Financial Analysis

16. COMMITMENTS A ND CONTINGENCIES Legal Matters The Company is from time-to-time party to various lawsuits, claims and other proceedings, that arise in the ordinary course of its business. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including our assessment of the merits of the particular claim, we do not expect that these legal proceedings or claims will have any material adverse impact on our future consolidated financial position, results of operations, or cash flows. In accordance with U.S. GAAP, we review the need to accrue for any loss contingency and establish a liability when, in the opinion of management, it is probable that a matter would result in a liability and the amount of loss, if any, can be reasonably estimated. We do not believe that the resolution of any currently pending lawsuits, claims and proceedings, either individually or in the aggregate, will have a material adverse effect on financial position, results of operations or liquidity. However, the outcomes of any currently pending lawsuits, claims and proceedings cannot be predicted, and therefore, there can be no assurance that this will be the case. Additionally, we record receivables for insurance recoveries relating to litigation-related losses and expenses if and when such amounts are covered by insurance and recovery of such losses or expenses are due. Employment and Non-Compete Agreements As of June 30, 2025, the Company wa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"15. FINANCIN G AGREEMENTS Lines of Credit - Trading Credit Facility On December 21, 2021, the Company entered into a three-year committed facility provided by a syndicate of financial institutions (the Trading Credi t Facility), with a total revolving commitment of up to $ 350.0 million and with a termination date of December 21, 2024 . As of June 30, 2025, the Trading Credit Facility has since been amended to add new lenders and modify certain terms and conditions, including increasing the incremental facility feature to $ 190 million, eliminating provisions whereby lenders under certain conditions could require repayment of all obligations outst anding under the Trading Credit Facility within 10 days on demand, extend the maturity date to September 30, 2026 , and increase the total facility to $ 467.0 million. In August 2025, the Trading Credit Facility was further amended; see Note 20 for additional information . The Trading Credit Facility is secured by substantially all of the Companys assets on a first priority basis and is guaranteed by all of the Company's subsidiaries. The Trading Credit Facility currently bears interest at the daily SOFR rate plus an applicable margin of 236 basis points. As of June 30, 2025, the interest rate on our Trading Credit Facility was approximately 6.9 % and t he daily SOFR rate was approximately 4.5 % . The Trading Credit Facility provides the Company with the liquidity to buy and sell billions of dollars of precious metals annually. We …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"3. ASSETS AND LIABI LITIES, AT FAIR VALUE Fair Value of Financial Instruments A financial instrument is defined as cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The fair value of financial instruments represents amounts that would be received upon the sale of those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Companys own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk adjusted discount rates, and available observable and unobservable inputs. For most of the Company's financial instruments, the carrying amount approximates fair value. The carrying amounts of cash, receivables, secured loans receivable, accounts payable and other current liabilities, accrued liabilities, and income taxes payable approximate fair value due to their short-term nature. The carrying amounts of derivative assets and derivative liabil …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

9. GOODWILL AND INTANGIBLE ASSETS Goodwill is an intangible asset that arises when a company acquires an existing business or assets (net of assumed liabilities) which comprise a business. In general, the amount of goodwill recorded in an acquisition is calculated as the purchase price of the business minus the fair market value of the tangible assets and the identifiable intangible assets, net of the assumed liabilities. Goodwill and intangibles can also be established by push-down accounting. Below is a summary of the significant transactions that generated our goodwill and intangible assets: In connection with the Company's formation of AMST in August 2016, the Company recorded $ 2.5 million and $ 4.3 million of identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal and represent their fair values at the acquisition date. In connection with the Company's acquisition of Goldline in August 2017, the Company recorded $ 5.0 million and $ 1.4 million of additional identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal