0001084961-24-000048 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Convertible preferred stock authorized (shares)	5,000,000	5,000,000
Convertible preferred stock issued (shares)	0	0
Convertible preferred stock outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	75,000,000	75,000,000
Common stock issued (shares)	23,687,000	23,545,000
Common stock outstanding (shares)	23,687,000	23,545,000

Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

The Company is in compliance in all material respects with all covenants under its financing arrangements as of March 31, 2024. The components of the Company’s consolidated borrowings were as follows (in thousands):


	March 31, 2024		December 31, 2023
Global senior secured revolving credit facility	$	367,739	$	816,880


Encore private placement notes	19,540		29,310
Senior secured notes	2,128,357		1,654,989
Convertible senior notes	330,000		330,000

Cabot securitisation senior facility	322,110		324,646
U.S. facility	175,000		175,000
Other	65,902		24,904
Finance lease liabilities	2,262		2,818
	3,410,910		3,358,547
Less: debt discount and issuance costs, net of amortization	(46,881)		(40,516)
Total	$	3,364,029	$	3,318,031

Encore is the parent of the restricted group for the Global Senior Facility, the Senior Secured Notes and the Encore Private Placement Notes, each of which is guaranteed by the same group of material Encore subsidiaries and secured by the same collateral, which represents substantially all of the assets of those subsidiaries.

Global Senior Secured Revolving Credit Facility

In September 2020, the Company entered into a multi-currency senior secured revolving credit facility agreement (as amended and restated, the “Global Senior Facility”). As of March 31, 2024, the Global Senior Facility provided for a total committed facility of $1,203.0 million that matures in September 2027 and includes the following key provisions:

•Interest at Term SOFR (or EURIBOR for any loan drawn in Euro or a rate based on SONIA for any loan drawn in British Pound), with a Term SOFR (or EURIBOR or SONIA) floor of 0.00%, plus a margin of 2.50%, plus in the case of Term SOFR borrowings, a credit adjustment spread of 0.10%;

•An unused commitment fee of 0.40% per annum, payable quarterly in arrears;

•A restrictive covenant that limits the LTV Ratio (defined in the Global Senior Facility) to 0.75 in the event that the Global Senior Facility is more than 20% utilized;

•A restrictive covenant that limits the SSRCF LTV Ratio (defined in the Global Senior Facility) to 0.275;

•A restrictive covenant that requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the Global Senior Facility) of at least 2.0;

•Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and

•Standard events of default which, upon occurrence, may permit the lenders to terminate the Global Senior Facility and declare all amounts outstanding to be immediately due and payable.

The Global Senior Facility is secured by substantially all of the assets of the Company and the guarantors. Pursuant to the terms of an intercreditor agreement entered into with respect to the relative positions of (1) the Global Senior Facility, any super priority hedging liabilities and the Encore Private Placement Notes (collectively, “Super Senior Liabilities”) and (2) the Senior Secured Notes, Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

As of March 31, 2024, the outstanding borrowings under the Global Senior Facility were $367.7 million. The weighted average interest rate of the Global Senior Facility was 7.89% and 7.06% for the three months ended March 31, 2024 and 2023, respectively. Available capacity under the Global Senior Facility, after taking into account applicable debt covenants, was approximately $827.3 million as of March 31, 2024.

Encore Private Placement Notes

In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Encore Private Placement Notes”). As of March 31, 2024, $19.5 million of the Encore Private Placement Notes remained outstanding. The Encore Private Placement Notes bear an annual interest rate of 5.625%, mature in August 2024 and require quarterly principal payments of $9.8 million. The covenants and material terms for the Encore Private Placement Notes are substantially similar to those for the Global Senior Facility.

Senior Secured Notes

The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):


	March 31, 2024		December 31, 2023		Issue Currency	Maturity Date	Interest Payment Dates	Interest Rate


2025 Notes	$	377,762	$	386,324	EUR	Oct 15, 2025	Apr 15, Oct 15	4.875	%
2026 Notes	378,952		381,937		GBP	Feb 15, 2026	Feb 15, Aug 15	5.375	%
2028 Notes	315,794		318,280		GBP	Jun 1, 2028	Jun 1, Dec 1	4.250	%
2028 Floating Rate Notes	555,849		568,448		EUR	Jan 15, 2028	Jan 15, Apr 15, Jul 15, Oct 15	EURIBOR +4.250%(1)
2029 Notes	500,000		—		USD	Apr 1, 2029	Apr 1, Oct 1	9.250	%
	$	2,128,357	$	1,654,989

_______________________

(1)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.

The Senior Secured Notes are secured by the same collateral as the Global Senior Facility and the Encore Private Placement Notes. The guarantees provided in respect of the Senior Secured Notes are pari passu with each such guarantee given in respect of the Global Senior Facility and Encore Private Placement Notes. Subject to the intercreditor agreement described above under the section “Global Senior Secured Revolving Credit Facility,” Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

In March 2024, Encore issued $500.0 million in aggregate principal amount of 9.250% Senior Secured Notes due April 2029 at an issue price of 100.000% (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year, commencing on October 1, 2024. The Company used the proceeds from this offering to pay down $493.0 million of the drawings under its Global Senior Facility and to pay certain transaction fees and expenses incurred in connection with the offering of the 2029 Notes.

The 2028 Floating Rate Notes had a weighted average interest rate of 8.12% and 6.38% for the three months ended March 31, 2024 and 2023, respectively. As discussed in “Note 4: Derivatives and Hedging Instruments,” the Company uses interest rate derivative contracts to manage its risk related to the interest rate fluctuation in its variable interest rate bearing debt. The weighted average interest rate of the 2028 Floating Rate Notes including the effect of the hedging instruments was 5.01% and 4.33% for the three months ended March 31, 2024 and 2023, respectively.

Convertible Notes

The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible senior notes (the “Convertible Notes”) ($ in thousands):


	March 31, 2024		December 31, 2023		Maturity Date	Interest Payment Dates	Interest Rate


2025 Convertible Notes	$	100,000	$	100,000	Oct 1, 2025	Apr 1, Oct 1	3.250	%
2029 Convertible Notes	230,000		230,000		Mar 15, 2029	Mar 15, Sep 15	4.000	%
	$	330,000	$	330,000

In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be required to make in the event that the market price of the Company’s common stock becomes greater than the conversion prices of the Convertible Notes, the Company may enter into hedge programs that increase the effective conversion price for the Convertible Notes. In connection with the issuance of the 2029 Convertible Notes, the Company entered into privately negotiated capped call transactions that effectively raised the conversion price of the 2029 Convertible Notes from $65.89 to $82.69. These hedging instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification. The Company recorded the cost of the hedge instruments as a reduction in additional paid-in capital, and does not recognize subsequent changes in fair value of these financial instruments in its condensed consolidated financial statements. The Company did not hedge the 2025 Convertible Notes.

Certain key terms related to the convertible features as of March 31, 2024 are listed below ($ in thousands, except conversion price):


	2025 Convertible Notes		2029 Convertible Notes
Initial conversion price	$	40.00	$	65.89
Closing stock price at date of issuance	$	32.00	$	51.68
Closing stock price date	Sep 4, 2019		Feb 28, 2023
Initial conversion rate (shares per $1,000 principal amount)	25.0000		15.1763
Adjusted conversion rate (shares per $1,000 principal amount)(1)	25.1310		15.1763
Adjusted conversion price(1)	$	39.79	$	65.89
Adjusted effective conversion price(2)	$	39.79	$	82.69
Excess of if-converted value compared to principal(3)	$	14,622	$	—
Conversion date	Jul 1, 2025		Dec 15, 2028

_______________________

(1)Pursuant to the indenture for the Company’s 2025 Convertible Notes, the conversion rate for the 2025 Convertible Notes was adjusted upon the completion of the Company’s tender offer in December 2021.

(2)As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69.

(3)Represents the premium the Company would have to pay assuming the Convertible Notes were converted on March 31, 2024 using a hypothetical share price based on the closing stock price on March 28, 2024, the last trading day for the three months ended March 31, 2024.

In the event of conversion, the Convertible Notes are convertible into cash up to the aggregate principal amount of the notes and the excess conversion premium, if any, may be settled in cash or shares of the Company’s common stock at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes.

Interest expense related to the Convertible Notes was $3.1 million and $2.9 million during the three months ended March 31, 2024 and 2023, respectively.

