<\/p>\n
Jefferies Announces First Quarter 2025 Financial Results<\/b><\/p>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nJefferies Financial Group Inc. (NYSE: JEF):\n<\/p>\n
| \n Q1 Financial Highlights<\/b><\/p>\n<\/td>\n | <\/tr>\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<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1Q25<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1Q24<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to common shareholders\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n127,793\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n149,641\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings per common share from continuing operations\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.69\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nReturn on adjusted tangible shareholders’ equity from continuing operations1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal net revenues\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,593,019\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,738,203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment banking net revenues14<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n700,692\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n727,010\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCapital markets net revenues14<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n698,284\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n724,278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAsset management net revenues\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n191,715\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n273,383\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPre-tax earnings from continuing operations\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n151,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n220,242\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBook value per common share\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n49.48\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46.13\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted tangible book value per fully diluted share3<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n32.57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n30.89\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Quarterly Cash Dividend<\/b><\/p>\n \nThe Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on May 29, 2025 to record holders of Jefferies common shares on May 19, 2025.\n<\/p>\n Management Comments<\/b><\/p>\n “Our first quarter results reflect strength in Advisory, Debt underwriting and Equities offset by a meaningful decline in asset management investment return compared to the prior year quarter. The capital markets have become increasingly more challenging due to the uncertainties that have arisen around U.S. policy and geopolitical events. There remains strong dialogue around potential investment banking transactions (capital raising and advisory) and our high quality backlog continues to build. Its realization depends on confidence and visibility reemerging, which may be beginning.<\/i><\/p>\n “We remain very confident about our strategy, our team and our long-term growth opportunities across our global businesses and we will navigate this period of uncertainty the way we always do, by focusing on our clients and helping them address\u00a0their challenges and opportunities, while watching our risk, maintaining record liquidity and striving to gain market share across our firm.<\/i><\/p>\n “Investment Banking net revenues from Advisory, Equity underwriting and Debt underwriting totaling $726 million for the quarter were up 7% versus the prior year quarter. We had strong performance in Advisory, which was up 17%, largely from market share gains, and Debt underwriting, which was up 54%, tempered by subdued performance in Equity underwriting, which was down 39% as the opportunity in the current year in sectors where we have more meaningful market share was down notably from the prior year’s comparable period.<\/i><\/p>\n “Capital Markets net revenues of $698 million for the first quarter were down 4% versus the prior year quarter. Equities net revenues of $409 million increased 10% from the prior year quarter, with continued strong global performance across a variety of products. Fixed Income net revenues of $289 million decreased 18% from the prior year’s exceptionally strong first quarter, driven by lower volatility translating to lower overall volumes.<\/i><\/p>\n “Asset Management fees and investment return revenues of $83 million for the quarter were down 53% from the prior year quarter. We achieved a modest increase in management fees and a significant increase in performance fees from our strong performance in calendar year 2024 that were realized in the first quarter of 2025. This was offset by considerably weaker investment return in the current quarter due to a difficult investment environment for a variety of strategies, particularly those with a long equity bias, compared to particularly strong performance in the prior year quarter across several strategies.<\/i><\/p>\n “We would also like to thank our clients and colleagues who came together in January as part of our Doing Good Global Trading Day, to proudly contribute $10 million to a variety of amazing charities to support Los Angeles wildfire relief efforts.”<\/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<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n February 28, November 30, February 29, Net revenues by source:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdvisory\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n397,780\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n596,707\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n338,567\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEquity underwriting\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n128,520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n191,218\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n209,303\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDebt underwriting\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n199,362\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n171,456\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n129,194\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther investment banking14<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(24,970\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,443\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n49,946\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Investment Banking<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 700,692<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 986,824<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 727,010<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEquities14<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n409,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n410,768\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n371,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFixed income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n289,226\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n240,922\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n352,478\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Capital Markets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 698,284<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 651,690<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 724,278<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Investment Banking and Capital Markets Net revenues5<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,398,976<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,638,514<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,451,288<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAsset management fees and revenues6<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n88,630\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,752\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n59,657\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment return\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,634\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n101,762\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n117,640\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAllocated net interest4<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17,221\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(15,104\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(15,012\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther investments, inclusive of net interest13<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n125,940\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n214,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n111,098\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Asset Management Net revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 191,715<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 314,750<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 273,383<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,328\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,338\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,532\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Net revenues by source<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,593,019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,956,602<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,738,203<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-interest expenses:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCompensation and benefits\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n841,127\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n981,626\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n926,871\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Compensation ratio15<\/sup><\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n50.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNon-compensation expenses\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n600,827\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n670,114\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n591,090\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-compensation ratio15<\/sup><\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n Total Non-interest expenses<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,441,954<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,651,740<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,517,961<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net earnings from continuing operations before income taxes<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 151,065<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 304,862<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 220,242<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n14,216\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n86,117\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n55,959\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Income tax rate<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n Net earnings from continuing operations<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 136,849<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 218,745<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 164,283<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings (losses) from discontinued operations, net of income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,155\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,891\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet losses attributable to noncontrolling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,983\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,262\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,438\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock dividends\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,039\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,416\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,189\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to common shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 127,793<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 205,746<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 149,641<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Highlights<\/b><\/p>\n Three Months Ended February 28, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n Asset Management<\/b><\/p>\n<\/td>\n<\/tr>\n Non-interest Expenses<\/b><\/p>\n<\/td>\n<\/tr>\n \nAmounts herein pertaining to February 28, 2025 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 months ended February 28, 2025 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about April 9, 2025.\n<\/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.\n<\/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).