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FOR IMMEDIATE RELEASE Jefferies Financial Group Announces First Quarter 2021 Financial Results All - Time Record Quarterly Results at Jefferies Group New York , New York - March 24 , 2021 Jefferies Financial Group Inc. ( NYSE : JEF ) today announced its financial results for the three months ended February 28 , 2021. In addition , the Jefferies Board of Directors declared a quarterly cash dividend equal to $ 0.20 per Jefferies common share payable on May 28 , 2021 to record holders of Jefferies common shares on May 17 , 2021. We expect to file our Form 10 - Q on or about April 8 , 2021 . Highlights for the three months ended February 28 , 2021 : Jefferies Group LLC Record quarterly net revenues of $ 2,129 million , up 82 % over the prior year first quarter's then all - time record quarterly net revenues 0 0 March 24 , 2021 O Record pre - tax income of $ 671 million , up 185 % over the prior year quarter and further demonstrating the operating leverage inherent in our business model Record net earnings of $ 494 million , up 188 % over the prior year quarter Annualized return on tangible equity of 43.5 % , compared with 16.1 % in the prior year quarter Record quarterly Investment Banking net revenues of $ 1,033 million , up 79 % over the prior year quarter , including record Equity Underwriting net revenues of $ 495 million , Advisory net revenues of $ 311 million and Debt Underwriting net revenues of $ 197 million Record quarterly combined Capital Markets net revenues of $ 894 million , up 81 % over the prior year quarter ; record Equities net revenues of $ 531 million and Fixed Income net revenues of $ 363 million Record quarterly Asset Management revenues ( before allocated net interest³ ) of $ 180 million , up 454 % over the prior year quarter , including $ 37 million in management and performance fees and similar revenues earned directly or through our strategic affiliates in the current year quarter ; performance fees and similar revenues recorded in the first quarter of the current year are attributable to performance realized in respect of the twelve months ended December 31 , 2020 Liquidity buffer of $ 8.1 billion of cash and unencumbered liquid collateral at February 28 , 2021 , which represented 16 % of our total balance sheet Jefferies Financial Group Net income attributable to common shareholders was $ 582 million , or $ 2.13 per diluted share , and annualized adjusted return on tangible equity was 33.3 % 4 Merchant Banking pre - tax income of $ 108 million , reflecting record quarterly results from Idaho Timber and mark - to - market increases in the value of several of our investments in public companies We repurchased 5.0 million shares for $ 128 million , or an average price of $ 25.51 per share during the first quarter ; over the last three years , Jefferies has repurchased 123 million shares for $ 2.6 billion in total , or an average price of $ 21.04 per share Our Board of Directors has increased our share buyback authorization by $ 128 million back to a total of $ 250 million At February 28 , 2021 , we had 247 million shares outstanding and 275 million shares were outstanding on a fully diluted basis Jefferies book value per share was $ 39.50 and tangible book value per fully diluted share was $ 29.20 at the end of the first quarter 1