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Related Party Transactions
 6 Months Ended
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.