Jefferson Capital Reports Third Quarter 2025 Results

Rhea-AI Summary

Jefferson Capital (NASDAQ:JCAP) reported third quarter 2025 results with broad operational momentum. Key metrics: Collections +63% to $236.8M, Deployments +22% to $151.0M, Estimated Remaining Collections (ERC) +27% to $2.93B, and Revenue +36% to $150.8M. Pre-tax income was $45.5M and adjusted pre-tax income was $54.8M. Leverage improved to 1.59x from 2.52x. Post-quarter the company upsized its revolving credit facility to $1.0B and announced a $302.8M Bluestem portfolio purchase expected to close in Q4 2025. The board declared a quarterly cash dividend of $0.24 per share.

Positive

• Collections +63% to $236.8M
• Revenue +36% to $150.8M
• ERC +27% to $2.93B
• Leverage improved to 1.59x from 2.52x
• RCF upsized to $1.0B post-quarter
• Declared quarterly dividend of $0.24 per share

Negative

• Operating expenses +59.5% to $80.2M
• Salaries and benefits rose, including $8.8M stock-based compensation
• Large $302.8M Bluestem purchase includes $20M escrow
• Court, agency and servicing costs increased $14.4M

Insights

Credit Portfolio Strategist

Collections and ERC expansion drove materially stronger operating cashflows and portfolio scale in Q3 2025.

The company grew total collections 63% to $236.8 million and increased Estimated Remaining Collections to $2,929.6 million, demonstrating larger portfolio base and front‑loaded cash conversion from purchased receivables. Deployments rose 22% to $151.0 million, including the Conn’s contribution of $49.7 million of collections and $178.6 million of ERC in the U.S., which shows the firm is converting acquired assets into cash at scale.

Risks and dependencies include successful closing and integration of the Bluestem portfolio expected in the fourth quarter of 2025 and maintaining liquidation performance as purchasing increases; both affect future collections and ERC realization. Watch the Bluestem closing timing and the next quarterly collection and ERC disclosures over the following twelve months for evidence that incremental deployments sustain cash conversion trends.

Capital Markets Analyst

Improved leverage, larger undrawn facility and a dividend signal stronger liquidity and capital flexibility.

Leverage improved to 1.59% versus 2.52% year ago and the Revolving Credit Facility was upsized to $1 billion post quarter end with reduced pricing and extended maturity to October 27, 2030, which together lower funding cost and increase optionality. The company reported pre‑tax income of $45.5 million, net income of $38.4 million, EPS of $0.59 and adjusted EPS of $0.74, supporting a declared quarterly cash dividend of $0.24 payable on December 4, 2025.

Key items to monitor are the effect of higher operating expenses, which rose by 59.5% primarily from legal/channel costs and stock‑based compensation, and the realization of $316.4 million of locked‑in deployments through forward flows. Near term, track quarterly operating expense volatility, collections versus ERC conversion over the next two quarters, and the Bluestem transaction close in Q4 2025 as concrete catalysts for liquidity and earnings sustainability.

Collections Grow 63% to $236.8 Million and Deployments Grow 22% to $151.0 Million
Pre-tax Income up 16% to $45.5 Million with Net Income of $38.4 Million and EPS of $0.59
Adjusted Pre-tax Income up 30% to $54.8 Million with Adjusted Net Income of $47.7 Million and Adjusted EPS of $0.74
Board of Directors Declares Quarterly Cash Dividend of $0.24 per Share

MINNEAPOLIS, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Jefferson Capital, Inc. (“Jefferson Capital”), a leading analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts, today announced its third quarter 2025 financial results.

“We delivered strong third quarter results with significant momentum in all key aspects of the business,” said David Burton, Chairman and Chief Executive Officer. “We continue to execute well on our differentiated strategy and are well positioned to drive shareholder value in the near and long term.”

“We delivered the largest third quarter deployments in the company’s history, up 22% year-over-year and, previously disclosed, we signed another strategic portfolio purchase of a sizable dislocated credit card portfolio from Bluestem Brands to follow up on the Conn’s portfolio purchase from last year.”

