Foreign Currency Risk Revenues from our international operations were 20.4% and 21.0% of our consolidated revenues in the three months ended April 30, 2026 and 2025, respectively, and 20.5% and 21.0% of our consolidated revenues in the nine months ended April 30, 2026 and 2025, respectively. A significant portion of our revenues is in currencies other than the U.S. Dollar. Our foreign currency exchange risk is somewhat mitigated by our ability to offset a portion of these non-U.S. Dollar-denominated revenues with operating expenses that are paid in the same currencies. While the impact from fluctuations in foreign exchange rates affects our revenues and expenses denominated in foreign currencies, the net amount of our exposure to foreign currency exchange rate changes at the end of each reporting period is generally not material. Investment Risk We hold a portion of our assets in debt and equity securities, including hedge funds, for strategic and speculative purposes. At April 30, 2026 and July 31, 2025, the value of our debt and equity security holdings was an aggregate of $42.3 million and $33.9 million, respectively, which represented 6.1% and 6.0% of our total assets at April 30, 2026 and July 31, 2025, respectively. Investments in debt and equity securities carry a degree of risk and depend to a great extent on correct assessments of the future course of price movements of securities and other instruments. There can be no assurance that our investment managers will be able to accurately predict these price movements. The securities markets have in recent years been characterized by great volatility and unpredictability. Accordingly, the value of our investments may go down as well as up and we may not receive the amounts originally invested upon redemption.