Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 21

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 October 2023 through September 2024. The sold notes (“2025-1 Notes”), issued by CPS Auto Securitization Trust
2025-1, consist of a single class with a coupon of 11.00%. At March 31, 2025, there was $65.0 million outstanding under this facility.

On December 19, 2024, we increased the capacity
of our revolving credit agreement with Citibank, N.A., to $335 million. This follows the November 2024 closing of a revolving credit agreement
with Oaktree Capital Management, which is subordinate to our credit agreement with Citibank, N.A. The facility provides effective advances
up to 10.00% of eligible finance receivables, effectively increasing the advance rate up to 95% across the facility for eligible receivables.
The revolving credit agreement with Citibank, N.A. was last renewed in July 2024, extending the maturity date to July 2026 followed by
an amortization period through July 2027 for any receivables pledged at the end of the revolving period. There was $280.4 million outstanding
under this facility at March 31, 2025.

On March 29, 2024, we renewed our two-year $200
million revolving credit agreement with Ares Agent Services, L.P. The revolving period for this facility was extended to March 2026 followed
by an amortization period through March 2028 for any receivables pledged at the end of the revolving period. There was $89.0 million outstanding
under this facility at March 31, 2025.

On March 22, 2024, we completed a $50 million
securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased
$50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations
issued from January 2022 through January 2023. The sold notes (“2024-1 Notes”), issued by CPS Auto Securitization Trust 2024-1,
consist of a single class with a coupon of 11.50%. At March 31, 2025, there was $50.0 million outstanding under this facility.

On June 30, 2021, we completed a $50 million securitization
of residual