Cabot Securitisation Senior Facility

Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, has a senior facility for a committed amount of £255.0 million (as amended, the “Cabot Securitisation Senior Facility”). Funds drawn under the Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.20% plus, for periods after September 18, 2026, a step up margin ranging from 0% to 1.00%. The Cabot Securitisation Senior Facility matures in September 2028.

As of March 31, 2024, the outstanding borrowings under the Cabot Securitisation Senior Facility were £255.0 million (approximately $322.1 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of March 31, 2024). The obligations of Cabot Securitisation under the Cabot Securitisation Senior Facility are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £329.2 million (approximately $415.8 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of March 31, 2024) as of March 31, 2024. The weighted average interest rate of the Cabot Securitisation Senior Facility was 8.40% and 6.87% for the three months ended March 31, 2024 and 2023, respectively. As discussed in “Note 4, Derivatives and Hedging Instruments,” the Company uses interest rate cap contracts to manage its risk related to the interest rate fluctuations in its variable interest rate bearing debt. The weighted average interest rate of the Cabot Securitisation Senior Facility including the effect of the hedging instruments was 5.51% and 5.25% for the three months ended March 31, 2024 and 2023, respectively.

Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 8: Variable Interest Entities” for further details.

U.S. Facility

In October 2023, an indirect subsidiary of Encore (“U.S. Financing Subsidiary”), entered into a facility for a committed amount of $175.0 million (the “U.S. Facility”). The U.S. Facility matures in October 2026. Funds drawn under the U.S. Facility bear interest at a rate per annum equal to Term SOFR plus a margin of 3.5%.

As of March 31, 2024, the outstanding borrowings under the U.S. Facility were $175.0 million. The obligations under the U.S. Facility are secured by first ranking security interests over all of U.S. Financing Subsidiary’s assets and rights. As of March 31, 2024, this included receivables acquired from MCM, the book value of which was approximately $319.8 million. The weighted average interest rate of the U.S. Facility was 8.93% for the three months ended March 31, 2024. As discussed in “Note 4: Derivatives and Hedging Instruments,” the Company uses interest rate derivative contracts to manage its risk related to the interest rate fluctuation in its variable interest rate bearing debt. The weighted average interest rate of the U.S. Facility including the effect of the hedging instruments was 8.08% for the three months ended March 31, 2024.

The U.S. Facility is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 8: Variable Interest Entities” for further details.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Effective rate (as a percent)	23.80%	25.60%
Costa Rica \| Tax holiday through December 31, 2026
Income Tax Contingency [Line Items]
Holiday tax rate (as a percent)	100.00%	100.00%

Segment and Geographic Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.

The following table presents information about geographic areas in which the Company operates (in thousands):


	Three Months Ended March 31,
	2024		2023
Total revenues:
United States	$	219,136	$	200,218
Europe
United Kingdom	72,427		77,985
Other European countries(1)	36,104		34,238
Total Europe	108,531		112,223

Other geographies(1)	719		189
Total	$	328,386	$	312,630

________________________

(1)None of these countries comprise greater than 10% of the Company's consolidated revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Borrowings - Cabot Securitisation Senior Facility (Details) $ in Thousands, £ in Millions		3 Months Ended
	Sep. 16, 2026	Mar. 31, 2024 USD ($)	Mar. 31, 2023	Mar. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Financing Receivable, before Allowance for Credit Loss		$ 0			$ 0
United Kingdom, Pounds
Debt Instrument [Line Items]
Foreign currency exchange rate, translation		0.79		0.79
Cabot securitisation senior facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 322,100		£ 255.0
Weighted average interest rate (as a percent)		8.40%	6.87%
Financing Receivable, before Allowance for Credit Loss		$ 415,800		£ 329.2
Cabot securitisation senior facility \| Derivatives Designated as Hedging Instruments
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		5.51%	5.25%
Cabot securitisation senior facility \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.20%
Cabot securitisation senior facility \| Minimum \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period Two \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Cabot securitisation senior facility \| Maximum \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period Two \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%

Commitments and Contingencies (Details)	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Material reserves for litigation	$ 0
Purchase price	$ 598,900,000

Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Components of Other Assets

Other assets consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Real estate owned	$	63,961	$	70,590
Operating lease right-of-use assets	63,243		67,019
Prepaid expenses	40,599		32,910
Deferred tax assets, net	13,709		17,277
Derivative instruments	10,039		17,311
Service fee receivables	9,669		9,080
Income tax deposits	7,427		8,735

Other	68,975		70,334
Total	$	277,622	$	293,256

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Revenues	$ 328,386	$ 312,630
United States
Segment Reporting Information [Line Items]
Revenues	219,136	200,218
Total Europe
Segment Reporting Information [Line Items]
Revenues	108,531	112,223
United Kingdom
Segment Reporting Information [Line Items]
Revenues	72,427	77,985
Other European countries
Segment Reporting Information [Line Items]
Revenues	36,104	34,238
Other Geographies
Segment Reporting Information [Line Items]
Revenues	$ 719	$ 189

Earnings Per Share - Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 23,239	$ 18,626
Total weighted-average basic shares outstanding (shares)	23,784	23,548
Dilutive effect of stock-based awards (shares)	200	291
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares)	484	1,103
Total weighted-average dilutive shares outstanding (shares)	24,468	24,942
Basic earnings per share (USD per share)	$ 0.98	$ 0.79
Diluted earnings per share (USD per share)	$ 0.95	$ 0.75

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Goodwill and Identifiable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activity in the Goodwill Balance

The Company’s goodwill is attributable to the MCM and Cabot reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands):


	MCM		Cabot(1)		Total
Balance as of December 31, 2023	$	148,936	$	457,539	$	606,475
Effect of foreign currency translation	—		(4,075)		(4,075)
Balance as of March 31, 2024	$	148,936	$	453,464	$	602,400

______________________

(1)The amount is net of accumulated goodwill impairment loss of $238.2 million as of March 31, 2024 and December 31, 2023, related to the Cabot reporting unit.


	MCM		Cabot		Total
Balance as of December 31, 2022	$	148,936	$	672,278	$	821,214
Effect of foreign currency translation	—		12,960		12,960
Balance as of March 31, 2023	$	148,936	$	685,238	$	834,174

Schedule of Acquired Intangible Assets

The Company’s acquired intangible assets are summarized as follows (in thousands):


	As of March 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount


Trade name and other	$	918	$	(918)	$	—	$	918	$	(870)	$	48
Total intangible assets	$	918	$	(918)	$	—	$	918	$	(870)	$	48

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Derivatives and Hedging Instruments - Effects of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 2,790	$ (7,177)
Derivatives Designated as Hedging Instruments \| Interest rate swap agreements \| Cash flow hedge \| Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	11,074	0
Gain (Loss) Reclassified from OCI into Income	540	0
Derivatives Designated as Hedging Instruments \| Interest rate cap contracts \| Cash flow hedge \| Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(6,051)	(6,924)
Gain (Loss) Reclassified from OCI into Income	(712)	(450)
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Cash flow hedge \| Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	(1,780)	(1,508)
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Cash flow hedge \| Interest Expense / Other Income (Expense)
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(13,010)	2,066
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Cash flow hedge \| Other Expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	$ (11,510)	$ 5,153

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions asserting various claims, including those based on the Fair Debt Collection Practices Act (“FDCPA”), the Fair Credit Reporting Act (“FCRA”), the Telephone Consumer Protection Act (“TCPA”), comparable state statutes, state and federal unfair competition statutes, and common law causes of action. The violations of law investigated or alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. As of March 31, 2024, there were no material developments in any of the legal proceedings disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 or any new material legal proceedings during the three months ended March 31, 2024. In certain legal proceedings, the Company may have recourse to insurance or third-party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. The Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. The Company’s legal costs are recorded to expense as incurred. As of March 31, 2024, the Company has no material reserves for legal matters. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements. A forward flow purchase agreement is a commitment to purchase receivables over a duration that is typically three to twelve months, but can be longer, generally with a specifically defined volume range, frequency, and pricing. Typically, these forward flow contracts have provisions that allow for early termination or price re-negotiation should the underlying quality of the portfolio deteriorate over time or if any particular month’s delivery is materially different than the original portfolio used to price the forward flow contract. Certain of these forward flow purchase agreements may also have termination clauses, whereby the agreements can be canceled by either party upon providing a certain specified amount of notice. As of March 31, 2024, the Company had entered into forward flow purchase agreements for the purchase of nonperforming loans with an estimated minimum aggregate purchase price of approximately $598.9 million. The Company expects actual purchases under these forward flow purchase agreements to be significantly greater than the estimated minimum aggregate purchase price.

