Assets and Liabilities Held for Sale

6 Months Ended

May 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Note 4. Assets and Liabilities Held for Sale

Tessellis

During 2026, we accepted a binding offer from a third party for the sale of Tessellis. We expect the sale to close during the first quarter of 2027.

Assets held for sale are recorded initially at the lower of their carrying value or estimated fair value, less estimated costs to sell. Upon designation as an asset held for sale, we discontinue recording depreciation and amortization expense on such assets.

Tessellis is included within our asset management reportable segment.

Tessellis’ major classes of assets and liabilities:


$ in thousands	May 31, 2026
Assets held for sale:
Cash and cash equivalents	$	31,635
Investments in and loans to related parties	6,493
Other receivables	25,881
Premises and equipment, net	65,896
Goodwill	56,104
Other assets	109,147
Total assets held for sale	$	295,156

Liabilities held for sale:
Short term borrowings	$	4,665
Lease liabilities	19,410
Accrued expenses and other liabilities	225,513
Long-term debt	50,172
Total liabilities held for sale	$	299,760