What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-09 compared with 2025-02-03 · 398 added, 219 removed, 1141 unchanged (35% of the section changed)

1 unchanged sentence

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act) as of December 31, 2024 (the “Evaluation Date”).

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective.

Limitations on Effectiveness of Controls and Procedures

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, does not expect the Company’s disclosure controls and procedures or internal controls will prevent all possible error and fraud.

The Company’s disclosure controls and procedures are, however, designed to provide reasonable assurance of achieving their objectives, and the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective at that reasonable assurance level.

In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, the Company’s disclosure controls and procedures were designed at a reasonable assurance level and were effective.

Management’s Report on Internal Control Over Financial Reporting

9 unchanged sentences

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Except for the H&T Acquisition, there have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company is currently in the process of integrating H&T into its assessment of its internal control over financial reporting.

H&T’s total assets and revenue represent approximately 11% and 4%, respectively, of the related consolidated financial statement amounts as of and for the twelve months ended December 31, 2025.

Management excluded H&T from its assessment of internal control over financial reporting as of December 31, 2025 because the integration of H&T’s internal control over financial reporting was not complete as of December 31, 2025.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the consolidated financial statements and our report dated February 9, 2026 expressed an unqualified opinion.

As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded H&T from its assessment of internal control over financial reporting as of December 31, 2025, because it was acquired by the Company in a business combination on August 14, 2025.

We have also excluded H&T from our audit of internal control over financial reporting.

H&T is a wholly owned subsidiary whose total assets and revenues represent approximately 11% and 4%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025.

Basis for Opinion

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None of the Company’s directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K, during the three months ended December 31, 2025.

Appointment of Chief Accounting Officer

The Company is providing the following disclosure in lieu of filing a Current Report on Form 8-K relating to Item 5.02 (Departure of Directors or Certain Officers;

Election of Directors;

Appointment of Certain Officers;

Compensatory Arrangements of Certain Officers).

On February 6, 2026, the Board of Directors appointed Brian D.

Hostetler as Senior Vice President and Chief Accounting Officer of the Company.

In this role, Mr.

Hostetler will serve as the Company’s Principal Accounting Officer.

Hostetler, age 42, joined the Company in July 2014 and has most recently served as Senior Vice President of Finance since January 2024.

Hostetler previously served as Corporate Controller from July 2014 to January 2020 and Vice President and Corporate Controller from January 2020 to January 2024.

Prior to joining the Company, Mr.

Hostetler spent four years at Goldman Sachs & Co.

as a Vice President in the Controllers Group.

Prior to his employment at Goldman Sachs & Co., Mr.

Hostetler was employed by Ernst & Young, LLP for approximately four years.

Hostetler is a Certified Public Accountant and holds a Master of Science in Accounting from the University of Texas, Arlington.

There are no family relationships between Mr.

Hostetler and any other director or executive officer of the Company and no transactions involving Mr.

Hostetler that would require disclosure under Item 404(a) of Regulation S-K.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

8 unchanged sentences

The Insider Trading Policy states, among other things, that the Company’s directors, officers, and employees are prohibited from trading in such securities while in possession of material, nonpublic information.

A copy of the Company's Insider Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

A copy of the Company's Insider Trading Policy has been filed with the Company’s 2024 Annual Report on Form 10-K as Exhibit 19.1.

Executive Compensation

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Consolidated Statements of Income F- 4

Consolidated Statements of Comprehensive Income F- 5

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Stockholders’ Equity F- 6

6 unchanged sentences

Exhibit Filing Date Filed Herewith

2.1 Rule 2.7 Announcement

8-K 001-10960 2.1 05/14/2025

2.2 Co-operation Agreement

8-K 001-10960 2.2 05/14/2025

3.1 Amended and Restated Certificate of Incorporation of FirstCash Holdings, Inc., dated December 16, 2021

13 unchanged sentences

4.6 Description of Securities

10-K 0-19133 4.6 02/03/2025

10.1 First Cash Financial Services, Inc.

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S-8 333-106881 4(g) 05/31/2012

Incorporated by Reference

Exhibit Description Form File No.

Exhibit Filing Date Filed Herewith

10.5 Amended and Restated Credit Agreement, dated July 25, 2016, between First Cash Financial Services, Inc., certain subsidiaries of the borrower from time to time party thereto, the lenders party thereto, and Wells Fargo Bank, National Association

2 unchanged sentences

10-Q 001-10960 10.1 05/05/2017

Incorporated by Reference

Exhibit Description Form File No.

Exhibit Filing Date Filed Herewith

10.7 First Amendment to Amended and Restated Credit Agreement and Waiver, dated May 30, 2017, between FirstCash, Inc., certain subsidiaries of the borrower from time to time party thereto, the lenders party thereto, and Wells Fargo Bank, National Association

28 unchanged sentences

10-K 001-10960 10.19 02/28/2022

Incorporated by Reference

Exhibit Description Form File No.

Exhibit Filing Date Filed Herewith

10.19 Employment Agreement, dated February 25, 2022, between Howard F.

8 unchanged sentences

10-Q 001-10960 10.1 04/29/2024

Incorporated by Reference

Exhibit Description Form File No.

Exhibit Filing Date Filed Herewith

10.23 Eighth Amendment to Amended and Restated Credit Agreement, dated August 8, 2024, between FirstCash Holdings, Inc., FirstCash, Inc., certain subsidiaries of the borrower from time to time party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent **

8-K 001-10960 10.1 08/09/2024

I nsider T rading Policy , dated April 26, 2023 *

10.24 Ninth Amendment to Amended and Restated Credit Agreement

10-Q 001-10960 10.1 07/28/2025

10.25 Amendment to Employment Agreement between Rick L.

Wessel and FirstCash Holdings, Inc., dated March 3, 2025 *

8-K 001-10960 10.1 03/05/2025

10.26 Amendment to Employment Agreement between T.

Brent Stuart and FirstCash Holdings, Inc., dated March 3, 2025 *

8-K 001-10960 10.2 03/05/2025

10.27 Amendment to Employment Agreement between R.

Douglas Orr and FirstCash Holdings, Inc., dated March 3, 2025 *

8-K 001-10960 10.3 03/05/2025

10.28 Amendment to Employment Agreement between Howard Hambleton and FirstCash Holdings, Inc., dated March 3, 2025 *

8-K 001-10960 10.4 03/05/2025

10.29 Amendment to Employment Agreement between Raul Ramos and FirstCash Holdings, Inc., dated March 3, 2025 *

8-K 001-10960 10.5 03/05/2025

19.1 Insider Trading Policy

10-K 001-10960 19.1 02/03/2025

21.1 Subsidiaries

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101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document X

Incorporated by Reference

Exhibit Description Form File No.

Exhibit Filing Date Filed Herewith

101.SCH Inline XBRL Taxonomy Extension Schema Document X

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101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document X

Incorporated by Reference

Exhibit Description Form File No.

Exhibit Filing Date Filed Herewith

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document X

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* Indicates management contract or compensatory plan, contract or arrangement.

** Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

Form 10-K Summary

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Executive Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer) February 3, 2025

(Principal Financial Officer)

February 9, 2026

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)

February 9, 2026

/s/ DANIEL R.

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The Company then adjusted the historical loss information for observable and forecasted economic conditions and qualitative factors to address recent and forecasted business trends including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices.

The determination of the allowance for loan losses on finance receivables was subjective and required management to make significant judgements related to the selection and application of modeled loss rates, the incorporation of observable and forecasted economic conditions, and adjustments to address recent and forecasted business trends.

We identified the allowance for loan losses on finance receivable portfolios as a critical audit matter as auditing the judgements surrounding the selection of modeled loss rates, incorporation of observable and forecasted economic conditions, and adjustments to address recent and forecasted business trends, was complex and required a high degree of auditor judgement and subjectivity.

The determination of the allowance for loan losses on finance receivables was subjective and required management to make significant judgments related to the selection and application of modeled loss rates, the incorporation of observable and forecasted economic conditions, and adjustments to address recent and forecasted business trends.

We identified the allowance for loan losses on finance receivable portfolios as a critical audit matter as auditing the judgments surrounding the selection of modeled loss rates, incorporation of observable and forecasted economic conditions, and adjustments to address recent and forecasted business trends, was complex and required a high degree of auditor judgment and subjectivity.

Our audit procedures related to the Company’s allowance for loan losses on finance receivables, specifically the selection and application of modeled loss rates and adjustments to address recent and forecasted business trends, included the following, among others:

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• We tested the completeness and accuracy of data inputs into the expected lifetime loss model, including historical monthly origination balances and loss rates, by tracing to internal source documents.

