Core Viewpoint - PRA Group, Inc. has announced the pricing of €300 million aggregate principal amount of 6.250% Senior Notes due 2032, which is part of a private offering exempt from registration requirements under the Securities Act of 1933 [1][3]. Group 1: Offering Details - The offering of the Notes is expected to close on or about September 30, 2025, subject to customary closing conditions [1]. - The Notes will be guaranteed on a senior unsecured basis by the Company and its existing and future domestic subsidiaries that are borrowers or guarantors under the North American Credit Agreement [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay approximately $174 million of outstanding borrowings under both the North American and European revolving credit facilities [3]. Group 3: Regulatory Compliance - The Notes were offered only to qualified institutional buyers in reliance on Rule 144A and to certain persons outside of the United States pursuant to Regulation S under the Securities Act [3].

Company Performance - Firefly Aerospace Inc. is expected to report a quarterly loss of 46 cents per share on revenue of $17.25 million [2] - PRA Group Inc. announced a proposed offering of €300 million of senior notes due 2032, with shares falling 4.1% to close at $16.58 [2] - Genfit SA is projected to release earnings results for the first half of the year, with shares declining 1.2% to close at $4.33 [2] - Globus Maritime Ltd reported better-than-expected second-quarter results, with a quarterly loss of 9 cents per share, beating the consensus estimate of a loss of 18 cents per share, and quarterly sales of $9.538 million exceeding the estimate of $8.800 million; shares jumped 14.7% to close at $1.30 [2] - Marygold Companies Inc. posted a loss of 4 cents per share for the fourth quarter, an improvement from a loss of 5 cents per share a year ago, with sales falling to $7.200 million from $8.300 million; shares closed at $1.07 [2]

Core Viewpoint - PRA Group, Inc. plans to offer €300 million in senior notes due 2032 to repay outstanding borrowings under its North American and European revolving credit facilities [1][3]. Group 1: Offering Details - The senior notes will be guaranteed on a senior unsecured basis by PRA Group and its existing and future domestic subsidiaries [2]. - The offering is intended for qualified institutional buyers and certain persons outside the United States, in compliance with Rule 144A and Regulation S under the Securities Act [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay approximately $174 million of outstanding borrowings under both the North American and European revolving credit facilities [3]. Group 3: Regulatory Compliance - The offering is exempt from the registration requirements of the Securities Act, and the notes will not be registered under the Securities Act or any state securities laws [4]. - Promotion of the notes in the UK is restricted, and they are not being offered to the general public [5][10].

Core Canadian Equity ETFs - The Canadian stock market is heavily influenced by financials and energy sectors, leading to a lack of diversification [1][7] - The TSX Composite Index, which includes 300 of the largest publicly traded companies in Canada, is the most popular index for capturing the Canadian stock market [5] - The TSX 60 Index, which holds 60 of the largest companies, is another significant index, with a similar sector allocation to the TSX Composite [8][18] Performance Analysis - The iShares Core S&P/TSX Capped Composite Index ETF (XIC) rose 4.95% in August, outperforming the average Canadian equity fund which gained 3.61% [16] - Over the past year, XIC increased by 25.77%, compared to the average fund's 21.35% [16] - The iShares S&P/TSX 60 Index ETF (XIU) rose 4.79% in August and has climbed 24.51% over the past year, also outperforming the average fund [17] Sector Exposure and Investment Strategy - XIC is considered more diversified than XIU due to its greater exposure to materials and less reliance on financials [11] - The materials sector, including gold and mining stocks, is seen as inflation-friendly, particularly during periods of economic uncertainty [13] - Canadian banks have historically outperformed many other sectors, but caution is advised against over-concentration in financials [7][18] Additional ETF Options - Vanguard's Canadian High Dividend ETF (VDY) increases financials concentration beyond that of XIU and has outperformed the TSX 60 by about 1% annually [19] - iShares Canadian Quality Dividend ETF (XDIV) focuses on quality stocks and includes defensive utilities, providing a concentrated portfolio of 20 stocks [20] - BMO's Low Volatility ETF (ZLB) is favored for its defensive approach and historical outperformance with less volatility [21]

Core Viewpoint - The AI industry may be experiencing a bubble similar to the dot-com bubble of the late 1990s, as indicated by Sam Altman, CEO of OpenAI, who expresses concern over the inflated valuations of AI startups and the challenges corporations face in integrating AI into their operations [2][3][6]. Group 1: AI Market Dynamics - Sam Altman believes that investors are currently overexcited about AI, suggesting that the market is in a bubble [2][3]. - The AI sector has seen startups with minimal resources raising billions, reminiscent of the irrational market behavior seen during the dot-com era [6]. - A recent MIT study revealed that only 5% of AI pilot programs lead to significant revenue increases, indicating that many companies struggle to implement AI effectively due to rigid organizational structures [7]. Group 2: AI Applications and Challenges - While AI tools like ChatGPT have transformed individual workflows, large corporations face bureaucratic hurdles that hinder successful AI integration [7]. - The current hype around AI is primarily in sales, marketing, and customer experience, but actual financial returns are more evident in back-office automation [8]. - The potential for AI to replace core business functions remains distant, as human intuition and critical thinking are still essential [8]. Group 3: Future Outlook - The AI bubble may lead to a market correction, but it is unlikely to eliminate the technology itself; instead, it will refine the market by removing unsustainable ideas while allowing impactful applications to thrive [10]. - The question is not whether a bubble exists, but rather which companies will survive when it bursts [11].

