# EDGAR Filing Document

**Accession Number:** 0002046042
**File Stem:** 0001104659-25-111288
**Filing Date:** 2025-11
**Character Count:** 32981
**Document Hash:** 377f4e75affe295b53c645a877f4b783
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111288.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111288

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**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:** 251478507

**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'? Jefferson Capital, Inc. / DE_November 13, 2025

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

**November 13, 2025**

**Date of Report**

**(Date of earliest event reported)**

## Jefferson Capital, Inc.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **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:

---

| | | |
|:---|:---|:---|
| **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 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.**

On November 13, 2025, Jefferson Capital, Inc. (the "Company") announced its financial results for the quarter ended September 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Exhibits

The following Exhibit 99.1 shall be deemed to be furnished, and not filed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[Press release issued on November 13, 2025](jcap-20251113xex99d1.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

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.

---

| | |
|:---|:---|
|  | **Jefferson Capital, Inc.** |
| Date: November 13, 2025 |  |
|  | By: */s/* Christo Realov |
|  | Name: Christo Realov |
|  | Title: Chief Financial Officer |

---

## Exhibit 99.1

![Graphic](jcap-20251113xex99d1002.jpg)

 

**Exhibit 99.1**

**Jefferson Capital Reports Third Quarter 2025 Results**

***Collections Grow 63% to $236.8 Million and Deployments Grow 22% to $151.0 Million***

***Pre-tax Income up 16% to $45.5 Million with Net Income of $38.4 Million and EPS of $0.59***

***Adjusted Pre-tax Income up 30% to $54.8 Million with Adjusted Net Income of $47.7 Million and Adjusted EPS of $0.74***

***Board of Directors Declares Quarterly Cash Dividend of $0.24 per Share***

**MINNEAPOLIS, November 13, 2025 /GLOBE NEWSWIRE/ -- Jefferson Capital, Inc. ("Jefferson Capital")**, a leading analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts, today announced its third quarter 2025 financial results.

"We delivered strong third quarter results with significant momentum in all key aspects of the business," said David Burton, Chairman and Chief Executive Officer. "We continue to execute well on our differentiated strategy and are well positioned to drive shareholder value in the near and long term."

"We delivered the largest third quarter deployments in the company's history, up 22% year-over-year and, previously disclosed, we signed another strategic portfolio purchase of a sizable dislocated credit card portfolio from Bluestem Brands to follow up on the Conn's portfolio purchase from last year."

"The investment environment remains favorable with elevated levels of consumer credit delinquencies, charge-offs and insolvencies to drive portfolio supply and low unemployment to support liquidation rates. We further improved our leading position in the market by upsizing our revolving credit facility to $1 billion in commitments while also improving pricing and enhancing terms."

***Third Quarter 2025 Highlights versus Third Quarter 2024***

&nbsp;&nbsp;&nbsp;&nbsp;● Collections grew 63% to $236.8 million

&nbsp;&nbsp;&nbsp;&nbsp;● Deployments up 22% to $151.0 million – largest third quarter deployments in the company's history

&nbsp;&nbsp;&nbsp;&nbsp;● ERC rose 27% reaching $2.9 billion

&nbsp;&nbsp;&nbsp;&nbsp;● Strong revenue growth of 36% to $150.8 million

&nbsp;&nbsp;&nbsp;&nbsp;● Sector-leading Cash Efficiency Ratio of 72.2%, up 319 bps

&nbsp;&nbsp;&nbsp;&nbsp;● Leverage ratio\* improved to 1.59x as compared to 2.52x

&nbsp;&nbsp;&nbsp;&nbsp;● Pre-tax Income up 16% to $45.5 million with Net Income of $38.4 million and EPS of $0.59

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted Pre-tax Income\* increased 30% to $54.8 million

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted Net Income\* of $47.7 million, resulting in Adjusted EPS of $0.74

