Jefferson Capital, Inc. / DE

Previous wording

We are headquartered in Minneapolis, Minnesota, and as of March 31, 2026, with 1,178 FTE (including our offshore co-sourced operation).

Current wording

We are headquartered in Minneapolis, Minnesota, and as of June 30, 2026, with 1,089 FTE (including our offshore co-sourced operation).

Previous wording

When we purchase portfolios with credit deterioration, we find that our expertise in evaluating and managing charged-off accounts allows us to confidently manage such portfolios with a higher level of credit risk than a buyer without that level of expertise would be comfortable. In such instances, a portfolio may include a mix of loans that are delinquent and restructured as well as a significant amount of charged-off or nonperforming loans, with a high level of risk that more of the current loans will become delinquent over time and eventually need to be charged-off. In these cases, we can offer the seller the convenience of purchasing all its loan assets together as opposed to bidding for only a single category of loan, which might result in a seller needing to transact with multiple counterparties. We regularly evaluate the opportunity to purchase portfolios that include a mix of performing accounts and nonperforming accounts, and that comprise all of a

Current wording

When we purchase portfolios with credit deterioration, we find that our expertise in evaluating and managing charged-off accounts allows us to confidently manage such portfolios with a higher level of credit risk than a buyer without that level of expertise would be comfortable. In such instances, a portfolio may include a mix of loans that are delinquent and restructured as well as a significant amount of charged-off or nonperforming loans, with a high level of risk that more of the current loans will become delinquent over time and eventually need to be charged-off. In these cases, we can offer the seller the convenience of purchasing all its loan assets together as opposed to bidding for only a single category of loan, which might result in a seller needing to transact with multiple counterparties. We regularly evaluate the opportunity to

Previous wording

credit originator’s loan assets and believe we will find attractive opportunities to make more purchases like these going forward.

Current wording

purchase portfolios that include a mix of performing accounts and nonperforming accounts, and that comprise all of a credit originator’s loan assets and believe we will find attractive opportunities to make more purchases like these going forward.

Previous wording

Creditors sell their volume in a mix of forward flow arrangements and competitive bid transactions. Sales levels are expected to fluctuate from quarter to quarter with portfolio pricing remaining competitive. We believe that smaller competitors continue to face difficulties in the portfolio purchasing market because of the high cost to operate due to regulatory pressure, issuers’ selectiveness with buyers and lack of consistent access to capital. We believe these operational costs favor larger participants, such as us, because the larger market participants are better able to adapt to these pressures and commit to larger purchases and forward flow agreements.

Current wording

We believe that smaller competitors continue to face difficulties in the portfolio purchasing market because of the high cost to operate due to regulatory pressure, issuers’ selectiveness with buyers and lack of consistent access to capital. We believe these operational costs favor larger participants, such as us, because the larger market participants are better able to adapt to these pressures and commit to larger purchases and forward flow agreements.

Previous wording

Our deployments are a mix of spot sales and forward flow agreements. The timing, contract duration and volumes for each contract can fluctuate leading to variation when compared to prior periods. 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.

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.

Previous wording

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 years 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 years where a higher ratio of seasoned paper or non-paying portfolios were purchased.

Current wording

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 years 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 years where a higher ratio of seasoned assets or non-paying portfolios were purchased.

Previous wording

For the three months ended March 31, 2026, ERC in our United States reportable segment included $237.7 million for the Bluestem portfolio purchase with the comparative 2025 period having no ERC related to Bluestem.

Current wording

For the three months ended June 30, 2026, ERC in our United States reportable segment included $218.2 million from the Bluestem portfolio purchase with the comparative 2025 period having no ERC related to Bluestem.

Previous wording

During the three months ended March 31, 2026, we invested $149.7 million to acquire receivable portfolios, with face values aggregating $2,708.2 million, for an average purchase price of 5.5% of face value. The amount invested in receivable portfolios decreased $25.5 million, or 14.6%, compared with the $175.2 million invested during the three months ended March 31, 2025, to acquire receivable portfolios with face values aggregating $2,757.4 million, for an average purchase price of 6.4% of face value.

