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	May 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 organizations	26,337		27,975
Financial instruments owned, at fair value	7,426		395

Securities borrowed	5,403		3,872
Securities purchased under agreements to resell	210,919		357,261

Receivables:
Brokers, dealers and clearing organizations	56,168		7,752
Customers	—		206
Fees, interest and other	6,263		5,438
Other assets	11,953		6,203
Total assets	$	677,430	$	853,608

Liabilities

Financial instruments sold, not yet purchased, at fair value	$	7,704	$	6,763
Securities loaned	187,287		620
Securities sold under agreements to repurchase	574,516		638,581
Payables:
Brokers, dealers and clearing organizations	688		470


Accrued expenses and other liabilities	26,090		9,537
Long-term debt (1)	350,000		—
Total liabilities	$	1,146,285	$	655,971


	Three Months Ended May 31,				Six Months Ended May 31,
$ in thousands	2026		2025		2026		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 fees	877		752		1,400		1,401

Interest	4,883		7,117		9,408		14,734

Total revenues	58,678		14,880		67,382		22,803
Interest expense	9,292		10,844		16,240		21,716
Net revenues	$	49,386	$	4,036	$	51,142	$	1,087
Non-interest expenses
Compensation and benefits	6		—		$	1,250	$	—


Technology and communications	2,020		—		3,044		—

Business development	$	18,540	$	7,117	28,114		11,805



Other expenses	706		1		1,796		5
Total non-interest expenses	$	21,272	$	7,118	$	34,204	$	11,810