and represent their fair values at the acquisition date. In March 2021, the Company acquired 100 % ownership of JMB, in which we previously held a 20.5 % equity interest. At the acquisition date we measured the value of identifiable intangible assets and goodwill at $ 98.0 million and $ 92.1 million, respectively. These values represent their fair va …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"13. INCO ME TAXES Net income from operations before provision for income taxes is shown below (in thousands): Year Ended June 30, 2025 2024 2023 U.S. $ 21,888 $ 83,317 $ 203,139 Foreign ( 618 ) ( 539 ) 31 $ 21,270 $ 82,778 $ 203,170 The Company files a consolidated federal income tax return based on a June 30 tax year end. The provision for income tax expense by jurisdiction and the effective tax rate are shown below (in thousands): Year Ended June 30, 2025 2024 2023 Current: Federal $ 6,663 $ 14,177 $ 39,408 State and local 1,228 1,847 5,371 Foreign 1,454 419 37 9,345 16,443 44,816 Deferred: Federal ( 1,884 ) ( 2,000 ) 178 State and local ( 148 ) ( 608 ) 1,407 Foreign ( 1,887 ) ( 90 ) ( 3,919 ) ( 2,698 ) 1,585 Income tax expense $ 5,426 $ 13,745 $ 46,401 Effective income tax rate 25.5 % 16.6 % 22.8 % Our provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rates for the year ended June 30, 2025, 2024, and 2023 primarily due to the excess tax benefit from share-based compensation, foreign derived intangible income deduction, offset by state taxes (net of federal tax benefit), Section 162(m) executive compensation disallowance, and other normal course non-deductible items. In addition, for the years ended June 30, 2025, our effective tax rate differed from the federal statutory rate due to the one-time adjustments related to our PCE and AMS step acquisitions and transaction costs. Furthermore, for the year ended June 30, 2024, our e …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

7. L E ASES Components of lease expense were as follows (in thousands): Year Ended June 30, 2025 2024 2023 Operating lease costs $ 4,019 $ 1,616 $ 1,460 Variable lease costs 1,203 545 469 Short term lease costs 103 73 108 Finance lease costs 36 15 $ 5,361 $ 2,249 $ 2,037 For the year ended June 30, 2025, we made cash payments of $ 3.9 million for operating lease obligations. These payments are included in operating cash flows. As of June 30, 2025, the weighted-average remaining lease term under our capitalized operating leases was 5.4 years, while the weighted-average discount rate for our operating leases was approximately 6.1 % . As of June 30, 2024, the weighted-average remaining lease term under our capitalized operating leases was 4.5 years, while the weighted-average discount rate for our operating leases was approximately 6.0 % . The future undiscounted cash flows for each of the next five years and thereafter, and reconciliation to the lease liabilities as of June 30, 2025 for our operating leases were as follows (in thousands): Fiscal Year ending June 30, Operating Leases 2026 $ 6,626 2027 5,702 2028 6,155 2029 3,179 2030 1,863 Thereafter 4,566 Total lease payments 28,091 Imputed interest ( 4,499 ) Total operating lease liability $ 23,592 (1) Operating lease liability - current $ 5,318 (2) Operating lease liability - long-term 18,274 (3) $ 23,592 (1) (1) Represents the present value of the operating lease liabilities as of June 30, 2025 . (2) Current operating lease …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements From time to time, the Financial Accounting Standards Board (""FASB"") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards Update (""ASU""). Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosur es, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expe nses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entitys measurement and assessment of segment performance and resource allocation. The Company adopted the guidance during the year ended June 30, 2025 and the adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards not yet adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which updates the guidance on income tax disclosures to require entities to disclose specific categories within the rate reconciliation, provide additional information for reconciling items that meet certain quantitative thresholds, and provide additional information about income taxes paid. This update is effective for the Company for its 2026 fiscal year; early adoption is permitted. We …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"14. RELATED PAR TY TRANSACTIONS Related parties include entities which the Company controls or has the ability to significantly influence, and entities which are under common control with the Company. Related parties also include persons who are affiliated with related entities or the Company who are in a position to influence corporate decisions (such as owners, executives, board members and their families). In the normal course of business, we enter into transactions with our related parties. In addition to our directors and officers and one individual who is the beneficial owner of more than ten percent of our outstanding common stock, below is a list of related parties with whom we have had significant transactions during the presented periods: 1) Spectrum Group International, Inc.