Related Party Transactions

3 Months Ended

Feb. 28, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Note 22. 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, 2025 and November 30, 2024, we had $23.6

million and $29.4 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.

•One of our directors has investments in hedge funds managed

by us of approximately $5.1 million and $5.0 million at

February 28, 2025 and November 30, 2024, 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 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, 2025	November 30, 2024
Assets
Cash and cash equivalents ............	$400,011	$542,212
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations ...............................	28,588	—
Financial instruments owned, at fair value .......................................	27,747	1,539
Securities borrowed .........................	7,265	20,403
Securities purchased under agreements to resell ..................	355,718	381,568
Receivables:
Brokers, dealers and clearing organizations ................................	1,776	3,012
Fees, interest and other ...............	5,740	7,851
Other assets .....................................	131	175
Total assets ......................................	$826,976	$956,760
Liabilities
Financial instruments sold, not yet purchased, at fair value .......	$11,927	$1,830
Securities loaned .............................	797	187
Securities sold under agreements to repurchase ..............................	562,411	631,390
Payables:
Brokers, dealers and clearing organizations ..........................	7,403	18,701
Accrued expenses and other liabilities .......................................	8,029	6,767
Long-term debt (1) ...........................	350,000	—
Total liabilities .................................	$940,567	$658,875

(1)Interest on this credit facility is based on an adjusted SOFR plus a spread.

$ in thousands	Three Months Ended February 28, 2025
Revenues
Investment banking ................................................................	$3,849
Principal transactions (1) ......................................................	(4,192)
Commissions and other fees ................................................	649
Interest .....................................................................................	7,617
Total revenues ........................................................................	7,923
Interest expense ......................................................................	10,871
Net revenues ...........................................................................	$(2,948)
Non-interest expenses
Business development ...........................................................	$4,688
Other expenses .......................................................................	4
Total non-interest expenses ................................................	$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 11, Investments for further information.