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):


	June 30, 2025						June 30, 2024
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		283		33.3	%			283		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		43		33.3	%			—		—	%
Company D		1,009		20.0	%			—		—	%
Company E		330		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.