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):


	September 30, 2026		June 30, 2026
Inventory held for sale	$	1,040,228	$	1,203,496
Repurchase arrangements with customers		132,592		156,161
Consignment arrangements with customers		35,895		44,030
Collectible coins, held at lower of cost or net realizable value		104,512		91,339
Minting & Refining inventory, held at lower of cost or net realizable value		14,270		—
Borrowed precious metals (1)		793,783		776,061
Product financing arrangements		314,900		89,249
	$	2,436,180	$	2,360,336

(1)

Borrowed precious metals inventory includes restricted inventory of $773.1 million and $709.2 million as of September 30, 2026 and June 30, 2026, respectively. This restricted inventory has a corresponding liability on borrowed metals representing the obligation to deliver the metals to the customer in the future.

Our Minting & Refining inventory is held at the lower of cost or net realizable value because this inventory is used in the fabrication of precious metals products and not as a part of our trading operations. This inventory is not hedged.

The Company mitigates market risk of its physical inventory and open commitments through commodity hedge transactions. (See Note 12.) As of September 30, 2026 and June 30, 2026, the unrealized gains or losses resulting from the difference between market value and cost of physical inventory, excluding collectible coins and Minting & Refining inventory, were losses of $2.9 million and losses of $71.1 million, respectively.

The premium component, at market value, included in the inventory as of September 30, 2026 and June 30, 2026 totaled $12.8 million and $11.2 million, respectively.