Related Party Transactions (Tables)

3 Months Ended

Feb. 28, 2026

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	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.