Note 23—Related Party Transactions

Rafael Holdings, Inc.

In connection with the spin-off of Rafael Holdings, Inc. (“Rafael”) in March 2018, the Company and Rafael entered into a transition services agreement pursuant to which certain administrative and other services are provided by the Company and Rafael. This constitutes a related person transaction because Howard Jonas is a chairman and executive chairman of Rafael. The Company charged Rafael $0.3 million in each of fiscal 2025, fiscal 2024, and fiscal 2023 for services provided, net of the amounts charged by Rafael to the Company. At July 31, 2025 and 2024, other current assets reported in the Company’s consolidated balance sheets included net receivable from Rafael of nil and $0.1 million, respectively.

Genie Energy Ltd.

The Company entered into a transition services agreement with Genie Energy Ltd. (“Genie”) prior to the spin-off of Genie in October 2011, which provides for certain services to be performed by the Company and Genie. This constitutes a related person transaction because Howard Jonas is a chairman of Genie. The Company charged Genie $0.9 million, $0.9 million, and $1.2 million in fiscal 2025, fiscal 2024, and fiscal 2023, respectively, for services provided and other items, net of the amounts charged by Genie to the Company. At both July 31, 2025 and 2024, other current assets reported in the Company’s consolidated balance sheets included receivables from Genie of $0.3 million.

Zedge, Inc.

On June 1, 2016, the Company spun off its subsidiary, Zedge, Inc. (Zedge”). Zedge and the Company entered into a transition services agreement, effective June 1, 2016. This constitutes a related person transaction because Howard Jonas is a director and vice chairman of Zedge and his son, Michael Jonas, is the chairman of the board of directors, executive chairman, and the controlling stockholder of Zedge. Pursuant to the agreement, the Company provides legal services to Zedge. Zedge paid the Company a total of $126,000 for legal services provided by the Company during fiscal 2025. In addition, the Company paid Zedge $86,000 for consulting services provided to the Company by a Zedge employee. As of July 31, 2025, Zedge owed the Company $1,000.

In fiscal 2024, NRS and Zedge entered into a marketing relationship. During fiscal 2025, Zedge received $0.2 million from this agreement. In fiscal 2024, there were no monetary transactions between the parties.

CTM Media Group

In fiscal 2024, NRS and CTM Media Group (“CTM”) entered into a marketing relationship. This constitutes a related person transaction because Howard Jonas is the owner of CTM. NRS billed CTM a total of $0.5 million pursuant to the marketing relationship during fiscal 2025. As of July 31, 2025, CTM owed NRS $0.5 million for such services. In fiscal 2024, there were no monetary transactions between the parties.

Other Related Party Transactions

The Company provides office space, certain connectivity and other services to Jonas Media Group, a publishing firm owned by Howard Jonas. Billings for such services were $1,180; $1,300; and $2,000 in fiscal 2025, fiscal 2024, and fiscal 2023, respectively. The balance owed to the Company by Jonas Media Group was $6,461 and $5,300 as of July 31, 2025 and 2024, respectively.

Mason and Company Consulting, LLC (“Mason and Co.”), a company owned solely by Jonathan Mason, receives annual commissions and fees for the insurance brokerage referral and placement of certain of the Company’s insurance policies. Jonathan Mason is the husband of Joyce J. Mason, the Company’s General Counsel, and brother-in-law of Howard S. Jonas. Based on information the Company received from Jonathan Mason, the Company believes that Mason and Co. received commissions and fees from payments made by the Company in the aggregate amount of $54,000 in fiscal 2025, $57,000 in fiscal 2024, and $62,000 in fiscal 2023. Neither Howard S. Jonas nor Joyce Mason has any ownership or other interest in Mason and Co., or the commissions paid to Mason and Co., other than via the familial relationships with Jonathan Mason. On April 28, 2025, the Company exercised its option pursuant to an Exchange and Option Agreement with Alexander Mason, son of Joyce Mason, pursuant to which the Company exchanged 127,500 shares of NRS, a subsidiary of the Company, for 7,685 shares of Class B Common Stock of IDT Corporation (valued at $395,250).

IDT DT leases space in a building in the Bronx, New York that is owned by a limited liability company that is jointly owned by Howard S. Jonas and Shmuel Jonas. The annual rent is $18,600.

The Company had loans receivable from employees aggregating $0.4 million and $0.5 million at July 31, 2025 and 2024, respectively, which are included in “Other current assets” in the accompanying consolidated balance sheets.