<\/p>\n
Jefferies Announces Third Quarter 2026 Financial Results<\/b><\/p>\n
Quarterly Record Investment Banking and Equities Net Revenues<\/b><\/p>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nJefferies Financial Group Inc. (NYSE: JEF):<\/p>\n
| \n Q3 Financial Highlights<\/b><\/p>\n<\/td>\n | \n | <\/tr>\n | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| \n | \n | \u00a0<\/td>\n<\/tr>\n | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| \n $ in thousands, except per share amounts<\/i><\/p>\n<\/td>\n | \n Quarter End<\/b><\/p>\n<\/td>\n | \n Year-to-Date<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3Q26<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3Q25<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to common shareholders<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n260,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n223,986<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n639,666<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n439,912<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings per voting common share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.08<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.79<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.98<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReturn on adjusted tangible shareholders’ equity1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal net revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,221,934<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,047,432<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,445,515<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,274,898<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestment banking net revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,331,423<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,135,325<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,555,536<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,602,324<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital markets net revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n802,178<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n723,382<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,380,226<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,125,821<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset management net revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n85,635<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n176,882<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n493,615<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n523,218<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPre-tax earnings<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n351,038<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n331,815<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n878,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n617,781<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBook value per common share17<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n46.55<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n50.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n46.55<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n50.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted tangible book value per fully diluted share3<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n35.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n33.38<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n35.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n33.38<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Quarterly Cash Dividend and Stock Buyback Activity<\/b><\/p>\n \nThe Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on November 25, 2026 to record holders of Jefferies common shares on November 16, 2026.<\/p>\n \nDuring the quarter, we repurchased 1.3 million shares of common stock for $70 million, or an average price of $52.34 per share. Year to date, we repurchased 8.3 million shares of common stock for $441 million, or an average price of $53.25 per share. Our Board of Directors has increased our share buyback authorization back to $250 million for future repurchases.<\/p>\n Management Comments<\/b><\/p>\n “Our third quarter net revenues were $2.22 billion, net earnings attributable to common shareholders were $261 million, diluted earnings per voting common share were $1.08 and return on adjusted tangible shareholders’ equity was 13.5%, reflecting record quarterly results in Investment Banking and Equities, offset by a more subdued market for Fixed Income and a more challenging backdrop for certain funds in our Asset Management business.<\/i><\/p>\n “We believe the results of our third quarter demonstrate the strength and momentum of our business and are a strong foundation on which we can continue to build in future periods. We are very optimistic about the trajectory of Jefferies and our ability to achieve meaningfully higher operating margins and earnings as we complete the sale of Tessellis and continue to wind down the remainder of our legacy merchant banking investments. We are keenly focused on improving the consistency and quality of our earnings.<\/i><\/p>\n “Our Investment Banking and Equities businesses continued to gain momentum in the third quarter, driving quarterly record net revenues in Advisory, total Investment Banking, Equities and combined Investment Banking and Capital Markets. These results demonstrate the strength and breadth of our business, as well as the benefits of our long-term investments, and reflect the trust our clients put in us and our ability to serve them globally.<\/i><\/p>\n \u201cInvestment Banking net revenues were $1.33 billion, up 17% from the prior year quarter, with Advisory delivering a record quarter, up 25% versus last year, and Equity Underwriting up 69%. Our results were driven by a strong market opportunity and continued market share gains. We continue to expand our M&A business, led by strong sponsor-led activity during the quarter particularly in the healthcare, industrials and energy sectors. We are very optimistic about the balance of 2026 and our momentum heading into 2027, supported by the breadth and strength of our current backlog and new business activity.<\/i><\/p>\n “Capital Markets net revenues were $802 million, up 11% from the prior year quarter. Equities record quarterly net revenues of $626 million, up 29% from the prior year quarter, were driven by global cash and electronic trading, as well as continued growth in prime services. Our prime services business continues to strengthen its global position as a trusted partner to leading, well-diversified hedge funds, which enhances the quality, consistency and durability of our Equities revenues. Our equity options and structured derivatives businesses also continue to expand in partnership with our investment banking business. Fixed Income net revenues were $176 million, down 26% from the prior year quarter, reflecting ongoing slowness in market activity.<\/i><\/p>\n “Asset management fees and investment return revenues were $34 million compared to the prior year quarter of $84 million, reflecting weaker performance across several fund strategies. We remain confident in the long-term outlook for the business as we continue to reposition the platform by reducing capital allocated to certain existing funds consistent with the strategy we outlined last fall when we announced our intent to acquire and fund a 50% interest in Hildene.<\/i><\/p>\n “We are also continuing to expand our strategic alliance with SMBC. As expected, SMBC has increased its equity ownership in Jefferies to approximately 20% to become our largest shareholder. In Japan, our planned joint venture with SMBC represents a significant opportunity to align SMBC and SMBC Nikko\u2019s domestic market expertise and balance sheet strength with Jefferies\u2019 global Equities platform, global client relationships and trading technology. Expected to begin serving clients in January 2027, the joint venture is intended to scale a leading wholesale equities and equity capital markets business in Japan. We expect this to become a template for other ways to work together globally with our partners at SMBC.”<\/i><\/p>\n Richard Handler, CEO, and Brian Friedman, President<\/i><\/p>\n Financial Summary (Unaudited)<\/b><\/p>\n<\/td>\n $ in thousands<\/i><\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n August 31, May 31, August 31, August 31, August 31, Net revenues by source:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdvisory<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n817,823<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n674,118<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n655,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,019,069<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,511,218<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquity underwriting<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n305,549<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n370,691<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n181,205<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n982,209<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n432,091<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDebt underwriting<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n177,072<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160,186<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n249,525<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n519,116<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n654,250<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther investment banking<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,979<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n49,017<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35,142<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,765<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Investment Banking<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,331,423<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,206,820<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,135,325<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,555,536<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,602,324<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n626,154<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n600,751<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n486,695<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,785,393<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,421,997<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFixed income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n176,024<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n198,541<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n236,687<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n594,833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n703,824<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Capital