Atlanticus Holdings Corp

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 12, 2026

ATLC$79.69-1.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

	For the Year Ended December 31,
	2025	2024
Operating activities
Net income	$120,609	$110,106
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	9,896	5,187
Provision for credit losses	6,235	16,368
Deferred income tax expense	38,654	30,493
Income from accretion of discount associated with Loans at amortized cost, net	(27,234)	(25,344)
Income from merchant fees associated with Loans at fair value	(197,166)	(144,344)
Changes in fair value of loans	1,103,055	733,471
Change in bank partner fees carried at fair value	5,830	1,448
Amortization of debt issuance costs	18,461	11,828
Stock-based compensation costs	4,295	3,897
Changes in assets and liabilities:
Decrease in lease liability	(3,497)	(3,014)
Increase in uncollected fees on earning assets	(446,934)	(269,914)
Increase (decrease) in income tax liability	(584)	(2,251)
Increase in accounts payable and accrued expenses	29,507	2,535
Other	(23,164)	(1,061)
Net cash provided by operating activities	637,963	469,405
Investing activities
Proceeds from recoveries on charged off receivables	71,524	44,109
Investments in earning assets	(4,436,183)	(2,628,894)
Proceeds from earning assets	2,930,682	1,839,543
Acquisition of Mercury (net of cash acquired)	(72,863)	—
Purchases and development of property	(5,024)	(1,789)
Net cash used in investing activities	(1,511,864)	(747,031)
Financing activities
Noncontrolling interests contributions	268	53
Noncontrolling interests distributions	—	(148)
Proceeds from issuance of common stock	11,589	7,074
Proceeds from issuance of Series B preferred stock, net of issuance costs	6,246	1,082
Preferred stock and preferred unit dividends	(12,433)	(25,741)
Proceeds from exercise of stock options	1,435	984
Purchase and retirement of outstanding stock and preferred units	(69,567)	(52,674)
Proceeds from issuance of Senior notes, net of issuance costs	425,606	135,252
Proceeds from borrowings	3,509,593	893,971
Repayment of borrowings	(2,731,065)	(566,244)
Net cash provided by financing activities	1,141,672	393,609
Net increase in cash and cash equivalents and restricted cash and cash equivalents	267,771	115,983
Cash and cash equivalents and restricted cash equivalents at beginning of period	499,636	383,653
Cash and cash equivalents and restricted cash equivalents at end of period	$767,407	$499,636
Cash and cash equivalents, and restricted cash and cash equivalents at end of period
Unrestricted cash and cash equivalents	$621,093	$375,416
Restricted cash and cash equivalents	146,314	124,220
Cash and cash equivalents, and restricted cash and cash equivalents at end of period	$767,407	$499,636
Supplemental cash flow information
Cash paid for interest	$268,390	$145,669
Cash paid for income taxes, net of refunds	$1,034	$229
Accretion of discount associated with issuance of subsidiary equity	$—	$250
Decrease in accrued and unpaid preferred stock and preferred unit dividends	$(2,025)	$(2,063)
Noncash investing and financing
Cash assumed upon acquisition of Mercury	$93,664	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.