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Related Party Transactions
 9 Months Ended
Aug. 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 August 31, 2025 and November 30, 2024, we had $19.7
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 August 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.
On September 19, 2025, we and the SMBC Group announced a
significant expansion of our global strategic alliance. Key
developments include:
•A planned formation of a joint venture in Japan to integrate our
Japanese equities platform with SMBC Group’s domestic
equity research, sales, trading, and equity capital markets
businesses, expected to launch in January 2027;
•Expansion of joint sponsor coverage in EMEA, targeting larger
sponsors with our combined investment banking and
corporate banking capabilities;
•SMBC Group’s intent to increase its economic ownership from
14.5% to 20% (on an as-converted and fully diluted basis), while
maintaining less than 5% voting interest; and
•SMBC Group’s commitment to provide approximately
$2.5 billion in new credit facilities to us and Jefferies Finance.
These initiatives are designed to deepen the partnership, leverage
complementary strengths, and deliver enhanced services to
clients
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.
Other Related Party Transactions
We have other related party transactions with equity method
investees. Refer to Note 11, Investments for further information.