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Assets Held for Sale and Discontinued Operations
6 Months Ended
May 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale and Discontinued Operations Note 5. Assets Held for Sale and Discontinued Operations
Foursight
During the second quarter of 2024, we closed the sale of
Foursight and recognized a gain on sale of $24.2 million, which is
included within Other revenues.
OpNet
In February 2024, we agreed to sell substantially all of OpNet’s
wholesale operating assets. The sale closed in August 2024 and
we recognized a pre-tax gain on sale of $3.5 million. For the year
ended November 30, 2024, the activities of OpNet’s wholesale
operations have been classified as discontinued operations and
OpNet’s results are presented in Net losses from discontinued
operations, net of income tax benefit.
Airplanes
During 2024, we classified certain airplanes related to a sale
leaseback transaction executed by our subsidiary, Aircadia
Leasing II LLC as held for sale. Effective with the designation of
the airplanes as held for sale, we suspended recording
depreciation on these assets. The airplanes are included within
Assets held for sale on our Consolidated Statements of Financial
Condition and had a carrying amount of $51.9 million at
November 30, 2024. During the second quarter of 2025, we
agreed to sell the airplanes and we recognized a loss of
$12.8 million during the three months ended May 31, 2025. The
sale is expected to close in the third quarter of 2025.