# FirstCash Holdings, Inc.: Form 10-Q for the period ended Sep 30, 2025

- Company: [FirstCash Holdings, Inc.](/companies/fcfs.md) (CIK 840489)
- Form: 10-Q
- Filed: 2025-11-03
- Accepted by EDGAR: Nov 3, 2025, 15:45 ET
- Period: 2025-09-30
- Accession: 0000840489-25-000120
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/840489/000084048925000120/fcfs-20250930.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/840489/000084048925000120/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-07-01 to 2025-09-30 | $411.0m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months, 2025-01-01 to 2025-09-30 | $1.17bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2025-07-01 to 2025-09-30 | $461.9m | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months, 2025-01-01 to 2025-09-30 | $1.29bn | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2025-07-01 to 2025-09-30 | $473.7m | us-gaap:GrossProfit |
| Gross profit | 9 months, 2025-01-01 to 2025-09-30 | $1.31bn | us-gaap:GrossProfit |
| Income tax | 3 months, 2025-07-01 to 2025-09-30 | $29.7m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2025-01-01 to 2025-09-30 | $78.6m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-07-01 to 2025-09-30 | $82.8m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2025-01-01 to 2025-09-30 | $226.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-07-01 to 2025-09-30 | $1.86 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2025-01-01 to 2025-09-30 | $5.07 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-07-01 to 2025-09-30 | $1.87 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2025-01-01 to 2025-09-30 | $5.09 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-07-01 to 2025-09-30 | 44,472,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2025-01-01 to 2025-09-30 | 44,603,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2025-01-01 to 2025-09-30 | $379.3m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 9 months, 2025-01-01 to 2025-09-30 | $52.4m | us-gaap:PaymentsOfDividends |
| Share repurchases | 9 months, 2025-01-01 to 2025-09-30 | $90.5m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2025-09-30 | $130.2m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-09-30 | $1.79bn | us-gaap:AssetsCurrent |
| Total assets | at 2025-09-30 | $5.18bn | us-gaap:Assets |
| Current liabilities | at 2025-09-30 | $359.3m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-09-30 | $2.98bn | us-gaap:Liabilities |
| Long-term debt | at 2025-09-30 | $2.21bn | us-gaap:LongTermDebt |
| Shareholders' equity | at 2025-09-30 | $2.20bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 77,836 characters.

The following discussion of financial condition, results of operations, liquidity and capital resources of FirstCash Holdings, Inc. and its wholly-owned subsidiaries (together, the “Company”) should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included under Part I, Item 1 of this quarterly report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

### GENERAL

The Company’s primary line of business is the operation of retail pawn stores, also known as “pawnshops,” which focus on serving cash- and credit-constrained consumers. The Company is the leading operator of pawn stores in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results. For further detail, see Note 3 of Notes to Consolidated Financial Statements.

The Company is also a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services. The Company’s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF’s retail partners provide consumer goods and services to their customers and use AFF’s LTO and retail finance solutions to facilitate payments on such transactions.

The Company’s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in the U.S., the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia and the U.K. pawn segment consists of pawn operations in the U.K. The retail POS payment solutions segment consists of the operations of AFF in the U.S.

### OPERATIONS AND LOCATIONS

### Pawn Operations

As of September 30, 2025, the Company operated 3,311 pawn store locations composed of 1,193 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 73 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 286 stores in the U.K.

The following tables detail pawn store count activity for the three and nine months ended September 30, 2025:

|  | Three Months Ended September 30, 2025 U.S. | Latin America | U.K. | Total |
| --- | ---: | ---: | ---: | ---: |
| Total locations, beginning of period | 1,194 | 1,833 | — | 3,027 |
| New locations opened | — | 2 | 1 | 3 |
| Locations acquired | 2 | — | 286 | 288 |
| Consolidation of existing pawn locations (1) | (3) | (3) | (1) | (7) |
| Total locations, end of period | 1,193 | 1,832 | 286 | 3,311 |
|  | Nine Months Ended September 30, 2025 |  |  |  |
|  | U.S. | Latin America | U.K. | Total |
| Total locations, beginning of period | 1,200 | 1,826 | — | 3,026 |
| New locations opened | 2 | 21 | 1 | 24 |
| Locations acquired | 6 | — | 286 | 292 |
| Consolidation of existing pawn locations (1) | (15) | (15) | (1) | (31) |
| Total locations, end of period | 1,193 | 1,832 | 286 | 3,311 |

(1) Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location.

### POS Payment Solutions

As of September 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,800 active retail merchant partner locations located in all 50 U.S. states and the District of Columbia. This compares to the active door count of approximately 13,500 locations at September 30, 2024.

### CRITICAL ACCOUNTING ESTIMATES

The financial statements have been prepared in accordance with GAAP. The significant accounting policies and estimates that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results have been reported in the Company’s 2024 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies for the nine months ended September 30, 2025.

### RESULTS OF OPERATIONS (unaudited)

### Operating Results for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

The following tables present segment information for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 (in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees and certain of AFF’s operations-focused departments, occupancy costs, bank and other payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs, security, insurance, utilities, supplies, other costs incurred by the pawn stores and other operational costs incurred by AFF. Administrative expenses and amortization expense of acquired intangible assets are not included in the segment pre-tax operating income.

| Revenue: | Three Months Ended September 30, 2025 U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/Intersegment Eliminations |  | Consolidated |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Retail merchandise sales | $252,963 | $144,644 | $14,066 | $— | $(705) | (1) | $410,968 |
| Pawn loan fees | 138,867 | 67,199 | 15,022 | — | — |  | 221,088 |
| Leased merchandise income | — | — | — | 132,540 | — |  | 132,540 |
| Interest and fees on finance receivables | — | — | — | 81,683 | — |  | 81,683 |
| Wholesale scrap jewelry sales | 45,607 | 17,831 | 23,272 | — | — |  | 86,710 |
| Other revenue | — | — | 2,590 | — | — |  | 2,590 |
| Total revenue | 437,437 | 229,674 | 54,950 | 214,223 | (705) |  | 935,579 |
| Cost of revenue: |  |  |  |  |  |  |  |
| Cost of retail merchandise sold | 145,411 | 92,931 | 10,755 | — | (374) | (1) | 248,723 |
| Depreciation of leased merchandise | — | — | — | 76,253 | (225) | (1) | 76,028 |
| Provision for lease losses | — | — | — | 28,005 | (85) | (1) | 27,920 |
| Provision for loan losses | — | — | — | 40,347 | — |  | 40,347 |
| Cost of wholesale scrap jewelry sold | 38,520 | 15,000 | 14,700 | — | — |  | 68,220 |
| Other cost of revenue | — | — | 634 | — | — |  | 634 |
| Total cost of revenue | 183,931 | 107,931 | 26,089 | 144,605 | (684) |  | 461,872 |
| Net revenue | 253,506 | 121,743 | 28,861 | 69,618 | (21) |  | 473,707 |
| Expenses and other income: |  |  |  |  |  |  |  |
| Operating expenses | 133,024 | 70,327 | 10,225 | 22,952 | — |  | 236,528 |
| Administrative expenses | — | — | — | — | 58,845 |  | 58,845 |
| Depreciation and amortization | 8,464 | 4,443 | 742 | 687 | 14,698 |  | 29,034 |
| Interest expense | — | — | — | — | 32,216 |  | 32,216 |
| Interest income | — | — | — | — | (908) |  | (908) |
| Gain on foreign exchange | — | — | — | — | (219) |  | (219) |
| Merger and acquisition expenses | — | — | — | — | 9,472 |  | 9,472 |
| Other income, net | — | — | — | — | (3,740) |  | (3,740) |
| Total expenses and other income | 141,488 | 74,770 | 10,967 | 23,639 | 110,364 |  | 361,228 |
| Income (loss) before income taxes | $112,018 | $46,973 | $17,894 | $45,979 | $(110,385) |  | $112,479 |

