Leases

12 Months Ended

Nov. 30, 2024

Leases [Abstract]

Leases

Note 17. Leases

We enter into lease and sublease agreements, primarily for office

space, across our geographic locations. Information related to

operating leases in our Consolidated Statements of Financial

Condition:

	November 30,
$ in thousands	2024	2023
Premises and equipment - ROU assets (1) ..............	$553,816	$455,468
Weighted average:
Remaining lease term (in years) ................................	9.6	8.3
Discount rate .................................................................	5.1%	3.5%

(1)At November 30, 2023, we classified certain operating lease assets and

liabilities as held for sale and discontinued recording amortization on the

related right-of-use assets. Refer to Note 5, Assets Held for Sale and

Discontinued Operations for further discussion.

Maturities of our operating lease liabilities, excluding certain

operating leases liabilities reclassified as held for sale, and a

reconciliation to the Lease liabilities:

$ in thousands	November 30,
Fiscal Year	2024	2023
2024 ...............................................................................	$—	$97,744
2025 ...............................................................................	98,220	95,509
2026 ...............................................................................	107,298	88,535
2027 ...............................................................................	93,675	81,714
2028 ...............................................................................	87,802	74,965
2029 ...............................................................................	40,951	61,653
2030 and thereafter .....................................................	373,422	126,876
Total undiscounted cash flows .................................	801,368	626,996
Less: Difference between undiscounted and discounted cash flows ...........................................	(168,165)	(83,029)
Operating leases amount in our Consolidated Statements of Financial Condition ......................	633,203	543,967
Finance leases amount in our Consolidated Statements of Financial Condition .......................	2,103	683
Total amount in our Consolidated Statements of Financial Condition .................................................	$635,306	$544,650

In addition to the table above, at November 30, 2024, we entered

into lease agreements that were signed but had not yet

commenced. These operating leases will commence in 2025 with

lease terms of between five to seven years. Lease payments for

these lease agreements will be $1.5 million for the period from

lease commencement to the end of the lease term.

Lease costs:

	Year Ended November 30,
$ in thousands	2024	2023	2022
Operating lease costs (1) ................	$86,581	$81,194	$80,959
Variable lease costs (2) ...................	15,208	14,506	12,887
Less: Sublease income ....................	(3,940)	(5,545)	(4,507)
Total lease cost, net ........................	$97,849	$90,155	$89,339

(1)Includes short-term leases, which are not material.

(2)Includes property taxes, insurance costs, common area maintenance, utilities,

and other costs that are not fixed. The amount also includes rent increases

resulting from inflation indices and periodic market rent reviews.

Consolidated Statements of Cash Flows supplemental

information:

	Year Ended November 30,
$ in thousands	2024	2023	2022
Cash outflows - lease liabilities .....	$92,355	$81,831	$81,082
Non-cash - ROU assets recorded for new and modified leases .........	154,903	56,968	87,977