***Collections***

The following table summarizes total collections by geographic area:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |  |  |
|  | **September 30,**  | **September 30,**  | **Increase** | **%** |
| **(in Millions)** | **2025** | **2024** | **(Decrease)** | **Change** |
| United States | $182.9 | $99.6 | $83.3 | 83.6% |
| Canada | 29.0 | 23.3 | 5.7 | 24.5% |
| United Kingdom | 11.0 | 10.6 | 0.4 | 3.8% |
| Latin America | 13.9 | 11.6 | 2.3 | 19.8% |
| **Total Collections** | $**236.8** | $**145.1** | $**91.7** | **63.2%** |

---

------

![Graphic](jcap-20251113xex99d1001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;● Collections from purchased receivables increased 63.2% or $91.7 million to $236.8 million during the third quarter of 2025 versus $145.1 million during the same quarter in 2024

&nbsp;&nbsp;&nbsp;&nbsp;● Collections in the United States included $49.7 million from the Conn's portfolio purchase in the fourth quarter of 2024

***Estimated Remaining Collections***

The following table summarizes total ERC by geographic area:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,**  | **September 30,**  | **Increase** | **%** |
| **(in Millions)** | **2025** | **2024** | **(Decrease)** | **Change** |
| United States | $2158.8 | $1668.9 | $489.9 | 29.4% |
| Canada | 362.5 | 272.8 | 89.7 | 32.9% |
| United Kingdom | 153.0 | 153.6 | (0.6) | (0.4)% |
| Latin America | 255.3 | 211.5 | 43.8 | 20.7% |
| **Total** | $**2929.6** | $**2306.8** | $**622.8** | **27.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;● ERC in the United States included $178.6 million from the Conn's portfolio purchase

***Deployments***

The following table summarizes the total deployments by geographic area:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |  |  |
|  | **September 30,**  | **September 30,**  | **Increase** | **%** |
| **(in Millions)** | **2025** | **2024** | **(Decrease)** | **Change** |
| United States | $107.2 | $75.8 | $31.4 | 41.4% |
| Canada | 30.8 | 30.2 | 0.6 | 1.9% |
| United Kingdom | 4.1 | 4.7 | (0.6) | (12.8)% |
| Latin America | 8.9 | 12.7 | (3.9) | (30.4)% |
| **Total Purchases** | $**151.0** | $**123.4** | $**27.5** | **22.3%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;● The Company invested $151.0 million to acquire receivable portfolios, which compares to $123.4 million in the third quarter 2024

&nbsp;&nbsp;&nbsp;&nbsp;● $316.4 million of deployments locked in through forward flows at quarter end of which $272.8 million are for the next twelve months

***Revenues***

&nbsp;&nbsp;&nbsp;&nbsp;● Total revenues increased $40.2 million, or 36.4%, to $150.8 million compared to $110.6 million for the third quarter 2024. The growth is primarily a result of strong deployments in prior periods

***Operating Expenses***

&nbsp;&nbsp;&nbsp;&nbsp;● Total operating expenses increased $29.9 million, or 59.5% to $80.2 million compared to $50.3 million for the third quarter 2024 primarily due to increases of $14.4 million in court costs, agency commissions and other servicing expenses due to increased legal channel volumes as well as $10.7 million in salaries and benefits driven by $8.8 million in non-cash stock-based compensation expense

&nbsp;&nbsp;&nbsp;&nbsp;● For the third quarter 2025, the Company recognized portfolio revenue of $22.4 million, servicing revenue of $1.9 million and net operating income of $16.5 million related to the Conn's portfolio purchase

------

![Graphic](jcap-20251113xex99d1001.jpg)

**Leverage, Liquidity and Capital Resources**

&nbsp;&nbsp;&nbsp;&nbsp;● Leverage\* improved to 1.59x at September 30, 2025 compared to 2.52x at September 30, 2024 as a result of strong growth in portfolio cashflow

