Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 888

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 4
Chunk 888
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.P. from $100 million to $200 million. This facility was most recently renewed in March 2024, extending
the revolving period to March 2026 followed by an amortization period through March 2028 for any receivables pledged to the facility at
the end of the revolving period. At December 31, 2024 there was $145.6 million outstanding under this facility.

The total outstanding debt
on our two warehouse lines of credit was $415.2 million as of December 31, 2024, compared to $234.6 million outstanding as of December
31, 2023.

On June 30, 2021, we completed
a $50 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction,
qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in eleven CPS securitizations
consecutively issued from January 2018 and September 2020. The sold notes (“2021-1 Notes”), issued by CPS Auto Securitization
Trust 2021-1, consist of a single class with a coupon of 7.86%. At December 31, 2024 there was $50.0 million outstanding under this facility.

On March 22, 2024, we completed
a $50 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional
buyer purchased $50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in
five CPS securitizations issued from January 2022 through January 2023. The sold notes (“2024-1 Notes”), issued by CPS Auto
Securitization Trust 2024-1, consist of a single class with a coupon of 11.50%. At December 31, 2024 there was $50.0 million outstanding
under this facility.

     F-23 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The agreed valuation of the
collateral for the 2021-1 and 2024-1 Notes are the sum of the amounts on deposit in the underlying spread accounts for each related securitization
and the over-collateralization of each related securitization, which is the difference