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Revenues from Contracts with Customers | 9 Months Ended
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Aug. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Note 14. Revenues from Contracts with Customers
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in thousands | 2025 | 2024 | 2025 | 2024
Revenues from contracts with customers: |  |  |  |
Investment banking .......... | $1,086,307 | $925,635 | $2,597,559 | $2,343,284
Commissions and other fees .................................... | 319,784 | 270,643 | 951,933 | 787,968
Asset management fees . | 8,236 | 7,189 | 61,539 | 43,539
Real estate revenues ........ | 16,621 | 4,038 | 43,913 | 10,727
Internet connection and broadband revenues (1) .................................. | 56,598 | 61,268 | 171,069 | 183,537
Other contracts with customers .......................... | 16,616 | 15,140 | 49,515 | 43,890
Total revenue from contracts with customers .................... | 1,504,162 | 1,283,913 | 3,875,528 | 3,412,945
Other sources of revenue: |  |  |  |
Principal transactions ...... | 486,893 | 324,501 | 1,232,630 | 1,381,432
Revenues from strategic affiliates ........................ | 11,933 | 6,256 | 76,582 | 32,046
Interest ............................... | 846,894 | 936,786 | 2,570,090 | 2,636,002
Other (1) ............................. | 57,792 | 44,133 | 120,023 | 201,402
Total revenues .................. | $2,907,674 | $2,595,589 | $7,874,853 | $7,663,827
(1)There was an immaterial correction associated with classification of certain revenue as revenue from contracts with customers, which resulted in decreases of $61.3 million and $183.5 million in other revenue and increases of $61.3 million and $183.5 million in internet connection and broadband revenues for the three and nine months ended August 31, 2024, respectively. Disaggregation of Revenue
| Three Months Ended August 31, 2025
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Major business activity: |  |  |
Investment banking - Advisory ................ | $655,578 | $— | $655,578
Investment banking - Underwriting ......... | 430,730 | — | 430,730
Equities (1) ................................................. | 318,319 | — | 318,319
Fixed income (1) ........................................ | 1,464 | — | 1,464
Asset management ................................... | — | 8,236 | 8,236
Other investments ..................................... | — | 89,835 | 89,835
Total ............................................................ | $1,406,091 | $98,071 | $1,504,162
Primary geographic region: |  |  |
Americas ..................................................... | $1,038,469 | $39,591 | $1,078,060
Europe and the Middle East ..................... | 252,336 | 57,591 | 309,927
Asia-Pacific ................................................ | 115,286 | 889 | 116,175
Total ............................................................ | $1,406,091 | $98,071 | $1,504,162
| Three Months Ended August 31, 2024
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Major business activity: |  |  |
Investment banking - Advisory ................ | $592,462 | $— | $592,462
Investment banking - Underwriting ......... | 333,173 | — | 333,173
Equities (1) ................................................. | 267,697 | — | 267,697
Fixed income (1) ........................................ | 2,486 | — | 2,486
Asset management ................................... | — | 7,189 | 7,189
Other investments (2) ............................... | — | 80,906 | 80,906
Total ............................................................ | $1,195,818 | $88,095 | $1,283,913
Primary geographic region: |  |  |
Americas ..................................................... | $885,377 | $24,858 | $910,235
Europe and the Middle East (2) ............... | 223,570 | 62,308 | 285,878
Asia-Pacific ................................................ | 86,871 | 929 | 87,800
Total ............................................................ | $1,195,818 | $88,095 | $1,283,913
| Nine Months Ended August 31, 2025
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Major business activity: |  |  |
Investment banking - Advisory ................ | $1,511,218 | $— | $1,511,218
Investment banking - Underwriting ......... | 1,086,341 | — | 1,086,341
Equities (1) ................................................. | 946,549 | — | 946,549
Fixed income (1) ........................................ | 5,384 | — | 5,384
Asset management ................................... | — | 61,539 | 61,539
Other investments ..................................... | — | 264,497 | 264,497
Total ............................................................ | $3,549,492 | $326,036 | $3,875,528
Primary geographic region: |  |  |
Americas ..................................................... | $2,575,418 | $149,184 | $2,724,602
Europe and the Middle East ..................... | 663,986 | 174,079 | 838,065
Asia-Pacific ................................................ | 310,088 | 2,773 | 312,861
Total ............................................................ | $3,549,492 | $326,036 | $3,875,528
| Nine Months Ended August 31, 2024
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Major business activity: |  |  |
Investment banking - Advisory ................ | $1,214,927 | $— | $1,214,927
Investment banking - Underwriting ......... | 1,128,356 | — | 1,128,356
Equities (1) ................................................. | 779,462 | — | 779,462
Fixed income (1) ........................................ | 7,036 | — | 7,036
Asset management ................................... | — | 43,539 | 43,539
Other investments (2) ............................... | — | 239,625 | 239,625
Total ............................................................ | $3,129,781 | $283,164 | $3,412,945
Primary geographic region: |  |  |
Americas ..................................................... | $2,351,130 | $93,626 | $2,444,756
Europe and the Middle East (2) ............... | 518,916 | 186,729 | 705,645
Asia-Pacific ................................................ | 259,735 | 2,809 | 262,544
Total ............................................................ | $3,129,781 | $283,164 | $3,412,945
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. (2)There was an immaterial correction associated with classification of certain revenue as revenue from contracts with customers, which resulted in increases of $61.3 million and $183.5 million in Other Investments within major business activities and increases of $61.3 million and $183.5 million in Europe and the Middle East under primary geographic regions for the three and nine months ended August 31, 2024, respectively. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at August 31, 2025. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price. During the three and nine months ended August 31, 2025, we recognized $36.1 million and $83.8 million, respectively, compared with $39.2 million and $39.7 million during the three and nine months ended August 31, 2024, respectively, of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, three and nine months ended August 31, 2025, we recognized $8.5 million and $24.0 million, respectively, compared with $8.6 million and $23.8 million during the three and nine months ended August 31, 2024, respectively, of revenues primarily associated with distribution services, a portion of which relates to prior periods. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at August 31, 2025 and November 30, 2024 was $84.8 million and $79.1 million, respectively, which is recorded in Accrued expenses and other liabilities. During the three and nine months ended August 31, 2025, we recognized revenues of $44.8 million and $52.8 million, respectively, compared with $35.0 million and $33.2 million for the three and nine months ended August 31, 2024, respectively, that were recorded as deferred revenue at the beginning of the periods. We had receivables related to revenues from contracts with customers of $324.4 million and $275.9 million at August 31, 2025 and November 30, 2024, respectively. Contract Costs We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. At August 31, 2025 and November 30, 2024, capitalized costs to fulfill a contract were $7.7 million and $5.8 million, respectively, which are recorded in Receivables – Fees, interest and other. During the three and nine months ended August 31, 2025, we recognized expenses of $1.3 million and $1.9 million, compared with $1.2 million and $1.9 million during the three and nine months ended August 31, 2024, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three and nine months ended August 31, 2025 and August 31, 2024.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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