Company: CPSS
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683168-25-005901
Chunk: 58

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 their related spread accounts), the rate of expansion or contraction
in our managed portfolio, and the terms upon which we are able to acquire and borrow against automobile contracts.

Net cash provided by operating
activities for the six-month period ended June 30, 2025 was $128.3 million, a increase of $32.3 million, compared to net cash provided
by operating activities for the six-month period ended June 30, 2024 of $96.0 million. Net cash from operating activities is generally
provided by net income from operations adjusted for significant non-cash items such as our provision for credit losses and marks to finance
receivables measured at fair value.

Net cash used in investing activities
was $360.8 million for the six months ended June 30, 2025 compared to $317.8 million in the prior year period. Net cash used in investing
activities generally relates to new purchases of automobile contracts net of principal payments and other proceeds received during the
period. Purchases of finance receivables excluding acquisition fees were $882.9 million and $753.8 million during the first six months
of 2025 and 2024, respectively.

 47 

Net cash provided by financing
activities for the six months ended June 30, 2025 was $255.3 million compared to $363.0 million in the prior year period. Cash provided
by financing activities is primarily related to the issuance of securitization trust debt, reduced by the amount of repayment of securitization
trust debt and net proceeds or repayments on our warehouse lines of credit and other debt. In the first six months of 2025, we issued
$862.4 million in new securitization trust debt compared to $1,307.1 million for the same period in 2024. We repaid $642.7 million in
securitization trust debt in the six months ended June 30, 2025 compared to repayments of securitization trust debt of $563.7 million
in the prior year period. In the six months ended June 30, 2025, we had net repayments on warehouse lines of credit of $16.6 million,
compared to net advances from warehouse lines of credit of $150.7 million in the prior year’s period.

We purchase automobile contracts
from dealers for a cash price approximately equal to their principal amount, adjusted for an acquisition fee which may either increase