Encore Capital (ECPG) 10-K 26 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 20, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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	858
Local Phone Number	309-1679
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	ECPG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 968.5
Entity Common Stock, Shares Outstanding		23,691,291
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement in connection with its annual meeting of stockholders to be held in 2025 are incorporated by reference in Items 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year December 31, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001084961

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	San Diego, California

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 199,865	$ 158,364
Investment in receivable portfolios, net	3,776,369	3,468,432
Property and equipment, net	80,597	103,959
Other assets	225,090	293,256
Goodwill	507,808	606,475
Total assets	4,789,729	4,630,486
Liabilities:
Accounts payable and accrued liabilities	233,545	189,928
Borrowings	3,672,762	3,318,031
Other liabilities	116,091	185,989
Total liabilities	4,022,398	3,693,948
Commitments and contingencies (Note 13)
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, 23,691 shares and 23,545 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	237	235
Additional paid-in capital	19,297	11,052
Accumulated earnings	909,927	1,049,171
Accumulated other comprehensive loss	(162,130)	(123,920)
Total stockholders’ equity	767,331	936,538
Total liabilities and stockholders’ equity	4,789,729	4,630,486
Variable Interest Entity
Assets
Cash and cash equivalents	23,875	24,472
Investment in receivable portfolios, net	895,704	717,556
Other assets	3,699	19,358
Liabilities:
Accounts payable and accrued liabilities	2,946	1,854
Borrowings	599,830	494,925
Other liabilities	$ 887	$ 2,452

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Dec. 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)	23,691,000	23,545,000
Common stock outstanding (shares)	23,691,000	23,545,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenue from receivable portfolios	$ 1,302,567	$ 1,204,437	$ 1,202,361
Changes in recoveries	(89,740)	(82,530)	93,145
Total debt purchasing revenue	1,212,827	1,121,907	1,295,506
Servicing revenue	84,783	83,136	94,922
Other revenues	18,751	17,637	7,919
Total revenues	1,316,361	1,222,680	1,398,347
Operating expenses
Salaries and employee benefits	422,910	391,532	375,135
Cost of legal collections	259,298	224,252	217,944
General and administrative expenses	163,847	144,862	145,798
Other operating expenses	130,802	111,179	111,234
Collection agency commissions	30,596	35,657	35,568
Depreciation and amortization	32,434	41,737	46,419
Goodwill impairment	100,600	238,200	0
Impairment of assets	18,544	18,726	4,075
Total operating expenses	1,159,031	1,206,145	936,173
Income from operations	157,330	16,535	462,174
Other expense
Interest expense	(252,545)	(201,877)	(153,308)
Loss on extinguishment of debt	(7,832)	0	0
Other income	6,832	5,078	2,123
Total other expense	(253,545)	(196,799)	(151,185)
(Loss) income before income taxes	(96,215)	(180,264)	310,989
Provision for income taxes	(43,029)	(26,228)	(116,425)
Net (loss) income	$ (139,244)	$ (206,492)	$ 194,564
(Loss) income per share:
Basic (USD per share)	$ (5.83)	$ (8.72)	$ 8.06
Diluted (USD per share)	$ (5.83)	$ (8.72)	$ 7.46
Weighted average shares outstanding:
Basic (shares)	23,873	23,670	24,142
Diluted (shares)	23,873	23,670	26,092

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (139,244)	$ (206,492)	$ 194,564
Change in unrealized (loss) gain on derivative instruments:
Unrealized (loss) gain on derivative instruments	(13,627)	(44,478)	36,385
Income tax effect	352	4,891	(407)
Unrealized (loss) gain on derivative instruments, net of tax	(13,275)	(39,587)	35,978
Change in foreign currency translation:
Unrealized (loss) gain on foreign currency translation	(29,081)	15,376	(78,232)
Income tax effect	720	(893)	(3,014)
Other	3,426	0	0
Unrealized (loss) gain on foreign currency translation	(24,935)	14,483	(81,246)
Other comprehensive loss, net of tax	(38,210)	(25,104)	(45,268)
Comprehensive (loss) income	$ (177,454)	$ (231,596)	$ 149,296

Consolidated Statements of Equi

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 (in shares) at Dec. 31, 2021		24,541
Balance at beginning of period at Dec. 31, 2021	$ 1,185,261	$ 245	$ 0	$ 1,238,564	$ (53,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	194,564			194,564
Other comprehensive loss, net of tax	(45,268)				(45,268)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)		279
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(11,380)	$ 3	(3,949)	(7,434)
Repurchase and retirement of common stock (in shares)		(1,497)
Repurchase and retirement of common stock	(87,006)	$ (15)	(10,659)	(76,332)
Stock-based compensation	15,402		15,402
Settlement of convertible senior notes	(71,152)			(71,152)
Other	(794)		(794)
Balance at end of period (in shares) at Dec. 31, 2022		23,323
Balance at end of period at Dec. 31, 2022	1,179,627	$ 233	0	1,278,210	(98,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(206,492)			(206,492)
Other comprehensive loss, net of tax	(25,104)				(25,104)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)		222
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(5,106)	$ 2	(5,108)
Stock-based compensation	13,854		13,854
Purchase of capped call options, net of tax effect	(13,865)		(13,865)
Unwind of the existing capped call options	30,913		30,913
Settlement of convertible senior notes	(37,289)		(14,742)	(22,547)
Balance at end of period (in shares) at Dec. 31, 2023		23,545
Balance at end of period at Dec. 31, 2023	936,538	$ 235	11,052	1,049,171	(123,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(139,244)			(139,244)
Other comprehensive loss, net of tax	(41,636)				(41,636)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)		146
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(5,765)	$ 2	(5,767)
Stock-based compensation	14,012		14,012
Other	3,426				3,426
Balance at end of period (in shares) at Dec. 31, 2024		23,691
Balance at end of period at Dec. 31, 2024	$ 767,331	$ 237	$ 19,297	$ 909,927	$ (162,130)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net (loss) income	$ (139,244)	$ (206,492)	$ 194,564
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	32,434	41,737	46,419
Other non-cash interest expense, net	16,325	17,160	15,875
Stock-based compensation expense	14,012	13,854	15,402
Deferred income taxes	(22,280)	(55,916)	46,410
Goodwill impairment	100,600	238,200	0
Tangible asset impairment charges	18,544	18,726	4,075
Changes in recoveries	89,740	82,530	(93,145)
Other, net	17,880	(2,259)	18,798
Changes in operating assets and liabilities
Other assets	(28,245)	15,894	(6,722)
Accounts payable, accrued liabilities and other liabilities	56,402	(10,443)	(30,995)
Net cash provided by operating activities	156,168	152,991	210,681
Investing activities:
Purchases of receivable portfolios, net of put-backs	(1,336,442)	(1,060,206)	(790,569)
Collections applied to investment in receivable portfolios, net	859,911	658,130	709,176
Purchases of real estate owned	(212)	(26,901)	(39,340)
Purchases of property and equipment	(29,007)	(24,807)	(37,224)
Proceeds from sale of real estate owned	56,396	52,636	27,722
Other, net	8,924	(793)	0
Net cash used in investing activities	(440,430)	(401,941)	(130,235)
Financing activities:
Payment of loan and debt refinancing costs	(21,418)	(13,707)	(1,659)
Proceeds from credit facilities	2,031,470	1,196,046	779,513
Repayment of credit facilities	(1,868,111)	(989,627)	(515,703)
Proceeds from senior secured notes	1,000,000	104,188	0
Repayment of senior secured notes	(789,106)	(39,080)	(39,080)
Proceeds from issuance of convertible senior notes	0	230,000	0
Repayment of convertible senior notes	0	(212,480)	(221,153)
Payments to settle derivative instruments	(40,038)	0	0
Repurchase and retirement of common stock	0	0	(87,006)
Other, net	4,977	(7,040)	(22,357)
Net cash provided by (used in) financing activities	317,774	268,300	(107,445)
Net increase (decrease) in cash and cash equivalents	33,512	19,350	(26,999)
Effect of exchange rate changes on cash and cash equivalents	7,989	(4,898)	(18,734)
Cash and cash equivalents, beginning of period	158,364	143,912	189,645
Cash and cash equivalents, end of period	199,865	158,364	143,912
Supplemental disclosures of cash flow information:
Cash paid for interest	210,580	163,815	131,391
Cash paid for income taxes, net of refunds	67,091	68,522	71,276
Supplemental schedule of non-cash investing and financing activities:
Investment in receivable portfolios transferred to real estate owned	$ 5,966	$ 7,957	$ 1,903

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Note 1: 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.” Basis of Consolidation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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 7: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation. Translation of Foreign Currencies The 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. Recently Adopted Accounting Pronouncements On January 1, 2024, the Company adopted Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU requires disclosure of the measure of segment performance, significant segment expenses, and segment assets that are regularly provided to the Chief Operating Decision Maker. The ASU also includes amendments that expand other existing reportable segment disclosure. The Company adopted ASU 2023-07 using the retrospective approach. The Company expanded its segment reporting disclosure as a result of adopting this new accounting standard. Recent Accounting Standards or Updates Not Yet Effective 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 does not expect a material impact on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. The new standard is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new standard is effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates significant estimates, including estimated future recoveries on its investment in receivable portfolios, fair value of goodwill, and income taxes, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable. Actual results could materially differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the date of purchase. The Company maintains its cash and cash equivalents in multiple financial institutions and certain account balances exceed federally insurable limits. To date, the Company has experienced no loss or lack of access to cash in its bank accounts. The Company believes any risks are mitigated by maintaining cash with highly rated financial institutions. The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents approximate their fair value. Included in cash and cash equivalents is cash collected on behalf of and due to third-party clients. A corresponding balance is included in accounts payable and accrued liabilities. The balance of cash held for clients was $21.5 million and $16.0 million as of December 31, 2024 and 2023, respectively. Investment in Receivable Portfolios The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as purchased credit deteriorated (or “PCD”) assets under the accounting standard for Financial Instruments - Credit Losses (“CECL”). Under the PCD accounting model, the purchased assets are recognized at 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 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. The amount of the negative allowance (i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off. 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 that may have an impact on the Company’s collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company elected not to maintain its previously formed pool groups with amortized costs at transition. Certain pools already fully recovered their cost basis and became ZBA prior to the transition. The Company did not establish a negative allowance from ZBA pools as the Company elected the Transition Resource Group for Credit Losses’ practical expedient to retain the integrity of its legacy pools. All subsequent collections to the ZBA pools are recognized as ZBA revenue, which is included in revenue from receivable portfolios in the Company’s consolidated statements of operations. Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s ongoing involvement with the assets transferred. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the statements of financial condition at fair value. Transfers of financial assets that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s statements of financial condition and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. To date, the Company has not had any transfers of financial assets that did not qualify for sale accounting. Servicing Revenue Certain of the Company’s subsidiaries earn servicing revenue by providing portfolio management services to credit originators for non-performing loans. The Company recognizes servicing revenue when it satisfies the performance obligation over time by providing debt solution and credit management services. The Company typically invoices for its services monthly with payment terms of 30 days. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the value assigned to tangible and identifiable intangible assets, liabilities assumed, and noncontrolling interest of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Goodwill is tested at the reporting unit level annually for impairment and in interim periods if certain events occur indicating the fair value of a reporting unit may be below its carrying value. See “Note 15: Goodwill and Identifiable Intangible Assets” for further discussion of the Company’s goodwill and other intangible assets. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Fixed Asset Category Estimated Useful Life Leasehold improvements Lesser of lease term, including periods covered Furniture, fixtures and equipment 5 to 10 years Computer hardware and software 3 to 5 years Maintenance and repairs are charged to expense in the year incurred. Expenditures for major renewals that extend the useful lives of fixed assets are capitalized and depreciated over the useful lives of such assets. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability by comparing the carrying amount to the future undiscounted cash flows that the asset is expected to generate. If the asset is not recoverable, its carrying amount would be adjusted down to its fair value. Real Estate Owned Real estate-owned assets, or REO assets, represent real estate assets acquired when (1) the Company takes possession of the underlying real estate assets of non-performing secured mortgage portfolio previously purchased or (2) when the Company purchases real estate assets. Upon repossession or foreclosure, the Company initially records the property received at its fair value less costs to sell. Subsequent to acquisition, REO is carried at the lower of cost or fair value, less estimated selling costs. Management performs valuations at each reporting period end using Level 3 measurements based on appraised values using market comparables and a valuation allowance is established by a charge to income for any excess of the carrying value over the fair value, less estimated costs to sell the property. The REOs are generally acquired at deeply discounted values and therefore the valuation allowances associated with these assets are immaterial. Recoveries in fair value during the holding period are recognized until the valuation allowance is reduced to zero. Proceeds received in excess of the carrying value of the REO and any associated direct selling costs are recorded as other revenues within the Company’s consolidated statements of operations. Costs related to holding and maintaining the property are charged to operating expenses. Leases The Company recognizes operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment. The Company elected not to apply the recognition requirements to short-term leases and not to separate non-lease components from lease components for operating leases. Income Taxes The provision for income taxes is estimated using the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and income tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to be realized or settled. At each reporting date, the Company considers new evidence, both positive and negative, that could affect future realization of deferred tax assets including historical earnings, taxable income in prior carryback years if permitted under tax law, projections of future income, timing of reversing temporary differences and the implementation of feasible and prudent tax planning strategies. In the event that it is more likely than not that all or part of the deferred tax assets are determined not to be realizable in the future, the Company would establish or increase a valuation allowance in the period such determination is made, with a corresponding charge to earnings. In the event the Company realizes deferred tax assets that were previously determined to be unrealizable, the Company would release or decrease the respective valuation allowance, with a corresponding positive adjustment to earnings. The calculation of tax liabilities involves significant judgement in estimating the impact and timing of resolution of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operation and financial position. The Company records liabilities related to uncertain tax positions when it believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities, despite its belief that those tax return positions are supportable. The Company includes interest and penalties related to income taxes within its provision for income taxes. See “Note 11: Income Taxes” for further discussion. Stock-Based Compensation The Company determines stock-based compensation expense for all share-based payment awards based on the measurement date fair value. The Company has certain share awards that include market conditions that affect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as long as the requisite service is provided. For share awards that require service and performance conditions, the Company recognizes compensation cost only for those awards expected to meet the service and performance vesting conditions over the requisite service period of the award. Forfeiture rates are estimated based on the Company’s historical experience. Stock-based compensation expenses are included in “Salaries and Employee Benefits” in the Company’s consolidated statements of operations. See “Note 10: Stock-Based Compensation” for further discussion. Derivative Instruments and Hedging Activities The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. Changes in the fair value of derivative instruments are recorded in earnings unless hedge accounting criteria are met. The Company designates derivative instruments as cash flow hedges or fair value hedges based on the intended use of the derivative. Changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value of the hedged item are recognized immediately in current earnings. The changes in fair value of derivatives designated as cash flow hedges is recorded each period, net of tax, in accumulated other comprehensive income or loss until the related hedged transaction occurs. If in the event the hedged cash flow does not occur, or it becomes probable that it will not occur, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to income or expense at that time. The hedged cash flows will continue to be recorded in accumulated other comprehensive income or loss until the hedged cash flows occur or are no longer probable of occurring. The Company classifies the cash flows from a derivative instrument that is accounted for as a cash flow hedge (and that does not contain an other-than-insignificant financing element at inception) in the same category as the cash flows from the items being hedged. See “Note 3: Derivatives and Hedging Instruments” for further discussion. The Company’s derivatives are not subject to any master netting or similar agreements and the Company does not offset the fair value of derivative contracts with the same counterparty in its financial statement disclosures. No margin or collateral balances are deposited with or received from counterparties. Concentration of Supply Risk A significant percentage of the Company’s portfolio purchases for any given fiscal quarter or year may be concentrated with a few large sellers, some of which may also involve forward flow arrangements. A significant decrease in the volume of portfolio available from any of the Company’s principal sellers would force the Company to seek alternative sources of charged-off receivables. The Company may be unable to find alternative sources from which to purchase charged-off receivables, and even if it could successfully replace these purchases, the search could take time and the receivables could be of lower quality, cost more, or both, any of which could adversely affect the Company’s business, financial condition and operating results. Income or Loss Per Share Basic income or loss per share is calculated by dividing net income or loss 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 potentially 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 income or loss per basic and diluted shares follows (in thousands, except per share amounts) : Year Ended December 31, 2024 2023 2022 Net (loss) income $ (139,244) $ (206,492) $ 194,564 Total weighted-average basic shares outstanding 23,873 23,670 24,142 Dilutive effect of stock-based awards — — 344 Dilutive effect of convertible and exchangeable senior notes — — 1,606 Total weighted-average dilutive shares outstanding 23,873 23,670 26,092 Basic (loss) income per share $ (5.83) $ (8.72) $ 8.06 Diluted (loss) income per share $ (5.83) $ (8.72) $ 7.46 The Company had no employee stock options outstanding during the year ended December 31, 2024. Anti-dilutive employee stock options outstanding were negligible during the years ended December 31, 2023, and 2022.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 2: 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. 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 December 31, 2024 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 252 $ — $ 252 Liabilities Interest rate swap agreements — (18,360) — (18,360) 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 models that 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. Contingent Consideration: The Company carries certain contingent liabilities resulting from its mergers and acquisition activities. Certain sellers of the Company’s acquired entities could earn additional earn-out payments in cash based on the entities’ subsequent operating performance. The Company recorded the acquisition date fair values of these contingent liabilities, based on the likelihood of contingent earn-out payments, as part of the consideration transferred. The earn-out payments are subsequently remeasured to fair value at each reporting date, based on actual and forecasted operating performance. All of the Company’s contingent consideration obligations were fully resolved as of December 31, 2022. There were no new contingent liabilities resulted from mergers and acquisitions activities for the years ended December 31, 2024 and 2023. The following table provides a roll-forward of the fair value of contingent consideration, for the year ended December 31, 2022 (in thousands) : Amount Balance as of December 31, 2021 $ 5,218 Change in fair value of contingent consideration 794 Payment of contingent consideration (5,273) Effect of foreign currency translation (739) Balance as of December 31, 2022 $ — Non-Recurring Fair Value Measurement: Certain assets are measured at fair value on a nonrecurring basis. The fair values of goodwill and intangible assets are determined using various valuation techniques under Level 3 fair value hierarchy, refer to “Note 15, Goodwill and Identifiable Intangible Assets” for further details. REO assets are 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 $38.1 million and $70.6 million as of December 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 consolidated statements of financial condition as of December 31, 2024 and December 31, 2023 (in thousands) : December 31, 2024 December 31, 2023 Fair Value Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Cash and cash equivalents Level 1 $ 199,865 $ 199,865 $ 158,364 $ 158,364 Investment in receivable portfolios, net Level 3 3,776,369 4,052,645 3,468,432 3,515,651 Other assets (2) Level 2 128,674 128,674 138,336 138,336 Financial Liabilities Accounts payable and accrued liabilities Level 2 233,545 233,545 189,928 189,928 Global senior secured revolving credit facility Level 2 865,365 865,365 816,880 816,880 Encore private placement notes Level 2 — — 29,310 28,922 Senior secured notes (1) Level 2 1,843,386 1,893,367 1,649,621 1,598,636 Convertible senior notes due October 2025 Level 2 100,000 129,100 100,000 136,403 Convertible senior notes due March 2029 Level 2 230,000 232,611 230,000 226,794 Cabot securitisation senior facility Level 2 319,137 319,137 324,646 324,646 U.S. facility Level 2 283,500 283,500 175,000 175,000 Other borrowings Level 2 64,904 64,904 24,904 24,904 Other liabilities (2) Level 2 97,731 97,731 135,440 135,440 ________________________ (1) Carrying amount represents historical cost, adjusted for any related debt discount. (2) Only includes financial instruments not required to be carried at fair value. Derivative instruments, which are required to be carried at fair value are excluded. Investment in Receivable Portfolios: The fair value of investment in receivable portfolios is measured 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. The fair value of the senior secured notes and private placement notes is estimated using discounted cash flow analyses based on available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. 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. Others: 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.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Note 3: 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 consolidated statements of financial condition (in thousands): December 31, 2024 December 31, 2023 Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate cap contracts Other assets $ 252 Other assets $ 14,564 Interest rate swap agreements Other liabilities (18,360) Other liabilities (22,510) Cross-currency swap agreements — — Other assets 361 Cross-currency swap agreements — — Other liabilities (28,039) Derivatives not designated as hedging instruments: Interest rate cap contracts — — 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. From time to time, 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 Company designates its cross-currency swap agreements as fair value hedges at inception. 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: December 31, 2024 Effective date Maturity Date Hedge Designation Notional Amount Receive Floating Rate Index Interest rate cap contracts 2024 Cap September 2024 September 2026 Cash flow hedge $319.1 million SONIA Interest rate swap agreements 2023 Euro IR Swap October 2023 January 2028 Cash flow hedge $103.5 million 3-month EURIBOR 2024 Euro IR Swaps June 2024 January 2028 Cash flow hedge $429.6 million 3-month EURIBOR 2023 SOFR IR Swaps November 2023 October 2026 Cash flow hedge $150.0 million 1-month SOFR CME Term As discussed in “Note 6: Borrowings,” on October 15, 2024, the Company fully redeemed its Senior Secured Notes due October 2025 (the “Encore 2025 Notes”), and on November 15, 2024, the Company fully redeemed its Senior Secured Notes due February 2026 (the “Encore 2026 Notes”). In connection with the early redemptions of the Encore 2025 Notes and the Encore 2026 Notes, the Company settled the corresponding 2020 Euro Swaps and the 2023 GBP Swaps on the respective loan redemption dates for approximately $40.0 million. As a result of the early settlement, the Company reclassed the remaining OCI balance associated with these cross-currency swaps of approximately $0.1 million gain into interest expense during the fourth quarter of 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 $6.7 million of derivative loss from OCI into earnings relating to its cash flow designated derivatives within the next 12 months. This amount will vary due to fluctuations in benchmark interest rates. The following table summarizes the effects of derivatives designated as hedging instruments in the Company’s consolidated financial statements (in thousands): Derivatives Designated as Hedging Instruments Gain (Loss) Location of Gain (Loss) Reclassified from OCI into Income Gain (Loss) Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Interest rate swap agreements $ 6,602 $ (22,184) $ — Interest expense $ 2,453 $ 325 $ — Interest rate cap contracts (14,309) (22,820) 33,354 Interest expense (2,029) (1,856) (653) Cross-currency swap agreements (17,460) 3,496 (27,617) Interest expense (3,062) (5,057) (7,601) Other (expense) income (8,902) 5,886 (22,394) Derivatives Not Designated as Hedging Instruments From time to time, the Company enters into currency exchange forward contracts to reduce the effects of currency exchange rate fluctuations. These derivative contracts generally mature within one to six months and are not designated as hedge instruments for accounting purposes. The gains or losses on these unhedged derivative contracts are recognized in other income or expense based on the changes in fair value. The Company did not have any derivatives that were not designated as hedging instruments as of December 31, 2024. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of operations during the periods presented (in thousands) : Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income Year ended December 31, 2024 2023 2022 Interest rate cap contracts Other income (expense) $ 267 $ (556) $ —

