The following tables show, by level within the fair value hierarchy, our assets and liabilities that are measured at fair value on a recurring basis as of May 31, 2026 and August 31, 2025. We did not have any transfers between levels of fair value measurements during the nine months ended May 31, 2026 and the fiscal year ended August 31, 2025.


	Fair Value Measurements as of May 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	13,582	$	—	$	—	$	13,582
Mutual funds(2)	—		16,122		—		16,122

Derivative instruments(3)	—		71		—		71
Total assets measured at fair value	$	13,582	$	16,193	$	—	$	29,775

Liabilities
Derivative instruments(3)	$	—	$	3,676	$	—	$	3,676
Contingent liabilities(5)	—		—		9,953		9,953
Total liabilities measured at fair value	$	—	$	3,676	$	9,953	$	13,629


	Fair Value Measurements as of August 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds(1)	$	8,649	$	—	$	—	$	8,649
Mutual funds(2)	—		17,445		—		17,445

Derivative instruments(3)	—		3,590		—		3,590
Total assets measured at fair value	$	8,649	$	21,035	$	—	$	29,684

Liabilities
Derivative instruments(3) (4)	$	—	$	808	$	—	$	808
Contingent liabilities(5)	—		—		24,126		24,126
Total liabilities measured at fair value	$	—	$	808	$	24,126	$	24,934

(1) Our money market funds are readily convertible into cash and are reported based on their net asset value, which represents its fair value, on the last day of the reporting period. The net asset values are readily determinable and represent the prices of active trading in the market. Our money market funds are included in Cash and cash equivalents within the Consolidated Balance Sheets.

(2) Our mutual funds' fair value is based on the fair value of the underlying investments held by the mutual funds, allocated to each share of the mutual fund using a net asset value approach. The fair value of each underlying investment is based on observable inputs, when available, or pricing from valuation agencies. Our mutual funds are included in Investments within the Consolidated Balance Sheets.

(3) Our foreign exchange forward contracts fair value is determined utilizing the income approach. The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads. Our foreign exchange forward contracts in an asset position are included in Prepaid expenses and other current assets and those in a liability position are included in Accounts payable and accrued expenses within the Consolidated Balance Sheets.

(4) Our interest rate swap agreements fair value is estimated utilizing a present value of future cash flows, leveraging a model-derived valuation that uses observable inputs such as interest rate yield curves. Our interest rate swap agreements in an asset position are included in Prepaid expenses and other current assets and those in a liability position are included in Accounts payable and accrued expenses within the Consolidated Balance Sheets.

(5) Our contingent liabilities resulted from the acquisitions of various businesses. These liabilities reflect the present value of potential future payments that are contingent upon the achievement of certain specified milestones and are valued using a scenario-based method. This method incorporates unobservable inputs and assumptions made by management, including the probability of achieving specified milestones, expected time until payment and the discount rate. Refer to Note 5, Acquisitions, for more information on the contingent liabilities associated with the Liquid Holdings LLC ("LiquidityBook") and Platform Group Limited ("Irwin") acquisitions.