Core Viewpoint - PRA Group reported strong second-quarter earnings, significantly beating estimates, driven by improved cash collections and portfolio income, while facing rising operating costs [2][3][5]. Financial Performance - Earnings per share (EPS) for Q2 2025 was $1.08, exceeding the Zacks Consensus Estimate by 74.2%, and up from 54 cents per share a year ago [2]. - Total revenues increased by 1.2% year over year to $287.7 million, surpassing the consensus mark by 4.2% [2]. - Cash collections reached $536.3 million, a 13.2% increase year over year, beating the consensus estimate of $519 million [4]. - Portfolio income rose 19.9% year over year to $250.9 million, exceeding the consensus mark of $249 million [5]. - Net income for the quarter was $45.7 million, an 82% increase year over year [6]. Operational Insights - Total operating expenses increased by 3.9% year over year to $202.6 million, driven by higher legal collection costs and other operating expenses [5]. - The cash efficiency ratio improved by 355 basis points year over year to 62.4% [6]. - Estimated remaining collections at the end of Q2 amounted to $8.3 billion, up 21.9% year over year [6]. Financial Position - As of June 30, 2025, cash and cash equivalents were $131.6 million, up from $105.9 million at the end of 2024 [7]. - Total assets increased to $5.4 billion from $4.9 billion at the end of 2024 [7]. - Total equity improved by 17% from the end of 2024, reaching $1.4 billion [8]. Future Outlook - Management estimates portfolio investments of $1.2 billion for 2025, with cash collections expected to see high-single-digit growth [9]. - The cash efficiency ratio is projected to exceed 60% in 2025, with a return on average tangible equity forecasted at around 12% [10]. - Consensus estimates for the stock have trended upward, with a 13.53% shift in estimates over the past month [11]. Industry Context - PRA Group operates within the Zacks Financial - Miscellaneous Services industry, where another player, Bread Financial Holdings, has seen an 11.1% gain over the past month [14]. - Bread Financial reported revenues of $929 million for the last quarter, reflecting a year-over-year decline of 1.1% [14].

Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores serve as complementary indicators to the Zacks Rank, helping investors select stocks with high potential for market outperformance [2] Zacks Style Scores - Stocks are rated based on value, growth, and momentum characteristics, with scores ranging from A to F, where A indicates the highest potential for outperformance [3] - The Value Score identifies attractive stocks using financial ratios like P/E, PEG, and Price/Sales, appealing to value investors [3] - The Growth Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] - The Momentum Score helps investors capitalize on price trends by assessing recent price changes and earnings estimate revisions [5] - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors seeking a balanced approach [6] Zacks Rank and Style Scores Interaction - The Zacks Rank utilizes earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +23.75% since 1988, significantly outperforming the S&P 500 [7] - There are over 800 stocks rated 1 or 2, making it essential for investors to utilize Style Scores to identify the best options [8] - Stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B are recommended for maximizing investment potential [9] - The direction of earnings estimate revisions is crucial; stocks with lower ranks but high Style Scores may still face downward price pressure [10] Company Spotlight: PRA Group - PRA Group, Inc. is a global financial and business services company with a Zacks Rank of 3 (Hold) and a VGM Score of A [11] - The company has a Momentum Style Score of A, with shares increasing by 11.5% over the past four weeks [11] - Recent analyst revisions have raised the earnings estimate for fiscal 2025 by $0.72 to $2.11 per share, with an average earnings surprise of +11.2% [12] - PRAA's solid Zacks Rank and strong Style Scores make it a noteworthy consideration for investors [12]

Core Insights - Zacks Premium offers tools to enhance investor confidence and market engagement through daily updates, research reports, and stock screens [1] - The Zacks Style Scores provide a framework for evaluating stocks based on value, growth, and momentum, aiding in identifying securities likely to outperform the market [2] Zacks Style Scores Overview - Stocks are rated from A to F based on their value, growth, and momentum characteristics, with A indicating the highest potential for outperformance [3] - The Value Score focuses on identifying undervalued stocks using financial ratios like P/E and Price/Sales [4] - The Growth Score assesses a company's financial health and future growth potential through earnings and sales projections [5] - The Momentum Score identifies stocks with favorable price trends and earnings outlooks, helping investors capitalize on market movements [6] Integration with Zacks Rank - The Zacks Rank utilizes earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks historically yielding a +23.75% average annual return since 1988 [7][8] - To optimize returns, investors should target stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, while also considering earnings outlooks [9][10] Company Spotlight: PRA Group (PRAA) - PRA Group is a global financial services company with a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating solid performance potential [11] - The company has seen a 5% increase in shares over the past four weeks, with two analysts raising earnings estimates for fiscal 2025 [12] - The Zacks Consensus Estimate for PRAA has risen by $0.72 to $2.11 per share, alongside an average earnings surprise of +11.2%, making it a candidate for investor consideration [12]

