Assets Held for Sale and Discontinued Operations

3 Months Ended

Feb. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Note 5. Assets Held for Sale and Discontinued Operations

Foursight

On November 20, 2023, we entered into an agreement to sell

Foursight. Assets held for sale are recorded initially at the lower

of their carrying value or estimated fair value, less estimated

costs to sell.

During the second quarter of 2024, we closed the sale of

Foursight and recognized a gain on sale of $24.2 million, which is

included within Other revenues.

OpNet

In February 2024, we agreed to sell substantially all of OpNet’s

wholesale operating assets. The sale closed in August 2024 and

we recognized a pre-tax gain on sale of $3.5 million. For the year

ended November 30, 2024, the activities of OpNet’s wholesale

operations have been classified as discontinued operations and

OpNet’s results are presented in Net losses from discontinued

operations, net of income tax benefit.

Airplanes

During 2024, we classified certain airplanes related to a sale

leaseback transaction executed by our subsidiary, Aircadia

Leasing II LLC as held for sale. The airplanes are included within

Assets held for sale on our Consolidated Statements of Financial

Condition and have a carrying amount of $51.9 million at both

February 28, 2025 and November 30, 2024. We are actively

pursuing avenues to dispose of the airplanes through a sale

process. Effective with the designation of the airplanes as held

for sale, we suspended recording depreciation on these assets.