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Investment in Receivable Portfolios, Net	Note 4: Investment in Receivable Portfolios, Net Investment in receivable portfolios, net consist of the following as of the dates presented ( in thousands ): Year Ended December 31, 2024 2023 Amortized cost $ — $ — Negative allowance for expected recoveries 3,776,369 3,468,432 Balance, end of period $ 3,776,369 $ 3,468,432 The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented ( in thousands ): Year Ended December 31, 2024 2023 2022 Balance, beginning of period $ 3,468,432 $ 3,088,261 $ 3,065,553 Negative allowance for expected recoveries - current period purchases (1) 1,352,035 1,073,812 800,507 Collections applied to investment in receivable portfolios, net (2) (859,911) (658,130) (709,176) Changes in recoveries (3) (89,740) (82,530) 93,145 Put-backs and Recalls (15,593) (13,606) (9,938) Disposals and transfers to real estate owned (26,001) (7,957) (8,335) Foreign currency translation adjustments (52,853) 68,582 (143,495) Balance, end of period $ 3,776,369 $ 3,468,432 $ 3,088,261 _______________________ (1) The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: Year Ended December 31, 2024 2023 2022 Purchase price $ 1,352,035 $ 1,073,812 $ 800,507 Allowance for credit losses 5,489,543 3,430,036 2,332,112 Amortized cost 6,841,578 4,503,848 3,132,619 Noncredit discount 8,661,113 5,333,109 3,216,500 Face value 15,502,691 9,836,957 6,349,119 Write-off of amortized cost (6,841,578) (4,503,848) (3,132,619) Write-off of noncredit discount (8,661,113) (5,333,109) (3,216,500) Negative allowance 1,352,035 1,073,812 800,507 Negative allowance for expected recoveries - current period purchases $ 1,352,035 $ 1,073,812 $ 800,507 (2) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: Year Ended December 31, 2024 2023 2022 Cash Collections $ 2,162,478 $ 1,862,567 $ 1,911,537 Less - amounts classified to revenue from receivable portfolios (1,302,567) (1,204,437) (1,202,361) Collections applied to investment in receivable portfolios, net $ 859,911 $ 658,130 $ 709,176 (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: Year Ended December 31, 2024 2023 2022 Recoveries above (below) forecast $ 78,202 $ (33,405) $ 29,253 Changes in expected future recoveries (167,942) (49,125) 63,892 Changes in recoveries $ (89,740) $ (82,530) $ 93,145 Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Collections during the year ended December 31, 2024, over-performed the projected cash flows by approximately $78.2 million. Changes in expected future recoveries are reassessed each quarter, the Company considers, among other factors, historical and current collection performance, changes in consumer behavior, and the macroeconomic environment when updating the forecasts of expected lifetime recoveries. During the fourth quarter of 2024, the Company deployed a new U.K. forecasting model that develops expected future recoveries for investment in receivable portfolios at Cabot. The new model update was primarily driven by recent changes at Cabot as it continues to acquire portfolios that have more dynamic characteristics and are better forecasted utilizing a model that processes data inputs at a more granular level. As part of the new model development process, management updated certain model inputs driven by collection experience, operational performance and recent changes in collection strategies. This new forecasting model was applied to all vintages, which resulted in a change in the estimate of expected future recoveries. This change in accounting estimate reduced Cabot’s estimated remaining collections by $361.6 million, which when discounted to present value, resulted in a negative change in expected future recoveries of $75.3 million. The change in accounting estimate negatively impacted the Company’s basic and diluted loss per share by $3.15 per share for the year ended December 31, 2024. Additionally, the Company recognized approximately $22.2 million of negative changes in expected future recoveries resulting from the sale of its investment in receivable portfolios associated with the exit of its Italian debt purchasing and recovery business in November 2024, and approximately $7.8 million of negative changes in expected future recoveries resulting from the sale of certain secured mortgage portfolios in September 2024. As a result of these significant changes in expected recoveries discussed above, and the changes driven by recurring reassessments of the expected future recoveries, the Company recorded a total net negative change in expected future recoveries of approximately $167.9 million during the year ended December 31, 2024.

Composition of Certain Financia

Composition of Certain Financial Statement Items	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Certain Financial Statement Items	Note 5: Composition of Certain Financial Statement Items Property and Equipment, Net Property and equipment consist of the following as of the dates presented ( in thousands ): December 31, December 31, Computer equipment and software $ 188,487 $ 187,549 Leasehold improvements 38,769 34,720 Furniture, fixtures and equipment 21,373 19,962 Construction in process 14,588 28,639 Other 1,472 2,229 264,689 273,099 Less: accumulated depreciation (184,092) (169,140) $ 80,597 $ 103,959 During the fourth quarter of 2024, as a result of a significant reduction in estimated future cash flows based on an internal forecast at its debt servicing business, the Company performed a recoverability test of certain fixed assets and concluded that the assets were not recoverable. The Company subsequently conducted a fair value analysis of the fixed assets and recorded an impairment charge related to its computer systems of approximately $18.5 million for the year ended December 31, 2024. Depreciation expense related to property and equipment was $32.4 million, $38.2 million, and $40.1 million during the years ended December 31, 2024, 2023, and 2022, respectively. Other Assets Other assets consist of the following as of the dates presented ( in thousands ): December 31, December 31, Operating lease right-of-use assets $ 58,089 $ 67,019 Real estate owned 38,075 70,590 Prepaid expenses 35,564 32,910 Income tax deposits 10,438 8,735 Deferred tax assets 8,418 17,277 Other 74,506 96,725 Total $ 225,090 $ 293,256

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Note 6: Borrowings The Company is in compliance in all material respects with all covenants under its financing arrangements as of December 31, 2024. The components of the Company’s consolidated borrowings were as follows (in thousands) : December 31, December 31, Global senior secured revolving credit facility $ 865,365 $ 816,880 Encore private placement notes — 29,310 Senior secured notes 1,846,047 1,654,989 Convertible senior notes 330,000 330,000 Cabot securitisation senior facility 319,137 324,646 U.S. facility 283,500 175,000 Other 64,904 24,904 Finance lease liabilities 1,065 2,818 3,710,018 3,358,547 Less: debt discount and issuance costs, net of amortization (37,256) (40,516) Total $ 3,672,762 $ 3,318,031 Encore is the parent of the restricted group for the Global Senior Facility and the Senior Secured Notes, both of which are 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”). On October 17, 2024, the Company agreed to amend and restate the Global Senior Facility to, among other things, (1) upsize the facility by $92.0 million from $1,203.0 million to $1,295.0 million, (2) extend the termination date of the facility from September 2027 to September 2028 except for a $22.5 million tranche that will continue to terminate in September 2027, and (3) decrease the interest margin by 0.25% from 2.50% to 2.25%. The amendment was accounted for as a debt modification. As of December 31, 2024, the Global Senior Facility included 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 2.25%, 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 and any super priority hedging liabilities (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 December 31, 2024, the outstanding borrowings under the Global Senior Facility were $865.4 million. The weighted average interest rate of the Global Senior Facility was 7.51% and 7.58% for the years ended December 31, 2024 and December 31, 2023, respectively. Available capacity under the Global Senior Facility, after taking into account applicable debt covenants, was approximately $402.8 million as of December 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”). The Encore Private Placement Notes bore an annual interest rate of 5.625%. The covenants and material terms for the Encore Private Placement Notes were substantially similar to those for the Global Senior Facility. The Encore Private Placement Notes matured in August 2024. Senior Secured Notes The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ( $ in thousands ): December 31, 2024 December 31, 2023 Issue Currency Maturity Date Interest Payment Dates Interest Rate Encore 2025 Notes $ — $ 386,324 EUR Oct 15, 2025 Apr 15, Oct 15 4.875 % Encore 2026 Notes — 381,937 GBP Feb 15, 2026 Feb 15, Aug 15 5.375 % Encore 2028 Notes 312,880 318,280 GBP Jun 1, 2028 Jun 1, Dec 1 4.250 % Encore 2028 Floating Rate Notes 533,167 568,448 EUR Jan 15, 2028 Jan 15, Apr 15, Jul 15, Oct 15 EURIBOR +4.250% (1) Encore 2029 Notes 500,000 — USD Apr 1, 2029 Apr 1, Oct 1 9.250 % Encore 2030 Notes 500,000 — USD May 15, 2030 May 15, Nov 15 8.500 % $ 1,846,047 $ 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. 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. 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. The 2028 Floating Rate Notes had a weighted average interest rate of 7.96% and 7.44% for the years ended December 31, 2024 and 2023, respectively. As discussed in “Note 3: 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 6.36% and 4.52% for the years ended December 31, 2024 and 2023, respectively. In March 2024, the Company 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 “Encore 2029 Notes”). Interest on the Encore 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 Encore 2029 Notes. In May 2024, the Company issued $500.0 million in aggregate principal amount of 8.500% Senior Secured Notes due May 2030 at an issue price of 100.000% (the “Encore 2030 Notes”). Interest on the Encore 2030 Notes is payable semi-annually, in arrears, on May 15 and November 15 of each year, commencing on November 15, 2024. The Company used the proceeds from this offering to pay down $448.7 million of the drawings under its Global Senior Facility, pay certain transaction fees and expenses incurred in connection with the offering of the Encore 2030 Notes and for general corporate purposes. Using drawings from its Global Senior Facility and cash on hand, the Company fully redeemed the Encore 2025 Notes at par on October 15, 2024, and fully redeemed the Encore 2026 Notes at par on November 15, 2024. In connection with the early redemptions of the Encore 2025 Notes and Encore 2026 Notes, the Company also settled the corresponding 2020 Euro Swaps and 2023 GBP Swaps for approximately $40.0 million. Refer to “Note 3: Derivatives and Hedging Instruments” for further detail of the early settlements of the cross currency swap contracts. In connection with the redemptions of the Encore 2025 and 2026 Notes, the Company wrote off the related unamortized debt discount and issuance costs and recognized a loss on extinguishment of debt of approximately $4.1 million during the year ended December 31, 2024. 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 Note”) ( $ in thousands ): December 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 $82.69. These hedging instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification and therefore the cost was included as a reduction to stockholder’s equity in the consolidated statement of financial condition as of December 31, 2024. Subsequent changes in fair value of these financial instruments are not recognized in the Company’s consolidated financial statements. The Company did not hedge the 2025 Convertible Notes. Certain key terms related to the convertible features as of December 31, 2024 are listed below ($ in thousands, except conversion or exchange 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) 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) $ 20,051 $ — 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 December 31, 2024 using a hypothetical share price based on the closing stock price on December 31, 2024. Prior to the close of business on the business day immediately preceding their respective free conversion dates (listed above), holders may convert their Convertible Notes under certain circumstances set forth in the applicable indentures. On or after their respective free conversion dates until the close of business on the second scheduled trading day immediately preceding their respective maturity dates, holders may convert their notes at any time. 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. The Company’s convertible notes are carried as a single liability, which reflects the principal amount of the convertible notes. Interest expense related to the Convertible Notes was approximately $12.5 million, $12.6 million, and $12.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. Cabot Securitisation Senior Facility Prior to December 18, 2024, Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, had a senior facility for a committed amount of £255.0 million (as amended, the “Cabot Securitisation Senior Facility”), which had a maturity date in September 2028. Funds drawn under the Cabot Securitisation Senior Facility bore 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 zero to 1.00%. On December 18, 2024, the obligations under the Cabot Securitisation Senior Facility were paid off in full and the Cabot Securitisation Senior Facility was terminated. On December 18, 2024, Cabot Securitisation entered into a new £255.0 million senior facility (the “2024 Cabot Securitisation Senior Facility”) with different lenders. Funds drawn under the 2024 Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.20% plus, for periods after January 18, 2028, a step up margin ranging from zero to 1.00%. The 2024 Cabot Securitisation Senior Facility matures in January 2030. In connection with the termination of the Cabot Securitisation Senior Facility, the Company wrote off related unamortized debt issuance costs and recognized a loss on extinguishment of debt of approximately $3.7 million during the year ended December 31, 2024. As of December 31, 2024, the outstanding borrowings under the 2024 Cabot Securitisation Senior Facility were £255.0 million (approximately $319.1 million based on an exchange rate of $1.00 to £0.80, the exchange rate as of December 31, 2024). The obligations of Cabot Securitisation under the 2024 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 £324.1 million (approximately $405.6 million based on an exchange rate of $1.00 to £0.80, the exchange rate as of December 31, 2024) as of December 31, 2024. The weighted average interest rate of the Cabot Securitisation Senior Facility or the Cabot Securitisation Senior Facility, as the case may be, was 8.32% and 7.68% for the years ended December 31, 2024 and 2023, respectively. As discussed in “Note 3: 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 Cabot Securitisation Senior Facility or the 2024 Cabot Securitisation Senior Facility, as the case may be, including the effect of the hedging instruments was 6.27% and 5.41% for the years ended December 31, 2024 and 2023, respectively. Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 7: 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 Company amended its U.S. Facility, effective September 17, 2024, to extend the maturity date from October 2026 to October 2027 and to increase the committed amount from $175.0 million to $300.0 million. The amendment was accounted for as a debt modification. Funds drawn under the U.S. Facility bear interest at a rate per annum equal to Term SOFR plus a margin of 3.50%. As of December 31, 2024, the outstanding borrowings under the U.S. Facility were $283.5 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 December 31, 2024, this included receivables acquired from MCM, the book value of which was approximately $486.1 million. The weighted average interest rate of the U.S. Facility was 8.62% and 8.84% for the years ended December 31, 2024 and 2023, respectively. As discussed in “Note 3: 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 7.93% and 8.25% for the years ended December 31, 2024 and 2023, respectively. The U.S. Facility is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 7: Variable Interest Entities” for further details. Finance Lease Liabilities The Company has finance lease liabilities primarily for computer equipment. As of December 31, 2024, the Company’s finance lease liabilities were approximately $1.1 million. Refer to “Note 12: Leases” for further details. Maturity Schedule The aggregate amounts of the Company’s borrowings, including finance lease liabilities, maturing in each of the next five years and thereafter are as follows (in thousands) : 2025 $ 114,921 2026 12,006 2027 339,989 2028 1,690,572 2029 733,393 Thereafter 819,137 Total $ 3,710,018

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 7: 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 December 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.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2024
Common Stock [Abstract]
Common Stock	Note 8: Common Stock On August 12, 2015, the Company’s Board of Directors approved a $50.0 million share repurchase program. On May 5, 2021, the Company announced that the Board of Directors had approved an increase in the size of the repurchase program from $50.0 million to $300.0 million (an increase of $250.0 million). Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as determined by the Company’s management and Board of Directors, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. During the year ended December 31, 2022, we repurchased 1,497,184 shares of our common stock for approximately $86.9 million under the share repurchase program. We did not make any repurchases under the share repurchase program during the years ended December 31, 2024 or 2023. The Company’s practice is to retire the shares repurchased. The Company records the excess of repurchase price over the par amount to additional paid-in capital, then to retained earnings once additional paid-in capital is reduced to zero. Direct costs relating to the stock repurchases are treated as stock issuance costs and are included in stockholders’ equity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Loss	Note 9: Accumulated Other Comprehensive Loss A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands): Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at December 31, 2021 $ 516 $ (54,064) $ (53,548) Other comprehensive income (loss) before reclassification 5,737 (78,232) (72,495) Reclassification 30,648 — 30,648 Tax effect (407) (3,014) (3,421) Balance at December 31, 2022 36,494 (135,310) (98,816) Other comprehensive (loss) income before reclassification (41,508) 15,376 (26,132) Reclassification (2,970) — (2,970) Tax effect 4,891 (893) 3,998 Balance at December 31, 2023 (3,093) (120,827) (123,920) Other comprehensive loss before reclassification (25,167) (29,081) (54,248) Reclassification 11,540 — 11,540 Other — 3,426 3,426 Tax effect 352 720 1,072 Balance at December 31, 2024 $ (16,368) $ (145,762) $ (162,130)

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 10: Stock-Based Compensation In April 2017, Encore’s Board of Directors (the “Board”) approved the Encore Capital Group, Inc. 2017 Incentive Award Plan (the “2017 Plan”), which was then approved by the Company’s stockholders on June 15, 2017. Board members, employees, and consultants of Encore and its subsidiaries and affiliates are eligible to receive awards under the 2017 Plan. Subject to certain adjustments, the Company may grant awards for an aggregate of 5,713,571 shares of the Company’s common stock under the 2017 Plan. The aggregate number of shares available for issuance under the 2017 Plan is reduced by 2.12 shares for each share delivered in settlement of any full value award and by one share for each share delivered in settlement of any stock option or stock appreciation right. When an award under the 2017 Plan expires, lapses or is terminated, exchanged for cash, surrendered, repurchased, canceled without having been fully exercised or forfeited, the unused shares covered by such award will again become available for award grants under the 2017 Plan. Shares available under the 2017 Plan will be increased by 2.12 shares for each share subject to a full value award and by one share for each share subject to a stock option or a stock appreciation right, in each case, that become or again be available for issuance pursuant to the foregoing share counting provisions. The 2017 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, dividend equivalent rights, stock appreciation rights, cash awards, performance-based awards and any other types of awards not inconsistent with the 2017 Plan. Total stock-based compensation expense during the years ended December 31, 2024, 2023, and 2022 was $14.0 million, $13.9 million, and $15.4 million, respectively. The actual tax benefit from stock-based compensation arrangements totaled $1.2 million, $1.8 million, and $4.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. The Company’s current stock-based awards are primarily restricted stock units. The fair value of restricted stock units with a service condition and/or a performance condition that affect vesting is equal to the closing sale price of the Company’s common stock on the grant date. Compensation expense is recognized only for the awards that ultimately vest. The Company has certain share awards that include market conditions that affect vesting. These shares vest based on the Company’s three-year relative total stockholder return compared to the other companies in the S&P SmallCap 600 Financial Sector Index as of the date of grant. The fair value of these shares is estimated using a lattice model. For the majority of restricted stock units, shares are issued on the vesting dates net of the number of shares needed to satisfy minimal statutory tax withholding requirements. The tax obligations are then paid by the Company on behalf of the employees. A summary of the Company’s stock award activities as of December 31, 2024, and changes during the year then ended, is presented below: Non-Vested Shares (1) Weighted Average Non-vested as of December 31, 2023 518,713 $ 53.45 Awarded 388,698 $ 49.73 Vested (282,359) $ 50.06 Cancelled (17,593) $ 46.83 Non-vested as of December 31, 2024 607,459 $ 52.84 ________________________ (1) Certain of the Company’s stock awards have a vesting matrix under which the stock awards can vest at a maximum level that is up to 200% of the shares that would vest for achieving the performance goals at target. The number of shares presented is based on achieving the performance goals at target levels as defined in the stock award agreements. As of December 31, 2024 and 2023, the maximum number of shares that could vest if non-vested performance shares vested at maximum levels was 757,061 and 659,343 , respectively. Unrecognized compensation expense related to restricted stock units as of December 31, 2024 was $16.2 million. The weighted-average remaining expense period, based on the unamortized value of these outstanding non-vested shares, was approximately 1.5 years. The fair value of restricted stock units vested for the years ended December 31, 2024, 2023, and 2022 was $13.8 million, $15.7 million, and $26.9 million, respectively. The weighted average grant date fair value for stock awards granted during the years ended December 31, 2024, 2023, and 2022 was $49.73, $49.97, and $60.45, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes Income or loss before provision for income taxes consisted of the following (in thousands) : Year Ended December 31, 2024 2023 2022 US $ 137,101 $ 61,356 $ 331,009 Foreign (233,316) (241,620) (20,020) Total (loss) income before provision for income taxes $ (96,215) $ (180,264) $ 310,989 The provision for income tax consisted of the following (in thousands) : Year Ended December 31, 2024 2023 2022 Current expense (benefit): Federal $ 48,272 $ 59,558 $ 59,105 State 11,242 17,677 11,803 Foreign 5,795 4,909 (893) 65,309 82,144 70,015 Deferred expense (benefit): Federal (19,653) (49,028) 8,142 State (3,423) (8,685) 6,290 Foreign 796 1,797 31,978 (22,280) (55,916) 46,410 Provision for income taxes $ 43,029 $ 26,228 $ 116,425 The reconciliation of federal statutory income tax rate to our effective tax rate was as follows: Year Ended December 31, 2024 2023 2022 Federal provision 21.0 % 21.0 % 21.0 % State provision (5.7) % (3.0) % 5.0 % Foreign rate differential (2.8) % 0.6 % (0.3) % Change in valuation allowance (1) (32.2) % 7.3 % 13.2 % Goodwill impairment (2) (22.4) % (28.3) % — % Taxable gain (deductible loss) in foreign jurisdiction (3) 2.6 % 2.9 % (2.7) % Nondeductible compensation (1.2) % (0.6) % 0.4 % Return to provision adjustments (1.3) % 0.6 % 0.6 % Forfeit benefit due to merger/liquidations (4) — % (14.7) % — % Other (2.7) % (0.3) % 0.2 % Effective rate (44.7) % (14.5) % 37.4 % ________________________ (1) The change in valuation allowance during the year ended December 31, 2024 reflected certain foreign subsidiaries’ operating losses. The change in valuation allowance during the year ended December 31, 2023 was primarily due to the forfeit of tax benefits on merger or liquidation of foreign subsidiaries that maintained full valuation allowances on their deferred tax assets. The change in valuation allowance during the year ended December 31, 2022 included valuation allowance recorded on U.K. deferred tax assets. (2) During the years ended December 31, 2024 and 2023, the Company recorded a non-cash goodwill impairment charge of $100.6 million and $238.2 million at its Cabot reporting unit, respectively. Refer to “Note 15: Goodwill and Identifiable Intangible Assets” for further details. (3) Represents taxable foreign currency movement recognized in a foreign subsidiary for the years ended December 31, 2024 and 2023. For the year ended December 2022, the Company had deductible loss recognized in a foreign subsidiary that maintains a full valuation allowance on its deferred tax assets. Accordingly, the deductible loss increased the valuation allowance and did not result in any tax benefit. (4) Represents the forfeit of tax benefits on merger or liquidation of foreign subsidiaries that maintained full valuation allowances on their deferred tax assets during the year ended December 31, 2023. 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 years ended December 31, 2024, 2023 and 2022 was immaterial. The Company has not provided for applicable income or withholding taxes on the undistributed earnings from continuing operations for certain of its subsidiaries operating outside of the United States. Undistributed net income of these subsidiaries as of December 31, 2024, were approximately $174.8 million. Such undistributed earnings are considered permanently reinvested. The Company does not provide deferred taxes on translation adjustments of unremitted earnings under the indefinite reinvestment exemption. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practical due to the complexities of a hypothetical calculation. Subsidiaries operating outside of the United States for which the Company does not consider under the indefinite reinvestment exemption have no material undistributed earnings or outside basis differences and therefore no U.S. taxes have been provided. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands) : December 31, December 31, Deferred tax assets: Net operating losses $ 58,008 $ 50,061 Operating lease liabilities 11,523 16,938 Accrued expenses 10,490 9,048 Difference in basis of bond and loan costs 3,370 4,155 Difference in basis of receivable portfolio 12,316 22,070 Stock-based compensation 4,427 3,916 Difference in basis of depreciable and amortizable assets 4,353 1,957 Accrued interest expense 14,118 — Other 6,437 5,303 Total deferred tax assets 125,042 113,448 Valuation allowance (84,155) (54,993) Total deferred tax assets net of valuation allowance 40,887 58,455 Deferred tax liabilities: Accrued expenses (44) (76) Difference in basis of bond and loan costs — (445) Difference in basis of receivable portfolio (27,252) (56,263) Stock-based compensation (19) — Right-of-use asset (9,360) (14,306) Difference in basis of depreciable and amortizable assets (4,282) (8,596) Prepaid expenses (1,260) (545) Other (730) (3,087) Total deferred tax liabilities (42,947) (83,318) Net deferred tax liability (1) $ (2,060) $ (24,863) ________________________ (1) The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred taxes and liabilities are netted for each tax-paying component of the Company within a particular tax jurisdiction, and presented as a single amount in the statement of financial condition. As of December 31, 2024, certain of the Company’s foreign subsidiaries have net operating loss carry forwards of approximately $265.8 million, of which $28.4 million will begin to expire in 2026 and the remainder will carry forward indefinitely. Certain of the Company’s domestic subsidiaries have state net operating losses, which will begin to expire in 2035. Valuation allowances are recorded against deferred tax assets, including certain net operating losses recorded as deferred tax assets, if the Company believes it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2024, valuation allowances increased by $29.2 million, as compared to December 31, 2023. The change in valuation allowance is primarily related to current operating losses at certain foreign entities during the period. A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands) : Amount December 31, 2021 $ 4,547 Decrease related to prior year tax positions (1,296) Decrease related to settlements with taxing authorities (713) Decrease related to expiration of statute of limitations (115) Increase related to prior year tax positions 874 Increase related to current year tax positions 691 December 31, 2022 $ 3,988 Increase related to prior year tax positions 2,302 Increase related to current year tax positions 649 Decrease related to expiration of statute of limitations (69) Other 91 December 31, 2023 $ 6,961 Decrease related to expiration of statute of limitations (1,044) Decrease related to prior year tax positions (38) Increase related to current year tax positions 483 Other (107) Balance as of December 31, 2024 $ 6,255 The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $7.9 million, $8.2 million and $4.9 million as of December 31, 2024, 2023, and 2022 respectively. As of December 31, 2024, 2023 and 2022, there was $6.6 million, $5.0 million and $2.5 million, respectively, of unrecognized tax benefit that if recognized, would result in a net tax benefit. During the year ended December 31, 2024, the increase in the Company’s gross unrecognized tax benefit was primarily due to the release of a prior year position related to a domestic entity. During the year ended December 31, 2023, the increase in the Company’s gross unrecognized tax benefit was primarily due to a prior year position related to a domestic entity. During the year ended December 31, 2022, the decrease in the Company’s gross unrecognized tax benefit was primarily due the release of prior year positions related to foreign entities. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, it is reasonably possible that certain changes may occur within the next 12 months, which could significantly increase or decrease the balance of the Company’s gross unrecognized tax benefits. The Company recognizes interest and penalties related to income tax as a component of the provision for income taxes. Interest and penalties expensed during the years ended December 31, 2024, 2023 and 2022 were immaterial. Interest and penalties accrued as of December 31, 2024, 2023 and 2021 were immaterial. The Company files federal, state and non-U.S. income tax returns in jurisdictions with varying statutes of limitations. The Company is subject to examination of its income tax returns by various taxing authorities, and the timing of the resolution of income tax examinations cannot be predicted with certainty. In general, the Company is subject to examination for tax years after December 31, 2020 for the U.S. federal jurisdiction, after December 31, 2020 for U.S state jurisdictions, and after December 31, 2019 in major foreign jurisdictions. The Company’s management regularly assesses the likelihood of adverse outcomes resulting from examinations, if any, to determine the adequacy of the Company’s provision for income taxes. If any issues addressed in the Company’s tax examinations are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Note 12: Leases The majority of the Company’s leases are for corporate offices, various facilities, and information technology equipment. The components of lease expense were as follows during the periods presented (in thousands) : Year Ended December 31, 2024 2023 2022 Operating lease costs (1) $ 15,287 $ 15,102 $ 18,403 Finance lease costs Amortization of ROU assets 1,855 2,804 4,296 Interest on lease liabilities 79 168 312 Total lease costs $ 17,221 $ 18,074 $ 23,011 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. Costs include short-term and variable lease components which were not material for the periods presented. The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands) : Classification December 31, 2024 December 31, 2023 Assets Operating lease ROU assets, net Other assets $ 58,089 $ 67,019 Finance lease ROU assets, net Property and equipment, net 1,023 2,689 Total lease ROU assets $ 59,112 $ 69,708 Liabilities Operating lease liabilities Other liabilities $ 69,748 $ 81,467 Finance lease liabilities Borrowings 1,065 2,818 Total lease liabilities $ 70,813 $ 84,285 Supplemental lease information is summarized below (in thousands) : Year Ended December 31, 2024 2023 2022 ROU assets obtained in exchange for new operating lease obligations $ 3,957 $ 12,772 $ 22,582 ROU assets obtained in exchange for new finance lease obligations 203 234 3,273 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 18,212 17,195 19,227 Finance leases - operating cash flows 79 165 312 Finance leases - financing cash flows 1,953 3,032 4,622 Lease term and discount rate were as follows: December 31, 2024 December 31, 2023 December 31, 2022 Weighted-average remaining lease term ( in years ) Operating leases 5.4 5.7 5.9 Finance leases 1.4 1.6 2.1 Weighted-average discount rate Operating leases 5.3 % 5.4 % 5.2 % Finance leases 4.8 % 4.1 % 3.9 % Maturities of lease liabilities under non-cancelable leases as of December 31, 2024 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2025 $ 859 $ 17,371 $ 18,230 2026 158 16,353 16,511 2027 99 13,679 13,778 2028 — 11,962 11,962 2029 — 9,987 9,987 Thereafter — 11,887 11,887 Total undiscounted lease payments 1,116 81,239 82,355 Less: imputed interest (51) (11,491) (11,542) Total lease liabilities $ 1,065 $ 69,748 $ 70,813
Leases	Note 12: Leases The majority of the Company’s leases are for corporate offices, various facilities, and information technology equipment. The components of lease expense were as follows during the periods presented (in thousands) : Year Ended December 31, 2024 2023 2022 Operating lease costs (1) $ 15,287 $ 15,102 $ 18,403 Finance lease costs Amortization of ROU assets 1,855 2,804 4,296 Interest on lease liabilities 79 168 312 Total lease costs $ 17,221 $ 18,074 $ 23,011 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. Costs include short-term and variable lease components which were not material for the periods presented. The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands) : Classification December 31, 2024 December 31, 2023 Assets Operating lease ROU assets, net Other assets $ 58,089 $ 67,019 Finance lease ROU assets, net Property and equipment, net 1,023 2,689 Total lease ROU assets $ 59,112 $ 69,708 Liabilities Operating lease liabilities Other liabilities $ 69,748 $ 81,467 Finance lease liabilities Borrowings 1,065 2,818 Total lease liabilities $ 70,813 $ 84,285 Supplemental lease information is summarized below (in thousands) : Year Ended December 31, 2024 2023 2022 ROU assets obtained in exchange for new operating lease obligations $ 3,957 $ 12,772 $ 22,582 ROU assets obtained in exchange for new finance lease obligations 203 234 3,273 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 18,212 17,195 19,227 Finance leases - operating cash flows 79 165 312 Finance leases - financing cash flows 1,953 3,032 4,622 Lease term and discount rate were as follows: December 31, 2024 December 31, 2023 December 31, 2022 Weighted-average remaining lease term ( in years ) Operating leases 5.4 5.7 5.9 Finance leases 1.4 1.6 2.1 Weighted-average discount rate Operating leases 5.3 % 5.4 % 5.2 % Finance leases 4.8 % 4.1 % 3.9 % Maturities of lease liabilities under non-cancelable leases as of December 31, 2024 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2025 $ 859 $ 17,371 $ 18,230 2026 158 16,353 16,511 2027 99 13,679 13,778 2028 — 11,962 11,962 2029 — 9,987 9,987 Thereafter — 11,887 11,887 Total undiscounted lease payments 1,116 81,239 82,355 Less: imputed interest (51) (11,491) (11,542) Total lease liabilities $ 1,065 $ 69,748 $ 70,813

