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OVERVIEW General We are a specialty finance company headquartered in Norfolk, Virginia and incorporated in Delaware.
Our primary business is the purchase, collection and management of nonperforming loan portfolios, and we are a global leader in the industry.
Most of the loans we purchase are from credit originators who have chosen not to pursue, or have been unsuccessful in collecting, the full balance owed to them ("Core" accounts).
To a lesser extent, we also purchase loans in situations where the customer is involved in a bankruptcy or similar proceeding ("Insolvency" accounts).
As part of an ancillary business, we purchase and provide fee-based services for class action claims recoveries in the U.S.
We are organized on a geographic basis, with our principal markets in the U.S.
and Europe, where we have operations in 12 countries and the United Kingdom ("UK").
On a significantly smaller scale, we also operate in South America, Canada and Australia.
Subject to globally-established parameters for capital allocation, portfolio return thresholds and leverage, each market functions under a similar debt management business model, which is predicated on purchasing nonperforming loans and generating returns through disciplined collection strategies over extended collection periods.
Portfolio purchasing To identify purchasing opportunities, our investment teams continuously engage with known and potential sellers, including major banks, consumer finance companies, auto finance providers and other creditors.
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is a global financial services company with operations in the Americas, Europe and Australia.
Our primary business is the purchase, collection and management of portfolios of nonperforming loans.
The accounts we purchase are primarily the unpaid obligations of individuals owed to credit originators.
We purchase nonperforming loans at a discount to face value for both our Core and Insolvency portfolios.
Our Core operation specializes in purchasing and collecting nonperforming loans, which are sold by credit originators when they choose not to pursue, or have been unsuccessful in, collecting the full balance owed.
Our Insolvency operation consists primarily of purchasing and collecting on nonperforming loans where the customer is involved in a bankruptcy or similar proceeding.
We also purchase and provide fee-based services for class action claims recoveries in the U.S.
PORTFOLIO PURCHASING To identify purchasing opportunities, our global investment team continuously engages with known and potential sellers, including major banks, consumer finance companies, auto finance providers and other creditors.
We leverage our extensive data set and modeling experience to determine the price we bid for a portfolio, which considers projected future cash collections, the estimated cost to collect, financing costs and the current market environment.
All purchases are subject to approval by the applicable investment committee(s).