Financial Analysis

NOTE 3: ACQUISITIONS On June 17, 2025, we acquired 40 pawn stores across 13 states in Mexico from Monte Primavera, S.A. de C.V. and Valuer, S.A. de C.V. The stores, operating under the names Monte Providencia and Tu Empeno Efectivo, offer traditional pawn loans, as well as auto pawn transactions, some of which are in stand-alone auto pawn stores. During the fourth quarter of fiscal 2025, we closed on the remaining 7 stores in accordance with the purchase agreement. The total consideration was $20.3 million in cash, of which, approximately $5.4 million was retained for standard indemnification purposes and is expected to be paid over the next five years. The retained payment is included in long-term restricted cash and the associated consideration payable is included in other long-term liabilities on our consolidated balance sheet as of September 30, 2025. This transaction qualifies as a business combination under ASC 805 due to the acquisition of an integrated set of inputs and processes that are capable of generating outputs. Although the transaction includes tangible assets such as loans and inventory, the inclusion of operating infrastructure, licenses, and a functioning workforce supports the conclusion that a business, rather than a group of assets, was acquired. The assets acquired and liabilities assumed are based upon the fair values at the date of acquisition. The excess purchase price over the estimated fair market value of the net assets acquired has been recorded …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12: CONTINGENCIES Currently, and from time to time, we are involved in various claims, disputes, lawsuits, investigations and legal and regulatory proceedings. We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates. We do not believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.

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NOTE 8: DEBT The following table presents the Companys debt instruments outstanding: September 30, 2025 September 30, 2024 (in thousands) Gross Amount Debt Issuance Costs Carrying Amount Gross Amount Debt Issuance Costs Carrying Amount 2032 Senior Notes $ 300,000 $ (7,182) $ 292,818 $ $ $ 2029 Convertible Notes 230,000 (4,742) 225,258 230,000 (5,744) 224,256 2025 Convertible Notes 103,373 (301) 103,072 Total $ 530,000 $ (11,924) $ 518,076 $ 333,373 $ (6,045) $ 327,328 Less current portion 103,373 (301) 103,072 Total long-term debt $ 530,000 $ (11,924) $ 518,076 $ 230,000 $ (5,744) $ 224,256 The following table presents the Companys contractual maturities related to the debt instruments as of September 30, 2025 Schedule of Contractual Maturities (in thousands) 2029 Convertible Notes 2032 Senior Notes Total Fiscal 2026 $ $ $ Fiscal 2027 Fiscal 2028 Fiscal 2029 Fiscal 2030 230,000 230,000 Thereafter 300,000 300,000 Total long-term debt $ 230,000 $ 300,000 $ 530,000 The following table presents the Companys interest expense related to the 2032 Senior Notes and the convertible notes: Fiscal Year Ended September 30, (in thousands) 2025 2024 2023 2032 Senior Notes: Contractual interest expense $ 11,247 $ $ Amortization of deferred financing costs 423 Total interest expense $ 11,670 $ $ 2029 Convertible Notes: Contractual interest expense $ 8,624 $ 8,625 $ 6,900 Amortization of deferred financing costs 1,002 972 742 Total interest expense $ 9,626 $ 9,597 $ 7,642 2025 Convertible Note …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 5: FAIR VALUE MEASUREMENTS The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Other observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not corroborated by market data. Financial Assets and Liabilities Not Measured at Fair Value The tables below present our financial assets and liabilities that were not measured at fair value: Carrying Value Estimated Fair Value September 30, 2025 September 30, 2025 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Financial assets: Promissory note receivable from Founders $ 24,369 $ 24,369 $ $ $ 24,369 Investments in unconsolidated affiliates 18,123 59,729 58,573 1,156 Financial liabilities: 2029 Convertible Notes $ 225,258 $ 422,931 $ $ 422,931 $ 2032 Senior Notes 292,818 320,734 320,734 Carrying Value Estimated Fair Value September 30, 2024 September 30, 2024 Fair Value Me …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 7: GOODWILL AND INTANGIBLE ASSETS We evaluate goodwill for impairment annually on July 1 (see Note 1 for disclosure of the change in accounting principle) and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of goodwill may be impaired. We assessed qualitative and quantitative factors and determined that it was not more-likely-than-not that the fair values of our reporting units were less than their carrying values as of the testing date. As a result of our assessment, no goodwill impairment charge was recorded during the fiscal year ended September 30, 2025. There was no impairment charge recorded during the fiscal years ended September 30, 2024 and 2023. Accumulated goodwill losses of $41.3 million were recorded