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: 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. In September 2015, the Company entered into a consent order (the “2015 Consent Order”) with the Consumer Financial Protection Bureau (the “CFPB”) in which the Company settled allegations arising from its practices between 2011 and 2015. In October 2020, the Company entered into a stipulated judgment (“Stipulated Judgment”) with the CFPB to resolve a subsequent lawsuit related to the 2015 Consent Order. In connection with the Stipulated Judgment, the CFPB formally terminated the 2015 Consent Order. Additionally, we are subject to ancillary state Attorney General investigations related to similar debt collection practices. We have entered into settlement agreements with the Attorneys General of various U.S. states in connection with our debt collection and litigation practices. The Company has discussed with additional state attorneys general potential resolution of these investigations, which could include penalties, restitution, and/or the adoption of new operational requirements. If the Company is unable to resolve its differences with the state attorneys general, it is possible that they may file claims against the Company. 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 December 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 December 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 $344.1 million. The Company expects actual purchases under these forward flow purchase agreements to be significantly greater than the estimated minimum aggregate purchase price. Employee Savings and Retirement Plan The Company has a 401(k) Savings Plan in the U.S. that qualifies as deferred salary arrangements under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, matching contributions are based upon the amount of the employees’ contributions subject to certain limitations. The Company also has defined contribution plans for eligible employees in other countries. The Company recognized expense of approximately $8.3 million, $6.8 million, and $2.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, in salaries and employee benefits in its consolidated statements of operations. Guarantees Encore’s Certificate of Incorporation and indemnification agreements between the Company and its officers and directors provide that the Company will indemnify and hold harmless its officers and directors for certain events or occurrences arising as a result of the officer or director serving in such capacity. The Company has also agreed to indemnify certain third parties under certain circumstances pursuant to the terms of certain underwriting agreements, registration rights agreements, credit facilities, portfolio purchase and sale agreements, and other agreements entered into by the Company in the ordinary course of business. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company believes the estimated fair value of these indemnification agreements is minimal and, as of December 31, 2024, has no liabilities recorded for these agreements.

Segment Information and Geograp

Segment Information and Geographic Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	Note 14: Segment and Geographic Information The Company conducts business through several operating segments. The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, debt purchasing and recovery segment, 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 Company’s Chief Operating Decision Maker, which is the Company’s chief executive officer, relies on internal management reporting processes that provide segment revenues, segment total operating expenses, segment operating income, and segment asset information in order to make financial decisions. The measure of segment performance is segment operating income. The Company’s Chief Operating Decision Maker assesses the segment’s performance and makes decisions about the allocation of capital resources to each segment accordingly. Corporate and other unallocated represents corporate overhead and other items not allocated to any of the Company’s operating segments. The following tables present the results of operations of the Company’s reportable segment for the years ended December 31, 2024, 2023, and 2022, respectively (in thousands) : Year Ended December 31, 2024 Debt purchasing and recovery segment Corporate and other unallocated Consolidated Total revenues $ 1,316,361 $ — $ 1,316,361 Total operating expenses (1) (1,101,055) (57,976) (1,159,031) Operating Income 215,306 157,330 Other segment items (2) (1,000) (1,000) Interest expenses (3) (252,545) (252,545) Provision for income taxes (43,029) (43,029) Net loss $ (139,244) _______________________ (1) Certain corporate activities that are not allocated to the debt purchasing and recovery segment are recorded under corporate and other unallocated. During the year ended December 31, 2024, such non-allocated operating expenses primarily consisted of salaries and employee benefits of approximately $37.8 million for corporate employees and general and administrative expenses of approximately $19.3 million. (2) The other segment items category includes other income, and loss on extinguishment of debt. (3) The Company manages its available capital resources at the corporate level. Interest expenses are not allocated to operating segments. Year Ended December 31, 2023 Debt purchasing and recovery segment Corporate and other unallocated Consolidated Total revenue $ 1,222,680 $ — $ 1,222,680 Total operating expenses (1) (1,148,161) (57,984) (1,206,145) Operating Income 74,519 16,535 Other segment items (2) 5,078 5,078 Interest expenses (3) (201,877) (201,877) Provision for income taxes (26,228) (26,228) Net loss $ (206,492) ________________________ (1) Certain corporate activities that are not allocated to the debt purchasing and recovery segment are recorded under corporate and other unallocated. During the year ended December 31, 2023, such non-allocated operating expenses primarily consisted of salaries and employee benefits of approximately $33.9 million for corporate employees and general and administrative expenses of approximately $22.9 million. (2) The other segment items category includes other income. (3) The Company manages its available capital resources at the corporate level. Interest expenses are not allocated to operating segments. Year Ended December 31, 2022 Debt purchasing and recovery segment Corporate and other unallocated Consolidated Total revenue $ 1,398,347 $ — $ 1,398,347 Total operating expenses (1) (881,957) (54,216) (936,173) Operating Income 516,390 462,174 Other segment items (2) 2,123 2,123 Interest expenses (3) (153,308) (153,308) Provision for income taxes (116,425) (116,425) Net income $ 194,564 ________________________ (1) Certain corporate activities that are not allocated to the debt purchasing and recovery segment are recorded under corporate and other unallocated. During the year ended December 31, 2022, such non-allocated operating expenses primarily consisted of salaries and employee benefits of approximately $32.0 million for corporate employees and general and administrative expenses of approximately $21.3 million. (2) The other segment items category includes other income. (3) The Company manages its available capital resources at the corporate level. Interest expenses are not allocated to operating segments. The following tables present information about geographic areas in which the Company operates (in thousands) : Year Ended December 31, 2024 2023 2022 Total revenues: United States $ 991,949 $ 792,443 $ 995,470 Europe United Kingdom 232,557 295,566 272,962 Other European countries (1) 89,615 134,301 129,737 Total Europe 322,172 429,867 402,699 Other geographies (1) 2,240 370 178 Total $ 1,316,361 $ 1,222,680 $ 1,398,347 ________________________ (1) None of these countries comprise greater than 10% of the Company’s consolidated revenues. December 31, December 31, Long-lived assets (1) : United States $ 60,050 $ 70,361 International United Kingdom 44,726 62,309 India 20,801 23,108 Other foreign countries (2) 13,109 15,200 78,636 100,617 Total $ 138,686 $ 170,978 ________________________ (1) Long-lived assets consist of property and equipment, net and right of use assets. (2) None of these countries comprise greater than 10% of the Company’s consolidated long-lived assets.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Note 15: Goodwill and Identifiable Intangible Assets The Company’s goodwill is tested for impairment at the reporting unit level annually as of the first day of the fourth quarter 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. As of December 31, 2024, the Company had three reporting units, MCM, Cabot, and LAAP, that carried goodwill. The goodwill for the LAAP reporting unit was recently acquired in December 2024. The Company applies various valuation techniques to estimate the fair value of each reporting unit when performing a quantitative impairment test, including the income approach and the market approach. Under the income approach, the Company uses a discounted cash flow method, or DCF, to estimate the fair value of a reporting unit. In applying the DCF method, an identified level of future cash flow is estimated. The cash flow projections are based on five-year financial forecasts developed by management that include purchasing volume, collections forecasts, capital spending trends, and cost assumptions to support anticipated growth, which are updated annually and reviewed by management. The value of the net cash flows beyond the fifth year (the “Terminal Year”) is determined by applying a market multiple to the projected estimated remaining collections. Annual estimated cash flows and a Terminal Year value are then discounted to their present value at an appropriate discount rate to obtain an indication of fair value. The Company bases the discount rate on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting unit’s ability to execute on the projected cash flows. Because DCF analyses are based on management’s long-term financial projections and require significant estimates and judgments, the market approach is conducted in addition to the income approach in estimating the fair value of a reporting unit. Under the market approach, the Company uses a Guideline Public Company Method and, when data is available, a Guideline Merged & Acquired Company method to estimate the fair value of equity and the business enterprise value of a reporting unit. The Guideline Public Company approach uses financial metrics from similar publicly traded companies to estimate fair value. The Guideline Merged and Acquired Company method calculates fair value by analyzing the actual prices paid for recent mergers and acquisitions in the industry. The fair value estimate of the Company’s reporting units was derived primarily from the income approach, and to a lesser extent, the market approach as described above. The Company believes that the current methodology used in determining the fair value at its reporting units represent its best estimates. In addition, the Company compares the aggregate fair value of the reporting units to its overall market capitalization. The Company chose to proceed directly to performing quantitative tests for both MCM and Cabot reporting units for the annual goodwill impairment test on October 1, 2024, which did not result in any impairment charge for either of the two reporting units. Subsequent to the annual impairment test on October 1, 2024, management identified goodwill impairment triggers in connection with the significant reduction in the estimated future recoveries for the Company’s investment in receivable portfolios at Cabot during the fourth quarter of 2024. As a result, management conducted another quantitative test for goodwill impairment as of December 31, 2024. This subsequent goodwill impairment analysis resulted in an impairment charge for the Cabot reporting unit of $100.6 million. The decline in the fair value of the Cabot reporting unit below its carrying value primarily resulted from changes in expected future cash flows as compared to the Company’s previous financial forecasts, and to a lesser extent, a decline in market multiples. After recording the goodwill impairment charge, the carrying value of our Cabot reporting unit was equal to its fair value as of December 31, 2024. The fair value of the MCM reporting unit substantially exceeded its carrying value, as a result, there was no impairment of goodwill for the MCM reporting unit during the year ended December 31, 2024. The Company also conducted qualitative analysis on the goodwill carried at its LAAP reporting unit and concluded that no impairment existed as of December 31, 2024. The fair value of the Cabot reporting unit approximated its carrying value after recording the goodwill impairment charge. Any subsequent significant unfavorable changes could result in the fair value being less than the carrying value at the Cabot reporting unit. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill. 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. The following table summarizes the activity in the Company’s goodwill balance (in thousands): MCM Cabot LAAP Total Balance as of December 31, 2021 $ 148,936 $ 748,859 $ — $ 897,795 Effect of foreign currency translation — (76,581) — (76,581) Balance as of December 31, 2022 148,936 672,278 — 821,214 Goodwill impairment — (238,200) — (238,200) Effect of foreign currency translation — 23,461 — 23,461 Balance as of December 31, 2023 148,936 457,539 — 606,475 Goodwill acquired (1) — — 11,268 11,268 Goodwill impairment — (100,600) — (100,600) Effect of foreign currency translation — (9,335) — (9,335) Balance as of December 31, 2024 $ 148,936 $ 347,604 $ 11,268 $ 507,808 ________________________ (1) The Company held an investment in Encore Asset Reconstruction Company (“EARC”) in India. In December 2024, the Company paid $11.0 million in total considerations and completed a step up acquisition of EARC. As a result, the Company recognized approximately $11.3 million of goodwill, which was not deductible for tax purposes. This goodwill balance is included in the Company’s LAAP reporting unit. The assets acquired and liabilities assumed resulting from the transaction were immaterial. The accumulated goodwill impairment loss at the Cabot reporting unit was $338.8 million and $238.2 million as of December 31, 2024 and 2023, respectively. There was no accumulated goodwill impairment loss as of December 31, 2022. The Company’s acquired intangible assets only included trade names during the periods presented, the weighted-average useful lives of trade names at the time of acquisition were 7 years. The following table summarizes the Company’s acquired intangible assets (in thousands) : As of December 31, 2024 As of December 31, 2023 Gross Accumulated Net Gross Accumulated Net Total intangible assets $ 918 $ (918) $ — $ 918 $ (870) $ 48 The Company recorded an impairment charge of its intangible assets of $18.7 million, and $4.1 million during the years ended December 31, 2023 and 2022, respectively. The amortization expense for intangible assets subject to amortization was $3.6 million and $6.3 million during the years ended December 31, 2023 and 2022, respectively. The amortization expense was negligible during the year ended December 31, 2024. The Company had no intangible assets at December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (139,244)	$ (206,492)	$ 194,564

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 8, 2024, Ryan Bell, President of MCM, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell up to 7,500 shares of Encore Capital Group, Inc. common stock between March 3, 2025 and February 27, 2026, subject to certain conditions.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ryan Bell [Member]
Trading Arrangements, by Individual
Name	Ryan Bell
Title	President of MCM
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 8, 2024
Expiration Date	February 27, 2026
Arrangement Duration	361 days
Aggregate Available	7,500	7,500

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems and our broader enterprise IT environment; • a security team principally responsible for implementing and managing (1) our cybersecurity risk assessment processes, (2) our security controls, (3) technical security tools and safeguards and (4) our response to cybersecurity incidents; • reviews and audits by our internal audit department; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • cybersecurity awareness training of our employees, incident response personnel, and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management and oversight process for service providers, suppliers, and vendors. We have experienced, and will continue to experience, cybersecurity incidents from time to time in the normal course of business. However, based on our assessments, these incidents have not had a material impact, and we do not believe the incidents have materially affected or will materially affect us, including our operations, business strategy, results of operations or financial condition. For more information regarding risks we face from cybersecurity threats, please see Item 1A- Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated the oversight of cybersecurity and other information technology risks to the Risk Committee. The Risk Committee oversees management’s implementation of our cybersecurity risk management program. The Risk Committee receives regular reports from management on our cybersecurity risks. In addition, management updates the Risk Committee, as necessary, regarding significant cybersecurity incidents. The Risk Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our risk management program. Board members receive presentations on cybersecurity topics from management, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. Our Chief Information Officer, Chief Risk, Strategy and Compliance Officer and General Counsel, are primarily responsible for assessing and managing our material risks from cybersecurity threats. Our Chief Information Officer has primary responsibility for our overall cybersecurity program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Risk, Strategy and Compliance Officer has primary responsibility for our enterprise risk management program, including oversight of our cybersecurity risk management program. Our general counsel has primary responsibility for legal assessments, including assessments related to cybersecurity matters. Such individuals have an average of over 15 years of prior work experience in various roles involving information technology (including information security), risk and compliance or legal and risk analysis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated the oversight of cybersecurity and other information technology risks to the Risk Committee. The Risk Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated the oversight of cybersecurity and other information technology risks to the Risk Committee. The Risk Committee oversees management’s implementation of our cybersecurity risk management program. The Risk Committee receives regular reports from management on our cybersecurity risks. In addition, management updates the Risk Committee, as necessary, regarding significant cybersecurity incidents. The Risk Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our risk management program. Board members receive presentations on cybersecurity topics from management, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	The Risk Committee receives regular reports from management on our cybersecurity risks. In addition, management updates the Risk Committee, as necessary, regarding significant cybersecurity incidents. The Risk Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our risk management program. Board members receive presentations on cybersecurity topics from management, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. Our Chief Information Officer, Chief Risk, Strategy and Compliance Officer and General Counsel, are primarily responsible for assessing and managing our material risks from cybersecurity threats. Our Chief Information Officer has primary responsibility for our overall cybersecurity program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Risk, Strategy and Compliance Officer has primary responsibility for our enterprise risk management program, including oversight of our cybersecurity risk management program. Our general counsel has primary responsibility for legal assessments, including assessments related to cybersecurity matters. Such individuals have an average of over 15 years of prior work experience in various roles involving information technology (including information security), risk and compliance or legal and risk analysis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Officer, Chief Risk, Strategy and Compliance Officer and General Counsel, are primarily responsible for assessing and managing our material risks from cybersecurity threats. Our Chief Information Officer has primary responsibility for our overall cybersecurity program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Risk, Strategy and Compliance Officer has primary responsibility for our enterprise risk management program, including oversight of our cybersecurity risk management program. Our general counsel has primary responsibility for legal assessments, including assessments related to cybersecurity matters.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Such individuals have an average of over 15 years of prior work experience in various roles involving information technology (including information security), risk and compliance or legal and risk analysis.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Risk Committee receives regular reports from management on our cybersecurity risks. In addition, management updates the Risk Committee, as necessary, regarding significant cybersecurity incidents. The Risk Committee regularly reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our risk management program. Board members receive presentations on cybersecurity topics from management, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. Our Chief Information Officer, Chief Risk, Strategy and Compliance Officer and General Counsel, are primarily responsible for assessing and managing our material risks from cybersecurity threats. Our Chief Information Officer has primary responsibility for our overall cybersecurity program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Risk, Strategy and Compliance Officer has primary responsibility for our enterprise risk management program, including oversight of our cybersecurity risk management program. Our general counsel has primary responsibility for legal assessments, including assessments related to cybersecurity matters. Such individuals have an average of over 15 years of prior work experience in various roles involving information technology (including information security), risk and compliance or legal and risk analysis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Ownership, Description of Bus_2

