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Goodwill and Intangible Assets (Tables) | 3 Months Ended
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Feb. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill |
| Three Months Ended February 28, 2026
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Balance, at beginning of period ................... | $1,535,961 | $301,609 | $1,837,570
Currency translation and other adjustments .............................................. | 1,281 | 2,115 | 3,396
Impairment (1) ................................................ | — | (58,240) | (58,240)
Reclassification to held for sale (1) ............ | — | (56,850) | (56,850)
Balance, at end of period ............................. | $1,537,242 | $188,634 | $1,725,876
(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, we recorded a $58.2 million goodwill impairment charge. The remaining goodwill balance was reclassified as held for sale at February 28, 2026. See Note 4, Assets and Liabilities Held for Sale.
| Three Months Ended February 28, 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 .............................................. | (1,151) | (2,140) | (3,291)
Balance, at end of period ............................. | $1,531,862 | $292,785 | $1,824,647
Carrying values of goodwill by reporting unit:
$ in millions | February 28, 2026 | November 30, 2025
Investment banking .............................................................. | $702.6 | $702.0
Equities and wealth management ...................................... | 256.1 | 255.9
Fixed income ......................................................................... | 578.5 | 578.0
Asset management .............................................................. | 143.0 | 143.0
Other investments ................................................................. | 45.7 | 158.7
Total ........................................................................................ | $1,725.9 | $1,837.6
Schedule of Finite-Lived Intangible Assets |
| February 28, 2026 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Accumulated Amortization | Net Carrying Amount
Customer relationships (1) ........................................ | $127,693 | $(104,980) | $22,713 | 5.0
Trademarks and trade names (1) ............................. | 128,981 | (47,963) | 81,018 | 22.0
Exchange and clearing organization membership interests and registrations ........................................ | 8,735 | — | 8,735 | N/A
Other (1) ....................................................................... | 15,128 | (14,374) | 754 | 2.5
Total .............................................................................. | $280,537 | $(167,317) | $113,220 |
| November 30, 2025 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Assets Acquired | Accumulated Amortization | Net Carrying Amount
Customer relationships .......................... | $166,328 | $622 | $(116,810) | $50,140 | 4.6
Trademarks and trade names ................ | 160,674 | — | (55,948) | 104,726 | 20.6
Exchange and clearing organization membership interests and registrations .............................................. | 8,717 | — | — | 8,717 | N/A
Other ........................................................... | 86,815 | 99 | (47,920) | 38,994 | 2.8
Total ........................................................... | $422,534 | $721 | $(220,678) | $202,577 |
(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, the remaining intangible asset balance of $82.7 million was reclassified as held for sale at February 28, 2026. See Note 4, Assets and Liabilities Held for Sale.
Schedule of Indefinite-Lived Intangible Assets |
| February 28, 2026 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Accumulated Amortization | Net Carrying Amount
Customer relationships (1) ........................................ | $127,693 | $(104,980) | $22,713 | 5.0
Trademarks and trade names (1) ............................. | 128,981 | (47,963) | 81,018 | 22.0
Exchange and clearing organization membership interests and registrations ........................................ | 8,735 | — | 8,735 | N/A
Other (1) ....................................................................... | 15,128 | (14,374) | 754 | 2.5
Total .............................................................................. | $280,537 | $(167,317) | $113,220 |
| November 30, 2025 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Assets Acquired | Accumulated Amortization | Net Carrying Amount
Customer relationships .......................... | $166,328 | $622 | $(116,810) | $50,140 | 4.6
Trademarks and trade names ................ | 160,674 | — | (55,948) | 104,726 | 20.6
Exchange and clearing organization membership interests and registrations .............................................. | 8,717 | — | — | 8,717 | N/A
Other ........................................................... | 86,815 | 99 | (47,920) | 38,994 | 2.8
Total ........................................................... | $422,534 | $721 | $(220,678) | $202,577 |
(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, the remaining intangible asset balance of $82.7 million was reclassified as held for sale at February 28, 2026. See Note 4, Assets and Liabilities Held for Sale.
Schedule of Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense for the next five fiscal years:
Year | $ in thousands
Remainder of fiscal year 2026 ............................................................ | $6,535
Year ending November 30, 2027 ........................................................ | 8,685
Year ending November 30, 2028 ........................................................ | 8,567
Year ending November 30, 2029 ........................................................ | 8,380
Year ending November 30, 2030 ........................................................ | 8,322

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