Current wording

During the three months ended June 30, 2026, we invested $152.2 million to acquire receivable portfolios, with face values aggregating $2,873.2 million, for an average purchase price of 5.3% of face value. The amount invested in receivable portfolios increased $26.9 million, or 21.5%, compared with the $125.3 million invested during the three months ended June 30, 2025, to acquire receivable portfolios with face values aggregating $1,759.6 million, for an average purchase price of 7.1% of face value.

Previous wording

Collections from purchased receivables increased by $49.0 million or 18.8% to $309.9 million during the three months ended March 31, 2026, from $260.9 million during the three months ended March 31, 2025. The increase in collections from purchased receivables compared to the period ended March 31, 2025, was primarily a result of increased purchases during the period. Collections in our United States reportable segment included for the period ended March 31, 2026 and 2025 were $54.5 million for the Bluestem portfolio with no collections in the comparative 2025 period.

Current wording

Collections from purchased receivables increased by $45.2 million or 17.7% to $300.9 million during the three months ended June 30, 2026, from $255.7 million during the three months ended June 30, 2025. The increase in collections from purchased receivables compared to the three months ended June 30, 2025, was primarily a result of increased purchases during the period. Collections in our United States reportable segment included for the three months ended June 30, 2026 were $41.0 million for the Bluestem portfolio with no collections in the comparative 2025 period.

Previous wording

Adjusted net income is calculated as net income in accordance with GAAP, adjusted to exclude (i) foreign exchange and other income (expense); (ii) stock-based compensation; and (iii) merger and acquisition and other infrequent, non-recurring, non-core or unusual charges. Adjusted net income is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. We present adjusted net income because we consider it an important supplemental measure of our operations and financial performance. Our management believes adjusted net income helps us provide enhanced period-to-period comparability of operations and financial performance and is useful to investors as other companies in our industry report similar financial measures. Adjusted net income should not be considered as an alternative to net income determined in accordance with GAAP.

Current wording

Adjusted net income is calculated as net income in accordance with GAAP, adjusted to exclude (i) foreign exchange and other income (expense); (ii) stock-based compensation; (iii) provision for income taxes and (iv) merger and acquisition and other infrequent, non-recurring, non-core or unusual charges. Adjusted net income is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. We present adjusted net income because we consider it an important supplemental measure of our operations and financial performance. Our management believes adjusted net income helps us provide enhanced period-to-period comparability of operations and financial performance and is useful to investors as other companies in our industry report similar financial measures. Adjusted net income should not be considered as an alternative to net income determined in accordance with GAAP.

Previous wording

Total revenues were $176.4 million for the three months ended March 31, 2026, an increase of $21.5 million, or 13.9%, compared to $154.9 million for the three months ended March 31, 2025. The increase is primarily a result of strong deployment growth in prior periods.

Current wording

Total revenues were $177.5 million for the three months ended June 30, 2026, an increase of $24.8 million, or 16.2%, compared to $152.8 million for the three months ended June 30, 2025. The increase is primarily a result of strong deployment growth in prior periods.

Previous wording

Total operating expenses were $95.6 million for the three months ended March 31, 2026, an increase of $30.5 million, or 46.8%, compared to $65.1 million for the three months ended March 31, 2025 driven primarily by an increase of $22.8 million in servicing expenses due to increased court costs of $8.0 million which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections, $7.4 million related to the Bluestem portfolio purchase and collection growth as well as $8.5 million in stock-based compensation expense.

Current wording

Total operating expenses were $95.4 million for the three months ended June 30, 2026, an increase of $29.9 million, or 45.6%, compared to $65.5 million for the three months ended June 30, 2025 driven primarily by an increase of $21.3 million in servicing expenses due to increased court costs of $9.3 million which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections, higher agency and legal commissions of $6.5 million and an increase of $16.6 million in stock-based compensation expense over the three months ended June 30, 2025 partially offset by lower professional fees of $6.3 million due to legal and professional fees incurred as part of the initial public offering in June 2025.

Previous wording

Salaries and benefits were $22.4 million for the three months ended March 31, 2026 an increase of $8.4 million, or 59.6%, compared to $14.0 million for the three months ended March 31, 2025. The increase in Salaries was driven by $8.5 million in stock-based compensation costs which primarily reflects the amortization of grant-date fair value of restricted stock awards granted in connection with the IPO.