“The investment environment remains favorable with elevated levels of consumer credit delinquencies, charge-offs and insolvencies to drive portfolio supply and low unemployment to support liquidation rates. We further improved our leading position in the market by upsizing our revolving credit facility to $1 billion in commitments while also improving pricing and enhancing terms.”

Third Quarter 2025 Highlights versus Third Quarter 2024

• Collections grew 63% to $236.8 million
• Deployments up 22% to $151.0 million – largest third quarter deployments in the company’s history
• ERC rose 27% reaching $2.9 billion
• Strong revenue growth of 36% to $150.8 million
• Sector-leading Cash Efficiency Ratio of 72.2%, up 319 bps
• Leverage ratio* improved to 1.59x as compared to 2.52x
• Pre-tax Income up 16% to $45.5 million with Net Income of $38.4 million and EPS of $0.59
• Adjusted Pre-tax Income* increased 30% to $54.8 million
• Adjusted Net Income* of $47.7 million, resulting in Adjusted EPS of $0.74
  

Collections
The following table summarizes total collections by geographic area:

		Three Months Ended
		September 30,						Increase			%
(in Millions)		2025			2024			(Decrease)			Change
United States		$	182.9		$	99.6		$	83.3		83.6	%
Canada			29.0			23.3			5.7		24.5	%
United Kingdom			11.0			10.6			0.4		3.8	%
Latin America			13.9			11.6			2.3		19.8	%
Total Collections		$	236.8		$	145.1		$	91.7		63.2	%

• Collections from purchased receivables increased 63.2% or $91.7 million to $236.8 million during the third quarter of 2025 versus $145.1 million during the same quarter in 2024
• Collections in the United States included $49.7 million from the Conn’s portfolio purchase in the fourth quarter of 2024

Estimated Remaining Collections

The following table summarizes total ERC by geographic area:

		September 30,						Increase				%
(in Millions)		2025			2024			(Decrease)				Change
United States		$	2,158.8		$	1,668.9		$	489.9			29.4		%
Canada			362.5			272.8			89.7			32.9		%
United Kingdom			153.0			153.6			(0.6	)		(0.4	)	%
Latin America			255.3			211.5			43.8			20.7		%
Total		$	2,929.6		$	2,306.8		$	622.8			27.0		%

• ERC in the United States included $178.6 million from the Conn’s portfolio purchase
  

Deployments
The following table summarizes the total deployments by geographic area:

		Three Months Ended
		September 30,						Increase				%
(in Millions)		2025			2024			(Decrease)				Change
United States		$	107.2		$	75.8		$	31.4			41.4		%
Canada			30.8			30.2			0.6			1.9		%
United Kingdom			4.1			4.7			(0.6	)		(12.8	)	%
Latin America			8.9			12.7			(3.9	)		(30.4	)	%
Total Purchases		$	151.0		$	123.4		$	27.5			22.3		%

• The Company invested $151.0 million to acquire receivable portfolios, which compares to $123.4 million in the third quarter 2024
• $316.4 million of deployments locked in through forward flows at quarter end of which $272.8 million are for the next twelve months

Revenues

• Total revenues increased $40.2 million, or 36.4%, to $150.8 million compared to $110.6 million for the third quarter 2024. The growth is primarily a result of strong deployments in prior periods
  

Operating Expenses

• Total operating expenses increased $29.9 million, or 59.5% to $80.2 million compared to $50.3 million for the third quarter 2024 primarily due to increases of $14.4 million in court costs, agency commissions and other servicing expenses due to increased legal channel volumes as well as $10.7 million in salaries and benefits driven by $8.8 million in non-cash stock-based compensation expense
  
• For the third quarter 2025, the Company recognized portfolio revenue of $22.4 million, servicing revenue of $1.9 million and net operating income of $16.5 million related to the Conn’s portfolio purchase
  