(1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

| Revenue: | Three Months Ended September 30, 2024 U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/Intersegment Eliminations |  | Consolidated |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Retail merchandise sales | $235,037 | $129,081 | $— | $— | $(977) | (1) | $363,141 |
| Pawn loan fees | 128,393 | 58,168 | — | — | — |  | 186,561 |
| Leased merchandise income | — | — | — | 188,560 | — |  | 188,560 |
| Interest and fees on finance receivables | — | — | — | 61,198 | — |  | 61,198 |
| Wholesale scrap jewelry sales | 26,685 | 11,176 | — | — | — |  | 37,861 |
| Total revenue | 390,115 | 198,425 | — | 249,758 | (977) |  | 837,321 |
| Cost of revenue: |  |  |  |  |  |  |  |
| Cost of retail merchandise sold | 134,966 | 83,729 | — | — | (517) | (1) | 218,178 |
| Depreciation of leased merchandise | — | — | — | 105,308 | (380) | (1) | 104,928 |
| Provision for lease losses | — | — | — | 39,268 | (97) | (1) | 39,171 |
| Provision for loan losses | — | — | — | 40,557 | — |  | 40,557 |
| Cost of wholesale scrap jewelry sold | 21,393 | 8,487 | — | — | — |  | 29,880 |
| Total cost of revenue | 156,359 | 92,216 | — | 185,133 | (994) |  | 432,714 |
| Net revenue | 233,756 | 106,209 | — | 64,625 | 17 |  | 404,607 |
| Expenses and other income: |  |  |  |  |  |  |  |
| Operating expenses | 128,104 | 63,062 | — | 33,760 | — |  | 224,926 |
| Administrative expenses | — | — | — | — | 42,237 |  | 42,237 |
| Depreciation and amortization | 7,365 | 4,676 | — | 679 | 13,213 |  | 25,933 |
| Interest expense | — | — | — | — | 27,424 |  | 27,424 |
| Interest income | — | — | — | — | (403) |  | (403) |
| Loss on foreign exchange | — | — | — | — | 882 |  | 882 |
| Merger and acquisition expenses | — | — | — | — | 225 |  | 225 |
| Other income, net | — | — | — | — | (1,797) |  | (1,797) |
| Total expenses and other income | 135,469 | 67,738 | — | 34,439 | 81,781 |  | 319,427 |
| Income (loss) before income taxes | $98,287 | $38,471 | $— | $30,186 | $(81,764) |  | $85,180 |

(1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

The following tables detail earning assets, which consist of pawn loans and inventories as well as other earning asset metrics of the Company’s pawn segments, as of September 30, 2025 compared to September 30, 2024 (dollars in thousands, except as otherwise noted):

| Earning assets: | As of September 30, 2025 U.S. Pawn | Latin America Pawn | U.K. Pawn | Total Pawn |
| --- | ---: | ---: | ---: | ---: |
| Pawn loans | $426,288 | $173,203 | $188,639 | $788,130 |
| Inventories | 266,452 | 124,081 | 65,740 | 456,273 |
|  | $692,740 | $297,284 | $254,379 | $1,244,403 |
| Average outstanding pawn loan amount (in ones) | $290 | $100 | $768 | $229 |
| Composition of pawn collateral: |  |  |  |  |
| Jewelry | 72% | 42% | 98% | 72% |
| General merchandise | 28% | 58% | 2% | 28% |
|  | 100% | 100% | 100% | 100% |
| Composition of inventories: |  |  |  |  |
| Jewelry | 59% | 40% | 99% | 60% |
| General merchandise | 41% | 60% | 1% | 40% |
|  | 100% | 100% | 100% | 100% |
| Percentage of inventory aged greater than one year | 1.9% | 1.4% | 7.9% | 2.6% |
| Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 2.8 times | 3.9 times | 2.6 times | 3.1 times |
| Store count | 1,193 | 1,832 | 286 | 3,311 |
| Weighted-average store count for the three months ended September 30 | 1,193 | 1,832 | 191 | 3,216 |
| Weighted-average store count for the nine months ended September 30 | 1,196 | 1,829 | 64 | 3,089 |

| Earning assets: | As of September 30, 2024 U.S. Pawn | Latin America Pawn | U.K. Pawn | Total Pawn |
| --- | ---: | ---: | ---: | ---: |
| Pawn loans | $380,962 | $136,915 | **$—** | $517,877 |
| Inventories | 238,668 | 95,726 | **—** | 334,394 |
|  | $619,630 | $232,641 | **$—** | $852,271 |
| Average outstanding pawn loan amount (in ones) | $264 | $85 | **$—** | $170 |
| Composition of pawn collateral: |  |  |  |  |
| Jewelry | 70% | 38% | —% | 62% |
| General merchandise | 30% | 62% | —% | 38% |
|  | 100% | 100% | —% | 100% |
| Composition of inventories: |  |  |  |  |
| Jewelry | 57% | 30% | —% | 49% |
| General merchandise | 43% | 70% | —% | 51% |
|  | 100% | 100% | —% | 100% |
| Percentage of inventory aged greater than one year | 1.5% | 1.2% | —% | 1.5% |
| Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 2.8 times | 4.2 times | — | 3.2 times |
| Store count | 1,201 | 1,824 | — | 3,025 |
| Weighted-average store count for the three months ended September 30 | 1,201 | 1,823 | — | 3,024 |
| Weighted-average store count for the nine months ended September 30 | 1,194 | 1,820 | — | 3,014 |

28

The following table details retail POS payment solutions gross transaction volumes originated during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 (in thousands):

|  | Three Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Leased merchandise | **$104,772** | $143,146 |
| Finance receivables | **144,012** | 142,910 |
| Total gross transaction volume | **$248,784** | $286,056 |

The following table details retail POS payment solutions earning assets as of September 30, 2025 as compared to September 30, 2024 (in thousands):

| Leased merchandise, net: | As of September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Leased merchandise, before allowance for lease losses | **$164,215** | $231,796 |
| Less allowance for lease losses | **(64,306)** | (93,823) |
| Leased merchandise, net (1) | **$99,909** | $137,973 |
| Finance receivables, net: |  |  |
| Finance receivables, before allowance for loan losses | **$268,855** | $232,948 |
| Less allowance for loan losses | **(115,721)** | (109,197) |
| Finance receivables, net | **$153,134** | $123,751 |

(1) Includes $0.2 million of intersegment transactions as of both September 30, 2025 and 2024 related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores that are eliminated upon consolidation.

The following table details retail POS payment solutions changes in the allowance for lease and loan losses and other portfolio metrics for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

| Leased merchandise portfolio metrics: | Three Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Provision rate (1) | **26.7%** | 27.4% |
| Average monthly net charge-off rate (2) | **6.7%** | 6.8% |
| Delinquency rate (3) | **25.5%** | 23.6% |
| Finance receivables portfolio metrics: |  |  |
| Provision rate (1) | **28.0%** | 28.4% |
| Average monthly net charge-off rate (2) | **5.2%** | 4.8% |
| Delinquency rate (3) | **22.4%** | 19.4% |

(1) Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(2) Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(3) Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

#### U.S. Pawn Segment

#### Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 8% to $253.0 million during the third quarter of 2025 compared to $235.0 million for the third quarter of 2024. Same-store retail sales increased 7% in the third quarter of 2025 compared to the third quarter of 2024. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the third quarter of 2025 compared to the third quarter of 2024. The gross profit margin on retail merchandise sales in the U.S. was 43% during both the third quarter of 2025 and 2024.