Current wording

Salaries and benefits were $21.9 million for the three months ended June 30, 2026 an increase of $15.6 million, or 247.6%, compared to $6.3 million for the three months ended June 30, 2025. The increase in Salaries was driven by $8.3 million in stock-based compensation costs which primarily reflects the amortization of grant-date fair value of restricted stock awards granted in connection with the IPO as well as the reversal of compensation accrual of $8.3 million for outstanding Class B units prior to the IPO.

Previous wording

Servicing expenses were $65.6 million for the three months ended March 31, 2026, an increase of $22.8 million, or 53.3%, compared to $42.8 million for the three months ended March 31, 2025. The increase in servicing expenses was primarily driven by increased collections and court costs which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections. Servicing expenses consisted of the following for the three months ended March 31, 2026 and 2025:

Current wording

Servicing expenses were $64.8 million for the three months ended June 30, 2026, an increase of $21.3 million, or 49.0%, compared to $43.5 million for the three months ended June 30, 2025. The increase in servicing expenses was primarily driven by increased collections and court costs which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections. Servicing expenses consisted of the following for the three months ended June 30, 2026 and 2025:

Previous wording

Other selling, general and administrative expenses which generally consists of rent, travel and entertainment expenses, and other general overhead expenses which totaled $4.5 million for the three months ended March 31, 2026, which was flat to the $4.5 million for the three months ended March 31, 2025.

Current wording

Other selling, general and administrative expenses which generally consists of rent, travel and entertainment expenses, and other general overhead expenses were $4.8 million for the three months ended June 30, 2026, a decrease of $0.2 million or 4.0%, compared to $5.0 million for the three months ended June 30, 2025. The decrease is primarily due to lower rent in the three months ended June 30, 206 related to the Conn’s portfolio purchase compared to the three months ended June 30, 2025.

Previous wording

Total interest expense was $30.6 million for the three months ended March 31, 2026, an increase of $5.8 million, or 23.2%, compared to $24.8 million for the three months ended March 31, 2025. The increase was primarily driven 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 $1.6 million, $0.5 million or 46.7% higher

Current wording

Total interest expense was $30.4 million for the three months ended June 30, 2026, an increase of $4.6 million, or 18.0%, compared to $25.8 million for the three months ended June 30, 2025. The increase was primarily driven 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 $1.7 million, an increase of $0.3 million or 21.4% higher compared to $1.4 million for the three months ended June 30, 2025, due to the issuance of the 2030 Senior Notes in May 2025.

Previous wording

Portfolio revenue grew $15.5 million or 13.8% in the three months ended March 31, 2026 compared to March 31, 2025, primarily due to the growth in deployments, including the Bluestem portfolio purchase.

Current wording

Portfolio revenue grew $20.1 million or 18.9% in the three months ended June 30, 2026 compared to June 30, 2025, primarily due to the growth in deployments, including the Bluestem portfolio purchase.

Previous wording

Servicing revenue decreased $2.8 million or 60.7% for the three months ended March 31, 2026 compared to March 31, 2025, primarily due to the Conn’s portfolio purchase, which contributed $1.2 million of total servicing revenue in the three months ended March 31, 2026 compared with $3.7 million in the three months ended March 31, 2025.

Current wording

Servicing revenue decreased $2.6 million or 68.4% for the three months ended June 30, 2026 compared to June 30, 2025, primarily due to the Conn’s portfolio purchase, which contributed $0.6 million of total servicing revenue in the three months ended June 30, 2026 compared with $3.1 million in the three months ended June 30, 2025.

Previous wording

Servicing expenses grew $21.1 million or 63.1% in the three months ended March 31, 2026 compared to March 31, 2025 driven by increased collections, and court costs of $8.0 million which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections. Servicing expenses includes $1.5 million for the three months ended March 31, 2026 related to the Conn’s portfolio purchase compared to $3.7 million in the three months ended March 31, 2025, and $7.4 million related to the Bluestem portfolio purchase with no expense in the comparative period in 2025.

