Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 292

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 292
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4-1, 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 between the outstanding principal balances of the
related receivables less the principal balance of the outstanding notes issued in the related securitization. On each monthly payment
date, the 2021-1 and 2024-1 Notes are entitled to interest at the coupon rate and, if necessary, a principal payment necessary to maintain
a specified minimum collateral ratio.

Unamortized debt issuance
costs of $824,000 and $125,000 as of December 31, 2024 and December 31, 2023, respectively, have been excluded from the amount reported
above for residual interest financing. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt
on our Consolidated Balance Sheets.

We must comply with certain
affirmative and negative covenants related to debt facilities, which require, among other things, that we maintain certain financial ratios
related to liquidity, net worth and capitalization. Further covenants include matters relating to investments, acquisitions, restricted
payments and certain dividend restrictions. See the discussion of financial covenants in Note 1.

The following table summarizes the contractual
and expected maturity amounts of our outstanding subordinated renewable notes as of December 31, 2024:

    Schedule of contractual
and expected maturity amounts of our outstanding subordinated renewable 

    Subordinated 
  
    Contractual maturity 
    renewable 
  
    date 
    notes 

     (In thousands) 
  
    2025 
    $8,444 
  
    2026 
     5,284 
  
    2027 
     6,911 
  
    2028 
     4,648 
  
    2029 
     88 
  
    Thereafter 
     1,114 
  
    Total