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Fair Value Measurements
 3 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 7: FAIR VALUE MEASUREMENTS
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:
•Level 1 — Quoted market prices in active markets for identical assets or liabilities.
•Level 2 — Other observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3 — Unobservable inputs that are not corroborated by market data.
We have elected not to measure at fair value any eligible items for which fair value measurement is optional.
There were no transfers in or out of Level 1, Level 2 or Level 3 for financial assets or liabilities measured at fair value on a recurring basis during the periods presented.
Financial Assets and Liabilities Not Measured at Fair Value
The tables below present our estimates of fair value of financial assets and liabilities that were not measured at fair value:
Carrying ValueEstimated Fair Value
December 31, 2025December 31, 2025Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable from Founders$29,329 $29,329 $— $— $29,329 
Investments in unconsolidated affiliates25,717 71,388 70,203 — 1,185 
Financial liabilities:
2029 Convertible Notes$225,523 $459,689 $— $459,689 $— 
2032 Senior Notes293,032 319,404 — 319,404 — 
Carrying ValueEstimated Fair Value
December 31, 2024December 31, 2024Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable from Founders$16,317 $16,317 $— $— $16,317 
Investments in unconsolidated affiliates13,555 43,328 42,478 — 850 
Financial liabilities:
2025 Convertible Notes$103,205 $102,339 $— $102,339 $— 
2029 Convertible Notes224,505 289,887 — 289,887 — 
Carrying ValueEstimated Fair Value
September 30, 2025September 30, 2025Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable from Founders$24,369 $24,369 $— $— $24,369 
Investments in unconsolidated affiliates18,123 59,729 58,573 — 1,156 
Financial liabilities:
2029 Convertible Notes$225,258 $422,931 $— $422,931 $— 
2032 Senior Notes292,818 320,734 — 320,734 — 
Based primarily on the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other liabilities, we estimate that their carrying value approximates fair value. We consider our cash and cash equivalents to be measured using Level 1 inputs and our pawn loans, pawn service charges receivable and other liabilities to be measured using Level 3 inputs. Significant increases or decreases in the underlying assumptions used to value pawn loans, pawn service charges receivable, consumer loans, fees and interest receivable and other debt could significantly increase or decrease these fair value estimates.
As described in Note 6: Strategic Investments, we have loans outstanding to Founders in exchange for Demand Promissory Notes secured by the common interest in Founders held by the other member. As of December 31, 2025, the interest rate on the notes was 15.0% per annum, and all principal and accrued interest is due on demand. Based primarily on the short-term nature of the notes, we estimate that its carrying value approximates fair value as of December 31, 2025. Subsequent to the Balance Sheet date, on January 2, 2026, we acquired a controlling interest in Founders. See Note 13: Subsequent Events.
We use the equity method of accounting to account for our ownership interest in Cash Converters. The inputs used to generate the fair value of the investment in Cash Converters were considered Level 1 inputs. These inputs consist of (a) the quoted stock price on the Australian Stock Exchange multiplied by (b) the number of shares we owned multiplied by (c) the applicable foreign currency exchange rate as of the end of our reporting period. We included no control premium for owning a large percentage of outstanding shares.
We measured the fair value of the 2025 Convertible Notes, 2029 Convertible Notes, and 2032 Senior Notes using quoted price inputs. The notes are not actively traded, and thus the price inputs represent a Level 2 measurement. As the quoted price inputs are highly variable from day to day, the fair value estimates disclosed above could significantly increase or decrease.