UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended June 30, 2025
 OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ________ to ________
 Commission File Number: 001-36347

 A-MARK PRECIOUS METALS, INC.
 (Exact name of registrant as specified in its charter)

 Delaware
 (State of Incorporation)

 11-2464169
 (IRS Employer I.D. No.)

 2121 Rosecrans Ave., Suite 6300, El Segundo, CA 90245
 (Address of principal executive offices) (Zip code)
 ( 310) 587-1477
 (Registrant's telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Exchange Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common Stock, $0.01 par value

 AMRK

 NASDAQ Global Select Market

 Securities registered pursuant to section 12(g) of the Act: None
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes. No.
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such les). Yes. No.
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes. No.
 Aggregate market value of registrant's common stock held by non-affiliates of the registrant on December 31, 2024, based upon the closing price of Common Stock on such date as reported by NASDAQ Global Select Market, was $ 488.7 million. Shares of common stock known to be beneficially owned by directors and executive officers of the Registrant subject to Section 16 of the Securities Exchange Act of 1934 are not included in the computation. No determination has been made that such persons are "affiliates" within the meaning of Rule 12b-2 under the Exchange Act.

 As of September 5, 2025, the registrant had 24,639,386 shares of common stock, par value $0.01 per share outstanding.
 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders, scheduled to be held on November 12, 2025, are incorporated into Part III.

 ANNUAL REPORT ON FORM 10-K
 For the Year Ended June 30, 2025

 Page

 Item 1.

 Description of Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplemental Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 Signatures

 ITEM 1. DESCRIPTION OF BUSINESS
 Overview
 A-Mark, also referred to (together with its subsidiaries) as "we", "us", and the "Company", is a fully integrated precious metals company that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers via a portfolio of channels. The Company conducts its operations through three complementary segments:
 • Wholesale Sales & Ancillary Services operates as a wholesaler of gold, silver, platinum, and palladium bullion and related products, including bars, wafers, grain, and coins. Wholesale Sales & Ancillary Services also provides customized financing programs, secure storage, and turn-key logistic services. The Company also owns its own silver mint as well as distributes gold and silver coins and bars from sovereign and private mints.

 • Direct-to-Consumer sells precious metals to domestic and international retail customers through its consumer-facing subsidiaries.

 • Secured Lending offers liquidity to customers by originating and acquiring commercial loans collateralized by bullion, numismatic coins, and graded sports cards.

 A-Mark believes it has one of the largest customer bases in each of its markets and provides one of the most comprehensive offerings of products and services in the precious metals trading industry. Our global customer base, spanning four continents, includes mints, manufacturers and fabricators, refiners, coin and bullion dealers, e-commerce retailers, banks and other financial institutions, commodity brokerage houses, industrial users of precious metals, investors, collectors, and retail customers.
 A-Mark believes its businesses largely function independently of the price movement of the underlying commodities. However, factors such as global economic activity or uncertainty and inflationary trends, which affect market volatility, have the potential to impact demand, supply, volumes, and margins.
 History
 A-Mark was founded in 1965 and has grown into a significant participant in the bullion and coin market. Over the years, A-Mark has been steadily expanding its products and services. In 1986, A-Mark became an authorized purchaser of gold and silver bullion coins struck by the United States Mint. Similar arrangements with other sovereign mints followed, so that by the early 1990s, A-Mark had (and continues to have) relationships with all major sovereign mints offering bullion coins and bars internationally. In 2005, 80% of A-Mark was acquired by Spectrum Group International, Inc., which acquired the balance of the Company in 2011. In 2014, the Company was then spun-off and became a publicly traded company.
 The Company began to develop a range of ancillary services in 2015 that has since grown to include, among others, A-M Global Logistics, LLC ("AMGL"), our Las Vegas based precious metals depository and distribution center, which is complemented by a second facility in proximity to the Dallas Fort Worth International Airport, and through the Company's AM&ST Associates, LLC ("AMST") subsidiary, acquired full ownership of SilverTowne Mint in 2021.
 A-Mark's transition to a vertically integrated precious metals company began with the 2017 acquisition of Goldline, Inc. and continued with its foundational acquisition in 2021 of the remaining equity interests in JM Bullion, Inc. it did not own at the time.
 The Company's international operations have grown over the last several years through a series of organic investments and acquisitions to include Wholesale and Direct-to-Consumer operations in Canada, Europe, as well as Asia, with a specific focus on Hong Kong and Singapore.
 In February 2025, A-Mark acquired the successor company to Spectrum Group International, Inc., its former parent company and the owner of Stack's Bowers Galleries and Spectrum Wine Auctions. This acquisition expanded the Company's operations into the collectible coin and currency market and was followed by two complementary acquisitions. (As used herein, and as the context may require, the term "SGI" refers to Spectrum Group International, Inc. and its successor company Spectrum Group International, LLC.)

 Competitive Advantages
 Through strategic relationships with its customers and suppliers and vertical integration across its markets, A-Mark seeks to grow its business volume, expand its presence in non-U.S. markets around the globe, and enlarge its offering of complementary products and services. A-Mark seeks to continue its expansion by building on its strengths and what it perceives to be its competitive advantages. These include:
 • integrated operations that span trading, distribution, logistics, minting, storage, hedging, financing, and consignment products and services;

 • an extensive and varied customer base that includes banks and other financial institutions, coin dealers, collectors, private investors, retail customers, investment advisors, industrial manufacturers, refiners, sovereign and private mints, and mines;

 • the ability to cost effectively acquire and retain new retail customers,

 • the ability to offer secured financing to customers;

 • our expertise in e-commerce and marketing;

 • secure storage and turn-key logistic services for precious metals products;

 • long-standing relationships with the United States Mint and other sovereign mints, including a working relationship with the United States Mint of over 35 years;

 • access to primary market makers, suppliers and refiners that, along with government mints, provide a dependable supply of precious metals and precious metal products;

 • the ability to obtain more favorable pricing and financing terms due to our size;

 • minting operations and partnerships which produce silver bullion and custom coins, allowing for a ready response to changing market demands;

 • the ability to design and fabricate proprietary silver products for customers;

 • the largest precious metals dealer network;

 • depository relationships in major financial centers around the world;

 • our global trading systems, coupled with experienced traders who also effectively manage A-Mark's exposure to commodity price risk; and

 • a strong management team, with over 100 years of collective industry experience.

 Growth Strategy
 As we pursue strategic growth, we are focused on:
 • Continuing to grow our consumer facing brands—We own numerous unique direct-to-consumer brands and have partial ownership interests in additional consumer facing brands. Each of these brands has a differentiated market positioning and target customer demographic, which allows us to tailor our merchandising, pricing, and advertising strategies to maximize the growth and profitability of each brand. We plan to continue to invest in the Direct-to-Consumer segment, to facilitate both the acquisition of new customers and the retention of our existing customers.

 • Cross-selling existing products and services to retail customers—As of June 30, 2025, we had approximately 4.2 million total retail customers and 0.6 million active retail customers. We believe there are continued opportunities to offer new products and services provided by A-Mark to this customer base, including new, proprietary minted precious metals products, secure storage and logistics.

 • Leveraging our minting capabilities to sell additional proprietary products—We have long-standing relationships with the United States Mint and other major international sovereign mints. We also own one mint, Silver Towne, and have a noncontrolling interest in another mint. We leverage our relationships with these mints to offer proprietary products to our wholesale and direct-to-consumer customers. The growth in our direct-to-consumer customer base allows us to increase the number of proprietary products we design, source, and ultimately sell.

 • Expanding our global footprint—We currently serve customers on four continents. Although the majority of our current sales are to customers located in the United States, in addition to acquiring LPM in February 2024 and a controlling interest in SGB in June 2024, we believe there is a meaningful opportunity to continue to expand our capabilities in order to offer additional products and services to customers in Canada, Europe, and Asia.

 • Leveraging technology to deliver new products and increased services to customers—We are dedicating significant time and resources to enhance our technology platform and capabilities across all aspects of our business. We intend to develop new digital products, including those that will allow customers to more easily buy, sell, and arrange for storage of physical metal products through a mobile interface. We also intend to continue to improve our customer interfaces to allow more seamless order processing, better cross-selling of products and services across our business units, to increase our new customer targeting and acquisition strategies, and to further improve our fulfillment and inventorying capabilities.

 • Pursuing strategic investments and acquisitions—Since our initial investment in JMB in 2014, we have acquired Goldline, made minority investments in several additional consumer facing precious metals retailers, acquired the entire equity interest in JMB, acquired new brands which we have fully integrated into JMB, acquired the entire equity interest in Silver Towne Mint, acquired a noncontrolling interest in a private mint, acquired LPM in February 2024, acquired a controlling interest in SGB in June 2024, and recently acquired SGI and the outstanding equity interests we did not previously own of Pinehurst and AMS. We intend to continue to evaluate new investment and acquisition opportunities that allow us to broaden our product offerings, allow us to better serve our existing customer base, enter new geographic regions and target new customer demographics.

 Business Segments
 The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. See Note 19 to the Company's consolidated financial statements for further information regarding our reportable segments.
 A-Mark operates through several business units that comprise the Wholesale Sales & Ancillary Services segment, including Wholesale Sales, Storage and Logistics, and Mint.
 Wholesale Sales. We sell over 2,000 different products through our Wholesale Sales business, including gold and silver coins from around the world and gold, silver, platinum and palladium bars and ingots in a variety of weights, shapes, and sizes. Our customers include coin and bullion dealers, banks and other financial institutions, commodity brokerage houses, manufacturers, investors, investment advisors, and collectors who qualify as "eligible commercial entities" and "eligible contract participants," as those terms are defined in the Commodity Exchange Act. We also sell gold, silver, platinum, and palladium to industrial and commercial users, including coin fabricators such as mints and industrial manufacturers, encompassing electronics and component parts companies and refiners.
 We are an authorized distributor (and, in the case of the United States Mint, an authorized purchaser) of gold and silver coins for all of the major sovereign mints and various private mints. The sovereign mints include the United States Mint, the Australian (Perth) Mint, the Austrian Mint, the Royal Canadian Mint, the China Mint, Banco de Mexico, the South African Mint (Rand Refinery) and the Royal Mint (United Kingdom). We purchase and take delivery of coins from the mints for resale to coin dealers, financial institutions, and other qualified purchasers.
 Our distribution and purchase agreements with the mints are non-exclusive and may be terminated by the mints at any time, although in practice our relationships with the mints are long-standing, in some cases, as with the United States Mint, extending back for over 35 years. In some cases, we have developed exclusive products with sovereign and private mints for distribution through our dealer network.
 Orders are taken telephonically and on an electronic trading platform that can be accessed by qualified wholesale customers at www.amark.com. Pricing is generally based on screen quotes for bullion transactions in the spot market, with two-day settlement, although special pricing and extended settlement terms are also available. Almost all customers take physical delivery of the precious metal. Product is shipped upon receipt of payment, except where the purchase is financed under credit arrangements between A-Mark and the customer. We have relationships with precious metal depositories around the world to facilitate shipment of product from our inventory to the customer, in many cases for next day delivery. Product may either be shipped to the customer's location or delivered to a depository or other storage facility designated by the customer. The Company also periodically loans metals to customers on a short-term consignment basis and may charge interest fees based on the value of the metals loaned.

 We engage in commodity hedging as well as borrowing and lending transactions in support of our Wholesale Sales operations. We hedge the commodity risk on A-Mark's inventory in order to protect A-Mark from market price fluctuations. A-Mark maintains relationships with major market-makers and multiple futures brokers in order to provide a variety of alternatives for its hedging needs. Our traders employ a combination of future and forward contracts to hedge our market exposure. Because it seeks to substantially hedge its market exposure, A-Mark believes that its business largely functions independently of the price movements of the underlying commodities. Through its hedging activities, A-Mark may also earn contango yields, in which futures price are higher than the current spot prices, or backwardation yields, in which futures prices are lower than the spot prices. A-Mark also offers precious metals price quotes in a number of foreign currencies.
 We engage in precious metals borrowing and lending transactions and other customized financial transactions with or on behalf of our customers and other counterparties. These arrangements range from simple hedging structures to complex inventory finance arrangements and forward purchase and sale structures, tailored to the needs of our customers.
 We promote and sell products and services to international markets through several strategic locations:
 • We market A-Mark's goods and services to international markets through our A-Mark Trading AG ("AMTAG") subsidiary which has operated an overseas office in Vienna, Austria since 2009.

 • We formed our subsidiary AM/LPM Ventures, LLC, to acquire LPM Group Limited ("LPM") in 2024. LPM is one of Asia's largest precious metals dealers and serves as the Company's Asia headquarters. LPM has a large numismatics showroom in the heart of Hong Kong's Central Financial District.

 • Our AM Precious Metals Singapore PTE Ltd. subsidiary operates a trading office located in strategically important Singapore.

 We acquired SGI in February 2025. SGI is the parent company of Stack's Bowers Galleries, which is one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. SGI is also the majority owner of Spectrum Wine, a global auctioneer, retailer, and storage provider of fine and rare wine. SGI's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment and the financial results and metrics attributable to its auction and retail operations are included in our Direct-to-Consumer segment.
 In February 2025, the Company acquired the remaining outstanding equity interests in Pinehurst Coin Exchange, Inc. ("Pinehurst") it did not previously own. Pinehurst is a leading precious metals broker that services the wholesale and retail marketplace and is one of the nation's largest e-commerce retailers of modern and numismatic coins on eBay. Pinehurst markets a broad range of bullion and is a leader in selling coins produced by the U.S. Mint, the Royal Canadian Mint, and other highly regarded sovereign mints that have been evaluated by leading grading agencies. Pinehurst's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment and the financial results and metrics attributable to its retail operations are included in our Direct-to-Consumer segment.
 Storage and Logistics. Through our A-M Global Logistics, LLC ("AMGL") and Transcontinental Depository Services, LLC ("TDS") subsidiaries, we provide secured storage and logistics solutions for precious metals and numismatic coins for financial institutions, dealers, investors, and collectors worldwide. AMGL provides secure storage and comprehensive logistics solutions to our customers through our depository in Las Vegas, Nevada. Our AMGL facility, located in the Harry Reid International Airport, comprises approximately 25,000 square feet and utilizes autonomous processing to enhance operational efficiency and maintain premium quality control. TDS contracts on behalf of our clients with independent secure storage facilities in the United States, Canada, Europe, Singapore, and Hong Kong, for either fully segregated or allocated storage. TDS's marketing efforts are conducted both in conjunction with A-Mark's trading operations and independently, including through its dedicated website www.tdsvaults.com. We also operate a 25,000 square foot storage facility in Texas near the Dallas Fort Worth International Airport through our Direct-to-Consumer subsidiary JM Bullion, Inc.
 Mint. Through its wholly-owned subsidiary AM&ST Associates, LLC ("AMST"), the Company owns the minting operations of the Silver Towne Mint (or the "Mint"), which is an Indiana-based fabricator of silver bullion products. We also have a noncontrolling interest in Sunshine Minting, Inc. Through these minting operations we can provide a diverse product selection to our customers and greater pricing stability within the supply chain, as well as increased access to fabricated products during volatile market environments. A-Mark has leveraged Silver Towne Mint's fabrication capabilities to introduce new custom products for individual customers.
 Although the Company is the Mint's primary customer, the Mint also markets its products at www.silvertownemint.com. In March 2023, the Mint achieved ISO 9000:2015 certification which allows all products produced by the Mint to be accepted into individual retirement accounts ("IRA").

 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, through its investment in Silver Gold Bull, Inc. ("SGB") and through its subsidiary Precious Metals Purchasing Partners, LLC ("PMPP"). The Company's Direct-to-Consumer segment expands the Company's distribution capabilities with a retail distribution channel. It diversifies the products and services offered to the Company's retail customers by providing them access to the Company's wider assortment of precious metal coins and bars, as well as AMGL's storage and logistic services and TDS's storage and asset protection services.
 JMB
 JMB is a leading internet retailer of precious metal products that it sells through its proprietary websites.
 Products. JMB's products consist primarily of coins, rounds, and bars. Coins are minted by a sovereign government, are legal currency and have a face value, although the face value is typically less than the value of their precious metal content. Rounds are coin-like objects with thematic designs minted by private mints, have no face value and are not legal currency, and their value is solely based upon their precious metal content. Bars are ingot-shaped precious metal objects that are usually produced by private mints. Like rounds, bars have no face value, are not legal currency and are valued based on their precious metal content. Coins, rounds, and bars are made from silver, gold, platinum, or palladium and in some cases copper. JMB occasionally sells jewelry products fashioned around coins or rounds as well.
 JMB offers over 7,000 different products, measured by stock keeping units or SKUs, on its websites during a fiscal year. This number can vary over time, particularly when demand is high. As a service to its customers, JMB makes available for sale on its websites protective accessories for precious metal products, including acrylic coin holders and capsules, coin tubes and silver bar tubes.
 JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com. GoldPrice.org and SilverPrice.org publish data on precious metal and cryptocurrency pricing and generate leads for its other websites.
 Through the CyberMetals online platform, customers can purchase and sell fractional shares of digital gold, silver, platinum, and palladium bars in a range of denominations. CyberMetals' customers have the option to convert their digital holdings to fabricated precious metals products via an integrated redemption flow with JMB. These products may be designated for storage by the Company or shipped directly to the customer.
 Customers may order product on each of the JMBullion.com, BGASC.com, BullionMax.com, ProvidentMetals.com and Silver.com websites. While each of these sites appeals to a different customer clientele and may from time to time have slightly different product offerings, all orders are processed in the same manner. Customers may place their orders online, or they may use the toll-free telephone number available on the websites to order through a customer representative. The SilverPrice.org and GoldPrice.org websites provide real time price information on silver, gold, and cryptocurrencies. We also own the gold.com domain, one of the most recognizable domains in the precious metals industry. Although customers cannot order product on these websites, the websites direct visitors to JMBullion.com for placing orders.
 JMB utilizes an internally developed search engine optimization strategy to drive traffic to its websites, particularly to JMBullion.com. JMB also pays for placement on the major search engines, including Google, Bing, Apple, and Yahoo!, employing internally developed strategies to reach a targeted audience and to optimize the cost effectiveness of paid for searches.
 JMB's Direct-to-Consumer Purchase Program. JMB also offers to purchase precious metal products through its websites. With this program, JMB provides collectors of precious metal products with a means to dispose of their holdings at transparent and competitive prices. Generally, JMB will indicate on its websites the products that it is interested in purchasing, and a collector seeking to sell such products may arrange the sale online. Alternatively, the collector may call a customer representative using the toll-free number on the website and arrange a sale by telephone.
 The Direct-to-Consumer Purchase Program is a source of inventory for JMB, which enables JMB to acquire product for resale at a discount to dealer prices.
 Logistics. The Company's main distribution facility in Las Vegas, Nevada, together with its ancillary facility in Dallas, Texas, handle the back end logistics for the Company's Direct-to-Consumer Purchase Program and the secured storage for CyberMetals' precious metals.

 Goldline
 Goldline, acquired by the Company in August 2017, is a direct retailer of precious metals to the investor community. Goldline markets its precious metal products on television, radio, podcasts, and the internet, as well as through customer service outreach, particularly to Goldline's repeat customers. Online orders are taken on an electronic trading platform that can be accessed by qualified retail customers at www.goldline.com.
 Goldline customers are required to enter into an account agreement that specifies the terms and conditions of purchase and explains the availability of certain programs and services offered by Goldline to its customers.
 Products. Goldline offers a variety of products from gold, silver, and platinum bullion in the form of bars and coins, as well as rare coins.
 Goldline's and SGB's Direct-to-Consumer Purchase Program. Through Precious Metals Purchasing Partners, LLC ("PMPP"), a joint venture between Goldline and SGB, Goldline and SGB acquire precious metals from their retail customers in order to diversify their supply of product offerings and provide discounted pricing to their affiliates. This program provides Goldline's and SGB's customers with a means to monetize their holdings efficiently and at competitive prices.
 Intellectual Property. AM IP Assets, LLC ("AMIP"), a wholly-owned subsidiary of Goldline, manages certain intellectual property of Goldline, including customer lists and a sales lead database.
 SGB
 The Company acquired its initial ownership interest in SGB in 2014, increasing its investment to 55.4% in June 2024. SGB is a leading e-commerce precious metals retailer in Canada. The Company's investment in SGB expands the Company's direct-to-consumer footprint in the international market.
 Through its website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins and rounds, as well as certified coins from mints around the world.
 SGI
 SGI, which the Company acquired in February 2025, is the parent company of Stack's Bowers Galleries, one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. Its auction services unit conducts in-person, internet and specialized auctions of consigned and owned items and has sold a wide range of the most important rarities and numismatic collections over its distinguished history. SGI's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment and the financial results and metrics attributable to its auction and retail operations are included in our Direct-to-Consumer segment.
 Pinehurst
 In February 2025, the Company acquired the remaining equity interests in Pinehurst it did not previously own. Pinehurst is a leading precious metals broker that services the wholesale and retail marketplace and is one of the nation's largest e-commerce retailers of modern and numismatic coins on eBay. Pinehurst operates the www. PinehurstCoins.com and www. ModernCoinMart.com websites. Pinehurst's financial results and metrics attributable to wholesale operations are included in our Wholesale Sales & Ancillary Services segment and the financial results and metrics attributable to its retail operations are included in our Direct-to-Consumer segment.
 AMS
 In April 2025, A-Mark continued the expansion of its footprint into the luxury precious metals market by acquiring the 90% of the outstanding equity interests of AMS it did not previously own. A-Mark had supplied bullion and related products to AMS for over ten years. The foundation of AMS brings together four decades of collector relationships with modern technology and compelling coin offerings that are sold through the GOVMINT brand. AMS has served over 500,000 customers in its history.
 The Company operates its Secured Lending segment through its wholly-owned subsidiary, CFC, which in turn owned AM Capital Funding, LLC ("AMCF"). CFC has been operating since fiscal year 2005; AMCF was dissolved in June 2024. CFC Alternative Investments, LLC ("CAI"), a subsidiary of CFC, is a party to a joint venture known as Collectible Card Partners, LLC ("CCP"), which was formed for the purpose of making commercial loans collateralized by graded sports cards.
 CFC is a California licensed finance lender that, directly and through its subsidiaries, originates and acquires commercial loans secured by bullion, numismatic coins, and graded sports cards. CFC's customers include coin and precious metal dealers, investors, and collectors. As of June 30, 2025, the aggregate balance of CFC's secured loans was approximately $94.0 million which is comprised of approximately 11% of loans acquired from third-parties and approximately 89% of loans originated by CFC.

 AMCF was a special purpose entity whose sole activity consisted of operating, owning, and financing precious metal inventory through the issuance of notes (the "AMCF Notes"). In December 2023, the AMCF Notes were repaid and AMCF was dissolved in June 2024.
 General. The secured loans that CFC issues consist of on-demand loans and loans with a term of three months to 364 days, with a typical term of approximately six months. Repayment of the loans can be made at any time without penalty. Because the loans are of relatively short duration, CFC does not have significant exposure to interest rate fluctuations, even in a rising interest rate environment. Loans carried by CFC range in size up to approximately $8.0 million.
 All loans are fully secured by bullion, numismatic coins, graded sports cards, or other eligible alternative investment assets. TDS, on behalf of CFC, takes physical custody of the coins or bullion collateralizing the loans. CFC requires loan-to-value ("LTV") ratios of between 50% and 85%. LTV ratio refers to the principal amount of the loan divided by the liquidation value of the collateral, as conservatively estimated by CFC for numismatic loans and based on daily spot market prices for bullion loans. The LTV ratio varies with the nature of the collateral, with CFC allowing, for example, a higher LTV ratio for bullion than for rare coins. If, because of fluctuations in the market price of the pledged collateral, the LTV ratio on a loan increases above a prescribed maximum ratio, typically 85%, CFC can make a margin call on the loan. If the borrower does not meet the margin call, either by wiring payment or supplying additional collateral, CFC is authorized to sell the collateral, which it does through its A-Mark affiliates. CFC has never experienced losses of principal on its loans.
 Origination Activity. CFC's origination activities are complementary to the Company's coin and bullion businesses and afford our customers a convenient means of financing their inventory or collections. CFC also attempts to leverage the worldwide storage capabilities of its TDS affiliate by offering clients TDS's asset protection services in connection with the loans. CFC's marketing efforts for its origination activity are conducted both in conjunction with A-Mark's trading operations, particularly with respect to dealers, and independently, including though its dedicated website www.cfcgoldloans.com. Interest rates on loans originated by CFC are determined based on current market conditions, borrower profile and type or mix of collateral. CFC also offers a variety of custom loan services to its origination clients, including renewal options, options to increase loan size, financing arrangements tailored to facilitate participation in numismatic auctions, and revolving loan arrangements. CFC services the loans that it originates.
 Acquisition Activity. CFC also acquires portfolios of loans secured by bullion and numismatics coins from third-party originators. The loans acquired by CFC are sold subject to customary representations and warranties for loan portfolios of this type and must comply with CFC's criteria for quality of collateral, LTV ratio, term and interest rate. Upon acquisition of a loan portfolio, CFC takes physical possession of the collateral securing the loans. In the event that a loan is non-performing, we will typically liquidate the collateral on behalf of the originator in order to retire the loan. Typically, loan portfolios acquired by CFC are serviced by the originator for a fee.
 Financing Activity. CFC has historically financed its loan origination and acquisition activity primarily through A-Mark's demand line of credit with a syndicate of several financial institutions.
 Liquidity
 Our business depends substantially on our ability to obtain financing for our operations. Sources of cash generated from operating activities include receipts upon the sales of precious metals, and cash collected from interest payments on secured loans.
 Sources of cash provided by financing activities are our uncommitted line of credit, fixed interest rate notes, and other structured financing products. The Company's line of credit provides it with the liquidity to buy and sell billions of dollars of precious metals annually, and is used to fund a substantial portion of the operations of the Company. As of June 30, 2025, A-Mark's uncommitted line of credit provided access up to $467.0 million with a maturity date of September 2026. In August 2025, we amended the credit facility; see Note 20 f or additional information.
 The Company also generates funds from other finance products that include product financing arrangements with customers, whereby the Company sells its inventory with an option to repurchase, and through precious metal borrowing and leasing arrangements with its suppliers.
 We periodically purchase our own common stock that is traded on public markets as part of our announced stock repurchase program. See more information regarding our share repurchase program in Part II, Item 5 of this Annual Report.
 Market Making Activity
 We act as a principal market maker, maintaining a two-way market for buying and selling precious metals. This means we both sell product to and purchase product from our customers.

 Material Resources
 We maintain a substantial inventory of bullion and coins in order to provide our customers with selection and prompt delivery. We acquire product for our inventory in the course of our trading activities with our customers, directly from government and private mints, mines, and refiners, and from commodities brokers and dealers, privately and in transactions on established commodity exchanges.
 A-Mark's precious metals inventories are subject to market value changes created by change in the underlying commodity price, as well as supply and demand of the individual products the Company trades. Our inventory is marked-to-market daily for accounting and financial reporting purposes, except for our collectible coin inventory that is accounted for at lower of cost or net realizable value. A-Mark's policy is to remain substantially hedged as to its inventory position and its individual sale and purchase commitments. A-Mark seeks to minimize the effect of price changes of the underlying commodity through the use of financial derivative instruments, such as forward and futures contracts.
 Sales and Marketing
 We market our products and services to our wholesale customers primarily through our offices in El Segundo and Costa Mesa, California, Hong Kong, Singapore, and Vienna, Austria, our websites, and our dealer network, which we believe is the largest of its kind. The dealer network consists of approximately 1,300 independent precious metal and coin companies, with whom we transact on a non-exclusive basis. The arrangements with the dealers vary, but generally the dealers acquire product from us for resale to their customers. In some instances, we deliver bullion to the dealers on a consignment basis. We also participate from time to time in trade shows and conventions, at which we promote our products and services. As a vertically integrated precious metals company, a key element of our marketing strategy is being able to cross-sell our products and services to customers within our various business units.
 Our Direct-to-Consumer segment primarily markets its products over the internet through their proprietary websites, using an internally developed search optimization strategy and paid placements with major search engines. However, Goldline reaches its retail customer base on television, radio, and the internet, as well as through customer service outreach.
 We market our secured loan products and services to customers primarily through our proprietary websites, print advertising, and strategic partnerships.
 Operational Support
 The Wholesale Sales & Ancillary Services segment maintains administrative and operational support related to its trading, hedging, and finance product operations primarily at its offices in El Segundo and Costa Mesa, California and in Hong Kong. We believe that our existing administrative and operational support infrastructure has the capacity to scale with our business activities. We store our inventories of bullion and numismatics at third-party depositories in major financial centers around the world and at our secured facilities in Las Vegas, Nevada and Dallas, Texas.
 The Direct-to-Consumer segment maintains administrative and operational support at its offices in Dallas, Texas, Los Angeles, California, Eagan, Minnesota, Pinehurst, North Carolina, Calgary, Canada, and Singapore for originating and processing its retail orders. The Company's Trading, Finance, and Logistics business units provide supporting services such as hedging and order fulfillment.
 The Secured Lending segment maintains administrative support at its headquarters in El Segundo and its offices in California for the processing of its originated loans, including billing, managing margin calls, and tracking of precious metal collateral. For the processing and administration of loans that are acquired from a third party (which may be a customer of A-Mark), customer invoices are typically processed by the originating dealer of the loan portfolio through a fee-based servicing arrangement. Collateral custody and security is managed by our Logistics business unit.
 Customer Concentrations
 For the year ended June 30, 2025, we had one customer that comprised more than 10% of our revenues. See Note 18 to the Company's consolidated financial statements. The Company's largest customers generally are engaged with us in significant forward contract sales activity (as opposed to those customers with whom we principally have physical trading activity), which are entered into in order to hedge the Company's commodity holding risks, and not for speculative purposes.
 Competition
 A-Mark's activities cover a broad spectrum of the precious metals industry, with a concentration on the physical market. We service public, industrial, and private sector consumers of precious metals which include industrial manufacturers, refiners, minting facilities, banks, brokerage houses, and private investors. We frequently face different competitors in each area, and it is not uncommon for a customer and/or a supplier in one market segment to be a competitor in another.

 Our Direct-to-Consumer segment competes with numerous online and other retailers of direct-to-consumer precious metal products. The principal competitors of JMB include APMEX, SD Bullion, and Bullion Exchanges. Competition is based primarily on price and customer service, including the ability to offer same day shipping. To a lesser extent, competition is also based on product availability, although all major ecommerce retailers will typically stock the products that are most in demand.
 Our Secured Lending segment's market is believed to have limited direct competition. We believe factors, including access to capital, secure storage facilities, bullion and numismatic expertise, and other related services and offerings, provide us a competitive advantage in that marketplace.
 Seasonality and Other Factors Influencing Demand
 Our business is generally not seasonal, although demand in the retail market tends to be lower in the summer months. On the other hand, we believe our business is directly impacted by the perception of market trends and global economic activity. Historically, higher levels of demand for precious metals are brought on during periods of macroeconomic uncertainty. Typically, factors that impact such uncertainty and correlate with a higher level of demand for precious metals include volatility in the equity markets, increases in rates of inflation, and the weakening of the U.S. dollar.
 Compliance with Government Regulations
 We are subject to a variety of domestic and foreign laws that relate particularly to our business. Because of the nature and value of the precious metal products in which deal, we must be careful to assure compliance with the Foreign Corrupt Practices Act and a variety of anti-money laundering and know-your-customer rules in response to the USA Patriot Act, and similar foreign statutory regimes.
 By reason of our direct-to-consumer business in particular, we collect personal data and are subject to European General Data Protection Regulation, the California Consumer Privacy Act and similar domestic and foreign statutes that address the collection, use and monitoring of such data. We continue to devote substantial resources to comply with these laws and regulations.
 Our CFC financing subsidiary operates under a California Finance Lenders License issued by the California Department of Financial Protection and Innovation. CFC is required to submit a finance lender law annual report to the state which summarizes certain loan portfolio and financial information regarding CFC, which are subject to audit.
 Human Capital
 The efforts and expertise of our team members are critical to our success. We are devoted to the attraction, development, and retention of our employees, which enable us to deliver a high level of service to our customers. Because we have a small number of employees, and certain of our subsidiaries are geographically dispersed as a result of various acquisitions as well as from internal growth, our focus is on maintaining a relationship-based and collaborative work environment within each of our geographical locations. For the most part, our operating businesses are authorized to establish specific policies and practices concerning the attraction and retention of person in their organizations, addressing, among other things: maintaining a safe work environment for employees, customers and other business partners, offering competitive compensation and benefits to employees, and hiring practices intended to identify qualified candidates and promote diversity and inclusion in the workforce.
 At the same time, we recognize the importance of "Tone at the Top", and we have adopted company-wide corporate governance policies and procedures which emphasize accountability, transparency, fairness, and responsibility. A-Mark's senior management is responsible for establishing and monitoring A-Mark's corporate governance practices, including monitoring governance efforts at each location, and participating in the resolution of governance-related issues as needed. A-Mark's Code of Business Conduct and Ethics emphasizes, among other things, the commitment to ethics and compliance with the law and provides basic standards for ethical and legal behavior of all its employees.
 As of June 30, 2025, the Company had 993 employees, with 941 located in North America, 50 located in Asia, and 2 located in Europe; all except 37 of these employees were considered full-time employees. Our overall employee retention rate for the year ended June 30, 2025 was 84%; excluding the Mint and Logistics operations, which hire largely in response to fluctuating business demands, our retention rate was 87%. For the companies we have owned for more than five years, the percentage of employees who have more than five years of service was 37%. For the companies we have owned and operated for less than five years, the percentage of employees who have continued their employment since the respective acquisition dates was 80%.
 A-Mark is committed to supporting our employees' financial, mental, and physical well-being. Across our various companies, we offer competitive pay and benefits, including annual short-term incentive awards and long-term equity awards, an employee savings 401(k) plan and company matching contributions, health insurance, disability insurance, life insurance, health savings and flexible spending accounts, wellness incentives, paid time off, family leave, parental leave, and employee assistance programs.

 A-Mark provides equal employment opportunities to all qualified individuals without regard to race, color, religion, sex, gender identity, sexual orientation, pregnancy, age, national origin, physical or mental disability, military or veteran status, genetic information, or any other protected classification. Equal employment opportunity includes, but is not limited to, hiring, training, promotion, demotion, transfer, leaves of absence, and termination. The diversity of our workforce is essential, and we are committed to diversity and inclusion throughout the Company to ensure a wide range of experiences, perspectives, and skills to provide better solutions, drive innovation and creativity, and enhance decision making. As of June 30, 2025, approximately 35% of our employees identified as female, and 39% of our employees were made up of underrepresented minorities.
 Corporate Information
 Our executive offices are located at 2121 Rosecrans Avenue, Suite 6300, El Segundo CA 90245. Our telephone number is (310) 587-1477, and our website is www.amark.com. Through this website, we make available, free of charge, all of our filings with the Securities and Exchange Commission ("SEC"), including those under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Such reports are made available on the same day that they are electronically filed with, or furnished to, the SEC. In addition, copies of our Code of Business Conduct and Ethics for Employees, Code of Business Conduct and Ethics for Senior Financial and Other Officers, and Code of Business Conduct and Ethics for Directors are available through our website, along with other information regarding our corporate governance policies.
 Geographic Information
 See Note 19 to the Company's consolidated financial statements for information about Company's geographic operations.
 ITEM 1A. RISK FACTORS
 Summary of Risk Factors
 The following summary provides an overview of the material risks we are exposed to in the normal course business. This risk factor summary does not contain all of the information that may be important to you, and you should read these together with the more detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading " Management's Discussion and Analysis of Financial Condition and Results of Operations. " Additional risks beyond those summarized below, or discussed elsewhere in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," may apply to our activities or operations as currently conducted or as we may conduct them in the future, or to the markets in which we currently operate or may in the future operate.
 • Preferences and perceptions regarding ownership of precious metals may change.

 • We may not be successful in responding to changing market realities, particularly in our direct-to-consumer business.

 • Our business is heavily dependent on our credit facility, and the failure to renew or replace this credit facility could limit our ability to conduct our business and have other adverse consequences.

 • We provide a variety of financing alternatives to our customers, and there is no assurance that the methods we use to minimize losses on the credit we extend will be sufficient.

 • Liquidity constraints may limit our ability to grow our business.

 • Interruptions in the supply of coin and bullion products that we sell or silver for our minting operations could result in our inability to satisfy our customers and could result in loss of sales.

 • We are dependent on key management, particularly our CEO, Mr. Greg Roberts.

 • We are dependent on our computer systems for executing trades and conducting our direct-to-consumer business, and breaches, damage and malfunctions affecting these systems could interrupt our ability to conduct our business.

 • Because our business is dependent on the volatility and pricing of precious metals, we are likely to be influenced by world events more than businesses in other economic sectors.

 • The level of growth and profitability that we experienced as a consequence of the uncertainties and volatility in the financial markets in recent years may not be attainable in future periods, as global circumstances change.

 • We derive a significant portion of our business outside the United States, and are subject to the risk of foreign operations, particularly in the Peoples Republic of China as a result of our acquisition of LPM.

 • Tariffs that have recently been announced or threatened may result in higher costs to us of gold and silver products, and if reciprocal tariffs were enacted, may increase prices for our foreign customers.

 • Our Wholesale Sales and Ancillary Services segment is dependent on our relationships with government mints.

 • Our mint operations are subject to the risk of catastrophic loss and other business interruptions.

 • Our Wholesale Sales and Ancillary Services segment is at times dependent on a concentrated customer base.

 • We recently acquired the Stack's Bowers Gallery auction business, but there is no assurance that it will obtain rights to auction major collections needed to make the business successful.

 • Because retail investors are more vulnerable to economic loss, we may be subject to claims of unfair business practices that could subject us to government enforcement actions.

 • Our Direct-to Consumer segment is subject to intense competition from other online retailers, traditional coin stores and general online merchandisers.

 • Our strategy for growing our direct-to-consumer business includes acquisitions that may be unsuccessful.

 • JMB's search engine optimization (SEO) has provided it with a competitive advantage, but its competitors are improving their own SEO strategies which may reduce JMB's advantage.

 • Our Direct-to-Consumer segment must be able to effectively respond to changes in technology and could make technological missteps.

 • The performance of our Secured Lending Segment is subject to our ability to maintain, through origination or acquisition, a loan portfolio of sufficient size, but we may not be able to do so.

 • The growth of Secured Lending segment is likely to require significant resources, that we may determine are better applied elsewhere in our business.

 • Our business is heavily influenced by volatility in commodity prices, so that our results may vary considerably from period-to-period.

 • We hedge the value of our precious metals inventory against changes in commodity prices, but the hedges may prove ineffective, and we are at risk of default by our counterparties.

 • If commodity prices were to rise significantly, we would be able to carry less inventory, which would adversely affect our ability to service our customers.

 • The Commodities Trading Futures Commission has in the past brought an action against us and may seek to regulate our business activities.

 • Recently enacted rules in California and the European Union, and by the SEC, will require us to spend considerable time and resources on environmental reporting.

 • Our direct-to-consumer business collects personal data and information, and as a consequence we are subject to a growing number of complex data protection and privacy statutes, whose violation could subject us to sanctions.

 • Because we ship products throughout the United States, we are subject to laws requiring us to collect out-of-state sales tax, and we could have liability if we fail to comply.

 • Our Direct-to-Consumer segment relies on lead providers and other marketing affiliates to generate sales, but these arrangements have been subject to regulatory challenges and in some cases have been terminated.

 • Our consumer advertising and marketing materials are subject to regulation, and consistent with the retailing industry generally are coming under increasing scrutiny.

 • Our board of directors has adopted a policy of paying regular cash dividends, but there is no assurance that dividends will be paid in the future.

 • Our shareholders' equity interest in the Company could be diluted by future issuances of stock, including in connection with acquisitions and minority investments.

 • Members of our board and management own approximately 23% of our outstanding common stock, and acting together can exert substantial influence over matters submitted to stockholders for their vote.

 Introductory Risks
 The demand for our products and our profitability ultimately depends on preferences and perceptions regarding the desirability of owning precious metals, but those preferences and perceptions are subject to change.
 While the Company operates at both the wholesale and direct-to-consumer levels, the demand for our products is dependent upon the perceptions and preferences in the global market regarding the ownership of precious metals and numismatics. These perceptions and preferences depend on a variety of factors, including world events (as discussed more fully below), business and economic conditions, inflationary and other currency related trends, and alternative investment opportunities. All such factors may change over time and as a consequence the results of our operations, profitability and stock price may vary over both the short and the long term.
 We regularly seek to innovate and to anticipate market changes, but there is no assurance that we will be successful in doing so.
 We are alert to the special sensitivity of our business to economic, social and political trends and events, and we attempt to project their effects on our business over the long term. For example, we have placed increasing emphasis on our direct-to-consumer business, in anticipation that the economic uncertainties, market volatilities and global challenges that we face will continue to make investment in precious metals and numismatics more attractive to individual consumers. There can be no assurance, however, that we will be correct in our assessments of market trends or evolving business and consumer preferences, or that, even if our judgments are correct, our response to projected trends and preferences will be timely or effective. Moreover, because of the sensitivity of our business to macro-economic, social and political circumstances, there may be no effective strategy to insulate us from the adverse effects that these circumstances could have on our business.
 Risks Relating to our Operations
 Our business is heavily dependent on our credit facility.
 Our business depends substantially on our ability to obtain financing for our operations. On December 21, 2021, we entered into a committed facility provided by a syndicate of financial institutions (the "Trading Credit Facility"), which, as of June 30, 2025, provided for a total revolving commitment of up to $467.0 million and a termination date of September 30, 2026. The Trading Credit Facility was amended and restated in August 2025; see Note 17 for additional information. The Trading Credit Facility provides the Company with the liquidity to buy and sell billions of dollars of precious metals annually. A-Mark routinely uses funds drawn under the Trading Credit Facility to purchase metals from its suppliers and for operating cash flow purposes. Our CFC subsidiary also uses the funds drawn under the Trading Credit Facility to finance certain of its lending activities.
 The Trading Credit Facility requires us to comply with customary affirmative and negative covenants, and with a variety of financial covenants, including a minimum working capital requirement; a fixed charge coverage ratio; a ratio of total recourse debt to consolidated tangible net worth; and limitations on the amount of ownership-based financings (as defined). Owing to the variability of our business, we may be required to request limited waivers of compliance with certain financial covenants under the Trading Credit Facility. There can be no assurance that such waivers will be granted. Upon the occurrence of an event of default under the Trading Credit Facility that was not cured or waived pursuant to the terms of the Trading Credit Facility, the lenders under the Trading Credit Facility could elect to declare all amounts outstanding under the Trading Credit Facility to be due and payable immediately.
 If we are unable to access funds under the Trading Credit Facility, we may be limited in the manner in which we conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs.
 We cannot assure you that our assets or cash flow would be sufficient to fully repay borrowings under our outstanding debt instruments, including the Trading Credit Facility, upon acceleration or at maturity, or that we would be able to refinance or restructure the payments under the Trading Credit Facility. Our failure to renew or replace the Trading Credit Facility under such circumstances would reduce the financing available to us and could limit our ability to conduct our business, including certain lending activity of our CFC subsidiary. There can be no assurance that we could procure replacement financing on commercially acceptable terms on a timely basis, or at all. We have pledged a significant portion of our assets as collateral under the Trading Credit Facility, and if we were unable to repay the amounts outstanding thereunder, the administrative agent under the Trading Credit Facility could proceed against the collateral securing such indebtedness.
 We are subject to fluctuations in interest rates based on the variable interest terms of the Trading Credit Facility, and we may not be able to pass along to our customers and borrowers some or any part of an increase in the interest that we are required to pay under the Trading Credit Facility.

 Loans under our credit facility may bear interest based on SOFR, but experience with SOFR based loans is limited.
 Revolving loans under the Trading Credit Facility are at our option either Based Rate Loans that bear interest at a base rate plus a prescribed margin, or SOFR Loans that bear interest at rates selected by us based on the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (SOFR) plus prescribed margins. The use of SOFR based rates replaced rates based on the London interbank offered rate (LIBOR), and reflects the cessation of the publication of LIBOR rates by regulators in the United Kingdom and the discontinuation of the use of LIBOR in the financial markets. The use of SOFR based rates may result in interest rates and/or payments that are higher or lower than the rates and payments that we experienced under our prior Trading Credit Facility, where interest rates were based on LIBOR. Also, the use of SOFR based rates is relatively new, and there could be unanticipated difficulties or disruptions with the calculation and publication of SOFR based rates. In particular, if the agent under the Trading Credit Facility determines that SOFR Rates cannot be determined or the agent or the lenders determine that SOFR based rates do not adequately reflect the cost of funding the SOFR Loans, outstanding SOFR Loans will be converted into Base Rate Loans. This could result in increased borrowing costs for the Company.
 We could suffer losses with our financing operations.
 We engage in a variety of financing activities with our customers:
 • Receivables from our customers with whom we trade in precious metal products are effectively short-term, non-interest bearing extensions of credit that are, in certain cases, secured by the related products maintained in the Company's possession or by a letter of credit issued on behalf of the customer. On average, these receivables are outstanding up to 10 days.

 • We make advances to our customers on unrefined metals secured by materials received from the customer. These advances are limited to a portion of the materials received.

 • The Company makes unsecured, short-term, non-interest bearing advances to wholesale metals dealers and government mints.

 • The Company periodically extends short-term credit through the issuance of notes receivable to approved customers at interest rates determined on a customer-by-customer basis.