Core Insights - PRA Group, Inc. (PRAA) reported Q2 2025 earnings per share (EPS) of $1.08, exceeding the Zacks Consensus Estimate by 74.2% and up from $0.54 a year ago [1][10] - Total revenues increased by 1.2% year over year to $287.7 million, surpassing the consensus mark by 4.2% [1][10] Financial Performance - Cash collections reached $536.3 million, a 13.2% increase year over year, beating the Zacks Consensus Estimate of $519 million [3][10] - Portfolio income rose by 19.9% year over year to $250.9 million, exceeding the consensus estimate of $249 million [4] - Other revenues increased significantly to $3.5 million from $1.6 million a year ago, also beating the consensus mark of $1.2 million [4] Operating Expenses - Total operating expenses rose by 3.9% year over year to $202.6 million, driven by increased compensation, legal collection costs, and other operating expenses [4] Net Income and Efficiency - Net income for the quarter was $45.7 million, an 82% increase year over year [5] - The cash efficiency ratio improved by 355 basis points year over year to 62.4% [5] Balance Sheet and Assets - As of June 30, 2025, cash and cash equivalents were $131.6 million, up from $105.9 million at the end of 2024 [6] - Total assets increased to $5.4 billion from $4.9 billion at the end of 2024 [6] - Total equity improved by 17% from the 2024-end level to $1.4 billion [7] 2025 Outlook - Management estimates portfolio investments of $1.2 billion for 2025, with cash collections expected to see high-single-digit growth [8] - The cash efficiency ratio is projected to exceed 60% in 2025, with a return on average tangible equity forecasted at around 12% [8]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Unaudited consolidated financial statements for Q2 and H1 2025, including balance sheets, income, equity, cash flows, and detailed notes [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for Q2 and H1 2025, with detailed notes on key financial items and accounting policies [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :-------------------------- | :------------ | :---------------- | :--------- | | Total assets | $5,434,767 | $4,931,155 | 10.2% | | Finance receivables, net | $4,562,576 | $4,140,742 | 10.2% | | Goodwill | $439,449 | $396,357 | 10.9% | | Total liabilities | $4,038,156 | $3,737,548 | 8.0% | | Borrowings | $3,614,208 | $3,326,621 | 8.6% | | Total equity | $1,396,611 | $1,193,607 | 17.0% | [Consolidated Income Statements](index=5&type=section&id=Consolidated%20Income%20Statements) Reports the company's financial performance, including revenues, expenses, and net income, for the three and six months ended June 30, 2025 and 2024 Consolidated Income Statement Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (%) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :------------------------------------ | :------------------------------- | :------------------------------- | :--------- | :----------------------------- | :----------------------------- | :--------- | | Total revenues | $287,688 | $284,229 | 1.2% | $557,307 | $539,815 | 3.2% | | Income from operations | $85,111 | $89,222 | (4.6)% | $159,688 | $155,618 | 2.6% | | Income before income taxes | $61,128 | $33,816 | 80.8% | $74,504 | $47,955 | 55.4% | | Net income attributable to PRA Group, Inc. | $42,374 | $21,516 | 96.9% | $46,033 | $24,991 | 84.2% | | Diluted EPS | $1.08 | $0.54 | 100.0% | $1.16 | $0.63 | 84.1% | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Details net income and other comprehensive income components, such as foreign currency translation adjustments, for Q2 and H1 2025 and 2024 Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $45,713 | $25,114 | $54,777 | $36,867 | | Other comprehensive income/(loss) | $83,892 | $(15,486) | $167,067 | $(60,823) | | Total comprehensive income/(loss) | $129,605 | $9,628 | $221,844 | $(23,956) | | Comprehensive income/(loss) attributable to PRA Group, Inc. | $123,553 | $12,725 | $205,693 | $(26,918) | [Consolidated Statements of Changes in Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Outlines changes in total equity, including net income, foreign currency adjustments, and stock repurchases, for the six months ended June 30, 2025 Key Changes in Equity (Six Months Ended June 30, 2025, in thousands) | Item | Amount | | :------------------------------------ | :------- | | Balance as of December 31, 2024 | $1,193,607 | | Net income attributable to PRA Group, Inc. | $46,033 | | Foreign currency translation adjustments | $175,339 | | Cash flow hedges | $(8,239) | | Repurchase and cancellation of common stock | $(10,000) | | Balance as of June 30, 2025 | $1,396,611 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | Change | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net cash used in operating activities | $(65,490) | $(102,488) | $36,998 | | Net cash used in investing activities | $(33,408) | $(96,195) | $62,787 | | Net cash provided by financing activities | $105,900 | $203,826 | $(97,926) | | Net increase in cash, cash equivalents and restricted cash | $27,887 | $6,225 | $21,662 | | Cash, cash equivalents and restricted cash, end of period | $135,318 | $119,917 | $15,401 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures for the consolidated financial statements, covering accounting policies and specific financial items [Note 1. Organization and Business](index=10&type=section&id=Note%201.%20Organization%20and%20Business) Describes PRA Group's global financial services business, focusing on nonperforming loan portfolios and class action claims recoveries - PRA Group, Inc. is a global financial services company primarily focused on the purchase, collection, and management of nonperforming loan portfolios across the Americas, Europe, and Australia. It also provides fee-based services for class action claims recoveries in the U.S[23](index=23&type=chunk) [Note 2. Finance Receivables, net](index=10&type=section&id=Note%202.%20Finance%20Receivables,%20net) Details the composition and changes in finance receivables, net, including expected recoveries and foreign currency adjustments Finance Receivables, net (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Balance as of end of period | $4,562,576 | $4,140,742 | Changes in Finance Receivables, net (Six Months Ended June 30, in thousands) | Item | 2025 | 2024 | | :---------------------------------------------------- | :--------- | :--------- | | Balance as of beginning of period | $4,140,742 | $3,656,598 | | Initial negative allowance for expected recoveries on current period purchases | $638,207 | $625,186 | | Recoveries collected and applied to Finance receivables, net | $(554,715) | $(520,940) | | Changes in expected recoveries | $61,214 | $124,994 | | Foreign currency translation adjustment | $277,128 | $(65,652) | | Balance as of end of period | $4,562,576 | $3,820,186 | - Changes in expected recoveries for the six months ended June 30, 2025, were **$61.2 million**, primarily due to **$56.8 million** in cash collections overperformance in Europe and Brazil, partially offset by decreases to collections forecasts on the 2023 U.S. Core pool[35](index=35&type=chunk) [Note 3. Investments](index=13&type=section&id=Note%203.