Company: ATLCL
Filing Date: 2025-03-19
Form Type: CORRESP
Source: 0001437749-25-008467
Chunk: 6

Company: Atlanticus Holdings Corp
Filing Date: 2025-03-19
Form: CORRESP
Chunk 6
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] million increase in Loans receivable at Fair Value and a decrease in the expense related to Changes in the Fair Value of Loans by a corresponding amount. This would have resulted in a $[*****] million increase to Pre-Tax Income (+[*****]%) and a $[*****] million impact on net income, an increase of [*****]%. This impact is well below management’s assessed materiality for the FY2023 and does not have a significant impact on the mix of information available to investors.

Furthermore, management assessed the impact on total assets and liabilities. Total assets as of December 31, 2023, would have increased by $[*****] million, or [*****]%, with no corresponding change in total liabilities.

[*****] Omitted and provided under separate cover to the Staff pursuant to Rule 83.
[*****] Omitted and provided under separate cover to the Staff pursuant to Rule 83.
[*****] Omitted and provided under separate cover to the Staff pursuant to Rule 83.
[*****] Omitted and provided under separate cover to the Staff pursuant to Rule 83.
[*****] Omitted and provided under separate cover to the Staff pursuant to Rule 83.

5

Confidential Treatment Requested by Atlanticus Holdings Corporation

AHC2 - 005

Lastly, management assessed the total impact on revenue and net margin. Total revenue remains unimpacted, while the expense components of net margin would be decreased with an impact to net margin of a [*****]% increase.

Overall, the impact on the year ended December 31, 2023 was minimal and below management’s assessed materiality for the year.

Aggregation Considerations: There are no other uncorrected misstatements which have an impact on profit before taxes or net income.

| C. | Qualitative Materiality Evaluations |

In addition to a quantitative analysis of the materiality of the identified misstatements, management performed a qualitative analysis of the uncorrected amounts in prior periods. Note that the considerations of impacts to quarters below mention that correction in prior periods would have increased net income; however, management notes that for Q1 2024 the rollover impact of the misstatement would have been an inconsequential decrease to net income of less than $[*****]. To evaluate the qualitative materiality of the impacts on Fair Value of Receivables, management evaluated the following qualitative factors:

| A. | Whether the misstatement arises from an item capable of precise measurement or whether it arises from an estimate and, if so,