 • The Company operates a financing business through CFC which makes secured loans at loan-to-value ratios—principal loan amount divided by the liquidation value, as conservatively estimated by management, of the collateral—of, in most cases, 50% to 85%. These loans are both variable and fixed interest rate loans, with some maturities on-demand and others from three to twelve months.

 • The Company extends credit to both sellers and buyers who participate in the auctions conducted by Stack's Bowers Galleries, a subsidiary of SGI.

 Our ability to minimize losses on the credit that we extend to our customers depends on a variety of factors, including:
 • our loan underwriting and other credit policies and controls designed to assure repayment, which may prove inadequate to prevent losses;

 • our ability to sell collateral upon customer defaults for amounts sufficient to offset credit losses, which can be affected by a number of factors outside of our control, including (i) changes in economic conditions, (ii) increases in market rates of interest and (iii) changes in the condition or value of the collateral; and

 • the reserves we establish for loan losses, which may prove insufficient.

 Liquidity constraints may limit our ability to grow our business.
 We will require adequate sources of liquidity to fund both our existing business and our strategy for expansion, evidenced by our acquisition of JMB and other acquisition activity. Currently, our main sources of liquidity are the cash that we generate from operations, and our borrowing availability under the Trading Credit Facility. There can be no assurance that our sources of liquidity will be adequate to support the growth that we are hoping to achieve or that additional sources of financing for this purpose, in the form of additional debt or equity financing, will be available to us, on satisfactory terms or at all. Also, the Trading Credit Facility contains, and any future debt financing is likely to contain, various financial and other restrictive covenants. The need to comply with these covenants may limit our ability to implement our growth initiatives.

 We may experience supply chain disruptions in our operations.
 As a result of various macro-economic factors, businesses in a variety of industries have experienced difficulty in obtaining the source materials required for their operations. We require coin and other bullion products, particularly products manufactured by government mints, for resale to our customers, and silver for the productions of bullion bars and rounds by our Silver Towne Mint. We have multiple sources for obtaining the bullion products which we resell to our customers, and our relationships with major refiners have to date provided us with an adequate source of material for our minting operations. We also maintain a supply of metal in case we experience a shortage of raw materials for our Silver Towne Mint. However, while we do not currently anticipate that our business will suffer as a consequence of problems in the national and global supply chains, we cannot assure you that this will continue to be the case. Our operations could be adversely impacted if we did not have an adequate source of supply for our Silver Towne Mint, particularly if we expand our minting operations to meet increased demand, or if supply chain disruptions significantly interfered with our sources of coin and bullion for resale. If significant supply chain constraints were to occur, we might be required to cut back on our minting operations or we might be unable to timely satisfy customer requirements for coin and bullion products. This could lead to a loss of sales and could adversely impact our reputation.
 We are dependent on our key management personnel and our trading experts.
 Our strategic vision and performance are dependent on Gregory Roberts, our Chief Executive Officer, other members of our senior management and certain other key employees. We have an employment agreement with Mr. Roberts which expires in June 2027. We also have employment agreements with Thor Gjerdrum, our President, and Brian Aquilino, our Chief Operating Officer, which expire in June 2028, and Robert Pacelli, Chief Executive Officer and President of JMB, which expires in June 2026.
 These and other employees have expertise in the trading markets, e-commerce operations and digital marketing; have industry-wide reputations; and perform critical functions for our business. We cannot offer assurance that we will be able to negotiate acceptable terms for the renewal of the employment agreements or otherwise retain our key employees. Also, there is significant competition for skilled precious metals traders and other industry professionals. The loss of our current key officers and employees, without the ability to replace them, would have a materially adverse effect on our business.
 We rely extensively on computer systems to execute trades and process transactions, and we could suffer substantial damages if the operation of these systems were interrupted.
 We rely on our computer and communications hardware and software systems to execute a large volume of trading transactions each year. Our dependence on computer and communications technology increased with the acquisition of JMB, whose sales are conducted exclusively through the internet. It is therefore critical that we maintain uninterrupted operation of these systems, and we have invested considerable resources to protect our systems from physical compromise and security breaches and to maintain backups and redundancy. Nevertheless, our systems are subject to damage or interruption from power outages, computer and telecommunications failures, computer viruses, security breaches, including breaches of our transaction processing or other systems, catastrophic events such as fires, tornadoes and hurricanes, and usage errors by our employees. Breaches, damage or malfunctions affecting our systems may require significant investment for repair or replacement, and could interrupt our ability to provide quotations or trading services, or to conduct our e-commerce business.
 We are also subject to ransomware attacks, in which malicious actors may seek to deprive us of access to our computer systems unless we pay substantial fees, and, if personal data were compromised, could result in costly investigation, litigation or regulatory fines. See also "Risk Factors of General Applicability—If our customer data were breached, we could suffer damages and loss of reputation;" and "—New rules have recently become effective that will require the Company to provide disclosures regarding cybersecurity management and events."
 The Company has minority investments in several entities engaged in precious metal marketing; as a minority investor the Company is not able to exercise absolute control over these entities.
 We hold minority interests in entities that are engaged in the business of precious metal and numismatic sales to consumers. Although by virtue of the Company's investment in these entities, the Company is able to exert influence, and in some cases substantial influence, on the management of the entities, the Company does not have absolute control of these entities. As a consequence, circumstances may arise in which the management of these entities may take actions which we believe are not in our best interest and to which we object. The value of our investment in one or more of these entities may therefore decline. Also, because these investments are illiquid, we may not be able to dispose of our ownership interests in these entities should we choose to do so, at a price that we believe reflects its fair value or at all.

 Risks Related to World Events
 Our business is influenced by political conditions and world events.
 The precious metals business is especially subject to global political conditions and world events. Precious metals are viewed by some as a secure financial investment in times of political upheaval or unrest, particularly in developing economies, which may drive up pricing. The volatility of the commodity prices for precious metals is also likely to increase in politically uncertain times. Conversely, during periods of relative international calm precious metal volatility is likely to decrease, along with demand, and the prices of precious metals may retreat. Because our business is dependent on the volatility and pricing of precious metals, we are likely to be influenced by world events more than businesses in other economic sectors.
 Russia is continuing to engage in its military action against Ukraine. In response, the U.S. and certain other countries imposed significant sanctions and export controls, and could impose further sanctions and controls, against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations. The conflict has also created uncertainty regarding, and potential shortages of, grain and fossil fuel supplies in Europe and elsewhere. It is not possible to predict the broader consequences of this conflict, which could materially adversely affect global trade, currency exchange rates, regional economies and the global economy, and its impact on us. We could benefit from the resulting uncertainty and instability, as it may encourage investors to seek perceived safety in the ownership of precious metals. On the other hand, we have a marketing support operation in Austria and have significant business in Germany and other parts of Europe that could be materially and adversely affected by the continuing or expanded military activity in that region. Israel's military action against Hamas in Gaza, the hostilities between Israel and Iran, particularly with respect to Iran's nuclear program, and the attacks by the Houthis in Yemen against Israel and commercial shipping in the Red Sea have the potential for further disruption of the economic markets. The Company has no operations in the Middle East at the current time. However, events there could result in political turmoil in Europe, which could directly affect our operations there, and could adversely affect the business that we conduct with customers in the Middle East and other parts of the world. Also, the turmoil in the Middle East could have global economic effects that are the same as or more severe than those of the war in the Ukraine, with similar consequences for our business. In particular, a depressing effect on the global economy as a consequence of the military action in Ukraine and the Middle East could dampen our business activity and reduce the demand for our products and services.
 The Company's recent acquisition of the precious metals business of LPM in Hong Kong and its strategy to expand its presence in the Far East may be adversely affected by escalating diplomatic tensions between the United States and the Peoples Republic of China. Also, the conflicting claims and military presence of the Peoples Republic of China and other countries, including the United States, in the South China Sea may have negative repercussions both for the Company's operations in the Far East region as well as the precious metals markets more broadly.
 The Company experienced outsized growth in its revenues and operating profits during periods of volatility in the financial markets in recent years, and there can be no assurance that this level of performance will be attainable in the future.
 The unprecedented growth of the business of the Company in recent years may be attributed to a high degree of volatility in the financial markets, resulting from various geopolitical, macroeconomic, military and global uncertainties and events. In this environment, consumers may have sought perceived financial safety in precious coins and metals. Our stock price responded favorably to these unprecedented circumstances as well.
 Our profits have since retreated from their all-time highs experienced during these times, and there can be no assurance that this historically unprecedented performance of the precious metals business will be attainable in future periods. Our business in the past has been subject to fluctuations, and we are beginning to experience to a degree a return to cyclicality in our more recent operating results. Consumer perceptions with respect to precious coins and metals could shift, and these commodities may no longer be viewed as secure investments. Slower precious metals markets with lower volatility and greater supply, as we have experienced more recently, have had and could continue to have the effect of decreasing the volume of products sold and also adversely impacting our product premiums, which are a key driver of our overall performance. A sustained decline in our revenues and earnings would have adverse effects on our operations and would likely cause our stock price to decline. It is not possible to predict with any accuracy future market trends, and in particular whether the extremely favorable environment for our business during volatile financial markets will return. As a result, we cannot tell when, if at all, our profitability will once more achieve the unprecedented levels that we experienced during recent periods. Moreover, because of the nature of the current business and financial environment, particularly concerning the precious metal industry, it is difficult to create with any acceptable measure of precision customary financial projections and forecasts for our business over the next several years. This could adversely affect our ability to engage in financial and operational planning for the future.

 We derive significant revenues from business outside the United States.
 We derive a significant portion of our revenues from business outside the United States, including from customers in developing countries. Business operations outside the U.S. are subject to political, economic and other risks inherent in operating in foreign countries. These include risks of general applicability, such as the need to comply with multiple regulatory regimes; trade protection measures and import or export licensing requirements and tariffs; and fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates. Currently, we do not conduct substantial business with customers in developing countries. However, if our business in these areas of the world were to increase, we would also face risks that are particular to developing countries, including the difficulty of enforcing agreements, collecting receivables, protecting inventory and other assets through foreign legal systems, limitations on the repatriation of earnings, currency devaluation and manipulation of exchange rates, and high levels of inflation.
 We try to manage risks of doing business in foreign jurisdictions by monitoring current and anticipated political, economic, legal and regulatory developments in the countries outside the United States in which we operate or have customers and adjusting operations as appropriate, but there can be no assurance that the measures we adopt will be successful in protecting the Company's business interests.
 The Company's acquisition of LPM, a precious metals business located in Hong Kong, reflects the Company's efforts to increase its presence in Asia, particularly the Far East. There can be no assurance that the Company's expansion efforts in the Far East will be successful. Moreover, there are particular regulatory, as well as other, challenges to conducting business in the Peoples Republic of China, and as a result certain foreign businesses have recently been decreasing their presence there. The Company may encounter similar challenges, which may impede the Company's expansion efforts in the region.
 Recently announced changes to U.S. trade policy, including recently announced tariffs, could adversely affect our business.
 On April 2, 2025, a date called by President Trump "Liberation Day," President Trump issued Executive Order 14257, which imposed a 10% "baseline" tariff for nearly all U.S. trading partners, and additional country specific "reciprocal tariffs" ranging between 11% and 50%. In response to adverse global market reactions, the President suspended the country specific tariff increases to allow time for negotiations with trading partners. Except for countries that have reached trade deals with the United States, the reciprocal tariffs resumed on August 7, 2025. On August 12, 2025, President suspended the increased tariffs on Chinese goods for an additional 90 days. On August 29, 2025, a federal appeals court invalidated the "Liberation Day" tariffs, but stayed the effectiveness of its decision until October 14, 2025.
 As a consequence of the increased tariffs, concerns have been expressed regarding inflationary pressures, depression in worldwide economic activity, lower economic growth, disruptions in supply chains and trade relationships and contraction of customer demand. This has created significant economic uncertainty and political tensions, with resulting downward pressures on domestic and international financial markets.
 It is difficult to know at this time if overall we will benefit from these developments or will be negatively affected by them. The demand for precious metals and numismatics has often increased in times of economic and political uncertainty. For example, the prices per ounce of gold and silver are currently at or near all-time highs, possibly reflecting a flight to safety in these commodities. On the other hand, the potential for increased costs of our products and limitation on the discretionary spend of our customers could materially and adversely affect demand for our products and services.
 We have customers in various foreign jurisdictions. We are also an authorized distributor of gold and silver coins from all major sovereign mints, including the Royal Canadian Mint, the China Mint and Banco de Mexico. The imposition of tariffs and other trade restrictions by the United States may result in higher costs to us of the gold and silver products we sell or distribute, which we may be unable to pass on to our customers. If retaliatory tariffs are imposed by foreign jurisdictions, they may result in higher prices that our customers in those jurisdictions must pay to purchase our bullion and numismatic products, which may reduce demand there for our products. Inflationary pressures and higher interest rates that may result generally from increased trade regulation may also adversely affect us. See "The current inflationary and high interest rate environment may adversely affect our costs and expenses and the demand for our products." Increased trade regulation may also adversely affect our strategy for expansion in international markets, particularly in China, where our LPM subsidiary conducts business, and other Far Eastern jurisdictions.
 We are monitoring and evaluating any potential impacts that increased tariffs and other trade restrictions may have on our business, and considering ways in which we may offset these impacts. There is no assurance, however, that we will be successful in mitigating the effects on us of increased trade regulation in the current environment.

 Inflation and high interest rates may adversely affect our costs and expenses and the demand for our products.
 The United States and other world economies are currently experiencing high interest rates and have in recent years experienced high levels of inflation. Although inflationary pressures have recently eased, increasing tariffs and threats of a trade war have raised concerns of a period of renewed inflation. Certain investors, including customers of our Direct-to-Consumer segment, may regard precious metal products as a hedge against inflation and high interest rates, which could positively affect demand for our goods and services. However, inflation may also increase our operational expenses, which because of the nature of our business we cannot generally pass along to our customers. Our Trading Credit Facility bears interest at a variable rate of interest, so that higher interest rates would also increase our cost of borrowing under that facility, and higher interest rates may also increase the costs under our product financing arrangements. We may be unable to compensate for these increases through higher interest income and other fees and charges received from our counterparties. Also, inflation, together with high interest rates, may reduce discretionary spending among consumers, thereby reducing product demand in the retail sector.
 Risks Related to our Wholesale Sales & Ancillary Services Segment
 The loss of a government purchaser/distributorship arrangement could materially adversely affect our business.
 A-Mark's business is heavily dependent on its purchaser/distributorship arrangements with various governmental mints. Our ability to offer numismatic coins and bars to our customers on a competitive basis is based on the ability to purchase products directly from a government source. The arrangements with the governmental mints may be discontinued by them at any time. The loss of an authorized purchaser/distributor relationship, including with the U.S. Mint, could have a material adverse effect on our business.
 We operate in a highly competitive industry.
 The business of buying and selling precious metals is global and highly competitive. The Company competes with precious metals firms and banks throughout North America, Europe and elsewhere in the world, some of whom have greater financial and other resources, and greater name recognition, than the Company. We believe that, as a full-service firm devoted exclusively to precious metals trading and marketing, we offer pricing, product availability, execution, financing alternatives and storage options that are attractive to our customers and allow us to compete effectively. We also believe that our purchaser/distributorship arrangements with various governmental mints give us a competitive advantage in our coin distribution business. However, given the global reach of the precious metals business, the absence of intellectual property protections, and the availability of numerous, evolving platforms for trading in precious metals, we cannot assure you that A-Mark will be able to continue to compete successfully or that future developments in the industry will not create additional competitive challenges.
 The Company is subject to risks relating to its AMST operations.
 Our AMST subsidiary, which operates our Silver Towne Mint, depends on critical pieces of equipment which may be out of service occasionally for scheduled upgrades or maintenance or as a result of unanticipated failures or business interruptions. AMST's facilities are subject to equipment failures and the risk of catastrophic loss due to unanticipated events such as fires, earthquakes, accidents, or violent weather conditions. AMST has insurance to cover certain of the risks associated with equipment damage and resulting business interruption, but there are certain events that would not be covered by insurance, and there can be no assurance that insurance will continue to be available on acceptable terms. One such casualty event recently occurred as a result of a tornado, which although covered by insurance, temporarily interrupted operations at the mint.
 AMST's ability to continue to expand the scope of its services and customer base depends in part on its ability to increase the size of its skilled labor force. In the past, the demand for skilled personnel has been high and the supply limited. The inability to employ or retain skilled technical personnel could constrain AMST's operations and its growth opportunities.
 Our business may at times be dependent on a concentrated customer base.
 One of A-Mark's key assets is the customer base of its Wholesale Sales & Ancillary Services segment. This customer base provides deep distribution of product and makes A-Mark a desirable trading partner for precious metals product manufacturers, including sovereign mints seeking to distribute precious metals coinage or large refiners seeking to sell large volumes of physical precious metals. In any given quarter, our sales in this segment may be derived from a small number of significant customers. If our relationships with these customers deteriorated, or if we were to lose these customers, our business could be materially adversely affected.

 The materials held by A-Mark are subject to loss, damage, theft or restriction on access.
 A-Mark has significant quantities of high-value precious metals at its Logistics facilities, at third-party depositories and in transit. There is a risk that gold and other precious metals held by A-Mark, whether on its own behalf or on behalf of its customers, could be lost, damaged, or stolen. In addition, access to A-Mark's precious metals could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Although we maintain insurance on terms and conditions that we consider appropriate, we may not have adequate sources of recovery if our precious metals inventory is lost, damaged, stolen or destroyed, and recovery may be limited. Among other things, our insurance policies exclude coverage in the event of loss as a result of terrorist attacks or civil unrest.
 Our Logistics depository is subject to authorization by our lenders.
 Our lenders under our Trading Credit Facility have approved our Logistics facilities as an authorized depository. If that approval were to be withdrawn for any reason, we would no longer be able to keep inventory at that location, which would substantially limit our ability to conduct business from that facility.
 Risks Related to our Direct-to Consumer Segment
 Our Direct-to-Consumer businesses could be subject to accusations of improper sales practices.
 Through our Direct-to-Consumer segment (JMB, Goldline, Pinehurst, SGI, AMS Holding, LLC ("AMS"), AM LPM Singapore PTE Ltd., and our investment in SGB), the Company sells precious metals and numismatics directly to the retail investor community. JMB, SGB, and Pinehurst market their products primarily over the internet. Goldline markets its precious metal products on television, radio, and over the internet, and through customer service outreach. SGI conducts its retail business through auctions of numismatic and bullion products and its retail store locations. AMS markets its products over the internet, and also has sales representatives who work closely with customers to enhance their purchase experience. Prior to its acquisition by the Company, Goldline had been accused of improper sales practices, and was the subject of a state enforcement action that was subsequently settled. Other retailers of precious metal products have similarly been the subject of accusations regarding their sales practices, including claims of misrepresentation, excessive product markups, pressured sales tactics and product switching. The Company believes that the sales practices of its Goldline subsidiary conform to applicable legal and ethical standards, and that there was no material basis for claims against Goldline in this regard. Nevertheless, given the nature of the retail precious metals business, the possibility that investors in precious metals may lose a substantial portion of their investment as a result of adverse market trends and the vulnerability of certain retail precious metal investors to economic loss, there can be no assurance that claims will not be made regarding business practices of our Direct-to-Consumer businesses or that, if made, such claims will not attract the attention of governmental and private sector consumer advocates. Were this to occur, the Company could suffer adverse publicity, be subject to governmental enforcement actions or be forced to modify the sales and marketing practices of its direct-to-consumer business.
 Our Direct-to-Consumer businesses operate in a highly competitive environment.
 Our Direct-to-Consumer businesses face competition from other specialty online precious metal and coin sites, as well as from traditional precious metal retail brokers and coin stores. In addition, certain general online merchandisers such as eBay also offer collectible coins and bullion for sale, and other major online retailers, with financial and marketing resources, name recognition and a customer base that are far greater than those that are available to us, may in the future enter this market. Competition is based upon the availability of coin and bullion product, price, delivery times, convenience and customer service. There can be no assurance that we will be able to compete effectively with other retail sources and channels for precious coin and bullion, especially if the demand for these products were to contract.
 We intend to continue to pursue selective acquisitions and investments to complement our organic growth, which may not be successful.
 As part of our Direct-to-Consumer operating strategy, we have sought, and in the future may seek, to supplement our organic growth through strategic acquisitions of and investments in other e-commerce retailers of coins and precious metals. Our recent acquisitions of SGI, and the interests in AMS and Pinehurst that we did not previously own are examples of this strategy. In the future, however, we may not be able to identify suitable acquisition or investment candidates. If we are unable to successfully execute on organic growth opportunities or complete acquisitions or investments in the future, or if we incur greater than anticipated costs to execute this strategy, our growth may be limited. For example, there is no guarantee that any of the acquisitions of SGI, AMS or Pinehurst will achieve a level of profitability that justifies the purchase price paid for these businesses or that the integration of these entities with the Company's other businesses will not divert management time and other resources as a result of which the Company's other businesses will suffer. Accordingly, to the extent that we grow through acquisitions or investments, we cannot ensure that we will be able to adequately or profitably manage this growth.

 JMB's search engine optimization strategies have provided it with an important competitive advantage, but this may not continue.
 We believe that the internally developed search engine optimization (SEO) strategies of JMB provide its business with a competitive advantage in driving traffic to its sites over other e-commerce precious metal retailers and have been a significant factor in the growth of JMB. The challenges of efficient SEO programming are continually evolving, and other e-commerce retailers in the precious metal space are constantly working to improve their own SEO capabilities. If JMB does not continue to maintain its competitive edge in SEO technology, it could lose customers and market share to its competitors.
 Many of our Direct-to-Consumer businesses rely upon paid and unpaid internet search engines to rank their product offerings and drive traffic to their websites, and their website traffic may suffer if their rankings decline or their relationships with these services deteriorates.
 Many of our Direct-to-Consumer businesses rely on paid and unpaid internet search engines to attract consumer interest in their product offerings. Search engine companies change their algorithms periodically, and these changes may adversely affect the display of our product offerings in paid and/or unpaid searches. JMB and SGB may also at times be subject to ranking penalties if the operators of search engines believe either is not in compliance with their guidelines. If our Direct-to-Consumer's search engine rankings decline, and we are unable to timely regain our prior rankings, we may have to use more expensive marketing channels to sustain and grow our Direct-to-Consumer revenues, resulting in reduced profitability.
 If our Direct-to-Consumer businesses do not respond effectively to technological and market changes, they will cease to be competitive with other channels that consumers may have for the purchase of precious coins and bullion.
 To remain competitive, our Direct-to-Consumer businesses must continue to enhance and improve the responsiveness, functionality and features of their online operations. The internet and the e-commerce industry are characterized by rapid technological change, changes in user and customer requirements and preferences, frequent new product and service introductions embodying new technologies, and the emergence of new industry standards and practices.
 The evolving nature of the internet could render our Direct-to-Consumer segment's existing technology and systems obsolete. Its continuing success will depend, in part, on its ability to:
 • develop, license or acquire leading technologies useful in its business;

 • develop new features and technology that address the increasingly sophisticated preferences of its customers; and

 • respond to technological advances and emerging industry and regulatory standards and practices in a cost-effective and timely manner.

 With the growth of e-commerce, the pace of change in product offerings and consumer tastes is faster now than in years past. This accelerated pace of change increases uncertainty and places a greater burden on management to anticipate and respond to such changes. The increased pace of change also means that the window in which a technologically advanced or sophisticated product or service can achieve and maintain partner and consumer interest is shrinking and, to the extent our Direct-to-Consumer segment fails to timely anticipate or respond to changes in its industry, the effects of missteps may be amplified.
 Future advances in technology may not be beneficial to, or compatible with, our Direct-to-Consumer businesses. Furthermore, our Direct-to-Consumer businesses may be unsuccessful in using new technologies effectively or adapting their technology and systems to user requirements or emerging industry standards on a timely basis. Their ability to remain technologically competitive may require substantial expenditures and lead time. If we are unable to adapt in a timely manner and at reasonable cost to changing market conditions or user requirements, our Direct-to-Consumer businesses will cease to be competitive with other channels for the purchase of precious coins and bullion.
 If JMB fails to continuously improve its websites (on all relevant platforms, including mobile), it may not attract or retain customers.
 JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com. JMB must continually update its websites (on all relevant platforms, including mobile) to improve and enhance its content, accessibility, convenience and ease of use. Failure to do so may create a perception that the websites of JMB's competitors are easier to use and navigate or that they are better able to service customer needs for precious metal coins and bullion. If such a perception were to gain traction, traffic to JMB's websites and its revenues would suffer.

 Certain of JMB's websites publish data concerning the precious metal and cryptocurrency markets obtained from third parties, which could be inaccurate.
 JMB's GoldPrice.org and SilverPrice.org publish data on precious metal and cryptocurrency pricing which is obtained from third parties. While we believe that the sources of the published data are reliable, the data is not independently verified by JMB or us. If the data that JMB receives and publishes were inaccurate, and were relied upon by consumers visiting these websites, JMB could be exposed to liability and may suffer damage to its reputation. To mitigate this risk, the Terms and Conditions for these websites include investment risk disclaimers, although there can be no assurance that these disclaimers will provide the intended protection.
 JMB, Goldline, SGB, and SGI expect to profit on precious metals acquired from their customers, but that might not be the case.
 Through the Direct-to-Consumer Purchase Program, JMB and, through PMPP, Goldline and SGB, offer to purchase precious coins and bullion owned by their customers. SGI's subsidiary Stack's Bowers Galleries also purchases rare coins and currency from the public at its retail store locations. We believe that these programs encourage the purchase of coins and bullion as an investment because it assures customers that their investment in the products offered by JMB, Goldline, SGB, and SGI will be liquid and can be monetized if the customers have a need for cash. JMB, Goldline, SGB, and SGI offer to purchase coins and bullion from their customers at prices designed to reflect current market valuations, but also allow JMB, Goldline, SGB, and SGI to profit on the resale of the products. There can be no assurance, however, that JMB, Goldline, SGB, or SGI will in fact be able to resell product that they purchase at a price that will justify the cost of purchase. In a declining market for precious metal products, JMB, Goldline, SGB, and SGI could be burdened with substantial amounts of purchased inventory that they are unable to resell at an economic price, or at all. The suspension or discontinuance of the customer repurchase programs because of adverse market conditions could impair the perception among JMB's, Goldline's, SGB's, and SGI's customers that precious coin and bullion is a safe and attractive investment.
 The business of Stack's Bowers Galleries may subject us to auction related risks.
 Stack's Bowers Galleries, which we recently purchased through our acquisition of its parent company SGI, is one of the leading houses for the conduct of both live and online precious metals auctions. The success of its auction business depends in substantial part on the consignment for auction to Stack's Bowers Galleries of premier numismatic collections. Some of the largest collections of this sort have in recent years been auctioned by Stack's Bowers Galleries, but there can be no assurance that the Company will be successful in identifying and obtaining the rights to auction of similar collections in the future. Stack's Bowers Galleries is dependent on its numismatic experts for the authentication, valuation and cataloging of the products that it sells at auction, but these experts are in high demand, and there is no guaranty that the Company can retain the services of these experts or engage others with similar levels of expertise. Stack's Bowers Galleries has diligence procedures for the purpose of vetting both sellers and buyers at its auctions, as a consequence of which the Company is reasonably confident that the participants in its auctions are not on a restricted list or are otherwise engaged in illegal activity. These procedures are particularly intended to assure that the buyers at auction have the financial resources to pay for items on which they have successfully bid. There can be no assurance, however, that the procedures will identify and exclude all bad actors from Stack's Bowers Galleries auctions or that bidders at the auctions will in each case pay the hammer price on the items for which they have bid. Also, in some cases, Stack's Bowers Galleries itself participates as a bidder in the auctions that it conducts, which can create a perception of unfairness. If the reliability and integrity of the auctions conducted by Stack's Bowers Galleries were to be challenged, for these or any other reasons, the reputation of Stack's Bowers Galleries may suffer, with a consequence that it may no longer be successful in attracting quality sellers and buyers to its auctions.
 Risks Related to our Secured Lending Segment
 Our lending business depends on the ability of CFC to originate or acquire loans secured principally by bullion and numismatic coins.
 The performance of our Secured Lending segment depends on having a portfolio of loans of sufficient size and quality to justify the expenses and allocation of financial resources committed to the Company's loan business. CFC both originates loans to customers of our wholesale and trading business and also acquires portfolios of loans originated by other parties. The Company typically stores the bullion and numismatics that serve as collateral for the loans. As CFC does not independently market its lending business, it is dependent on the interest of the customers of the Company's wholesale and trading business in financing their acquisition of bullion and numismatics with loans made by CFC. The interest of the Company's customers in obtaining loans from CFC is dependent on numerous factors, including the availability of other sources of financing, the interest rate environment, other alternatives for the storage of their bullion and numismatics, their business relationship with the Company and the level and types of businesses conducted by the Company's Wholesale Sales & and Ancillary Services segment. The Secured Lending segment is also dependent on CFC's ability to identify and acquire portfolios of loans secured by bullion and numismatics originated by third parties satisfying the Company's standard for quality and risk. There can be no assurance that CFC will be successful in continuing to originate and acquire secured loans in amounts sufficient to justify the conduct of this business.

 The number of loans and the size of CFC's loan portfolio can vary significantly from period to period.
 CFC's loan portfolio can vary considerably from period to period, both as to the number of loans in the portfolio and the total size of the portfolio in terms of dollar amount. The variation of CFCs loan portfolio is attributable to a variety of factors, including the success of the Company in originating and acquiring loans discussed above, as well as the maturities of the loans in the portfolio and the decisions of borrowers to prepay or extend the terms of their loans. As a consequence, the performance of the Secured Lending segment in a particular financial reporting period may not be indicative of how the segment will perform in any future period, either in the short or the long term.
 The growth of the Secured Lending segment is likely to require significant resources.
 Historically, the Company has originated loans almost exclusively to customers of its wholesale and trading business. The opportunity to finance purchases of bullion and numismatics with secured loans obtained from CFC is part of a suite of ancillary services that the Company provides to its customers. The business of the Secured Lending segment, with respect to both the origination and acquisition of loan portfolios, is constrained by the Company's borrowing capacity under its Trading Credit Facility, on which it relies to finance the much larger business of the Wholesale Sales & Ancillary Services segment. Any significant future growth of the Secured Lending segment will require the application of significant additional resources to this business, and there can be no assurance that such resources will be available or that the Company will not determine that such resources, even if available, should be applied to other areas of the Company's business.
 Risks Relating to Commodities
 A-Mark's business is heavily influenced by volatility in commodities prices.
 A primary driver of A-Mark's profitability is volatility in commodities prices, which leads to wider bid and ask spreads. Among the factors that can impact the price of precious metals are supply and demand of precious metals; political, economic, and global financial events; movement of the U.S. dollar versus other currencies; and the activity of large speculators such as hedge funds. If commodity prices were to stagnate, there would likely be a reduction in trading activity, resulting in less demand for the services A-Mark provides, and spreads would likely decrease, which could materially adversely affect our profitability.
 The period-to-period changes in volatility may cause our revenues to fluctuate, as a consequence of which our results for any one period may not be indicative of the results to be expected for any future period. See " Management's Discussion and Analysis of Financial Condition and Results of Operations. "
 Our business is exposed to the risk of changes in commodity prices, and our hedging activity to protect our inventory is subject to risks of default by our counterparties.
 A-Mark's precious metals inventory is subject to market value changes created by changes in the underlying commodity prices, as well as supply and demand of the individual products the Company trades. In addition, open sale and purchase commitments are subject to changes in value between the date the purchase or sale is fixed (the trade date) and the date metal is delivered or received (the settlement date). A-Mark seeks to minimize the effect of price changes of the underlying commodity through the use of financial derivative instruments, such as forward and futures contracts. A-Mark's policy is to remain substantially hedged as to its inventory position and its individual sale and purchase commitments. A-Mark's management monitors its hedged exposure daily. However, there can be no assurance that these hedging activities will be adequate to protect the Company against commodity price risks associated with A-Mark's business activities.
 Furthermore, even if we are fully hedged as to any given position, there is the risk of default by our counterparties to the financial instruments that we use to hedge our inventory. A default by a counterparty on a substantial hedge could have a material adverse effect on our business.
 Increased commodity pricing could limit the inventory that we are able to carry.
 We maintain a large and varied inventory of precious metal products, including bullion and coins, in order to support our trading and Direct-to-Consumer activities and provide our customers with superior service. The amount of inventory that we are able to carry is constrained by the borrowing limitations and working capital covenants under the Trading Credit Facility. If commodity prices were to rise substantially, and we were unable to modify the terms of the Trading Credit Facility to compensate for the increase, the quantity of product that we could finance, and hence maintain in our inventory, would fall. This would likely have a material adverse effect on our operations.

 We rely on the efficient functioning of commodity exchanges around the world, and disruptions on these exchanges could adversely affect our business.
 The Company buys and sells precious metals contracts on commodity exchanges around the world, both in support of its customer operations and to hedge its inventory and transactional exposure against fluctuations in commodity prices. The Company's ability to engage in these activities would be compromised if the exchanges on which the Company trades or any of their clearinghouses were to discontinue operations or to experience disruptions in trading, due to computer problems, unsettled markets, sanctions against commodity exporting countries or other factors. For example, if there were to be disruptions in the supply chain for gold, silver, platinum or palladium, our ability to buy and sell these metals on the commodity exchanges would be materially and adversely affected.
 The Company may also experience disruption and risk of loss if futures commission merchants or commodity brokers with whom the Company deals were to become insolvent or bankrupt.
 Our business is subject to the risk of fraud and counterfeiting.
 The precious metals (particularly bullion) business is exposed to the risk of loss as a result of "materials fraud" in its various forms. We seek to minimize our exposure to this type of fraud through a number of means, including third-party authentication and verification, reliance on our internal experts and the establishment of procedures designed to detect fraud. However, there can be no assurance that we will be successful in preventing or identifying this type of fraud, or in obtaining redress in the event such fraud is detected.
 Risk Related to our Regulatory Environment
 The CFTC may seek to assert jurisdiction over the Company's activities.
 The Company believes that its Direct-to-Consumer operations are generally conducted in a manner that does not implicate the jurisdiction of the Commodity Futures Trading Commission ("CFTC"), as it does not sell products to retail customers for future delivery. The Commodity Exchange Act (the "CEA") and the rules and regulations of the CFTC are drafted broadly, however, and practices that the Company does not regard as futures transactions may be regarded as such by the CFTC.
 During the first quarter of fiscal 2023, the Company and Goldline settled an action in which the CFTC alleged, among other things, that certain financing arrangements that were made available to customers constituted off-exchange retail commodity transactions. Although this matter was settled on terms satisfactory to the Company with no material financial impact, and Goldline has discontinued these particular arrangements and practices, there can be no assurance that the CFTC will not in the future allege we are violating the CEA or the rules and regulations of the CFTC, or otherwise (along with other federal or state agencies) seek to oversee aspects of our operations which could adversely affect us.
 Recent legislative and regulatory initiatives will require us to expend time and resources on environmental reporting.
 Although our manufacturing activity is limited to the production of silver bullion products at our Silver Towne Mint, recent California legislation and new rules of the SEC will require us to make disclosures regarding environmental matters that could entail significant time and expense.
 On October 7, 2023, California Governor Gavin Newsom signed into law Senate Bill ("SB") 261, Greenhouse Gases: Climate-Related Financial Risk, and SB 253, the Climate Corporate Data Accountability Act, which significantly expand climate-related disclosure requirements for companies doing business in California. As a company with operations in California, we may fall under the jurisdiction of these new laws, which impose rigorous reporting obligations regarding our climate-related financial risks and extensive requirements for the disclosure of greenhouse gas emissions.
 SB 253 imposes its greenhouse gas reporting obligations on companies with annual revenues exceeding $1.0 billion. Given our revenue levels, we are subject to the requirements of SB 253. SB 253 requires the reporting of Scope 1 greenhouse gas emissions (direct emissions from our operations) and Scope 2 greenhouse gas emissions (indirect emissions from our operations) for the prior fiscal year beginning in 2026. SB 253 requires reporting of Scope 3 greenhouse gas emissions (emission from third parties in our value chain) for the prior fiscal year beginning in 2027. Although we will not know the full requirements of this law until the California Air Resources Board issues implementing rules, the law will likely require us to report emissions from our operations in and outside of California, including our mint operations in Winchester, Indiana, and emissions from our suppliers and customers. Non-compliance with these reporting requirements could expose us to administrative penalties of up to $500,000 per reporting year.

 Commencing on January 1, 2026, and biennially thereafter, SB 261 mandates that we publicly disclose our climate-related financial risks, which may include risks to our own operations, the operations of our suppliers and customers and the precious metals markets generally. This includes detailing the strategies we have adopted to mitigate and adapt to these risks. Our compliance reports must be made publicly available on our company's website. Non-compliance with the requirements of SB 261 could expose us to a fine of up to $50,000 per reporting year and we may also be required to pay an annual filing fee. The California climate disclosure is the subject of ongoing litigation that could impact whether and when the Company is required to make the disclosures required by the regime. The Company will monitor that litigation as it prepares to comply with the rule.
 On March 6, 2024, the Securities and Exchange Commission ("SEC") issued final rules requiring public companies, such as A-Mark, to disclose both greenhouse gas emissions and climate risk. The SEC final rules overlap significantly with both the California reporting regime discussed above and the European Corporate Sustainability Directive ("CSRD") discussed below, but there are also material differences.
 Like the California reporting regime, the SEC final rule would require the Company to measure and disclose both Scope 1 and Scope 2 greenhouse gas emissions from its facilities including its mint operations in Winchester, Indiana. Unlike the California reporting scheme, the final SEC rules would not require the Company to report Scope 3 greenhouse gas emissions. The SEC final rule would also require the Company to obtain attestation reports of its Scope 1 and Scope 2 greenhouse gas emissions from an independent expert in greenhouse gas emissions measurement.
 Like the California reporting regime, the SEC final rule will also require the Company to track and disclose material climate related financial risks and how we manage those risks. Unlike the California rule, the SEC final rule will require the Company to track and report material capitalized costs, expenditures expensed and charged and losses incurred as a result of severe weather events and other natural conditions and any carbon reduction goal we may have along with our use of offsets or Renewable Energy Credits to achieve that goal.
 Like the California reporting regime, the SEC final rule is the subject to ongoing litigation that could impact whether and when the Company is required to make the disclosures required by the rule. The Company will monitor that litigation as it prepares to comply with the rule.
 The European Union adopted new data gathering, policy implementation and disclosure standards and rules related to environmental, social, and corporate governance ("ESG") matters in the Corporate Sustainability Reporting Directive (CSRD) which became effective in 2023 and the Corporate Sustainability Due Diligence Directive (CSDDD) which became effective in 2024. Both apply to both EU and non-EU entities. Because our operations in Europe surpass the net turnover threshold in the rule and we may be deemed to have an EU branch or subsidiary, we may be subject to CSRD and CSDDD data gathering, policy development and reporting requirements. We will know more about the specific disclosure requirements when the EU adopts implementing regulations for the non-EU groups that are covered by the rule, but because of the broad scope of the requirements of these rules, ranging from environmental matters to human rights, and because of the extensive data gathering and policy implementation requirements related to not only our operations but those of our suppliers and customers, compliance with these obligations could result in significant cost and require significant management time.
 These changing rules and regulations, and the stakeholder expectations related to ESG described in " Risk Factors of General Applicability – Third-party expectations relating to ESG factors may impose additional costs and expose us to new risks," have resulted in and are likely to continue to result in, increased general and administrative expenses and increased management time and attention spent complying with or meeting such regulations and expectations.
 Compliance with new and existing data protection/privacy and artificial intelligence statutes could increase our costs and expose the Company to possible fines for violation.
 By reason of our Direct-to-Consumer business in particular, we collect personal data or personal information, which is broadly defined to include all information that can be linked or reasonably linked to an identified or identifiable individual, including, but not limited to, identification information, demographics, transactions, preferences, and inferences drawn to create a profile about a consumer ("Personal Data"). We are subject to numerous data privacy and protection obligations that govern our handling of Personal Data, including: various federal, state, local and foreign laws, regulations, and guidance; industry standards; external and internal privacy notices and policies; contracts; and other obligations that apply to the handling of Personal Data by us and on our behalf ("Applicable Data Privacy Obligations"). These obligations may change, are subject to differing interpretations, and may be inconsistent across applicable jurisdictions in which we operate or in which we collect or process Personal Data. The data privacy and protection landscape continues to evolve in jurisdictions worldwide. This evolution may create uncertainty in our business; affect us or our service providers' and others' ability to operate in certain jurisdictions or to collect, store, transfer, use, share, and otherwise process Personal Data; necessitate the acceptance or imposition of more onerous obligations in our contracts; result in liabilities; or otherwise impose additional compliance costs on us. Moreover, despite our efforts, we may not be successful in achieving compliance if our personnel or third parties upon whom we rely fail to comply with such obligations. For example, any failure by a service provider to comply with Applicable Data Privacy Obligations could result in significant consequences against us, including, but not limited to: government enforcement actions (e.g., investigations, fines, and similar activities); litigation (including class-related claims); additional reporting requirements and/or oversight; orders to destroy or not use Personal Data; damage to our reputation; loss of revenue and profits; loss of goodwill; and other adverse business impacts.

 Applicable Data Privacy Obligations are imposed in several international jurisdictions in which we operate. For example, in 2016, the European Union ("EU") adopted the General Data Protection Regulation ("GDPR"), effective May 2018. The United Kingdom ("UK") adopted similar privacy regulations, effective in 2021 (the "UK GDPR"). Because we offer goods and services in the EU and UK, we are likely subject to the GDPR and UK GDPR, which impose a strict data protection compliance regime with severe penalties. We may also be subject to many other foreign privacy laws that are modeled at least in part after the GDPR, including, but not limited to, Singapore's Personal Data Protection Act (PDPA), Hong Kong's Personal Data (Privacy) Ordinance (PDPO), Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) and territorial Canadian privacy laws, and the Privacy Acts of Australia and New Zealand.
 Our Direct-to-Consumer business currently has limited international operations which would subject it to these foreign privacy laws. Our Wholesale Sales & Ancillary Services segment maintains offices in Vienna, Austria and Singapore that provide marketing support services and executes trades for its international customers. We have evaluated foreign privacy laws and regulations and their requirements, and believe we are currently in compliance in all material respects. Going forward, however, the expansion of our international operations could require us to change our business practices and may increase the costs and complexity of compliance. Also, a violation by the Company of applicable foreign laws and regulations could expose us to penalties and sanctions.
 Additionally, several states in the United States have enacted consumer privacy laws and, in some instances, promulgated additional regulations and rules. These currently include California, Colorado, Connecticut, Delaware, Iowa, Indiana, Kentucky, Maryland, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, Oregon, Rhode Island, Tennessee, Texas, Utah, and Virginia. These state consumer privacy laws impose significant obligations on businesses within scope: including providing and responding to certain data privacy rights (such as the right to delete, access, correct data or opt out of data sale, sharing, or targeted advertising); data mapping, minimization, and transparency; providing disclosures concerning the processing of Personal Data (such as through privacy policies); preparing risk assessments for certain processing; vendor and service provider management; and other compliance activities. Failure to comply with state consumer privacy law obligations may result in public investigations, significant fines and penalties, disgorgement of data, reputational harm, and other ramifications. Additionally, Nevada law requires operators of websites and online services to post a notice on their websites regarding their privacy practices. Several other states have passed similar consumer privacy laws, which will take effect in 2025 and 2026. Preparing to comply with the varying requirements of these laws has already subjected the Company to costs and legal fees and will subject the Company to additional costs and risks as additional laws take effect. For example, these laws may limit the Company's ability to use Personal Data for advertising purposes, may limit the ways in which the Company may use certain categories of Personal Data, may require the Company to obtain consent from the consumer for certain processing activities, and may require revision of the Company's contracts with service providers. These laws may also limit the Company's ability to process sensitive Personal Data, which includes financial data, account information, identification card numbers, social security numbers, biometric data, and precise geolocation. As each pending consumer privacy law takes effect, the Company will have to assess and potentially update its policies, notices, procedures, and permissions in response. The Company may also have to update its advertising and marketing practices.
 All fifty U.S. states and the District of Columbia have enacted data breach notification laws that may require us to notify investors, employees, regulators, and others in the event of a security breach (for example, unauthorized access to or disclosure of Personal Information experienced by us or our service providers). These laws may not be consistent, and compliance in the event of a widespread data breach may be difficult and costly. We may also be contractually required or otherwise obligated to notify investors and others of a security breach. Although we may have contractual protections against our service providers should they experience a security breach, any actual or perceived security breach could harm our reputation and brand, expose us to potential liability and require us to expend significant resources on data security as well as in responding to any such actual or perceived breach. Any contractual protections we may have against relevant counterparties may not be sufficient to protect us adequately from any such liabilities and losses, and we may be unable to enforce any such contractual protections.
 We are also subject to various federal privacy laws, such as the Telephone Consumer Protection Act (TCPA) and the Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM), which govern certain SMS text messaging, emails, and telephone communications with consumers. Our Direct-to-Consumer business is also subject to rules and regulations promulgated by the Federal Trade Commission and State Attorney General's Offices concerning consumer protection, privacy, and data security.
 We have evaluated these state and federal privacy and data protection laws, and believe we are currently in compliance in all material respects with those that are in effect. Going forward, however, the changes introduced by additional state privacy laws and other similar regulations enacted by other jurisdictions, will subject the Company to additional costs and complexity of compliance, by requiring, among other things, changes to the Company's security systems, policies, procedures and practices. In addition, a violation by the Company of the new privacy obligations could expose us to fines and other penalties.

