Goodwill and Intangible Assets

6 Months Ended

May 31, 2025

Note 13. Goodwill and Intangible Assets

Goodwill


	Six Months Ended May 31, 2025
$ in thousands	Investment Banking and Capital Markets	Asset Management	Total
Balance, at beginning of period ...................	$1,533,013	$294,925	$1,827,938
Currency translation and other adjustments ..............................................	4,457	7,917	12,374
Measurement period adjustments (1) ........	—	1,802	1,802
Balance, at end of period .............................	$1,537,470	$304,644	$1,842,114

(1)Relates to a measurement period adjustment recorded during the second

quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4,

Business Acquisitions for further discussion.


	Six Months Ended May 31, 2024
$ in thousands	Investment Banking and Capital Markets	Asset Management	Total
Balance, at beginning of period ...................	$1,532,172	$315,684	$1,847,856
Currency translation and other adjustments ..............................................	357	(424)	(67)
Measurement period adjustments (1) ........	—	(28,346)	(28,346)
Goodwill relating to acquisitions by Tessellis .....................................................	—	3,366	3,366
Balance, at end of period .............................	$1,532,529	$290,280	$1,822,809

(1)Includes a $27.0 million measurement period adjustment recorded during the

first quarter of 2024 related to the OpNet acquisition. Refer to Note 4,

Business Acquisitions for further discussion.

Carrying values of goodwill by reporting unit:


$ in millions	May 31, 2025	November 30, 2024
Investment banking ..............................................................	$702.7	$700.7
Equities and wealth management ......................................	256.1	255.4
Fixed income .........................................................................	578.5	576.9
Asset management ..............................................................	143.0	143.0
Other investments .................................................................	161.8	151.9
Total ........................................................................................	$1,842.1	$1,827.9

Intangible Assets


	May 31, 2025				Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost	Assets Acquired	Accumulated Amortization	Net Carrying Amount	Weighted Average Remaining Lives (Years)
Customer relationships .......................	$165,820	$622	$(111,235)	$55,207	5.2
Trademarks and trade names ............	160,291	—	(52,338)	107,953	21.0
Exchange and clearing organization membership interests and registrations ..........................................	8,793	—	—	8,793	N/A
Other ......................................................	85,295	99	(39,442)	45,952	3.6
Total .......................................................	$420,199	$721	$(203,015)	$217,905


	November 30, 2024					Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost	Assets Acquired (1)	Impairment Losses	Accumulated Amortization	Net Carrying Amount	Weighted Average Remaining Lives (Years)
Customer relationships	$136,049	$26,450	$—	$(104,539)	$57,960	5.6
Trademarks and trade names ..............................	146,032	8,533	—	(45,412)	109,153	21.4
Exchange and clearing organization membership interests and registrations ............	8,715	—	(10)	—	8,705	N/A
Other ................................	50,930	26,316	—	(26,693)	50,553	3.9
Total ................................	$341,726	$61,299	$(10)	$(176,644)	$226,371

(1)Includes a $39.3 million measurement period adjustment recorded during the

first quarter of 2024 related to the OpNet acquisition. Refer to Note 4,

Business Acquisitions for further information.

Amortization Expense

For finite life intangible assets, we recognized aggregate

amortization expense of $8.6 million and $16.4 million for the

three months six months ended May 31, 2025, respectively, and

$8.5 million and $14.1 million for the three months six months

ended May 31, 2024, respectively. These expenses are included

in Depreciation and amortization.

Estimated future amortization expense for the next five fiscal

years (in thousands):