Revenues from Contracts with Customers

6 Months Ended

May 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Revenues from Contracts with Customers

	Three Months Ended  May 31,				Six Months Ended  May 31,
$ in thousands	2024		2023		2024		2023
Investment banking	$	738,584	$	492,475	$	1,417,649	$	995,273
Commissions and other fees	271,782		235,312		517,325		448,582
Asset management fees	6,989		4,864		36,350		22,621
Oil and gas revenues	233		263		441		25,769
Real estate revenues	3,540		7,456		6,689		10,203
Other contracts with customers	14,418		13,031		28,309		25,961
Total revenue from contracts with customers	1,035,546		753,401		2,006,763		1,528,409
Other sources of revenue:
Principal transactions	416,195		320,959		1,056,931		818,205
Revenues from strategic affiliates	4,779		9,069		25,790		30,298
Interest	879,727		632,679		1,699,216		1,164,064
Other	180,049		(64,926)		279,538		(109,230)
Total revenues	$	2,516,296	$	1,651,182	$	5,068,238	$	3,431,746

Disaggregation of Revenue

	Three Months Ended May 31, 2024
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	283,898	$	—	$	283,898
Investment banking - Underwriting	454,686		—		454,686
Equities (1)	269,189		—		269,189
Fixed income (1)	2,120		—		2,120
Asset management	—		6,989		6,989
Other investments	—		18,664		18,664
Total	$	1,009,893	$	25,653	$	1,035,546
Primary geographic region:
Americas	$	735,377	$	23,568	$	758,945
Europe and the Middle East	169,344		1,046		170,390
Asia-Pacific	105,172		1,039		106,211
Total	$	1,009,893	$	25,653	$	1,035,546

	Three Months Ended May 31, 2023
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	254,157	$	—	$	254,157
Investment banking - Underwriting	238,318		—		238,318
Equities (1)	232,304		—		232,304
Fixed income (1)	3,008		—		3,008
Asset management	—		4,864		4,864
Other investments	—		20,750		20,750
Total	$	727,787	$	25,614	$	753,401
Primary geographic region:
Americas	$	540,001	$	24,434	$	564,435
Europe and the Middle East	121,913		596		122,509
Asia-Pacific	65,873		584		66,457
Total	$	727,787	$	25,614	$	753,401

	Six Months Ended May 31, 2024
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	622,466	$	—	$	622,466
Investment banking - Underwriting	795,183		—		795,183
Equities (1)	511,765		—		511,765
Fixed income (1)	4,550		—		4,550
Asset management	—		36,350		36,350
Other investments	—		36,449		36,449
Total	$	1,933,964	$	72,799	$	2,006,763
Primary geographic region:
Americas	$	1,465,754	$	68,767	$	1,534,521
Europe and the Middle East	295,346		2,152		297,498
Asia-Pacific	172,864		1,880		174,744
Total	$	1,933,964	$	72,799	$	2,006,763

	Six Months Ended May 31, 2023
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	551,335	$	—	$	551,335
Investment banking - Underwriting	443,938		—		443,938
Equities (1)	442,766		—		442,766
Fixed income (1)	5,816		—		5,816
Asset management	—		22,621		22,621
Other investments	—		61,933		61,933
Total	$	1,443,855	$	84,554	$	1,528,409
Primary geographic region:
Americas	$	1,095,928	$	82,227	$	1,178,155
Europe and the Middle East	238,132		1,173		239,305
Asia-Pacific	109,795		1,154		110,949
Total	$	1,443,855	$	84,554	$	1,528,409

(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Information on Remaining Performance Obligations and Revenue Recognized from Past Performance

We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at May 31, 2024. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price.

During the three and six months ended May 31, 2024, we recognized $16.7 million and $25.6 million, respectively, compared with $12.2 million and $28.5 million, during the three and six months ended May 31, 2023, respectively, of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, during the three and six months ended May 31, 2024, we recognized $8.9 million and $15.2 million, respectively, compared with $7.8 million and $15.5 million, during the three and six months ended May 31, 2023, respectively, of revenues primarily associated with distribution services, a portion of which relates to prior periods.

Contract Balances

The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.

Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at May 31, 2024 and November 30, 2023 were $56.5 million and $48.3 million, respectively, which are recorded in Accrued expenses and other liabilities. During the three and six months ended May 31, 2024, we recognized revenues of $36.4 million and $32.9 million, respectively, compared with $12.4 million and $16.0 million during the three and six months ended May 31, 2023, respectively, that were recorded as deferred revenue at the beginning of the periods.

We had receivables related to revenues from contracts with customers of $238.3 million and $248.2 million at May 31, 2024 and November 30, 2023, respectively.

Contract Costs

We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized.

At May 31, 2024 and November 30, 2023, capitalized costs to fulfill a contract were $6.2 million and $5.3 million, respectively, which are recorded in Receivables—Fees, interest and other. For the three and six months ended May 31, 2024, we recognized expenses of $1.3 million and $2.0 million, respectively, compared with $0.7 million and $1.3 million, during the three and six months ended May 31, 2023, respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three and six months ended May 31, 2024 and May 31, 2023.