JCAP on Nasdaq

Jefferson Capital, Inc. / DE

Jefferson Capital, Inc. / DE is an American short-term business credit institutions company.1 It is headquartered in Minneapolis, Minnesota.1 Its shares trade on Nasdaq under the symbol JCAP.1

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Last updated Oct 20, 2026.

Overview

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  • TickerJCAP on Nasdaq1
  • IndustryShort-Term Business Credit Institutions1
  • HeadquartersMinneapolis, Minnesota1
  • Incorporated inDE2
  • Business address600 South Highway 169, Suite 1575, Minneapolis, Mn 554262
  • Filer category, Emerging growth company2

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Except as otherwise indicated or as the context otherwise requires, all references in this Annual Report on Form 10-K (the “Annual Report”) to the “Company,” “we,” “our,” and “us” and similar terms refer to Jefferson Capital, Inc., a Delaware corporation, together with its subsidiaries. Unless otherwise indicated, all references to our financial information are to the combined and consolidated financial information of the Company and references to “dollars” and “$” in this Annual Report are to, and amounts are presented in, U.S. dollars. Financial data as of and for the years ended December 31, 2025 and December 31, 2024, relate to financial information of the Company on a combined and consolidated basis. All amounts referred to in the combined and consolidated financial statements have been rounded to the nearest thousandth, unless otherwise stated. All percentages are calculated based …3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

51.6%Operating margin4
30.6%Net margin4
41.5%Revenue growth, 20254
39.5%Return on equity4
3.68×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

United States brought in 73% of the revenue Jefferson Capital, Inc. / DE broke down this way in fiscal 2025.

  1. United States$450.3M473%up 52% from 2024
  2. Canada$71.8M412%up 33% from 2024
  3. United Kingdom$50.7M48%down 3% from 2024
  4. Latin America$40.4M47%up 30% from 2024
Business segments by year
Business segments202320242025
United States$214.1M$295.7M$450.3M
Canada$50.8M$54.2M$71.8M
United Kingdom$40.7M$52.3M$50.7M
Latin America$17.5M$31.2M$40.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs64¢$394.9M
  • Income tax5¢$30.5M
  • Profit31¢$188.0M

Out of $613.3M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid24¢$63.5M
  • Kept or used elsewhere76¢$205.4M

Out of $268.8M of cash from operations.4

Financial statements

Revenue4$613.3M in 2025+90% since 2023
0$200.0M$400.0M$600.0M$800.0M2023: $323.1M$323.1M20232024: $433.3M$433.3M2024+34%2025: $613.3M$613.3M2025+42%
Operating income4$316.5M in 2025+93% since 2023
0$100.0M$200.0M$300.0M$400.0M2023: $164.1M$164.1M20232024: $220.3M$220.3M2024+34%2025: $316.5M$316.5M2025+44%
Net income4$188.0M in 2025+69% since 2023
0$50.0M$100.0M$150.0M$200.0M2023: $111.5M$111.5M20232024: $128.9M$128.9M2024+16%2025: $188.0M$188.0M2025+46%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Total portfolio income$560.4M$396.3M$306.5M
Changes in recoveries$6.0M-$419.0K-$13.0M
Total portfolio revenue$566.4M$395.9M$293.6M
Credit card revenue$7.2M$8.3M$8.8M
Servicing revenue$39.7M$29.1M$20.7M
Total Revenues$613.3M$433.3M$323.1M
Provision for credit losses$2.4M$3.5M$3.5M
Salaries and benefits$64.6M$48.1M$36.5M
Servicing expenses$187.2M$130.9M$101.7M
Depreciation and amortization$5.3M$2.6M$2.4M
Professional fees$18.6M$11.4M$6.8M
Other selling, general and administrative$18.8M$16.6M$8.1M
Total Operating Expenses$294.4M$209.6M$155.5M
Net Operating Income$316.5M$220.3M$164.1M
Interest expense-$105.8M-$77.2M-$48.1M
Foreign exchange and other income (expense)$7.7M-$5.5M$4.6M
Total other expense-$98.1M-$82.7M-$43.5M
Income Before Income Taxes$218.4M$137.6M$120.6M
Provision for income taxes-$30.5M-$8.7M-$9.0M
Net income$188.0M$128.9M$111.5M
Net income attributable to noncontrolling interest-$20.0K
Net Income attributable to Jefferson Capital, Inc.$188.0M$128.9M$111.5M
Foreign currency translation gain / (loss)$18.6M-$14.0M$8.3M
Comprehensive Income$206.6M$114.9M$119.8M
Earnings per share, Basic (in dollars per share)$5.64
Earnings per share, Diluted (in dollars per share)$5.64
Weighted average common shares outstanding, Basic (in shares)30.0M shares
Weighted average common shares outstanding, Diluted (in shares)30.0M shares

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Corporate structure

Jefferson Capital, Inc. / DE sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Jefferson Capital, Inc. / DE

  • Wellington Management Company Filed SCHEDULE 13G/A on Jefferson Capital, Inc. / DE, latest Aug 13, 2026 (2 filings since May 15, 2026)
  • JCF IV JCAP Holding L.P. Filed SCHEDULE 13G/A on Jefferson Capital, Inc. / DE, latest May 8, 2026 (2 filings since Nov 14, 2025)
  • David M. Burton Filed SCHEDULE 13G on Jefferson Capital, Inc. / DE, latest Jan 16, 2026
  • J.C. Flowers IV L.P. Filed SCHEDULE 13G on Jefferson Capital, Inc. / DE, latest Aug 12, 2025
  • Jefferson Capital, Inc. / DE Minneapolis, Minnesota

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Jefferson Capital, Inc. / DE reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$1.7M4 Dec 31, 2025$2.3M4 Dec 31, 2024−25.5%
Operating-lease assets (leased space)$3.7M4 Dec 31, 2025$4.4M4 Dec 31, 2024−17.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$23.2M4 Dec 31, 2025$35.5M4 Dec 31, 2024−34.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$58.0M4 Dec 31, 2025$57.7M4 Dec 31, 2024+0.6%
Indefinite-lived intangibles (excluding goodwill)$6.5M4 Dec 31, 2025$10.2M4 Dec 31, 2024−36.1%
Finite-lived intangibles, net$6.5M4 Dec 31, 2025

Properties, in its own words

The Company is headquartered in Minneapolis, Minnesota with additional offices and operations located in Sartell, Minnesota, Denver, Colorado and San Antonio, Texas (for our United States segment); Basingstoke, England, London, England and Paisley, Scotland (for our United Kingdom segment); London, Ontario and Toronto, Ontario (for our Canada segment); as well as Bogota (for our Latin America segment).

Item 2 of the 10-K filed Mar 13, 2026.3

Leadership

Who has led Jefferson Capital, Inc. / DE, and when. Pick a name to see everywhere that person has worked.

President

  1. Mark Joseph Zellmann2025–now
Board members and other officers (12)

Timeline

  1. Aug 21, 20268-K Entered a material agreement19
  2. Aug 18, 20268-K Other events20
  3. Aug 13, 20268-K Results of operations21
  4. Jun 8, 20268-K Shareholder vote22
  5. May 14, 20268-K Results of operations23
  6. Apr 23, 20268-K Entered a material agreement; New debt or obligation24
  7. Mar 18, 20268-K Executive or director change25
  8. Mar 17, 20268-K Executive or director change26
  9. Mar 12, 20268-K Results of operations27
  10. Dec 5, 20258-K Completed an acquisition or sale28
  11. Nov 13, 20258-K Results of operations29
  12. Oct 29, 20258-K Entered a material agreement; New debt or obligation30

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.74 a share, on Nov 13, 2025.31

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results21
  2. May 14, 2026Reported quarterly or annual results23
  3. Mar 12, 2026Reported quarterly or annual results27
  4. Nov 13, 2025Reported quarterly or annual results29
  5. Aug 14, 2025Reported quarterly or annual results32

