CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Quarterly Report on Form 10-Q ("Form 10-Q") contains statements that are considered forward-looking statements. Forward-looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of current or historical fact contained in this Quarterly Report, including statements regarding the Company's future financial position, business strategy, budgets, projected costs and plans, and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current plans, estimates and beliefs, and the Company's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Any or all of the forward-looking statements in this Quarterly Report may turn out to be inaccurate. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events occurring after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-Q. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes contained elsewhere in this Form 10-Q, and in the audited consolidated financial statements and notes contained in the Form 10-K for the fiscal year ended June 30, 2025. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Quarterly Report, particularly in “Risk Factors.” INTRODUCTION Management's discussion and analysis of financial condition and results of operations is provided as a supplement to the accompanying condensed consolidated financial statements and related notes to aid in the understanding of our results of operations and financial condition. Our discussion is organized as follows: •Executive overview. This section provides a general description of our business, as well as significant transactions and events that we believe are important in understanding the results of operations. •Results of operations. This section provides an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the respective periods presented. Included in our analysis is a discussion of seven performance metrics: o(i) ounces of gold and silver sold, o(ii) Wholesale Sales ticket volume, o(iii) Direct-to-Consumer ticket volume: •(a) Direct-to-Consumer ticket volume from new customers, •(b) Direct-to-Consumer ticket volume from pre-existing customers, •(c) Direct-to-Consumer total ticket volume, o(iv) Direct-to-Consumer and JMB average order value, o(v) number of Direct-to-Consumer customers: •(a) Direct-to-Consumer number of new customers, •(b) Direct-to-Consumer number of active customers, •(c) Direct-to-Consumer total customers, o(vi) inventory turnover ratio, and 40 o(vii) number of secured loans at period-end. •Segment results of operations. This section provides an analysis of our results of operations presented for our three segments: oWholesale Sales & Ancillary Services, oDirect-to-Consumer, and oSecured Lending comparing results for the periods presented. •Non-GAAP Measures. This section provides an analysis of our non-GAAP measures with a reconciliation to the most directly comparable U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) measure reported on the condensed consolidated financial statements. The Company uses the following two non-GAAP measures: o"adjusted net income before provision for income taxes", and o"earnings before interest, taxes, depreciation, and amortization", or "EBITDA". •Liquidity and financial condition. This section provides an analysis of our cash flows, as well as a discussion of our outstanding debt as of March 31, 2026, sources of liquidity and the amount of financial capacity available to fund our future commitments and other financing arrangements. •Critical accounting policies and estimates. This section discusses critical accounting policies that are considered both important to our financial condition and results of operations and require management to make significant judgment and estimates. All of our significant accounting policies, including the critical accounting policies, are summarized in Note 2 to the Company’s condensed consolidated financial statements. •Recent accounting pronouncements. This section discusses new accounting pronouncements, dates of implementation, and their expected impact on our accompanying condensed consolidated financial statements. EXECUTIVE OVERVIEW Our Business Founded in 1965, Gold.com offers comprehensive solutions for all aspects of the precious metals (gold, silver, platinum, and palladium) and collectibles (including rare coins and currency) value chains. Our vertically integrated platform combines market expertise with state-of-the-art logistics, financing, and minting capabilities to serve customers, collectors, and institutional clients globally. We conduct our operations through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. Effective December 2, 2025, the Company changed its name to Gold.com, Inc. and transferred the listing of its common shares from Nasdaq to the New York Stock Exchange ("NYSE"). The shares of the Company are now being traded on the NYSE under the symbol "GOLD" as of December 2, 2025. Prior to December 2025, Gold.com, Inc. was operating as A-Mark Precious Metals, Inc. Factors Affecting Revenues, Gross Profit, Interest Income, and Interest Expense Set forth below are the key factors affecting the Company’s revenues, gross profit, interest income, and interest expense. These factors may be attributable to both the Company’s ongoing business activities as well as from Company acquisitions. Revenues. The Company enters into transactions to sell and deliver gold, silver, platinum, and palladium to industrial and commercial users, coin and bullion dealers, mints, and financial institutions. The metals are investment or industrial grade and are sold in a variety of shapes and sizes. The Company also sells and delivers gold, silver, platinum, palladium, and copper products directly to customers and the investor community through its Direct-to Consumer segment. Customers may place orders online at one of the Company's websites or over the phone. The Company sells precious metals on forward contracts at a fixed price based on current prevailing precious metal spot prices with a certain delivery date in the future (up to six months from inception date of the forward contract). The Company also uses other derivative products (primarily futures contracts) or combinations thereof to hedge commodity risks. We enter into these forward and futures contracts as part of our hedging strategy to mitigate our price risk of holding inventory; they are not entered into for speculative purposes. 41 Forward sales contracts by their nature are required to be included in revenues, unlike futures contracts which do not impact the Company’s revenue. The decision to use a forward contract versus another derivative type of product (e.g., a futures contract) for hedging purposes is based on the economics of the transaction. Since the volume of hedging can be significant, the movement in and out of forwards can substantially impact revenues, either positively or negatively, from period to period. For this reason, the Company believes ounces sold (excluding ounces sold on forward sales contracts) is a meaningful metric to assess our top line performance. In addition, the Company earns revenue by providing storage solutions for precious metals and numismatic coins for financial institutions, dealers, investors, and collectors worldwide and by providing storage and order-fulfillment services to our retail customers. The Company also earns fees for facilitating specialized auctions of numismatics, and from advertisements placed on our Direct-to-Consumer websites. These revenue streams represent less than 5% of the Company’s consolidated revenues. The Company operates in a high volume/low margin industry. Revenues are impacted by three primary factors: product volume, market prices, and market volatility. A material change in any one or more of these factors may result in a significant change in the Company’s revenues. A significant increase or decrease in revenues can occur simply based on changes in the underlying commodity prices and may not be reflective of an increase or decrease in the volume of products sold. Gross Profit. Gross profit is the difference between our revenues and the cost of our products sold. Since we quote prices based on the current commodity market prices for precious metals, we often enter into a combination of forward and futures contracts to effect a hedge position equal to the underlying precious metal commodity value, which substantially represents inventory subject to price risk. We enter into these derivative transactions solely for the purpose of hedging our inventory, and not for speculative purposes. Our gross profit includes the gains and losses resulting from these derivative instruments. However, the gains and losses on the derivative instruments are substantially offset by the gains and losses on the corresponding changes in the market value of our precious metals inventory. As a result, our results of operations generally are not materially impacted by changes in commodity prices. Interest Income. The Company enters into secured loans and secured financing structures with its customers under which it charges interest. CFC originates loans and acquires loan portfolios that are secured by precious metal bullion and numismatic material owned by the borrowers and held by the Company for the term of the loan. Also, the Company offers a number of secured financing options to its customers to finance their precious metals purchases including consignments and other structured inventory finance products whereby the Company earns a fee based on the underlying value of the precious metal ("repurchase arrangements with customers"). Interest Expense. The Company incurs interest expense associated with its lines of credit, notes payable, product financing agreements for the transfer and subsequent re-acquisition of gold, silver, and platinum at a fixed price with a third-party finance company ("product financing arrangements"), and short-term precious metal borrowing arrangements with our suppliers ("liabilities on borrowed metals" and "precious metals leases"). Performance Metrics In addition to financial statement indicators, management also utilizes key operational metrics to assess the performance of our business. Monex's performance metrics have been included in our consolidated financial results as of January 2, 2026. Gold and Silver Ounces Sold and Delivered to Customers. A key performance metric we utilize is the number of ounces of gold and silver sold and delivered to our customers (excluding ounces recorded on forward contracts). These metrics reflect our business volume without regard to changes in commodity pricing, which also impacts revenue, but can mask actual business trends. The primary purpose of entering into forward sales transactions is to hedge commodity price risk. Although the revenues realized from these forward sales transactions are often significant, they generally have negligible impact on gross margins. As a result, the Company excludes the ounces recorded on forward contracts from its performance metrics, as the Company does not enter into forward sales transactions for speculative purposes. Wholesale Sales Ticket Volume. Another measure of our business that is unaffected by changes in commodity pricing is ticket volume (or number of orders processed). Ticket volume for the Wholesale Sales & Ancillary Services segment measures the total number of wholesale orders processed during the period. In periods of higher volatility, there is generally increased trading in the commodity markets, causing increased demand for our products, resulting in higher business volume. During periods of heightened demand, order size per ticket may increase. Direct-to-Consumer Customers. We are focused on attracting new customers and retaining existing customers to drive revenue growth. We use the following three metrics as revenue growth indicators when assessing our customer base: •New Direct-to-Consumer Customers means the number of customers that have registered or set up a new account, made a purchase for the first time during the period, or acquired through investment activity. •Active Direct-to-Consumer Customers means the number of customers that have made a purchase during any month during the period. •Total Direct-to-Consumer Customers means the aggregate number of customers that have registered or set up an account or have made a purchase in the past. 42 Direct-to-Consumer Ticket Volume. Ticket volume for the Direct-to-Consumer segment measures the number of product orders processed during the period. In periods of higher volatility, there is generally increased consumer demand for our products, resulting in higher business volume. We use the following three metrics indicators when assessing our ticket volume: •Ticket Volume from New Direct-to-Consumer Customers means the number of product orders from new Direct-to-Consumer customers (refer to the definition of new customers above) processed during the period. •Ticket Volume from Pre-existing Direct-to-Consumer Customers means the number of product orders from pre-existing Direct-to-Consumer customers processed during the period. •Total Ticket Volume from Direct-to-Consumer Customers means the aggregate number of Direct-to-Consumer product orders processed during the period. Average Order Value. Average order value for the Direct-to-Consumer segment and JMB measures the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period. Inventory Turnover. Inventory turnover is another performance measure on which we are focused and is calculated as the cost of sales divided by the average inventory during the relevant period. Inventory turnover is a measure of how