prior to fiscal 2023 associated with the U.S. Pawn ($10.0 million) and Latin America Pawn ($31.3 million) segments because of the impact of the COVID-19 pandemic on typical customer behavior, which led to a significant decline in pawn loan balances and the mandated closure of stores in our GPMX countries. The following table presents the changes in the carrying value of goodwill by segment: (in thousands) U.S. Pawn Latin America Pawn Consolidated Balances as of September 30, 2023 $ 255,942 $ 46,430 $ 302,372 Acquisitions (a) 8,486 8,486 Effect of foreign currency translation changes (4,380) (4,380) Balances as of September 30, 2024 $ 264,428 $ 42,050 $ 306,478 Acquisitions (a) 3,635 12,04 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10: INCOME TAXES The following table presents the components of our income before income taxes, including inter-segment amounts: Fiscal Year Ended September 30, (in thousands) 2025 2024 2023 Domestic* $ 106,379 $ 82,703 $ 26,209 Foreign 40,394 32,905 25,424 Total $ 146,773 $ 115,608 $ 51,633 * Includes the majority of our corporate administrative costs. See Note 13: Segment Information for information pertaining to segment contribution. The following table presents the significant components of the income tax provision: Fiscal Year Ended September 30, (in thousands) 2025 2024 2023 Current: Federal $ 25,530 $ 20,176 $ 18,753 State and foreign 14,714 10,983 7,219 Total 40,244 31,159 25,972 Deferred: Federal (1,947) (1,719) (11,182) State and foreign (1,137) 3,073 (1,620) Total (3,084) 1,354 (12,802) Total income tax expense $ 37,160 $ 32,513 $ 13,170 The following table presents a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes: Fiscal Year Ended September 30, (in thousands) 2025 2024 2023 Income tax expense (benefit) at the federal statutory rate $ 30,833 $ 24,278 $ 10,843 State taxes, net of federal benefit 2,857 3,421 1,814 Mexico inflation adjustment (1,518) (2,154) (1,787) Non-deductible items 3,694 4,169 2,655 Foreign rate differential 2,081 2,098 2,381 Change in valuation allowance (365) (411) 311 Stock compensation (527) (202) (62) Uncertain tax positions 259 (198) (174) Foreign withholding tax 998 Deferred tax tru …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 11: LEASES The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases: (in thousands) Balance Sheet Location September 30, 2025 September 30, 2024 Lease assets: Operating lease right-of-use assets Right-of-use assets, net $ 236,462 $ 226,602 Financing lease assets Other assets, net 1,075 1,559 Total lease assets $ 237,537 $ 228,161 Lease liabilities: Current: Operating lease liabilities Operating lease liabilities, current $ 61,228 $ 58,998 Financing lease liabilities Accounts payable, accrued expenses and other current liabilities 643 570 Total current lease liabilities $ 61,871 $ 59,568 Non-current: Operating Lease liabilities Operating lease liabilities $ 184,736 $ 180,616 Financing lease liabilities Other long-term liabilities 573 1,110 Total non-current lease liabilities $ 185,309 $ 181,726 Total lease liabilities $ 247,180 $ 241,294 The table below provides major components of our lease costs: Fiscal Year Ended September 30, (in thousands) 2025 2024 2023 Operating lease cost: Operating lease cost * $ 77,384 $ 79,184 $ 74,086 Variable lease cost 20,541 17,732 16,315 Total operating lease cost $ 97,925 $ 96,916 $ 90,401 Financing lease cost: Amortization of financing lease assets $ 589 $ 568 $ 327 Interest on financing lease liabilities 162 215 145 Total financing lease cost $ 751 $ 783 $ 472 Total lease cost $ 98,676 $ 97,699 $ 90,873 * Includes a reduction for sublease rental incom …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Policies In November 2023, the FASB issued Accounting Standards Updated (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM) included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of ASU 2023-07 are effective for the Company for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We adopted the new standard for the fiscal year ended September 30, 2025. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the Company for fiscal years beginning a …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 13: SEGMENT INFORMATION Our operations are primarily managed on a geographical basis and consist of three reportable segments. Our chief operating decision maker (CODM) is our chief executive officer. The CODM uses key financial information such as revenue growth, pawn service charges, segment gross profit, and segment contribution by comparing to and monitoring against budget and prior year results to evaluate segment performance and allocate resources. We currently report our segments as follows: U.S. Pawn All pawn activities in the United States. Latin America Pawn All pawn activities in Mexico and other parts of Latin America. Other Investments Primarily our equity interest in Cash Converters and our investment in and notes receivable from Founders. Corporate items include administrative expenses, depreciation and amortization, loss (gain) on sale or disposal of assets, interest income and expense and other (income) expense, and are not allocated between the segments. There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting principles used in our consolidated financial statements. The following income (loss) before income taxes tables present revenue for each reportable segment, disaggregated revenue within our reportable segments and Corporate, segment profits and segment contribution. Fiscal Year Ended September 30, 2025 (in thousands) U.S. Pawn Latin America Pawn Other Investments Total Segme …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 15: SUBSEQUENT EVENTS On November 11, 2025, the Board approved a new share repurchase program which will replace the previous program that expired on May 3, 2025. See Note 9: Common Stock And Stock Compensation Common Stock Repurchase Program. Under the new program, we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over the next three years. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities. The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board has reserved the right to modify, suspend or terminate the program at any time. …

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NOTE 2: ACQUISITIONS There were no material acquisitions during the three months ended December 31, 2025 and 2024. Refer to Note 13: Subsequent Events for acquisitions that closed after the Balance Sheet date.

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NOTE 10: COMMITMENTS AND CONTINGENCIES Currently, and from time to time, we are involved in various claims, disputes, lawsuits, investigations, and legal and regulatory proceedings. We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates. We do not believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.

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NOTE 8: DEBT The following table presents the Company's debt instruments outstanding: December 31, 2025 December 31, 2024 September 30, 2025 (in thousands) Gross Amount Deferred Financing Costs Carrying Amount Gross Amount Deferred Financing Costs Carrying Amount Gross Amount Deferred Financing Costs Carrying Amount 2032 Senior Notes $ 300,000 $ (6,968) $ 293,032 $ $ $ $ 300,000 $ (7,182) $ 292,818 2029 Convertible Notes 230,000 (4,477) 225,523 230,000 (5,495) 224,505 230,000 (4,742) 225,258 2025 Convertible Notes 103,373 (168) 103,205 Total $ 530,000 $ (11,445) $ 518,555 $ 333,373 $ (5,663) $ 327,710 $ 530,000 $ (11,924) $ 518,076 Less current portion 103,373 (168) 103,205 Total long-term debt $ 530,000 $ (11,445) $ 518,555 $ 230,000 $ (5,495) $ 224,505 $ 530,000 $ (11,924) $ 518,076 The following table presents the Companys interest expense related to its debt for the three months ended December 31, 2025 and 2024: Three Months Ended December 31, (in thousands) 2025 2024 2032 Senior Notes: Contractual interest expense $ 5,531 $ Amortization of deferred financing costs 214 Total interest expense $ 5,745 $ 2029 Convertible Notes: Contractual interest expense $ 2,156 $ 2,156 Amortization of deferred financing costs 265 249 Total interest expense $ 2,421 $ 2,405 2025 Convertible Notes: Contractual interest expense $ $ 614 Amortization of deferred financing costs 133 Total interest expense $ $ 747 As of December 31, 2025, the Company was in compliance with all covenants related t …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 7: FAIR VALUE MEASUREMENTS The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Other observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not corroborated by market data. We have elected not to measure at fair value any eligible items for which fair value measurement is optional. There were no transfers in or out of Level 1, Level 2 or Level 3 for financial assets or liabilities measured at fair value on a recurring basis during the periods presented. Financial Assets and Liabilities Not Measured at Fair Value The tables below present our estimates of fair value of financial assets and liabilities that were not measured at fair value: Carrying Value Estimated Fair Value December 31, 2025 December 31, 2025 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Financial assets: Promissory note receivable from Founder …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 3: GOODWILL The following table summarizes the changes in the carrying amount of goodwill by segment and in total: (in thousands) U.S. Pawn Latin America Pawn Consolidated Balance as of September 30, 2025 $ 268,063 $ 56,826 $ 324,889 Acquisitions (a) 3,558 1,692 5,250 Effect of foreign currency translation changes 944 944 Balance as of December 31, 2025 $ 271,621 $ 59,462 $ 331,083 (a) Amount represents goodwill recognized in connection with acquisitions during the three months ended December 31, 2025 that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures in this Form 10-Q. (in thousands) U.S. Pawn Latin America Pawn Consolidated Balance as of September 30, 2024 $ 264,428 $ 42,050 $ 306,478 Effect of foreign currency translation changes (1,756) (1,756) Balance