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Item 1. Financial Statements

2026-08-05 compared with 2026-05-06 · 111 added, 85 removed, 716 unchanged (21% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amount) March 31, 2026 March 31, 2025 September 30, 2025

(in thousands, except per share amount) June 30, 2026 June 30, 2025 September 30, 2025

Current assets:

19 unchanged sentences

Current liabilities:

Current maturities of long-term debt, net $ — $ 103,325 $ —

Accounts payable, accrued expenses and other current liabilities $ 119,808 $ 78,756 $ 105,443

13 unchanged sentences

issued and outstanding:

58,622,115 as of March 31, 2026;

52,043,599 as of March 31, 2025;

58,503,051 as of June 30, 2026;

57,992,965 as of June 30, 2025;

57,921,451 as of September 30, 2025

2 unchanged sentences

issued and outstanding:

2,970,171 as of March 31, 2026, March 31, 2025 and September 30, 2025

2,970,171 as of June 30, 2026, June 30, 2025 and September 30, 2025

Additional paid-in capital 453,600 448,073 450,892

8 unchanged sentences

Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in thousands, except per share amount) 2026 2025 2026 2025

12 unchanged sentences

Loss on sale or disposal of assets and other 25 — 112 25

Other operating income — ( 1,262 ) — ( 1,262 )

Total operating expenses 191,367 147,644 545,920 435,311

16 unchanged sentences

Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in thousands) 2026 2025 2026 2025

1 unchanged sentence

Other comprehensive income:

Foreign currency translation adjustment, net of income tax (expense) for our investment in unconsolidated affiliate of $ 178 and $( 305 ) for the three months ended March 31, 2026, and 2025, respectively and $ 97 and $( 199 ) for the six months ended March 31, 2026 and 2025, respectively.

Foreign currency translation adjustment, net of income tax (expense) for our investment in unconsolidated affiliate of $( 97 ) and $ 19 for the three months ended June 30, 2026, and 2025, respectively and $ 0 and $ 180 for the nine months ended June 30, 2026 and 2025, respectively.

6,736 12,808 9,674 6,373

24 unchanged sentences

Balances as of March 31, 2026 61,592 $ 616 $ 451,471 $ 703,687 $ ( 35,765 ) $ 1,120,009 $ 21,916 $ 1,141,925

Stock compensation — — 4,110 — — 4,110 — 4,110

Release of restricted stock, net of shares withheld for taxes 13 — — — — — — —

Foreign currency translation gain — — — — 6,736 6,736 — 6,736

Purchase and retirement of treasury stock ( 132 ) ( 1 ) ( 1,539 ) ( 2,490 ) — ( 4,030 ) — ( 4,030 )

Purchase of non-controlling interest in Founders and SMG — — ( 442 ) — — ( 442 ) ( 19,088 ) ( 19,530 )

Consolidated net income — — — 38,199 — 38,199 295 38,494

Balances as of June 30, 2026 61,473 $ 615 $ 453,600 $ 739,396 $ ( 29,029 ) $ 1,164,582 $ 3,123 $ 1,167,705

Common Stock Additional

13 unchanged sentences

Release of restricted stock, net of shares withheld for taxes 76 1 ( 1 ) — — —

Foreign currency translation loss — — — — 884 884

Foreign currency translation gain — — — — 884 884

Purchase and retirement of treasury stock ( 83 ) ( 1 ) ( 390 ) ( 606 ) — ( 997 )

1 unchanged sentence

Balances as of March 31, 2025 55,014 $ 550 $ 347,796 $ 561,211 $ ( 57,982 ) $ 851,575

Stock compensation — — 4,212 — — 4,212

Settlement of convertibles notes due 2025 6,098 61 96,902 — — 96,963

Foreign currency translation gain — — — — 12,808 12,808

Purchase and retirement of treasury stock ( 149 ) ( 1 ) ( 837 ) ( 1,165 ) — ( 2,003 )

Net income — — — 26,503 — 26,503

Balances as of June 30, 2025 60,963 $ 610 $ 448,073 $ 586,549 $ ( 45,174 ) $ 990,058

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

(in thousands) 2026 2025

26 unchanged sentences

Issuance of notes receivable ( 9,000 ) —

Proceeds of notes receivable — 241

Investment in unconsolidated affiliate ( 7,448 ) ( 718 )

7 unchanged sentences

Purchase and retirement of treasury stock ( 8,038 ) ( 6,000 )

Payment of contingent consideration ( 550 ) —

Acquisition of non-controlling interest ( 14,313 ) —

Payments of finance leases ( 761 ) ( 450 )

25 unchanged sentences

We have recast the Condensed Consolidated Statements of Operations and segment contribution for prior periods to conform to this methodology.

