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	August 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 organizations	26,273		27,975
Financial instruments owned, at fair value	15,364		395

Securities borrowed	5,648		3,872
Securities purchased under agreements to resell	158,792		357,261

Receivables:
Brokers, dealers and clearing organizations	27,757		7,752
Customers	109		206
Fees, interest and other	5,984		5,438
Other assets	18,471		6,203
Total assets	$	610,045	$	853,608

Liabilities

Financial instruments sold, not yet purchased, at fair value	$	1,890	$	6,763
Securities loaned	403,671		620
Securities sold under agreements to repurchase	514,781		638,581
Other secured financings	19,700		—
Payables:
Brokers, dealers and clearing organizations	4,301		470


Accrued expenses and other liabilities	40,614		9,537
Long-term debt (1)	—		—
Total liabilities	$	984,957	$	655,971


	Three Months Ended August 31,				Nine Months Ended August 31,
$ in thousands	2026		2025		2026		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 fees	822		754		2,223		2,155

Interest	4,135		7,222		13,543		21,956

Total revenues	28,125		(2,216)		95,507		21,722
Interest expense	10,448		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 expenses	56		1		232		6
Total non-interest expenses	$	19,418	$	11,109	$	47,491	$	22,919