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Jefferson Capital (JCAP) investor relations material
Jefferson Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record third quarter collections of $236.8 million, up 63% year-over-year, and record portfolio deployments of $151 million, a 22% increase, driven by recent acquisitions including Conn's and the announced Bluestem Brands portfolio purchase expected to close in Q4 2025.
Revenue rose 36% year-over-year to $150.8 million, with adjusted EPS of $0.74 and net income of $38.4 million for Q3 2025.
Completed a major amendment and upsize of the senior secured revolving credit facility to $1 billion, improving pricing, extending maturity to 2030, and enhancing liquidity.
Declared a quarterly dividend of $0.24 per share, payable December 4, 2025, representing an annualized yield of about 5%.
Completed an IPO in June 2025, raising $4.5 million in net proceeds and reorganizing the corporate structure.
Financial highlights
Adjusted pre-tax income was $54.8 million, up 30% year-over-year, with adjusted pre-tax ROE of 51.7%.
Adjusted net income for Q3 2025 was $47.7 million, up 20.1% year-over-year; net operating income margin was 46.4%.
LTM-adjusted cash EBITDA reached $727.2 million, nearly doubling year-over-year, with a sector-leading cash efficiency ratio of 72.2%.
Operating expenses increased 59% year-over-year, mainly due to higher collections, servicing, and court costs.
Net debt to adjusted cash EBITDA improved to 1.54x–1.59x, significantly better than sector peers.
Outlook and guidance
Management expects continued growth in deployments and collections, supported by expanded credit capacity and recent portfolio acquisitions.
Bluestem Brands portfolio acquisition, with a purchase price of $302.8 million, is expected to close in Q4 2025 and is anticipated to have a short duration and rapid collections.
The company expects continued elevated court costs in Q4 and a similar run rate for 2026 due to increased legal channel activity.
Fourth quarter typically offers elevated deployment opportunities, and $893.7–$894 million of ERC is expected to be collected in the next 12 months.
Management remains bullish on portfolio supply, citing elevated consumer delinquencies and charge-offs across asset classes.
Conn's portfolio contribution to Q3 collections
Key benefits of RCF amendment
Bluestem portfolio characteristics and value
Explore new asset classes beyond traditional debt
How does variable cost structure aid efficiency
Capital allocation given low leverage outlook
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Next Jefferson Capital earnings date
Q4 202526 Feb, 2026
Next Jefferson Capital earnings date
Q4 202526 Feb, 2026
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