Jefferson Capital, Inc. / DE

Previous wording

We provide debt recovery solutions and other related services across a broad range of consumer receivables, including credit card, secured and unsecured automotive, telecom and utilities, and other receivables. We primarily purchase portfolios of previously charged-off consumer receivables at deep discounts to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery. Previously charged-off receivables include receivables subject to bankruptcy proceedings. We also provide debt servicing and other portfolio management services to credit originators for nonperforming loans. In addition, through our credit card acquisition programs, we earn credit card revenue. All deployments are made from independent third parties.

Current wording

We provide debt recovery solutions and other related services across a broad range of consumer receivables, including credit card, secured and unsecured automotive, telecom and utilities, and other receivables. We primarily purchase portfolios of previously charged-off consumer receivables at deep discounts to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery. Previously charged-off receivables include receivables subject to bankruptcy proceedings. We also provide debt servicing and other portfolio management services to credit originators for nonperforming loans. In addition, through our credit card acquisition programs, we earn credit card revenue. All deployments are made to independent third parties.

Previous wording

We are headquartered in Minneapolis, Minnesota, and as of June 30, 2025, with 1,096 FTE (including our offshore co-sourced operation).

Current wording

We are headquartered in Minneapolis, Minnesota, and as of September 30, 2025, with 1,075 FTE (including our offshore co-sourced operation).

Previous wording

The average purchase price, as a percentage of face value, varies from period to period depending on, among other factors, the type and quality of the accounts purchased and the length of time from charge-off to the time we purchase the portfolios. For example, the average purchase price as a percentage of face value is higher for newly charged-off portfolios as compared to more seasoned portfolios because newly charged-off portfolios generally have higher liquidation rates. Similarly, portfolios consisting of paying accounts tend to have a higher purchase price relative to face value than non-paying accounts due to the higher expectations for collections, as well as lower anticipated collection costs. As a result, in periods that we purchase a higher percentage of newly charged-off assets or paying portfolios, we expect that our purchase price as a percentage of face value would be higher than would be in periods where a higher ratio of seasoned paper or non-paying portfolios were purchased. The average purchase price, as a percentage of face value, increased during the period ended June 30, 2025, as compared to the prior year periods, primarily related to portfolio mix.

Current wording

The average purchase price, as a percentage of face value, varies from period to period depending on, among other factors, the type and quality of the accounts purchased and the length of time from charge-off to the time we purchase the portfolios. For example, the average purchase price as a percentage of face value is higher for newly charged-off portfolios as compared to more seasoned portfolios because newly charged-off portfolios generally have higher liquidation rates. Similarly, portfolios consisting of paying accounts tend to have a higher purchase price relative to face value than non-paying accounts due to the higher expectations for collections, as well as lower anticipated collection costs. As a result, in periods that we purchase a higher percentage of newly charged-off assets or paying portfolios, we expect that our purchase price as a percentage of face value would be higher than would be in periods where a higher ratio of seasoned paper or non-paying portfolios were purchased. The Company’s average purchase price, as a percentage of face value, increased during the period ended September 30, 2025, as compared to the prior year periods, primarily related to portfolio mix.

Previous wording

During the three months ended June 30, 2025, we invested $125.3 million to acquire receivable portfolios, with face values aggregating $1,759.6 million, for an average purchase price of 7.1% of face value. The amount invested in receivable portfolios decreased $15.2 million, or 10.8%, compared with the $140.5 million invested during the three months ended June 30, 2024, to acquire receivable portfolios with face values aggregating $2,541.1 million, for an average purchase price of 5.5% of face value.

Current wording

During the three months ended September 30, 2025, we invested $151.0 million to acquire receivable portfolios, with face values aggregating $2,848.8 million, for an average purchase price of 5.3% of face value. The amount invested in receivable portfolios increased $27.5 million, or 22.3%, compared with the $123.4 million invested during the three months ended September 30, 2024, to acquire receivable portfolios with face values aggregating $1,681.0 million, for an average purchase price of 7.3% of face value.