&nbsp;&nbsp;&nbsp;&nbsp;● At September 30, 2025, the Company's Revolving Credit Facility ("RCF") with $825 million of commitments was undrawn and in addition, the Company had $42.3 million of unrestricted cash and cash equivalents. RCF upsized to $1 billion post quarter end

&nbsp;&nbsp;&nbsp;&nbsp;● 2026 maturity was pre-funded with a $500 million unsecured debt offering in May 2025, which paid down the RCF

**Dividend**

The Board of Directors declared a quarterly cash dividend of $0.24 per share on its outstanding common stock, payable on December 4, 2025, to shareholders of record as of the close of business on November 25, 2025.

**Recent Developments**

On October 24, 2025, Jefferson Capital entered into an Asset Purchase Agreement with affiliates of Bluestem Brands ("Bluestem") to acquire an active credit card receivables portfolio for which new draws have been suspended for a gross purchase price of $302.8 million:

&nbsp;&nbsp;&nbsp;&nbsp;● The gross purchase price is subject to customary adjustments for interim cash flows (including collections and new purchases) between June 30, 2025 (the "Cut Off Date") and closing and a $20.0 million escrow to secure implementation obligations

&nbsp;&nbsp;&nbsp;&nbsp;● At the Cut Off Date, the receivables being acquired had an aggregate face value of $488.2 million

&nbsp;&nbsp;&nbsp;&nbsp;● The closing of the transaction is expected in the fourth quarter of 2025

On October 27, 2025 Jefferson Capital completed an amendment of its RCF achieving a number of important funding structure objectives:

&nbsp;&nbsp;&nbsp;&nbsp;● Increased commitments by $175 million to an aggregate amount of $1 billion

&nbsp;&nbsp;&nbsp;&nbsp;● Extended maturity to October 27, 2030

&nbsp;&nbsp;&nbsp;&nbsp;● Reduced pricing by 50 bps across the pricing grid, eliminated any credit spread adjustments and removed the SOFR floor

&nbsp;&nbsp;&nbsp;&nbsp;● Reduced the non-use fee rate for unutilized commitments by 5 bps

&nbsp;&nbsp;&nbsp;&nbsp;● Implemented a handful of 'housekeeping' borrower-friendly changes to reflect public company status

\*Leverage Ratio, Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. For a reconciliation of historical Leverage, Adjusted Pre-Tax Income and Adjusted Net Income, to the most directly comparable U.S. GAAP financial measures, please refer to the "Non-GAAP Financial Measures" section of this press-release.

**Webcast**

A webcast to discuss the Company's third quarter 2025 financial results is scheduled for today, November 13, 2025 at 5:30 p.m. ET. The live webcast and archived replay can be accessed in the investor relations section of the Company's website at https://investors.jcap.com/news-events/events.

**Use of Non-GAAP Financial Measures** 

This press release contains references to non-GAAP financial measures, including Leverage, Adjusted Pre-Tax Income, Adjusted Net Income, and Adjusted EPS, which are financial measures that are not prepared in conformity with United States generally accepted accounting principles (U.S. GAAP). These non-GAAP measures are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. Our management believes Leverage, Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EPS help us provide enhanced period-to-period comparability of operations and financial performance and are useful to investors as other companies in our industry report similar financial measures. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial

------

![Graphic](jcap-20251113xex99d1001.jpg)

measures presented by other companies, which could limit such measures' usefulness as comparative measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. Detailed reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables following this release.

**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**

IR@jcap.com

**Media Relations**

Doug.Donsky@icrinc.com

**Disclosure Regarding Forward Looking Statements**

This press release may contain "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 our anticipated financial performance, execution of our business strategies, the favorability of the investment environment, the closing of the Asset Purchase Agreement with Bluestem and the related costs and benefits, and our ability to continue paying quarterly cash dividends. 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

------

![Graphic](jcap-20251113xex99d1001.jpg)

Quarterly Report on Form 10-Q to be filed with the SEC, 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.

