v3.26.3
Assets and Liabilities, at Fair Value (Tables)
 3 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Acquisition-related Contingent Consideration The following tables summarize additional details regarding these contingent consideration arrangements:

 

Maximum potential payment

 

Performance conditions

 

Contingent Consideration Payments Made

LPM

$37.5 million

 

Earnings before interest, taxes, depreciation and amortization ("EBITDA") targets for calendar years 2024, 2025, and 2026

 

None

Pinehurst

$5.3 million

 

Pre-tax earnings targets through the third anniversary of the acquisition and net tangible asset thresholds as of June 30, 2025

 

$1.3 million during the year ended June 30, 2026

AMS

$12.0 million

 

Up to $9.0 million for certain performance benchmarks and up to $3.0 million upon the achievement of financial targets when certain inventory is sold

 

$3.0 million during the year ended June 30, 2026 related to the sale of certain inventory

Monex

$20.0 million

 

Pre-tax net income targets through December 31, 2027

 

None

 

 

 

Fair value at acquisition date

 

As of September 30, 2026

 

Increase (reduction) during the three months ended September 30, 2026

 

 

 

Fair Value

 

Balance Sheet Classification

 

Key Valuation Assumptions

 

LPM

 

$2.8 million

 

$7.9 million

 

Accrued liabilities

 

EBITDA risk premium: 10.5%; volatility: 85.0%; risk-free rate: 4.2%

 

$1.2 million

Pinehurst

 

$0.7 million

 

$1.3 million

 

Accrued liabilities

 

Pre-tax earnings risk premium: 20.3%; volatility: 80.0%; risk-free rate: 4.6%

 

$0.7 million

AMS

 

$5.9 million

 

$0.2 million

 

Accrued liabilities

 

EBITDA risk premium: 12.0%; volatility: 75.0%; risk-free rate: 3.7%

 

$0.0 million

Monex

 

$5.2 million

 

$0.4 million

 

Accrued liabilities

 

Pre-tax risk premium: 16.3%; pre-tax net income volatility: 44.0%; risk-free rate: 4.0%

 

$0.0 million
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis, aggregated by each fair value hierarchy level (in thousands):

 

 

 

September 30, 2026

 

 

 

Quoted Price in Active Markets for Identical Instruments
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Inventories(1)

 

$

2,317,398

 

 

$

—

 

 

$

—

 

 

$

2,317,398

 

Derivative assets — open sale and purchase commitments, net

 

 

205,770

 

 

 

—

 

 

 

—

 

 

 

205,770

 

Derivative assets — futures contracts

 

 

61,132

 

 

 

—

 

 

 

—

 

 

 

61,132

 

Derivative assets — forward contracts

 

 

24,434

 

 

 

—

 

 

 

—

 

 

 

24,434

 

Stablecoin

 

 

17,682

 

 

 

—

 

 

 

—

 

 

 

17,682

 

Total assets, valued at fair value

 

$

2,626,416

 

 

$

—

 

 

$

—

 

 

$

2,626,416

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities on borrowed metals

 

$

793,783

 

 

$

—

 

 

$

—

 

 

$

793,783

 

Product financing arrangements

 

 

314,900

 

 

 

—

 

 

 

—

 

 

 

314,900

 

Derivative liabilities — open sale and purchase commitments, net

 

 

3,292

 

 

 

—

 

 

 

—

 

 

 

3,292

 

Derivative liabilities — margin accounts

 

 

6,759

 

 

 

—

 

 

 

—

 

 

 

6,759

 

Derivative liabilities — futures contracts

 

 

425

 

 

 

—

 

 

 

—

 

 

 

425

 

Derivative liabilities — forward contracts

 

 

13,379

 

 

 

—

 

 

 

—

 

 

 

13,379

 

Acquisition-related contingent consideration

 

 

—

 

 

 

—

 

 

 

9,753

 

 

 

9,753

 

Total liabilities, valued at fair value

 

$

1,132,538

 

 

$

—

 

 

$

9,753

 

 

$

1,142,291

 

 

(1)
Collectible coin and Minting & Refining inventory totaling $118.8 million was held at lower of cost or net realizable value, and thus is excluded from the inventories balance shown in this table.

 

 

 

June 30, 2026

 

 

 

Quoted Price in Active Markets for Identical Instruments
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Inventories(1)

 

$

2,268,997

 

 

$

—

 

 

$

—

 

 

$

2,268,997

 

Derivative assets — open sale and purchase commitments, net

 

 

301,453

 

 

 

—

 

 

 

—

 

 

 

301,453

 

Derivative assets — futures contracts

 

 

8,683

 

 

 

—

 

 

 

—

 

 

 

8,683

 

Derivative assets — forward contracts

 

 

7,840

 

 

 

—

 

 

 

—

 

 

 

7,840

 

Stablecoin

 

 

17,017

 

 

 

—

 

 

 

—

 

 

 

17,017

 

Total assets, valued at fair value

 

$

2,603,990

 

 

$

—

 

 

$

—

 

 

$

2,603,990

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities on borrowed metals

 

$

776,061

 

 

$

—

 

 

$

—

 

 

$

776,061

 

Product financing arrangements

 

 

89,249

 

 

 

—

 

 

 

—

 

 

 

89,249

 

Derivative liabilities — open sale and purchase commitments, net

 

 

1,566

 

 

 

—

 

 

 

—

 

 

 

1,566

 

Derivative liabilities — margin accounts

 

 

6,646

 

 

 

—

 

 

 

—

 

 

 

6,646

 

Derivative liabilities — futures contracts

 

 

2,543

 

 

 

—

 

 

 

—

 

 

 

2,543

 

Derivative liabilities — forward contracts

 

 

29,163

 

 

 

—

 

 

 

—

 

 

 

29,163

 

Acquisition-related contingent consideration

 

 

—

 

 

 

—

 

 

 

7,950

 

 

 

7,950

 

Total liabilities, valued at fair value

 

$

905,228

 

 

$

—

 

 

$

7,950

 

 

$

913,178

 

 

(1)
Collectible coin inventory totaling $91.3 million was held at lower of cost or net realizable value, and thus is excluded from the inventories balance shown in this table.