Company: ATLCL
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025502
Chunk: 183

Company: Atlanticus Holdings Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 183
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 to these contingencies in any future period when we assess the likelihood of an estimable payment as probable.
    
   Under the account terms, consumers have the option of enrolling with our issuing bank partners in a credit protection program, which would make the minimum payments owed on their accounts for a period of up to six months upon the occurrence of an eligible event. Eligible events typically include loss of life, job loss, disability, or hospitalization. As an acquirer of receivables, our potential exposure under this program, if all eligible participants applied for this benefit, was $120.2 million as of  June 30, 2025. We have never experienced a situation in which all eligible participants have applied for this benefit at any given point in time, nor do we anticipate this will ever occur in the future. We include our estimate of future claims under this program within our fair value analysis of the associated receivables.
    Concentrations
    
   We acquire all of our fair value receivables under agreements with two third-party originating institutions.
    
   Our top five retail partnerships accounted for over 80% of our private label receivables outstanding as of  June 30, 2025. The volume of receivables purchased each period varies based on a number of factors, including seasonal consumer purchase patterns, growth (or contraction) within retail locations and consumer application volumes that retail partners  may direct to our bank partners versus competitors that offer similar financing products. During the three and six months ended  June 30, 2025 and 2024, we had receivable purchases from our top five retail partners of the following (in millions):

        Gross Purchases  
    For the Three Months Ended June 30,    For the Six Months Ended June 30,  
 Largest Retail Partners    2025    2024    2025    2024  
1  $390.2  $171.9  $536.6  $214.6 
2  $43.7  $48.6  $76.5  $84.9 
3  $19.7  $24.0  $38.7  $44.8 
4  $17.6  $21.2  $35.2  $43.5 
5  $15.8