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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 7: 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 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.
Recently Adopted Accounting Pronouncements and Recent Accounting Standards or Updates Not Yet Effective	Recently Adopted Accounting Pronouncements On January 1, 2024, the Company adopted Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU requires disclosure of the measure of segment performance, significant segment expenses, and segment assets that are regularly provided to the Chief Operating Decision Maker. The ASU also includes amendments that expand other existing reportable segment disclosure. The Company adopted ASU 2023-07 using the retrospective approach. The Company expanded its segment reporting disclosure as a result of adopting this new accounting standard. Recent Accounting Standards or Updates Not Yet Effective 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 does not expect a material impact on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. The new standard is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new standard is effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates significant estimates, including estimated future recoveries on its investment in receivable portfolios, fair value of goodwill, and income taxes, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable. Actual results could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the date of purchase. The Company maintains its cash and cash equivalents in multiple financial institutions and certain account balances exceed federally insurable limits. To date, the Company has experienced no loss or lack of access to cash in its bank accounts. The Company believes any risks are mitigated by maintaining cash with highly rated financial institutions. The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents approximate their fair value.
Restricted Cash	Included in cash and cash equivalents is cash collected on behalf of and due to third-party clients. A corresponding balance is included in accounts payable and accrued liabilities.
Investment in Receivable Portfolios	Investment in Receivable Portfolios The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as purchased credit deteriorated (or “PCD”) assets under the accounting standard for Financial Instruments - Credit Losses (“CECL”). Under the PCD accounting model, the purchased assets are recognized at 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 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. The amount of the negative allowance (i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off. 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 that may have an impact on the Company’s collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions.
Transfers of Financial Assets	Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s ongoing involvement with the assets transferred. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the statements of financial condition at fair value. Transfers of financial assets that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s statements of financial condition and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. To date, the Company has not had any transfers of financial assets that did not qualify for sale accounting.
Servicing Revenue	Servicing Revenue Certain of the Company’s subsidiaries earn servicing revenue by providing portfolio management services to credit originators for non-performing loans. The Company recognizes servicing revenue when it satisfies the performance obligation over time by providing debt solution and credit management services. The Company typically invoices for its services monthly with payment terms of 30 days.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the value assigned to tangible and identifiable intangible assets, liabilities assumed, and noncontrolling interest of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Goodwill is tested at the reporting unit level annually for impairment and in interim periods if certain events occur indicating the fair value of a reporting unit may be below its carrying value. See “Note 15: Goodwill and Identifiable Intangible Assets” for further discussion of the Company’s goodwill and other intangible assets.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Fixed Asset Category Estimated Useful Life Leasehold improvements Lesser of lease term, including periods covered Furniture, fixtures and equipment 5 to 10 years Computer hardware and software 3 to 5 years Maintenance and repairs are charged to expense in the year incurred. Expenditures for major renewals that extend the useful lives of fixed assets are capitalized and depreciated over the useful lives of such assets.
Real Estate Owned	Real Estate Owned Real estate-owned assets, or REO assets, represent real estate assets acquired when (1) the Company takes possession of the underlying real estate assets of non-performing secured mortgage portfolio previously purchased or (2) when the Company purchases real estate assets. Upon repossession or foreclosure, the Company initially records the property received at its fair value less costs to sell. Subsequent to acquisition, REO is carried at the lower of cost or fair value, less estimated selling costs. Management performs valuations at each reporting period end using Level 3 measurements based on appraised values using market comparables and a valuation allowance is established by a charge to income for any excess of the carrying value over the fair value, less estimated costs to sell the property. The REOs are generally acquired at deeply discounted values and therefore the valuation allowances associated with these assets are immaterial. Recoveries in fair value during the holding period are recognized until the valuation allowance is reduced to zero. Proceeds received in excess of the carrying value of the REO and any associated direct selling costs are recorded as other revenues within the Company’s consolidated statements of operations. Costs related to holding and maintaining the property are charged to operating expenses.
Leases	Leases The Company recognizes operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment. The Company elected not to apply the recognition requirements to short-term leases and not to separate non-lease components from lease components for operating leases.
Income Taxes	Income Taxes The provision for income taxes is estimated using the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and income tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to be realized or settled. At each reporting date, the Company considers new evidence, both positive and negative, that could affect future realization of deferred tax assets including historical earnings, taxable income in prior carryback years if permitted under tax law, projections of future income, timing of reversing temporary differences and the implementation of feasible and prudent tax planning strategies. In the event that it is more likely than not that all or part of the deferred tax assets are determined not to be realizable in the future, the Company would establish or increase a valuation allowance in the period such determination is made, with a corresponding charge to earnings. In the event the Company realizes deferred tax assets that were previously determined to be unrealizable, the Company would release or decrease the respective valuation allowance, with a corresponding positive adjustment to earnings. The calculation of tax liabilities involves significant judgement in estimating the impact and timing of resolution of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operation and financial position. The Company records liabilities related to uncertain tax positions when it believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities, despite its belief that those tax return positions are supportable. The Company includes interest and penalties related to income taxes within its provision for income taxes. See “Note 11: Income Taxes” for further discussion.
Stock-Based Compensation	Stock-Based Compensation The Company determines stock-based compensation expense for all share-based payment awards based on the measurement date fair value. The Company has certain share awards that include market conditions that affect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as long as the requisite service is provided. For share awards that require service and performance conditions, the Company recognizes compensation cost only for those awards expected to meet the service and performance vesting conditions over the requisite service period of the award. Forfeiture rates are estimated based on the Company’s historical experience. Stock-based compensation expenses are included in “Salaries and Employee Benefits” in the Company’s consolidated statements of operations. See “Note 10: Stock-Based Compensation” for further discussion.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. Changes in the fair value of derivative instruments are recorded in earnings unless hedge accounting criteria are met. The Company designates derivative instruments as cash flow hedges or fair value hedges based on the intended use of the derivative. Changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value of the hedged item are recognized immediately in current earnings. The changes in fair value of derivatives designated as cash flow hedges is recorded each period, net of tax, in accumulated other comprehensive income or loss until the related hedged transaction occurs. If in the event the hedged cash flow does not occur, or it becomes probable that it will not occur, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to income or expense at that time. The hedged cash flows will continue to be recorded in accumulated other comprehensive income or loss until the hedged cash flows occur or are no longer probable of occurring. The Company classifies the cash flows from a derivative instrument that is accounted for as a cash flow hedge (and that does not contain an other-than-insignificant financing element at inception) in the same category as the cash flows from the items being hedged. See “Note 3: Derivatives and Hedging Instruments” for further discussion. The Company’s derivatives are not subject to any master netting or similar agreements and the Company does not offset the fair value of derivative contracts with the same counterparty in its financial statement disclosures. No margin or collateral balances are deposited with or received from counterparties. 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.
Concentration of Supply Risk	Concentration of Supply Risk A significant percentage of the Company’s portfolio purchases for any given fiscal quarter or year may be concentrated with a few large sellers, some of which may also involve forward flow arrangements. A significant decrease in the volume of portfolio available from any of the Company’s principal sellers would force the Company to seek alternative sources of charged-off receivables. The Company may be unable to find alternative sources from which to purchase charged-off receivables, and even if it could successfully replace these purchases, the search could take time and the receivables could be of lower quality, cost more, or both, any of which could adversely affect the Company’s business, financial condition and operating results.
Income or Loss Per Share	Income or Loss Per Share Basic income or loss per share is calculated by dividing net income or loss 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 potentially 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.
Variable Interest Entity	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 December 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 accounting policies applied to the segments are the same as those described in the summary of significant accounting policies. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, debt purchasing and recovery segment, 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 Company’s Chief Operating Decision Maker, which is the Company’s chief executive officer, relies on internal management reporting processes that provide segment revenues, segment total operating expenses, segment operating income, and segment asset information in order to make financial decisions. The measure of segment performance is segment operating income. The Company’s Chief Operating Decision Maker assesses the segment’s performance and makes decisions about the allocation of capital resources to each segment accordingly. Corporate and other unallocated represents corporate overhead and other items not allocated to any of the Company’s operating segments.
Goodwill	The Company’s goodwill is tested for impairment at the reporting unit level annually as of the first day of the fourth quarter 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 assumptionsgoodwill impairment analysis resulted in an impairment charge for the Cabot reporting unit of $100.6 million. The decline in the fair value of the Cabot reporting unit below its carrying value primarily resulted from changes in expected future cash flows as compared to the Company’s previous financial forecasts, and to a lesser extent, a decline in market multiples. After recording the goodwill impairment charge, the carrying value of our Cabot reporting unit was equal to its fair value as of December 31, 2024. The fair value of the MCM reporting unit substantially exceeded its carrying value, as a result, there was no impairment of goodwill for the MCM reporting unit during the year ended December 31, 2024. The Company also conducted qualitative analysis on the goodwill carried at its LAAP reporting unit and concluded that no impairment existed as of December 31, 2024.

Ownership, Description of Bus_3

Ownership, Description of Business, and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Estimated Useful Lives of Property and Equipment	The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Fixed Asset Category Estimated Useful Life Leasehold improvements Lesser of lease term, including periods covered Furniture, fixtures and equipment 5 to 10 years Computer hardware and software 3 to 5 years
Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares	A reconciliation of shares used in calculating income or loss per basic and diluted shares follows (in thousands, except per share amounts) : Year Ended December 31, 2024 2023 2022 Net (loss) income $ (139,244) $ (206,492) $ 194,564 Total weighted-average basic shares outstanding 23,873 23,670 24,142 Dilutive effect of stock-based awards — — 344 Dilutive effect of convertible and exchangeable senior notes — — 1,606 Total weighted-average dilutive shares outstanding 23,873 23,670 26,092 Basic (loss) income per share $ (5.83) $ (8.72) $ 8.06 Diluted (loss) income per share $ (5.83) $ (8.72) $ 7.46

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Summary 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 December 31, 2024 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 252 $ — $ 252 Liabilities Interest rate swap agreements — (18,360) — (18,360) 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 Roll Forward of the Fair Value of Contingent Consideration	The following table provides a roll-forward of the fair value of contingent consideration, for the year ended December 31, 2022 (in thousands) : Amount Balance as of December 31, 2021 $ 5,218 Change in fair value of contingent consideration 794 Payment of contingent consideration (5,273) Effect of foreign currency translation (739) Balance as of December 31, 2022 $ —
Schedule of Financial Instruments Not Required to Be Carried at Fair Value	The carrying amounts in the following table are included in the consolidated statements of financial condition as of December 31, 2024 and December 31, 2023 (in thousands) : December 31, 2024 December 31, 2023 Fair Value Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Cash and cash equivalents Level 1 $ 199,865 $ 199,865 $ 158,364 $ 158,364 Investment in receivable portfolios, net Level 3 3,776,369 4,052,645 3,468,432 3,515,651 Other assets (2) Level 2 128,674 128,674 138,336 138,336 Financial Liabilities Accounts payable and accrued liabilities Level 2 233,545 233,545 189,928 189,928 Global senior secured revolving credit facility Level 2 865,365 865,365 816,880 816,880 Encore private placement notes Level 2 — — 29,310 28,922 Senior secured notes (1) Level 2 1,843,386 1,893,367 1,649,621 1,598,636 Convertible senior notes due October 2025 Level 2 100,000 129,100 100,000 136,403 Convertible senior notes due March 2029 Level 2 230,000 232,611 230,000 226,794 Cabot securitisation senior facility Level 2 319,137 319,137 324,646 324,646 U.S. facility Level 2 283,500 283,500 175,000 175,000 Other borrowings Level 2 64,904 64,904 24,904 24,904 Other liabilities (2) Level 2 97,731 97,731 135,440 135,440 ________________________ (1) Carrying amount represents historical cost, adjusted for any related debt discount. (2) Only includes financial instruments not required to be carried at fair value. Derivative instruments, which are required to be carried at fair value are excluded.

Derivatives and Hedging Instr_2

Derivatives and Hedging Instruments (Tables)	12 Months Ended
	Dec. 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 consolidated statements of financial condition (in thousands): December 31, 2024 December 31, 2023 Balance Sheet Fair Value Balance Sheet Fair Value Derivatives designated as hedging instruments: Interest rate cap contracts Other assets $ 252 Other assets $ 14,564 Interest rate swap agreements Other liabilities (18,360) Other liabilities (22,510) Cross-currency swap agreements — — Other assets 361 Cross-currency swap agreements — — Other liabilities (28,039) Derivatives not designated as hedging instruments: Interest rate cap contracts — — 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: December 31, 2024 Effective date Maturity Date Hedge Designation Notional Amount Receive Floating Rate Index Interest rate cap contracts 2024 Cap September 2024 September 2026 Cash flow hedge $319.1 million SONIA Interest rate swap agreements 2023 Euro IR Swap October 2023 January 2028 Cash flow hedge $103.5 million 3-month EURIBOR 2024 Euro IR Swaps June 2024 January 2028 Cash flow hedge $429.6 million 3-month EURIBOR 2023 SOFR IR Swaps November 2023 October 2026 Cash flow hedge $150.0 million 1-month SOFR CME Term 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 table summarizes the effects of derivatives designated as hedging instruments in the Company’s consolidated financial statements (in thousands): Derivatives Designated as Hedging Instruments Gain (Loss) Location of Gain (Loss) Reclassified from OCI into Income Gain (Loss) Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Interest rate swap agreements $ 6,602 $ (22,184) $ — Interest expense $ 2,453 $ 325 $ — Interest rate cap contracts (14,309) (22,820) 33,354 Interest expense (2,029) (1,856) (653) Cross-currency swap agreements (17,460) 3,496 (27,617) Interest expense (3,062) (5,057) (7,601) Other (expense) income (8,902) 5,886 (22,394) The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of operations during the periods presented (in thousands) : Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income Year ended December 31, 2024 2023 2022 Interest rate cap contracts Other income (expense) $ 267 $ (556) $ —

Investment in Receivable Port_2

Investment in Receivable Portfolios, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Investment in receivable portfolios, net consist of the following as of the dates presented ( in thousands ): Year Ended December 31, 2024 2023 Amortized cost $ — $ — Negative allowance for expected recoveries 3,776,369 3,468,432 Balance, end of period $ 3,776,369 $ 3,468,432
Schedule Of Investment In Receivable Portfolios Table	The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented ( in thousands ): Year Ended December 31, 2024 2023 2022 Balance, beginning of period $ 3,468,432 $ 3,088,261 $ 3,065,553 Negative allowance for expected recoveries - current period purchases (1) 1,352,035 1,073,812 800,507 Collections applied to investment in receivable portfolios, net (2) (859,911) (658,130) (709,176) Changes in recoveries (3) (89,740) (82,530) 93,145 Put-backs and Recalls (15,593) (13,606) (9,938) Disposals and transfers to real estate owned (26,001) (7,957) (8,335) Foreign currency translation adjustments (52,853) 68,582 (143,495) Balance, end of period $ 3,776,369 $ 3,468,432 $ 3,088,261 _______________________ (1) The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: Year Ended December 31, 2024 2023 2022 Purchase price $ 1,352,035 $ 1,073,812 $ 800,507 Allowance for credit losses 5,489,543 3,430,036 2,332,112 Amortized cost 6,841,578 4,503,848 3,132,619 Noncredit discount 8,661,113 5,333,109 3,216,500 Face value 15,502,691 9,836,957 6,349,119 Write-off of amortized cost (6,841,578) (4,503,848) (3,132,619) Write-off of noncredit discount (8,661,113) (5,333,109) (3,216,500) Negative allowance 1,352,035 1,073,812 800,507 Negative allowance for expected recoveries - current period purchases $ 1,352,035 $ 1,073,812 $ 800,507 (2) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: Year Ended December 31, 2024 2023 2022 Cash Collections $ 2,162,478 $ 1,862,567 $ 1,911,537 Less - amounts classified to revenue from receivable portfolios (1,302,567) (1,204,437) (1,202,361) Collections applied to investment in receivable portfolios, net $ 859,911 $ 658,130 $ 709,176 (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: Year Ended December 31, 2024 2023 2022 Recoveries above (below) forecast $ 78,202 $ (33,405) $ 29,253 Changes in expected future recoveries (167,942) (49,125) 63,892 Changes in recoveries $ (89,740) $ (82,530) $ 93,145

