ (10,373)

  $  (10,667)         $     (38,084)         $  (70,227)         $  (41,515)



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                                                             For the Three Months Ended                                             For the Year Ended
                                 February 28,            May 31,                                      November 30,          November 30,          November 30,
                                     2021                  2021              August 31, 2021               2021                 2021                  2020

Jefferies Financial Group
Consolidated
Net revenues                    $  2,486,942          $ 1,950,507          $      1,938,984          $  1,808,896          $  8,185,329          $  6,010,874

Expenses:
Cost of sales                         95,559              143,847                   151,510                79,954               470,870               338,588
Compensation and benefits          1,172,543              831,242                   802,243               745,096             3,551,124            

2,940,863


Non-compensation expenses:
Floor brokerage and clearing
fees                                  76,416               76,810                    68,982                79,652               301,860               266,592
Selling, general and other
expenses                             271,937              341,560                   277,262               387,688             1,278,447             1,078,956
Interest expense                      20,367               19,943                    19,518                17,256                77,084                84,870
Depreciation and amortization         38,767               39,440                    38,677                40,536               157,420               

158,439


Total non-compensation expenses      407,487              477,753                   404,439               525,132             1,814,811             1,588,857
Total expenses                     1,675,589            1,452,842                 1,358,192             1,350,182             5,836,805             4,868,308
Income (loss) before income
taxes and loss related to
associated companies                 811,353              497,665                   580,792               458,714             2,348,524             1,142,566
Loss related to associated
companies                            (10,568)             (23,526)                  (27,176)              (33,149)              (94,419)              (75,483)
Income (loss) before income
taxes                           $    800,785          $   474,139          $        553,616          $    425,565          $  2,254,105          $  1,067,083





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In addition to the segment changes, we also changed where we presented Jefferies
Group's share of the net earnings of Berkadia Commercial Mortgage Holding LLC in
our "Revenues by Source." The net earnings were previously presented within
Other revenues and are now presented within Other investment banking revenues.
We believe that this change to our revenue reporting better aligns with
management's current view of our business activities related to commercial real
estate investment banking and management reporting. Our reclassified "Revenues
by Source" by segment are as follows (in thousands):

                                                             For the Three Months Ended                                             For the Year Ended
                                 February 28,            May 31,                                      November 30,          November 30,          November 30,
                                     2021                  2021              August 31, 2021               2021                 2021                  2020

Revenues by Source
Investment Banking and Capital
Markets Net Revenues:
Advisory                        $    311,439          $   390,508          $        583,887          $    587,726          $  1,873,560          $  1,053,500

Equity underwriting                  494,806              324,462                   367,460               370,636             1,557,364               902,016
Debt underwriting                    197,367              285,730                   229,273               222,655               935,025               545,978
Total underwriting                   692,173              610,192                   596,733               593,291             2,492,389             1,447,994

Other investment banking              83,022               82,461                    42,997                66,631               275,111                32,346
Total investment banking           1,086,634            1,083,161                 1,223,617             1,247,648             4,641,060             2,533,840

Equities                             531,016              242,949                   236,532               291,032             1,301,529             1,128,910
Fixed income                         363,359              257,197                   205,795               132,771               959,122             1,340,792
Total capital markets                894,375              500,146                   442,327               423,803             2,260,651             2,469,702

Other                                  6,487               15,555                     6,999               (23,366)                5,675                69,098
Total Investment Banking and
Capital Markets Net Revenues       1,987,496            1,598,862                 1,672,943             1,648,085             6,907,386             

5,072,640



Asset Management Net Revenues:
Asset management fees and
revenues                              66,309               22,490                    18,869                13,065               120,733                26,539
Investment return                    173,292               39,624                     5,613                41,658               260,187               256,855
Allocated net interest               (10,399)             (11,439)                  (11,155)              (11,914)              (44,907)              (48,484)
Total Asset Management Net
Revenues                             229,202               50,675                    13,327                42,809               336,013               234,910

Merchant Banking Net Revenues        267,004              296,815                   248,690               118,068               930,577               681,574
Corporate Net Revenues                   590                  724                       955                   773                 3,042                13,258
Consolidating Adjustments              2,650                3,431                     3,069                  (839)                8,311                 8,492

Total Net Revenues              $  2,486,942          $ 1,950,507          $      1,938,984          $  1,808,896          $  8,185,329          $  6,010,874



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