Company: ATLCL
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025502
Chunk: 33

Company: Atlanticus Holdings Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 33
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 (3) (4) (5) (6)   350.0   — 
         
 Other facilities         
 Other debt   5.4   5.5 
 Total notes payable before unamortized debt issuance costs and discounts   2,488.1   2,221.3 
 Unamortized debt issuance costs and discounts   (22.0)  (21.9)
 Total notes payable outstanding, net  $2,466.1  $2,199.4 

    (1)  Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations. 

    (2)  These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. 

    (3) See below for additional information.
(4)Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. 

    (5) Loans are associated with VIEs. See Note 7, "Variable Interest Entities" for more information.

    (6) Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs.

       20

   As of  June 30, 2025, the Prime Rate was 7.50%, the Term Secured Overnight Financing Rate ("Term SOFR") was 4.32% and the Secured Overnight Financing Rate ("SOFR") was 4.45%.
    
   In  October 2015, we (through a wholly owned subsidiary) entered a revolving credit facility with a (as subsequently amended) $50.0 million revolving borrowing limit that can be drawn to the extent of outstanding eligible principal receivables (of which $48.8 million was drawn as of  June 30, 2025). This facility is secured by the loans, interest and fees receivable and related restricted cash and accrues interest at an annual rate equal to SOFR plus 3.0%. The facility matures on  October 30, 2026 and is subject to certain affirmative covenants, including a liquidity test and an