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenue from receivable portfolios	$ 315,852	$ 295,674
Changes in recoveries	(12,409)	(9,501)
Total debt purchasing revenue	303,443	286,173
Servicing revenue	20,379	22,585
Other revenues	4,564	3,872
Total revenues	328,386	312,630
Operating expenses
Salaries and employee benefits	104,184	103,850
Cost of legal collections	58,721	54,101
General and administrative expenses	36,241	37,965
Other operating expenses	30,367	27,556
Collection agency commissions	7,434	8,150
Depreciation and amortization	7,848	10,870
Total operating expenses	244,795	242,492
Income from operations	83,591	70,138
Other expense
Interest expense	(55,765)	(46,835)
Other income, net	2,666	1,732
Total other expense	(53,099)	(45,103)
Income before income taxes	30,492	25,035
Provision for income taxes	(7,253)	(6,409)
Net income	$ 23,239	$ 18,626
Earnings per share:
Basic (USD per share)	$ 0.98	$ 0.79
Diluted (USD per share)	$ 0.95	$ 0.75
Weighted average shares outstanding:
Basic (shares)	23,784	23,548
Diluted (shares)	24,468	24,942

Derivatives and Hedging Instruments - Narrative (Details) £ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 GBP (£)
Derivative [Line Items]
Dedesignated derivative	$ 126.3		£ 100.0
Derivative, gain (loss) on derivative, net	$ 0.2
Subsequent Event \| Forecast
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months		$ 7.3
United Kingdom, Pounds
Derivative [Line Items]
Foreign currency exchange rate, translation	0.79		0.79

Borrowings - Exchangeable and Convertible Notes Features and Certain Key Terms (Details) - Convertible Notes $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Apr. 01, 2023 $ / shares	Mar. 31, 2023 $ / shares
2025 Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 40.00
Closing stock price at date of issuance (usd per share)	$ 32.00
Initial conversion rate (shares per $1,000 principal amount)	25.0000
Adjusted conversion rate (shares per $1,000 principal amount)(1)	25.1310
Adjusted conversion or exchange price (usd per share)	$ 39.79
Adjusted effective conversion or exchange price (usd per share)	$ 39.79
Excess of if-converted value compared to principal \| $	$ 14,622
2029 Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 65.89	$ 82.69	$ 65.89
Closing stock price at date of issuance (usd per share)	$ 51.68
Initial conversion rate (shares per $1,000 principal amount)	15.1763
Adjusted conversion rate (shares per $1,000 principal amount)(1)	15.1763
Adjusted conversion or exchange price (usd per share)	$ 65.89
Adjusted effective conversion or exchange price (usd per share)	$ 82.69
Excess of if-converted value compared to principal \| $	$ 0

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2024
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of March 31, 2024, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company’s exposure to loss is limited to the total of the carrying value of the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.

Fair Value Measurements - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Financial Assets
Investment in receivable portfolios, net	$ 3,531,387	$ 3,468,432
Carrying Amount \| Other
Financial Liabilities
Debt instrument, fair value disclosure	65,902	24,904
Carrying Amount \| Global senior secured revolving credit facility
Financial Liabilities
Debt instrument, fair value disclosure	367,739	816,880
Carrying Amount \| Cabot securitisation senior facility
Financial Liabilities
Debt instrument, fair value disclosure	322,110	324,646
Carrying Amount \| U.S. facility
Financial Liabilities
Debt instrument, fair value disclosure	175,000	175,000
Carrying Amount \| Encore private placement notes
Financial Liabilities
Debt instrument, fair value disclosure	19,540	29,310
Carrying Amount \| Senior secured notes
Financial Liabilities
Debt instrument, fair value disclosure	2,123,535	1,649,621
Carrying Amount \| 2025 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	100,000	100,000
Carrying Amount \| 2029 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	230,000	230,000
Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	3,582,622	3,515,651
Estimated Fair Value \| Other
Financial Liabilities
Debt instrument, fair value disclosure	65,902	24,904
Estimated Fair Value \| Global senior secured revolving credit facility
Financial Liabilities
Debt instrument, fair value disclosure	367,739	816,880
Estimated Fair Value \| Cabot securitisation senior facility
Financial Liabilities
Debt instrument, fair value disclosure	322,110	324,646
Estimated Fair Value \| U.S. facility
Financial Liabilities
Debt instrument, fair value disclosure	175,000	175,000
Estimated Fair Value \| Encore private placement notes
Financial Liabilities
Debt instrument, fair value disclosure	19,409	28,922
Estimated Fair Value \| Senior secured notes
Financial Liabilities
Debt instrument, fair value disclosure	2,084,677	1,598,636
Estimated Fair Value \| 2025 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	125,369	136,403
Estimated Fair Value \| 2029 Convertible Notes
Financial Liabilities
Debt instrument, fair value disclosure	$ 215,540	$ 226,794

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 23,239	$ 18,626
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,848	10,870
Other non-cash interest expense, net	3,727	4,594
Stock-based compensation expense	3,357	4,052
Deferred income taxes	170	1,369
Changes in recoveries	12,409	9,501
Other, net	717	(1,843)
Changes in operating assets and liabilities
Other assets	(6,223)	(3,139)
Accounts payable, accrued liabilities and other liabilities	5,740	(8,117)
Net cash provided by operating activities	50,984	35,913
Investing activities:
Purchases of receivable portfolios, net of put-backs	(291,367)	(274,625)
Collections applied to investment in receivable portfolios	195,035	166,682
Purchases of asset held for sale	(212)	(22,596)
Purchases of property and equipment	(6,861)	(4,885)
Other, net	12,523	4,709
Net cash used in investing activities	(90,882)	(130,715)
Financing activities:
Payment of loan and debt refinancing costs	(10,202)	(5,850)
Proceeds from credit facilities	248,549	229,128
Repayment of credit facilities	(696,351)	(140,043)
Proceeds from senior secured notes	500,000	0
Repayment of senior secured notes	(9,770)	(9,770)
Proceeds from issuance of convertible senior notes	0	230,000
Repayment of exchangeable senior notes	0	(192,457)
Proceeds from convertible hedge instruments, net	0	10,050
Other, net	23,564	(10,684)
Net cash provided by financing activities	55,790	110,374
Net increase in cash and cash equivalents	15,892	15,572
Effect of exchange rate changes on cash and cash equivalents	(1,266)	(710)
Cash and cash equivalents, beginning of period	158,364	143,912
Cash and cash equivalents, end of period	172,990	158,774
Supplemental disclosure of cash information:
Cash paid for interest	46,469	38,072
Cash paid for taxes, net of refunds	1,542	908
Supplemental schedule of non-cash investing activities:
Investment in receivable portfolios transferred to real estate owned	$ 2,045	$ 1,105

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details) - Global senior secured revolving credit facility - Revolving Credit Facility - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Revolving credit facility	$ 1,203.0
Commitment fee (as a percent)	0.40%
Maximum ratio of financial indebtedness to cash and cash equivalent investments	0.75
Utilization threshold (as a percent)	20.00%
Maximum ratio of super senior liabilities to cash and cash equivalent investments	0.275
Fixed charge coverage ratio	2.0
Long-term debt	$ 367.7
Weighted average interest rate (as a percent)	7.89%	7.06%
Remaining borrowing capacity	$ 827.3
Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Euro Interbank Offered Rate (EURIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Sterling Overnight Index Average (SONIA) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Debt Instrument, Interest Rate, Adjustment Spread (as a percent)	0.10%
Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 18, 2024, Andrew Asch, Senior Vice President and General Counsel, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell up to 2,025 shares of Encore Capital Group, Inc. common stock between June 17, 2024, and June 18, 2025, subject to certain conditions.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Asch [Member]
Trading Arrangements, by Individual
Name	Andrew Asch
Title	Senior Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 18, 2024
Arrangement Duration	366 days
Aggregate Available	2,025

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Loss

A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands):


	Three Months Ended March 31, 2024
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(3,093)	$	(120,827)	$	(123,920)
Other comprehensive loss before reclassification	(7,987)		(6,146)		(14,133)
Reclassification	13,462		—		13,462

Tax effect	(2,685)		(160)		(2,845)
Balance at end of period	$	(303)	$	(127,133)	$	(127,436)


	Three Months Ended March 31, 2023
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	36,494	$	(135,310)	$	(98,816)
Other comprehensive (loss) income before reclassification	(4,858)		16,008		11,150
Reclassification	(3,195)		—		(3,195)

Tax effect	876		(383)		493
Balance at end of period	$	29,317	$	(119,685)	$	(90,368)

Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions.

