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Strategic Investments
 12 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Strategic Investments
NOTE 3: STRATEGIC INVESTMENTS
Cash Converters International Limited
As of September 30, 2024, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original investment in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.
We received cash dividends from Cash Converters of $3.5 million, $3.6 million and $3.4 million during the years ended September 30, 2024, 2023 and 2022, respectively. In October 2024, we received a cash dividend of $1.8 million from Cash Converters.
The following tables present summary financial information for Cash Converters’ most recently reported results as applicable after translation to U.S. dollars:
 June 30,
(in thousands)20242023
Current assets$185,649 $189,563 
Non-current assets133,043 103,595 
Total assets$318,692 $293,158 
Current liabilities$103,771 $97,630 
Non-current liabilities74,010 58,777 
Shareholders’ equity140,911 136,751 
Total liabilities and shareholders’ equity$318,692 $293,158 

 Fiscal Year Ended June 30,
(in thousands)202420232022
Gross revenues$251,135 $203,608 $178,215 
Gross profit$152,879 $125,709 $116,106 
Net profit (loss)
$11,420 $(65,351)$8,099 
Our equity in Cash Converters’ net income was $5.0 million and $2.9 million in fiscal 2024 and 2022, respectively. Our equity in Cash Converters’ net loss was $28.5 million in fiscal 2023, which includes $32.4 million of our share of their non-cash goodwill impairment charge. Cash Converters’ accumulated undistributed after-tax loss included in our consolidated retained earnings were $14.7 million as of September 30, 2024.
At September 30, 2024, 2023 and 2022, the fair value of our investment in Cash Converters, as estimated by reference to its quoted market price per share, was greater than its carrying value. See Note 4: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.
Founders One, LLC
In fiscal 2022, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a then newly-formed entity with one other member. In fiscal 2023, we contributed an additional $15.0 million associated with our preferred interest and loaned Founders $15.0 million in exchange for a Demand Promissory Note secured by the common interest held by the other member. In fiscal 2024, we contributed an additional $15.0 million associated with our preferred interest, bringing our total preferred equity investment in Founders to $45.0 million.
We have an interest in Founders, a variable interest entity, but because we are not the primary beneficiary, we do not consolidate Founders. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our equity investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. As of September 30, 2024, our $45.0 million carrying value of the investment and $15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our consolidated balance sheets, respectively. As of September 30, 2024, our maximum exposure for losses related to our investment in Founders was our $45.0 million equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest. See Note 4: Fair Value Measurements for the fair value and carrying value of our loan to Founders.