- **Jefferies Financial Group** is significantly affected by the **First Brands Group bankruptcy**.  **[96223_1c9f09662755474bb1e9552986d8da1b]** 
- One of Jefferies' funds has nearly **a quarter of its $3 billion trade finance portfolio** tied to First Brands receivables.  **[96223_1c9f09662755474bb1e9552986d8da1b]**

Jefferies Financial Group Affected by First Brands Bankruptcy

- **Jefferies Financial Group** has disclosed significant exposure to the bankrupt auto-parts maker **First Brands Group**, primarily through its Leucadia Asset Management's Point Bonita Capital fund, which holds approximately **$715 million in trade receivables** linked to First Brands.  **[96223_039f11d6b7ed49fd8f400564f0848f5d]** 
- First Brands, which filed for Chapter 11 bankruptcy with over **$10 billion in liabilities**, ceased timely payments to Point Bonita in mid-September.  **[96223_039f11d6b7ed49fd8f400564f0848f5d]**  The receivables are almost entirely due from major retailers such as Walmart and Autozone.  **[96223_039f11d6b7ed49fd8f400564f0848f5d]** 
- Additionally, Jefferies' subsidiary Apex Credit Partners manages CLO assets including **$48 million in First Brands' term loans**, representing about **1% of Apex's managed CLO assets**.  **[96223_039f11d6b7ed49fd8f400564f0848f5d]** 
- Jefferies is actively communicating with First Brands' advisors to assess the impact and protect the interests of Point Bonita and its investors, while evaluating potential losses.  **[96223_039f11d6b7ed49fd8f400564f0848f5d]**

Jefferies Discloses $715M Exposure Following First Brands Bankruptcy

- **First Brands Group, LLC** filed for **Chapter 11 bankruptcy protection** on **September 29, 2025**.  **[96223_0001140361-25-037595_ef20056799_ex99-1.htm:0]** 
- **Point Bonita Capital**, a division of Leucadia Asset Management (LAM), manages a **$3 billion portfolio** of trade-finance assets, with **$715 million** invested in accounts receivables from First Brands.  **[96223_0001140361-25-037595_ef20056799_ex99-1.htm:0]**  LAM, which is part of Jefferies, owns **5.9% ($113 million)** of the invested equity in this portfolio.  **[96223_0001140361-25-037595_ef20056799_ex99-1.htm:0]** 
- First Brands stopped directing timely transfers of funds to Point Bonita on **September 15, 2025**, and an investigation is underway regarding the receivables.  **[96223_0001140361-25-037595_ef20056799_ex99-1.htm:0]** 
- **Apex Credit Partners LLC**, a subsidiary of Jefferies Finance LLC (50% owned by Jefferies), manages CLOs that hold approximately **$48 million** in First Brands' term loans, representing about **1%** of Apex's managed CLO assets.  **[96223_0001140361-25-037595_ef20056799_ex99-1.htm:0]**

Jefferies Financial Group Inc. Updates on First Brands Group Bankruptcy Exposure

- Jefferies Financial Group surpassed Wall Street expectations in the third quarter, with total net revenue rising approximately **22%** year-over-year to **$2.05 billion** and net earnings attributable to common shareholders reaching **$224 million**, or **$1.01 per share**.  **[96223_978b6514c693420db3920ecbee887a69]** 
- The company achieved record investment banking advisory revenues of **$655.6 million**, driven by a global surge in mergers and acquisitions, while equity and debt underwriting revenues also saw substantial gains.  **[96223_978b6514c693420db3920ecbee887a69]** 
- Jefferies announced a **$0.40 per share** dividend, signaling confidence in cash flow and returning value to shareholders.  **[96223_978b6514c693420db3920ecbee887a69]** 
- Investor optimism is reflected in the company's rising price-to-earnings ratio, which increased from 15 to 19 in three months, and Sumitomo Mitsui Banking Corp's decision to raise its stake in Jefferies.  **[96223_978b6514c693420db3920ecbee887a69]**

Jefferies Financial Group Reports Strong Q3 Results with Record Advisory Fees

- Jefferies Financial Group reported **net earnings attributable to common shareholders of $223,986 thousand** for Q3 2025, with **diluted earnings per common share from continuing operations of $1.01**.  **[96223_0000096223-25-000010_jfgpressrelease8-31x25.htm:0]** 
- Total net revenues for Q3 2025 reached **$2,047,432 thousand**, reflecting continued growth in market position.  **[96223_0000096223-25-000010_jfgpressrelease8-31x25.htm:0]** 
- The Investment Banking Advisory business delivered **record quarterly results**, contributing to **$1,135,325 thousand** in Investment banking net revenues, while Capital markets net revenues were **$723,382 thousand**.  **[96223_0000096223-25-000010_jfgpressrelease8-31x25.htm:0]** **[96223_0000096223-25-000010_jfgpressrelease8-31x25.htm:2]** 
- The company achieved a **13.6% return on adjusted tangible shareholders' equity** from continuing operations for Q3 2025.  **[96223_0000096223-25-000010_jfgpressrelease8-31x25.htm:0]** 
- The Board of Directors declared a **quarterly cash dividend of $0.40 per common share**, payable on November 26, 2025.  **[96223_0000096223-25-000010_jfgpressrelease8-31x25.htm:0]**

