Turtle Creek reports 4.4% Encore Capital (NASDAQ: ECPG) stake

Rhea-AI Filing Summary

Turtle Creek Asset Management Inc. filed an amended Schedule 13G reporting beneficial ownership of 970,593 shares of Encore Capital Group common stock, representing 4.4% of the class as of the stated event date. Turtle Creek, a Canadian investment adviser, holds these shares for unit holders of mutual funds it manages.

The firm reports sole voting and dispositive power over all 970,593 shares and no shared power. It notes that no underlying mutual fund investor is known to hold more than 5% of the class. Turtle Creek certifies the position is held in the ordinary course of business and not for influencing control of Encore Capital Group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

ENCORE CAPITAL GROUP, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

292554102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 292554102

1

Names of Reporting Persons

Turtle Creek Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 970,593.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 970,593.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

970,593.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ENCORE CAPITAL GROUP, INC.
(b)	Address of issuer's principal executive offices: 350 Camino De La Reina, Suite 100, San Diego, California, 92108
Item 2.
(a)	Name of person filing: This statement on Schedule 13G is being filed by Turtle Creek Asset Management Inc. ("Turtle Creek").
(b)	Address or principal business office or, if none, residence: Scotia Plaza, 40 King Street West, Suite 5100, Toronto, Ontario M5H 3Y2 Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 292554102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment advisor
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page.
(b)	Percent of class: See the response(s) to Item 11 on the attached cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page.
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page.
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page.
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Turtle Creek holds the shares of Common Stock reported herein for the benefit of unit holders of mutual funds managed by Turtle Creek, none of whom is known to Turtle Creek to have an interest of more than 5 percent of the class.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to investment fund managers and portfolio managers registered with the Ontario Securities Commission is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Turtle Creek Asset Management Inc.

Signature:	/s/ Meaghan Einav
Name/Title:	Meaghan Einav, Chief Compliance Officer
Date:	02/17/2026

FAQ

What ownership stake in Encore Capital Group (ECPG) does Turtle Creek report?

Turtle Creek reports beneficial ownership of 970,593 Encore Capital Group common shares, representing 4.4% of the class. The firm holds sole voting and dispositive power over all these shares according to the amended Schedule 13G filing.

Who is the reporting person in this Encore Capital Group (ECPG) Schedule 13G/A?

The reporting person is Turtle Creek Asset Management Inc., an investment adviser organized under Canadian federal law. Its principal office is at Scotia Plaza, 40 King Street West, Suite 5100, Toronto, Ontario, as stated in the ownership disclosure.

How are the Encore Capital Group (ECPG) shares held by Turtle Creek structured?

Turtle Creek holds the Encore Capital Group common shares for the benefit of unit holders of mutual funds it manages. It states that none of these unit holders is known to have an interest exceeding 5% of the issuer’s outstanding common stock.

Does Turtle Creek seek to influence control of Encore Capital Group (ECPG)?

Turtle Creek certifies the Encore Capital Group shares were acquired and are held in the ordinary course of business. It states they were not acquired and are not held for changing or influencing control of the issuer or participating in such a control transaction.

What percentage threshold does Turtle Creek reference in this Encore Capital Group (ECPG) filing?

Turtle Creek reports owning 4.4% of Encore Capital Group’s common stock, which is 5 percent or less of the class. The filing notes this level under the item addressing ownership of 5 percent or less of a class of securities.

What regulatory status does Turtle Creek claim in the Encore Capital Group (ECPG) Schedule 13G/A?

Turtle Creek identifies itself as an investment adviser filer. It also certifies that the foreign regulatory scheme for investment fund and portfolio managers registered with the Ontario Securities Commission is substantially comparable to that of functionally equivalent U.S. institutions.