Loans to and Investments in Associated Companies (Tables)
 6 Months Ended
May 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Loans to and Investments in Associated Companies
A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the six months ended May 31, 2022 and 2021 is as follows (in thousands):

Loans to and investments in associated companies as of beginning of period
Income (losses) related to associated companies
Other income (losses) related to associated companies (1)
Contributions to (distributions from) associated companies, net
Other
Loans to and investments in associated companies as of end of period
2022
Jefferies Finance$776,162 $— $4,796 $25,370 $(3)$806,325 
Berkadia373,417 77,484 (22,224)(811)427,866 
FXCM (2)48,986 (6,969)10,000 (786)51,231 
Linkem (3)133,778 (44,972)— 8,739 — 97,545 
Asset Management companies (4)183,076 — 6,447 (3,250)2 186,275 
Real estate companies122,720 710 — 10,257 — 133,687 
Other (3) (4)107,651 (454)(142)(3,983)(2,459)100,613 
Total
$1,745,790 $(51,685)$88,585 $24,909 $(4,057)$1,803,542 
2021
Jefferies Finance$693,201 $— $60,835 $(21,817)$— $732,219 
Berkadia301,152 — 60,672 (505)(57)361,262 
FXCM (2)73,920 (10,120)— — 328 64,128 
Linkem198,991 (19,943)— (8,783)— 170,265 
Asset Management companies (4)139,707 — 31,297 (31,591)— 139,413 
Real estate companies 168,678 (3,117)— (11,854)— 153,707 
Other (4)110,914 (914)240 (3,118)(1)107,121 
Total
$1,686,563 $(34,094)$153,044 $(77,668)$270 $1,728,115 

(1)Primarily related to Jefferies Group and classified in Other revenues.
(2)As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition.
(3)Loans to and investments in associated companies at May 31, 2022 include loans and debt securities aggregating $24.5 million related to Linkem and other, and $15.3 million at November 30, 2021 related to other.
(4)Certain prior year amounts have been reclassified to conform to the current year presentation.

Income (losses) related to associated companies includes the following (in thousands):

For the Three Months Ended May 31,For the Six Months Ended May 31,
 2022202120222021
FXCM$2,578 $(4,658)$(6,969)$(10,120)
Linkem(22,001)(10,836)(44,972)(19,943)
Real estate companies(1,290)(9,168)710 (3,117)
Other(987)1,136 (454)(914)
Total$(21,700)$(23,526)$(51,685)$(34,094)
Other income (losses) related to associated companies (primarily related to Jefferies Group and classified in Other revenues) includes the following (in thousands):

For the Three Months Ended May 31,For the Six Months Ended May 31,
 2022202120222021
Jefferies Finance$(14,215)$33,250 $4,796 $60,835 
Berkadia38,584 30,654 77,484 60,672 
Asset Management companies (1)6,316 1,113 6,447 31,297 
Other (1)(118)121 (142)240 
Total$30,567 $65,138 $88,585 $153,044 

(1)Certain prior year amounts have been reclassified to conform to the current year presentation.
Schedule of Equity Method Investments
The following summarizes activity related to our other transactions with Jefferies Finance (in millions):

For the Three Months Ended May 31,For the Six Months Ended May 31,
2022202120222021
Origination and syndication fee revenues (1)$41.9 $145.4 $156.8 $215.7 
Origination fee expenses (1)11.4 20.5 27.3 32.8 
CLO placement fee revenues (2)1.2 1.3 1.9 3.7 
Underwriting fees (3)— — — 0.5 
Service fees (4)15.8 14.0 65.8 45.5 

(1)    Jefferies Group engages in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, Jefferies Group earned fees, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, Jefferies Group paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized in Selling, general and other expenses in the Consolidated Statements of Operations.
(2)    Jefferies Group acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies Group recognized fees, which are included in Investment banking revenues in the Consolidated Statements of Operations. At May 31, 2022 and November 30, 2021, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value.
(3)    Jefferies Group acted as underwriter in connection with term loans issued by Jefferies Finance.
(4)    Under a service agreement, Jefferies Group charges Jefferies Finance for services provided.