**FINANCIAL TABLES FOLLOW**

------

![Graphic](jcap-20251113xex99d1001.jpg)

**Jefferson Capital, Inc.** 

*Combined and Condensed Consolidated Balance Sheets* 

*(Unaudited, in Thousands)*

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025**  | **December 31,** <br>**2024**  |
| **Assets** |  |  |
| Cash and cash equivalents | $42270 | $35506 |
| Restricted cash  | 3801 | 2737 |
| Accounts receivable | 17297 | 16532 |
| Other assets | 15518 | 14390 |
| Investments in receivables, net | 1640809 | 1497748 |
| Credit card receivables (net of allowance for | 16180 | 17176 |
| &nbsp;&nbsp;&nbsp;&nbsp;credit losses of $1,751 and $1,907) |  |  |
| Property, plant and equipment, net | 1867 | 2274 |
| Other intangible assets, net | 7273 | 10237 |
| Goodwill | 57906 | 57683 |
| **Total Assets**  | $1802921 | $1654283 |
| **Liabilities**  |  |  |
| Accounts payable and accrued expenses | $78272 | $69975 |
| Other liabilities | 4569 | 4860 |
| Current tax liabilities | 1248 |  |
| Deferred tax liabilities | 98876 | 2193 |
| Notes payable, net | 1182584 | 1194726 |
| &nbsp;&nbsp;**Total Liabilities** | $1365549 | $1271754 |
| **Stockholder's Equity** |  |  |
| Common Stock par value $0.0001 per share; 330,000,000 shares and 0 shares authorized as of September 30, 2025 and December 31, 2024 and 58,290,473 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024 | $6 | $**—** |
| Additional paid-in capital | (60748) | **—** |
| Retained earnings | 500414 | 398122 |
| Accumulated other comprehensive income (loss) | (2300) | (15593) |
| &nbsp;&nbsp;Total stockholder's equity | $437372 | $382529 |
| &nbsp;&nbsp;Total Liabilities and Stockholder's Equity | $1802921 | $1654283 |

---

------

![Graphic](jcap-20251113xex99d1001.jpg)

**Jefferson Capital, Inc.**

*Combined and Condensed Consolidated Statements of Operations and Comprehensive Income* 

*(Unaudited in Thousands, except for Earnings Per Share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;Total portfolio income | $139179 | $99258 | $416749 | $285362 |
| &nbsp;&nbsp;Changes in recoveries | 494 | 1690 | 5670 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total portfolio revenue | 139673 | 100948 | 422419 | 286927 |
| &nbsp;&nbsp;Credit card revenue | 1755 | 2048 | 5450 | 6353 |
| &nbsp;&nbsp;Servicing revenue | 9414 | 7605 | 30621 | 21080 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | 150842 | 110601 | 458490 | 314360 |
| Provision for credit losses | 569 | 867 | 1670 | 2637 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;Salaries and benefits | 23314 | 12567 | 43590 | 35973 |
| &nbsp;&nbsp;Servicing expenses | 47609 | 33246 | 133948 | 95873 |
| &nbsp;&nbsp;Depreciation and amortization | 1350 | 548 | 4206 | 1678 |
| &nbsp;&nbsp;Professional fees  | 3743 | 1894 | 15353 | 5930 |
| &nbsp;&nbsp;Other selling, general and administrative | 4221 | 2052 | 13783 | 5769 |
| **Total Operating Expenses** | 80237 | 50307 | 210880 | 145223 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Income** | 70036 | 59427 | 245940 | 166500 |
| **Other Income (Expense)** |  |  |  |  |
| &nbsp;&nbsp;Interest expense | (26467) | (19753) | (77184) | (55187) |
| &nbsp;&nbsp;Foreign exchange and other income (expense) | 1944 | (440) | 5564 | (3181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (24523) | (20193) | (71620) | (58368) |
| **Income Before Income Taxes** | 45513 | 39234 | 174320 | 108132 |
| &nbsp;&nbsp;Provision for income taxes | (7151) | (2356) | (24086) | (6195) |
| **Net Income**  | 38362 | 36878 | 150234 | 101937 |
| &nbsp;&nbsp;Foreign currency translation gain / (loss) | (5023) | 4851 | 13293 | (1045) |
| **Comprehensive Income** | $33339 | $41729 | $163527 | $100892 |
| &nbsp;&nbsp;Earnings per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.59** | $**—** | $**6.60** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **0.59** |  | **6.60** |  |
| &nbsp;&nbsp;Weighted average common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **58279** |  | **20493** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **58279** |  | **20493** |  |