Composition of Certain Financ_2

Composition of Certain Financial Statement Items (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and Equipment	Property and equipment consist of the following as of the dates presented ( in thousands ): December 31, December 31, Computer equipment and software $ 188,487 $ 187,549 Leasehold improvements 38,769 34,720 Furniture, fixtures and equipment 21,373 19,962 Construction in process 14,588 28,639 Other 1,472 2,229 264,689 273,099 Less: accumulated depreciation (184,092) (169,140) $ 80,597 $ 103,959
Other Assets	Other assets consist of the following as of the dates presented ( in thousands ): December 31, December 31, Operating lease right-of-use assets $ 58,089 $ 67,019 Real estate owned 38,075 70,590 Prepaid expenses 35,564 32,910 Income tax deposits 10,438 8,735 Deferred tax assets 8,418 17,277 Other 74,506 96,725 Total $ 225,090 $ 293,256

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 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) : December 31, December 31, Global senior secured revolving credit facility $ 865,365 $ 816,880 Encore private placement notes — 29,310 Senior secured notes 1,846,047 1,654,989 Convertible senior notes 330,000 330,000 Cabot securitisation senior facility 319,137 324,646 U.S. facility 283,500 175,000 Other 64,904 24,904 Finance lease liabilities 1,065 2,818 3,710,018 3,358,547 Less: debt discount and issuance costs, net of amortization (37,256) (40,516) Total $ 3,672,762 $ 3,318,031
Schedule of Senior Secured & Convertible Notes	The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ( $ in thousands ): December 31, 2024 December 31, 2023 Issue Currency Maturity Date Interest Payment Dates Interest Rate Encore 2025 Notes $ — $ 386,324 EUR Oct 15, 2025 Apr 15, Oct 15 4.875 % Encore 2026 Notes — 381,937 GBP Feb 15, 2026 Feb 15, Aug 15 5.375 % Encore 2028 Notes 312,880 318,280 GBP Jun 1, 2028 Jun 1, Dec 1 4.250 % Encore 2028 Floating Rate Notes 533,167 568,448 EUR Jan 15, 2028 Jan 15, Apr 15, Jul 15, Oct 15 EURIBOR +4.250% (1) Encore 2029 Notes 500,000 — USD Apr 1, 2029 Apr 1, Oct 1 9.250 % Encore 2030 Notes 500,000 — USD May 15, 2030 May 15, Nov 15 8.500 % $ 1,846,047 $ 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 Note”) ( $ in thousands ): December 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 December 31, 2024 are listed below ($ in thousands, except conversion or exchange 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) 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) $ 20,051 $ — 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)
Summary of Debt Including Capital Lease Obligations Maturities	The aggregate amounts of the Company’s borrowings, including finance lease liabilities, maturing in each of the next five years and thereafter are as follows (in thousands) : 2025 $ 114,921 2026 12,006 2027 339,989 2028 1,690,572 2029 733,393 Thereafter 819,137 Total $ 3,710,018

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands): Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at December 31, 2021 $ 516 $ (54,064) $ (53,548) Other comprehensive income (loss) before reclassification 5,737 (78,232) (72,495) Reclassification 30,648 — 30,648 Tax effect (407) (3,014) (3,421) Balance at December 31, 2022 36,494 (135,310) (98,816) Other comprehensive (loss) income before reclassification (41,508) 15,376 (26,132) Reclassification (2,970) — (2,970) Tax effect 4,891 (893) 3,998 Balance at December 31, 2023 (3,093) (120,827) (123,920) Other comprehensive loss before reclassification (25,167) (29,081) (54,248) Reclassification 11,540 — 11,540 Other — 3,426 3,426 Tax effect 352 720 1,072 Balance at December 31, 2024 $ (16,368) $ (145,762) $ (162,130)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Units	A summary of the Company’s stock award activities as of December 31, 2024, and changes during the year then ended, is presented below: Non-Vested Shares (1) Weighted Average Non-vested as of December 31, 2023 518,713 $ 53.45 Awarded 388,698 $ 49.73 Vested (282,359) $ 50.06 Cancelled (17,593) $ 46.83 Non-vested as of December 31, 2024 607,459 $ 52.84 ________________________ (1) Certain of the Company’s stock awards have a vesting matrix under which the stock awards can vest at a maximum level that is up to 200% of the shares that would vest for achieving the performance goals at target. The number of shares presented is based on achieving the performance goals at target levels as defined in the stock award agreements. As of December 31, 2024 and 2023, the maximum number of shares that could vest if non-vested performance shares vested at maximum levels was 757,061 and 659,343 , respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Components of Pretax Income	Income or loss before provision for income taxes consisted of the following (in thousands) : Year Ended December 31, 2024 2023 2022 US $ 137,101 $ 61,356 $ 331,009 Foreign (233,316) (241,620) (20,020) Total (loss) income before provision for income taxes $ (96,215) $ (180,264) $ 310,989
Components of Provision for Income Taxes	The provision for income tax consisted of the following (in thousands) : Year Ended December 31, 2024 2023 2022 Current expense (benefit): Federal $ 48,272 $ 59,558 $ 59,105 State 11,242 17,677 11,803 Foreign 5,795 4,909 (893) 65,309 82,144 70,015 Deferred expense (benefit): Federal (19,653) (49,028) 8,142 State (3,423) (8,685) 6,290 Foreign 796 1,797 31,978 (22,280) (55,916) 46,410 Provision for income taxes $ 43,029 $ 26,228 $ 116,425
Schedule of Effective Tax Rates	The reconciliation of federal statutory income tax rate to our effective tax rate was as follows: Year Ended December 31, 2024 2023 2022 Federal provision 21.0 % 21.0 % 21.0 % State provision (5.7) % (3.0) % 5.0 % Foreign rate differential (2.8) % 0.6 % (0.3) % Change in valuation allowance (1) (32.2) % 7.3 % 13.2 % Goodwill impairment (2) (22.4) % (28.3) % — % Taxable gain (deductible loss) in foreign jurisdiction (3) 2.6 % 2.9 % (2.7) % Nondeductible compensation (1.2) % (0.6) % 0.4 % Return to provision adjustments (1.3) % 0.6 % 0.6 % Forfeit benefit due to merger/liquidations (4) — % (14.7) % — % Other (2.7) % (0.3) % 0.2 % Effective rate (44.7) % (14.5) % 37.4 % ________________________ (1) The change in valuation allowance during the year ended December 31, 2024 reflected certain foreign subsidiaries’ operating losses. The change in valuation allowance during the year ended December 31, 2023 was primarily due to the forfeit of tax benefits on merger or liquidation of foreign subsidiaries that maintained full valuation allowances on their deferred tax assets. The change in valuation allowance during the year ended December 31, 2022 included valuation allowance recorded on U.K. deferred tax assets. (2) During the years ended December 31, 2024 and 2023, the Company recorded a non-cash goodwill impairment charge of $100.6 million and $238.2 million at its Cabot reporting unit, respectively. Refer to “Note 15: Goodwill and Identifiable Intangible Assets” for further details. (3) Represents taxable foreign currency movement recognized in a foreign subsidiary for the years ended December 31, 2024 and 2023. For the year ended December 2022, the Company had deductible loss recognized in a foreign subsidiary that maintains a full valuation allowance on its deferred tax assets. Accordingly, the deductible loss increased the valuation allowance and did not result in any tax benefit. (4) Represents the forfeit of tax benefits on merger or liquidation of foreign subsidiaries that maintained full valuation allowances on their deferred tax assets during the year ended December 31, 2023.
Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands) : December 31, December 31, Deferred tax assets: Net operating losses $ 58,008 $ 50,061 Operating lease liabilities 11,523 16,938 Accrued expenses 10,490 9,048 Difference in basis of bond and loan costs 3,370 4,155 Difference in basis of receivable portfolio 12,316 22,070 Stock-based compensation 4,427 3,916 Difference in basis of depreciable and amortizable assets 4,353 1,957 Accrued interest expense 14,118 — Other 6,437 5,303 Total deferred tax assets 125,042 113,448 Valuation allowance (84,155) (54,993) Total deferred tax assets net of valuation allowance 40,887 58,455 Deferred tax liabilities: Accrued expenses (44) (76) Difference in basis of bond and loan costs — (445) Difference in basis of receivable portfolio (27,252) (56,263) Stock-based compensation (19) — Right-of-use asset (9,360) (14,306) Difference in basis of depreciable and amortizable assets (4,282) (8,596) Prepaid expenses (1,260) (545) Other (730) (3,087) Total deferred tax liabilities (42,947) (83,318) Net deferred tax liability (1) $ (2,060) $ (24,863) ________________________ (1) The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred taxes and liabilities are netted for each tax-paying component of the Company within a particular tax jurisdiction, and presented as a single amount in the statement of financial condition.
Unrecognized Tax Benefit	A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands) : Amount December 31, 2021 $ 4,547 Decrease related to prior year tax positions (1,296) Decrease related to settlements with taxing authorities (713) Decrease related to expiration of statute of limitations (115) Increase related to prior year tax positions 874 Increase related to current year tax positions 691 December 31, 2022 $ 3,988 Increase related to prior year tax positions 2,302 Increase related to current year tax positions 649 Decrease related to expiration of statute of limitations (69) Other 91 December 31, 2023 $ 6,961 Decrease related to expiration of statute of limitations (1,044) Decrease related to prior year tax positions (38) Increase related to current year tax positions 483 Other (107) Balance as of December 31, 2024 $ 6,255

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease Cost	The components of lease expense were as follows during the periods presented (in thousands) : Year Ended December 31, 2024 2023 2022 Operating lease costs (1) $ 15,287 $ 15,102 $ 18,403 Finance lease costs Amortization of ROU assets 1,855 2,804 4,296 Interest on lease liabilities 79 168 312 Total lease costs $ 17,221 $ 18,074 $ 23,011 ________________________ (1)
Schedule of Supplemental Balance Sheet Information	The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands) : Classification December 31, 2024 December 31, 2023 Assets Operating lease ROU assets, net Other assets $ 58,089 $ 67,019 Finance lease ROU assets, net Property and equipment, net 1,023 2,689 Total lease ROU assets $ 59,112 $ 69,708 Liabilities Operating lease liabilities Other liabilities $ 69,748 $ 81,467 Finance lease liabilities Borrowings 1,065 2,818 Total lease liabilities $ 70,813 $ 84,285 Lease term and discount rate were as follows: December 31, 2024 December 31, 2023 December 31, 2022 Weighted-average remaining lease term ( in years ) Operating leases 5.4 5.7 5.9 Finance leases 1.4 1.6 2.1 Weighted-average discount rate Operating leases 5.3 % 5.4 % 5.2 % Finance leases 4.8 % 4.1 % 3.9 %
Schedule of Supplemental Lease Information	Supplemental lease information is summarized below (in thousands) : Year Ended December 31, 2024 2023 2022 ROU assets obtained in exchange for new operating lease obligations $ 3,957 $ 12,772 $ 22,582 ROU assets obtained in exchange for new finance lease obligations 203 234 3,273 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 18,212 17,195 19,227 Finance leases - operating cash flows 79 165 312 Finance leases - financing cash flows 1,953 3,032 4,622
Schedule of Lease Maturities	Maturities of lease liabilities under non-cancelable leases as of December 31, 2024 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2025 $ 859 $ 17,371 $ 18,230 2026 158 16,353 16,511 2027 99 13,679 13,778 2028 — 11,962 11,962 2029 — 9,987 9,987 Thereafter — 11,887 11,887 Total undiscounted lease payments 1,116 81,239 82,355 Less: imputed interest (51) (11,491) (11,542) Total lease liabilities $ 1,065 $ 69,748 $ 70,813
Schedule of Lease Maturities	Maturities of lease liabilities under non-cancelable leases as of December 31, 2024 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2025 $ 859 $ 17,371 $ 18,230 2026 158 16,353 16,511 2027 99 13,679 13,778 2028 — 11,962 11,962 2029 — 9,987 9,987 Thereafter — 11,887 11,887 Total undiscounted lease payments 1,116 81,239 82,355 Less: imputed interest (51) (11,491) (11,542) Total lease liabilities $ 1,065 $ 69,748 $ 70,813

Segment Information and Geogr_2

Segment Information and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segment	The following tables present the results of operations of the Company’s reportable segment for the years ended December 31, 2024, 2023, and 2022, respectively (in thousands) : Year Ended December 31, 2024 Debt purchasing and recovery segment Corporate and other unallocated Consolidated Total revenues $ 1,316,361 $ — $ 1,316,361 Total operating expenses (1) (1,101,055) (57,976) (1,159,031) Operating Income 215,306 157,330 Other segment items (2) (1,000) (1,000) Interest expenses (3) (252,545) (252,545) Provision for income taxes (43,029) (43,029) Net loss $ (139,244) _______________________ (1) Certain corporate activities that are not allocated to the debt purchasing and recovery segment are recorded under corporate and other unallocated. During the year ended December 31, 2024, such non-allocated operating expenses primarily consisted of salaries and employee benefits of approximately $37.8 million for corporate employees and general and administrative expenses of approximately $19.3 million. (2) The other segment items category includes other income, and loss on extinguishment of debt. (3) The Company manages its available capital resources at the corporate level. Interest expenses are not allocated to operating segments. Year Ended December 31, 2023 Debt purchasing and recovery segment Corporate and other unallocated Consolidated Total revenue $ 1,222,680 $ — $ 1,222,680 Total operating expenses (1) (1,148,161) (57,984) (1,206,145) Operating Income 74,519 16,535 Other segment items (2) 5,078 5,078 Interest expenses (3) (201,877) (201,877) Provision for income taxes (26,228) (26,228) Net loss $ (206,492) ________________________ (1) Certain corporate activities that are not allocated to the debt purchasing and recovery segment are recorded under corporate and other unallocated. During the year ended December 31, 2023, such non-allocated operating expenses primarily consisted of salaries and employee benefits of approximately $33.9 million for corporate employees and general and administrative expenses of approximately $22.9 million. (2) The other segment items category includes other income. (3) The Company manages its available capital resources at the corporate level. Interest expenses are not allocated to operating segments. Year Ended December 31, 2022 Debt purchasing and recovery segment Corporate and other unallocated Consolidated Total revenue $ 1,398,347 $ — $ 1,398,347 Total operating expenses (1) (881,957) (54,216) (936,173) Operating Income 516,390 462,174 Other segment items (2) 2,123 2,123 Interest expenses (3) (153,308) (153,308) Provision for income taxes (116,425) (116,425) Net income $ 194,564 ________________________ (1) Certain corporate activities that are not allocated to the debt purchasing and recovery segment are recorded under corporate and other unallocated. During the year ended December 31, 2022, such non-allocated operating expenses primarily consisted of salaries and employee benefits of approximately $32.0 million for corporate employees and general and administrative expenses of approximately $21.3 million. (2) The other segment items category includes other income. (3) The Company manages its available capital resources at the corporate level. Interest expenses are not allocated to operating segments.
Schedule of Geographical Areas of Which Company Operates	The following tables present information about geographic areas in which the Company operates (in thousands) : Year Ended December 31, 2024 2023 2022 Total revenues: United States $ 991,949 $ 792,443 $ 995,470 Europe United Kingdom 232,557 295,566 272,962 Other European countries (1) 89,615 134,301 129,737 Total Europe 322,172 429,867 402,699 Other geographies (1) 2,240 370 178 Total $ 1,316,361 $ 1,222,680 $ 1,398,347 ________________________ (1) None of these countries comprise greater than 10% of the Company’s consolidated revenues.
Schedule of Long-lived Assets by Geographic Areas	December 31, December 31, Long-lived assets (1) : United States $ 60,050 $ 70,361 International United Kingdom 44,726 62,309 India 20,801 23,108 Other foreign countries (2) 13,109 15,200 78,636 100,617 Total $ 138,686 $ 170,978 ________________________ (1) Long-lived assets consist of property and equipment, net and right of use assets. (2) None of these countries comprise greater than 10% of the Company’s consolidated long-lived assets.

