Core Viewpoint - Jefferson Capital, Inc. has announced a public offering of 10,000,000 shares of common stock at a price of $20.50 per share, with an additional option for underwriters to purchase up to 1,500,000 shares [1] Group 1: Offering Details - The public offering is priced at $20.50 per share, with selling stockholders receiving all net proceeds [1] - Jefferson Capital will concurrently purchase 3,000,000 shares from the underwriters at the same price as the public offering [1] - The offering and share repurchase are expected to close on January 9, 2026, subject to customary closing conditions [1] Group 2: Underwriters - Jefferies and Keefe, Bruyette & Woods are acting as joint-lead book-running managers for the offering [2] - A number of other financial institutions are participating as book-running managers for the offering [2] Group 3: Company Background - Jefferson Capital, founded in 2002, specializes in purchasing and managing charged-off, insolvency, and active consumer accounts [5] - The company operates in the United States, Canada, the United Kingdom, and Latin America, servicing both secured and unsecured assets [5] - Its client base includes Fortune 500 creditors, banks, fintech platforms, telecommunications providers, credit card issuers, and auto finance companies [5]

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining by 0.2% [1] Company-Specific Movements - Jefferson Capital Inc (NASDAQ:JCAP) experienced a significant drop of 4.4%, trading at $22.00, following the announcement of a secondary offering of 10 million shares [1] - MOBIX LABS, INC. (NASDAQ:MOBX) fell sharply by 25.4% to $0.24 due to plans for a common stock offering [2] - Datavault AI Inc (NASDAQ:DVLT) shares decreased by 12.4% to $1.26 after a previous surge of 43% on Monday, linked to a nationwide deployment announcement [2] - BitVentures Ltd – ADR (NASDAQ:BVC) saw a decline of 9.7% to $13.33 after a 5% gain on Monday [2] - Zenas Biopharma Inc (NASDAQ:ZBIO) tumbled by 6.6% to $15.50 following a 52% drop on Monday due to Phase 3 trial results [2] - Theravance Biopharma Inc (NASDAQ:TBPH) dipped 6% to $17.07 after a 3% decline on Friday [2] - Graphic Packaging Holding Co (NYSE:GPK) fell 4.9% to $14.70 ahead of its fourth quarter financial results announcement [2] - ATRenew Inc (NYSE:RERE) declined by 4.1% to $5.65 after a 9% gain on Monday [2] - Rezolve AI PLC (NASDAQ:RZLV) fell 3.7% to $3.07 in pre-market trading [2] - NovaBay Pharmaceuticals Inc (NYSE:NBY) slipped 3.4% to $6.52 after a 15% jump on Monday [2] - Starfighters Space Inc (NYSE:FJET) decreased by 3.3% to $9.08 after a 10% dip on Monday [2]

Core Viewpoint - Jefferson Capital, Inc. is conducting a secondary offering of 10,000,000 shares of its common stock, with an option for underwriters to purchase an additional 1,500,000 shares [1] Group 1: Offering Details - The secondary offering will allow existing stockholders to sell shares, with all net proceeds going to them [1] - Jefferson Capital plans to repurchase 3,000,000 shares of common stock from the underwriters at the same price as the offering, which will be retired post-offering [2] - The offering is managed by Jefferies and Keefe, Bruyette & Woods as joint-lead book-running managers, along with several other financial institutions [3] Group 2: Regulatory Information - A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission, but it is not yet effective, meaning securities cannot be sold until it is [5] - The offering will be conducted only through a prospectus, which will be available from the managing underwriters [4] Group 3: Company Background - Jefferson Capital, founded in 2002, specializes in purchasing and managing charged-off, insolvency, and active consumer accounts across multiple regions including the U.S., Canada, the U.K., and Latin America [7] - The company services both secured and unsecured assets and has a diverse client base, including Fortune 500 companies and various financial institutions [7]

Table of Contents As filed with the U.S. Securities and Exchange Commission on January 5, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jefferson Capital, Inc. (Exact name of registrant as specified in its charter) Delaware 6153 33-1923926 (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification N ...

Core Viewpoint - Jefferson Capital, Inc. has successfully completed the acquisition of a credit card asset portfolio from affiliates of Bluestem Brands for a net purchase price of $196.7 million, with estimated remaining collections of $311.4 million associated with the portfolio [1] Company Overview - Jefferson Capital, founded in 2002, specializes in the analytical purchasing and management of charged-off, insolvency, and active consumer accounts across the United States, Canada, the United Kingdom, and Latin America [2] - The company manages both secured and unsecured assets and serves a diverse client base, including Fortune 500 creditors, banks, fintech platforms, telecommunications providers, credit card issuers, and auto finance companies [2] - Jefferson Capital is headquartered in Minneapolis, Minnesota, with additional offices in Sartell, Minnesota; Denver, Colorado; San Antonio, Texas; Basingstoke, England; London, England; Paisley, Scotland; London, Ontario; Toronto, Ontario; and Bogota, Colombia [2]

Group 1: Semtech Corp Financial Results - Semtech reported third-quarter revenue of $267 million, missing analyst estimates of $268.83 million [1] - The company reported third-quarter adjusted earnings of 48 cents per share, beating estimates of 45 cents per share [1] Group 2: Stock Performance - Semtech shares dipped 7.2% to $65.00 in pre-market trading [2] - Other stocks also experienced declines in pre-market trading, including Arcus Biosciences Inc, which fell 6.7% to $21.63, and Nanobiotix SA, which fell 6.2% to $20.64 [4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-42718 Jefferson Capital, Inc. (Exact name of registrant as specified in its charter) DELAWARE 33-1923926 (IRS Employe ...