Current wording

Servicing expenses grew $20.7 million or 63.7% in the three months ending June 30, 2026 compared to June 30, 2025 driven by increased collections and increased court costs of $9.3 million which are incurred upfront at the outset of consumer litigation in anticipation of generating future collections, higher agency and legal commissions. Servicing expenses includes $3.9 million related to the Bluestem portfolio purchase with no expense in the comparative period in 2025.

Previous wording

Depreciation and amortization was $0.9 million for the three months ended March 31, 2026, a $0.7 million, or 45.8%, decrease from the $1.6 million for the three months ended March 31, 2025. The decrease was primarily due to lower intangible amortization expense of $0.6 million associated with the Conn’s purchase compared to the three months ended March 31, 2025.

Current wording

Depreciation and amortization was $0.6 million for the three months ended June 30, 2026, a $0.3 million, or 33.3%, decrease from the $0.9 million for the three months ended June 30, 2025. The decrease was primarily due to lower intangible amortization expense of $0.3 million for the three months ended June 30, 2026 associated with the Conn’s purchase compared to the three months ended June 30, 2025.

Previous wording

Professional fees were $1.7 million or 5.0% higher in the three months ended March 31, 2026 compared to March 31, 2025 driven by one-time legal and professional fees incurred as part of the follow-on equity offering in January 2026.

Current wording

Professional fees decreased $6.3 million or 72.4% in the three months ended June 30, 2026 compared to June 30, 2025 driven by 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 which generally consists of rent expense, travel and entertainment, and other general overhead expenses decreased $0.3 million or 8.2% in the three months ended March 31, 2026 compared to March 31, 2025 primarily due to lower rent expense related to the Conn’s portfolio purchase.

Current wording

Other selling, general and administrative expenses which generally consists of rent expense, travel and entertainment, and other general overhead expenses decreased $0.4 million or 10.5% in the three months ended June 30, 2026 compared to June 30, 2025 primarily due to lower rent expense related to the Conn’s portfolio purchase and various other expense reductions.

Previous wording

in net operating income associated with the Bluestem portfolio purchase with no net operating income in the three months ended March 31, 2025. Net operating income as a percentage of total revenues was 40.7% in the three months ended March 31, 2026 compared to 58.0% in March 31, 2025.

Current wording

Overall net operating income decreased $11.3 million or 17.6% in the three months ended June 30, 2026 compared to June 30, 2025 to $52.7 million from $63.9 million driven by higher stock-based compensation which primarily reflects the amortization of grant-date fair value of restricted stock awards granted in connection with the IPO in June 2025, lower net operating income of $11.4 million associated with the Conn’s portfolio purchase compared to the three months ended June 30, 2025, partially offset by $7.1 million in net operating income associated with the Bluestem portfolio purchase with no net operating income for Bluestem in the comparative period in 2025. Net operating income as a percentage of total revenues was 40.9% in the three months ended June 30, 2026 compared to 57.6% in June 30, 2025.

Previous wording

Portfolio revenue increased $4.9 million or 108.6% in the three months ended March 31, 2026 compared to March 31, 2025 primarily due to an increase in deployment volumes.

Current wording

Portfolio revenue increased $0.3 million or 4.1% in the three months ended June 30, 2026 compared to June 30, 2025 primarily due to an increase in deployment volumes.

Previous wording

Salaries and benefits increased $0.7 million or 18.8% in the three months ended March 31, 2026 compared to March 31, 2025 primarily due to higher employee salary and benefit costs.

Current wording

Salaries and benefits increased $0.4 million or 9.8% in the three months ended June 30, 2026 compared to June 30, 2025 primarily due to higher employee salary and benefit costs.

Previous wording

Credit card revenue decreased $0.2 million or 18.0% in the three months ended March 31, 2026 compared to March 31, 2025 due to the portfolio continuing to attrit with no new originations since August 2024 due to regulatory changes.

Current wording

Credit card revenue decreased $0.3 million or 23.0% in the three months ended June 30, 2026 compared to June 30, 2025 due to the portfolio continuing to attrit with no new originations since August 2024 due to regulatory changes.

Previous wording

Portfolio revenue increased $2.0 million or 20.0% in the three months ended March 31, 2026 compared to March 31, 2025 primarily due to increase in deployments.

Current wording

Portfolio revenue increased $2.8 million or 31.5% in the three months ended June 30, 2026 compared to June 30, 2025 primarily due to increase in deployments.

