Company: CPSS
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683168-25-005901
Chunk: 32

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 32
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 and we may, as circumstances warrant, record or reverse expense provisions
for credit losses.

Since 1994 we have conducted
105 term securitizations of automobile contracts that we originated. As of June 30, 2025, 17 of those securitizations are active and all
are structured as secured financings. We generally conduct our securitizations on a quarterly basis, near the beginning of each calendar
quarter, resulting in four securitizations 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 
  
    Six months ended June 30, 2025 
     2  
     901,826 

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 with Citibank, N.A.
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 with Ares Agent Services, L.P.. In June 2022, we increased the capacity of that credit agreement from
$100 million to $200