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Related Party Transactions
 3 Months Ended
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.