ATLCP

Atlanticus Holdings Depositary Shares Series P represent an additional series of preferred stock issued by Atlanticus Holdings, carrying specific economic terms, dividend rates, and liquidation preferences distinct from other preferred series including Series L. Each preferred series typically features customized characteristics negotiated with investors during issuance including dividend rates ranging from 7-10% annually for consumer finance companies, redemption provisions allowing issuer repurchase after specified periods, conversion features enabling exchange into common shares under predetermined ratios, and liquidation preferences establishing payout priorities if Atlanticus liquidates operations. Series P preferred shareholders receive regular dividend distributions typically paid quarterly at fixed rates, providing predictable income streams appealing to institutional investors, retail income-seekers, and portfolio managers seeking stable cash flows supplementing total returns. Preferred stocks occupy intermediate positions within capital structures ranking below senior debt holders and secured creditors but ahead of common shareholders regarding claims on assets and earnings, creating risk-return profiles distinct from pure debt or equity investments. Atlanticus Holdings issued multiple preferred series raising capital supporting loan origination activities, funding growth initiatives, and strengthening balance sheet positions demonstrating creditworthiness to warehouse lenders and securitization investors providing debt financing for consumer loan portfolios. Series P preferred share prices fluctuate based on Atlanticus's financial performance and credit quality perceptions influencing dividend safety assessments, interest rate movements affecting preferred equity valuations through discount rate changes, and technical factors including trading volumes and institutional demand for income-generating securities. Investors evaluating Series P shares must review governing documents including certificates of designation specifying exact dividend rates, redemption terms, conversion provisions, and voting rights potentially differing materially from other preferred series or common stock. The preferred shares may include protective covenants restricting Atlanticus's ability to issue additional senior securities, declare common dividends when preferred dividends remain unpaid, or undertake transactions materially altering capital structure without preferred shareholder consent.