v3.26.3
Related Party Transactions
 9 Months Ended
Aug. 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 August 31, 2026 and November 30, 2025, we had $14.1 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 $8.9 million and $10.4 million at August 31, 2026 and November 30, 2025, respectively.
Sumitomo Mitsui Banking Corporation (“SMBC”)
We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., 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 thousandsAugust 31,
 2026		November 30,
 2025
Assets
Cash and cash equivalents$351,647 $444,506 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations26,273 27,975 
Financial instruments owned, at fair value15,364 395 
Securities borrowed5,648 3,872 
Securities purchased under agreements to resell158,792 357,261 
Receivables:
Brokers, dealers and clearing organizations27,757 7,752 
Customers109 206 
Fees, interest and other5,984 5,438 
Other assets18,471 6,203 
Total assets$610,045 $853,608 
Liabilities
Financial instruments sold, not yet purchased, at fair value$1,890 $6,763 
Securities loaned403,671 620 
Securities sold under agreements to repurchase514,781 638,581 
Other secured financings19,700 — 
Payables:
Brokers, dealers and clearing organizations 4,301 470 
Accrued expenses and other liabilities40,614 9,537 
Long-term debt (1)— — 
Total liabilities$984,957 $655,971 
(1)We have a credit facility with SMBC of $700 million with an interest rate based on adjusted SOFR plus a spread.
Three Months Ended
 August 31,		Nine Months Ended
 August 31,
$ in thousands202620252026
2025
Revenues
Investment banking$3,390 $3,114 $11,652 $11,912 
Principal transactions (1)19,778 (13,306)68,089 (14,301)
Commissions and other fees822 754 2,223 2,155 
Interest4,135 7,222 13,543 21,956 
Total revenues28,125 (2,216)95,507 21,722 
Interest expense10,448 10,811 26,688 32,527 
Net revenues$17,677 $(13,027)$68,819 $(10,805)
Non-interest expenses
Business development$19,362 $11,108 $47,259 $22,913 
Other expenses56 1 232 6 
Total non-interest expenses$19,418 $11,109 $47,491 $22,919 
(1)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.
In addition, we are party to an arrangement with SMBC in which we provide various administrative services to SMBC. For the three and nine months ended August 31, 2026, we charged SMBC an aggregate $5.7 million and $11.9 million, respectively, for administrative services.