• We evaluated key assumptions and judgements surrounding the selection of modeled loss rates and adjustments to address recent and forecasted business trends, including delinquency rates, for reasonableness by comparing to internal source data.

• We evaluated key assumptions and judgments surrounding the selection of modeled loss rates and adjustments to address recent and forecasted business trends, including delinquency rates, for reasonableness by comparing to internal and external source data.

Allowance for lease losses—leased merchandise

1 unchanged sentence

The Company estimated this allowance based on historical loss experience and gave consideration to recent and forecasted business trends including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices.

The determination of the allowance for lease losses on leased merchandise was subjective and required management to make significant judgements related to the selection and application of historical loss experience and adjustments for recent and forecasted business trends.

We identified the allowance for lease losses on leased merchandise as a critical audit matter as auditing the judgements surrounding the selection and application of historical loss experience and adjustments for recent and forecasted business trends was complex and required a high degree of auditor judgement and subjectivity.

The determination of the allowance for lease losses on leased merchandise was subjective and required management to make significant judgments related to the selection and application of historical loss experience and adjustments for recent and forecasted business trends.

We identified the allowance for lease losses on leased merchandise as a critical audit matter as auditing the judgments surrounding the selection and application of historical loss experience and adjustments for recent and forecasted business trends was complex and required a high degree of auditor judgment and subjectivity.

Our audit procedures related to the Company’s allowance for lease losses on leased merchandise, specifically the selection and application of historical loss experience and adjustments for recent and forecasted business trends, included the following, among others:

1 unchanged sentence

• We tested the completeness and accuracy of data inputs into the allowance for lease losses model, including historical loss experience, by tracing to internal source documents.

• We evaluated key assumptions and judgements surrounding the selection of historical loss experience and adjustments for recent and forecasted business trends for reasonableness by comparing to internal source data.

• We evaluated key assumptions and judgments surrounding the selection of historical loss experience and adjustments for recent and forecasted business trends for reasonableness by comparing to internal and external source data.

/s/ RSM US LLP

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Total current liabilities 407,814 339,404

Revolving unsecured credit facilities 198,000 568,000

Senior unsecured notes 1,531,346 1,037,647

Revolving unsecured credit facility

559,000 198,000

Other long-term debt 1,649,434 1,531,346

Deferred tax liabilities, net 158,819 128,574

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Accumulated other comprehensive loss

( 64,835 ) ( 129,596 )

Common stock held in treasury, 13,570 and 12,795 shares at cost, respectively

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Wholesale scrap jewelry sales 262,590 132,160 125,488

Other revenue 6,090 — —

Total revenue 3,661,043 3,388,514 3,151,796

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Cost of wholesale scrap jewelry sold 208,685 108,769 101,821

Other cost of revenue 1,414 — —

Total cost of revenue 1,820,436 1,758,982 1,644,557

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Interest income ( 2,935 ) ( 1,935 ) ( 1,469 )

Loss (gain) on foreign exchange

(Gain) loss on foreign exchange

( 2,178 ) 2,641 ( 1,529 )

Merger and acquisition expenses 14,369 2,228 7,922

Gain on revaluation of contingent acquisition consideration

Other income, net

( 15,884 ) ( 5,301 ) ( 6,740 )

Other expenses (income), net ( 522 ) ( 1,402 ) ( 2,731 )

Total expenses and other income 1,393,044 1,286,756 1,214,390

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Comprehensive income

$ 395,136 $ 172,256 $ 282,837

The accompanying notes are an integral part of these consolidated financial statements.

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Earnings Accum-

Loss Common Stock

Held in Treasury Total

3 unchanged sentences

— — ( 16,440 ) — — ( 137 ) 10,676 ( 5,764 )

Shares issued upon acquisition of pawn stores 225 2 29,320 — — — — 29,322

Share-based compensation expense — — 20,250 — — — — 20,250

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Purchases of treasury stock, including excise tax — — — — — 912 ( 116,149 ) ( 116,149 )

— — — — — 721 ( 85,850 ) ( 85,850 )

As of 12/31/2025 57,547 $ 575 $ 1,771,379 $ 1,670,583 $ ( 64,835 ) 13,570 $ ( 1,100,940 ) $ 2,276,762

6 unchanged sentences

Earnings Accum-

Loss Common Stock

Held in Treasury Total

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— — ( 17,583 ) — — ( 140 ) 10,576 ( 7,007 )

Shares issued upon acquisition of pawn stores 225 2 29,320 — — — — 29,322

Share-based compensation expense — — 14,786 — — — — 14,786

4 unchanged sentences

Purchases of treasury stock, including excise tax — — — — — 721 ( 85,850 ) ( 85,850 )

— — — — — 1,248 ( 115,521 ) ( 115,521 )

As of 12/31/2024 57,547 $ 575 $ 1,767,569 $ 1,411,083 $ ( 129,596 ) 12,795 $ ( 995,467 ) $ 2,054,164

6 unchanged sentences

Earnings Accum-

Loss Common Stock

Held in Treasury Total

1 unchanged sentence

As of 12/31/2022 57,322 $ 573 $ 1,734,528 $ 1,060,603 $ ( 106,573 ) 11,030 $ ( 809,365 ) $ 1,879,766

Shares issued under share-based compensation plan

Shares issued under share-based compensation plan, net of 28 shares net-settled

— — ( 7,156 ) — — ( 64 ) 4,693 ( 2,463 )

4 unchanged sentences

Currency translation adjustment — — — — 63,536 — — 63,536

Purchases of treasury stock — — — — — 2,204 ( 157,864 ) ( 157,864 )

Purchases of treasury stock, including excise tax

— — — — — 1,248 ( 115,521 ) ( 115,521 )

As of 12/31/2023 57,322 $ 573 $ 1,741,046 $ 1,218,029 $ ( 43,037 ) 12,214 $ ( 920,193 ) $ 1,996,418

15 unchanged sentences

Net amortization of premiums, discounts and unearned origination fees on finance receivables ( 67,174 ) ( 38,113 ) ( 17,995 )

Gain on revaluation of contingent acquisition consideration

— — ( 109,549 )

Impairments and dispositions of certain other assets — 1,734 496

2 unchanged sentences

Accounts receivable, net ( 5,547 ) ( 3,411 ) ( 8,660 )

Inventories purchased directly from customers, wholesalers or manufacturers ( 9,723 ) 1,806 ( 3,141 )

Leased merchandise, net ( 553,947 ) ( 605,202 ) ( 502,355 )

( 21,294 ) ( 9,723 ) 1,806

Leased merchandise

( 425,329 ) ( 553,947 ) ( 605,202 )

Prepaid expenses and other assets ( 11,087 ) 1,995 ( 3,458 )

4 unchanged sentences

Cash flow from investing activities:

Pawn loans, net (1)

Pawn loans made

( 2,094,228 ) ( 1,720,158 ) ( 1,572,010 )

Finance receivables, net ( 139,314 ) ( 115,442 ) ( 85,353 )

Pawn loans repaid

1,197,038 1,003,752 933,092

Recovery of pawn loan principal through sale of forfeited collateral

759,333 644,407 603,940

Investments in finance receivables ( 440,576 ) ( 425,817 ) ( 363,789 )

Proceeds from finance receivables 342,272 286,503 248,347

Purchases of furniture, fixtures, equipment and improvements ( 54,906 ) ( 68,245 ) ( 60,148 )

Purchases of store real property ( 61,919 ) ( 86,070 ) ( 70,452 )

Portion of AFF acquisition paid in cash, net of cash acquired

— — ( 25,000 )

Acquisitions of pawn stores, net of cash acquired ( 475,059 ) ( 75,963 ) ( 181,312 )

2 unchanged sentences

Cash flow from financing activities:

Borrowings from unsecured credit facilities 445,000 646,334 286,000

Repayments of unsecured credit facilities ( 815,000 ) ( 416,026 ) ( 206,000 )

Borrowings from credit facilities

796,280 445,000 646,334

Repayments of credit facilities

( 427,384 ) ( 815,000 ) ( 416,026 )

Issuance of senior unsecured notes — 500,000 —

2 unchanged sentences

Payment of withholding taxes on net share settlements of restricted stock unit awards ( 5,764 ) ( 7,007 ) ( 2,463 )

( 7,007 ) ( 2,463 ) —

Dividends paid ( 70,875 ) ( 65,761 ) ( 61,875 )

Net cash flow (used in) provided by financing activities

Net cash flow provided by (used in) financing activities

176,408 ( 38,193 ) 51,313

Effect of exchange rates on cash 15,797 ( 12,097 ) 4,565

Change in cash and cash equivalents ( 49,898 ) 48,077 9,688

Cash and cash equivalents at beginning of the year 175,095 127,018 117,330

Cash and cash equivalents at end of the year $ 125,197 $ 175,095 $ 127,018

FIRSTCASH HOLDINGS, INC.