%20Investments) Outlines the company's investment portfolio, including debt securities, private equity funds, and significant investment sales Investments (in thousands) | Type | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Debt securities | $64,774 | $55,762 | | Private equity funds | $1,726 | $1,848 | | Equity method investment | $— | $8,694 | | Total investments | $66,500 | $66,304 | - The Company sold its **11.7%** interest in RCB Investimentos S.A. in April 2025, recording a **$38.4 million** pretax gain. This sale does not affect existing or future portfolio investments and operations in Brazil[39](index=39&type=chunk) [Note 4. Goodwill](index=13&type=section&id=Note%204.%20Goodwill) Reports the balance and changes in goodwill, primarily due to foreign currency translation, and discusses impairment risk Goodwill (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Balance as of end of period | $439,449 | $396,357 | Changes in Goodwill (Six Months Ended June 30, in thousands) | Item | 2025 | 2024 | | :-------------------------- | :--------- | :--------- | | Balance as of beginning of period | $396,357 | $431,564 | | Foreign currency translation | $43,092 | $(15,918) | | Balance as of end of period | $439,449 | $415,646 | - Goodwill increased by **$43.1 million** due to foreign currency translation. The company determined that an interim impairment test was not required as of June 30, 2025, but noted that goodwill in the Debt Buying and Collection (DBC) reporting unit may be at-risk for future impairment if market indicators or cash flow projections deteriorate[40](index=40&type=chunk) [Note 5. Borrowings](index=14&type=section&id=Note%205.%20Borrowings) Details the company's various borrowing facilities, including revolving credit and senior notes, and compliance with covenants Borrowings (in thousands) | Type | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | North American revolving credit facility | $667,875 | $519,519 | | North American term loan | $465,111 | $470,111 | | United Kingdom revolving credit facility | $479,282 | $494,185 | | European revolving credit facility | $713,529 | $555,726 | | 2028 senior notes | $398,000 | $398,000 | | 2029 senior notes | $350,000 | $350,000 | | 2030 senior notes | $550,000 | $550,000 | | Total borrowings | **$3,614,208** | $3,326,621 | - Total borrowings increased by **$287.6 million** to **$3.6 billion** as of June 30, 2025, primarily due to incremental net borrowings under North American and European revolving credit facilities. The Company was in compliance with all financing arrangement covenants[41](index=41&type=chunk)[44](index=44&type=chunk) [Note 6. Derivatives](index=14&type=section&id=Note%206.%20Derivatives) Presents the fair value and notional amounts of interest rate swaps and foreign exchange contracts used for hedging Fair Value of Derivatives (in thousands) | Type | Balance Sheet Location | June 30, 2025 Fair Value | December 31, 2024 Fair Value | | :-------------------------- | :--------------------- | :----------------------- | :----------------------- | | Interest rate swaps (assets) | Other assets | $2,508 | $8,514 | | Interest rate swaps (liabilities) | Other liabilities | $10,904 | $4,797 | | Foreign exchange contracts (assets) | Other assets | $256 | $2,209 | | Foreign exchange contracts (liabilities) | Other liabilities | $3,167 | $166 | - The notional amount of outstanding interest rate swaps increased to **$908.8 million** as of June 30, 2025, from **$800.7 million** at December 31, 2024. The notional amount of outstanding foreign exchange contracts increased to **$477.6 million** from **$376.4 million** over the same period[46](index=46&type=chunk)[47](index=47&type=chunk) [Note 7. Fair Value](index=15&type=section&id=Note%207.%20Fair%20Value) Discloses the fair value measurements for financial instruments, categorized by valuation levels, as of June 30, 2025 Financial Instruments Carried at Fair Value (June 30, 2025, in thousands) | Asset/Liability | Level 1 | Level 2 | Level 3 | Total | | :-------------------- | :------ | :------ | :------ | :------ | | Government securities | $64,774 | $— | $— | $64,774 | | Derivatives (assets) | $— | $2,764 | $— | $2,764 | | Derivatives (liabilities) | $— | $14,071 | $— | $14,071 | Financial Instruments Not Carried at Fair Value (June 30, 2025, in thousands) | Asset/Liability | Carrying Value | Estimated Fair Value (Level 3) | | :-------------------------- | :------------- | :----------------------------- | | Finance receivables, net | $4,562,576 | $4,338,291 | [Note 8. Accumulated Other Comprehensive Loss](index=17&type=section&id=Note%208.%20Accumulated%20Other%20Comprehensive%20Loss) Details changes in accumulated other comprehensive loss, including debt securities, cash flow hedges, and currency translation adjustments Changes in Accumulated Other Comprehensive Loss (Six Months Ended June 30, 2025, in thousands) | Component | Balance at Beginning of Period | Other Comprehensive Gain/(Loss) before Reclassifications | Reclassifications, net | Net Current Period Other Comprehensive Gain/(Loss) | Balance at End of Period | | :-------------------------- | :----------------------------- | :------------------------------------------------------- | :--------------------- | :------------------------------------------------- | :----------------------- | | Debt Securities Available-for-sale | $205 | $(33) | $— | $(33) | $172 | | Cash Flow Hedges | $2,111 | $(4,010) | $(4,229) | $(8,239) | $(6,128) | | Currency Translation Adjustments | $(445,710) | $167,932 | $— | $167,932 | $(277,778) | | Total Accumulated Other Comp. Loss | $(443,394) | $163,889 | $(4,229) | $159,660 | $(283,734) | [Note 9. Earnings per Share](index=18&type=section&id=Note%209.