The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the three months ended March 31, 2024, that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.


	MCM		Cabot(1)		Total
Balance as of December 31, 2023	$	148,936	$	457,539	$	606,475
Effect of foreign currency translation	—		(4,075)		(4,075)
Balance as of March 31, 2024	$	148,936	$	453,464	$	602,400

______________________

(1)The amount is net of accumulated goodwill impairment loss of $238.2 million as of March 31, 2024 and December 31, 2023, related to the Cabot reporting unit.


	MCM		Cabot		Total
Balance as of December 31, 2022	$	148,936	$	672,278	$	821,214
Effect of foreign currency translation	—		12,960		12,960
Balance as of March 31, 2023	$	148,936	$	685,238	$	834,174

There was no accumulated goodwill impairment loss as of March 31, 2023 and December 31, 2022.

The Company’s acquired intangible assets are summarized as follows (in thousands):


	As of March 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount


Trade name and other	$	918	$	(918)	$	—	$	918	$	(870)	$	48
Total intangible assets	$	918	$	(918)	$	—	$	918	$	(870)	$	48

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period.

The number of shares used to calculate the diluted earnings per share is computed by using the basic weighted-average number of common shares outstanding plus any dilutive potential common shares outstanding during the period, except when their effect is anti-dilutive. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2024		2023
Net income	$	23,239	$	18,626
Shares:
Total weighted-average basic shares outstanding	23,784		23,548
Dilutive effect of stock-based awards	200		291
Dilutive effect of convertible and exchangeable senior notes	484		1,103

Total weighted-average dilutive shares outstanding	24,468		24,942

Basic earnings per share	$	0.98	$	0.79
Diluted earnings per share	$	0.95	$	0.75

There were no anti-dilutive employee stock options outstanding during the three months ended March 31, 2024 and 2023.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Loss

A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands):


	Three Months Ended March 31, 2024
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(3,093)	$	(120,827)	$	(123,920)
Other comprehensive loss before reclassification	(7,987)		(6,146)		(14,133)
Reclassification	13,462		—		13,462

Tax effect	(2,685)		(160)		(2,845)
Balance at end of period	$	(303)	$	(127,133)	$	(127,436)


	Three Months Ended March 31, 2023
	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	36,494	$	(135,310)	$	(98,816)
Other comprehensive (loss) income before reclassification	(4,858)		16,008		11,150
Reclassification	(3,195)		—		(3,195)

Tax effect	876		(383)		493
Balance at end of period	$	29,317	$	(119,685)	$	(90,368)

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Financial Statement Preparation and Presentation	Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
Use of Estimates	The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s condensed financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 8: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation.
Translation of Foreign Currencies	Translation of Foreign Currencies The condensed financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. This ASU will likely result in additional required disclosure when adopted. The Company is currently evaluating the provisions of this ASU and the impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
Earnings Per Share	Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. The number of shares used to calculate the diluted earnings per share is computed by using the basic weighted-average number of common shares outstanding plus any dilutive potential common shares outstanding during the period, except when their effect is anti-dilutive. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.
Fair Value Measurements	Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions. The Company’s cash and cash equivalents, certain other assets, accounts payable and accrued liabilities, and other liabilities approximate their fair values due to their short-term nature, which are determined to be a Level 1 measurement. Derivative Contracts: The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies. The Company’s derivative agreements are subject to underlying agreements with master netting arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis for certain derivative agreements. Non-Recurring Fair Value Measurement: Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition and in each reporting period using Level 3 measurements based on appraised values using market comparables. Investment in Receivable Portfolios: The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. Borrowings: The Company’s convertible notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates. The carrying value of the Company’s senior secured revolving credit facility, securitisation senior facility, U.S. facility, and other borrowings approximates fair value due to the use of current market rates that are repriced frequently, which are determined to be a Level 2 measurement
Derivatives	The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment.
Investment in Receivable Portfolios, Net	The Company’s purchased portfolios of loans are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s condensed consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components: (1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and (2) Changes in recoveries, which includes (a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and (b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases). The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company continues to reassess its expected future recoveries in each reporting period.
Variable Interest Entities	A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of March 31, 2024, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company’s exposure to loss is limited to the total of the carrying value of the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.
Segment Reporting	The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.
Goodwill	The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future

Borrowings - U.S. Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 0	$ 0
U.S. facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	8.93%
U.S. facility \| Derivatives Designated as Hedging Instruments
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	8.08%
U.S. facility
Debt Instrument [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 319,800
U.S. facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 175,000	$ 175,000
U.S. facility \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.50%

Investment in Receivable Portfolios, Net

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Investment in Receivable Portfolios, Net

The Company’s purchased portfolios of loans are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s condensed consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase.

Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change.

Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components:

(1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and

(2) Changes in recoveries, which includes

(a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and

(b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases).

The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company continues to reassess its expected future recoveries in each reporting period.

Investment in receivable portfolios, net consists of the following as of the dates presented (in thousands):



	March 31, 2024		December 31, 2023
Amortized cost	$	—	$	—
Negative allowance for expected recoveries	3,531,387		3,468,432
Balance, end of period	$	3,531,387	$	3,468,432

The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented (in thousands):


	Three Months Ended March 31,
	2024		2023
Balance, beginning of period	$	3,468,432	$	3,088,261
Negative allowance for expected recoveries - current period purchases(1)	295,714		276,431
Collections applied to investment in receivable portfolios, net (2)	(195,035)		(166,682)
Changes in recoveries (3)	(12,409)		(9,501)
Put-backs and recalls	(4,347)		(1,806)

Disposals and transfers to real estate owned	(2,045)		(1,105)
Foreign currency translation adjustments	(18,923)		29,194
Balance, end of period	$	3,531,387	$	3,214,792

_______________________

(1)The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented:


	Three Months Ended March 31,
	2024		2023
Purchase price	$	295,714	$	276,431
Allowance for credit losses	644,514		659,644
Amortized cost	940,228		936,075
Noncredit discount	1,255,793		1,005,221
Face value	2,196,021		1,941,296
Write-off of amortized cost	(940,228)		(936,075)
Write-off of noncredit discount	(1,255,793)		(1,005,221)
Negative allowance	295,714		276,431
Negative allowance for expected recoveries - current period purchases	$	295,714	$	276,431

(2)Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented:


	Three Months Ended March 31,
	2024		2023
Cash Collections	$	510,887	$	462,356
Less - amounts classified to revenue from receivable portfolios	(315,852)		(295,674)
Collections applied to investment in receivable portfolios, net	$	195,035	$	166,682

(3)Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments:


	Three Months Ended March 31,
	2024		2023
Recoveries above (below) forecast	$	853	$	(15,358)
Changes in expected future recoveries	(13,262)		5,857
Changes in recoveries	$	(12,409)	$	(9,501)

Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Collections during the three months ended March 31, 2024, over-performed the forecasted collections by approximately $0.9 million. Collections during the three months ended March 31, 2023, under-performed the forecasted collections by approximately $15.4 million.

When reassessing the forecasts of expected lifetime recoveries during the three months ended March 31, 2024, management considered, among other factors, historical and current collection performance, changes in consumer behavior, and the macroeconomic environment. The updated forecast resulted in changes in the timing and amount of total estimated remaining collections which in turn, when discounted to present value, resulted in a net negative change in expected future recoveries of approximately $13.3 million for the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company recorded approximately $5.9 million in net positive change in expected future period recoveries.