3 unchanged sentences

2025 2024 2023

Effect of exchange rates on cash ( 12,097 ) 4,565 3,695

Change in cash and cash equivalents 48,077 9,688 ( 2,716 )

Cash and cash equivalents at beginning of the year 127,018 117,330 120,046

Cash and cash equivalents at end of the year $ 175,095 $ 127,018 $ 117,330

Supplemental disclosure of cash flow information:

1 unchanged sentence

Interest $ 134,451 $ 91,176 $ 90,278

Income taxes 85,424 102,163 30,069

Supplemental disclosure of non-cash investing and financing activity:

Non-cash transactions in connection with pawn loans settled through forfeitures of collateral transferred to inventories $ 789,490 $ 599,978 $ 529,429

Other long-term debt assumed in conjunction with H&T Acquisition

Issuance of common stock associated with an acquisition of certain pawn stores — 29,322 —

(1) Includes the funding of new pawn loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

The accompanying notes are an integral part of these consolidated financial statements.

6 unchanged sentences

The Company operates two business lines:

pawn operations and retail POS payment solutions, which are organized into three reportable segments.

pawn operations and retail POS payment solutions, which are organized into four reportable segments.

pawn segment consists of pawn operations in 29 U.S.

states and the District of Columbia, while the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia.

states and the District of Columbia;

the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia;

pawn segment consists of pawn operations in England, Scotland and Wales.

The retail POS payment solutions segment consists of the operations of AFF in the U.S.

and Puerto Rico.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results.

For further detail, see Note 3.

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers.

Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers.

Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the typical 30-day term of the loan.

Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan.

Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

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Cash and cash equivalents — The Company considers any highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents.

As of December 31, 2024, the amount of cash associated with indefinitely reinvested foreign earnings was $ 70.9 million, which is primarily held in Mexican pesos.

As of December 31, 2025, the amount of cash associated with indefinitely reinvested foreign earnings was $ 43.8 million, which are primarily held in Mexican pesos and British pounds sterling.

Pawn loans and revenue recognition — Pawn loans are secured by the customer’s pledge of tangible personal property, which the Company holds during the term of the loan.

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Finance receivables and revenue recognition — The Company purchases and services retail finance receivables, the term of which typically ranges from six to 24 months, directly from its merchant partners or from its bank partner.

The Company has a partnership with a Utah state-chartered bank that requires the Company to purchase the rights to the cash flows associated with finance receivables marketed to retail consumers on the bank’s behalf.

The Company has a partnership with a Utah state-chartered bank that requires the Company to purchase the rights to the cash flows associated with certain finance receivables marketed to retail consumers on the bank’s behalf.

The bank establishes the underwriting criteria for the finance receivables originated by the bank.

Interest income is recognized using the interest method over the life of the finance receivable for all loans for which the Company deems collection to be probable based on historical loan redemption statistics and stops accruing interest upon charge-off.

Accrued interest, net of an allowance for uncollectible interest income, is included in accounts receivable, net in the accompanying consolidated balance sheets and as of December 31, 2024 and 2023 was $ 10.0 million and $ 12.8 million,

respectively.

Charges for late fees and insufficient fund fees are recognized as income when collected.

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If an account is deemed to be uncollectible prior to this date, the Company will charge off the finance receivable at the point in time it is deemed uncollectible.

Foreign currency transactions — The Company has pawn operations in Latin America, where in Mexico, Guatemala and Colombia, the functional currency is the Mexican peso, Guatemalan quetzal and Colombian peso.

Off-balance sheet installment loans — During the third quarter of 2025, the Company began assisting certain customers in applying for an OBS Loan that is underwritten and fully retained by a bank partner.

After origination of the OBS Loan by the bank, the Company assumes responsibility for servicing the loan on behalf of the bank for the remaining term of the loan.

The Company does not purchase the loan or the rights to a portion of the cash flows of the loan from the bank.

As such, these loans are not reflected on the Company’s balance sheet as a finance receivable.

The Company receives certain servicing and other fees associated with performing OBS Loans from the bank, which are included in interest and fees on finance receivables in the accompanying consolidated statements of income.

However, if an OBS Loan becomes 90 days contractually past due, the Company is obligated to reimburse the bank for the outstanding principal amount plus accrued interest.

This obligation constitutes an off-balance sheet credit exposure for which the Company is required to recognize, upon inception of the obligation, a liability for the expected lifetime losses, which is included in accrued liabilities in the accompanying consolidated balance sheets.

The Company calculates the liability for expected lifetime losses based on historical loss information and incorporates observable and forecasted economic conditions over a reasonable and supportable forecast period covering the full contractual life of the off-balance sheet credit exposure.

Incorporating observable and forecasted economic conditions could have a material impact on the measurement of the liability to the extent that forecasted economic conditions change significantly.

The Company may also consider other qualitative factors to address recent and forecasted business trends in estimating the liability, as

necessary, including, but not limited to, loss trends, delinquency levels, economic conditions, underwriting and collection practices.

The liability for off-balance sheet credit exposure is maintained at a level considered appropriate to cover expected lifetime losses of the off-balance sheet credit exposure, and the appropriateness of the liability is evaluated at each period end.

As of December 31, 2025, the outstanding amount of OBS Loans originated and held by the bank was $ 28.1 million.

The past due balance of OBS Loans was not material as of December 31, 2025.

The following table details the changes in the liability for off-balance sheet credit exposure (in thousands):

As of December 31,

Balance at beginning of year $ — $ —

Provision for loan losses

Charge-offs ( 848 ) —

Balance at end of year $ 13,782 $ —

Foreign currency transactions — The Company has pawn operations in Mexico, Guatemala, Colombia and the U.K., where the functional currency is the Mexican peso, Guatemalan quetzal, Colombian peso and the British pound sterling, respectively.

Accordingly, the assets and liabilities of these subsidiaries are translated into U.S.

2 unchanged sentences

Prior to translation, U.S.-dollar-denominated transactions of the foreign subsidiaries are remeasured into their functional currency using current rates of exchange for monetary assets and liabilities and historical rates of exchange for non-monetary assets and liabilities.

Gains and losses from remeasurement of dollar-denominated monetary assets and liabilities in Mexico, Guatemala and Colombia are included in loss (gain) on foreign exchange in the consolidated statements of income.

Gains and losses from remeasurement of dollar-denominated monetary assets and liabilities in Mexico, Guatemala, Colombia and the U.K.

are included in (gain) loss on foreign exchange in the consolidated statements of income.

Deferred taxes are not currently recorded on cumulative foreign currency translation adjustments as the Company indefinitely reinvests earnings of its foreign subsidiaries.

6 unchanged sentences

dollar exchange rate for 2025 was 4,053 to 1 compared to 4,071 to 1 in 2024 and 4,328 to 1 in 2023.

The average value of the U.S.

dollar to the British pound sterling exchange rate for 2025 was 1.32 to 1 compared to 1.28 to 1 in 2024 and 1.24 to 1 in 2023.

Operating expenses — Costs incurred in operating the Company’s pawn stores have been classified as operating expenses, which include salary and benefit expense of pawn store-level employees, occupancy costs, bank charges, security, insurance, utilities, supplies and other costs incurred by the pawn stores.

4 unchanged sentences

Maintenance and repairs are charged to expense as incurred and renewals and betterments are charged to the appropriate property and equipment accounts.

Upon sale or retirement of depreciable assets, the cost and related accumulated depreciation is removed from the accounts, and the resulting gain or loss is included in the results of operations in the period the assets are sold or retired.

Business combinations — Business combination accounting requires the Company to determine the fair value of all assets acquired, including identifiable intangible assets, liabilities assumed and contingent consideration issued in a business combination.

1 unchanged sentence

This allocation process requires extensive use of estimates and assumptions.

