Topline Capital Management, LLC, Topline Capital Partners, LP and Collin McBirney reported beneficial ownership of 2,077,865 shares of PRA Group Inc. common stock, representing 5.3% of the class. The filing states the 5.3% figure is based on 39,073,697 outstanding shares as of July 31, 2025 and records the Fund's holdings as of August 14, 2025.
The report shows Topline entities claim sole voting and dispositive power over the 2,077,865 shares while Collin McBirney reports shared voting and dispositive power for the same amount. The filing includes a standard statement that the securities were acquired in the ordinary course of business and not to change or influence control of the issuer, and a disclaimer limiting other claims of beneficial ownership.
Positive
Disclosed 2,077,865 shares (5.3%) of PRA Group, meeting SEC materiality thresholds
Clear allocation of voting and dispositive power between Topline entities and Collin McBirney
Negative
None.
Insights
Topline discloses a passive, material stake of 5.3% in PRA Group.
The Schedule 13G reports 2,077,865 shares, equal to 5.3% of PRA Group common stock based on 39,073,697 shares outstanding as of July 31, 2025. Filing form and the certification language indicate a passive investment intent rather than an attempt to influence control. For investors, the key takeaway is that a sizeable institutional position has been disclosed but no active control or group action is claimed in this filing.
Ownership exceeds 5% threshold but the filing signals no control intent.
The submission identifies sole voting and dispositive power attributed to Topline entities and shared power for Collin McBirney while simultaneously including a disclaimer that limits broader claims of beneficial ownership. The filing follows disclosure rules for a passive holder and includes a certification that the shares were not acquired to influence control. This provides transparency on ownership concentration without indicating imminent governance action.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PRA Group Inc.
(Name of Issuer)
Common Stock - $0.01 par value
(Title of Class of Securities)
69354N106
(CUSIP Number)
06/25/2025
(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
2,077,865.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,077,865.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,077,865.00
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)
5.3 %
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
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
2,077,865.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,077,865.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,077,865.00
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)
5.3 %
12
Type of Reporting Person (See Instructions)
IN, HC
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
2,077,865.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,077,865.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,077,865.00
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)
5.3 %
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
Item 1.
(a)
Name of issuer:
PRA Group Inc.
(b)
Address of issuer's principal executive offices:
120 Corporate Blvd., Suite 100, Norfolk, VA 23502
Item 2.
(a)
Name of person filing:
Topline Capital Management, LLC ("TCM"), Collin McBirney and Topline Capital Partners, LP ("TCP" or the "Fund")
(b)
Address or principal business office or, if none, residence:
544 Euclid Street, Santa Monica, CA 90402
(c)
Citizenship:
Reference is made to Row 4 of pages 2 - 4 of this Schedule 13G (this "Schedule"), which are incorporated by reference herein.
(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 August 14, 2025 the Fund beneficially owns 2,077,865 shares of the issuer's common stock.
(b)
Percent of class:
5.3% (based on 39,073,697 outstanding shares as of July 31, 2025.)
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
2,077,865
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
2,077,865
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
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:
08/14/2025
Collin McBirney
Signature:
/s/ Collin McBirney
Name/Title:
Collin McBirney
Date:
08/14/2025
Topline Capital Partners, LP
Signature:
/s/ Collin McBirney
Name/Title:
By: Topline Capital Management, LLC, the general partner By: Collin McBirney, its Managing Member
What stake in PRA Group (PRAA) did Topline Capital report?
Topline Capital reported beneficial ownership of 2,077,865 shares, representing 5.3% of PRA Group's common stock.
On what share count is the 5.3% based for PRA Group (PRAA)?
The 5.3% is calculated based on 39,073,697 outstanding shares as of July 31, 2025.
Does the filing indicate Topline intends to influence control of PRA Group (PRAA)?
No. The filing includes a certification stating the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.
Who holds voting and dispositive power over the disclosed PRA Group (PRAA) shares?
Topline Capital entities report sole voting and dispositive power for the 2,077,865 shares, while Collin McBirney reports shared voting and dispositive power for the same amount.
Which entities filed the Schedule 13G for PRA Group (PRAA)?
The Schedule 13G was filed by Topline Capital Management, LLC, Topline Capital Partners, LP, and Collin McBirney.
