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Related Party Transactions (Tables)
 9 Months Ended
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.