Atlanticus' Q2 strengthened the investment case. The company delivered an 89% increase in operating revenue, 66% EPS growth and approximately 26% organic managed-receivables growth excluding Mercury. The quarter did not solve every issue. Net interest margin remained below the prior-year level, operating expenses grew quickly, and part of the fair value benefit came from purchase price adjustments. The market is still betting that repricing and infrastructure consolidation will turn today's scale into tomorrow's margin expansion.