v3.25.3

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue and other income:
Consumer loans, including past due fees	$ 341,163	$ 255,389	$ 865,168	$ 728,112
Fees and related income on earning assets	123,575	78,572	296,201	185,983
Other revenue	30,554	16,993	72,616	42,674
Total operating revenue and other income	495,292	350,954	1,233,985	956,769
Other non-operating (loss) income	(616)	270	20	1,184
Total revenue and other income	494,676	351,224	1,234,005	957,953
Interest expense	(75,464)	(42,492)	(176,678)	(115,503)
Provision for credit losses	(1,549)	(4,633)	(3,999)	(9,323)
Increase (Decrease) in Fair Value of Loans and Fees Receivable Recorded at Fair Value	(276,851)	(203,739)	(671,973)	(549,161)
Net margin	140,812	100,360	381,355	283,966
Operating expenses:
Salaries and benefits	(18,196)	(12,299)	(47,080)	(37,584)
Card and loan servicing	(39,024)	(28,069)	(105,261)	(82,589)
Marketing and solicitation	(35,301)	(14,848)	(80,584)	(38,848)
Depreciation	(1,491)	(656)	(3,173)	(1,963)
Other	(14,321)	(7,202)	(31,764)	(24,272)
Total operating expenses	(108,333)	(63,074)	(267,862)	(185,256)
Income before income taxes	32,479	37,286	113,493	98,710
Income tax expense	(7,891)	(8,097)	(27,493)	(19,575)
Net income	24,588	29,189	86,000	79,135
Net loss attributable to noncontrolling interests	389	354	1,070	858
Net income attributable to controlling interests	24,977	29,543	87,070	79,993
Preferred stock and preferred unit dividends and discount accretion	(2,307)	(6,316)	(8,103)	(18,916)
Net income attributable to common shareholders	$ 22,670	$ 23,227	$ 78,967	$ 61,077
Net income attributable to common shareholders per common share—basic (in dollars per share)	$ 1.5	$ 1.58	$ 5.22	$ 4.15
Net income attributable to common shareholders per common share—diluted (in dollars per share)	$ 1.21	$ 1.27	$ 4.21	$ 3.35

Fees and related income on earning assets primarily include: (1) lending fees; (2) fees associated with our credit card receivables; (3) changes in the fair value of loans and fees receivable; (4) changes in fair value of notes payable associated with structured financings; (5) income on investments in previously charged-off receivables; (6) gross profits and losses from auto sales; (7) gains associated with investments in securities; and (8) gains realized associated with our settlement of litigation.

+ References

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Atlanticus Holdings Corp 10-Q