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]

Core Insights - Jefferson Capital, Inc. has announced the acquisition of a credit card asset portfolio from Bluestem Brands for a gross purchase price of $302.8 million, with a face value of $488.2 million [1][2][3] Group 1: Transaction Details - The acquisition involves a revolving loan portfolio for which the ability to draw on the receivables has been suspended [1] - The gross purchase price will be adjusted for interim portfolio cash flows from June 30, 2025, to the closing date [1] - The transaction is expected to close in the fourth quarter of 2025, pending customary regulatory approvals [3] Group 2: Strategic Positioning - This transaction reinforces Jefferson Capital's position as a strategic acquirer of dislocated consumer credit assets, following a previous portfolio purchase from Conn's [2] - The company aims to leverage its expertise in managing small balance active and charged-off portfolios to provide solutions for sellers while generating returns for shareholders [2] Group 3: Funding and Servicing - The transaction will be funded through existing capacity under Jefferson Capital's senior secured revolving credit facility [3] - An interim servicing agreement will be established with Bluestem to transition servicing activities to CardWorks Servicing, LLC [2]