Leverage, Liquidity and Capital Resources

• Leverage* improved to 1.59x at September 30, 2025 compared to 2.52x at September 30, 2024 as a result of strong growth in portfolio cashflow
• At September 30, 2025, the Company’s Revolving Credit Facility (“RCF”) with $825 million of commitments was undrawn and in addition, the Company had $42.3 million of unrestricted cash and cash equivalents. RCF upsized to $1 billion post quarter end
• 2026 maturity was pre-funded with a $500 million unsecured debt offering in May 2025, which paid down the RCF
  

Dividend
The Board of Directors declared a quarterly cash dividend of $0.24 per share on its outstanding common stock, payable on December 4, 2025, to shareholders of record as of the close of business on November 25, 2025.

Recent Developments
On October 24, 2025, Jefferson Capital entered into an Asset Purchase Agreement with affiliates of Bluestem Brands (“Bluestem”) to acquire an active credit card receivables portfolio for which new draws have been suspended for a gross purchase price of $302.8 million:

• The gross purchase price is subject to customary adjustments for interim cash flows (including collections and new purchases) between June 30, 2025 (the “Cut Off Date”) and closing and a $20.0 million escrow to secure implementation obligations

• At the Cut Off Date, the receivables being acquired had an aggregate face value of $488.2 million
• The closing of the transaction is expected in the fourth quarter of 2025
  

On October 27, 2025 Jefferson Capital completed an amendment of its RCF achieving a number of important funding structure objectives:

• Increased commitments by $175 million to an aggregate amount of $1 billion

• Extended maturity to October 27, 2030
• Reduced pricing by 50 bps across the pricing grid, eliminated any credit spread adjustments and removed the SOFR floor
• Reduced the non-use fee rate for unutilized commitments by 5 bps
• Implemented a handful of ‘housekeeping’ borrower-friendly changes to reflect public company status
  

*Leverage Ratio, Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. For a reconciliation of historical Leverage, Adjusted Pre-Tax Income and Adjusted Net Income, to the most directly comparable U.S. GAAP financial measures, please refer to the “Non-GAAP Financial Measures” section of this press-release.

Webcast
A webcast to discuss the Company’s third quarter 2025 financial results is scheduled for today, November 13, 2025 at 5:00 p.m. ET. The live webcast and archived replay can be accessed in the investor relations section of the Company's website at https://investors.jcap.com/news-events/events.

Use of Non-GAAP Financial Measures
This press release contains references to non-GAAP financial measures, including Leverage, Adjusted Pre-Tax Income, Adjusted Net Income, and Adjusted EPS, which are financial measures that are not prepared in conformity with United States generally accepted accounting principles (U.S. GAAP). These non-GAAP measures are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. Our management believes Leverage, Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EPS help us provide enhanced period-to-period comparability of operations and financial performance and are useful to investors as other companies in our industry report similar financial measures. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies, which could limit such measures’ usefulness as comparative measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. Detailed reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables following this release.

About Jefferson Capital, Inc.
Founded in 2002, Jefferson Capital is an analytically driven purchaser and manager of charged-off, insolvency and active consumer accounts with operations in the United States, Canada, the United Kingdom and Latin America. It purchases and services both secured and unsecured assets, and its growing client base includes Fortune 500 creditors, banks, fintech origination platforms, telecommunications providers, credit card issuers and auto finance companies. Jefferson Capital is headquartered in Minneapolis, Minnesota with additional offices and operations located in Sartell, Minnesota, Denver, Colorado and San Antonio, Texas (United States); Basingstoke, England; London, England and Paisley, Scotland (United Kingdom); London, Ontario and Toronto, Ontario (Canada); as well as Bogota (Colombia).