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

83 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 13 major events, 24 insider forms, 6 large holders, 35 other. The latest 20:

  1. Aug 26, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Aug 25, 2026144 EDGAR
  3. Aug 21, 20268-K EDGAR
  4. Aug 19, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Aug 18, 20268-K EDGAR
  6. Aug 17, 2026144 EDGAR
  7. Aug 13, 202610-Q EDGAR
  8. Aug 13, 20268-K EDGAR
  9. Aug 13, 2026SCHEDULE 13G/A EDGAR
  10. Jul 17, 2026EFFECT EDGAR
  11. Jul 2, 2026S-3 EDGAR
  12. Jun 8, 20268-K EDGAR
  13. May 15, 2026SCHEDULE 13G EDGAR
  14. May 14, 202610-Q EDGAR
  15. May 14, 20268-K EDGAR
  16. May 8, 2026SCHEDULE 13G/A EDGAR
  17. Apr 23, 20268-K EDGAR
  18. Apr 21, 2026DEFA14A EDGAR
  19. Apr 21, 2026DEF 14A EDGAR
  20. Mar 18, 20264 OWNERSHIP DOCUMENT EDGAR

The 83 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 0 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 25, 2026Person Penelope JoAnnChief Commercial OfficerSale246$22.04$5.4KForm 4
Aug 17, 2026Zellmann Mark JosephPresident US Business LinesSale56,000$23.75$1.3MForm 4
Jan 9, 2026JCF Associates IV L.P.10% ownerSale11,000,000$19.63$215.9MForm 4
Jan 9, 2026Burton David M.SEE REMARKSSale385,000$20.50$7.9MForm 4
Jun 27, 2025Burton David M.SEE REMARKSSale424,296$15.00$6.4MForm 4
Jun 27, 2025JCF Associates IV L.P.10% ownerSale8,708,911$15.00$130.6MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David BurtonPresident and Chief Executive Officer61$765.8K$3.8M37
2025Mark ZellmannPresident of U.S. Business Lines44$325.0K$1.1M37
2025Penelope PersonChief Commercial Officer58$142.0K$633.1K37
2024David BurtonPresident and Chief Executive Officer61$765.8K$1.7M37
2024Mark ZellmannPresident of U.S. Business Lines44$303.9K$605.5K37
2024Penelope PersonChief Commercial Officer58$142.0K$436.2K37

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Wellington Management Group Llp2,321,550$45.2M0.0%−949,416
Adage Capital Partners Gp, L.l.c.1,857,858$36.2M0.1%+95,059
William Blair Investment Management, LLC1,806,665$35.2M0.1%+246,716
Principal Financial Group Inc1,710,435$33.3M0.0%+173,381
BlackRock, Inc.1,697,836$33.1M0.0%+292,794
Nantahala Capital Management, LLC1,500,000$29.2M0.9%+750,000
Punch & Associates Investment Management, Inc.1,446,818$28.2M1.4%+330,933
Goldman Sachs Group Inc958,811$18.7M0.0%−172,787
Geode Capital Management, LLC790,883$15.4M0.0%+99,666
Vanguard Capital Management LLC752,389$14.6M0.0%−304,409
Citadel Advisors LLC626,868$12.2M0.0%+39,370
UBS Group AG582,735$11.3M0.0%+327,770
North Reef Capital Management LP530,598$10.3M0.4%−1,553
State Street Corp472,411$9.2M0.0%+105,740
American Century Companies Inc456,926$8.9M0.0%+157,883
Millennium Management LLC415,568$8.1M0.0%+11,219
State Of Wisconsin Investment Board338,791$6.6M0.0%−35,584
Clearbridge Investments, LLC328,800$6.4M0.0%−1,592
Philadelphia Financial Management of San Francisco, LLC316,853$6.2M1.7%New
Morgan Stanley306,596$6.0M0.0%+31,145
Northern Trust Corp261,935$5.1M0.0%+104,974
Alyeska Investment Group, L.P.258,318$5.0M0.0%+11,246
Maltese Capital Management LLC231,385$4.5M0.8%−98,315
Vanguard Portfolio Management LLC188,704$3.7M0.0%+26,825
Franklin Resources Inc164,315$3.2M0.0%−34,149

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Jefferson Capital, Inc. / DE is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJefferson Capital, Inc. / DE1
  • CIK0002046042
  • Employer ID (EIN)33-19239263
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6153 Short-Term Business Credit Institutions1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address600 South Highway 169, Suite 1575, Minneapolis, MN 554261
  • Phone(320) 229-85051
  • Shares outstanding57,425,536 as of Aug 13, 20266
  • Public float$316.0M as of Jun 30, 20253
  • AuditorDeloitte &Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceDec 10, 20241
  • Filings83 in all: 3 (15), 8-K (13), 4 (9), CORRESP (6), 10-Q (4), UPLOAD (4), DRSLTR (3), EFFECT (3)1
    All 23 form types

    S-1/A (3), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 144 (2), 424B4 (2), DRS (2), DRS/A (2), S-1 (2), 10-K (1), 8-A12B (1), CERT (1), DEF 14A (1), DEFA14A (1), S-3 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Aug 21, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.0001 par value per shareJCAPNASDAQ

From the cover page of the 10-K filed Mar 13, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Jefferson Capital, Inc. / DE names in Item 1A of its 10-K filed Mar 13, 2026: 45 risks under these headings, as written.3

  • Risks Related to our Business
  • A deterioration in the economic or inflationary environment in the countries in which we operate could have an adverse effect on our business and results of operations.
  • We may not be able to continually replace our nonperforming loans with additional portfolios sufficient to operate efficiently and profitably, and/or we may not be able to purchase nonperforming loans at appropriate prices.
  • We may not be able to collect sufficient amounts on our nonperforming loans to fund our operations.
  • Our collections may decrease if certain types of insolvency proceedings and bankruptcy filings involving liquidations increase.
  • We outsource and offshore certain activities related to our business to third parties. Any disruption or failure of these third parties to provide these services could adversely affect our business operations, financial condition and reputation.
  • Disruptions at our co-sourced operation in Mumbai could adversely impact our business.
  • Goodwill impairment charges could negatively impact our net income and stockholders’ equity.
  • Our loss contingency accruals may not be adequate to cover actual losses.
  • Solicitors of Moriarty, our wholly-owned law firm subsidiary in the United Kingdom, could act outside our interests and/or regulatory bodies to which such law firm subsidiary and its solicitors are subject could take enforcement action or impose sanctions that could impact our business, financial condition and results of operations.
  • Our expected collections from the Conn’s and Bluestem Portfolio Purchases may not be realized, or our expenses from the FTE that were formerly employed by Conn’s may be higher than we anticipated, which may adversely impact our financial results.
  • Risks Related to Our International Operations
The other 35 risks
  • Our international operations expose us to risks, which could harm our business, financial condition and results of operations.
  • We may experience losses on portfolios consisting of new asset classes of receivables or receivables in new geographies due to our lack of collection experience with these receivables, which could harm our business, financial condition and results of operations.
  • Compliance with complex and evolving international and U.S. laws and regulations that apply to our international operations could increase our cost of doing business in international jurisdictions.
  • Evolving regulation, particularly in Latin America, where the regulatory environment is less restrictive with respect to the use of certain new technologies and where we test new collection capabilities before broader adoption across our business, could adversely affect our business, financial condition and results of operations.
  • Risks Related to Government Regulation and Litigation
  • Our ability to collect and enforce our nonperforming and performing loans may be limited under federal, state and international laws, regulations and policies.
  • Failure to comply with government regulation of the collections industry could result in penalties, fines, litigation, damage to our reputation or the suspension or termination of our ability to conduct our business.
  • Investigations, reviews or enforcement actions by governmental authorities may result in changes to our business practices; negatively impact our deployment volume; make collection of receivables more difficult; or expose us to the risk of fines, penalties, restitution payments and litigation.
  • Changes in tax provisions or exposures to additional tax liabilities could have an adverse tax effect on our financial condition.
  • Recent changes in U.S. trade policy could have an adverse effect on our business, financial condition and results of operations.
  • Risks Related to Information Technology, Cybersecurity and Intellectual Property
  • The regulation of data privacy in the United States and globally, or an inability to effectively manage our data governance structures, could have an adverse effect on our business, financial condition and results of operations by increasing our compliance costs or decreasing our competitiveness.
  • We are dependent on our data gathering systems and proprietary consumer profiles, and if access to such data was lost or became public, our business could be materially and adversely affected.
  • We and our third-party providers are exposed to cybersecurity risks and incidents which could damage our reputation and adversely impact our business and financial results.
  • The underperformance or failure of our information technology infrastructure, networks or communication systems could result in a loss in productivity, loss of competitive advantage and business disruption.
  • We may not be able to adequately protect the intellectual property rights upon which we rely and, as a result, any lack of protection may diminish our competitive advantage.
  • We may be subject to intellectual property rights claims by third parties, which may be costly to defend and could require us to pay significant damages.
  • Our proprietary technology platforms and business solutions contain third-party open-source software components, and failure to comply with the terms of the applicable underlying open-source software licenses could compromise the proprietary nature of our platform or could require disclosure of affected proprietary software source code.
  • Our use of machine learning and AI technologies could adversely affect our products and services, harm our reputation, or cause us to incur liability resulting from harm to individuals or violation of laws and regulations or contracts to which we are a party.
  • Risks Related to Our Financial Condition and Indebtedness
  • We expect to use leverage in executing our business strategy, which may have adverse consequences.
  • We may not be able to generate sufficient cash flow or complete alternative financing plans, including raising additional capital, to meet our debt service obligations.
  • The agreements governing our indebtedness include provisions that may restrict our financial and business operations.
  • Adverse changes in our credit ratings could have a negative impact on our business, financial condition and results of operations.
  • Risks Related to Ownership of Our Common Stock
  • The JCF Stockholders control us, and their interests may conflict with ours or yours in the future, including with respect to matters that involve corporate opportunities.
  • An active, liquid trading market for our common stock may not be sustained, which may limit your ability to sell your shares.
  • Our stock price may change significantly and you may not be able to resell shares of our common stock at or above the price you paid or at all, and you could lose all or part of your investment as a result.
  • There can be no assurance that we will continue to declare cash dividends or repurchase our shares at all or in any particular amounts.
  • We are a “controlled company” within the meaning of the corporate governance rules of the Nasdaq and, as a result, we qualify for exemptions from certain corporate governance requirements. You will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements.
  • We are an emerging growth company and our compliance with the reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.
  • The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business, particularly after we are no longer an “emerging growth company.”
  • If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our shares or if our results of operations do not meet their expectations, our stock price and trading volume could decline.
  • General Risk Factors
  • We are obligated to develop and maintain proper and effective internal control over financial reporting in order to comply with Section 404 of the Sarbanes-Oxley Act. We may not complete our analysis of our internal control over financial reporting in a timely manner or these internal controls may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our common stock.
  • The number of shares of our common stock eligible for future sale could adversely affect the market price of our stock.
  • The value of our common stock may be materially adversely affected by additional issuances of common stock by us.
  • Our anti-takeover provisions may delay or prevent a change of control, which could adversely affect the price of our common stock.
  • Our amended and restated certificate of incorporation and amended and restated bylaws provide for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, and that the federal district courts of the United States will be the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act.
  • We are a holding company and rely on dividends, distributions, and other payments, advances, and transfers of funds from our subsidiaries to meet our obligations.

Legal proceedings

In the ordinary course of business, we may at times be subject to claims and legal actions. We do not believe the results of any current or threatened proceedings, individually or in the aggregate, will have a material adverse effect on our business, financial condition, results of operations or liquidity.

The opening of Item 3, Legal Proceedings.3

Sources

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