Topline Capital reveals 7.4% PRA Group (NASDAQ: PRAA) stake

Rhea-AI Filing Summary

Topline Capital Management and related parties reported a significant passive stake in PRA Group Inc. As of February 13, 2026, their fund beneficially owns 2,918,487 shares of PRA Group common stock, representing 7.4% of the outstanding class.

Topline Capital Management, LLC and Topline Capital Partners, LP each report sole power to vote and dispose of these shares, while Collin McBirney reports shared voting and dispositive power over the same 2,918,487 shares. The parties state the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of PRA Group. They also formally disclaim beneficial ownership beyond their pecuniary interests.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PRA GROUP INC

(Name of Issuer)

Common Stock - $0.01 par value

(Title of Class of Securities)

69354N106

(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. 69354N106

1

Names of Reporting Persons

Topline Capital Management, LLC

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

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,918,487.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,918,487.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,918,487.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The securities reported on this Schedule as beneficially owned by TCM (the "Securities") are held by and for the benefit of the Fund. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entity might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. TCM, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may, therefore, be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.

SCHEDULE 13G

CUSIP No. 69354N106

1

Names of Reporting Persons

Topline Capital Partners, LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,918,487.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,918,487.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,918,487.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The securities reported on this Schedule as beneficially owned by TCM (the "Securities") are held by and for the benefit of the Fund. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entity might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. TCM, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may, therefore, be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.

SCHEDULE 13G

CUSIP No. 69354N106

1

Names of Reporting Persons

Collin McBirney

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,918,487.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,918,487.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,918,487.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: The securities reported on this Schedule as beneficially owned by TCM (the "Securities") are held by and for the benefit of the Fund. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entity might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. TCM, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may, therefore, be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PRA GROUP INC
(b)	Address of issuer's principal executive offices: 120 CORPORATE BLVD STE 100, NORFOLK, VIRGINIA 23502
Item 2.
(a)	Name of person filing: Topline Capital Management, LLC ("TCM") Topline Capital Partners, LP ("TCP" or the "Fund") Collin McBirney
(b)	Address or principal business office or, if none, residence: 544 EUCLID STREET SANTA MONICA, California 90402
(c)	Citizenship: Topline Capital Management, LLC - CALIFORNIA Topline Capital Partners, LP - DELAWARE Collin McBirney - UNITED STATES
(d)	Title of class of securities: Common Stock - $0.01 par value
(e)	CUSIP No.: 69354N106
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).
Item 4.	Ownership
(a)	Amount beneficially owned: Reference is hereby made to Rows 5-9 and 11 of pages 2, 3 and 4 of this Schedule, which are incorporated by reference herein. As of February 13, 2026 the Fund beneficially owns 2,918,487 shares of the issuer's common stock.
(b)	Percent of class: 7.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Topline Capital Management, LLC - 2,918,487 Topline Capital Partners, LP - 2,918,487 Collin McBirney - 0
	(ii) Shared power to vote or to direct the vote: Topline Capital Management, LLC - 0 Topline Capital Partners, LP - 0 Collin McBirney - 2,918,487
	(iii) Sole power to dispose or to direct the disposition of: Topline Capital Management, LLC - 2,918,487 Topline Capital Partners, LP - 2,918,487 Collin McBirney - 0
	(iv) Shared power to dispose or to direct the disposition of: Topline Capital Management, LLC - 0 Topline Capital Partners, LP - 0 Collin McBirney - 2,918,487
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

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.

Topline Capital Management, LLC

Signature:	/s/ Collin McBirney
Name/Title:	By: Collin McBirney, Managing Member
Date:	02/13/2026

Topline Capital Partners, LP

Signature:	/s/ Collin McBirney
Name/Title:	By: Topline Capital Management, LLC, the General Partner By: Collin McBirney, its Managing Member
Date:	02/13/2026

Collin McBirney

Signature:	/s/ Collin McBirney
Name/Title:	Collin McBirney
Date:	02/13/2026

Exhibit Information

Exhibit A - Joint Filing Undertaking

FAQ

How much of PRA Group Inc (PRAA) does Topline Capital beneficially own?

Topline Capital’s fund beneficially owns 2,918,487 shares of PRA Group common stock, representing 7.4% of the outstanding class. This makes Topline a significant shareholder required to report its holdings under Schedule 13G/A rules.

Who are the reporting persons in the PRA Group (PRAA) Schedule 13G/A?

The filing lists Topline Capital Management, LLC, Topline Capital Partners, LP, and Collin McBirney as reporting persons. The securities are held by and for the benefit of the fund, with Topline entities and McBirney deemed beneficial owners under Rule 13d-3.

What voting and dispositive powers does Topline report over PRA Group (PRAA) shares?

Topline Capital Management, LLC and Topline Capital Partners, LP each report sole power to vote and dispose of 2,918,487 PRA Group shares. Collin McBirney reports shared power to vote and dispose of the same 2,918,487 shares through his role with the Topline entities.

Is Topline Capital seeking to influence control of PRA Group Inc (PRAA)?

The filing states the PRA Group shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of the issuer, consistent with a passive Schedule 13G filing status.

On what date is Topline’s PRA Group (PRAA) ownership measured in the Schedule 13G/A?

The Schedule 13G/A notes that, as of February 13, 2026, the fund beneficially owns 2,918,487 PRA Group shares. The event requiring the filing is dated December 31, 2025, triggering this updated ownership disclosure.

Does Collin McBirney claim full beneficial ownership of PRA Group (PRAA) shares?

No. The filing explains that McBirney and the Topline entities expressly disclaim beneficial ownership of PRA Group shares beyond their pecuniary interests. They note that ownership is reported under Rule 13d-3 due to their power to direct voting or disposition.