U.S. inventories increased 12% to $266.5 million at September 30, 2025 compared to $238.7 million at September 30, 2024. The increase was primarily due to increases in pawn loan receivable balances creating more forfeited inventory. Inventories aged greater than one year in the U.S. were 1.9% at September 30, 2025 compared to 1.5% at September 30, 2024.

#### Pawn Lending Operations

U.S. pawn loan receivables as of September 30, 2025 increased 12% in total and 13% on a same-store basis compared to September 30, 2024. The Company believes the increase in same-store pawn receivables was primarily due to continued strong customer demand from a combination of more customer transactions and larger loan amounts requested by the Company’s customers.

U.S. pawn loan fees increased 8% to $138.9 million during the third quarter of 2025 compared to $128.4 million for the third quarter of 2024. Same-store pawn loan fees increased 9% in the third quarter of 2025 compared to the third quarter of 2024. The increase in total and same-store pawn loan fees was due to the higher pawn loan balances.

#### Segment Expenses

U.S. operating expenses increased 4% to $133.0 million during the third quarter of 2025 compared to $128.1 million during the third quarter of 2024 while same-store operating expenses also increased 4% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

#### Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the third quarter of 2025 was $112.0 million, which generated a pre-tax segment operating margin of 26% compared to $98.3 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

#### Latin America Pawn Segment

Latin America segment pre-tax operating income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 benefited from a 2% favorable change in the average value of the Mexican peso compared to the U.S. dollar. The translated value of Latin American earning assets as of September 30, 2025 compared to September 30, 2024 also benefited from a 6% favorable change in the end-of-period Mexican peso compared to the U.S. dollar. Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

#### Retail Merchandise Sales Operations

Latin America retail merchandise sales increased 12% (10% on a constant currency basis) to $144.6 million during the third quarter of 2025 compared to $129.1 million for the third quarter of 2024. Same-store retail sales increased 11% (10% on a constant currency basis) during the third quarter of 2025 compared to the third quarter of 2024. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the third quarter of 2025 compared to the third quarter of 2024. The gross profit margin on retail merchandise sales was 36% during the third quarter of 2025 compared to 35% during the third quarter of 2024.

Latin America inventories increased 30% (22% on a constant currency basis) to $124.1 million at September 30, 2025 compared to $95.7 million at September 30, 2024. The increase in constant currency inventories was primarily due to increases in pawn loan receivable balances over the past several quarters creating more forfeited inventory and a slightly increased mix of higher value jewelry inventory. Inventories aged greater than one year in Latin America were 1.4% at September 30, 2025 compared to 1.2% at September 30, 2024.

#### Pawn Lending Operations

Latin America pawn loan receivables increased 27% (19% on a constant currency basis) as of September 30, 2025 compared to September 30, 2024. On a same-store basis, pawn loan receivables increased 25% (18% on a constant currency basis) as of September 30, 2025 compared to September 30, 2024. The increase in constant currency total and same-store pawn receivables is primarily due to increasing demand for pawn loans and larger loan sizes, driven in part by higher gold prices and a slightly increased mix of higher value jewelry loans.

Latin America pawn loan fees increased 16% (14% on a constant currency basis), totaling $67.2 million during the third quarter of 2025 compared to $58.2 million for the third quarter of 2024. Same-store pawn fees increased 15% (13% on a constant currency basis) in the third quarter of 2025 compared to the third quarter of 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

#### Segment Expenses

Operating expenses increased 12% (10% on a constant currency basis) to $70.3 million during the third quarter of 2025 compared to $63.1 million during the third quarter of 2024. Same-store operating expenses also increased 12% (10% on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

#### Segment Pre-Tax Operating Income

The segment pre-tax operating income for the third quarter of 2025 was $47.0 million, which generated a pre-tax segment operating margin of 20% compared to $38.5 million and 19% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected increased net revenue, partially offset by an increase in segment expenses.

#### U.K. Pawn Segment

The segment contribution reflects the results of operations of H&T for the period August 14, 2025 to September 30, 2025 as a result of the completion of the H&T Acquisition on August 14, 2025. See Note 3 of Notes to Consolidated Financial Statements for additional information about the H&T Acquisition.

The U.K. pawn segment contributed $55.0 million in revenue and $17.9 million in pre-tax segment operating income for the third quarter of 2025. The resulting pre-tax segment operating margin was 33%.

#### Retail POS Payment Solutions Segment

#### LTO Operations

Leased merchandise, before allowance for lease losses, decreased 29% to $164.2 million as of September 30, 2025 compared to $231.8 million as of September 30, 2024. The decrease was primarily due to reduced originations resulting from the bankruptcy filings in late 2024 for two of AFF’s larger retail furniture merchant partners, American Freight (“A-Freight”) and Conn’s Home Plus (“Conn’s”).

The allowance for lease losses decreased 31% to $64.3 million as of September 30, 2025 compared to $93.8 million as of September 30, 2024, which was primarily due to the decrease in leased merchandise. As a percentage of lease merchandise, the allowance was 39% at September 30, 2025 and 40% at September 30, 2024.

Leased merchandise income decreased 30% to $132.5 million during the third quarter of 2025 compared to $188.6 million during the third quarter of 2024, which was primarily due to lower average leased merchandise balances outstanding during the third quarter of 2025 compared to the third quarter of 2024.

Depreciation of leased merchandise decreased 28% to $76.3 million during the third quarter of 2025 compared to $105.3 million during the third quarter of 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise increased slightly to 58% during the third quarter of 2025 from 56% during the third quarter of 2024.

Provision for lease losses decreased 29% to $28.0 million during the third quarter of 2025 compared to $39.3 million during the third quarter of 2024, which was primarily due to the 27% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for lease losses was 27% during both the third quarter of 2025 and 2024.

#### Retail Finance Operations

Finance receivables, before allowance for loan losses, increased 15% as of September 30, 2025 compared to September 30, 2024. The increase was primarily due to increased gross transaction volumes in certain non-furniture industry verticals over the past twelve months.

The allowance for loan losses increased 6% to $115.7 million as of September 30, 2025 compared to $109.2 million as of September 30, 2024, which was primarily due to the increase in finance receivables, partially offset by lower loan loss provisioning rates used during the third quarter of 2025 compared to the third quarter of 2024. As a percentage of finance receivables, the allowance was 43% at September 30, 2025 compared to 47% at September 30, 2024.

Interest and fees on finance receivables increased 33% to $81.7 million during the third quarter of 2025 compared to $61.2 million during the third quarter of 2024. The increase was primarily due to higher average finance receivable balances outstanding during the third quarter of 2025 compared to the third quarter of 2024, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates.

Provision for loan losses decreased 1% to $40.3 million during the third quarter of 2025 compared to $40.6 million during the third quarter of 2024, which was relatively consistent with the slight increase in gross transaction volume. As a percentage of gross transaction volume, the provision for loan losses was 28% during both the third quarter of 2025 and 2024.

#### Segment Expenses

Operating expenses decreased 32% to $23.0 million during the third quarter of 2025 compared to $33.8 million during the third quarter of 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships along with continued realization of operating synergies, primarily in technology and development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the third quarter of 2025 compared to 14% during the third quarter of 2024.

#### Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the third quarter of 2025 was $46.0 million compared to $30.2 million in the third quarter of 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

#### Corporate Expenses and Taxes

Administrative expenses increased 39% to $58.8 million during the third quarter of 2025 compared to $42.2 million in the third quarter of 2024, primarily due to the addition of administrative expenses of H&T, increased variable compensation, general inflationary impacts and a 2% change in the average value of the Mexican peso resulting in higher U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% in the third quarter of 2025 compared to 5% during the third quarter of 2024.

Depreciation and amortization increased 11% to $14.7 million during the third quarter of 2025 compared to $13.2 million in the third quarter of 2024, primarily due to the addition of depreciation and amortization expenses of H&T during the third quarter of 2025.

Interest expense increased 17% to $32.2 million during the third quarter of 2025 compared to $27.4 million in the third quarter of 2024, primarily due to higher average total long-term debt balances outstanding. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Merger and acquisition expenses were $9.5 million during the third quarter of 2025 compared to $0.2 million in the third quarter of 2024. The increase was due primarily to expenses associated with the H&T Acquisition.

### Operating Results for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

The following tables present segment information for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (in thousands). Operating expenses include salary and benefit expenses of pawn store-level employees and certain of AFF’s operations-focused departments, occupancy costs, bank and other payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs, security, insurance, utilities, supplies, other costs incurred by the pawn stores and other operational costs incurred by AFF. Administrative expenses and amortization expense of acquired intangible assets are not included in the segment pre-tax operating income.

| Revenue: | Nine Months Ended September 30, 2025 U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/Intersegment Eliminations |  | Consolidated |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Retail merchandise sales | $754,106 | $401,132 | $14,066 | $— | $(2,155) | (1) | $1,167,149 |
| Pawn loan fees | 407,763 | 180,996 | 15,022 | — | — |  | 603,781 |
| Leased merchandise income | — | — | — | 429,242 | — |  | 429,242 |
| Interest and fees on finance receivables | — | — | — | 231,171 | — |  | 231,171 |
| Wholesale scrap jewelry sales | 107,839 | 37,580 | 23,272 | — | — |  | 168,691 |
| Other revenue | — | — | 2,590 | — | — |  | 2,590 |
| Total revenue | 1,269,708 | 619,708 | 54,950 | 660,413 | (2,155) |  | 2,602,624 |
| Cost of revenue: |  |  |  |  |  |  |  |
| Cost of retail merchandise sold | 434,318 | 259,249 | 10,755 | — | (1,149) | (1) | 703,173 |
| Depreciation of leased merchandise | — | — | — | 243,925 | (806) | (1) | 243,119 |
| Provision for lease losses | — | — | — | 88,276 | (251) | (1) | 88,025 |
| Provision for loan losses | — | — | — | 118,468 | — |  | 118,468 |
| Cost of wholesale scrap jewelry sold | 92,009 | 31,770 | 14,700 | — | — |  | 138,479 |
| Other cost of revenue | — | — | 634 | — | — |  | 634 |
| Total cost of revenue | 526,327 | 291,019 | 26,089 | 450,669 | (2,206) |  | 1,291,898 |
| Net revenue | 743,381 | 328,689 | 28,861 | 209,744 | 51 |  | 1,310,726 |
| Expenses and other income: |  |  |  |  |  |  |  |
| Operating expenses | 395,790 | 196,158 | 10,225 | 71,434 | — |  | 673,607 |
| Administrative expenses | — | — | — | — | 166,631 |  | 166,631 |
| Depreciation and amortization | 24,155 | 13,173 | 742 | 2,091 | 40,239 |  | 80,400 |
| Interest expense | — | — | — | — | 86,024 |  | 86,024 |
| Interest income | — | — | — | — | (2,664) |  | (2,664) |
| Gain on foreign exchange | — | — | — | — | (1,504) |  | (1,504) |
| Merger and acquisition expenses | — | — | — | — | 12,711 |  | 12,711 |
| Other income, net | — | — | — | — | (9,254) |  | (9,254) |
| Total expenses and other income | 419,945 | 209,331 | 10,967 | 73,525 | 292,183 |  | 1,005,951 |
| Income (loss) before income taxes | $323,436 | $119,358 | $17,894 | $136,219 | $(292,132) |  | $304,775 |

(1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

| Revenue: | Nine Months Ended September 30, 2024 U.S. Pawn | Latin America Pawn | U.K. Pawn | Retail POS Payment Solutions | Corporate/Intersegment Eliminations |  | Consolidated |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Retail merchandise sales | $702,120 | $394,375 | $— | $— | $(3,070) | (1) | $1,093,425 |
| Pawn loan fees | 371,699 | 175,443 | — | — | — |  | 547,142 |
| Leased merchandise income | — | — | — | 588,801 | — |  | 588,801 |
| Interest and fees on finance receivables | — | — | — | 175,384 | — |  | 175,384 |
| Wholesale scrap jewelry sales | 70,722 | 29,229 | — | — | — |  | 99,951 |
| Total revenue | 1,144,541 | 599,047 | — | 764,185 | (3,070) |  | 2,504,703 |
| Cost of revenue: |  |  |  |  |  |  |  |
| Cost of retail merchandise sold | 407,329 | 254,188 | — | — | (1,663) | (1) | 659,854 |
| Depreciation of leased merchandise | — | — | — | 336,649 | (1,280) | (1) | 335,369 |
| Provision for lease losses | — | — | — | 130,272 | (438) | (1) | 129,834 |
| Provision for loan losses | — | — | — | 102,091 | — |  | 102,091 |
| Cost of wholesale scrap jewelry sold | 57,928 | 23,783 | — | — | — |  | 81,711 |
| Total cost of revenue | 465,257 | 277,971 | — | 569,012 | (3,381) |  | 1,308,859 |
| Net revenue | 679,284 | 321,076 | — | 195,173 | 311 |  | 1,195,844 |
| Expenses and other income: |  |  |  |  |  |  |  |
| Operating expenses | 372,191 | 198,389 | — | 103,851 | — |  | 674,431 |
| Administrative expenses | — | — | — | — | 132,857 |  | 132,857 |
| Depreciation and amortization | 21,609 | 15,199 | — | 2,078 | 39,621 |  | 78,507 |
| Interest expense | — | — | — | — | 78,029 |  | 78,029 |
| Interest income | — | — | — | — | (1,407) |  | (1,407) |
| Loss on foreign exchange | — | — | — | — | 2,133 |  | 2,133 |
| Merger and acquisition expenses | — | — | — | — | 2,186 |  | 2,186 |
| Other income, net | — | — | — | — | (4,135) |  | (4,135) |
| Total expenses and other income | 393,800 | 213,588 | — | 105,929 | 249,284 |  | 962,601 |
| Income (loss) before income taxes | $285,484 | $107,488 | $— | $89,244 | $(248,973) |  | $233,243 |

(1) Represents the elimination of intersegment transactions related to the Company offering AFF’s LTO payment solution in its U.S. pawn stores.

The following table details retail POS payment solutions gross transaction volumes originated during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 (dollars in thousands):

|  | Nine Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Leased merchandise | **$309,594** | $444,045 |
| Finance receivables | **435,217** | 350,332 |
| Total gross transaction volume | **$744,811** | $794,377 |

The following table details retail POS payment solutions changes in the allowance for lease and loan losses and other portfolio metrics for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024:

| Leased merchandise portfolio metrics: | Nine Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Provision rate (1) | **28.5%** | 29.3% |
| Average monthly net charge-off rate (2) | **6.2%** | 5.9% |
| Delinquency rate (3) | **25.5%** | 23.6% |
| Finance receivables portfolio metrics: |  |  |
| Provision rate (1) | **27.2%** | 29.1% |
| Average monthly net charge-off rate (2) | **4.8%** | 4.5% |
| Delinquency rate (3) | **22.4%** | 19.4% |

(1) Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

(2) Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

(3) Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

#### U.S. Pawn Segment

#### Retail Merchandise Sales Operations

U.S. retail merchandise sales increased 7% to $754.1 million during the nine months ended September 30, 2025 compared to $702.1 million for the nine months ended September 30, 2024. Same-store retail sales increased 6% during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in total and same-store retail sales was primarily due to continued strong demand for value priced merchandise and increased inventory levels during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The gross profit margin on retail merchandise sales in the U.S. was 42% during both the nine months ended September 30, 2025 and 2024.