Markets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 802,178<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 799,292<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 723,382<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,380,226<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,125,821<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Investment Banking and Capital Markets Net revenues5<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,133,601<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,006,112<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,858,707<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,935,762<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,728,145<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset management fees and revenues6<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,285<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,169<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98,364<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n125,312<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestment return<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,949<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,037<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n68,026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n140,978<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n112,796<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAllocated net interest4<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21,438<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22,935<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18,550<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(66,611<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(54,915<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther investments, inclusive of net interest<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n72,839<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n164,447<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n111,490<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n320,884<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n340,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Asset Management Net revenues<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 85,635<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 187,718<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 176,882<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 493,615<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 523,218<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,621<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,843<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,138<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,535<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Net revenues by source<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,221,934<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,206,451<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,047,432<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 6,445,515<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 5,274,898<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-interest expenses:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCompensation and benefits<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,192,745<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,188,245<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,083,510<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,466,880<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,779,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Compensation ratio13<\/sup><\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNon-compensation expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n678,151<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n702,657<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n632,107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,099,832<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,877,641<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-compensation ratio13<\/sup><\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Total Non-interest expenses<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,870,896<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,890,902<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,715,617<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 5,566,712<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,657,117<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net earnings before income taxes<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 351,038<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 315,549<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 331,815<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 878,803<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 617,781<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n86,976<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65,571<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n89,311<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n205,417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n147,033<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Income tax rate<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Net earnings<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 264,062<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 249,978<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 242,504<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 673,386<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 470,748<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet losses attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,740<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,440<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,041<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,038<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,692<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock dividends<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,184<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,559<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,758<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,528<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to common shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 260,578<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 226,234<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 223,986<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 639,666<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 439,912<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Results Discussion<\/b><\/p>\n Three Months Ended August 31, 2026 Versus August 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine Months Ended August 31, 2026 Versus August 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Investment Banking and Capital Markets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Investment Banking and Capital Markets<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Asset Management<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Asset Management<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-interest Expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Non-interest Expenses<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAmounts herein pertaining to August 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (\u201cSEC\u201d). More information on our results of operations for the three and nine months ended August 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about October 9, 2026.<\/p>\n \nThis press release contains certain \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words \u201cshould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d “would,” or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.<\/p>\n \nPast performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).<\/p>\n Consolidated Statements of Earnings (Unaudited)<\/b><\/p>\n<\/td>\n $ in thousands, except per share amounts<\/i><\/p>\n<\/td>\n Three Months Ended August 31,<\/b><\/p>\n<\/td>\n Nine Months Ended August 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Revenues<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestment banking<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,303,833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,088,197<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,531,742<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,606,976<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrincipal transactions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n468,655<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n486,893<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,444,819<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,232,630<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommissions and other fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n392,932<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n325,178<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,161,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n966,711<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset management fees and revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,869<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,079<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87,019<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n118,563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n922,999<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n846,894<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,590,080<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,570,090<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n132,510<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n147,433<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n405,450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n379,883<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total revenues<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,230,798<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,907,674<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 9,220,260<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7,874,853<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,008,864<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n860,242<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,774,745<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,599,955<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net revenues<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,221,934<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,047,432<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6,445,515<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,274,898<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-interest expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCompensation and benefits<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,192,745<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,083,510<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,466,880<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,779,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBrokerage and clearing fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n139,475<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n121,164<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n420,053<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n360,345<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nUnderwriting costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,858<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,332<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n90,099<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52,703<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTechnology and communications<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n173,235<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n157,171<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n495,953<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n442,844<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOccupancy and equipment rental<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34,713<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,908<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n103,072<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93,818<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBusiness development<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n83,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78,999<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n247,530<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n231,360<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProfessional services<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88,652<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n264,303<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n223,563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43,282<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,230<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n147,475<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n136,471<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,922<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34,430<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n84,095<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n118,959<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60,544<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n247,252<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n217,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total non-interest expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,870,896<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,715,617<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,566,712<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,657,117<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n351,038<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n331,815<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n878,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n617,781<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86,976<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n89,311<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n205,417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n147,033<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net earnings<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 264,062<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 242,504<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 673,386<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 470,748<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet losses attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,740<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,041<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,038<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,692<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock dividends<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,559<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,758<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,528<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to common shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 260,578<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 223,986<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 639,666<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 439,912<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Financial Data and Metrics (Unaudited)<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n August 31, May 31, August 31, August 31, August 31, Other Data:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNumber of trading days<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n188<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n187<\/p>\n<\/td>\n<\/tr>\n \nNumber of trading loss days7<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20<\/p>\n<\/td>\n<\/tr>\n \nAverage VaR (in millions)8<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10.38<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10.31<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10.45<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10.16<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11.81<\/p>\n<\/td>\n<\/tr>\n<\/table>\n In millions, except other data<\/i><\/p>\n<\/td>\n August 31, May 31, August 31, Financial position:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n81,278<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n79,540<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n69,320<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,884<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,315<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,458<\/p>\n<\/td>\n<\/tr>\n \nFinancial instruments owned<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,038<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,117<\/p>\n<\/td>\n<\/tr>\n \nLevel 3 financial instruments owned9<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n891<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n839<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n803<\/p>\n<\/td>\n<\/tr>\n \nGoodwill and intangible assets, net14<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,972<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,974<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,052<\/p>\n<\/td>\n<\/tr>\n \nTotal equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,728<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,607<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,501<\/p>\n<\/td>\n<\/tr>\n \nTotal shareholders’ equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,690<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,567<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,439<\/p>\n<\/td>\n<\/tr>\n \nTangible shareholders’ equity10<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,718<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,593<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,387<\/p>\n<\/td>\n<\/tr>\n Other data and financial ratios:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLeverage ratio11<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.6<\/p>\n<\/td>\n<\/tr>\n \nTangible gross leverage ratio12<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n<\/tr>\n \nNumber of employees at period end<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,065<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,371<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,866<\/p>\n<\/td>\n<\/tr>\n \nNumber of employees excluding Tessellis and Stratos at period end<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,585<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,236<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,206<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Components of Numerators and Denominators for Earnings Per Common Share<\/b><\/p>\n<\/td>\n<\/tr>\n $ in thousands, except per share amounts<\/i><\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n August 31, 2026<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n August 31, 2026<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Voting<\/b><\/p>\n<\/td>\n Non-Voting<\/b><\/p>\n<\/td>\n Voting<\/b><\/p>\n<\/td>\n Non-Voting<\/b><\/p>\n<\/td>\n<\/tr>\n Basic earnings per share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNumerator<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAllocation of distributed earnings (cash dividends paid)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n80,482<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16,232<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n251,820<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19,930<\/p>\n<\/td>\n<\/tr>\n \nAllocation of undistributed earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n142,162<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,702<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n348,886<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,030<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n222,644<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n37,934<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n600,706<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n38,960<\/p>\n<\/td>\n<\/tr>\n \nDenominator<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n191,147<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,293<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n199,269<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,353<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares of restricted stock outstanding with future service required<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,058<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,095<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted average RSUs outstanding with no future service required<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,348<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,958<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNumber of shares used in per share