 To the extent the Company deploys artificial intelligence ("AI") or generative artificial intelligence ("GAI") tools, we may be subject to emerging national and international laws and regulations concerning the development, training, and use of such AI and GAI tools. For example, in the state of California, several laws have been enacted concerning the use of GAI content, including requiring developers of GAI technologies to disclose summaries of datasets used in developing and training those services. Certain consumer state privacy laws include obligations and limitations concerning the use of Personal Data for training GAI tools or underlying models or for automated decision making in certain instances. The EU has recently enacted the EU AI Act, which imposes significant compliance and disclosure obligations on businesses that use, design, or deploy AI systems in the EU based on risk levels associated with AI use cases. The Company is evaluating our use of AI and GAI tools on an ongoing basis and has implemented policies and procedures to ensure compliance with applicable domestic and international laws related to their use. Failure to comply with applicable AI and GAI laws and regulations could result in regulatory investigations, fines, reputational harm, disgorgement of data, and other penalties to the Company. Use of AI and GAI tools without proper vetting and authorization could expose the Company to risks associated with improper processing of Personal Data, leakage or misuse of Company confidential data, breaches of contractual obligations, as well as fines and other penalties if such uses violate applicable laws and regulations.
 We are subject to other laws and regulations.
 There are various other federal, state, local and foreign laws, ordinances and regulations that affect our trading business. For example, because of the nature and value of the products in which we deal, we are required to comply with the Foreign Corrupt Practices Act and a variety of anti-money laundering and know-your-customer rules in response to the USA Patriot Act.
 The SEC has promulgated rules mandated by the Dodd-Frank Act regarding disclosure, on an annual basis, of the use of tin, tantalum, tungsten and gold, known as conflict minerals, in products manufactured by public companies. These rules require due diligence to determine whether such minerals originated from the Democratic Republic of Congo ("DRC") or an adjoining country and whether such minerals helped finance the armed conflict in the DRC.
 The Company has concluded that it is not currently subject to the conflict minerals rules because it is not a manufacturer of conflict minerals under the definitions set forth in the rules. Depending on developments in the Company's business, it could become subject to the rules at some point in the future. In that event, there will be costs associated with complying with these disclosure requirements, including costs to determine the origin of gold used in our products. In addition, the implementation of these rules could adversely affect the sourcing, supply and pricing of gold used in our products. Also, we may face disqualification as a supplier for customers and reputational challenges if the due diligence procedures we implement do not enable us to verify the origins for the gold used in our products or to determine that the gold is conflict free.
 CFC operates under a California Finance Lenders License issued by the California Department of Financial Protection and Innovation. CFC is required to submit a finance lender law annual report to the state which summarizes certain loan portfolio and financial information regarding CFC. The Department of Financial Protection and Innovation may audit the books and records of CFC to determine whether CFC is in compliance with the terms of its lending license.
 There can be no assurance that the regulation of our trading, Direct-to-Consumer, and lending businesses will not increase or that compliance with the applicable laws and regulations will not become more costly or require us to modify our business practices.
 For other risks related to government regulation, see below this section and see " Risk Factors of General Applicability — We are subject to other laws and regulations," below.
 One or more states or municipalities could assert that the Company is liable for sales and use, commerce, or similar type of taxes, which could adversely affect our business.
 We ship product to retail customers throughout the United States. In South Dakota v. Wayfair, Inc. et al ("Wayfair"), the U.S. Supreme Court ruled that states may charge tax on purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state. The effect of Wayfair was to uphold economic nexus principles in determining sales and use tax nexus. As a result of the decision, most states have adopted laws that require an out-of-state retailer to register and collect sales and use or other non-income type taxes upon meeting certain economic nexus standards regardless of whether the company has physical presence in the state. Although the Company believes it is complying with the applicable legislative requirements, and collecting tax where obligated to do so, our interpretation and application of the legislation may differ from the states, which could result in the states' attempt to impose additional tax liabilities, including potential penalties and interest. Furthermore, the requirements by state or local governments on out-of-state sellers to collect sales and use taxes could deter futures sales, which could have an adverse impact on our business.
 For other risks related to taxation, see " Risk Factors of General Applicability — Changes in tax law could adversely affect our business," below.

 We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing affiliates is otherwise impaired, it could adversely affect our business.
 We are dependent on third parties, referred to as lead providers (or lead generators) and marketing affiliates, as a source of new customers for our Direct-to-Consumer segment. Generally, lead providers operate, and also work with their own marketing affiliates who operate, separate websites to attract prospective customers and then sell those "leads" to online traders and lenders. Our marketing affiliates place our advertisements on their websites that direct potential customers to our websites. As a result, the success of our Direct-to-Consumer business depends materially on the willingness and ability of lead providers or marketing affiliates to provide us with customer leads at acceptable prices.
 If regulatory oversight of lead providers or marketing affiliates is increased, through the implementation of new laws or regulations or the interpretation of existing laws or regulations, our ability to use lead providers or marketing affiliates could be restricted or eliminated. For example, the Consumer Financial Protection Bureau ("CFPB") has indicated its intention to examine compliance with federal laws and regulations by lead providers and to scrutinize the flow of non-public, private information between lead providers and lead buyers, such as us. Several states have enacted data broker registration laws that require businesses that, among other things, sell consumer Personal Data to third parties to register and honor opt-out or deletion requests by consumers. Over the past few years, several states have taken actions that have caused us to discontinue the use of lead providers in those states. While these discontinuations did not have a material adverse effect on us, other states may propose or enact similar restrictions on lead providers and potentially on marketing affiliates in the future, and if other states adopt similar restrictions, our ability to use lead providers or marketing affiliates in those states would also be interrupted.
 The failure by lead providers or marketing affiliates to comply with applicable laws or regulations, or any changes in laws or regulations applicable to lead providers or marketing affiliates or changes in the interpretation or implementation of such laws or regulations, could have an adverse effect on our business and could increase negative perceptions of our business and industry. Additionally, the use of lead providers and marketing affiliates could subject us to additional regulatory cost and expense. If our ability to use lead providers or marketing affiliates were to be impaired, our business could be materially adversely affected.
 Judicial decisions, CFPB rulemaking, or amendments to the Federal Arbitration Act could render the arbitration agreements we use illegal or unenforceable.
 We include arbitration provisions in our loan and financing agreements and in our Direct-to-Consumer terms and conditions. These provisions are designed to allow us to resolve any customer disputes through individual arbitration rather than in court and explicitly provide that all arbitrations will be conducted on an individual and not on a class basis. Thus, our arbitration agreements, if enforced, have the effect of shielding us from class action liability. Our arbitration agreements do not generally have any impact on regulatory enforcement proceedings. We take the position that the arbitration provisions in loan and financing agreements, including class action waivers, are valid and enforceable; however, the enforceability of arbitration provisions is often challenged in court. If those challenges are successful, our arbitration and class action waiver provisions could be unenforceable, which could subject us to additional litigation, including class action litigation.
 In addition, the U.S. Congress has considered legislation that would generally limit or prohibit mandatory arbitration agreements in consumer contracts and has enacted legislation with such a prohibition with respect to certain mortgage loan agreements and also certain consumer loan agreements to members of the military on active duty and their dependents. Further, the Dodd-Frank Act directed the CFPB to study consumer arbitration and authorized the CFPB to adopt rules limiting or prohibiting consumer arbitration, consistent with the results of its study. In July 2017, the CFPB issued a new rule on arbitration, which would have prohibited class action waivers in certain consumer financial services contracts. However, in November 2017, a joint resolution passed by Congress was signed disapproving the rule under the Congressional Review Act. Because the rule was disapproved, it cannot be reissued in substantially the same form, and the CFPB cannot issue a substantially similar rule, unless the new rule is specifically authorized by a law enacted after the date of the joint resolution disapproving the original rule.
 Any judicial decisions, legislation or other rules or regulations that impair our ability to enter into and enforce consumer arbitration agreements and class action waivers could increase our exposure to class action litigation as well as litigation in plaintiff-friendly jurisdictions, which would be costly and could have a material adverse effect on our business.
 Our advertising and marketing materials and disclosures related to our Direct-to-Consumer and Secured Lending segments have been and continue to be subject to regulatory scrutiny.
 In the jurisdictions where our Direct-to-Consumer and Secured Lending businesses operate, our advertising and marketing activities and disclosures are subject to regulation under various industry standards, borrower protection laws, and other applicable laws and regulations. As a whole, our advertising and marketing materials have come under increased scrutiny.
 There can be no guarantee that we will be able to continue advertising and marketing our business units in a manner we consider effective. Any inability to do so could have a material adverse effect on our business.

 Risks Relating to Our Common Stock
 We may not continue to pay any dividends in the future.
 A-Mark'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), beginning in October 2022. The most recent cash dividend under the policy was paid on August 1, 2025 to stockholders of record as of July 18, 2025. The declaration of regular cash dividends in the future is subject to the determination each quarter by our board of directors, based on a number of factors, including the Company's financial performance, available cash resources, cash requirements and alternative uses of cash and applicable bank covenants.
 There can be no assurance that the Company will pay dividends in the future on a regular basis or otherwise. If our board of directors were to determine not to pay dividends in the future, stockholders would not receive any further return on an investment in our capital stock in the form of dividends and may obtain an economic benefit from the common stock only after an increase in its trading price and only by selling the common stock.
 The Company has paid non-recurring special cash dividends to our stockholders as a consequence in part of the Company's favorable performance during the preceding periods. There is no assurance that any such non-recurring special dividend will be paid in the future, and if made, the timing or amount of any such dividend.
 See Note 17 and Note 20 to the Company's consolidated financial statements for more information regarding our dividends.
 Your percentage ownership in the Company could be diluted in the future.
 Your percentage ownership in A-Mark potentially could be diluted in the future because of additional common stock-based equity awards that we expect will be granted to our directors, officers and employees, including through our current equity incentive plan. In addition, we may issue equity in order to raise capital or in connection with future acquisitions and strategic investments, which could dilute your percentage ownership. For example, in the acquisition of JMB, LPM, and SGI, we issued stock to the sellers in partial consideration for the acquired interests. We also issued stock to the public to finance, in part, the acquisition of JMB.
 Provisions in our Certificate of Incorporation and Bylaws and of Delaware law may prevent or delay an acquisition of the Company, which could decrease the trading price of our common stock.
 Our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law contain certain anti-takeover provisions that could have the effect of making it more difficult for a third-party to acquire, or of discouraging a third-party from attempting to acquire, control of the Company without negotiating with our board of directors. Such provisions could limit the price that certain investors might be willing to pay in the future for the Company's securities. Certain of such provisions allow the Company to issue preferred stock with rights senior to those of the common stock, impose various procedural and other requirements which could make it more difficult for stockholders to effect certain corporate actions and set forth rules regarding how stockholders may present proposals or nominate directors for election at stockholder meetings.
 We believe these provisions protect our stockholders from coercive or otherwise unfair takeover tactics by requiring potential acquirors to negotiate with our board of directors and by providing our board of directors with more time to assess any acquisition proposal. However, these provisions apply even if an acquisition offer may be considered beneficial by some stockholders and could delay or prevent an acquisition that our board of directors determines is not in the best interests of our Company and our stockholders. Accordingly, in the event that our board determines that a potential business combination transaction is not in the best interests of our Company and our stockholders, but certain stockholders believe that such a transaction would be beneficial to the Company and its stockholders, such stockholders may elect to sell their shares in the Company and the trading price of our common stock could decrease.
 Our board and management beneficially own a sizable percentage of our common stock and therefore have the ability to exert substantial influence as stockholders.
 Members of our board and management beneficially own approximately 23% of our outstanding common stock. Acting together in their capacity as stockholders, the board members and management could exert substantial influence over matters on which a stockholder vote is required, such as the approval of business combination transactions. Also because of the size of their beneficial ownership, the board members and management may be in a position effectively to determine the outcome of the election of directors and the vote on stockholder proposals. The concentration of beneficial ownership in the hands of our board and management may therefore limit the ability of our public stockholders to influence the affairs of the Company.

 Risk Factors of General Applicability
 Legislatures and regulators continue to scrutinize cybersecurity management and incident reporting.
 Legislatures and regulators continue to scrutinize and mandate disclosures concerning cybersecurity risk management, strategy, governance, and incident reporting. In addition to the California Privacy Protection Agency's (CPPA) recent passage of regulations that require businesses within scope of the California Consumer Privacy Act (CCPA) and meeting other criteria to engage in cybersecurity audits of over a dozen cybersecurity program components commencing as early as April 2028, other regulators and legislatures remain focused on cybersecurity and data protection. For example, the SEC has adopted rules requiring public companies to disclose material cybersecurity incidents and detail their risk management practices, while the Federal Trade Commission (FTC) actively brings enforcement actions against organizations that fail to implement reasonable security measures or that misrepresent their cybersecurity posture. While the Company believes it has robust cybersecurity risk management procedures for addressing cybersecurity events, this new audit requirement and existing cybersecurity rules and disclosure obligations may increase the costs of cybersecurity protection and require disclosure of cybersecurity events that the Company might not otherwise deem to be material.
 The Company's failure or inability to protect its intellectual property could harm its competitive position.
 The Company relies on a combination of patent, trade secret, copyright and trademark laws and contractual restrictions, such as confidentiality agreements and licenses, to protect its business, services, know-how and information. The Company's patent, trademarks, or service marks may be challenged or found to be unenforceable, and contractual arrangements to protect our intellectual property may be insufficient to prevent its misappropriation. If that were the case, the Company's competitive position would suffer.
 Third parties may assert violations of their intellectual property rights against the Company.
 Third parties may currently have, or may be issued, patents upon which the technologies used by the Company are alleged to infringe. The Company could incur significant costs to defend infringements claims, regardless of their validity, or could be required to develop non-infringing technology at considerable expense or be compelled to enter into expensive royalty or license agreements. For example, JMB was compelled to expend significant resources as a consequence of litigation in which it was accused of infringement prior to its acquisition by the Company.
 We are subject to other laws and regulations.
 In addition to matters discussed above, we are subject to various laws, and regulations, both domestic and foreign, as well as responsible business, social and environmental practices, which may change from time to time. Failure to comply with applicable laws and regulations or to implement responsible business practices could subject us to damage to our reputation, lawsuits, criminal exposure, or increased cost of regulatory compliance.
 Changes in tax law could adversely affect our business.
 Changes to tax laws (which changes may have retroactive application) could adversely affect us or holders of our common stock. It cannot be predicted whether, when, in what form, or with what effective dates, new tax laws or regulations may be enacted under existing or new tax laws. This could result in an increase in our tax liability or require changes in our business in order to mitigate any adverse effects of changes in tax laws.
 Third-party expectations relating to ESG factors may impose additional costs and expose us to new risks.
 In recent years, there has been an increasing focus by stakeholders of public companies—including investors, employees, customers, suppliers, and governmental and non-governmental organizations—on ESG matters. A failure, whether real or perceived, to address ESG could adversely affect our business, including by heightening other risks that we face, such as those related to consumer behavior and consumer perceptions of us. We may also face pressure from stakeholders to provide disclosure and establish commitments, targets or goals, and take actions to meet them, regarding ESG. If we fail to satisfy the expectations of investors and other stakeholders or our initiatives are not executed as planned, our reputation, results of our operations and ability to grow our business may be negatively impacted. Additionally, new legislative or regulatory initiatives related to ESG could adversely affect our business.
 ITEM 1B. UNRESOLVED STAFF COMMENTS
 None.

 ITEM 1C. CYBERSECURITY
 Cybersecurity Risk Management and Strategy
 We recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability of company information and the personal information that we process. Cybersecurity risk management is an integral part of our overall enterprise risk management efforts. We manage cybersecurity risks using a framework based on applicable regulations, industry standards, and recognized best practices. Through this framework, we devote significant resources to identifying, monitoring, assessing, and responding to cybersecurity threats and incidents, including those associated with our use of third-party software, applications, services, and cloud infrastructure.
 Our Cybersecurity Program includes multiple policies, procedures, and other components designed to identify, analyze, and respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies and controls designed to detect, mitigate, and contain cybersecurity threats. As part of our Cybersecurity Program, we maintain a Written Information Security Plan that outlines internal controls and procedures designed to protect our information systems. Our Cybersecurity Program contains a comprehensive suite of cybersecurity policies that are commensurate with companies in our industry of similar size and sophistication, and these policies are also informed by the sensitivity of our data processing activities. Our Cybersecurity Program also includes policies and procedures designed to ensure adequate business continuity, disaster recovery, and incident response. We also have access through our insurer to computer forensics firms and specialized legal counsel in case of a cybersecurity incident. While we maintain cybersecurity insurance to assist in the cost of recovery from a cybersecurity incident, such coverage may not be sufficient to cover all costs resulting from such incidents.
 We leverage qualified third-party consultants, advisors, counsel, and other experts to inform, audit, and update our Cybersecurity Program throughout each year. We engage security assessors to identify vulnerabilities through both internal and external penetration tests and to perform cybersecurity maturity assessments. We perform risk assessments annually, or more frequently if circumstances require, using both internal and external resources. We may also be subject to examinations or disclosures by applicable regulators. We conduct annual cybersecurity training for employees to enhance awareness of how to detect and respond to cybersecurity threats, as well as periodic phishing training and testing campaigns. We also conduct periodic table-top exercises to simulate a response to a cybersecurity incident.
 Our designated IT team members monitor cybersecurity threats in real time for the Company at the enterprise level, with the assistance of third-party threat detection and monitoring software. Cybersecurity threats at the subsidiary level are also monitored in real time by experienced IT professionals at those subsidiaries, including our IT leadership at JM Bullion, AMS, Pinehurst, LPM, and SGI. These individuals report cybersecurity incidents immediately to our Chief Information Officer ("CIO") and Chief Privacy Officer ("CPO"), who in turn follow approved incident response and reporting protocols, as more fully described below.
 Our Cybersecurity Compliance and Disclosure Committee ("CCDC"), which is further described below, is chaired by our CIO and includes the General Counsel and the CPO of A-Mark and other representatives from the Company and our subsidiaries, including top-level management, to ensure enterprise-wide implementation and consistent application of the Company's data security, privacy, and artificial intelligence policies and procedures. The CCDC regularly enlists internal and external subject matter experts to assist where necessary.
 We also maintain a formal Vendor Management Program that provides oversight of cybersecurity risks related to our vendor and supplier relationships. During vendor onboarding, we perform risk-based due diligence on these third-parties, with heightened requirements for vendors that have access to confidential enterprise information, personal data, or that require access to our information systems. This Vendor Management Program includes specific cybersecurity requirements for our vendors, as well as ongoing monitoring, assessment, and contract review. Members of the CCDC are involved in and review the Vendor Management Program annually.
 We also maintain a formal Generative Artificial Intelligence ("GAI") Policy and Program that provides oversight of cybersecurity, privacy, and contractual risks related to enterprise use of GAI. All GAI tools and use cases must be submitted for review and approval by a subcommittee of CCDC members based on specific cybersecurity, privacy, and contractual requirements.
 To date, we have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, the sophistication of and risks from cybersecurity threats and incidents continue to increase, and the preventative actions that we have taken and continue to take to reduce the risk of cybersecurity threats and incidents may not successfully protect against all cybersecurity threats and incidents. For more information on the risks that we face from cybersecurity threats, see "Risk Factors – Risk Factors of General Applicability—Legislatures and regulators continue to scrutinize cybersecurity management and incident reporting." in Part 1, Item 1A of this report.

 Cybersecurity Governance
 The Board has overall responsibility for risk oversight and has delegated oversight of our Cybersecurity Program, including enterprise-wide risk assessment and management, to the CCDC. The CCDC's charter requires it to monitor Company efforts to prevent, detect, mitigate, and remediate cybersecurity incidents, and to comply with cybersecurity laws and regulations. The CCDC oversees and approves all Company policies and procedures related to cybersecurity. The CCDC also ensures that significant cybersecurity issues or concerns are reported to the Board and A-Mark's CEO, and disclosed to the public, individuals, or regulators where required by law.

 The CCDC directly oversees information technology and information security risks through regular meetings, reports from management on information technology, cybersecurity, and related risk assessments, and incidents disclosed by third-party service providers as applicable. If a cybersecurity threat is identified, our Vice President of IT or other reporting individuals will immediately inform our IT service desk and notify our CIO and CPO. Once the threat has been analyzed, our CIO and CPO will inform our General Counsel of any security incidents. The General Counsel or her delegate will report on the incident, as appropriate, to the CCDC, our CEO, President, CFO, and to the Board, either at the next scheduled meeting or on a current basis, depending on the severity of the incident. Each quarter, the enterprise CPO presents legal and regulatory updates concerning cybersecurity, security incident response and notification, privacy, and artificial intelligence. A-Mark's CPO is certified by the International Association of Privacy Professionals as an EU, US, and management privacy professional, as well as an artificial intelligence governance professional. Our CPO has over a decade of privacy, data protection, and information management experience.
 The CCDC reports at least quarterly to the Board and A-Mark's CEO on the following topics, among possible others: our current risk posture and threat landscape; new material cybersecurity threats and high-risk exposures; risk mitigations and controls; incident response readiness; and updates to cybersecurity policies and procedures. The CCDC is also authorized and directed to report to the Board and A-Mark's CEO promptly in the event of a significant cybersecurity incident, as appropriate.
 A-Mark's CIO chairs the CCDC. Our CIO brings over 15 years of IT experience to A-Mark. Since joining A-Mark in 2019, he has been pivotal in enhancing our data privacy compliance program, significantly strengthening our data protection and privacy measures, particularly ensuring protection of sensitive data. The co-vice chairs of the CCDC are A-Mark's Vice President of IT and JM Bullion's Vice President of Digital and Technology. Our Vice President of IT has over 25 years of experience in IT working in various industries including ecommerce, health care, and financial industries focusing on IT operations, cybersecurity and compliance. Since joining the company in 2014, he has been instrumental in the creation and growth of our cybersecurity program. Our Vice President of Digital and Technology at JM Bullion has comprehensive experience in the cybersecurity field. He successfully established a 24/7 security operation center (SOC) to continuously detect and respond to security incidents, as well as implemented various advanced services to proactively detect vulnerabilities on potential attack surfaces with high accuracy spanning across assets, applications, data, endpoints and network. He also centralized the workforce identity and access management (IAM) of the various systems for improved administration and control at the subsidiary level. He joined JM Bullion in 2015 and has served in his current role as Vice President of Digital and Technology since 2021.
 Other members of the CCDC include top executives and management from the Company and its subsidiaries, including A-Mark's General Counsel and Assistant General Counsel, CPO, President, Chief Financial Officer, Chief Operating Officer, Senior Director of Financial Reporting, Senior Director of Internal Audit, and Director of Enterprise Development and Administration, as well as JM Bullion's President and Chief Executive Officer and its Chief Financial Officer. Finally, the CCDC is assisted by an external compliance consultant with over twenty years of IT experience, and A-Mark's outside legal counsel for privacy and data security.

 ITEM 2. PROPERTIES
 As of June 30, 2025, the Company owned or leased properties as described below:

 Location

 General Use of Facility

 Square
Footage

 Ownership

 Lease-term Expiration

 Wholesale Sales and Ancillary Services Segment

 El Segundo, California (1)

 Corporate headquarters, trading desk, secured lending, marketing, and back-office operations

 9,000

 March-2026

 Las Vegas, Nevada

 Storage and fulfillment logistics operations

 24,743

 April-2030

 Las Vegas, Nevada

 Warehouse

 14,614

 September-2030

 Winchester, Indiana

 Minting operations

 17,000

 Owned

 not applicable

 Winchester, Indiana

 Minting operations

 5,000

 Owned

 not applicable

 Winchester, Indiana

 Fabrication facility

 17,000

 May-2026

 Carson City, Nevada

 Die-cutting and engraving facility

 2,000

 month-to-month

 Vienna, Austria

 International marketing support operations

 every three months

 Hong Kong

 Regional headquarters and back-office operations

 4,599

 June-2026

 Hong Kong

 Numismatics showroom

 3,500

 January-2026

 Costa Mesa, California (2)

 27,973

 August-2027

 Pinehurst, North Carolina (2)

 10,000

 November-2025

 Direct-to-Consumer Segment

 Los Angeles, California

 11,468

 January-2028

 Dallas, Texas

 3,093

 December-2024

 Dallas, Texas

 10,586

 November-2028

 Irving, Texas

 Distribution hub

 24,640

 April-2031

 Calgary, Canada

 22,650

 August-2028

 Calgary, Canada

 4,176

 August-2026

 Burnsville, Minnesota

 Warehouse

 23,319

 June-2027

 Eagan, Minnesota

 44,298

 August-2039

 Tulsa, Oklahoma

 3,200

 May-2030

 Hong Kong

 4,684

 June-2026

 Miami, Florida

 Retail office, walk-in showroom

 3,500

 August-2034

 Costa Mesa, California

 Corporate office, auction and event venue

 12,691

 August-2027

 Santa Ana, California

 Warehouse

 41,722

 April-2030

 Philadelphia, Pennsylvania

 3,128

 September-2028

 San Francisco, California

 4,839

 June-2035

 New York, New York

 Retail, auction and event venue

 2,150

 October-2029

 Boston, Massachusetts

 5,662

 April-2032

 Newport Beach, California

 Warehouse

 3,025

 February-2027

 Wolfboro, New Hampshire

 2,000

 month-to-month

 Paris, France

 month-to-month

 Copenhagen, Denmark

 Retail office

 1,851

 month-to-month

 Singapore

 2,020

 March-2027

 (1) The Secured Lending segment shares office space at this facility.

 (2) The Direct-to-Consumer segment shares office space at this facility.

 ITEM 3. LEGAL PROCEEDINGS
 We are from time to time involved in legal proceedings, claims, or investigations that are incidental to the conduct of our 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.
 ITEM 4. MINE SAFETY DISCLOSURES
 None.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
 Market Information
 A-Mark's shares of common stock are traded on the NASDAQ Global Select Market under the symbol "AMRK". As of September 5, 2025, there were 139 registered stockholders of record of our common stock.
 Stock Performance Graph
 Set forth below is a graph comparing the cumulative total stockholder return on shares of A-Mark common stock against the cumulative total return of (i) the Nasdaq Composite Index and (ii) a group of companies that are in lines of business reasonably comparable to A-Mark's businesses ("peer companies") for the five-year period from June 30, 2020 to June 30, 2025. The graph assumes that $100 was invested on June 30, 2020 in our common stock, in the Nasdaq Composite Index companies and in the peer group companies (on a market-capitalization-weighted basis), and that all dividends were reinvested in the same class of stock.

 Below are the companies which comprise the peer group in the graph above, in the indicated lines of business:

 Alternative Brokerage Firms

 Alternative Financial Services

 E-Commerce

 BGC Group, Inc. (BGC)

 Enova International, Inc. (ENVA)

 Carvana Co. (CVNA)

 IG Group Holdings plc (IGG.L)

 EZCORP, Inc. (EZPW)

 Stitch Fix, Inc. (SFIX)

 StoneX Group Inc. (SNEX)

 FirstCash Holdings, Inc. (FCFS)

 The Lovesac Company (LOVE)

 Swissquote Group Holding Ltd (SQN.SW)

 Regional Management Corp. (RM)

 Liquidity Services, Inc. (LQDT)

 B. Riley Financial, Inc. (RILY)

 World Acceptance Corporation (WRLD)

 Beyond, Inc. (BYON)

 Oppenheimer Holdings Inc. (OPY)

 GreenDot Corporation (GDOT)

 PC Connection, Inc. (CNXN)

 Dividend Policy
 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). While we currently intend to continue paying quarterly dividends, any future determination regarding the payment of dividends will be subject to the discretion of our board of directors and will be dependent on a number of factors, including the Company's financial performance, available cash resources, cash requirements and alternative uses of cash and applicable bank covenants.
 In fiscal 2024, the Company paid the following dividends:
 • On July 5, 2023, 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 17, 2023. The dividend was paid on July 28, 2023 and totaled $4.7 million.

 • On August 17, 2023, the Company's board of directors declared a non-recurring special dividend of $1.00 per share of common stock to stockholders of record at the close of business on September 12, 2023. The dividend was paid on September 26, 2023 and totaled $23.4 million.

 • On August 17, 2023, the Company's board of directors also declared a regular cash dividend of $0.20 per share of common stock to stockholders of record at the close of business on October 10, 2023. The dividend was paid on October 24, 2023 and totaled $4.6 million.

 • On January 4, 2024, 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 January 16, 2024. The dividend was paid on January 29, 2024 and totaled $4.6 million.

 • On April 4, 2024, 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 April 16, 2024. The dividend was paid on April 29, 2024 and totaled $4.6 million.

 In fiscal 2025, the Company paid the following dividends.
 • On July 5, 2024, 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, 2024. The dividend was paid on July 31, 2024 and totaled $4.6 million.

 • On August 20, 2024, the Company's board of directors declared a regular cash dividend of $0.20 per share of common stock to stockholders of record at the close of business on October 8, 2024. The dividend was paid on October 22, 2024 and totaled $4.6 million.

 • On January 2, 2025, the Company's board of directors declared a regular cash dividend of $0.20 per share of common stock to stockholders of record at the close of business on January 14, 2025. The dividend was paid on January 28, 2025 and totaled $4.6 million.

 • On April 3, 2025, our board of directors declared a regular dividend of $0.20 per share to shareholders of record at the close of business on April 15, 2025. The dividend totaling $4.9 million was paid on April 29, 2025.

 See Note 20 to the Company's consolidated financial statements for more information regarding our dividends.
 Equity Compensation Plan Information
 The following table provides information as of June 30, 2025 with respect to the shares of our common stock that may be issued under existing equity compensation plans:

 Plan category

 (a)
Number of securities
to be issued upon
exercise of
outstanding options,
warrants, and restricted stock units

 (b)
Weighted-average
exercise price of
outstanding options,
warrants, and restricted stock units

 (c)
Number of securities
remaining available for
future issuance under
equity compensation
plans
(excluding securities
reflected in column (a))

 Equity compensation plans approved by security holders

 1,316,702

 $

 8.66

 (1)

 1,379,222

 (2)

 Equity compensation plans not approved by security holders

 —

 —

 —

 1,316,702

 $

 8.66

 (1)

 1,379,222

 (2)

 1. The weighted-average exercise prices are calculated including the restricted stock units ("RSUs") as rights to acquire shares with an exercise price assumed to be zero. The weighted-average exercise price of stock options for all outstanding stock options excluding RSUs was $9.68.

 2. Represents shares that are available for future issuance under the Company's amended and restated 2014 Stock Award and Incentive Plan (the "2014 Plan"). All of the 2014 Plan shares that are available for future issuance include the following award types: stock options, stock appreciation rights, restricted stock units, restricted stock, and other "full-value" awards.

 Share Repurchase Program
 In April 2018, the Company's board of directors approved a share repurchase program which authorized the Company to purchase up to 1.0 million shares (as adjusted for the two-for-one split of A-Mark's common stock in the form of a stock dividend in fiscal 2022) of its common stock. Prior to fiscal 2023, no shares were repurchased under our share repurchase program. In fiscal 2023, we repurchased a total of 335,735 shares under the program for $9.8 million. In the fourth quarter of fiscal 2023, the board revised the repurchase program to authorize the purchase of up to 1.0 million shares of our common stock, in addition to the shares previously repurchased, and extended the expiration date from June 30, 2023 to June 30, 2028. In November 2023, the Company's board of directors further amended the share repurchase program to authorize an additional 1.2 million shares to be repurchased under the program, resulting in a total of 2.0 million shares authorized for repurchase, after taking into account the shares previously purchased at that date. As of June 30, 2025, 1,321,003 shares had been repurchased and 678,997 shares remain authorized for repurchase under the program.

 Under the share repurchase program, we may repurchase shares of our common stock from time to time at prevailing market prices, depending on market conditions, through open market or privately negotiated transactions. Subject to applicable corporate securities laws, repurchases may be made at such times and in amounts as management deems appropriate. We are not obligated to repurchase any shares under the program, and repurchases under the program may be discontinued if management determines that additional repurchases are not warranted.
 We did not repurchase any shares during the quarter ended June 30, 2025.
 Recent Sales of Unregistered Equity Securities
 We did not sell any unregistered equity securities during the period covered by this report.
 ITEM 6. [RESERVED]
 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
 This Annual Report on Form 10-K ("Form 10-K") 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 Annual 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 Annual 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-K.
 The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes contained elsewhere in this Form 10-K. 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 Annual 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 consolidated financial statements and related notes to aid in the understanding of our results of operations and financial condition. We have omitted discussion of our fiscal year 2023 results where it would be redundant to the discussion previously included in Item 7 of our fiscal year 2024 Annual Report on Form 10-K. 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 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

 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:

 o Wholesale Sales & Ancillary Services,

 o Direct-to-Consumer, and

 o Secured 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 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 June 30, 2025, 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 consolidated financial statements.

 • Recent accounting pronouncements. This section discusses new accounting pronouncements, dates of implementation, and their expected impact on our accompanying consolidated financial statements.

 EXECUTIVE OVERVIEW
 Our Business
 The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending.
 Wholesale Sales & Ancillary Services Segment
 The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-Mark Trading AG ("AMTAG"), Transcontinental Depository Services, LLC ("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 operates as a full-service precious metals company. We offer gold, silver, platinum, and palladium in the form of bars, plates, powder, wafers, grain, ingots, and coins. We sell more than 2,000 products in a variety of weights, shapes, and sizes for distribution to dealers and other qualified purchasers. We have a marketing support office in Vienna, Austria, a numismatics showroom in Hong Kong, and a trading center in El Segundo, California. The trading center, for buying and selling precious metals, is available to receive orders 24 hours every day, even when many major world commodity markets are closed. In addition to Wholesale Sales activity, A-Mark offers its customers a variety of ancillary services, including financing, storage, consignment, logistics, and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver, platinum, and palladium coins, A-Mark purchases product directly from the U.S. Mint, and it also purchases product from other sovereign mints, for sale to its customers.
 Through its wholly-owned subsidiary AMTAG, the Company promotes its products and services to certain international markets.
 Through our wholly-owned subsidiary TDS, we offer a variety of managed storage options for precious metals products to financial institutions, dealers, investors, and collectors around the world.
 The Company's wholly-owned subsidiary AMGL is based in Las Vegas, Nevada, and provides our customers an array of complementary services, including receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis.
 Through its wholly-owned subsidiary AMST, the Company designs and produces minted silver products. Our Silver Towne Mint operations allow us to provide greater product selection to our customers and greater pricing stability within the supply chain, as well as to gain increased access to fabricated silver products during volatile market environments, which have historically created higher demand for precious metals products.
 In February 2024, the Company acquired LPM, one of Asia's largest precious metals dealers. Headquartered in Hong Kong, LPM extends A-Mark's global reach by offering its full-service precious metals products and services in Asia and internationally.
 We expanded our product portfolio in February 2025 through our acquisition of SGI, which is the parent company of Stack's Bowers Galleries, one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. SGI also is the majority owner of Spectrum Wine, a global auctioneer, retailer, and storage provider of fine and rare wine. SGI's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results and metrics attributable to its auction and retail operations are included in our Direct-to-Consumer segment. (As used herein, and as the context may require, the term "SGI" refers to Spectrum Group International, Inc. and its successor company Spectrum Group International, LLC.)
 Also in February 2025, A-Mark continued its expansion into the bullion adjacent collectible coin market through the acquisition of the remaining outstanding equity interests in Pinehurst Coin Exchange, Inc. ("Pinehurst") it did not previously own. Pinehurst is a leading precious metals broker that services the wholesale and retail marketplace and is one of the nation's largest e-commerce retailers of modern and numismatic coins on eBay. Pinehurst markets a broad range of bullion and is a leader in selling coins produced by the U.S. Mint, the Royal Canadian Mint, and other highly regarded sovereign mints that have been evaluated by leading grading agencies. Pinehurst's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results and metrics attributable to its retail operations are included in our 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., and through its investment in Silver Gold Bull, Inc. ("SGB"). JMB currently has several wholly-owned subsidiaries, including: Buy Gold and Silver Corp. ("BGASC"), BX Corporation ("BullionMax"), Gold Price Group, Inc. ("GPG"), Silver.com, Inc. ("Silver.com"), Provident Metals Corp. ("PMC"), and CyberMetals Corp. ("CyberMetals"). Goldline owns 100% of AM IP Assets, LLC ("AMIP"). SGB and Goldline each have a 50% ownership interest in Precious Metals Purchasing Partners, LLC ("PMPP"). As the context requires, references to JMB may include BGASC, BullionMax, GPG, Silver.com, PMC, and CyberMetals and references to Goldline may include AMIP and PMPP.
 JMB is a leading e-commerce retailer providing access to a broad array of gold, silver, copper, platinum, and palladium products through its websites. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com.

 In April 2022, JMB commercially launched the CyberMetals online platform, where customers can purchase and sell fractional shares of digital gold, silver, platinum, and palladium bars in a range of denominations. CyberMetals' customers have the option to convert their digital holdings to fabricated precious metals products via an integrated redemption flow with JMB. These products may be designated for storage by the Company or shipped directly to the customer.
 The Company acquired Goldline in August 2017 through an asset purchase transaction with Goldline, LLC, which had been in operation since 1960. Goldline is a direct retailer of precious metals to the investor community, and markets its precious metal products on television, radio, and the internet, as well as through customer service outreach. AMIP manages Goldline's intellectual property.
 PMPP was formed in fiscal 2019 pursuant to terms of a joint venture agreement between Goldline and SGB, for the purpose of purchasing precious metals from the partners' retail customers, and then reselling the acquired products back to affiliates of the partners. PMPP commenced operations in fiscal 2020.
 In 2014, the Company acquired its initial ownership interest in SGB, a leading e-commerce precious metals retailer in Canada, increasing its ownership to 55.4% in June 2024 at which time we obtained a controlling ownership interest in SGB, and SGB became a consolidated subsidiary of the Company. Our investment in SGB expands our direct-to-consumer footprint in the international market. Through its website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins and rounds, as well as certified coins from mints around the world.
 SGI, which we acquired in February 2025, is the parent company of Stack's Bowers Galleries, one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. Its auction services unit conducts in-person, internet and specialized auctions of consigned and owned items and has sold a wide range of the most important rarities and numismatic collections over its distinguished history. SGI's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment and the financial results and metrics attributable to its auction and retail operations are included in our Direct-to-Consumer segment.
 In February 2025, the Company acquired Pinehurst Coin Exchange, Inc. ("Pinehurst"). Pinehurst is a leading precious metals broker that services the wholesale and retail marketplace and is one of the nation's largest e-commerce retailers of modern and numismatic coins on eBay. Pinehurst operates the www. PinehurstCoins.com and www. ModernCoinMart.com websites. Pinehurst's financial results and metrics attributable to wholesale operations are included in our Wholesale Sales & Ancillary Services segment and the financial results and metrics attributable to its retail operations are included in our Direct-to-Consumer segment.
 A-Mark, in connection with its acquisition of LPM in February 2024, formed a joint venture with Stack's Bowers Galleries and Pinehurst to acquire a 10% interest in AMS Holding, LLC ("AMS"). In April 2025, A-Mark acquired the remaining 90% of its outstanding equity interests it did not previously own. A-Mark had supplied bullion and related products to AMS for over ten years. The foundation of AMS brings together four decades of collector relationships with modern technology and compelling coin offerings that are sold through the GOVMINT brand and continues the Company's strategy to expand its footprint into the luxury market. AMS has served over 500,000 customers in its history.
 The Company operates its Secured Lending segment through its wholly-owned subsidiary, Collateral Finance Corporation, LLC, including its wholly-owned subsidiary, CFC Alternative Investments ("CAI") (collectively "CFC").
 CFC is a California licensed finance lender that originates and acquires commercial loans secured primarily by bullion and numismatic coins. CFC's customers include coin and precious metal dealers, investors, and collectors. As of June 30, 2025, CFC had $94.0 million in secured loans outstanding, of which 11% were acquired from third parties (some of which may be customers of A-Mark) and approximately 89% were originated by CFC.
 CAI is a holding company that has an equity method interest in Collectible Card Partners, LLC ("CCP"). CCP originates commercial loans secured by graded sports cards. CCP commenced operations in fiscal 2022.
 AM Capital Funding, LLC ("AMCF"), previously a wholly-owned subsidiary of CFC, was formed for the purpose of securitizing eligible secured loans of CFC. AMCF issued and administered Secured Senior Term Notes: Series 2018-1, Class A, with an aggregate principal amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B in the aggregate principal amount of $28.0 million (collectively referred to as the "AMCF Notes"). The AMCF Notes were repaid in full in December 2023. AMCF was dissolved in June 2024.

 Our Strategy
 The Company was formed in 1965 and has grown into a significant participant in the bullion and coin markets, with $11.0 billion in revenues for fiscal year 2025. We have remained active in seeking investment opportunities to strategically enhance our business, and also continue to focus on growth in the volume of our business, our geographic presence, and the scope of complementary products, services, and technological tools that we offer to our customers. In doing so, we seek to leverage off the strengths of our existing integrated operations, which span trading, e-commerce, distribution, logistics, minting, storage, hedging, financing, and consignment products and services, including:
 • our expertise in e-commerce and marketing;

 • the depth of our customer relationships and our ability to acquire and retain new customers;

 • our long-standing relationships with the United States Mint and other sovereign and private mints;

 • our access to market makers and suppliers;

 • our global trading systems;

 • our network of precious metals dealers;

 • our depository relationships around the world;

 • our design and production of minted silver products;

 • our ability to obtain more favorable pricing and financing terms due to our size;

 • our ability to manage exposure to commodity price risk through our experienced traders;

 • our distribution, storage and logistics capabilities;

 • our knowledge of secured lending; and

 • the quality and experience of our management team.

 Our Customers
 Our customers include financial institutions, bullion retailers, industrial manufacturers and fabricators, sovereign mints, refiners, coin and metal dealers, investors, collectors, and e-commerce and other retail customers. The Company makes a two-way market in its wholesale operations, which results in many customers also operating as our suppliers in that segment. This diverse base of wholesale customers purchases a variety of products from the Company in a multitude of grades, primarily in the form of coins and bars. Our Direct-to-Consumer segment sells to (and, through JMB and PMPP, buys from) retail customers, with JMB, SGB, Pinehurst, and AMS focusing on e-commerce operations and Goldline marketing through various traditional and e-commerce channels to the investor community. The Direct-to-Consumer segment offers these customers a variety of gold, silver, copper, platinum, and palladium products.
 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.

 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 approximately 2% 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").
 Performance Metrics
 In addition to financial statement indicators, management also utilizes key operational metrics to assess the performance of our business. SGI's and Pinehurst's performance metrics have been included in our consolidated financial results as of February 28, 2025. Since SGI and Pinehurst operate in both the wholesale and retail marketplaces, performance metrics attributable to their respective wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the performance metrics attributable to their respective retail operations are included in our Direct-to-Consumer segment. AMS's performance metrics have been included in our consolidated and Direct-to-Consumer segment financial results from April 1, 2025.
 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.

 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 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 structured 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 consolidated statements of income and 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.
 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.

 RESULTS OF OPERATIONS
 Overview of Results of Operations
 Consolidated Results of Operations for the Years Ended June 30, 2025 and 2024
 The operating results of our business were as follows (in thousands, except per share and performance metrics data):

 2025

 2024

 $

 $

 $

 %

 $

 %

 $

 %

 $

 1,279,575

 13.2

 %

 210,916

 1.921

 %

 173,255

 1.786

 %

 $

 37,661

 21.7

 %

 (139,193

)

 (1.268

 %)

 (89,800

)

 (0.926

 %)

 $

 49,393

 55.0

 %

 (22,920

)

 (0.209

 %)

 (11,397

)

 (0.118

 %)

 $

 11,523

 101.1

 %

 25,948

 0.236

 %

 27,168

 0.280

 %

 $

 (1,220

)

 (4.5

 %)

 (46,203

)

 (0.421

 %)

 (39,531

)

 (0.408

 %)

 $

 6,672

 16.9

 %

 (2,825

)

 (0.026

 %)

 4,044

 0.042

 %

 $

 (6,869

)

 (169.9

 %)

 2,031

 0.018

 %

 2,071

 0.021

 %

 $

 (40

)

 (1.9

 %)

)

 (0.047

 %)

 0.172

 %

 $

)

 %)

 (1,341

)

 (0.012

 %)

 0.003

 %

 $

 (1,640

)

 (548.5

 %)

 0.194

 %

 0.853

 %

 $

 (61,508

)

 (74.3

 %)

 (5,426

)

 (0.049

 %)

 (13,745

)

 (0.142

 %)

 $

 (8,319

)

 (60.5

 %)

 0.144

 %

 0.712

 %

 $

 (53,189

)

 (77.0

 %)

 Net (loss) income attributable to noncontrolling interests

 (1,476

)

 (0.013

 %)

 0.005

 %

 $

 (1,963

)

 (403.1

 %)

 Net income attributable to the Company

 $

 17,320

 0.158

 %

 $

 68,546

 0.707

 %

 $

 (51,226

)

 (74.7

 %)

 Basic and diluted net income per share attributable
 to A-Mark Precious Metals, Inc.:

 Per Share Data:

 Basic

 $

 0.73

 $

 2.97

 $

 (2.24

)

 (75.4

 %)

 Diluted

 $

 0.71

 $

 2.84

 $

 (2.13

)

 (75.0

 %)

 Performance Metrics:(1)

 Gold ounces sold(2)

 1,642,000

 1,839,000

 (197,000

)

 (10.7

 %)

 Silver ounces sold(3)

 73,643,000

 108,096,000

 (34,453,000

)

 (31.9

 %)

 Inventory turnover ratio(4)

 9.1

 9.2

 (0.1

)

 (1.1

 %)

 Number of secured loans at period end(5)

 (143

)

 (24.3

 %)

 (1) See "Results of Segments" for a description of additional metrics not listed above.