Previous wording

During the six months ended June 30, 2025, we invested $300.5 million to acquire receivable portfolios, with face values aggregating $4,517.0 million, for an average purchase price of 6.7% of face value. The amount invested in receivable portfolios increased $58.6 million, or 24.2%, compared with the $241.9 million invested during the six months ended June 30, 2024, to acquire receivable portfolios with face values aggregating $4,060.6 million, for an average purchase price of 6.0% of face value.

Current wording

During the nine months ended September 30, 2025, we invested $451.5 million to acquire receivable portfolios, with face values aggregating $7,365.7 million, for an average purchase price of 6.1% of face value. The amount invested in receivable portfolios increased $86.3 million, or 23.6%, compared with the $365.2 million invested during the nine months ended September 30, 2024, to acquire receivable portfolios with face values aggregating $5,741.6 million, for an average purchase price of 6.4% of face value.

Previous wording

Collections from purchased receivables increased by $117.8 million or 85.4% to $255.7 million during the three months ended June 30, 2025, from $137.9 million during the three months ended June 30, 2024. The increase in collections from purchased receivables compared to the period ended June 30, 2024, was primarily a result of increased purchases during the period. Collections in our United States reportable segment included $65.1 million from the Conn’s Portfolio Purchase.

Current wording

Collections from purchased receivables increased by $91.7 million or 63.2% to $236.8 million during the three months ended September 30, 2025, from $145.1 million during the three months ended September 30, 2024. The increase in collections from purchased receivables compared to the period ended September 30, 2024, was primarily a result of increased purchases during the period. Collections in our United States reportable segment included $49.7 million from the Conn’s Portfolio Purchase.

Previous wording

Collections from purchased receivables increased by $251.5 million or 94.9% to $516.6 million during the six months ended June 30, 2025, from $265.1 million during the six months ended June 30, 2024. The increase in collections from purchased receivables compared to the period ended June 30, 2024, was primarily a result of increased purchases during the period. Collections in our United States reportable segment included $154.2 million from the Conn’s Portfolio Purchase.

Current wording

Collections from purchased receivables increased by $343.2 million or 83.7% to $753.4 million during the nine months ended September 30, 2025, from $410.2 million during the nine months ended September 30, 2024. The increase in collections from purchased receivables compared to the period ended September 30, 2024, was primarily a result of increased purchases during the period. Collections in our United States reportable segment included $210.6 million from the Conn’s Portfolio Purchase.

Previous wording

Our revenue is primarily derived from revenue from previously charged-off receivables, which is revenue recognized from engaging in debt purchasing and recovery activities, and from credit card and servicing revenue streams.

Current wording

Our revenue is primarily derived from revenue from investments in receivables, which is revenue recognized from engaging in debt purchasing and recovery activities, and from credit card and servicing revenue streams.

Previous wording

Other selling, general and administrative expenses generally consists of rent expense, travel and entertainment expenses, and other general overhead expenses.

Current wording

Other selling, general and administrative expenses generally consists of rent, travel and entertainment expenses, and other general overhead expenses.

Previous wording

Interest expense primarily consists of interest expense on our outstanding debt.

Current wording

Interest expense consists of interest expense on our outstanding debt and amortization of debt issuance costs.

Previous wording

Total revenues were $152.8 million for the three months ended June 30, 2025, an increase of $48.9 million, or 47.1%, compared to $103.9 million for the three months ended June 30, 2024. The increase is primarily a result of strong deployment growth in prior periods.

Current wording

Total revenues were $150.8 million for the three months ended September 30, 2025, an increase of $40.2 million, or 36.4%, compared to $110.6 million for the three months ended September 30, 2024. The increase is primarily a result of strong deployment growth in prior periods.

Previous wording

Total operating expenses were $65.5 million for the three months ended June 30, 2025, an increase of $17.8 million, or 37.4%, compared to $47.7 million for the three months ended June 30, 2024 driven primarily by an increase of $12.7 million in court costs, agency and repo commission and other servicing expenses due to increased collections.

Current wording

Total operating expenses were $80.2 million for the three months ended September 30, 2025, an increase of $29.9 million, or 59.5%, compared to $50.3 million for the three months ended September 30, 2024 driven primarily by an increase of $14.4 million in servicing expenses due to increased court costs which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections and collection growth and $10.7 million in salaries and benefits primarily due to $8.8 million in stock-based compensation expense.