quickly inventory has moved during the period. A higher inventory turnover ratio, which we typically experience during periods of higher volatility when trading is more robust, typically reflects a more efficient use of our capital. The period of time that inventory is held by the Company varies depending upon the nature of our inventory commitments with customers and suppliers. See Note 6 to the Company's condensed consolidated financial statements for a description of our classifications of inventory by type. When management analyzes inventory turnover on a period over period basis, consideration is given to each inventory type and its corresponding impact on the inventory turnover calculation. For example: •The Company enters into various borrowing arrangements that commit the Company's inventory (such as product financing arrangements or liabilities on borrowed metals) for an unspecified period of time. While the Company is able to obtain access to this inventory on demand, this type of inventory tends not to turn over as quickly as other types of inventory. •The Company enters into repurchase arrangements with customers under which it holds precious metals which are subject to repurchase for an unspecified period of time. While the Company has legal title to this inventory, the Company is required to hold this inventory (or like-kind inventory) for the customer until the arrangement is terminated or the material is repurchased by the customer. As a result, this type of inventory tends not to turn over as quickly as other types of inventory. Additionally, our inventory turnover ratio can be affected by hedging activity, as the period over period change of the inventory turnover ratio may be significantly impacted by a period over period change in hedging volume. For example, if trading activity were to remain constant over two periods, but there were significantly higher forward sales in the current period compared to a prior period, the calculated inventory turnover ratio would increase notwithstanding the constancy of the trading volume. Number of Secured Loans. Finally, as a measure of the size of our Secured Lending segment, we utilize the number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of each quarter. The Company calculates a loan-to-value ("LTV") ratio for each loan as the principal amount of the loan divided by the liquidation value of the collateral, which is based on daily spot market prices of precious metal bullion. When the market price of the pledged collateral decreases and thereby increases the LTV ratio of a loan above a prescribed maximum ratio, usually 85%, the Company has the option to make a margin call on the loan. As a result, a decline of precious metal market prices may cause a decrease in the number of loans outstanding in a period. Non-GAAP Measures In addition to key operational metrics that are used to assess the performance of our business, management also uses non-GAAP financial performance and liquidity measures. We believe "adjusted net income before provision for income taxes” and "EBITDA" can provide useful information to evaluate our financial performance and liquidity position. Non-GAAP measures do not have standardized definitions and should not be a substitute for measures that are prepared in accordance with U.S. GAAP. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measure reported in our condensed consolidated statements of income and condensed consolidated statements of cash flows and a discussion of certain limitations inherent in such measures, refer to the “Non-GAAP Measures” section below. Fiscal Year Our fiscal year end is June 30 each year. 43 Macroeconomic Volatility Macroeconomic uncertainty and the volatility in the financial markets in recent years have positively affected the Company’s trading revenues and gross profit as the volatility of the price of precious metals and numismatics typically results in an increase in the spread between bid and ask prices on these products. Although conditions may fluctuate from period to period, when volatility is high, we historically experience increased demand for products in each of our coin and bar, industrial, and retail businesses. While macroeconomic uncertainty continues to impact our business, its effects have been less pronounced in the current and prior fiscal year. The Company cannot predict the periods during which increased volatility will occur or the level of increased volatility, the effect of volatility and macroeconomic uncertainty on the Company, or whether other effects on the Company and its businesses will materialize in the short or long term. 44 RESULTS OF OPERATIONS Overview of Results of Operations Consolidated Results of Operations for the Three Months Ended March 31, 2026 and 2025 The operating results of our business were as follows (in thousands, except per share and performance metrics data): Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 10,350,729 100.000 % $ 3,009,125 100.000 % $ 7,341,604 244.0 % Gross profit 176,580 1.706 % 41,017 1.363 % $ 135,563 330.5 % Selling, general, and administrative expenses (78,035 ) (0.754 %) (33,404 ) (1.110 %) $ 44,631 133.6 % Depreciation and amortization expense (9,416 ) (0.091 %) (4,996 ) (0.166 %) $ 4,420 88.5 % Interest income 6,817 0.066 % 6,722 0.223 % $ 95 1.4 % Interest expense (19,030 ) (0.184 %) (12,951 ) (0.430 %) $ 6,079 46.9 % Earnings (losses) from equity method investments 2,253 0.022 % (222 ) (0.007 %) $ 2,475 1,114.9 % Other income, net 4,623 0.045 % 1,171 0.039 % $ 3,452 294.8 % Remeasurement loss on pre-existing equity interests — — % (7,043 ) (0.234 %) $ (7,043 ) (100.0 %) Unrealized losses on foreign exchange (2,039 ) (0.020 %) (233 ) (0.008 %) $ 1,806 775.1 % Net income (loss) before provision for income taxes 81,753 0.790 % (9,939 ) (0.330 %) $ 91,692 922.5 % Income tax (expense) benefit (17,716 ) (0.171 %) 1,231 0.041 % $ (18,947 ) (1,539.2 %) Net income (loss) 64,037 0.619 % (8,708 ) (0.289 %) $ 72,745 835.4 % Net income (loss) attributable to noncontrolling interests 4,550 0.044 % (162 ) (0.005 %) $ 4,712 2,908.6 % Net income (loss) attributable to the Company $ 59,487 0.575 % $ (8,546 ) (0.284 %) $ 68,033 796.1 % Basic and diluted net income (loss) per share attributable to Gold.com, Inc.: Per Share Data: Basic $ 2.17 $ (0.36 ) $ 2.53 702.8 % Diluted $ 2.09 $ (0.36 ) $ 2.45 680.6 % Performance Metrics:(1) Gold ounces sold 527,000 432,000 95,000 22.0 % Silver ounces sold 29,220,000 15,702,000 13,518,000 86.1 % Inventory turnover ratio 4.7 2.4 2.3 95.8 % Number of secured loans at period end 337 491 (154 ) (31.4 %) (1)See "Results of Segments" for a description of additional metrics not listed above. 45 Consolidated Results of Operations for the Nine Months Ended March 31, 2026 and 2025 The operating results of our business were as follows (in thousands, except per share and performance metrics data): Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 20,508,395 100.000 % $ 8,466,566 100.000 % $ 12,041,829 142.2 % Gross profit 342,847 1.672 % 129,227 1.526 % $ 213,620 165.3 % Selling, general, and administrative expenses (197,641 ) (0.964 %) (85,775 ) (1.013 %) $ 111,866 130.4 % Depreciation and amortization expense (24,637 ) (0.120 %) (14,344 ) (0.169 %) $ 10,293 71.8 % Interest income 18,177 0.089 % 20,603 0.243 % $ (2,426 ) (11.8 %) Interest expense (47,883 ) (0.233 %) (33,301 ) (0.393 %) $ 14,582 43.8 % Earnings (losses) from equity method investments 2,354 0.011 % (2,054 ) (0.024 %) $ 4,408 214.6 % Other income, net 7,106 0.035 % 1,832 0.022 % $ 5,274 287.9 % Remeasurement loss on pre-existing equity interests — — % (7,043 ) (0.083 %) $ (7,043 ) (100.0 %) Unrealized losses on foreign exchange (3,104 ) (0.015 %) (895 ) (0.011 %) $ 2,209 246.8 % Net income before provision for income taxes 97,219 0.474 % 8,250 0.097 % $ 88,969 1,078.4 % Income tax expense (20,625 ) (0.101 %) (2,566 ) (0.030 %) $ 18,059 703.8 % Net income 76,594 0.373 % 5,684 0.067 % $ 70,910 1,247.5 % Net income (loss) attributable to noncontrolling interests 6,410 0.031 % (1,312 ) (0.015 %) $ 7,722 588.6 % Net income attributable to the Company $ 70,184 0.342 % $ 6,996 0.083 % $ 63,188 903.2 % Basic and diluted net income per share attributable to Gold.com, Inc.: Per Share Data: Basic $ 2.74 $ 0.30 $ 2.44 813.3 % Diluted $ 2.65 $ 0.29 $ 2.36 813.8 % Performance Metrics:(1) Gold ounces sold 1,511,000 1,296,000 215,000 16.6 % Silver ounces sold 58,246,000 57,979,000 267,000 0.5 % Inventory turnover ratio 10.0 6.9 3.1 44.9 % Number of secured loans at period end 337 491 (154 ) (31.4 %) (1)See "Results of Segments" for a description of additional metrics not listed above. 46 Revenues in thousands, except performance metrics Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 10,350,729 100.000 % $ 3,009,125 100.000 % $ 7,341,604 244.0 % Performance Metrics Gold ounces sold 527,000 432,000 95,000 22.0 % Silver ounces sold 29,220,000 15,702,000 13,518,000 86.1 % Revenues for the three months ended March 31, 2026 increased $7.342 billion, or 244.0%, to $10.351 billion from $3.009 billion in 2025. Excluding an increase of $4.371 billion of forward sales, our revenues increased $2.971 billion, or 186.5%, which was due to higher average selling prices of gold and silver as well as an increase in gold and silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025, AMS in April 2025, and Monex in January 2026. Gold ounces sold for the three months ended March 31, 2026 increased 95,000 ounces, or 22.0%, to 527,000 ounces from 432,000 ounces in 2025. Silver ounces sold for the three months ended March 31, 2026 increased 13,518,000 ounces, or 86.1%, to 29,220,000 ounces from 15,702,000 ounces in 2025. On average, selling prices for gold increased by 69.7% and selling prices for silver increased by 160.6% during the three months ended March 31, 2026 as compared to the prior year. in thousands, except performance metrics Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 20,508,395 100.000 % $ 8,466,566 100.000 % $ 12,041,829 142.2 % Performance Metrics Gold ounces sold 1,511,000 1,296,000 215,000 16.6 % Silver ounces sold 58,246,000 57,979,000 267,000 0.5 % Revenues for the nine months ended March 31, 2026 increased $12.042 billion, or 142.2%, to $20.508 billion from $8.467 billion in 2025. Excluding an increase of $7.427 billion of forward sales, our revenues increased $4.615 billion, or 95.0%, which was due to higher average selling prices of gold and silver as well as an increase in gold and silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025, AMS in April 2025, and Monex in January 2026. Gold ounces sold for the nine months ended March 31, 2026 increased 215,000 ounces, or 16.6%, to 1,511,000 ounces from 1,296,000 ounces in 2025. Silver ounces sold for the nine months ended March 31, 2026 increased 267,000 ounces, or 0.5%, to 58,246,000 ounces from 57,979,000 ounces in 2025. On average, selling prices for gold increased by 54.6% and selling prices for silver increased by 113.4% during the nine months ended March 31, 2026 as compared to the prior year. Gross Profit in thousands, except performance metric Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Gross profit $ 176,580 1.706 % $ 41,017 1.363 % $ 135,563 330.5 % Performance Metric Inventory turnover ratio 4.7 2.4 2.3 95.8 % Gross profit for the three months ended March 31, 2026 increased $135.6 million, or 330.5%, to $176.6 million from $41.0 million in 2025. The overall gross profit increase was due to an increase in gross profits earned by both the Wholesale Sales & Ancillary Services segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and Monex, which were not fully included in the same year-ago period. The Company’s overall gross margin percentage for the three months ended March 31, 2026 increased by 34.3 basis points to 1.706% from 1.363% in 2025. Excluding forward sales that had a negligible impact to the amount of gross profit, our gross margin percentage for the three months ended March 31, 2026 increased by 129.4 basis points to 3.869% from 2.575%, which was primarily due to an increase in our retail market activity and wider premium spreads, partially offset by lower trading profits. Our inventory turnover ratio for the three months ended March 31, 2026 increased by 95.8% to 4.7 from 2.4 in 2025. The increase in our inventory turnover ratio was primarily due to higher revenue, including higher forward sales, partially offset by higher average inventory balances. 47 in thousands, except performance metric Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Gross profit $ 342,847 1.672 % $ 129,227 1.526 % $ 213,620 165.3 % Performance Metric Inventory turnover ratio 10.0 6.9 3.1 44.9 % Gross profit for the nine months ended March 31, 2026 increased $213.6 million, or 165.3%, to $342.8 million from $129.2 million in 2025. The overall gross profit increase was due to an increase in gross profits earned by both the Wholesale Sales & Ancillary Services segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and Monex which were not fully included in the same year-ago period. The Company’s overall gross margin percentage for the nine months ended March 31, 2026 increased by 14.6 basis points to 1.672% from 1.526% in 2025. Excluding forward sales that had a negligible impact to the amount of gross profit, our gross margin percentage for the nine months ended March 31, 2026 increased by 96.0 basis points to 3.619% from 2.659%, which was primarily due to an increase in our retail market activity and wider premium spreads, partially offset by lower trading profits. Our inventory turnover ratio for the nine months ended March 31, 2026 increased by 44.9% to 10.0 from 6.9 in 2025. The increase in our inventory turnover ratio was primarily due to higher revenue, including higher forward sales, partially offset by higher average inventory balances. Selling, General and Administrative Expense in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Selling, general, and administrative expenses $ (78,035 ) (0.754 %) $ (33,404 ) (1.110 %) $ 44,631 133.6 % Selling, general and administrative expenses for the three months ended March 31, 2026 increased $44.6 million, or 133.6%, to $78.0 million from $33.4 million in 2025. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $27.1 million, (ii) higher advertising costs of $7.6 million, (iii) an increase in insurance costs of $4.5 million, (iv) an increase in bank service and credit card fees of $1.9 million, and (v) an increase in facilities expense of $1.2 million. Selling, general and administrative expenses for the three months ended March 31, 2026 included $33.0 million of expenses incurred by SGI, Pinehurst, AMS, and Monex, which were not included in the same year-ago period, as they were not consolidated subsidiaries for the full period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $11.6 million from the prior year period. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Selling, general, and administrative expenses $ (197,641 ) (0.964 %) $ (85,775 ) (1.013 %) $ 111,866 130.4 % Selling, general, and administrative expenses for the nine months ended March 31, 2026 increased $111.9 million, or 130.4%, to $197.6 million from $85.8 million in 2025. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $68.2 million, (ii) higher advertising costs of $17.6 million, (iii) an increase in consulting and professional fees of $6.5 million, (iv) an increase in insurance costs of $6.1 million, (v) an increase in bank service and credit card fees of $4.5 million, and (vi) an increase in facilities expense of $3.8 million. Selling, general and administrative expenses for the nine months ended March 31, 2026 included $93.1 million of expenses incurred by SGI, and Pinehurst, AMS, and Monex, which were not included in the same year-ago period as these were not consolidated subsidiaries for the full period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $18.8 million from the prior year period. Depreciation and Amortization Expense in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Depreciation and amortization expense $ (9,416 ) (0.091 %) $ (4,996 ) (0.166 %) $ 4,420 88.5 % 48 Depreciation and amortization expense for the three months ended March 31, 2026 increased $4.4 million, or 88.5%, to $9.4 million from $5.0 million in 2025 primarily due to (i) an increase in amortization expense of $4.6 million relating to an increase in intangible asset amortization from intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monex, and (ii) an increase in depreciation expense of $1.5 million due to an increase in capital expenditures, partially offset by (iii) a decrease of $1.6 million in JMB and SGB intangible asset amortization. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Depreciation and amortization expense $ (24,637 ) (0.120 %) $ (14,344 ) (0.169 %) $ 10,293 71.8 % Depreciation and amortization expense for the nine months ended March 31, 2026 increased $10.3 million, or 71.8%, to $24.6 million from $14.3 million in 2025 primarily due to (i) an increase in amortization expense of $10.9 million relating to an increase in intangible asset amortization from intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monex, and (ii) an increase in depreciation expense of $4.6 million due to an increase in capital expenditures, partially offset by (iii) a decrease of $5.2 million in JMB and SGB intangible asset amortization. Interest Income in thousands, except performance metric Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest income $ 6,817 0.066 % $ 6,722 0.223 % $ 95 1.4 % Performance Metric Number of secured loans at period-end 337 491 (154 ) (31.4 %) Interest income for the three months ended March 31, 2026 increased $0.1 million, or 1.4%, to $6.8 million from $6.7 million in 2025. The aggregate increase in interest income was due to an increase in interest income earned by our Secured Lending segment of $0.5 million, partially offset by a decrease in other finance product income of $0.5 million. The interest income from our Secured Lending segment increased by $0.5 million, or 20.9%, compared with the prior year period. The increase in interest income earned from the segment’s secured loan portfolio was primarily due to higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased by 31.4% to 337 as of March 31, 2026, from 491 as of March 31, 2025. in thousands, except performance metric Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest income $ 18,177 0.089 % $ 20,603 0.243 % $ (2,426 ) (11.8 %) Performance Metric Number of secured loans at period-end 337 491 (154 ) (31.4 %) Interest income for the nine months ended March 31, 2026 decreased $2.4 million, or 11.8%, to $18.2 million from $20.6 million in 2025. The aggregate decrease in interest income was due to a decrease in other finance product income of $2.6 million, partially offset by an increase in interest income earned by our Secured Lending segment of $0.2 million. The interest income from our Secured Lending segment increased by $0.2 million, or 2.4%, compared with the prior year period. The increase in interest income earned from the segment’s secured loan portfolio was primarily due to higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased by 31.4% to 337 as of March 31, 2026, from 491 as of March 31, 2025. Interest Expense in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest expense $ (19,030 ) (0.184 %) $ (12,951 ) (0.430 %) $ 6,079 46.9 % 49 Interest expense for the three months ended March 31, 2026 increased $6.1 million, or 46.9%, to $19.0 million from $13.0 million in 2025. The increase in interest expense was primarily due to: (i) higher interest and fees of $3.0 million related to product financing arrangements due to higher interest rates and higher overall borrowings, (ii) an increase of $2.6 million related to precious metals leases driven by higher overall borrowings, partially offset by a decrease in interest rates, and (iii) an increase of $0.3 million associated with our Trading Credit Facility due to increased borrowings, partially offset by a decrease in interest rates. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest expense $ (47,883 ) (0.233 %) $ (33,301 ) (0.393 %) $ 14,582 43.8 % Interest expense for the nine months ended March 31, 2026 increased $14.6 million, or 43.8%, to $47.9 million from $33.3 million in 2025. The increase in interest expense was primarily due to: (i) higher interest and fees of $7.2 million related to product financing arrangements due to higher interest rates and higher overall borrowings, (ii) an increase of $5.8 million related to precious metals leases driven by higher overall borrowings, partially offset by a decrease in interest rates, and (iii) an increase of $1.0 million associated with our Trading Credit Facility due to increased borrowings, partially offset by a decrease in interest rates. Earnings (Losses) from Equity Method Investments in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Earnings (losses) from equity method investments $ 2,253 0.022 % $ (222 ) (0.007 %) $ 2,475 1,114.9 % Earnings (losses) from equity method investments for the three months ended March 31, 2026 increased $2.5 million, or 1,114.9%, to earnings of $2.3 million from a loss of $0.2 million in 2025 due to increased earnings of our equity method investees. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Earnings (losses) from equity method investments $ 2,354 0.011 % $ (2,054 ) (0.024 %) $ 4,408 214.6 % Earnings (losses) from equity method investments for the nine months ended March 31, 2026 increased $4.4 million, or 214.6%, to earnings of $2.4 million from a loss of $2.1 million in 2025 due to increased earnings of our equity method investees. 50 Other Income, Net in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Other income, net $ 4,623 0.045 % $ 1,171 0.039 % $ 3,452 294.8 % Other income, net for the three months ended March 31, 2026 increased $3.5 million, or 294.8%, to $4.6 million from $1.2 million in 2025. The change in other income, net was primarily due to contingent consideration fair value adjustments related to our acquisition of Monex. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Other income, net $ 7,106 0.035 % $ 1,832 0.022 % $ 5,274 287.9 % Other income, net for the nine months ended March 31, 2026 increased $5.3 million, or 287.9%, to $7.1 million from $1.8 million in 2025. The change in other income, net was primarily due to contingent consideration fair value adjustments related to our acquisitions of LPM, Pinehurst, AMS, and Monex. Remeasurement Loss on Pre-Existing Equity Interest in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Remeasurement loss on pre-existing equity interests $ — — % $ (7,043 ) (0.234 %) $ (7,043 ) (100.0 %) in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Remeasurement loss on pre-existing equity interests $ — — % $ (7,043 ) (0.083 %) $ (7,043 ) (100.0 %) The Company incurred a remeasurement loss on our pre-existing equity interest in Pinehurst in February 2025 through the acquisition of the remaining equity interests it did not previously own. Income Tax Expense in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Income tax (expense) benefit $ (17,716 ) (0.171 %) $ 1,231 0.041 % $ (18,947 ) (1,539.2 %) Our income tax (expense) benefit was ($17.7) million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. Our effective tax rate was approximately 21.7% and 12.4% for the three months ended March 31, 2026 and 2025, respectively. Our effective tax rate varied from the federal statutory rate for the three months ended March 31, 2026 primarily due to the excess tax benefit from share-based compensation, partially offset by state taxes (net of federal tax benefit) and non-taxable and non-deductible expenditures. Our effective tax rate varied from the federal statutory rate for the three months ended March 31, 2025 primarily due to the excess tax benefit from share-based compensation, partially offset by adjustments related to our acquisition of the remaining outstanding equity interest in Pinehurst, state taxes (net of federal tax benefit), Section 162(m) executive compensation disallowance, and other normal course non-deductible expenditures. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Income tax expense $ (20,625 ) (0.101 %) $ (2,566 ) (0.030 %) $ 18,059 703.8 % 51 Our income tax expense was $20.6 million and $2.6 million for the nine months ended March 31, 2026 and 2025. Our effective tax rate was approximately 21.2% and 31.1% for the nine months ended March 31, 2026 and 2025, respectively. Our effective tax rate varied from the federal statutory rate for the nine months ended March 31, 2026 primarily due to the excess tax benefit from share-based compensation, partially offset by state taxes (net of federal tax benefit) and non-taxable and non-deductible expenditures. Our effective tax rate varied from the federal statutory rate for the nine months ended March 31, 2025 primarily due to the excess tax benefit from share-based compensation, partially offset by adjustments related to our acquisition of the remaining outstanding equity interest in Pinehurst, state taxes (net of federal tax benefit), Section 162(m) executive compensation disallowance, and other normal course non-deductible expenditures. 52 SEGMENT RESULTS OF OPERATIONS The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. Results of Operations — Wholesale Sales & Ancillary Services Segment The Company operates its Wholesale Sales & Ancillary Services segment directly under the "A-Mark" brand and through its consolidated subsidiaries, A-Mark Trading AG (“AMTAG”), Transcontinental Depository Services ("TDS"), A-M Global Logistics, LLC (“AMGL” or "Logistics"), AM&ST Associates, LLC ("AMST" or the "Silver Towne Mint"), AM/LPM Ventures, LLC, which owns a majority interest in LPM Group Limited ("LPM"), Spectrum Group International, LLC, which was formed in February 2025 to acquire all of the stock of Spectrum Group International, Inc. ("SGI"), Pinehurst Coin Exchange, Inc. ("Pinehurst"), which was acquired in February 2025, and AM Precious Metals Singapore PTE, Ltd. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments. Overview of Results of Operations for the Three Months Ended March 31, 2026 and 2025 — Wholesale Sales & Ancillary Services Segment The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance metrics data): in thousands, except performance metrics Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 7,792,015 (a) 100.000 % $ 2,435,036 (a) 100.000 % $ 5,356,979 220.0 % Gross profit 58,795 0.755 % 15,852 0.651 % $ 42,943 270.9 % Selling, general, and administrative expenses (29,658 ) (0.381 %) (17,425 ) (0.716 %) $ 12,233 70.2 % Depreciation and amortization expense (1,640 ) (0.021 %) (1,084 ) (0.045 %) $ 556 51.3 % Interest income 3,219 0.041 % 4,081 0.168 % $ (862 ) (21.1 %) Interest expense (13,414 ) (0.172 %) (11,041 ) (0.453 %) $ 2,373 21.5 % Earnings (losses) from equity method investments 2,197 0.028 % (264 ) (0.011 %) $ 2,461 932.2 % Other income, net 49 0.001 % 1,137 0.047 % $ (1,088 ) (95.7 %) Remeasurement loss on pre-existing equity interests — — % (7,043 ) (0.289 %) $ 7,043 100.0 % Unrealized losses on foreign exchange (291 ) (0.004 %) (269 ) (0.011 %) $ 22 8.2 % Net income (loss) before provision for income taxes $ 19,257 0.247 % $ (16,056 ) (0.659 %) $ 35,313 219.9 % Performance Metrics: Gold ounces sold 253,000 298,000 (45,000 ) (15.1 %) Silver ounces sold 15,885,000 11,931,000 3,954,000 33.1 % Wholesale Sales ticket volume 44,564 35,653 8,911 25.0 % (a)Revenues are presented net of inter-segment transactions; see Note 19 for further information. 