Total Equity (Tables)

6 Months Ended

May 31, 2025

Schedule of Earnings Per Share Computation

The numerators and denominators used to calculate basic and diluted earnings per common share are as

follows:


	Three Months Ended May 31,		Six Months Ended May 31,
In thousands, except per share amounts	2025	2024	2025	2024
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations .........................................................................................................	$91,395	$154,647	$228,244	$318,930
Less: Net losses attributable to noncontrolling interests ...............................................................................	(7,668)	(3,785)	(14,651)	(10,237)
Allocation of earnings to participating securities (1) ......................................................................................	(11,046)	(13,741)	(26,940)	(27,930)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share ...........................................................................................................................................................	$88,017	$144,691	$215,955	$301,237
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share ...........................................................................................................................................................	$88,017	$144,691	$215,955	$301,237

Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations, net of taxes ...............................................................	—	40	—	(7,851)
Less: Net losses attributable to noncontrolling interests ...............................................................................	—	(1,005)	—	(1,991)
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share ......................................................................................................................	$—	$1,045	$—	$(5,860)
Net earnings attributable to common shareholders for basic earnings per share ...................................	$88,017	$145,736	$215,955	$295,377
Net earnings attributable to common shareholders for diluted earnings per share ................................	$88,017	$145,736	$215,955	$295,377

Denominator for earnings per common share:
Weighted average common shares outstanding .............................................................................................	206,254	212,039	206,150	211,787
Weighted average shares of restricted stock outstanding with future service required ...........................	(2,248)	(2,329)	(2,276)	(2,366)
Weighted average RSUs outstanding with no future service required ..........................................................	11,091	10,261	10,944	10,514
Weighted average basic common shares ........................................................................................................	215,097	219,971	214,818	219,935
Stock options and other share-based awards .................................................................................................	4,262	3,470	4,984	3,124
Senior executive compensation plan RSU awards ..........................................................................................	2,538	2,705	2,581	2,528
Weighted average diluted common shares (2) ...............................................................................................	221,897	226,146	222,383	225,587

Earnings (losses) per common share:
Basic from continuing operations ......................................................................................................................	$0.41	$0.66	$1.01	$1.37
Basic from discontinued operations ..................................................................................................................	—	—	—	(0.03)
Basic .......................................................................................................................................................................	$0.41	$0.66	$1.01	$1.34
Diluted from continuing operations ....................................................................................................................	$0.40	$0.64	$0.97	$1.34
Diluted from discontinued operations ................................................................................................................	—	—	—	(0.03)
Diluted ....................................................................................................................................................................	$0.40	$0.64	$0.97	$1.31

(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities.

Net losses are not allocated to participating securities. Participating securities represent certain preferred stock, restricted stock and RSUs for

which requisite service has not yet been rendered and amounted to weighted average shares of 27.6 million for both the three and six months

ended May 31, 2025, respectively, compared with 21.1 million and 21.2 million for the three and six months ended May 31, 2024,

respectively. Dividends paid on participating securities were $11.0 million and $22.1 million for the three and six months ended May 31, 2025,

respectively, and $6.3 million and $12.6 million for the three and six months ended May 31, 2024, respectively. Undistributed earnings are allocated

to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

(2)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the

future. Antidilutive shares at May 31, 2025 and was 13.4% of the weighted average common shares outstanding for both the three and six months

ended May 31, 2025

Schedule of Dividends Declared

Dividends


Six Months Ended May 31, 2025
Declaration Date	Record Date	Payment Date	Per Common Share Amount
January 8, 2025	February 14, 2025	February 27, 2025	$0.40
March 26, 2025	May 19, 2025	May 29, 2025	$0.40

Six Months Ended May 31, 2024
Declaration Date	Record Date	Payment Date	Per Common Share Amount
January 8, 2024	February 16, 2024	February 27, 2024	$0.30
March 27, 2024	May 20, 2024	May 30, 2024	$0.30

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)


$ in thousands	May 31, 2025	November 30, 2024
Net unrealized losses on available-for-sale securities .......................................................................	$(2,244)	$(2,406)
Net currency translation adjustments and other .....	(143,174)	(173,841)
Net unrealized losses related to instrument- specific credit risk .......................................................	(154,837)	(206,664)
Net minimum pension liability ....................................	(39,440)	(40,220)
Total accumulated other comprehensive loss, net of tax ..............................................................................	$(339,695)	$(423,131)

Amounts reclassified out of accumulated other comprehensive

income (loss) to net earnings:


	Three Months Ended May 31,		Six Months Ended May 31,
$ in thousands	2025	2024	2025	2024
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) ........................................................................	$5,121	$516	$7,658	$2,633
Amortization of defined benefit pension plan actuarial losses (2) ..................................	(67)	(90)	(826)	(180)
Total reclassifications for the period, net of tax ..................................................................	$5,054	$426	$6,832	$2,453

(1)The amounts include income tax expense of $1.8 million and $2.6 million for

the three and six months ended May 31, 2025, respectively, compared with

income tax expense of $0.2 million and $0.9 million for the three and six

months ended May 31, 2024, respectively, which were reclassified to Principal

transactions revenues.

(2)The amounts include income tax benefit of $0.3 million for six months ended

May 31, 2025, compared with an income tax benefit of $0.1 million for the six

months ended May 31, 2024, which were reclassified to Compensation and

benefits expenses.