Previous wording

Depreciation and amortization was $1.3 million for the three months ended June 30, 2025, a $0.8 million, or 160.0%, increase from the $0.5 million for the three months ended June 30, 2024. The increase was primarily due to incremental amortization expense of $0.7 million associated with the Conn’s purchase which closed in December 2024.

Current wording

Depreciation and amortization was $1.4 million for the three months ended September 30, 2025, a $0.8 million, or 146.4%, increase from the $0.5 million for the three months ended September 30, 2024. The increase was primarily due to incremental amortization expense of $0.6 million associated with the Conn’s purchase which closed in December 2024.

Previous wording

Other selling, general and administrative expenses generally consist of rent expense, travel and entertainment expenses, and other general overhead expenses which totaled $5.0 million for the three months ended June 30, 2025, an increase of $3.0 million or 150.0%, compared to $2.0 million for the three months ended June 30, 2024. The increase is primarily due to $1.9 for data processing expenses and rent related to the Conn’s purchase, $0.7 costs associated with the Canada acquisition in relation to the potential realization of an exit incentive as well as other various expense increases.

Current wording

Other selling, general and administrative expenses generally consist of rent, travel and entertainment expenses, and other general overhead expenses which totaled $4.2 million for the three months ended September 30, 2025, an increase of $2.2 million or 105.7%, compared to $2.1 million for the three months ended September 30, 2024. The increase is primarily due to $1.8 million for data processing and rent related to the Conn’s purchase, $0.1 million for the Canada acquisition in relation to the potential realization of an exit incentive as well as other various expense increases.

Previous wording

Total interest expense was $50.7 million for the six months ended June 30, 2025, an increase of $15.2 million, or 42.8%, compared to $35.5 million for the six months ended June 30, 2024. The increase was primarily driven by our increased deployments which drives a higher credit facilities debt balance, as well as by increased amortization of note payable

Current wording

Total interest expense was $26.5 million for the three months ended September 30, 2025, an increase of $6.7 million, or 34.0%, compared to $19.8 million for the three months ended September 30, 2024. The increase was primarily driven

Previous wording

Total interest expense was $25.8 million for the three months ended June 30, 2025, an increase of $7.6 million, or 41.0%, compared to $18.2 million for the three months ended June 30, 2024. The increase was primarily driven by our deployments which drives a higher credit facility debt balance, and an increase in the cost of debt due to the payoff of the credit facility with the net proceeds of the 2030 Senior Notes issued in May 2025 as well as by increased amortization of note payable origination costs of $1.4 million or 27.3% higher compared to $1.1 million for the three months ended June 30, 2024, due to the issuance of the 2029 Senior Notes in the year ended December 31, 2024 and the issuance of the 2030 Senior Notes in May 2025.

Current wording

by an increase in the cost of debt due to the payoff of the credit facility with the net proceeds of the 2030 Senior Notes issued in May 2025 as well as by increased amortization of debt issuance costs of $1.5 million, $0.4 million or 39.5% higher compared to $1.1 million for the three months ended September 30, 2024, due to the issuance of the 2029 Senior Notes in the year ended December 31, 2024 and the issuance of the 2030 Senior Notes in May 2025.

Previous wording

The provision for income taxes consists primarily of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. The Company had incurred a year-to-date provision of $16.9 million to reflect the change in tax payer status to a corporation as a result of the reorganization related to the initial public offering.

Current wording

The provision for income taxes consists primarily of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. The Company has recognized a quarter-to-date tax provision of $7.2 million.

Previous wording

Portfolio revenue grew $39.5 million or 59% in the period ended June 30, 2025 compared to June 30, 2024, primarily due to the growth in our deployments, including from, but not solely based on, the Conn’s Portfolio Purchase which contributed $24.7 million of portfolio revenue for the three months ended June 30, 2025.

Current wording

Portfolio revenue grew $35.2 million or 48.3% in the period ended September 30, 2025 compared to September 30, 2024, primarily due to the growth in our deployments, including from, but not solely based on, the Conn’s Portfolio Purchase.