Previous wording

Overall net operating income increased by $0.6 million or 9.8% in the three months ended March 31, 2026 compared to March 31, 2025 due to portfolio revenue growth. Net operating income as a percentage of total revenues was 60.0% in the three months ended March 31, 2026 compared to 65.5% in March 31, 2025.

Current wording

Overall net operating income increased by $1.5 million or 28.5% in the three months ended June 30, 2026 compared to June 30, 2025 due to portfolio revenue growth. Net operating income as a percentage of total revenues was 57.5% in the three months ended June 30, 2026 compared to 58.9% in June 30, 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 of our deferred tax assets and liabilities, and changes in tax laws. The provision for income tax was $13.4 million for the three months ended March 31, 2026, an increase of $10.7 million or 401.0% compared to $2.7 million for the three months ended March 31, 2025 which increased as the Company is no longer treated as a Partnership for US income tax purposes as it was before the Initial Public Offering in June 2025.

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 of our deferred tax assets and liabilities, and changes in tax laws. The provision for income tax was $25.5 million for the six months ended June 30, 2026, an increase of $8.6 million or 50.9% compared to $16.9 million for the six months ended June 30, 2025 which increased in 2026 as the Company is no longer treated as a Partnership for US income tax purposes as it was before the IPO in June 2025.

Previous wording

Servicing expenses increased $0.9 million or 30.7% in the three months ended March 31, 2026 compared to March 31, 2025 primarily due to increased collections.

Current wording

Salaries and benefits increased $0.9 million or 11.5% in the six months ended June 30, 2026 compared to June 30, 2025 primarily due to higher salary and employee benefit costs.

Previous wording

Overall net operating income increased $5.3 million or 292.6% in the three months ended March 31, 2026 compared to March 31, 2025 due to higher deployments. Net operating income as a percentage of total revenues was 41.1% in the three months ended March 31, 2026 compared to 17.3% in March 31, 2025.

Current wording

Overall net operating income increased $8.3 million or 159.6% in the six months ended June 30, 2026 compared to June 30, 2025 primarily due to higher deployments. Net operating income as a percentage of total revenues was 39.9% in the six months ended June 30, 2026 compared to 21.7% for the six months ended June 30, 2025.

Previous wording

The following table illustrates collections from purchased receivables, total portfolio revenue for the three months ended March 31, 2026 and investment in receivables, net as of March 31, 2026 and monthly EIR, by year of purchase:

Current wording

The following table illustrates collections from purchased receivables, total portfolio revenue for the six months ended June 30, 2026 and investment in receivables, net as of June 30, 2026 and monthly EIR, byyear of purchase:

Previous wording

COLLECTIONS, BY YEAR, BY YEAR OF PURCHASE Excludes Resale as Noted at Bottom (in millions)

Current wording

COLLECTIONS, BY YEAR, BY YEAR OF PURCHASE Excludes Resale as Noted at Bottom

Previous wording

We actively manage our liquidity to help provide access to sufficient funding to meet our business needs and financial obligations. As of March 31, 2026, unrestricted cash and cash equivalents totaled $26.2 million. Of the unrestricted cash and cash equivalent balance as of March 31, 2026, $17.8 million consisted of cash on hand related to international operations with indefinitely reinvested earnings. Management believes that the Company has sufficient liquidity available to meet our operating cash needs and obligations for the next twelve months and the foreseeable future.

Current wording

We actively manage our liquidity to help provide access to sufficient funding to meet our business needs and financial obligations. As of June 30, 2026, unrestricted cash and cash equivalents totaled $20.4 million. Of the unrestricted cash and cash equivalent balance as of June 30, 2026, $16.9 million consisted of cash on hand related to international operations with indefinitely reinvested earnings. On July 2, 2026, we filed a Registration Statement on Form S-3 that was declared effective by the SEC on July 17, 2026, and allows us to offer and sell, from time to time in one or more offerings, up to $100.0 million in the aggregate of securities. Management believes that the Company has sufficient liquidity available to meet our operating cash needs and obligations for the next twelve months and the foreseeable future.