Jefferies Financial Group Announces Q3 2025 Financial Results

- Jefferies Financial Group reported **net earnings attributable to common shareholders of $223,986 thousand** and **diluted earnings per common share from continuing operations of $1.01** for the third quarter of 2025, an increase from $167,128 thousand and $0.72, respectively, in Q3 2024.  **[96223_7ef60a55e0c34b269863346eb02cdfe5_0]** 
- Total net revenues for Q3 2025 reached **$2,047,432 thousand**, up from $1,683,552 thousand in Q3 2024, driven by **record quarterly results in Investment Banking Advisory** and strong performance in Equities and Asset Management.  **[96223_7ef60a55e0c34b269863346eb02cdfe5_0]** 
- The company's **return on adjusted tangible shareholders' equity from continuing operations was 13.6%** for Q3 2025, compared to 10.3% in Q3 2024.  **[96223_7ef60a55e0c34b269863346eb02cdfe5_0]** 
- A **quarterly cash dividend of $0.40 per common share** was declared, payable on November 26, 2025.  **[96223_7ef60a55e0c34b269863346eb02cdfe5_0]**

Jefferies Financial Group Announces Third Quarter 2025 Financial Results

- Jefferies Financial Group Inc. established **17,500 Series B-1 Non-Voting Convertible Preferred Shares** through a Certificate of Amendment filed on **September 19, 2025**.  **[96223_0001140361-25-035569_ef20055771_ex3-1.htm:0]** **[96223_0001140361-25-035569_ef20055771_8k.htm:1]** 
- Each preferred share is convertible into **500 shares of Non-Voting Common Stock** upon automatic conversion or **500 shares of Voting Common Stock** under specific transfer conditions.  **[96223_0001140361-25-035569_ef20055771_ex3-1.htm:1]** **[96223_0001140361-25-035569_ef20055771_ex3-1.htm:4]** 
- The Series B-1 Preferred Stock has a **liquidation preference of $500.00 per share** and ranks on parity with Common Stock for dividends.  **[96223_0001140361-25-035569_ef20055771_ex3-1.htm:2]** **[96223_0001140361-25-035569_ef20055771_ex3-1.htm:10]** 
- Shareholder approval is required for an amended and restated certificate of incorporation to authorize additional shares of non-voting common stock, which is necessary for the automatic conversion of these preferred shares.  **[96223_0001140361-25-035569_ef20055771_8k.htm:1]** **[96223_0001140361-25-035569_ef20055771_ex3-1.htm:4]**

Jefferies Financial Group Inc. Establishes Series B-1 Non-Voting Convertible Preferred Shares

- **National Bank Holdings Corporation (NBHC)** has signed a definitive merger agreement to acquire **Vista Bancshares, Inc.**, with the transaction valued at **$369.1 million** based on NBHC’s closing price on September 12, 2025.  **[96223_3b39654de0c14abd803184af5059afa0_1]** **[96223_3b39654de0c14abd803184af5059afa0_2]** 
- Upon completion, the combined company is projected to have approximately **$12.4 billion** in total assets and **$10.4 billion** in total deposits.  **[96223_3b39654de0c14abd803184af5059afa0_0]** **[96223_3b39654de0c14abd803184af5059afa0_1]** 
- The acquisition is expected to be **17% accretive** to NBHC’s earnings, with a tangible book value earn-back in approximately **3 years**.  **[96223_3b39654de0c14abd803184af5059afa0_0]** **[96223_3b39654de0c14abd803184af5059afa0_2]** 
- The deal, which expands NBHC's footprint in the Dallas-Fort Worth metroplex, is anticipated to close in **Q1 2026**.  **[96223_3b39654de0c14abd803184af5059afa0_0]** **[96223_3b39654de0c14abd803184af5059afa0_1]** **[96223_3b39654de0c14abd803184af5059afa0_2]**

National Bank Holdings Corporation announces merger agreement with Vista Bancshares, Inc.

- Corient announced its global expansion by adding **Stonehage Fleming** and **Stanhope Capital Group**.  **[96223_96e99495c2024908b77af797a13887f5_0]** 
- This expansion will create a **$430 billion** independent ultra-high-net-worth wealth manager, making Corient the **world's largest non-bank wealth manager** and **largest multi-family office** focused on ultra-high and high-net-worth clients.  **[96223_96e99495c2024908b77af797a13887f5_0]** 
- Stonehage Fleming and Stanhope Capital will contribute **over $214 billion** in client assets to Corient.  **[96223_96e99495c2024908b77af797a13887f5_0]**  Stonehage Fleming's assets are as of **December 31, 2024**, and Stanhope Capital Group's assets are as of **July 31, 2025**.  **[96223_96e99495c2024908b77af797a13887f5_3]** 
- The acquisitions are expected to close in the **first half of 2026**.  **[96223_96e99495c2024908b77af797a13887f5_3]**

Corient Announces Global Expansion Through Acquisitions

- **Permira**, a British private equity firm, made a preliminary non-binding takeover proposal for **JTC Plc** valuing the London-listed corporate services provider at about **£2 billion ($2.7 billion)**.  **[96223_e7d83fd4cd864c05a247268d7eca0801]** 
- The **JTC board unanimously rejected** this latest offer and an earlier approach, advising shareholders to take no action.  **[96223_e7d83fd4cd864c05a247268d7eca0801]** 
- Following the announcement, **JTC shares surged over 15%** to a record high, increasing its market capitalization to about **£1.9 billion**.  **[96223_e7d83fd4cd864c05a247268d7eca0801]** 
- **Permira** has until **September 26, 2025**, to either make a formal bid or withdraw.  **[96223_e7d83fd4cd864c05a247268d7eca0801]** 
- **JTC's stock is rated as a 'Buy'** with a price target of **£1033.00** and an **'Outperform' rating by TipRanks**, despite concerns over a negative P/E ratio and recent net loss.  **[96223_e7d83fd4cd864c05a247268d7eca0801]**

Jefferies Financial Group (JEF)