 (2) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. SGI's and Pinehurst's performance metrics are included after February 28, 2025. AMS's performance metrics are included after April 1, 2025.

 (3) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. SGI's and Pinehurst's performance metrics are included after February 28, 2025. AMS's performance metrics are included after April 1, 2025.

 (4) Inventory turnover ratio is the cost of sales divided by average inventory for the period presented above. This calculation excludes precious metals held under financing arrangements, which are not classified as inventory on the consolidated balance sheets.

 (5) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period.

 in thousands, except performance metrics

 2025

 2024

 $

 $

 $

 %

 $

 %

 $

 %

 $

 1,279,575

 13.2

 %

 Performance Metrics

 Gold ounces sold

 1,642,000

 1,839,000

 (197,000

)

 (10.7

 %)

 Silver ounces sold

 73,643,000

 108,096,000

 (34,453,000

)

 (31.9

 %)

 Revenues for the year ended June 30, 2025 increased $1.280 billion, or 13.2%, to $10.979 billion from $9.699 billion in 2024. Excluding an increase of $446.7 million of forward sales, our revenues increased $832.9 million, or 14.6%, 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 acquisition of a controlling interest in SGB in June 2024, the acquisitions of SGI and Pinehurst in February 2025, and the acquisition of AMS in April 2025.
 Gold ounces sold for the year ended June 30, 2025 decreased 197,000 ounces, or 10.7%, to 1,642,000 ounces from 1,839,000 ounces in 2024. Silver ounces sold for the year ended June 30, 2025 decreased 34,453,000 ounces, or 31.9%, to 73,643,000 ounces from 108,096,000 ounces in 2024. On average, the selling prices for gold increased by 32.7% and selling prices for silver increased by 28.9% during the year ended June 30, 2025 as compared to the prior year.
 JMB's revenue represented 11.2% and 13.6% of the Company's consolidated revenue for the year ended June 30, 2025 and 2024, respectively.
 Gross Profit

 in thousands, except performance metric

 2025

 2024

 $

 $

 $

 %

 $

 210,916

 1.921

 %

 $

 173,255

 1.786

 %

 $

 37,661

 21.7

 %

 Performance Metric

 Inventory turnover ratio

 9.1

 9.2

 (0.1

)

 (1.1

 %)

 Gross profit for the year ended June 30, 2025 increased $37.7 million, or 21.7%, to $210.9 million from $173.3 million in 2024. The overall gross profit increase was due to an increase in gross profits earned by the Direct-to-Consumer segment, partially offset by lower gross profits earned from the Wholesale Sales & Ancillary Services segment.
 The Company's overall gross margin percentage for the year ended June 30, 2025 increased by 13.5 basis points to 1.921% from 1.786% in 2024. Excluding forward sales that had a negligible impact to the amount of gross profit, our gross margin percentage for the year ended June 30, 2025 increased by 19.0 basis points to 3.219% from 3.029%, which was primarily due to an increase in our retail market activity and higher premium spreads, partially offset by lower trading profits. JMB's retail market activity represented 31.1% and 40.6%, respectively, of the Company's consolidated gross profit for the years ended June 30, 2025 and 2024.
 Our inventory turnover ratio for the year ended June 30, 2025 decreased by 1.1% to 9.1 from 9.2 in 2024. The decrease in our inventory turnover ratio was not significant.
 Selling, General and Administrative Expense

 2025

 2024

 $

 $

 $

 %

 $

 (139,193

)

 (1.268

 %)

 $

 (89,800

)

 (0.926

 %)

 $

 49,393

 55.0

 %

 Selling, general, and administrative expenses for the year ended June 30, 2025 increased $49.4 million, or 55.0%, to $139.2 million from $89.8 million in 2024. The change was primarily due to: (i) an increase in compensation expense of $24.1 million, (ii) an increase in consulting and professional fees of $9.1 million, (iii) an increase in advertising costs of $8.4 million, (iv) an increase in facilities expense of $3.0 million, (v) an increase in bank service and credit card fees of $2.0 million, (vi) an increase in insurance costs of $0.6 million, and (vii) an increase in information technology costs of $0.5 million. Selling, general and administrative expenses for the year ended June 30, 2025 include expenses incurred by LPM, SGB, SGI, and Pinehurst, and AMS which were not included, or only partially included, in the same year-ago period, as these were not consolidated subsidiaries for the full period.

 Depreciation and Amortization Expense

 2025

 2024

 $

 $

 $

 %

 $

 (22,920

)

 (0.209

 %)

 $

 (11,397

)

 (0.118

 %)

 $

 11,523

 101.1

 %

 Depreciation and amortization expense for the year ended June 30, 2025 increased $11.5 million, or 101.1%, to $22.9 million from $11.4 million in 2024 primarily due to (i) an increase in amortization expense of $12.9 million relating to intangible assets acquired through our acquisitions of LPM, SGI, Pinehurst, AMS, and acquisition of a controlling interest in SGB, (ii) an increase of $1.8 million of depreciation expense due to an increase in capital expenditures, partially offset by (iii) a decrease in JMB intangible asset amortization of $3.1 million.
 Interest Income

 in thousands, except performance metric

 2025

 2024

 $

 $

 $

 %

 $

 25,948

 0.236

 %

 $

 27,168

 0.280

 %

 $

 (1,220

)

 (4.5

 %)

 Performance Metric

 Number of secured loans at period-end

 (143

)

 (24.3

 %)

 Interest income for the year ended June 30, 2025 decreased $1.2 million, or 4.5%, to $25.9 million from $27.2 million in 2024. The aggregate decrease in interest income was due to a decrease in interest income earned by our Secured Lending segment of $0.8 million and a decrease in other finance product income of $0.5 million.
 The interest income from our Secured Lending segment decreased by $0.8 million, or 6.7%, compared with the prior year period. The decrease in interest income earned from the segment's secured loan portfolio was primarily due to lower average monthly loan balances and fewer loans outstanding. The number of secured loans outstanding decreased by 24.3% to 445 as of June 30, 2025, from 588 as of June 30, 2024.
 Interest Expense

 2025

 2024

 $

 $

 $

 %

 $

 (46,203

)

 (0.421

 %)

 $

 (39,531

)

 (0.408

 %)

 $

 6,672

 16.9

 %

 Interest expense for the year ended June 30, 2025 increased $6.7 million, or 16.9%, to $46.2 million from $39.5 million in 2024. The increase in interest expense was primarily due to: (i) an increase of $3.7 million related to product financing arrangements, (ii) an increase of $3.2 million related to precious metals leases, and (iii) an increase of $2.3 million associated with our Trading Credit Facility due to increased borrowings as well as an increase in the weighted-average effective interest rate, partially offset by (iv) a decrease of $2.5 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.
 Earnings (Losses) from Equity Method Investments

 2025

 2024

 $

 $

 $

 %

 $

 (2,825

)

 (0.026

 %)

 $

 4,044

 0.042

 %

 $

 (6,869

)

 (169.9

 %)

 Earnings (losses) from equity method investments for the year ended June 30, 2025 decreased $6.9 million, or 169.9%, to a loss of $2.8 million from earnings of $4.0 million in 2024 due to decreased earnings of our equity method investees.

 Other Income, Net

 2025

 2024

 $

 $

 $

 %

 $

 2,031

 0.018

 %

 $

 2,071

 0.021

 %

 $

 (40

)

 (1.9

 %)

 Other income, net for the year ended June 30, 2025 decreased $0.0 million, or 1.9%, to $2.0 million from $2.1 million in 2024. The change in other income, net was not significant.
 Remeasurement Gain (Loss) on Pre-Existing Equity Interests

 2025

 2024

 $

 $

 $

 %

 $

)

 (0.047

 %)

 $

 0.172

 %

 $

)

 %)

 The Company incurred remeasurement gains and losses on our pre-existing equity interest in Pinehurst in February 2025, AMS in April 2025, and SGB in June 2024. See further details in Note 1.
 Income Tax Expense

 2025

 2024

 $

 $

 $

 %

 $

 (5,426

)

 (0.049

 %)

 $

 (13,745

)

 (0.142

 %)

 $

 (8,319

)

 (60.5

 %)

 Our income tax expense was $5.4 million and $13.7 million for the years ended June 30, 2025 and 2024, respectively. Our effective tax rate was approximately 25.5% and 16.6% for the years ended June 30, 2025 and 2024, respectively. Our effective tax rate varied from the federal statutory rate for the year ended June 30, 2025 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), one-time adjustments related to our PCE and AMS step acquisitions, transaction costs, and other normal course non-deductible items. For the year ended June 30, 2024, our effective tax rate differed from the federal statutory rate primarily due to a one-time adjustment related to the SGB step acquisition, the excess tax benefit from share-based compensation, foreign derived intangible income special deduction and partially offset by state taxes (net of federal tax benefit), Section 162(m) executive compensation disallowance, and other normal course non-deductible expenditures.

 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 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 Years Ended June 30, 2025 and 2024
 — Wholesale Sales & Ancillary Services Segment
 The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance metrics data):

 2025

 2024

 $

 $

 $

 %

 $

 8,695,357

 (a)

 %

 $

 8,247,370

 (b)

 %

 $

 447,987

 5.4

 %

 85,875

 0.988

 %

 (c)

 90,209

 1.094

 %

 (d)

 $

 (4,334

)

 (4.8

 %)

 (59,019

)

 (0.679

 %)

 (45,968

)

 (0.557

 %)

 $

 13,051

 28.4

 %

 (3,909

)

 (0.045

 %)

 (1,860

)

 (0.023

 %)

 $

 2,049

 110.2

 %

 15,134

 0.174

 %

 15,730

 0.191

 %

 $

 (596

)

 (3.8

 %)

 (37,709

)

 (0.434

 %)

 (28,252

)

 (0.343

 %)

 $

 9,457

 33.5

 %

 (2,982

)

 (0.034

 %)

 3,998

 0.048

 %

 $

 (6,980

)

 (174.6

 %)

 1,299

 0.015

 %

 1,064

 0.013

 %

 $

 22.1

 %

)

 (0.059

 %)

 0.202

 %

 $

)

 %)

 (806

)

 (0.009

 %)

 0.003

 %

 $

 (1,067

)

 (408.8

 %)

 Net (loss) income before provision for income taxes

 $

 (7,260

)

 (0.083

 %)

 $

 51,851

 0.629

 %

 $

 (59,111

)

 (114.0

 %)

 Performance Metrics:

 Gold ounces sold(1)

 1,145,000

 1,385,000

 (240,000

)

 (17.3

 %)

 Silver ounces sold(2)

 56,611,000

 94,877,000

 (38,266,000

)

 (40.3

 %)

 Wholesale Sales ticket volume(3)

 130,606

 104,833

 25,773

 24.6

 %

 (a) Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.564 billion. This segment's gross sales before eliminations of inter-segment activity totaled $10.259 billion.

 (b) Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.006 billion. This segment's gross sales before eliminations of inter-segment activity totaled $9.253 billion.

 (c) Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.828% for the period.

 (d) Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.916% for the period.

 (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. SGI's and Pinehurst's metrics are included after February 28, 2025.

 (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. SGI's and Pinehurst's metrics are included after February 28, 2025.

 (3) Wholesales Sales ticket volume represents the total number of product orders processed. SGI's and Pinehurst's metrics are included after February 28, 2025.

 Revenues — Wholesale Sales & Ancillary Services

 in thousands, except performance metrics

 2025

 2024

 $

 $

 $

 %

 $

 8,695,357

 (a)

 %

 $

 8,247,370

 (b)

 %

 $

 447,987

 5.4

 %

 Performance Metrics

 Gold ounces sold

 1,145,000

 1,385,000

 (240,000

)

 (17.3

 %)

 Silver ounces sold

 56,611,000

 94,877,000

 (38,266,000

)

 (40.3

 %)

 Wholesale Sales ticket volume

 130,606

 104,833

 25,773

 24.6

 %

 (a) Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.564 billion. This segment's gross sales before eliminations of inter-segment activity totaled $10.259 billion.

 (b) Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.006 billion. This segment's gross sales before eliminations of inter-segment activity totaled $9.253 billion.

 Revenues for the year ended June 30, 2025 increased $448.0 million, or 5.4%, to $8.695 billion from $8.247 billion in 2024. Excluding an increase in forward sales of $446.7 million, our revenues increased $1.3 million, 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 acquisition of LPM in February 2024 and SGI and Pinehurst in February 2025.
 Gold ounces sold for the year ended June 30, 2025 decreased 240,000 ounces, or 17.3%, to 1,145,000 ounces from 1,385,000 ounces in 2024. Silver ounces sold for the year ended June 30, 2025 decreased 38,266,000 ounces, or 40.3%, to 56,611,000 ounces from 94,877,000 ounces in 2024. On average, the selling prices for gold increased by 34.1% and selling prices for silver increased by 27.2% during the year ended June 30, 2025 as compared to the prior year.
 The Wholesale Sales ticket volume for the year ended June 30, 2025 increased by 25,773 tickets, or 24.6% to 130,606 tickets from 104,833 tickets in 2024.
 Gross Profit — Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

 85,875

 0.988

 %

 (c)

 $

 90,209

 1.094

 %

 (d)

 $

 (4,334

)

 (4.8

 %)

 (c) Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.828% for the period.

 (d) Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.916% for the period.

 Gross profit for the year ended June 30, 2025 decreased $4.3 million, or 4.8%, to $85.9 million from $90.2 million in 2024. The gross profit decrease was primarily due to lower trading profits, partially offset by higher premium spreads.
 This segment's profit margin percentage decreased by 10.6 basis points to 0.988% from 1.094% in 2024. The decrease in gross margin percentage was mainly attributable to the impact of increased forward sales and lower trading profits, partially offset by higher premium spreads.
 Excluding forward sales that had a negligible impact to the amount of gross profit, this segment's gross margin percentage for the year ended June 30, 2025 decreased by 10.2 basis points to 2.012% from 2.114% 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.
 Selling, General and Administrative Expenses — Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

 (59,019

)

 (0.679

 %)

 $

 (45,968

)

 (0.557

 %)

 $

 13,051

 28.4

 %

 Selling, general, and administrative expenses for the year ended June 30, 2025 increased $13.1 million, or 28.4%, to $59.0 million from $46.0 million in 2024. The change was primarily due to: (i) higher consulting and professional fees of $5.4 million, (ii) an increase in compensation expense of $4.1 million, (iii) an increase in facilities expense of $1.6 million, and (iv) an increase in advertising costs of $1.4 million. Selling, general, and administrative expenses for the year ended June 30, 2025 include expenses incurred by LPM, SGI and Pinehurst which were not included, or only partially included, in the same year-ago period, as these were not consolidated subsidiaries for the full period.

 Depreciation and Amortization Expense — Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

 (3,909

)

 (0.045

 %)

 $

 (1,860

)

 (0.023

 %)

 $

 2,049

 110.2

 %

 Depreciation and amortization expense for the year ended June 30, 2025 increased $2.0 million, or 110.2%, to $3.9 million from $1.9 million in 2024 primarily due to an increase in amortization expense of $1.0 million related to intangible assets acquired through our acquisitions of LPM, SGI, and Pinehurst as well as an increase in depreciation expense of $1.0 million due to an increase in capital expenditures.
 Interest Income — Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

 15,134

 0.174

 %

 $

 15,730

 0.191

 %

 $

 (596

)

 (3.8

 %)

 Interest income for the year ended June 30, 2025 decreased $0.6 million, or 3.8%, to $15.1 million from $15.7 million in 2024. The overall decrease was primarily due to: (i) a decrease in interest earned from repurchase arrangements with customers of $1.4 million, partially offset by (ii) a $1.2 million increase in interest income earned from spot deferred trade orders.
 Interest Expense — Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

 (37,709

)

 (0.434

 %)

 $

 (28,252

)

 (0.343

 %)

 $

 9,457

 33.5

 %

 Interest expense for the year ended June 30, 2025 increased $9.5 million, or 33.5%, to $37.7 million from $28.3 million in 2024. The overall increase was primarily due to: (i) an increase of $3.3 million in connection with our Trading Credit Facility due to an increase in interest rates and increased borrowings, (ii) an increase of $3.2 million from precious metals leases, (iii) higher interest and fees from product financing arrangements of $3.0 million, (iv) a decrease in inter-segment eliminations related to the DTC segment's product financing activity with A-Mark of $1.5 million, partially offset by (v) a decrease of $1.5 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.
 Earnings (Losses) from Equity Method Investments— Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

 (2,982

)

 (0.034

 %)

 $

 3,998

 0.048

 %

 $

 (6,980

)

 (174.6

 %)

 Earnings (losses) from equity method investments for the year ended June 30, 2025 decreased $7.0 million, or 174.6%, to a loss of $3.0 million from earnings of $4.0 million in 2024 due to decreased earnings of our equity method investees.
 Remeasurement Gain (Loss) on Pre-Existing Equity Interests— Wholesale Sales & Ancillary Services

 2025

 2024

 $

 $

 $

 %

 $

)

 (0.059

 %)

 $

 0.202

 %

 $

)

 %)

 The Company incurred remeasurement gains and losses on our pre-existing equity interests in Pinehurst in February 2025, AMS in April 2025, and SGB in June 2024. See further details in Note 1.

 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"), through its investment in Silver Gold Bull, Inc. ("SGB"), and through its subsidiaries Precious Metals Purchasing Partners, LLC ("PMPP") and AM LPM Singapore PTE Ltd.
 Overview of Results of Operations for the Years Ended June 30, 2025 and 2024
 — Direct-to-Consumer Segment
 The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics data):

 2025

 2024

 $

 $

 $

 %

 $

 2,283,257

 (a)

 %

 $

 1,451,669

 (b)

 %

 $

 831,588

 57.3

 %

 125,041

 5.476

 %

 83,046

 5.721

 %

 $

 41,995

 50.6

 %

 (78,995

)

 (3.460

 %)

 (42,456

)

 (2.925

 %)

 $

 36,539

 86.1

 %

 (19,007

)

 (0.832

 %)

 (9,273

)

 (0.639

 %)

 $

 9,734

 105.0

 %

 0.006

 %

 0.000

 %

 $

 4,766.7

 %

 (2,255

)

 (0.099

 %)

 (2,838

)

 (0.195

 %)

 $

 (583

)

 (20.5

 %)

 Earnings from equity method investments

 —

 —

 %

 0.001

 %

 $

 (14

)

 (100.0

 %)

 —

 —

 %

 0.001

 %

 $

 (5

)

 (100.0

 %)

 (535

)

 (0.023

 %)

 0.003

 %

 $

 (573

)

 (1,507.9

 %)

 $

 24,395

 1.068

 %

 $

 28,539

 1.966

 %

 $

 (4,144

)

 (14.5

 %)

 Performance Metrics:

 Gold ounces sold(1)

 497,000

 454,000

 43,000

 9.5

 %

 Silver ounces sold(2)

 17,032,000

 13,219,000

 3,813,000

 28.8

 %

 Number of new customers(3)

 1,129,200

 718,500

 410,700

 57.2

 %

 Number of active customers(4)

 581,300

 483,400

 97,900

 20.3

 %

 Number of total customers(5)

 4,196,000

 3,066,800

 1,129,200

 36.8

 %

 DTC ticket volume from new customers(6)

 197,894

 134,021

 63,873

 47.7

 %

 DTC ticket volume from pre-existing customers(7)

 606,511

 479,718

 126,793

 26.4

 %

 DTC total ticket volume(8)

 804,405

 613,739

 190,666

 31.1

 %

 DTC average order value(9)

 $

 2,866

 $

 2,407

 $

 19.1

 %

 JMB average order value(9)

 $

 2,156

 $

 2,223

 $

 (67

)

 (3.0

 %)

 (a) Includes $138.7 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

 (b) Includes $14.3 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

 (1) Gold ounces sold represents the ounces of gold product sold and delivered during the period. Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (2) Silver ounces sold represents the ounces of silver product sold and delivered during the period. Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (3) Number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (4) Number of active customers represents the number of customers that have made a purchase during any month during the period. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (5) Number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (6) Ticket volume from new customers represents the number of product orders from new customers processed by JMB, Goldline, SGB, AMS, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (7) Ticket volume from pre-existing customers represents the total number of product orders from pre-existing customers processed by JMB, Goldline, SGB, Pinehurst, AMS, and PMPP during the period. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (8) Total ticket volume represents the total number of product orders processed by JMB, Goldline, SGB, Pinehurst, AMS, and PMPP during the period. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 (9) Average Order Value ("AOV") represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 2025. AMS's metrics are included after April 1, 2025.

 Revenues — Direct-to-Consumer

 in thousands, except performance metrics

 2025

 2024

 $

 $

 $

 %

 $

 2,283,257

 %

 $

 1,451,669

 %

 $

 831,588

 57.3

 %

 Performance Metrics:

 Gold ounces sold

 497,000

 454,000

 43,000

 9.5

 %

 Silver ounces sold

 17,032,000

 13,219,000

 3,813,000

 28.8

 %

 Number of new customers

 1,129,200

 718,500

 410,700

 57.2

 %

 Number of active customers

 581,300

 483,400

 97,900

 20.3

 %

 Number of total customers

 4,196,000

 3,066,800

 1,129,200

 36.8

 %

 DTC ticket volume from new customers

 197,894

 134,021

 63,873

 47.7

 %

 DTC ticket volume from pre-existing customers

 606,511

 479,718

 126,793

 26.4

 %

 DTC total ticket volume

 804,405

 613,739

 190,666

 31.1

 %

 DTC average order value

 $

 2,866

 $

 2,407

 $

 19.1

 %

 JMB average order value

 $

 2,156

 $

 2,223

 $

 (67

)

 (3.0

 %)

 Revenues for the year ended June 30, 2025 increased $831.6 million, or 57.3%, to $2.283 billion from $1.452 billion in 2024. The increase in revenue was due to an increase in gold and silver ounces sold as well as by higher average selling prices of gold and silver. For the year ended June 30, 2025, revenue of Goldline, PMPP, SGB, Pinehurst, SGI, and AMS, in the aggregate, was higher by $924.3 million as compared to the prior year, primarily related to acquiring a controlling interest in SGB in June 2024, acquiring SGI and Pinehurst in February 2025, and acquiring AMS in April 2025. For the year ended June 30, 2025, JMB's revenue decreased $92.7 million as compared to the prior year.
 Gold ounces sold for the year ended June 30, 2025 increased 43,000 ounces, or 9.5%, to 497,000 ounces from 454,000 ounces in 2024. Silver ounces sold for the year ended June 30, 2025 increased 3,813,000 ounces, or 28.8%, to 17,032,000 ounces from 13,219,000 ounces in 2024.
 Gold ounces sold by Goldline, PMPP, SGB, Pinehurst, and AMS, in the aggregate, increased 176,300 ounces compared to 2024, primarily due to the Company acquiring a controlling interest in SGB in June 2024. Gold ounces sold by JMB decreased 133,300 ounces for the year ended June 30, 2025 compared to 2024. Silver ounces sold by Goldline, PMPP, SGB, Pinehurst, and AMS, in the aggregate, increased 6,822,100 ounces compared to 2024, primarily due to the Company acquiring a controlling interest in SGB in June 2024 and the acquisitions of Pinehurst in February 2025 and AMS in April 2025. Silver ounces sold by JMB decreased 3,009,100 ounces for the year ended June 30, 2025 compared to 2024.
 On average, selling prices for gold increased by 26.4% and selling prices for silver increased by 26.3% during the year ended June 30, 2025 as compared to the prior year.
 The number of new customers for the year ended June 30, 2025 increased 410,700, or 57.2%, to 1,129,200 from 718,500 in 2024. The number of active customers for the year ended June 30, 2025 increased 97,900, or 20.3% to 581,300 from 483,400 in 2024. The number of total customers as of June 30, 2025 increased 1,129,200, or 36.8% to 4,196,000 from 3,066,800 as of June 30, 2024. These changes in customer-based metrics were primarily due to the acquisition of Pinehurst in February 2025, JMB's activity, the acquisition of a controlling interest in SGB in June 2024, and the acquisitions of SGI and AMS in February 2025 and April 2025, respectively.
 As of June 30, 2025, the number of total CyberMetals customers was 37,000, and CyberMetals customer assets under management were $10.7 million.
 For the year ended June 30, 2025, the Direct-to-Consumer ticket volume related to new customers increased by 63,873 tickets, or 47.7%, to 197,894 tickets from 134,021 tickets in 2024. For the year ended June 30, 2025, Direct-to-Consumer ticket volume related to pre-existing customers increased by 126,793 tickets, or 26.4%, to 606,511 tickets from 479,718 tickets in 2024. For the year ended June 30, 2025, the Direct-to-Consumer total ticket volume increased by 190,666 tickets, or 31.1%, to 804,405 tickets from 613,739 tickets in 2024. These changes in ticket volumes were primarily due to our acquisition of a controlling interest in SGB in June 2024, the acquisitions of SGI and Pinehurst in February 2025, and the acquisition of AMS in April 2025, partially offset by JMB's activity.
 For the year ended June 30, 2025, the Direct-to-Consumer average order value increased by $459, or 19.1%, to $2,866 from $2,407 in 2024.

 Gross Profit — Direct-to-Consumer

 2025

 2024

 $

 $

 $

 %

 $

 125,041

 5.476

 %

 $

 83,046

 5.721

 %

 $

 41,995

 50.6

 %

 Gross profit for the year ended June 30, 2025 increased by $42.0 million, or 50.6%, to $125.0 million from $83.0 million in 2024. The increase in gross profit was primarily driven by recently acquired subsidiaries, including SGB, SGI, Pinehurst, and AMS, partially offset by lower gross profits from JMB and Goldline.
 For the year ended June 30, 2025, the Direct-to-Consumer segment's profit margin percentage decreased by 24.5 basis points to 5.476% from 5.721% in 2024. The decrease in the gross profit margin percentage was primarily due to our acquisition of a controlling interest in SGB and lower gross profit margin percentages of Goldline, partially offset by higher gross profit margin percentages of SGI and AMS.
 Selling, General and Administrative Expense — Direct-to-Consumer

 2025

 2024

 $

 $

 $

 %

 $

 (78,995

)

 (3.460

 %)

 $

 (42,456

)

 (2.925

 %)

 $

 36,539

 86.1

 %

 Selling, general, and administrative expenses for the year ended June 30, 2025 increased $36.5 million, or 86.1%, to $79.0 million from $42.5 million in 2024. The change was primarily due to: (i) an increase in compensation expense of $19.9 million, (ii) an increase in advertising costs of $7.0 million, (iii) higher consulting and professional fees of $4.0 million, (iv) an increase in bank service and credit card fees of $1.9 million, (v) an increase in facilities expenses of $1.4 million, (vi) an increase in insurance costs of $1.0 million, and (vii) an increase in information technology costs of $0.4 million. Selling, general and administrative expenses for the year ended June 30, 2025 include expenses incurred by SGB, SGI, Pinehurst, and AMS which were not included, or only partially included, in the same year-ago period, as these were not consolidated subsidiaries for the full period.
 Depreciation and Amortization Expense — Direct-to-Consumer

 2025

 2024

 $

 $

 $

 %

 $

 (19,007

)

 (0.832

 %)

 $

 (9,273

)

 (0.639

 %)

 $

 9,734

 105.0

 %

 Depreciation and amortization expense for the year ended June 30, 2025, increased $9.7 million, or 105.0%, to $19.0 million from $9.3 million in 2024 primarily due to an increase in amortization expense of $11.8 million relating to intangible assets acquired through our acquisition of a controlling interest in SGB and the acquisitions of SGI and AMS, an increase in depreciation expense of $1.1 million due to an increase in capital expenditures, partially offset by a $3.1 million decrease in JMB's intangible asset amortization expense.
 Interest expense — Direct-to-Consumer

 2025

 2024

 $

 $

 $

 %

 $

 (2,255

)

 (0.099

 %)

 $

 (2,838

)

 (0.195

 %)

 $

 (583

)

 (20.5

 %)

 Interest expense for the year ended June 30, 2025 decreased $0.6 million to $2.3 million from $2.8 million in 2024. The decrease is primarily related to the DTC segment's reduced product financing activity with the Wholesale & Ancillary Services segment.

 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 Years Ended June 30, 2025 and 2024
 — Secured Lending Segment
 The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data):

 2025

 2024

 $

 $

 $

 %

 $

 10,668

 %

 $

 11,435

 %

 $

 (767

)

 (6.7

 %)

 (6,239

)

 (58.483

 %)

 (8,441

)

 (73.817

 %)

 $

 (2,202

)

 (26.1

 %)

 (1,179

)

 (11.052

 %)

 (1,376

)

 (12.033

 %)

 $

 (197

)

 (14.3

 %)

 (4

)

 (0.037

 %)

 (264

)

 (2.309

 %)

 $

 (260

)

 (98.5

 %)

 Earnings from equity method investments

 1.472

 %

 0.280

 %

 $

 390.6

 %

 6.862

 %

 1,002

 8.763

 %

 $

 (270

)

 (26.9

 %)

 $

 4,135

 38.761

 %

 $

 2,388

 20.883

 %

 $

 1,747

 73.2

 %

 Performance Metric:

 Number of secured loans at period end(1)

 (143

)

 (24.3

 %)

 (1) Number of outstanding secured loans to customers at the end of the period.

 Interest Income — Secured Lending

 in thousands, except performance metric

 2025

 2024

 $

 $

 $

 %

 $

 10,668

 %

 $

 11,435

 %

 $

 (767

)

 (6.7

 %)

 Performance Metric

 Number of secured loans at period-end

 (143

)

 (24.3

 %)

 Interest income for the year ended June 30, 2025 decreased $0.8 million, or 6.7%, to $10.7 million from $11.4 million in 2024. The decrease in interest income earned from the segment's secured loan portfolio was primarily due to lower average monthly loan balances as well as fewer loans outstanding. The number of secured loans outstanding decreased by 143, or 24.3% to 445 from 588 as of June 30, 2024.
 Interest Expense — Secured Lending

 2025

 2024

 $

 $

 $

 %

 $

 (6,239

)

 (58.483

 %)

 $

 (8,441

)

 (73.817

 %)

 $

 (2,202

)

 (26.1

 %)

 Interest expense for the year ended June 30, 2025 decreased $2.2 million, or 26.1%, to $6.2 million from $8.4 million in 2024. The change was primarily due to: (i) a decrease of $1.1 million in connection with our Trading Credit Facility and (ii) a decrease of $1.0 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.

 Selling, General and Administrative Expenses — Secured Lending

 2025

 2024

 $

 $

 $

 %

 $

 (1,179

)

 (11.052

 %)

 $

 (1,376

)

 (12.033

 %)

 $

 (197

)

 (14.3

 %)

 Selling, general, and administrative expenses for the year ended June 30, 2025 decreased $0.2 million, or 14.3%, to $1.2 million from $1.4 million in 2024. The change in selling, general, and administrative expenses was not significant.
 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):

 2025

 2024

 $

 $

 $

 %

 $

 $

 $

 (61,508

)

 (74.3

 %)

 Adjustments:

 Remeasurement loss (gain) on pre-existing equity interests

 5,143

 (16,669

)

 $

 21,812

 130.9

 %

 Contingent consideration fair value adjustment

 (1,140

)

 (370

)

 $

 208.1

 %

 Acquisition costs

 4,866

 3,126

 $

 1,740

 55.7

 %

 Amortization of acquired intangibles

 18,316

 8,594

 $

 9,722

 113.1

 %

 Depreciation expense

 4,604

 2,803

 $

 1,801

 64.3

 %

 Adjusted net income before provision for income taxes (non-GAAP)

 $

 53,059

 $

 80,262

 $

 (27,203

)

 (33.9

 %)

 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, and AMS, 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 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 consolidated financial statements for additional information.

 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 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 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 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.

 Management believes the most directly comparable GAAP financial measure is "net cash provided by or used in operating activities" presented in the consolidated statement of cash flows. Below is the reconciliation of net cash provided by or used in operating activities to EBITDA (in thousands):

 2025

 2024

 $

 $

 $

 %

 $

 $

 $

 (53,189

)

 (77.0

 %)

 Adjustments:

 (25,948

)

 (27,168

)

 $

 (1,220

)

 (4.5

 %)

 46,203

 39,531

 $

 6,672

 16.9

 %

 Amortization of acquired intangibles

 18,316

 8,594

 $

 9,722

 113.1

 %

 Depreciation expense

 4,604

 2,803

 $

 1,801

 64.3

 %

 5,426

 13,745

 $

 (8,319

)

 (60.5

 %)

 48,601

 37,505

 $

 11,096

 29.6

 %

 Earnings before interest, taxes, depreciation, and amortization (non-GAAP)

 $

 64,445

 $

 106,538

 $

 (42,093

)

 (39.5

 %)

 Reconciliation of Operating Cash Flows to EBITDA:

 Net cash provided by operating activities

 $

 152,347

 $

 60,934

 $

 91,413

 150.0

 %

 Changes in operating working capital

 (103,889

)

 $

 (104,828

)

 (11,163.8

 %)

 46,203

 39,531

 $

 6,672

 16.9

 %

 (25,948

)

 (27,168

)

 $

 (1,220

)

 (4.5

 %)

 5,426

 13,745

 $

 (8,319

)

 (60.5

 %)

 (2,825

)

 4,044

 $

 (6,869

)

 (169.9

 %)

)

 $

)

 %)

 (1,594

)

 (1,923

)

 $

 (329

)

 (17.1

 %)

 Deferred income taxes

 3,918

 2,690

 $

 1,228

 45.7

 %

 Amortization of loan cost

 (4,092

)

 (2,447

)

 $

 1,645

 67.2

 %

 Other

 (476

)

 $

 108.8

 %

 Earnings before interest, taxes, depreciation, and amortization (non-GAAP)

 $

 64,445

 $

 106,538

 $

 (42,093

)

 (39.5

 %)

 Cash Flow Data:

 Net cash provided by operating activities

 $

 152,347

 $

 60,934

 $

 91,413

 150.0

 %

 Net cash used in investing activities

 $

 (104,665

)

 $

 (63,597

)

 $

 41,068

 64.6

 %

 Net cash (used in) provided by financing activities

 $

 (18,577

)

 $

 11,981

 $

 (30,558

)

 (255.1

 %)

 LIQUIDITY AND FINANCIAL CONDITION
 Primary Sources and Uses of Cash
 Overview
 Liquidity refers to the availability to the Company of amounts of cash to meet all of our cash needs. Our sources of liquidity principally include cash from operations, Trading Credit Facility (see "Lines of Credit" below), and product financing arrangements.
 A substantial portion of our assets are liquid. As of June 30, 2025, approximately 78% 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 consolidated financial statements.
 Lines of Credit

 Lines of credit

 $

 345,000

 $

 245,000

 $

 100,000

 Effective December 21, 2021, A-Mark 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 June 30, 2025, the Trading Credit Facility provided the Company with access up to $467.0 million and has a maturity date of September 30, 2026. (See Note 15.) In August 2025, we further amended the credit facility; see Note 20 for additional information.
 A-Mark 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

 Notes payable — short-term

 $

 3,994

 $

 8,367

 $

 (4,373

)

 Notes payable — long-term

 3,349

 3,994

 (645

)

 $

 7,343

 $

 12,361

 $

 (5,018

)

 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 June 30, 2025 and June 30, 2024 the outstanding principal balance of the CCP Note was $4.0 million and $4.0 million. See Note 14 to the Company's 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 June 30, 2025, the dividend was paid in full, including a dividend paid to the Company from SGB in September 2024 of $7.5 million. The unpaid dividend of $0.0 million and $8.4 million as of June 30, 2025 and June 30, 2024, respectively, was recorded as a note payable by SGB.
 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 June 30, 2025, the outstanding principal balance of this promissory note was $3.1 million.
 Liabilities on Borrowed Metals and Precious Metals Leases

 $

 $

 $

 14,058

 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 unallocated 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 valued at $246.5 million and $99.6 million as of June 30, 2025 and June 30, 2024, respectively, were included in deferred revenue and other advances on the consolidated balance sheet. Amounts under these arrangements may be settled in precious metals or cash.

 Product Financing Arrangements

 $

 $

 $

 (33,011

)

 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 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

 Secured loans receivable

 $

 $

 $

 (19,030

)

 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 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 year ended June 30, 2025.
 • On July 5, 2024, 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, 2024. The dividend was paid on July 31, 2024 and totaled $4.6 million.

 • On August 20, 2024, the Company's board of directors declared a regular cash dividend of $0.20 per share of common stock to stockholders of record at the close of business on October 8, 2024. The dividend was paid on October 22, 2024 and totaled $4.6 million.

 • On January 2, 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 January 14, 2025. The dividend was paid to stockholders on January 28, 2025 and totaled $4.6 million.

 • On April 3, 2025, our board of directors declared a regular dividend of $0.20 per share to shareholders of record at the close of business on April 15, 2025. The dividend totaling $4.9 million was paid on April 29, 2025.

 See Note 17 and Note 20 to the Company's 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 consolidated statements of cash flows (in thousands):

 Year Ended

 Net cash provided by operating activities

 $

 152,347

 $

 60,934

 $

 91,413

 Net cash used in investing activities

 $

 (104,665

)

 $

 (63,597

)

 $

 41,068

 Net cash (used in) provided by financing activities

 $

 (18,577

)

 $

 11,981

 $

 (30,558

)

 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 $152.3 million and provided $60.9 million in cash for the years ended June 30, 2025 and 2024, respectively, representing a $91.4 million change compared to the year ended June 30, 2024. 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, liabilities on borrowed metals, accounts payable and other payables, precious metals held under financing arrangements, and receivables, net, as well as a decrease in net income adjusted for noncash items.
 Net Cash Flows From Investing Activities
 Investing activities used $104.7 million and used $63.6 million in cash for the years ended June 30, 2025 and 2024, respectively, representing a $41.1 million change compared to the year ended June 30, 2024. This period over period change was primarily due to: (i) a $82.7 million increase in cash paid for business acquisitions for SGI, Pinehurst, and AMS in the current year period compared to LPM and SGB in the prior year period and (ii) a $3.4 million increase in capital expenditures for property, plant and equipment, partially offset by (iii) higher inflows of $31.5 million associated with the net repayments of secured loans in the current period, (iv) a decrease in purchases of intangible assets of $8.5 million, (v) a reduction of $2.1 million in purchases of long-term investments, and (vi) net proceeds from the sale of marketable securities of $1.7 million.
 Net Cash Flows From Financing Activities
 Financing activities used $18.6 million and provided $12.0 million in cash for the years ended June 30, 2025 and 2024, respectively, representing a $30.6 million change compared to the year ended June 30, 2024. This period over period change was primarily due to: (i) a decrease in cash provided of $242.6 million related to our product financing arrangements, (ii) an increase of $8.4 million of net repayments of related party notes, (iii) a reduction of $3.4 million in proceeds from notes payable issued to related parties, (iv) a decrease of $2.0 million related to noncontrolling interest contributions, and (v) a $0.9 million increase in debt issuance costs. These were partially offset by (i) a reduction of $94.9 million in repayments of notes primarily related to our AMCF Notes, (ii) an increase in cash provided from our net borrowings and repayments of $90.0 million under our Trading Credit Facility, (iii) a decrease in cash paid for dividends of $23.0 million, (iv) a decrease of $17.2 million in cash used to repurchase of our common stock under our share repurchase program, and (v) an increase in cash provided of $1.7 million related to the exercise and taxes related to share-based awards.
 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.
 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 $101.0 million and gains of $1.7 million, for the years ended June 30, 2025 and 2024, 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 consolidated statements of income.
 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):

 $

 $

 —

 1,119,210

 Less unhedgeable inventories:

 Collectible coin inventory, held at lower of cost or net realizable value

 (68,193

)

 (3,236

)

 Premium on metals position

 (35,295

)

 (34,175

)

 Precious metal value not hedged

 (103,488

)

 (37,411

)

 Commitments at market:

 Open inventory purchase commitments

 1,149,622

 817,900

 Open inventory sales commitments

 (521,442

)

 (388,184

)

 Margin sales commitments

 (27,446

)

 (22,316

)

 In-transit inventory no longer subject to market risk

 (18,801

)

 (21,715

)

 Unhedgeable premiums on open commitment positions

 10,345

 10,986

 Borrowed precious metals

 (46,051

)

 (31,993

)

 (484,733

)

 (517,744

)

 Advances on industrial metals

 62,078

 (152,672

)

 Precious metal subject to price risk

 1,238,135

 929,127

 Precious metal subject to derivative financial instruments:

 Precious metals forward contracts at market values

 927,990

 843,439

 Precious metals futures contracts at market values

 310,645

 83,214

 Total market value of derivative financial instruments

 1,238,635

 926,653

 Net precious metals subject to commodity price risk

 $

 (500

)

 $

 2,474

 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 June 30, 2025, 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):

 Purchase commitments

 $

 1,149,622

 $

 817,900

 Sales commitments

 $

 (521,442

)

 $

 (388,184

)

 Margin sales commitments

 $

 (27,446

)

 $

 (22,316

)

 Open forward contracts

 $

 927,990

 $

 843,439

 Open futures contracts

 $

 310,645

 $

 83,214

 Foreign exchange forward contracts

 $

 6,618

 $

 4,793

 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 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 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 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 consolidated financial statements.
 Commitments and Contingencies
 Refer to Note 16 to the Company's 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.
 Our significant accounting policies are discussed in Note 2 to the Company's consolidated financial statements. We believe that the following accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. We have reviewed these critical accounting estimates and related disclosures with the Audit Committee of our board of directors.
 Revenue Recognition
 The Company accounts for a majority of its metals and sales contracts using settlement date accounting. Pursuant to such accounting, the Company recognizes the sale or purchase of the metals at settlement date. During the period between the trade and settlement dates, the Company enters into forward contracts that meet the definition of a derivative in accordance with the Derivatives and Hedging Topic 815 of the ASC ("ASC 815"). The Company records the derivative at the trade date with any corresponding unrealized gain (loss), shown as component of cost of sales in the consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transactions are settled. When these contracts are settled, the unrealized gains and losses are reversed, and revenue is recognized for contracts that are physically settled. For contracts that are net settled, the realized gains and losses are recorded in cost of sales, with the exception of forward contracts, where their associated realized gains and losses are recorded in revenue and cost of sales, respectively.
 Also, the Company recognizes its storage, logistics, licensing, advertising revenue, specialized auction fees, sales of collectible coins, and other services revenues in accordance with ASC 606, Revenue from Contracts with Customers, which follows five basic steps to determine whether revenue can be recognized: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
 The Company's inventory, which primarily consists of bullion and bullion coins, is acquired and initially recorded at cost and then marked to fair market value. The fair market value of the bullion and bullion coins comprises two components: (i) published market values attributable to the cost of the raw precious metal, and (ii) the market value of the premium, which is attributable to the incremental value of the product in its finished goods form. The market value attributable solely to such premium is readily determinable by reference to multiple sources. The precious metal component of the inventory may be hedged through the use of precious metal commodity positions, while the premium component of our inventory is not a commodity that may be hedged.

 The Company's inventory, except for certain lower of cost or net realizable value basis products (as described below), is subsequently recorded at their fair market values. The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the consolidated statements of income.
 While the premium component included in inventory is marked-to-market, our collectible coin inventory, including its premium component, is held at the lower of cost or net realizable value, because the value of collectible coins is influenced more by supply and demand determinants than by the underlying spot price of the precious metal content of the collectible coins. Unlike our bullion coins, the value of collectible coins is not subject to the same level of volatility as bullion coins because our collectible coins typically carry a substantially higher premium over the spot metal price than bullion coins. Additionally, neither the collectible coin inventory nor the premium component of our inventory is hedged.
 Inventory includes amounts borrowed from suppliers and customers arising from various arrangements including unallocated metal positions held by customers in the Company's inventory, amounts due to suppliers for the use of consigned inventory, metals held by suppliers as collateral on advanced pool metals, as well as shortages in unallocated metal positions held by the Company in the supplier's inventory. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total ounces of metal held in the position. Amounts under these arrangements require delivery either in the form of precious metals or cash. The Company mitigates market risk of its physical inventory and open commitments through commodity hedge transactions. See Note 12 to the Company's consolidated financial statements.
 The Company enters into product financing agreements with third-party finance companies for the transfer and subsequent option or obligation to reacquire its precious metals inventory at a later date. This inventory is restricted and is held at a custodial storage facility in exchange for a financing fee, charged by the third-party finance company. During the term of the financing agreement, the third-party company holds the inventory as collateral, and both parties intend for the inventory to be returned to the Company at an agreed-upon price based on the spot price on the repurchase date. The third-party charges a monthly fee as a percentage of the market value of the outstanding obligation; such monthly charge is classified as interest expense. These transactions do not qualify as sales and have been accounted for as financing arrangements in accordance with ASC 470-40 Product Financing Arrangements, and are reflected in the Company's consolidated balance sheets as product financing arrangements. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing and the underlying inventory (which is restricted) are carried at fair value, with changes in fair value included in cost of sales in the Company's consolidated statements of income.
 The Company periodically loans metals to customers on a short-term consignment basis. Such inventory is removed at the time the customer elects to price and purchase the metals, and the Company records a corresponding sale and receivable.
 The Company enters into financing arrangements with certain customers under which A-Mark purchases precious metals products that are subject to repurchase by the customer at the fair value of the product on the repurchase date. The Company or the counterparty may typically terminate any such arrangement with 14 days' notice. Upon termination the customer's rights to repurchase any remaining inventory is forfeited.
 Business Combinations
 The accounting for a business combination requires tangible and intangible assets acquired and liabilities assumed to be recorded at estimated fair value. We value intangible assets at their estimated fair values at the acquisition date based upon assumptions related to the future cash flows and discount rates utilizing the then currently available information, and in some cases, valuation results from independent valuation specialists. The use of a discounted cash flow analysis requires significant judgment to estimate the future cash flows derived from the asset and the expected period of time over which those cash flows will occur and to determine an appropriate discount rate.
 We make certain judgments and estimates when determining the fair value of assets acquired and liabilities assumed in a business combination. Those judgments and estimates also include determining the lives assigned to acquired intangibles, the resulting amortization period, what indicators will trigger an impairment, whether those indicators are other than temporary, what economic or competitive factors affect valuation, valuation methodology, and key assumptions including discount rates and cash flow estimates. In circumstances where an acquisition involves a contingent consideration arrangement, we recognize a liability equal to the fair value of the expected contingent payments as of the acquisition date. We remeasure this liability each reporting period, with the resulting changes recorded in earnings. The assumptions used in estimating fair value of contingent consideration liabilities require significant judgment; the use of different assumptions and judgments could result in a materially different estimate of fair value which may have a material impact on our results from operations and financial position.