Investment in Receivable Portfolios, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Receivables [Abstract]
Recoveries above (below) forecast	$ 853	$ (15,358)
Changes in expected future recoveries	$ (13,262)	$ 5,857

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	$ 936,538	$ 1,179,627
Balance at end of period	953,859	1,184,156
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(3,093)	36,494
Other comprehensive loss before reclassification	(7,987)	(4,858)
Reclassification	13,462	(3,195)
Tax effect	(2,685)	876
Balance at end of period	(303)	29,317
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(120,827)	(135,310)
Other comprehensive loss before reclassification	(6,146)	16,008
Reclassification	0	0
Tax effect	(160)	(383)
Balance at end of period	(127,133)	(119,685)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at Beginning of period	(123,920)	(98,816)
Other comprehensive loss before reclassification	(14,133)	11,150
Reclassification	13,462	(3,195)
Tax effect	(2,845)	493
Balance at end of period	$ (127,436)	$ (90,368)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Derivatives and Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate cap contracts
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ (10,039)	$ (16,950)
Cross-currency swap agreements
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Foreign Currency Contracts, Liability, Fair Value Disclosure	39,004	28,039
Derivatives Designated as Hedging Instruments \| Interest rate cap contracts \| Other assets
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	(8,405)	(14,564)
Derivatives Designated as Hedging Instruments \| Interest rate swap agreements \| Other liabilities
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	(11,976)	(22,510)
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Other assets
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	361
Derivatives Designated as Hedging Instruments \| Cross-currency swap agreements \| Other liabilities
Derivative [Line Items]
Foreign Currency Contracts, Liability, Fair Value Disclosure	39,004	28,039
Not Designated as Hedging Instrument \| Interest rate cap contracts \| Other assets
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ (1,634)	$ (2,386)

Borrowings - Consolidated Debt and Capital Lease Obligations - Table and Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 2,262	$ 2,818
Debt and finance lease liabilities, gross	3,410,910	3,358,547
Less: debt discount and issuance costs, net of amortization	(46,881)	(40,516)
Total	$ 3,364,029	$ 3,318,031
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total	Total
Credit Facility \| Global senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 367,739	$ 816,880
Credit Facility \| Cabot securitisation senior facility
Debt Instrument [Line Items]
Long-term debt	322,110	324,646
Credit Facility \| U.S. facility
Debt Instrument [Line Items]
Long-term debt	175,000	175,000
Encore private placement notes \| Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	19,540	29,310
Senior secured notes \| Senior secured notes
Debt Instrument [Line Items]
Long-term debt	2,128,357	1,654,989
Convertible senior notes \| Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	330,000	330,000
Other
Debt Instrument [Line Items]
Long-term debt	$ 65,902	$ 24,904

Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Consolidated Debt and Capital Lease Obligations

The components of the Company’s consolidated borrowings were as follows (in thousands):


	March 31, 2024		December 31, 2023
Global senior secured revolving credit facility	$	367,739	$	816,880


Encore private placement notes	19,540		29,310
Senior secured notes	2,128,357		1,654,989
Convertible senior notes	330,000		330,000

Cabot securitisation senior facility	322,110		324,646
U.S. facility	175,000		175,000
Other	65,902		24,904
Finance lease liabilities	2,262		2,818
	3,410,910		3,358,547
Less: debt discount and issuance costs, net of amortization	(46,881)		(40,516)
Total	$	3,364,029	$	3,318,031

Schedule of Notes

The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):


	March 31, 2024		December 31, 2023		Issue Currency	Maturity Date	Interest Payment Dates	Interest Rate


2025 Notes	$	377,762	$	386,324	EUR	Oct 15, 2025	Apr 15, Oct 15	4.875	%
2026 Notes	378,952		381,937		GBP	Feb 15, 2026	Feb 15, Aug 15	5.375	%
2028 Notes	315,794		318,280		GBP	Jun 1, 2028	Jun 1, Dec 1	4.250	%
2028 Floating Rate Notes	555,849		568,448		EUR	Jan 15, 2028	Jan 15, Apr 15, Jul 15, Oct 15	EURIBOR +4.250%(1)
2029 Notes	500,000		—		USD	Apr 1, 2029	Apr 1, Oct 1	9.250	%
	$	2,128,357	$	1,654,989

_______________________

(1)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.

The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible senior notes (the “Convertible Notes”) ($ in thousands):


	March 31, 2024		December 31, 2023		Maturity Date	Interest Payment Dates	Interest Rate


2025 Convertible Notes	$	100,000	$	100,000	Oct 1, 2025	Apr 1, Oct 1	3.250	%
2029 Convertible Notes	230,000		230,000		Mar 15, 2029	Mar 15, Sep 15	4.000	%
	$	330,000	$	330,000

Schedule of Hedge Program for Convertible Notes

Certain key terms related to the convertible features as of March 31, 2024 are listed below ($ in thousands, except conversion price):


	2025 Convertible Notes		2029 Convertible Notes
Initial conversion price	$	40.00	$	65.89
Closing stock price at date of issuance	$	32.00	$	51.68
Closing stock price date	Sep 4, 2019		Feb 28, 2023
Initial conversion rate (shares per $1,000 principal amount)	25.0000		15.1763
Adjusted conversion rate (shares per $1,000 principal amount)(1)	25.1310		15.1763
Adjusted conversion price(1)	$	39.79	$	65.89
Adjusted effective conversion price(2)	$	39.79	$	82.69
Excess of if-converted value compared to principal(3)	$	14,622	$	—
Conversion date	Jul 1, 2025		Dec 15, 2028

_______________________

(2)As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2024		2023
Net income	$	23,239	$	18,626
Shares:
Total weighted-average basic shares outstanding	23,784		23,548
Dilutive effect of stock-based awards	200		291
Dilutive effect of convertible and exchangeable senior notes	484		1,103

Total weighted-average dilutive shares outstanding	24,468		24,942

Basic earnings per share	$	0.98	$	0.79
Diluted earnings per share	$	0.95	$	0.75

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 23,239	$ 18,626

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Other Assets

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Real estate owned	$	63,961	$	70,590
Operating lease right-of-use assets	63,243		67,019
Prepaid expenses	40,599		32,910
Deferred tax assets, net	13,709		17,277
Derivative instruments	10,039		17,311
Service fee receivables	9,669		9,080
Income tax deposits	7,427		8,735

Other	68,975		70,334
Total	$	277,622	$	293,256

Investment in Receivable Portfolios, Net - Schedule of Investment Receivable Portfolios (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Financing Receivable, before Allowance for Credit Loss	$ 0	$ 0
Negative allowance for expected recoveries	3,531,387	3,468,432
Balance, end of period	$ 3,531,387	$ 3,468,432

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (shares)	0	0

Ownership, Description of Business, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial obligations to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Through Midland Credit Management, Inc. and its domestic affiliates (collectively, “MCM”), the Company is a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management Limited (“CCM”) and its subsidiaries and European affiliates (collectively, “Cabot”), the Company is one of the largest credit management services providers in Europe and the United Kingdom. These are the Company’s primary operations. The Company also has investments and operations in Latin America and Asia-Pacific, which the Company refers to as “LAAP.” Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s condensed financial statements and the accompanying notes. Actual results could materially differ from those estimates. Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 8: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation. Translation of Foreign Currencies The condensed financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. This ASU will likely result in additional required disclosure when adopted. The Company is currently evaluating the provisions of this ASU and the impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Derivatives and Hedging Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment.

The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):

March 31, 2024

December 31, 2023

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate cap contracts

Other assets

8,405

Other assets

14,564

Interest rate swap agreements

Other liabilities

(11,976)

Other liabilities

(22,510)

Cross-currency swap agreements

Other assets

—

Other assets

361

Cross-currency swap agreements

Other liabilities

(39,004)

Other liabilities

(28,039)

Derivatives not designated as hedging instruments:

Interest rate cap contracts

Other assets

1,634

Other assets

2,386

Derivatives Designated as Hedging Instruments

The Company may periodically enter into interest rate swap agreements and interest rate cap contracts to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. Under the cap contracts, the Company receives floating interest rate payments and makes interest payments based on capped interest rates. The Company designates its interest rate swap and interest rate cap instruments as cash flow hedges at inception.

The Company uses cross-currency swap agreements to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings and fixed-rate GBP-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt. The cross-currency swap agreements are accounted for as fair value hedges.

The following table summarizes the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s consolidated statements of financial condition:

March 31, 2024

Effective date

Maturity Date

Hedge Designation

Notional Amount

Receive Floating Rate Index

Interest rate cap contracts

2019 Cap

January 2020

June 2024

Cash flow hedge

$431.7 million

3-month EURIBOR

2021 Cap(1)

November 2021

September 2024

Cash flow hedge

$315.8 million

SONIA

2024 Cap

September 2024

September 2026

Cash flow hedge

$322.1 million

SONIA

Interest rate swap agreements

2023 Euro IR Swap

October 2023

January 2028

Cash flow hedge

$107.9 million

3-month EURIBOR

2024 Euro IR Swaps

June 2024

January 2028

Cash flow hedge

$447.9 million

3-month EURIBOR

2023 SOFR IR Swaps

November 2023

October 2026

Cash flow hedge

$150.0 million

1-month SOFR CME Term

Cross-currency swap agreements

2020 Euro Swaps

September 2020

October 2025

Fair value hedge

$377.8 million

—

2023 GBP Swaps

July 2023

February 2026

Fair value hedge

$379.0 million

—

______________________

(1)The total notional amount of the 2021 Cap was $442.1 million, of which $315.8 million was hedge designated and $126.3 million was not hedge designated as of March 31, 2024.

December 31, 2023

Effective date

Maturity Date

Hedge Designation

Notional Amount

Receive Floating Rate Index

Interest rate cap contracts

2019 Cap

January 2020

June 2024

Cash flow hedge

$441.5 million

3-month EURIBOR

2021 Cap(1)

November 2021

September 2024

Cash flow hedge

$318.3 million

SONIA

2024 Cap

September 2024

September 2026

Cash flow hedge

$324.6 million

SONIA

Interest rate swap agreements

2023 Euro IR Swap

October 2023

January 2028

Cash flow hedge

$110.4 million

3-month EURIBOR

2024 Euro IR Swaps

June 2024

January 2028

Cash flow hedge

$458.1 million

3-month EURIBOR

2023 SOFR IR Swaps

November 2023

October 2026

Cash flow hedge

$150.0 million

1-month SOFR CME Term

Cross-currency swap agreements

2020 Euro Swaps

September 2020

October 2025

Fair value hedge

$386.3 million

—

2023 GBP Swaps

July 2023

February 2026

Fair value hedge

$381.9 million

—

_______________________

(1)The total notional amount of the 2021 Cap was $445.6 million, of which $318.3 million was hedge designated and $127.3 million was not hedge designated as of December 31, 2023.

The Company expects to reclassify approximately $7.3 million of net derivative gain from OCI into earnings relating to its cash flow designated derivatives within the next 12 months.

The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands):


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Income (Loss)	Gain (Loss) Reclassified from OCI into Income
	Three Months Ended March 31,					Three Months Ended March 31,
	2024		2023			2024		2023


Interest rate swap agreements	$	11,074	$	—	Interest expense	$	540	$	—
Interest rate cap contracts	(6,051)		(6,924)		Interest expense	(712)		(450)
Cross-currency swap agreements	(13,010)		2,066		Interest expense	(1,780)		(1,508)
					Other (expense) income	(11,510)		5,153

Derivatives Not Designated as Hedging Instruments

In September 2023, the Company partially dedesignated the 2021 Cap. As of March 31, 2024, £100.0 million (approximately $126.3 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of March 31, 2024) of the notional amount of the 2021 Cap is not designated as a hedging instrument for accounting purposes. The gains or losses resulting from changes in fair value on the portion of the 2021 cap that is no longer designated as a hedging instrument are recognized in other income or other expenses. The Company recorded a gain of approximately $0.2 million resulting from the fair value change of the undesignated 2021 Cap during the three months ended March 31, 2024. Refer above for terms relating to the 2021 Cap.

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period (shares) at Dec. 31, 2022		23,323
Balance at Beginning of period at Dec. 31, 2022	$ 1,179,627	$ 233	$ 0	$ 1,278,210	$ (98,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,626			18,626
Other comprehensive income (loss), net of tax	8,448				8,448
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		159
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(6,353)	$ 2	(6,355)
Stock-based compensation	4,052		4,052
Purchase of capped call options, net of tax effect	(13,865)		(13,865)
Unwind of the existing capped call options	28,542		28,542
Settlement of convertible notes	(34,921)		(12,374)	(22,547)
Balance at end of period (shares) at Mar. 31, 2023		23,482
Balance at end of period at Mar. 31, 2023	1,184,156	$ 235	0	1,274,289	(90,368)
Balance at beginning of period (shares) at Dec. 31, 2023		23,545
Balance at Beginning of period at Dec. 31, 2023	936,538	$ 235	11,052	1,049,171	(123,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,239			23,239
Other comprehensive income (loss), net of tax	(3,516)				(3,516)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)		142
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(5,759)	$ 2	(5,761)
Stock-based compensation	3,357		3,357
Balance at end of period (shares) at Mar. 31, 2024		23,687
Balance at end of period at Mar. 31, 2024	$ 953,859	$ 237	$ 8,648	$ 1,072,410	$ (127,436)

Derivatives and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):

March 31, 2024

December 31, 2023

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate cap contracts

Other assets

8,405

Other assets

14,564

Interest rate swap agreements

Other liabilities

(11,976)

Other liabilities

(22,510)

Cross-currency swap agreements

Other assets

—

Other assets

361

Cross-currency swap agreements

Other liabilities

(39,004)

Other liabilities

(28,039)

Derivatives not designated as hedging instruments:

Interest rate cap contracts

Other assets

1,634

Other assets

2,386

Schedule of Derivative Instruments

The following table summarizes the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s consolidated statements of financial condition:

March 31, 2024

Effective date

Maturity Date

Hedge Designation

Notional Amount

Receive Floating Rate Index

Interest rate cap contracts

2019 Cap

January 2020

June 2024

Cash flow hedge

$431.7 million

3-month EURIBOR

2021 Cap(1)

November 2021

September 2024

Cash flow hedge

$315.8 million

SONIA

2024 Cap

September 2024

September 2026

Cash flow hedge

$322.1 million

SONIA

Interest rate swap agreements

2023 Euro IR Swap

October 2023

January 2028

Cash flow hedge

$107.9 million

3-month EURIBOR

2024 Euro IR Swaps

June 2024

January 2028

Cash flow hedge

$447.9 million

3-month EURIBOR

2023 SOFR IR Swaps

November 2023

October 2026

Cash flow hedge

$150.0 million

1-month SOFR CME Term

Cross-currency swap agreements

2020 Euro Swaps

September 2020

October 2025

Fair value hedge

$377.8 million

—

2023 GBP Swaps

July 2023

February 2026

Fair value hedge

$379.0 million

—

______________________

(1)The total notional amount of the 2021 Cap was $442.1 million, of which $315.8 million was hedge designated and $126.3 million was not hedge designated as of March 31, 2024.

December 31, 2023

Effective date

Maturity Date

Hedge Designation

Notional Amount

Receive Floating Rate Index

Interest rate cap contracts

2019 Cap

January 2020

June 2024

Cash flow hedge

$441.5 million

3-month EURIBOR

2021 Cap(1)

November 2021

September 2024

Cash flow hedge

$318.3 million

SONIA

2024 Cap

September 2024

September 2026

Cash flow hedge

$324.6 million

SONIA

Interest rate swap agreements

2023 Euro IR Swap

October 2023

January 2028

Cash flow hedge

$110.4 million

3-month EURIBOR

2024 Euro IR Swaps

June 2024

January 2028

Cash flow hedge

$458.1 million

3-month EURIBOR

2023 SOFR IR Swaps

November 2023

October 2026

Cash flow hedge

$150.0 million

1-month SOFR CME Term

Cross-currency swap agreements

2020 Euro Swaps

September 2020

October 2025

Fair value hedge

$386.3 million

—

2023 GBP Swaps

July 2023

February 2026

Fair value hedge

$381.9 million

—

_______________________

(1)The total notional amount of the 2021 Cap was $445.6 million, of which $318.3 million was hedge designated and $127.3 million was not hedge designated as of December 31, 2023.

