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Item 3 — Quantitative and Qualitative Disclosures About Market Risk
Rafael Holdings, Inc. · 10-Q · Q3 FY2026 · Period ended Apr 30, 2026
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about Market Risks
FOREIGN CURRENCY RISK
Revenue from tenants located in Israel represented
42% and 41%of our consolidated revenues for the nine months ended April 30, 2026 and 2025, respectively. The entirety of these 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.