Company: ATLCL
Filing Date: 2025-02-06
Form Type: CORRESP
Source: 0001437749-25-002991
Chunk: 0

Company: Atlanticus Holdings Corp
Filing Date: 2025-02-06
Form: CORRESP
Chunk 0
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<div align='center'>February 6, 2025</div>

VIA EDGAR

United States Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, D.C. 20549

Attn: William Schroeder and Michael Volley

| Re: | Atlanticus Holdings Corporation                   
 Form 10-K for Fiscal Year Ended December 31, 2023 
 Response Dated November 22, 2024                  
 File No. 001-40485                                |

Dear Mr. Schroeder and Mr. Volley:

This letter is being submitted in response to the comments provided by the Staff of the Division of Corporation Finance of the United States Securities and Exchange Commission (the “SEC”) set forth in your letter dated January 23, 2025 (the “Comment Letter”) to William R. McCamey, Chief Financial Officer of Atlanticus Holdings Corporation (the “Company”), with respect to the Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”).

We are authorized by the Company to provide the responses contained in this letter on its behalf. The terms “we,” “us,” and “our” in the responses refer to the Company. For your convenience, we set forth each comment from the Comment Letter in bold typeface and include the Company’s response below it. The numbered paragraphs in this letter correspond to the numbered paragraphs of the Comment Letter.

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

Business, page 1

Company Response:

We estimate the fair value of receivables using a discounted cash flow model, which considers various factors such as expected yields on consumer receivables, the timing of expected payments, customer default rates, estimated costs to service the portfolio, and valuations of comparable portfolios. The result of this discounted cash flow is our estimate of what a market participant would pay to acquire the receivable. As discussed further in our response to Comment 3, because we consider ourselves the principal in separate agreements with our bank partners and retail partners, we recognize the merchant fee as income at the purchase date. The discounted cash flow analysis of receivables does not consider the impact of merchant fees, which are already recognized as of the fair value measurement date. This fee is paid to us by our retail partner on the same day we purchase the receivable from our bank partner. For subsequent purchases included in our fair value model, we include the merchant fee to the extent