---

------

![Graphic](jcap-20251113xex99d1001.jpg)

**Jefferson Capital, Inc.**

*Combined and Condensed Consolidated Statements of Cash Flows* 

(*Unaudited, in Thousands*)

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  |
|  | **2025**  | **2024**  |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;Net income  | $150234 | $101937 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4206 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 4016 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1670 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 8850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 17254 | (1420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1186) | (19762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (355) | (3428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 8956 | 6075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 193645 | 90859 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;Purchases of receivables, net | (451531) | (365322) |
| &nbsp;&nbsp;Purchases of credit card receivables | (20054) | (23689) |
| &nbsp;&nbsp;Collections applied to investments in receivables, net | 331042 | 123301 |
| &nbsp;&nbsp;Collections applied to credit card receivables | 19697 | 22341 |
| &nbsp;&nbsp;Purchases of property and equipment, net | (645) | (449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (121491) | (243818) |
| Cash flow from financing activities |  |  |
| &nbsp;&nbsp;Proceeds from notes payable | 681790 | 747887 |
| &nbsp;&nbsp;Payments on notes payable | (694872) | (567719) |
| &nbsp;&nbsp;Payment of debt issuance costs | (8012) | (6868) |
| &nbsp;&nbsp;Dividends paid to stockholders | (47942) | (20000) |
| &nbsp;&nbsp;Proceeds from issuance of common stock | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) / provided by financing activities | (59036) | 153300 |
| Exchange rate effects on cash balances held in foreign currencies | (5290) | 495 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | 7828 | 838 |
| Cash and cash equivalents and restricted cash, beginning of period | 38243 | 20604 |
| Cash and cash equivalents and restricted cash, end of period | $46071 | $21442 |

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![Graphic](jcap-20251113xex99d1001.jpg)

**Jefferson Capital, Inc.**

*Supplemental Financial Information*

*Reconciliation of Non-GAAP Metrics*

***Cash Efficiency Ratio***

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,** | **September 30,** |
| **($in Millions)** | **2025** | **2024** |
| Collections | $236.8 | $145.1 |
| Credit card revenue | 1.8 | 2.0 |
| Servicing revenue | 9.4 | 7.6 |
| **Cash Receipts (A)** | $**248.0** | $**154.8** |
| **Operating Expenses** | $**80.2** | $**50.3** |
| &nbsp;&nbsp;Stock compensation | (8.8) | (2.2) |
| &nbsp;&nbsp;Canaccede exit incentive | (0.1) |  |
| &nbsp;&nbsp;IPO, merger and acquisition, and other one-time expenses | (2.4) | (0.2) |
| **Adjusted Operating Expenses (B)** | $**69.0** | $**47.9** |
| **Cash Efficiency Ratio (A-B) / A** | **72.2%**  | **69.0%** |

