FirstCash is the largest pawn store operator in the U.S. and Latin America, and the largest in the U.K. following its 2025 acquisition of H&T. As of year-end 2025, FirstCash operated over 3,300 pawnshops across the U.S., Mexico, Guatemala, El Salvador, Colombia, and the U.K. Pawn stores serve two core functions: lending small, short-term cash loans secured by personal property (jewelry, electronics, tools, and similar items), and reselling forfeited collateral at retail. Loans are non-recourse — if a customer doesn't repay, FirstCash keeps the collateral with no credit consequences to the borrower. The process requires only a government ID and a pledgeable item, making pawn stores a key source of credit for unbanked, underbanked, and credit-constrained consumers. Pawn loan fees are the largest revenue driver, followed by merchandise sales gross profit. The two streams are linked: a healthy loan book generates fee income and a steady pipeline of low-cost inventory for the retail side. FirstCash also operates AFF (American First Finance), a retail point-of-sale business offering lease-to-own and installment financing through roughly 16,400 merchant partner locations, targeting similarly credit-constrained consumers. AFF accounts for roughly 15% of consolidated net revenue. FirstCash grows its store count through de novo openings in Latin America and acquisitions in the U.S. and U.K., where markets are more mature but fragmented with independent operators.