 Goodwill and Other Purchased Intangible Assets
 We evaluate goodwill and other indefinite-lived intangibles for impairment annually in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the ASC ("ASC 350"). Other finite-lived intangible assets are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. We may first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. If, based on this qualitative assessment, we determine that goodwill is more likely than not to be impaired, a quantitative impairment test is performed. This step requires us to determine the fair value of the business and compare the calculated fair value of a reporting unit with its carrying amount, including goodwill. If through this quantitative analysis the Company determines the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is considered not to be impaired. If the Company concludes that the fair value of the reporting unit is less than its carrying value, a goodwill impairment will be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value.
 The Company also performs impairment reviews on its indefinite-lived intangible assets (i.e., trade names, trademarks and domain names). In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through a quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset's fair value.
 In the Company's fiscal 3rd quarter of 2025, the Company experienced a sustained decline in its stock price, which resulted in a market capitalization that was below the Company's book value. The Company considered this a triggering event for interim impairment testing of the related goodwill, definite-live intangible assets and property for its material reporting units.
 The Company performed a quantitative assessment for these reporting units and concluded that the fair value of the reporting units exceeded their carrying value. Therefore, no impairment was recorded. The Company determined the fair value of the reporting unit using a discounted cash flow (DCF) model. The Company also used a market-based approach, which considered economic and comparable company metrics, to corroborate the fair value results. The determination of fair value using the DCF model requires significant judgment including the projection of cash flows and the selection of appropriate discount rates. The cash flows for each reporting unit are based on the Company's internal forecast. The discount rate used in the DCF model is an estimate of the weighted average cost of capital for the reporting units, which takes into account the relative risk of the cash flows and the time value of money.
 If the Company's future results or the anticipated timing of the recovery do not meet current expectations, it could result in a future impairment charge. There can be no assurance that the Company's estimates and assumptions regarding the projected cash flows and discount rates made for purposes of the impairment tests will prove to be accurate predictions of the future.
 Income Taxes
 As part of the process of preparing the Company's consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company has adopted the provisions of ASC 740-10, which clarifies the accounting for uncertain tax positions. ASC 740-10 requires that the Company recognizes the impact of a tax position in the financial statements if the position is not more likely than not to be sustained upon examination based on the technical merits of the position. The Company recognizes interest and penalties related to certain uncertain tax positions as a component of income tax expense, and the accrued interest and penalties are included in deferred and income taxes payable in the Company's consolidated balance sheets. See Note 13 to the Company's consolidated financial statements for more information on the Company's accounting for income taxes.

 Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income, and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment, it appears more likely than not that all of the net deferred tax assets will be realized through future taxable income.
 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 consolidated financial statements.
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Market Risk
 Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. The Company is exposed to market risk related to changes in 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 the Company is subject to price changes. Open sale and purchase commitments 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).
 To manage the volatility related to this exposure, the Company enters into precious metals commodity forward and futures contracts. Our policy is to substantially hedge our inventory position, net of open sale and purchase commitments that are subject to price risk. We similarly seek to minimize the effect of price changes on our open sale and purchase commitments through hedging activity. Inventory borrowed is considered a natural hedge, since changes in value of the metal held are offset by the obligation to return the metal to the supplier.
 We generally use futures contracts 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. We enter into these derivative contracts for the purpose of hedging substantially all of our market exposure to precious metals prices, and not for speculative purposes. As a result of these hedging strategies, we do not believe we have a material exposure to market risk.
 The Company is exposed to the risk of failure of the counterparties to its derivative contracts. The Company regularly reviews the creditworthiness of its major counterparties and monitors its exposure to concentrations. The Company believes its risk of counterparty default is mitigated as a result of such evaluation and the short-term duration of these arrangements.
 See Note 12 to the Company's consolidated financial statements, "Derivative Instruments and Hedging Transactions".
 Foreign Exchange Risk
 Foreign exchange risk represents exposures to changes in the values of current holdings and future cash flows denominated in currencies other than the U.S. dollar. The types of instruments exposed to this risk include foreign currency denominated receivables and payables and future cash flows in foreign currencies arising from foreign exchange transactions.
 The functional currencies of LPM and SGB are U.S. dollars and therefore, we do not believe our exposure to foreign exchange risk related to these entities is material.
 To manage the effect of foreign currency exchange fluctuations on its sale and purchase transactions, the Company utilizes foreign currency forward contracts with maturities of generally less than one week. Because of these hedging policies, we do not believe our exposure to foreign exchange risk is material.
 See Note 12 to the Company's consolidated financial statements, "Derivative Instruments and Hedging Transactions—Foreign Currency Exchange Rate Management."

 Interest Rate Risk
 Our exposure to market risk for changes in interest rates relates primarily to our product financing arrangements and Trading Credit Facility. We are subject to fluctuations in interest rates based on the variable interest terms of these arrangements, and we do not utilize derivative contracts to hedge the interest rate fluctuation. See Note 15 to the Company's consolidated financial statements, "Financing Agreements".
 We manage the interest rate risks related to our interest income generating activities by increasing our secured loan interest rates and finance product pricing in response to rising interest rates. While our weighted-average effective interest rates on these products increased during the year, the rate increases only partially mitigated the effect of higher interest rates related to our product financing arrangements and Trading Credit Facility. We do not believe our exposure to interest rate risk is material.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
 Index to the Consolidated Financial Statements and Notes thereof

 Page

 Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)

 Consolidated Balance Sheets as of June 30, 2025 and June 30, 2024

 Consolidated Statements of Income for the Years Ended June 30, 2025, 2024, and 2023

 Consolidated Statements of Stockholders' Equity for the Years Ended June 30, 2025, 2024, and 2023

 Consolidated Statements of Cash Flows for the Years Ended June 30, 2025, 2024, and 2023

 Notes to the Consolidated Financial Statements

 Note 1. Description of Business

 Note 2. Summary of Significant Accounting Policies

 Note 3. Assets and Liabilities, at Fair Value

 Note 4. Receivables, Net

 Note 5. Secured Loans Receivable

 Note 6. Inventories

 Note 7. Leases

 Note 8. Property, Plant, and Equipment

 Note 9. Goodwill and Intangible Assets

 Note 10. Long-Term Investments

 Note 11. Accounts Payable and Other Current Liabilities

 Note 12. Derivative Instruments and Hedging Transactions

 Note 13. Income Taxes

 Note 14. Related Party Transactions

 Note 15. Financing Agreements

 Note 16. Commitments and Contingencies

 Note 17. Stockholders' Equity

 Note 18. Customer and Supplier Concentrations

 Note 19. Segments and Geographic Information

 Note 20. Subsequent Events

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 Board of Directors and Stockholders
 A-Mark Precious Metals, Inc.
 Opinion on the financial statements
 We have audited the accompanying consolidated balance sheets of A-Mark Precious Metals, Inc. (a Delaware corporation) and subsidiaries (the "Company") as of June 30, 2025 and 2024, the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period ended June 30, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of June 30, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), and our report dated September 10, 2025 expressed an unqualified opinion.

 Basis for opinion
 These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical audit matters
 Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
 /s/ GRANT THORNTON LLP
 We have served as the Company's auditor since 2015.

 Newport Beach, California

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 Board of Directors and Stockholders
 A-Mark Precious Metals, Inc.
 Opinion on internal control over financial reporting
 We have audited the internal control over financial reporting of A-Mark Precious Metals, Inc. (a Delaware corporation) and subsidiaries (the "Company") as of June 30, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated financial statements of the Company as of and for the year ended June 30, 2025, and our report dated September 10, 2025 expressed an unqualified opinion on those financial statements.
 Basis for opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting ("Management's Report"). Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 Our audit of, and opinion on, the Company's internal control over financial reporting does not include the internal control over financial reporting of Spectrum Group International, LLC, a wholly-owned subsidiary, Pinehurst Coin Exchange, Inc., a wholly-owned subsidiary, and AMS Holding, LLC, a wholly-owned subsidiary. Spectrum Group International, LLC comprised approximately 6% of total assets and less than 2% of total revenues of the related consolidated financial statement amounts as of and for the year ended June 30, 2025. Pinehurst Coin Exchange, Inc. comprised approximately 2% of total assets and less than 1% of total revenue of the related consolidated financial statement amounts as of and for the year ended June 30, 2025. AMS Holding, LLC comprised approximately 4% of total assets and less than 1% of total revenue of the related consolidated financial statement amounts as of and for the year ended June 30, 2025. As indicated in Management's Report, Spectrum Group International, LLC, Pinehurst Coin Exchange, Inc., and AMS Holding, LLC were each acquired during 2025. Management's assertion on the effectiveness of the Company's internal control over financial reporting excluded internal control over financial reporting of Spectrum Group International, LLC, Pinehurst Coin Exchange, Inc., and AMS Holding, LLC.
 Definition and limitations of internal control over financial reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 /s/ GRANT THORNTON LLP
 Newport Beach, California

 CONSOLIDATED BALANCE SHEETS
 (in thousands, except for share data)

 ASSETS

 Current assets

 Cash

 $

 77,741

 $

 48,636

 137,723

 36,596

 Derivative assets

 134,515

 114,720

 Secured loans receivable

 —

 Inventories:

 794,812

 579,400

 Restricted inventories

 Income tax receivable

 4,575

 1,562

 Prepaid expenses and other assets

 15,359

 8,412

 Total current assets

 1,743,495

 1,442,203

 Operating lease right of use assets

 22,843

 9,543

 45,509

 20,263

 228,650

 199,937

 Intangibles, net

 137,314

 101,663

 Long-term investments

 33,015

 50,458

 Other long-term assets

 4,605

 3,753

 Total assets

 $

 2,215,431

 $

 1,827,820

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities

 $

 $

 22,248

 18,831

 426,904

 263,286

 Derivative liabilities

 96,177

 26,751

 34,021

 16,798

 Notes payable

 3,994

 8,367

 Total current liabilities

 1,114,128

 883,770

 Lines of credit

 345,000

 245,000

 Notes payable

 3,349

 3,994

 Deferred tax liabilities

 18,335

 22,187

 31,948

 11,013

 Total liabilities

 1,512,760

 1,165,964

 Commitments and contingencies (Note 16)

 Stockholders' equity

 Preferred stock, $ 0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of June 30, 2025 or June 30, 2024

 —

 —

 Common stock, par value $ 0.01; 40,000,000 shares authorized; 24,639,386 and 23,965,427 shares issued and 24,639,386 and 22,953,391 shares outstanding as of June 30, 2025 and June 30, 2024, respectively

 Treasury stock, 0 and 1,012,036 shares at cost as of June 30, 2025 and June 30, 2024, respectively

 —

 ( 28,277

)

 Additional paid-in capital

 184,998

 168,771

 Accumulated other comprehensive income

 Retained earnings

 464,059

 466,838

 Total A-Mark Precious Metals, Inc. stockholders' equity

 649,516

 607,633

 Noncontrolling interests

 53,155

 54,223

 Total stockholders' equity

 702,671

 661,856

 Total liabilities and stockholders' equity

 $

 2,215,431

 $

 1,827,820

 See accompanying Notes to the Consolidated Financial Statements

 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except for share and per share data)

 2025

 2024

 2023

 $

 $

 $

 9,286,561

 Cost of sales

 10,767,698

 9,525,784

 8,991,892

 210,916

 173,255

 294,669

 ( 139,193

)

 ( 89,800

)

 ( 85,282

)

 ( 22,920

)

 ( 11,397

)

 ( 12,525

)

 25,948

 27,168

 22,231

 ( 46,203

)

 ( 39,531

)

 ( 31,528

)

 (Losses) Earnings from equity method investments

 ( 2,825

)

 4,044

 12,576

 2,031

 2,071

 2,663

 ( 5,143

)

 —

 ( 1,341

)

 203,170

 ( 5,426

)

 ( 13,745

)

 ( 46,401

)

 156,769

 Net (loss) income attributable to noncontrolling interests

 ( 1,476

)

 Net income attributable to the Company

 $

 17,320

 $

 68,546

 $

 156,360

 Basic and diluted net income per share attributable
 to A-Mark Precious Metals, Inc.:

 Basic

 $

 0.73

 $

 2.97

 $

 6.68

 Diluted

 $

 0.71

 $

 2.84

 $

 6.34

 Weighted-average shares outstanding:

 Basic

 23,625,900

 23,091,700

 23,400,300

 Diluted

 24,441,500

 24,120,800

 24,648,600

 See accompanying Notes to the Consolidated Financial Statements

 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
 (in thousands, except for share data)

 Common Stock

 Additional Paid-in

 Retained

 Accumulated other comprehensive

 Treasury Stock

 Total A-Mark Precious Metals, Inc. Stockholders'

 Non-controlling

 Total Stockholders'

 Shares

 Capital

 Earnings

 income (loss)

 Shares

 Equity

 Interest

 Equity

 Balance, June 30, 2022

 23,379,888

 $

 166,526

 $

 321,849

 $

 —

 —

 $

 —

 $

 488,609

 $

 1,862

 $

 490,471

 —

 —

 —

 156,360

 —

 —

 —

 156,360

 156,769

 —

 —

 2,176

 —

 —

 —

 —

 2,176

 —

 2,176

 Earnings distribution paid to noncontrolling interest

 —

 —

 —

 —

 —

 —

 —

 —

 ( 1,001

)

 ( 1,001

)

 Cumulative translation adjustment, net of tax

 —

 —

 —

 —

 ( 1,025

)

 —

 —

 ( 1,025

)

 —

 ( 1,025

)

 Common stock issued as employee compensation

 10,500

 —

 —

 —

 —

 —

 —

 Exercise of share-based awards

 210,999

 1,882

 —

 —

 —

 —

 1,884

 —

 1,884

 Net settlement of share-based awards

 70,735

 ( 1,855

)

 —

 —

 —

 —

 ( 1,854

)

 —

 ( 1,854

)

 Repurchases of common stock

 —

 —

 —

 —

 —

 ( 335,735

)

)

)

 —

)

 Dividends declared

 —

 —

 ( 37,570

)

 —

 —

 —

 ( 37,558

)

 —

 ( 37,558

)

 Balance, June 30, 2023

 23,672,122

 169,034

 440,639

 ( 1,025

)

 ( 335,735

)

)

 599,123

 1,270

 600,393

 —

 —

 —

 68,546

 —

 —

 —

 68,546

 —

 —

 1,923

 —

 —

 —

 —

 1,923

 —

 1,923

 Common stock issued for acquisition

 —

 —

 —

 ( 367

)

 —

 139,455

 3,881

 3,514

 —

 3,514

 Noncontrolling ownership contributions and adjustments

 —

 —

 ( 3,613

)

 —

 —

 —

 —

 ( 3,613

)

 52,466

 48,853

 Cumulative translation adjustment, net of tax

 —

 —

 —

 —

 1,086

 —

 —

 1,086

 —

 1,086

 Exercise of share-based awards

 269,601

 1,960

 —

 —

 —

 —

 1,962

 —

 1,962

 Net settlement of share-based awards

 23,704

 ( 547

)

 —

 —

 —

 —

 ( 546

)

 —

 ( 546

)

 Repurchases of common stock

 —

 —

 —

 —

 —

 ( 815,756

)

 ( 22,396

)

 ( 22,396

)

 —

 ( 22,396

)

 Dividends declared

 —

 —

 ( 41,980

)

 —

 —

 —

 ( 41,966

)

 —

 ( 41,966

)

 Balance, June 30, 2024

 23,965,427

 168,771

 466,838

 ( 1,012,036

)

 ( 28,277

)

 607,633

 54,223

 661,856

 —

 —

 —

 17,320

 —

 —

 —

 17,320

 ( 1,476

)

 —

 —

 1,594

 —

 —

 —

 —

 1,594

 —

 1,594

 Common stock issued for acquisition

 423,234

 11,499

 ( 1,256

)

 —

 1,181,548

 33,371

 43,618

 —

 43,618

 Noncontrolling ownership interest acquisition

 —

 —

 —

 —

 —

 —

 —

 —

 Cumulative translation adjustment, net of tax

 —

 —

 —

 —

 —

 —

 —

 Exercise of share-based awards

 235,668

 3,303

 —

 —

 —

 —

 3,305

 —

 3,305

 Net settlement of share-based awards

 15,057

 ( 178

)

 —

 —

 —

 —

 ( 177

)

 —

 ( 177

)

 Repurchases of common stock

 —

 —

 —

 —

 —

 ( 30,057

)

 ( 875

)

 ( 875

)

 —

 ( 875

)

 Repurchases of common stock - related party

 —

 —

 —

 —

 —

 ( 139,455

)

 ( 4,219

)

 ( 4,219

)

 —

 ( 4,219

)

 Dividends declared

 —

 —

 ( 18,843

)

 —

 —

 —

 ( 18,834

)

 —

 ( 18,834

)

 Balance, June 30, 2025

 24,639,386

 $

 $

 184,998

 $

 464,059

 $

 —

 $

 —

 $

 649,516

 $

 53,155

 $

 702,671

 See accompanying Notes to the Consolidated Financial Statements

 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)

 2025

 2024

 2023

 Cash flows from operating activities:

 $

 $

 $

 156,769

 Adjustments to reconcile net income to net cash flows from operating activities:

 Depreciation and amortization

 22,920

 11,397

 12,525

 Amortization of loan cost

 4,092

 2,447

 2,113

 Deferred income taxes

 ( 3,918

)

 ( 2,690

)

 1,585

 1,594

 1,923

 2,176

 Remeasurement loss (gain) on pre-existing equity interests

 5,143

 ( 16,669

)

 —

 Losses (earnings) from equity method investments

 2,825

 ( 4,044

)

 ( 12,576

)

 Other

 ( 42

)

 Changes in assets and liabilities:

 ( 57,604

)

 16,754

 61,797

 Secured loans receivable

 —

 —

 1,012

 Secured loans made to affiliates

 —

 Derivative assets

 ( 18,992

)

 ( 36,243

)

 13,862

 Income tax receivable

 ( 606

)

 —

 —

 —

 3,464

 54,236

 ( 22,072

)

 ( 52,758

)

 ( 240,625

)

 Prepaid expenses and other assets

 ( 3,386

)

 ( 1,168

)

 ( 3,336

)

 ( 17,354

)

 ( 16,285

)

 19,338

 150,156

 65,180

 5,818

 Derivative liabilities

 69,109

 18,265

 ( 67,704

)

 14,058

 9,878

 ( 37,775

)

 ( 9,436

)

 ( 7,097

)

 ( 937

)

 Income tax payable

 —

 ( 985

)

 Net cash provided by (used in) operating activities

 152,347

 60,934

 ( 30,323

)

 Cash flows from investing activities:

 Capital expenditures for property, plant, and equipment

 ( 10,678

)

 ( 7,256

)

 ( 4,783

)

 Acquisition of businesses, net of cash acquired

 ( 114,609

)

 ( 31,871

)

 —

 Purchase of long-term investments

 —

 ( 2,113

)

 ( 7,950

)

 Purchase of intangible assets

 —

 ( 8,515

)

 ( 5,000

)

 Secured loans receivable, net

 19,035

 ( 12,489

)

 24,599

 Purchase of marketable securities

 ( 2,549

)

 —

 —

 Proceeds from sale of marketable securities

 4,213

 —

 —

 Other

 ( 77

)

 ( 1,353

)

 ( 27

)

 Net cash (used in) provided by investing activities

 ( 104,665

)

 ( 63,597

)

 6,839

 Cash flows from financing activities:

 Product financing arrangements, net

 ( 85,031

)

 157,541

 53,160

 Dividends paid

 ( 18,804

)

 ( 41,845

)

 ( 37,468

)

 Noncontrolling interest contributions (distributions)

 —

 2,051

 ( 1,001

)

 Borrowings under lines of credit

 1,960,000

 1,893,000

 2,026,000

 Repayments under lines of credit

 ( 1,860,000

)

 ( 1,883,000

)

 ( 2,006,000

)

 Repayment of notes

 ( 197

)

 ( 95,000

)

 —

 Proceeds from notes payable to related party

 —

 3,448

 3,500

 Repayments on notes payable to related party

 ( 8,367

)

 —

 ( 2,955

)

 Repurchases of common stock

 ( 901

)

 ( 22,307

)

)

 Repurchases of common stock from a related party

 ( 4,219

)

 —

 —

 Debt funding issuance costs

 ( 4,186

)

 ( 3,323

)

 ( 485

)

 Proceeds from the exercise of share-based awards

 3,305

 1,962

 1,884

 Payments for tax withholding related to net settlement of share-based awards

 ( 177

)

 ( 546

)

 ( 1,854

)

 Net cash (used in) provided by financing activities

 ( 18,577

)

 11,981

 25,019

 Net increase in cash

 29,105

 9,318

 1,535

 Cash, beginning of period

 48,636

 39,318

 37,783

 Cash, end of period

 $

 77,741

 $

 48,636

 $

 39,318

 Supplemental disclosures of cash flow information:

 Cash paid during the period for:

 Interest paid

 $

 42,608

 $

 34,244

 $

 28,787

 Income taxes paid

 $

 10,394

 $

 17,926

 $

 44,337

 Income taxes refunded

 $

 $

 $

 Non-cash investing and financing activities:

 Property, plant, and equipment acquired on account

 $

 $

 —

 $

 Common stock issued for acquisitions

 $

 43,618

 $

 3,514

 $

 —

 Loss on reissuance of treasury stock

 $

 1,256

 $

 $

 —

 Addition of right of use assets under lease obligations

 $

 2,160

 $

 5,773

 $

 —

 Contingent consideration payable for acquisition of business

 $

 6,600

 $

 2,800

 $

 —

 See accompanying Notes to the Consolidated Financial Statements

 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 1. DESCRIPTION OF BUSINESS
 Basis of Presentation
 The consolidated financial statements comprise those of A-Mark Precious Metals, Inc. ("A-Mark", also referred to as "we", "us", and the "Company"), its consolidated subsidiaries, and its joint venture in which the Company has a controlling interest.
 Business Segments
 The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. See Note 19 for further information regarding our reportable segments.
 The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-Mark Trading AG ("AMTAG"), Transcontinental Depository Services, LLC ("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 operates as a full-service precious metals company. We offer gold, silver, platinum, and palladium in the form of bars, plates, powder, wafers, grain, ingots, and coins. We sell more than 2,000 coin and bar products in a variety of weights, shapes, and sizes for distribution to dealers and other qualified purchasers. We have a marketing support office in Vienna, Austria, a numismatics showroom in Hong Kong, and a trading center in El Segundo, California. The trading center, for buying and selling precious metals, is available to receive orders 24 hours every day, even when many major world commodity markets are closed. A-Mark offers its customers a variety of ancillary services, including financing, storage, consignment, logistics, and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver, platinum, and palladium coins, A-Mark purchases product directly from the U.S. Mint, and it also purchases product from other sovereign mints, for sale to its customers.
 Through its wholly-owned subsidiary AMTAG, the Company promotes its products and services to certain international markets.
 Through our wholly-owned subsidiary TDS, we offer a variety of managed storage options for precious metals products to financial institutions, dealers, investors, and collectors around the world.
 The Company's wholly-owned subsidiary AMGL is based in Las Vegas, Nevada, and provides our customers an array of complementary services, including receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis.
 Through its wholly-owned subsidiary AMST, the Company designs and produces minted silver products. Our Silver Towne Mint operations allow us to provide greater product selection to our customers as well as to gain increased access to silver during volatile market environments, which have historically created higher demand for precious metals products.
 The Company operates LPM, its Asia headquarters, through its subsidiary AM/LPM Ventures, LLC. Based in Hong Kong, LPM offers the Company's full-service precious metals products and services in Asia and internationally.
 LPM
 On February 26, 2024, through our subsidiary AM/LPM Ventures, LLC, we acquired 100 % of the issued and outstanding equity interests of LPM, a precious metals dealer with primary operations in Asia, for total upfront consideration of $ 41.4 million, consisting of $ 37.5 million in cash, 139,455 shares of A-Mark common stock that had a fair value of $ 3.5 million on the date of transfer, and $ 0.4 million related to the settlement of pre-existing payables due to A-Mark. We entered into a number of related agreements, including (i) a consulting agreement with Cerberus Limited to provide consulting services to LPM through 2028, subject to earlier termination under certain circumstances, and (ii) a lock-up agreement with the selling stockholder of LPM that restricts the sale or transfer of the A-Mark common stock for 270 days after the acquisition date, subject to customary exceptions.
 Effective February 2024, Aquila Holding LLC, a company affiliated with Cerberus Limited, purchased a 5 % interest in AM/LPM Ventures, LLC for $ 2.1 million.

 We incurred $ 2.8 million of transaction costs related to the acquisition of LPM, which are shown as a component of selling, general, and administrative expenses in our consolidated statements of income. The financial results of LPM were included in our consolidated financial statements as of the acquisition date.
 We may be required to pay contingent consideration up to $ 37.5 million in cash in connection with the acquisition of LPM if certain earnings before interest, taxes, depreciation, and amortization ("EBITDA") targets are met for 2024, 2025, and 2026. As of the acquisition date, the fair value of this contingent consideration was $ 2.8 million. The material factors that may impact the fair value of the contingent consideration, and therefore, this liability, are the probabilities and timing of achieving the related targets, which are estimated at each reporting date with changes reflected as selling, general, and administrative expense. As of June 30, 2025, the fair value of the contingent consideration was $ 1.2 million, with $ 0.5 million classified as short-term and recorded under accrued liabilities on our consolidated balance sheet. As of June 30, 2024, the fair value was $ 2.4 million, entirely classified under other liabilities on the consolidated balance sheet.
 Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessment and assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and liabilities assumed through our acquisition of LPM as of the acquisition date (in thousands):

 Cash

 $

 37,506

 Contingent consideration

 2,800

 Common stock

 3,514

 Settlement of pre-existing payables due to A-Mark

 $

 44,218

 Cash

 $

 5,033

 4,105

 16,807

 1,306

 3,500

 6,800

 Other long-term assets

 39,022

 ( 526

)

 ( 11,361

)

 ( 1,729

)

 ( 2,222

)

 23,184

 21,034

 $

 44,218

 Based on the guidance provided in Accounting Standards Codification ("ASC") 805, Business Combinations, we accounted for the acquisition of LPM as a business combination and determined that (i) LPM was a business which combines inputs and processes to create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or group of similar identifiable assets.
 During the fourth fiscal quarter of 2024, we recorded adjustments to the assets acquired and liabilities assumed from the acquisition of LPM that resulted in a change in working capital balances and an increase in goodwill by $ 1.0 million.
 We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through the acquisition of LPM, we acquired intangible assets representing existing customer relationships and trade names. The existing customer relationships acquired were determined to have a weighted-average useful life of 7.2 years. The fair value of the customer relationships was estimated using an attrition methodology which considers the estimated future discounted cash flows to be derived from the existing customers as of the acquisition date. The fair value of the trade names was estimated using a relief-from-royalty approach.
 Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The acquisition of LPM resulted in the recognition of $ 21.0 million of goodwill, which we believe relates primarily to the resulting synergies of utilizing A-Mark's established integrated precious metals platform with LPM's underlying customer base and our ability to expand operations within the region. The goodwill created as a result of the acquisition of LPM is deductible for U.S. tax purposes.

 The following unaudited pro forma consolidated results of operations for the years ended June 30, 2024 and 2023 assumes that the acquisition of LPM occurred as of July 1, 2022 (in thousands):

 2024

 2023

 $

 9,788,941

 $

 9,674,149

 $

 68,469

 $

 158,658

 The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have been had these transactions occurred on July 1, 2022, and should not be considered indicative of future operating results. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the acquisition of LPM. The unaudited pro forma information accounts for: (i) the elimination of transactions between the Company and LPM, and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired finite-lived intangible assets, acquisition costs, consulting fees, share-based compensation expense, and the resulting impact to the income tax provision.
 Spectrum Group International, LLC
 In February 2025, we acquired 100 % of the issued and outstanding equity interests of SGI, a related party, and the parent of Stack's-Bowers Numismatics LLC, d/b/a Stack's Bowers Galleries ("Stack's Bowers Galleries"). Stack's Bowers Galleries is one of the world's largest rare coin and currency auction houses and a leading dealer specializing in numismatic and bullion products. SGI is also the majority owner of Spectrum Wine, a global auctioneer, retailer, and storage provider of fine and rare wine. SGI's financial results in periods following the acquisition attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results in periods following the acquisition attributable to its auction and retail operations are included in our Direct-to-Consumer segment. (As used herein, and as the context may require, the term "SGI" refers to Spectrum Group International, Inc. and its successor company Spectrum Group International, LLC.)
 Total consideration to acquire SGI was $ 103.3 million, consisting of $ 46.0 million in cash and 1,671,654 shares of A-Mark common stock paid to the selling shareholders of SGI (of which the selling shareholders allocated $ 1.3 million as transaction bonuses to our CEO and our General Counsel in their capacities as officers of SGI), repayment of debt obligations held by SGI as of the acquisition date of $ 11.0 million, $ 0.4 million related to the settlement of pre-existing payables due to A-Mark, and $ 0.4 million of noncontrolling interest in consolidated subsidiaries of SGI. 1,181,548 shares of the share consideration issued at the acquisition date were reissuances of our treasury stock. Of the share consideration, 66,872 shares are subject to a holdback to satisfy potential indemnification obligations, and will be issued, net of any claims, in equal parts at the nine and 18 month anniversaries of the acquisition date.
 Concurrently with the acquisition of SGI, we issued equity awards to key SGI management.
 We incurred $ 1.7 million of transaction costs related to the acquisition of SGI, which are shown as a component of selling, general, and administrative expenses in our consolidated statements of income. The financial results of SGI in periods following the acquisition were included in our consolidated financial statements; these amounts were not material to our consolidated financial statements.

 Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessment and assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and liabilities assumed through our acquisition of SGI as of the acquisition date (in thousands):

 Cash

 $

 46,000

 Common stock

 43,618

 Holdback consideration - common stock

 1,818

 Repayment of debt

 11,017

 Settlement of pre-existing payables due to A-Mark

 Noncontrolling interest

 $

 103,280

 Cash

 $

 11,264

 25,164

 102,587

 4,559

 6,108

 Operating lease right of use assets

 12,047

 4,000

 In-process research and development

 1,500

 Developed technology

 1,500

 12,000

 Other long-term assets

 2,698

 183,427

 ( 52,020

)

 ( 9,789

)

 ( 9,381

)

 ( 9,935

)

 Operating lease liability

 ( 12,347

)

 ( 513

)

 89,442

 13,838

 $

 103,280

 Based on the guidance provided in ASC 805, Business Combinations, we accounted for the acquisition of SGI as a business combination and determined that (i) SGI was a business which combines inputs and processes to create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or group of similar identifiable assets.
 Our purchase price allocation for the acquisition of SGI is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available, primarily related to information pertaining to working capital and tax balances. Additional information that existed as of the acquisition date but at the time was unknown to us may become known to us during the remainder of the remeasurement period, a period not to exceed 12 months from the acquisition date. During the three months ended June 30, 2025, our goodwill decreased by $ 0.6 million related to measurement period adjustments from SGI with an offsetting impact to our acquired deferred taxes.
 We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through the acquisition of SGI, we acquired intangible assets representing existing customer relationships, developed technology, in-process research and development ("IPR&D") and trade names. The existing customer relationships and developed technology acquired were determined to have weighted-average useful lives of 5.0 years and 4.0 years, respectively. The fair value of the customer relationships was estimated using an attrition methodology which considers the estimated future discounted cash flows to be derived from the existing customers as of the acquisition date. The fair value of the developed technology and IPR&D were estimated using the cost to recreate method. The fair value of the trade names was estimated using a relief-from-royalty approach. Unfavorable lease positions are presented net of the corresponding right of use asset.
 As of the acquisition date, we recorded a stock payable liability of $ 1.8 million representing the obligation to issue 66,872 shares that were held back to satisfy potential indemnification claims. This liability is adjusted at each reporting period based on the fair value of our common stock. As of June 30, 2025, the value of this liability was $ 1.5 million recorded as accrued liabilities and other liabilities on our balance sheet, with the change recorded in other income (expense), net.

 Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The acquisition of SGI resulted in the recognition of $ 13.8 million of goodwill, which we believe relates primarily to the resulting synergies of utilizing A-Mark's established integrated precious metals platform with SGI's underlying customer base and our ability to expand operations into adjacent markets. The goodwill created as a result of the acquisition of SGI is not deductible for tax purposes.
 The following unaudited pro forma consolidated results of operations for the years ended June 30, 2025 and 2024 assumes that the acquisition of SGI occurred as of July 1, 2023 (in thousands):

 2025

 2024

 $

 11,189,932

 $

 10,010,311

 $

 14,133

 $

 65,372

 The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have been had the acquisition occurred on July 1, 2023, and should not be considered indicative of future operating results. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the acquisition of SGI. The unaudited pro forma information accounts for: (i) the elimination of transactions between the Company and SGI, and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired finite-lived intangible assets, acquisition costs, compensation expenses, and the resulting impact to the income tax provision.

 Pinehurst
 In 2019, the Company acquired its initial 10 % ownership interest in Pinehurst Coin Exchange, Inc. ("Pinehurst"). In 2021, the Company made an incremental investment to increase its ownership interest in Pinehurst to 49 %. In February 2025, the Company acquired the additional 51 % ownership interest in Pinehurst it did not previously own for upfront consideration of $ 6.5 million, contingent consideration of an additional $ 5.3 million upon the achievement of certain performance benchmarks, repayment of debt obligations held by Pinehurst as of the acquisition date of $ 16.9 million, and $ 4.3 million related to the settlement of pre-existing receivables due from A-Mark. Founded in 2005, Pinehurst services the wholesale and retail marketplace and is one of the nation's largest e-commerce retailers of modern and numismatic certified coins on eBay. Pinehurst's financial results attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results attributable to its retail operations are included in our Direct-to-Consumer segment.
 The acquisition of the controlling interest in Pinehurst was accounted for as a business combination achieved in stages. As a result of the change in control, the Company was required to remeasure its pre-existing equity investment in Pinehurst at fair value prior to consolidation. We estimated the fair value of our 49 % pre-existing ownership interest in Pinehurst to be $ 6.9 million. The remeasurement resulted in a net pretax loss of $ 7.0 million, which is presented in the Company's consolidated statements of income as remeasurement gain or loss on pre-existing equity interest. The value of the pre-existing equity as of the acquisition date was based on a valuation derived from estimated fair value assessments and assumptions made by us. These fair value assessments were determined using a market approach.
 Concurrently with the acquisition of Pinehurst, we assumed a promissory note for $ 3.1 million with the former majority owner of Pinehurst, and entered into a consulting agreement with him providing for his services through 2028.
 We incurred $ 0.2 million of transaction costs related to the acquisition of Pinehurst, which are shown as a component of selling, general, and administrative expenses in our consolidated statements of income. The financial results of Pinehurst were included in our consolidated financial statements as of the acquisition date; these amounts were not material to our consolidated financial statements.
 We may be required to pay contingent consideration up to $ 5.3 million in cash in connection with the acquisition of Pinehurst if certain pre-tax earnings targets are met through the third anniversary of the acquisition as well as if certain net tangible asset thresholds were met as of June 30, 2025. As of the acquisition date, the fair value of this contingent consideration was $ 0.7 million. The material factors that may impact the fair value of the contingent consideration, and therefore, this liability, are the probabilities and timing of achieving the related targets, which are estimated at each reporting date with changes reflected in earnings. As of June 30, 2025, the fair value of the contingent consideration was $ 0.8 million, which was classified as accrued liabilities on our consolidated balance sheet.

 Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessment and assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and liabilities assumed through our acquisition of Pinehurst as of the acquisition date (in thousands):

 Cash

 $

 6,500

 Pre-existing equity method investment

 6,933

 Repayment of debt

 16,903

 Contingent consideration

 Settlement of pre-existing receivables due from A-Mark

 ( 4,325

)

 $

 26,711

 Cash

 $

 4,334

 4,481

 17,767

 1,962

 Operating lease right of use asset

 1,734

 1,000

 1,000

 33,041

 ( 2,380

)

 ( 1,655

)

 ( 210

)

 Operating lease liability

 ( 1,734

)

 ( 3,104

)

 23,958

 2,753

 $

 26,711

 Based on the guidance provided in ASC 805, Business Combinations, we accounted for the acquisition of Pinehurst as a business combination and determined that (i) Pinehurst was a business which combines inputs and processes to create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or group of similar identifiable assets.
 Our purchase price allocation for the acquisition of Pinehurst is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available, primarily related to information pertaining to working capital and tax balances. Additional information that existed as of the acquisition date but at the time was unknown to us may become known to us during the remainder of the remeasurement period, a period not to exceed 12 months from the acquisition date. During the three months ended June 30, 2025, our goodwill and net deferred tax balances each increased by $ 0.3 million related to measurement period adjustments from PCE with offsetting impacts to our acquired inventory.
 We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through the acquisition of Pinehurst, we acquired intangible assets representing existing customer relationships and trade names. The existing customer relationships acquired were determined to have a weighted-average useful life of 4.0 years. The fair value of the customer relationships was estimated using an attrition methodology which considers the estimated future discounted cash flows to be derived from the existing customers as of the acquisition date. The fair value of the trade names was estimated using a relief-from-royalty approach.
 Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The acquisition of Pinehurst resulted in the recognition of $ 2.8 million of goodwill, which we believe relates primarily to the resulting synergies of utilizing A-Mark's established integrated precious metals platform with Pinehurst's expanded product offering. The goodwill created as a result of the acquisition of Pinehurst is not deductible for tax purposes.
 The following unaudited pro forma consolidated results of operations for the years ended June 30, 2025 and 2024 assumes that the acquisition of Pinehurst occurred as of July 1, 2023 (in thousands):

 2025

 2024

 $

 11,003,825

 $

 9,739,962

 $

 17,552

 $

 66,048

 The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have been had the acquisition occurred on July 1, 2023, and should not be considered indicative of future operating results. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the acquisition of Pinehurst. The unaudited pro forma information accounts for: (i) the elimination of transactions between the Company and Pinehurst, and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired finite-lived intangible assets, acquisition costs, compensation expenses, remeasurement losses, and the resulting impact to the income tax provision.

 The Company operates its Direct-to-Consumer segment through its wholly-owned subsidiaries JM Bullion, Inc. ("JMB"), Goldline, Inc. ("Goldline"), SGI, Pinehurst, AMS Holding, LLC ("AMS"), AM LPM Singapore PTE Ltd., and through its investment in Silver Gold Bull, Inc. ("SGB"). As of June 30, 2025, JMB had several wholly-owned subsidiaries, including: Buy Gold and Silver Corp. ("BGASC"), BX Corporation ("BullionMax"), Gold Price Group, Inc. ("GPG"), Silver.com, Inc. ("Silver.com"), Provident Metals Corp. ("PMC"), and CyberMetals Corp. ("CyberMetals"). Goldline, Inc. owns 100% of AM IP Assets, LLC ("AMIP"). SGB and Goldline each have a 50 % ownership interest in Precious Metals Purchasing Partners, LLC ("PMPP"). As the context requires, references in these notes to JMB may include BGASC, BullionMax, GPG, Silver.com, PMC, and CyberMetals, and references to Goldline may include AMIP and PMPP.
 JM Bullion, Inc.
 JMB is a leading e-commerce retailer providing access to a broad array of gold, silver, copper, platinum, and palladium products through its websites. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com. Typically, JMB offers approximately 7,000 different products during a fiscal year, measured by stock keeping units or SKUs, on its websites. This number can vary over time, particularly when demand is high and certain SKUs may be out of stock.
 In April 2022, JMB commercially launched the CyberMetals online platform, where customers can purchase and sell fractional shares of digital gold, silver, platinum, and palladium bars in a range of denominations. CyberMetals' customers have the option to convert their digital holdings to fabricated precious metals products via an integrated redemption flow with JMB. These products may be designated by the customer for storage by the Company or shipped directly to the customer.
 Goldline, Inc.
 The Company acquired Goldline in August 2017 through an asset purchase transaction with Goldline, LLC, which had been in operation since 1960. Goldline is a direct retailer of precious metals to the investor community, and markets its precious metal products on television, radio, and the internet, as well as through customer service outreach. Goldline's subsidiary AMIP manages its intellectual property. PMPP was formed in fiscal 2019 pursuant to terms of a joint venture agreement with SGB, for the purpose of purchasing precious metals from the partners' retail customers, and then reselling the acquired products back to affiliates of the partners. PMPP commenced its operations in fiscal 2020.
 Silver Gold Bull, Inc.
 In 2014, the Company acquired its initial ownership interest in SGB, a leading e-commerce precious metals retailer in Canada. Through its website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins and rounds, as well as certified coins from mints around the world. In 2018 and 2022, the Company made incremental investments to increase its ownership interest in SGB to 47.4 % as of June 2022. Also in June 2022, the Company acquired an option to purchase an additional 27.6 % of the outstanding equity of SGB to bring the Company's ownership interest up to 75 %. In June 2024, the Company exercised part of its option and acquired an additional 8 % ownership interest in SGB for $ 9.6 million, increasing its ownership interest to 55.4 %, at which point SGB became a consolidated subsidiary of the Company. The increased investment in SGB allows the Company to continue its strategy to further expand internationally, particularly in Canada.
 In connection with the exercise of its option in June 2024, the Company modified certain terms and conditions of its option to acquire additional ownership interest in SGB, including extending the term of the remaining unexercised option to September 2025 as well as reducing the option to increase its ownership from 75 % to 70 %. In accordance with ASC 480, Distinguishing Liabilities from Equity, the resulting modified option was not determined to be separately exercisable from the remaining shares of SGB, and therefore the value is embedded within the noncontrolling interest of SGB.
 In June 2024, SGB declared a $ 15.9 million dividend to existing shareholders based on certain levels of working capital. As of June 30, 2024, $ 7.5 million of the dividend that was due from SGB to the Company was eliminated in consolidation, while the remaining $ 8.4 million due to other shareholders was recorded as a note payable in the Company's consolidated balance sheet. As of June 30, 2025, the dividend was paid in full, including a dividend paid to the Company from SGB in September 2024 of $ 7.5 million.

 We also entered into employment agreements with and granted equity awards to key SGB management.
 The acquisition of the controlling interest in SGB was accounted for as a business combination achieved in stages. As a result of the change in control, the Company was required to remeasure its pre-existing equity investment in SGB at fair value prior to consolidation. We estimated the fair value of our 47.4 % pre-existing ownership interest in SGB to be approximately $ 56.8 million and the fair value of the noncontrolling interest to be $ 50.7 million. The remeasurement resulted in a net pretax gain of $ 16.7 million, which is presented in the Company's consolidated statements of income as remeasurement gain on pre-existing equity interest. The net remeasurement gain also reflects the $ 1.3 million derecognition of accumulated other comprehensive income, net of tax, related to the currency translation adjustment of SGB upon gaining a controlling ownership interest.
 The value of the pre-existing equity and noncontrolling interests as of the acquisition date were based on valuations derived from estimated fair value assessments and assumptions made by us. These fair value assessments were determined using a market approach.
 We incurred $ 0.2 million of transaction costs related to the acquisition of a controlling interest in SGB, which are shown as a component of selling, general, and administrative expenses in our consolidated statements of income. The financial results of SGB after obtaining a controlling interest were included in our consolidated financial statements as of the acquisition date.
 Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessments and assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and liabilities assumed through our acquisition of a controlling interest in SGB as of the acquisition date (in thousands):

 Cash

 $

 9,600

 Pre-existing equity method investment

 56,848

 Option to acquire additional equity interest

 2,300

 Noncontrolling interests

 50,652

 Settlement of pre-existing payables due to A-Mark

 9,418

 $

 128,818

 Cash

 $

 10,203

 10,968

 45,936

 2,246

 2,071

 6,512

 13,000

 Developed technology

 9,300

 Other long-term assets

 5,809

 106,045

 ( 24,372

)

 ( 7,205

)

 ( 5,085

)

 ( 1,231

)

 Notes payable

 ( 8,367

)

 Deferred tax liability

 ( 6,624

)

 ( 2,303

)

 50,858

 77,960

 $

 128,818

 Based on the guidance provided in ASC 805, Business Combinations, we accounted for the acquisition of a controlling interest in SGB as a business combination achieved in stages and determined that (i) SGB was a business which combines inputs and processes to create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or group of similar identifiable assets.
 We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through the acquisition of a controlling interest in SGB, we acquired intangible assets representing existing customer relationships, developed technology, and trade names. The existing customer relationships and developed technology acquired were determined to have a useful life of 4.0 years. The fair value of the customer relationships was estimated using an attrition methodology which considers the estimated future discounted cash flows to be derived from the existing customers as of the acquisition date. The fair value of the developed technology was estimated using the cost to recreate method. The fair value of the trade names was estimated using a relief-from-royalty approach.

 Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The acquisition of a controlling interest in SGB resulted in the recognition of $ 78.0 million of goodwill, which we believe relates primarily to the resulting synergies of utilizing A-Mark's established integrated precious metals platform with SGB's underlying customer base. The goodwill created as a result of the acquisition of a controlling interest in SGB is not deductible for tax purposes.
 The following unaudited pro forma consolidated results of operations for the years ended June 30, 2024 and 2023 assumes that the acquisition of a controlling interest in SGB occurred as of July 1, 2022 (in thousands):

 2024

 2023

 $

 9,765,669

 $

 9,417,104

 $

 46,052

 $

 181,458

 The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have been had the transaction occurred on July 1, 2022, and should not be considered indicative of future operating results. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the acquisition of a controlling interest in SGB. The unaudited pro forma information accounts for: (i) the elimination of transactions between the Company and SGB and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired finite-lived intangible assets, acquisition costs, cash and share-based compensation expense, remeasurement gains, and the resulting impact to the income tax provision.
 Spectrum Group International, LLC
 SGI, which we acquired in February 2025, is the parent company of Stack's Bowers Galleries, which is one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. Its auction services unit conducts in-person, internet and specialized auctions of consigned and owned items and has sold a wide range of the most important rarities and numismatic collections over its distinguished history. SGI's financial results attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results attributable to its auction and retail operations are included in our Direct-to-Consumer segment.
 Pinehurst Coin Exchange, Inc.
 In February 2025, the Company acquired the remaining outstanding equity interests in Pinehurst it did not previously own. Pinehurst is a leading precious metals broker that services the wholesale and retail marketplace and is one of the nation's largest e-commerce retailers of modern and numismatic coins on eBay. Pinehurst operates the www. PinehurstCoins.com and www. ModernCoinMart.com websites. Pinehurst's financial results attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results attributable to its retail operations are included in our Direct-to-Consumer segment.
 AMS Holding, LLC
 On April 1, 2025, the Company acquired the 90 % of AMS it did not previously own, for upfront consideration of $ 51.0 million in cash, contingent consideration with a fair value of $ 5.9 million, and $ 13.9 million related to the settlement of pre-existing liabilities due to A-Mark. The foundation of AMS is a sales and marketing engine that brings together four decades of collector relationships with modern technology and compelling coin offerings that are sold through the GOVMINT brand.
 The acquisition of the controlling interest in AMS was accounted for as a business combination achieved in stages. As a result of the change in control, the Company was required to remeasure its pre-existing equity investment in AMS at fair value prior to consolidation. We estimated the fair value of our 10 % pre-existing ownership interest in AMS to be $ 6.3 million. The remeasurement resulted in a net pretax gain of $ 1.9 million, which is presented in the Company's consolidated statements of income as remeasurement gain (loss) on pre-existing equity interest. The value of the pre-existing equity as of the acquisition date was based on a valuation derived from estimated fair value assessments and assumptions made by us. These fair value assessments were determined using a market approach.
 Concurrent with the acquisition of AMS, we issued equity awards to key AMS management.
 We incurred $ 2.4 million of transaction costs related to the acquisition of AMS, which are shown as a component of selling, general, and administrative expenses in our consolidated statements of income. The financial results of AMS were included in our consolidated financial statements as of the acquisition date; these amounts were not material to our consolidated financial statements.

 We may be required to pay contingent consideration of up to an additional $ 9.0 million in cash based upon the achievement of certain performance benchmarks. Selling shareholders may also receive up to an additional $ 3.0 million in cash based upon the achievement of financial targets when certain inventory is sold. As of the acquisition date, the fair value of this contingent consideration was $ 5.9 million. The material factors that may impact the fair value of the contingent consideration, and therefore, this liability, are the probabilities and timing of achieving the related targets, which are estimated at each reporting date with changes reflected in earnings. As of June 30, 2025, the fair value of the contingent consideration remained at $ 5.9 million, of which $ 3.2 million was classified as accrued liabilities, with the remainder classified as other liabilities on our consolidated balance sheet.
 Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessment and assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and liabilities assumed through our acquisition of AMS as of the acquisition date (in thousands):

 Cash

 $

 50,958

 Pre-existing equity method investment

 6,318

 Contingent consideration

 5,900

 Settlement of pre-existing liabilities due to A-Mark

 13,911

 $

 77,087

 Cash

 $

 1,172

 10,755

 28,708

 1,602

 12,306

 Operating lease right of use asset

 5,000

 28,000

 Other assets

 88,189

 ( 3,962

)

 ( 2,426

)

 ( 6,680

)

 Operating lease liability

 ( 514

)

 ( 9,642

)

 64,965

 12,122

 $

 77,087

 Based on the guidance provided in ASC 805, Business Combinations, we accounted for the acquisition of AMS as a business combination and determined that (i) AMS was a business which combines inputs and processes to create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or group of similar identifiable assets.
 Our purchase price allocation for the acquisition of AMS is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available, primarily related to information pertaining to working capital and tax balances. Additional information that existed as of the acquisition date but at the time was unknown to us may become known to us during the remainder of the remeasurement period, a period not to exceed 12 months from the acquisition date.
 We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through the acquisition of AMS, we acquired intangible assets representing existing customer relationships and trade names. The existing customer relationships acquired were determined to have a useful life of 5 years. The fair value of the customer relationships was estimated using an attrition methodology which considers the estimated future discounted cash flows to be derived from the existing customers as of the acquisition date. The fair value of the trade names was estimated using a relief-from-royalty approach.
 Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The acquisition of AMS resulted in the recognition of $ 12.1 million of goodwill, which we believe relates primarily to the resulting synergies of utilizing A-Mark's established integrated precious metals platform with AMS's expanded product offering. Of the goodwill created as a result of the acquisition of AMS, $ 4.3 million is expected to be deductible for tax purposes.

 The following unaudited pro forma consolidated results of operations for the years ended June 30, 2025 and 2024 assumes that the acquisition of AMS occurred as of July 1, 2023 (in thousands):

 2025

 2024

 $

 11,092,466

 $

 9,885,444

 Net (loss) income

 $

 ( 2,393

)

 $

 56,910

 The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have been had the transaction occurred on July 1, 2023, and should not be considered indicative of future operating results. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the acquisition of AMS. The unaudited pro forma information accounts for: (i) the elimination of transactions between the Company and AMS and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired finite-lived intangible assets, acquisition costs, cash and share-based compensation expense, remeasurement gains, and the resulting impact to the income tax provision.

 The Company operates its Secured Lending segment through its wholly-owned subsidiary, Collateral Finance Corporation, LLC, including its wholly-owned subsidiary, CFC Alternative Investments ("CAI") (collectively "CFC").
 CFC is a California licensed finance lender that originates and acquires commercial loans secured primarily by bullion and numismatic coins. CFC's customers include coin and precious metal dealers, investors, and collectors.
 CAI is a holding company that has a 50 %-ownership stake in Collectible Card Partners, LLC ("CCP"). CCP provides capital to fund commercial loans secured by graded sports cards. (See Note 14.)

 2. SUMMARY OF SIGNIFICANT 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 respect to precious metal inventory, derivatives, assets and liabilities acquired in business combinations, certain financial instruments, and certain investments); impairment assessments of property, plant and equipment, long-term investments, intangible assets, and goodwill; valuation allowance determination on deferred tax assets; determining the incremental borrowing rate for calculating right of use assets and lease liabilities; and revenue recognition judgments. Actual results could materially differ from these estimates.

 Reclassifications
 Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications include changes to the presentation of dividends and distributions received from equity method investees and the gross presentation of borrowings and repayments under lines of credit. These changes had no impact on the previously reported net cash flows from operating, investing, or financing activities in the consolidated statements of cash flows.

 Fair Value Measurement
 ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820") creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach, and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data. (See Note 3.)

 Concentration of Credit Risk
 Cash is maintained at financial institutions, and, at times, balances exceed federally insured limits. The Company has not experienced any losses related to these balances.
 Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. Credit risk with respect to loans of inventory to customers is minimal. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions.

 Foreign Currency
 The functional currency of the Company is the United States dollar ("USD"). All transactions in foreign currencies are recorded in USD at the then-current exchange rate(s). Upon settlement of the underlying transaction, all amounts are remeasured to USD at the current exchange rate on date of settlement. All unsettled foreign currency transactions that remain in accounts receivable and trade account payables are remeasured to USD at the period end exchange rates. Foreign currency remeasurement gains and losses are recorded in the current period earnings.
 The Company has foreign subsidiaries that generate foreign currency remeasurement gains and losses. Because these entities have a functional currency of USD, foreign currency remeasurement gains and losses from these foreign subsidiaries are recorded in the current period earnings.
 For the Company's foreign-based equity method investments, the proportionate share of the investee's income or loss is translated into USD at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period. The unrealized gains and losses associated with the translation of the investment are deferred in accumulated other comprehensive income on the Company's consolidated balance sheets.
 To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when settled and/or marked-to-market.

 Business Combinations
 The Company accounts for business combinations by applying the acquisition method in accordance with Business Combinations Topic 805 of the ASC ("ASC 805"). The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests, if any, in an acquired entity is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. Net cash paid to acquire a business is classified as investing activities on the accompanying consolidated statements of cash flows.
 In circumstances where an acquisition involves a contingent consideration arrangement that meets the definition of a liability under ASC Topic 480, Distinguishing Liabilities from Equity, we recognize a liability equal to the fair value of the expected contingent payments as of the acquisition date. We remeasure this liability each reporting period, with the resulting changes recorded in earnings. The assumptions used in estimating fair value of contingent consideration liabilities require significant judgment; the use of different assumptions and judgments could result in a materially different estimate of fair value which may have a material impact on our results from operations and financial position.

 Variable Interest Entity
 A variable interest entity ("VIE") is a legal entity that has either (i) a total equity investment that is insufficient to finance its activities without additional subordinated financial support or (ii) whose equity investors as a group lack the ability to control the entity's activities or lack the ability to receive expected benefits or absorb obligations in a manner that is consistent with their investment in the entity.
 A VIE is consolidated for accounting purposes by its primary beneficiary, which is the party that has both the power to direct the activities that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates VIEs when it is deemed to be the primary beneficiary. Management regularly reviews and re-evaluates its previous determinations regarding whether it holds a variable interest in potential VIEs, the status of an entity as a VIE, and whether the Company is required to consolidate such VIEs in its consolidated financial statements.

 Cash and Cash Equivalents
 The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2025 and June 30, 2024.

 Allowance for Credit Losses
 On July 1, 2022, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses Topic 326: Measurement of Credit Losses on Financial Instruments ("ASC 326"), which introduced a new credit reserving methodology known as the Current Expected Credit Loss ("CECL") model. The CECL model applies to financial assets measured at amortized cost, including accounts receivable, contract assets and held-to-maturity loan receivables. Under the CECL model, we identify allowances for credit losses based on future expected losses when accounts receivable, contract assets or held-to-maturity loan receivables are created rather than when losses are probable.
 The Company sets credit and position risk limits based on management's judgments of the customer's creditworthiness and regularly monitors its credit arrangements. These limits include gross position limits for counterparties engaged in sales and purchase transactions with the Company. They also include collateral limits for different types of sale and purchase transactions that counterparties may engage in from time to time.
 ASC 326 provides a practical expedient for assets secured by collateral when repayment is expected to be provided substantially through the sale of the collateral in the event of the borrower's financial difficulty. In these arrangements, a reporting entity may estimate the expected credit losses by comparing the fair value of the collateral as of the balance sheet date to the asset's amortized cost basis. In situations when the fair value of the collateral is equal to or greater than the amortized cost, a reporting entity may determine that there are no expected credit losses. The Company applies the practical expedient based on collateral maintenance provisions in estimating an allowance for credit losses for its secured loan receivables activity. The Company has not historically experienced credit losses related to its lending activity, and since it does not expect any future losses, no allowance has been recorded for this asset class. We expect trends and business practices to continue in a manner consistent with historical activity.
 The Company has not historically experienced credit losses related to its other receivables activity; including (i) customer trade receivables, (ii) wholesale trade advances, and (iii) due from brokers, and, accordingly, no allowance has been recorded for these asset classes.

 Precious Metals Held Under Financing Arrangements
 The Company enters into arrangements with certain customers under which it purchases precious metals from the customers which are subject to repurchase by the customer at the spot value of the product on the repurchase date. The precious metals purchased under these arrangements consist of rare and unique items, and therefore the Company accounts for these transactions as precious metals held under financing arrangements, which generate financing income rather than revenue earned from precious metals inventory sales. In these repurchase arrangements, the Company holds legal title to the metals and earns financing income for the duration of the agreement.
 These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer's right to repurchase any remaining precious metal is forfeited, and the related precious metals are reclassified as inventory held for sale. The Company's precious metals held under financing arrangements are marked-to-market. As of June 30, 2025, there are no precious metals held under financing arrangements, as these were fully settled in connection with the SGI acquisition.

 The Company's inventory, which consists primarily of bullion and bullion coins, is acquired and initially recorded at cost and then marked to fair market value. The fair market value of the bullion and bullion coins comprises two components: (i) published market values attributable to the cost of the raw precious metal, and (ii) the market value of the premium, which is attributable to the incremental value of the product in its finished goods form. The market value attributable solely to such premium is readily determinable by reference to multiple sources.
 The Company's inventory, except for certain lower of cost or net realizable value basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market." The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the consolidated statements of income.
 While the premium component of our bullion coins included in inventory is marked-to-market, our collectible coin inventory, including its premium component, is held at the lower of cost or net realizable value, because the value of collectible coins is influenced more by supply and demand determinants than by the underlying spot price of the precious metal content of the collectible coins. Cost is determined using various methods, including the first-in, first-out (FIFO) method and the specific identification method, depending on the nature of the inventory. Unlike our bullion coins, the value of collectible coins is not subject to the same level of volatility as bullion coins because our collectible coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the collectible coin inventory nor the premium component of our inventory is hedged. (See Note 6.)

 Leased Right of Use Assets
 We lease warehouse space, office facilities, and equipment. Our operating leases with terms longer than twelve months are recorded at the sum of the present value of the lease's fixed minimum payments as operating lease right of use assets ("ROU assets") in the Company's consolidated balance sheets. Lease terms include all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Our lease agreements do not contain any significant residual value guarantees or material restrictive covenants. Our finance leases are another type of ROU asset, but are classified in the Company's consolidated balance sheets as a component of property, plant, and equipment at the present value of the lease payments. Finance leases were not material during any period presented.
 The ROU asset amounts include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by lease incentives. We use our incremental borrowing rate as the discount rate to determine the present value of the lease payments for leases, as our leases do not have readily determinable implicit discount rates. Our incremental borrowing rate is the rate of interest that we would incur to borrow on a collateralized basis over a similar term and amount in a similar economic environment.
 The Company has made an accounting policy election not to separate lease and non-lease components for its real estate leases and to exclude short-term leases with a term of twelve months or less from its ROU assets and lease liabilities.
 Operating lease cost is recognized on a straight-line basis over the lease term. The depreciable life of ROU assets is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. (See Note 7.)
 For a lease modification, an evaluation is performed to determine if it should be treated as either a separate lease or a change in the accounting of an existing lease. Any amounts related to a modified lease are reflected as an operating lease ROU asset or related operating lease liability in our consolidated balance sheet.

 Property, Plant, and Equipment
 Property, plant, and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using a straight-line method based on the estimated useful lives of the related assets, ranging from three years to 39 years. Depreciation and amortization commence when the related assets are placed into service. Land is recorded at historical cost and is not depreciated. Repair and maintenance costs are expensed as incurred.
 Internal-use software development costs are capitalized during the application development stage. Internal-use software costs incurred during the preliminary project stage are expensed as incurred. Capitalization ceases once the software is ready for its intended use and placed into service.
 Assets associated with failed sale-leaseback transactions are accounted for as property, plant, and equipment in accordance with ASC Topic 842 – Leases. These assets remain on the balance sheet and continue to be depreciated over their useful lives, as the criteria for sale accounting were not met.

 The Company reviews the carrying value of these assets for impairment whenever events and circumstances indicate that the carrying value of the asset may not be recoverable. In evaluating for impairment, the carrying value of each asset or group of assets is compared to the undiscounted estimated future cash flows expected to result from its use and eventual disposition. An impairment loss is recognized for the difference when the carrying value exceeds the discounted estimated future cash flows. The factors considered by the Company in performing this assessment include current and projected operating results, trends and prospects, the manner in which these assets are used, and the effects of obsolescence, demand and competition, as well as other economic factors.

 Finite-lived Intangible Assets
 Finite-lived intangible assets consist primarily of customer relationships, developed technology, and non-compete agreements. Certain existing customer relationships intangible assets are amortized in a non-linear manner which best reflects our estimate of the pattern in which the economic benefits of the assets are consumed. All other intangible assets subject to amortization are amortized using the straight-line method over their useful lives, which are estimated to be one year to fifteen years. We review our finite-lived intangible assets for impairment under the same policy described above for property, plant, and equipment; that is, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

 Goodwill and Indefinite-lived Intangible Assets
 Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill and other indefinite-lived intangibles (such as trade names, trademarks, and domain names) are not subject to amortization, but are evaluated for impairment at least annually. For tax purposes, goodwill acquired in connection with a taxable asset acquisition is generally deductible.
 The Company evaluates its goodwill and other indefinite-lived intangibles for impairment in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with ASC 350. Goodwill is reviewed for impairment at a reporting unit level, which for the Company, corresponds to the Company's operating segments.
 Evaluation of goodwill for impairment
 The Company has the option to first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. A qualitative assessment includes analyzing current economic indicators associated with a particular reporting unit such as changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a particular reporting unit. If the qualitative assessment indicates it is not more likely than not that goodwill is impaired, no further testing is required.
 If, based on this qualitative assessment, management concludes that goodwill is more likely than not to be impaired, or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine the fair value of the business, and compare the calculated fair value of the reporting unit with its carrying amount, including goodwill. If through this quantitative analysis the Company determines the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is considered not to be impaired. If the Company concludes that the fair value of the reporting unit is less than its carrying value, a goodwill impairment loss will be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. (See Note 9.)
 Evaluation of indefinite-lived intangible assets for impairment
 The Company evaluates its indefinite-lived intangible assets (i.e., trade names, trademarks, and domain names) for impairment. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset's fair value.

 The methods used to estimate the fair value measurements of the Company's reporting units and indefinite-lived intangible assets include those based on the income approach (including the discounted cash flow and relief-from-royalty methods) and those based on the market approach (primarily the guideline transaction and guideline public company methods). (See Note 9.)
 The Company considered the decline in its stock price and market capitalization during its fiscal third quarter of 2025 as a triggering event for interim impairment testing of the related goodwill and indefinite-lived intangible assets, and other long lived assets for its material reporting units. The Company performed a quantitative assessment for certain material reporting units as of March 31, 2025. For these indefinite-lived intangible assets and reporting units, the Company compared their fair value to the carrying value. The fair values of indefinite-lived intangibles were estimated using the relief-from-royalty method under the income approach. The fair value of these reporting units was determined using a discounted cash flow (DCF) model. The Company also used a market-based approach, which considered economic and comparable company metrics, to corroborate the fair value results. As a result of the quantitative assessment, the Company concluded that the fair value of these indefinite-lived intangibles and reporting units exceeded their carrying value and therefore, no impairment charges were recorded during the year ended June 30, 2025. The Company also evaluated the recoverability of other long-lived assets for these reporting units as of March 31, 2025 and determined the carrying amounts of such assets were recoverable.

 Long-Term Investments
 Investments in privately-held entities are accounted for using the equity method when the Company has significant influence, but not control, over the investee. Significant influence is generally deemed to exist if the Company's ownership interest in the voting stock of the investee ranges between 20 % and 50 %, although other factors are considered in determining whether the equity method of accounting is appropriate. Under the equity method, the carrying values of these investments are adjusted to reflect our proportionate share of the investee's net income or loss, any unrealized gain or loss resulting from the translation of foreign-denominated financial statements into U.S. dollars, and dividends received. We use the cumulative earnings approach for classifying dividends received in the statements of cash flows. Under the cumulative earnings approach, we compare the distributions received to cumulative equity method earnings since inception. Any distributions received up to the amount of cumulative equity earnings are considered a return on investment and classified in operating activities. Any excess distributions are considered a return of capital and classified in investing activities. The basis difference between the carrying value of our equity method investment and our proportionate share of the investee's book value primarily arises from the recognition of intangible assets and goodwill. This reflects the excess of purchase consideration over the fair value of the investee's identifiable net assets at the acquisition date.
 Investments in privately-held entities for which the Company has little or no influence over the investee are initially recorded at cost. Because the investments do not have a readily determinable fair value, the Company has elected to measure the investments at cost minus impairments, if any, with changes recognized in earnings. If the Company identifies observable price changes in orderly transactions for an identical or a similar investment, the Company's investment will be measured at fair value as of the date the observable transaction occurs.
 We evaluate our long-term investments for impairment annually or whenever events or changes in circumstances indicate that a decline in the fair value of these assets is determined to be other-than-temporary. Additionally, the Company performs an ongoing evaluation of the investments with which the Company has variable interests to determine if any of these entities are VIEs that are required to be consolidated. None of the Company's long-term investments were VIEs as of June 30, 2025 and June 30, 2024.

 Accumulated Other Comprehensive Income
 For the Company's foreign-based equity method investments, the proportionate share of the investee's income or loss is translated into U.S. dollars at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period. Foreign currency translation gains and losses associated with this activity are deferred and included as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets.

 Treasury Stock
 The Company periodically purchases its own common stock that is traded on public markets as part of announced stock repurchase programs. The repurchased common stock is classified as treasury stock on the consolidated balance sheets and held at cost. The direct costs incurred to acquire treasury stock are treated like stock issue costs and added to the cost of the treasury stock, which includes applicable fees and taxes. We reissued treasury stock for the share consideration to acquire LPM in February 2024; we subsequently repurchased these shares in November 2024. We also reissued treasury stock for a portion of the share consideration to acquire SGI in February 2025. (See Note 1).

 Noncontrolling Interests
 The Company's consolidated financial statements include entities in which the Company has a controlling financial interest. Noncontrolling interest is the portion of equity (net assets) in an entity in which the Company has a controlling financial interest that is not attributable, directly or indirectly, to the Company. Such noncontrolling interest is reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from the less-than-wholly owned subsidiary are reported at their consolidated amounts, including both the amounts attributable to the Company and the noncontrolling interest. Income or loss is allocated to the noncontrolling interest based on its weighted-average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of stockholders' equity, noncontrolling interest and total equity.
 The table below presents the reconciliation of changes in noncontrolling interests (in thousands):

 Balance as of June 30, 2022

 $

 1,862

 (1)

 Net income attributable to noncontrolling interest

 Distributions paid to noncontrolling interest

 ( 1,001

)

 Balance as of June 30, 2023

 1,270

 (1)

 Net income attributable to noncontrolling interests

 Noncontrolling ownership interest contribution - AM/LPM Ventures, LLC

 2,051

 (2)

 Noncontrolling ownership interests - SGB

 50,652

 (3)

 Change in ownership of consolidated subsidiary

 ( 237

)

 Balance as of June 30, 2024

 54,223

 (4)

 Net income attributable to noncontrolling interests

 ( 1,476

)

 Noncontrolling ownership interests - SGI

 (5)

 Balance as of June 30, 2025

 $

 53,155

 (6)

 ________________________________

 (1)

 Balance represents the noncontrolling interests associated with the PMPP joint venture.

 (2)

 In February 2024, Aquila Holding LLC purchased a 5 % interest in AM/LPM Ventures, LLC for $ 2.1 million.

 (3)
 (4)
 (5)

 In June 2024, the Company obtained a controlling interest in SGB.
 Balance represents the noncontrolling interests of PMPP, AM/LPM Ventures, LLC, and SGB.
 In February 2025, in connection with its acquisition of SGI, the Company acquired certain minority investments.

 (6)

 Balance represents the noncontrolling interests of PMPP, AM/LPM Ventures, LLC, SGB, and certain investments acquired through our acquisition of SGI in February 2025.

 Revenue Recognition
 Settlement Date Accounting
 The majority of the Company's sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with Derivatives and Hedging Topic 815 of the ASC ("ASC 815"). The contract underlying the Company's commitment to deliver precious metals is referred to as a "fixed-price forward commodity contract" because the price of the commodity is fixed at the time the order is placed. Revenue is recognized on the settlement date, which is defined as the date on which: (i) the quantity, price, and specific items being purchased have been established, (ii) metals have been delivered to the customer, and (iii) payment has been received or is covered by the customer's established credit limit with the Company.
 All derivative instruments are marked-to-market during the interval between the order date and the settlement date, with the changes in the fair value charged to cost of sales. The Company's hedging strategy to mitigate the market risk associated with its sales commitments is described separately below under the caption "Hedging Activities."
 Types of Orders that are Physically Delivered
 The Company's contracts to sell precious metals to customers are usually settled with the physical delivery of metals to the customer, although net settlement (i.e., settlement at an amount equal to the difference between the contract value and the market price of the metal on the settlement date) is permitted. Below is a summary of the Company's major order types and the key factors that determine when settlement occurs and when revenue is recognized for each type:
 • Traditional physical orders — The quantity, specific product, and price are determined on the order date. Payment or sufficient credit is verified prior to delivery of the metals on the settlement date.

 • Consignment orders — The Company delivers the items requested by the customer prior to establishing a firm order with a price. Settlement occurs and revenue is recognized once the customer confirms its order (quantity, specific product, and price) and remits full payment for the sale.

 • Provisional orders — The quantity and type of metal is established at the order date, but the price is not set. The customer commits to purchasing the metals within a specified time period, usually within one year, at the then-current market price. The Company delivers the metal to the customer after receiving the customer's deposit, which is typically based on 110 % of the prevailing current spot price. The unpriced metal is subject to a margin call if the deposit falls below 105 % of the value of the unpriced metal. The purchase price is established, and revenue is recognized at the time the customer notifies the Company that it desires to purchase the metal.

 • Margin orders — The quantity, specific product, and price are determined at the order date; however, the customer is allowed to finance the transaction through the Company and to defer delivery by committing to remit a partial payment (approximately 20 %) of the total order price. With the remittance of the partial payment, the customer locks in the purchase price for a specified time period (usually up to two years from the order date). Revenue on margin orders is recognized when the order is paid in full and delivered to the customer.

 • Borrowed precious metals orders for unallocated positions — Customers may purchase unallocated metal positions in the Company's inventory, which includes precious metals held for CyberMetals' customers. The quantity and type of metal is established at the order date, but the specific product is not yet determined. Revenue is not recognized until the customer selects the specific precious metal product it wishes to purchase, full payment is received, and the product is delivered to the customer.

 In general, unshipped orders for which a customer advance has been received by the Company are classified as advances from customers. Orders that have been paid for and shipped, but not yet delivered to the customer are classified as deferred revenue. Both customer advances and deferred revenue are shown, in the aggregate, as deferred revenue and other advances in the consolidated financial statements. (See Note 11.)

 Hedging Activities
 The value of our inventory and our purchase and sale commitments are linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity forward contracts with credit worthy financial institutions or futures contracts traded on national futures exchanges. The Company hedges by each commodity type (gold, silver, platinum, and palladium). All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions.
 Commodity forward and futures contracts entered into for hedging purposes are recorded at fair value on the trade date and are marked-to-market each period. The difference between the original contract values and the market values of these contracts are reflected as derivative assets or derivative liabilities in the consolidated balance sheets at fair value, with the corresponding unrealized gains or losses included as a component of cost of sales. 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 enters into forward and futures contracts solely for the purpose of hedging our 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 the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the consolidated statements of income. (See Note 12.)

 Revenue recognition from contracts with customers
 The Company recognizes its sale of collectible coins and storage, logistics, licensing, specialized auction, and other services revenues in accordance with ASC 606, Revenue from Contracts with Customers. In aggregate, these types of service revenues account for approximately 2 % or $ 176.9 million as of June 2025 of the Company's consolidated revenues.
 Approximately 98 % of the Company's revenue from contracts with customers under ASC 606 consist of sales of numismatic products. The Company has two main methods of delivering numismatic product to the customers which would dictate how and when the revenue would be recognized:
 (1) E-commerce, wholesale, physical retail and phone sales (Pinehurst, SGI and AMS)

 (2) Auctions (SGI)

 Each of the Company's primary sources of revenue and their respective revenue policies are discussed further below.
 (1) E-commerce, wholesale, physical retail and phone sales — the contract is normally established once the order is placed by the customer, which can be through email, e-commerce order or verbally with a sales representative. These contracts contain one performance obligation / promise in the contract which is to deliver each product ordered to the customer. The title to the product transfers to the customer at the time of delivery. There is no variable consideration relating to this type of revenue.

 Collectability is deemed probable as majority of the sales are prepaid and product is shipped after complete payment has been received. However, there are instances where prolonged credit terms to certain credit-worthy customers are offered which allow customers to split their payments over a set number of installments. The Company determined that the collectability is still probable as these terms are offered only to qualified customers. Normally, there is no difference between the amount the customer pays when they select the option to split their payments or if they have paid in full as there is no interest or financing fees charged. The Company elected to use a practical expedient and not adjust the amount of consideration for the effects of a significant financing component as the Company expects these to be collected within the 12 month period.
 The Company offers returns to its customers under a stated return policy where the customer can return the product within the allotted timeline and receive a refund. Revenue is recorded, net of a provision for anticipated returns, which is recorded at each reporting period based on historical experience and current expectations.
 Costs to obtain the contract with the customer, such as sales commissions paid to internal sales representatives and related wages, are expensed as incurred as they are not expected to be recovered or are not incremental to the Company.
 The Company is acting as the principal in these transactions.
 Sales taxes, value added taxes and other taxes that are collected in connection with revenue transactions are withheld and remitted to the respective taxing authorities. As such, these taxes are excluded from revenue. The Company elected to account for shipping and handling as activities to fulfill the promise to transfer the goods. Therefore, shipping and handling fees that are billed to the customer are recognized in revenue and the associated shipping and handling costs are recognized in cost of product sold as soon as control of the goods transfers to the customer.
 (2) Auctions — For a single auction transaction, there are normally two contracts established with two separate customers, resulting in two different revenue streams (sellers commission and buyer's premium) earned from two different parties – the seller (or consignor) and the buyer. As the Company does not control the underlying inventory and its responsibility is to facilitate a buy-and-sell transaction, revenue is recorded on a net basis.
 The Company's performance obligation towards the seller is to sell the consigned product through the auction platform. As part of auctioning the consigned item, the Company will provide services (marketing, cataloging and others) which are not distinct and are highly dependent and interrelated within the context of the auction contract and as such are treated as a single performance obligation. The costs for these services are capitalized and expensed once the auction is completed. Note that contract assets are not material as of June 30, 2025. The Company holds the consigned item as an agent for consignor until title of the consigned item passes directly from the consignor to the buyer. The transaction price is determined based on the hammer price and as a percentage of the winning bid as outlined in the consignor contract. There are no variable considerations relating to seller's commissions. As the Company is remitting the payment to the seller after collection from the buyer, collection is deemed probable. Once the product is delivered to the buyer – the performance obligation is satisfied and revenue and related expenses are recognized.
 The Company's performance obligation towards the buyer is to deliver the consigned product to the bidder that won the product at an auction. At the end of an auction, the Company will invoice the winning bidder and once the payment is received from the winning bidder, the Company will package and deliver the items to the winning bidder. The transaction price is determined by the published buyer's premium amount (normally 20 % of the hammer price). The revenue the Company earns is the premium amount as the remainder of the price (the hammer price) is forwarded to the seller. There is no variable consideration on the sales. Customers with established credit will receive the items before payment is collected. Once the product is delivered – the performance obligation is satisfied. Based on the payment prior to shipment and established credit policies, the collection is deemed probable.
 The Company does not offer returns relating to auction sales.
 Costs involved with fulfilling the contracts in auctions (cataloging, appraising, preparation and performance of an auction, and delivery of goods to winning bidders) are recorded as a prepaid assets and expensed at the conclusion of the related auctions.
 The Company is acting as the agent in the auction transactions.

 Contract liabilities — Contract liabilities consist of deferred revenue resulting from unfulfilled performance obligations, such as items shipped but not delivered, and partial payments received from the customers that are paying for their orders in installments (note that the order is not shipped until completely paid for). Contract liabilities are $ 6.9 million and $ 0 as of June 30, 2025 and 2024, respectively. All of the contract liabilities are expected to be recognized into revenue within next 12 months.

 Interest Income
 In accordance with Interest Topic 835 of the ASC ("ASC 835"), the following are interest income generating activities of the Company:
 • Secured Loans — The Company uses the effective interest method to recognize interest income on its secured loans transactions. The Company maintains a security interest in the precious metals and records interest income over the terms of the secured loan receivable. Recognition of interest income is suspended, and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. The interest income accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are resolved. Cash receipts on impaired loans are recorded first against the principal and then to any unrecognized interest income. (See Note 5.)

 • Margin accounts — The Company earns a fee (interest income) under financing arrangements related to margin orders over the period during which customers have opted to defer making full payment on the purchase of metals.

 • Repurchase agreements — Repurchase agreements represent a form of secured financing whereby the Company sets aside specific metals for a customer and charges a fee on the outstanding value of these metals. The customer is granted the option (but not the obligation) to repurchase these metals at any time during the open reacquisition period. This fee is earned over the duration of the open reacquisition period and is classified as interest income.

 • Spot deferred orders — Spot deferred orders are a special type of forward delivery order that enable customers to purchase or sell certain precious metals from/to the Company at an agreed upon price but, are allowed to delay remitting or taking delivery up to a maximum of two years from the date of order. Even though the contract allows for physical delivery, it rarely occurs for this type of order. As a result, revenue is not recorded from these transactions. Spot deferred orders are considered a type of financing transaction, where the Company earns a fee (interest income) under spot deferred arrangements over the period in which the order is open.

 Interest Expense
 The Company accounts for interest expense on the following arrangements in accordance with ASC 835:
 • Borrowings — The Company incurs interest expense from its lines of credit, its debt obligations, and notes payable using the effective interest method. (See Note 15.) Additionally, the Company amortizes capitalized loan costs to interest expense over the period of the loan agreement.

 • Loan servicing fees — When the Company purchases loan portfolios, the Company may have the seller service the loans that were purchased. The Company incurs a fee based on total interest charged to borrowers over the period the loans are outstanding. The servicing fee incurred by the Company is charged to interest expense.

 • Product financing arrangements — The Company incurs financing fees (classified as interest expense) from its product financing arrangements (also referred to as reverse-repurchase arrangements) with third-party finance companies for the transfer and subsequent option or obligation to reacquire its precious metal inventory at a later date. These arrangements are accounted for as secured borrowings. During the term of this type of agreement, the third-party charges a monthly fee as a percentage of the market value of the designated inventory, which the Company intends to reacquire in the future. No revenue is generated from these arrangements. The Company enters this type of transaction for additional liquidity.

 • Borrowed and leased metals fees — The Company may incur financing costs from its borrowed metal arrangements. The Company borrows precious metals (usually in the form of pool metals) from its suppliers and customers under short-term arrangements using other precious metals as collateral. Typically, during the term of these arrangements, the third-party charges a monthly fee as a percentage of the market value of the metals borrowed (determined at the spot price) plus certain processing and other fees.

 Leased metal transactions are a similar type of transaction, except the Company is not required to pledge other precious metal as collateral for the precious metal received. The fees charged by the third-party are based on the spot value of the pool metal received.
 Both borrowed and leased metal transactions provide an additional source of liquidity, as the Company usually monetizes the metals received under such arrangements. Repayment is usually in the same form as the metals advanced, but may be settled in cash.

 Amortization of Debt Issuance Costs
 Debt issuance costs incurred in connection with the Trading Credit Facility are included in prepaid expenses and other assets in the Company's consolidated balance sheets. Debt issuance costs are amortized to interest expense over the contractual term of the debt. Debt issuance costs of the Trading Credit Facility are amortized on a straight-line basis, while all other debt issuance costs are amortized using the effective interest method. Amortization of debt issuance costs included in interest expense was $ 4.1 million, $ 2.4 million, and $ 2.1 million for the years ended June 30, 2025, 2024, and 2023, respectively.

 Earnings from Equity Method Investments
 The Company's proportional interest in the reported earnings or losses from equity method investments is shown on the consolidated statements of income as earnings (losses) from equity method investments.

 Other Income, Net
 The Company's other income, net is comprised of royalty and consulting income, which is recognized when earned, gains or losses on other investments, and fair value adjustments to our acquisition-related contingent consideration liability.

 Advertising
 Advertising and marketing costs consist primarily of internet advertising, online marketing, direct mail, print media, and television commercials and are expensed when incurred. Advertising costs totaled $ 23.7 million, $ 15.3 million, and $ 15.9 million for the years ended June 30, 2025, 2024, and 2023, respectively. Costs associated with the marketing and promotion of the Company's products are included within selling, general, and administrative expenses. Advertising costs associated with the operation of our SilverPrice.org and GoldPrice.org websites, which provide price information on silver, gold, and cryptocurrencies, are not included within selling, general, and administrative expenses, but are included in cost of sales in the consolidated statements of income.

 Shipping and Handling Costs
 Shipping and handling costs represent costs associated with shipping product to customers and receiving product from vendors and are included in cost of sales in the consolidated statements of income. Shipping and handling costs totaled $ 26.5 million, $ 21.9 million, and $ 28.4 million for the years ended June 30, 2025, 2024, and 2023, respectively.

 Share-Based Compensation
 Equity-based awards
 The Company accounts for equity awards under the provisions of Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's consolidated financial statements. The expense is adjusted (excluding awards settleable in cash) for actual forfeitures of unvested awards as they occur. For equity awards that contain a performance condition other than market condition, when the outcome of the performance condition is determined to be not probable, no compensation expense is recognized, and any previously recognized compensation expense is reversed. (See Note 17.)
 Liability-based awards
 The Company has granted a cash-incentive award based on the total shareholder return of the Company's common stock determined at the end of the award's performance period. Because the award will be settled in cash, the Company accounts for it as a liability-based award and, as such, expense relating to this award is required to be measured at fair value at each reporting date until the date of settlement. (See Note 17.)

 Income Taxes
 As part of the process of preparing its consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company has adopted the provisions of ASC 740-10, which clarifies the accounting for uncertain tax positions. ASC 740-10 requires that the Company recognizes the impact of a tax position in the financial statements if the position is not more likely than not to be sustained upon examination based on the technical merits of the position. The Company recognizes interest and penalties related to certain uncertain tax positions as a component of income tax expense and the accrued interest and penalties are included in deferred and income taxes payable in the Company's consolidated balance sheets. See Note 13 for more information on the Company's accounting for income taxes.
 Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income, and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment, it appears more likely than not that all of the net deferred tax assets will be realized through future taxable income.

 Earnings per Share ("EPS")
 The Company calculates basic EPS by dividing net income or loss by the weighted-average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income or loss by the weighted-average number of common shares outstanding during the year, adjusted for the potentially dilutive effect of stock options, restricted stock units ("RSUs"), and deferred stock units ("DSUs") using the treasury stock method.
 The Company considers participating securities in its calculation of EPS. Under the two-class method of calculating EPS, earnings are allocated to both common shares and participating securities. The Company's participating securities include vested RSU and DSU awards. Unvested RSU and DSU awards are not considered participating securities as they are forfeitable until the vesting date.
 A reconciliation of shares used in calculating basic and diluted earnings per common share is presented below (in thousands):

 2025

 2024

 2023

 Basic weighted-average shares of common stock outstanding

 23,626

 23,092

 23,400

 Effect of common stock equivalents

 1,029

 1,249

 Diluted weighted-average shares outstanding

 24,442

 24,121

 24,649

 The anti-dilutive shares excluded from the table above were 279,000, 23,000 and 29,000 for the years ended June 30, 2025, 2024, and 2023, respectively. Actual common shares outstanding totaled 24,639,386, 22,953,391, and 23,336,387 as of June 30, 2025, 2024, and 2023, respectively.

 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 Disclosures", which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity's 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 are currently evaluating the impact of the adoption of this standard on our consolidated financial statements.
 In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Topic 220), which requires additional disclosures, for interim and annual reporting, of expenses by nature, such as inventory purchases, employee compensation, depreciation and amortization, and selling expenses. This update is effective for the Company for its fiscal year beginning July 1, 2027 and interim periods thereafter, and may be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements.
 Management does not believe that any other recently issued, but not yet effective for the Company, accounting pronouncement, if currently adopted would have a material effect on the Company's consolidated financial statements.

 3. ASSETS AND LIABILITIES, 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 Company's 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 liabilities, liabilities on borrowed metals and product financing arrangements are marked-to-market on a daily basis to fair value. The carrying amounts of lines of credit approximate fair value based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities.
 Valuation Hierarchy
 In determining the fair value of its financial instruments, the Company employs a fair value hierarchy that prioritizes the inputs for the valuation techniques used to measure fair value. ASC 820 established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
 • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

 • Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

 • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 Assets and Liabilities Measured at Fair Value on a Recurring Basis
 The significant assumptions used to determine the carrying value and the related fair value of the assets and liabilities measured at fair value on a recurring basis are described below:
 Inventories. The Company's inventory, which consists primarily of bullion and bullion coins, is acquired and initially recorded at cost and then marked to fair market value. The fair market value of the bullion and bullion coins comprises two components: (i) published market values attributable to the cost of the raw precious metal, and (ii) the market value of the premium, which is attributable to the incremental value of the product in its finished goods form. The market value attributable solely to such premium is readily determinable by reference to multiple sources. Except for collectible coin inventory, which are included in inventory at the lower of cost or net realizable value, the Company's inventory is subsequently recorded at their fair market values on a daily basis. The fair value for commodities inventory (i.e., inventory excluding collectible coins) is determined using pricing data derived from the markets on which the underlying commodities are traded. Precious metals commodities inventory is classified in Level 1 of the valuation hierarchy.
 Precious Metals Held Under Financing Arrangements. The Company enters into arrangements with certain customers under which A-Mark purchases precious metals from the customers which are subject to repurchase by the customer at the spot value of the product on the repurchase date. The precious metals purchased under these arrangements consist of rare and unique items, and therefore the Company accounts for these transactions as precious metals held under financing arrangements, which generate financing income rather than revenue earned from precious metals inventory sales. In these repurchase arrangements, the Company holds legal title to the metals and earns financing income for the duration of the agreement. The fair value for precious metals held under financing arrangements (a commodity, like inventory above) is determined using pricing data derived from the markets on which the underlying commodities are traded. Precious metals held under financing arrangements are classified in Level 1 of the valuation hierarchy.
 Derivatives. Futures contracts, forward contracts, and open sale and purchase commitments are valued at their fair values, based on the difference between the quoted market price and the contractual price (i.e., intrinsic value) and are included within Level 1 of the valuation hierarchy.
 Margin and Borrowed Metals Liabilities. Margin and borrowed metals liabilities consist of the Company's commodity obligations to margin customers and suppliers, respectively. Margin liabilities and borrowed metals liabilities are carried at fair value, which is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Margin and borrowed metals liabilities are classified in Level 1 of the valuation hierarchy.
 Product Financing Arrangements. Product financing arrangements consist of financing agreements for the transfer and subsequent re-acquisition of gold and silver at an agreed-upon price based on the spot price with a third-party. Such transactions allow the Company to repurchase this inventory upon demand. The third-party charges monthly interest as a percentage of the market value of the outstanding obligation, which is carried at fair value. The obligation is stated at the amount required to repurchase the outstanding inventory. Fair value is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Product financing arrangements are classified in Level 1 of the valuation hierarchy.
 Acquisition-related Contingent Consideration.
 LPM
 We may be required to pay contingent consideration up to $ 37.5 million in cash in connection with the acquisition of LPM if certain EBITDA targets are met for 2024, 2025, and 2026. As of the acquisition date, the fair value of this contingent consideration was $ 2.8 million. The material factors that may impact the fair value of the contingent consideration, and therefore, this liability, include the timing and likelihood of achieving the related EBITDA targets, which are based on management's prospective financial information and are reassessed at each reporting date, with changes reflected in earnings. As of June 30, 2025, the fair value of the contingent consideration was $ 1.2 million, $ 0.5 million of which was classified as accrued liabilities and the remainder as other liabilities on our consolidated balance sheet.
 The contingent consideration liability related to our acquisition of LPM is measured at fair value at each reporting period using a Monte Carlo Simulation model ("MCS model") with Level 3 unobservable inputs including estimated future cash flows generated by LPM, discount rates, and earnings volatility. Key assumptions used in the MCS model as of June 30, 2025 were an EBITDA risk premium of 10.5 %, an EBITDA volatility of 60.0 %, and a risk-free rate based on the USD yield curve between 3.8 % and 4.3 %. During the years ended June 30, 2025 and 2024, we recorded a reduction of $ 1.2 million and $ 0.4 million, respectively, to our contingent consideration reflected in earnings.

