
Jefferies: The $500 Million Radiant Exposure Looks Worse Than The Math
Jefferies Financial Group faces a $500M Point Bonita fund exposure, but its direct risk is only about $29.5M due to a 5.9% equity stake. JEF's strong Q2 results—$1.21B investment banking revenue and 12.8% adjusted tangible ROE—underscore robust core business performance. At 1.06x book value ($55.23/share), JEF is fairly valued; the manageable Radiant exposure doesn't justify a Buy at current levels.