53 Overview of Results of Operations for the Nine Months Ended March 31, 2026 and 2025 — Wholesale Sales & Ancillary Services Segment The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance metrics data): Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 15,496,852 (a) 100.000 % $ 6,835,365 (a) 100.000 % $ 8,661,487 126.7 % Gross profit 101,857 0.657 % 55,576 0.813 % $ 46,281 83.3 % Selling, general, and administrative expenses (72,996 ) (0.471 %) (41,567 ) (0.608 %) $ 31,429 75.6 % Depreciation and amortization expense (4,888 ) (0.032 %) (2,692 ) (0.039 %) $ 2,196 81.6 % Interest income 9,224 0.060 % 12,220 0.179 % $ (2,996 ) (24.5 %) Interest expense (38,397 ) (0.248 %) (26,596 ) (0.389 %) $ 11,801 44.4 % Earnings (losses) from equity method investments 2,221 0.014 % (2,172 ) (0.032 %) $ 4,393 202.3 % Other income, net 68 0.000 % 1,072 0.016 % $ (1,004 ) (93.7 %) Remeasurement loss on pre-existing equity interests — — % (7,043 ) (0.103 %) $ (7,043 ) (100.0 %) Unrealized gains (losses) on foreign exchange 66 0.000 % (110 ) (0.002 %) $ 176 160.0 % Net loss before provision for income taxes $ (2,845 ) (0.018 %) $ (11,312 ) (0.165 %) $ (8,467 ) (74.8 %) Performance Metrics: Gold ounces sold 787,000 916,000 (129,000 ) (14.1 %) Silver ounces sold 34,712,000 45,301,000 (10,589,000 ) (23.4 %) Wholesale Sales ticket volume 116,994 95,294 21,700 22.8 % (a)Revenues are presented net of inter-segment transactions; see Note 19 for further information. Revenues — Wholesale Sales & Ancillary Services in thousands, except performance metrics Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 7,792,015 (a) 100.000 % $ 2,435,036 (a) 100.000 % $ 5,356,979 220.0 % Performance Metrics Gold ounces sold 253,000 298,000 (45,000 ) (15.1 %) Silver ounces sold 15,885,000 11,931,000 3,954,000 33.1 % Wholesale Sales ticket volume 44,564 35,653 8,911 25.0 % (a)Revenues are presented net of inter-segment transactions; see Note 19 for further information. Revenues for the three months ended March 31, 2026 increased $5.357 billion, or 220.0%, to $7.792 billion from $2.435 billion in 2025. Excluding an increase in forward sales of $4.371 billion, our revenues increased $986.1 million, which was due to higher average selling prices of gold and silver and an increase in gold and silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025. Gold ounces sold for the three months ended March 31, 2026 decreased 45,000 ounces, or 15.1%, to 253,000 ounces from 298,000 ounces in 2025. Silver ounces sold for the three months ended March 31, 2026 increased 3,954,000 ounces, or 33.1%, to 15,885,000 ounces from 11,931,000 ounces in 2025. On average, selling prices for gold increased by 68.6% and selling prices for silver increased 156.8% during the three months ended March 31, 2026 as compared to the prior year. The Wholesale Sales ticket volume for the three months ended March 31, 2026 increased by 8,911 tickets, or 25.0% to 44,564 tickets from 35,653 tickets in 2025. 54 in thousands, except performance metrics Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 15,496,852 (a) 100.000 % $ 6,835,365 (a) 100.000 % $ 8,661,487 126.7 % Performance Metrics Gold ounces sold 787,000 916,000 (129,000 ) (14.1 %) Silver ounces sold 34,712,000 45,301,000 (10,589,000 ) (23.4 %) Wholesale Sales ticket volume 116,994 95,294 21,700 22.8 % (a)Revenues are presented net of inter-segment transactions; see Note 19 for further information. Revenues for the nine months ended March 31, 2026 increased $8.661 billion, or 126.7%, to $15.497 billion from $6.835 billion in 2025. Excluding an increase in forward sales of $7.427 billion, our revenues increased $1.235 billion, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025. Gold ounces sold for the nine months ended March 31, 2026 decreased 129,000 ounces, or 14.1%, to 787,000 ounces from 916,000 ounces in 2025. Silver ounces sold for the nine months ended March 31, 2026 decreased 10,589,000 ounces, or 23.4%, to 34,712,000 ounces from 45,301,000 ounces in 2025. On average, selling prices for gold increased by 53.8% and selling prices for silver increased by 103.9% during the nine months ended March 31, 2026 as compared to the prior year. The Wholesale Sales ticket volume for the nine months ended March 31, 2026 increased by 21,700 tickets, or 22.8% to 116,994 tickets from 95,294 tickets in 2025. Gross Profit — Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Gross profit $ 58,795 0.755 % $ 15,852 0.651 % $ 42,943 270.9 % Gross profit for the three months ended March 31, 2026 increased $42.9 million, or 270.9%, to $58.8 million from $15.9 million in 2025. The overall gross profit increase was primarily due to wider premium spreads, partially offset by lower trading profits. Gross profit also increased due to the acquisitions of SGI and Pinehurst in February 2025. This segment’s profit margin percentage increased by 10.4 basis points to 0.755% from 0.651% in 2025. The increase in gross margin percentage was mainly attributable to wider premium spreads, partially offset by increased forward sales and lower trading profits. Excluding forward sales that had a negligible impact to the amount of gross profit, this segment's gross margin percentage for the three months ended March 31, 2026 increased by 137.7 basis points to 2.933% from 1.556%. Forward sales increase revenues but are associated with negligible gross profit. The Company enters into forward contracts to hedge its precious metals price risk exposure and not for speculative purposes. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Gross profit $ 101,857 0.657 % $ 55,576 0.813 % $ 46,281 83.3 % Gross profit for the nine months ended March 31, 2026 increased $46.3 million, or 83.3%, to $101.9 million from $55.6 million in 2025. The gross profit increase was primarily due to wider premium spreads, partially offset by lower trading profits. Gross profit also increased due to the acquisitions of SGI and Pinehurst in February 2025. This segment’s profit margin percentage decreased by 15.6 basis points to 0.657% from 0.813% in 2025. The decrease in gross margin percentage was mainly attributable to the impact of increased forward sales and lower trading profits, partially offset by wider premium spreads. Excluding forward sales that had a negligible impact to the amount of gross profit, this segment's gross margin percentage for the nine months ended March 31, 2026 increased by 56.0 basis points to 2.282% from 1.722% in the prior year. Forward sales increase revenues but are associated with negligible gross profit. The Company enters into forward contracts to hedge its precious metals price risk exposure and not for speculative purposes. 55 Selling, General and Administrative Expenses — Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Selling, general, and administrative expenses $ (29,658 ) (0.381 %) $ (17,425 ) (0.716 %) $ 12,233 70.2 % Selling, general and administrative expenses for the three months ended March 31, 2026 increased $12.2 million, or 70.2%, to $29.7 million from $17.4 million in 2025. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $9.4 million, (ii) an increase in insurance costs of $3.5 million, (iii) higher advertising costs of $0.9 million, and (iv) an increase in facilities expense of $0.5 million, partially offset by (v) a decrease in consulting and professional fees of $2.6 million. Selling, general and administrative expenses for the three months ended March 31, 2026 included $5.0 million of expenses incurred by SGI and Pinehurst which were not included in the same year-ago period, as they were not consolidated subsidiaries for the full period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $7.3 million from the prior year period. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Selling, general, and administrative expenses $ (72,996 ) (0.471 %) $ (41,567 ) (0.608 %) $ 31,429 75.6 % Selling, general, and administrative expenses for the nine months ended March 31, 2026 increased $31.4 million, or 75.6%, to $73.0 million from $41.6 million in 2025. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $20.7 million, (ii) an increase in insurance costs of $4.2 million, (iii) higher advertising costs of $3.3 million, (iv) an increase in facilities expense of $1.8 million, and (v) an increase bank service and credit card fees of $0.3 million. Selling, general and administrative expenses for the nine months ended March 31, 2026 included $17.9 million of expenses incurred by SGI and Pinehurst which were not included in the same year-ago period, as they were not consolidated subsidiaries for the full period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $13.6 million from the prior year period. Depreciation and Amortization Expense — Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Depreciation and amortization expense $ (1,640 ) (0.021 %) $ (1,084 ) (0.045 %) $ 556 51.3 % Depreciation and amortization expense for the three months ended March 31, 2026 increased $0.6 million, or 51.3%, to $1.6 million from $1.1 million in 2025 primarily due to an increase in depreciation expense due to an increase in capital expenditures. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Depreciation and amortization expense $ (4,888 ) (0.032 %) $ (2,692 ) (0.039 %) $ 2,196 81.6 % Depreciation and amortization expense for the nine months ended March 31, 2026 increased $2.2 million, or 81.6%, to $4.9 million from $2.7 million in 2025 primarily due to an increase in depreciation expense due to an increase in capital expenditures. Interest Income — Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest income $ 3,219 0.041 % $ 4,081 0.168 % $ (862 ) (21.1 %) Interest income for the three months ended March 31, 2026 decreased $0.9 million, or 21.1%, to $3.2 million from $4.1 million in 2025. The overall decrease is primarily due to (i) a decrease in interest earned from repurchase arrangements with customers of $1.2 million, and (ii) a decrease in interest income earned from spot deferred trade orders of $0.3 million, partially offset by (iii) a $0.4 million increase in interest income earned from margin orders. 56 in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest income $ 9,224 0.060 % $ 12,220 0.179 % $ (2,996 ) (24.5 %) Interest income for the nine months ended March 31, 2026 decreased $3.0 million, or 24.5%, to $9.2 million from $12.2 million in 2025. The overall decrease was primarily due to: (i) a decrease in interest earned from repurchase arrangements with customers of $3.0 million, and (ii) a decrease in interest income earned from spot deferred trade orders of $2.3 million, partially offset by (iii) a $1.9 million increase in interest income earned from margin orders. Interest Expense — Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest expense $ (13,414 ) (0.172 %) $ (11,041 ) (0.453 %) $ 2,373 21.5 % Interest expense for the three months ended March 31, 2026 increased $2.4 million, or 21.5%, to $13.4 million from $11.0 million in 2025. The overall increase was primarily due to: (i) an increase of $2.5 million from precious metals leases driven by higher overall borrowings, partially offset by a decrease in interest rates and (ii) higher interest and fees from product financing arrangements of $0.3 million due to higher interest rates and higher overall borrowings. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest expense $ (38,397 ) (0.248 %) $ (26,596 ) (0.389 %) $ 11,801 44.4 % Interest expense for the nine months ended March 31, 2026 increased $11.8 million, or 44.4%, to $38.4 million from $26.6 million in 2025. The overall increase was primarily due to: (i) an increase of $5.8 million from precious metals leases driven by higher overall borrowings, partially offset by a decrease in interest rates, (ii) higher interest and fees from product financing arrangements of $4.9 million due to higher interest rates and higher overall borrowings, and (iii) an increase of $1.4 million in connection with our Trading Credit Facility due to an increase in borrowings, partially offset by a decrease in interest rates. Earnings (Losses) from Equity Method Investments— Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Earnings (losses) from equity method investments $ 2,197 0.028 % $ (264 ) (0.011 %) $ 2,461 932.2 % Earnings (losses) from equity method investments for the three months ended March 31, 2026 increased $2.5 million, or 932.2%, to earnings of $2.2 million from a loss of $0.3 million in 2025 due to increased earnings of our equity method investees. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Earnings (losses) from equity method investments $ 2,221 0.014 % $ (2,172 ) (0.032 %) $ 4,393 202.3 % Earnings (losses) from equity method investments for the nine months ended March 31, 2026 increased $4.4 million, or 202.3%, to a earnings of $2.2 million from a loss of $2.2 million in 2025 due to increased earnings of our equity method investees. Remeasurement Loss on Pre-Existing Equity Interest - Wholesale Sales & Ancillary Services in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Remeasurement loss on pre-existing equity interests $ — — % $ (7,043 ) (0.289 %) $ (7,043 ) (100.0 %) 57 in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Remeasurement loss on pre-existing equity interests $ — — % $ (7,043 ) (0.103 %) $ (7,043 ) (100.0 %) The Company incurred a remeasurement loss on our pre-existing equity interest in Pinehurst in February 2025 through the acquisition of the remaining equity interests it did not previously own. 58 Results of Operations — Direct-to-Consumer Segment The Company operates its Direct-to-Consumer segment through its wholly-owned subsidiaries JM Bullion, Inc. (“JMB”), Goldline, Inc. (“Goldline”), Spectrum Group International, LLC ("SGI"), Pinehurst Coin Exchange, Inc. ("Pinehurst"), AMS Holding, LLC ("AMS"), AM LPM Singapore PTE Ltd., Monex Deposit Company ("Monex"), through its investment in Silver Gold Bull, Inc. ("SGB"), and through its subsidiary Precious Metals Purchasing Partners, LLC ("PMPP"). Overview of Results of Operations for the Three Months Ended March 31, 2026 and 2025 — Direct-to-Consumer Segment The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics data): Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 2,558,714 (a) 100.000 % $ 574,089 (a) 100.000 % $ 1,984,625 345.7 % Gross profit 117,785 4.603 % 25,165 4.383 % $ 92,620 368.1 % Selling, general, and administrative expenses (48,045 ) (1.878 %) (15,717 ) (2.738 %) $ 32,328 205.7 % Depreciation and amortization expense (7,776 ) (0.304 %) (3,912 ) (0.681 %) $ 3,864 98.8 % Interest income 437 0.017 % 27 0.005 % $ 410 1,518.5 % Interest expense (4,056 ) (0.159 %) (532 ) (0.093 %) $ 3,524 662.4 % Other income, net 4,572 0.179 % — — % $ 4,572 — % Unrealized (losses) gains on foreign exchange (1,748 ) (0.068 %) 36 0.006 % $ (1,784 ) (4,955.6 %) Net income before provision for income taxes $ 61,169 2.391 % $ 5,067 0.883 % $ 56,102 1,107.2 % Performance Metrics: Gold ounces sold 274,000 134,000 140,000 104.5 % Silver ounces sold 13,335,000 3,771,000 9,564,000 253.6 % Number of new customers 292,900 899,600 (606,700 ) (67.4 %) Number of active customers 246,000 140,700 105,300 74.8 % Number of total customers 4,654,400 4,087,100 567,300 13.9 % DTC ticket volume from new customers 138,951 45,280 93,671 206.9 % DTC ticket volume from pre-existing customers 317,890 142,491 175,399 123.1 % DTC total ticket volume 456,841 187,771 269,070 143.3 % DTC average order value $ 5,618 $ 3,084 $ 2,534 82.2 % JMB average order value $ 3,056 $ 1,994 $ 1,062 53.3 % (a)Includes inter-segment sales; see Note 19 for further information. 59 Overview of Results of Operations for the Nine Months Ended March 31, 2026 and 2025 — Direct-to-Consumer Segment The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics data): Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 5,011,543 (a) 100.000 % $ 1,631,201 (a) 100.000 % $ 3,380,342 207.2 % Gross profit 240,990 4.809 % 73,651 4.515 % $ 167,339 227.2 % Selling, general, and administrative expenses (123,681 ) (2.468 %) (43,366 ) (2.659 %) $ 80,315 185.2 % Depreciation and amortization expense (19,749 ) (0.394 %) (11,648 ) (0.714 %) $ 8,101 69.5 % Interest income 493 0.010 % 123 0.008 % $ 370 300.8 % Interest expense (5,073 ) (0.101 %) (1,713 ) (0.105 %) $ 3,360 196.1 % Other income, net 7,036 0.140 % — — % $ 7,036 — % Unrealized losses on foreign exchange (3,170 ) (0.063 %) (785 ) (0.048 %) $ 2,385 303.8 % Net income before provision for income taxes $ 96,846 1.932 % $ 16,262 0.997 % $ 80,584 495.5 % Performance Metrics: Gold ounces sold 724,000 380,000 344,000 90.5 % Silver ounces sold 23,534,000 12,678,000 10,856,000 85.6 % Number of new customers 458,400 1,020,300 (561,900 ) (55.1 %) Number of active customers 622,400 410,700 211,700 51.5 % Number of total customers 4,654,400 4,087,100 567,300 13.9 % DTC ticket volume from new customers 276,208 128,317 147,891 115.3 % DTC ticket volume from pre-existing customers 736,870 407,236 329,634 80.9 % DTC total ticket volume 1,013,078 535,553 477,525 89.2 % DTC average order value $ 4,970 $ 3,080 $ 1,890 61.4 % JMB average order value $ 2,811 $ 2,077 $ 734 35.3 % (a)Includes inter-segment sales; see Note 19 for further information. Revenues — Direct-to-Consumer in thousands, except performance metrics Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 2,558,714 100.000 % $ 574,089 100.000 % $ 1,984,625 345.7 % Performance Metrics: Gold ounces sold 274,000 134,000 140,000 104.5 % Silver ounces sold 13,335,000 3,771,000 9,564,000 253.6 % Number of new customers 292,900 899,600 (606,700 ) (67.4 %) Number of active customers 246,000 140,700 105,300 74.8 % Number of total customers 4,654,400 4,087,100 567,300 13.9 % DTC ticket volume from new customers 138,951 45,280 93,671 206.9 % DTC ticket volume from pre-existing customers 317,890 142,491 175,399 123.1 % DTC total ticket volume 456,841 187,771 269,070 143.3 % DTC average order value $ 5,618 $ 3,084 $ 2,534 82.2 % JMB average order value $ 3,056 $ 1,994 $ 1,062 53.3 % Revenues for the three months ended March 31, 2026 increased $1.985 billion, or 345.7%, to $2.559 billion from $574.1 million in 2025. The increase in revenue was due to an increase in gold and silver ounces sold and higher average selling prices of gold and silver. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025, AMS in April 2025, and Monex in January 2026. Gold ounces sold for the three months ended March 31, 2026 increased 140,000 ounces, or 104.5%, to 274,000 ounces from 134,000 ounces in 2025. Silver ounces sold for the three months ended March 31, 2026 increased 9,564,000 ounces, or 253.6%, to 13,335,000 ounces from 3,771,000 ounces in 2025. On average, selling prices for gold increased by 66.4% and selling prices for silver increased by 153.2% during the three months ended March 31, 2026 as compared to the prior year. 60 The number of new customers for the three months ended March 31, 2026 decreased 606,700, or 67.4% to 292,900 from 899,600 in 2025. The number of active customers for the three months ended March 31, 2026 increased 105,300, or 74.8% to 246,000 from 140,700 in 2025. The number of total customers as of March 31, 2026 increased 567,300, or 13.9% to 4,654,400 from 4,087,100 as of March 31, 2025. These changes in customer-based metrics were primarily due to the acquisitions of Pinehurst and SGI in February 2025, AMS in April 2025, and Monex in January 2026, as well as JMB's activity. As of March 31, 2026, the number of total CyberMetals customers was 41,300, and CyberMetals customer assets under management were $20.1 million. For the three months ended March 31, 2026, the Direct-to-Consumer ticket volume related to new customers increased by 93,671 tickets, or 206.9%, to 138,951 tickets from 45,280 tickets in 2025. For the three months ended March 31, 2026, Direct-to-Consumer ticket volume related to pre-existing customers increased by 175,399 tickets, or 123.1%, to 317,890 tickets from 142,491 tickets in 2025. For the three months ended March 31, 2026, the Direct-to-Consumer total ticket volume increased by 269,070 tickets, or 143.3%, to 456,841 tickets from 187,771 tickets in 2025. These changes in ticket volumes were primarily due to the acquisitions of Pinehurst in February 2025 and AMS in April 2025, as well as JMB's activity. For the three months ended March 31, 2026, the Direct-to-Consumer average order value increased by $2,534, or 82.2%, to $5,618 from $3,084 in 2025. in thousands, except performance metrics Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Revenues $ 5,011,543 100.000 % $ 1,631,201 100.000 % $ 3,380,342 207.2 % Performance Metrics: Gold ounces sold 724,000 380,000 344,000 90.5 % Silver ounces sold 23,534,000 12,678,000 10,856,000 85.6 % Number of new customers 458,400 1,020,300 (561,900 ) (55.1 %) Number of active customers 622,400 410,700 211,700 51.5 % Number of total customers 4,654,400 4,087,100 567,300 13.9 % DTC ticket volume from new customers 276,208 128,317 147,891 115.3 % DTC ticket volume from pre-existing customers 736,870 407,236 329,634 80.9 % DTC total ticket volume 1,013,078 535,553 477,525 89.2 % DTC average order value $ 4,970 $ 3,080 $ 1,890 61.4 % JMB average order value $ 2,811 $ 2,077 $ 734 35.3 % Revenues for the nine months ended March 31, 2026 increased $3.380 billion, or 207.2%, to $5.012 billion from $1.631 billion in 2025. The increase in revenue was due to an increase in gold and silver ounces sold and higher average selling prices of gold and silver. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025, AMS in April 2025, and Monex in January 2026. Gold ounces sold for the nine months ended March 31, 2026 increased 344,000 ounces, or 90.5%, to 724,000 ounces from 380,000 ounces in 2025. Silver ounces sold for the nine months ended March 31, 2026 increased 10,856,000 ounces, or 85.6%, to 23,534,000 ounces from 12,678,000 ounces in 2025. On average, selling prices for gold increased by 49.8% and selling prices for silver increased by 116.1% during the nine months ended March 31, 2026 as compared to the prior year. The number of new customers for the nine months ended March 31, 2026 decreased 561,900, or 55.1%, to 458,400 from 1,020,300 in 2025. The number of active customers for the nine months ended March 31, 2026 increased 211,700, or 51.5% to 622,400 from 410,700 in 2025. The number of total customers as of March 31, 2026 increased 567,300, or 13.9% to 4,654,400 from 4,087,100 as of March 31, 2025. These changes in customer-based metrics were primarily due to the acquisitions of Pinehurst and SGI in February 2025, AMS in April 2025, and Monex in January 2026, as well as JMB's activity. As of March 31, 2026, the number of total CyberMetals customers was 41,300, and CyberMetals customer assets under management were $20.1 million. For the nine months ended March 31, 2026, the Direct-to-Consumer ticket volume related to new customers increased by 147,891 tickets, or 115.3%, to 276,208 tickets from 128,317 tickets in 2025. For the nine months ended March 31, 2026, Direct-to-Consumer ticket volume related to pre-existing customers increased by 329,634 tickets, or 80.9%, to 736,870 tickets from 407,236 tickets in 2025. For the nine months ended March 31, 2026, the Direct-to-Consumer total ticket volume increased by 477,525 tickets, or 89.2%, to 1,013,078 tickets from 535,553 tickets in 2025. These changes in ticket volumes were primarily due to the acquisitions of Pinehurst in February 2025 and AMS in April 2025, as well as JMB's activity. 61 For the nine months ended March 31, 2026, the Direct-to-Consumer average order value increased by $1,890, or 61.4%, to $4,970 from $3,080 in 2025. Gross Profit — Direct-to-Consumer in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Gross profit $ 117,785 4.603 % $ 25,165 4.383 % $ 92,620 368.1 % Gross profit for the three months ended March 31, 2026 increased by $92.6 million, or 368.1%, to $117.8 million from $25.2 million in 2025. The increase in gross profit was primarily driven by JMB, AMS, SGB, and Monex. SGI, Pinehurst, AMS, and Monex, were not fully included in the same year-ago period as these were not consolidated subsidiaries for the full period. For the three months ended March 31, 2026, the Direct-to-Consumer segment's profit margin percentage increased by 22.0 basis points to 4.603% from 4.383% in 2025. The increase in the gross profit margin percentage was primarily due to higher gross profit margins from AMS, JMB, Goldline, Monex and SGI, partially offset by lower gross profit margins from SGB. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Gross profit $ 240,990 4.809 % $ 73,651 4.515 % $ 167,339 227.2 % Gross profit for the nine months ended March 31, 2026 increased by $167.3 million, or 227.2%, to $241.0 million from $73.7 million in 2025. The increase in gross profit was primarily driven by JMB, AMS, SGB, SGI, and Monex. SGI, Pinehurst, AMS, and Monex, were not fully included in the same year-ago period as these were not consolidated subsidiaries for the full period. For the nine months ended March 31, 2026, the Direct-to-Consumer segment's profit margin percentage increased by 29.4 basis points to 4.809% from 4.515% in 2025. The increase in the gross profit margin percentage was primarily due to higher gross profit margin percentages of SGI, AMS, Monex, and Pinehurst, partially offset by lower gross profit margins from SGB. Selling, General and Administrative Expense — Direct-to-Consumer in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Selling, general, and administrative expenses $ (48,045 ) (1.878 %) $ (15,717 ) (2.738 %) $ 32,328 205.7 % Selling, general and administrative expenses for the three months ended March 31, 2026 increased $32.3 million, or 205.7%, to $48.0 million from $15.7 million in 2025. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $17.8 million, (ii) an increase in advertising costs of $6.8 million, (iii) higher consulting and professional fees of $2.5 million, (iv) an increase in bank service and credit card fees of $1.8 million, (v) an increase in insurance costs of $1.0 million, and (vi) an increase in facilities expenses of $0.7 million. Selling, general and administrative expenses for the three months ended March 31, 2026 included $28.0 million of expenses incurred by SGI, Pinehurst, AMS, and Monex, which were not fully included in the same year-ago period, as they were not consolidated subsidiaries for the full period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $4.3 million from the prior year period. