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Related Party Transactions | 6 Months Ended
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May 31, 2025
Related Party Transactions [Abstract] |
Related Party Transactions | Note 22. Related Party Transactions Officers, Directors and Employees The following sets forth information regarding related party transactions with our officers, directors and employees: •At May 31, 2025 and November 30, 2024, we had $22.4 million and $29.4 million, respectively, of loans, net of allowance, outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets. •Receivables from and payables to customers include balances arising from officers’, directors’ and employees’ individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. •Two of our directors and certain of our officers have total investments in entities managed by us of approximately $9.2 million and $5.0 million at May 31, 2025 and November 30, 2024, respectively. SMBC We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (together referred to as “SMBC Group”) to collaborate on corporate and investment banking business opportunities as well as equity sales, trading and research. 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 | May 31, 2025 | November 30, 2024
Assets |  |
Cash and cash equivalents ............ | $302,463 | $542,212
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ............................... | 29,222 | —
Financial instruments owned, at fair value ....................................... | 5,985 | 1,539
Securities borrowed ......................... | 3,579 | 20,403
Securities purchased under agreements to resell .................. | 379,932 | 381,568
Receivables: |  |
Brokers, dealers and clearing organizations ................................ | 32,604 | 3,012
Fees, interest and other ............... | 5,193 | 7,851
Other assets ..................................... | 88 | 175
Total assets ...................................... | $759,066 | $956,760
Liabilities |  |
Financial instruments sold, not yet purchased, at fair value ....... | $2,578 | $1,830
Securities loaned ............................. | 3,312 | 187
Securities sold under agreements to repurchase .............................. | 481,851 | 631,390
Payables: |  |
Brokers, dealers and clearing organizations .......................... | 9,816 | 18,701
Accrued expenses and other liabilities ....................................... | 10,862 | 6,767
Long-term debt (1) ........................... | 350,000 | —
Total liabilities ................................. | $858,419 | $658,875
(1)Interest on this credit facility is based on an adjusted SOFR plus a spread.
$ in thousands | Three Months Ended May 31, 2025 | Six Months Ended May 31, 2025
Revenues |  |
Investment banking ..................... | $3,814 | $7,663
Principal transactions (1) ........... | 3,197 | (995)
Commissions and other fees ..... | 752 | 1,401
Interest ........................................... | 7,117 | 14,734
Total revenues ............................. | 14,880 | 22,803
Interest expense ........................... | 10,844 | 21,716
Net revenues ................................ | $4,036 | $1,087
Non-interest expenses |  |
Business development ................ | $7,117 | $11,805
Other expenses ............................ | 1 | 5
Total non-interest expenses ...... | $7,118 | $11,810
(1)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC. Other Related Party Transactions We have other related party transactions with equity method investees. Refer to Note 11, Investments for further information.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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