 Pinehurst
 The contingent consideration liability related to our acquisition of Pinehurst is measured at fair value at each reporting period primarily using an MCS model with Level 3 unobservable inputs including estimated future cash flows generated by Pinehurst, discount rates, and pre-tax earnings volatility. Key assumptions used in the MCS model as of June 30, 2025 were a pre-tax earnings risk premium of 20.3 %, a pre-tax earnings volatility of 80.0 %, and a risk-free rate based on the USD yield curve between 3.7 % and 4.3 %. See Note 1 for more further information.
 AMS
 The contingent consideration liability related to our acquisition of AMS is measured at fair value at each reporting period primarily using an MCS model with Level 3 unobservable inputs including estimated future cash flows generated by AMS, discount rates, and EBITDA volatility. Key assumptions used in the MCS model as of June 30, 2025 were an EBITDA risk premium of 12.5 %, an EBITDA volatility of 60.0 %, and and a risk-free rate based on the USD yield curve between 3.8 % and 4.2 %. See Note 1 for more further information.
 Stock Payable Liability. Stock payable liabilities relate to certain indemnification hold-backs resulting from the acquisition of SGI that are settled in shares of our common stock. We elected to account for these liabilities using the fair value option due to the inherent nature of the liabilities and the changes in value of the underlying shares that will ultimately be issued to settle the liabilities. The estimated fair value of these liabilities is classified as Level 1 and determined based upon the number of shares that are issuable to the sellers and the quoted closing price of our common stock as of the reporting date. The number of shares that will ultimately be issued is subject to adjustment for indemnified claims that existed as of the closing date of the business combination. Changes in the number of shares issued and share price can significantly affect the estimated fair value of the liabilities. During the year ended June 30, 2025, the change in fair value related to stock payable liabilities recorded to other income (expense), net was income of $ 0.3 million. The stock payable liability will be settled in two tranches: the first on November 30, 2025 and the second on August 31, 2026, in each case less a number of shares equal in value to any indemnification claims as of the respective dates.
 The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis, aggregated by each fair value hierarchy level (in thousands):

 Quoted Price in Active Markets for Identical Instruments
(Level 1)

 Significant Other Observable Inputs
(Level 2)

 Significant Unobservable Inputs
(Level 3)

 Total

 Assets:

 Inventories(1)

 $

 1,211,352

 $

 —

 $

 —

 $

 1,211,352

 Derivative assets — open sale and purchase commitments, net

 129,784

 —

 —

 129,784

 Derivative assets — futures contracts

 4,326

 —

 —

 4,326

 Derivative assets — forward contracts

 —

 —

 Total assets, valued at fair value

 $

 1,345,867

 $

 —

 $

 —

 $

 1,345,867

 Liabilities:

 $

 $

 —

 $

 —

 $

 —

 —

 Derivative liabilities — open sale and purchase commitments, net

 15,495

 —

 —

 15,495

 Derivative liabilities — margin accounts

 4,169

 —

 —

 4,169

 Derivative liabilities — futures contracts

 —

 —

 Derivative liabilities — forward contracts

 76,404

 —

 —

 76,404

 Acquisition-related contingent consideration

 —

 —

 7,890

 7,890

 Stock payable liability

 1,484

 —

 —

 1,484

 Total liabilities, valued at fair value

 $

 628,445

 $

 —

 $

 7,890

 $

 636,335

 (1) Collectible coin inventory totaling $ 68.2 million was held at lower of cost or net realizable value, and thus is excluded from the inventories balance shown in this table.

 Quoted Price in Active Markets for Identical Instruments
(Level 1)

 Significant Other Observable Inputs
(Level 2)

 Significant Unobservable Inputs
(Level 3)

 Total

 Assets:

 Inventories (1)

 $

 1,093,908

 $

 —

 $

 —

 $

 1,093,908

 —

 —

 Derivative assets — open sale and purchase commitments, net

 98,012

 —

 —

 98,012

 Derivative assets — futures contracts

 1,557

 —

 —

 1,557

 Derivative assets — forward contracts

 15,151

 —

 —

 15,151

 Total assets, valued at fair value

 $

 1,230,694

 $

 —

 $

 —

 $

 1,230,694

 Liabilities:

 $

 $

 —

 $

 —

 $

 —

 —

 Derivative liabilities — open sale and purchase commitments, net

 7,690

 —

 —

 7,690

 Derivative liabilities — margin accounts

 4,766

 —

 —

 4,766

 Derivative liabilities — futures contracts

 —

 —

 Derivative liabilities — forward contracts

 14,256

 —

 —

 14,256

 Acquisition-related contingent consideration

 —

 —

 2,430

 2,430

 Total liabilities, valued at fair value

 $

 576,488

 $

 —

 $

 2,430

 $

 578,918

 (1) Collectible coin inventory totaling $ 3.2 million was held at lower of cost or net realizable value, and thus is excluded from the inventories balance shown in this table.

 There were no transfers in or out of Level 2 or 3 from other levels within the fair value hierarchy during the reported periods.
 Assets Measured at Fair Value on a Non-Recurring Basis
 Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only under certain circumstances. These include (i) investments in private companies when there are identifiable events or changes in circumstances that may have a significant adverse impact on the fair value of these assets, (ii) equity method investments that are remeasured to the acquisition-date fair value upon the Company obtaining a controlling interest in the investee during a step acquisition, (iii) property, plant, and equipment and definite-lived intangibles, (iv) goodwill, and (v) indefinite-lived intangibles, all of which are written down to fair value when they are held for sale or determined to be impaired.
 Our non-recurring valuations use significant unobservable inputs and significant judgments and therefore fall under Level 3 of the fair value hierarchy. The valuation inputs include assumptions on the appropriate discount rates, long-term growth rates, relevant comparable company earnings multiples, and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Company's estimated outlook and various growth rates. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective equity method investment, asset group, or reporting unit. In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable transactions and comparable public company trading values.

 4. RECEIVABLES, NET
 Receivables, net consisted of the following (in thousands):

 Customer trade receivables

 $

 88,135

 $

 12,373

 Wholesale trade advances

 25,008

 11,033

 Due from brokers and other

 24,580

 13,190

 $

 137,723

 $

 36,596

 Customer Trade Receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious metal sales, advances related to financing products, and other secured interests in assets of the customer.
 Wholesale Trade Advances. Wholesale trade advances represent advances of various bullion products and cash advances for purchase commitments of precious metal inventory. Typically, these advances are unsecured, short-term, and non-interest bearing, and are made to wholesale metals dealers and government mints.
 Due from Brokers and Other. Due from brokers and other consists of the margin requirements held at brokers related to open futures contracts (see Note 12) and other receivables.

 5. SECURED LOANS RECEIVABLE
 Below is a summary of the carrying value of our secured loans (in thousands):

 Secured loans originated

 $

 83,360

 $

 96,573

 Secured loans originated - with a related party

 —

 83,360

 96,588

 Secured loans acquired

 10,677

 16,479

 $

 $

 Secured Loans - Originated: Secured loans include short-term loans, which include a combination of on-demand lines and short-term facilities. These loans are fully secured by the customer's assets, which predominantly include bullion, numismatic, and semi-numismatic material, and are typically held in safekeeping by the Company. See Note 14 for further information regarding our secured loans made to related parties.
 Secured Loans - Acquired: Secured loans also include short-term loans, which include a combination of on-demand lines and short-term facilities that are purchased from our customers. The Company acquires a portfolio of their loan receivables at a price that approximates the outstanding balance of each loan in the portfolio, as determined on the effective transaction date. Each loan in the portfolio is fully secured by the borrower's assets, which could include bullion, numismatic or semi-numismatic material, and are typically held in safekeeping by the Company. The seller of the loan portfolio generally retains the responsibility for the servicing and administration of the loans.
 As of June 30, 2025 and June 30, 2024, our secured loans carried weighted-average effective interest rates of 10.2 % and 10.5 %, respectively, and mature in periods ranging typically from on-demand to one year.
 The secured loans that the Company generates with its active customers are reflected as an operating activity on the consolidated statements of cash flows. The secured loans that the Company generates with borrowers that are not active customers are reflected as an investing activity on the consolidated statements of cash flows as secured loans receivables, net. For the secured loans that (i) are reflected as an investing activity and have terms that allow the borrowers to increase their loan balance (at the discretion of the Company) based on the excess value of their collateral compared to their aggregate principal balance of loan, and (ii) are repayable on demand or in the short-term, the borrowings and repayments are netted on the consolidated statements of cash flows.
 Credit Quality of Secured Loans Receivables and Allowance for Credit Losses
 General
 The Company's secured loan receivables portfolio comprises loans with similar credit risk profiles, which enables the Company to apply a standard methodology to determine the credit quality for each loan and the allowance for credit losses, if any.
 The credit quality of each loan is generally determined by the collateral value assessment, loan-to-value ("LTV") ratio (that is, the principal amount of the loan divided by the estimated value of the collateral) and the type (or class) of secured material. All loans are fully secured by precious metal bullion, numismatic and semi-numismatic collateral, or graded sports cards, which remains in the physical custody of the Company for the duration of the loan. The term of the loans is generally 180 days; however, loans are typically renewed prior to maturity and therefore remain outstanding for a longer period of time. Interest earned on a loan is billed monthly and is typically due and payable within 20 days and, if not paid after all applicable grace periods, is added to the outstanding principal balance, and late fees and default interest rates are assessed.
 When an account is in default or if a margin call has not been met on a timely basis, the loan is considered non-performing and the Company has the right to liquidate the borrower's collateral in order to satisfy the unpaid balance of the outstanding loans, including accrued and unpaid interest.
 Class and Credit Quality of Loans
 The three classes of secured loan receivables are defined by collateral type: (i) bullion, (ii) numismatic and semi-numismatic and (iii) graded sports cards. The Company required LTV ratios vary with the class of loans. Typically, the Company requires an LTV ratio of approximately 75 % for bullion, 65 % for numismatic and semi-numismatic collateral, and 50 % for graded sports cards. The LTV ratio for loans collateralized by numismatic and semi-numismatic collateral is typically lower on a percentage basis than bullion collateralized loans because a higher value of the numismatic and semi-numismatic collateral relates to its premium value, rather than its underlying commodity value. The LTV ratio for loans collateralized by graded sports cards is lower because the underlying collateral is not as liquid as bullion and numismatic and semi-numismatic collateral.

 The Company's secured loans by portfolio class, which align with internal management reporting, were as follows (in thousands):

 Bullion

 $

 54,843

 58.3

 %

 $

 64,764

 57.3

 %

 Numismatic and semi-numismatic

 32,439

 34.5

 %

 42,588

 37.7

 %

 Graded sports cards

 6,755

 7.2

 %

 5,715

 5.0

 %

 $

 100.0

 %

 $

 100.0

 %

 Due to the nature of market fluctuations of precious metal commodity prices, we monitor the bullion collateral value of each loan on a daily basis, based on spot price of precious metals. Numismatic and graded sports cards collateral values are updated by numismatic and graded sports cards specialists typically within every 90 days and when loan terms are renewed.
 Generally, we initiate the margin call process when the outstanding loan balance is in excess of 85 % of the current value of the underlying collateral. In the event that a borrower fails to meet a margin call to reestablish the required LTV ratio, the loan is considered in default. The collateral material (either bullion, numismatic or graded sports cards) underlying such loans is then sold by the Company to satisfy all amounts due under the loan.
 Loans with LTV ratios of less than 75% are generally considered to be higher quality loans. Below is summary of aggregate outstanding secured loan balances bifurcated into (i) loans with an LTV ratio of less than 75% and (ii) loans with an LTV ratio of 75% or more (in thousands):

 Loan-to-value of less than 75%

 $

 82,936

 88.2

 %

 $

 101,197

 89.5

 %

 Loan-to-value of 75% or more

 11,101

 11.8

 %

 11,870

 10.5

 %

 $

 100.0

 %

 $

 100.0

 %

 The Company had no loans with an LTV ratio in excess of 100% as of June 30, 2025 and June 30, 2024.
 Non-Performing Loans/Impaired Loans
 Allowance for secured loan credit losses attributable to non-performing loans is recorded based on the most probable source of repayment, which is normally the liquidation of collateral. Due to the accelerated liquidation terms of the Company's loan portfolio, past due loans are generally liquidated within 90 days of default. In the event a loan were to become non-performing and the collateral is not sufficient to satisfy amounts due, the Company would determine a reserve to reduce the carrying balance to its estimated net realizable value. As of June 30, 2025 and June 30, 2024, the Company had no allowance for secured loan losses or loans classified as non-performing.
 A loan is considered impaired if it is probable, based on current information and events, that the Company will be unable to collect all amounts due according to the contractual terms of the loan. Historically, the Company has not established an allowance for any credit losses because the Company maintains sufficient collateral to satisfy amounts due. Customer loans are reviewed for impairment and include loans that are non-performing, or if the customer is in bankruptcy. In the event of an impairment, recognition of interest income would be suspended, and the loan would be placed on non-accrual status at the time. Accrual would be resumed, and previously suspended interest income would be recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the principal and then to any unrecognized interest income. For the years ended June 30, 2025, 2024, and 2023, the Company incurred no loan impairment costs, and no loans were placed on a non-accrual status.

 6. INVENTORIES
 Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties, which, at the Company's option, it may or may not receive. The following table summarizes the components of our inventory (in thousands):

 Inventory held for sale

 $

 558,024

 $

 342,196

 Repurchase arrangements with customers

 116,546

 199,559

 Consignment arrangements with customers

 5,998

 2,416

 Collectible coins, held at lower of cost or net realizable value

 68,193

 3,236

 Borrowed precious metals

 $

 $

 Inventory Held for Sale. Inventory held for sale represents precious metals, excluding collectible coin inventory, that have been received by the Company and are not subject to repurchase by or consignment arrangements with third parties, borrowed precious metals, or product financing arrangements. As of June 30, 2025 and June 30, 2024, inventory held for sale totaled $ 558.0 million and $ 342.2 million, respectively.
 Repurchase Arrangements with Customers. The Company enters into arrangements with certain customers under which A-Mark sells and then purchases precious metals from the customer which are subject to repurchase by the customer at the fair value of the product on the repurchase date. These initial transactions with the customer do not qualify as sales and are excluded from revenue. Under these arrangements, the Company, which holds legal title to the metals, earns financing income until the time the arrangement is terminated, or the material is repurchased by the customer. In the event of a repurchase by the customer, the Company records a sale.
 These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer's rights to repurchase any remaining inventory is forfeited. As of June 30, 2025 and June 30, 2024, included within inventories is $ 116.5 million and $ 199.6 million, respectively, of precious metals products subject to repurchase arrangements with customers.
 Consignment Arrangements with Customers. The Company periodically loans metals to customers on a short-term consignment basis. Inventory loaned under consignment arrangements to customers as of June 30, 2025 and June 30, 2024 totaled $ 6.0 million and $ 2.4 million, respectively. Such transactions are recorded as sales and are removed from the Company's inventory at the time the customer elects to price and purchase the precious metals.
 Collectible Coins. Our collectible coin inventory, including its premium component, is held at the lower of cost or net realizable value, because the value of collectible coins is influenced more by supply and demand determinants than by the underlying spot price of the precious metal content of the collectible coins. The value of collectible coins is not subject to the same level of volatility as bullion coins because our collectible coins typically carry a substantially higher premium over the spot metal price than bullion coins. Our collectible coins are not hedged and totaled $ 68.2 million and $ 3.2 million as of June 30, 2025 and June 30, 2024, respectively.
 Borrowed Precious Metals. Borrowed precious metals inventory include: (i) metals held by suppliers as collateral on advanced pool metals, (ii) metals due to suppliers for the use of their consigned inventory, (iii) unallocated metal positions held by customers in the Company's inventory, and (iv) shortages in unallocated metal positions held by the Company in the supplier's inventory. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total ounces of metal held in the position. Amounts due under these arrangements require delivery either in the form of precious metals or cash. The Company's inventory included borrowed precious metals with market values totaling $ 46.1 million and $ 32.0 million as of June 30, 2025 and June 30, 2024, respectively, with a corresponding offsetting obligation reflected as liabilities on borrowed metals on the consolidated balance sheets.
 Product Financing Arrangements. This inventory represents amounts held as security by lenders for obligations under product financing arrangements. The Company enters into a product financing agreement for the transfer and subsequent re-acquisition of gold and silver at an agreed-upon price based on the spot price with a third-party finance company. This inventory is restricted and is held at a custodial storage facility in exchange for a financing fee, paid to the third-party finance company. During the term of the financing, the third-party finance company holds the inventory as collateral, and both parties intend for the inventory to be returned to the Company at an agreed-upon price based on the spot price on the finance arrangement repurchase date. These transactions do not qualify as sales and have been accounted for as financing arrangements in accordance with ASC 470-40 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 are carried at fair value, with changes in fair value included in cost of sales in the consolidated statements of income. Such obligations totaled $ 484.7 million and $ 517.7 million as of June 30, 2025 and June 30, 2024, respectively.
 The Company mitigates market risk of its physical inventory and open commitments through commodity hedge transactions. (See Note 12.) As of June 30, 2025 and June 30, 2024, the unrealized gains or losses resulting from the difference between market value and cost of physical inventory, excluding collectible coin inventory, were gains of $ 94.8 million and gains of $ 55.5 million, respectively.
 Premium Component of Inventory
 The premium component, at market value, included in the inventory as of June 30, 2025 and June 30, 2024 totaled $ 35.3 million and $ 34.2 million, respectively.

 7. LEASES
 Components of lease expense were as follows (in thousands):

 2025

 2024

 2023

 Operating lease costs

 $

 4,019

 $

 1,616

 $

 1,460

 Variable lease costs

 1,203

 Short term lease costs

 Finance lease costs

 —

 $

 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 liabilities are presented within accrued liabilities on our consolidated balance sheets.

 (3) Long-term operating lease liabilities are presented within other liabilities on our consolidated balance sheets.

 The lease payments presented in the table above exclude amounts related to a failed sale-leaseback transaction. For information regarding the failed sale-leaseback transaction, refer to Note 15.

 For information regarding the Company's related party leases, refer to Note 14.

 8. PROPERTY, PLANT, AND EQUIPMENT
 Property, plant, and equipment consisted of the following (in thousands):

 Computer software

 $

 16,915

 $

 9,300

 Plant equipment

 12,501

 10,566

 Leasehold improvements

 7,605

 4,196

 Office furniture, and fixtures

 5,766

 4,042

 Computer equipment

 6,208

 2,337

 Building and other

 9,707

 2,571

 Total depreciable assets

 58,702

 33,012

 Less: Accumulated depreciation and amortization

 ( 30,013

)

 ( 16,356

)

 Property and equipment not placed in service

 14,101

 3,201

 Land

 2,719

 $

 45,509

 $

 20,263

 Property, plant and equipment depreciation and amortization expense was $ 4.6 million, $ 2.8 million, and $ 2.2 million for the years ended June 30, 2025, 2024, and 2023, respectively. For the periods presented, depreciation and amortization expense allocable to cost of sales was not significant.

 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 values at the acquisition date.

 • In October 2022, JMB acquired $ 4.5 million of intangible assets that included: BGASC's website, domain name, trademarks, logos, customer list, and all intellectual property.

 • In connection with the Company's acquisition of LPM in February 2024, we recorded $ 10.3 million and $ 21.0 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

 • In March 2024, JMB acquired $ 8.5 million of intangible assets that included Gold.com's domain name.

 • In June 2024, we obtained a controlling interest in SGB, at which point SGB became a consolidated subsidiary of the Company. We measured the value of identifiable intangible assets and goodwill at $ 28.8 million and $ 78.0 million, respectively. These values represent their fair values as of the acquisition date.

 • We acquired SGI in February 2025 and as a result, we recorded $ 19.0 million and $ 13.8 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

 • In February 2025, we also acquired 100 % ownership of Pinehurst which resulted in the acquisition of $ 2.0 million and $ 2.8 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

 • Our acquisition of AMS in April 2025 resulted in the acquisition of $ 33.0 million and $ 12.1 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

 Carrying Value
 The carrying value of goodwill and other purchased intangibles are described below (dollar amounts in thousands):

 Estimated Useful Lives
(Years)

 Remaining Weighted-Average Amortization Period
(Years)

 Gross Carrying Amount

 Accumulated
Amortization

 Accumulated
Impairment

 Net Book Value

 Gross Carrying Amount

 Accumulated
Amortization

 Accumulated
Impairment

 Net Book Value

 Identifiable intangible assets:

 4 - 15

 4.6

 $

 116,568

 $

 ( 66,215

)

 $

 —

 $

 50,353

 $

 75,568

 $

 ( 52,203

)

 $

 —

 $

 23,365

 Developed technology

 3.1

 21,836

 ( 13,362

)

 —

 8,474

 20,336

 ( 8,933

)

 —

 11,403

 Non-compete and other

 3 - 5

 2.3

 2,310

 ( 2,306

)

 —

 2,310

 ( 2,300

)

 —

 Employment agreement

 1 - 3

 0.0

 ( 295

)

 —

 —

 ( 295

)

 —

 —

 Intangibles subject to amortization

 141,009

 ( 82,178

)

 —

 58,831

 98,509

 ( 63,731

)

 —

 34,778

 Trade names and trademarks

 69,658

 —

 ( 1,290

)

 68,368

 59,660

 —

 ( 1,290

)

 58,370

 Domain name

 8,615

 —

 —

 8,615

 8,515

 —

 —

 8,515

 In-process research and development

 1,500

 —

 —

 1,500

 —

 —

 —

 —

 Identifiable intangible assets

 $

 220,782

 $

 ( 82,178

)

 $

 ( 1,290

)

 $

 137,314

 $

 166,684

 $

 ( 63,731

)

 $

 ( 1,290

)

 $

 101,663

 $

 230,014

 $

 —

 $

 ( 1,364

)

 $

 228,650

 $

 201,301

 $

 —

 $

 ( 1,364

)

 $

 199,937

 The Company's intangible assets are subject to amortization except for trade names, trademarks, domain names and IPR&D, which have indefinite lives. Amortization expense related to the Company's intangible assets was $ 18.3 million, $ 8.6 million, and $ 10.3 million for the years ended June 30, 2025, 2024, and 2023, respectively. For the presented periods, amortization expense allocable to cost of sales was not significant.
 The changes in the carrying amounts of goodwill were as follows (in thousands):

 Balance as of June 30, 2023

 $

 100,943

 Goodwill acquired - LPM - Wholesale Sales & Ancillary Services

 21,034

 Goodwill acquired - SGB - Direct-to-Consumer

 77,960

 Balance as of June 30, 2024

 199,937

 Goodwill acquired - SGI - Wholesale Sales & Ancillary Services

 6,919

 Goodwill acquired - SGI - Direct-to-Consumer

 6,919

 Goodwill acquired - Pinehurst - Wholesale Sales & Ancillary Services

 1,377

 Goodwill acquired - Pinehurst - Direct-to-Consumer

 1,377

 Goodwill acquired - AMS - Direct-to-Consumer

 12,122

 Balance as of June 30, 2025

 $

 228,650

 Impairment
 We recorded a non-recurring impairment charge of $ 2.7 million (goodwill and indefinite-lived intangible assets) in fiscal 2018 related to Goldline. Other than the impairment charge related to Goldline, we have not recorded any impairment of goodwill or indefinite-lived intangible assets.
 Estimated Amortization
 Estimated annual amortization expense related to definite-lived intangible assets for the succeeding five years and thereafter is as follows (in thousands):

 Fiscal Year Ending June 30,

 2026

 $

 20,591

 2027

 15,564

 2028

 12,013

 2029

 5,613

 2030

 2,896

 Thereafter

 2,154

 $

 58,831

 10. LONG-TERM INVESTMENTS
 The following table shows the carrying value and ownership percentage of the Company's investment in privately-held entities accounted for either under the equity or cost method (in thousands):

 Investee

 Carrying Value

 Ownership Percentage

 Carrying Value

 Ownership Percentage

 Pinehurst Coin Exchange, Inc.

 $

 —

 —

 %

 (1)

 $

 17,503

 49.0

 %

 Sunshine Minting, Inc.

 17,876

 44.9

 %

 18,603

 44.9

 %

 Company A

 33.3

 %

 33.3

 %

 Company B

 2,194

 50.0

 %

 2,036

 50.0

 %

 Texas Precious Metals, LLC

 7,547

 12.0

 %

 7,236

 12.0

 %

 Atkinsons Bullion & Coins

 3,733

 25.0

 %

 2,783

 25.0

 %

 APS Investment, LLC (2)

 —

 —

 %

 2,014

 33.3

 %

 Company C

 33.3

 %

 —

 —

 %

 Company D

 1,009

 20.0

 %

 —

 —

 %

 Company E

 5.0

 %

 —

 —

 %

 $

 33,015

 $

 50,458

 (1) In February 2025, the Company acquired the remaining outstanding equity interests of Pinehurst; see Note 1 for further information.

 (2) APS Investment, LLC is a holding company that as of June 30, 2024 owned a 10 % equity interest in AMS Holding, LLC. A-Mark, Pinehurst Coin Exchange, Inc. and Stack's Bowers Galleries each own a one-third equity interest in APS Investment, LLC. In February 2025, the Company acquired both SGI, the parent of Stack's Bowers Galleries, and Pinehurst; as a result, the Company owned 100 % of APS Investment, LLC. In April 2025, the Company acquired the remaining 90 % of AMS Holding, LLC it did not previously own.

 We consider all of our equity method investees to be related parties. See Note 14 for a summary of the Company's aggregate balances and activity with these related party entities. All of the Company's investees are accounted for using the equity method, with the exception of Company A, which is accounted for using the cost method and is not considered a related party.
 For equity method investments with greater than 20% ownership, the carrying value at June 30, 2025 exceeded our share of the investees' book value by $ 5.5 million which is primarily attributable to goodwill and intangible assets.

 11. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES
 Accounts payable and other current liabilities consisted of the following (in thousands):

 Trade payables to customers

 $

 12,814

 $

 12,005

 Other accounts payable

 9,434

 6,826

 $

 22,248

 $

 18,831

 Deferred revenue

 $

 19,866

 $

 22,354

 Advances from customers

 407,038

 240,932

 $

 426,904

 $

 263,286

 As of June 30, 2025 and June 30, 2024, advances from customers included $ 246.5 million and $ 99.6 million, respectively, of advances related to precious metals leases.

 12. DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS
 The Company is exposed to market risk, such as changes in commodity prices and foreign exchange rates. To manage the volatility related to these exposures, the Company enters into various derivative products, such as forward and futures contracts. By policy, the Company historically has entered into derivative financial instruments for the purpose of hedging substantially all of Company's market exposure to precious metals prices, and not for speculative purposes. The Company's gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, both of which are recorded in cost of sales in the consolidated statements of income.
 Commodity Price Management
 The Company manages the value of certain assets and liabilities of its trading business, including trading inventory, by employing a variety of hedging strategies. These strategies include the management of exposure to changes in the market values of the Company's trading inventory through the purchase and sale of a variety of derivative instruments, such as forward and futures contracts.
 The Company enters into derivative transactions solely for the purpose of hedging its inventory subject to price risk, and not for speculative market purposes. Due to the nature of the Company's global hedging strategy, the Company is not using hedge accounting as defined under ASC 815, whereby the gains or losses would be deferred and included as a component of other comprehensive income. Instead, gains or losses resulting from the Company's forward and futures contracts and open sale and purchase commitments are reported in the consolidated statements of income as unrealized gains or losses on commodity contracts (a component of cost of sales), with the related unrealized amounts due from or to counterparties reflected as derivative assets or liabilities on the consolidated balance sheets.
 The Company's trading inventory and purchase and sale transactions consist primarily of precious metal products. The value of these assets and liabilities are marked-to-market daily to the prevailing closing price of the underlying precious metals. 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 the Company is subject to price changes. Inventory borrowed is considered a natural hedge, since changes in value of the metal held are offset by the obligation to return the metal to the supplier.
 Open sale and purchase commitments 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). The Company seeks to minimize the effect of price changes of the underlying commodity through the use of forward and futures contracts. The Company's open sale and purchase commitments typically settle within 2 business days, and for those commitments that do not have stated settlement dates, the Company has the right to settle the positions upon demand.

 The Company's policy is to substantially hedge its inventory position, net of open sale and purchase commitments that are subject to price risk, and regularly enters into precious metals commodity forward and futures contracts with financial institutions to hedge against this risk. The Company uses futures contracts, which typically settle within 30 days, for its shorter-term hedge positions, and forward contracts, which may remain open for up to 6 months, for its longer-term hedge positions. The Company has access to all of the precious metals markets, allowing it to place hedges. The Company also maintains relationships with major market makers in every major precious metal dealing center.
 The Company's management sets credit and position risk limits. These limits include gross position limits for counterparties engaged in sales and purchase transactions with the Company. They also include collateral limits for different types of sale and purchase transactions that counterparties may engage in from time to time.
 Derivative Assets and Liabilities
 The Company's derivative assets and liabilities represent the net fair value of the difference (or intrinsic value) between market values and trade values at the trade date for open precious metals sale and purchase contracts, as adjusted on a daily basis for changes in market values of the underlying metals, until settled. The Company's derivative assets and liabilities also include the net fair value of open precious metals forward and futures contracts. The precious metals forward and futures contracts are settled at the contract settlement date.
 All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions (i.e., offsetting derivative instruments). As such, for the Company's derivative contracts with the same counterparty, the receivables and payables have been netted on the consolidated balance sheets. Such derivative contracts include open sale and purchase commitments, futures, forward and margin accounts. The aggregate gross and net derivative receivables and payables balances by contract type and type of hedge, were as follows (in thousands):

 Gross
Derivative

 Amounts
Netted

 Cash
Collateral
Pledge

 Net
Derivative

 Gross
Derivative

 Amounts
Netted

 Cash
Collateral
Pledge

 Net
Derivative

 Nettable derivative assets:

 Open sale and purchase commitments

 $

 130,609

 $

 ( 825

)

 $

 —

 $

 129,784

 $

 102,091

 $

 ( 4,079

)

 $

 —

 $

 98,012

 Futures contracts

 4,326

 —

 —

 4,326

 1,557

 —

 —

 1,557

 Forward contracts

 —

 —

 15,151

 —

 —

 15,151

 $

 135,340

 $

 ( 825

)

 $

 —

 $

 134,515

 $

 118,799

 $

 ( 4,079

)

 $

 —

 $

 114,720

 Nettable derivative liabilities:

 Open sale and purchase commitments

 $

 18,170

 $

 ( 2,675

)

 $

 —

 $

 15,495

 $

 8,724

 $

 ( 1,034

)

 $

 —

 $

 7,690

 Margin accounts

 ( 23,276

)

 —

 27,445

 4,169

 22,316

 —

 ( 17,550

)

 4,766

 Futures contracts

 —

 —

 —

 —

 Forward contracts

 76,404

 —

 —

 76,404

 14,256

 —

 —

 14,256

 $

 71,407

 $

 ( 2,675

)

 $

 27,445

 $

 96,177

 $

 45,335

 $

 ( 1,034

)

 $

 ( 17,550

)

 $

 26,751

 Gains or Losses on Derivative Instruments
 The Company records the derivative at the trade date with corresponding unrealized gains or losses shown as a component of cost of sales in the consolidated statements of income. 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 contracts are recorded in cost of sales.
 Below is a summary of the net gains (losses) on derivative instruments (in thousands):

 2025

 2024

 2023

 Gains (losses) on derivative instruments:

 Unrealized (losses) gains on open futures commodity and forward contracts and open sale and purchase commitments, net

 $

 ( 50,496

)

 $

 18,225

 $

 53,453

 Realized (losses) gains on futures commodity contracts, net

 ( 50,524

)

 ( 16,563

)

 43,630

 $

 ( 101,020

)

 $

 1,662

 $

 97,083

 The Company's net gains (losses) on derivative instruments, as shown in the table above, were substantially offset by the changes in the fair market value of the underlying precious metals inventory, which were also recorded in cost of sales in the consolidated statements of income.

 Summary of Hedging Positions
 In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that was subject to price risk (in thousands):

 $

 $

 —

 1,119,210

 Less unhedgeable inventories:

 Collectible coin inventory, held at lower of cost or net realizable value

 ( 68,193

)

 ( 3,236

)

 Premium on metals position

 ( 35,295

)

 ( 34,175

)

 Precious metal value not hedged

 ( 103,488

)

 ( 37,411

)

 Commitments at market:

 Open inventory purchase commitments

 1,149,622

 817,900

 Open inventory sales commitments

 ( 521,442

)

 ( 388,184

)

 Margin sales commitments

 ( 27,446

)

 ( 22,316

)

 In-transit inventory no longer subject to market risk

 ( 18,801

)

 ( 21,715

)

 Unhedgeable premiums on open commitment positions

 10,345

 10,986

 Borrowed precious metals

 ( 46,051

)

 ( 31,993

)

 ( 484,733

)

 ( 517,744

)

 Advances on industrial metals

 62,078

 ( 152,672

)

 Precious metal subject to price risk

 1,238,135

 929,127

 Precious metal subject to derivative financial instruments:

 Precious metals forward contracts at market values

 927,990

 843,439

 Precious metals futures contracts at market values

 310,645

 83,214

 Total market value of derivative financial instruments

 1,238,635

 926,653

 Net precious metals subject to commodity price risk

 $

 ( 500

)

 $

 2,474

 Notional Balances of Derivatives
 The notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. The Company had the following outstanding commitments and open forward and futures contracts (in thousands):

 Purchase commitments

 $

 1,149,622

 $

 817,900

 Sales commitments

 $

 ( 521,442

)

 $

 ( 388,184

)

 Margin sales commitments

 $

 ( 27,446

)

 $

 ( 22,316

)

 Open forward contracts

 $

 927,990

 $

 843,439

 Open futures contracts

 $

 310,645

 $

 83,214

 The contract amounts (i.e., notional balances) of the Company's forward and futures contracts and the open sales and purchase commitments are not reflected in the accompanying consolidated balance sheets. The Company records the difference between the market price of the underlying metal or contract and the trade amount at fair value.
 The Company is exposed to the risk of failure of the counterparties to its derivative contracts. Significant judgment is applied by the Company when evaluating the fair value implications. The Company regularly reviews the creditworthiness of its major counterparties and monitors its exposure to concentrations. As of June 30, 2025, the Company believes its risk of counterparty default is mitigated as a result of such evaluation and the short-term duration of these arrangements.

 Foreign Currency Exchange Rate Management
 The Company utilizes foreign currency forward contracts to manage the effect of foreign currency exchange fluctuations on its sale and purchase transactions. These contracts generally have maturities of less than one week. The market values (fair values) of the Company's foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding were as follows (in thousands):

 Foreign exchange forward contracts

 $

 6,618

 $

 4,793

 Open sale and purchase commitment transactions, net

 $

 2,056

 $

 4,705

 13. INCOME TAXES
 Net income from operations before provision for income taxes is shown below (in thousands):

 2025

 2024

 2023

 U.S.

 $

 21,888

 $

 83,317

 $

 203,139

 Foreign

 ( 618

)

 ( 539

)

 $

 $

 $

 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):

 2025

 2024

 2023

 Current:

 Federal

 $

 6,663

 $

 14,177

 $

 39,408

 State and local

 1,228

 1,847

 5,371

 Foreign

 1,454

 9,345

 16,443

 44,816

 Deferred:

 Federal

 ( 1,884

)

 ( 2,000

)

 State and local

 ( 148

)

 ( 608

)

 1,407

 Foreign

 ( 1,887

)

 ( 90

)

 —

 ( 3,919

)

 ( 2,698

)

 1,585

 $

 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 effective tax rate differed from the federal statutory rate due to a one-time adjustment related to our step acquisition of SGB.
 A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to income before tax are set forth below (in thousands):

 2025

 2024

 2023

 Federal income tax provision at statutory rate

 $

 4,467

 $

 17,383

 $

 42,666

 State and local tax, net of federal benefit

 1,188

 5,083

 Adjustment related to acquisitions

 ( 4,544

)

 —

 Foreign derived intangible income

 ( 305

)

 ( 93

)

 ( 791

)

 Stock-based compensation

 ( 551

)

 ( 1,095

)

 ( 1,171

)

 State rate change

 ( 231

)

 Permanent adjustments

 1,064

 Foreign rate differential

 ( 304

)

 Foreign withholding taxes

 —

 —

 Other

 ( 160

)

 $

 5,426

 $

 13,745

 $

 46,401

 Income Taxes Receivable and Payable
 As of June 30, 2025 and June 30, 2024, we had an income tax receivable of $ 4.6 million and $ 1.6 million, respectively.
 Deferred Tax Assets and Liabilities
 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized by evaluating both positive and negative evidence. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of June 30, 2025 and June 30, 2024, management concluded that it was more likely than not that the Company would be able to realize the benefit of the U.S. federal and state deferred tax assets. We based this conclusion on historical and projected operating performance, as well as our expectation that our operations will generate sufficient taxable income in future periods to realize the tax benefits associated with the deferred tax assets. A tax valuation allowance was considered unnecessary, as management concluded that it was more likely than not that the Company would be able to realize the benefit of the U.S. federal and state deferred tax assets.
 As of June 30, 2025, the consolidated balance sheet reflects the deferred tax items for each tax-paying component (i.e., federal, state and foreign), resulting in a federal deferred tax liability of $ 12.0 million, a state deferred tax liability of $ 0.1 million, and a foreign deferred tax liability of $ 6.2 million. As of June 30, 2024, the consolidated balance sheet reflects the deferred tax items for each tax-paying component (i.e., federal, state, and foreign), resulting in a federal deferred tax liability of $ 12.5 million, a state deferred tax liability of $ 1.7 million, and a foreign deferred tax liability of $ 8.1 million. Our net foreign deferred tax liability will fluctuate as the value of the U.S. dollar changes with respect to foreign currencies. The Company intends to indefinitely reinvest the cumulative undistributed earnings held by its foreign subsidiaries.
 The schedule of deferred taxes presented below summarizes the components of deferred taxes that have been classified as deferred tax assets and liabilities related to taxable and deductible temporary differences (in thousands):

 Accruals and reserves

 $

 1,606

 $

 Lease liabilities

 4,548

 1,737

 Stock-based compensation

 1,055

 1,398

 State tax accrual

 Net operating loss carryforwards

 1,371

 Business interest expense disallowance

 1,375

 —

 Capitalized costs

 —

 Other

 Deferred tax assets

 10,945

 3,528

 Intangible assets

 ( 19,432

)

 ( 18,657

)

 Fixed assets

 ( 1,544

)

 ( 1,056

)

 Earnings from equity method investment

 ( 2,334

)

 ( 3,879

)

 Investment in partnership

 ( 1,553

)

 ( 442

)

 Right of use assets

 ( 4,368

)

 ( 1,614

)

 Other

 ( 49

)

 ( 67

)

 Deferred tax liabilities

 ( 29,280

)

 ( 25,715

)

 Net deferred tax liability

 $

 ( 18,335

)

 $

 ( 22,187

)

 Net Operating Loss Carryforwards
 We acquired federal and state net operating losses from our acquisitions of SGI and Pinehurst in February 2025. As of June 30, 2025, our federal net operating loss carryforward from Pinehurst was $ 0.2 million and our state and local net operating loss carryforwards from SGI and Pinehurst were $ 19.3 million and $ 0.2 million, respectively. The federal net operating losses carry forward indefinitely; the state net operating loss carryforwards start to expire in 2030.

 Unrecognized Tax Benefits
 The Company has taken or expects to take certain tax benefits on its income tax return filings that it has not recognized as a tax benefit (i.e., an unrecognized tax benefit) on its consolidated statements of income. The Company's measurement of its uncertain tax positions is based on management's assessment of all relevant information, including, but not limited to prior audit experience, audit settlement, or lapse of the applicable statute of limitations. Below is a reconciliation of net unrecognized tax benefits (in thousands):

 2025

 2024

 2023

 Beginning balance

 $

 $

 $

 Reductions due to lapse of statute of limitations

 ( 15

)

 ( 8

)

 —

 Additions as a result of acquired tax positions

 —

 $

 $

 $

 In addition to the $ 0.6 million of accrued tax expense as shown in the table above, the Company has $ 0.4 million of interest and penalties accrued to date related to its uncertain tax positions. As of June 30, 2025, the amount of this accrued liability (inclusive of the uncertain tax deductions and the associated interest and penalty accrual) totaled $ 1.0 million, and, if recognized, would reduce the Company's effective tax rate.
 Tax Examinations
 The Company files income tax returns in the United States, and various state, local, and foreign jurisdictions. The Company is currently subject to a three year statute of limitations for federal income tax purposes and, in general, three to six year statutes of limitations for state and foreign tax purposes.
 Tax Reform
 On July 4, 2025, the One Big Beautiful Bill Act ("2025 U.S. tax reform") was enacted into law. The 2025 U.S. tax reform contains several key tax laws, including extensions and modifications of the Tax Cuts and Jobs Act. In accordance with ASC 740, Income Taxes, the Company is required to recognize the effect of the tax law changes in the period of enactment, such as remeasuring estimated U.S. deferred tax assets and liabilities. The Company is still in the process of assessing the impact from the 2025 U.S. tax reform.

 14. RELATED PARTY 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 Stack's 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 largest stockholder owned a majority of the equity interests of SGI prior to the acquisition.

 2) Solid Crossing Inc. ("Solid Crossing") and Wade Real Estate, LLC. SGB's corporate office space is leased from Solid Crossing, whose owners are affiliates of SGB. Pinehurst's primary office space is leased from Wade Real Estate, LLC, which is owned by the former majority owner of Pinehurst, who is a related party.

 3) Equity method investees. As of June 30, 2025, the Company had seven investments in privately-held entities which have been determined to be equity method investees and related parties.

 Our related party transactions primarily include (i) sales and purchases of precious metals, (ii) financing activities, (iii) repurchase arrangements, (iv) hedging transactions, and (v) related party lease and construction arrangements. Below is a summary of our related party transactions. The amounts presented for each period reflect each entity's related party status for that period.

 Balances with Related Parties
 Receivables and Payables, Net
 Our related party net receivables and payables balances were as shown below (in thousands):

 Receivables

 Payables

 Receivables

 Payables

 Stack's Bowers Galleries

 $

 —

 $

 —

 $

 (1)

 $

 —

 Equity method investees

 3,088

 (2)

 4,290

 (3)

 —

 12,986

 (3)

 Other

 (2)

 3,270

 (3)

 —

 8,449

 (3)

 $

 3,486

 $

 7,560

 $

 $

 21,435

 (1) Balance includes trade receivables, secured loans receivables, and other receivables, net

 (2) Balance includes trade receivables and other receivables, net

 (3) Balance includes note payables, trade payables, and other payables, net

 Operating Lease Right of Use Assets
 As of June 30, 2025 and June 30, 2024, our related party right of use assets were $ 3.2 million and $ 2.0 million, respectively.
 Property, Plant, and Equipment
 AMGL entered into an agreement, effective as of July 1, 2024, with W.A. Richardson Builders, LLC ("WAR Construction") to effectuate the build out of the Company's Las Vegas logistics facility. The majority owner and co-manager of WAR Construction is the spouse of a non-employee member of the Board of Directors of the Company, and the other co-manager is a 10 % stockholder of the Company whose family members are minority owners of WAR Construction. The Company incurred costs of $ 1.9 million during the year ended June 30, 2025.
 Long-term Investments
 As of June 30, 2025 and June 30, 2024, the aggregate carrying balance of the equity method investments was $ 32.7 million and $ 50.2 million, respectively. (See Note 10.)
 Notes Payable
 On April 1, 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; the CCP Note may be further extended by mutual agreement. As of June 30, 2025 and June 30, 2024, the outstanding principal balance of the CCP Note was $ 4.0 million and $ 4.0 million, respectively.
 In June 2024, SGB declared a $ 15.9 million dividend to existing shareholders based on certain levels of working capital. As of June 30, 2025, the dividend was paid in full, which included a dividend paid to the Company from SGB in September 2024 of $ 7.5 million. The remaining unpaid dividend of $ 0.0 million and $ 8.4 million due to the other shareholders as of June 30, 2025 and June 30, 2024, respectively, was recorded as a note payable by SGB.
 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 June 30, 2025, the outstanding principal balance of this promissory note was $ 3.1 million.
 Share Repurchases
 In November 2024, we repurchased 139,455 shares of our common stock from the former owner of AMS and LPM, a related party, for $ 4.2 million.
 Acquisition of SGI
 On February 28, 2025, the Company consummated the acquisition of SGI under the terms of a Merger Agreement entered into on January 30, 2025. A special committee of independent A-Mark directors negotiated the transaction on behalf of A-Mark and recommended its approval by our Board of Directors.
 Certain A-Mark directors, executive officers and greater than five percent stockholders who had interests in SGI at the time of the Merger received stock and cash consideration in the Merger.
 Upon completion of the Merger, SGI paid a transaction bonus of $ 800,000 to Mr. Roberts and $ 500,000 to Ms. Meltzer for their services to SGI in the successful completion of the Merger. These payments were distributed out of the aggregate cash consideration paid by A-Mark.