Previous wording

Servicing revenue grew $3.0 million or 375.0% in for the period ended June 30, 2025 compared to June 30, 2024, primarily due to the Conn’s Portfolio Purchase, which contributed $3.1 million of total servicing revenue in the three months ended June 30, 2025.

Current wording

Servicing revenue grew $1.8 million or 236.5% for the period ended September 30, 2025 compared to September 30, 2024, primarily due to the Conn’s Portfolio Purchase, which contributed $1.9 million of total servicing revenue in the three months ended September 30, 2025.

Previous wording

We consolidate all of the salaries, bonuses and accruals for stock compensation for our U.S.-based senior management team into the “Salaries and benefits expense” for the United States segment. Salaries and benefits in the United States decreased $6.6 million or 90.4% in the three months ended June 30, 2025 compared to June 30, 2024 driven by the reversal of stock-based compensation expense due to the impact of the initial public offering in June 2025.

Current wording

We consolidate salaries, bonuses and accruals for stock compensation for our U.S.-based senior management team into the “Salaries and benefits expense” for the United States segment. Salaries and benefits in the United States increased $10.4 million or 139.8% in the three months ended September 30, 2025 compared to September 30, 2024 driven by $8.8 million from the amortization of grant-date fair value of restricted stock awards granted in connection with the IPO.

Previous wording

Servicing expenses grew $10.4 million or 47.1% in the period ending June 30, 2025 compared to June 30, 2024 driven by growth in our collections, including $2.9 million from the Conn’s Portfolio Purchase.

Current wording

Servicing expenses grew $12.5 million or 53.6% in the period ending September 30, 2025 compared to September 30, 2024 driven by growth in our collections as well as court costs which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections. Servicing expenses include $3.3 million related to the Conn’s Portfolio Purchase.

Previous wording

We incurred $7.1 million or 443.8% higher professional fees in the period ended June 30, 2025 compared to June 30, 2024 primarily driven by one-time legal and professional fees incurred as part of the initial public offering in June 2025.

Current wording

We incurred $3.1 million or 121.0% higher professional fees in the period ended September 30, 2025 compared to September 30, 2024 driven by costs associated with merger and acquisition activity and one-time legal and professional fees incurred as part of the initial public offering in June 2025.

Previous wording

Other selling, general and administrative expenses increased $2.7 million or 245.5% in the period ended June 30, 2025 compared to June 30, 2024 primarily due to additional data processing and higher rent expense related to the addition of Conn’s location in 2025. Additionally, we recognized a one-time cost associated with the Canada acquisition in relation to the potential realization of an exit incentive, which was $0.7 million in the period ended June 30, 2025.

Current wording

Other selling, general and administrative expenses increased $2.2 million or 229.4% in the period ended September 30, 2025 compared to September 30, 2024 primarily due to additional data processing and higher rent expense related to the addition of Conn’s location in 2025.

Previous wording

Overall net operating income increased $28.1 million or 78.5% in the three months ended June 30, 2025 compared to June 30, 2024 to $63.9 million from $35.8 million driven by $19.5 million associated with the Conn’s portfolio acquired in December 2024. Net operating income as a percentage of total revenues was 57.6% in the period ended June 30, 2025 compared to 52.3% in June 30, 2024.

Current wording

Overall net operating income increased $9.7 million or 23.8% in the period ended September 30, 2025 compared to September 30, 2024 to $50.4 million from $40.7 million driven by $16.5 million associated with the Conn’s portfolio acquired in December 2024. Net operating income as a percentage of total revenues was 45.3% in the period ended September 30, 2025 compared to 54.8% in September 30, 2024.

Previous wording

Salaries and benefits increased $0.6 million or 17.1% in the period ended June 30, 2025 compared to June 30, 2024 primarily due to higher employee benefit costs.

Current wording

Salaries and benefits increased $0.3 million or 7.3% in the period ended September 30, 2025 compared to September 30, 2024 primarily due to higher employee benefit costs.

Previous wording

Net operating income overall slightly declined $1.8 million or 34.6% in the period ended June 30, 2025 compared to June 30, 2024 due to lower deployments and higher servicing expenses. Net operating income as a percentage of total revenues was 24.8% in the period ended June 30, 2025 compared to 39.7% in June 30, 2024.