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Selling, general, and administrative expenses $ (123,681 ) (2.468 %) $ (43,366 ) (2.659 %) $ 80,315 185.2 % Selling, general, and administrative expenses for the nine months ended March 31, 2026 increased $80.3 million, or 185.2%, to $123.7 million from $43.4 million in 2025. The change was primarily due to: (i) an increase in compensation expense of $47.7 million, (ii) an increase in advertising costs of $14.3 million, (iii) higher consulting and professional fees of $6.8 million, (iv) an increase in bank service and credit card fees of $4.2 million, (v) an increase in facilities expenses of $2.0 million, (vi) an increase in insurance costs of $1.9 million, and (vii) an increase in information technology costs of $0.4 million. Selling, general and administrative expenses for the nine months ended March 31, 2026 included $75.1 million of expenses incurred by SGI, Pinehurst, AMS, and Monex, which were not fully included in the same year-ago period, as they were not consolidated subsidiaries for the full period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $5.2 million from the prior year period. 62 Depreciation and Amortization Expense — Direct-to-Consumer in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Depreciation and amortization expense $ (7,776 ) (0.304 %) $ (3,912 ) (0.681 %) $ 3,864 98.8 % Depreciation and amortization expense for the three months ended March 31, 2026, increased $3.9 million, or 98.8%, to $7.8 million from $3.9 million in 2025 primarily due to an increase in amortization expense of $4.6 million relating to intangible assets acquired through our acquisitions of SGI, AMS, and Monex, and an increase in depreciation expense of $0.8 million due to an increase in capital expenditures, partially offset by a $1.6 million decrease in intangible asset amortization expense related to JMB and SGB. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Depreciation and amortization expense $ (19,749 ) (0.394 %) $ (11,648 ) (0.714 %) $ 8,101 69.5 % Depreciation and amortization expense for the nine months ended March 31, 2026, increased $8.1 million, or 69.5%, to $19.7 million from $11.6 million in 2025 primarily due to an increase in amortization expense of $10.5 million relating to intangible assets acquired through our acquisitions of SGI, AMS, and Monex, and an increase in depreciation expense of $2.7 million due to an increase in capital expenditures, partially offset by a $5.2 million decrease in intangible asset amortization expense related to JMB and SGB. Interest expense — Direct-to-Consumer in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest expense $ (4,056 ) (0.159 %) $ (532 ) (0.093 %) $ 3,524 662.4 % Interest expense for the three months ended March 31, 2026 increased $3.5 million to $4.1 million from $0.5 million in 2025. The increase was primarily related to higher interest and fees related to product financing arrangements due to higher interest rates and higher overall borrowings. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Interest expense $ (5,073 ) (0.101 %) $ (1,713 ) (0.105 %) $ 3,360 196.1 % Interest expense for the nine months ended March 31, 2026 increased $3.4 million to $5.1 million from $1.7 million in 2025. The increase was primarily related to higher interest and fees related to product financing arrangements due to higher interest rates and higher overall borrowings. Other Income, Net— Direct-to-Consumer in thousands Three Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Other income, net $ 4,572 0.179 % $ — — % $ 4,572 — % Other income, net for the three months ended March 31, 2026 increased $4.6 million to $4.6 million from $0.0 million in 2025. The increase was primarily due to contingent consideration fair value adjustments related to our acquisition of Monex. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of revenue $ % of revenue $ % Other income, net $ 7,036 0.140 % $ — — % $ 7,036 — % Other income, net for the nine months ended March 31, 2026 increased $7.0 million to $7.0 million from $0.0 million in 2025. The increase was primarily due to contingent consideration fair value adjustments related to our acquisitions of Monex and AMS. 63 Results of Operations — Secured Lending Segment The Company operates its Secured Lending segment through its wholly-owned subsidiaries, Collateral Finance Corporation, LLC ("CFC") and CFC Alternative Investments (“CAI”). AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of CFC, was formed for the issuance of certain notes, which were repaid in December 2023. AMCF was dissolved in June 2024. Overview of Results of Operations for the Three Months Ended March 31, 2026 and 2025 — Secured Lending Segment The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data): Three Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Interest income $ 3,161 100.000 % $ 2,614 100.000 % $ 547 20.9 % Interest expense (1,560 ) (49.351 %) (1,378 ) (52.716 %) $ 182 13.2 % Selling, general, and administrative expenses (332 ) (10.503 %) (262 ) (10.023 %) $ 70 26.7 % Earnings from equity method investments 56 1.772 % 42 1.607 % $ 14 33.3 % Other income, net 2 0.063 % 34 1.301 % $ (32 ) (94.1 %) Net income before provision for income taxes $ 1,327 41.980 % $ 1,050 40.168 % $ 277 26.4 % Performance Metric: Number of secured loans at period end 337 491 (154 ) (31.4 %) Overview of Results of Operations for the Nine Months Ended March 31, 2026 and 2025 — Secured Lending Segment The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data): in thousands, except performance metrics Nine Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Interest income $ 8,460 100.000 % $ 8,260 100.000 % $ 200 2.4 % Interest expense (4,413 ) (52.163 %) (4,992 ) (60.436 %) $ (579 ) (11.6 %) Selling, general, and administrative expenses (964 ) (11.395 %) (842 ) (10.194 %) $ 122 14.5 % Depreciation and amortization expense — — % (4 ) (0.048 %) $ 4 100.0 % Earnings from equity method investments 133 1.572 % 118 1.429 % $ 15 12.7 % Other income, net 2 0.024 % 760 9.201 % $ (758 ) (99.7 %) Net income before provision for income taxes $ 3,218 38.038 % $ 3,300 39.952 % $ (82 ) (2.5 %) Performance Metric: Number of secured loans at period end 337 491 (154 ) (31.4 %) Interest Income — Secured Lending in thousands, except performance metric Three Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Interest income $ 3,161 100.000 % $ 2,614 100.000 % $ 547 20.9 % Performance Metric Number of secured loans at period-end 337 491 (154 ) (31.4 %) Interest income for the three months ended March 31, 2026 increased $0.5 million, or 20.9%, to $3.2 million from $2.6 million in 2025. The increase in interest income earned from the segment’s secured loan portfolio was primarily due to higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased by 154, or 31.4%, to 337 from 491 as of March 31, 2025. 64 in thousands, except performance metric Nine Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Interest income $ 8,460 100.000 % $ 8,260 100.000 % $ 200 2.4 % Performance Metric Number of secured loans at period-end 337 491 (154 ) (31.4 %) Interest income for the nine months ended March 31, 2026 increased $0.2 million, or 2.4%, to $8.5 million from $8.3 million in 2025. The increase in interest income earned from the segment’s secured loan portfolio was primarily due to higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased by 154, or 31.4% to 337 from 491 as of March 31, 2025. Interest Expense — Secured Lending in thousands Three Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Interest expense $ (1,560 ) (49.351 %) $ (1,378 ) (52.716 %) $ 182 13.2 % Interest expense for the three months ended March 31, 2026 increased $0.2 million, or 13.2%, to $1.6 million from $1.4 million in 2025. The change was not significant. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Interest expense $ (4,413 ) (52.163 %) $ (4,992 ) (60.436 %) $ (579 ) (11.6 %) Interest expense for the nine months ended March 31, 2026 decreased $0.6 million, or 11.6%, to $4.4 million from $5.0 million in 2025. The change was primarily due to a decrease of $0.4 million in connection with our Trading Credit Facility. Selling, General and Administrative Expenses — Secured Lending in thousands Three Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Selling, general, and administrative expenses $ (332 ) (10.503 %) $ (262 ) (10.023 %) $ 70 26.7 % Selling, general, and administrative expenses for the three months ended March 31, 2026 increased $0.1 million, or 26.7%, to $0.3 million from $0.3 million in 2025. The change in selling, general, and administrative expenses was not significant. in thousands Nine Months Ended March 31, 2026 2025 Change $ % of interest income $ % of interest income $ % Selling, general, and administrative expenses $ (964 ) (11.395 %) $ (842 ) (10.194 %) $ 122 14.5 % Selling, general, and administrative expenses for the nine months ended March 31, 2026 increased $0.1 million, or 14.5%, to $1.0 million from $0.8 million in 2025. The change in selling, general, and administrative expenses was not significant. 65 NON-GAAP MEASURES Adjusted net income before provision for income taxes Overview In addition to our results determined in accordance with U.S. GAAP, we believe the non-GAAP measure of “adjusted net income before provision for income taxes” is useful in evaluating our operating performance. We use this financial measure to present our pre-tax earnings from core business operations. This measure does not have standardized definitions and is not prepared in accordance with U.S. GAAP. The items excluded from this financial measure may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, this non-GAAP financial performance measure should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP. Reconciliation We calculate this non-GAAP financial performance measure by eliminating from net income or loss before provision for income taxes the impact of items we do not consider indicative of our core operating performance. We eliminate the impact of the following items: (i) remeasurement gains or losses related to pre-existing equity interests, (ii) contingent consideration fair value adjustments, (iii) acquisition costs, (iv) amortization expenses related to intangible assets acquired, and (v) depreciation expense. See below for the reconciliation of this non-GAAP financial performance measure to its most closely comparable U.S. GAAP measure on our financial statements (in thousands): Three Months Ended March 31, 2026 2025 Change $ $ $ % Net income (loss) before provision for income taxes $ 81,753 $ (9,939 ) $ 91,692 922.5 % Adjustments: Remeasurement loss on pre-existing equity interests — 7,043 $ (7,043 ) (100.0 %) Contingent consideration fair value adjustment (4,436 ) (1,000 ) $ 3,436 343.6 % Acquisition costs 378 4,649 $ (4,271 ) (91.9 %) Amortization of acquired intangibles 6,975 4,004 $ 2,971 74.2 % Depreciation expense 2,441 992 $ 1,449 146.1 % Adjusted net income before provision for income taxes (non-GAAP) $ 87,111 $ 5,749 $ 81,362 1,415.2 % Nine Months Ended March 31, 2026 2025 Change $ $ $ % Net income before provision for income taxes $ 97,219 $ 8,250 $ 88,969 1,078.4 % Adjustments: Remeasurement loss on pre-existing equity interests — 7,043 $ (7,043 ) (100.0 %) Contingent consideration fair value adjustment (7,217 ) (1,130 ) $ 6,087 538.7 % Acquisition costs 560 5,389 $ (4,829 ) (89.6 %) Amortization of acquired intangibles 17,358 11,658 $ 5,700 48.9 % Depreciation expense 7,279 2,686 $ 4,593 171.0 % Adjusted net income before provision for income taxes (non-GAAP) $ 115,199 $ 33,896 $ 81,303 239.9 % Adjustments Remeasurement gains or losses. When we acquired a controlling interest in SGB in June 2024 and the remaining outstanding equity interests of Pinehurst in February 2025 and AMS in April 2025, we had previously owned a noncontrolling equity interest. We are required to estimate the fair value of our pre-existing equity investment as well as any options to acquire additional equity interests and record the change in the value as a remeasurement gain or loss in our consolidated statements of income. We exclude these remeasurement gains and losses when we evaluate our on-going operational performance and to facilitate comparison of period-to-period operational performance. Contingent consideration fair value adjustments. Upon our acquisitions of LPM, Pinehurst, AMS, and Monex, we recognized contingent consideration liabilities representing the amount we expect to pay in connection with the achievement of certain financial and performance targets. We remeasure these liabilities each reporting period, with the resulting changes recorded as other income and expense in the Company’s condensed consolidated statements of income. We exclude these fair value adjustments when we evaluate our core operating performance and to facilitate comparison of period-to-period operating performance. See Note 3 to the Company's condensed consolidated financial statements for additional information. 