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    David Schaff

    Director and Equity Research Analyst at Citizens Capital Markets

    David Schaff is a Director and Equity Research Analyst at Citizens Capital Markets, specializing in coverage of the industrial and transportation sectors with a focus on companies such as CSX, Norfolk Southern, and Canadian Pacific Railway. He has built a reputation for delivering in-depth research noted for its thorough financial analysis, though public performance metrics and third-party rankings are not widely available. Schaff began his financial career in the early 2010s, with previous analyst roles at firms including SunTrust Robinson Humphrey before joining Citizens Capital Markets in 2021. He holds FINRA Series 7, 63, 86, and 87 licenses, underscoring his professional credentials in equity analysis.

    David Schaff's questions to Jefferson Capital, Inc. / DE (JCAP) leadership

    David Schaff's questions to Jefferson Capital, Inc. / DE (JCAP) leadership • Q2 2025

    Question

    David Schaff of Citizens Capital Markets asked for commentary on the pipeline of new potential sellers, particularly in the credit card space. He also questioned how the increasing share of insolvency portfolios in the U.S. and Canada might impact the company's consolidated yields and cash efficiency ratio.

    Answer

    CEO David Burton explained that while the company continually cultivates new clients, no new major credit card issuers have come to market, though he speculated the Capital One/Discover merger could change that. He clarified that as the insolvency mix grows, it would positively impact the cash efficiency ratio over time. CFO Christo Riloff added that the net return profile is similar between insolvency and distressed portfolios, as the lower purchase price for insolvency assets offsets the different cost structure.

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