HIGHOutside partyCustomer
85%
five largest retail partners
“10-K Item 1A: 'Our five largest retail partners accounted for 85% of our outstanding private label credit receivables as of December 31, 2025.'”
ATLC · Concentration risk · 10-K extracted
Atlanticus Holdings (ATLC) concentration risks
Updated
The most significant concentration Atlanticus Holdings discloses is five largest retail partners at 85%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Atlanticus Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
bank partners
“10-K Item 1: 'Both private label and general purpose card products are originated by The Bank of Missouri, WebBank and First Bank and Trust (collectively, our “bank partners”).'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Atlanticus Holdings carries concentration risk on both the customer and originating-partner sides. On the customer side, the company's five largest retail partners accounted for 85% of its outstanding private label credit receivables as of December 31, 2025 — a high-size, dependency-type exposure that puts the large majority of the receivables book behind a handful of retail relationships. On the origination side, both private label and general purpose card products are issued by three named bank partners — The Bank of Missouri, WebBank, and First Bank and Trust — a medium-size dependency exposure, since the company relies on these banks structurally to originate its card products. Together, these two exposures compound in a way worth noting: the 85% retail-partner concentration determines where the receivables come from, while the bank-partner dependency determines how those same products get originated in the first place, meaning a disruption on either side could affect the flow of new receivables even if the other side remained intact. The retail-partner concentration is the more material of the two given its high disclosed size, and it is the exposure most capable of moving the verdict; the bank-partner dependency is a real but comparatively smaller structural risk layered underneath it.
For the engine’s reasoning on ATLC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Credit Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AGM | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AGM-A | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AFRM | Affirm Holdings, Inc. | 2 | 1 | 0 | 3 |
| ATLC● | Atlanticus Holdings Corporation | 1 | 1 | 0 | 2 |
| AXP | American Express Company | 0 | 3 | 1 | 4 |
| ALLY | Ally Financial Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.