安可资本 2025年度报告

(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto.COMMISSION FILE NUMBER: 000-26489 ENCORE CAPITAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware48-1090909(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.) 350 Camino De La Reina, Suite 100San Diego, California 92108(Address of principal executive offices, including zip code) (877) 345-3002(Registrant’s telephone number, including area code)Securities registered pursuant to Section12(b) of the Act: Common Stock, $0.01 Par Value Per Share Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirementsfor the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”and “emerging growth company”in Rule12b-2 of the Exchange Act. (Check one): Large accelerated filer☒Accelerated filer☐Non-acceleratedfiler☐SmallerreportingcompanyEmerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $876.5 million at June30, 2025, based on theclosing price of the common stock of $38.71 per share on such date, as reported by Nasdaq. The number of shares of our Common Stock outstanding at February19, 2026, was 21,410,273. Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement in connection with its annual meeting of stockholders to be held in 2026 are incorporated by reference inItems 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K for the fiscal year ended December31, 2025, which proxy statement will be filed no laterthan 120 days after the close of the registrant’s fiscal year December31, 2025. Table of Contents TABLE OF CONTENTS PART IItem1—BusinessItem1A—Risk FactorsItem1B—Unresolved Staff CommentsItem1C—CybersecurityItem2—PropertiesItem3—Legal ProceedingsItem4—Mine Safety Disclosures PART IIItem 5—Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6—[Reserved]Item 7—Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A—Quantitative and Qualitative Disclosures about Market RiskItem8—Financial Statements and Supplementary DataItem9—Changes in and Disagreements With Accountants on Accounting and Financial DisclosureItem9A—Controls and ProceduresItem9B—Other InformationItem 9C—Disclosure Regarding Foreign Jurisdictions that Prevent Inspection PART III Item10—Directors, Executive Officers and Corporate GovernanceItem11—Executive CompensationItem12—Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13—Certain Relationships and Related Transactions, and Director IndependenceItem14—Principal Accountant Fees and Services PART IV Item15—Exhibits and Financial Statement SchedulesItem16—Form 10-K SummarySIGNATURESINDEX TO CONSOLIDATED FINANCIAL STATEMENTS