v3.26.1
Related Party Transactions
 6 Months Ended
May 31, 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 May 31, 2026 and November 30, 2025, we had $16.5 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 $8.7 million and $10.4 million at May 31, 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 thousandsMay 31,
 2026		November 30,
 2025
Assets
Cash and cash equivalents$352,961 $444,506 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations26,337 27,975 
Financial instruments owned, at fair value7,426 395 
Securities borrowed5,403 3,872 
Securities purchased under agreements to resell210,919 357,261 
Receivables:
Brokers, dealers and clearing organizations56,168 7,752 
Customers— 206 
Fees, interest and other6,263 5,438 
Other assets11,953 6,203 
Total assets$677,430 $853,608 
Liabilities
Financial instruments sold, not yet purchased, at fair value$7,704 $6,763 
Securities loaned187,287 620 
Securities sold under agreements to repurchase574,516 638,581 
Payables:
Brokers, dealers and clearing organizations 688 470 
Accrued expenses and other liabilities26,090 9,537 
Long-term debt (1)350,000 — 
Total liabilities$1,146,285 $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
 May 31,		Six Months Ended
 May 31,
$ in thousands202620252026
2025
Revenues
Investment banking$4,933 $3,814 $8,262 $7,663 
Principal transactions (1)47,985 3,197 48,312 (995)
Commissions and other fees877 752 1,400 1,401 
Interest4,883 7,117 9,408 14,734 
Total revenues58,678 14,880 67,382 22,803 
Interest expense9,292 10,844 16,240 21,716 
Net revenues$49,386 $4,036 $51,142 $1,087 
Non-interest expenses
Compensation and benefits6 — $1,250 $— 
Technology and communications2,020 — 3,044 — 
Business development$18,540 $7,117 28,114 11,805 
Other expenses706 1 1,796 5 
Total non-interest expenses$21,272 $7,118 $34,204 $11,810 
(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.