\n<\/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<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n February 28, February 29, Revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment banking\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n729,510\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n679,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrincipal transactions\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n407,230\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n640,736\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommissions and other fees\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n288,300\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n245,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAsset management fees and revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n85,408\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n50,372\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n845,171\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n819,489\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n117,245\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n116,737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2,472,864<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2,551,942<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n879,845\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n813,739\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,593,019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,738,203<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-interest expenses<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCompensation and benefits\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n841,127\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n926,871\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBrokerage and clearing fees\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n109,436\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n109,670\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnderwriting costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,846\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTechnology and communications\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n139,475\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n137,512\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOccupancy and equipment rental\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,199\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,153\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBusiness development\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72,291\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,651\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProfessional services\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72,466\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n77,844\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,988\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n43,202\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,568\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,671\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,558\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,903\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total non-interest expenses<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,441,954<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,517,961<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEarnings from continuing operations before income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n151,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n220,242\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,216\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55,959\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings from continuing operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n136,849\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n164,283\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet losses from discontinued operations, net of income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,891\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net earnings<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 136,849<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 156,392<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet losses attributable to noncontrolling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,983\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,438\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock dividends\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,039\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,189\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to common shareholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 127,793<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 149,641<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Financial Data and Metrics<\/b>(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n February 28, November 30, February 29, Other Data:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of trading days\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n63\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of trading loss days7<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3\n<\/p>\n<\/td>\n<\/tr>\n \nAverage VaR (in millions)8<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13.13\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n12.75\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n15.13\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n In millions, except other data<\/i><\/b><\/p>\n<\/td>\n February 28, November 30, February 29, Financial position:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70,219\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n64,360\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n60,933\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,176\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,153\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,616\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial instruments owned\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,087\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,138\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,212\n<\/p>\n<\/td>\n<\/tr>\n \nLevel 3 financial instruments owned9<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n781\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n734\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n589\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill and intangible assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,054\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,064\n<\/p>\n<\/td>\n<\/tr>\n \nTotal equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,268\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,867\n<\/p>\n<\/td>\n<\/tr>\n \nTotal shareholders’ equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,780\n<\/p>\n<\/td>\n<\/tr>\n \nTangible shareholders’ equity10<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,166\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,103\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,716\n<\/p>\n<\/td>\n<\/tr>\n Other data and financial ratios:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLeverage ratio11<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.2\n<\/p>\n<\/td>\n<\/tr>\n \nTangible gross leverage ratio12<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.6\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of employees at period end\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,701\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,822\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,745\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of employees excluding OpNet, Tessellis and Stratos at period end\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,994\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,968\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,790\n<\/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<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n February 28,<\/b>2025<\/b><\/p>\n<\/td>\n February 29, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Numerator for earnings per common share from continuing operations:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings from continuing operations\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n136,849\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n164,283\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Net losses attributable to noncontrolling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,983\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,452\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAllocation of earnings to participating securities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,039\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(14,189\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net earnings from continuing operations attributable to common shareholders for basic earnings per share<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 127,793<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 156,546<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net earnings from continuing operations attributable to common shareholders for diluted earnings per share<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 127,793<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 156,546<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNumerator for earnings per common share from discontinued operations:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet losses from discontinued operations, net of taxes\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(7,891\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Net losses attributable to noncontrolling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(986\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net losses from discontinued operations attributable to common shareholders for basic and diluted earnings per share<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (6,905<\/b><\/p>\n<\/td>\n )<\/b><\/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 127,793<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 149,641<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/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 127,793<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 149,641<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Denominator for earnings per common share:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n206,046\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n211,535\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares of restricted stock outstanding with future service required\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,200\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,402\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average restricted stock units outstanding with no future service required\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,690\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,913\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Weighted average basic common shares<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 214,536<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 220,046<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock options and other share-based awards\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,287\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,894\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSenior executive compensation plan restricted stock unit awards\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,625\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Weighted average diluted common shares<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 222,448<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 225,291<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Earnings (losses) per common share:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic from continuing operations\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.60\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.71\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic from discontinued operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.03\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Basic<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n 0.60<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.68<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted from continuing operations\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.69\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted from discontinued operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.03\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.57<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.66<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/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.\n<\/p>\n Return on Adjusted Tangible Equity Reconciliation<\/b><\/p>\n<\/td>\n<\/tr>\n $ in thousands<\/i><\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n February 28, 2025<\/b><\/p>\n<\/td>\n February 29, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to common shareholders (GAAP)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n127,791\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n149,641\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible amortization and impairment expense, net of tax\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,073\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,147\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjusted net earnings to common shareholders (non-GAAP)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 134,864<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 153,788<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock dividends\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,039\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,189\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjusted net earnings to total shareholders (non-GAAP)<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 150,903<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 167,977<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net earnings to total shareholders (non-GAAP)1<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n603,612\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n671,908\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings impact for net losses from discontinued operations, net of noncontrolling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,905\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net earnings to total shareholders from continuing operations (non-GAAP)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n150,903\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n174,882\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net earnings to total shareholders from continuing operations (non-GAAP)1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n603,612\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n699,528\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n November 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShareholders’ equity (GAAP)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,156,772\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,709,827\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Intangible assets, net and goodwill\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,054,310\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,044,776\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Deferred tax asset, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(497,590\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(458,343\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Weighted average impact of dividends and share repurchases\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(94,936\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(67,475\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Adjusted tangible shareholders’ equity (non-GAAP)<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,509,936<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,139,233<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nReturn on adjusted tangible shareholders’ equity (non-GAAP)1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nReturn on adjusted tangible shareholders’ equity from continuing operations (non-GAAP)1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.8\n<\/p>\n<\/td>\n \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:\n<\/p>\n<\/td>\n<\/tr>\n $ in thousands, except per share amounts<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n February 28, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nBook value (GAAP)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,204,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock options(1)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n114,939\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net and goodwill\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,037,906\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n |