Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 1320

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7A
Chunk 1320
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 we increased the capacity to $335 million. At December 31, 2024 there was $269.6 million outstanding under this facility.

On February 2, 2022, we renewed
our two-year revolving credit agreement with Ares Agent Services, L.P. 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 Nine Funding, LLC. The
facility provides for effective advances up to 85.25% of eligible finance receivables. The loans under the facility accrue interest at
a commercial paper rate plus 4.50% per annum, with a minimum rate of 7.50% per annum. 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 through March 2028 for any receivables pledged to the facility at
the end of the revolving period. At December 31, 2024 there was $145.6 million outstanding under this facility.

The total outstanding debt
on our two warehouse lines of credit was $415.2 million as of December 31, 2024, compared to $234.6 million outstanding as of December
31, 2023.

On June 30, 2021, we completed
a $50 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction,
qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in eleven CPS securitizations
consecutively issued from January 2018 and September 2020. The sold notes (“2021-1 Notes”), issued by CPS Auto Securitization
Trust 2021-1, consist of a single class with a coupon of 7.86%. At December 31, 2024 there was $50.0 million outstanding under this facility.

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