Company: ATLCL
Filing Date: 2025-03-10
Form Type: CORRESP
Source: 0001437749-25-006744
Chunk: 1

Company: Atlanticus Holdings Corp
Filing Date: 2025-03-10
Form: CORRESP
Chunk 1
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 SEC’s Rules on Information and Requests [17 C.F.R. § 200.83] (“Rule 83”). For the Staff’s reference, we have enclosed a copy of our letter to the FOIA Office (the “Request”) with this copy of the correspondence marked to show the portions redacted from the version filed via EDGAR and for which the Company is requesting confidential treatment.

In accordance with Rule 83, the Company requests confidential treatment of (a) the marked portions (the “Confidential Information”) of this response letter (this “Letter”) and (b) the accompanying Request (collectively, the “Confidential Material”). Please promptly inform the undersigned of any request for disclosure of the Confidential Material made pursuant to the Freedom of Information and Privacy Act or otherwise so that the undersigned may substantiate the Request for confidential treatment in accordance with Rule 83.

Confidential Treatment Requested by Atlanticus Holdings Corporation
AHC - 001

In accordance with Rule 83, this Letter also has been clearly marked with the legend “Confidential Treatment Requested by Atlanticus Holdings Corporation” and each page is marked for the record with the identifying numbers and code “AHC – 001” through “AHC – 009.”

Form 10-K for Fiscal Year Ended December 31, 2023

Changes in Fair Value, page 25

| 1. | We note your proposed disclosure included in your response to prior comment 1. Please provide us additional information including an illustrative example explaining how “increases in total operating revenue contributed to increased fair value losses period over period.” |

Company Response:

Finance and fees are an input within our valuation of Loans receivable at fair value. As a result, the timing of cash flows associated with the ultimate payment (or non-payment) of these fees typically results in them being marked to a value greater than or less than the fee recognized. This results from historical models that suggest some portion of finance and fees will be paid in full each month, some may never be collected and some will be paid over time (and result in additional fees or finance charges). For example, a fee of $20 billed in month 1 may be paid the following month, it may charge off with no payments, or it may get paid over several months in which case it would incur additional finance charges. These three scenarios will result in a fair value adjustment that is equal to, below, or above the fee recognized (as a payment over time would incur additional finance charges and fees