Strategic Investments

12 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

NOTE 4: STRATEGIC INVESTMENTS

Cash Converters International Limited

As of September 30, 2025, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original investment in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.

We received cash dividends from Cash Converters of $3.6 million, $3.5 million and $3.6 million during the years ended September 30, 2025, 2024 and 2023, respectively. In November 2025, we received a cash dividend of $1.8 million from Cash Converters.

The following tables present summary financial information for Cash Converters’ most recently reported results as applicable after translation to U.S. dollars:


	June 30,
(in thousands)	2025		2024

Current assets	$	186,820	$	185,649
Non-current assets	130,662		133,043
Total assets	$	317,482	$	318,692

Current liabilities	$	95,881	$	103,771
Non-current liabilities	72,608		74,010
Shareholders’ equity	148,993		140,911
Total liabilities and shareholders’ equity	$	317,482	$	318,692


	Fiscal Year Ended June 30,
(in thousands)	2025		2024		2023

Gross revenues	$	249,231	$	251,135	$	203,608
Gross profit	$	158,463	$	152,879	$	125,709
Net profit (loss)	$	15,838	$	11,420	$	(65,351)

Our equity in Cash Converters’ net income was $6.9 million and $5.0 million in fiscal 2025 and 2024, respectively. Our equity in Cash Converters’ net loss was $28.5 million in fiscal 2023, which includes $32.4 million for our share of their non-cash goodwill impairment charge. Cash Converters’ accumulated undistributed after-tax loss included in our consolidated retained earnings were $11.4 million as of September 30, 2025.

At September 30, 2025 and 2024, the fair value of our investment in Cash Converters, as estimated by reference to its quoted market price per share, was greater than its carrying value. See Note 5: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.

Founders One, LLC

In fiscal 2022, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a then newly-formed entity with one other member. In fiscal 2023, we contributed an additional $15.0 million associated with our preferred interest and loaned Founders $15.0 million in exchange for a Demand Promissory Note secured by the common interest held by the other member. In fiscal 2024, we contributed an additional $15.0 million associated with our preferred interest, bringing our total preferred equity investment in Founders to $45.0 million. In fiscal 2025, we entered into an agreement to loan Founders up to an additional $15.0 million in exchange for a Demand Promissory Note secured by the common interest held by the other member. As of September 30, 2025, the balance outstanding for the new promissory note is $6.0 million bringing the total due from Founders to $24.4 million including accrued and unpaid interest.

We have an interest in Founders, a variable interest entity, but because we are not the primary beneficiary, we do not consolidate Founders. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our equity investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. As of September 30, 2025, our $45.0 million carrying value of the investment and principal outstanding of $21.0 million on our Demand Promissory Notes are included in “Other investments” and “Prepaid expenses and other current assets” in our consolidated balance sheets, respectively. As of September 30, 2025, our maximum exposure for losses related to our investment in Founders was our $45.0 million equity investment and $24.4 million Demand Promissory Notes including accrued and unpaid interest. See Note 5: Fair Value Measurements for the fair value and carrying value of our loans to Founders.