Total Equity (Tables)

9 Months Ended

Aug. 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 August 31,		Nine Months Ended August 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 ...........................................................................................	$242,504	$174,676	$470,748	$493,606
Less: Net losses attributable to noncontrolling interests .................................................................	(10,041)	(6,304)	(24,692)	(16,541)
Allocation of earnings to participating securities (1) ........................................................................	(28,559)	(20,785)	(55,528)	(48,501)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share .............................................................................................................................	$223,986	$160,195	$439,912	$461,646
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share .............................................................................................................................	$223,986	$160,195	$439,912	$461,646

Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations, net of taxes .................................................	—	6,363	—	(1,488)
Less: Net losses attributable to noncontrolling interests .................................................................	—	(570)	—	(2,561)
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share .......................................................................................	$—	$6,933	$—	$1,073
Net earnings attributable to common shareholders for basic earnings per share .....................	$223,986	$167,128	$439,912	$462,719
Net earnings attributable to common shareholders for diluted earnings per share ..................	$223,986	$167,128	$439,912	$462,719

Denominator for earnings per common share:
Weighted average common shares outstanding ...............................................................................	206,272	206,418	206,191	209,997
Weighted average shares of restricted stock outstanding with future service required .............	(2,224)	(2,305)	(2,259)	(2,346)
Weighted average RSUs outstanding with no future service required ............................................	11,245	10,339	11,045	10,455
Weighted average basic common shares ..........................................................................................	215,293	214,452	214,977	218,106
Stock options and other share-based awards ...................................................................................	4,643	4,189	4,915	3,369
Senior executive compensation plan RSU awards ............................................................................	2,779	3,058	2,647	2,705
Weighted average diluted common shares (2) .................................................................................	222,715	221,699	222,539	224,180

Earnings per common share:
Basic from continuing operations ........................................................................................................	$1.04	$0.75	$2.05	$2.12
Basic from discontinued operations ....................................................................................................	—	0.03	—	—
Basic .........................................................................................................................................................	$1.04	$0.78	$2.05	$2.12
Diluted from continuing operations ......................................................................................................	$1.01	$0.72	$1.98	$2.06
Diluted from discontinued operations ..................................................................................................	—	0.03	—	—
Diluted ......................................................................................................................................................	$1.01	$0.75	$1.98	$2.06

(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 nine months

ended August 31, 2025, respectively, compared with 26.3 million and 22.9 million for the three and nine months ended August 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 August 31, 2025 and was 13.4% of the weighted average common shares outstanding for both the three and nine

months ended August 31, 2025

Schedule of Dividends Declared

Dividends


Nine Months Ended August 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
June 25, 2025	August 18, 2025	August 29, 2025	$0.40

Nine Months Ended August 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
June 26, 2024	August 19, 2024	August 30, 2024	$0.35

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)


$ in thousands	August 31, 2025	November 30, 2024
Net unrealized losses on available-for-sale securities .......................................................................	$(2,145)	$(2,406)
Net currency translation adjustments and other .....	(134,748)	(173,841)
Net unrealized losses related to instrument- specific credit risk .......................................................	(198,719)	(206,664)
Net minimum pension liability ....................................	(39,315)	(40,220)
Total accumulated other comprehensive loss, net of tax ..............................................................................	$(374,927)	$(423,131)

Amounts reclassified out of accumulated other comprehensive

income (loss) to net earnings:


	Three Months Ended August 31,		Nine Months Ended August 31,
$ in thousands	2025	2024	2025	2024
Net unrealized gains on instrument- specific credit risk at fair value (1) ............	$2,304	$150	$9,962	$2,783
Amortization of defined benefit pension plan actuarial losses (2) ..............................	(124)	(67)	(950)	(247)
Total reclassifications for the period, net of tax .......................................................	$2,180	$83	$9,012	$2,536

(1)The amounts include income tax expense of $0.8 million and $3.4 million for

the three and nine months ended August 31, 2025, respectively, compared

with income tax expense of $0.1 million and $1.0 million for the three and nine

months ended August 31, 2024, respectively, which were reclassified to

Principal transactions revenues.

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

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

nine months ended August 31, 2024, which were reclassified to Compensation

and benefits expenses.