TBF Capital Group, LLC

What TBF Capital Group, LLC does

TBF Capital Group, LLC (doing business as TBF Financial) is a privately held, family-owned commercial debt acquisition company founded in 1998 by Robert Boehm and his sons Brett and Adam Boehm. The company purchases non-performing commercial accounts—including equipment leases, commercial bank loans, online small business loans, merchant cash advances, and commercial credit card accounts—from equipment finance companies, banks, fintech lenders, and merchant cash advance businesses across the United States. TBF claims to be the leading U.S. purchaser of these asset categories and operates from its Highwood, Illinois headquarters following a 2021 relocation from Deerfield. The company has 11-50 employees and 27+ years of operating history.

The company's core product is commercial debt acquisition services structured as single transactions or recurring forward-flow relationships. Pricing is generated by MarkTrue, a proprietary algorithm developed by CFO Adam Boehm that leverages 27+ years of internal debt recovery data spanning multiple economic cycles to grade accounts and calculate fair market value. Forward-flow sellers receive payment within 24 hours of transaction execution, while single engagements follow a structured evaluation-and-offer workflow. TBF performs collections internally rather than reselling purchased debt, and offers sellers a buy-back option on accounts—a distinguishing operational feature.

TBF monetizes through the spread between the purchase price of non-performing debt and ultimate recovery, with preferred pool sizes ranging from $5 million to over $100 million. The go-to-market is direct and sales-led, supported by industry conference participation (ELFA, LEND360), content marketing, and a 25-year membership in the Equipment Leasing and Finance Association. Asset coverage has broadened over time from equipment leases into commercial bank loans, online small business loans, merchant cash advances, and commercial credit card accounts, indicating ongoing horizontal expansion within the commercial distressed debt market.

Name

TBF Capital Group, LLC

Legal name

TBF Financial, LLC

Website

https://tbfgroup.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

TBF Capital Group is a family-owned commercial debt buyer founded in 1998 that purchases non-performing equipment leases, bank loans, online small business loans, merchant cash advances, and commercial credit card accounts from lenders across the United States.

Ownership category

akta.pro rank

Product category

Commercial Debt Acquisition

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Debt Buying / Portfolio Acquisition & Recovery (Debt Purchasers) (BPAAAEAG)

akta.pro secondary industry

Debt Buying & Portfolio Acquisition (Charged-Off Receivables) (FSAKAJAC)

Keywords

• Commercial debt purchasing
• Charge-off acquisition services
• Non-performing loan portfolios
• Equipment lease debt buying
• Merchant cash advance recovery

Headquarters

HQ city

Deerfield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Commercial Debt Acquisition and Recovery: TBF purchases non-performing commercial accounts (equipment leases, commercial bank loans, online small business loans, merchant cash advances, commercial credit card accounts) at prices reflecting fair market value, then works to recover amounts from debtors over time. Revenue is generated through successful debt collection after acquisition.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

TBF Capital Group purchases pools of non-performing commercial accounts — equipment leases, commercial bank loans, online small business loans, merchant cash advances, and commercial credit card accounts — from equipment finance companies, banks, fintech online lenders, and merchant cash advance businesses. Sellers receive immediate cash at closing based on a quote produced by TBF's proprietary MarkTrue Data Driven, True Market Pricing algorithm, with payment wired within 24 hours for established forward-flow relationships. TBF then recovers on the purchased portfolios using an in-house collections team, never reselling the debt.

Product overview

TBF Capital Group, LLC (TBF Financial) operates as a single service offering: a commercial debt acquisition business that purchases non-performing commercial accounts from equipment finance companies, banks, fintech lenders, merchant cash advance businesses, and commercial credit card companies. The core service is augmented by a proprietary pricing algorithm called MarkTrue (Data Driven, True Market Pricing), which the company uses internally to generate competitive quotes for distressed debt portfolios. The company does not offer modular products, platforms, or standalone software offerings—its business model centers on debt acquisition services where sellers receive immediate cash payment for charged-off commercial accounts.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Debt Acquisition Services End-to-end debt buying service for enterprise sellers (equipment finance companies, commercial banks, online small business lenders, merchant cash advance businesses, and commercial credit card issuers). TBF evaluates pools of non-performing accounts up to four years old from date of last payment, in sizes from $5 million to $100 million+, issues a purchase offer, and wires payment at closing — within 24 hours for established forward-flow sellers. TBF then runs internal collections on the purchased portfolios without reselling the debt.
• MarkTrue Pricing Algorithm TBF's proprietary Data Driven, True Market Pricing algorithm that prices non-performing commercial debt portfolios (equipment leases, commercial bank loans, online small business loans, merchant cash advances, commercial credit card accounts) by grading each account against 27+ years of historical recovery data and outputting an aggressive purchase offer that reflects the assets' fair market value.

Quantifiable outcome

• Payment wired within 24 hours for established forward-flow relationships
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature1 record

Partnerships

One partnership is on record.

• Equipment Leasing and Finance Association (ELFA)coreOthers · 17 April 2023TBF has been a member of ELFA for 25 years. CEO Brett Boehm serves on ELFA's membership committee and previously served on the credit and collections conference group and service providers business council steering committee. ELFA is the premier trade association representing companies in the $1 trillion equipment finance sector with 575+ members.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Encore Capital Group: Largest publicly traded debt buyer in the U.S. (parent of Midland Funding), purchasing charged-off portfolios at scale across consumer and commercial asset classes. Comparable as a broad incumbent in the same portfolio acquisition category, though materially larger and more diversified than TBF.
• PRA Group: Global acquirer of non-performing loans across consumer, small business, and commercial categories. Comparable to TBF as a broad incumbent in the debt buying category, with significantly larger scale and geographic footprint.
• Portfolio Recovery Associates: Major U.S. debt buyer purchasing charged-off receivables from financial institutions and managing recovery operations. Comparable as a broad incumbent competitor in the same portfolio acquisition space, though predominantly consumer-focused.

Direct peers

• Velocity Portfolio Group: Purchases charged-off consumer and small business receivables and provides recovery services. Comparable to TBF as a portfolio acquirer targeting small-business and consumer credit paper with a similar B2B seller model.
• Crown Asset Management: Specializes in purchasing and servicing charged-off portfolios from banks, fintechs, and specialty lenders. Directly comparable to TBF as a commercial debt buyer with both portfolio acquisition and recovery operations serving institutional sellers.
• Kriya Capital: Specialty commercial debt buyer focused on purchasing non-performing receivables from alternative lenders, fintechs, and factors. Comparable to TBF in targeting the commercial non-performing paper segment, particularly fintech and online SMB lender charge-offs.
• Jefferson Capital Systems: Purchases and manages charged-off consumer and commercial receivables across multiple asset classes. Directly comparable as a non-bank debt buyer with a focus on portfolio acquisition and recovery, operating in the same seller-side B2B market as TBF.
• LVNT Funding: Specializes in acquiring distressed commercial receivables and litigation portfolios from banks, factors, and alternative lenders. Closely comparable to TBF in targeting non-performing commercial paper from financial institutions.
• Resurgence Financial: Purchases defaulted commercial debt and bankruptcy claims from lenders and creditors. Directly comparable to TBF's commercial debt acquisition model with similar B2B seller relationships and recovery-focused operations.

Regional players

• National Credit Adjusters: Mid-sized debt buyer and collection agency focused on charged-off commercial and consumer receivables in the U.S. market. Comparable to TBF in the debt acquisition and recovery model, though operating at a smaller scale with broader collection services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/TBFfinancial
• LinkedInlinkedin.com/company/tbf-financial-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TBF Capital Group, LLC