Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 554

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1C
Chunk 554
---

    $234,025 
  
    Accrued interest payable 
    7,928  
     –  
     –  
     7,928  
     7,928 
  
    Securitization trust debt 
     2,265,446  
     –  
     –  
     2,183,331  
     2,183,331 
  
    Subordinated renewable notes 
     17,188  
     –  
     –  
     17,188  
     17,188 

     F-38 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13) Business Segment Information

The company has identified
one reportable segment. This determination is made by our Chief Executive Officer, who acts as the chief operating decision-maker (“CODM”),
in assessing performance and making decisions regarding resource allocation. The CODM assesses performance by reviewing the consolidated
financial statements, which reflect the financial results of our one reportable operating segment.

Although the Company operates
as one reportable segment, it serves a diverse network of 8,600 dealerships across 47 states, in which we provide financing to the dealer’s
less credit- worthy borrowers. During the year ended December 31, 2024, no dealer accounted for as much as 2% of the total number of automobile
contracts we purchased, and revenue generated from any individual borrower is deemed to be immaterial.

14) Subsequent Events

On January 22, 2025 we executed
our first securitization of 2025. In the transaction, qualified institutional buyers purchased $442.4 million of asset-backed notes secured
by $462.5 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2025-A, consist of
five classes. Ratings of the notes were provided by Standard & Poor’s and DBRS Morningstar, and were based on the structure
of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average coupon
on the notes is approximately 5.88%.

The 2025-A transaction has
initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateral