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Goodwill | 12 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Goodwill Goodwill allocated to the Company’s operating segments as of September 30, 2025 and 2024 is as follows:
| September 30,
(in millions) | 2025 |  | 2024
Commercial | $ | 115.6 |  |  | $ | 35.5 |
Institutional | 167.0 |  |  | 9.8 |
Self-Directed/Retail | 5.7 |  |  | 5.7 |
Payments | 10.0 |  |  | 10.0 |
Total Goodwill | $ | 298.3 |  |  | $ | 61.0 |
During the three months ended September 30, 2025, the Company’s acquisition of RJO triggered a reassessment of the financial information reviewed by management. The Company determined the acquired business activities of RJO were similar to its existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. This business included $2.2 million of goodwill that moved to the Commercial segment. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2022. The Company recorded $0.7 million and $0.3 million in foreign exchange translation decline related to Goodwill for the years ended September 30, 2025 and 2024, respectively. The Company recorded additional goodwill during the year ended September 30, 2025 related to the purchase price allocation for the following acquisitions, as further discussed in Note 20 (in millions):
Acquisition | Reportable Segment | Goodwill
JBR | Commercial | $ | 4.8 |
Octo | Institutional | 2.1 |
RJO | Commercial | 75.0 |
RJO | Institutional | 99.4 |
Benchmark | Institutional | 55.7 |
Right | Commercial | 1.0 |
| Total Goodwill Recorded | $ | 238.0 |
The Company recorded additional goodwill of $2.0 million during the year ended September 30, 2024 within the Self-Directed/Retail reportable segment related to the initial purchase price allocation for the acquisition of TAG, as further discussed in Note 20.

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