This resulted in a classification change of certain expenses totaling $ 5.5 million and $ 11.0 million from Store expenses to General and administrative for the three and six months ended March 31, 2025, respectively.

This resulted in a classification change of certain expenses totaling $ 5.7 million and $ 16.7 million from Store expenses to General and administrative for the three and nine months ended June 30, 2025, respectively.

Additionally, segment contribution no longer includes certain administrative allocations to segments;

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SMG is now reported as a standalone reportable segment.

Our equity interest in Cash Converters International Limited (“Cash Converters”) is now included within Corporate, and the Other Investments segment has been eliminated.

Our equity interest in Cash Converters International Limited (“Cash Converters”) is now included within Corporate, and the Other Investments segment has been removed.

Prior period segment information has been recast to conform to the current presentation.

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Summary of Significant Accounting Policies

There were no material changes to our significant accounting policies during the six months ended March 31, 2026 from the policies described in our 2025 Annual Report.

There were no material changes to our significant accounting policies during the nine months ended June 30, 2026 from the policies described in our 2025 Annual Report.

Use of Estimates and Assumptions

7 unchanged sentences

Upon cancellation, customer layaway deposits are generally refundable, less a cancellation fee, via credit slip.

Our customer layaway deposits balance as of March 31, 2026, 2025 and September 30, 2025 was $ 39.5 million, $ 31.0 million and $ 33.9 million, respectively, and are generally recognized as revenues within a one-year period.

Our customer layaway deposits balance as of June 30, 2026, 2025 and September 30, 2025 was $ 42.5 million, $ 33.3 million and $ 33.9 million, respectively, and are generally recognized as revenues within a one-year period.

Recently Issued Accounting Pronouncements

37 unchanged sentences

Founders One Acquisition

On January 2, 2026, we acquired a controlling interest in Founders by exchanging our existing $ 45.0 million preferred equity investment and $ 15.0 million demand promissory note into common equity and contributing an additional $ 4.4 million in cash.

We now own 87.7 % of Founders' outstanding common equity.

At the time of acquisition, Founders, through its subsidiary SMG, operated 105 pawn stores in the United States and 11 additional countries, primarily under the names "La Familia Pawn and Jewelry" and "CashWiz." Founders holds 85.1 % ownership interest in SMG.

On January 2, 2026, we acquired an 87.7 % controlling interest in Founders by exchanging our existing $ 45.0 million preferred equity investment and $ 15.0 million demand promissory note into common equity and contributing an additional $ 4.4 million in cash.

The acquisition advances our strategy to expand our global pawn operations by consolidating our interest in an established multi-country platform and existing operational infrastructure.

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This transaction was accounted for as a business combination achieved in stages.

Immediately prior to the acquisition date, we remeasured our previously held preferred equity investment to its acquisition-date fair value of $ 46.6 million, resulting in a pre-tax gain of $ 1.6 million recognized in Other (income) expense in our Condensed Consolidated Statements of Operations during the three months ended March 31, 2026.

The acquisition-date fair value of the previously held preferred equity interest was determined using the income approach (discounted cash flow method) and the market approach (guideline public company method).

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The assets acquired and liabilities assumed are based upon the fair values at the date of acquisition.

The excess of the aggregate of consideration transferred, the acquisition-date fair value of previously held interests, and the fair values of noncontrolling interests over the estimated fair value of net identifiable liabilities assumed has been recorded as goodwill.

The excess of the aggregate of consideration transferred, the acquisition-date fair value of previously held interests, and the fair values of non-controlling interests over the estimated fair value of net identifiable liabilities assumed has been recorded as goodwill.

The purchase price allocation is as follows (in thousands):

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Fair value of previously held demand promissory note 15,000

Fair value of noncontrolling interest in Founders 8,849

Fair value of noncontrolling interest in SMG 12,586

Fair value of non-controlling interest in Founders 8,849

Fair value of non-controlling interest in SMG 12,586

net identifiable liabilities assumed ( 36,055 )

Goodwill $ 123,435

The fair values of the noncontrolling interests in Founders and SMG were determined using a combination of the income approach (discounted cash flow method) and the market approach (guideline public company method), with significant inputs including projected cash flows, a discount rate, and market multiples.

