JEF discloses $715M receivables at risk as First Brands Group files Chapter 11

Jefferies Financial Group Inc.

Point Bonita Capital holds ~$715M in receivables from First Brands, due from Walmart, Autozone, NAPA, O'Reilly, Advanced Auto.
First Brands stopped directing timely payments on September 15, 2025; bankruptcy investigation into potential double factoring.
LAM owns $113M equity (5.9%) in the $1.9B trade-finance portfolio managed by Point Bonita.
Apex-managed CLOs hold ~$48M in First Brands term loans, ~1% of $4.2B AUM; Jefferies has no other First Brands exposure.
Jefferies says it will exert every effort to protect Point Bonita and enforce rights.

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