Related Party Transactions (Tables)

6 Months Ended

May 31, 2025

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.

(1)Primarily represents net gains (losses) on interest rate derivatives executed

with SMBC.