Related Party Transactions (Tables)

3 Months Ended

Feb. 28, 2025

Related Party Transactions [Abstract]

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, 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.