Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 703

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 703
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 results in a continuing need for capital. The amount of capital required is most heavily dependent
on the rate of our automobile contract purchases, the required level of initial credit enhancement in securitizations, and the extent
to which the trusts and related spread accounts either release cash to us or capture cash from collections on securitized automobile contracts.
We plan to adjust our levels of automobile contract purchases and the related capital requirements to match anticipated releases of cash
from the trusts and related spread accounts.

 47 

Capitalization

Over the period from January
1, 2022 through December 31, 2024 we have managed our capitalization by issuing and refinancing debt as summarized in the following table:

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (Dollars in thousands) 
  
    RESIDUAL INTEREST FINANCING: 

    Beginning balance 
    $49,875  
    $49,623  
    $53,682 
  
    Issuances 
     50,000  
     –  
     – 
  
    Payments 
     –  
     –  
     (4,311)
  
    Capitalization of deferred financing costs 
     (970) 
     –  
     – 
  
    Amortization of deferred financing costs 
     271  
     252  
     252 
  
    Ending balance 
    $99,176  
    $49,875  
    $49,623 

    SECURITIZATION TRUST DEBT: 

    Beginning balance 
    $2,265,446  
    $2,108,744  
    $1,759,972 
  
    Issuances 
     1,492,017  
     1,235,534  
     1,411,018 
  
    Payments 
     (1,162,184) 
     (1,078,432) 
     (1,060,052)
  
    Capitalization of deferred financing costs 
     (9,316) 
     (7,888) 
     (8,681)
  
    Amortization of deferred financing costs 
     8,421  
     7,488  
     6,487 
  
    Ending balance 
    $2,