 Certain major stockholders of SGI agreed to indemnify the Company for breaches by SGI of its representations and covenants under the SGI Agreement. In the absence of fraud, the indemnification obligations of these stockholders for a breach of representations are limited to a holdback of up to two percent of the stock consideration in the accounts subject to the holdback. At November 30 2025, 50 % of the shares subject to the holdback will be issued to the major stockholders, reduced by the value of indemnifiable claims through that date, with the remainder of the holdback shares to be issued at August 31, 2026 reduced by the value of any further indemnifiable claims. The indemnification obligation of the major stockholders is subject to a deductible of $ 250,000. The Company has agreed to indemnify the major stockholders for breaches by the Company of its representations and covenants under the Merger Agreement, subject to similar qualifications and limitations.
 Activity with Related Parties
 Sales and Purchases
 Our sales and purchases with companies deemed to be related parties were as follows (in thousands):

 2025

 2024

 2023

 Sales

 Purchases

 Sales

 Purchases

 Sales

 Purchases

 Stack's Bowers Galleries(1)

 $

 127,146

 $

 101,675

 $

 157,917

 $

 67,173

 $

 153,409

 $

 49,460

 Equity method investees(2)

 816,094

 40,291

 1,397,906

 74,405

 1,212,936

 45,651

 $

 943,240

 $

 141,966

 $

 1,555,823

 $

 141,578

 $

 1,366,345

 $

 95,111

 (1) Includes sales and purchases activity with SGI and its subsidiaries only for periods prior to the Company acquiring SGI in February 2025.

 (2) Includes sales and purchases activity with SGB prior to the Company acquiring a majority ownership interest in SGB in June 2024, with Pinehurst prior to the acquisition of the remaining outstanding equity interests of Pinehurst it did not previously own in February 2025, and with AMS prior to the acquisition of the remaining outstanding equity interests of AMS it did not previously own in April 2025.

 Interest Income
 We earned interest income from related parties as set forth below (in thousands):

 2025

 2024

 2023

 Interest income from secured loans receivables

 $

 $

 $

 —

 Interest income from finance products and repurchase arrangements

 6,955

 10,345

 7,839

 $

 7,147

 $

 10,423

 $

 7,839

 Selling, General, and Administrative
 The Company incurred selling, general, and administrative expense related to its related party leasing agreements and consulting agreements of $ 1.8 million and $ 0.3 million, and $ 34,000 during the years ended June 30, 2025, 2024, and 2023, respectively.
 Interest Expense
 The Company incurred interest expense related to its related party notes payable of $ 237,000 and $ 78,000, and $ 38,000 during the years ended June 30, 2025, 2024, and 2023, respectively.
 Equity Method Investments — Earnings, Dividends and Distributions Received
 The Company's proportional share of our equity method investee's earnings (losses) totaled ($ 2.8) million, $ 4.0 million, and $ 12.6 million during the years ended June 30, 2025, 2024, and 2023, respectively.
 The Company received dividend and distribution payments from our equity method investees that totaled, in the aggregate, $ 1.3 million, $ 0.6 million, and $ 1.0 million during the years ended June 30, 2025, 2024, and 2023, respectively.
 Other Income
 The Company earned royalty and consulting services income from related parties that totaled $ 0.8 million, $ 1.2 million, and $ 2.6 million during the years ended June 30, 2025, 2024, and 2023, respectively.
 Transactions with Directors and Officers
 Directors and officers of the Company engaged in transactions through A-Mark and/or its subsidiaries for an aggregate dollar value of $ 10.5 million, $ 3.1 million, and $ 2.1 million during the years ended June 30, 2025, 2024, and 2023, respectively.

 15. FINANCING 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 Credit 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 outstanding 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 Company's 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 the 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 routinely use funds drawn under the Trading Credit Facility to purchase metals from our suppliers and for operating cash flow purposes. Our CFC subsidiary also uses the funds drawn under the Trading Credit Facility to finance certain of its lending activities.
 Borrowings totaled $ 345.0 million and $ 245.0 million at June 30, 2025 and June 30, 2024, respectively. The amounts available under the respective lines of credit are determined at the end of each week and at each month end following a specified borrowing base formula. The Company is able to access additional credit as needed to finance operations, subject to the overall limits of the borrowing facilities and lender approval of the borrowing base calculation. Based on the month end borrowing bases in effect, the availability under the Trading Credit Facility, after taking into account current borrowings, totaled $ 99.1 million and $ 145.5 million as determined on June 30, 2025 and June 30, 2024, respectively. As of June 30, 2025 and June 30, 2024, the remaining unamortized balance of loan costs was approximately $ 3.5 million and $ 3.4 million, respectively.
 The Trading Credit Facility contains various covenants, all of which the Company was in compliance with as of June 30, 2025.
 Interest expense related to the Company's Trading Credit Facility totaled $ 26.6 million, $ 24.3 million, and $ 15.9 million, which represents 57.5 %, 61.4 %, and 50.3 % of the total interest expense recognized for the years ended June 30, 2025, 2024, and 2023, respectively. The Trading Credit Facility carried a daily weighted-average effective interest rate of 8.7 %, 8.5 %, and 7.2 % for the years ended June 30, 2025, 2024, and 2023, respectively.
 Notes Payable - AMCF Notes
 In September 2018, AM Capital Funding, LLC ("AMCF"), previously a wholly-owned subsidiary of CFC, completed an issuance of Secured Senior Term Notes (collectively, the "AMCF Notes"): Series 2018-1, Class A (the "Class A Notes") in the aggregate principal amount of $ 72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B (the "Class B Notes") in the aggregate principal amount of $ 28.0 million. The Class A Notes bore interest at a rate of 4.98 % and the Class B Notes bore interest at a rate of 5.98 %. The AMCF Notes were repaid in full in December 2023; AMCF was dissolved in June 2024.
 Prior to its dissolution in June 2024, AMCF was a VIE because its initial equity investment may have been insufficient to maintain its ongoing collateral requirements without additional financial support from the Company. The Company was the primary beneficiary of this VIE because the Company had the right to determine the type of collateral (i.e., cash, secured loans, or precious metals), had the right to receive (and had received) the proceeds from the securitization transaction, earned ongoing interest income from the secured loans (subject to collateral requirements), and had the obligation to absorb losses should AMCF's interest expense and other costs have exceeded its interest income.
 For the years ended June 30, 2025, 2024, and 2023, interest expense related to the AMCF Notes (including loan amortization costs) totaled $ 0.0 million, $ 2.5 million, and $ 5.7 million, which represents 0.0 %, 6.3 %, and 17.9 % of the total interest expense recognized by the Company, respectively.
 Prior to repayment, the AMCF Notes' weighted-average effective interest rate was 5.9 %.
 Leaseback Financing Obligation
 As part of the acquisition of AMS in April 2025, the Company assumed a leaseback financing obligation related to AMS's offices in Eagan, Minnesota. The original transaction, entered into by AMS in August 2024, involved the sale of the property followed by a leaseback arrangement. Due to certain economic terms of the lease, the transaction did not qualify for sale-leaseback accounting. Under

 a failed sale-leaseback arrangement, the property is accounted for as property, plant, and equipment, and the lease is accounted for as a financing obligation.
 The carrying amount of the leaseback financing obligation as of June 30, 2025 was $ 7.6 million, with a remaining term of 15 years and an effective interest rate of 8.6 %. The obligation is secured by the underlying property, which had a net book value of $ 8.3 million as of June 30, 2025. Future minimum payments under the arrangement total $ 12.6 million, with $ 0.7 million due within the next 12 months and the remainder spread over the subsequent 14 years. These payments include both principal and interest components, consistent with the terms of the financing obligation. The Company has recorded the current portion of this obligation within accrued liabilities and the noncurrent portion within other liabilities in its consolidated balance sheet, with related interest expense recognized in the consolidated statement of operations. The total interest expense incurred during the year ended June 30, 2025 was $ 0.2 million.
 Notes Payable — Related Party
 See Note 14.
 Liabilities on Borrowed Metals and Precious Metals Leases
 The Company recorded liabilities on borrowed metals with market values totaling $ 46.1 million and $ 32.0 million as of June 30, 2025 and June 30, 2024, respectively, which were included in inventories on the consolidated balance sheet.
 Precious metals leases valued at $ 246.5 million and $ 99.6 million as of June 30, 2025 and June 30, 2024, respectively, were included in deferred revenue and other advances on the consolidated balance sheet.
 For the years ended June 30, 2025, 2024, and 2023, the interest expense related to liabilities on borrowed metals and precious metals leases totaled $ 5.2 million, $ 2.0 million, and $ 1.9 million, which represents 11.2 %, 5.0 %, and 5.9 % of the total interest expense recognized by the Company, respectively. The weighted-average effective interest rate related to liabilities on borrowed metals and precious metals leases was 3.4 %, 2.9 %, and 3.0 % for the years ended June 30, 2025, 2024, and 2023, respectively.

 Liabilities on Borrowed Metals
 Liabilities may also arise from: (i) unallocated metal positions held by customers in the Company's inventory, (ii) amounts due to suppliers for the use of their consigned inventory, and (iii) shortages in unallocated metal positions held by the Company in the supplier's inventory, and (iv) advanced pool metals borrowed under short-term agreements using other precious metals from its inventory as collateral. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total ounces of metal held in the position. Amounts due under these arrangements require delivery either in the form of precious metals or in cash.
 Precious Metals Leases
 The Company leases precious metals from its suppliers and customers under short-term arrangements, in which the lease terms and interest rates are established at lease inception. The Company has the ability to sell the pool metals advanced. These arrangements can be settled by repayment in similar metals or in cash.
 Product Financing Arrangements
 The Company has agreements with third-party financial institutions which allow the Company to transfer its gold and silver inventory at an agreed-upon price, which is based on the spot price. Such agreements allow the Company to repurchase this inventory upon demand at an agreed-upon price based on the spot price on the repurchase date. The third-party charges a monthly fee as a percentage of the market value of the outstanding obligation; such monthly charges are classified in interest expense. These transactions do not qualify as sales, and therefore have been accounted for as financing arrangements and are reflected in the consolidated balance sheet as product financing arrangements. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing obligation and the underlying inventory (which is entirely restricted) are carried at fair value, with changes in fair value recorded as a component of cost of sales in the consolidated statements of income. Such obligations totaled $ 484.7 million and $ 517.7 million as of June 30, 2025 and June 30, 2024, respectively.
 For the years ended June 30, 2025, 2024, and 2023, the interest expense related to product financing arrangements totaled $ 13.6 million, $ 9.9 million, and $ 6.9 million, which represents 29.3 %, 25.0 %, and 21.7 % of the total interest expense recognized by the Company, respectively.

 16. COMMITMENTS AND 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 was a party to various employment agreements and non-compete and/or non-solicitation agreements with its employees, including employment agreements with (a) Greg Roberts, our Chief Executive Officer, which expires in June 2027, (b) Thor Gjerdrum, our President, which expires in June 2028, (c) Brian Aquilino, our Chief Operating Officer, which expires in June 2028, and (d) Cary Dickson, our Chief Financial Officer, which expires in June 2026. The Company's employment agreement with Michael Wittmeyer, formerly Chief Executive Officer of JMB, was terminated as of June 30, 2023, at which time the Company and Mr. Wittmeyer entered into a consulting agreement, which expires in June 2027. The employment agreements provide for minimum salary levels, incentive compensation and severance benefits, among other items, and the employment agreements and the consulting agreement contain various non-compete and non-solicitation provisions.
 Employee Benefit Plan
 The Company maintains an employee retirement savings plan for United States employees under the Internal Revenue Code section 401(k). The Company matches a percentage of each employee's contributions in accordance with plan terms. The Company's matching 401(k) contributions totaled $ 1.5 million, $ 1.2 million, and $ 1.0 million for the years ended June 30, 2025, 2024, and 2023, respectively.

 17. STOCKHOLDERS' EQUITY
 Dividends
 Dividends are recorded if and when they are declared by the board of directors.
 On July 5, 2024, 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, 2024. The dividend was paid on July 31, 2024 and totaled $ 4.6 million.
 On August 20, 2024, the Company's board of directors declared a regular cash dividend of $ 0.20 per share of common stock to stockholders of record at the close of business on October 8, 2024. The dividend was paid on October 22, 2024 and totaled $ 4.6 million.
 On January 2, 2025, the Company's board of directors declared a regular cash dividend of $ 0.20 per share of common stock to stockholders of record at the close of business on January 14, 2025. The dividend was paid on January 28, 2025 and totaled $ 4.6 million.
 On April 3, 2025, the Company's board of directors declared a regular cash dividend of $ 0.20 per share of common stock to stockholders of record at the close of business on April 15, 2025. The dividend was paid on April 29, 2025 and totaled $ 4.9 million.

 Share Repurchase Program
 In April 2018, the Company's board of directors approved a share repurchase program which authorized the Company to purchase up to 1.0 million shares (as adjusted for the two-for-one split of A-Mark's common stock in the form of a stock dividend in fiscal 2022) of its common stock. Prior to fiscal 2023, no shares were repurchased under our share repurchase program. In fiscal 2023, we repurchased a total of 335,735 shares under the program for $ 9.8 million. In the fourth quarter of fiscal 2023, the board revised the repurchase program to authorize the purchase of up to 1.0 million shares of our common stock, in addition to the shares previously repurchased, and extended the expiration date from June 30, 2023 to June 30, 2028. In November 2023, the Company's board of directors further amended the share repurchase program to authorize an additional 1.2 million shares to be repurchased under the program, resulting in a total of 2.0 million shares authorized for repurchase, after taking into account the shares previously purchased at that date. As of June 30, 2025, 678,997 shares remain authorized for repurchase under the program.
 During the year ended June 30, 2025, we repurchased 169,512 shares under the program for $ 5.1 million, of which 139,455 were repurchased from a related party (see Note 14 for further information). From inception of the program through June 30, 2025, we repurchased a total of 1,321,003 shares for $ 37.3 million.
 Under the share repurchase program, we may repurchase shares of our common stock from time to time at prevailing market prices, depending on market conditions, through open market or privately negotiated transactions. Subject to applicable corporate securities laws, repurchases may be made at such times and prices and in amounts as management deems appropriate. We are not obligated to repurchase any shares under the program, and repurchases under the program may be discontinued if management determines that additional repurchases are not warranted.
 2014 Stock Award and Incentive Plan
 The Company's amended and restated 2014 Stock Award and Incentive Plan (the "2014 Plan") was approved most recently on October 27, 2022 by the Company's stockholders. As of June 30, 2025, 1,379,222 shares were available for issuance of new awards under the 2014 Plan.
 Under the 2014 Plan, the Company may grant options and other equity awards as a means of attracting and retaining officers, employees, non-employee directors and consultants, to provide incentives to such persons and to align the interests of such persons with the interests of stockholders by providing compensation based on the value of the Company's stock. Awards under the 2014 Plan may be granted in the form of incentive or non-qualified stock options, stock appreciation rights ("SARs"), restricted stock, RSUs, dividend equivalent rights, other stock-based awards (which may include outright grants of shares) and cash incentive awards. The 2014 Plan also authorizes grants of awards with performance-based conditions and market-based conditions. The 2014 Plan is administered by the Compensation Committee of the board of directors, which, in its discretion, may select officers and other employees, directors (including non-employee directors) and consultants to the Company and its subsidiaries to receive grants of awards. The board of directors itself may perform any of the functions of the Compensation Committee under the 2014 Plan.
 Under the 2014 Plan, the exercise price of options and base price of SARs, as set by the Compensation Committee, generally may not be less than the fair market value of the shares on the date of grant, and the maximum term of stock options and SARs is ten years. The 2014 Plan limits the number of share-denominated awards that may be granted to any one eligible person in any fiscal year to 500,000 shares plus the participant's unused annual limit at the close of the previous year. Also, in the case of non-employee directors, the 2014 Plan limits the maximum grant-date fair value at $ 300,000 of stock-denominated awards granted to a director in a given fiscal year, except for a non-employee Chairman of the Board whose grant-date fair value maximum is $ 600,000 per fiscal year. The 2014 Plan will terminate when no shares remain available for issuance and no awards remain outstanding; however, the authority to grant new awards will terminate on October 27, 2032.
 Stock Options
 The Company measures the compensation cost of stock options using the Black-Scholes option pricing model, which uses various inputs such as the market price per share of common stock and estimates that include the risk-free interest rate, volatility, expected life and dividend yield. The weighted-averages for key assumptions used in determining the fair value of options granted were as follows:

 2025

 2024

 2023

 Average volatility

 50.07 %

 n/a (1)

 47.96 %

 Risk-free interest rate

 4.01 %

 n/a (1)

 3.76 %

 Weighted-average expected life in years

 6.6

 n/a (1)

 6.0

 Dividend yield rate annual

 3.15 %

 n/a (1)

 2.10 %

 (1) Not applicable; no employee stock options were issued.

 The expected volatility was based on a combination of the historical volatility of the Company's common stock over a period commensurate with the expected term and the implied volatility derived from the market prices of the Company's traded options. The

 risk-free interest rate was derived from the average U.S. Treasury yields with a term matching the expected life of the option. The Company uses the simplified method to estimate the expected term as sufficient historical exercise data is not available. The simplified method calculates the expected term as the midpoint between the vesting and contractual terms. The dividend yield was based on the historical and expected dividend payouts as of the respective award grant dates.
 The Company incurred compensation expense related to stock options of $ 0.4 million, $ 0.7 million and $ 1.2 million during the years ended June 30, 2025, 2024, and 2023, respectively. As of June 30, 2025, there was total remaining compensation expense of $ 2.3 million related to employee stock options, which will be recorded over a weighted-average vesting period of approximately 2.9 years. The Company recognizes forfeitures as they occur.
 The following table summarizes stock option activity:

 Options

 Weighted-Average Exercise Price Per Share

 Aggregate
Intrinsic Value
(in thousands)

 Weighted-Average Grant Date Fair Value Per Award (1)

 Fiscal 2023

 Outstanding at June 30, 2022

 1,779,460

 $

 7.84

 $

 43,433

 $

 3.51

 10,000

 $

 39.69

 $

 —

 (1)

 $

 16.56

 Exercised

 ( 343,200

)

 $

 6.68

 $

 8,562

 $

 3.57

 Outstanding at June 30, 2023

 1,446,260

 $

 7.11

 $

 43,882

 $

 3.58

 Exercisable at June 30, 2023

 1,175,591

 $

 5.02

 $

 38,505

 $

 2.53

 Fiscal 2024

 Outstanding at June 30, 2023

 1,446,260

 $

 7.11

 $

 43,882

 $

 3.58

 Exercises

 ( 287,730

)

 $

 7.17

 $

 7,720

 $

 3.82

 Outstanding at June 30, 2024

 1,158,530

 $

 7.10

 $

 29,354

 $

 3.53

 Exercisable at June 30, 2024

 1,116,866

 $

 6.60

 $

 28,822

 $

 3.32

 Fiscal 2025

 Outstanding at June 30, 2024

 1,158,530

 $

 7.10

 $

 29,354

 $

 3.53

 Grants

 255,000

 $

 25.43

 $

 —

 $

 10.22

 Exercises

 ( 235,668

)

 $

 14.03

 $

 6,909

 $

 6.47

 Outstanding at June 30, 2025

 1,177,862

 $

 9.68

 $

 15,728

 $

 4.39

 Exercisable at June 30, 2025

 934,529

 $

 5.60

 $

 15,728

 $

 2.88

 (1) The Company issued the options with an exercise price per share not less than the closing market price of common stock on the grant date.

 The following table summarizes information about stock options as of June 30, 2025:

 Exercise Price Ranges

 Options Outstanding

 Options Exercisable

 From

 To

 Number of
 Underlying
 Shares

 Weighted-Average Remaining Contractual Life
(Years)

 Weighted-Average Exercise Price

 Number of
 Underlying
 Shares

 Weighted-Average Remaining Contractual Life
(Years)

 Weighted-Average Exercise Price

 $

 —

 $

 5.00

 554,862

 4.18

 $

 1.94

 554,862

 4.18

 $

 1.94

 $

 5.01

 $

 7.50

 15,000

 1.28

 $

 6.33

 15,000

 1.28

 $

 6.33

 $

 7.51

 $

 12.50

 301,000

 0.64

 $

 8.96

 301,000

 0.64

 $

 8.96

 $

 12.51

 $

 30.00

 297,000

 9.15

 $

 24.03

 53,667

 6.43

 $

 18.05

 $

 30.01

 $

 50.00

 10,000

 7.60

 $

 39.69

 10,000

 7.60

 $

 39.69

 1,177,862

 4.52

 $

 9.68

 934,529

 3.16

 $

 5.60

 The following table summarizes nonvested stock option activity:

 Options

 Weighted-Average Grant Date Fair Value Per Award

 Nonvested outstanding at June 30, 2024

 41,664

 $

 9.23

 255,000

 $

 10.22

 Vested

 ( 53,331

)

 $

 9.63

 Nonvested outstanding at June 30, 2025

 243,333

 $

 10.17

 Restricted Stock Units
 RSUs granted by the Company are not transferable and automatically convert to shares of common stock on a one-for-one basis as the awards vest or at a specified date after vesting. RSUs granted to a non-U.S. citizen are referred to as "deferred stock units" or "DSUs". The Company measures the compensation cost of RSUs based on the closing price of the underlying shares at the grant date. The Company recognizes forfeitures as they occur.

 The Company incurred compensation expense related to RSUs of $ 1.2 million, $ 1.2 million, and $ 0.9 million during the years ended June 30, 2025, 2024, and 2023, respectively. As of June 30, 2025, there was $ 1.6 million of remaining compensation expense related to RSUs, which will be recorded over a weighted-average vesting period of approximately 2.3 years.
 The following table summarizes RSU activity:

 Awards
Outstanding

 Weighted-Average Fair Value per Unit at Grant Date

 Fiscal 2023

 Nonvested outstanding at June 30, 2022

 56,093

 $

 32.58

 35,269

 $

 32.90

 Vested & delivered

 ( 17,599

)

 $

 32.34

 Vested & deferred (1)

 ( 10,176

)

 $

 35.36

 Nonvested outstanding at June 30, 2023

 63,587

 $

 32.37

 Vested but subject to deferred settlement at June 30, 2023 (1)

 29,370

 $

 24.50

 Outstanding at June 30, 2023

 92,957

 $

 29.89

 Fiscal 2024

 Nonvested outstanding at June 30, 2023

 63,587

 $

 32.37

 38,135

 $

 28.18

 Vested & delivered

 ( 24,696

)

 $

 31.69

 Vested & deferred (1)

 ( 12,577

)

 $

 29.69

 Forfeited

 ( 3,132

)

 $

 36.19

 Nonvested outstanding at June 30, 2024

 61,317

 $

 30.61

 Vested but subject to deferred settlement at June 30, 2024 (1)

 41,947

 $

 26.06

 Outstanding at June 30, 2024

 103,264

 $

 28.76

 Fiscal 2025

 Nonvested outstanding at June 30, 2024

 61,317

 $

 30.61

 60,235

 $

 24.31

 Vested & delivered

 ( 23,093

)

 $

 23.64

 Vested & deferred (1)

 ( 14,203

)

 $

 28.90

 Forfeited

 ( 1,566

)

 $

 36.19

 Nonvested outstanding at June 30, 2025 (2)

 82,690

 $

 26.59

 Vested but subject to deferred settlement at June 30, 2025 (1)

 56,150

 $

 26.78

 Outstanding at June 30, 2025 (2)

 138,840

 $

 26.67

 (1) Certain RSU holders elected to defer settlement of the RSUs to a specified date. The DSU holder is contractually obligated to defer settlement of the DSUs to a specified date following the holder's termination of service.

 (2) Includes 3,133 RSUs that vest based on continuous employment and achievement of non-market performance goals through June 30, 2026.

 Cash Incentive Bonus Award
 Effective in the first quarter of fiscal 2024, a cash incentive bonus is payable at the end of the fiscal 2024-2027 employment term of our chief executive officer ("CEO") (subject to acceleration in the event of certain terminations of employment or a change in control) equal to two percent of the total stockholder return on the outstanding shares at June 30, 2023, including dividends paid during the employment term, minus the total salary and annual cash bonuses that were paid to our CEO for services during the employment term. This award is analogous to a cash-settled stock appreciation right with a base price that is at a premium over the market price of our shares at the grant date, such premium being measured by the direct cash compensation paid to the CEO during the four-year term. The award is generally equivalent to stock appreciation rights on 466,728 shares with a base price of $ 36.32, including dividend equivalents but subject to adjustment for the specified compensation offsets.
 The fair value of this liability award is estimated with a Black-Scholes valuation model that uses certain assumptions, such as expected volatility, risk-free interest rate, life of the award, dividend rate and strike price. The Company also estimates the most probable aggregate total of the performance bonus to be paid over the performance period in determining the strike price of the award. The grant date fair value of this liability award was $ 5.7 million. The fair value of this liability award was $ 0.9 million as of June 30, 2025 resulting from the following assumptions: a performance bonus estimate of $ 2.5 million to be paid over the four-year term, a risk-free rate of 3.7 %, and an equity volatility of 50.0 %.
 Compensation expense is recognized on a straight-line basis over the performance period, with the amount recognized fluctuating due to remeasurement of fair value at the end of each reporting period because the award is classified as a liability. The Company recognized compensation expense (income) related to this cash incentive bonus award of ($ 0.3 million) and $ 0.8 million during the years ended June 30, 2025 and 2024, respectively.

 Certain Anti-Takeover Provisions
 The Company's certificate of incorporation and by-laws contain certain anti-takeover provisions that could have the effect of making it more difficult for a third-party to acquire, or of discouraging a third-party from attempting to acquire, control of the Company without negotiating with its board of directors. Such provisions could limit the price that investors might be willing to pay in the future for the Company's securities. Certain of such provisions allow the Company to issue preferred stock with rights senior to those of the common stock or impose various procedural and other requirements which could make it more difficult for stockholders to effect certain corporate actions.

 18. CUSTOMER AND SUPPLIER CONCENTRATIONS
 Customer Concentrations
 The following customer provided 10 percent or more of the Company's revenues (in thousands):

 2025

 2024

 2023

 Total revenue

 $

 100.0

 %

 $

 100.0

 %

 $

 9,286,561

 100.0

 %

 Customer concentrations

 HSBC Bank (1)

 $

 2,043,128

 18.6

 %

 $

 2,114,253

 21.8

 %

 $

 1,191,436

 12.8

 %

 (1) Sales with this trading partner include sales on forward contracts that are entered into for hedging purposes rather than sales characterized with the physical delivery of precious metal product. This sales activity has been reported within the Wholesale Sales & Ancillary Services segment.

 The following customer accounted for 10 percent or more of the Company's accounts receivable (in thousands):

 Total accounts receivable

 $

 137,723

 100.0

 %

 $

 36,596

 100.0

 %

 Customer concentrations

 Deutsche Bank AG

 $

 27,700

 20.1

 %

 $

 —

 —

 %

 No single customer provided 10 percent or more of the Company's secured loans receivable balances as of June 30, 2025.
 Supplier Concentrations
 The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private mints, from refiners and directly from customers. The Company believes that no one supplier or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms.

 19. SEGMENTS AND GEOGRAPHIC 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

 2025

 2024

 2023

 Revenue by segment (1)

 $

 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

 2,283,257

 (a)

 1,451,669

 (b)

 1,997,422

 (c)

 $

 $

 $

 9,286,561

 (1) The Secured Lending segment earns interest income from its lending activity and earns no revenue from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

 (2) The eliminations of inter-segment sales are reflected in the Wholesale Sales & Ancillary Services segment.

 (a) Includes $ 138.7 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

 (b) Includes $ 14.3 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

 (c) Includes $ 3.5 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

 2025

 2024

 2023

 Revenue by geographic region

 United States

 $

 4,004,172

 $

 4,722,191

 $

 5,634,423

 Europe

 4,910,399

 4,290,701

 2,780,015

 Canada

 1,790,972

 599,873

 837,504

 Asia Pacific

 258,098

 80,997

 26,891

 Africa

 -

 Australia

 14,698

 5,265

 7,728

 South America

 -

 -

 $

 $

 $

 9,286,561

 Cost of Sales

 2025

 2024

 2023

 Cost of sales by segment(1)

 $

 10,174,345

 $

 9,168,700

 $

 8,626,733

 Eliminations and adjustments

 ( 1,564,863

)

 ( 1,011,539

)

 ( 1,463,272

)

 Wholesale Sales & Ancillary Services, net of eliminations and adjustments

 8,609,482

 8,157,161

 7,163,461

 Direct-to-Consumer, net of eliminations

 2,158,216

 1,368,623

 1,828,431

 $

 10,767,698

 $

 9,525,784

 $

 8,991,892

 (1) The Secured Lending segment earns interest income from its lending activity and has no cost of sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

 Gross Profit and Gross Margin Percentage

 2025

 2024

 2023

 Gross profit by segment(1)

 $

 84,955

 $

 84,773

 $

 126,816

 Eliminations and adjustments

 5,436

 ( 1,138

)

 Wholesale Sales & Ancillary Services, net of eliminations and adjustments

 85,875

 90,209

 125,678

 Direct-to-Consumer, net of eliminations

 125,041

 83,046

 168,991

 $

 210,916

 $

 173,255

 $

 294,669

 Gross margin percentage by segment

 0.828

 %

 0.916

 %

 1.449

 %

 Wholesale Sales & Ancillary Services, net of eliminations and adjustments

 0.988

 %

 1.094

 %

 1.724

 %

 5.476

 %

 5.721

 %

 8.460

 %

 Consolidated gross margin percentage

 1.921

 %

 1.786

 %

 3.173

 %

 (1) The Secured Lending segment earns interest income from its lending activity and earns no gross profit from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

 Operating Income and (Expenses)

 2025

 2024

 2023

 Operating income (expenses) by segment

 $

 ( 92,627

)

 $

 ( 38,235

)

 $

 ( 34,939

)

 Eliminations

 ( 508

)

 ( 123

)

 ( 247

)

 Wholesale Sales & Ancillary Services, net of eliminations

 $

 ( 93,135

)

 $

 ( 38,358

)

 $

 ( 35,186

)

 Wholesale Sales & Ancillary Services, net of eliminations

 $

 ( 59,019

)

 $

 ( 45,968

)

 $

 ( 40,181

)

 ( 3,909

)

 ( 1,860

)

 ( 970

)

 15,134

 15,730

 12,523

 ( 37,709

)

 ( 28,252

)

 ( 19,660

)

 ( 2,982

)

 3,998

 12,575

 1,299

 1,064

 Remeasurement gain (loss) on pre-existing equity interests

 ( 5,143

)

 —

 ( 806

)

 $

 ( 93,135

)

 $

 ( 38,358

)

 $

 ( 35,186

)

 $

 ( 78,995

)

 $

 ( 42,456

)

 $

 ( 42,976

)

 ( 19,007

)

 ( 9,273

)

 ( 11,204

)

 —

 ( 2,255

)

 ( 2,838

)

 ( 4,098

)

 Earnings from equity method investments

 —

 —

 —

 Unrealized gains (losses) on foreign exchange

 ( 535

)

 —

 $

 ( 100,646

)

 $

 ( 54,507

)

 $

 ( 58,136

)

 $

 ( 1,179

)

 $

 ( 1,376

)

 $

 ( 2,125

)

 ( 4

)

 ( 264

)

 ( 351

)

 10,668

 11,435

 9,708

 ( 6,239

)

 ( 8,441

)

 ( 7,770

)

 Earnings from equity method investments

 1,002

 2,360

 $

 4,135

 $

 2,388

 $

 1,823

 Net Income Before Provision for Income Taxes

 2025

 2024

 2023

 Net income (loss) before provision for income taxes by segment

 $

 ( 7,260

)

 $

 51,851

 $

 90,492

 24,395

 28,539

 110,855

 4,135

 2,388

 1,823

 $

 $

 $

 203,170

 Advertising Expense

 2025

 2024

 2023

 Advertising expense by segment

 $

 ( 3,849

)

 $

 ( 2,402

)

 $

 ( 1,639

)

 ( 19,625

)

 ( 12,620

)

 ( 14,001

)

 ( 224

)

 ( 231

)

 ( 237

)

 $

 ( 23,698

)

 $

 ( 15,253

)

 $

 ( 15,877

)

 Capital Expenditures for Long-Lived Assets

 2025

 2024

 2023

 Capital expenditures for long-lived assets by segment

 $

 ( 8,973

)

 $

 ( 6,522

)

 $

 ( 3,173

)

 ( 1,705

)

 ( 9,249

)

 ( 6,610

)

 $

 ( 10,678

)

 $

 ( 15,771

)

 $

 ( 9,783

)

 Inventories by segment

 $

 1,049,200

 $

 924,804

 230,345

 172,340

 $

 $

 Inventories by geographic region

 United States

 $

 1,150,678

 $

 989,272

 North America, excluding United States

 52,225

 53,648

 Europe

 32,987

 18,519

 Asia

 43,655

 35,705

 $

 $

 Total Assets

 Total assets by segment

 Wholesale Sales & Ancillary Services (1)

 $

 1,485,370

 $

 1,262,385

 Eliminations

 ( 211,144

)

 ( 240,380

)

 Wholesale Sales & Ancillary Services, net of eliminations

 1,274,226

 1,022,005

 844,760

 690,547

 96,445

 115,268

 $

 2,215,431

 $

 1,827,820

 (1) Our equity method investments and precious metals held under financing arrangements are primarily recorded within our Wholesale Sales & Ancillary Services segment.

 Total assets by geographic region

 United States

 $

 1,917,452

 $

 1,539,395

 North America, excluding United States

 169,864

 188,100

 Europe

 40,625

 20,512

 Asia

 87,490

 79,813

 $

 2,215,431

 $

 1,827,820

 Long-term Assets

 Long-term assets by segment

 $

 120,348

 $

 109,643

 349,394

 273,933

 2,194

 2,041

 $

 471,936

 $

 385,617

 Long-term assets by geographic region

 United States

 $

 334,199

 $

 238,169

 North America, excluding United States

 106,405

 114,475

 Europe

 Asia

 31,330

 32,971

 $

 471,936

 $

 385,617

 Goodwill by segment

 $

 39,191

 $

 29,915

 Direct-to-Consumer(1)

 189,459

 170,022

 $

 228,650

 $

 199,937

 (1) Direct-to-Consumer segment's goodwill balance is net of $ 1.4 million accumulated impairment losses.

 Intangible assets

 Intangible assets by segment

 $

 18,322

 $

 12,586

 Direct-to-Consumer(1)

 118,992

 89,077

 $

 137,314

 $

 101,663

 (1) Direct-to-Consumer segment's intangible asset balance is net of $ 1.3 million accumulated impairment losses.

 20. SUBSEQUENT EVENTS
 Dividend
 On August 1, 2025, the Company paid 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 Company's 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.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 None.
 ITEM 9A. CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
 Under the supervision and with the participation of our management, including our Chief Executive Officer and President (our "Certifying Officers"), we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"). Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Annual Report.
 Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Certifying Officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

 Management's Annual Report on Internal Control Over Financial Reporting
 The financial statements were prepared by management, which is responsible for their integrity and objectivity and for establishing and maintaining adequate internal control over financial reporting.
 The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that:

 i.

 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the Company;

 ii.

 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

 iii.

 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

 There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurances with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal controls may vary over time.
 Management assessed the design and effectiveness of the Company's internal control over financial reporting as of June 30, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control—Integrated Framework ("2013 framework"). Based on this evaluation, management concluded that our internal control over financial reporting was effective as of June 30, 2025 based on criteria in Internal Control –Integrated Framework issued by the COSO.
 Management's evaluation of the effectiveness of the Company's internal control over financial reporting as of June 30, 2025 did not include internal controls over financial reporting for SGI or Pinehurst that we acquired in February 2025 or AMS that we acquired in April 2025. SGI comprised approximately 6% of our total assets as of June 30, 2025 and less than 2% of our total revenues for the year ended June 30, 2025. Pinehurst comprised approximately 2% of our total assets as of June 30, 2025 and less than 1% of our total revenues for the year ended June 30, 2025. AMS comprised approximately 4% of our total assets as of June 30, 2025 and less than 1% of our total revenues for the year ended June 30, 2025.
 Grant Thornton LLP, an independent registered public accounting firm, has issued its report on the Company's internal control over financial reporting as of June 30, 2025, which appears elsewhere in this Form 10-K.
 Changes in Internal Control over Financial Reporting
 During our most recent fiscal quarter, there has not been any change in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
 ITEM 9B. OTHER INFORMATION
 No ne.
 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
 None.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 Incorporated by reference to the Company's Proxy Statement, to be filed within 120 days following June 30, 2025.
 ITEM 11. EXECUTIVE COMPENSATION
 Incorporated by reference to the Company's Proxy Statement, to be filed within 120 days following June 30, 2025.
 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
 Incorporated by reference to the Company's Proxy Statement, to be filed within 120 days following June 30, 2025.
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 Incorporated by reference to the Company's Proxy Statement, to be filed within 120 days following June 30, 2025.
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 Incorporated by reference to the Company's Proxy Statement, to be filed within 120 days following June 30, 2025.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 (a)

 The following documents are filed as part of this report:

 1.

 Financial Statements

 Index to Consolidated Financial Statements

 Page

 Reports of Independent Registered Public Accounting Firm

 Consolidated Balance Sheets

 Consolidated Statements of Income

 Consolidated Statements of Stockholders' Equity

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 2.

 Financial Statements Schedules:

 None.

 3.

 Exhibits required to be filed by Item 601 of Regulation S-K:

 Exhibit Index

 Exhibit No.

 Description of Exhibit

 3.1**

 Amended and Restated Certificate of Incorporation of A-Mark Precious Metals, Inc. Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1/A; Registration No. 333-192260.

 3.2**

 Bylaws, as Amended and Restated on October 27, 2022. Incorporated by reference to Exhibit 3.2 to the Report on Form 8-K filed on November 1, 2022.

 3.3**^

 Agreement and Plan of Merger by and among A-Mark Precious Metals, Inc. and SGI Acquisition I Corp., et al, dated January 30, 2025. Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on February 4, 2025

 4.1**

 Description of Securities of Registrant. Incorporated by reference to Exhibit 4.1 to the Report on Form 10-K filed on September 12, 2023.

 10.04**

 Lease Agreement, dated as of July 7, 2016, between The Plaza CP LLP and A-Mark Precious Metals, Inc. Incorporated by reference to Exhibit 10.6 to the Report on Form 10-K for the year ended June 30, 2016.

 10.05**^

 Non-Employee Director Compensation Policy, as amended and restated on November 15, 2023. Incorporated by reference to Exhibit 10.9 to the Report on Form 10-K for the year ended June 30, 2024.

 10.06^

 Stock Ownership Guidelines for Directors, effective April 29, 2021, as amended on August 20, 2024. Incorporated by reference to Exhibit 10.10 to the Report on Form 10-K for the year ended June 30, 2024.

 10.07^

 Form of Restricted Stock Units Agreement for Non-Employee Directors. Incorporated by reference to Exhibit 10.3 to the Report on Form 10-Q filed on May 14, 2021.

 10.08^

 Form of Deferred Stock Units Agreement for Non-Employee Directors. Incorporated by reference to Exhibit 10.4 to the Report on Form 10-Q filed on May 14, 2021.

 10.09*^

 Amended and Restated 2014 Stock Award And Incentive Plan.

 10.10**^

 Amended and Restated Employment Agreement, dated February 14, 2023, between the Company and Gregory N. Roberts. Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on February 17, 2023.

 10.11*^

 Employment Agreement, dated April 10, 2025, between A-Mark Precious Metals, Inc. and Thor Gjerdrum.

 10.12*^

 Employment Agreement, dated April 10, 2025, between A-Mark Precious Metals, Inc. and Brian Aquilino.

 10.13*^

 Employment Agreement, dated April 10, 2025, between A-Mark Precious Metals, Inc. and Cary Dickson.

 10.14*^

 Consulting Agreement, as amended and restated June 16, 2025, between A-Mark Precious Metals, Inc. and Michael R. Wittmeyer.

 10.15^

 Form of Indemnification Agreement. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on May 10, 2023.

 10.16**

 Credit Agreement (the "Credit Agreement"), dated December 21, 2021, among the Company, the other loan parties party thereto, CIBC Bank USA, as agent and joint lead arranger, Co peratieve Rabobank U.A., Axos Bank, Brown Brothers Harriman, California Bank & Trust and First Foundation Bank as joint lead arrangers, and the various financial institutions party thereto as lenders. Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on December 27, 2021.

 10.17**

 F irst Amendment to Credit Agreement (the "Credit Agreement"), effective as of April 22, 2022, among the Company, the other loan parties party thereto, CIBC Bank USA, as agent and joint lead arranger, Co peratieve Rabobank U.A., Axos Bank, Brown Brothers Harriman, California Bank & Trust and First Foundation Bank as joint lead arrangers, and the various financial institutions party thereto as lenders. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on May 9, 2022.

 10.18**

 Joinder and Third Amendment to Credit Agreement, effective as of September 30, 2022, by and among A-Mark Precious Metals, Inc., the Lenders party thereto, CIBC Bank USA, as administrative agent for the Lenders, and certain other parties thereto. Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on November 8, 2022

 10.19**

 Fourth Amendment to Credit Agreement, effective as of December 8, 2022, by and among A-Mark Precious Metals, Inc., the Lenders party thereto, CIBC Bank USA, as administrative agent for the Lenders, and certain other parties thereto. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on February 8, 2023.

 10.20**

 Waiver and Fifth Amendment to Credit Agreement. Incorporated by reference to Exhibit 10.2 to the Report on Form 10-Q filed on May 10, 2023.

 10.21**

 Eighth Amendment to Credit Agreement. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on February 8, 2024.

 10.22**

 Joinder, Incremental Assumption Agreement and Ninth Amendment to Credit Agreement, effective as of June 24, 2024, by and among A-Mark Precious Metals, Inc., the other Loan Parties party thereto, the Lenders party hereto, and CIBC BANK USA, as administrative agent for the Lenders. Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on June 26, 2024.

 10.23*

 Joinder to Guaranty and Collateral Agreement, dated as of April 18, 2025 with CIBC Bank USA as administrative agent for the Company's lenders

 10.24*

 Amended and Restated Credit Agreement, dated August 21, 2025, between A-Mark Precious Metals, Inc., as Borrower, and Cooperatieve Rabobank U.A., New York Branch, as Joint Lead Arranger, Brown Brothers Harriman as Joint Lead Arranger, California Bank & Trust, as Joint Lead Arranger, CIBC Bank USA, as Agent and Joint Lead Arranger, and various financial institutions party thereto as Lenders.

 10.25**

 Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of November 21, 2014. Incorporated by reference to Exhibit 10.23 to the Report on Form 10-K for the year ended June 30, 2015.

 10.26**

 First Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of August 28, 2015. Incorporated by reference to Exhibit 10.24 to the Report on Form 10-K for the year ended June 30, 2015.

 10.27**

 Second Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of November 20, 2015.

 10.28**

 Third Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of April 20, 2018.

 10.29**

 Fourth Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of November 17, 2023.

 10.30**

 Fifth Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of March 3, 2024.

 10.31**

 Sixth Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of June 20, 2024.

 10.32*^

 Form of Stock Option Agreement for senior executives.

 14.1**

 Code of Business Conduct and Ethics, effective as of May 6, 2024. Incorporated by reference to Exhibit 14.1 to the Report on Form 10-Q filed on May 9, 2024.

 19**

 A-Mark Precious Metals, Inc. Insider Trading Policy, as amended May 10, 2024.

 21*

 List of Subsidiaries of A-Mark Precious Metals, Inc.

 23.1*

 Consent of Grant Thornton LLP, independent registered public accounting firm.

 31.1*

 Certification Under Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2*

 Certification Under Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1*

 Certification Under Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2*

 Certification Under Section 906 of the Sarbanes-Oxley Act of 2002.

 97**^

 Incentive-Based Compensation Recovery Policy, adopted October 27, 2023. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed November 8, 2023.

 101.INS*

 101.SCH*

 104*

 * Filed herewith
 ** Previously filed
 ^ Indicates management contract or compensatory plan or arrangement.
 ITEM 16. FORM 10-K SUMMARY
 None.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 A-MARK PRECIOUS METALS, INC.

 Date:

 By:

 /s/ Gregory N. Roberts

 Gregory N. Roberts

 Chief Executive Officer

 (Principal Executive Officer)

 Date:

 By:

 /s/ Thor Gjerdrum

 Thor Gjerdrum

 President

 (Acting Principal Financial Officer and Principal Accounting Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 Signatures

 Title(s)

 Date

 /s/ Jeffrey D. Benjamin

 Jeffrey D. Benjamin

 (Chairman of the Board of Directors)

 /s/ Gregory N. Roberts

 Chief Executive Officer and Director

 Gregory N. Roberts

 (Principal Executive Officer)

 /s/ Thor Gjerdrum

 President

 Thor Gjerdrum

 (Acting Principal Financial Officer and Principal Accounting Officer)

 /s/ Ellis Landau

 Ellis Landau

 /s/ Beverley Lepine

 Beverley Lepine

 /s/ Carol Meltzer

 Carol Meltzer

 /s/ John U. Moorhead

 John U. Moorhead

 /s/ Jess M. Ravich

 Jess M. Ravich

 /s/ Monique Sanchez

 Monique Sanchez

 /s/ Kendall Saville

 Kendall Saville

 /s/ Michael R. Wittmeyer

 Michael R. Wittmeyer