Current wording

Overall net operating income declined $2.9 million or 51.8% in the period ended September 30, 2025 compared to September 30, 2024 due to lower deployments and higher servicing expenses. Net operating income as a percentage of total revenues was 20.2% in the period ended September 30, 2025 compared to 38.2% in September 30, 2024.

Previous wording

Servicing revenue increased $0.4 million or 3.4% in the period ended June 30, 2025 compared to June 30, 2024 due to the underlying organic growth from both our Moriarty and ResolveCall businesses.

Current wording

Servicing revenue increased $0.4 million or 428.6% in the period ended September 30, 2025 compared to September 30, 2024 due to the underlying organic growth.

Previous wording

Overall net operating income increased $4.9 million or 53.3% in the period ended June 30, 2025 compared to June 30, 2024 due to higher revenue growth with prudent expense management and increased usage of our off-shore resources. Net operating income as a percentage of total revenues was 73.4% in the period ended June 30, 2025 compared to 63.4% in June 30, 2024.

Current wording

Overall net operating income increased $4.0 million or 51.8% in the period ended September 30, 2025 compared to September 30, 2024 due to higher revenue growth with prudent expense management. Net operating income as a percentage of total revenues was 69.6% in the period ended September 30, 2025 compared to 60.1% in September 30, 2024.

Previous wording

Servicing revenue increased $0.6 million or 600.0% in the period ended June 30, 2025 compared to June 30, 2024 due to organic growth.

Current wording

Servicing expenses increased $0.6 million or 16.9% in the period ended September 30, 2025 compared to September 30, 2024 primarily due to increased collections.

Previous wording

Total revenues were $307.6 million for the six months ended June 30, 2025, an increase of $103.8 million, or 50.9%, compared to $203.8 million for the six months ended June 30, 2024. The increase is primarily a result of increased deployments during the period.

Current wording

Total revenues were $458.5 million for the nine months ended September 30, 2025, an increase of $144.1 million, or 45.8%, compared to $314.4 million for the nine months ended September 30, 2024. The increase is primarily a result of increased deployments during the period.

Previous wording

Total operating expenses were $130.6 million for the six months ended June 30, 2025, an increase of $35.7 million, or 37.6%, compared to $94.9 million for the six months ended June 30, 2024. This is driven by an increase in higher servicing expenses of $23.7 million related to increased collections, $7.6 million in professional fees related to the initial public offering in June 2025, and $5.8 million associated with increased various selling, general and administrative expenses.

Current wording

Total operating expenses were $210.9 million for the nine months ended September 30, 2025, an increase of $65.6 million, or 45.1%, compared to $145.3 million for the nine months ended September 30, 2024. This is driven by an increase in salaries and benefit expense of $7.6 million primarily due to increased personnel expense related to the Conns Portfolio purchase, servicing expenses of $38.0 million related to increased collections, $9.5 million in professional fees related to the initial public offering in June 2025, and $8.0 million associated with increased various selling, general and administrative expenses primarily data processing fees.

Previous wording

Depreciation and amortization was $2.9 million for the six months ended June 30, 2025, a $1.8 million, or 163.6%, increase from the $1.1 million for the six months ended June 30, 2024. The increase was due incremental intangible assets associated with the Conn’s purchase, which equated to $1.8 million of additional amortization.

Current wording

Depreciation and amortization was $4.2 million for the nine months ended September 30, 2025, a $2.5 million, or 147.1%, increase from the $1.7 million for the nine months ended September 30, 2024. The increase was due to incremental intangible assets associated with the Conn’s purchase, which equated to $2.4 million of additional amortization.

Previous wording

Other selling, general and administrative expenses generally consist of rent expense, travel and entertainment expenses, and other general overhead expenses. These expenses totaled $9.5 million for the six months ended June 30, 2025, an increase of $5.7 million or 150.0%, compared to $3.8 million for the six months ended June 30, 2024. The increase is primarily due to an additional $4.0 million for data processing and rent expense related to the addition of Conn’s location in 2025. Additionally, we recognized a one-time cost associated with the Canada acquisition in relation to the potential realization of an exit incentive of $1.0 million.

