The Company’s ownership percentage in its equity method investment in GPGI Holdings was 100% and had a carrying value of $3,246.1 as of September 30, 2026. Prior to the execution of the CompoSecure Management Agreement and the Company's deconsolidation of GPGI Holdings on February 28, 2025, GPGI Holdings had net liabilities of $50.1. This net liability position primarily resulted from the waiver of advances previously made by GPGI Holdings to the Company, which were treated as distributions to the Company, prior to the date of deconsolidation. As a result, the Company's equity method investment in GPGI Holdings had an initial carrying value of $0.0 upon deconsolidation.

The results of operations of GPGI Holdings on a combined basis for the three and nine months ended September 30, 2026 and the period from the Spin-Off through September 30, 2025 are summarized in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,		February 28 - September 30,
	2026		2025		2026		2025
Net sales	$	509.6	$	120.9	$	1,390.6	$	284.6
Cost of sales	300.7		49.6		861.1		118.7
Gross profit	208.9		71.3		529.5		165.9
Operating expenses:
Selling, general and administrative expenses	100.0		29.6		409.0		67.4
Income from operations	108.9		41.7		120.5		98.5

Other income (expense):
Interest expense	(32.4)		(3.6)		(95.4)		(8.9)
Interest income	0.3		1.5		0.6		3.8
Gain (loss) on debt extinguishment	—		—		(10.6)		—


Total other income (expense), net	(32.1)		(2.1)		(105.4)		(5.1)
Income (loss) before income taxes	76.8		39.6		15.1		93.4
Income tax (expense) benefit	(2.0)		—		(27.3)		—
Net income (loss)	$	74.8	$	39.6	$	(12.2)	$	93.4

The Company's maximum exposure to loss as a result of its equity method investment in GPGI Holdings is limited to its equity method investment in GPGI Holdings.



Balance as of December 31, 2025	$	125.5
Stock-based compensation granted to GPGI Holdings' employees	7.9
Earnings (losses) in equity method investment of GPGI Holdings	(12.2)
Investment in GPGI Holdings in relation to Husky Transaction-Cash	1,962.0
Investment in GPGI Holdings in relation to Husky Transaction-Equity	1,143.0
Investments in GPGI Holdings	158.4
Distributions to GPGI, Inc.	(138.5)
Balance as of September 30, 2026	$	3,246.1