When appropriate, the Company utilizes independent valuation experts to advise and assist in determining the fair value of the assets acquired and liabilities assumed in connection with a business acquisition, in determining appropriate amortization methods and periods for identified intangible assets and in determining the fair value of contingent consideration, which is reviewed at each subsequent reporting period with changes in the fair value of the contingent consideration recognized in the consolidated statements of income.

assets and in determining the fair value of contingent consideration, which is reviewed at each subsequent reporting period with changes in the fair value of the contingent consideration recognized in the consolidated statements of income.

Goodwill and other indefinite-lived intangible assets — Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination.

1 unchanged sentence

The Company’s reporting units, which are tested for impairment, are U.S.

pawn, Latin America pawn and retail POS payment solutions.

pawn, Latin America pawn, U.K.

pawn and retail POS payment solutions.

The Company may assess goodwill for impairment at a reporting unit level by first assessing a range of qualitative factors, including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and overall financial performance.

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Significant estimates include the accrual for earned but uncollected pawn fees, allowances for lease and loan losses and related lease and loan loss provisions, valuation of acquired assets, assumed liabilities and contingent consideration of acquisitions, evaluation of goodwill and other intangible assets for impairment and current and deferred tax assets and liabilities.

Reclassification — For purposes of comparability, certain prior period amounts in the consolidated statements of income have been reclassified in order to conform to the current period presentation.

The 2024 and 2023 net presentation of finance receivables within cash flows from investing activities in the consolidated statements of cash flows has been revised to reflect a gross presentation of investments in finance receivables and proceeds from finance receivables for all periods presented.

This reclassification of prior period amounts did not result in changes to previously reported net cash flow used in investing activities.

The 2024 and 2023 net presentation of pawn loans within cash flows from investing activities in the consolidated statements of cash flows has been revised to reflect a gross presentation of pawn loans made, pawn loans repaid and recovery of pawn loan principal through sale of forfeited collateral for all periods presented.

This reclassification of prior period amounts did not result in changes to previously reported net cash flow used in investing activities.

Recent accounting pronouncements — In October 2023, the FASB issued ASU No 2023-06, “Disclosure Agreements – Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”).

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The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K.

Any amendments the SEC does not remove by June 30, 2027 will not be

As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In November 2023, the FASB issued ASU No 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures” (“ASU 2023-07”).

ASU 2023-07 expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted.

ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements.

The adoption of ASU 2023-07 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

Any amendments the SEC does not remove by June 30, 2027 will not be effective.

As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s financial position, results of operations or financial statement disclosures.

In December 2023, the FASB issued ASU No 2023-09, “Income Taxes (Topic 740):

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however, retrospective application is permitted.

The Company does not expect ASU 2023-09 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

In March 2024, the FASB issued ASU No 2024-02, “Codification Improvements - Amendments to Remove References to the Concepts Statements” (“ASU 2024-02”).

ASU 2024-02 removes references to various Concepts Statements.

In most instances, the references are extraneous and not required to understand or apply the guidance.

ASU 2024-02 is effective for fiscal years beginning after December 15, 2024.

Early adoption is permitted.

ASU 2024-02 can be applied prospectively or retrospectively.

The Company adopted ASU 2024-02 effective January 1, 2024 on a prospective basis.

The adoption of ASU 2024-02 did not have a material effect on the Company’s current financial position, results of operations or financial statement disclosures.

The Company adopted ASU 2023-09 retrospectively, which resulted in updated financial statement disclosures but did not have a material effect on the Company’s financial position or results of operations.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

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ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.

In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date” (“ASU 2025-01”), which clarifies the effective date of ASU 2024-03.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted.

ASU 2024-03 may be applied either prospectively with the option for retrospective application for all prior periods presented.

The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures.

ASU 2024-03 may be applied either prospectively or retrospectively for all prior periods presented.

The Company is currently evaluating the impact of adopting this guidance on the Company's financial position, results of operations or financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”).

ASU 2025-06 modernizes the capitalization criteria for internal-use software by eliminating references to project stages and clarifying the threshold applied to begin capitalizing costs.

This guidance is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods.

Early adoption is permitted as of the beginning of an annual reporting period.

The Company is currently evaluating the impact of adopting this guidance on the Company's financial position, results of operations or financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270):

Narrow-Scope Improvements” (“ASU 2025-11”).

ASU 2025-11 clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with GAAP.

Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements.

ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

ASU 2025-11 may be applied either prospectively or retrospectively for all prior periods presented.

The Company is currently evaluating the impact of adopting this guidance on the Company's financial position, results of operations or financial statement disclosures.

In December 2025, the FASB issued ASU 2025-12 “Codification Improvements” (“ASU 2025-12”).

ASU 2025-12 provides clarifying guidance intended to improve the consistency and application of existing accounting standards.

ASU 2025-12 is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted.

The adoption of ASU 2025-12 did not have a material effect on the Company’s financial position, results of operations or financial statement disclosures.

NOTE 3 - ACQUISITIONS

Consistent with the Company’s strategy to continue its expansion of pawn stores in strategic markets, during 2025, the Company completed acquisitions as described below:

2025 H&T Acquisition

On August 14, 2025, the Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations.

Under the terms of the H&T Acquisition, H&T shareholders received 650 pence per share in cash.

The total equity value for the H&T Acquisition, including cash consideration for the shares, was £ 289.1 million ($ 392.4 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36 ).

The purchase price of the H&T Acquisition was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition.

The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill.

The goodwill arising from this acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.

The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities.

The preliminary allocation of the purchase price for the H&T Acquisition is as follows (in thousands):

Cash and cash equivalents

Pawn loans 182,654

Accounts receivable 34,129

Inventories 69,787

Prepaid expenses and other current assets 4,679

Property and equipment 20,838

Operating lease right of use asset 27,269

Intangible assets (2)

Current liabilities ( 20,952 )

Customer deposits and prepayments ( 646 )

Lease liability, current ( 8,393 )

Other long-term debt

Deferred tax liabilities ( 10,782 )

Lease liability, non-current

Purchase price

(1) Substantially all of the goodwill is expected to be non-deductible for U.K.

income tax purposes.

This goodwill has been assigned to the U.K.

pawn reporting unit.

(2) Intangible assets acquired and the respective useful lives assigned consist of the following (in thousands, except useful life):

Amount Useful Life (in years)

$ 22,122 Indefinite

Developed technology

Customer relationships 16,286 Five

The customer relationships are being amortized using an accelerated amortization method that reflects the future cash flows expected from the returning pawn customers of H&T.

The developed technology is being amortized over a straight-line basis over the anticipated useful life of the developed technology.

As the trade name has an indefinite life, it is not amortized.

Pawn Acquisitions

Consistent with the Company’s strategy to continue its expansion of pawn stores in selected markets, during 2024, the Company acquired 28 pawn stores in the U.S.

in five separate transactions, 10 pawn stores in Mexico in a separate transaction and acquired one pawn license that was used to open one new pawn store in the state of Nevada.

During 2025, the Company acquired 23 pawn stores in the U.S.

in seven separate transactions.

The aggregate purchase price for these acquisitions totaled $ 106.3 million, net of cash acquired and subject to future post-closing adjustments.

The aggregate purchase price was composed of $ 75.0 million in cash paid during 2024, $ 29.3 million in stock consideration and remaining short-term amounts payable to certain of the sellers of $ 3.3 million.

The aggregate purchase price was composed of $ 101.8 million in cash paid during 2025 and remaining short-term amounts payable to certain of the sellers of $ 4.5 million.

During 2025, the Company also paid $ 2.8 million of purchase price amounts payable related to prior-year pawn acquisitions.

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The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.

These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements.

The estimated fair value of the assets acquired and liabilities assumed are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities.

The preliminary allocation of the aggregate purchase price for these individually immaterial pawn store acquisitions during 2024 (the “2024 Pawn Acquisitions”) is as follows (in thousands):

2024 Pawn Acquisitions

The preliminary allocation of the aggregate purchase price of the acquired U.S.

stores during 2025 is as follows (in thousands):

Pawn loans $ 8,512

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Inventories 19,753

Prepaid expenses and other current assets

Property and equipment 311

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Aggregate purchase price $ 106,336

(1) Goodwill associated with the U.S.

pawn segment and the Latin America pawn segment was $ 82.4 million and $ 2.5 million, respectively.

Substantially all of the goodwill is expected to be deductible for respective U.S.

and Mexico income tax purposes.

The results of operations for the 2024 Pawn Acquisitions have been consolidated since the respective acquisition dates.

During 2024, revenue from the 2024 Pawn Acquisitions was $ 36.1 million and the earnings from the 2024 Pawn Acquisitions since the acquisition dates (including $ 1.7 million of transaction costs, net of tax) was approximately $ 7.2 million.