Current wording

Other selling, general and administrative expenses generally consist of rent, travel and entertainment expenses, and other general overhead expenses. These expenses totaled $13.8 million for the nine months ended September 30, 2025, an increase of $8.0 million or 137.9%, compared to $5.8 million for the nine months ended September 30, 2024. The increase is primarily due to an additional $5.8 million for data processing and rent expense related to the addition of Conn’s location in 2025. Additionally, we recognized a one-time cost associated with the Canada acquisition in relation to the potential realization of an exit incentive of $1.1 million.

Previous wording

The provision for income taxes consists primarily of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. The Company had incurred a year-to-date provision of $16.9 million to reflect the change in tax payer status to a corporation as a result of the reorganization related to the initial public offering.

Current wording

The provision for income taxes consists primarily of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. The Company has recognized a year-to-date provision of $24.1 million to reflect the change in tax payer status to a corporation as a result of the reorganization related to the initial public offering.

Previous wording

Portfolio revenue grew $85.3 million or 64.2% in the six months ended June 30, 2025 compared to June 30, 2024, primarily due to deployment growth, including from, but not solely based on, the Conn’s Portfolio Purchase, which we consolidated into our results for the United States segment starting in December 2024 and contributed $54.7 million of revenue.

Current wording

Portfolio revenue increased $120.4 million or 58.5% in the nine months ended September 30, 2025 compared to September 30, 2024, primarily due to deployment growth including the Conn’s portfolio acquisition in December 2024 which contributed $80.3 million of revenue.

Previous wording

Other selling, general and administrative expenses generally consist of rent expense, travel and entertainment expenses, and other general overhead expenses. These expenses totaled $7.3 million for the six months ended June 30, 2025, an increase of $5.4 million or 284.2%, compared to $1.9 million for the six months ended June 30, 2024. The increase is primarily due to an additional $4.0 million for data processing and rent expense related to the addition of Conn’s location in 2025. Additionally, we recognized a one-time cost associated with the Canada acquisition in relation to the potential realization of an exit incentive of $1.0 million.

Current wording

Other selling, general and administrative expenses generally consist of rent expense, travel and entertainment expenses, and other general overhead expenses. These expenses totaled $10.5 million for the nine months ended September 30, 2025, an increase of $7.8 million or 288.9%, compared to $2.7 million for the nine months ended September 30, 2024. The increase is primarily due to an additional $5.8 million for data processing and rent expense related to the addition of Conn’s portfolio acquisition. Additionally, we recognized a one-time cost associated with the Canada acquisition in relation to the potential realization of an exit incentive of $1.1 million.

Previous wording

Overall net operating income increased $62.3 million or 89.8% higher in the six months ended June 30, 2025 than the six months ended June 30, 2024 primarily due to continued growth in deployments and $36.9 million contributed from the Conn’s portfolio.

Current wording

Overall net operating income increased $71.7 million or 65.1% higher in the nine months ended September 30, 2025 than the nine months ended September 30, 2024 primarily due to continued growth in deployments and the result of the successful implementation of initiatives to reduce the cost to collect. $62.5 million was contributed from the Conn’s portfolio.

Previous wording

Portfolio revenue decreased $1.8 million or 13.1% in the period ended June 30, 2025 compared to June 30, 2024 primarily due to lower deployments in the United Kingdom.

Current wording

Portfolio revenue decreased $2.8 million or 13.0% in the period ended September 30, 2025 compared to September 30, 2024 primarily due to lower deployments in the United Kingdom.

Previous wording

Salaries and benefits increased $1.0 million or 14.7% in the period ended June 30, 2025 compared to June 30, 2024 primarily due to higher employee benefit costs.

Current wording

Salaries and benefits increased $1.3 million or 12.2% in the period ended September 30, 2025 compared to September 30, 2024 primarily due to higher employee benefit costs.

Previous wording

Overall net operating income declined $5.1 million or 49.5% in the period ended June 30, 2025 compared to June 30, 2024 primarily due to lower deployments and higher servicing costs.

Current wording

Overall net operating income declined $8.2 million or 50.7% in the period ended September 30, 2025 compared to September 30, 2024 primarily due to lower deployments and higher servicing costs.