Contacts:
Investor Relations
IR@jcap.com

Media Relations
Doug.Donsky@icrinc.com

Disclosure Regarding Forward Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements concerning our anticipated financial performance, execution of our business strategies, the favorability of the investment environment, the closing of the Asset Purchase Agreement with Bluestem and the related costs and benefits, and our ability to continue paying quarterly cash dividends. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: a deterioration in the economic or inflationary environment in the United States, Canada, the United Kingdom or Latin America, including the interest rate environment; our ability to replace our portfolios of nonperforming loans with additional portfolios sufficient to operate efficiently and profitably; our ability to collect sufficient amounts on our nonperforming loans to fund our operations; the possibility that third parties we rely on to conduct collection and other activities fail to perform their services; the possibility that we could recognize significant decreases in our estimate of future recoveries on nonperforming loans; changes in, or interpretations of, federal, state, local, or international laws, including bankruptcy and collection laws, or changes in the administrative practices of various bankruptcy courts, which could negatively impact our business or our ability to collect on nonperforming loans; goodwill impairment charges that could negatively impact our net income and stockholders’ equity; our ability to comply with existing and new regulations of the collection industry, the failure of which could result in penalties, fines, litigation, damage to our reputation, or the suspension or termination of or required modification to our ability to conduct our business; adverse outcomes in pending or future litigation or administrative proceedings; the possibility that class action suits and other litigation could divert management’s attention and increase our expenses; investigations, reviews, or enforcement actions by governmental authorities, including the Consumer Financial Protection Bureau, which could result in changes to our business practices, negatively impact our deployment volume, make collection of account balances more difficult, or expose us to the risk of fines, penalties, restitution payments, and litigation; the possibility that compliance with complex and evolving international and United States laws and regulations that apply to our international operations could increase our cost of doing business in international jurisdictions; our ability to comply with data privacy regulations such as the General Data Protection Regulation; our ability to retain, expand, renegotiate or replace our credit facility and our ability to comply with the covenants under our financing arrangements; our ability to refinance our indebtedness; our ability to service our outstanding indebtedness; changes in interest or exchange rates, which could reduce our net income, and the possibility that future hedging strategies may not be successful; and the possibility that we could incur business or technology disruptions or cybersecurity incidents. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q to be filed with the SEC, and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

FINANCIAL TABLES FOLLOW Jefferson Capital, Inc. Combined and Condensed Consolidated Balance Sheets (Unaudited, in Thousands)
		September 30,				December 31,
		2025				2024
Assets
Cash and cash equivalents		$	42,270			$	35,506
Restricted cash			3,801				2,737
Accounts receivable			17,297				16,532
Other assets			15,518				14,390
Investments in receivables, net			1,640,809				1,497,748
Credit card receivables (net of allowance for credit losses of $1,751 and $1,907)			16,180				17,176
Property, plant and equipment, net			1,867				2,274
Other intangible assets, net			7,273				10,237
Goodwill			57,906				57,683
Total Assets		$	1,802,921			$	1,654,283
Liabilities
Accounts payable and accrued expenses		$	78,272			$	69,975
Other liabilities			4,569				4,860
Current tax liabilities			1,248				—
Deferred tax liabilities			98,876				2,193
Notes payable, net			1,182,584				1,194,726
Total Liabilities		$	1,365,549			$	1,271,754
Stockholder's Equity
Common Stock par value $0.0001 per share; 330,000,000 shares and 0 shares authorized as of September 30, 2025 and December 31, 2024 and 58,290,473 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024		$	6			$	—
Additional paid-in capital			(60,748	)			—
Retained earnings			500,414				398,122
Accumulated other comprehensive income (loss)			(2,300	)			(15,593	)
Total stockholder's equity		$	437,372			$	382,529
Total Liabilities and Stockholder's Equity		$	1,802,921			$	1,654,283