Transaction costs associated with the 2024 Pawn Acquisitions were expensed as incurred and are presented in the consolidated statements of income as merger and acquisition expenses.

(1) Substantially all of the goodwill is expected to be deductible for U.S.

income tax purposes.

This goodwill has been assigned to the U.S.

pawn reporting unit.

2025 Combined Pawn Acquisitions

The results of operations for the H&T Acquisition and the acquired U.S.

stores have been consolidated since the respective acquisition dates.

During 2025, revenue from the combined acquisitions was $ 164.4 million and the earnings from the combined acquisitions since the acquisition dates (including $ 12.3 million of transaction costs, net of tax) was $ 12.2 million.

Transaction costs associated with the H&T Acquisition and the acquired U.S.

stores were expensed as incurred and are presented in the consolidated statements of income as merger and acquisition expenses.

These expenses include investment banking, legal, accounting and other related third-party costs.

Unaudited pro forma financial information reflecting the consolidated results of operations of the Company as if the 2024 Pawn Acquisitions had occurred on January 1, 2023 has not been presented as the 2024 Pawn Acquisitions were not significant in relation to the Company’s consolidated financial position or results of operations.

Pro forma information has not been presented as (1) disclosure is impracticable due to the lack of availability of historical H&T financial statements that comply with GAAP and (2) the acquired U.S.

stores are not material individually or in the aggregate to the Company’s consolidated financial statements.

2024 Pawn Acquisitions

During 2024, the Company acquired 28 pawn stores in the U.S.

in eight separate transactions and acquired two pawn licenses that were used to open two new pawn stores in the state of Nevada.

in five separate transactions, 10 pawn stores in Mexico in a separate transaction and acquired one pawn license that was used to open one new pawn store in the state of Nevada.

The aggregate purchase price for these acquisitions totaled $ 107.6 million, net of cash acquired.

The aggregate purchase price was composed of $ 178.0 million in cash paid at closing, which included the repayment and extinguishment of $ 59.7 million of debt of the acquired businesses at closing and remaining short-term amounts payable to certain of the sellers of approximately $ 0.6 million.

The aggregate purchase price was composed of $ 75.0 million in cash paid at closing, $ 29.3 million of stock consideration and remaining short-term amounts payable to certain of the sellers of approximately $ 3.3 million.

NOTE 4 - OPERATING LEASES

Refer to Note 2 to the consolidated financial statements for further information about the Company’s revenue generating activities as a lessor.

For information about the Company’s revenue-generating activities as a lessor, refer to the “Leased merchandise and revenue recognition” section of Note 2.

All of the Company’s lease agreements are considered operating leases.

The Company leases approximately 64 % of its U.S.

pawnshop locations, the majority of its Latin America pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception.

pawnshop locations, the majority of its Latin America and U.K.

pawnshop locations and certain administrative offices under operating leases and determines if an arrangement is or contains a lease at inception.

Many leases include both lease and non-lease components for which the Company accounts separately.

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The remeasurement results in the recognition of foreign currency exchange gains or losses each reporting period, which can produce a certain level of earnings volatility.

The Company recognized a foreign currency loss of $ 3.8 million, gain of $ 2.5 million and gain of $ 1.3 million during the years ended December 31, 2024, 2023 and 2022, respectively, related to the remeasurement of these U.S.-dollar-denominated operating leases, which is included in loss (gain) on foreign exchange in the accompanying consolidated statements of income.

The Company recognized a foreign currency gain of $ 3.1 million, loss of $ 3.8 million and gain of $ 2.5 million during the years ended December 31, 2025, 2024 and 2023, respectively, related to the remeasurement of these U.S.-dollar-denominated operating leases, which is included in (gain) loss on foreign exchange in the accompanying consolidated statements of income.

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

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NOTE 5 - STOCKHOLDERS' EQUITY

During 2024, the Company repurchased a total of 721,000 shares of common stock at an aggregate cost of $ 85.0 million and an average cost per share of $ 117.90 .

In July 2023, the Board authorized a common stock repurchase program for up to $200.0 million of the Company’s outstanding common stock.

During 2025, the Company repurchased a total of 912,000 shares of common stock at an aggregate cost of $ 115.0 million and an average cost per share of $ 126.03 , which completed the share repurchase program authorized in July 2023.

The Company previously repurchased 721,000 shares of common stock at an aggregate cost of $ 85.0 million and an average cost per share of $ 117.90 during 2024.

The aggregate cost and average cost per share does not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022.

The Company incurred $ 0.9 million of excise taxes during 2024.

During 2023, the Company repurchased 1,248,000 shares of common stock at an aggregate cost of $ 114.4 million and an average cost per share of $ 91.58 .

The 2024 shares were repurchased by the Company in a privately negotiated transaction with AFF Services, Inc.

AFF Services, Inc.

is partially owned and 100 % controlled by the Douglas R.

Rippel Revocable Trust (the "Trust").

Rippel, a member of the Company’s board of directors at the time of the transaction, is a co-trustee of the Trust and an indirect beneficial owner of the shares held by AFF Services, Inc.

The $ 117.90 per share purchase price represented a discount to the average closing sale price of the Company's common stock for the three, five and ten days ended May 22, 2024.

In July 2023, the Company’s Board of Directors authorized a common stock repurchase program for up to $ 200.0 million of the Company’s outstanding common stock, of which $ 115.0 million is currently remaining.

The Company incurred $ 1.2 million and $0.9 million of excise taxes during 2025 and 2024, respectively.

In October 2025, the Board authorized an additional common stock repurchase program for up to $150.0 million of the Company’s outstanding common stock, of which the entire $ 150.0 million is currently remaining.

The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of alternative investment opportunities.

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Financial liabilities:

Revolving unsecured credit facilities $ 198,000 $ 198,000 $ — $ 198,000 $ —

Senior unsecured notes (outstanding principal) 1,550,000 1,503,000 — 1,503,000 —

Liability for off-balance sheet credit exposure $ 13,782 $ 13,782 $ — $ — $ 13,782

Revolving unsecured credit facility

559,000 559,000 — 559,000 —

Other long-term debt (outstanding principal)

1,665,006 1,679,006 — 1,679,006 —

$ 2,237,788 $ 2,251,788 $ — $ 2,238,006 $ 13,782

(1) Finance receivables, gross as of December 31, 2025 was $ 283.5 million.

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Financial liabilities:

Revolving unsecured credit facilities

$ 568,000 $ 568,000 $ — $ 568,000 $ —

Senior unsecured notes (outstanding principal) 1,050,000 987,000 — 987,000 —

Revolving unsecured credit facility $ 198,000 $ 198,000 $ — $ 198,000 $ —

Other long-term debt (outstanding principal) 1,550,000 1,503,000 — 1,503,000 —

$ 1,748,000 $ 1,701,000 $ — $ 1,701,000 $ —

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The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the unsecured credit facilities approximate fair value as of December 31, 2024 and 2023.

The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms.

In addition, the unsecured credit facilities have a variable interest rate based on SOFR or TIIE and reprice with any changes in SOFR or TIIE.

The carrying value of the liability for off-balance sheet credit exposure approximates fair value as of December 31, 2025 due to the short-term nature and estimation based on current expected lifetime losses.

The carrying value of the revolving unsecured credit facility approximates fair value as of December 31, 2025 and 2024.

The fair value of the revolving unsecured credit facility is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms.

In addition, the revolving unsecured credit facility has a variable interest rate based on the prevailing SOFR and reprices with any changes in SOFR.

The other long-term debt consists primarily of fixed rate secured term loans and senior unsecured notes.

The fair value of the secured term loans is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms.

The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.

The remainder of the other long-term debt consists of two variable interest rate credit facilities, the carrying value of which approximates fair value as of December 31, 2025 and 2024.

NOTE 7 - FINANCE RECEIVABLES, NET

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Finance receivables, net $ 150,274 $ 147,501

The following table details the c hanges in the allowance for loan losses (in thousands):

The following table details the changes in the allowance for loan losses (in thousands):

As of December 31,

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Balance at end of year $ 106,326 $ 117,005

(1) The provision for loan losses presented on the consolidated statement of income for the year ended December 31, 2025 includes an additional $ 14.6 million of provision expense related to OBS Loans.

See the “Off-balance sheet installment loans” section in Note 2.