The fair values of the non-controlling interests in Founders and SMG were determined using a combination of the income approach (discounted cash flow method) and the market approach (guideline public company method), with significant inputs including projected cash flows, a discount rate, and market multiples.

In connection with the acquisition, we entered into a three-year senior secured intercompany debt facility with SMG providing $ 156.4 million in funding at 13 % per annum.

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All other amounts are also subject to adjustment during the measurement period as additional information is obtained about facts and circumstances that existed as of the acquisition date.

No measurement period adjustments were recorded during the three months ended March 31, 2026.

No measurement period adjustments were recorded to date.

The results of this acquisition have been included in our Condensed Consolidated Financial Statements from January 2, 2026 and are reported in our SMG segment.

The acquired business contributed revenues of $ 51.3 million and income before income tax of $ 8.8 million for the period from January 2, 2026 through March 31, 2026.

During the six months ended March 31, 2026, we incurred total acquisition costs of approximately $ 0.6 million related to the Founders acquisition.

Cumulative acquisition-related costs incurred through March 31, 2026 were approximately $ 1.5 million.

The acquired business contributed revenues of $ 43.1 million and income before income tax of $ 5.9 million for the three months ended June 30, 2026, and revenues of $ 94.4 million and income before income tax of $ 14.7 million for the period from January 2, 2026 through June 30, 2026.

During the nine months ended June 30, 2026, we incurred total acquisition costs of approximately $ 0.6 million related to the Founders acquisition.

Cumulative acquisition-related costs incurred through June 30, 2026 were approximately $ 1.5 million.

The acquisition costs were primarily related to legal, accounting and consulting services, were expensed as incurred and are included in general and administrative expenses in the Condensed Consolidated Statements of Operations.

Acquisition of Non-controlling Interests

During the third quarter of fiscal 2026, we acquired the remaining 12.3 % membership interest in Founders held by its third-party member, and Founders became a wholly owned subsidiary.

Also during the third quarter, we acquired additional shares of SMG's common stock from third-party shareholders, increasing our ownership interest in SMG from 85.1 % to 97.4 % as of June 30, 2026.

Because we retained our controlling financial interests, these transactions were accounted for as equity transactions, and the excess of the consideration over the carrying amount of the non-controlling interests acquired was recognized as a reduction of additional paid-in capital.

No gain or loss was recognized in our Condensed Consolidated Statements of Operations.

Subsequent to the balance sheet date, in July 2026, we acquired the remaining outstanding 2.6 % of SMG common stock, and SMG became a wholly owned subsidiary.

This transaction will be accounted for as an equity transaction in the fourth quarter of fiscal 2026.

Variable Interest Entities

Founders and SMG are variable interest entities, as neither entity has sufficient equity at risk to finance its activities without additional subordinated financial support.

4 unchanged sentences

As SMG meets the definition of a business, we indirectly hold a majority voting interest through Founders, which owns 97.4 % of SMG's outstanding common stock, and SMG's assets can be used for purposes other than the settlement of its obligations, certain incremental VIE disclosures are not required in accordance with ASC 810-10-50-5B.

The third-party member of Founders holds 12.3 % of Founders' outstanding common equity.

Founders is a wholly owned subsidiary.

Third-party shareholders hold 2.6 % of SMG's outstanding common stock.

These noncontrolling interests are presented separately within Stockholders’ equity on our Condensed Consolidated Balance Sheets.

This non-controlling interest is presented separately within Stockholders’ equity on our Condensed Consolidated Balance Sheets.

El Bufalo Pawn Acquisition

2 unchanged sentences

The total consideration was approximately $ 27.8 million in cash, of which approximately $ 1.4 million was retained for standard indemnification purposes and is expected to be paid within twelve months of the acquisition date.

The retained payment is included in Accounts payable, accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheets as of March 31, 2026.

The retained payment is included in Accounts payable, accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2026.

This transaction qualifies as a business combination under ASC 805 due to the acquisition of an integrated set of inputs and processes that are capable of generating outputs.

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Pawn segment.

The acquired business contributed revenues of $ 2.7 million and income before income tax of $ 0.6 million for the period from January 12, 2026 through March 31, 2026.

During the six months ended March 31, 2026, total acquisition costs were immaterial.

