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):


	March 31, 2026		June 30, 2025
Inventory held for sale	$	1,002,778	$	558,024
Repurchase arrangements with customers		128,381		116,546
Consignment arrangements with customers		6,311		5,998
Collectible coins, held at lower of cost or net realizable value		102,663		68,193
Borrowed precious metals (1)		916,696		46,051
Product financing arrangements		609,732		484,733
	$	2,766,561	$	1,279,545

(1)

Borrowed precious metals inventory includes restricted inventory of $837.4 million and $0.0 million during March 31, 2026 and June 30, 2025, respectively, which represents inventory held in third-party storage where it is segregated for the benefit of the customer. This restricted inventory has a corresponding liability on borrowed metals representing the obligation to deliver the metals to the customer in the future.

The premium component, at market value, included in the inventory as of March 31, 2026 and June 30, 2025 totaled $12.8 million and $35.3 million, respectively.