---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-118595"
form_type: "8-K"
ticker: "JCAP"
cik: "0002046042"
company_name: "Jefferson Capital, Inc. / DE"
filed_at: "2025-12-05T23:59:59+00:00"
generated_at: "2026-05-16T14:22:04.714300+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Jefferson Capital completes $196.1M acquisition of credit card portfolio from Bluestem

## Summary
- Net purchase price $196.1M; estimated remaining collections $310.0M.
- Acquisition of credit card assets from Bluestem closed on December 4, 2025.
- No retail operations or assets were included; originations not pursued.
- Deal previously announced in October 2025; no ongoing platform use.

## SEC filing metadata
- accession: 0001104659-25-118595
- form_type: 8-K
- ticker: JCAP
- cik: 0002046042
- company_name: Jefferson Capital, Inc. / DE
- filed_at: 2025-12-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2046042/000110465925118595/0001104659-25-118595-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2046042/000110465925118595/tm2532799d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-118595
- JSON: https://secwatch.observer/filing/0001104659-25-118595.json
- Plain text: https://secwatch.observer/filing/0001104659-25-118595.txt

## Source-grounded claims
- claim_id: ed071b659a898806ede33a1508c02cb56a497a81
  claim: Jefferson Capital, Inc. / DE completed an acquisition involving Bluestem (BLST Holding Company LLC, BLST Operating Company, LLC, BLST FinCo, LLC and BLST FinCo SubCo, LLC) for $196.1 million (closed 2025-12-04).
  evidence_excerpt: ongoing originations through the Bluestem platform, and the Acquisition did not include any Bluestem retail operations or assets. The net purchase price for the portfolio was $196.1 million and the estimated remaining collections associated with the portfolio are $310.0 million. The foregoing description of the Purchase Agreement does not purport to be complete and
  evidence_url: https://www.sec.gov/Archives/edgar/data/2046042/000110465925118595/0001104659-25-118595-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.