The acquired business contributed revenues of $ 5.9 million and income before income tax of $ 1.4 million for the period from January 12, 2026 through June 30, 2026, and contributed revenues of $ 3.2 million and income before income tax of $ 0.8 million during the three months ended June 30, 2026.

During the nine months ended June 30, 2026, total acquisition costs were immaterial.

4 unchanged sentences

Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in thousands) 2026 2025 2026 2025

1 unchanged sentence

Consolidated net income $ 38,494 $ 23,084 $ 126,707 $ 68,824

Pro forma net income for the three and six months ended March 31, 2026 was adjusted to exclude the $ 1.6 million gain on remeasurement of the previously held equity interest in Founders and approximately $ 0.7 million of acquisition-related costs directly attributable to the acquisitions.

Pro forma net income for the three and six months ended March 31, 2025 was adjusted to include these amounts.

Pro forma net income for the nine months ended June 30, 2026 was adjusted to exclude the $ 1.6 million gain on remeasurement of the previously held equity interest in Founders and approximately $ 0.7 million of acquisition-related costs directly attributable to the acquisitions.

Pro forma net income for the three and nine months ended June 30, 2025 was adjusted to include these amounts.

These pro forma amounts have been calculated after applying the Company's accounting policies.

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Effect of foreign currency translation changes — 2,416 — 2,416

Balance as of March 31, 2026 $ 290,701 $ 59,377 $ 123,435 $ 473,513

(a) Amount includes goodwill recognized in connection with acquisitions during the six months ended March 31, 2026 that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures in this Form 10-Q.

Balance as of June 30, 2026 $ 290,850 $ 61,151 $ 123,435 $ 475,436

(a) Amount includes goodwill recognized in connection with acquisitions during the nine months ended June 30, 2026 that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures in this Form 10-Q.

(in thousands) U.S.

1 unchanged sentence

Balance as of September 30, 2024 $ 264,428 $ 42,050 $ 306,478

Acquisitions 2,331 11,556 13,887

Effect of foreign currency translation changes — 1,542 1,542

Balance as of March 31, 2025 $ 264,428 $ 40,811 $ 305,239

Balance as of June 30, 2025 $ 266,759 $ 55,148 $ 321,907

EARNINGS PER SHARE

1 unchanged sentence

Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in thousands, except per share amounts) 2026 2025 2026 2025

20 unchanged sentences

1,463 1,693 1,462 1,731

(a) The Company’s convertible debt for the three and six months ended March 31, 2026 consists of the 3.750 % Convertible Senior Notes Due 2029 (the “2029 Convertible Notes”) and, for the three and six months ended March 31, 2025, also includes the 2.375 % Convertible Senior Notes Due 2025 (the “2025 Convertible Notes”).

(a) The Company’s convertible debt for the three and nine months ended June 30, 2026 consists of the 3.750 % Convertible Senior Notes Due 2029 (the “2029 Convertible Notes”).

The three and nine months ended June 30, 2025 also includes the 2.375 % Convertible Senior Notes Due 2025 (the “2025 Convertible Notes”), which were settled in a combination of cash and shares during the three months ended June 30, 2025.

(b) Includes time-based share-based awards and performance-based awards for which targets for fiscal year tranches have been achieved and vesting is subject only to achievement of service conditions.

(c) Approximately 6.5 million of weighted average shares were included for the three and six months ended March 31, 2025 related to the 2025 Convertible Notes, which were settled in the third quarter of fiscal 2025 with a combination of cash and shares.

(c) As the 2025 Convertible Notes were settled during the third quarter of fiscal 2025, approximately 2.1 million and 5.0 million of weighted average shares were included for the three and nine months ended June 30, 2025, which were settled in the third quarter of fiscal 2025 with a combination of cash and shares.

(d) Includes antidilutive share-based awards as well as performance-based share-based awards that are contingently issuable, but for which the condition for issuance has not been met as of the end of the reporting period.

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The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:

(in thousands) Balance Sheet Location March 31, 2026 March 31, 2025 September 30, 2025

(in thousands) Balance Sheet Location June 30, 2026 June 30, 2025 September 30, 2025

Lease assets:

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Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in thousands) 2026 2025 2026 2025

8 unchanged sentences

Total lease cost $ 30,385 $ 25,705 $ 86,628 $ 73,337

* Includes reductions for sublease rental income for the three and six-month periods ended March 31, 2026 and 2025 of $ 0.6 million and $ 0.6 million, and $ 1.4 million and $ 1.3 million, respectively.

