Related Party Transactions (Tables)

9 Months Ended

Aug. 31, 2024

The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables.


$ in thousands	August 31, 2024
Assets
Cash and cash equivalents	$	521,701

Financial instruments owned, at fair value	9,607

Securities borrowed	15,357
Securities purchased under agreements to resell	431,802

Receivables:
Brokers, dealers and clearing organizations	121,618
Customers	4,163
Fees, interest and other	3,022
Other assets	269
Total assets	$	1,107,539

Liabilities

Financial instruments sold, not yet purchased, at fair value	$	14,983

Securities sold under agreements to repurchase	538,239
Payables:
Brokers, dealers and clearing organizations	130,852
Customers	4,891
Fees, interest and other	326

Long-term debt (1)	—
Total liabilities	$	689,291

(1)We have an undrawn revolving credit facility of $750.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread.


$ in thousands	Nine Months Ended August 31, 2024 (1)
Revenues
Investment banking	$	455
Principal transactions (2)	(38,301)
Commissions and other fees	180

Interest	4,116

Total revenues	(33,550)
Interest expense	2,411
Net revenues	$	(35,961)
Non-interest expenses





Business development	$	4,570




Total non-interest expenses	$	4,570

(1)Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024.

(2)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.