The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of December 31, 2025 and 2024, by origination year (in thousands):

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$ — $ 52,874 $ 71,483 $ 6,455 $ — $ 130,812

Gross charge-offs during 2023

$ — $ — $ 51,597 $ 58,571 $ 7,793 $ 117,961

NOTE 8 - LEASED MERCHANDISE, NET

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Leased merchandise $ 252,064 $ 319,444

$ 319,444 $ 384,129

Processing fees ( 2,240 ) ( 2,960 )

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Provision for lease losses 120,362 163,395

163,395 175,858

( 185,360 ) ( 166,630 )

Charge-offs ( 143,661 ) ( 185,360 )

Recoveries 7,758 7,095

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Accrued compensation $ 70,935 $ 52,094

Accrued interest payable 34,855 24,443

Sales, property and payroll taxes payable 28,591 32,879

32,879 32,609

Trade accounts payable 26,521 31,136

Accrued interest payable 21,912 34,855

Income taxes payable 16,098 746

Liability for off-balance sheet credit exposure 13,782 —

Legal and professional fees payable 12,406 1,343

Acquisition purchase price amounts payable to sellers 5,024 3,390

Benefits liabilities and withholding payable 4,415 1,931

Legal and professional fees payable

Income taxes payable 746 635

Other accrued liabilities 12,931 13,166

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As of December 31,

Revolving unsecured credit facilities:

Revolving credit facilities:

Revolving unsecured credit facility, maturing 2029 (1)

$ 559,000 $ 198,000

Revolving secured credit facility, maturing 2027 (2)

Revolving unsecured uncommitted credit facility, maturing 2027 (1)

Total revolving unsecured credit facilities 198,000 568,000

Total revolving credit facilities

613,476 198,000

Secured term loans:

Secured term loan, maturing 2027 (2)

Secured term loan, maturing 2029 (2)

Secured term loan, maturing 2031 (2)

Total secured term loans

Senior unsecured notes:

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6.875 % senior unsecured notes due 2032 (5)

492,551 491,639

Total senior unsecured notes 1,534,428 1,531,346

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(1) Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets.

(2) Assumed on August 14, 2025 in connection with the H&T Acquisition.

(3) As of December 31, 2025 and 2024, deferred debt issuance costs of $ 3.3 million and $ 4.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets.

(4) As of December 31, 2025 and 2024, deferred debt issuance costs of $ 4.8 million and $ 5.9 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets.

(4) As of December 31, 2024, deferred debt issuance costs of $ 8.4 million are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

(5) As of December 31, 2025 and 2024, deferred debt issuance costs of $ 7.4 million and $ 8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets.

As of December 31, 2025, annual maturities of the outstanding long-term debt for each of the five years after December 31, 2025 are as follows (in thousands):

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Revolving Unsecured Credit Facility

During the period from January 1, 2024 through August 8, 2024, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $ 640.0 million, which was scheduled to mature on August 30, 2027.

The Credit Facility charged interest, at the Company’s option, of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5 % and a fixed SOFR adjustment of 0.1 % or (2) the prevailing prime or base rate plus a fixed spread of 1.5 %.

On August 8, 2024, the Credit Facility was amended (the “2024 Amendment”) in order to increase the total lender commitment, extend the term of the Credit Facility, amend certain financial covenants and modify the benchmark interest rate.

Under the 2024 Amendment, the total lender commitment was increased from $ 640.0 million to $ 700.0 million and the term of the Credit Facility was extended to August 8, 2029.

In addition, the permitted consolidated leverage ratio was increased to 3.25 times adjusted EBITDA for the full term of the agreement, while the other financial covenants remain substantially unchanged.

The Credit Facility, as amended by the 2024 Amendment, now bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5 % or (2) the prevailing prime or base rate plus a fixed spread of 1.5 %.

As of December 31, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $ 700.0 million.

The Credit Facility matures on August 8, 2029.

On May 13, 2025, the Credit Facility was amended (the “2025 Amendment”) in order to modify certain financial covenants in anticipation of the H&T Acquisition, which was subsequently completed on August 14, 2025.

Under the 2025 Amendment, the non-loan party investment basket was increased from 20 % of consolidated net worth to 25 % of consolidated net worth and the permitted consolidated leverage ratio was increased to 3.75 times adjusted EBITDA through December 31, 2025 and then it decreases to 3.50 times adjusted EBITDA through December 31, 2026.

The consolidated leverage ratio will revert to 3.25 times adjusted EBITDA effective January 1, 2027.

The 2025 Amendment also includes additional limits to certain restricted payments when the consolidated leverage ratio is equal to or greater than 3.0 times adjusted EBITDA, which are more fully described in the 2025 Amendment.

The 2025 Amendment became effective on August 14, 2025 upon the consummation of the H&T Acquisition.

As of December 31, 2025, the Company had $ 559.0 million in outstanding borrowings and $ 2.5 million in outstanding letters of credit under the Credit Facility, leaving $ 138.5 million available for future borrowings, subject to certain financial covenants.

The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5 % or (2) the prevailing prime or base rate plus a fixed spread of 1.5 %.

The agreement has a SOFR floor of 0 %.

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The Company was in compliance with the covenants of the Credit Facility as of December 31, 2025.

During 2024, the Company made net payments of $ 370.0 million pursuant to the Credit Facility.

During 2025, the Company received net proceeds of $ 361.0 million from borrowings pursuant to the Credit Facility.

Revolving Secured Credit Facility

In connection with the H&T Acquisition, the Company assumed a secured line of credit with a bank in the U.K.

in an amount of £ 45.0 million maturing on December 22, 2027 (the “U.K.

Credit Facility”).

Credit Facility bears interest at the prevailing Sterling Overnight Index Average (“SONIA”) (with interest periods of 1, 3 or 6 months at H&T’s option) plus a spread of between 2.4 % and 3.3 %, depending on certain ratios.

Credit Facility is secured by all of the assets of H&T.

The weighted-average interest rate on amounts outstanding under the U.K.

Credit Facility at December 31, 2025 was 6.43 % based on 1-month SONIA.

Under the terms of the U.K.

Credit Facility, H&T is required to maintain certain financial ratios and comply with certain financial covenants.

H&T was in compliance with the covenants of the U.K.

Credit Facility as of December 31, 2025.

As of December 31, 2025, H&T had $ 54.5 million (£ 40.5 million) outstanding under the U.K.

Credit Facility and $ 6.1 million (£ 4.5 million) available for future borrowings, subject to certain financial covenants.

Since assuming the loan on August 14, 2025, the Company received net proceeds of $ 7.9 million from borrowings pursuant to the U.K.

Credit Facility.

Revolving Unsecured Uncommitted Credit Facility

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As of December 31, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $ 33.4 million ($ 600.0 million pesos) available for future borrowings.

Secured Term Loans

In connection with the H&T Acquisition, the Company assumed three secured term loans with multiple lending institutions in the U.K.

in an aggregate amount of $ 60.5 million (£ 45.0 million) maturing between December 22, 2027 and February 21, 2031 (the “U.K.

Term Loans”).

Term Loans bear interest at the Bank of England base rate plus a fixed spread of 4.00 %, a fixed rate of 8.37 % or a fixed rate of 8.43 %.

Term Loans are secured by all of the assets of H&T.

Under the terms of the U.K.

Term Loans, H&T is required to maintain certain financial ratios and comply with certain financial covenants.

H&T was in compliance with the covenants of the U.K.

Term Loans as of December 31, 2025.

Senior Unsecured Notes Due 2028

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The 2030 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1.

The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes (the “2030 Notes Indenture”) as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period.

The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes (the

“2030 Notes Indenture”) as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period.

As of December 31, 2025, the Company’s consolidated total debt ratio was 2.7 to 1.

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On February 21, 2024, the Company issued $ 500.0 million of 6.875 % senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding.

Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1, commencing on September 1, 2024.

Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1.

The 2032 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act.

The Company used the net proceeds from the offering to repay a portion of the outstanding balance on the Credit Facility, after payment of fees and expenses related to the offering.

The Company capitalized $ 9.1 million in debt issuance costs, which consisted primarily of the initial purchaser’s discount and fees and legal and other professional expenses.

The debt issuance costs are being amortized over the life of the 2032 Notes as a component of interest expense and are carried as a direct deduction from the carrying amount of the 2032 Notes in the accompanying consolidated balance sheets.

The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility.