* Includes reductions for sublease rental income for the three and nine-month periods ended June 30, 2026 and 2025 of $ 0.6 million and $ 0.7 million, and $ 2.0 million and $ 2.0 million, respectively.

Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred.

The components of lease expense are included in “Store expenses” and “General and administrative” under Operating expenses, based on the underlying lease use.

Cash paid for operating leases for the three and six-month periods ended March 31, 2026 and 2025, was $ 23.4 million and $ 20.0 million, and $ 44.7 million and $ 40.0 million, respectively.

Cash paid for operating leases for the three and nine-month periods ended June 30, 2026 and 2025, was $ 24.2 million and $ 20.3 million, and $ 68.9 million and $ 60.3 million, respectively.

The weighted-average term and discount rates for leases are as follows:

Six Months Ended

Nine Months Ended

Weighted-average remaining lease term (years):

4 unchanged sentences

Financing leases 12.31 % 11.14 %

As of March 31, 2026, maturities of lease liabilities under ASC 842 by fiscal year were as follows:

As of June 30, 2026, maturities of lease liabilities under ASC 842 by fiscal year were as follows:

(in thousands) Operating Leases Financing Leases

11 unchanged sentences

$ 221,499 $ 407

We recorded $ 65.3 million and $ 34.0 million in non-cash additions to our operating right-of-use assets and lease liabilities for the six months ended March 31, 2026 and 2025, respectively.

We recorded $ 93.6 million and $ 51.2 million in non-cash additions to our operating right-of-use assets and lease liabilities for the nine months ended June 30, 2026 and 2025, respectively.

STRATEGIC INVESTMENTS

Cash Converters International Limited

As of March 31, 2026, we owned approximately 43.7 % of Cash Converters.

As of June 30, 2026, we owned approximately 43.5 % of Cash Converters.

We acquired our original investment in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.

During the six months ended March 31, 2026, we acquired an additional 35,780,747 shares for $ 7.1 million bringing our total shares owned to 309,719,904 shares.

This additional investment did not increase our ownership percentage in Cash Converters.

We received cash dividends from Cash Converters of $ 1.8 million and $ 1.9 million during the six months ended March 31, 2026 and 2025, respectively.

During the three and six-month periods ended March 31, 2026 and 2025, we recorded our share of income of $ 1.0 million and $ 1.9 million, and $ 2.9 million and $ 3.5 million, respectively, from Cash Converters, included in “Equity in net income of unconsolidated affiliates” in the Condensed Consolidated Statements of Operations.

During the nine months ended June 30, 2026, we acquired an additional 35,780,747 shares for $ 7.1 million and received 16,052 shares from the dividend reinvestment program, bringing our total shares owned to 309,735,956 shares.

We received cash dividends from Cash Converters of $ 3.9 million and $ 3.6 million during the nine months ended June 30, 2026 and 2025, respectively.

During the three and nine-month periods ended June 30, 2026 and 2025, we recorded our share of income of $ 1.9 million and $ 1.4 million, and $ 4.8 million and $ 4.9 million, respectively, from Cash Converters, included in “Equity in net income of unconsolidated affiliates” in the Condensed Consolidated Statements of Operations.

Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.

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Carrying Value Estimated Fair Value

March 31, 2026 March 31, 2026 Fair Value Measurement Using

June 30, 2026 June 30, 2026 Fair Value Measurement Using

(in thousands) Level 1 Level 2 Level 3

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Carrying Value Estimated Fair Value

March 31, 2025 March 31, 2025 Fair Value Measurement Using

June 30, 2025 June 30, 2025 Fair Value Measurement Using

(in thousands) Level 1 Level 2 Level 3

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2029 Convertible Notes $ 224,982 $ 330,050 $ — $ 330,050 $ —

2029 Convertible Notes 224,723 338,089 — 338,089 —

2032 Senior Notes 292,619 316,406 — 316,406 —

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We included no control premium for owning a large percentage of outstanding shares.

We measured the fair value of the 2025 Convertible Notes, 2029 Convertible Notes, and 2032 Senior Notes using quoted price inputs.

We measured the fair value of the 2029 Convertible Notes and 2032 Senior Notes using quoted price inputs.

The notes are not actively traded, and thus the price inputs represent a Level 2 measurement.

