Frmo Corp

Hello, everyone. This is Therese Byers speaking, and I'm the Corporate Secretary of FRMO Corp. Thank you for joining us today. The statements made on this call apply only as of today. The information on this call should not be construed to be a recommendation to purchase or sell any particular security or investment fund. The opinions referenced on this call are not intended to be a forecast of future events or a guarantee of future results. It should not be assumed that any of the security transactions referenced today have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past performance of the investments. For additional information, you may visit the FRMO Corp website at frmocorp.com. Today's discussion will be led by Steven Bregman and Peter Doyle, co-chief executive officers. We're also joined by Jay Kesslin, general counsel, and David Arndt, chief financial officer. They will review key points related to the fiscal 2026 third quarter earnings. And now I'll turn the discussion over to Peter Doyle.

Thank you, Therese. Good afternoon, everyone. So two weeks ago, I never dreamed that I would be kicking off this call and it's obviously with great sadness that that's the case. I'm going to give a little bit of background and tell you how I was introduced to Murray Stahl. I had the good fortune in my senior year of college of having a professor who was in the same graduate program as Warren Buffett at Columbia and they learned under Ben Graham. Ben Graham is considered to be the father of security analysis. He's a legend in the industry. And virtually anyone that's in finance has read his books. And essentially it was, you know, the professor would say, you know, trying to buy a dollar's worth of value for something less than a dollar. And I had read the intelligent investor, which was penned by Ben Graham prior to joining Bankers Trust Company, where Murray was working. And I had no real business with Murray when I first started. It just so happened that I, this is 1985, so 41 years ago, I happened to sit outside of his office. And he used to work late, and I was a young person trying to get ahead in the world, and I worked late. So probably within the first week, maybe the second week at most, I wandered into his office just to introduce myself. And I very quickly realized that he was the smartest person I was ever speaking to, had ever spoken to, and 41 years later, that was still true. And I didn't realize at the time, although I figured it out fairly soon, that I had bumped into the equivalent of Ben Graham. And frankly, I think he rivals Ben Graham in professional, and as a person, I think he far exceeded Ben Graham professionally. So I know a lot of you feel like you know Murray from the calls. I know some of you met him in real life. He was an intellectual giant. He was generous beyond belief. He was empathetic. And all of the good things that you think about him, you can multiply it by 1,000, 10,000, and it's still true. So it's heartbreaking for us. And I can tell you that we're grieving here at Horizon Kinetics FRMO. And we're managing. But that said, Murray laid the foundations for us as investors, and he laid the foundations for the companies that we're involved with, and they're in great shape. So today we're going to touch on all the things that Murray would have touched on today, the four works in progress, the cryptocurrency business, the exchange space, Horizon Kinetics itself, and then the various inflation hedges. We'll touch on them to varying degrees. So, you know, feel free if you want to share personal things and if we open it up to questions or you want to speak to us in person. I know you feel like you lost a loved one, and that's really what happened. Murray was the colleague, the work spouse, if you will, of both Stephen and myself for 41 years, and it's not an easy time for us. So with that, I will turn it over to Stephen and see if he wants to add anything or to jump in with the presentation.

Sure. Well, I guess what I'll say is part of the presentation. You might appreciate that it's only been a couple of days. Well, it's been more than a week now. So you have to stop measuring the time.