Jefferson Capital, Inc. Combined and Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited in Thousands, except for Earnings Per Share amounts)
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2025				2024				2025				2024
Revenues
Total portfolio income		$	139,179			$	99,258			$	416,749			$	285,362
Changes in recoveries			494				1,690				5,670				1,565
Total portfolio revenue			139,673				100,948				422,419				286,927
Credit card revenue			1,755				2,048				5,450				6,353
Servicing revenue			9,414				7,605				30,621				21,080
Total Revenues			150,842				110,601				458,490				314,360
Provision for credit losses			569				867				1,670				2,637
Operating Expenses
Salaries and benefits			23,314				12,567				43,590				35,973
Servicing expenses			47,609				33,246				133,948				95,873
Depreciation and amortization			1,350				548				4,206				1,678
Professional fees			3,743				1,894				15,353				5,930
Other selling, general and administrative			4,221				2,052				13,783				5,769
Total Operating Expenses			80,237				50,307				210,880				145,223
Net Operating Income			70,036				59,427				245,940				166,500
Other Income (Expense)
Interest expense			(26,467	)			(19,753	)			(77,184	)			(55,187	)
Foreign exchange and other income (expense)			1,944				(440	)			5,564				(3,181	)
Total other expense			(24,523	)			(20,193	)			(71,620	)			(58,368	)
Income Before Income Taxes			45,513				39,234				174,320				108,132
Provision for income taxes			(7,151	)			(2,356	)			(24,086	)			(6,195	)
Net Income			38,362				36,878				150,234				101,937
Foreign currency translation gain / (loss)			(5,023	)			4,851				13,293				(1,045	)
Comprehensive Income		$	33,339			$	41,729			$	163,527			$	100,892
Earnings per share
Basic		$	0.59			$	—			$	6.60			$	—
Diluted			0.59				—				6.60				—
Weighted average common shares outstanding
Basic			58,279				—				20,493				—
Diluted			58,279				—				20,493				—

Jefferson Capital, Inc. Combined and Condensed Consolidated Statements of Cash Flows (Unaudited, in Thousands)
		For the Nine Months Ended
		September 30,
		2025				2024
Cash flows from operating activities
Net income		$	150,234			$	101,937
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization			4,206				1,678
Amortization of debt issuance costs			4,016				3,142
Provision for credit losses			1,670				2,637
Stock-based compensation			8,850				—
Deferred income tax			17,254				(1,420	)
Changes in assets and liabilities:
Other assets			(1,186	)			(19,762	)
Accounts receivable			(355	)			(3,428	)
Accounts payable and accrued expenses			8,956				6,075
Net cash provided by operating activities			193,645				90,859
Cash flows from investing activities
Purchases of receivables, net			(451,531	)			(365,322	)
Purchases of credit card receivables			(20,054	)			(23,689	)
Collections applied to investments in receivables, net			331,042				123,301
Collections applied to credit card receivables			19,697				22,341
Purchases of property and equipment, net			(645	)			(449	)
Net cash used in investing activities			(121,491	)			(243,818	)
Cash flow from financing activities
Proceeds from notes payable			681,790				747,887
Payments on notes payable			(694,872	)			(567,719	)
Payment of debt issuance costs			(8,012	)			(6,868	)
Dividends paid to stockholders			(47,942	)			(20,000	)
Proceeds from issuance of common stock			10,000				—
Net cash (used in) / provided by financing activities			(59,036	)			153,300
Exchange rate effects on cash balances held in foreign currencies			(5,290	)			495
Net (decrease) increase in cash and cash equivalents and restricted cash			7,828				838
Cash and cash equivalents and restricted cash, beginning of period			38,243				20,604
Cash and cash equivalents and restricted cash, end of period		$	46,071			$	21,442

Jefferson Capital, Inc. Supplemental Financial Information Reconciliation of Non-GAAP Metrics
Cash Efficiency Ratio
		Three Months Ended
		September 30,
($in Millions)		2025				2024
Collections		$	236.8			$	145.1
Credit card revenue			1.8				2.0
Servicing revenue			9.4				7.6
Cash Receipts (A)		$	248.0			$	154.8
Operating Expenses		$	80.2			$	50.3
Stock compensation			(8.8	)			(2.2	)
Canaccede exit incentive			(0.1	)			—
IPO, merger and acquisition, and other one-time expenses			(2.4	)			(0.2	)
Adjusted Operating Expenses (B)		$	69.0			$	47.9
Cash Efficiency Ratio (A-B) / A			72.2		%		69.0		%

