Notes Payable (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of structured financing notes at fair value

Scheduled (in millions) in the table below are (1) the carrying amounts of structured financing notes secured by certain credit card receivables and reported at fair value as of March 31, 2016 and December 31, 2015, (2) the outstanding face amounts of structured financing notes secured by certain credit card receivables and reported at fair value as of March 31, 2016, and (3) the carrying amounts of the credit card receivables and restricted cash that provide the exclusive means of repayment for the notes (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 March 31, 2016 and December 31, 2015.



	Carrying Amounts at Fair Value as of
	March 31, 2016		December 31, 2015
Amortizing securitization facility issued out of our upper-tier originated portfolio master trust (stated maturity of December 2021), outstanding face amount of $105.2 million ($107.0 million as of December 31, 2015) bearing interest at a weighted average 5.7% interest rate (5.6% as of December 31, 2015), which is secured by credit card receivables and restricted cash aggregating $18.1 million ($21.0 million as of December 31, 2015) in carrying amount	$	18.1	$	21.0

Schedule of structured financing notes at face value

Other notes payable outstanding as of March 31, 2016 and December 31, 2015 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
	March 31, 2016		December 31, 2015
Revolving credit facilities at a weighted average rate equal to 3.9% (3.7% at December 31, 2015) secured by the financial and operating assets of CAR with a combined aggregate carrying amount of $69.1 million ($69.4 million at December 31, 2015)
Revolving credit facility (expiring October 4, 2017) (1)	$	29.9	$	28.9
Amortizing facilities at a weighted average rate equal to 5.4% (5.3% at December 31, 2015) secured by certain receivables, rental streams and restricted cash with a combined aggregate carrying amount of $61.9 million ($69.6 million as of December 31, 2015)
Amortizing debt facility (expiring July 14, 2017) (2) (3)	14.1		23.0
Amortizing debt facility (expiring August 21, 2016) (2) (3)	10.1		9.2
Amortizing debt facility (expiring August 1, 2016) (2) (3)	2.5		4.0
Amortizing debt facility (expiring October 29, 2017) (2) (3)	24.2		24.9
Other facilities
Senior secured term loan to related parties (expiring November 22, 2016) that is secured by certain assets of the Company with an annual rate equal to 9.0% (4)	20.0		20.0
Total notes payable outstanding	$	100.8	$	110.0


(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 regarding this note.