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Related Party Transactions (Tables) | 9 Months Ended
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Aug. 31, 2025
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | 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 | August 31, 2025 | November 30, 2024
Assets |  |
Cash and cash equivalents ......................................... | $352,693 | $542,212
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ................ | 28,263 | —
Financial instruments owned, at fair value ............... | 348 | 1,539
Securities borrowed ..................................................... | 1,309 | 20,403
Securities purchased under agreements to resell ... | 380,697 | 381,568
Receivables: |  |
Brokers, dealers and clearing organizations ........ | — | 3,012
Fees, interest and other ........................................... | 4,548 | 7,851
Other assets .................................................................. | 763 | 175
Total assets .................................................................. | $768,621 | $956,760
Liabilities |  |
Financial instruments sold, not yet purchased, at fair value ................................................................... | $3,882 | $1,830
Securities loaned .......................................................... | 3,380 | 187
Securities sold under agreements to repurchase ... | 468,072 | 631,390
Payables: |  |
Brokers, dealers and clearing organizations ....... | 40,353 | 18,701
Accrued expenses and other liabilities ..................... | 11,090 | 6,767
Long-term debt (1) ....................................................... | 350,000 | —
Total liabilities .............................................................. | $876,777 | $658,875
(1)Interest on this credit facility is based on an adjusted SOFR plus a spread. On September 19, 2025, we entered into an amendment to increase the amount drawable on the credit facility to $700.0 million.
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in thousands | 2025 | 2024 | 2025 | 2024
Revenues |  |  |  |
Investment banking ............... | $3,114 | $455 | $11,912 | $455
Principal transactions (1) ..... | (13,306) | (38,301) | (14,301) | (38,301)
Commissions and other fees ..................................... | 754 | 180 | 2,155 | 180
Interest .................................... | 7,222 | 4,116 | 21,956 | 4,116
Total revenues ....................... | (2,216) | (33,550) | 21,722 | (33,550)
Interest expense .................... | 10,811 | 2,411 | 32,527 | 2,411
Net revenues .......................... | $(13,027) | $(35,961) | $(10,805) | $(35,961)
Non-interest expenses |  |  |  |
Business development ......... | $11,108 | $4,570 | $22,913 | $4,570
Other expenses ...................... | 1 | — | 6 | —
Total non-interest expenses ........................... | $11,109 | $4,570 | $22,919 | $4,570
(1)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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/2009/role/commonPracticeRef -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/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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