<SEC-DOCUMENT>0001193125-26-214738.txt : 20260508
<SEC-HEADER>0001193125-26-214738.hdr.sgml : 20260508
<ACCEPTANCE-DATETIME>20260508163002
ACCESSION NUMBER:		0001193125-26-214738
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260508
DATE AS OF CHANGE:		20260508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jefferson Capital, Inc. / DE
		CENTRAL INDEX KEY:			0002046042
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		ORGANIZATION NAME:           	02 Finance
		EIN:				331923926
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-95170
		FILM NUMBER:		26958840

	BUSINESS ADDRESS:	
		STREET 1:		600 SOUTH HIGHWAY 169, SUITE 1575
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55426
		BUSINESS PHONE:		(320) 229-8505

	MAIL ADDRESS:	
		STREET 1:		600 SOUTH HIGHWAY 169, SUITE 1575
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55426

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JCF IV JCAP Holding L.P.
		CENTRAL INDEX KEY:			0002084201
		ORGANIZATION NAME:           	
		EIN:				393854703
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		1301 AVENUE OF THE AMERICAS, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-404-6800

	MAIL ADDRESS:	
		STREET 1:		1301 AVENUE OF THE AMERICAS, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0002084201</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.0001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002046042</issuerCik>
        <issuerName>Jefferson Capital, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>47248R103</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">600 South Highway 169</street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">Suite 1575</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Minneapolis</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">MN</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">55426</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>JCF IV JCAP Holding L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>32721808.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>32721808.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32721808.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>59.1</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>JCF IV JCAP Holding GP LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>32721808.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>32721808.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32721808.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>59.1</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>JCF Associates IV L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>32721808.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>32721808.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32721808.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>59.1</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>JCF Associates IV Ltd</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>32721808.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>32721808.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32721808.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>59.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>J. Christopher Flowers</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>32721808.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>32721808.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32721808.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>59.1</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Jefferson Capital, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>600 South Highway 169, Suite 1575, Minneapolis, Minnesota 55426</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13G is being jointly filed by JCF IV JCAP Holding L.P., a Delaware limited partnership, JCF IV JCAP Holding GP LLC, a Delaware limited liability company, JCF Associates IV L.P., a Cayman Islands exempted limited partnership, JCF Associates IV Ltd., a Cayman Islands exempted company, and J. Christopher Flowers, a natural person and citizen of the United States of America (collectively, the "Reporting Persons").

The shares of common stock, $0.0001 par value per share (the "Common Stock"), of Jefferson Capital, Inc. (the "Issuer") reported herein are held directly by JCF IV JCAP Holding L.P.  The general partner of JCF IV JCAP Holding L.P. is JCF IV JCAP Holding GP LLC.  The managing member of JCF IV JCAP Holding GP LLC is JCF Associates IV L.P. The general partner of JCF Associates IV L.P. is JCF Associates IV Ltd. J. Christopher Flowers controls JCF Associates IV Ltd and thus may be deemed to control each entity directly or indirectly controlled by JCF Associates IV Ltd, including JCF IV JCAP Holding L.P.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business address of each of the Reporting Persons is c/o J.C. Flowers &amp; Co., 1301 Avenue of the Americas, 16th Floor, New York, New York 10019.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 2(a) above.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>As of March 31, 2026, each of the Reporting Persons may be deemed to be the beneficial owner of the shares of Common Stock listed on such Reporting Person's cover page.  As of March 31, 2026, JCF IV JCAP Holding L.P.  directly held 32,721,808 shares of Common Stock.</amountBeneficiallyOwned>
        <classPercent>Each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of shares of Common Stock listed on such Reporting Person's cover page. Calculations of the percentage of shares of Common Stock beneficially owned are based on 55,329,124 shares of Common Stock outstanding as of March 12, 2026, as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2026.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See each cover page hereof. </solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See each cover page hereof. </sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See each cover page hereof. </solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See each cover page hereof. </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>JCF IV JCAP Holding L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sally Rocker</signature>
        <title>Sally Rocker, Managing Director, Chief Operating Officer &amp; General Counsel of JCF IV JCAP Holding GP LLC, its general partner</title>
        <date>05/08/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>JCF IV JCAP Holding GP LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sally Rocker</signature>
        <title>Sally Rocker, Managing Director, Chief Operating Officer &amp; General Counsel</title>
        <date>05/08/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>JCF Associates IV L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ J. Christopher Flowers</signature>
        <title>J. Christopher Flowers, Director of JCF Associates IV Ltd, its general partner</title>
        <date>05/08/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>JCF Associates IV Ltd</reportingPersonName>
      <signatureDetails>
        <signature>/s/ J. Christopher Flowers</signature>
        <title>J. Christopher Flowers, Director</title>
        <date>05/08/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>J. Christopher Flowers</reportingPersonName>
      <signatureDetails>
        <signature>/s/ J. Christopher Flowers</signature>
        <title>J. Christopher Flowers</title>
        <date>05/08/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
