Company: ATLCL
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025502
Chunk: 27

Company: Atlanticus Holdings Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 27
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$285 
 Bank partner fees carried at fair value  $—  $—  $13,644  $13,644 
 Liabilities not carried at fair value                 
 Revolving credit facilities  $—  $—  $2,149,933  $2,193,993 
 Amortizing debt facilities  $—  $—  $5,455  $5,455 
 Senior notes, net  $281,703  $—  $—  $281,552 

   Bank partner fees carried at fair value in accordance with ASC 815, "Derivatives and Hedging", reflect the estimated fair value of future compensation we owe our bank partners associated with the regulatory oversight and other services they provide on our acquired receivables, the underlying accounts of which they continue to own and service. This compensation is based on both a fixed and variable component, dependent on the underlying performance of the acquired receivables. We estimate the present value of this compensation using internally-developed estimates of payment rates and discount rates. We recognize the fair value of these Bank partner fees within Card and loan servicing on the accompanying condensed consolidated statements of income on the date we acquire the underlying receivable.
    
   For our credit and debt facilities where market prices are not available, we assess the fair value of these liabilities based on our estimate of future cash flows generated from their underlying credit card receivables collateral, net of servicing compensation required under the note facilities. We have evaluated the fair value of our third party debt by analyzing repayment terms and credit spreads included in our recent financing arrangements to those of our existing facilities. See Note 9, "Notes Payable," for further discussion on our other notes payable.

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   Other Relevant Data
    
   Other relevant data (in thousands) as of  June 30, 2025 and  December 31, 2024 concerning certain assets we carry at fair value are as follows:

       Loans at Fair Value Pledged as Collateral under Structured Financings 
   As of June 30, 2025    As of December 31, 2024  
 Aggregate unpaid gross balance of loans carried at fair value  $3,046,477  $2,724,782 
 Aggregate unpaid principal balance included within loans at fair value  $2,788,207  $2,