Company: ATLCL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-033947
Chunk: 32

Company: Atlanticus Holdings Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 32
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 the primary beneficiary. Through our role as servicer, we have the responsibility to service the receivables (in accordance with defined servicing procedures on behalf of our bank partner), and as such, have the ability to significantly impact the economic performance of those VIEs. In certain circumstances we guarantee the performance of the underlying debt or agree to contribute additional collateral when necessary, which results in retention of exposure to loss that has the potential to be significant. As a result, the Company is the primary beneficiary and consolidates the VIEs. When collateral is pledged, it is not available for the general use of the Company and can only be used to satisfy the related debt obligation. The results of operations and financial position of consolidated VIEs are included in our condensed consolidated financial statements. The Company consolidates all VIEs.
    
   The following table presents a summary of VIEs in which we had continuing involvement and held a variable interest (in millions):

        As of 

        September 30, 2025 

        December 31, 2024 

        Unrestricted cash and cash equivalents 
        
       $
       170.5

       $
       140.2

        Restricted cash and cash equivalents 

       73.6

       98.8

        Loans at fair value 

       6,200.6

       2,542.9

        Total Assets held by VIEs 
        
       $
       6,444.7

       $
       2,781.9

        Notes Payable, net held by VIEs 
        
       $
       5,297.8

       $
       2,128.0

       20

    9.  Leases 

   We have operating leases primarily associated with our corporate offices, ancillary office locations associated with our recent acquisition of Mercury and regional service centers. Additionally, we have operating leases for certain equipment. Our leases have remaining lease terms of 1 to 10 years, some of which include options, at our discretion, to extend the leases for additional periods generally on one-year revolving periods. Other leases allow for us to terminate the lease based on appropriate notification periods. For certain of our leased offices, we sublease a portion of the unoccupied space. The components of lease expense associated with our lease liabilities and supplemental cash flow information related to those leases were as follows (dollar amounts in thousands):

       For the Three Months Ended September 30