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity in the Goodwill Balance	The following table summarizes the activity in the Company’s goodwill balance (in thousands): MCM Cabot LAAP Total Balance as of December 31, 2021 $ 148,936 $ 748,859 $ — $ 897,795 Effect of foreign currency translation — (76,581) — (76,581) Balance as of December 31, 2022 148,936 672,278 — 821,214 Goodwill impairment — (238,200) — (238,200) Effect of foreign currency translation — 23,461 — 23,461 Balance as of December 31, 2023 148,936 457,539 — 606,475 Goodwill acquired (1) — — 11,268 11,268 Goodwill impairment — (100,600) — (100,600) Effect of foreign currency translation — (9,335) — (9,335) Balance as of December 31, 2024 $ 148,936 $ 347,604 $ 11,268 $ 507,808 ________________________ (1) The Company held an investment in Encore Asset Reconstruction Company (“EARC”) in India. In December 2024, the Company paid $11.0 million in total considerations and completed a step up acquisition of EARC. As a result, the Company recognized approximately $11.3 million of goodwill, which was not deductible for tax purposes. This goodwill balance is included in the Company’s LAAP reporting unit. The assets acquired and liabilities assumed resulting from the transaction were immaterial.
Schedule of Acquired Intangible Assets	The Company’s acquired intangible assets only included trade names during the periods presented, the weighted-average useful lives of trade names at the time of acquisition were 7 years. The following table summarizes the Company’s acquired intangible assets (in thousands) : As of December 31, 2024 As of December 31, 2023 Gross Accumulated Net Gross Accumulated Net Total intangible assets $ 918 $ (918) $ — $ 918 $ (870) $ 48

Ownership, Description of Bus_4

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted cash	$ 21.5	$ 16

Ownership, Description of Bus_5

Ownership, Description of Business, and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

Ownership, Description of Bus_6

Ownership, Description of Business, and Summary of Significant Accounting Policies - Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net (loss) income	$ (139,244)	$ (206,492)	$ 194,564
Total weighted-average basic shares outstanding (shares)	23,873	23,670	24,142
Dilutive effect of stock-based awards (shares)	0	0	344
Dilutive effect of convertible and exchangeable senior notes (shares)	0	0	1,606
Total weighted-average dilutive shares outstanding (shares)	23,873	23,670	26,092
Earnings per share
Basic (loss) income per share (USD per share)	$ (5.83)	$ (8.72)	$ 8.06
Diluted (loss) income per share (USD per share)	$ (5.83)	$ (8.72)	$ 7.46

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cross-currency swap agreements
Assets
Interest rate cap contracts	$ 252	$ 16,950
Cross-currency swap agreements | Level 1
Assets
Interest rate cap contracts	0	0
Cross-currency swap agreements | Level 2
Assets
Interest rate cap contracts	252	16,950
Cross-currency swap agreements | Level 3
Assets
Interest rate cap contracts	0	0
Cross-currency swap agreements
Assets
Cross-currency swap agreements		361
Liabilities
Cross-currency swap agreements		(28,039)
Cross-currency swap agreements | Level 1
Assets
Cross-currency swap agreements		0
Liabilities
Cross-currency swap agreements		0
Cross-currency swap agreements | Level 2
Assets
Cross-currency swap agreements		361
Liabilities
Cross-currency swap agreements		(28,039)
Cross-currency swap agreements | Level 3
Assets
Cross-currency swap agreements		0
Liabilities
Cross-currency swap agreements		0
Interest rate swap agreements
Liabilities
Interest rate swap agreements	(18,360)	(22,510)
Interest rate swap agreements | Level 1
Liabilities
Interest rate swap agreements	0	0
Interest rate swap agreements | Level 2
Liabilities
Interest rate swap agreements	(18,360)	(22,510)
Interest rate swap agreements | Level 3
Liabilities
Interest rate swap agreements	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Contingent Consideration Roll Forward (Details) - Contingent Consideration $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at Beginning of period	$ 5,218
Change in fair value of contingent consideration	794
Payment of contingent consideration	(5,273)
Effect of foreign currency translation	(739)
Balance at End of period	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Assets held for sale	$ 38,075	$ 70,590

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Financial Instruments Not Required to Be Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Amount | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 199,865	$ 158,364
Carrying Amount | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios, net	3,776,369	3,468,432
Carrying Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	128,674	138,336
Accounts payable and accrued liabilities	233,545	189,928
Other liabilities	97,731	135,440
Carrying Amount | Global senior secured revolving credit facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	865,365	816,880
Carrying Amount | Encore private placement notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	0	29,310
Carrying Amount | Senior secured notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	1,843,386	1,649,621
Carrying Amount | Convertible senior notes due October 2025 | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	100,000	100,000
Carrying Amount | Convertible senior notes due March 2029 | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	230,000	230,000
Carrying Amount | Cabot securitisation senior facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	319,137	324,646
Carrying Amount | U.S. facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	283,500	175,000
Carrying Amount | Other | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	64,904	24,904
Estimated Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	199,865	158,364
Estimated Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios, net	4,052,645	3,515,651
Estimated Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	128,674	138,336
Accounts payable and accrued liabilities	233,545	189,928
Other liabilities	97,731	135,440
Estimated Fair Value | Global senior secured revolving credit facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	865,365	816,880
Estimated Fair Value | Encore private placement notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	0	28,922
Estimated Fair Value | Senior secured notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	1,893,367	1,598,636
Estimated Fair Value | Convertible senior notes due October 2025 | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	129,100	136,403
Estimated Fair Value | Convertible senior notes due March 2029 | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	232,611	226,794
Estimated Fair Value | Cabot securitisation senior facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	319,137	324,646
Estimated Fair Value | U.S. facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	283,500	175,000
Estimated Fair Value | Other | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 64,904	$ 24,904

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cross-currency swap agreements
Derivative [Line Items]
Interest rate cap contracts	$ 252	$ 16,950
Cross-currency swap agreements
Derivative [Line Items]
Cross-currency swap agreements		361
Cross-currency swap agreements		(28,039)
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements	(18,360)	(22,510)
Designated as Hedging Instrument | Cross-currency swap agreements | Other assets
Derivative [Line Items]
Interest rate cap contracts	252	14,564
Designated as Hedging Instrument | Cross-currency swap agreements | Other assets
Derivative [Line Items]
Cross-currency swap agreements	0	361
Designated as Hedging Instrument | Cross-currency swap agreements | Other liabilities
Derivative [Line Items]
Cross-currency swap agreements	0	(28,039)
Designated as Hedging Instrument | Interest rate swap agreements | Other liabilities
Derivative [Line Items]
Interest rate swap agreements	(18,360)	(22,510)
Not Designated as Hedging Instruments | Cross-currency swap agreements | Other assets
Derivative [Line Items]
Interest rate cap contracts	$ 0	$ 2,386

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Notional Amount (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
2019 Cap | Designated as Hedging Instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount		$ 441.5
2021 Cap | Cash flow hedge
Derivative [Line Items]
Notional Amount		445.6
2021 Cap | Designated as Hedging Instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount		318.3
2021 Cap | Not Designated as Hedging Instruments | Cash flow hedge
Derivative [Line Items]
Notional Amount		127.3
2024 Cap | Designated as Hedging Instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount	$ 319.1	324.6
2023 Euro IR Swap | Designated as Hedging Instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount	103.5	110.4
2024 Euro IR Swaps | Designated as Hedging Instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount	429.6	458.1
2023 SOFR IR Swaps | Designated as Hedging Instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount	$ 150	150
2020 Euro Swaps | Designated as Hedging Instrument | Fair value hedge
Derivative [Line Items]
Notional Amount		386.3
2023 GBP Swaps | Designated as Hedging Instrument | Fair value hedge
Derivative [Line Items]
Notional Amount		$ 381.9

Derivatives and Hedging Instr_5

Derivatives and Hedging Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Derivative [Line Items]
Cash flow hedge loss to be reclassified within 12 months		$ (6.7)
Encore 2025 Notes | 2020 Euro Swaps
Derivative [Line Items]
Settlement of derivatives		$ 40
Reclassification of remaining settled derivatives from OCI to interest expense	$ 0.1

Derivatives and Hedging Instr_6

Derivatives and Hedging Instruments - Effects of Derivatives in Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (13,275)	$ (39,587)	$ 35,978
Designated as Hedging Instrument | Interest rate swap agreements | Cash flow hedge | Interest Expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	6,602	(22,184)	0
Gain (Loss) Reclassified from OCI into Income	2,453	325	0
Designated as Hedging Instrument | Cross-currency swap agreements | Cash flow hedge | Interest Expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(14,309)	(22,820)	33,354
Gain (Loss) Reclassified from OCI into Income	(2,029)	(1,856)	(653)
Designated as Hedging Instrument | Cross-currency swap agreements | Fair value hedge | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	(3,062)	(5,057)	(7,601)
Designated as Hedging Instrument | Cross-currency swap agreements | Fair value hedge | Interest Expense / Other Income (Expense)
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(17,460)	3,496	(27,617)
Designated as Hedging Instrument | Cross-currency swap agreements | Fair value hedge | Other (expense) income
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	$ (8,902)	$ 5,886	$ (22,394)

Derivatives and Hedging Instr_7

Derivatives and Hedging Instruments - Summary of Effects of Derivatives not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other income (expense) | Cash flow hedge | Cross-currency swap agreements
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 267	$ (556)	$ 0

Investment in Receivable Port_3

Investment in Receivable Portfolios, Net - Schedule of Investment Receivable Portfolios (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Amortized cost	$ 0	$ 0
Negative allowance for expected recoveries	3,776,369	3,468,432
Investment in receivable portfolios, net	$ 3,776,369	$ 3,468,432	$ 3,088,261	$ 3,065,553

Investment in Receivable Port_4

Investment in Receivable Portfolios, Net - Change in the Balance of the Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,468,432	$ 3,088,261	$ 3,065,553
Negative allowance for expected recoveries - current period purchases	1,352,035	1,073,812	800,507
Collections applied to investment in receivable portfolios, net	(859,911)	(658,130)	(709,176)
Changes in recoveries	(89,740)	(82,530)	93,145
Put-backs and Recalls	(15,593)	(13,606)	(9,938)
Disposals and transfers to real estate owned	(26,001)	(7,957)	(8,335)
Foreign currency translation adjustments	(52,853)	68,582	(143,495)
Balance, end of period	3,776,369	3,468,432	3,088,261
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract]
Purchase price	1,352,035	1,073,812	800,507
Allowance for credit losses	5,489,543	3,430,036	2,332,112
Amortized cost	6,841,578	4,503,848	3,132,619
Noncredit discount	8,661,113	5,333,109	3,216,500
Face value	15,502,691	9,836,957	6,349,119
Write-off of amortized cost	(6,841,578)	(4,503,848)	(3,132,619)
Write-off of noncredit discount	(8,661,113)	(5,333,109)	(3,216,500)
Negative allowance	1,352,035	1,073,812	800,507
Negative allowance for expected recoveries - current period purchases	1,352,035	1,073,812	800,507
Collections applied to principal balance (debt purchasing)
Cash Collections	2,162,478	1,862,567	1,911,537
Less - amounts classified to revenue from receivable portfolios	1,302,567	1,204,437	1,202,361
Collections applied to investment in receivable portfolios, net	859,911	658,130	709,176
Changes in recoveries
Recoveries above (below) forecast	78,202	(33,405)	29,253
Changes in expected future recoveries	(167,942)	(49,125)	63,892
Changes in recoveries	$ (89,740)	$ (82,530)	$ 93,145

Investment in Receivable Port_5

Investment in Receivable Portfolios, Net - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Recoveries above (below) forecast			$ 78,202	$ (33,405)	$ 29,253
Changes in expected future recoveries			(167,942)	$ (49,125)	$ 63,892
Investment in receivable portfolios, changes In estimated recoveries	$ (22,200)	$ (7,800)
Changes to Forecasting Model for Expected Cash Flows
Financing Receivable, Allowance for Credit Loss [Line Items]
Changes in expected future recoveries, estimated remaining collection amount			(361,600)
Changes in expected future recoveries			$ (75,300)
Changes to expected impact on earnings per share basic (USD per share)			$ (3.15)
Changes to expected impact on earnings per share diluted (USD per share)			$ (3.15)

Composition of Certain Financ_3

Composition of Certain Financial Statement Items - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 264,689	$ 273,099
Less: accumulated depreciation	(184,092)	(169,140)
Property and equipment, net	80,597	103,959
Tangible asset impairment charges	18,544	18,726	$ 4,075
Depreciation and amortization expense	32,400	38,200	$ 40,100
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	188,487	187,549
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	38,769	34,720
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	21,373	19,962
Construction in process
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14,588	28,639
Other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,472	$ 2,229

Composition of Certain Financ_4

Composition of Certain Financial Statement Items - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use assets	$ 58,089	$ 67,019
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total
Real estate owned	$ 38,075	$ 70,590
Prepaid expenses	35,564	32,910
Income tax deposits	10,438	8,735
Deferred tax assets	8,418	17,277
Other	74,506	96,725
Total	$ 225,090	$ 293,256

Borrowings - Consolidated Debt

Borrowings - Consolidated Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Oct. 27, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 1,065	$ 2,818
Debt and finance lease liabilities, gross	3,710,018	3,358,547
Less: debt discount and issuance costs, net of amortization	(37,256)	(40,516)
Total	$ 3,672,762	$ 3,318,031
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total	Total
Encore private placement notes | Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 29,310
Senior secured notes | Senior secured notes
Debt Instrument [Line Items]
Long-term debt	1,846,047	1,654,989
Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	330,000	330,000
Other
Debt Instrument [Line Items]
Long-term debt	64,904	24,904
Global senior secured revolving credit facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt	865,365	816,880
Cabot securitisation senior facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt	319,137	324,646
U.S. facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 283,500	$ 175,000	$ 175,000

Borrowings - Global Senior Secu

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details) - Global senior secured revolving credit facility - Revolving Credit Facility - USD ($) $ in Millions			12 Months Ended
	Oct. 17, 2024	Oct. 16, 2024	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net	$ 92
Revolving credit facility	$ 1,295	$ 1,203
Line of credit facility, 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%
Maximum ratio of super senior liabilities to cash and cash equivalent investments			0.275
Fixed charge coverage ratio			2
Long-term debt			$ 865.4
Weighted average interest rate (as a percent)			7.51%	7.58%
Remaining borrowing capacity			$ 402.8
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Decrease in interest margin on variable rate (as a percent)	0.25%
Interest margin on variable rate (as a percent)	2.25%	2.50%	2.25%
Interest rate, adjustment spread (as a percent)			0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)			0%
Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Decrease in interest margin on variable rate (as a percent)	0.25%
Interest margin on variable rate (as a percent)	2.25%	2.50%	2.25%
Euro Interbank Offered Rate (EURIBOR) | Minimum
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)			0%
Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Decrease in interest margin on variable rate (as a percent)	0.25%
Interest margin on variable rate (as a percent)	2.25%	2.50%	2.25%
Sterling Overnight Index Average (SONIA) | Minimum
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)			0%
Revolving Credit Facility, September 2027 Maturity
Debt Instrument [Line Items]
Revolving credit facility	$ 22.5

Borrowings - Encore Private Pla

Borrowings - Encore Private Placement Notes - Narrative (Details) - Encore private placement notes - Notes Payable, Other Payables - USD ($) $ in Millions	Aug. 31, 2024	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued		$ 325
Stated interest rate (as a percent)	5.625%

Borrowings - Senior Secured Not

Borrowings - Senior Secured Notes - Table (Details) - Secured Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Senior secured notes	$ 1,846,047	$ 1,654,989
Encore 2025 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 0	386,324
Stated interest rate (as a percent)	4.875%
Encore 2026 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 0	381,937
Stated interest rate (as a percent)	5.375%
Encore 2028 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 312,880	318,280
Stated interest rate (as a percent)	4.25%
Encore 2028 Floating Rate Notes
Debt Instrument [Line Items]
Senior secured notes	$ 533,167	568,448
Interest margin on variable rate (as a percent)	4.25%
Variable rate floor (as a percent)	0%
Encore 2029 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 500,000	0
Stated interest rate (as a percent)	9.25%
Encore 2030 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 500,000	$ 0
Stated interest rate (as a percent)	8.50%

Borrowings - Senior Secured N_2

Borrowings - Senior Secured Notes Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	May 31, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (7,832,000)	$ 0	$ 0
Credit Facility | Global senior secured revolving credit facility
Debt Instrument [Line Items]
Repayments of lines of credit	$ 448,700,000	$ 493,000,000
Encore 2028 Floating Rate Notes | Secured Debt
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			7.96%	7.44%
Encore 2028 Floating Rate Notes | Secured Debt | Designated as Hedging Instrument
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			6.36%	4.52%
Encore 2029 Notes | Secured Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)			9.25%
Encore 2029 Notes | Senior secured notes
Debt Instrument [Line Items]
Debt instrument face value		$ 500,000,000
Stated interest rate (as a percent)		9.25%
Debt instrument, issuance price, (as percent)		1
Encore 2030 Notes | Secured Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)			8.50%
Encore 2030 Notes | Senior secured notes
Debt Instrument [Line Items]
Debt instrument face value	$ 500,000,000
Stated interest rate (as a percent)	8.50%
Debt instrument, issuance price, (as percent)	1
Encore 2025 Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (4,100,000)
Encore 2025 Notes | 2020 Euro Swaps
Debt Instrument [Line Items]
Settlement of derivatives			$ 40,000,000
Encore 2025 Notes | Secured Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.875%
Encore 2026 Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (4,100,000)
Encore 2026 Notes | Cross Currency Interest Rate Contract, 2023 GBP Swaps
Debt Instrument [Line Items]
Settlement of derivatives			$ 40,000,000
Encore 2026 Notes | Secured Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)			5.375%

Borrowings - Encore Convertible

Borrowings - Encore Convertible Notes (Details) - Convertible Notes - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issued	$ 330,000	$ 330,000
2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 100,000	100,000
Stated interest rate (as a percent)	3.25%
2029 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 230,000	$ 230,000
Stated interest rate (as a percent)	4%

Borrowings - Convertible Notes

Borrowings - Convertible Notes Narrative (Details) - $ / shares	Dec. 31, 2024	Apr. 01, 2023	Mar. 31, 2023
2029 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (usd per share)	$ 65.89	$ 82.69	$ 65.89

Borrowings - Encore Convertib_2

Borrowings - Encore Convertible Notes - Key Features (Details) - Convertible Notes	12 Months Ended
	Dec. 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
Closing stock price at date of issuance (usd per share)	$ 32
Initial conversion rate (shares per $1,000 principal amount)	25
Adjusted conversion rate (shares per $1,000 principal amount)	25.1310
Adjusted conversion price (usd per share)	$ 39.79
Adjusted effective conversion price (usd per share) | $	$ 39.79
Excess of if-converted value compared to principal | $	$ 20,051,000
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)	15.1763
Adjusted conversion price (usd per share)	$ 65.89
Adjusted effective conversion price (usd per share) | $	$ 82.69
Excess of if-converted value compared to principal | $	$ 0

