Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 770

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 770
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    $301,813 

     F-22 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Debt issuance costs of $4.3
million and $599,000 as of December 31, 2024 and December 31, 2023, respectively, have been excluded from the table above. These debt
issuance costs are presented as a direct deduction to the carrying amount of the Warehouse lines of credit and residual interest financing
on our Consolidated Balance Sheets.

On May 11, 2012, we entered
into a $100 million one-year warehouse credit line with Citibank, N.A. The facility is structured to allow us to fund a portion of the
purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Eight Funding, LLC. On
July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200
million. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit
facility to our consolidated subsidiary Page Eight Funding, LLC. The facility provides for effective advances up to 95.00% of eligible
finance receivables. The Class A loans under the facility generally accrue interest during the revolving period at a per annum rate equal
to the CP Cost of Funds Rate plus 2.85% per annum, with a minimum rate of 3.60% per annum and during the amortization period at a per
annum rate equal to the CP Cost of Funds Rate plus 3.85% per annum, with a minimum rate of 4.60% per annum. In July 2024, this facility
was amended to extend the revolving period to July 2026 and to include an amortization period through July 2027 for any receivables pledged
to the facility at the end of the revolving period. In November 2024, we closed a revolving credit agreement with Oaktree Capital Management,
which was subordinate to our credit agreement with Citibank, N.A., and with a $25 million credit capacity. The facility provides effective
advances up to 10.00% of eligible finance receivables. The Class B loans under the facility generally accrue interest during the revolving
period at a per annum