66 Acquisition costs. We incur expenses for professional services rendered in connection with business combinations, which are included as a component of selling, general, and administrative expenses in the Company’s condensed consolidated statements of income. Acquisition expenses are recorded in the periods in which the costs are incurred, and the services are received. We exclude acquisition expenses when we evaluate our core operating performance and to facilitate comparison of period-to-period operating performance. Amortization of purchased intangibles. Amortization expense of purchased intangibles varies in amount and frequency and is significantly impacted by the timing and size of our acquisitions. Due to amortization expense being non-cash in nature, management finds it useful to exclude these charges from our operating expenses to assist in the review of a measure that more closely corresponds to cash operating income generated from our business. Amortization of purchased intangible assets will recur in future periods. For additional information about the amortization of our purchased intangibles, see Note 9 to the Company’s condensed consolidated financial statements. Depreciation expense. Depreciation expense is calculated using a straight-line method based on the estimated useful lives of the related assets, ranging from three years to twenty-five years. Due to depreciation expense being non-cash in nature, management finds it useful to exclude these charges from our operating expenses to assist in the review of a measure that more closely corresponds to cash operating income generated from our business. See Note 8 to the Company’s condensed consolidated financial statements. Earnings Before Interest, Taxes, Depreciation, and Amortization Overview In addition to the non-GAAP financial performance measure discussed in the section above, we use the non-GAAP liquidity measure “earnings before interest, taxes, depreciation, and amortization” or "EBITDA" to evaluate our business operations before investing activities, interest, and income taxes. Management and external users of our consolidated financial statements, such as industry analysts and investors, may use EBITDA to compare business operations with other publicly traded companies. Reconciliation We calculate EBITDA by eliminating from net income or loss the following items: (i) interest income, (ii) interest expense, (iii) amortization expenses related to intangible assets acquired, (iv) depreciation expense, and (v) income tax expense. 67 Management believes the most directly comparable GAAP financial measure is “net cash provided by or used in operating activities” presented in the condensed consolidated statement of cash flows. Below is the reconciliation of net cash provided by or used in operating activities to EBITDA (in thousands): Three Months Ended March 31, 2026 2025 Change Reconciliation of Net Income (Loss) to EBITDA: $ $ $ % Net income (loss) $ 64,037 $ (8,708 ) $ 72,745 835.4 % Adjustments: Interest income (6,817 ) (6,722 ) $ 95 1.4 % Interest expense 19,030 12,951 $ 6,079 46.9 % Amortization of acquired intangibles 6,975 4,004 $ 2,971 74.2 % Depreciation expense 2,441 992 $ 1,449 146.1 % Income tax expense (benefit) 17,716 (1,231 ) $ 18,947 1,539.2 % 39,345 9,994 $ 29,351 293.7 % Earnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 103,382 $ 1,286 $ 102,096 7,939.0 % Reconciliation of Operating Cash Flows to EBITDA: Net cash provided by operating activities $ 235 $ 102,839 $ (102,604 ) (99.8 %) Changes in operating working capital 70,603 (99,355 ) $ 169,958 171.1 % Interest expense 19,030 12,951 $ 6,079 46.9 % Interest income (6,817 ) (6,722 ) $ 95 1.4 % Income tax expense (benefit) 17,716 (1,231 ) $ 18,947 1,539.2 % Earnings (losses) from equity method investments 2,253 (222 ) $ 2,475 1,114.9 % Remeasurement loss on pre-existing equity interests — (7,043 ) $ (7,043 ) (100.0 %) Share-based compensation (505 ) (349 ) $ 156 44.7 % Amortization of loan cost (1,128 ) (1,166 ) $ (38 ) (3.3 %) Other 1,995 1,584 $ 411 25.9 % Earnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 103,382 $ 1,286 $ 102,096 7,939.0 % Cash Flow Data: Net cash provided by operating activities $ 235 $ 102,839 $ (102,604 ) (99.8 %) Net cash used in investing activities $ (24,089 ) $ (53,960 ) $ (29,871 ) (55.4 %) Net cash provided by financing activities $ 15,411 $ 27,698 $ (12,287 ) (44.4 %) Nine Months Ended March 31, 2026 2025 Change Reconciliation of Net Income to EBITDA: $ $ $ % Net income $ 76,594 $ 5,684 $ 70,910 1,247.5 % Adjustments: Interest income (18,177 ) (20,603 ) $ (2,426 ) (11.8 %) Interest expense 47,883 33,301 $ 14,582 43.8 % Amortization of acquired intangibles 17,358 11,658 $ 5,700 48.9 % Depreciation expense 7,279 2,686 $ 4,593 171.0 % Income tax expense 20,625 2,566 $ 18,059 703.8 % 74,968 29,608 $ 45,360 153.2 % Earnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 151,562 $ 35,292 $ 116,270 329.5 % Reconciliation of Operating Cash Flows to EBITDA: Net cash provided by operating activities $ 153,030 $ 85,381 $ 67,649 79.2 % Changes in operating working capital (50,761 ) (54,224 ) $ (3,463 ) (6.4 %) Interest expense 47,883 33,301 $ 14,582 43.8 % Interest income (18,177 ) (20,603 ) $ (2,426 ) (11.8 %) Income tax expense 20,625 2,566 $ 18,059 703.8 % Earnings (losses) from equity method investments 2,354 (2,054 ) $ 4,408 214.6 % Remeasurement loss on pre-existing equity interests — (7,043 ) $ (7,043 ) (100.0 %) Share-based compensation (1,343 ) (976 ) $ 367 37.6 % Amortization of loan cost (3,891 ) (2,846 ) $ 1,045 36.7 % Other 1,842 1,790 $ 52 2.9 % Earnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 151,562 $ 35,292 $ 116,270 329.5 % Cash Flow Data: Net cash provided by operating activities $ 153,030 $ 85,381 $ 67,649 79.2 % Net cash used in investing activities $ (63,645 ) $ (43,461 ) $ 20,184 46.4 % Net cash (used in) provided by financing activities $ (23,519 ) $ 23,789 $ (47,308 ) (198.9 %) 68 LIQUIDITY AND FINANCIAL CONDITION Primary Sources and Uses of Cash Overview Liquidity refers to the availability of cash for the Company to meet all of our cash needs. Our sources of liquidity principally include cash from operations, Trading Credit Facility (see “Lines of Credit” below), precious metals leases, and product financing arrangements. A substantial portion of our assets are liquid. As of March 31, 2026, approximately 87% of our assets consisted of cash, receivables, derivative assets, secured loans receivables, precious metals held under financing arrangements, and inventories, measured at fair value. Cash generated from the sales or financing of our precious metals products is our primary source of operating liquidity. Among other things, these include our product financing arrangements, liabilities on borrowed metals, and precious metals leases. Typically, the Company acquires its inventory by: (i) purchasing inventory from its suppliers by utilizing our own capital and lines of credit; (ii) borrowing precious metals from its suppliers under short-term arrangements which may bear interest at a designated rate, and (iii) repurchasing inventory at an agreed-upon price based on the spot price on the specified repurchase date. In addition to selling inventory, the Company generates cash from earning interest income. The Company enters into secured loans and secured financing structures with its customers under which it charges interest. The loans are secured by precious metals and numismatic material, and graded sports cards owned by the borrowers and held by the Company as security for the term of the loan. The Company also offers a number of secured financing options to its customers to finance their precious metals purchases including consignments and other structured inventory finance products. Furthermore, our customers may enter into agreements whereby the customer agrees to repurchase our precious metals at the prevailing spot price for delivery of the product at a specific point in time in the future; interest income is earned from the contract date until the material is delivered and paid for in full. We may also raise funds through the public or private offering of equity or debt securities, although there is no assurance that we will be able to do so at the times and in the amounts required. We continually review our overall credit and capital needs to ensure that our capital base, both stockholders’ equity and available credit facilities, can appropriately support our anticipated financing needs. The Company also continually monitors its current and forecasted cash requirements and draws upon and pays down its lines of credit so as to minimize interest expense. See Note 15 to the Company's condensed consolidated financial statements. Lines of Credit in thousands March 31, 2026 June 30, 2025 Change Lines of credit $ 98,000 $ 345,000 $ (247,000 ) Effective December 21, 2021, the Company entered into a committed borrowing facility (the "Trading Credit Facility") with CIBC Bank USA, as agent and joint lead arranger, and a syndicate of banks. As of March 31, 2026, the Trading Credit Facility provided the Company with access up to $427.5 million and has a maturity date of September 30, 2027. (See Note 15.) The Company routinely uses funds drawn under the Trading Credit Facility to purchase metals from its suppliers and for other operating cash flow purposes. Our CFC subsidiary also uses the funds drawn under the Trading Credit Facility to finance certain of its lending activities. Notes Payable in thousands March 31, 2026 June 30, 2025 Change Notes payable — short-term $ 4,000 $ 3,994 $ 6 Notes payable — long-term 3,317 3,349 (32 ) $ 7,317 $ 7,343 $ (26 ) In April 2021, CCP entered into a loan agreement ("CCP Note") with CFC, which provides CFC with up to $4.0 million to fund commercial loans secured by graded sports cards to its borrowers. All loans to be funded using the proceeds from the CCP Note are subject to CCP’s prior written approval. In March 2024, the expiration date for the CCP Note was amended to expire on April 1, 2026 and may be extended by mutual agreement. As of March 31, 2026 and June 30, 2025 the outstanding principal balance of the CCP Note was $4.0 million and $4.0 million. See Note 14 to the Company's condensed consolidated financial statements. In June 2024, SGB declared a $15.9 million dividend to existing shareholders based on certain levels of working capital. As of March 31, 2026, the dividend was paid in full, including a dividend paid to the Company from SGB in September 2024 of $7.5 million. 69 In February 2025 in connection with the acquisition of Pinehurst, the Company assumed a promissory note with the former majority owner of Pinehurst for $3.1 million. This promissory note has a maturity date of August 1, 2026 and bears interest at a rate of 5% per annum. As of March 31, 2026, the outstanding principal balance of this promissory note was $3.1 million. Liabilities on Borrowed Metals and Precious Metals Leases in thousands March 31, 2026 June 30, 2025 Change Liabilities on borrowed metals $ 916,696 $ 46,051 $ 870,645 Precious metals leases $ 716,408 $ 246,540 $ 469,868 We borrow precious metals from our suppliers and customers under short-term arrangements using other precious metal from our inventory or precious metals held under financing arrangements as collateral. Amounts under these arrangements require repayment either in the form of precious metals or cash. Liabilities also arise from metal positions held by customers in our inventory. Typically, these positions are due on demand, in a specified physical form, based on the total ounces of metal held in the position. We also lease precious metals from our suppliers and customers under short-term arrangements, in which the lease terms and interest rates are established at lease inception. Precious metals leases are included in deferred revenue and other advances on the condensed consolidated balance sheet. Amounts under these arrangements may be settled in precious metals or cash. Product Financing Arrangements in thousands March 31, 2026 June 30, 2025 Change Product financing arrangements $ 609,732 $ 484,733 $ 124,999 The Company has agreements with financial institutions and other third parties that allow the Company to transfer its gold and silver inventory to the third-party at an agreed-upon price based on the spot price, which provides alternative sources of liquidity. During the term of the agreement both parties intend for inventory to be returned at an agreed-upon price based on the spot price on the repurchase date. The third parties charge monthly interest as a percentage of the market value of the outstanding obligation; such monthly charges are classified as interest expense. These transactions do not qualify as sales and therefore are accounted for as financing arrangements and reflected in the Company’s condensed consolidated balance sheets as product financing arrangements. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing arrangements and the underlying inventory (which is entirely restricted) are carried at fair value, with changes in fair value included as a component of cost of sales. Secured Loans Receivable in thousands March 31, 2026 June 30, 2025 Change Secured loans receivable $ 126,034 $ 94,037 $ 31,997 CFC is a California licensed finance lender that makes and acquires commercial loans secured by bullion and numismatic coins, and graded sports cards that affords our customers a convenient means of financing their inventory or collections. See Note 5 to the Company’s condensed consolidated financial statements. Most of the Company's secured loans are short-term in nature. The renewal of these secured loans is at the discretion of the Company and, as such, provides us with some flexibility in regard to our capital deployment strategies. Dividends The Company’s board of directors has adopted a regular quarterly cash dividend policy of $0.20 per common share ($0.80 per share on an annual basis). The declaration of regular cash dividends in the future is subject to the determination each quarter by the board of directors. Below is a summary of dividends paid to stockholders in the nine months ended March 31, 2026. •On July 3, 2025, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to stockholders of record at the close of business on July 18, 2025. The dividend was paid on August 1, 2025 and totaled $4.9 million. •On October 28, 2025, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to stockholders of record at the close of business on November 19, 2025. The dividend was paid on December 2, 2025 and totaled $4.9 million. •On February 2, 2026, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to stockholders of record at the close of business on February 20, 2026. The dividend was paid on March 4, 2026 and totaled $5.7 million. 