Three companies that lend to, lease to, and finance nonprime households became one company today. Katapult completed its all-stock business combination with The Aaron's Company and CCF Holdings, and the result trades on Nasdaq under Katapult's old ticker, KPLT, from a headquarters in Atlanta [1]. The combined operation claims "more than $4 billion in 2025 pro forma revenue" and "more than $460 million in 2025 pro forma adjusted EBITDA" [1].
The ownership table is the sentence that explains the deal, and it sums exactly. On a fully diluted basis, CCFI unitholders hold about 80 percent of the combined company, Aaron's stockholders about 14 percent, and legacy Katapult stockholders about 6 percent, and 80 plus 14 plus 6 is 100 [1]. Read plainly: the company whose name and ticker survive contributed 6 percent of the value. This is CCF Holdings acquiring control of a public listing and a storefront brand in a single transaction, with stock as the only currency. Merger announcements often blur who bought whom; an 80/14/6 split does not.
The margin arithmetic is worth a line. Taking both floors the release publishes, $460 million of adjusted EBITDA on $4 billion of revenue is an 11.5 percent margin, indicative rather than exact since both figures are stated as minimums [1]. The new company will report it across two segments: Lease-to-Own and Retail, holding the Aaron's and Katapult businesses, and Consumer Finance, holding CCFI's [1]. Leadership comes with the deal: Cory Miller as CEO, Kyle Hanson as executive chairman, Bill Baker as president, and Russell Falkenstein as CFO [1].
The customer is named in the release, and named specifically. The company describes its market as nonprime consumers seeking financial flexibility, served through lease-to-own and alternative consumer finance products, and it counts its data advantage in those same people: "one of the largest proprietary datasets in the nonprime market," spanning 7 million consumers, with insight into their behavior across economic cycles and across retail, digital, and finance channels [1]. That is the asset being consolidated alongside the storefronts and the loan book: a behavioral record of the households that prime lenders decline.
What the release does not contain is any pricing information for those products [1]. This piece will not import cost figures from outside it; the observation available from the document itself is the asymmetry. The release quantifies the company's side of the relationship to the hundred million, revenue above $4 billion, EBITDA above $460 million, a dataset of 7 million consumers, and quantifies the customer's side of it nowhere. For a nonprime household, the cost of a lease-to-own agreement or an alternative finance product is the entire question, and the founding document of the company now positioned across both product lines does not address it.
The combination's scale claim stands on its own numbers: more than $4 billion in revenue drawn from the nonprime market makes the new Katapult one of the larger consolidated operations aimed at that customer, effective this morning [1]. What its products cost the 7 million people in its dataset is the number to pull from its first filings as a combined company.