Previous wording

As of March 31, 2026, we had approximately $1,433.3 million in borrowings outstanding, net of unamortized debt issuance costs with $745.8 million of availability under our Revolving Credit Facility (as defined herein) (subject to the borrowing base and applicable debt covenants). Considering borrowing base restrictions, as of March 31, 2026, the amount available to be drawn was $739.7 million. For more information, see Note 8 to our combined and condensed consolidated financial statements.

Current wording

As of June 30, 2026, we had approximately $1,405.8 million in borrowings outstanding, net of unamortized debt issuance costs with $924.1 million of availability under our Revolving Credit Facility (as defined herein) (subject to the borrowing base and applicable debt covenants). Considering borrowing base restrictions, as of June 30, 2026, the amount available to be drawn was $855.4 million. For more information, see Note 8 to our combined and condensed consolidated financial statements.

Previous wording

We were in compliance with the covenants of our financing arrangements as of March 31, 2026. Financial covenants are important in determining the level of cash flow needed to maintain in relation to our ability to incur debt under our

Current wording

We were in compliance with the covenants of our financing arrangements as of June 30, 2026. Financial covenants are important in determining the level of cash flow needed to maintain in relation to our ability to incur debt under our Revolving Credit Facility. If these financial covenants are not complied with, we would be in breach of our Revolving Credit Facility agreement if not cured through an additional pay down within the designated timeframe.

Previous wording

On November 13, 2024, we amended our Revolving Credit Facility (as supplemented or otherwise modified from time to time, the “Revolving Credit Facility”) under our credit agreement entered into on May 21, 2021 (the “Credit Agreement”). As amended, the Revolving Credit Facility provides for borrowings in an aggregate principal amount of $825.0 million (subject to compliance with a borrowing base and applicable debt covenants) and matures on April 26, 2028. In May 2025, we issued $500.0 million aggregate principal amount of 2030 Notes (as defined below) and used a majority of the proceeds therefrom, net of fees, to pay down the outstanding balance under the Revolving Credit Facility. In October 2025 we further amended and extended our Revolving Credit Facility to an aggregate commitment of $1.0 billion. As of March 31, 2026, there was $254.2 million aggregate principal amount of loans outstanding under the Revolving Credit Facility.

Current wording

On November 13, 2024, we amended our Revolving Credit Facility (as supplemented or otherwise modified from time to time, the “Revolving Credit Facility”) under our credit agreement entered into on May 21, 2021 (the “Credit Agreement”). As amended, the Revolving Credit Facility provides for borrowings in an aggregate principal amount of $825.0 million (subject to compliance with a borrowing base and applicable debt covenants) and matures on April 26, 2028. In May 2025, we issued $500.0 million aggregate principal amount of 2030 Notes (as defined below) and used a majority of the proceeds

Previous wording

August 4, 2021, among Jefferson Capital, Holdings, LLC, the guarantors party thereto and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee. The 2026 Notes are general senior unsecured obligations of Jefferson Capital Holdings, LLC and are guaranteed by certain of Jefferson Capital Holdings, LLC’s wholly-owned domestic restricted subsidiaries. Interest on the 2026 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. The 2026 Notes mature on August 15, 2026. As of March 31, 2026 there was $300.0 million aggregate principal amount of the 2026 Notes outstanding.

Current wording

On August 4, 2021, Jefferson Capital Holdings, LLC completed an offering of $300.0 million aggregate principal amount of 6.000% senior notes due 2026 (the “2026 Notes”) under an indenture (the “2026 Notes Indenture”), dated as of August 4, 2021, among Jefferson Capital, Holdings, LLC, the guarantors party thereto and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee. The 2026 Notes are general senior unsecured obligations of Jefferson Capital Holdings, LLC and are guaranteed by certain of Jefferson Capital Holdings, LLC’s wholly-owned domestic restricted subsidiaries. Interest on the 2026 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. The 2026 Notes mature on August 15, 2026. As of June 30, 2026 there was $300.0 million aggregate principal amount of the 2026 Notes outstanding.

Previous wording

Cash Flows Analysis for the Three months Ended March 31, 2026 and 2025

Current wording

Cash Flows Analysis for the Six months Ended June 30, 2026 and 2025

Previous wording

The following table summarizes our cash flow activity for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our cash flow activity for the six months ended June 30, 2026 and 2025: