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Related Party Transactions | 3 Months Ended
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Feb. 28, 2026
Related Party Transactions [Abstract] |
Related Party Transactions | Note 21. Related Party Transactions Officers, Directors and Employees The following sets forth information regarding related party transactions with our officers, directors and employees: •At February 28, 2026 and November 30, 2025, we had $16.7 million and $19.2 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 $10.5 million and $10.4 million at February 28, 2026 and November 30, 2025, 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 opportunities related to equity sales, trading and research. 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 | February 28, 2026 | November 30, 2025
Assets |  |
Cash and cash equivalents ......................................... | $398,415 | $444,506
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ................ | 27,444 | 27,975
Financial instruments owned, at fair value ............... | 6,312 | 395
Securities borrowed ..................................................... | 7,466 | 3,872
Securities purchased under agreements to resell ... | 263,644 | 357,261
Receivables: |  |
Brokers, dealers and clearing organizations ........ | 4,240 | 7,752
Customers ................................................................. | — | 206
Fees, interest and other ........................................... | 6,514 | 5,438
Other assets .................................................................. | 9,267 | 6,203
Total assets .................................................................. | $723,302 | $853,608
Liabilities |  |
Financial instruments sold, not yet purchased, at fair value ................................................................... | $2,814 | $6,763
Securities loaned .......................................................... | 89,662 | 620
Securities sold under agreements to repurchase ... | 562,528 | 638,581
Payables: |  |
Brokers, dealers and clearing organizations ....... | 3,403 | 470
Accrued expenses and other liabilities ..................... | 10,496 | 9,537
Long-term debt (1) ....................................................... | — | —
Total liabilities .............................................................. | $668,903 | $655,971
(1)We have credit facilities with SMBC totaling $1.15 billion with interest rates based on various benchmark rates and associated spreads.
| Three Months Ended February 28,
$ in thousands | 2026 | 2025
Revenues |  |
Investment banking ............................................................... | $3,329 | $3,849
Principal transactions (1) ..................................................... | 326 | (4,192)
Commissions and other fees ............................................... | 523 | 649
Interest .................................................................................... | 4,525 | 7,617
Total revenues ....................................................................... | 8,703 | 7,923
Interest expense .................................................................... | 6,948 | 10,871
Net revenues .......................................................................... | $1,755 | $(2,948)
Non-interest expenses |  |
Compensation and benefits | $1,243 | $—
Technology and communications ....................................... | 1,024 | —
Business development ......................................................... | 9,575 | 4,688
Other expenses ...................................................................... | 1,090 | 4
Total non-interest expenses ............................................... | $12,932 | $4,692
(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 10, Investments for further information.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include 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/2003/role/disclosureRef -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/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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