computation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n198,437<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,293<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n208,132<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,353<\/p>\n<\/td>\n<\/tr>\n Basic earnings per share16<\/sup><\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.12<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.25<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.89<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.43<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Diluted earnings per share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNumerator<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAllocation of total earnings for basic computation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n222,644<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,934<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n600,706<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n38,960<\/p>\n<\/td>\n<\/tr>\n \nReallocation of total earnings as a result of conversion of preferred shares to non-voting shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,706<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n222,644<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n600,706<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96,666<\/p>\n<\/td>\n<\/tr>\n \nDenominator<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNumber of shares used in basic computation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n198,437<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,293<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n208,132<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,353<\/p>\n<\/td>\n<\/tr>\n \nWeighted average effect of dilutive securities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdd: Conversion of preferred share to non-voting shares outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,688<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,271<\/p>\n<\/td>\n<\/tr>\n \nAdd: Stock options and other share-based awards<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,210<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nAdd: Senior executive compensation plan restricted stock unit awards<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,499<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNumber of shares used in per share computation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n206,345<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n38,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n215,531<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,624<\/p>\n<\/td>\n<\/tr>\n Diluted earnings per share16<\/sup><\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.08<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.13<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.79<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.96<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n $ in thousands, except per share amounts<\/i><\/p>\n<\/td>\n Three Months Ended Nine Months Ended Numerator for earnings per common share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n242,504<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n470,748<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Net losses attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,041<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,692<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAllocation of earnings to participating securities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28,559<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(55,528<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to common shareholders for basic earnings per share<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 223,986<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 439,912<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to common shareholders for diluted earnings per share<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 223,986<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 439,912<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Denominator for earnings per common share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n206,272<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n206,191<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares of restricted stock outstanding with future service required<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,224<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,259<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nWeighted average restricted stock units outstanding with no future service required<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,245<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,045<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Weighted average basic common shares<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 215,293<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 214,977<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStock options and other share-based awards<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,643<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,915<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSenior executive compensation plan restricted stock unit awards<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,779<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,647<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Weighted average diluted common shares<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 222,715<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 222,539<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Earnings per common share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Basic<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.04<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.05<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.01<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.98<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Reconciliations<\/b><\/p>\n \nThe following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.<\/p>\n Return on Adjusted Tangible Equity Reconciliation<\/b><\/p>\n<\/td>\n $ in thousands<\/i><\/p>\n<\/td>\n Three Months Ended Nine Months Ended \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to common shareholders (GAAP)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n260,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n223,986<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n639,666<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n439,912<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIntangible amortization and impairment expense, net of tax15<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,602<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,163<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46,754<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,053<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted net earnings attributable to common shareholders (non-GAAP)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 262,180<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 233,149<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 686,420<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 461,965<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock dividends<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,559<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,758<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,528<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted net earnings to total shareholders (non-GAAP)<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 268,404<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 261,708<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 744,178<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 517,493<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net earnings to total shareholders (non-GAAP)1<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,073,616<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,046,832<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n992,237<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n689,991<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n May 31,<\/b><\/p>\n<\/td>\n November 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShareholders’ equity (GAAP)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,566,996<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,305,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,574,696<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,156,772<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Goodwill and intangible assets, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,974,240<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,060,019<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,040,147<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,054,310<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Deferred tax asset, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(516,550<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(502,033<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(459,052<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(497,590<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Weighted average impact of dividends and share repurchases<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(108,468<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(66,561<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(385,750<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(208,901<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Adjusted tangible shareholders’ equity (non-GAAP)<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,967,738<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,676,412<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,689,747<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,395,971<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReturn on adjusted tangible shareholders’ equity (non-GAAP)1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation<\/b><\/p>\n<\/td>\n<\/tr>\n \nReconciliation of book value (shareholders’ equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:<\/p>\n<\/td>\n<\/tr>\n $ in thousands, except per share amounts<\/i><\/p>\n<\/td>\n August 31, 2026<\/b><\/p>\n<\/td>\n August 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nBook value (GAAP)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,690,162<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,438,724<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStock options(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n114,939<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n114,939<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGoodwill and intangible assets, net(2)<\/sup><\/p>\n<\/td>\n |