Customer Concentrations

The following customer provided 10 percent or more of the Company's revenues (in thousands):


	Year Ended June 30,
	2025					2024					2023
	Amount		Percent			Amount		Percent			Amount		Percent
Total revenue	$	10,978,614		100.0	%	$	9,699,039		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):


	June 30, 2025					June 30, 2024
	Amount		Percent			Amount		Percent
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.

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.