1 unchanged sentence

The following table presents the Company's debt instruments outstanding:

March 31, 2026 March 31, 2025 September 30, 2025

June 30, 2026 June 30, 2025 September 30, 2025

(in thousands) Gross Amount Deferred Financing Costs Carrying Amount Gross Amount Deferred Financing Costs Carrying Amount Gross Amount Deferred Financing Costs Carrying Amount

1 unchanged sentence

2029 Convertible Notes 230,000 ( 3,979 ) 226,021 230,000 ( 5,018 ) 224,982 230,000 ( 4,742 ) 225,258

2025 Convertible Notes — — — 103,373 ( 48 ) 103,325 — — —

Total $ 530,000 $ ( 10,506 ) $ 519,494 $ 530,000 $ ( 12,399 ) $ 517,601 $ 530,000 $ ( 11,924 ) $ 518,076

Less current portion — — — 103,373 ( 48 ) 103,325 — — —

Total long-term debt $ 530,000 $ ( 10,999 ) $ 519,001 $ 530,000 $ ( 12,812 ) $ 517,188 $ 530,000 $ ( 11,924 ) $ 518,076

The following table presents the Company’s interest expense related to its debt for the three and six months ended March 31, 2026 and 2025:

The following table presents the Company’s interest expense related to its debt for the three and nine months ended June 30, 2026 and 2025:

Three Months Ended

March 31, Six Months Ended

June 30, Nine Months Ended

(in thousands) 2026 2025 2026 2025

11 unchanged sentences

Total interest expense $ — $ 253 $ — $ 1,733

As of March 31, 2026, the Company was in compliance with all covenants related to the 2032 Senior Notes.

The reported sale price of our Class A Common Stock was greater than or equal to 130 % of the applicable conversion price for the 2029 Convertible Notes for at least 20 trading days in the 30 consecutive trading days ended on March 31, 2026.

As a result, the 2029 Convertible Notes are convertible at the option of the holders during the fiscal quarter ending June 30, 2026.

As of June 30, 2026, the Company was in compliance with all covenants related to the 2032 Senior Notes.

As a result, the 2029 Convertible Notes are convertible at the option of the holders during the fiscal quarter ending September 30, 2026 .

COMMON STOCK AND STOCK COMPENSATION

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On November 11, 2025, the Company’s Board of Directors (the “Board”) authorized the repurchase of up to $ 50 million of our Class A Non-Voting common shares over the next three years (the “2026 Common Stock Repurchase Program”).

During the three months ended March 31, 2026, the Company repurchased and retired 155,838 of our Class A Common Stock for $ 4.0 million under the 2026 Common Stock Repurchase Program.

During the three months ended December 31, 2025, the Company did not repurchase any shares under this program.

For the nine-month period ended June 30, 2026, the Company repurchased and retired 287,627 of our Class A Common Stock for $ 8.0 million, of which 131,789 shares were repurchased and retired for $ 4.0 million during the three months ended June 30, 2026.

The Board previously authorized a repurchase program on May 3, 2022 (the “2022 Common Stock Repurchase Program”) which expired on May 3, 2025.

The 2022 Common Stock Repurchase Program authorized the repurchase of up to $ 50 million of our Class A Common Stock over three years .

During the three and six-month periods ended March 31, 2025, the Company repurchased and retired 82,136 shares for $ 1.0 million, and 332,599 shares for $ 4.0 million, respectively, under the 2022 Common Stock Repurchase Program.

During the nine-month period ended June 30, 2025, the Company repurchased and retired 332,599 shares for $ 4.0 million, under the 2022 Common Stock Repurchase Program.

There were no shares repurchased under the 2022 Common Stock Repurchase Program for the three months ended June 30, 2025.

The amount and timing of purchases was dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities.

The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our condensed consolidated balance sheets.

Other Common Stock Repurchases

During the three months ended June 30, 2025, the Company repurchased 148,921 shares of its Class A Common Stock for $ 2.0 million.

Such transactions were authorized separately from, and not considered a part of the 2022 Common Stock Repurchase Program.

Stock Compensation

11 unchanged sentences

Cancelled ( 24,635 ) 12.06

Outstanding as of March 31, 2026 1,952,346 $ 11.61

Outstanding as of June 30, 2026 1,950,649 $ 11.68

COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

For matters where a loss is reasonably possible but not probable, or where a probable loss cannot be reasonably estimated, we disclose the nature of the matter and, where estimable, the possible loss or range of loss.

Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates.

We do not believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.