%20Earnings%20per%20Share) Provides basic and diluted earnings per share calculations and information on common stock repurchases Earnings Per Share (Six Months Ended June 30, in thousands, except per share amounts) | Metric | 2025 | 2024 | | :------------------------------------------ | :--------- | :--------- | | Net income attributable to PRA Group, Inc. | $46,033 | $24,991 | | Basic EPS | $1.17 | $0.64 | | Diluted EPS | $1.16 | $0.63 | | Weighted average number of shares outstanding (Diluted) | 39,536 | 39,497 | - During Q2 2025, the Company repurchased **660,395** shares of common stock for approximately **$10.0 million** at an average price of **$15.14** per share. As of June 30, 2025, **$57.7 million** remained authorized under the share repurchase program[56](index=56&type=chunk) [Note 10. Income Taxes](index=18&type=section&id=Note%2010.%20Income%20Taxes) Details income tax expense and effective tax rates, explaining changes due to jurisdictional income mix and discrete items Income Tax Expense and Effective Tax Rate (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income before income taxes | $61,128 | $33,816 | $74,504 | $47,955 | | Income tax expense | $15,415 | $8,702 | $19,727 | $11,088 | | Effective tax rate | **25.2%** | **25.7%** | **26.5%** | **23.1%** | - The effective tax rate changes were primarily due to shifts in the mix of income from different taxing jurisdictions and the timing/amount of discrete items. The Company is evaluating the impact of the recently signed One Big Beautiful Bill Act in the U.S[57](index=57&type=chunk)[58](index=58&type=chunk) [Note 11. Commitments and Contingencies](index=18&type=section&id=Note%2011.%20Commitments%20and%20Contingencies) Discusses contractual purchase obligations and confirms no material developments in legal proceedings as of June 30, 2025 - The estimated minimum contractual purchase obligation under forward flow agreements was not significant as of June 30, 2025, as most agreements lack minimums and include early termination provisions[59](index=59&type=chunk)[60](index=60&type=chunk) - There were no material developments in previously disclosed legal proceedings as of June 30, 2025[61](index=61&type=chunk) [Note 12. Segments](index=19&type=section&id=Note%2012.%20Segments) Identifies the company's single reportable segment, Accounts Receivable Management, and its components - The Company operates as a single reportable segment, Accounts Receivable Management (ARM), which includes Debt Buying and Collection (DBC) and Claims Compensation Bureau, LLC (CCB). The CEO assesses performance based on consolidated GAAP results[62](index=62&type=chunk) [Note 13. Recently Issued Accounting Standards](index=19&type=section&id=Note%2013.%20Recently%20Issued%20Accounting%20Standards) Outlines recently issued FASB accounting standards and the company's evaluation of their potential disclosure impact - The FASB issued ASU 2023-09 (Income Taxes) and ASU 2024-03 (Expense Disaggregation), which will require enhanced annual disclosures. The Company is evaluating the impact of these ASUs on its disclosures[66](index=66&type=chunk)[67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis of financial condition and results for Q2 and H1 2025, including revenues, expenses, balance sheet, non-GAAP measures, and performance data [Executive Overview](index=23&type=section&id=Executive%20Overview) Summarizes PRA Group's business, strategic focus, and key financial highlights for Q2 and H1 2025, including portfolio purchases and cash collections - PRA Group's primary business is purchasing, collecting, and managing nonperforming loan portfolios globally. The company focuses on optimizing investments, operational execution, and managing expenses under its new CEO[74](index=74&type=chunk)[75](index=75&type=chunk) Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :------------------------------------ | :-------- | :-------- | :--------- | | Portfolio purchases | $346.5M | $379.4M | (8.7)% | | Cash collections | $536.3M | $473.9M | 13.2% | | Net income attributable to PRA | $42.4M | $21.5M | 96.9% | | Diluted earnings per share | $1.08 | $0.54 | 100.0% | Financial Highlights (YTD June 30, 2025 vs YTD June 30, 2024) | Metric | YTD 2025 | YTD 2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Portfolio purchases | $638.2M | $625.2M | 2.1% | | Cash collections | $1,033.7M | $923.4M | 11.9% | | Net income attributable to PRA | $46.0M | $25.0M | 84.2% | | Diluted earnings per share | $1.16 | $0.63 | 84.1% | - Estimated remaining collections (ERC) increased by **11.2%** to **$8.3 billion** as of June 30, 2025, compared to December 31, 2024[76](index=76&type=chunk) - The Company completed the sale of its **11.7%** interest in RCB Investimentos S.A. for a pre-tax gain of **$38.4 million**, with proceeds used for portfolio purchases and general corporate needs[77](index=77&type=chunk) [Summary of Selected Financial Data](index=24&type=section&id=Summary%20of%20Selected%20Financial%20Data) Presents key financial metrics for Q2 and H1 2025, including revenues, expenses, net income, EPS, portfolio purchases, and cash collections Summary of Selected Financial Data (Q2 2025 vs Q2 2024, in thousands, except per share/ratio) | Metric | 2025 | 2024 | % Change | | :------------------------------------ | :--------- | :--------- | :--------- | | Portfolio income | $250,934 | $209,290 | 19.9% | | Changes in expected recoveries | $33,292 | $73,320 | (54.6)% | | Total revenues | $287,688 | $284,229 | 1.2% | | Total operating expenses | $202,577 | $195,007 | 3.9% | | Interest expense, net | $62,361 | $55,353 | 12.7% | | Net income attributable to PRA Group, Inc. | $42,374 | $21,516 | 96.9% | | Diluted earnings per share | $1.08 | $0.54 | 100.0% | | Portfolio purchases | $346,505 | $379,369 | (8.7)% | | Cash collections | $536,288 | $473,882 | 13.2% | | Estimated remaining collections (period-end) | $8,294,310 | $6,802,246 | 21.9% | | Total stockholders' equity - PRA Group, Inc. | $1,336,925 | $1,145,463 | 16.7% | | Credit facility availability (Total) | $840,670 | $1,448,541 | (42.0)% | | Full-time equivalents | 2,897 | 3,158 | (8.3)% | [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Analyzes the company's operational performance, detailing trends in portfolio purchases, cash collections, revenues, and