Adjusted Pre-tax Income
		Three Months Ended
		September 30,
($in Millions)		2025				2024
Pre-tax Income		$	45.5			$	39.2
Foreign exchange and other income (expense)			(1.9	)			0.4
Stock Compensation			8.8				2.2
Canaccede exit incentive			0.1				—
IPO, merger and acquisition, and other one-time expenses			2.4				0.2
Adjusted Pre-tax Income		$	54.8			$	42.1

Jefferson Capital, Inc. Supplemental Financial Information Reconciliation of Non-GAAP Metrics (Continued)
Adjusted Net Income and Adjusted EPS
		Three Months Ended								Increase			%
		September 30,								(Decrease)			Change
(in Millions, Except for Adjusted EPS)		2025				2024
Net Income		$	38.4			$	36.9		$	1.5			4.0		%
Foreign exchange and other income (expense)			(1.9	)			0.4			(2.4	)		(541.8	)
Stock compensation			8.8				2.2			6.6			303.7
Canaccede exit incentive			0.1				—			0.1			—
IPO, merger and acquisition, and other one-time expenses(1)			2.4				0.2			2.2			1,046.1
Adjusted Net Income		$	47.7			$	39.7		$	8.0			20.1		%
Weighted average diluted common shares outstanding (in millions)			58.3
Expected vesting of non-vested restricted stock			6.4
Adjusted weighted average diluted common shares outstanding			64.7
Adjusted EPS		$	0.74

Leverage
		Trailing Twelve Months Ended
		September 30,
($in Millions)		2025				2024
Net cash provided by operating activities		$	270.9			$	125.6
Changes in prepaid expenses			(13.8	)			20.7
Changes in accounts payable and accrued expenses			(58.3	)			(8.4	)
Provision for credit losses			(2.6	)			(3.5	)
Foreign exchange and other income (expense)			(3.2	)			1.9
Cash interest paid			94.0				65.9
Provision for income taxes			26.8				8.2
Total portfolio revenue			(531.4	)			(359.1	)
Gross collections			927.7				515.9
Stock compensation			(7.6	)			4.6
Conn's one-time items(1)			4.6				—
Canaccede exit consideration			8.7				—
Merger and acquisition, and other one-time expenses(2)			11.3				2.5
Adjusted Cash EBITDA (A)		$	727.2			$	374.3

		As of September 30,
		2025				2024
Borrowings, as reported		$	1,182.6			$	948.0
Unamortized issuance costs			17.4				14.1
Unrestricted cash			(42.3	)			(18.3	)
Net Debt (B)		$	1,157.7			$	943.8
Leverage (B / A)			1.59		x		2.52		x

FAQ

What were Jefferson Capital (JCAP) third quarter 2025 collections and how do they compare to Q3 2024?

Total collections were $236.8M in Q3 2025, an increase of 63.2% from $145.1M in Q3 2024.

How much did Jefferson Capital (JCAP) deploy in Q3 2025 and was it a record?

Deployments were $151.0M in Q3 2025, the company’s largest third quarter deployments and +22.3% year-over-year.

What is Jefferson Capital’s (JCAP) Estimated Remaining Collections (ERC) at September 30, 2025?

ERC totaled $2.9296B at September 30, 2025, a 27.0% increase versus September 30, 2024.

Did Jefferson Capital (JCAP) change its credit facility after Q3 2025?

Yes. On October 27, 2025 the revolving credit facility was increased to an aggregate of $1.0B, with extended maturity and reduced pricing.

What dividend did Jefferson Capital (JCAP) declare for Q4 2025 and when is it payable?

The board declared a quarterly cash dividend of $0.24 per share, payable on December 4, 2025 to shareholders of record on November 25, 2025.

What material acquisition did Jefferson Capital (JCAP) announce in October 2025?

On October 24, 2025 Jefferson Capital agreed to buy an active credit card receivables portfolio from Bluestem for a gross purchase price of $302.8M, expected to close in Q4 2025.