as of December 31, 2024 $ 264,428 $ 40,294 $ 304,722 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 5: LEASES We determine if a contract contains a lease at inception. Our lease portfolio consists primarily of operating leases for pawn store locations and corporate offices with lease terms ranging from five to ten years and finance leases for vehicles with lease terms ranging from two to five years. The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases: (in thousands) Balance Sheet Location December 31, 2025 December 31, 2024 September 30, 2025 Lease assets: Operating lease right-of-use assets Right-of-use assets, net $ 237,637 $ 227,810 $ 236,462 Financing lease assets Other assets, net 1,229 1,340 1,075 Total lease assets $ 238,866 $ 229,150 $ 237,537 Lease liabilities: Current: Operating lease liabilities Operating lease liabilities, current $ 61,459 $ 57,900 $ 61,228 Financing lease liabilities Accounts payable, accrued expenses and other current liabilities 760 556 643 Total current lease liabilities $ 62,219 $ 58,456 $ 61,871 Non-current: Operating lease liabilities Operating lease liabilities $ 185,507 $ 182,228 $ 184,736 Financing lease liabilities Other long-term liabilities 607 907 573 Total non-current lease liabilities $ 186,114 $ 183,135 $ 185,309 Total lease liabilities $ 248,333 $ 241,591 $ 247,180 The table below provides major components of our lease costs: Three Months Ended December 31, (in thousands) 2025 2024 Operating lease cost: Operating lease cost* $ 20,86 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the Company for annual periods beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. The adoption of this ASU is expected to only impact disclosures with respect to the Companys consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. ASU 2024-03 requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The requirements of ASU 2024-03 are effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 11: SEGMENT INFORMATION Our operations are primarily managed on a geographical basis and are comprised of three reportable segments. Our chief operating decision maker (CODM) is our chief executive officer. The CODM uses key financial information such as revenue growth, pawn service charges, segment gross profit, and segment contribution by comparing to and monitoring against budget and prior year results to evaluate segment performance and allocate resources. We regularly monitor for changes in facts and circumstances that would necessitate changes in our determination of operating segments. As indicated in Note 1, our results below reflect our updated methodology used in allocating certain expenses beginning in the first quarter of fiscal 2026, and the results from the prior period presented have been recast to conform with the current presentation. We currently report our segments as follows: U.S. Pawn all pawn activities in the United States; Latin America Pawn all pawn activities in Mexico and other parts of Latin America; and Other Investments primarily our equity interest in Cash Converters and our investment in and notes receivable from Founders. Corporate items include administrative expenses, depreciation and amortization, loss (gain) on sale or disposal of assets, interest income and expense and other (income) expense, and are not allocated between the segments. There are no inter-segment revenues presented below, and the amounts below were determined in accor …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 13: SUBSEQUENT EVENTS Founders One Acquisition On January 2, 2026, we acquired a controlling interest in Founders One, LLC (Founders) by exchanging our existing $45.0 million preferred equity investment and $10.0 million of demand promissory notes into common equity in Founders, and contributed an additional $9.4 million in cash. As a result, we now hold approximately 87.7% of Founders outstanding common equity and expect to consolidate Founders in our financial statements beginning January 2, 2026. Founders, through its subsidiary, Simple Management Group, Inc. (SMG), operates 105 pawn stores in the U.S. and 11 additional countries. The stores, which operate predominantly under the names La Familia Pawn and Jewelry and CashWiz, offer traditional pawn loans, buy/sell transactions, and, in Puerto Rico, auto pawn and auto title loans. Founders controls SMG with an 85.1% ownership interest. The preliminary purchase price allocation for this transaction has not yet been completed and is based on preliminary estimates that are subject to change as additional information becomes available. The total consideration transferred is estimated to be approximately $64.4 million, subject to final valuation. Final amounts, including tangible assets, identifiable intangible assets, and goodwill, will be disclosed in accordance with ASC 805 in future filings. The acquisition was funded through a combination of the conversion of existing investments and cash on hand. In connection with th …

SubsequentEventsTextBlock · excerpt; the full note is in the filing