Goodwill and Intangible Assets

3 Months Ended

Feb. 28, 2026

Note 12. Goodwill and Intangible Assets

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

Intangible Assets


	February 28, 2026			Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost	Accumulated Amortization	Net Carrying Amount	Weighted Average Remaining Lives (Years)
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	Weighted Average Remaining Lives (Years)
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.

Amortization Expense

For finite life intangible assets, we recognized aggregate

amortization expense of $8.5 million and $7.8 million for the

three months ended February 28, 2026 and 2025, respectively.

These expenses are included in Depreciation and amortization.

Estimated future amortization expense for the next five fiscal

years: