Notes Payable (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of structured financing notes at fair value

Scheduled (in millions) in the table below are (1) the carrying amount of our structured financing note secured by certain credit card receivables and reported at fair value as of December 31, 2017 and December 31, 2016, (2) the outstanding face amount of our structured financing note secured by certain credit card receivables and reported at fair value as of December 31, 2017 and December 31, 2016, and (3) the carrying amount of the credit card receivables and restricted cash that provide the exclusive means of repayment for the note (i.e., lenders have recourse only to the specific credit card receivables and restricted cash underlying each respective facility and cannot look to our general credit for repayment) as of December 31, 2017 and December 31, 2016.



	Carrying Amounts at Fair Value as of
	December 31, 2017		December 31, 2016
Amortizing securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2017 ($102.0 million as of December 31, 2016) bearing interest at a weighted average 6.7% interest rate at December 31, 2017 (6.1% at December 31, 2016), which is secured by credit card receivables and restricted cash aggregating $9.2 million as of December 31, 2017 ($12.3 million as of December 31, 2016) in carrying amount	$	9.2	$	12.3

Schedule of structured financing notes at face value

Other notes payable outstanding as of December 31, 2017 and December 31, 2016 that are secured by the financial and operating assets of either the borrower, another of our subsidiaries or both, include the following, scheduled (in millions); except as otherwise noted, the assets of our holding company (Atlanticus Holdings Corporation) are subject to creditor claims under these scheduled facilities:



	As of
	December 31, 2017		December 31, 2016
Revolving credit facilities at a weighted average interest rate equal to 7.8% at December 31, 2017 (4.8% at December 31, 2016) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $216.0 million as of December 31, 2017 ($127.9 million at December 31, 2016)
Revolving credit facility, not to exceed $40.0 million (expiring November 1, 2019) (1)	24.8		29.2
Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2019) (2) (3)	49.4		34.7
Revolving credit facility, not to exceed $12.0 million (expiring December 21, 2019) (2) (3)	3.8		—
Revolving credit facility, not to exceed $20.0 million (expiring December 31, 2019) (2) (3)	19.8		19.5
Revolving credit facility, not to exceed $90.0 million (expiring February 8, 2022) (2) (4)	65.0		—
Amortizing facilities at a weighted average interest rate equal to 6.0% at December 31, 2017 (5.4% at December 31, 2016) secured by certain receivables and restricted cash with a combined aggregate carrying amount of $77.9 million as of December 31, 2017 ($69.9 million as of December 31, 2016)
Amortizing debt facility (repaid in June 2017) (2) (3) (5)	—		20.4
Amortizing debt facility (repaid in September 2017) (2) (3)	—		9.7
Amortizing debt facility (expiring March 31, 2018) (2) (3) (5)	3.7		14.6
Amortizing debt facility (expiring June 30, 2018) (2) (3) (5)	18.3		—
Amortizing debt facility (expiring December 12, 2018) (2) (3)	6.0		6.0
Amortizing debt facility (expiring September 14, 2018) (2) (3)	7.5		7.5
Amortizing debt facility (expiring November 30, 2018) (2) (3) (5)	20.5		—
Amortizing debt facility (expiring April 22, 2019) (2) (3) (5)	10.0		—
Other facilities
Senior secured term loan from related parties (expiring November 21, 2018) that is secured by certain assets of the Company with an annual interest rate equal to 9.0% (4)	40.0		40.0
Total notes payable before unamortized debt issuance costs and discounts	268.8		181.6
Unamortized debt issuance costs and discounts	2.6		0.4
Total notes payable outstanding, net	$	266.2	$	181.2


(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)	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.


(3)	These notes reflect modifications to either extend the maturity date, increase the loaned amount or both.


(4)	See below for additional information.


(5)	Loans are comprised of four tranches with the same lenders. Terms and conditions are substantially identical with the exception of maturity date as indicated in the table above.