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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 8, 2022

JEFFERIES FINANCIAL GROUP INC.
(Exact name of registrant as specified in its charter)
New York
1-5721
13-2615557
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
520 Madison Avenue
New York,
New York
10022
(Address of Principal Executive Offices)
(Zip Code)
(212) 460-1900
Registrant's telephone number, including area code

(Former name or former address, if changed since last report)
______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock; Par Value $1.00 Per ShareJEFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.

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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 EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 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 benefits1,109,695 778,284 762,725 688,557 3,339,261 2,746,382 
Non-compensation expenses:
Floor brokerage and clearing fees66,574 66,211 64,441 68,809 266,035 241,083 
Selling, general and other expenses228,733 293,276 222,357 311,344 1,055,710 846,941 
Interest expense (1)5,553 5,271 4,982 4,937 20,743 26,745 
Depreciation and amortization20,710 20,805 21,065 22,711 85,291 82,479 
Total non-compensation expenses321,570 385,563 312,845 407,801 1,427,779 1,197,248 
Total expenses1,431,265 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 companies556,231 435,015 597,373 551,727 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 EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 2020
Asset Management
Net revenues$229,202 $50,675 $13,327 $42,809 $336,013 $234,910 
Expenses:
Cost of sales— — — — — — 
Compensation and benefits22,785 21,671 15,468 22,802 82,726 89,527 
Non-compensation expenses:
Floor brokerage and clearing fees9,842 10,599 4,541 10,843 35,825 25,509 
Selling, general and other expenses12,164 10,768 10,719 15,282 48,933 46,095 
Interest expense— — — — — — 
Depreciation and amortization479 489 494 439 1,901 5,228 
Total non-compensation expenses22,485 21,856 15,754 26,564 86,659 76,832 
Total expenses45,270 43,527 31,222 49,366 169,385 166,359 
Income (loss) before income taxes and loss related to associated companies183,932 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 EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 2020
Merchant Banking
Net revenues$267,004 $296,815 $248,690 $118,068 $930,577 $681,574 
Expenses:
Cost of sales95,559 143,847 151,510 79,954 470,870 338,588 
Compensation and benefits24,529 24,252 17,584 27,161 93,526 65,770 
Non-compensation expenses:
Floor brokerage and clearing fees— — — — — — 
Selling, general and other expenses26,520 32,631 39,849 30,146 129,146 163,161 
Interest expense912 843 762 691 3,208 4,680 
Depreciation and amortization16,714 17,268 16,554 16,928 67,464 67,236 
Total non-compensation expenses44,146 50,742 57,165 47,765 199,818 235,077 
Total expenses164,234 218,841 226,259 154,880 764,214 639,435 
Income (loss) before income taxes and loss related to associated companies102,770 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 EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 2020
Corporate
Net revenues$590 $724 $955 $773 $3,042 $13,258 
Expenses:
Cost of sales— — — — — — 
Compensation and benefits15,534 7,035 6,466 6,576 35,611 39,184 
Non-compensation expenses:
Floor brokerage and clearing fees— — — — — — 
Selling, general and other expenses4,669 4,910 4,375 5,299 19,253 26,197 
Interest expense — — — — — — 
Depreciation and amortization864 878 564 458 2,764 3,496 
Total non-compensation expenses5,533 5,788 4,939 5,757 22,017 29,693 
Total expenses21,067 12,823 11,405 12,333 57,628 68,877 
Income (loss) before income taxes and loss related to associated companies(20,477)(12,099)(10,450)(11,560)(54,586)(55,619)
Loss related to associated companies— — — — — — 
Income (loss) before income taxes$(20,477)$(12,099)$(10,450)$(11,560)$(54,586)$(55,619)

For the Three Months EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 2020
Parent Company Interest and Consolidation Adjustments
Net revenues$2,650 $3,431 $3,069 $(839)$8,311 $8,492 
Expenses:
Cost of sales— — — — — — 
Compensation and benefits— — — — — — 
Non-compensation expenses:
Floor brokerage and clearing fees— — — — — — 
Selling, general and other expenses(149)(25)(38)25,617 25,405 (3,438)
Interest expense13,902 13,829 13,774 11,628 53,133 53,445 
Depreciation and amortization— — — — — — 
Total non-compensation expenses13,753 13,804 13,736 37,245 78,538 50,007 
Total expenses13,753 13,804 13,736 37,245 78,538 50,007 
Income (loss) before income taxes and loss related to associated companies(11,103)(10,373)(10,667)(38,084)(70,227)(41,515)
Loss related to associated companies— — — — — — 
Income (loss) before income taxes$(11,103)$(10,373)$(10,667)$(38,084)$(70,227)$(41,515)

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For the Three Months EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 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 sales95,559 143,847 151,510 79,954 470,870 338,588 
Compensation and benefits1,172,543 831,242 802,243 745,096 3,551,124 2,940,863 
Non-compensation expenses:
Floor brokerage and clearing fees76,416 76,810 68,982 79,652 301,860 266,592 
Selling, general and other expenses271,937 341,560 277,262 387,688 1,278,447 1,078,956 
Interest expense20,367 19,943 19,518 17,256 77,084 84,870 
Depreciation and amortization38,767 39,440 38,677 40,536 157,420 158,439 
Total non-compensation expenses407,487 477,753 404,439 525,132 1,814,811 1,588,857 
Total expenses1,675,589 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 companies811,353 497,665 580,792 458,714 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 EndedFor the Year Ended
February 28, 2021May 31,
 2021		August 31, 2021November 30,
 2021		November 30, 2021November 30, 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 underwriting494,806 324,462 367,460 370,636 1,557,364 902,016 
Debt underwriting197,367 285,730 229,273 222,655 935,025 545,978 
Total underwriting692,173 610,192 596,733 593,291 2,492,389 1,447,994 
Other investment banking83,022 82,461 42,997 66,631 275,111 32,346 
Total investment banking1,086,634 1,083,161 1,223,617 1,247,648 4,641,060 2,533,840 
Equities531,016 242,949 236,532 291,032 1,301,529 1,128,910 
Fixed income363,359 257,197 205,795 132,771 959,122 1,340,792 
Total capital markets894,375 500,146 442,327 423,803 2,260,651 2,469,702 
Other6,487 15,555 6,999 (23,366)5,675 69,098 
Total Investment Banking and Capital Markets Net Revenues1,987,496 1,598,862 1,672,943 1,648,085 6,907,386 5,072,640 
Asset Management Net Revenues:
Asset management fees and revenues66,309 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 Revenues229,202 50,675 13,327 42,809 336,013 234,910 
Merchant Banking Net Revenues267,004 296,815 248,690 118,068 930,577 681,574 
Corporate Net Revenues590 724 955 773 3,042 13,258 
Consolidating Adjustments2,650 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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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




Date: April 8, 2022



JEFFERIES FINANCIAL GROUP INC.
By:/s/ Teresa S. Gendron
Name:Teresa S. Gendron
Title: Vice President and Chief Financial Officer










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