70 See Note 17 and Note 20 to the Company's condensed consolidated financial statements for more information regarding our dividends. Cash Flows The majority of the Company’s trading activities involve two-day value trades under which payment is received in advance of delivery or product is received in advance of payment. The combination of sales volume, inventory turnover, and precious metals price volatility can cause material changes in the sources of cash used in or provided by operating activities on a daily basis. The Company manages these variances through its liquidity forecasts and counterparty limits by maintaining a liquidity reserve to meet the Company’s cash needs. The Company uses various short-term financial instruments to manage the cycle of our trading activities from customer purchase order to cash collections and product delivery, which can cause material changes in the amount of cash used in or provided by financing activities on a daily basis. The following summarizes components of our condensed consolidated statements of cash flows (in thousands): Nine months Ended March 31, 2026 March 31, 2025 Change Net cash provided by operating activities $ 153,030 $ 85,381 $ 67,649 Net cash used in investing activities $ (63,645 ) $ (43,461 ) $ 20,184 Net cash (used in) provided by financing activities $ (23,519 ) $ 23,789 $ (47,308 ) For the periods presented, our principal capital requirements have been to fund (i) working capital and (ii) financing activity. Our working capital requirements fluctuated with market conditions, the availability of precious metals, and the volatility of precious metals commodity pricing. Net Cash Flows From Operating Activities Operating activities provided $153.0 million and provided $85.4 million in cash for the nine months ended March 31, 2026 and 2025, respectively, representing a $67.6 million change compared to the nine months ended March 31, 2025. The period over period change was primarily due to net changes in working capital, which includes inventories, derivative assets and liabilities, deferred revenue and other advances, receivables, net, liabilities on borrowed metals, and accounts payable and other payables, as well as an increase in net income adjusted for noncash items. Net Cash Flows From Investing Activities Investing activities used $63.6 million and used $43.5 million in cash for the nine months ended March 31, 2026 and 2025, respectively, representing a $20.2 million change compared to the nine months ended March 31, 2025. This period over period change was primarily due to: (i) higher outflows of $58.5 million associated with the secured loans receivables in the current period, (ii) a $6.4 million increase in purchases of long-term investments, and (iii) a $2.4 million increase in capital expenditures for property, plant and equipment. These increases in cash outflows were partially offset by a decrease in cash used in acquisitions of businesses of $49.7 million which is due to the acquisitions of SGI and Pinehurst in February 2025 and Monex in January 2026. Net Cash Flows From Financing Activities Financing activities used $23.5 million and provided $23.8 million in cash for the nine months ended March 31, 2026 and 2025, respectively, representing a $47.3 million change compared to the nine months ended March 31, 2025. This period over period change was primarily due to: (i) a decrease in cash provided from our net borrowings and repayments of $312.0 million under our Trading Credit Facility and (ii) an increase in dividends paid of $1.7 million, partially offset by (iii) an increase in cash provided of $137.9 million related to our product financing arrangements, (iv) a $117.6 million increase in proceeds from the issuance of common stock to Tether, (v) a reduction of $8.4 million in repayments of notes payable to a related party, (vi) reduced outflows of $5.1 million from the decrease in repurchases of our common stock, and (vii) a $1.5 million decrease of debt funding issuance costs. Capital Resources We believe that our current cash availability under the Trading Credit Facility, product financing arrangements, financing derived from borrowed metals and the cash we anticipate generating from operating activities will provide us with sufficient liquidity to satisfy our working capital needs, capital expenditures, investment requirements, and commitments through at least the next twelve months. CONTRACTUAL OBLIGATIONS, CONTINGENT LIABILITIES AND COMMITMENTS Counterparty Risk We face counterparty risks in our Wholesale Sales & Ancillary Services segment. We manage these risks by setting credit and position risk limits with our trading counterparties, including gross position limits for counterparties engaged in sales and purchase transactions and inventory consignment transactions with us, as well as collateral limits for different types of sale and purchase transactions that counterparties may engage in from time to time. 71 Commodities Risk and Derivatives We use a variety of strategies to manage our risk including fluctuations in commodity prices for precious metals. Our inventory consists of, and our trading activities involve, precious metals and precious metal products, for which prices are linked to the corresponding precious metal commodity prices. The Company's precious metals inventory is subject to fluctuations in market value, resulting from changes in the underlying commodity prices. Inventory purchased or borrowed by us is subject to price changes. Inventory borrowed is a natural hedge since changes in the value of the metal held are offset by the obligation to return the metal to the supplier or deliver metals to the customer. Open sale and purchase commitments in our trading activities are subject to changes in value between the date the purchase or sale price is fixed (the trade date) and the date the metal is received or delivered (the settlement date). We seek to minimize the effect of price changes of the underlying commodity through the use of forward and futures contracts. Our open sale and purchase commitments generally settle within 2 business days, and for those commitments that do not have stated settlement dates, we have the right to settle the positions upon demand. Our policy is to substantially hedge our inventory position, net of open sale and purchase commitments that are subject to price risk. We regularly enter into precious metals commodity forward and futures contracts with financial institutions to hedge against this risk. We use futures contracts, which typically settle within 30 days, for our shorter-term hedge positions, and forward contracts, which may remain open for up to six months, for our longer-term hedge positions. We have access to all of the precious metals markets, allowing us to place hedges. We also maintain relationships with major market makers in every major precious metals dealing center. The Company enters into these derivative transactions solely for the purpose of hedging our inventory holding risk, and not for speculative market purposes. Due to the nature of our hedging strategy, we are not using hedge accounting as defined under ASC Topic 815 Derivatives and Hedging ("ASC 815"). Unrealized gains or losses resulting from our forward and futures contracts are reported as cost of sales with the related amounts due from or to counterparties reflected as derivative assets or liabilities. The Company adjusts the derivatives to fair value on a daily basis until the transactions are settled. When these contracts are net settled, the unrealized gains and losses are reversed and the realized gains and losses for forward contracts are recorded in revenue and cost of sales, respectively, and the net realized gains and losses for futures are recorded in cost of sales. The Company’s net gains and losses on derivative instruments totaled losses of $435.7 million and losses of $94.2 million for the three months ended March 31, 2026 and 2025, respectively, and losses of $75.2 million and losses of $105.7 million, for the nine months ended March 31, 2026 and 2025, respectively. These were substantially offset by the changes in fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the condensed consolidated statements of income. 72 The purpose of the Company's hedging policy is to substantially match the change in the value of the derivative financial instrument to the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities, showing the precious metal commodity inventory position, net of open sale and purchase commitments, which is subject to price risk, compared to change in the value of the derivative instruments (in thousands): March 31, 2026 June 30, 2025 Inventories $ 2,766,561 $ 1,279,545 Less unhedgeable inventories: Collectible coin inventory, held at lower of cost or net realizable value (102,663 ) (68,193 ) Premium on metals position (12,782 ) (35,295 ) Precious metal value not hedged (115,445 ) (103,488 ) Commitments at market: Open inventory purchase commitments 1,298,228 1,149,622 Open inventory sales commitments (1,330,402 ) (521,442 ) Margin sales commitments (42,818 ) (27,446 ) In-transit inventory no longer subject to market risk (54,351 ) (18,801 ) Unhedgeable premiums on open commitment positions 3,764 10,345 Borrowed precious metals (916,696 ) (46,051 ) Product financing arrangements (609,732 ) (484,733 ) Advances on industrial metals 614 584 (1,651,393 ) 62,078 Precious metal subject to price risk 999,723 1,238,135 Precious metal subject to derivative financial instruments: Precious metals forward contracts at market values 306,625 927,990 Precious metals futures contracts at market values 684,018 310,645 Total market value of derivative financial instruments 990,643 1,238,635 Net precious metals subject to commodity price risk $ 9,080 $ (500 ) We are exposed to the risk of default of the counterparties to our derivative contracts. Significant judgment is applied by us when evaluating the fair value implications. We regularly review the creditworthiness of our major counterparties and monitor our exposure to concentrations. As of March 31, 2026, we believe our risk of counterparty default is mitigated based on our evaluation of the creditworthiness of our major counterparties, the strong financial condition of our counterparties, and the short-term duration of these arrangements. We had the following outstanding sale and purchase commitments and open forward and futures contracts, which are normal and recurring, in nature (in thousands): March 31, 2026 June 30, 2025 Purchase commitments $ 1,298,228 $ 1,149,622 Sales commitments $ (1,330,402 ) $ (521,442 ) Margin sales commitments $ (42,818 ) $ (27,446 ) Open forward contracts $ 306,625 $ 927,990 Open futures contracts $ 684,018 $ 310,645 Foreign exchange forward contracts $ 11,998 $ 6,618 The notional amounts of the commodity forward and futures contracts and the open sales and purchase orders, as shown in the table above, are not reflected at the notional amounts in the condensed consolidated balance sheets. The Company records commodity forward and futures contracts at the fair value, which is the difference between the market price of the underlying metal or contract measured on the reporting date and the trade amount measured on the date the contract was transacted. The fair value of the open derivative contracts is shown as a component of derivative assets or derivative liabilities in the accompanying condensed consolidated balance sheets. The Company enters into the derivative forward and futures transactions solely for the purpose of hedging its inventory holding risk, and not for speculative market purposes. The Company’s gains and losses on derivative instruments are substantially offset by the changes in fair market value of the underlying precious metals inventory position, including our open sale and purchase commitments. The Company records the derivatives at the trade date, and any corresponding unrealized gains or losses are shown as a component of cost of sales in the condensed consolidated statements of income. We adjust the carrying value of the derivatives to fair value on a daily basis until the transactions are physically settled. See Note 12 to the Company’s condensed consolidated financial statements. 73 Commitments and Contingencies Refer to Note 16 to the Company’s condensed consolidated financial statements for information related to the Company's commitments and contingencies. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In connection with the preparation of our financial statements, we are required to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that we believe to be relevant at the time the Company’s consolidated financial statements are prepared. On a regular basis, we review our accounting policies, assumptions, estimates and judgments to ensure that the Company’s consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could materially differ from our estimates. See our critical accounting policies and estimates discussed in the Management’s Discussion and Analysis of our most recent Annual Report filed on Form 10-K. There have been no material changes to these policies. RECENT ACCOUNTING PRONOUNCEMENTS For a description of accounting changes and recent accounting standards, including the expected dates of adoption and estimated effects, if any, on our financial position or results of operations, see Note 2 to the Company's condensed consolidated financial statements.