---

***Adjusted Pre-tax Income***

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,** | **September 30,** |
| **($in Millions)** | **2025** | **2024** |
| **Pre-tax Income** | $**45.5** | $**39.2** |
| &nbsp;&nbsp;Foreign exchange and other income (expense) | (1.9) | 0.4 |
| &nbsp;&nbsp;Stock Compensation | 8.8 | 2.2 |
| &nbsp;&nbsp;Canaccede exit incentive | 0.1 |  |
| &nbsp;&nbsp;IPO, merger and acquisition, and other one-time expenses | 2.4 | 0.2 |
| **Adjusted Pre-tax Income** | $**54.8** | $**42.1** |

---

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![Graphic](jcap-20251113xex99d1001.jpg)

**Jefferson Capital, Inc.**

*Supplemental Financial Information*

*Reconciliation of Non-GAAP Metrics (Continued)*

***Adjusted Net Income and Adjusted EPS***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | |
|  | **September 30,** | **September 30,** | **Increase**<br>**(Decrease)** | **%**<br>**Change** |
| **(in Millions, Except for Adjusted EPS)** | **2025** | **2024** |  |  |
| **Net Income** | $**38.4** | $**36.9** | $**1.5** | **4.0%**  |
| &nbsp;&nbsp;Foreign exchange and other income (expense) | (1.9) | 0.4 | (2.4) | (541.8) |
| &nbsp;&nbsp;Stock compensation | 8.8 | 2.2 | 6.6 | 303.7 |
| &nbsp;&nbsp;Canaccede exit incentive | 0.1 |  | 0.1 |  |
| &nbsp;&nbsp;IPO, merger and acquisition, and other one-time expenses | 2.4 | 0.2 | 2.2 | 1046.1 |
| **Adjusted Net Income** | $**47.7** | $**39.7** | $**8.0** | **20.1%**  |
| &nbsp;&nbsp;Weighted average diluted common shares outstanding (in millions) | **58.3** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected vesting of non-vested restricted stock | 6.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted weighted average diluted common shares outstanding | **64.7** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EPS** | $**0.74** |  |  |  |

---

***Leverage***

---

| | | |
|:---|:---|:---|
|  | **Trailing Twelve Months Ended** | **Trailing Twelve Months Ended** |
|  | **September 30,** | **September 30,** |
| **($in Millions)** | **2025** | **2024** |
| **Net cash provided by operating activities** | $**270.9** | $**125.6** |
| &nbsp;&nbsp;Changes in prepaid expenses | (13.8) | 20.7 |
| &nbsp;&nbsp;Changes in accounts payable and accrued expenses | (58.3) | (8.4) |
| &nbsp;&nbsp;Provision for credit losses | (2.6) | (3.5) |
| &nbsp;&nbsp;Foreign exchange and other income (expense) | (3.2) | 1.9 |
| &nbsp;&nbsp;Cash interest paid | 94.0 | 65.9 |
| &nbsp;&nbsp;Provision for income taxes | 26.8 | 8.2 |
| &nbsp;&nbsp;Total portfolio revenue | (531.4) | (359.1) |
| &nbsp;&nbsp;Gross collections | 927.7 | 515.9 |
| &nbsp;&nbsp;Stock compensation | (7.6) | 4.6 |
| &nbsp;&nbsp;Conn's one-time items<sup>(1)</sup> | 4.6 |  |
| &nbsp;&nbsp;Canaccede exit consideration | 8.7 |  |
| &nbsp;&nbsp;Merger and acquisition, and other one-time expenses<sup>(2)</sup> | 11.3 | 2.5 |
| **Adjusted Cash EBITDA (A)** | $**727.2** | $**374.3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |  |
|  | **2025** |  | **2024** |  |
| **Borrowings, as reported** | $**1182.6** |  | $**948.0** |  |
| &nbsp;&nbsp;Unamortized issuance costs | 17.4 |  | 14.1 |  |
| &nbsp;&nbsp;Unrestricted cash | (42.3) |  | (18.3) |  |
| **Net Debt (B)** | $**1157.7** |  | $**943.8** |  |
| **Leverage (B / A)** | 1.59 | **x** | 2.52 | **x** |

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