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Current income taxes:

Federal $ 66,338 $ 53,217 $ 23,034

$ 54,749 $ 66,338 $ 53,217

Foreign 32,642 14,988 18,683

state and local 10,443 10,012 15,124

10,012 15,124 3,421

Current provision for income taxes 97,834 91,338 87,024

Deferred provision (benefit) for income taxes:

Federal ( 7,571 ) ( 6,253 ) 26,732

20,325 ( 7,571 ) ( 6,253 )

Foreign ( 1,045 ) 822 1,475

state and local 74 ( 628 ) ( 8,698 )

( 628 ) ( 8,698 ) 1,965

Total deferred provision for income taxes 19,354 ( 7,377 ) ( 13,476 )

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Deferred cost of goods sold deduction 3,737 3,133

Accrued compensation, payroll taxes and employee benefits 3,833 4,509

Accrued compensation and employee benefits

state and certain foreign net operating losses 5,315 6,170

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2025 2024 2023

federal statutory rate 21 % 21 % 21 %

In Thousands %

Tax at the U.S.

federal statutory rate $ 93,988 21.0 % $ 71,983 21.0 % $ 61,498 21.0 %

state income tax, net of federal tax benefit of $ 1,592 , $ 1,349 and $ 1,131 , respectively

state income tax, net of federal income tax effect (1)

8,575 1.9 % 5,990 1.8 % 5,076 1.7 %

Non-deductible compensation expense 3,864 4,358 3,297

Net incremental income tax expense from foreign earnings (1)

Foreign tax effects:

Statutory tax rate difference between U.S.

and Mexico 7,482 1.7 % 5,363 1.6 % 6,510 2.2 %

Mexico inflation index adjustment ( 5,154 ) ( 1.2 ) % ( 6,021 ) ( 1.7 ) % ( 5,685 ) ( 1.9 ) %

3,382 0.8 % 2,896 0.8 % 3,176 1.1 %

Other taxes and adjustments, net ( 612 ) ( 1,757 ) ( 1,069 )

Benefit from gain on revaluation of contingent acquisition consideration — — ( 4,580 )

Provision for income taxes $ 83,961 $ 73,548 $ 70,138

Other foreign jurisdictions

1,481 0.3 % 498 0.2 % 372 0.1 %

Effect of cross-border tax laws:

Foreign-derived intangible income

( 1,260 ) ( 0.3 ) % ( 1,260 ) ( 0.4 ) % — — %

( 500 ) ( 0.1 ) % ( 550 ) ( 0.2 ) % ( 1,500 ) ( 0.5 ) %

Nontaxable or nondeductible items:

Nondeductible compensation

5,968 1.3 % 3,864 1.1 % 4,358 1.5 %

2,878 0.7 % ( 253 ) ( 0.1 ) % 979 0.3 %

Other adjustments, net

348 0.1 % 1,451 0.4 % ( 1,236 ) ( 0.4 ) %

Effective tax rate

(1) Includes a $ 6.0 million, $ 5.7 million and $ 8.0 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2024, 2023 and 2022, respectively.

$ 117,188 26.2 % $ 83,961 24.5 % $ 73,548 25.1 %

(1) State taxes in Texas, Florida and Maryland made up the majority (greater than 50%) of the tax effect in this category.

The Company’s foreign pawn operating subsidiaries are subject to their respective foreign statutory rates, which differ from the U.S.

federal statutory rate.

The statutory tax rates in Mexico, Guatemala, Colombia and El Salvador are 30 %, 25 %, 35 % and 30 %, respectively.

The statutory tax rates in Mexico, Guatemala, Colombia, El Salvador and the U.K.

are 30 %, 25 %, 35 %, 30 % and 25 %, respectively.

The Company reviews the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.

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As of December 31, 2025 and 2024, the Company had no unrecognized tax benefits and, therefore, the Company did no t have a liability for accrued interest and penalties and no such interest or penalties were incurred for the years ended December 31, 2025, 2024 and 2023.

The Company files federal income tax returns in the U.S., Mexico, Guatemala, Colombia, El Salvador, Jamaica and Puerto Rico, as well as multiple state and local income tax returns in the U.S.

The Company files federal income tax returns in the U.S., Mexico, Guatemala, Colombia, El Salvador, the U.K., Jamaica and Puerto Rico, as well as multiple state and local income tax returns in the U.S.

The Company’s U.S.

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state income tax returns are not subject to examination for the tax years prior to 2022.

With respect to federal tax returns in Mexico, Guatemala, Colombia, El Salvador, Jamaica and Puerto Rico, the tax years prior to 2019 are closed to examination.

There are no state income taxes in Mexico, Guatemala, Colombia, El Salvador, Jamaica or Puerto Rico.

The federal tax returns in Mexico are closed to examination for the tax years prior to 2019.

With respect to federal tax returns in Guatemala, Colombia, El Salvador, the U.K., Jamaica and Puerto Rico, the tax years prior to 2020 are closed to examination.

There are no state income taxes in Mexico, Guatemala, Colombia, El Salvador, the U.K., Jamaica or Puerto Rico.

Net cash paid for income taxes consists of the following (in thousands):

Year Ended December 31,

2025 2024 2023

Federal $ 43,970 $ 55,937 $ 62,400

Aggregated state and local jurisdictions 7,490 12,684 23,142

Aggregated foreign jurisdictions 1,336 3,261 1,387

Disaggregated foreign jurisdictions:

Mexico 14,444 13,542 15,234

Net cash paid for income taxes

$ 72,715 $ 85,424 $ 102,163

NOTE 13 - COMMITMENTS AND CONTINGENCIES

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Although no assurances can be given, in management’s opinion, such outstanding proceedings are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company believes it has meritorious defenses to all of the claims described below and intends to vigorously defend itself against such claims.

The Company believes it has meritorious defenses to all of the claims and intends to vigorously defend itself against such claims.

However, legal and regulatory proceedings involve an inherent level of uncertainty and no assurances can be given regarding the ultimate outcome of any such matters or whether an adverse outcome would not have a material adverse impact on the Company’s financial position, results of operations, or cash flows.

At this stage, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings.

Other than as described below, the Company is unable to determine whether a future loss will be incurred for any of its material outstanding legal and regulatory proceedings or to estimate a range of loss with respect to such proceeding, if any, and accordingly, no material amounts have been accrued in the Company’s financial statements for legal and regulatory proceedings.

On November 12, 2021, the CFPB initiated a civil action in the United States District Court for the Northern District of Texas (the “District Court”) against FirstCash, Inc.

and Cash America West, Inc., and later amended the complaint to include numerous Company subsidiaries as defendants.

The CFPB’s lawsuit alleges violations of the MLA in connection with pawn transactions.

The CFPB also alleges that these same alleged violations of the MLA constitute breaches of a 2013 CFPB consent order entered into by its predecessor company that, among other things, allegedly required the company and its successors to cease and desist from further MLA violations.

The CFPB is seeking an injunction, redress for affected borrowers and a civil monetary penalty.

After an initial period of pre-trial activity, the case was stayed on November 4, 2022, pending the Supreme Court review of the Fifth Circuit's decision in Community Financial v.

CFPB , where the Fifth Circuit held the CFPB’s funding mechanism was unconstitutional and its actions were void.

The Supreme Court reversed that decision through an opinion issued on May 16, 2024.

The stay of the CFPB case was lifted, and active litigation ensued.

On November 7, 2024, the District Court denied the Company’s motion for partial summary judgement.

The District Court has also ordered the parties to mediation.

After an initial session, the mediation is currently postponed pending the leadership transition at the CFPB.

Unless resolved by agreement, the Company intends to vigorously defend the action.

The CFPB’s lawsuit alleged violations of the MLA in connection with pawn transactions.

The CFPB sought an injunction, redress for affected borrowers and a civil monetary penalty.

On July 11, 2025, with the District Court’s approval and without admitting or denying the allegations, the Company and the CFPB agreed to settle and resolve all matters in dispute.

As part of the settlement, the Company agreed to offer a new pawn lending product for covered members of the U.S.

military and their covered dependents.

Additionally, the Company will pay consumer redress in fees or principal returned to affected customers, which is estimated by the Company to be no more than $ 7.0 million.

The Company paid a $ 4.0 million fine to the CFPB victims' relief fund in July 2025.

The Company is obligated to reimburse the bank for the outstanding principal amount plus accrued interest for all OBS Loans that are 90 days contractually past due.

As of December 31, 2025, the outstanding amount of OBS Loans originated and held by the bank, which would represent the maximum exposure to the Company, was $ 28.1 million.

Gold Forward Sales Contracts

As of December 31, 2024, the Company had contractual commitments to deliver a total of 60,500 gold ounces between the months of January 2025 and June 2026 at a weighted-average price of $ 2,207 per ounce.