(""SGI"") and Stacks Bowers Numismatics, LLC (""Stack's Bowers Galleries"") . The Company acquired SGI in February 2025. However, prior to February 2025, SGI and its wholly owned subsidiary Stack's Bowers Galleries were considered to be related parties of the Company. SGI and the Company had a common chief executive officer, and the chief executive officer and the general counsel of the Company constituted a majority of the board members of SGI. Information included below relating to SGI and Stack's Bowers Galleries pertains to transactions prior to the Company's acquisition of SGI in February 2025. Also, as discussed below, certain directors and officers of the Company and the Company's larges …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"19. SEGMENTS AND GE OGRAPHIC INFORMATION The Company identifies its reportable segments based on a management approach as described in Topic 280 Segment Reporting , together with additional factors such as nature of products or services, customer types, and certain economic characteristics of the underlying business. Our Chief Operating Decision Maker (""CODM"") is our CEO , Gregory Roberts. Our CODM uses segment net income before provision for income taxes to allocate resources to our segments in our annual planning process and to assess the performance of our segments, primarily by monitoring actual results versus the annual plan. Our operating segments are not evaluated using asset information. The Company's operations are organized under three business segments (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments. See Note 1 for a description of the types of products and services from which each reportable segment derives its revenues. Revenue in thousands Year Ended June 30, 2025 2024 2023 Revenue by segment (1) Wholesale Sales & Ancillary Services $ 10,259,300 $ 9,253,473 $ 8,753,549 Eliminations of inter-segment sales ( 1,563,943 ) ( 1,006,103 ) ( 1,464,410 ) Wholesale Sales & Ancillary Services, net of eliminations (2) 8,695,357 8,247,370 7,289,139 Direct-to- …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. SUMMARY OF SIGNIFIC ANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements reflect the financial condition, results of operations, statements of stockholders equity, and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (U.S. GAAP). The Company consolidates its subsidiaries that are wholly-owned, and majority owned, and entities that are variable interest entities where the Company is determined to be the primary beneficiary. In addition to A-Mark, our consolidated financial statements include the accounts of: AMTAG, TDS, AMGL, AMST, AM/LPM Ventures, SGI, Pinehurst, JMB, Goldline, SGB, AMS, and CFC. Intercompany accounts and transactions are eliminated. Comprehensive Income Our other comprehensive income and losses are comprised of unrealized gains and losses associated with the translation of foreign-based equity method investments which are shown in our consolidated statements of stockholders' equity. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value (primarily, with …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

20. SUBSEQU ENT EVENTS Dividend On August 1, 2025 , the Company pa id a regular cash dividend of $ 0.20 per share to stockholders of record as of July 18, 2025 . Credit Agreement On August 21, 2025, the Company entered into an Amended and Restated Credit Agreement (the A&R Credit Agreement) with the other loan parties thereto, the lenders party thereto and CIBC Bank USA as administrative agent for the lenders. The A&R Credit Agreement amends and restates in its entirety the Companys Credit Agreement, dated December 21, 2021, as amended, which provides the Company with a revolving credit facility (the Original Credit Agreement). The A&R Credit Agreement, among other things: (a) extends the Termination Date of the Original Credit Agreement to the earlier to occur of September 30, 2027 or such other date on which the Commitments (as defined) terminate pursuant to Section 5 or Section 13 of the A&R Credit Agreement, (b) decreases the Revolving Commitment (as defined) from $ 467,000,000 to $ 422,500,000 , and (c) increases the amount of the Permitted Secured Lease Obligations (as defined) from $ 200,000,000 to $ 400,000,000 . The A&R Credit Agreement also modifies certain covenants of the Original Credit Agreement. This description is qualified by reference to the text of the Amended and Restated Credit Agreement, which is filed as Exhibit 10.24 to this Report on Form 10-K. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing