Encore Capital Group, Inc. (ECPG): Business Model Canvas [Dec-2025 Updated]

You're looking for the nuts and bolts of how Encore Capital Group, Inc. (ECPG) turns defaulted consumer debt into shareholder value, and honestly, their Q3 2025 results give us a crystal-clear picture of their engine. This isn't just about buying old loans; it's a sophisticated global operation that collected a record $663 million in that single quarter, all while managing a massive $9.49 billion Estimated Remaining Collections portfolio. To understand the interplay between acquiring those distressed assets, their compliance-focused consumer relationships, and the resulting revenue streams, you need to see the whole structure mapped out. Dive into the nine building blocks below to see exactly how they operate.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem that keeps Encore Capital Group, Inc. (ECPG) running-the external relationships that feed the machine and provide the capital to buy debt portfolios. These partnerships are crucial for sourcing assets and maintaining liquidity.

Major banks, credit unions, and utility providers (NPL sellers)

Encore Capital Group, Inc. relies on these entities to sell portfolios of defaulted consumer receivables. This is the starting point for their business. Through its businesses globally, Encore Capital Group, Inc. purchases or services these receivables from these major sellers. The scale of this sourcing is reflected in their portfolio size; as of June 2025, the total debt on Encore Capital Group, Inc.'s balance sheet stood at $3.96 Billion USD.

Financial institutions for securing debt funding

Securing capital to purchase those debt portfolios is a constant activity. A key recent event was the September 2025 pricing of an upsized senior secured notes offering. Here's a look at that specific financing event and the overall debt picture:

The proceeds from the October 2025 bond offering were specifically directed to repay drawings under the company's revolving credit facility, which is a clear example of managing their funding structure.

Junior Achievement USA for financial literacy programs

Encore Capital Group, Inc. actively partners with Junior Achievement USA to promote financial freedom through education. You should know that this partnership was expanded in March 2025.

• Partnership expansion announced in March 2025.
• Support extended to local Junior Achievement areas where Midland Credit Management (MCM) operates.
• Launched an official partnership with Fundación Junior Achievement España.
• The company extends financial support and donates employee volunteer time.

Global third-party collection agencies and law firms

Encore Capital Group, Inc. uses external partners, particularly its European business Cabot Credit Management, to manage receivables. The performance of these external collection efforts is tracked closely. For instance, collections from Cabot in Europe were up 8% compared to the third quarter of 2024. Also, in Q3 2025, both MCM in the U.S. and Cabot in Europe were reported as net positive contributors to changes in recoveries.

Technology and data analytics vendors

While Encore Capital Group, Inc. emphasizes its internal data and analytics expertise, it certainly relies on external technology vendors to support its global operations. Specific vendor names and the associated financial outlay for these services aren't typically itemized in public financial disclosures. The company leverages its scale in operations and its data and analytics expertise to deliver returns.

Finance: draft the Q4 2025 funding strategy memo by next Wednesday.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Key Activities

You're looking at the core engine of Encore Capital Group, Inc. (ECPG) as of late 2025. This is where the company deploys its capital and executes the strategy that drives its financial results. The key activities revolve around acquiring distressed assets and efficiently collecting on them, all while managing a complex global regulatory footprint.

Acquiring non-performing loan (NPL) portfolios at deep discounts

The primary activity is the purchase of NPL portfolios, which are typically acquired at deep discounts to their face value. This purchasing activity is heavily weighted toward the U.S. market, where supply has been robust. For the third quarter ending September 30, 2025, Encore Capital Group's global portfolio purchases totaled $346 million, marking a 23% increase compared to the third quarter of 2024. The company anticipates that its global portfolio purchasing for the full year 2025 will exceed $1.35 billion, surpassing the purchases made in 2024. The U.S. segment, primarily through its MCM business, received the lion's share of capital deployment in that quarter.

Here's how the Q3 2025 portfolio purchases broke down geographically:

The company's strategy is flexible; in Q3 2025, 75% of deployed capital was allocated to the U.S. market, reflecting a focus on markets offering the highest returns. That's where the action is.

Global collections and debt recovery operations

Once a portfolio is acquired, the next critical activity is collections. Encore Capital Group achieved record global collections in Q3 2025, reaching $663 million, which was a 20% increase over the prior year's third quarter. The U.S. MCM business was a major driver, posting record collections of $502 million in the quarter, up 25% year-over-year. The overall collections yield for Q3 2025 stood at 62.7%, an improvement of 2.5 percentage points compared to the third quarter of 2024. For the full year 2025, Encore Capital Group raised its guidance for global collections to approximately $2.55 billion, projecting 18% year-over-year growth.

Key collection metrics for Q3 2025 include:

• Global Collections: $663 million
• Collections Yield: 62.7%
• Portfolio Revenue: $370 million (up 13%)
• Debt Purchasing Revenue: $434 million (up 27%)

Advanced data analytics and proprietary scoring models

While specific spending on analytics isn't broken out, the effectiveness of this activity is evident in the operational results. The strong collections performance is explicitly linked to the deployment of new technologies, enhanced digital capabilities, and continued operational innovation, particularly within the MCM business. The improvement in collections yield from 60.3% in Q3 2024 to 62.7% in Q3 2025 suggests that the proprietary models and data science are effectively optimizing contact strategies and predicting consumer payment behavior, helping to maximize cash recovery from the purchased assets. The company's ability to grow collections by 20% while operating expenses grew by only 10% reflects significant operating leverage, which is often underpinned by efficient, data-driven processes.

Maintaining strict regulatory compliance across multiple jurisdictions

Encore Capital Group operates internationally, with significant operations in the U.S. (MCM) and Europe (Cabot). This necessitates maintaining strict adherence to varied and evolving regulatory frameworks across these jurisdictions. The company's operations in Europe, for instance, involved significant restructuring in 2024, including exiting the Spanish and Italian NPL markets, which points to an ongoing activity of assessing and adapting to local regulatory and market conditions. The commitment to the consumer credit ecosystem and helping consumers restore financial health is a key component of maintaining regulatory goodwill.

Capital deployment and management of $9.49 billion Estimated Remaining Collections (ERC)

Managing the capital structure to support portfolio purchases and maintain financial flexibility is paramount. As of September 30, 2025, the Estimated Remaining Collections (ERC) on the purchased portfolios stood at a record $9,489,772,000, which management often rounds to $9.5 billion, up 10% from the prior year. This massive pool of expected future cash flow underpins the company's valuation and borrowing capacity. To manage this, the company actively deploys capital and manages debt. In September 2025, Encore Capital Group priced an offering of $500.0 million aggregate principal amount of 6.625% senior secured notes due 2031, which was upsized by $100.0 million from an initial planned $400.0 million. Furthermore, as of September 30, 2025, available liquidity was $736 million, comprising $491 million in available RCF (Revolving Credit Facility), $97 million in the available U.S. Facility, and $148 million in cash. Leverage improved to 2.5x at the end of Q3 2025, down from 2.7x a year ago. This activity ensures the company has the dry powder to capitalize on market opportunities.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Key Resources

You're looking at the core assets that let Encore Capital Group, Inc. (ECPG) operate and grow in the specialty finance space. These aren't just line items on a balance sheet; they are the engines driving their ability to acquire and manage consumer debt portfolios.

Large portfolio of purchased consumer receivables

This is the inventory, the very foundation of Encore Capital Group, Inc.'s business. As of the third quarter of 2025, management emphasized a 16% rise in the average size of these assets, landing at an average of $4.2 billion. Think of this as the scale they are actively managing and collecting against. This scale is supported by robust purchasing activity; for instance, Q3 2025 saw portfolio purchases reach $346 million globally. Also, the total estimated remaining collections (ERC) across all owned portfolios stood at $9.5 billion as of September 30, 2025, showing significant future cash flow potential.

The deployment of capital is geographically focused, which speaks to where they see the best risk-adjusted returns. In Q3 2025, 75% of deployed capital went into the U.S. market, which is a direct reflection of the flexibility inherent in their funding model.

Here's a quick look at the scale and performance tied to these assets:

Proprietary data, scoring models, and collection technology platforms

Encore Capital Group, Inc. relies heavily on its analytical edge to price purchases correctly and maximize collection efficiency. They use their data and models to analyze potential purchases, aiming to buy receivables that yield the most collected value relative to the price paid. This technological backbone supports their operational execution. For example, strong collection overperformance in the U.S. business during Q3 2025 was explicitly attributed to the deployment of new technologies and enhanced digital capabilities.

• Leverage data and models to analyze potential purchases.
• Use technology to drive collection activity, including digital channels.
• Reported collection yield for Q3 2025 was 62.7%.
• Cash efficiency margin improved to 58.4% in Q3 2025.

Global operating subsidiaries (e.g., Midland Credit Management, Cabot)

The operational reach is segmented across key geographies through established subsidiaries. Midland Credit Management (MCM) is the primary U.S. operating unit, while Cabot Credit Management (CCM) handles the European and U.K. markets. These two form the bulk of the business. MCM delivered record portfolio purchases of $261 million in Q3 2025, up 13% year-over-year, with collections increasing 25% to $502 million. Cabot contributed collections of $164 million in the same period.

Also, Encore Capital Group, Inc. has other international investments, such as its subsidiary Encore Asset Reconstruction Company (EARC) in India.

Access to diverse and flexible global funding structures

Maintaining liquidity and low-cost capital is critical for portfolio purchasing. Encore Capital Group, Inc. actively manages its balance sheet to ensure this access. In October 2025, the company priced an offering of $500.0 million aggregate principal amount of 6.625% senior secured notes due 2031, which was upsized from an initial planned $400.0 million. This is part of a unified funding structure that supports both MCM and Cabot operations.

The revolving credit facility (RCF) is also a key component. As of Q2 2025, the global RCF size was increased by $190 million to $1.485 billion, with an extended maturity to 2029. The U.S. facility was also increased by $150 million to $450 million in July 2025.

Experienced compliance and legal teams

Given the highly regulated nature of debt collection, the expertise in compliance and legal matters acts as a necessary resource to maintain operating licenses and consumer trust. The company operates with a published Consumer Bill of Rights, underscoring this focus. This team's experience is vital for navigating regulatory environments across the U.S. and Europe, ensuring that collection activities align with legal requirements and ethical standards, which protects the long-term value of the purchased assets.

Finance: draft 13-week cash view by Friday.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Value Propositions

You're looking at the core value Encore Capital Group, Inc. (ECPG) delivers across its ecosystem, grounded in the late 2025 operational snapshot. This isn't just about buying debt; it's about the dual function of providing market efficiency and consumer pathways.

Converting Distressed Assets into Cash Flow

The engine of the business model is the conversion of purchased defaulted debt into realized cash. For the third quarter ended September 30, 2025, Encore Capital Group, Inc. reported record global collections of $663 million, which was an increase of 20% year-over-year. This operational strength directly fuels the entire model.

Here's a quick look at the asset acquisition and cash realization for Q3 2025:

The company's asset base is growing, with Average Receivable Portfolios rising 16% to $4.23 billion as of Q3 2025. Furthermore, the Estimated Remaining Collections (ERC) grew 10% to $9.49 billion, showing a deeper pool of future cash flow potential.

Providing Liquidity to Financial Institutions

Encore Capital Group, Inc. acts as a necessary buyer for financial institutions, taking on non-performing loans that are an expected outcome of the lending business. This activity provides immediate liquidity to banks and credit card issuers. In Q3 2025, global portfolio purchases totaled $346 million, up 23% from the prior year, demonstrating active deployment of capital into the market. The concentration in the U.S. was significant, with 75% of deployed capital directed there in Q3 2025, capitalizing on what management noted was an ongoing attractive market opportunity driven by ample portfolio supply.

Creating Pathways for Consumers to Achieve Financial Recovery

The value proposition to the consumer segment is framed around resolution and recovery. Encore Capital Group, Inc. states its mission is to create pathways to economic freedom for the consumer. This is executed through engagement strategies designed to help individuals manage and resolve their obligations. The company's operational focus is on exceeding collection expectations while maintaining a high level of consumer focus.

Ethical and Compliant Debt Resolution via a Consumer Bill of Rights

The commitment to ethical resolution is a stated differentiator. Encore Capital Group, Inc. is known for its Consumer Bill of Rights, which sets industry-leading commitments to consumers. This framework guides interactions and resolution processes.

Key tenets of the consumer-facing value include:

• Setting industry-leading commitments to consumers.
• Ensuring the highest level of compliance in resolution efforts.
• Focusing on helping consumers toward financial recovery.

Delivering Attractive, Risk-Adjusted Returns to Shareholders

For investors, the value proposition centers on generating strong, cycle-resistant returns through scale and data expertise. The Q3 2025 results clearly reflect this delivery. Earnings Per Share (EPS) hit a record of $3.17, a massive 152% increase year-over-year, with Net Income rising 144% to $74.7 million. The company actively returns capital to shareholders, reporting approximately $60 million in share repurchases year-to-date through Q3 2025, alongside a board authorization for an additional $300 million repurchase program. Valuation metrics at the time also suggested attractiveness, with a Forward P/E ratio of 5.46 and a Price-to-Sales (P/S) ratio of 0.74.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Customer Relationships

You're looking at how Encore Capital Group, Inc. interacts with the people whose accounts they manage. It's defintely a high-volume business, but the stated approach leans heavily on compliance and tailored solutions, which is key for maintaining seller relationships.

Empathetic and respectful consumer engagement model

Encore Capital Group, Inc. bases its consumer interaction on insights from its own research, like the third Economic Freedom Study conducted in the spring of 2025, surveying over 6,000 U.S. and U.K. adults. The company's strategy is shaped by findings such as 27% of adults in both countries defining economic freedom as being debt-free. This focus informs their solutions.

• 'Being debt-free' was the top definition of economic freedom for 27% of U.S. and U.K. adults in the 2025 study.
• The study revealed that about one-quarter (24%) of adults in both countries felt a discount on debt owed would be most helpful.
• The company maintains a unique Consumer Bill of Rights, highlighting its commitment to consumer protection.

High-volume, standardized digital and direct communication

The scale of operations requires standardized, yet compliant, communication across its U.S. subsidiary, Midland Credit Management (MCM), and its European arm, Cabot Credit Management. The volume of collections shows the scale of these interactions. For instance, global collections in the second quarter of 2025 hit a record $655 million.

Here's a quick look at the collection scale from the first half of 2025:

Dedicated customer service and payment plan negotiation

The approach emphasizes working one-on-one with consumers, tailoring solutions to their unique needs. The survey data suggests consumers value time to pay; nearly the same number as those wanting a discount said having more time to pay off debt would be most helpful. This aligns with the stated goal of helping individuals manage their debt obligations.

Focus on long-term, compliant resolution over aggressive tactics

Encore Capital Group, Inc. stresses maintaining the highest level of compliance. Its U.S. business, MCM, has achieved certification from all major U.S. issuers selling charged-off accounts. Cabot, in the U.K., was the first large credit management service company to receive full FCA authorization. The company raised its full-year global collections guidance to approximately $2.5 billion for 2025, reflecting confidence in its disciplined execution.

The full-year 2025 collections guidance reflects a year-over-year growth expectation of 15.5%.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Channels

You're looking at how Encore Capital Group, Inc. (ECPG) actually reaches the people whose debt they own. It's a mix of old-school outreach and modern digital tools, all channeled through their main operating units, Midland Credit Management (MCM) in the U.S. and Cabot Credit Management (CCM) in Europe.

The effectiveness of these channels is directly reflected in the cash coming in. For instance, global collections hit a record $655 million in the second quarter of 2025, marking a 20% year-over-year jump. By the third quarter of 2025, global collections were up again to a record $663 million, a 20% increase over Q3 2024. This performance shows the channels are working to convert the purchased portfolios.

Direct mail and digital communication with consumers

Encore Capital Group, Inc. relies on a multi-pronged approach to initiate contact. While specific direct mail volumes aren't public, the overall digital push is noted as driving results. The company reported seeing performance improvement in its digital channel, particularly for newer debt vintages.

• The Economic Freedom Study, conducted in April-May 2025, surveyed over 6,000 adults in the U.S. and U.K., providing insights that shape communication strategy.
• The U.S. subsidiary, Midland Credit Management (MCM), maintains its Consumer Bill of Rights, which governs direct interactions.

In-house call centers (Midland Credit Management, Cabot)

The in-house call centers are central to the direct engagement strategy. MCM's strong U.S. performance is a key driver for the entire company. MCM portfolio purchases in Q3 2025 were $261 million, up 13% from Q3 2024, leading to record MCM collections of $502 million in that quarter, a 25% increase YoY.

Cabot's collections in Europe were $160 million in Q3 2025, up 8% compared to the third quarter last year. The company also noted performance improvement in its call center channel.

Online consumer portals for self-service payments

Digital self-service is an increasingly important component, supporting the overall collections growth. The company's deployment of new technologies and enhanced digital capabilities is explicitly credited with helping drive record collections performance across the board.

Online portals allow consumers to manage their accounts, which aligns with the consumer preference for self-service options.

Third-party collection partners and legal channels

While Encore Capital Group, Inc. focuses heavily on its in-house operations through MCM and Cabot, third-party partners and legal avenues are part of the broader channel mix, especially in specific geographies or for specific portfolio types. Cabot Credit Management in Europe, for example, has been selective, but the overall strategy allows for capital allocation flexibility across markets.

The company's financial structure allows it to direct capital to markets with the highest returns, which implicitly includes optimizing the use of internal versus external channels based on market dynamics.

The following table summarizes the collection results that demonstrate the output of these channels through the first three quarters of 2025:

The full-year 2025 guidance for global collections was raised to $2.5 billion, representing 15.5% year-over-year growth, based on the strong channel execution seen through Q2.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Customer Segments

Encore Capital Group, Inc. purchases or services portfolios of receivables from various originating entities globally. The scale of their asset base as of the third quarter of 2025 reflects the size of these upstream customer relationships.

Major financial institutions and credit grantors (NPL sellers)

These are the primary sellers of non-performing loan (NPL) portfolios to Encore Capital Group, Inc. The company's asset base is built upon these transactions. As of the third quarter of 2025, the company reported average receivable portfolios of $4.23B, which was an increase of 16% year-over-year. The total Estimated Remaining Collections (ERC) stood at $9.49B, up 10%.

The volume of new assets acquired in the third quarter of 2025 was $346.1M, marking a 23% increase compared to the third quarter of the prior year. The company anticipates its global portfolio purchasing in 2025 will exceed the $1.35B purchased in 2024.

Consumers with defaulted or past-due unsecured debt obligations

These individuals represent the ultimate obligors from whom Encore Capital Group, Inc. seeks to recover outstanding balances. The company's collections activity directly targets this segment. Global collections for the third quarter of 2025 reached a record $663.0M, a 20% increase year-over-year. The U.S. segment, Midland Credit Management (MCM), delivered record collections of $502M in the third quarter of 2025, up 25%.

The company's overall expected collections for the full year 2025 are guided to be approximately $2.55B, reflecting an 18% year-over-year growth.

Utility providers and other non-bank creditors

Encore Capital Group, Inc. also purchases or services receivables from utility providers and other non-bank creditors through its subsidiaries globally. This represents a diversification in the source of charged-off debt portfolios acquired.

Global markets, primarily U.S. (MCM) and Europe (Cabot)

Encore Capital Group, Inc. operates across North America, Europe, Asia, and Latin America, with a clear concentration of capital deployment in specific regions based on return opportunities. The two primary operating segments mentioned are Midland Credit Management (MCM) in the U.S. and Cabot Financial in Europe.

In the third quarter of 2025, 75% of the deployed capital for portfolio purchases was allocated to the U.S. market. The MCM business saw portfolio purchases of $261M in Q3 2025, up 13% year-over-year.

The European business, Cabot, had portfolio purchases of $50M in the second quarter of 2025, which was in line with its historical trend, while the U.K. market was noted as impacted by subdued consumer lending.

The geographic allocation of portfolio purchases for the second quarter of 2025 showed a split of 86% to the United States and 14% to Europe.

The following table summarizes the portfolio activity for the primary geographic segments based on recent quarterly data:

The company's customer base for servicing and recovery efforts spans across multiple continents, but the immediate focus for asset acquisition remains heavily weighted toward the U.S. market.

• Global employees: 730 (as of 2024 data point)
• Countries where Encore Capital Group, Inc. operates: 1+ (North America, Europe, Asia, Latin America)
• Portfolio purchases in Q1 2025 (Global): $368 million
• Collections in Q1 2025 (Global): $605 million

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Cost Structure

The Cost Structure for Encore Capital Group, Inc. (ECPG) is heavily weighted toward asset acquisition and the ongoing servicing of its substantial debt load, all while managing significant operational overhead to maximize collections efficiency.

Cost of purchasing debt portfolios (primary capital expenditure)

The acquisition of charged-off debt portfolios is the single largest capital outlay. For the third quarter of 2025, Encore Capital Group, Inc. deployed $346 million in global portfolio purchases, representing a 23% increase compared to the third quarter of 2024. This capital deployment is split between its two main operating segments, Midland Credit Management (MCM) in the U.S. and Cabot Credit Management in Europe.

• U.S. Portfolio Purchases (MCM) in Q3 2025: $261.1 million.
• Europe Portfolio Purchases (Cabot) in Q3 2025: $84.9 million.

Operating expenses, including Q3 2025 $287 million in collections and administrative costs

Operating expenses are closely managed to ensure margin leverage against collections growth. In the third quarter of 2025, operating expenses totaled $287 million, which was an increase of only 10% year-over-year, while collections grew by 20%. This disparity drove the Cash Efficiency Margin for the quarter up to 58.4%, compared to 54.8% in Q3 2024. Encore Capital Group, Inc. expects the cash efficiency margin to be approximately 58% for the full year 2025.

Significant interest expense on debt (projected $295 million for 2025)

Servicing the capital structure involves a significant, recurring interest expense. The company projects the total interest expense for the full year 2025 to be approximately $295 million. For context, the interest expense and other income in Q3 2025 alone was $73.3 million, reflecting higher debt balances from recent capital market activities, such as the October 2025 issuance of $500.0 million in senior secured notes due 2031.

The key cost components and related metrics for the period are summarized below:

Compliance, legal, and regulatory overhead

Encore Capital Group, Inc. emphasizes maintaining the highest level of compliance and consumer focus as part of its strategy. While specific dollar amounts for compliance, legal, and regulatory overhead are embedded within the broader operating expenses, management explicitly notes striving to exceed collection expectations while maintaining this focus.

• The company operates under a stated Consumer Bill of Rights.
• Operational execution is tied to maintaining a strong balance sheet and competitive funding costs.

Personnel costs for global operations and analytics teams

Personnel costs support global operations across Midland Credit Management (U.S.) and Cabot Credit Management (Europe), as well as the development and deployment of new technologies. These costs are a component of the total operating expenses. The focus on technology, which management cited as driving collections overperformance, implies significant investment in analytics and technology personnel.

• Global operations support two main businesses: MCM and Cabot.
• Enhanced digital capabilities and operational innovations are key to performance.

Finance: draft 13-week cash view by Friday.

Encore Capital Group, Inc. (ECPG) - Canvas Business Model: Revenue Streams

You're looking at how Encore Capital Group, Inc. (ECPG) actually brings in the money, which is key to understanding its valuation. The revenue streams are heavily concentrated around the lifecycle of the debt portfolios they acquire.

The core revenue driver is the amortization of purchased debt portfolios. This is the cash flow generated as they collect on the debt they bought. For the third quarter of 2025, the specific figure for Portfolio Amortization was reported at $293 million.

This collection activity is the engine of the business. Global collections hit a record in Q3 2025 at $663 million. That's a strong signal of operational effectiveness. To be fair, the full-year 2025 global collections guidance was raised to approximately $2.55 billion, showing management's confidence in sustaining this pace.

The total revenue for the third quarter of 2025 was $460.4 million, which represented a year-over-year growth of 25.4%. This total is composed of the debt purchasing revenue component and smaller fee-based streams. The primary component here is the Portfolio Revenue, which came in at $370 million for the quarter, serving as the main proxy for the debt purchasing revenue stream.

Here's a quick look at the Q3 2025 revenue components:

The smaller, but still important, revenue stream comes from servicing and other fee-based revenues. For Q3 2025, this segment contributed $27 million to the top line. This shows they aren't just buying and collecting; they also earn fees for managing assets or providing other related services.

You can see the breakdown of the record collections performance across their main operating segments for Q3 2025:

• Global Collections: $663 million.
• U.S. Collections (MCM business): Record $502 million.
• Europe Collections (Cabot business): $160 million.
• Total Portfolio Purchases for Q3 2025: $346 million.

Finance: draft 13-week cash view by Friday.