Borrowings - Interest Expense R

Borrowings - Interest Expense Related to Convertible Notes -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt, excluding amortization	$ 12.5	$ 12.6	$ 12

Borrowings - Cabot Securitisati

Borrowings - Cabot Securitisation Senior Facility (Details) $ in Thousands, £ in Millions			3 Months Ended	11 Months Ended	12 Months Ended
	Dec. 18, 2024 GBP (£)	Dec. 17, 2024 GBP (£)	Dec. 31, 2026	Dec. 31, 2028	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 GBP (£)
Debt Instrument [Line Items]
Loss on extinguishment of debt | $					$ (7,832)	$ 0	$ 0
United Kingdom, Pounds
Debt Instrument [Line Items]
Foreign currency exchange rate, translation					0.80			0.80
Cabot securitisation senior facility
Debt Instrument [Line Items]
Revolving credit facility | £		£ 255
Long-term debt					$ 319,100			£ 255
Investment in receivables acquired					$ 405,600			£ 324.1
Weighted average interest rate (as a percent)					8.32%	7.68%
Cabot securitisation senior facility | Designated as Hedging Instrument
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)					6.27%	5.41%
Cabot securitisation senior facility | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)		3.20%
Cabot securitisation senior facility | Debt Instrument, Redemption, Period Two | Minimum | Forecast
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)			0%
Cabot securitisation senior facility | Debt Instrument, Redemption, Period Two | Maximum | Forecast
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)			1%
2024 Cabot Securitisation Senior Facility
Debt Instrument [Line Items]
Revolving credit facility | £	£ 255
Loss on extinguishment of debt | $					$ 3,700
2024 Cabot Securitisation Senior Facility | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)	3.20%
2024 Cabot Securitisation Senior Facility | Debt Instrument, Redemption, Period Two | Minimum | Forecast
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)				0%
2024 Cabot Securitisation Senior Facility | Debt Instrument, Redemption, Period Two | Maximum | Forecast
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)				1%

Borrowings - U.S. Facility (Det

Borrowings - U.S. Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 17, 2024	Oct. 27, 2023
U.S. facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	8.62%	8.84%
U.S. facility | Designated as Hedging Instrument
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	7.93%	8.25%
U.S. facility
Debt Instrument [Line Items]
Revolving credit facility	$ 300,000		$ 175,000
Investment in receivables acquired	$ 486,100
U.S. facility | Credit Facility
Debt Instrument [Line Items]
Interest margin on variable rate (as a percent)	3.50%
Long-term debt	$ 283,500	$ 175,000		$ 175,000

Borrowings - Finance Lease Liab

Borrowings - Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Finance lease liabilities	$ 1,065	$ 2,818

Borrowings - Summary of Debt Ob

Borrowings - Summary of Debt Obligations Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Maturities of Long-term Debt and Capital Lease Obligations [Abstract]
2025	$ 114,921
2026	12,006
2027	339,989
2028	1,690,572
2029	733,393
Thereafter	819,137
Total	$ 3,710,018

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended			69 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 05, 2021	Aug. 12, 2015
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 300,000	$ 50,000
Stock repurchase program, change in authorized amount				$ 250,000
Stock repurchased during period, value			$ 87,006
Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, value			$ 15
Treasury Stock, Common | Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period, shares (in shares)			1,497,184
Stock repurchased during period, value	$ 0	$ 0	$ 86,900

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	$ 936,538	$ 1,179,627	$ 1,185,261
Balance at end of period	767,331	936,538	1,179,627
Derivatives
Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	(3,093)	36,494	516
Other comprehensive (loss) income before reclassification	(25,167)	(41,508)	5,737
Reclassification	11,540	(2,970)	30,648
Other	0
Tax effect	352	4,891	(407)
Balance at end of period	(16,368)	(3,093)	36,494
Currency Translation Adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	(120,827)	(135,310)	(54,064)
Other comprehensive (loss) income before reclassification	(29,081)	15,376	(78,232)
Reclassification	0	0	0
Other	3,426
Tax effect	720	(893)	(3,014)
Balance at end of period	(145,762)	(120,827)	(135,310)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Roll Forward]
Balance at beginning of period	(123,920)	(98,816)	(53,548)
Other comprehensive (loss) income before reclassification	(54,248)	(26,132)	(72,495)
Reclassification	11,540	(2,970)	30,648
Other	3,426
Tax effect	1,072	3,998	(3,421)
Balance at end of period	$ (162,130)	$ (123,920)	$ (98,816)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14	$ 13.9	$ 15.4
Tax benefit from stock-based compensation arrangements	$ 1.2	1.8	4.2
Stock-based compensation, vesting period	3 years
Unrecognized compensation cost, non vested shares	$ 16.2
Unrecognized compensation cost, expected period of recognition (in years)	1 year 6 months
Fair value of restricted stock units and restricted stock awards vested	$ 13.8	$ 15.7	$ 26.9
Weighted average grant date fair value, awarded (in dollars per share)	$ 49.73	$ 49.97	$ 60.45
2017 Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)				5,713,571
Conversion ratio full value awards (in shares)				2.12
2017 Incentive Compensation Plan | Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio full value awards (in shares)				2.12
2017 Incentive Compensation Plan | Stock Options and Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio full value awards (in shares)				1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-Vested Shares
Non-Vested Shares, Beginning Balance (in shares)	518,713
Non-Vested Shares, Awarded (in shares)	388,698
Non-Vested Shares, Vested (in shares)	(282,359)
Non-Vested Shares, Cancelled (in shares)	(17,593)
Non-Vested Shares, Ending Balance (in shares)	607,459	518,713
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 53.45
Weighted average grant date fair value, awarded (in dollars per share)	49.73	$ 49.97	$ 60.45
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	50.06
Weighted Average Grant Date Fair Value, Cancelled (in dollars per share)	46.83
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 52.84	$ 53.45
Performance Shares
Weighted Average Grant Date Fair Value
Maximum shares that could vest (percent)	200%
Maximum number that could vest (in shares)	757,061	659,343

Income Taxes Income Taxes - Inc

Income Taxes Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
US	$ 137,101	$ 61,356	$ 331,009
Foreign	(233,316)	(241,620)	(20,020)
(Loss) income before income taxes	$ (96,215)	$ (180,264)	$ 310,989

Income Taxes Income Taxes - I_2

Income Taxes Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current expense (benefit):
Federal	$ 48,272	$ 59,558	$ 59,105
State	11,242	17,677	11,803
Foreign	5,795	4,909	(893)
Total current income tax expense	65,309	82,144	70,015
Deferred expense (benefit):
Federal	(19,653)	(49,028)	8,142
State	(3,423)	(8,685)	6,290
Foreign	796	1,797	31,978
Total deferred income tax expense	(22,280)	(55,916)	46,410
Provision for income taxes	$ 43,029	$ 26,228	$ 116,425

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Federal Provision (as a percent)	21%	21%	21%
State Provision (as a percent)	(5.70%)	(3.00%)	5%
Foreign rate differential (as a percent)	(2.80%)	0.60%	(0.30%)
Change in valuation allowance (as a percent)	(32.20%)	7.30%	13.20%
Goodwill impairment (as a percent)	(0.224)	(0.283)	0
Taxable gain (deductible loss) in foreign jurisdiction (as a percent)	0.026	0.029	(0.027)
Nondeductible compensation	(1.20%)	(0.60%)	0.40%
Return to provision adjustments	(1.30%)	0.60%	0.60%
Forfeit benefit due to merger/liquidations (as a percent)	0	(0.147)	0
Other	(2.70%)	(0.30%)	0.20%
Effective rate (as a percent)	(44.70%)	(14.50%)	37.40%
Goodwill impairment	$ 100,600	$ 238,200	$ 0
Cabot
Income Taxes [Line Items]
Goodwill impairment	$ 100,600	$ 238,200

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Undistributed earnings	$ 174,800,000
Foreign net operating loss carryforwards	265,800,000
Increase (decrease) in valuation allowance		$ 29,200,000
Unrecognized tax benefits, including penalties and interest	7,900,000	8,200,000	$ 4,900,000
Net tax benefit from unrecognized tax benefits, if recognized	6,600,000	5,000,000	2,500,000
Unrecognized tax benefits, income tax penalties and interest expense	$ 0	$ 0	$ 0
Tax Holiday Through 2026 | Costa Rica
Income Taxes [Line Items]
Holiday tax rate (in percent)	100%	100%	100%
Foreign
Income Taxes [Line Items]
Foreign net operating loss carryforwards, subject to expiration	$ 28,400,000

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 58,008	$ 50,061
Operating lease liabilities	11,523	16,938
Accrued expenses	10,490	9,048
Difference in basis of bond and loan costs	3,370	4,155
Difference in basis of receivable portfolio	12,316	22,070
Stock-based compensation	4,427	3,916
Difference in basis of depreciable and amortizable assets	4,353	1,957
Accrued interest expense	14,118	0
Other	6,437	5,303
Total deferred tax assets	125,042	113,448
Valuation allowance	(84,155)	(54,993)
Total deferred tax assets net of valuation allowance	40,887	58,455
Deferred tax liabilities:
Accrued expenses	(44)	(76)
Difference in basis of bond and loan costs	0	(445)
Difference in basis of receivable portfolio	(27,252)	(56,263)
Stock-based compensation	(19)	0
Right-of-use asset	(9,360)	(14,306)
Difference in basis of depreciable and amortizable assets	(4,282)	(8,596)
Prepaid expenses	(1,260)	(545)
Other	(730)	(3,087)
Total deferred tax liabilities	(42,947)	(83,318)
Net deferred tax liability	$ (2,060)	$ (24,863)

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 6,961	$ 3,988	$ 4,547
Decrease related to prior year tax positions	(38)		(1,296)
Decrease related to settlements with taxing authorities			(713)
Decrease related to expiration of statute of limitations	(1,044)	(69)	(115)
Increase related to prior year tax positions		2,302	874
Increase related to current year tax positions	483	649	691
Other	(107)	91
Ending Balance	$ 6,255	$ 6,961	$ 3,988

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 15,287	$ 15,102	$ 18,403
Amortization of ROU assets	1,855	2,804	4,296
Interest on lease liabilities	79	168	312
Total lease costs	$ 17,221	$ 18,074	$ 23,011

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 58,089	$ 67,019
Finance lease ROU assets, net	$ 1,023	$ 2,689
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Total lease ROU assets	$ 59,112	$ 69,708
Operating lease liabilities	$ 69,748	$ 81,467
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Finance lease liabilities	$ 1,065	$ 2,818
Total lease liabilities	$ 70,813	$ 84,285

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
ROU assets obtained in exchange for new operating lease obligations	$ 3,957	$ 12,772	$ 22,582
ROU assets obtained in exchange for new finance lease obligations	203	234	3,273
Operating leases - operating cash flows	18,212	17,195	19,227
Finance leases - operating cash flows	79	165	312
Finance leases - financing cash flows	$ 1,953	$ 3,032	$ 4,622

Leases - Schedule of Lease term

Leases - Schedule of Lease term and discount rate (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term, operating leases (years)	5 years 4 months 24 days	5 years 8 months 12 days	5 years 10 months 24 days
Weighted-average remaining lease term, finance leases (years)	1 year 4 months 24 days	1 year 7 months 6 days	2 years 1 month 6 days
Weighted-average discount rate, operating leases (percentage)	5.30%	5.40%	5.20%
Weighted-average discount rate, finance leases (percentage)	4.80%	4.10%	3.90%

Leases - Schedule of Lease Paym

Leases - Schedule of Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finance Leases
2025	$ 859
2026	158
2027	99
2028	0
2029	0
Thereafter	0
Total undiscounted lease payments	1,116
Less: imputed interest	(51)
Finance lease liabilities	1,065	$ 2,818
Operating Leases
2025	17,371
2026	16,353
2027	13,679
2028	11,962
2029	9,987
Thereafter	11,887
Total undiscounted lease payments	81,239
Less: imputed interest	(11,491)
Operating lease liabilities	69,748	81,467
2025	18,230
2026	16,511
2027	13,778
2028	11,962
2029	9,987
Thereafter	11,887
Total undiscounted lease payments	82,355
Less: imputed interest	(11,542)
Total lease liabilities	$ 70,813	$ 84,285

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Material reserves for legal matters	$ 0
Purchase price	344,100,000
Retirement benefit plan expenses recognized	8,300,000	$ 6,800,000	$ 2,800,000
Estimated fair value, liability	$ 0

Segment Information and Geogr_3

Segment Information and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information and Geogr_4

Segment Information and Geographic Information - Schedule of Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,316,361	$ 1,222,680	$ 1,398,347
Total operating expenses	(1,159,031)	(1,206,145)	(936,173)
Income from operations	157,330	16,535	462,174
Other segment items	(1,000)	5,078	2,123
Interest expenses	(252,545)	(201,877)	(153,308)
Provision for income taxes	(43,029)	(26,228)	(116,425)
Net (loss) income	(139,244)	(206,492)	194,564
Salaries and employee benefits	422,910	391,532	375,135
General and administrative expenses	163,847	144,862	145,798
Debt purchasing and recovery segment
Segment Reporting Information [Line Items]
Total revenues	1,316,361	1,222,680	1,398,347
Total operating expenses	(1,101,055)	(1,148,161)	(881,957)
Income from operations	215,306	74,519	516,390
Corporate and other unallocated
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Total operating expenses	(57,976)	(57,984)	(54,216)
Other segment items	(1,000)	5,078	2,123
Interest expenses	(252,545)	(201,877)	(153,308)
Provision for income taxes	(43,029)	(26,228)	(116,425)
Salaries and employee benefits	37,800	33,900	32,000
General and administrative expenses	$ 19,300	$ 22,900	$ 21,300

Segment Information and Geogr_5

Segment Information and Geographic Information - Schedule of Geographical Areas of Which Company Operates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total	$ 1,316,361	$ 1,222,680	$ 1,398,347
United States
Segment Reporting Information [Line Items]
Total	991,949	792,443	995,470
Total Europe
Segment Reporting Information [Line Items]
Total	322,172	429,867	402,699
United Kingdom
Segment Reporting Information [Line Items]
Total	232,557	295,566	272,962
Other European countries
Segment Reporting Information [Line Items]
Total	89,615	134,301	129,737
Other geographies
Segment Reporting Information [Line Items]
Total	$ 2,240	$ 370	$ 178

Segment Information and Geogr_6

Segment Information and Geographic Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total	$ 138,686	$ 170,978
United States
Segment Reporting Information [Line Items]
Total	60,050	70,361
International
Segment Reporting Information [Line Items]
Total	78,636	100,617
United Kingdom
Segment Reporting Information [Line Items]
Total	44,726	62,309
India
Segment Reporting Information [Line Items]
Total	20,801	23,108
Other foreign countries
Segment Reporting Information [Line Items]
Total	$ 13,109	$ 15,200

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) reportingUnit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Goodwill [Line Items]
Number of reporting units | reportingUnit	3
Goodwill accumulated impairment loss			$ 0
Impairment of assets	$ 18,544,000	$ 18,726,000	4,075,000
Amortization expense		3,600,000	6,300,000
Intangible assets, net (excluding goodwill)	0
Goodwill impairment	$ 100,600,000	238,200,000	$ 0
Total intangible assets
Goodwill [Line Items]
Weighted-average useful lives (in years)	7 years
MCM
Goodwill [Line Items]
Goodwill impairment	$ 0	0
Cabot
Goodwill [Line Items]
Goodwill accumulated impairment loss	338,800,000	238,200,000
Goodwill impairment	100,600,000	238,200,000
LAAP
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 0

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Schedule of Activity in the Goodwill Balance (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, Beginning Balance		$ 606,475,000	$ 821,214,000	$ 897,795,000
Goodwill acquired		11,268,000
Goodwill impairment		(100,600,000)	(238,200,000)	0
Effect of foreign currency translation		(9,335,000)	23,461,000	(76,581,000)
Goodwill, Ending Balance	$ 507,808,000	507,808,000	606,475,000	821,214,000
MCM
Goodwill [Roll Forward]
Goodwill, Beginning Balance		148,936,000	148,936,000	148,936,000
Goodwill acquired		0
Goodwill impairment		0	0
Effect of foreign currency translation		0	0	0
Goodwill, Ending Balance	148,936,000	148,936,000	148,936,000	148,936,000
Cabot
Goodwill [Roll Forward]
Goodwill, Beginning Balance		457,539,000	672,278,000	748,859,000
Goodwill acquired		0
Goodwill impairment		(100,600,000)	(238,200,000)
Effect of foreign currency translation		(9,335,000)	23,461,000	(76,581,000)
Goodwill, Ending Balance	347,604,000	347,604,000	457,539,000	672,278,000
LAAP
Goodwill [Roll Forward]
Goodwill, Beginning Balance		0	0	0
Goodwill acquired	11,300,000	11,268,000
Goodwill impairment		0	0
Effect of foreign currency translation		0	0	0
Goodwill, Ending Balance	11,268,000	$ 11,268,000	$ 0	$ 0
Payment to complete step up acquisition	$ 11,000,000

Goodwill and Identifiable Int_5

Goodwill and Identifiable Intangible Assets - Schedule of Acquired Intangible Assets (Details) - Total intangible assets - USD ($) $ in Thousands	Dec. 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