As of December 31, 2025, the Company had contractual commitments to deliver a total of 60,000 gold ounces between January 2026 and September 2027 at a weighted-average price of $ 3,340 per ounce.

The ounces required to be delivered over this time period are less than the historical volume of scrap gold normally produced, and the Company expects to have the required gold ounces to meet the commitments as they come due.

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December 31, 2025 U.S.

Segment Latin America

Pawn Segment Retail POS Payment Solutions Segment Total

Latin America

Payment Solutions

Balance, beginning of year $ 1,125,226 $ 175,741 $ — $ 486,205 $ 1,787,172

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Effect of foreign currency translation — ( 25,367 ) — — ( 25,367 )

Other adjustments ( 420 ) — — ( 420 )

Balance, end of year $ 1,125,226 $ 175,741 $ — $ 486,205 $ 1,787,172

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The amount attributable to award grants is amortized to expense over the vesting periods.

The Company granted performance-based awards in 2024, 2023 and 2022 to certain executive officers.

The Company granted performance-based awards in 2025, 2024 and 2023 to certain senior executive officers.

The performance period for these awards is the three-year cumulative period beginning on January 1 of the respective grant year.

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The Company’s level of achievement of the performance goals at the end of each respective performance period will result in awards being earned between 0 % and 150 % of the target share award.

The Company granted time-based awards in 2024, 2023 and 2022 to certain executive officers, directors and key employees of the Company which generally vest, subject to continued employment with the Company, over a one , three or five-year period from the grant date.

The Company granted time-based awards in 2025, 2024 and 2023 to certain executive officers, directors and key employees of the Company which generally vest, subject to continued employment with the Company, over one , three or five-year periods from the grant date depending upon role and title.

The following table summarizes the restricted stock unit award activity for the years ended December 31, 2025, 2024 and 2023 (shares in thousands):

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Performance-based canceled ( 7 ) 91.76 ( 6 ) 69.78 ( 10 ) 72.37

( 6 ) 69.78 ( 10 ) 72.37 ( 109 ) 86.86

Time-based canceled — — ( 4 ) 91.47 — —

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Gross compensation expense of restricted stock unit awards $ 20,250 $ 14,786 $ 13,674

$ 14,786 $ 13,674 $ 10,853

Income tax benefit of restricted stock unit awards ( 304 ) ( 292 ) ( 605 )

( 292 ) ( 605 ) ( 1,428 )

Net compensation expense of restricted stock unit awards $ 19,946 $ 14,494 $ 13,069

$ 14,494 $ 13,069 $ 9,425

As of December 31, 2025, the total compensation cost related to non-vested restricted stock unit awards not yet recognized was $ 20.3 million (based on maximum possible award vesting) and is expected to be recognized over the weighted-average period of 1.4 years.

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The Company’s CODM reviews key financial information, such as revenue growth, pawn loan metrics, lease and finance receivable metrics and operating margins, to budget, allocate resources, and assess performance of each segment.

Based on an analysis of the reports the CODM regularly reviews, the Company has determined there are three reportable segments as follows:

Based on an analysis of the reports the CODM regularly reviews, the Company has determined there are four reportable segments as follows:

• Latin America pawn

• Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) on foreign exchange, merger and acquisition expenses, gain on revaluation of contingent acquisition consideration, and other expenses (income), net, are presented on a consolidated basis and are not allocated between the U.S.

pawn segment, Latin America pawn segment or retail POS payment solutions segment.

Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S.

pawn stores and are eliminated to arrive at consolidated totals.

The following tables present reportable segment information for the years ended December 31, 2024, 2023 and 2022 as well as segment earning assets (in thousands):

• Retail POS payment solutions (American First Finance or “AFF”)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses and other income, net, are presented on a consolidated basis and are not allocated between the segments.

Intersegment transactions related to AFF’s LTO payment solution product offered in U.S.

pawn stores are eliminated from consolidated totals.

The following tables present reportable segment information for the years ended December 31, 2025, 2024 and 2023 as well as certain segment assets (in thousands):

Year Ended December 31, 2025

Pawn Retail POS

Solutions Corporate/

Eliminations Consolidated

Intersegment Eliminations Consolidated

Retail merchandise sales $ 1,046,258 $ 584,129 $ 40,767 $ — $ ( 2,744 ) (2)

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Wholesale scrap jewelry sales 152,089 51,334 59,167 — — 262,590

Other revenue — — 6,090 — — 6,090

Total revenue 1,753,382 889,524 150,664 870,217 ( 2,744 ) 3,661,043

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Cost of wholesale scrap jewelry sold 129,926 43,725 35,034 — — 208,685

Other cost of revenue — — 1,414 — — 1,414

Total cost of revenue 731,869 422,263 65,573 603,513 ( 2,782 ) 1,820,436

929,903 429,896 269,453 280 1,629,532

Net revenue 1,021,513 467,261 85,091 266,704 38 1,840,607

Expenses and other income:

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Interest income — — — — ( 2,935 ) ( 2,935 )

Loss on foreign exchange

Gain on foreign exchange

— — — — ( 2,178 ) ( 2,178 )

Merger and acquisition expenses — — — — 14,369 14,369

Other expenses (income), net — — — ( 522 ) ( 522 )

Other income, net

— — — — ( 15,884 ) ( 15,884 )

Total expenses and other income 568,945 289,815 32,605 97,578 404,101 1,393,044

Income (loss) before income taxes $ 452,568 $ 177,446 $ 52,486 $ 169,126 $ ( 404,063 ) $ 447,563

(1) Reflects the operations of H&T for the period August 14, 2025 to December 31, 2025 as a result of the completion of the H&T Acquisition on August 14, 2025.

(2) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S.

As of December 31, 2025

Pawn Retail POS

Solutions Corporate/

Eliminations Consolidated

Intersegment Eliminations Consolidated

Pawn loans $ 450,516 $ 167,438 $ 213,543 $ — $ — $ 831,497

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Year Ended December 31, 2024

Pawn Retail POS

Solutions Corporate/

Eliminations Consolidated

Intersegment Eliminations Consolidated

Retail merchandise sales $ 969,371 $ 541,787 $ — $ — $ ( 4,062 ) (1)

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Total cost of revenue 638,653 381,992 — 742,679 ( 4,342 ) 1,758,982

813,434 420,718 272,506 581 1,507,239

Net revenue 929,903 429,896 — 269,453 280 1,629,532

Expenses and other income:

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Interest income — — — — ( 1,935 ) ( 1,935 )

Gain on foreign exchange

Loss on foreign exchange

— — — — 2,641 2,641

Merger and acquisition expenses — — — — 2,228 2,228

Other expenses (income), net — — — ( 1,402 ) ( 1,402 )

Other income, net

— — — — ( 5,301 ) ( 5,301 )

Total expenses and other income 532,610 279,676 — 140,824 333,646 1,286,756

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As of December 31, 2024

Pawn Retail POS

Solutions Corporate/

Eliminations Consolidated

Intersegment Eliminations Consolidated

Pawn loans $ 396,667 $ 121,200 $ — $ — $ — $ 517,867

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Pawn Latin America

Pawn Retail POS

Solutions Corporate/

Eliminations Consolidated

Intersegment Eliminations Consolidated

Retail merchandise sales $ 854,190 $ 533,612 $ — $ — $ ( 6,530 ) (1)

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Interest and fees on finance receivables — — — 233,818 — 233,818

— — 181,280 — 181,280

Wholesale scrap jewelry sales 78,571 46,917 — — — 125,488

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Provision for loan losses — — — 123,030 — 123,030

— — 118,502 — 118,502

Cost of wholesale scrap jewelry sold 64,545 37,276 — — — 101,821

Total cost of revenue 555,089 382,585 — 713,994 ( 7,111 ) 1,644,557

Net revenue (loss)

813,434 420,718 — 272,506 581 1,507,239

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Merger and acquisition expenses — — — — 7,922 7,922

Gain on revaluation of contingent acquisition consideration

Other income, net

— — — — ( 6,740 ) ( 6,740 )

Other expenses (income), net — — — ( 2,731 ) ( 2,731 )

Total expenses and other income 477,128 264,496 — 140,490 332,276 1,214,390

3 unchanged sentences

Pawn Latin America

Pawn Retail POS

Solutions Corporate/

Eliminations Consolidated

Intersegment Eliminations Consolidated

Pawn loans $ 344,152 $ 127,694 $ — $ — $ — $ 471,846

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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-K

Item 9A. Controls and Procedures