One of our Latin American subsidiaries is subject to a tax authority position asserting that it should have withheld and submitted tax amounts on certain transactions on behalf of third parties.

We believe withholding is not required under applicable law and are contesting the matter.

We estimate the range of reasonably possible loss to be between zero and approximately $ 10 million.

No amount has been accrued, as we do not believe a loss is probable.

SEGMENT INFORMATION

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Prior period segment information has been recast to reclassify CCV equity income and interest income from notes receivable from Founders from the "Other Investments" segment to Corporate.

Because SMG was not a consolidated subsidiary prior to January 2, 2026, no SMG segment results prior to January 2, 2026 exist in our consolidated financial statements.

Because SMG was not a consolidated subsidiary prior to January 2, 2026, no SMG segment results prior to January 2, 2026 are presented in our consolidated financial statements.

We currently report our segments as follows:

5 unchanged sentences

The following income (loss) before income taxes tables present revenue for each reportable segment, disaggregated revenue within our reportable segments and Corporate, segment profits, and segment contribution.

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(in thousands) U.S.

12 unchanged sentences

Depreciation and amortization 2,837 2,891 635 6,363 3,287 9,650

Loss on sale or disposal of assets and other 4 21 — 25 — 25

Interest expense — — — — 8,353 8,353

4 unchanged sentences

Income (loss) before income taxes $ 92,386 $ ( 40,377 ) $ 52,009

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(in thousands) U.S.

12 unchanged sentences

Depreciation and amortization 2,651 2,156 4,807 3,196 8,003

Loss on sale or disposal of assets and other 17 — 17 — 17

Other operating income — — — ( 1,262 ) ( 1,262 )

Interest expense — — — 8,458 8,458

8 unchanged sentences

(b) Equity in net income of unconsolidated affiliates includes $ 1.4 million of equity income from CCV, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

Six Months Ended March 31, 2026

Nine Months Ended June 30, 2026

(in thousands) U.S.

23 unchanged sentences

(d) Equity in net income of unconsolidated affiliates includes $ 1.8 million of equity income from CCV recorded in the first quarter of fiscal 2026, which has been recast from the "Other Investments" segment to Corporate to conform to the current period presentation.

Six Months Ended March 31, 2025

Nine Months Ended June 30, 2025

(in thousands) U.S.

13 unchanged sentences

Loss on sale or disposal of assets and other 17 8 25 — 25

Other operating income — — — ( 1,262 ) ( 1,262 )

Interest expense — — — 14,886 14,886

10 unchanged sentences

(in thousands) Pawn Loans Inventory Total

Assets as of March 31, 2026

Assets as of June 30, 2026

Pawn $ 254,525 $ 212,181 $ 466,706

4 unchanged sentences

Total consolidated assets $ 2,166,233

Assets as of March 31, 2025

Assets as of June 30, 2025

Pawn $ 221,059 $ 166,374 $ 387,433

11 unchanged sentences

The following table provides supplemental information on net amounts included in our condensed consolidated balance sheets:

(in thousands) March 31, 2026 March 31, 2025 September 30, 2025

(in thousands) June 30, 2026 June 30, 2025 September 30, 2025

Gross pawn service charges receivable $ 74,746 $ 59,297 $ 63,348

22 unchanged sentences

The following table provides supplemental disclosure of condensed consolidated statements of cash flows information:

Six Months Ended

Nine Months Ended

(in thousands) 2026 2025

10 unchanged sentences

Pawn loans forfeited and transferred to inventory $ 379,758 $ 311,702

Settlement of 2025 Convertible Notes in shares of common stock $ — $ 96,902

Accrued acquisition consideration $ 2,153 $ 6,757

Conversion of promissory note to equity $ 15,000 $ —

Accrued consideration for non-controlling interest purchase $ 5,262 $ —

Fair value of preferred equity investment converted to equity in Founders $ 46,600 $ —

Accrued debt issuance costs $ — $ 2,231

SUBSEQUENT EVENTS

Maple Empeños Acquisition

On April 17, 2026, we acquired the assets of 32 pawn store locations in Guatemala operating under the name "Maple Empeños" for approximately $ 6.0 million.

The preliminary purchase price allocation for this transaction has not yet been completed and is based on preliminary estimates that are subject to change as additional information becomes available.

Final amounts, including tangible assets, identifiable intangible assets, if any, and goodwill, will be disclosed in accordance with ASC 805 in future filings.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements