# EDGAR Filing Document

**Accession Number:** 0002046042
**File Stem:** 0001104659-25-118595
**Filing Date:** 2025-12
**Character Count:** 11538
**Document Hash:** 1b3b917cbbd2d0978c43f22adb889b14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-118595.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001104659-25-118595

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251204

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jefferson Capital, Inc. / DE
- **CENTRAL INDEX KEY:** 0002046042
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 331923926
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42718
- **FILM NUMBER:** 251551102

**BUSINESS ADDRESS:**
- **STREET 1:** 600 SOUTH HIGHWAY 169, SUITE 1575
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55426
- **BUSINESS PHONE:** (320) 229-8505

**MAIL ADDRESS:**
- **STREET 1:** 600 SOUTH HIGHWAY 169, SUITE 1575
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55426

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM 8-K** **CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**December 4, 2025**

**Date of Report**

**(Date of earliest event reported)**

**Jefferson Capital, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware**<br> (State or other jurisdiction of<br> incorporation)<br>| **001-42718**<br> (Commission File Number) | **33-1923926**<br> (I.R.S. Employer<br> Identification No.) |
|  | **600 SOUTH HIGHWAY 169, SUITE 1575,**<br> **MINNEAPOLIS, Minnesota 55426**<br> (Address of principal executive offices) | **55426**<br> (Zip Code) |

---

Registrant's telephone number, including area code: **(320) 229-8505**

**Not Applicable** (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class:**  | **Trading Symbol** | **Name of each exchange on which registered:** |
| Common stock, $0.0001 par value per share | JCAP | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.01 Completion of Acquisition or Disposition of Assets.**

As previously reported in the Current Report on Form 8-K filed by Jefferson Capital, Inc., a Delaware corporation (the "Company"), with the Securities and Exchange Commission (the "SEC") on October 29, 2025, the Company entered into an Asset Purchase Agreement (the "Purchase Agreement") with BLST Holding Company LLC, BLST Operating Company, LLC, BLST FinCo, LLC and BLST FinCo SubCo, LLC (collectively, "Bluestem").

On December 4, 2025, pursuant to the terms and conditions of the Purchase Agreement, the Company completed the portfolio acquisition of credit card assets from Bluestem (the "Acquisition"). As previously disclosed, the Company does not intend to pursue ongoing originations through the Bluestem platform, and the Acquisition did not include any Bluestem retail operations or assets. The net purchase price for the portfolio was $196.1 million and the estimated remaining collections associated with the portfolio are $310.0 million.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by the Company with the SEC on November 14, 2025.

Additionally, a copy of the press release issued by the Company in relation to the closing of the Acquisition is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits <br> [99.1](tm2532799d1_ex99-1.htm) [Jefferson Capital, Inc. Press Release, dated December 4, 2025.](tm2532799d1_ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Jefferson Capital, Inc.** | **Jefferson Capital, Inc.** |
| Dated: December 5, 2025 | By: | /s/ Christo Realov |
|  |  | Name: Christo Realov<br> Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2532799d1_ex99-1img01.jpg)

**Jefferson Capital Completes Acquisition of Credit Card Portfolio**

**MINNEAPOLIS, December 4, 2025 /GLOBE NEWSWIRE/ -- Jefferson Capital, Inc. (NASDAQ: JCAP) ("Jefferson Capital")**, a leading analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts, today completed the previously announced portfolio acquisition of credit card assets from affiliates of Bluestem Brands. The net purchase price for the portfolio was $196.1 million and the estimated remaining collections associated with the portfolio are $310.0 million.

**About Jefferson Capital, Inc.**

Founded in 2002, Jefferson Capital is an analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts with operations in the United States, Canada, the United Kingdom and Latin America. It purchases and services both secured and unsecured assets, and its growing client base includes Fortune 500 creditors, banks, fintech origination platforms, telecommunications providers, credit card issuers and auto finance companies. Jefferson Capital is headquartered in Minneapolis, Minnesota with additional offices and operations located in Sartell, Minnesota, Denver, Colorado and San Antonio, Texas (United States); Basingstoke, England, London, England and Paisley, Scotland (United Kingdom); London, Ontario and Toronto, Ontario (Canada); as well as Bogota (Colombia).

**Contacts:**

**Investor Relations**

<u>IR@jcap.com</u>

**Media Relations**

<u>Doug.Donsky@icrinc.com</u>

**Disclosure Regarding Forward Looking Statements**

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements concerning the Bluestem portfolio purchase, including the anticipated purchase price and timeline for closing, and our leadership position. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: a deterioration in the economic or inflationary environment in the United States, Canada, the United Kingdom or Latin America, including the interest rate environment; our ability to replace our portfolios of nonperforming loans with additional portfolios sufficient to operate efficiently and profitably; our ability to collect sufficient amounts on our nonperforming loans to fund our operations; the possibility that third parties we rely on to conduct collection and other activities fail to perform their services; the possibility that we could recognize significant decreases in our estimate of future recoveries on nonperforming loans; changes in, or interpretations of, federal, state, local, or international laws, including bankruptcy and collection laws, or changes in the administrative practices of various bankruptcy courts, which could negatively impact our business or our ability to collect on nonperforming loans; goodwill impairment charges that could negatively impact our net income and stockholders' equity; our ability to comply with existing and new regulations of the collection industry, the failure of which could result in penalties, fines, litigation, damage to our reputation, or the suspension or termination of or required modification to our ability to conduct our business; adverse outcomes in pending or future litigation or administrative proceedings; the possibility that class action suits and other litigation could divert management's attention and increase our expenses; investigations, reviews, or enforcement actions by governmental authorities, including the Consumer Financial Protection Bureau, which could result in changes to our business practices, negatively impact our deployment volume, make collection of account balances more difficult, or expose us to the risk of fines, penalties, restitution payments, and litigation; the possibility that compliance with complex and evolving international and United States laws and regulations that apply to our international operations could increase our cost of doing business in international jurisdictions; our ability to comply with data privacy regulations such as the General Data Protection Regulation; our ability to retain, expand, renegotiate or replace our credit facility and our ability to comply with the covenants under our financing arrangements; our ability to refinance our indebtedness; our ability to service our outstanding indebtedness; changes in interest or exchange rates, which could reduce our net income, and the possibility that future hedging strategies may not be successful; and the possibility that we could incur business or technology disruptions or cybersecurity incidents. These and other important factors discussed under the caption "Risk Factors" in our Form 10-Q filed with the SEC on November 14, 2025 and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.