Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 35

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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curitizations per calendar year.

Our recent history of term securitizations
is summarized in the table below:

Recent Asset-Backed Term
Securitizations

    $ in thousands
  
    Period 
    Number of Term Securitizations 
    Receivables Pledged in Term Securitizations 
  
    2019 
    4 
     1,014,124 
  
    2020 
    3 
     741,867 
  
    2021 
    4 
     1,145,002 
  
    2022 
    4 
     1,537,383 
  
    2023 
    4 
     1,352,114 
  
    2024 
    4 
     1,533,854 
  
    Three months ended March 31, 2025 
    4 
     462,541 

Generally, prior to a securitization
transaction we fund our automobile contract purchases primarily with proceeds from warehouse credit facilities. We currently have short-term
funding capacity of $535 million over two credit facilities. The first credit facility was established in May 2012. This facility was
most recently renewed in July 2024, extending the revolving period to July 2026, with an optional amortization period through July 2027.
In addition, a subordinated lender was added to the credit facility in November 2024, effectively increasing our advance rate to a maximum
of 95% for eligible receivables across the facility. The capacity was then increased from $200 million at the most recent renewal date
to $335 million in December 2024.

In November 2015, we entered
into another $100 million facility. In June 2022, we increased the capacity of our credit agreement with Ares Agent Services, L.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 to March 2028.

 28 

In a securitization and in
our warehouse credit facilities, we are required to make certain representations and warranties, which are generally similar to the representations
and warranties made by dealers in connection with our purchase of the automobile contracts. If we breach any of our representations or
warranties, we may be required to repurchase the automobile contract at