expenses for Q2 and H1 2025 [Portfolio purchases](index=25&type=section&id=Portfolio%20purchases) Examines portfolio purchase trends by region for Q2 and H1 2025, highlighting changes in Americas and Australia versus Europe Portfolio Purchases (in thousands) | Region | Q2 2025 | Q2 2024 | $ Change | % Change | YTD 2025 | YTD 2024 | $ Change | % Change | | :---------------------- | :-------- | :-------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Americas and Australia | $199,283 | $225,388 | $(26,105) | (11.6)% | $377,739 | $422,204 | $(44,465) | (10.5)% | | Europe | $147,222 | $153,981 | $(6,759) | (4.4)% | $260,468 | $202,982 | $57,486 | 28.3% | | Total | $346,505 | $379,369 | $(32,864) | (8.7)% | $638,207 | $625,186 | $13,021 | 2.1% | - Total portfolio purchases decreased by **8.7%** in Q2 2025 compared to Q2 2024, driven by decreases in both Americas and Australia and Europe. However, year-to-date purchases increased by **2.1%** due to a significant increase in Europe, partially offset by a decrease in Americas and Australia[83](index=83&type=chunk)[84](index=84&type=chunk) [Cash collections](index=25&type=section&id=Cash%20collections) Analyzes cash collection performance by region for Q2 and H1 2025, noting drivers like U.S. and Europe Core collections Cash Collections (in thousands) | Region | Q2 2025 | Q2 2024 | $ Change | % Change | YTD 2025 | YTD 2024 | $ Change | % Change | | :---------------------- | :-------- | :-------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Americas and Australia | $326,027 | $290,799 | $35,228 | 12.1% | $637,887 | $572,868 | $65,019 | 11.3% | | Europe | $210,261 | $183,083 | $27,178 | 14.8% | $395,837 | $350,532 | $45,305 | 12.9% | | Total | $536,288 | $473,882 | $62,406 | 13.2% | $1,033,724 | $923,400 | $110,324 | 11.9% | - Total cash collections increased by **13.2%** in Q2 2025 and **11.9%** year-to-date, primarily driven by higher U.S. and Europe Core cash collections due to increased recent purchasing levels. This was partially offset by a decrease in Brazil due to foreign exchange rate variations and lower recent purchasing[85](index=85&type=chunk)[86](index=86&type=chunk) [Portfolio revenue](index=26&type=section&id=Portfolio%20revenue) Details portfolio revenue components, including portfolio income and changes in expected recoveries, for Q2 and H1 2025 Portfolio Revenue (in thousands) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | YTD 2025 | YTD 2024 | $ Change | % Change | | :-------------------------- | :-------- | :-------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Portfolio income | $250,934 | $209,290 | $41,644 | 19.9% | $491,892 | $411,346 | $80,546 | 19.6% | | Changes in expected recoveries | $33,292 | $73,320 | $(40,028) | (54.6)% | $61,214 | $124,994 | $(63,780) | (51.0)% | | Total portfolio revenue | $284,226 | $282,610 | 1.616 | 0.6% | $553,106 | $536,340 | $16,766 | 3.1% | - Total portfolio revenue increased slightly by **0.6%** in Q2 2025 and **3.1%** year-to-date. Portfolio income saw strong growth (**19.9%** in Q2, **19.6%** YTD) due to higher purchasing and improved pricing in the U.S. since 2023, but this was largely offset by a significant decrease in changes in expected recoveries[88](index=88&type=chunk)[89](index=89&type=chunk) [Operating expenses](index=26&type=section&id=Operating%20expenses) Breaks down operating expenses by category for Q2 and H1 2025, identifying key drivers like legal costs and agency fees Operating Expenses (in thousands) | Expense Category | Q2 2025 | Q2 2024 | $ Change | % Change | YTD 2025 | YTD 2024 | $ Change | % Change | | :------------------------------------ | :-------- | :-------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Compensation and benefits | $75,724 | $74,241 | $1,483 | 2.0% | $149,047 | $147,838 | $1,209 | 0.8% | | Legal collection costs | $37,583 | $35,274 | $2,309 | 6.5% | $70,977 | $61,965 | $9,012 | 14.5% | | Legal collection fees | $15,625 | $13,762 | $1,863 | 13.5% | $30,855 | $25,874 | $4,981 | 19.3% | | Agency fees | $22,688 | $21,008 | $1,680 | 8.0% | $44,056 | $40,731 | $3,325 | 8.2% | | Professional and outside services | $21,071 | $18,124 | $2,947 | 16.3% | $42,174 | $43,174 | $(1,000) | (2.3)% | | Communication | $9,417 | $11,577 | $(2,160) | (18.7)% | $19,894 | $24,155 | $(4,261) | (17.6)% | | Total operating expenses | $202,577 | $195,007 | $7,570 | 3.9% | $397,619 | $384,197 | $13,422 | 3.5% | - Total operating expenses increased by **3.9%** in Q2 2025 and **3.5%** year-to-date. Key drivers include higher legal collection costs and fees due to increased U.S. legal activity, increased agency fees, and higher professional services expenses from call center offshoring. Communication expenses decreased due to lower-cost strategies in the U.S[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Interest expense, net](index=27&type=section&id=Interest%20expense,%20net) Analyzes net interest expense for Q2 and H1 2025, attributing changes primarily to higher average debt balances Interest Expense, Net (in thousands) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | YTD 2025 | YTD 2024 | $ Change | % Change | | :-------------------------- | :-------- | :-------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Interest on revolving credit facilities and term loan, and unused line fees | $38,534 | $33,180 | $5,354 | 16.1% | $75,116 | $67,135 | $7,981 | 11.9% | | Interest on senior notes | $24,911 | $22,246 | $2,665 | 12.0% | $49,823 | $40,448 | $9,375 | 23.2% | | Interest expense, net | $62,361 | $55,353 | $7,008 | 12.7% | $123,331 | $107,631 | $15,700 | 14.6% | - Net interest expense increased by **12.7%** in Q2 2025 and **14.6%** year-to-date, primarily due to a higher average debt balance supporting increased portfolio investments[97](index=97&type=chunk) [Income tax expense](index=27&type=section&id=Income%20tax%20expense) Details income tax expense and effective tax rates for Q2 and H1 2025, explaining changes due to jurisdictional income mix Income Tax Expense (in thousands) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | YTD 2025 | YTD 2024 | $ Change | % Change | | :-------------------- | :-------- | :-------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Income tax expense | $15,415 | $8,702 | $6,713 | 77.1% | $19,727 | $11,088 | $8,639 | 77.9% | | Effective tax rate | **25.2%** | **25.7%** | | | **26.5%** | **23.1%** | | | - Income tax expense increased significantly (**77.1%** in Q2, **77.9%** YTD) due to changes in the mix of income from different taxing jurisdictions and the timing/amount of discrete items[98](index=98&type=chunk) [Balance sheet](index=28&type=section&id=Balance%20sheet) Reviews key balance sheet items, including finance receivables, goodwill, and borrowings, as of June 30, 2025 [Finance receivables, net](index=28&type=section&id=Finance%20receivables,%20net) Analyzes the increase in finance receivables, net, driven by portfolio acquisitions and foreign currency adjustments - Finance receivables, net, increased by **$421.8 million** (**10.2%**) to **$4.6 billion** as of June 30, 2025, primarily driven by portfolio acquisitions (**$638.2 million**) and foreign currency translation adjustments (**$277.1 million**), partially offset by recoveries collected (**$554.7 million**)[99](index=99&type=chunk) [Goodwill](index=28&type=section&id=Goodwill) Discusses the increase in goodwill due to foreign currency translation and potential future impairment risks - Goodwill increased by **$43.1 million** (**10.9%**) to **$439.4 million** as of June 30, 2025, due to foreign currency translation adjustments. The company noted that goodwill in its Debt Buying and Collection (DBC) reporting unit may be at-risk for future impairment[100](index=100&type=chunk) [Borrowings](index=28&type=section&id=Borrowings) Details the increase in borrowings, primarily from revolving credit facilities, as of June 30, 2025 - Borrowings increased by **$287.6 million** (**8.6%**) to **$3.6 billion** as of June 30, 2025, mainly due to incremental net borrowings under North American and European revolving credit facilities[101](index=101&type=chunk) [Non-GAAP Financial Measures](index=28&type=section&id=Non-GAAP%20Financial%20Measures) Presents and reconciles non-GAAP financial measures, including Adjusted EBITDA and Adjusted Return on Average Tangible Equity [Adjusted EBITDA](index=28&type=section&id=Adjusted%20EBITDA) Explains Adjusted EBITDA as a non-GAAP measure for evaluating operational and financial performance - Adjusted EBITDA is a non-GAAP measure used by management to evaluate operational and financial performance, excluding items whose fluctuations do not necessarily correspond to business operations[102](index=102&type=chunk) Adjusted EBITDA Reconciliation (Twelve Months Ended, in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------------------------------------------- | :------------ | :---------------- | | Net income attributable to PRA Group, Inc. | $91,643 | $70,601 | | Adjustments (Income tax, FX, Interest, Depreciation, etc.) | $1,148,449 | $1,066,951 | | Adjusted EBITDA | $1,240,092 | $1,137,552 | [Return on average tangible equity and adjusted return on average tangible equity](index=30&type=section&id=Return%20on%20average%20tangible%20equity%20and%20adjusted%20return%20on%20average%20tangible%20equity) Defines ROATE and Adjusted ROATE as non-GAAP measures for monitoring operating performance relative to equity - Return on average tangible equity (ROATE) and Adjusted ROATE are non-GAAP measures used to monitor operating performance relative to equity, with Adjusted ROATE standardizing performance by excluding non-recurring transactions[106](index=106&type=chunk)[107](index=107&type=chunk) ROATE and Adjusted ROATE (Six Months Ended June 30, in thousands, except ratio data) | Metric | YTD 2025 | YTD 2024 | | :------------------------------------------ | :--------- | :--------- | | Average tangible equity | $810,021 | $725,947 | | Net income attributable to PRA Group, Inc. | $46,033 | $24,991 | | Return on average tangible equity (ROATE) | **11.4%** | **6.9%** | | Adjusted net income attributable to PRA Group, Inc. | $16,347 | $24,991 | | Adjusted ROATE | **4.0%** | **6.9%** | [Supplemental Performance Data](index=32&type=section&id=Supplemental%20Performance%20Data) Provides additional performance data, including details on purchasing, estimated remaining collections (ERC), and cash collections [Purchasing](index=32&type=section&id=Purchasing) Explains the company's classification of purchased nonperforming loan portfolios and factors influencing purchase price multiples - The Company segregates purchased nonperforming loan portfolios into Core (non-insolvent) or Insolvency (bankruptcy/similar proceedings) based on account status at acquisition, and further by geographical regions and year of acquisition[114](index=114&type=chunk) - Purchase price multiple represents estimated total cash collections over the original purchase price, influenced by factors like pricing competition, supply levels, account age, and expected collection costs[115](index=115&type=chunk) [ERC and TEC](index=32&type=section&id=ERC%20and%20TEC) Defines Estimated Remaining Collections (ERC) and Total Estimated Collections (TEC) and their updates based on collection experience - Estimated Remaining Collections (ERC) is the sum of all future projected cash collections, while Total Estimated Collections (TEC) includes actual cash collections plus ERC. These are updated based on collection experience and cash forecasting[116](index=116&type=chunk)[159](index=159&type=chunk) [Estimated remaining collections](index=33&type=section&id=Estimated%20remaining%20collections) Presents a detailed breakdown of Estimated Remaining Collections (ERC) by geography and portfolio type as of June 30, 2025 Total Estimated Remaining Collections (ERC) by Geography and Portfolio (as of June 30, 2025, in thousands) | Region | Core | Insolvency | Total | | :---------------------- | :--------- | :--------- | :--------- | | Americas and Australia | $3,811,600 | $239,678 | $4,051,278 | | Europe | $4,062,305 | $180,727 | $4,243,032 | | Total ERC | | | $8,294,310 | [Cash collections](index=33&type=section&id=Cash%20collections) Provides a detailed breakdown of cash collections by geography and portfolio type for the six months ended June 30, 2025 Cash Collections by Geography and Portfolio (YTD June 30, 2025, in thousands) | Region | Call center and other | Legal | Core Total | Insolvency | Total | | :---------------------- | :-------------------- | :------ | :--------- | :--------- | :--------- | | Americas and Australia | $326,990 | $262,868 | $589,858 | $48,029 | $637,887 | | Europe | $211,289 | $138,734 | $350,023 | $45,814 | $395,837 | | Total Company | $538,279 | $401,602 | $939,881 | $93,843 | $1,033,724 | [Purchase Price Multiples](index=34&type=section&id=Purchase%20Price%20Multiples) Details current and original purchase price multiples by portfolio type, reflecting estimated total cash collections over purchase price Purchase Price Multiples (as of June 30, 2025) | Portfolio Type | Current Purchase Price Multiple | Original Purchase Price Multiple | | :-------------------------- | :------------------------------ | :------------------------------- | | Americas and Australia Core | **234%** | **202%** | | Americas Insolvency | **169%** | **135%** | | Europe Core | **199%** | **165%** | | Europe Insolvency | **145%** | **133%** | | Total PRA Group | **211%** | **179%** | [Portfolio Financial Information](index=36&type=section&id=Portfolio%20Financial%20Information) Presents comprehensive portfolio financial data, including cash collections, income, and net finance receivables, by purchase period Portfolio Financial Information (YTD June 30, 2025, in thousands) | Purchase Period | Cash Collections | Portfolio Income | Changes in Expected Recoveries | Total Portfolio Revenue | Net Finance Receivables (as of June 30, 2025) | | :-------------------------- | :--------------- | :--------------- | :----------------------------- | :---------------------- | :-------------------------------------------- | | Americas and Australia Core | $589,858 | $320,037 | $(1,307) | $318,730 | $1,971,534 | | Americas Insolvency | $48,029 | $13,780 | $1,254 | $15,034 | $183,844 | | Europe Core | $350,023 | $148,866 | $52,974 | $201,840 | $2,262,735 | | Europe Insolvency | $45,814 | $9,209 | $8,293 | $17,502 | $144,463 | | Total PRA Group | $1,033,724 | $491,892 | $61,214 | $553,106 | $4,562,576 | [Cash Collections by Year, By Year of Purchase](index=38&type=section&id=Cash%20Collections%20by%20Year,%20By%20Year%20of%20Purchase) Illustrates historical cash collection patterns by year of purchase and collection, showing long-term performance across vintages and geographies - The table provides a detailed breakdown of historical cash collections by the year of purchase and the year of collection, illustrating the long-term collection patterns across different portfolio vintages and geographies[131](index=131&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Outlines the company's primary market risks, including interest rate and foreign currency exposure, confirming no material changes since December 31, 2024 - As of June 30, 2025, **58%** of the Company's total debt (**$3.6 billion**) was either fixed rate or converted to a fixed rate through interest rate hedges[161](index=161&type=chunk) - Revenues from operations outside the U.S. were **$150.2 million** during Q2 2025, indicating significant foreign currency exposure[162](index=162&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Details the evaluation of disclosure controls and procedures, confirming their effectiveness and no material changes in internal control over financial reporting for Q2 2025 - The principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[163](index=163&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the quarter ended June 30, 2025[164](index=164&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) Presents other required information, including legal proceedings, risk factors, equity sales, and exhibits, for the reporting period [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 11 for legal proceedings information, confirming no material developments as of June 30, 2025 - No material developments in legal proceedings were reported as of June 30, 2025[166](index=166&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to the company's risk factors since those disclosed in the 2024 Form 10-K - No material changes in risk factors were reported from those disclosed in the 2024 Form 10-K[167](index=167&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's share repurchase program, including Q2 2025 repurchases and remaining authorization Common Stock Repurchases (Q2 2025, in thousands, except per share) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Remaining Purchase Price for Share Repurchases Under the Program | | :------------------------------ | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------- | | May 1, 2025 to May 31, 2025 | 660,395 | $15.14 | $57,742 | | Total | 660,395 | $15.14 | $57,742 | - The Board of Directors authorized a **$150.0 million** share repurchase program in February 2022, with **$57.7 million** remaining as of June 30, 2025[168](index=168&type=chunk)[170](index=170&type=chunk) [Item 3. Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Indicates this item is not applicable, signifying no defaults upon senior securities - This item is not applicable[172](index=172&type=chunk) [Item 4. Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Indicates this item is not applicable, signifying no mine safety disclosures - This item is not applicable[173](index=173&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) Confirms no Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during Q2 2025 - None of the Company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-rule 10b5-1 trading arrangement during the second quarter of 2025[174](index=174&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) Provides a comprehensive list of all exhibits filed with the Form 10-Q, including corporate documents, indentures, and certifications - The exhibits include corporate governance documents (Certificate of Incorporation, By-Laws), common stock certificates, indentures for senior notes, and various certifications (CEO, CFO, Sarbanes Oxley Act)[175](index=175&type=chunk)[176](index=176&type=chunk) [Signatures](index=48&type=section&id=Signatures) Contains official signatures of PRA Group, Inc.'s CEO and CFO, certifying the filing of the report - The report is signed by Martin Sjolund, President and Chief Executive Officer, and Rakesh Sehgal, Executive Vice President and Chief Financial Officer, on August 6, 2025[180](index=180&type=chunk)