| Schedule of Net Revenues, Expenses and Total Assets by Segment |
Summary of our results by reportable business segment: | | | | | | | | | | | | | | | | | | | | | Three Months Ended
May 31, | Six Months Ended
May 31, | | | $ in millions | 2026 | 2025 | 2026 | 2025 | | | Investment Banking and Capital Markets: | | | | | | | Revenues | | | | | | | Non-interest revenues | $ | 2,020.4 | | $ | 1,413.8 | | $ | 3,821.8 | | $ | 2,817.5 | | | | Interest income | 536.7 | | 842.6 | | 1,306.9 | | 1,645.2 | | | | Total revenues (1) | 2,557.1 | | 2,256.4 | | 5,128.7 | | 4,462.7 | | | | Interest expense | 551.0 | | 786.0 | | 1,326.6 | | 1,593.5 | | | | Net revenues (1) | 2,006.1 | | 1,470.4 | | 3,802.1 | | 2,869.2 | | | | Non-interest expenses | | | | | | | Compensation and benefits | 1,108.2 | | 786.1 | | 2,129.4 | | 1,555.2 | | | | Brokerage and clearing fees | 132.7 | | 119.6 | | 254.6 | | 219.8 | | | | Technology and communications | 146.2 | | 132.6 | | 288.7 | | 260.2 | | | | Business development | 85.2 | | 70.9 | | 155.4 | | 129.6 | | | | Other segment items (3) (4) | 218.2 | | 172.9 | | 407.4 | | 349.4 | | | | Total non-interest expenses | 1,690.5 | | 1,282.1 | | 3,235.5 | | 2,514.2 | | | | Earnings before income taxes | $ | 315.6 | | $ | 188.3 | | $ | 566.6 | | $ | 355.0 | | | | | | | | | | Asset Management: | | | | | | | Revenues | | | | | | | Non-interest revenues | $ | 211.1 | | $ | 193.1 | | $ | 467.0 | | $ | 414.8 | | | | Interest income | 26.2 | | 35.4 | | 69.1 | | 78.0 | | | | Total revenues (2) | 237.3 | | 228.5 | | 536.1 | | 492.8 | | | | Interest expense | 49.6 | | 73.9 | | 128.1 | | 146.4 | | | | Net revenues (2) | 187.7 | | 154.6 | | 408.0 | | 346.4 | | | | Non-interest expenses | | | | | | | Compensation and benefits | 80.1 | | 68.7 | | 144.7 | | 140.7 | | | | Brokerage and clearing fees | 14.7 | | 10.2 | | 26.0 | | 19.4 | | | | Technology and communications | 16.7 | | 13.6 | | 34.0 | | 25.5 | | | | Business development | 3.9 | | 9.1 | | 9.1 | | 22.7 | | | | Cost of sales | 31.3 | | 43.0 | | 61.2 | | 84.6 | | | | Other segment items (3) (5) | 53.8 | | 72.8 | | 185.3 | | 134.4 | | | | Total non-interest expenses | 200.5 | | 217.4 | | 460.3 | | 427.3 | | | | Losses before income taxes (6) (7) | $ | (12.8) | | $ | (62.8) | | $ | (52.3) | | $ | (80.9) | | | | | | | | | | | | | | | | | | | | Total of Reportable Business Segments: | | | | | | | Revenues | | | | | | | Non-interest revenues | $ | 2,231.5 | | $ | 1,606.9 | | $ | 4,288.8 | | $ | 3,232.3 | | | | Interest income | 562.9 | | 878.0 | | 1,376.0 | | 1,723.2 | | | | Total revenues | 2,794.4 | | 2,484.9 | | 5,664.8 | | 4,955.5 | | | | Interest expense | 600.6 | | 859.9 | | 1,454.7 | | 1,739.9 | | | | Net revenues | 2,193.8 | | 1,625.0 | | 4,210.1 | | 3,215.6 | | | | Non-interest expenses | | | | | | | Compensation and benefits | 1,188.3 | | 854.8 | | 2,274.1 | | 1,695.9 | | | | Brokerage and clearing fees | 147.4 | | 129.8 | | 280.6 | | 239.2 | | | | Technology and communications | 162.9 | | 146.2 | | 322.7 | | 285.7 | | | | Business development | 89.1 | | 80.0 | | 164.5 | | 152.3 | | | | Cost of sales | 31.3 | | 43.0 | | 61.2 | | 84.6 | | | | Other segment items (3) | 272.0 | | 245.7 | | 592.7 | | 483.8 | | | | Total non-interest expenses | 1,891.0 | | 1,499.5 | | 3,695.8 | | 2,941.5 | | | | Earnings before income taxes | $ | 302.8 | | $ | 125.5 | | $ | 514.3 | | $ | 274.1 | | |
(1)Includes total net earnings related to equity method investees of $17.9 million, $5.9 million, $38.2 million and $10.6 million, respectively. (2)Includes total net earnings (losses) related to equity method investees of $3.8 million $2.2 million, $8.0 million and $4.6 million, respectively. (3)Primarily consists of underwriting costs, occupancy and equipment rental, professional services, and depreciation and amortization. (4)Includes depreciation and amortization of $34.2 million, $29.6 million, $67.7 million and $39.5 million, respectively. (5)Includes depreciation and amortization of $13.1 million, $22.6 million, $36.5 million and $43.7 million, respectively. (6)Consists of (losses) earnings before income taxes of $(35.7) million, $4.7 million, $44.3 million and $18.1 million, respectively, related to asset management fees and investment return and earnings (losses) before taxes of $22.9 million, $(67.5) million, $(96.7) million and $(99.1) million, respectively, related to Other investments. (7)Includes losses before income taxes related to non-controlling interests of $5.4 million, $7.7 million, $21.3 million and $14.7 million, respectively. Reconciliation of Reportable Segment Information: | | | | | | | | | | | | | | | | | | | | | Three Months Ended
May 31, | Six Months Ended
May 31, | | | $ in millions | 2026 | 2025 | 2026 | 2025 | | | Total revenues for reportable segments | $ | 2,193.8 | | $ | 1,625.0 | | $ | 4,210.1 | | $ | 3,215.6 | | | | Other revenues not allocated to segments | 12.7 | | 9.4 | | 13.5 | | 11.9 | | | | Total consolidated net revenues | $ | 2,206.5 | | $ | 1,634.4 | | $ | 4,223.6 | | $ | 3,227.5 | | | | | | | | | | Total earnings for reportable segments | $ | 302.8 | | $ | 125.5 | | $ | 514.3 | | $ | 274.1 | | | | Earnings not allocated to segments | 12.7 | | 9.4 | | 13.5 | | 11.9 | | | | Total consolidated earnings | $ | 315.5 | | $ | 134.9 | | $ | 527.8 | | $ | 286.0 | | |
Assets by reportable business segment: | | | | | | | | | | $ in millions | May 31,
2026 | November 30, 2025 | | Investment Banking and Capital Markets | $ | 74,202.9 | | $ | 70,335.5 | | | Asset Management | 5,337.0 | | 5,676.8 | | | Total assets | $ | 79,539.9 | | $ | 76,012.3 | |
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