#### Pawn Lending Operations

U.S. pawn loan fees increased 10% to $407.8 million during the nine months ended September 30, 2025 compared to $371.7 million for the nine months ended September 30, 2024. Same-store pawn loan fees increased 9% during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in total and same-store pawn loan fees was primarily due to the higher pawn loan balances.

#### Segment Expenses

U.S. operating expenses increased 6% to $395.8 million during the nine months ended September 30, 2025 compared to $372.2 million during the nine months ended September 30, 2024 while same-store operating expenses increased 5% compared with the prior-year period. The increase in operating expenses was primarily due to increased labor and variable compensation expenses.

#### Segment Pre-Tax Operating Income

The U.S. segment pre-tax operating income for the nine months ended September 30, 2025 was $323.4 million, which generated a pre-tax segment operating margin of 25% compared to $285.5 million and 25% in the prior year, respectively. The increase in the segment pre-tax operating income reflected increased net revenue, partially offset by an increase in segment expenses.

#### Latin America Pawn Segment

Latin America segment pre-tax operating income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was impacted by a 10% unfavorable change in the average value of the Mexican peso compared to the U.S. dollar. See the “Constant Currency Results” section in “Non-GAAP Financial Information” below for additional discussion of constant currency operating results.

#### Retail Merchandise Sales Operations

Latin America retail merchandise sales increased 2% (12% on a constant currency basis) to $401.1 million during the nine months ended September 30, 2025 compared to $394.4 million for the nine months ended September 30, 2024. Same-store retail sales increased 1% (11% on a constant currency basis) during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in constant currency total and same-store retail sales was primarily due to strong demand for value priced merchandise and increased inventory levels during the nine months ended September 30, 2025 compared to nine months ended September 30, 2024. The gross profit margin on retail merchandise sales was 35% during the nine months ended September 30, 2025 and 36% during the nine months ended September 30, 2024.

#### Pawn Lending Operations

Latin America pawn loan fees increased 3% (13% on a constant currency basis) totaling $181.0 million during the nine months ended September 30, 2025 compared to $175.4 million for the nine months ended September 30, 2024. Same-store pawn fees increased 2% (12% on a constant currency basis) during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The constant currency increase in total and same-store pawn loan fees was primarily due to increased constant currency pawn receivables.

#### Segment Expenses

Operating expenses decreased 1% (8% increase on a constant currency basis) to $196.2 million during the nine months ended September 30, 2025 compared to $198.4 million during the nine months ended September 30, 2024. Same-store operating expenses also decreased 1% (8% increase on a constant currency basis) compared to the prior-year period. The constant currency increase in total and same-store operating expenses was primarily driven by general inflationary impacts and continued increases in the federally mandated minimum wage.

#### Segment Pre-Tax Operating Income

The segment pre-tax operating income for the nine months ended September 30, 2025 was $119.4 million, which generated a pre-tax segment operating margin of 19% compared to $107.5 million and 18% in the prior year, respectively. The increase in the segment pre-tax operating income and margin reflected the increase in net revenue and a decrease in operating expenses.

#### U.K. Pawn Segment

The segment contribution reflects the results of operations of H&T for the period August 14, 2025 to September 30, 2025 as a result of the completion of the H&T Acquisition on August 14, 2025. See Note 3 of Notes to Consolidated Financial Statements for additional information about the H&T Acquisition.

The U.K. pawn segment contributed $55.0 million in revenue and $17.9 million in pre-tax segment operating income for the nine months ended September 30, 2025. The resulting pre-tax segment operating margin was 33%.

#### Retail POS Payment Solutions Segment

#### LTO Operations

Leased merchandise income decreased 27% to $429.2 million during the nine months ended September 30, 2025 compared to $588.8 million for the nine months ended September 30, 2024, which was primarily due to lower average leased merchandise balances outstanding during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Depreciation of leased merchandise decreased 28% to $243.9 million during the nine months ended September 30, 2025 compared to $336.6 million during the nine months ended September 30, 2024, primarily due to the decrease in leased merchandise balances outstanding. As a percentage of leased merchandise income, depreciation of leased merchandise was 57% during both the nine months ended September 30, 2025 and 2024.

Provision for lease losses decreased 32% to $88.3 million during the nine months ended September 30, 2025 compared to $130.3 million for the nine months ended September 30, 2024, which was primarily due to the 30% decrease in gross transaction volumes. As a percentage of gross transaction volume, the provision for lease losses was 29% during both the nine months ended September 30, 2025 and 2024.

#### Retail Finance Operations

Interest and fees on finance receivables increased 32% to $231.2 million during the nine months ended September 30, 2025 compared to $175.4 million for the nine months ended September 30, 2024. The increase was primarily due to higher average finance receivable balances outstanding during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, partially offset by a slight decline in portfolio yield primarily as a result of AFF expanding its offerings and merchant relationships in certain services sector verticals over the past twelve months, some of which are provided at lower interest rates.

Provision for loan losses increased 16% to $118.5 million during the nine months ended September 30, 2025 compared to $102.1 million for the nine months ended September 30, 2024, which was primarily due to the 24% increase in gross transaction volume, partially offset by a decrease in the net provisioning rates used during the nine months ended September 30, 2025 based on lower than expected charge-off rates on older vintages. As a percentage of gross transaction volume, the provision for loan losses decreased to 27% during the nine months ended September 30, 2025 compared to 29% during the nine months ended September 30, 2024.

#### Segment Expenses

Operating expenses decreased 31% to $71.4 million during the nine months ended September 30, 2025 compared to $103.9 million during the nine months ended September 30, 2024. The decrease was primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships along with continued realization of operating synergies, primarily in technology and software development infrastructure, coupled with other cost reduction initiatives. As a percentage of segment revenues, operating expenses decreased to 11% during the nine months ended September 30, 2025 from 14% during the nine months ended September 30, 2024.

#### Segment Pre-Tax Operating Income

The retail POS payment solutions segment pre-tax operating income for the nine months ended September 30, 2025 was $136.2 million compared to $89.2 million in the nine months ended September 30, 2024. The increase was primarily the result of the increase in segment net revenue and a decrease in operating expenses.

#### Corporate Expenses and Taxes

Administrative expenses increased 25% to $166.6 million during the nine months ended September 30, 2025 compared to $132.9 million during the nine months ended September 30, 2024, primarily due to the $11.0 million CFPB litigation settlement accrued for in the second quarter of 2025, the incremental administrative expenses of H&T since the acquisition date, increased variable compensation expense and general inflationary impacts, partially offset by a 10% change in the average value of the Mexican peso resulting in lower U.S. dollar translated administrative expenses in Latin America. As a percentage of revenue, administrative expenses were 6% during the nine months ended September 30, 2025 compared to 5% during the nine months ended September 30, 2024.

Depreciation and amortization increased 2% to $40.2 million during the nine months ended September 30, 2025 compared to $39.6 million in the nine months ended September 30, 2024, primarily due to the addition of depreciation and amortization expenses of H&T during the nine months ended September 30, 2025.