Effects of Derivatives in Cash Flow Hedging Relationships

The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands):


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI				Location of Gain (Loss) Reclassified from OCI into Income (Loss)	Gain (Loss) Reclassified from OCI into Income
	Three Months Ended March 31,					Three Months Ended March 31,
	2024		2023			2024		2023


Interest rate swap agreements	$	11,074	$	—	Interest expense	$	540	$	—
Interest rate cap contracts	(6,051)		(6,924)		Interest expense	(712)		(450)
Cross-currency swap agreements	(13,010)		2,066		Interest expense	(1,780)		(1,508)
					Other (expense) income	(11,510)		5,153

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Investment in Receivable Portfolios, Net (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Investment in receivable portfolios, net consists of the following as of the dates presented (in thousands):



	March 31, 2024		December 31, 2023
Amortized cost	$	—	$	—
Negative allowance for expected recoveries	3,531,387		3,468,432
Balance, end of period	$	3,531,387	$	3,468,432

Schedule of Investment in Receivable Portfolios

The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented (in thousands):


	Three Months Ended March 31,
	2024		2023
Balance, beginning of period	$	3,468,432	$	3,088,261
Negative allowance for expected recoveries - current period purchases(1)	295,714		276,431
Collections applied to investment in receivable portfolios, net (2)	(195,035)		(166,682)
Changes in recoveries (3)	(12,409)		(9,501)
Put-backs and recalls	(4,347)		(1,806)

Disposals and transfers to real estate owned	(2,045)		(1,105)
Foreign currency translation adjustments	(18,923)		29,194
Balance, end of period	$	3,531,387	$	3,214,792

_______________________

(1)The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented:


	Three Months Ended March 31,
	2024		2023
Purchase price	$	295,714	$	276,431
Allowance for credit losses	644,514		659,644
Amortized cost	940,228		936,075
Noncredit discount	1,255,793		1,005,221
Face value	2,196,021		1,941,296
Write-off of amortized cost	(940,228)		(936,075)
Write-off of noncredit discount	(1,255,793)		(1,005,221)
Negative allowance	295,714		276,431
Negative allowance for expected recoveries - current period purchases	$	295,714	$	276,431

(2)Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented:


	Three Months Ended March 31,
	2024		2023
Cash Collections	$	510,887	$	462,356
Less - amounts classified to revenue from receivable portfolios	(315,852)		(295,674)
Collections applied to investment in receivable portfolios, net	$	195,035	$	166,682

(3)Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments:


	Three Months Ended March 31,
	2024		2023
Recoveries above (below) forecast	$	853	$	(15,358)
Changes in expected future recoveries	(13,262)		5,857
Changes in recoveries	$	(12,409)	$	(9,501)

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Assets held for sale	$ 63,961	$ 70,590

Derivatives and Hedging Instruments - Notional Amount (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
2019 Cap \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	$ 431.7	$ 441.5
2021 Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	442.1	445.6
2021 Cap \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	126.3	127.3
2021 Cap \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	315.8	318.3
2024 Cap \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	322.1	324.6
2023 Euro IR Swap \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	107.9	110.4
2024 Euro IR Swaps \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	447.9	458.1
2023 SOFR IR Swaps \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	150.0	150.0
2020 Euro Swaps \| Fair value hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	377.8	386.3
2023 GBP Swaps \| Fair value hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	$ 379.0	$ 381.9

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 23,239	$ 18,626
Change in unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on derivative instruments	5,475	(8,053)
Income tax effect	(2,685)	876
Unrealized gain (loss) on derivative instruments, net of tax	2,790	(7,177)
Change in foreign currency translation:
Unrealized (loss) gain on foreign currency translation	(6,146)	16,008
Income tax effect	(160)	(383)
Unrealized (loss) gain on foreign currency translation, net of tax	(6,306)	15,625
Other comprehensive (loss) income, net of tax:	(3,516)	8,448
Total comprehensive income	$ 19,723	$ 27,074

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Geographical Areas of Operations

The following table presents information about geographic areas in which the Company operates (in thousands):


	Three Months Ended March 31,
	2024		2023
Total revenues:
United States	$	219,136	$	200,218
Europe
United Kingdom	72,427		77,985
Other European countries(1)	36,104		34,238
Total Europe	108,531		112,223

Other geographies(1)	719		189
Total	$	328,386	$	312,630

________________________

(1)None of these countries comprise greater than 10% of the Company's consolidated revenues.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2024 was 23.8%. For the three months ended March 31, 2023, the Company’s effective tax rate was 25.6%. For the three months ended March 31, 2024, the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes offset by other foreign adjustments. For the three months ended March 31, 2023, the difference between the effective tax rate and the federal statutory rate was primarily due to state income taxes offset by other foreign adjustments. Each interim period is considered an integral part of the annual period and tax expense or benefit is measured using an estimated annual effective income tax rate. The estimated annual effective tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected amounts for the year. Since the Company operates in foreign countries with varying tax rates, the Company’s quarterly effective tax rate is dependent on the level of income or loss from international operations in the reporting period. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026. The impact of the tax holiday in Costa Rica for the three months ended March 31, 2024 and 2023, was immaterial. The Company is subject to income taxes in the U.S. and foreign jurisdictions. Significant judgement is required in evaluating uncertain tax positions and determining the provision for income taxes. In December 2021, the Organization for Economic Cooperation and Development (“OECD”) enacted model rules for a new global minimum tax framework (“Pillar Two”). Under the Pillar Two rules, a company is required to determine a combined effective tax rate for each jurisdiction. If the jurisdictional effective tax rate determined under the Pillar Two rules is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. In December 2022, European Union Member States adopted a directive implementing the Pillar Two rules requiring Member States to enact the directive into their national laws and these began to go into effect from January 1, 2024. The Company has estimated the applicable top-up tax and recorded this in tax expense for the three months ended March 31, 2024. The estimated impact of top-up tax for the quarter was immaterial.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 918	$ 918
Accumulated Amortization	(918)	(870)
Net Carrying Amount	0	48
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	918	918
Accumulated Amortization	(918)	(870)
Net Carrying Amount	$ 0	$ 48

Goodwill and Identifiable Intangible Assets - Activity in Goodwill Balance (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill impairment	$ 238,200,000	$ 0	$ 238,200,000	$ 0
Effect of foreign currency translation	(4,075,000)	12,960,000
Goodwill	602,400,000	834,174,000	606,475,000	821,214,000
Goodwill [Roll Forward]
Balance at beginning of period	606,475,000	821,214,000
Effect of foreign currency translation	(4,075,000)	12,960,000
Balance at end of period	602,400,000	834,174,000
MCM
Goodwill [Line Items]
Effect of foreign currency translation	0	0
Goodwill	148,936,000	148,936,000	148,936,000	148,936,000
Goodwill [Roll Forward]
Balance at beginning of period	148,936,000	148,936,000
Effect of foreign currency translation	0	0
Balance at end of period	148,936,000	148,936,000
Cabot
Goodwill [Line Items]
Effect of foreign currency translation	(4,075,000)	12,960,000
Goodwill	453,464,000	685,238,000	$ 457,539,000	$ 672,278,000
Goodwill [Roll Forward]
Balance at beginning of period	457,539,000	672,278,000
Effect of foreign currency translation	(4,075,000)	12,960,000
Balance at end of period	$ 453,464,000	$ 685,238,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment in Receivable Portfolios, Net - Change in the Balance of the Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,468,432	$ 3,088,261
Purchases of receivable portfolios	295,714	276,431
Collections applied to investment in receivable portfolios, net	(195,035)	(166,682)
Changes in expected recoveries	(12,409)	(9,501)
Put-backs and recalls	(4,347)	(1,806)
Disposals and transfers to real estate owned	(2,045)	(1,105)
Foreign currency translation adjustments	(18,923)	29,194
Balance, end of period	3,531,387	3,214,792
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract]
Purchase price	295,714	276,431
Allowance for credit losses	644,514	659,644
Amortized cost	940,228	936,075
Noncredit discount	1,255,793	1,005,221
Face value	2,196,021	1,941,296
Write-off of amortized cost	(940,228)	(936,075)
Write-off of noncredit discount	(1,255,793)	(1,005,221)
Negative allowance	295,714	276,431
Negative allowance for expected recoveries - current period purchases	295,714	276,431
Collections applied to principal balance (debt purchasing)
Cash Collections	510,887	462,356
Less - amounts classified to revenue from receivable portfolios	(315,852)	(295,674)
Collections applied to investment in receivable portfolios, net	195,035	166,682
Changes in expected recoveries
Recoveries above (below) forecast	853	(15,358)
Changes in expected future recoveries	(13,262)	5,857
Changes in recoveries	$ (12,409)	$ (9,501)

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions.

The Company’s cash and cash equivalents, certain other assets, accounts payable and accrued liabilities, and other liabilities approximate their fair values due to their short-term nature, which are determined to be a Level 1 measurement.

Financial Instruments Required To Be Carried At Fair Value

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements as of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	10,039	$	—	$	10,039

Liabilities
Interest rate swap agreements	—		(11,976)		—		(11,976)
Cross-currency swap agreements	—		(39,004)		—		(39,004)


	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Interest rate cap contracts	$	—	$	16,950	$	—	$	16,950
Cross-currency swap agreements	—		361		—		361
Liabilities
Interest rate swap agreements	—		(22,510)		—		(22,510)
Cross-currency swap agreements	—		(28,039)		—		(28,039)

Derivative Contracts:

The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies. The Company’s derivative agreements are subject to underlying agreements with master netting arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis for certain derivative agreements.