Core Insights - Jefferson Capital, Inc. (JCAP) reported revenue of $150.84 million for the quarter ended September 2025, showing no year-over-year change, with an EPS of $0.74 compared to $0 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $147.29 million by 2.41%, and the EPS surpassed the consensus estimate of $0.64 by 15.63% [1] Financial Performance Metrics - Total collections for the quarter were $236.8 million, slightly below the average estimate of $242.47 million from two analysts [4] - Servicing revenue was reported at $9.41 million, compared to the average estimate of $10.5 million from two analysts [4] - Total portfolio revenue reached $139.67 million, exceeding the estimated $135.09 million from two analysts [4] Stock Performance - Shares of Jefferson Capital, Inc. have returned +11.5% over the past month, outperforming the Zacks S&P 500 composite's +4.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance Highlights - Collections for Q3 2025 were $237 million, up 63% year over year, driven by strong deployment growth [3][9] - Revenue for the quarter was $151 million, reflecting a 36% increase compared to the prior year [3][18] - Adjusted EPS for the quarter was $0.74, with a cash efficiency ratio of 72.2% [4][13] - LTM-adjusted cash EBITDA reached $727 million, improving leverage to 1.59 times [4][20] Business Line Performance - The Conn's portfolio purchase contributed $50 million to collections for the quarter [9] - Portfolio purchases for the quarter totaled $151 million, up 22% year over year [10] - Estimated remaining collections (ERC) as of September 30 were $2.9 billion, up 27% year over year [10] Market Trends - Elevated delinquency trends across non-mortgage consumer asset classes are creating favorable portfolio supply trends [5][8] - Personal savings levels have decreased to $1.1 trillion, lower than pre-pandemic averages, indicating limited consumer ability to absorb financial hardships [6] - An increase in insolvencies in both the U.S. and Canada has fueled a resurgence in supply of insolvency portfolios [7][8] Company Strategy and Industry Competition - The company is focused on acquiring dislocated consumer credit assets, with the Blue Stem portfolio purchase expected to close in Q4 2025 [4][14] - The company aims to maintain a competitive advantage through proprietary data and advanced analytical capabilities [12][63] - The company is well-positioned to capitalize on market opportunities due to its specialized expertise in hard-to-value asset classes [17][63] Management Commentary on Operating Environment and Future Outlook - Management remains bullish on investment opportunities, citing elevated consumer delinquencies and charge-offs as drivers for robust portfolio supply [8][10] - The company expects to continue strong collection performance on existing and future portfolio purchases [10][20] - Management highlighted the importance of maintaining a strong liquidity profile to support growth and strategic options [22] Other Important Information - The board declared a quarterly dividend of $0.24 per share, representing a 5% annualized yield [23] - The company completed an amendment of its senior secured revolving credit facility, increasing capital commitments to $1 billion [4][21] Q&A Session Summary Question: Any details on the seasonality of collections across diversified channels? - Management noted that U.S. collections peak during tax season from February to April, while the fourth quarter typically sees the largest deployments across all geographies [25][28] Question: How should court costs be viewed in the coming quarters? - Management indicated that court costs of $15 million for the quarter may remain elevated, with a run rate expected to be similar for 2026 [29] Question: Any noteworthy trends in the portfolio purchases? - Management highlighted a continuing growth in insolvencies, with elevated opportunities across all asset classes [36] Question: What is the expected cash flow contribution from Blue Stem? - Management confirmed that Blue Stem's cash flows would have a similar rapid pace of collections as Conn's [41] Question: Are there opportunities in the auto sector due to increased delinquencies? - Management acknowledged increased activity in the auto sector, particularly in the non-prime segment [43] Question: What is the outlook for leverage and capital allocation? - Management indicated that leverage could decrease further, with potential changes to dividends or share repurchases being considered [66][68]

Financial Performance - Collections grew significantly, up 63% to $237 million compared to Q3'24, driven by 2023 and 2024 deployments[9] - The company achieved its largest third-quarter deployments in history, totaling $151 million, a 22% increase from Q3'24[9] - Estimated Remaining Collections (ERC) reached a new record of $29 billion, a 27% increase compared to Q3'24, propelled by attractive returns on deployments[9] - Revenue increased by 36% to $151 million compared to Q3'24[9] - Adjusted EPS was $074[9] Efficiency and Profitability - The Cash Efficiency Ratio was 722%[9] - Adjusted Pre-tax Return On Average Equity (ROAE) was 517%[32] Bluestem Portfolio Purchase - Jefferson Capital is set to acquire a credit card asset portfolio from Bluestem Brands for a gross purchase price of $3028 million, representing a face value of approximately $4882 million as of June 30, 2025[29] - The net purchase price at closing, assuming an illustrative date of December 1, 2025, is expected to be approximately $195 million[29] Leverage and Funding - The leverage ratio is 159x, calculated as Net Debt divided by Adjusted Cash EBITDA[32] - The company completed the largest upsize of its Revolving Credit Facility (RCF) in its history, increasing commitments to $1 billion[41]