Interest expense increased 10% to $86.0 million during the nine months ended September 30, 2025 compared to $78.0 million for the nine months ended September 30, 2024, primarily due to higher average total long-term debt balances outstanding. See Note 8 of Notes to Consolidated Financial Statements and “Liquidity and Capital Resources.”

Merger and acquisition expenses were $12.7 million during the nine months ended September 30, 2025 compared to $2.2 million in the nine months ended September 30, 2024. The increase was due primarily to expenses associated with the H&T Acquisition.

### LIQUIDITY AND CAPITAL RESOURCES

### Material Capital Requirements

The Company’s primary capital requirements include the:

- Expansion of pawn operations through growth of pawn receivables and inventories in existing stores, new store openings, strategic acquisitions of pawn stores and purchases of underlying real estate at new and existing locations;
- Expansion of retail POS payment solutions operations through growth of the business generated from new and existing merchant partners; and
- Return of capital to shareholders through dividends and stock repurchases.

Other material capital requirements include operating expenses (see Note 4 of Notes to Consolidated Financial Statements regarding operating lease commitments), maintenance capital expenditures related to its facilities, technology platforms, general corporate operating activities, income tax payments and debt service, among others. The Company believes that net cash provided by operating activities and available and unused funds under its revolving unsecured and secured credit facilities will be adequate to meet its liquidity and capital needs for these items over the next 12 months and also in the longer-term beyond the next 12 months.

#### Expand Pawn Operations

The Company intends to continue expansion of its pawn operations through growth of pawn receivables and inventories in existing stores along with new store openings and acquisitions.

On August 14, 2025, the Company completed its previously announced acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations. Under the terms of the H&T Acquisition, H&T shareholders received 650 pence per share in cash. The total equity value for the H&T Acquisition, including cash consideration for the shares, was £289.1 million ($392.4 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36). H&T had outstanding indebtedness of £79.6 million as of August 14, 2025 ($108.0 million USD using the August 13, 2025 closing GBP/USD exchange rate of 1.36), which the Company assumed upon closing. The Company also incurred, and expects to incur additional costs, expenses and fees for professional services, financing and other transaction and integration costs in connection with the H&T Acquisition. The substantial majority of these costs will be non-recurring expenses relating to the H&T Acquisition. The Company financed the H&T Acquisition and other costs with available funds under the Credit Facility.

During the nine months ended September 30, 2025, the Company also acquired six pawn stores in the U.S. for a cumulative purchase price of $35.1 million, net of cash acquired and subject to future post-closing adjustments. The Company evaluates potential acquisitions based upon growth potential, purchase price, available liquidity, strategic fit and quality of management personnel, among other factors. During the nine months ended September 30, 2025, the Company also opened 21 new stores in Latin America and two new stores in the U.S.

The Company currently has no other contractual commitments for materially significant future acquisitions, business combinations or capital commitments. For the full year of 2025, the Company expects to continue adding store locations through new store openings and acquisitions. Future store openings and acquisitions are subject to the Company’s ability to identify acquisition opportunities and new location sites in markets with attractive demographics and favorable regulatory environments.

Although viewed by management as a discretionary expenditure not required to operate its pawn stores, the Company may continue to strategically purchase real estate from its landlords at existing stores or in conjunction with pawn store acquisitions as opportunities arise at reasonable valuations. The Company purchased the real estate at 33 store locations, primarily from landlords at existing stores, for a cumulative purchase price of $44.2 million during the nine months ended September 30, 2025.

#### Expand Retail POS Payment Solutions Operations

AFF expects to expand its business primarily by promoting and expanding relationships with both new and existing customers and retail merchant partners. In addition, AFF has made, and intends to continue to make, investments in its customer and merchant support operations and facilities, its technology platforms and its proprietary decisioning platforms and processes. In addition to utilizing cash flows generated from its own operations to fund expected 2025 growth, AFF has access to the additional sources of liquidity described below if needed to fund further expansion activities.

#### Return of Capital to Shareholders

In October 2025, the Company’s Board of Directors declared a $0.42 per share fourth quarter cash dividend on common shares outstanding, or an aggregate of $18.5 million based on the September 30, 2025 share count, to be paid on November 26, 2025 to stockholders of record as of November 14, 2025. While the Company currently expects to continue the payment of quarterly cash dividends, the amount, declaration and payment of cash dividends in the future (quarterly or otherwise) will be made by the Board of Directors, from time to time, subject to the Company’s financial condition, results of operations, business requirements, compliance with legal requirements, debt covenant restrictions and other relevant factors.

During the nine months ended September 30, 2025, the Company repurchased a total of 755,000 shares of common stock at an aggregate cost of $89.6 million and an average cost per share of $118.62. During the nine months ended September 30, 2024, the Company repurchased 721,000 shares of common stock at an aggregate cost of $85.0 million and an average cost per share of $117.90. The aggregate cost and average cost per share do not include the effect of the 1% excise tax on certain share repurchases enacted under the Inflation Reduction Act of 2022. The Company incurred $0.9 million of excise taxes during both the nine months ended September 30, 2025 and 2024, respectively.

In October 2025, the Board of Directors approved a new share repurchase authorization of up to $150.0 million of common shares. Additionally, the Company has $25.4 million available under the $200 million share repurchase program authorized in July 2023, bringing the total current amount available for share repurchases to $175.4 million. The Company intends to continue repurchases under its active share repurchase program, including through open market transactions under trading plans in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), subject to a variety of factors, including, but not limited to, the level of cash balances, liquidity needs, credit availability, debt covenant restrictions, general business and economic conditions, regulatory requirements, the market price of the Company’s stock, the Company’s dividend policy and the availability of acquisitions or other alternative investment opportunities.

### Sources of Liquidity

The Company regularly evaluates opportunities to optimize its capital structure, including through consideration of the issuance of debt or equity, to refinance existing debt and to enter into interest rate hedge transactions, such as interest rate swap agreements. As of September 30, 2025, the Company’s primary sources of liquidity were $130.2 million in cash and cash equivalents, $155.0 million of available and unused funds under the Company’s revolving unsecured credit facilities and $16.7 million of available and unused funds under the Company’s revolving secured credit facility, subject to certain financial covenants (see Note 8 of Notes to Consolidated Financial Statements). The Company had working capital of $1,433.1 million as of September 30, 2025.

The Company’s cash and cash equivalents as of September 30, 2025 included $44.2 million held by its foreign subsidiaries. These cash balances, which are primarily held in Mexican pesos and British pound sterling, are associated with foreign earnings the Company has asserted are indefinitely reinvested and which the Company plans to use to support its continued growth plans outside the U.S. through funding of capital expenditures, acquisitions, operating expenses or other similar cash needs of the Company’s foreign operations.

The Company’s liquidity is affected by a number of factors, including changes in general customer traffic and demand, pawn loan balances, loan-to-value ratios, collection of pawn fees, merchandise sales, inventory levels, LTO merchandise, finance receivable balances, collection of lease and finance receivable payments, seasonality, operating expenses, administrative expenses, expenses related to merger and acquisition activities, litigation-related expenses, tax rates, gold prices, foreign currency exchange rates and the pace of new pawn store expansion and acquisitions. Additionally, a prolonged reduction in earnings and EBITDA could limit the Company’s future ability to fully borrow on its credit facilities under current leverage covenants. Regulatory developments affecting the Company’s operations may also impact profitability and liquidity. See “Governmental Regulation.”

If needed, the Company could seek to raise additional funds from a variety of sources, including, but not limited to, the sale of assets, reductions in operating expenses, capital expenditures and dividends, the forbearance or deferral of operating expenses, the issuance of debt or equity securities, utilizing other structured financing arrangements, the leveraging of currently unencumbered real estate owned by the Company and/or changes to its management of current assets. The characteristics of the Company’s current assets, specifically the ability to rapidly liquidate gold jewelry inventory, which accounts for 60% of total inventory, give the Company flexibility to quickly increase cash flow if necessary.

### Cash Flows and Liquidity Metrics

The following tables set forth certain historical information with respect to the Company’s sources and uses of cash and other key indicators of liquidity (dollars in thousands):

|  | Nine Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Cash flow provided by operating activities | **$379,297** | $341,809 |
| Cash flow used in investing activities | **$(662,413)** | $(335,483) |
| Cash flow provided by (used in) financing activities | **$225,644** | $(19,187) |

|  | As of September 30, 2025 | 2024 |
| --- | ---: | ---: |
| Working capital | **$1,433,101** | $1,020,877 |
| Current ratio | **5.0:1** | 4.3:1 |

41

#### Cash Flow Provided by Operating Activities

Net cash provided by operating activities increased $37.5 million, or 11%, from $341.8 million for the nine months ended September 30, 2024 to $379.3 million for the nine months ended September 30, 2025 due to net changes in certain non-cash adjustments to reconcile net income to operating cash flow and net changes in other operating assets and liabilities (as detailed in the consolidated statements of cash flows) and an increase in net income of $50.9 million.

#### Cash Flow Used in Investing Activities

Net cash used in investing activities increased $326.9 million, or 97%, from $335.5 million for the nine months ended September 30, 2024 to $662.4 million for the nine months ended September 30, 2025. Cash flows from investing activities are utilized primarily to fund pawn store acquisitions, purchase furniture, fixtures, equipment and improvements, which includes capital expenditures for improvements to existing stores and for new pawn store openings and other corporate assets, and discretionary purchases of store real property. In addition, cash flows related to the funding of new pawn loans, net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral and changes in net finance receivables, are included in investing activities. The Company paid $37.4 million for furniture, fixtures, equipment and improvements and $44.2 million for discretionary pawn store real property purchases during the nine months ended September 30, 2025 compared to $56.0 million and $54.3 million in the prior-year period, respectively. The Company paid $406.9 million in cash related to pawn store acquisitions during the nine months ended September 30, 2025 compared to $69.2 million during the nine months ended September 30, 2024. The Company funded a net increase in pawn loans of $98.7 million during the nine months ended September 30, 2025 and $69.7 million during the nine months ended September 30, 2024. The Company funded a net increase in finance receivables of $75.2 million during the nine months ended September 30, 2025 and $86.2 million during the nine months ended September 30, 2024.

#### Cash Flow Provided by Financing Activities

Net cash used in financing activities decreased $244.8 million, or 1,276%, from cash used in financing activities of $19.2 million for the nine months ended September 30, 2024 to cash provided by financing activities of $225.6 million for the nine months ended September 30, 2025. Net borrowings on credit facilities were $374.3 million during the nine months ended September 30, 2025 compared to net payments of $368.0 million during the nine months ended September 30, 2024. During the nine months ended September 30, 2024, the Company received $500.0 million in proceeds from the private offering of senior unsecured notes which was used to repay a portion of the outstanding balance on the Credit Facility, after payment of fees and expenses related to the offering. The Company paid debt issuance costs of $10.4 million during the nine months ended September 30, 2024. The Company funded $90.5 million of share repurchases during the nine months ended September 30, 2025 compared to $85.0 million during the nine months ended September 30, 2024. The Company paid dividends of $52.4 million during the nine months ended September 30, 2025 compared to $48.8 million during the nine months ended September 30, 2024. In addition, the Company paid withholding taxes of $5.8 million on net share settlements of restricted stock awards during the nine months ended September 30, 2025 compared to $7.0 million during the nine months ended September 30, 2024.

### GOVERNMENTAL REGULATION

The Company’s pawn and retail POS payment solutions businesses are subject to significant regulation in all of the jurisdictions in which it operates. Existing regulations and regulatory developments are further and more completely described under “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K filed with the SEC on February 3, 2025 and in subsequent documents filed with the SEC. There have been no changes to the significant regulation that the Company’s businesses are subject to that the Company believes would have a material impact on its businesses or results of operation from those described in the Annual Report on Form 10-K for the year ended December 31, 2024.

Actions of the current administration could result in changes in federal policy with significant impacts on the legal and regulatory framework affecting the industries in which the related consumers are involved. These changes, including restructuring and widespread personnel changes at the applicable regulatory agencies, may alter the nature and scope of oversight affecting such industries. The nature, timing and economic and political effects of potential changes affecting such industries generally remains uncertain and it is possible that such uncertainty may adversely affect the Company.

In addition, the United States, China, Canada, Mexico, European Union and other countries have imposed, or threatened to impose, new or enhanced tariffs, quotas, trade barriers and other restrictions on imports into their respective territories. Numerous trade restrictions are currently in effect and such restrictions, coupled with the risk of retaliatory steps taken in response to such restrictions, could potentially serve to depress economic activity generally in the United States, adversely affecting consumers and contributing to general market volatility.

### NON-GAAP FINANCIAL INFORMATION

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than GAAP, primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

### Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

*In Thousands*

*In Thousands*

*In Thousands*

*In Thousands*

|  | Three Months Ended September 30, 2025 | 2024 | 2025 Per Share | 2024 Per Share | Nine Months Ended September 30, 2025 | 2024 | 2025 Per Share | 2024 Per Share |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net income and diluted earnings per share, as reported | **$82,807** | $64,827 | **$1.86** | $1.44 | **$226,203** | $175,268 | **$5.07** | $3.88 |
| Adjustments, net of tax: |  |  |  |  |  |  |  |  |
| Merger and acquisition expenses | **8,513** | 171 | **0.19** | 0.01 | **11,001** | 1,675 | **0.25** | 0.04 |
| Amortization of acquired intangible assets | **10,613** | 9,572 | **0.24** | 0.21 | **29,129** | 28,717 | **0.65** | 0.63 |
| CFPB litigation settlement | **—** | — | **—** | — | **9,390** | — | **0.21** | — |
| Other (income) expenses, net | **(1,300)** | 609 | **(0.03)** | 0.01 | **(2,691)** | 1,606 | **(0.06)** | 0.03 |
| Adjusted net income and diluted earnings per share | **$100,633** | $75,179 | **$2.26** | $1.67 | **$273,032** | $207,266 | **$6.12** | $4.58 |

44

### Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

|  | Three Months Ended September 30, 2025 | 2024 | Nine Months Ended September 30, 2025 | 2024 | Trailing Twelve Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Net income | **$82,807** | $64,827 | **$226,203** | $175,268 | **$309,750** | $244,857 |
| Income taxes | **29,672** | 20,353 | **78,572** | 57,975 | **104,558** | 79,874 |
| Depreciation and amortization (1) | **29,034** | 25,933 | **80,400** | 78,507 | **106,834** | 106,142 |
| Interest expense | **32,216** | 27,424 | **86,024** | 78,029 | **113,221** | 104,615 |
| Interest income | **(908)** | (403) | **(2,664)** | (1,407) | **(3,192)** | (1,623) |
| EBITDA | **172,821** | 138,134 | **468,535** | 388,372 | **631,171** | 533,865 |
| Adjustments: |  |  |  |  |  |  |
| Merger and acquisition expenses | **9,472** | 225 | **12,711** | 2,186 | **12,753** | 6,438 |
| Purchase accounting and other adjustments (2) | **—** | — | **—** | — | **—** | 13,968 |
| CFPB litigation settlement | **—** | — | **11,000** | — | **11,000** | — |
| Other (income) expenses, net | **(1,739)** | 919 | **(3,683)** | 2,194 | **(676)** | 185 |
| Adjusted EBITDA | **$180,554** | $139,278 | **$488,563** | $392,752 | **$654,248** | $554,456 |

(1) Includes $13.8 million, $37.9 million and $50.3 million of amortization expense related to identifiable intangible assets for the three months, nine months and trailing twelve months ended September 30, 2025, respectively. Includes $12.4 million, $37.3 million and $51.2 million of amortization expense related to identifiable intangible assets for the three months, nine months and trailing twelve months ended September 30, 2024, respectively.

(2) For the twelve months ended September 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

### Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

|  | Three Months Ended September 30, 2025 | 2024 | Nine Months Ended September 30, 2025 | 2024 | Trailing Twelve Months Ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash flow from operating activities | **$135,803** | $113,090 | **$379,297** | $341,809 | **$577,446** | $440,914 |
| Cash flow from certain investing activities: |  |  |  |  |  |  |
| Pawn loans, net (1) | **(68,141)** | (48,836) | **(98,733)** | (69,723) | **(101,009)** | (45,275) |
| Investments in finance receivables | **(103,343)** | (119,579) | **(338,295)** | (290,715) | **(473,397)** | (378,404) |
| Proceeds from finance receivables | **84,164** | 70,956 | **263,139** | 204,529 | **345,113** | 264,770 |
| Purchases of furniture, fixtures, equipment and improvements | **(11,553)** | (13,368) | **(37,419)** | (56,032) | **(49,632)** | (69,457) |
| Free cash flow | **36,930** | 2,263 | **167,989** | 129,868 | **298,521** | 212,548 |
| Merger and acquisition expenses paid, net of tax benefit | **8,513** | 171 | **11,001** | 1,675 | **11,032** | 4,946 |
| Adjusted free cash flow | **$45,443** | $2,434 | **$178,990** | $131,543 | **$309,553** | $217,494 |

(1) Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

### Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this report are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America and the U.K., which are transacted in local currencies in Mexico, Guatemala, Colombia and the U.K. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America and the U.K., consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons.

The following table presents segment information for the Latin America pawn segment for the three and nine month periods ended September 30, 2025 using the exchange rate from the prior-year comparable periods (in thousands):

| Revenue: | Three Months Ended September 30, 2025 U.S. Dollar Basis | Currency Exchange Rate Fluctuations | Constant Currency Basis (Non-GAAP) | Nine Months Ended September 30, 2025 U.S. Dollar Basis | Currency Exchange Rate Fluctuations | Constant Currency Basis (Non-GAAP) |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Retail merchandise sales | $144,644 | $(2,064) | $142,580 | $401,132 | $38,665 | $439,797 |
| Pawn loan fees | 67,199 | (957) | 66,242 | 180,996 | 17,489 | 198,485 |
| Wholesale scrap jewelry sales | 17,831 | — | 17,831 | 37,580 | — | 37,580 |
| Total revenue | 229,674 | (3,021) | 226,653 | 619,708 | 56,154 | 675,862 |
| Cost of revenue: |  |  |  |  |  |  |
| Cost of retail merchandise sold | 92,931 | (1,324) | 91,607 | 259,249 | 24,819 | 284,068 |
| Cost of wholesale scrap jewelry sold | 15,000 | (213) | 14,787 | 31,770 | 3,127 | 34,897 |
| Total cost of revenue | 107,931 | (1,537) | 106,394 | 291,019 | 27,946 | 318,965 |
| Net revenue | 121,743 | (1,484) | 120,259 | 328,689 | 28,208 | 356,897 |
| Segment expenses: |  |  |  |  |  |  |
| Operating expenses | 70,327 | (978) | 69,349 | 196,158 | 18,334 | 214,492 |
| Depreciation and amortization | 4,443 | (61) | 4,382 | 13,173 | 1,190 | 14,363 |
| Total segment expenses | 74,770 | (1,039) | 73,731 | 209,331 | 19,524 | 228,855 |
| Segment pre-tax operating income | $46,973 | $(445) | $46,528 | $119,358 | $8,684 | $128,042 |

The following table presents earning assets for the Latin America pawn segment as of September 30, 2025 using the exchange rate from the prior-year comparable period (in thousands):

| Earning assets: | As of September 30, 2025 U.S. Dollar Basis | Currency Exchange Rate Fluctuations | Constant Currency Basis (Non-GAAP) |
| --- | ---: | ---: | ---: |
| Pawn loans | $173,203 | $(10,442) | $162,761 |
| Inventories | 124,081 | (7,512) | 116,569 |
|  | $297,284 | $(17,954) | $279,330 |

47

The following table provides exchange rates for the Mexican peso, Guatemalan quetzal, Colombian peso and British pound sterling for the current and prior-year periods:

| U.S. dollar / Mexican peso exchange rate: | September 30, 2025 | 2024 | Favorable / (Unfavorable) |
| --- | ---: | ---: | ---: |
| End-of-period | **18.4** | 19.6 | 6% |
| Three months ended | **18.6** | 18.9 | 2% |
| Nine months ended | **19.5** | 17.7 | (10)% |
| U.S. dollar / Guatemalan quetzal exchange rate: |  |  |  |
| End-of-period | **7.7** | 7.7 | —% |
| Three months ended | **7.7** | 7.7 | —% |
| Nine months ended | **7.7** | 7.8 | 1% |
| U.S. dollar / Colombian peso exchange rate: |  |  |  |
| End-of-period | **3,901** | 4,164 | 6% |
| Three months ended | **4,003** | 4,095 | 2% |
| Nine months ended | **4,131** | 3,979 | (4)% |
| British pound sterling / U.S. dollar exchange rate: |  |  |  |
| End-of-period | **1.35** | 1.34 | 1% |
| Three months ended | **1.35** | 1.30 | 4% |
| Nine months ended | **1.31** | 1.28 | 2% |

## Market risk

As filed, 606 characters.

Market risks relating to the Company’s operations result primarily from changes in interest rates, gold prices and foreign currency exchange rates and are described in detail in the Company’s 2024 Annual Report on Form 10-K. The impact of current-year fluctuations in foreign currency exchange rates, in particular, are further discussed in Part I, Item 2 herein. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. There have been no material changes to the Company’s exposure to market risks since December 31, 2024.

## Controls and procedures

As filed, 1,767 characters.

### Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, the Company’s disclosure controls and procedures were designed at a reasonable assurance level and were effective.

### Changes in Internal Control Over Financial Reporting

Except for the H&T Acquisition, there have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is currently in the process of integrating H&T into its assessment of its internal control over financial reporting. H&T’s total assets and revenue represent approximately 11% and 2%, respectively, of the related consolidated financial statement amounts as of and for the three months ended September 30, 2025. Management expects to exclude H&T from its assessment of internal control over financial reporting as of December 31, 2025 because the integration of H&T’s internal control over financial reporting is not expected to be complete by December 31, 2025.

## Risk factors

As filed, 717 characters.

Important risk factors that could materially affect the Company’s business, financial condition or results of operations in future periods are described in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K. These factors are supplemented by those discussed under “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations” and “Governmental Regulation” in Part I, Item 2 of this quarterly report and in “Governmental Regulation” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors from those in Part I, Item 1A, “Risk Factors” of the Company’s 2024 Annual Report on Form 10-K.

Filed Nov 3, 2025.
Source: SEC EDGAR, the filing index for accession 0000840489-25-000120. Last ingested by Listed: Nov 2, 2026, 09:51 ET. No prices; not investment advice.