EZCORP is a pawnbroker with 1,360 stores in the U.S. and Latin America. Pawn is a collateral-based lending model: customers bring in jewelry, electronics, tools, or other tangible goods, and EZCORP advances cash against the item with no credit check required. Customers have 30 to 90 days to repay the loan plus a service charge to reclaim their item; if they don't, EZCORP sells the forfeited item through its in-store retail operations. EZCORP's core customers are lower- and middle-income consumers with limited access to traditional credit. EZCORP earns revenue three ways: pawn service charges (the fee on outstanding loans, its highest-margin stream), merchandise sales of forfeited collateral, and jewelry scrapping tied to gold prices. The key earning asset is the pawn loan outstanding balance — higher balances drive more service charge revenue and generate more inventory for retail. EZCORP operates through two segments: U.S. Pawn (545 stores across 19 states, primarily EZPAWN and Value Pawn & Jewelry) and Latin America Pawn (815 stores in Mexico, Guatemala, El Salvador, and Honduras). The Latin America segment is growing faster, with EZCORP opening roughly 40 de novo stores per year and acquiring regional chains. EZCORP also holds a 43.7% stake in Cash Converters, an Australian pawnbroker with 659 stores globally, and a preferred equity interest in Simple Management Group, a 103-store U.S. pawn operator that management has flagged as a potential full acquisition target.