Non-Recurring Fair Value Measurement:

Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition and in each reporting period using Level 3 measurements based on appraised values using market comparables. The fair value estimate of the assets held for sale was approximately $64.0 million and $70.6 million as of March 31, 2024 and December 31, 2023, respectively.

Financial Instruments Not Required To Be Carried At Fair Value

The table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company.

The carrying amounts in the following table are included in the condensed consolidated statements of financial condition as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	$	3,531,387	$	3,582,622	$	3,468,432	$	3,515,651
Financial Liabilities
Global senior secured revolving credit facility	367,739		367,739		816,880		816,880
Encore private placement notes	19,540		19,409		29,310		28,922
Senior secured notes(1)	2,123,535		2,084,677		1,649,621		1,598,636


Convertible senior notes due October 2025	100,000		125,369		100,000		136,403
Convertible senior notes due March 2029	230,000		215,540		230,000		226,794
Cabot securitisation senior facility	322,110		322,110		324,646		324,646
U.S. facility	175,000		175,000		175,000		175,000
Other borrowings	65,902		65,902		24,904		24,904

_______________________

(1)Carrying amount represents historical cost, adjusted for any related debt discount.

Investment in Receivable Portfolios:

The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business.

Borrowings:

The Company’s convertible notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates.

The carrying value of the Company’s senior secured revolving credit facility, securitisation senior facility, U.S. facility, and other borrowings approximates fair value due to the use of current market rates that are repriced frequently, which are determined to be a Level 2 measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements as of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	10,039	$	—	$	10,039

Liabilities
Interest rate swap agreements	—		(11,976)		—		(11,976)
Cross-currency swap agreements	—		(39,004)		—		(39,004)


	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Interest rate cap contracts	$	—	$	16,950	$	—	$	16,950
Cross-currency swap agreements	—		361		—		361
Liabilities
Interest rate swap agreements	—		(22,510)		—		(22,510)
Cross-currency swap agreements	—		(28,039)		—		(28,039)

Schedule of Financial Instruments Not Required to be Carried at Fair Value

The carrying amounts in the following table are included in the condensed consolidated statements of financial condition as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	$	3,531,387	$	3,582,622	$	3,468,432	$	3,515,651
Financial Liabilities
Global senior secured revolving credit facility	367,739		367,739		816,880		816,880
Encore private placement notes	19,540		19,409		29,310		28,922
Senior secured notes(1)	2,123,535		2,084,677		1,649,621		1,598,636


Convertible senior notes due October 2025	100,000		125,369		100,000		136,403
Convertible senior notes due March 2029	230,000		215,540		230,000		226,794
Cabot securitisation senior facility	322,110		322,110		324,646		324,646
U.S. facility	175,000		175,000		175,000		175,000
Other borrowings	65,902		65,902		24,904		24,904

_______________________

(1)Carrying amount represents historical cost, adjusted for any related debt discount.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-26489
Entity Registrant Name	ENCORE CAPITAL GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1090909
Entity Address, Address Line One	350 Camino De La Reina
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92108
City Area Code	877
Local Phone Number	445 - 4581
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	ECPG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,686,865
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31

Borrowings - Senior Secured Notes Table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Senior secured notes	$ 2,128,357	$ 1,654,989
2025 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 377,762	386,324
Stated interest rate (as a percent)	4.875%
2026 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 378,952	381,937
Stated interest rate (as a percent)	5.375%
2028 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 315,794	318,280
Stated interest rate (as a percent)	4.25%
2028 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 555,849	568,448
Variable rate floor (as a percent)	0.00%
2028 Floating Rate Notes \| Euro Interbank Offered Rate (EURIBOR) \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.25%
Encore 2029 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 500,000	$ 0
Stated interest rate (as a percent)	9.25%

Borrowings - Senior Secured Notes Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument face value	$ 330,000		$ 330,000
Credit Facility \| Global senior secured revolving credit facility
Debt Instrument [Line Items]
Repayment of borrowings	493,000
Senior secured notes \| Senior notes
Debt Instrument [Line Items]
Debt instrument face value	$ 500,000
Issuance price (as a percent)	1.00000
Stated interest rate (as a percent)	9.25%
2028 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	8.12%	6.38%
2028 Floating Rate Notes \| Secured Debt \| Derivatives Designated as Hedging Instruments
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	5.01%	4.33%

Borrowings - Interest Expense Related to Convertible and Exchangeable Notes -Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt, excluding amortization	$ 3.1	$ 2.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Borrowings - Encore Private Placement Notes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued	$ 330,000,000	$ 330,000,000
Encore private placement notes \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt issued			$ 325,000,000
Long-term debt	$ 19,540,000	$ 29,310,000
Stated interest rate (as a percent)	5.625%
Senior secured notes, periodic principal repayment	$ 9,800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate owned	$ 63,961	$ 70,590
Operating lease right-of-use assets	63,243	67,019
Prepaid expenses	40,599	32,910
Deferred tax assets, net	13,709	17,277
Derivative instruments	10,039	17,311
Service fee receivables	9,669	9,080
Income tax deposits	7,427	8,735
Other	68,975	70,334
Total	$ 277,622	$ 293,256
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total

Fair Value Measurements - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate cap contracts
Assets
Interest rate cap contracts	$ 10,039	$ 16,950
Interest rate cap contracts \| Level 1
Assets
Interest rate cap contracts	0	0
Interest rate cap contracts \| Level 2
Assets
Interest rate cap contracts	10,039	16,950
Interest rate cap contracts \| Level 3
Assets
Interest rate cap contracts	0	0
Interest rate swap agreements
Assets
Interest rate swap agreements	(11,976)	(22,510)
Interest rate swap agreements \| Level 1
Assets
Interest rate swap agreements	0	0
Interest rate swap agreements \| Level 2
Assets
Interest rate swap agreements	(11,976)	(22,510)
Interest rate swap agreements \| Level 3
Assets
Interest rate swap agreements	0	0
Cross-currency swap agreements
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Liabilities
Cross-currency swap agreements	(39,004)	(28,039)
Cross-currency swap agreements \| Level 1
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		0
Liabilities
Cross-currency swap agreements	0	0
Cross-currency swap agreements \| Level 2
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		361
Liabilities
Cross-currency swap agreements	(39,004)	(28,039)
Cross-currency swap agreements \| Level 3
Assets
Foreign Currency Contract, Asset, Fair Value Disclosure		0
Liabilities
Cross-currency swap agreements	$ 0	$ 0

Borrowings - Encore Convertible Notes and Exchangeable Notes - Table and Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Apr. 01, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Debt issued	$ 330,000	$ 330,000
Convertible Notes \| 2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 100,000	100,000
Stated interest rate (as a percent)	3.25%
Initial conversion price (usd per share)	$ 40.00
Convertible Notes \| 2029 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 230,000	$ 230,000
Stated interest rate (as a percent)	4.00%
Initial conversion price (usd per share)	$ 65.89		$ 82.69	$ 65.89

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 172,990	$ 158,364
Investment in receivable portfolios, net	3,531,387	3,468,432
Property and equipment, net	102,776	103,959
Other assets	277,622	293,256
Goodwill	602,400	606,475
Total assets	4,687,175	4,630,486
Liabilities:
Accounts payable and accrued liabilities	180,206	189,928
Borrowings	3,364,029	3,318,031
Other liabilities	189,081	185,989
Total liabilities	3,733,316	3,693,948
Commitments and contingencies (Note 11)
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 23,687 and 23,545 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	237	235
Additional paid-in capital	8,648	11,052
Accumulated earnings	1,072,410	1,049,171
Accumulated other comprehensive loss	(127,436)	(123,920)
Total stockholders’ equity	953,859	936,538
Total liabilities and stockholders’ equity	4,687,175	4,630,486
Variable Interest Entity
Assets
Cash and cash equivalents	26,879	24,472
Investment in receivable portfolios, net	736,226	717,556
Other assets	11,280	19,358
Liabilities:
Accounts payable and accrued liabilities	1,005	1,854
Borrowings	492,027	494,925
Other liabilities	$ 253	$ 2,452