Encore Capital put out its March 2023 Quarterly. That is Q1. See...

Encore Capital put out its March 2023 Quarterly. That is Q1. See https://encorecapital.gcs-web.com/static-files/ad37ec27-3512-4634-b1bf-d87f10c23ec3

On buying PDLs in the US, Encore stated that US buying opportunities look good. Comparing Encore's Q1 2022 to Q1 2023, US purchases of PDLs were $213.5 million and $94.3 million. Also, the report stated “Portfolio supply growth accelerating in U.S. Market”. Those words reflect what CCP reported.

Encore also stated, “Q1 (that is, March quarter) performance reflected normalised consumer behaviour”. That means the affect of various Covid-related behaviours has receded – things like handouts, mratoria and collections forbearance.

CCP got into its US buying spree earlier than Encore did. That could be due to various reasons, one of which could have been that CCP wanted to telescope its presence on the debt-buying panels of major issuers. Relationships between buyers and sellers are valuable, and it has taken some years for CCP to join the club. Obviously, if CCP invested heavily in PDLs early, it would hold back a bit while it built up its collections capacity.

Being on the Big Boys' panels allows CCP to buy the PDLs that it prefers, rather than second-tier PDLs that I think it bought in earlier days in the US.